Cash strapped Sevco have had to pay out £136,000 in legal costs to prevent Charles Green from getting his legal costs paid by the crisis club!
Mr Green, a founding father of the Ibrox club, was ordered to put up a £50,000 bond before January 25 in order to have a full appeal heard on January 29.
The Yorkshire born businessman will face substantial legal costs when the Ibrox Fraud Case begins in which he along with six others face a variety of charges relating to the liquidation of Rangers and asset sale to Sevco 5088 and subsequent transfer over to Sevco Scotland.
As chief executive of the club Mr Green’s contract included cover for legal expenses with the new regime in charge at Ibrox refusing to honour that deal.
At those sort of rates it’s not difficult to imagine the club running up a legal bill in the region of £1m before the season is out.
Before Christmas there was two days of court appearances defending Dave King against breaching a confidentiality clause in the contract with Sports Direct with further hearings relating to that case due later this month.
In Glasgow the club had to pay their own legal costs defending a claim from Work 802 Ltd over a disputed wifi contract.
When the 30 June 2015 audited accounts were published in November they came with a £2.5m going concern warning- the figure needed to see the company through till the end of the season. That figure was based on conservative estimates from player sales during January.
With £6.5m raised to repay the £5m loan to Sports Direct that leaves the company short of £1m plus legal fees to see out the season.
Should Mr Green be found guilty in the Ibrox fraud case a minefield opens up relating to the £5.5m sale of Ibrox Stadium and the state-of-the-art Murray Park Academy of Stars as well as the £21m IPO in December 2012.
On a positive note St Johnstone are believed to be preparing a £200,000 offer for Martyn Waghorn having turned down the chance to sign Nicky Clark, Nicky Law, Dean Shiels and David Templeton.
St Johnstone wouldn’t waste their money on an overrated, overpaid and overweight player from a wee diddy team.
Don’t ya just love it …..good on ya founding father Charles Green ….Don’t forget that Wi Fi bill as well.
Poor Sevco, ma hearts pumping pure p*sh for them !
Thanks for keeping us laughing Joe, got a feeling it’s going to get really funny just shortly.
HH
Oh dear, how sad, never mind!
It couldn’t happen to a better shower o shite.
Surely his name is Waghorn Pen……
And I laughed and I laughed and I laughed.
Could the party be starting soon get your jelly& ice cream ready.
Tick tock tick tock tic………..