The troubled football company at Ibrox appear to have raised £2.1m towards plugging the £10m black hole in their accounts.
It’s believed that fans’ group Club 1872 have sunk another £500,000 into the club which announced losses of £11.3m for the year to June 2019, virtually £1m a month.
Sevco share issue raises a whopping £2.1m!! pic.twitter.com/vimkueeTU7
— Timothy Leary (@sharko67) November 13, 2019
Critically the auditors also stated that an additional £10m was required to see this season out although that figure doesn’t include any contingency plan towards the ‘many millions of pounds’ that have to be paid in damages to Sports Direct in January. Last year’s legal costs were up £3.6m on the previous year.
There are just three home SPFL matches and one Europa League tie between now and late January with this time of year traditionally the toughest for clubs even when they have allocated their season ticket money throughout the year.
Unless more money is pumped in from ‘investors’ the only way to keep the lights on will be to sell players in January but since Steven Gerrard arrived the only worthwhile transfer business has been the £2m transfer of Josh Windass to Wigan.
With no serious interest reported in players during the summer new Director of Football Ross Wilson will need to put in the hours to ensure that payroll can be met through until season ticket time in May.