So the mighty Glasgow Sevco now possesses credit card facilities and all of Planet Fitba trembles at their power…
As discussed here recently RIFC/TRFC were experiencing cash flow problems regarding meeting payroll in December.
Therefore it was not surprising that a further tranche of life support liquidity was dripped down this week from Mike’s petty cash.
What was surprising was the giving up of the naming rights to the stadium.
However if we can take altruism and stupidity off the table then Mr Ashley will have a plan and the small print of this agreement may well prove to be illuminating.
Despite these announcements to the London Stock Exchange the reality remains that this is a loss making business with no credit line from a bank.
They burn through more cash every month than they take in.
It really is that simple, but for some reason The People do not seem to quite get it.
Their sense of entitlement means that they believe that someone very rich person should fund their match day experience.
That Ibrox should be subsidised because of its cultural importance, a sort of underclass Barbican.
We know that in the last years of Rangers the British taxpayer was footing the bill for the klan.
Mr Ashley does not fund a structured loss at Newcastle United and there is no reason to presume he will do any differently at Sevco.
The chap from Sports Direct understands perfectly that the long term choices facing any company that is loss making and unable to access normal credit.
Austerity or insolvency.
It really is that simple.
Meanwhile expect some more media sniping from the dignified remnants of the Ancien Régime.
Quite simply they are the ghost of Rangers past and it really will take a Scrooge type chap to turn this horror story around.
I doubt we will hear much from Mr David Cunningham King anytime soon regarding his ambitions to ascend the Marble Staircase.
However should he re-appear on the radar then it might be worth considering the following.
Excellent sources at Ibrox have informed me that when he was in Glasgow he stated that he had £8 million of his own money to put on the table.
When RIFC Directors asked where it was stated that a “roll in period of twenty to twenty eight days” was required.
The source of the other £9.5 million was never revealed to the people in charge of the club.
Actually the only person at the bailout party who had money ready to put on the table that day was Mr Letham.
Therefore, as far as the RIFC directors were concerned, there never was any verifiable proof of £16 million being available.
There can be no doubt that Mr Ashley, should be decide, can keep the good ship Sevco on its current course.
For the avoidance of doubt Mr Wallace, the ex-chief executive, has not received his bonus as laid down in his contract.
I suspect that Philip Tudor Nash will also be entitled to some severance package.
If, by some entirely coincidental and unforeseen consequence of league restructuring, that finishing fourth in the Championship could still deliver top flight football next season then the Administration option would make a lot of sense for Sevco.
Moreover, if I was Mr Ashley, I would already have my people making discreet moves in that direction to the excellent administrators of the national game.
Of course Administration would not rid RIFC of all the Onerous Contracts.
However, it would allow a restructuring of the cost base in terms of the staffing establishment.
At the moment it appears to be a case of Sevco limping from payday to payday thanks to emergency loans.
Moreover this a reality that even The People cannot deny.
Once more this is a loss making business without a credit line from a bank.
Actually when you look back to the highly eventful short life of Sevco since 2012 then it really is hard to credit it all.
Right now The People should realise that they are very lucky to have such a flexible friend in Mr Ashley.
If I were them I wouldn’t be complaining.