I received a further clarification today on the recent deal between Sevco and Close Brothers.
Firstly when the chaps in the Blue Room initially reached out they wanted an unsecured loan.
That is, they didn’t want anything in the basket of assets to be put in danger in case of default.
Of course, the very idea that anyone at Ibrox would fail to pay back monies is preposterous and offensive.
During these discussions, the Close Brothers people stated to the Sevco High Command that they were aware that the six-year-old football club had been approaching other finances houses.
Despite this, the folk at Close Brothers who were dealing with this application rejected it out of hand.
However, after further communications, it was agreed that any loan would be secured.
Some within the Sevco High Command was concerned that their customer base might point to the striking similarity with the Laxey loan in 2014.
Fortunately for the Blue Room fraternity, four years is an awfully long time ago for the collective memory of The People.
Moreover, there wasn’t a chance that the local media would be as undignified as to point out the similarities in both deals.
The senior chap at Close Brothers who objected to even a secured loan being offered to Sevco was told by his boss that he could write the terms and conditions himself!
The Sevco High Command had promised that they would pay the loan back “between May and August when the season ticket money comes in”.
Despite that, the deal is that the interest for the entire year will have to be paid.
Therefore, my information is that if the loan is paid back in, say June, then there is no benefit in doing so regarding the interest owed.
My understanding is that, in black and white, they have one year to pay (i.e. Feb 2019).
I’m told that the penalties that would result if they were to fail to do wouldn’t be recognised by the Geneva Convention.
However, I’m sure that this loan will be paid back in the timeframe described by the Sevco High Command.
That said, there are many demands on the season ticket monies when they do start to arrive in the summer.
Of course, dear reader the local media should be pointing this out.
Then again, they have high-Level rules to abide by.
Consequently, this loan deal has been successfully sold to The People as a good news story.
I find that rather remarkable.
Although I probably shouldn’t.