What is the role of Philip Nash at Rangers International Football Club?
Given the company is hemorrhaging money the appointment of a highly paid consultant (£500 per hour is what I was told was the absolute minimum going rate for such chaps) it is a bit puzzling.
During his stint at Liverpool some Anfield insiders dubbed him “Philip Gash”.
So the scaffold has been built and the axe man is ready to take his place at the block.
I think he may play the same role as Donald Muir who has placed on the board of Rangers by Lloyds banking group on 2009.
For the fans he became “the enemy within”.
If Mr Nash can play this role then there is some logic to him being involved, on a consultative basis, with Sevco.
He will have real work to do there.
If you recall dear reader I have been writing for over a year that only austerity will save Sevco from insolvency.
The new club is, of course, a wholly owned subsidiary of the Rangers International football club.
Last week the RIFC share price went south at alarming rate.
Today as I write this their value continues to tumble as millions of shares were traded this morning.
Alarming that is if you bought into the deal at the IPO price.
These should be worrying times for the regular customers at Ibrox.
They’ve been there with Rangers and they can go there again with Sevco.
Graham Wallace’s main task now is to get the company in a fit state so as to prevent an insolvency event.
If, between them, Nash and Wallace can come up with a plan then they would be advised to start with a Pareto Analysis and in that you start with the biggest costs not with the smallest ones.
Any such examination of the financial woes of the new clumpany will quickly reveal that Super Ally has the biggest portion of the available pie.
As was reported here the much trailed 50% pay cut offer had not taken place even though the usual lamb outlets were stating it as a fact.
Now that Super Ally’s generous offer has finally been actioned the belt tightening can begin in earnest.
Graham Wallace, ably assisted by Philip Nash, cannot delay any further in implementing this massive cost cutting programme, a process that will resemble an insolvency event, which will be needed along with a significant price hike in Season Tickets.
Given the credentials of Graham Wallace I think, finally there is some competence in the Blue Room and he’ll do what needs to be done to steady the ship.
The downsizing will be significant and there really is no alternative.
The next four weeks will be vital for continuation of Project Sevco.
Mr Stockbridge , with Nash looking over his shoulder, will have to have the abacus going at an incredible rate as they calculate if there is enough liquidity for redundancy payments while keeping this entity alive
Unless severe austerity can be shown within that time period to the chaps in the Square Mile then there is little chance of raising the necessary finance to keep this loss making show on the road.
It would be beyond parody if something significant were to befall Rangers International Football Club and their loss making subsidiary Sevco exactly one month from now.
Yet again, the clock is ticking. As the shares plummet and a cash transfusion the only way for survival Friday, February 14th may be a red, white and blue letter day.
Roses are red, violets are blue the P45 in the post is just for you!