In the military they say that a bad plan is better than no plan.
The inhabitants of Planet Fitba know that Jim McColl, Paul Murray and their mates want to take over the Ibrox outfit.
However, what is the New Knights plan?
Clearly they want control of the “club”, but I don’t see how they can achieve that quickly or easily.
So what are their options?
Well they could simply buy out the current incumbents, meet the asking price and buy a controlling share in Rangers International Football Club (RIFC).
It is RIFC that was floated onto the Stock Exchange last year and it is the publicly listed company that wholly owns The Rangers Football Club (TRFC) formerly known as Sevco Scotland Limited.
However, buying out the current regime would be very expensive and even if they did that then they would have to re-capitalise the business.
Of course, regular readers here will not gasp in amazement that the new Ibrox entity is in a cash flow crisis.
It is now, after months of it being crushingly obvious, permissable to discuss such issues in the mainstream.
It would appear that the orderly queue for succulent lamb and Just So press releases has remained largely intact from the days of Rangers (1872-2012).
The current residents of the boardroom, it would appear, hold all the aces.
I really don’t see how they can lose now that they are in control.
They could sell up-at a considerable profit-to the New Knights, but only if these chivalrous chaps came up with the cash.
Given the cash flow crisis the current Sevco overlords could trigger an insolvency event.
However, they would have to make sure that they controlled the debt (there are ways of doing this and these guys are experts at this stuff) then do a share dilution via a debt for equity swap.
This would give them total unchallengeable control and then the way would be open to have another IPO.
The dilemma for fans would be quite simple.
If they didn’t take part in IPO No2 then the “club” would perish.
To watch one Ibrox club die is unfortunate, to let another expire is rather careless.
The third option for the current chaps in charge would be to sell all of their shareholdings to the Easdale family when Stock Market rules allow.
The Greenock based businessmen are genuine Rangers men and have made a success of their numerous enterprises.
The Easdales are, perhaps, the only viable future for this new incarnation of Rangers.
There is much in the personal histories of these successful blues brothers for the ordinary fan to connect with.
There is no need for James and Sandy to gush about ‘Rangersitis’ to use the vernacular the Easdales are real Bears. I think that a lot of the fans would emotionally connect with these guys.
Unlike the New Knights they have actually invested money into the “club”.
Were they to gain control then there is no doubt that they would be able to run a tight ship.
The Easdales are sharp operators and would slash costs.
The New Knights have only one real option and that is to make an asset purchase in liquidation.
Their only chance is to purchase the assets, crucially the stadium and the Albion Car Park, via an insolvency event that the likes of Mr Mather and Mr Stockbridge would not be in control of and that means a liquidation sale.
I have noticed that for all of the fluffy press coverage that Paul Murray received last week no real plan was laid out.
Frankly the ex -Rangers director doesn’t have the cash to play at this poker table and McColl won’t deal in.
As the New Knights work to this plan they do need the media onside to undermine confidence in the current regime.
These fine chaps on horseback also need the SFA in their corner.
The people in charge of the game proved last year that they can get away with transferring a membership from one club to another while pretending it is the same club.
For the Ibrox brand to continue to have totemic power for The People then they have to believe.
The belief by the fans in the transferability of the history and, of course, the dignity of Rangers is vital to the New Knights cunning plan.
If The People truly have bought the club/company dichotomy then then can have another company to run the club next year.
Dave King has just had to give millions to the South African tax authorities so perhaps he isn’t in a sugar daddy frame of mind at the moment.
Moreover, anyone who bought out the current owners would have to bank roll the operation by about £6 million per year minimum.
That is just to keep the lights on while the costs are driven down.
FC Ibrox could be run at a profit, but what has to be managed is the expectations gap of the customer base after the Murray years.
Arguably there was an opportunity to do that when the good ship Sevco set sail last year in the 4th tier of Scottish football.
Quite simply the cost base is too high at present.
There is an opportunity to emulate Celtic, but of course at a much lower level.
Sevco could identify good youngsters and then sell them onto the lower English leagues and make a profit from player trading.
It isn’t easy, but it is possible.
The change in fortunes from David Murray to Paul Murray is stunning, from financial doping to financial disaster.
From watching the Champions League to fretting about the Ramsden’s Challenge Cup.
From wealth off the radar to not being on Neil Lennon’s radar.
One half of Glasgow is enjoying life while listening to Zadok the Priest while, the other seethes with rage and obsesses about Priests.
These are the good old days.
Despite the grieving of the hacks there is now no Old Firm and it isn’t coming back.
What the Fitba Fourth estate should be focussing on now is how this grisly collection of body parts of the expired Rangers was allowed into Scottish football last summer.
They won’t do that as they are too busy being part of a PR offensive against the current regime in the Blue Room.
When all the puff pieces are cleared away the New Knights have no plan other than making a move for the assets during a liquidation.
For that to succeed they need the…err…assistance of the SFA.
There may well be other bidders for the assets in a liquidation sale and the decision of the SFA would be vital for chaps on horseback to succeed.
If you can transfer a membership once you can do it for a second time.
It requires someone at Hampden to be, ahem, presidential about it all.
So far the only play from the New Knights has been to demand an EGM and then back down.
The New Knights really could do with a fan boycott similar to the ‘Celts for Change’ movement to starve the current regime into an insolvency event that they had not planned for.
One problem there is that their main financial clout as fans is shot for now as the Season Tickets have been bought.
If there was a major boycott then match day revenues and merchandising could be hit, but the main tranche of fan’s cash has been banked already.
Subsequently, the chaps in the current regime are behaving like they are in total control.
They’ve got a plan.