A lack of Progres on the moral hazard front at Ibrox

Given the SPFL statement today we should not be surprised that new Rangers are behaving rather like old Rangers.

After all, they know that there will be no meaningful sporting sanctions on them in Scotland.

The current cost base of Sevco is cripplingly unsustainable.

Senhor Pedro Miguel Faria Caixinha was talked out of giving the armband to his true leader Bruno Eduardo Regufe Alves.

However, I’m sure the latter will cope with the slight as he is secure in the knowledge that for season 2017/2018 he is the highest paid player in Scotland.

A combination of a Joey Barton type salary plus his large signing on fee being paid in weekly instalments means that he is being remunerated at an eye watering level.

Of course, a mere stripling who will be 36 in November, he will have massive resale value…

I am reminded of the observation made by Lord Cardigan that there was no place for financial common sense in the Ibrox boardroom.

Therefore, it should come as no surprise to you dear reader that a further infusion of cash will be required in September.

Last year, according to the published accounts of Rangers International Football Club (RIFC) £2.9m was required at the end of October.

This year it will be a month earlier and substantially more this time.

My information is that the sum will be in the region of £4m-£4.5m.

In one sense the failure of Sevco to make any Progres in Europe might have had one silver lining.

I’m told that UEFA was asking very pointed questions about the financial health of the Engine Room Subsidiary.

However, I’m sure that the world class administrators on the 6th floor at Hampden would have had very comprehensive answers for the folk in Nyon.

Discover Phil’s dramatic play Rebellion