This may come as a shock to you dear reader, but I think that Sevco might have an image problem.
I recently learned from very well placed sources that in the run up to the Shareholder Share Option that Mr Mike Ashley was willing to underwrite for the full amount.
Indeed he was willing to invest more than double that amount.
However, in return he wanted the image rights of the club.
It is already out there that he owns the naming rights to the stadium-like the old Ibrox club-sold for a pound.
Of course, it makes all sorts of business sense for Mike Ashley to want to own the image rights to the Ibrox brand.
Once the new club was in the top tier for the first time with TV interest heightened then re-naming the stadium AND owning the rights to the badge really would be like having a printing press churning out money .
Moreover, this cash cow would be his for very little initial investment.
So I get why he wanted the image rights and was willing to pay several million pounds to get them.
However, there was only one problem.
An Ibrox insider told me that “you cannot sell what you do not own” and he further explained to me that this was “….a historical problem going back to the Charles Green days”.
I was puzzled by this statement as it made no sense, but it did come from a very well-placed source within the Sevco set up.
Dear reader I have picture in my head of Charles of Normandy patrolling the grounds of his château secure in the knowledge that the famous badge with the five stars is generating him a regular income.
Now that is quite an image!
Of course I would not be surprised if Mr Ashley has a long term plan to get those image rights for himself, or even to do a deal with Charlie if the man with the big hands is indeed, through some offshore route, the beneficial owner of the badge.
The man who owns Newcastle United is not a charity and he uses his ownership of that club to sell his Sports Direct merchandise.
We do know that Mr Ashley did not underwrite or take part in the Shareholder Share Option, but afterwards and using a French bank he bought out Hargreave Hale.
Moreover he has set up a special vehicle to hold his commercial interests in Sevco.
He is now a major character in the Ibrox farce and he is there to make money.
Lots of it.
Of course the mystery around the true ownership of these image rights could be cleared up by any intrepid chap within the ranks of the Succulent Stenographers.
All they need to do is ask the question of Chief Executive Mr Graham Wallace.
That should not be a problem as I am sure he is at his desk today as he is every day.