I’m sad to have to report that Ibrox wasn’t a happy place yesterday.
Indeed, anger was the main emotion swirling around the Sevco High Command.
Firstly, there is the ongoing irritant of your humble correspondent.
There was, once more, accusation and counter-accusation about someone n the Blue Room leaking in my direction.
Apparently, this piece, in particular, caused some angst.
Yous see, dear reader, they didn’t want you to know this stuff.
For the avoidance of doubt, I never discuss sources.
Fortunately for the Sevco High Command, it is a well-established fact that The People will not believe this Fenian.
Like when I told them that their original club could not see out the 2011-2012 without experiencing an insolvency event.
They didn’t believe me then.
I think that is down to…err… kultural issues that they have with Irish people.
Which is very sad.
However, more and more among the Ibrox clientele are starting to ask difficult questions of those in leadership positions at the Holding Company Vehicle.
Some of the paying punters now want to know why players have been allowed to leave Ibrox for small fees while the players brought in to replace them aren’t as good.
The Sevco High Command were also irked that the bespoke third kit from Puma looks suspiciously like £10.00 training top with a crest on it.
An inter-galactic PR guru was tasked with taking the German sportswear giant to ask.
So he called them.
Very angry he was.
Oh dear…
It didn’t go well.
Of course, the Take Over panel thingy looms large and the possible outcomes of that are now a daily topic of conversation in the Sevco bunker.
In the end, though, the main issue for the Holding Company Vehicle is money or the lack of it.
The stark reality is that the Sevco High Command bet the Quintessentially British farm on reaching the Europa League group stages this season.
Pedro’s failure to make Progrès on that front has gouged a £6m a hole in their budget.
That European defeat could prove to be as significant as Super Salary’s failure against Malmo in 2011.
Interesting times…
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The head in the sand approach knowing that only bampots with a wifi connection would challenge the Club of the People continues….from March this year in CQN and Mr Robertson’s take on the post Panel decision.
“Soft loans of £17m are due to be repaid in December, the last accounts had a going concern warning with the company also facing legal action on numerous fronts.
Keeping the lights on looks a tall order but despite the trail of broken promises Robertson believes that King will deliver the funds needed to challenge Celtic next season.
Speaking to Grant Russell of STV about the threat from the Takeover ruling Robbo said: “That situation is really something for Dave personally. Dave’s commitment is there in terms of investment in the club going forward, in terms of signings in the summer so there’s absolute clarity there that it’s still as it was before.”
For absolute clarity King requires to raise £7m to underwrite the offer and find a NOMAD prepared to risk their reputation with a man whose honesty was blown apart by the Takeover Board.”
What could possibly go wrong?
£6 million quid to stand still ….oh ma ribs !!!
could the end be nigh? Phil has said many times there isn’t a big problem while the directors can source cash. Loans, investments etc. But who’d be daft enough to do that? Well so far the board and directors have been. But the fun of that journey is evaporating rapidly now. We can see indications that there may be lines being drawn or even of pockets of support now being very empty. Stress levels of those supporting with cash appear to be increasing as do pressures across the command chain.
Perhaps King is an exception and couldn’t really care.
And now the mass hordes are asking questions having had a fresh look at the emperors clothes. Or in other terms starting to suss how far up the creek they are with no chance of even borrowing a paddle.
Interesting times. I start to wonder what will last longest… Company, club, fan base, Pedro, King……
On that wee Greek day out you had there, how come everbodies favorite Greek word was overlooked? Of course I amreferring to the Giro.
Not all bad news though, looking like that £6m deficit is about to be reduced to less than £5.7m
Is the Ibrox Three still pursuing their claims regarding their departure from Ibrox? There has been no news of late about this.
Interesting indeed Phil.
It’s probably an intergalactic leap for “The people” to connect the collapse of the banking system in 2007 with the demise of their beloved catholic hating club in 2012.
If the bankers could, I am sure they would have kept Rangers afloat, but post 2007 this was just not possible.
Moreover, the tax man became a bit stricter on monies owed.
What significance does this have for the Sevco high command, well, as you know I have posted a couple of times here about the possibility of another fiscal cliff edge. If the UK hits a BIG recession with sub-prime debt causing issue, benefit cuts due to the country being bankrupt, Scottish independence, A Chinese finance take away or some such event then times will get very tough for the sub-prime types of the UK.
Still, I am sure this wont come to pass.
I’ll leave you will 2 more pieces of information.
1) I suspect “provi lines” are quite common in the Govan area.
2) Provident Financial PLC’s ( lender of choice for the staunch British sub-prime borrower ) share price has plunged approx 70% today, and approx 85% since April. By all accounts their Challenger Bank ( not to be confused by challenger tank ) has to pay a large Bond on October 4th. If it fails to stump up the cash perhaps season ticket sales up and down the country might be hit.
Hope for the best, plan for the worse.
and dont shoot the messenger.