Dave King jets in for crisis talks at Sevco
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Dave King has flown in for crisis talks over the future of Sevco.
The South African based criminal hasn’t met up with his fellow directors since promising to underwrite an £11m share offer to comply with the Takeover Appeal Board.
King faces a multitude of issues during his brief visit with a report earlier in the week claiming that there was a £2.25m shortfall in the company accounts despite getting a £3m crisis loan from Close Brothers.
In the company accounts King’s New Oasis Asset Limited firm pledged to provide a £4.2m loan but that cheque has still to reach their Metro Bank account.
As well as the cash difficulties Sevco are believed to be struggling to get SFA approval for a licence to play in Europe next season.
UEFA were concerned by the debt that the company had run up which was way above what is allowed.
Had Sevco got past Progres Niederkorn UEFA would have investigated the company finances and are keeping a close eye on current events with the help of the SFA.