The cash crisis at Sevco could reach critical point this week as season ticket sales flatten out.
It’s believed that only 5,000 full priced season tickets have been paid for up front with the same number sold at concession rates and the promise of three further payments to come.
Once VAT and other costs are taken off the ticket money it’s unclear whether the May payroll will be met in full with two emergency loans also due for repayment.
In February chief executive Mr Graham Wallace, who used to work for Manchester City, announced that the club was delighted to take on two loans totaling £1.5m after an oversight that saw him tell shareholders that there was no short term cash crisis at December’s AGM.
With season ticket money trickling in Wallace has to decide whether to meet the payroll commitments or repay the loans.
According to the loan documentation: “The borrower shall repay the Easdale debt and the Laxey debt on such Business Day as the Company has received cleared funds in an amount equal to or exceeding the aggregate principal amount of all then outstanding loans from:
6.1.1 the sale of season ticket monies for the 2014-15 football season or 6.1.2 a placing or rights issue or other form of debt or equity fundraising of the company or any member of the Rangers group, or whichever is first to occur and in any event no later than September 1 2015.”
Meanwhile Ally McCoist is still in talks with goal ace Kenny Miller to spearhead next season’s quest for promotion and to break the manager’s cup drought. In three season’s in management McCoist has failed to win any of the ten cup competitions he has entered.
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