It seems the new Board have a mantra -
We are nothing to do with the old Board
Blue Pitch and Margarita don’t matter
We are clearing up their mess
We got rid of Stockbridge
Finance is nothing to worry about
We’re moving forward and building trust
The new board are everything to do with the old board. They depend on the same proxies to see themselves in power - they seem to forget the stock exchange announcements which saw Mr Green obtain certain proxies. Lo and behold, when he left those transferred to Mr Easdale. I wonder why that was? Were they stunned by big Sandy’s ‘no nonsense style’ or his mastery of the finer points of corporate governance?
Perhaps they can explain to us why the big chap isn’t actually on the PLC board? What’s holding that up? Surely the club would benefit from his presence there if he’s trusted enough to hold such a vast number of proxies?
Blue Pitch and Margarita don’t matter? I’ve heard it said they only have 9% of the shares between them. If they don’t matter why do they form a block of 22% of proxies given to Mr Easdale. With his own 4% this forms the largest visible block of shares and due to the way company rules work makes them the effective owners of the club. Certainly, to use jail yard parlance, they are the shot-callers.
Blue Pitch and Margarita Holdings matter very much - as do the identities of their beneficial owners and those who advise and direct them in the background.
We’re also told that the current Board have nothing to do with the chaotic way the club has been run since Green et al came in. Well, the 120 Day Review slaughtered the way the club was run - overpaying for assets, poor direction, signing policy, renumeration - in fact, just about every aspect of the business. Call me thick but one question springs to my mind - did none of those brainy people in Blue Pitch, Margarita and Laxey notice?
Are we to believe their judgement will be better this time around? From the performance so far I’d say no. Wallace is still playing his honest broker card for all it’s worth but it’s wearing thin. But the fact is he took the job from these people and he serves their interests.
The club is in chaos. Stockbridge was hailed by Chairman Somers as the man who saved the club, then he was binned. They we saw the cockamamie idea of asking football players on watertight contracts to take a pay cut - that worked well!! It’s incompetence on stilts.
Financially the club is a basket case. It isn’t properly capitalised, and as such wont be able to compete either in the top flight in Scotland or in Europe when we get there again. From day one the executives and major shareholders ridiculed the idea that another share issue was needed - the idea was that the mug punters would pay top dollar to fund the revitalisation of the club and the city slickers would reap the rewards. But the fans aren’t daft.
I don’t blame anyone for renewing their season tickets - some just want to see their team, some actively support the current Board, some are terrified of another administration event. But the fact remains that season ticket renewals are running at only 50% of what they were this time last year - it’s a massive thumbs down on the current regime. Vast numbers don’t trust them and that isn’t going to change without massive change in both personnel and policy.
The Board has to go and be replaced by people in whom the majority can trust - there’s no other option. The club remains to be cleansed.