Sevco crisis deepens
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Sevco have made their first move in anticipation of Dave King’s departure by appointing Douglas Park as deputy chairman.
The newly created role will allow the motoring magnate to take over once the South African based criminal is forced to step down for failing to comply with the ruling of the Takeover Appeal Board.
King had until the end of March to produce a prospectus and offer to shareholders excluded from his 2015 takeover but was only able to come up with an advert promising jam tomorrow from one of his infamous South African Trusts.
Park was a member of King’s concert party but crucially cut off the supply of soft loans last summer, when King failed to fund this season’s shortfall the tribute act was forced to turn to Close Brothers to see the season out.
Until all links with King are cut Sevco will remain toxic in financial circles with the board having to find ways of filling the shortfall without access to an overdraft facility with only last resort lenders prepared to take on heavily secured loans.
Park is also the second biggest shareholder in Hamilton Accies.
All Celtic supporters clubs cancelled their deals with Park’s of Hamilton when Douglas initially took up a seat on the board at Ibrox.
CLICK HERE for Sevco statement.