Journeys in Poundland

It would be churlish not to congratulate Mr Keith Jackson on his recent high-Level exclusive.

I can only imagine the months of deep-cover investigative work that went into producing such a scoop.

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Chapeau.

However, I have been told by an excellently placed source that this journalistic tour de force might have provided General Ashley with yet another legal justification to take the Sevco High Command to court.

A judge might well conclude that what Mr Jackson had expertly adumbrated for his readers was in fact commercially sensitive information subject to a court order.

My belief is that this is exactly what the Shirebrook officer corps are examining at the minute.

Perhaps, and it is just my speculation, General Ashley might wish to pursue the provenance of Mr Jackson’s amazing story forensically.

My understanding is that he would do this in order to see if the trail leads back to the Blue Room.

Of course, a courageous journalist of Mr Jackson’s standing would rather face imprisonment than reveal his closely guarded sources, but I don’t think it will come to that.

However, I am assured that Big Mike’s best legal people are currently looking very carefully at how the information contained within this excellently written piece emerged into the public domain.

My understanding is that the background to this story is rooted in the life-saving loan of £10m from Ashley to the Holding Company Vehicle in January 2015.

The details of that loan can be read here.

This, you may recall, was only two months before the Off Licence Putsch of March 2015.

I am told that initially, Ashley had looked to have Ibrox as security for the £10m loan.

However, the report into the state of the stadium, the details of which I had broken here in November 2014, convinced the Sports Direct folk that it wasn’t such valuable asset.

Another issue that took Ibrox off the table as possible loan security was the contingent liability as represented by the potential action by Sevco 5088, i.e. Mr Craig Whyte.

I am told that RIFC Chairman David Somers also convinced Ashley that exercising his options under the stadium naming rights agreement might not go down well with the fans.

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So Instead the rental agreement on the Ibrox Superstore was born.

Now, that’s my basic understanding, but no doubt Mr Jackson will have another award winning exclusive clarifying all of this soon.

As with most stories, context is everything, and without it, the reader is not fully informed.

Oh, one other thing…

Given the decade-long rental arrangement, the possibility remains extant that once the retail deal is gone, in six years’ time, then Ashley could sublet the store to the Holding Company Vehicle and effectively be their landlord.

Obviously, the rent he would charge to the Sevco High Command would be just, perfect and regular.

Keep smiling.

 

 

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21 thoughts on “Journeys in Poundland

  1. dcm

    Phil, was there another consideration also re: security for the loan.

    Your ‘slow lingering near death’ article stated that ~£278k was leaving per month in ‘rent’ for £1brox. Surely that would have taken £1brox off the table as security ahead of any survey/contingent liability?

    Are these payments still due each month and are they now higher due to top league status of sevco? Have any other payments been missed since last reported?

    Thanks.

    Reply
  2. There is NO Old Firm

    I did 2 things yesterday I wouldn’t normally do. Listening to the Clyde phone-in was dropped a few years ago when it became obvious they were following a certain line and would not entertain a “difficult” question (although in Johnstone’s case, every question is difficult). I thought that after an initial period of mourning they would eventually get back to reality. Clearly not.
    The 2nd thing was my refusal to visit any links to any guaranteed blabbering gibberish printed in the biggest waste of trees on the planet.
    I blame our favourite award winning real journalist Mr. Phil for the 2nd item….. whenever he summarises something with the withering “Oh Dear”, you know something incredible is afoot, even if it’s one of our own posts.
    So I was tempted yesterday by his twitter link to a piece by an acknowledged and highly acclaimed writer by the name of Barry Ferguson and I have to say…..What a load of complete and utter, virtually idiotic garbage I have ever read. The fact that Phil could only muster, or more to the point, restricted himself to “Oh Dear”, says it all. This trash really defies all explanation. If this nonsense is placed before an editor and is accepted for print, you have to ask….is it truly the editors’ decision? I strongly suspect there is either an absolutely furious or totally embarrassed, or both, editor wandering round in circles in his office mumbling “What has my industry come to, why am I allowing this to go on?”.
    If any of you have read it, you’ll know what I mean. If you haven’t read it, don’t waste your time.
    The other issue was not my fault either. Not my car, not my radio, so not guilty! Radio Shite, what can you say? Call after call after call, delusion, denial, desperate nonsense and blame on anything and everything except the real and true cause of their situation.
    There were actually people stating they “trusted” King and “believed” the board was on the right track! Plus the usual nonsense like “Barton wages freed up” “Big signings in January” etc.
    For me, the real crime is that the host and panellists on this show never explain to these confused people that they are taking part in a huge hoax, as are the media themselves.
    This is why newspapers sales are tumbling. Why pay to be given absolute lies and read infantile garbage such as Fergusons’ tripe yesterday……”King has to give the fans the truth”. Barry…. If someone’s reading this to you….The guy is a convicted criminal, described as a glib and shameless liar, so I’m sure you demanding he tells the truth will give him sleepless nights.
    To put it in your own familiar language for you….”glib and shameless” means he “doesn’t give a f**k”.
    What about his statement that he would “rescue original Rangers by paying all debts”? If so, what is he in charge of?
    So the lie goes on for some. No one outside of Sevco land does, or ever will, accept that Rangers exist. They do not! They are the fairies at the bottom of the garden, they are the tooth fairy, they are Santa Claus, they are the man who walked on the moon, they are an honest tabloid, ie : They DO NOT EXIST!
    Ask Mr. King if that’s the truth, then ask someone who’s not a glib and shameless liar!
    My 2 stumbles into mainstream media fantasy and psychedelia yesterday will not be repeated.
    Sevco fans it would appear, are very happy to dwell there.
    What a sad, sad state to be in. Shameless, no self respect and without the courage or knowledge to say “Hang on, this can’t be right”.

