The boardroom strikes back

Well the last few days have been eventful.

Not only does Planet Fitba have award winning stenographers, but they can produce quality scriptwriters in much the same way that they once cultivated world class players.

The thing that stuck out for me was the £500k interest free loan to provide working capital “…over the next few days…” this was a remarkable admission.

“The facility will be used by the company for general working capital purposes over the next few days.

“The directors of Rangers, having taken advice from their nominated adviser, WH Ireland PLC, believe that the terms of the facility are fair and reasonable as far as shareholders are concerned.”

One more time:

“…for general working capital purposes over the next few days.”

However once more Sandy Easdale stepped up.

Just like last February when the company was again on the brink of insolvency these Greenock guys didn’t hide.

As regular readers will know I have been consistently baffled by the opprobrium that these two working class blokes receive from a large section of the Ibrox clientele.

There is something nasty and unsavoury about it.

I tried to work out just what the issue is, perhaps it is  some kind of classism by the klan.

The very idea that any of The People would indulge in snobbery really puts them beyond any medical help.

Firstly, the Easdales are the only guys inside the Big House with an emotional attachment to the light blue cause.

For the voidance of doubt Mr Easdale’s £500k interest free loan almost certainly prevented a fairly rapid insolvency event at Sevco.

The response to this from Mr David Cunningham King, I thought, lacked class.

Unlike him Mr Easadle has actually addressed the cash flow crisis rather than helping to create it.

At time of writing Mr Ashley controls the Ibrox boardroom.

He will wish to retain control to preserve his commercial interests there.

If those contracts, the advertising and the retail, are secured, then he would be happy to see someone else deal with the heartache of running that shambles.

Indeed Big Mike might even come up with some new novated agreements.

The new regime would then have to agree to a fresh round of Onerous Contracts in favour of Mr Ashley.

Once more, and for the avoidance of doubt, Big Mike does not want to own or run a football club in Scotland.

He just wants to take money out in the way of profits and he will leave all of the emotional stuff to someone else.

In rejecting the overtures of Mr Sarvar the RIFC board stated that they would be seeking more finance from existing shareholders.

Whoever lends the next tranche of much needed finance will control events at Ibrox going forward.

For the moment though he has his two guys on the bridge controlling the good ship Sevco.

I noticed that Mr Barry Leach was once a director of a company called “Heaven or Hell Limited” until he resigned on 24 October 2014.

With his appointment yesterday he has obviously decided to give up on heaven!


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