Date: 18th May 2017 at 6:16pm
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appears to have managed to get rid of the running costs needed to keep Sevco functioning.

Around £15m a year is required to maintain Ibrox and Murray Park plus pesky bills like business rates, police costs, utility bills and directors expenses.

With next to nothing coming into the club in terms of merchandising and sponsorship the club have been heavily reliant on season ticket sales and soft loans from the Three Bears.

In the absence of publishing any audited accounts over the past 11 months there is no upto date figure for the debts incurred by last summer’s spending spree.

New boss Pedro Caixinha has been promised the funds to win the SPFL title next season with his spending plans funded entirely from ticket sales.

In a statement on the company website King claimed: “All of our season ticket money will be invested in the football squad as we continue to work towards taking our club back to the very top of Scottish Football.

‘’The fact that we have already reached almost 35,000 renewals – against what has been a backdrop of transition and managerial change – demonstrates the terrific fan base that we have.

Thank you again for your loyalty and support.”

Season ticket sales brought in around £12m for the company this season.

There was no comment from the South African based criminal about his own investment or on how he is dealing with the verdict from the Takeover Appeal Board.

Mr King has attended one match this season.