Date: 12th January 2018 at 7:04am
Written by:

For the second time in four days the Daily Record has explained why Sevco won’t be going into administration.

Just short of six years ago the old club went into administration as HMRC pushed for payment of sums going back five months that had dried up after Ally McCoist failed to deliver Champions League football.

The current club is believed to be up to date with it’s payments to HMRC but that doesn’t mean that their problems are less acute.

At the centre of the current crisis is Dave King with the South African based criminal difficult to predict.

For almost three years the Takeover Panel and Takeover Appeal Board have been on the case following the concert party takeover that took King into the blue room.

That process is now reaching a conclusion with King forced into a corner just as the three bears he worked with refused to continued funding the Ibrox vanity product.

If King refuses to put together a prospectus and deposit £10m into an escrow account him, and his Ibrox associates will feel the power of the cold shoulder as ordinary business services are withdrawn, perhaps even Metro Bank.

If King does produce the readies the South African authorities will be very interested as will the Court of Session who were told that King was penniless.

Sevco’s future is now in the hands of a man described as a glib and shameless liar by a South African judge.

As the Daily Record looks in the other direction it is almost the full time whistle on King who has barely delivered on any of the promises that he swept to power on three years ago.

CLICK HERE for the Daily Record denial.