Sevco in February

February is not going to be a good month for Sevco.

As the January transfer window closed with no players sold out of Ibrox the dignified fans may have rejoiced, but they really should be weeping.

The financial reality is that the cash to keep the lights on will run out before the end of this month.

Before the end of this month.

At £7,000 per week you would expect financial consultant Philip Nash to be good at what he does.

He is and he has been appalled at what he has found when he looked under the hood at Sevco.

If any of the intrepid chaps in the lamb-fuelled press pack would ask him, even on an off-the-record basis, I am sure he would tell them that an insolvency event at Ibrox is a racing certainty.

Only the provision of external finance will prevent administrators from, once more, running a club that plays at the stadium John Brown played for.

As regular readers here will know, I have consistently stated that the absence of a credit line from a bank is a fatal pathogen in the RIFC’s financial situation.

Subsequently, the people steering HMS Sevco have had to attempt to find a safe haven in the City of London.

Just when these discussions are ongoing, up pops Craigy Boy!

He last tried this in October 2012 at the time of the IPO.

He gave an interview to the BBC in which he declared that he and Charlie were closer than had previously been known.

Just to be helpful I trailed it for the Beeb the day before broadcast and told Planet Fitba what was in the interview.

I’m sure the chaps at Pacific Quay were grateful.

It was transparent what Craig Whyte’s play was in October 2012 and it failed.

The IPO was a success despite him.

Well, it was successful for Charlie and his mates!

Now, with that cash blown, the new club needs to find external cash and quickly and it is that vulnerability that presents the last owner of Rangers (1872-2012) with the main chance.

If you will pardon the use of the industrial vernacular, Craig Whyte simply wants a “Fuck off fee”.

He is a non-person with the SFA and can never be involved in any football club in Scotland again.

I have read and re-read the Letter Before Claim presented to Sevco Scotland Limited by the Worthington Group on behalf of Craig Whyte, Aidan Earley and Sevco 5088.

I then passed it to a football lawyer chap and then to another legal mate who specialises in the corporate world.

They both doubted that the Motherwell Born Billionaire and his buddy have much of a chance if it ever gets to court.

Moreover, Craigie and his mates haven’t even got that far.

As with most things in life timing is everything and Craigy Boy has turned up again to create maximum hassle to the current regime at Ibrox.

Sevco’s misfortune is Craig Whyte’s opportunity.

The worst he could do to them would be to find the funds to lodge papers in court challenging the ownership of the assets.

It could then take, quite easily, two months for the case to be heard.

In that time it could not be stated with any legal certainty whether or not the Rangers Football Club (previously Sevco Scotland Limited), a wholly owned subsidiary of Rangers International Football Club (RIFC), actually owned the disputed assets.

During that time, the possibility of raising finances against those assets by RIFC would be almost impossible.

So what does Craigy Boy want?

That’s easy; he wants money to go away.

That is what he wanted in October 2012 and when his bluff was called he didn’t get a penny.

Now he’s back to try this again.

I actually think his hand is weaker now than it was in October 2012, but Craig Whyte is hassle that Graham Wallace could do without.

I understand from well-placed sources that the current CEO at Ibrox really regrets taking the job and only two days ago had to be talked out of Doing Walking Away by a close friend at Laxleys.

He isn’t daft though and he recently got his bonus worked into his basic salary.

Moreover Philip Nash asked to be paid up front and Sevco agreed.

Of course, the intrepid chaps of the Scottish press pack will no doubt, having read this, go and put their questions to the media people in the big house – just on the off chance that, for once, I’m bang on the money.

So if I may now speak directly to the succulent lamb crew.

For the avoidance of doubt lads, any way you cut it, Sevco are fucked.

Deal with it.

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