Pay Day groan at Ibrox

Friday was an eventful day on Planet Sevco.

The statement to the London Stock exchange apropos the Open Offer should end any doubt that the creature built by Charles of Normandy is in very poor financial shape indeed.

However Thursday was also a busy day.

Payroll was met, but only just.

Staff bonuses are still outstanding.

However basic wages were paid and that is good news.

The betting company 32Red, who are Sevco’s shirt sponsor, paid up the full amount that they owe the club.

They did this early to help them out.

I also understand that Mr Mike Ashely also weighed in at the 11th hour to make up the difference.

Subsequently he now has full control of the Superstore.

So between the betting company and the main man at Newcastle United the basic wage bill  for August was covered just in time.

Sources tell me that the figures put into the statement to the London Stock Exchange were put there at the insistence of Deloitte and the chaps from the Alternative Investment Market (AIM).

This Open Offer needs to be fully subscribed and after that the Season Ticket cash can be accessed.

Then a full rights issue in October will be required to raise a far larger amount.

I understand that the club’s iconic manager was summoned on Friday morning for a little chat.

This was with the football board and not the RIFC hierarchy.

It has been made clear that there can be no unauthorised expenditure and that, for example, pre-match overnights in luxury hotels are at an end.

Every player in the first team squad is available for sale should any reasonable offer come in for them.

Moreover the club has, this week, made contact with clubs who have heretofore expressed an interest in members of the playing squad at Ibrox.

I hear that Mr McCoist was rather tetchy at the Pre-match presser yesterday.

A pesky journalist asked him a question that was not strictly on a footballing subject.

In fairness to Mr McCoist he did receive a memo from Philip Nash some weeks ago reminding him that his public utterances should be confined to football matters.

Therefore the man who the loyal customers at Ibrox simply refer to as ‘Super’ was only carrying out the orders of his superiors.

So fair play to him for that.

I fully realise that when it comes to the parlous state of the finances at Ibrox that The People have been in a bit of denial.

However even the most dignified of chaps must now realise that the club trading as Rangers is in very deep doo doo.

Since the club was established in 2012 I have strived to accurately report the RIFC/TRFC story and it is my intention to continue to do this.

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