A Big House divided

Ah dear reader these are dark dark days at the Bleak Big House.

Very dark indeed.

It was clear from the Annual General Meeting of the Rangers International Football Club yesterday that The People are revolting.

I personally hope that Mr Somers stays on in the Blue Room as I think that he is a decent sort.

As he spoke yesterday it was clear to me that he was just asking for a little faith hope and charity.

However he and the rest of the directors had to endure some…ahem… heckling as they addressed the AGM.

I thought that they all showed some grace under fire especially Alexander Easdale who was there in his capacity as chairman of the football board.

Sources tell me that Mr Somers was indignant immediately after the AGM yesterday at his treatment from the assembled throng.

Moreover I am told that his lexicon explored the industrial when describing some of the hecklers.

This shows spirit and is to be admired.

This report from STV has reaction on camera from the thwarted requisitioners of last year Paul Murray and ex-RIFC Chairman Malcolm Murray.

Last night the board had a post AGM meeting and the agenda was dominated by money or rather the lack of it.

I understand that Mike Ashley will find the funds to enable Sevco to make payroll this month.

However, further external finance will have to be accessed in January, but that is for another day.

In the meantime the austerity continues apace.

The low hanging fruit in the staffing establishment have all been plucked by Mr Llambias.

What comes next is major surgery.

The fat has been trimmed, but soon it will be the sound of bones being sawed through.

So far the austerity has been brutal enough especially this close to Christmas.

However I understand that  it will get worse.

Mr Super was reported to have been affected by the departure of Ms Laura Tarbet.

She had been providing secretarial services to managers at Ibrox since the days of Willie Waddell.

The fact that she was let go was widely reported in the mainstream and rightly so.

However what was not disseminated was that I understand that Ms Tarbet was only given severance for two and half years’ service.

Sources tell me that Mr Llambias was quite clear that this fine lady was being made redundant by a two and a half year old…ahem… entity.

Then, now and forever…

Sure, whatever.

I am also told that Mr Super was not too pleased that his lavish expense account was revealed to Planet Fitba by your humble correspondent.

Apparently there was a fair and free exchange of views on this matter between Alistair and Mr Llambias.

Mr Super was assured by the new Chief Executive that he was not the source of the leak.

Now that Mr Super is tending to his geraniums there is, in effect, a confidentiality clause in place for the next twelve months.

If, say, Mr Llambias thought our Ally was speaking to his pals in the media then this could be considered gross misconduct and grounds for instant dismissal.

However I am sure that the iconic ex-player would never dreams of such a thing.

So of course that will not happen.

The statement to the London Stock Exchange yesterday by Chairman David Somers was approved by both Mr Llambias and by Deloitte.

This was a clear message to the market that austerity is now the only show in town and that the days of sugar daddy indulgence  are every much over at Ibrox.

You will also note dear reader that events that were reported here ,pretty much in real time at the start of the year, were admitted  to in that statement.

For example that the RIFC approached City institutions for money in early 2014, but were rebuffed.

This will come as no surprise to regular readers here.

In fact the entire statement is a reasonable summary of the narrative constructed here apropos the financial woes of this new entity at Ibrox.

I understand that Resolution 9 fell because, in the main, Laxey Partners and the institutional investors were not having it.

The hedge fund chaps now see a £3m tail loaned by Mike Ashley wagging the entire AIM listed dog.

However Laxey Partners are not for putting in another penny.

The most likely scenario now is that Mr Ashley will keep the lights on by drip feeding in life support funds.

He can do this by a Shareholder Share Option(s) or through more secured loans.

The only major assets that are not currently in hock are, of course, Ibrox stadium and Murray Park.

Mr Ashley is well aware that those pieces of real estate are not unencumbered.

The problem with the Sevco 5088 contingent liability is that it does not have a definitive value.

This is the obstacle that stumped Graham Wallace and Philip Nash when they tried to raise finance against these assets in the City last January.

Another issue now is that the published arithmetic of survival at Sevco might be out of date.

The £8m that is stated is required to keep the show on the road was calculated before the utter collapse in match day revenue.

After the AGM I cannot see those attendances going up.

I understand that Big Mike is now the largest creditor so a snap administration cannot be ruled out.

The advice that he continues to get from Mr Llambias is to do walking away.

At the end of the day, of course, the decision will be made by Big Mike alone.

I doubt that the chaps at the SFA will prove to be too much of an obstacle to his grand plan.

My best guess is that the future of this entity at Ibrox will to be a self-financing advertising hoarding for Sports Direct.

Both in terms of the merchandising  side and the exposure to his brands Big Mike will be quids in, but The People will not be watching superstars in Sondico tops.

The irony is that The People have been praying for a billionaire owner of Ibrox and now they are about to witness just that event.

Sources tell me that caretaker boss Kenny McDowell has been told to look at the younger players at the club as senior pros will be moved out the door in the January window.

That is certainly the intention of Mr Llambias.

Undoubtedly some of The People are still hoping for the eleventh hour arrival on stage of Mr David Cunningham King.

Recent events in South Africa means that such an event may not now be possible.



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