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Another little untruth from the King

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In front of his biggest ever media audience Dave King let a little untruth slip out.

Sitting beside his hero Steven Gerrard in the blue room of dignity seemed an uncomfortable experience for the lifelong Liverpool fan.

The spotlight was all on the new guy in the blazer who came up with all the right phrases, praising the club, wanting to lead the loyal fans and of course playing up the history of the club ignoring the shameful death of one club in 2012 and pitiful trophy collection of the tribute act over six debt-racked years.

In their last audited accounts Sevco had a turnover of £29.2m, across the city Celtic had three times that with their income to June 2018 likely to go through the £100m mark.

Even the hard of thinking would recognise that as a problem, especially at a club hamstrung by a chairman who operates without a NOMAD and ignores the Court of Session and Takeover Appeal Board.

Briefly passing over a question on funding the Gerrard Revolution King mentioned #Rights Issue’.

He may have a cunning plan to rename Ibrox Stadium but in most circumstances a rights issues means bringing in more money through issuing shares.

On two fronts that won’t be happening.

The Court of Session and Takeover Appeal Board are watching every move, nothing will happen until the South African based crook sticks a spare £11m in an escrow account and finds a UK NOMAD to host a share issue.

After six years trading Sevco have never returned a profit. A £20m share issue was washed away in the lower divisions by Ally McCoist, soft loans total £17.7m and Close Brothers are owed £3m plus charges. On a turnover of £29.2m the company is worthless, who would want a share is a basket-case? Since November’s AGM the board have had permission to issue new shares to anyone they like, tellingly they haven’t done anything.

King will be hosting a media conference on Monday, it won’t interest the English media the same way as Gerrard did but it’s significance will be far greater than revealing the June 1 arrival of Liverpool’s u-18 coach.

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