Sevco’s financial problems have been laid bare with the publication of the details of their emergency loan from Close Brothers.
While Stewart Robertson yee-had the loan as an overdraft facility and the return to normal banking when the deal was revealed at the start of the month the devil is in the detail.
The distressed club from Ibrox announced that the iconic Albion Car Park and Edimston House (derelict) were used as security the club announcement also announced other assets but not Ibrox Stadium or Murray Park.
On Friday a 56 page document was filed by Sevco at Companies House which details how thorough Close Brothers have been with the loan with everything geared towards securing their money in the event of the club going into administration..
Page 28 details those other assets which basically hands over everything inside Ibrox except the bricks, seats, grass and the Loving Cup!
Included as security are the Stadium Catering Outlets, PA System, Bowl Screens and Wifi!
Should Sevco fail to pay back the £3m on time they will have to hand over those assets which will make staging matches impossible unless they rent them back from Close Brothers- at a fee. Close Brothers are known as a lender of last resort.
Before his revolution in March 2015 Dave King criticised the old regime for using assets to secure a loan from Sports Direct.
The South African based criminal pledged to provide the £4.2m shortfall for this season according to the club accounts published by Campbell Dallas but has yet to deliver.
The loan with Close Brothers was signed by Andrew Dickson of Sevco and Benedict O’Mahony from the lender.
CLICK HERE to view the 56 page loan document.