Imran Ahmad has lost the latest stage in his battle to ring-fence £600,000 that he is claiming for wrongful dismissal from Sevco.
Earlier this year Ahmad, an original investor in the club alongside Charles Green and Ally McCoist, had his case put back until February 2015 by Lord Tyre but fears over the future of Sevco brought the businessman back to court.
Lord Tyre had dismissed fears that the club was in danger of going into administration but recent events, including a recent interview with Sandy Easdale, gave reason for Mr Ahmad to be concerned that the club is in financial danger.
Despite several statements and a stagnant share price Ahmad’s claim was dismissed by Lord Armstrong.
Summing up Armstrong said: “There is some scope for concern about the financial position of the defender (Rangers). It cannot be said there is a real possibility of the defender being insolvent (in early 2015 when any potential liability would fall due).”
Speaking before Mr Wallace published his 128 day review Mr Easdale, who served a prison term for fraud in the 1990′,s admitted: “The club is at a crossroads at the moment and a fragile position. It can either go forward with a strategic view, with a long-term view, steady as she goes, or be pulled apart in other directions.
“I don’t actually know the figures [for season ticket renewals] but I think there’s a couple of situations there; we’re a couple of weeks early. People are waiting for a report. At this moment in time, ticket sales are slow.
“The club’s gone into administration once; I don’t think it would survive a second one.”
Disputing that claim Mr Wallace, who used to work for Manchester City produced a report in court expecting over 6,000 season tickets to be sold in the next 10-14 days bringing in around £2m, with £400,000 of that in VAT.
With £1.5m to be paid back for the emergency loans taken out in February every penny is a prisoner at the crisis hit club.
Quizzed about season ticket sales to date Ibrox financial director Philip Nash, who used to work for Liverpool, said: “Renewal of season tickets has been slower, rather than lower, than expected.”
Bizarrely, shortly before the verdict was given Sevco issued a club statement warning of the dangers posed to the club by the Union of Fans who are backing Dave King and Dick Gough although neither man appeared at yesterday’s invite only media conference.
The Sevco statement said: “Attempting to create a fund that wishes to deprive revenue to the football club these men purport to love so much and create financial difficulty for Rangers, displays a twisted logic.
“For the avoidance of doubt and so that all Rangers fans are again reassured, the Board has stated that it has no intention of granting security over Ibrox to anybody. We have already shown in our actions – and not words – that our stadium is sacrosanct.
“Any supporters considering engaging with Ibrox 1972 Ltd should be clear that as the Club will not grant security over Ibrox to any such organisation, there is no prospect that any commitment to this new scheme will ever come to fruition and is therefore entirely meaningless.”