Things are not going well for the chaps in the Blue Room.
That much is crushingly apparent.
For example, I was told today by an impeccably well-placed source that bills are starting to pile up.
That would typically be a significant issue for a distressed company, but it is the least of their problems at Ibrox.
Essentially, two incidents have simultaneously dropped that are both down to strategic decisions taken by the Sevco High Command.
The first one was to issue shares that the chaps in the Blue Room valued at 10p.
That 10p valuation effectively wiped something close to 75% of the value off his remaining shareholding in RIFC.
I understand the belief that this would make the ex-chairman’s shares affordable, which would be the end of the matter.
Crucially Dave didn’t see it like that.
Instead, he viewed it as a declaration of war by his former Blue Room colleagues.
Then in another brilliant move, the in house PR superhero decided to get tough with the Club 1872 folks.
The fluent Ulsturr Scatch speaker brought in the worthies from fan media and gave them a “with us or against us” pep talk.
That set the scene for the commencement of the statement wars.
Indeed, I’m told that things are so bleak in the Blue Room at the moment that I’m told that they’re praying that the Ashley retail case finally crystalises ASAP.
Why?
Well, if the full ruling is made public, and there isn’t an obvious reason that it won’t be, then the Sevco High Command will be able to trash King’s reputation in the eyes of the klanbase.
Of course, there is the small matter that the Sports Direct litigation will also present a very large bill to be paid within 30 days.
Despite all of that, even this isn’t the primary source of angst in the Blue Room at the moment.
The fact that Mr King offered to cover the costs of pulling out of the Sydney Super Cuyp sent a paranoid chill through the Sevco High Command.
Why?
Well, the £3m figure is key.
What I had not been allowed to report until now (source protection is non-negotiable) was that the break clause in the contract is £2.5m
Add to that £250k in expenses (some of which I believe may have already been paid), and that is where Mr King gets the £3m figure from.
The thing is, only a very few people in the Sevco High Command were aware of that information.
The fact that the ex-chairman must have an asset in the Blue Room is concentrating minds there.
If Ange’s bhoys come away from Ibrox with the points next weekend, then this could get very messy on Planet Sevco.
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Following on from Bob (original) above, a scenario which, while not entirely bad news from a Celtic point of view, would put the board on their mettle in the mid to long term.
The Rangers issue sufficient shares to give Ashley control of the company, the price being set at a value which is greater than the face value (1p) but only enough to cover the (large) settlement.
A new board is formed with professionals (Llambias? Easdales?), a financial rebuild starts and The Rangers moves towards a proper sustainable business model. Good news on field for most clubs in the short term as player wages/ numbers are trimmed/ cut to meet short term financial constraints. In the longer term, competetion on and off the field for Celtic.
I don’t know if this would work under corporate law but both Rangers and The Rangers have not exactly been law abiding citizens.
Nah…. Id prefer to see them going down the toilet….. again.
Could Karma make an overdue appearance at Ibrox?
Whilst the bears are ramping up the infighting, over a club which has hemorrhaged £100M+ of losses since 2012,
Mike Ashley could take a significant stake, [control ?], of the club in lieu of the SD debt ?
Now, that would be funny! 🙂
No statue of Squinty being erected to guard then? HH
This amuses me.
A big hoose divided against itself cannot stand.