The Sevco fan site which claimed that Club 1872 had borrowed £2m to fund a mystery share issue has taken the article down.
Rather than warn fellow fans about the horrendous route being taken by the in-house fan group Dave’s Left Peg has left a message that is the default of any Ibrox fan when it comes to any attempt at debate and discussion.
Over the weekend the article about the £2m loan was widely shared across social media on the back of a plea from Club 1872 that they had seven days to empty their piggy bank.
While members decide whether to donate towards shares or projects the board of Club 1872 have decided that buying shares is a project and have balloted all members to approve the scheme.
The Ibrox fans group currently own 10% of the company that runs the football club but haven’t yet been given a seat on the board.
With no mainstream source of borrowing Sevco are getting increasingly desperate to find funding with King effectively suspended by the Takeover Appeal Board from any involvement.
In one message-board a Celtic fan summed the situation up as ‘Even besides it being the football equivalent of getting your granny to borrow off a money lender to buy you an XBOX 360 when everyone else has XB1 then making her get a paper round, it’s not remotely sustainable.’
In their last audited accounts, which contained a going concern warning, Sevco had a turnover of £29.2m which is a third of Celtic’s turnover.
