In the eyes of many of the Ibrox clientèle the chaps running Sevco before March this year had their snouts in the trough.
Before the New Regime took over last March many of The People were particularly exercised about the level of remuneration around the boardroom table.
Ah well, plus ça change, plus c’est la même chose…
I have recently been informed that Mr Paul Murray is earning £7,500 per week and his colleague Mr John Gilligan is receiving £3250 per week.
That is £10,750 per week for these two Real Rangers Men or £559,000 per annum.
My understanding is that Mr Murray’s remuneration is greater than that received by David Somers during his period at Ibrox.
Of course, if this information is incorrect then the Holding Company Vehicle can use their excellent PR Professionals to disperse the truth via certain trusted journalists.
Alternatively they could just come clean with their co-investors via the club website.
In the interests of transparency…
I understand that at a recent meeting with a prospective auditor the question was asked about the authorisation of these payments.
Indeed, it would be normal for such remuneration decisions to be made at a meeting of the board and for this meeting to be minuted.
For the avoidance of doubt this prospective auditor refused the gig with the Ibrox chaps.
A well placed source stated to me today that he would be amazed if RIFC or their loss making subsidiary ‘The Rangers Football Club’ (previously Sevco Scotland Limited) could avoid a Going Concern Warning this year.
On another matter do not be surprised if Big Mike makes a play to find out who are the beneficial shareholders behind several offshore trusts with an interest in RIFC.
This remains a loss making business without a credit line from a bank.
Without major external finance the Holding Company Vehicle at Ibrox is incubating an insolvency event.