Administration has reached The National as the extent of the Ibrox crisis unfolds.
Fortunately for any Sevco fans reading the article there is the comfort of knowing that their club is highly desired in the UAE with a couple of million (currency not stated) ready to be pumped in!.
Should the currency be sterling they could be looking at a bill of:
£20m to pay off soft loans
£3m buying out shareholders
£10m stadium repairs
£20m transfer fees
£30m/ year wage bill
After that commitment Champions League football and regular selling of players to the EPL should allow the company to stabilise.
Monthly losses just short of £1m have been met by loans from the Three Bears, not Mr King.
Facing legal action from Sports Direct and Warbogate next month, the Three Bears will need to dig deeper for the pleasure of a directors box seat at Celtic Park on March 12. Mr King will be thousands of miles away- why should the Bears bother?
Explaining the upcoming crisis The National reports: “Even more seriously, there are now people who are viewing this existentially – they are wondering if Rangers are going to survive.
“I do not think administration is near, because the club’s debts are not owned to banks who won’t lend them too much, anyway. But patience on the part of some people who are owed money may run out soon.
“Meanwhile, a former major player at Ibrox told me an intriguing scenario.
“There is considerable interest in the United Arab Emirates re Rangers,” said my source.
“Why? A couple of hundred million would almost certainly guarantee Euro involvement and that would be a very cheap way in to the Euro scene.”
“If the sheikhs do come in for Rangers, they should make sure they either get a David Holmes or, dare I say it, a Peter Lawwell to run the club. And they should also stay off the club website unless they have something sensible to say.
My source tells me that administration is more likely that Arab sheikhs, in fact tickets for the Joe Garner Golden Boot presentation are more likely that Arab sheikhs.
With their fans support for Israel and anti- Arab sentiment just a minor detail putting sand in the oil of that comforting moonbeam.
