It is the birth defect of the new club.
In 2012 there were two Sevcos from the get-go and they’re both still around.
The original one, Sevco 5088, was set up by a billionaire with wealth off the radar called.
His name is Craig Whyte.
Ok, ok as it turned out he isn’t a rich like a Bond villain, but I’m sure I read that in a newspaper.
Indeed, the journalist who brought Planet Fitba that world exclusive has since won awards for his…ahem…reporting.
Anyway, this week the battle of the Sevcos was back in court again this week.
It is always, as they say in the best cop programmes, to return to the scene of the crime.
As I have stated here on many occasions there is a genuine reason that Sevco have not used Ibrox or the training ground to secure external finance
Since February 2014 the current club at Ibrox has required emergency loans to keep going.
The usual security has been Edmiston House and the world-renowned Albion car park.
Last year the Sevco High Command was forced to go to Close Brothers for a £3m secured loan.
It was significant in that it signalled the end of soft loans from the Blue Room.
Of course, the Sevco High Command had to go back to the same place for an even bigger loan this year.
However, it is also worth noting that Close brothers are a company that specialises in providing loans secured by moveable plant and machinery.
I have published the loan agreement and it is clear that it pretty much anything that isn’t nailed down inside Ibrox.
In late 2013 the then Sevco Chief Executive Graham Wallace and his CFO Philip Nash attempted to raise emergency finance in the Square Mile.
At each meeting, they attended they were asked about the contingent liability from Sevco 5088.
In the end, the two men couldn’t put a figure on the cost of that potential claim against the assets of the company-especially Ibrox and the raining ground.
Consequently, the following year Laxey partners and the Easdale Brothers lent money to Sevco secured against the office block and the car park.
Perhaps, this may also be the reason that the liquidation of the original Rangers is taking so long
It isn’t because the folks at BDO are slothful, rather that there may still be a question mark over the ownership of the key assets.
That is certainly the contention of the Sevco 5088 side that they were the victim of a switcheroo by Charlie and the boys.
After the SFA judicial panel made Craigie Boy a non-person on Planet Fitba the Suave Billionaire needed a front man.
In stepped the man with the big hands.
In a leaked recording of a planning meeting Green’s unmistakable Yorkshire brogue was clearly audible as he reassured Craig Whyte, “you are Sevco. You are Sevco”.
Charlie set up Sevco Scotland Limited which might have been naughty.
Ever so naughty.
I’m sure that pesky Deed of Novation is around somewhere…
It is worth noting that Charles of Normandy and his buddies acquired the office block and the car park AFTER they had purchased the basket of assets from Duff & Phelps.
Of course, it would be foolish to predict the outcome of any litigation.
Especially one as complicated as this.
However, Sevco 5088 hasn’t gone away you know and that is not good news for the current regime in the Blue Room.
That much is certain.
I’m told by a learned source that the action against Mr Imran Ahmad is likely to be only the first step.
For the avoidance of doubt, it is highly unlikely that the Sevco 5088 side want to re-acquire a dilapidated stadium in Govan or take ownership of the centre of averageness at Milngavie.
No, they simply want the money that they believe is owed to them.
This isn’t the first time I have written about this litigation and it almost certainly will not be the last.
Dear reader, the site is searchable and my reporting on this strand of the Sevco story is free to view just like everything on here.
However, far more in-depth and learned coverage can be accessed here.
The late great Paul McConville would have loved this latest episode of the Sevco shitshow
I can almost hear his gentle chuckling laugh coming down the phone to me here in Donegal.
On days like today, I especially miss him.
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2 year contract pay off for McLeish. Wonder if HMRC will get in first and ring fence the cash as part payment towards his EBT debt?
Certainly asks the question of who actually owns the stadium and training ground. Truly a show us the deeds moment.
Everything that is moveable has been used to secure the latest Close Bros loan, oops overdraft, silly me.
No doubt Kingco will be claiming that the stadium and the training ground that Murray and Sport Scotland built are sacrosant and will remain so as long as they are calling the shots.
It was noticeable that the Scottish media, bless them, made a particularly big thing of the Ibrox clubs reserve team’s recent win against Celtic.
If that’s all they have to hang their hat on then they are well and truly fecked.
Of course with the treble treble mouth wateringly close anything perceived as a positive for the blue side will be bigged up to the n’th degree by our media.
Facing reality appears to be beyond both the media and the Ibrox fan base.
The promised marquee signings being lined up would appear to be Hastie, Greg Stewart, Souttar and an ageing James Milner, none of whom would get a place on the Celtic bench.
So that’s what Stevie G will have to work with for King’s pledge to return his charges to the dominant force in Scottish football!
Despite the failure to qualify for CL group stages Celtic have earned significantly more monies from their European run that King’s also rans.
In addition add in the £20m for Dembele, £7m for Armstrong, £5m for the Van Dyk add on, and £9m for Rodgers and his management team and the loss of CL group stage revenue has been sorted and then some.
Having failed to derail 8 IAR Kingco will have to throw the kitchen sink, if not Close Bros secured, to stop 9 IAR.
If Stevie G is looking upwards towards Celtic before Xmas the heat will be well and truly turned up.
I doubt if even a cup success would put a dent in a Celtic 9 IAR.
Can you imagine the burden on the shoulders of the Ibrox board and management as Celtic gear up to make history, again.
I’ve often wondered how they got away with the switcheroo in the first place.
Let’s hope that justice catches up with those involved.
Phil – surely the estate of the late Roy Orbison is due royalties from that mob – not for playing Penny Arcade over the tannoy on matchday, or for the song being sung from the stands, but for them being the living embodiment of such a cheapskate operation?
Wouldn’t it be funny if, shortly after erecting the Great Wall of Sevco, the Auchenhummel Arsehole Academy was sold to a developer to build homes on the site?.. My money would be on Milne Homes, owned by the chairman of Abersheep FC!
Thanks Phil,schadenfreude topped right up tae the brim…..the shitshow continues…💩
HH🍀
Any news on the other court case? SDI v The Rangers.
I hear it has been delayed as Mr King is awaiting a character reference from a Judge in South Africa !
I’m sure it will be a glowing reference too… written in ink laced with plutonium, by a guy who’s simultaneously eating his big bowl of Reddy Brek!