£12 million loan for RIFC?

No doubt the home crowd at Ibrox will be basking today in the excellent victory over Clyde in the prestigious Petrofac Training Cup.

It is, of course, no secret that the two year old club has financial troubles.

The recently published statement from the Union of Fans (UoF) made it clear that they believed that the sum of £4 million would, perhaps, fund the Ibrox operation for only a few months.

The good news ,I am happy to reveal ,is that a major shareholder has offered the sum of £12million-yes that’s TWELVE million pounds dear reader-to assist the ailing club.

Of course after any item of good news there are usually a few caveats that could be classed as ‘bad news’.

This loan, yes it’s a loan, will be secured against Ibrox stadium.

Obviously the major shareholder has looked at the Letter Before Claim from the representatives of Sevco 5088 (Craig Whyte and Aidan Earley) and discounted the strength of that putative legal claim.

I understand that the rates of interest could be characterised as ‘punitive’.

Obviously if the company/club/celestial entity were to default on this loan then the Big House would then belong to the lender.

At the moment this is only a proposal, the offer is on the table and the board of RIFC are looking at other options.

However it is, in terms of quantum, the biggest sum so far discussed.

Twelve million pounds would give the people running the Ibrox show some breathing space and wriggle room.

It still wouldn’t appease Deloitte and the AIM chaps have their own issues.

However the wolf would retreat just a few vital steps from the door.

The people offering this loan facility clearly see that they can financially benefit in the long term from this move.

The £12 million is not a gift.

This isn’t personal, it’s strictly business.

I understand that Ibrox stadium was rather sparsely populated last night for the match against Clyde.

Hopefully the place will be at full capacity for the next few home games to make up that operating loss incurred last night.

After all ‘loyalty’ is more than just an empty word.

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