The zeal of the convert

Yesterday a new storyline was added to the Sevco sitcom yesterday.

Blue Pitch Holdings and Margarita Holdings are now finally in the austerity camp.

They are late converts to the cause of cost cutting and what they asking for does make financial sense.

However, it cannot be achieved without an Insolvency Event and they really should know that.

This is a route that both of them have been opposed to since the start of the year.

However for the record here is their shopping list:

(1)    The Manager to be paid £250,000 per annum with the other coaching staff being remunerated on a scale below that.

(2)    A 55% cut at all staff levels (this proposal was put to RIFC earlier this year by other major shareholders) the cost of this to be funded by the shareholder option as detailed in the 120 review document.

(3)    To that end the Blue Pitch and Margarita chaps said that they would stump up and take 50% of the 43.4 million shares on offer.

(4)    Under these proposals Murray Park would be no more and separate training facilities would have to be sourced.

(5)    An immediate freeze and non-payment of all bonuses where this is legally possible was also asked for.

For the avoidance of doubt this was just a wish list  and was not communicated at a formal board meeting.

Of course, this sudden advocacy of austerity means that the internal conversation within RIFC does rather stray from those pesky “onerous contracts” that are haemorrhaging money from the company.

I understand that Margarita, for example, currently holds the catering contract for the club/company/celestial entity and it is very generous indeed.

Generally speaking the market always reacts well to austerity because it tells them that someone with their sensible head on is in charge.

However this move by these chaps should be seen within the context of the power blocks within RIFC and the pressing issue of Dave King on the outside and the slowness of season ticket sales.

I am currently in talks with some media folks who want to buy the rights to ‘Downfall’ and adapt it for the screen.

Actually the collapse of Rangers is actually quite a simple story to tell.

The Sevco sitcom, in many ways, defies belief.

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