Different faces, but the same problems

On the last day of the year it was not statement o’clock, but money on the table.

Heretofore the so called ‘Rangers men’ have been big on rhetoric and small on action, until yesterday.

So now the furry friends are in the game and it only cost them £2.6m!

That is a lot more than David Cunningham King managed this year.

For that hefty sum they have bought a major, but not a controlling, shareholding in a loss making business with no credit line from a bank.

Of course for The People it was deliverance and time to rejoice.

Their celebrations included ad hominem slurs on social media and a dark obsession with child sex abuse.

This outpouring of joy at the news of Laxey selling their shareholding to some wealthy supporters is probably a useful barometer of just how anguished The People have been since the recent AGM.

They think it’s all over, but then again they thought Craig Whyte was a billionaire and Charles Green wanted to re-build their club.

For the rest of us looking in on this shambles of a football club, wearing as they do the tattered robes of the deceased Ibrox outfit, it remains ghoulishly fascinating.

Of course that share trading does not put a single penny into Sevco’s coffers.

However, it was a good day for Laxey Partners.

They bought in at the Initial Public Offering (IPO) in 2012 and, in the school of bad decisions; it wasn’t their most prescient hour.

At least they got some of their money back, but this stumbling misadventure into Planet Fitba cost them millions.

As I previously reported, the top chaps at Laxey had a major conclave and there they reckoned that the entire Ibrox shambles could be in the courts for a decade.

There were no dissenting voices around the table when this was said.

With that in mind they would be happy to get the hell outa dodge.

Now the next move may well come from Big Mike.

RIFC owe him £3m and they need to find that by April at the latest or hope that he catches Rangersitis in the meantime.

However if he remains immune from this strange ailment and the company and club default then Edmiston House and the world renowned Albion Car Park  will belong  to Mr Ashley.

His other options apropos increasing his share ownership are to:

  • Do walking away.
  • Go to law and challenge the SFA.

However the real action in this drama is all about the Onerous Contracts.

It is established that Big Mike has several of them and Charlie and his offshore chums have even tastier ones.

Unless you are a beneficiary of an Onerous Contract then investing in RIFC is a donation to Big Mike and Charles of Normandy.

Laxey realised that and they got out.

However, if Sevco can be divested of those legally binding agreements then the club and company has a fighting chance, but only if extreme austerity is brought in.

In the meantime more players will have to be sold and more staff let go.

The kids being recalled from loan might well be a harbinger of what the first team will look like if Mr Llambias is allowed to work his cost cutting magic.

Should the Three Bears and their pals get control of the stadium that Mr Bomber played for then they would have to implement exactly the same austerity measures.

Subsequently, the task of getting Sevco to be cash flow positive will not be easy and that is irrespective of who sits around the boardroom table.

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