Distress signal

With Sevco, the truth comes dropping slowly.

As I stated in December 2014 that the Wi-Fi bill was outstanding.

Readers here became aware of the arithmetic.

As of last week, the New Regime was still attaching…err…onerous conditions to the repayment of the £5m loan.

After a meeting of his senior people on Wednesday evening, the order from General Ashley was to ramp up the legal pressure.

In an entirely coincidental development, the conditions were all removed by the chaps in the Blue Room.

In the meantime, Big Mike is forging ahead with all of his legal cases against the New Regime and the SFA.

In another development, a shareholder, not Sports Direct, has submitted a series of questions to the RIFC board.

These interrogatives include the provenance of this new loan and the terms under which it has been lent.

If these details become public, then I am told that it will become clear, even to The People, that it is a worse deal that the one from Sports Direct.

Paying back the Sports Direct loan was meant to make all of this costly and embarrassing legal stuff got away for Sevco and the SFA.

In that regard, it has utterly failed.

Moreover, Ashley still controls the advertising revenue and his chunk of Rangers Retail Limited.

Under the terms of the retail deal, he is still owed for all unsold stock.

A well-placed source told me today that Big Mike will now demand those monies when they fall due without any leeway.

I am told that for Ashley the indictments in the Whyte and Green criminal trial was a game changer.

It has been suggested to me that his reasoning was that better to get the  £5m back as Sports Direct might not have the security over major assets after all.

In fairness to the New Regime, they do appear to be true to their word apropos the playing squad.

I understand that young Master Waghorn is on sale.

A well-placed source has told me today that the New Regime need FIVE players off the wage bill and they also require to bring in fees for THREE of that quintet.

At the end of this month, there is the delicate matter of player bonuses that, I am told, were not paid in December.

This is a loss making business without a credit line from a bank.

Moreover, they have pissed off a relatively benign lender and replaced him with a facility that might include punitive interest rates.

Because RIFC is delisted then these details do not have to be made public.

Hence, the recent questions submitted by the major RIFC shareholder.

Everything about this company screams that it is distressed.

Loss-making, no access to normal credit and in court over unpaid bills.

Of course, The People think that all is well, just like with old Rangers back in 2011.

If the New Regime are “comfortably funded” then why are they in court over an unpaid Wi-Fi bill that I first flagged up at the end of 2014?

Replacing a loan with another loan and being taken to court for the money that you legitimately owe are all the signs of a distressed company.

I do realise that many of you appreciate this Sevco news service, and I appreciate the comments into the back of this site.

However, I’m in playwright mode at the moment, and this reporting duty takes up valuable time.

Consequently, do not expect to hear from me that often.

There is, after all, always the Daily Radar.

Sorry, that was cruel…

Stay well and ignore the spin.

Act Two of ‘Rebellion’ is shaping  up nicely.


The British Empire, just like Rangers, dies in the end…

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