Follow Follow the money

Suddenly it is ok for the mainstream media to speak of the Sevco cash crisis.

Yet only last month the klan were being regaled with tales of just how financially healthy the Ibrox outfit really was.

However, the clear the air meeting at Ibrox last Thursday didn’t seem to go too well.

Some of the assembled throng were apparently stunned to hear from that nice young Brian Stockbridge that there was only £10,000,000 in the bank and that was it.

Since then the mainstream has been shouting to the world that ‘Rangers’ are in the midst of a financial catastrophe.

However, regular readers would have been forgiven for stifling a yawn.

Now suddenly the succulent lamb brigade are falling over themselves to tell the full unexpurgated truth about the financial woes of Sevco.

For the hacks this is journalistic work of grave importance, especially as they’re trying to save something that is already dead.

It is too late to save Rangers, because Rangers are dead.

However, denial in grieving can do that to you.

For in their world view the hacks see the restoration of ‘Rangers’ to the top of the pile is vital to the survival of the national game.

A year ago they produced gushing copy on Charles Green to ingratiate themselves with the new regime and, of course, to sooth the klan.

The good news narrative has suddenly been turned off like a tap because it has been decided that the incumbents must be ejected and men (it always has to be men apparently) imbued with ‘Rangersness’ installed in the Blue Room.

Within this reportage anyone from the Ibrox gene pool is off limits to any serious scrutiny apropos their role in the entire omnishambles.

This puff piece on Walter Smith is typical.

Of course through all of this churnalism there are a few notable exceptions, mighty few.

Top of that small pile is Glenn Gibbons who nails the myth of Walter Smith in this piece.

In doing so here Glenn, perhaps, gets to the core of ‘Rangersness’.

The rest of the reportage around the Ibrox coliseum is mere obedient churnalism.

There is a myth around Planet Fitba that the Govan debt dome is the home of a cash cow that sustains everyone else in Scottish football.

Yet FC Ibrox is an unsustainable business.

Rangers (1872-2012) went out of business owing tens of millions of pounds even if the potential bill of the Big Tax Case is discounted.

The new club, with the same customer base as Rangers, seems to be following the same doomed business plan.

Like the regulars at an underclass Barbican the patrons of Ibrox  expected the tax payer and local businesses to fund their dubious entertainment.

As the rest of us view this tragicomedy  from the outside the patrons of Ibrox want lesser beings thrown to their lions in light blue on match day.

A perpetual mismatch is what the punters at Ibrox have always craved.

David Murray offered the mob bread and circuses for a decade and they loved it.

When he delivered Nine-In-A –Row he must have felt like Caesar returning from foreign wars.

However, when the victims in the arena started to bare their teeth the deck had to be further loaded.

It has escaped significant scrutiny that one major player in the Rangers order of battle in 2003, Ronald De Boer, was remunerated though a tax evasion scheme.

This was not contested by the club to HMRC and it became known as the Wee Tax Case.

Hector submitted the bill and Rangers just didn’t pay it.

It wasn’t just Her Majesty’s Customs and Revenue that was scammed by the Queen’s Eleven.

At the back of Downfall is an Appendix that runs to several pages.

It details the other 275 creditors that were stiffed by Rangers for millions.

Any mention of these companies and individuals owed money elicits no appropriate human response from the klan.

It would appear that these discerning chaps have no issue, no moral issue, with tens of millions of pounds left unpaid to the exchequer.

Moreover they appear quite happy for the Ambulance Service and hundreds of creditors, including small family businesses, to pick up the tab for their match day experience as Rangers supporters.

Now Sevco , like Rangers before them, pay too many people too much money for the revenue they bring in.

In the Murray years that shortfall was made up by corporate borrowing and, ahem, creative tax efficiency policies.

Now the new folks at the new club playing at Ibrox, without access to credit, seem to be heading the same way as Craig Whyte’s Rangers.

Regular readers here will not be astounded that there is a cash flow crisis at Sevco.

Nor will they gasp in shock at the possibility that the fabled “£22.5 million” wasn’t all in folding stuff.

Of course all of these questions will be answered by the publication of audited accounts.

My sources tell me that Brian Stockbridge and The Walter had something of a heated exchange some weeks ago.

It was noisy  enough for it to be heard by people in the office.

So what now for Sevco?

A line of affordable credit must be accessed or the private investors must shore up the operation.

Simultaneously an austerity programme must be imposed the like of which no one has ever experienced at Ibrox.

It will look like Administration and if it doesn’t happen then Administration proper will occur.

This won’t be a Duff and Phelps flying circus; people will be sacked and lucrative player contracts will be ripped up.

It will be what Dundee and Motherwell experienced.

I recently had to explain to my two daughters what “sounding like a broken record” meant.

These digitally re-mastered lovelies just looked at their old Dad as they deftly swished their smart phones rather nonchalantly.

Sadly my lexicon is stuck in a previous technological epoch.

So apologies for repetition, but the tune hasn’t changed here because the song remains the same.

Sevco must  choose austerity or insolvency.

The fact that those in charge don’t seem too fussed tells me that Charlie and the boys see the entire enterprise as a short term project.

If I didn’t know any better I would think that someone was planning to dump shares and Do Walking Away.

What will be left at Ibrox after that won’t be pretty.

As for the cash situation at Ibrox well I’m afraid it is a case of Just Can’t Get Enough.

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