When no news is bad news.

Even the best rules have exceptions.

Indeed it is often the exception that proves the validity of the rule.

In journalism as in life the statement “no news is good news” contains multiple wisdoms.

Since I last visited Planet Fitba there has been no change and nothing to report.

For the regular clientele at Ibrox this is not good news.

The only event, if you can call it that, is that the mainstream media now feel authorised to discuss the cash crisis at Sevco and in rather stark terms.

Whether or not wages will be paid to the players and staff next week is no longer a matter for message board conspiracy theorists heroically hiding behind usernames.

As has been stated here several times the company that owns a subsidiary that runs the club that plays in the stadium that John Brown used to play for is skint.

The new club that was formed in 2012 by Charles Green and his associates out of the body parts of Rangers has simply run out of cash.

Loss making from the start Sevco Scotland Limited (quickly renamed The Rangers Football Club) had been bankrolled by the parent company the Rangers International Football Club (RIFC) since the Initial Public Offering (IPO) in December of that year.

As of Monday 10th February I understand that the last of the IPO money was gone.

Moreover, I have been informed that the credit facility of £2.5 million, provided privately by some directors, has been used up.

It is worth noting that since it started operating as a football club Sevco Scotland Limited was always loss making and remains so.

Without the parent company to offset these losses from cash reserves then the future is bleak without external finance.

Over the last week or so I have been waiting for some visible sign that such outside financial support had been secured.

If this had been achieved then you dear reader would not need to rely on your humble correspondent on matters Ibrox.

Any good news from RIFC/TRFC would have been gushed out by one of the usual suspects in the Scottish mainstream media.

They would be selected for the honour of regurgitating a press release as all their own work.

The fact that there has been radio silence on the matter of external finance is-for the regular clientele at Ibrox-rather ominous.

The latest rumour to be brought to my attention was that an investment bank in the City of London was about to funnel some £30 million from three unnamed South African investors.

When I put this possibility to my kitchen cabinet of accountants, business journalists and turnaround consultants they were all in unanimity.

They told me that such a play would only make sense in a liquidation sale of the assets.

A share issue, they told me, would dilute, but not remove the current chaps.

Moreover it would not break the service contracts that have taken so much money out of the business in the last year.

There may, of course, be chaps south of the Limpopo who really do want to pour £30 million into a business which has no credit facilities, no cash reserves and a loss making subsidiary to support.

Of course such generosity can exist.

However if it was on the horizon you would be reading it across page after breathless page in the tabloids.

So far this week there has been no such coverage.

For The People this is a case when no news is bad news.

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