Yesterday all the main players at RIFC were in conclave about what to do next.
At time of writing they remain undecided on what to do about the Season Ticket money.
As has been reported here the Deloittes chaps are very keen that these monies be ring fenced while there is any doubt about the ability of RIFC/Sevco to continue trading.
So far the sales and pledges amount to around 10,000 and at an average of £400 per season ticket that brings £4 million.
We know from the accounts of RIFC and Sevco and the 120 day Review that the Ibrox operation has operating costs of around £3.4 million per month.
The Shareholder Option will bring in around £10 million if all 43.4 million shares are taken up at current market value.
The good news is that Commonwealth Games monies are available from today and I expect them to be drawn down immediately.
Which might come as some comfort to that nice Mr Letham as I understand that he has been ringing the club/company/celestial entity almost on a daily basis recently.
Interestingly he isn’t asking for his money, but he wants information about the ability of RIFC to pay him the money he lent them.
Under the terms of the loan he must be told when there is money there to pay him.
He has also been in contact with the London Stock Exchange Chaps as the loan contract was lodged with the AIM.
Puma have made it known to the company/club/celestial entity that they are not best pleased with the alternative shirt campaign.
This adds insult to injury as the millions and millions of shirt sales that Charles Green promised Puma have not materialised.
Last week an excellent source told me that the company that supplies professional football clubs in Britain with the letters and numbers for team shirts had informed the Sevco chap that their credit line had been cancelled.
Cash only please.
Now Deloittes have asked for a ‘definitive spend’ from RIFC and they want a ‘pound for pound’ income/expenditure plan on their desk very quickly.
That will have to include, I suspect, the bonus of 100% of his annual salary paid to Graham Wallace which was inserted into his contract earlier this year.
This was payable if the CEO managed to steer the good ship Sevco through the season.
He achieved that and the bonus is now due.
The generous terms of this incentive is that the bonus would be delivered to him tax paid by the company.
Norman Crighton, I fear, is not long for the Blue Room and his replacement will be a staunch Laxey man noted for being tough in the tackle.
This Sitcom has many episodes in development and I do not see the script writers running out of ideas just yet.
I hear there is another meeting planned for tonight…
