Hubris and mendacity killed old Rangers.
Perhaps it will be the same for Sevco.
Now the new club has someone at the helm that is certainly mendacious according to Judge Southwood in 2010.
“We saw Mr. [Dave King] testify in chief and in cross-examination for four days and are unanimous in finding that he is a mendacious witness whose evidence should not be accepted on any issue unless it is supported by documents or other objective evidence. It was remarkable that Mr. [Dave King] showed no sign of embarrassment or any emotion when he conceded that he had lied to the Commissioner in a number of his income tax returns. In our assessment he is a glib and shameless liar.”
It was the same putative disregard for the truth that probably convinced someone in the higher reaches of Rangers in 2004 to be less than open with HMRC investigators.
That is why the Big Tax Case took so long and is still going through the Tribunal System.
The conduct of senior people in old Rangers and the Murray Group in denying the existence and concealing the whereabouts of key documents is now in the public record of the Tribunal and is not disputed.
They lied to Hector and then they covered up their lies with more lies.
It was only when the City of London Police raided Ibrox in 2007, as part of their investigation of the transfer of Jean-Alain Boumsong , that Hector learned just how glib and shameless the establishment club had been with Her Majesty’s Revenue and Customs.
Now the old Ibrox sense of entitlement is seeping out of the early utterances of the new regime and The People are loving it.
Apparently very quickly all other clubs in Scotland with the exception of Celtic are to be brushed aside as sporting irrelevance.
Of course this is, in a sense, the view of people on the sixth floor at Hampden.
In 2012 they wanted the new club operating the Ibrox brand to be given preferential treatment despite, as Neil Doncaster admitted, the fact that there was “…no mechanism…” for what he and Mr Regan were trying to facilitate.
Thankfully they failed and sporting integrity won a crucial victory.
In the end it was an inability to pay their bills as they fell due that killed old Rangers.
Now Mr King claims to have little idea of the internal financial dealings of the new club.
Well there are two sets of published accounts for Ranger International Football Club (RIFC) and there are accounts available for The Rangers Football Club (TRFC) which started life in 012 as Sevco Scotland Limited.
There is also the 120 day review compiled by Graham Wallace in April 2014 when he was Chief Executive of RIFC.
Last autumn, while on gardening leave, Mr Wallace had some communications with Mr King’s camp.
Therefore I find it surprising that the South African based entrepreneur is not well aware of the nature of the Onerous Contracts (a term coined within this saga by Mr Wallace in his review).
The £20m figure has already been helpfully broken down by Mr King for the stenographers in easy to digest morels.
He stated at the presser that “more than fifty percent” of the £20m would go on players.
So we’re already into war chests dear reader.
Remember this is a loss making business with no credit line from a bank.
In the last 12 months it has been kept alive by three emergency loans and a shareholder share option.
For The People Ibrox stadium may the focal point for their subculture.
However in business terms it is a cash incinerator.
Sevco burns its way through money at an alarming rate and those fundamentals have not changed because brogue wearing ‘Rangers men’ are in the Blue Room.
As for Mike Ashley, well he hasn’t gone away you know.
He is owed at least £5m, the first tranche of the January loan, which is secured against major assets and the registered trademarks of the club.
It is also worth re-stating that the January loan saw the transfer of 26% of Rangers Retail Limited for the duration of the facility.
So Mr King and his colleagues have ‘control’ of a club with little or no merchandising income.
Advertising space is also in Big Mike’s pocket.
Then there are the nice little earners out in the Sevco Triangle.
The Ibrox faithful think that the darks days are over and they will regain their ‘rightful place’ in Scottish football.
However I am sure that Mr King has the skill to manage the expectations of The People.
In a few weeks he, or one of his colleagues, will perhaps express shock at the extent of the Onerous Contracts and their surprise may be indeed genuine.
They will have an obedient, grateful media to get the message out to The People.
The Stenography Warning is still in place I’m afraid so proceed through the mainstream with caution.
In fact it could be upgraded to a full Succulent Lamb Alert in the coming weeks.
There isn’t anything rational or,indeed, enlightened about what is emanating from Ibrox right now.