Brian Stockbridge has left his Financial Director role at Ibrox with a £200,000 pay-off as thousands of penny shares in the cash strapped company are sold off.
The departure of the man from Zeus Capital is being portrayed as a victory for fan power and a show of strength by Graham Wallace but the reality is far different.
With his colleagues Charlie Green and Imran Ahmad no longer around, and Dick Hughes pocketing a £500,000 profit last week on his penny shares, it was only a matter of time before Stockbridge cashed in and quit Ibrox.
After the Sevco AGM in December chairman David Somers described Stockbridge as the man that had held the club together preventing de-listing.
With £6.5m in costs for last December’s IPO unexplained Wallace is left to unravel the finances with none of the original investors in the club still around.
Stockbridge kept a lower profile at Ibrox than his Zeus colleagues but did tell a meeting of the various supporter groups that the club would have just £1m in the bank in April of this year.
Having failed spectacularly with his other financial forecasts Stockbridge’s departure will heighten speculation that his April forecast was wildly optimistic.
Since that statement James Traynor and Craig Mather have had their pay-offs with court actions pending from Ahmad and former goalkeeper Neil Alexander.
The departure of the Finance Director came after a day of heavy selling on the Alternative Investment Market which saw batches of 334,100, 257,363, 591,736, 700,000 and 300,000 cashed in.
Despite an assurance that he will be will get Green’s one penny shares there has been no announcement that former VAT convict Sandy Easdale has increased his own shareholding.
Stockbridge’s departure is certain to act as a distraction to little player movement during the January transfer window with Ally McCoist’s pay cut still to be confirmed.
Throughout the club’s AGM Stockbridge was heckled and abused by rebel supporting shareholders but found an ally in chairman Somers who said: “Without Brian, the club would in my opinion have been de-listed months ago and the club should owe him a debt of gratitude for holding things together,” chairman Somers claimed.
“Going forward, his new CEO Graham Wallace needs time to evaluate the whole structure within the business and the people within it. This will be true for Brian as for everyone else. I read wild accusations that I may not be independent.
“Let me say categorically, until I joined the board a mere four weeks ago yesterday, I had never heard of Charles Green, Imran Ahmad, Craig Whyte or any other characters in Rangers’ history.”
With Stockbridge gone the storm clouds over Ibrox are likely to intensify as the true picture of the club unravels without one of the key architects of the current financial structure.
Thanks for everything Brian, now go & enjoy their money.
It’s a Pity you couldn’t take more!
The question that I’d like answered or even asked from Mr wallace, that the msm has never seen fit to,IS. Who was he approached by that offered him the role as the new Zombie Kingpin? If you find the answer to that, you’ll find out who is really running the show over at the midden. HH
He’s not coming out today.
He’s been a very naughty boy.
The life of Brian.
Haw haw hawdeehawdeehaw.
TIK TOK TIK TOK…. HAIL HAIL+
Joe,
I like your pic of charlie chuckles.His gang
are laughing all the way to the bank,at Sevco’s expense.
As you predicted Joe,Nash will be seen as
the hatchet man.
Start with poor Brian,that will get the deluded Zombies on side.
But, I believe the best is yet to happen ?
Meanwhile,Chuckles will probably through
a big party, for the 1p share investors, at
his grand French chateau.( paid for by the
Zombies )
They will be toasting Brian Stockbridge for
all his good work !!
Please remain calm… all is well…
Kevin Bacon.. National Lampoons Animal House..lol
Well done sir you take care offyour self thank for screwing them right royal They deserve all they get Say hello to all the boys in the South of France Hail Hail JMJ
Well played Brian mate good lad wonder if Peter lawwell will cash in now he has bought shares in sevco 2 ha ha ha ha ha ha ha and we lennon Sammy ledley stokesha ha ha give them mo bangoura on loan ha ha ha ha
You really could never make this stuff up, could you?
In under one year, the old club who were rangers were liquidated. A new club is formed, they are called sevco.
Fans and followers of the old club adopt the new one and pretend they are one and the same.
A little like playing a board game of Cluedo, along come three saviours. Mr. Green, Mr. White, and Mr. Stockbridge. Mr. Stockbridge is given the job of, yes, you guessed, controlling the GOLD!
So in under a calendar year, not for the first time in the lives of these disillusioned fans on their second team, they are severly humped by Green, White, and the man who held the Gold! Now thats what I call a hat-trick.
Hail Hail to Green, White and Gold!
there is still one investor there who got penny shares fat sally
Too late he has ate them
Haw haw hawdeehawdeehaw
Remember reading a blog from the late great Paul McConville who at the time of Rangers 1872-2012 demise that David King would have to wait a minimum of 5 years before he’d be allowed onto the board of a football club.I think with his criminal convictions this actually bars him for life, financial fraud and football dont mix well.
Is it true fat sally has bought shares in Gregs the Bakers. If not, who eat all the pies?