Sevco have been unable to offer up Ibrox as security for any future loans.
After a week of anger and fury from supporters against the proposal from Micky Ashley the club has let it be known that the hallowed stadium will not be part of any new financial lifeline.
While the majority of the gullible support will treat this as a victory for people power the reality is that the current ownership of Ibrox is in dispute making it impossible to be held up as security.
The news emerged from Sky Sports News who earlier this week provided a bedside interview from a hospital with Charles Green. With a 5pm leaking of the news it’s expected that Monday’s 7am Alternative Investment Market announcement will comment on weekend speculation.
In the 2013 and 2014 accounts produced by Sevco the claim by Craig Whyte’s Sevco 5088 group is recorded with some reports suggesting that the board was made aware of the claim prior to the December 2012 share offering which apparently raised £22m for the then Third Division leaders.
In April 2013 the Worthington Group announced to the stock market that: “The assets of Sevco 5088 Ltd include a claim, which has been independently reviewed by Leading Counsel who is also a Deputy High Court Judge, to all of the business and assets of RFC 2012 Plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators of RFC 2012 plc in June of 2012.
“Sevco Scotland Ltd was subsequently renamed The Rangers Football Club Limited and its share capital was acquired by Rangers International Football Club Plc, the shares of which are now traded on AIM. It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets. After examination of the evidence, Leading Counsel’s advice is that there is a prima facie case to answer.”
With no announcement yet of a loan to meet Thursday’s January payroll and the SFA requesting Sevco and Mr Ashley to answer charges of breaching the Five Way Agreement next week seems certain to be another anxious one for the cash strapped Ibrox club.
