I was watching the Chairman Mr David Cunningham King giving his carefully prepared high-Level speech when something didn’t feel right.
I couldn’t put my finger on it at first then it struck me.
He was telling the truth!
Remember this was from the man whose reputation for veracity was shredded by Judge Brian Southwood and his two learned colleagues in the North Gauteng High Court in October 2010.
The judicial assessment that King was a “glib and shameless liar” had followed him to Fair Caledonia from South Africa.
So Mr King’s truthfulness did come as a bit of a shock dear reader.
He was outlining the dire situation of their finances in funereal tone.
As I have written here on several occasions, I do not think the Sevco High Command believed just what a state the place was in before they took over.
This is despite the fact that they had been given excellent inside information by Mr Graham Wallace in the period BEFORE the Off License Putsch.
I do believe that leading members of the High Command fundamentally underestimated the scale of the task in running a professional football club.
One of the headlines from his address is that RIFC own a football club that requires external finance to keep going.
This is also true.
Once more this revelation from the South African based convicted criminal will not come as a surprise to my regular readers.
Indeed, this state of affairs, according to Chairman King will continue for the foreseeable future.
The disparity between this sombre assessment and King’s hubris before he ousted the pro-Ashley board.
Of course, this should be meat and drink for any journalist working the Ibrox beat.
However, the obedient ranks of the stenographers are only interested if succulent lamb is on the menu.
I learned yesterday from an impeccable source that the behind the scenes atmosphere at the AGM was like an episode of “In the thick of it.”
Consequently, King and the Sevco High Command are free from any serious journalistic scrutiny in Scotland.
This is a huge help in keeping The People onside because ultimately they are bankrolling this four-year-old operation.
I understand that that the Admirable Warburton had a free and fair exchange of views with the chairman of the Holding Company Vehicle after the AGM on Friday.
Apparently, the ex-City trader was surprised at the Chairman’s comments apropos Monsieur Barton.
I’m told that the Englishman reminded the South African based entrepreneur that the French-speaking midfielder was not his choice.
Of course, this will not come as a thunderbolt to regular visitors here.
As the King spoke at the podium, perhaps Warburton felt himself being involuntarily propelled under the wheels of a road going public conveyance.
Despite the claims posted on here to the contrary from the occasional dignified visitor, the Ashley retail contract is bombproof.
Moreover, Big Mike is in no mood to be amenable.
I think that will be demonstrated this week when he deploys the best legal minds that he can afford to tackle the Holding Company Vehicle.
That means the Engine Room Subsidiary must manage for the next six years with effectively no retail income.
The only sporting hope that Mr King could hold out to the emotionally committed shareholders at the Clyde Auditorium was of Sevco becoming the Leicester City of Scottish football.
Incidentally, Celtic played the current EPL champions last summer.
I’m told that for taking part in the International Champions Cup the Parkhead club received a cheque for £7m.
Last week Celtic made more in match day income from the recent game against Barcelona at Parkhead than Sevco will receive in retail income over the next six years.
Loyal customers of the Ibrox brand who were dismissive about the sporting effects of the financial doping under David Murray are now bleating about the money that their city neighbours have to spend.
It is almost as if having lots of cash can bestows some kind of sporting advantage.
For the avoidance of doubt, Aberdeen are Celtic’s nearest rivals.
They are a properly run football club with a long and illustrious intact history and some fine players.
The match at Hampden yesterday though showed that Celtic are the best in the country by some distance.
Planet Fitba is now in an epoch of unipolarity.
Sevco are nowhere near Celtic despite the breathless wishful thinking of some in the media before a ball was kicked this season.
Of course, the reality is somewhat different.
Then why do I write about a sporting nonentity?
That’s an easy one to answer.
What makes the Ibrox shambles a story is that here is the antithesis of Financial Fair Play hiding in plain sight in front of the governing authorities.
The Sevco High Command, in the words of the chairman, has effectively stated that they will live beyond their means for years to come.
In my opinion, this should warrant a response from those entrusted with good governance in the game.
Otherwise, silence could be taken to mean acquiescence.
Dear reader, if I didn’t know any better, I would think that the chaps on the 6th floor once had an unpleasant experience when they had, reluctantly, to apply the rules to a previous club at Ibrox.
The mutant shambles at Ibrox only exists because of decisions were taken by those in positions of authority in the summer of 2012.
Charlie and the boys should have been told to do one.
Instead, they were allowed to pretend that their basket of assets was a football club established in 1872.
The rest is (purchased) history.