Deloittes respond to RIFC proposals

As had previously been reported here Deloittes, the auditors of Rangers International Football Club, have had serious concerns about financial health of the AIM listed company.

They had requested detailed documentation from RIFC by close of business last Friday (13th June 2014).

This was complied with and sources have told me that the auditors have now responded to the RIFC proposals through their NOMAD Daniel Stewart & Company.

I understand that Deloittes have three major issues which need to be dealt with before they will sign off on the year end accounts.

(1)    Murray Park must be sold as the cost of running it is unsustainable for the company.

(2)    The ten highest earning staff (excluding Chief Executive Officer Graham Wallace and Chief Financial Officer Philip Nash) will have to be let go without further delay.

(3)    Apart from those high earners there must also be a major reduction in the overall staffing levels.

These are non-negotiable for Deloittes and must be complied with if the highly regarded auditors are not To Do Walking Away.

Deloittes made one other request of the senior RIFC chaps.

They wanted them to plug the leaks and I don’t think they meant the plumbing at Ibrox…

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