Naïveté and the Marble Staircase

This notice to the Alternative Investment Market (AIM) yesterday from Rangers International Football Club (RIFC) was clearly significant.

However, like most momentous things in life it is all about timing.

I understand from sources today that the request to use the second tranche from the £10m Sports Direct loan was made on the weekend of February 21st.

That would indicate that some of the £5m may have already been used.

Obviously if my information is wrong then I will gently chide my sources right after the club (or the company) has issued a clarifying statement.

The sort of communication they should have issued when I published here that there is £278,000 leaving the club/company/ celestial entity every month in two debits destined for the mysterious Sevco Triangle.

You may recall that some of The people wanted the Ibrox regime to rubbish my claim.

That has not happened because the folk at the top of the Marble Staircase know that it is true.

This statement to the AIM by David Somers two days ago announcing his resignation as RIFC chairman contained this interesting morsel:

“At the risk of antagonising my army of critics I would point out that Rangers managed to pay its bills and avoid going under during my tenure”

It would make sense for the outgoing regime to pay all the bills that are outstanding and leave as little in the war chest for Mr King and his associates.

That is highly significant if the South African based entrepreneur is low on liquidity.

Sources inform me that the so called ‘Three Bears’ group can access funds, but it would take a month to do so.

The statement to the AIM regarding the second tranche quite baldly states that the company will need these monies to operate in the third week in March.

That would, dear reader, indicate that this outfit is perilously close to running out of cash.

So we could have the scenario where  a new owner at Ibrox  is once more being trumpeted up the Marble Staircase by gushing  stenographers who are wowed at his impressive net worth and Rangersness.

One would think that this time round they would have asked some searching questions about the financial nuts and bolts.

Is my naïveté off the radar?

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