An inconvenient truth

Sometimes the most important truths are the ones that we find inconvenient.

As of this morning the major shareholders had shown no appetite to take up their portion of the Open Offer.

This is not good news for the RIFC board.

However, an excellent source assured me yesterday that a deal had been concluded with Mike Ashley to provide emergency finance.

Clearly there are issues about the entrepreneur increasing his shareholding in RIFC while remaining the main man at Newcastle United.

However I can confirm from well-placed sources inside RIFC that they knew nothing of this as of today.

Of course some director being on a solo run cannot be discounted.

At the moment Mr Ashley seems the only show in town.

He will be aware that the sales in the Superstore at Ibrox over the last couple of week s have fallen.

It is possible that the publicity has turned off some fans from doing business in his shop at Ibrox.

At the moment it is difficult to see what other revenue stream that he could secure there.

However he is not a charitable organisation and if he decided to put money into the Ibrox outfit then it will be to make a profit.

Meanwhile I understand that the bills are piling up.

There is an important meeting scheduled for later today and, perhaps, someone will pipe up about a deal with Mike Ashley.

If there is not anything like that on the table then, unlike Mr Imran Ahmad’s £620,000, that reality could prove to be more than just inconvenient.

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