Difficult questions and difficult decisions

I was heartened to hear that some financially savvy Sevco customers have been asking some pointed questions about the Phantom Overdraft.

Indeed one of these fine fellows recently put it to the Serious Professional that it would have been better to learn of the minutiae of the secured loan from the club and not from undignified blogs.

They’re welcome.

They really are…

Moreover, I understand that the chaps in the Sevco High Command are less than delighted that the grisly details of the deal have been so widely shared among the sniggering classes on Planet Fitba.

Of course, it is always a good idea to Follow Follow the money when it comes to matters Ibrox.

As I have previously reported there has been some de-hiring at Sevco recently.

A well-placed source told me today that “…up to ten office staff have been let go…”, that is genuinely sad news.

Just like the death of the original Ibrox club in 2012, it was the ordinary workers who suffered the most.

I’m told that the cumulative annual savings of these redundancies will be in the range of £250-£400k.

Once more, these are not game-changing amounts.

However, this is distressed company and needs must.

Of course, the real crippling cost base is the player wage bill, but redundancy isn’t an option there.

Money is so tight that the Sevco High Command cannot spurn the green pound.

Consequently, the entire Broomloan stand will be green and white next time Celtic visit the stadium that John Brown played for.

There has been a campaign among The People to restrict the number of away tickets when the champions visit Ibrox.

As with all of these dignified efforts it failed.

I’m told that the annual accounts of Sevco Scotland Limited (trading as The Rangers Football Club) are presenting a challenge to the auditors.

My information is that they will make for very interesting reading when they are published.

Sevco is a loss-making business with a secured loan from Close Brothers.


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