Open goals and Off The Radar love

The Sevco saga just got a little weirder yesterday dear reader.

As trailed here Mr David Cunningham did indeed JET IN and Mr Super has Done Walking Away.

This cuts the monthly outlay, but the details of the compromise between the club and their first manager are not yet known.

What can be safely ascertained is that the cost of this sojourn by the Chairman will almost certainly have set back Rangers International Football Club (RIFC) by at least £8,000.

The stenographers did not disappoint, and the RIFC Chairman was cuddled in the presser by the star-struck hacks.

What caught my eye was when Mr King dangled the possibility that the “old Co” (i.e. the original club) could be re-united with the assets.

However, even Martin Williams of the Herald here flags up the problems with this aspiration, the first one being the ruinous cost.

Mr King stated that:

“You can never rewind what has happened, but you can try and look back in 100 years’ time and say there was a blip of four or five years in Rangers’ history when this all happened and it was resolved to the norm again.”

For ‘blip’ read ‘break’.

This is as close as anyone up the Marble Staircase has come to, inadvertently, stating what every corporate Scots Law expert knows.

That the liquidation in 2012 was the end of the club established in 1872 and not the…ahem…Holding Company Vehicle.

However, what Mr David Cunningham King is very adept at is telling his customers what they want to hear.

My Twitter timeline filled up quickly last night with triumphant ad hominem abuse from The People.

As far as they were concerned this was a huge victory, and they just had to tell me about it.

Pity was my main emotional response as I accessed the block button.

In the cuddly presser, Mr King does not seem to have been pressed on anything.

Quelle surprise…

Here in the Daily Radar I can see a few open goals that were obediently ignored.

The real reason that Mr King trekked from South Africa is the current financial crisis.

Given what I know I cannot agree with the RIFC Chairman that the Ibrox operation is “….very comfortably funded for the next six months.”

He then stated that RIFC would be provided by with working capital “…through loans or new shares…”

Comfortably funded, but requiring loans?

Once more this was an open goal for the stenographers, but they know their place.

What happens next is more than likely to be something akin to an internal whip round.

A debt for equity swap with the ‘Three Bears’ would wipe out £4.5m in debt.

However, they must agree to this, and that is not certain at this stage.

Then the existing shareholders could be offered preferential shares at 27p.

Best case scenario for this move, I am told, would be to bring in between £6.25m-£6.5m.

However, £1.5m would have to be deducted from that in fees.

If this deal works then, the £4.5m could conceivably get the Ibrox operation to February.

However, there are some obstacles in the way of this plan, but do not expect to read of them in the mainstream.

In the meantime do not be surprised if Big Mike asks the New Regime some pointed questions.

Of course, as a shareholder in RIFC he has every right to do so.

Sources close to the action tell me that folk on Planet Ashley do not believe that Mr Paul Murray is toiling pro bono.

Moreover, the Sports Direct people are very keen to know how much the Chairman’s travel and sundry expenses are costing the company.

Come to think of it I cannot recall a Holding Company Vehicle statement confirming that Mr Derek Llambias and Mr Barry Leach had received what was contractually due to them.

However, that might just be my fading memory.

What is undeniable is that currently RIFC exists on one main income stream.

If those match day numbers fall away, then that is a real problem for the New Regime.

All the more reason to keep the feel-good fluff up to the required Level.

So far the stenographers haven’t failed Mr King.

Their love for him is Off The Radar.


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