On the surface everything is tickety-boo over at Ibrox as Stevie Gee leads an exciting young team #goingfor55 with the uncritical eye of BBC Scotland leading the fawning and cheer-leading.
Under the surface things are a little different with only a couple of decent European results keeping attention away from the basket-case business.
Today’s court ruling in favour of Dave King is another financial nail in Dave King’s coffin but a 1-0 win over manager-less Spartak Moscow will keep the spotlight away from the absence of last season’s accounts.
Mike Ashley’s latest victory will hurt Sevco hard- perhaps too hard with three pay days to go until the Chinese transfer window opens or Brighton and West Brom open a bidding war to match the £2.5m get out clause in Cap’n Tav’s latest contract renewal.
Reviewing today’s court verdict John James reports:
The counsel for SDIR then turned his attention to ‘Rangers’ financial position:
“My Lord the interim injunction that was ordered on 11th July was ordered in part on the basis that Rangers’ financial position at that time gave rise to a risk that damages would not be an adequate remedy, because of its perilous financial position. Therefore, the point that we make is, has Rangers put forward evidence that demonstrates that in the last three months its fortunes have so changed that this is no longer the case? The limit of what they have put forward is unaudited forecasts as to revenues that they say will be improved to the order of 10 million net in the coming season, that they say would put them in a better position, but nothing that is said about costs, and their overall position.”
A year ago in their audited accounts, which carried a GOING CONCERN warning it was stated that King would fund the £4, shortfall after the Three Bears refused to underwrite getting hammered by Celtic any longer.
Close Brothers came to the rescue with the state of that loan, or overdraft as they called it, still unclear.
Finding accountants willing to put their reputation on the line looks a difficult task unless Club 1872 want to stretch their skill set into that area.
There has been talk of mystery benefactors underwriting the Gerrard Revolution but after body-swerving the company for the last decade there is no sign of the fabled ‘high net worth blue noses’ willing to write off their ill-gotten gains.
Having been trashed twice since the summer by Mike Ashley, King might feel that it’ll be third time lucky if he tries to get out of the costs and damages from today’s verdict.
With a revolution built on straw the end game could be closing in on the six year Sevco venture with once again a right good blue nose leading The People over the edge into liquidation.
