The need for pain at Ibrox

Carl Jung once observed that:

“There is no coming to consciousness without pain.”

The founder of analytical psychology then continued:

“People will do anything, no matter how absurd, in order to avoid facing their own Soul. One does not become enlightened by imagining figures of light, but by making the darkness conscious.”

It is fair to say that there is a lot of darkness these days in the Ibrox home crowd.

Plus ça change, plus c’est la même chose…

However, credit where it is due and the idea that Mike Ashley might become further involved has caused alarm among some of the more sentient adherents of the Ibrox brand.

The recent statement by the Union of Fans (UoF) is clear, precise and unambiguous.

Of course credit, or rather the lack of it, is part of the problem at Ibrox.

The reality is all the major shareholders were approached for a crisis loan in the wake of the Stockbridge revelations.

One of the reasons that Shareholder loans are being tried is the game changing nature of the Stockbridge Share Option.

As has been reported here the ‘Stockbridge effect’ has meant that the Shareholder Share Option is severely hampered from becoming a reality.

Mr Ashley has had a relationship with RIFC since back when Charlie’s big hands were steering the bus at Ibrox.

The main man at Newcastle United currently has a 7% shareholding in RIFC.

Meanwhile I understand that Deloittes are not happy auditors.

The £2.5 Million credit line last financial year-which Mike Ashley provided a part of- was put there to prevent the auditors putting a Going Concern Warning into the RIFC inaugural accounts.

They were less than pleased when this was removed without their knowledge.

This may explain the very strong statement by RIFC Chairman David Somers earlier this year in the accounts of The Rangers Football Club (TRFC), formerly called Sevco Scotland Limited, about the possibility of insolvency.

Mike Ashley received a substantial amount of the commercial income from the Ibrox superstore as payment for his part of the £2.5 million deal.

I understand that, at time of writing, the year-end accounts for RIFC are nowhere near being ready.

Last week the RIFC Nominated Adviser (NOMAD) was certainly working hard for their fee.

The chaps at the Alternative Investment Market (AIM) had three meetings with Daniel Stewart and Company.

In between those conclaves there was almost constant phone contact between the Stock Exchange chaps and the NOMAD for RIFC.

What cannot now be in dispute is that the Glasgow based clients of Daniel Stewart and company urgently require external finance to keep operating their loss making subsidiary at Ibrox.

That much is certain and clearly the chaps in the UoF are not in denial about that.

Of course, we also know that no bank is providing a credit line to the new sporting venture at Ibrox.

At time of writing that nice Mr Letham has yet to be paid  his £1.15 Million and if he was to receive what is due to him then the AIM should be notified and that would be made public.

Given that this has not happened then we can conclude that Mr Letham is still waiting on his money.

Fortunately he has the club’s best interests at heart

What should not be in dispute is that the liquidity situation at the new club playing at Ibrox is very serious.

It would appear that some among the home crowd at Ibrox are now on a long journey towards individuation.

However it will be painful.

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