The problems caused by accuracy

For the avoidance of doubt, I stand by my reportage of the financial issues afflicting the club that currently plays at Ibrox.

The recent chagrin privately expressed by those tasked with presenting the new club’s PR image to the world was based on the accuracy of my information rather than any inaccuracy.

I understand the decision to issue the club statement on Friday was made at a meeting that day where Graham Wallace was not present.

I think it is fair to say that, at this stage, nerves are getting a bit frayed.

One of the main issues is that not only is there a high level leak, but that it is being divulged in my direction.

I believe that some rather unkind and, indeed, untrue things were said about me, but I’m ok about that.

This isn’t personal, it’s only business.

I am told by people in the accountancy trade that whichever way the RIFC/SEVCO published numbers are crunched, the current set up is simply unsustainable.

Moreover, I understand from sources that internal control of things like expense claims has left a lot to be desired.

So much so that I believe when the guys were down in the City of London seeking finance recently they had to change their figures on the hoof.

That was because a senior member of staff turned up with a pile of receipts and dumped them on the desk of the person processing expense claims.

The total bad news contained therein threw their calculations out of the window.

Then add that to the issue regarding the contingent liability in the year end accounts and the picture just gets worse.

Yesterday I submitted the following list of questions to the club/company’s PR department:

Is the club/company currently trading at a loss on a monthly basis?

Has this loss recently been calculated to be approximately £714,000 per month?

Does the club/company have sufficient liquidity, without external finance, to continue operating until the season ticket money comes in?

Did senior figures within the club/company seek external finance from the City of London in January of this year?

Is it true that all of the companies contacted by club/company officials in attempts to seek external finance have refused to provide monies to the club/company?

Was one of those companies Bibby Financial Services?

Is it true that one of the issues raised by these companies was the contingent liability in RIFC’s inaugural accounts apropos the potential claim by Sevco 5088 on the club/company’s assets?

Is the club/company still seeking external finance?

Is it true that a redundancy programme for off-field staff was planned?

Is it also true that these job losses were put on ice last month because the company could not afford to pay statutory redundancy pay to the affected staff?

Is the club/company currently up to date with all National Insurance, PAYE & VAT remittances?

Has the possibility of the club/company going into administration been discussed by senior members of the club?

I will publish their answers here when I get them.

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