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The Herald has again broken rank to reveal that Sevco’s £3m loan from Close Brothers is secured against the Ibrox tellys, wi-fi and pie stalls.
Internet Bampots were onto the story on February 21 and 22 but five days later the Glasgow based publisher has decided to reveal the full extent of the cash crisis at Ibrox.
When the Close Brother deal was announced Managing Director Stewart Robertson explained that it was an overdraft and signalled the normalising of the companies finances.
Robertson added that it was a sign of the respect that the company had that Close Brothers had provided an overdraft.
That notion was quickly dispelled with Close Brothers known as the lender of last resort for firms with no negotiating power.
On the company website Sevco announced that the agreement (loan) involved Edmiston House, the Albion Car Park and other assets but not Ibrox Stadium or Murray Park.
That may be true but without the iconic Albion Car Park the club can’t use the Club Deck stand while the safety certificate is dependent on having a working Public Address system.
Today The Herald announced: “RANGERS has agreed to place property within Ibrox including the WIFI system and the stadium TV screens as security over a £3 million funding facility.
“It had been known that the Manchester-based financiers Close Leasing, who have offered the working capital, had ensured the funding against the club’s Edmiston House and Albion car park properties.
“But now it has emerged that the financial protection required by Close to guarantee Rangers’ performance on its debt obligation has been widened to include movable assets within Ibrox.”
With Dave King and the three bears refusing any more soft loans season ticket money will have to be used to repay Close Brothers.
This week King will make an appeal against the Court of Session decision to support the Takeover Appeal Board and their sanctions against the South African based criminal for leading a concert party takeover in March 2015.
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