    Reply
    1. michaelcraven1

      hi TiNOF,
      that was an excellent post,I for one agree with every point you made.As for ferguson,I suspect he is not even in control of his own faculties,taking all his might to place one foot in front of the other.Like you,I won`t bother to return down that rabbit-hole.Well said that man.

      C`mon The Hoops.

      Reply
  3. joe mccormack

    Had to laugh as the reporter approached King as he left the AGM.

    A couple of questions, Mr King?

    Nope, I’m running late.

    Looked to me as if he was just running.

    Not to worry, the fans are happy as Larry that a big announcement is to be made in 2022!

    Reply
  4. Rob O'Keeffe

    Phil,has your Rugger pal given you any timeline regarding the total demise of the Sousiders.Soft loans,share issues etc to try to keep going.Please give us an end game to this fiasco.Their constant nonsense is driving all sane fans of any club,NUTS. HH

    Reply
  5. DB

    Injunctions are injunctions and breaches or contempt are also “what is says on the tin”.

    We can watch the entire farce with yet another potentially self-inflicted wound.

    Oh, deary deary me…

    Reply
    1. The Beekeeper

      ditto 1jaybee, sick of hearing about this mob and their never ending story, although I love to read about all the problems they have, Does that make sense?.
      Hail Hail and still on a yellow card

      Reply
      1. michaelcraven1

        Hi The Beekeeper,

        only saying,from one who knows,I got a straight red from Phil,so he will card you IF you offend again.I was in blogging limbo,and didn`t like it one wee bit.And please believe me it IS much better being on the inside,looking out,than vice versa.

        I have seen your comments the whole time I`ve been reading Phil,and it would be a loss to the site without your contributions too.

        ps.your comment above is a bit contradictory,but I can see what you mean.

        [email protected]

        HH

        Wee contribution,for a scoop of Black Gold.Thanks Phil,appreciated.
        Wouldn`t it be the irony of ironies if jackass was found to be in breach with his NON exclusive article.Fantastic Phil,many thanks.

        Reply
      2. Swavvy

        Well done, Beekeeper, that’s three or four comments now where you’ve managed to restrain yourself from going into the details of a particular act that you hitherto seemed so fixated on, so well done you.

        While you’re practising such restraint, could you extend it to not mentioning the fact that you’re on a yellow card,,as you have in your past three posts?

        You’re like a lunatic on a ledge who spends days and nights threatening to jump, knows he’ll never do it, but can’t give up the attention.

        So you try that and I’ll try not to tell what I think of you, deal ..?

        Reply
        1. michaelcraven1

          Swavvy,
          going by your last post it sounds as though I`ve missed out on somethings,and reading between the lines,I`m not interested in going back to look and see what it is I`ve missed.

          Nothing getting me binned-off again,am steering well clear of that one.

          Cheers Phil.

          [email protected] 3-1,Celts.

          ps.Mr.Brendan Rodgers celebrity-supreme switched the Christmas lights on Lennoxtown last night,all he had to do was turn up,and the place was illuminated.Mobbed too I`m told.Great stuff Mr,Rodgers in giving a bit back to the locals.HH.

          Reply
    2. PP

      1 Jaybee

      They won’t be going down the plughole in the foreseeable future if Ashley is going to be their landlord in six years time.

      Reply
  6. andrew

    Commercial leases in Scotland are Registered and as such public. All Jackson need do is look at the Registers. No case for Ashley to pursue this time. What may not show is what other consideration ( eg a loan) is linked to said lease.

    Reply

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