‘Things are going reasonably well’ insists comical Ally
With former Rangers director Dave King speculating over whether the February pay-roll can be met and chief executive Graham Wallace, who used to work for Manchester City, repeating statements about no administration most people would concede that there are reasons to be concerned about the financial health of the new club who posted £14m of losses in their first year of audited accounts.
The biggest individual shareholder in the troubled company is now the Isle of Man based hedge fund Laxey Partners.
A mysterious loan facility of £2.5m from an unknown source was included in the accounts allowing the auditors to sign the club off as a going concern.
McCoist has given his personal endorsement to a succession of fly-by-night characters at Ibrox such as Craig Whyte, Charles Green and Craig Mather and now puts his faith in the soothing words of Mr Wallace despite watching Brian Stockbridge join original investors Green, Mather and Imran Ahmad in a retreat from Ibrox.
Since the turn of the year, as well as being in long running negotiations to reduce his £825,000-a-year salary alongside conceptual discussions with players over pay cuts, McCoist has watched Stockbridge depart and a Stock Market announcement over talks about an emergency pay day loan for £1.5m.
Despite all those warning signs the fun loving former Question of Sport skipper believes that the garden is rosy on Edminson Drive.
Speaking yesterday he said: “I can only say to the supporters that I think things are going reasonably well.
“I was down at the board meeting yesterday, I’m obviously not involved in that side of it, but I’ve been told it’s (the loan) part of a business plan. It’s nothing that wasn’t planned.
“The impression that was given to me was that there was too much that’s been made of it.
“It’s nothing that wasn’t on the agenda already so I have to take that as fact because that came from the board meeting.”
Asked specifically whether the £1.5m emergency loan was part of the business plan McCoist ducked the question saying: “You’d have to ask the board that. The board and the chief executive have obviously got a plan which I’m not privy to.
“At the meeting it was told to me that there certainly won’t be administration 2, which is encouraging because a lot of people are asking the question and I totally understand the question being asked.
“But again it was categorically said there will not be administration. I can totally understand the fans’ concerns, absolutely but I can only tell you what has been told to me by the board so, if that is reassurance for the fans, then great.”
Last night a grouping of various Sevco fan groups issued a statement calling for clarification from Mr Wallace over the pay day loan.