It’s not difficult to pick holes in the Sevco accounts that were finally released on Friday night.
Ignoring the Court of Session action from the Takeover Appeal Board seems a major omission while future cash projections based on increased ticket prices and regular participation in the group phase of the Europa League doesn’t seem sensible in the conservative world of accountancy.
The basic figures of income, losses and accumulated debt to the three bears ought to cause major alarm but after a decade of being treated like fools it seems that no lessons have been learned by fans or shareholders.
One major factor that has been overlooked has been the delay between the accounts being signed off and published- enough time to sack an under-performing football manager.
Unfortunately much of the comment is based around a glowing footballing future under Pedro Caixinha which is similar to the 2016 accounts with Mark Warburton leading the recovery.
Dave King’s statement is signed off for 26 October, the date that Caixinha was sacked.
Eight days later under Operational Report the company stated: “The footballing year under review ultimately was a disappointment with the team finishing third on its return to the Ladbrokes SPFL Premiership, as well as defeats in the semi-finals of both domestic cup competitions.
“This culminated with the resignation of the football management team in March, and the recruitment of a new team which we are confident will lead to much improved displays for the current season.”
Those much improved displays led to the sacking of Caixinha on the day King was signing off the reports.
Despite the presence of the South African based criminal no update was provided in the accounts which were published eight days after the sacking of the management team.
If the Court of Session side with the Takeover Appeal Board King will have much bigger issues to deal with than sacking the latest managerial dream team.
