Last week two dignified chaps were on a very important mission to the Square Mile.
They pounded the streets that are reputedly paved with gold.
In the financial centre of the world, they were looking for someone who would lend them £10m.
That’s ‘ten million pounds.’
They were refused point blank at three institutions and in another couple they got as far as the courtesy of a coffee.
They were told over the Americanos that to get a loan one must demonstrate the ability to repay a loan.
Only in one institution did they get as far as numbers.
If that organisation had decided to provide the facility then, it would have been under punitive rates and onerous conditions.
I understand that the APR could have been as high as 42% with major assets offered up as security.
There would have been the imposition of a chap from the lenders to “work with” the Sevco High Command.
It amounted to what is called ‘conditional lending’ which is technically very naughty.
Had the two chaps been successful then it would have, in effect, amounted to administration without the points deduction.
The lender would have insisted in having their person on the board and not as merely a listening device.
It would have been a similar scenario to the 2009-2011 situation with Lloyds Banking Group and old Rangers.
Then a chap called Donald Muir was put in to impose lender driven austerity.
Things looked bleak for the Ibrox club.
Then a billionaire took over…