The Seven Year Glitch

It is always good to plan ahead.

The publication of the interim accounts of Rangers International Football Club (RIFC) on the London Stock Exchange might be the last time such an event happens.

If a Nominated Adviser (NOMAD) cannot be sourced this week then de-listing will almost certainly follow.

However the Interim chairman, Mr Paul Murray, has a plan that takes the club currently playing at Ibrox to the very top in 2022.

Of course, while looking at some far point on the horizon it is always possible to miss what you’re about to step in.

In my opinion one of the main obstacles to realising this dream is the sense of entitlement that so many of the Ibrox home crowd buy into.

A self-sustaining future means that there will be barren years on the journey.

Success is an iceberg, but in the David Murray years The People were convinced that the stuff beneath the surface didn’t have to be there.

A financially doped up club brushed aside the opposition.

Despite the grandiose ambitions for 2022, the fans will just have to take these ‘Real Rangers Men’ (RRM) on trust for now.

The revelation about the fees attached to the Newcastle Five is classic Ashley.

  1. Contingent Liabilities

Newcastle Player Loans

During the January 2015 transfer window, the Club loaned five players from Newcastle United. As part of those contracts, should the Club gain promotion in season 2014/15, either directly or via the play-off method, the Club will be liable to pay a total of £500,000 to Newcastle United Football Company Limited.

As this liability is based on an uncertain future event, the Directors have not recognised this amount in these financial statements.

If Big Mike cuts a deal then he usually makes sure that he isn’t the one who gets sliced up.

Those RRM really shouldn’t have pissed him off.

Just sayin…

However, Deloitte Doing Walking Away is the headline story of these interims.

If the stenographers felt mutinous this week then they could ask some questions about that parting of the ways.

Of course regular readers here will not be surprised that RIFC’s auditors have Done Walking Away from the Ibrox shambles.

Nailing down when RIFC and Deloitte actually parted company would be a crucial bit of information.

The Interim Chairman Mr Murray stated that the auditors announced their intention to step down last June.

However they were re-elected at the RIFC AGM last December.

Moreover finding out why the highly regarded auditors decided to quit would also be useful to know.

A reasonable person might deduce that something must have occurred between 22 December 2014 and 31 March 2015 that was significant enough to make Deloitte resign as RIFC’s auditor.

Was the victory by the requisitioners at the EGM the cause of this move by Deloitte?

Journalists in Scotland should be all over this one right now.

Sadly what we are likely to get is more PR generated pish served up as journalism.

At the end of today RIFC remains a loss making business without a credit line from a bank.

Subsequently, it would have been astounding if there had not been a going concern warning attached.

What plays out in the next seven months will tell us a lot about what awaits The People seven years from now in 2022.

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