A saga without much certainty

As with all long-running sagas, those who become engrossed in them often yearn for a definitive outcome.

At this juncture, the only thing we can be certain of in the Ibrox omnishambles is a lack of certainty.

This week Charles Green is in court twice in the same day, one appearance is to answer serious criminal charges, and the other is civil case related to that matter.

Of course, these Live Proceedings cannot be written about or commented upon.

On this site, I have had to take many comments and file them in the digital bin.

Moreover, I do so without a second thought.

Many posters here, heroically anonymous and bravely concealed, feel courageous enough to submit…ahem… observations that are clearly in contempt.

It takes me less time to hit ‘delete’ than it took them to write it.

So please steer clear of the subject.

This is non-negotiable.

The site can be feverishly busy and one day recently (October 5th) it received 84,239 page views.

It must be said that the vast majority of those who comment realise what is off limits.

For the avoidance of doubt avoid commenting on all matters relating to the ongoing trials involving Mr Green and Mr Whyte.

I am sure that both gentlemen would rather not have to be defendants in criminal proceedings.

With regard to Mr Green, the current board of Rangers International Football Club (RIFC) are probably in agreement with their ex-CEO.

That is because, I am told, that they simply cannot afford to defray his legal costs.

Despite the good news narrative going up a Level recently, the hard financial facts behind the scenes are that RIFC/Sevco is a distressed company.

It is no secret that they are a loss making business without a credit line from a bank.

Indeed, since Sevco Scotland was first set up in 2012 the new club at Ibrox has made a loss.

The cash reserves from the RIFC Initial Public Offering (IPO) was devoured throughout 2013.

By the turn of 2014 it was all but gone.

Your humble correspondent reported that reality accurately and faithfully at the time and then the RIFC spin department sought to rubbish it.

I responded by putting some very detailed questions to them.

As usual they did not respond, but I published them for my readers to peruse.

Three weeks later they had to arrange a £1.5m loan from shareholders.

Then later that year Mr Ashley loaned another £3m.

Firstly a sum of £2m in October then a further £1m a month later.

Had these loans not gone through then Chief Financial Officer Philip Nash had already lined up Administrators.

Of course, back then there was the regulatory requirement of informing the London Stock Exchange of such.

Hence when Sports Direct offered a credit line of £10m in January this year the headline details of the loan agreement were published for the City chaps to analyse and consider.

Only £5m was drawn down, and it remains holistically outstanding.

Now, in this new age of delisted transparency, the small print of any emergency loans this month can be largely hidden from view.

I do realise that this situation does not perturb The People in any way.

Then again they scoffed at the idea in 2011 that Craig Whyte might not be a billionaire or that Sherriff Officers were at Ibrox in the August of that year regarding unpaid taxes.

Even if the same legal functionaries had been back at the Big House recently, then I doubt it would concern some of the Ibrox clientele.

Once the shock of Administration in February 2012 had subsided somewhat, the stenographers soothed The People that a company voluntary arrangement (CVA) would prevent Rangers from being liquidated.

This is what the fans wanted to hear, so the hacks duly obliged.

There was only one problem, and that is it wasn’t even remotely on the money.

Garbage in, garbage out.

Throughout that period in 2012 regular readers were assured that Hector wanted Rangers liquidated, and he duly got his way.

Since then the stenographers have been comforting The People in their denial that it was only a silly old ‘Holding Company Vehicle’ that was offed in 2012.

The new club requires external finance this month to meet their normal costs.

Should they cobble something together to survive another payroll then there will be no public announcement to the London Stock Exchange as they simply do not have to.

I would not be surprised if the chaps in the Blue Room are praying that the legal problems for Charles of Normandy just goes away.

Because if it doesn’t then they just might have to foot his legal bill.

This saga is about to become a courtroom drama.

Chapeau to the scriptwriting team.

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