It is a statement of simple fact that Scotland’s newest club is a loss making business without a credit line from a bank.
However, they might now have a helpful facility from some of their fans.
The Rangers First chaps.
It is highly commendable, but the truth of the matter is that quite simply they have to.
While The People wait for the…ahem…overinvestment from Mr David Cunningham King, the metaphysical club is in danger of running out of cash.
Consequently, subventions provided by those spend chaps at Rangers First should see the four-year-old club safely to Season Ticket renewal time.
There is little margin for error, though, and it will be a damn close run thing, but deliverance is at hand in the shape of Mr Richard Gough.
I was not surprised that the Ibrox hero was a poll topper.
This democratic decision by the Rangers First chaps is especially welcome since some of the directors have been trying their level best to raise a credit facility.
Alas, they were unsuccessful.
Then there are the worrying reports that they were forced to pledge some of the season ticket money raise the £5m to pay of General Ashley
I have yet to see a denial from the metaphysical entity which hovers over Edmiston Drive.
In an effort to be better informed on these matters consulted with rugger guy apropos the likely import of this story if it proved to be true.
So I put the following question to him:
How much money will need to be raised from season ticket money to repay a debt of £2m?
“Should RIFC sell season tickets with a value of £2.6m, there need to be two payments made. VAT of 20% needs to be paid; this is £433,000.
“In addition, the finance charges for say six months would be 8% of £2m, £160,000.
“In summary £2.6m of season ticket money will give them c £2m to repay some of the outstanding debt.”
Although the infusion of cash from the fans is genuinely good news, some sensible austerity would also be helpful.
I understand that the cost of transporting the Chairman from his abode in South Africa to board meetings has recently been discussed.
The putative cost of these trips is approximately £10,000.
When you have first class air travel and luxury hotel accommodation, then I suppose it all soon adds up.
No doubt the Churchillian presence of Mr David Cunningham King in the Blue Room is value added.
However, hiring teleconferencing facilities for a couple of hours would be a fraction of the cost of transporting the chairman.
I am told that utilising this technology is now quite commonplace in business circles.
Moreover, I’m sure that the excellent Mr Stewart Robertson could arrange that if the directors asked him.
Indeed, well-placed sources inform me that Dermot Desmond recently ‘attended’ an important meeting of the decision makers at Celtic FC from the splendour of the Sandy Lane Golf Club in Barbados.
As was seen during the reign of Charles of Normandy spending to prove that you really are a big club isn’t that clever.
It is also unsustainable and will not end well.
Perhaps this is a cunning plan to look like the original Rangers….