The slow death of Sevco and the Gerrard Revolution resumes today at 10.30am in the High Court in London.
After hearing evidence last week from both sides Mr Justice Philips has set today aside to debate the injunction granted to SDI Retail Services Limited v The Rangers Football Club Limited.
Kick off at 10:30am… pic.twitter.com/8Vm6ZPvu9J
— The Clumpany (@TheClumpany) July 9, 2018
The subject of the injunction is the so-called Termination Contract negotiated by Dave King with Sports Direct last June relating to the merchandise and retail deal in place from 2012.
While King claimed victory the devil was in the detail with Sports Direct paid £3m to end the contract with it’s replacement allowing them to match and retain the deal offered to the club by a third party.
Sevco duly informed Sports Direct of a new deal but refused to provide a breakdown of each element leaving the sport-wear giant unable to cherry-pick the aspects that they wished to retain.
As a result of that there is no release date for the new kit range designed by Hummel who will be more than interested in the outcome of today’s hearing.
Regardless of what happens an appeal is likely which could see the issue run on for months costing Sevco and Hummel millions in sales that will never be recovered.
Having failed to provide Steven Gerrard with the funds from a £6m share issue in June and being unable to raise a penny from transfer fees Close Brothers will be concerned about the likelihood of getting their £3m plus charges loan repaid in February.
