Roger Mitchell has added to the speculation that another insolvency event is brewing at Ibrox.
Mitchell was the first ever Chief Executive of the SPL during which he turned a blind eye to the incredibly low contracts being registered by the old club from Ibrox.
Before he stood down in November 2002 Mitchell witnessed the cut price contracts registered for Tore Andre Flo and Ronald de Boer while Celtic were paying £30,000/week to sign Chris Sutton, John Hartson and Neil Lennon.
After a raid on Ibrox ordered by the Metropolitan Police the side letters on those contracts were uncovered after years of denial to HMRC. Eventually a bill for £2.8m was presented to the club that remained unpaid in June 2012 when a CVA was refused pushing the club into liquidation.
ARE RANGERS GOING BUST AGAIN? There are I know many top finance guys (insolvency, credit risk, insurance) out there. And even some follow me, the fools. Can we get wisdom of group thing going? I sense Rangers numbers are in trouble but I don’t have the drive to do the hard yards.
— Roger Mitchell (@RPMComo) July 23, 2019
@FansScarves @CQN @Heavidor. Pass it on. I sense they are not a going concern without the backing of shareholder loans. But maybe nonsense.
— Roger Mitchell (@RPMComo) July 23, 2019
Dependent on someone coughing up the annual shortfall, which just got bigger. Remaining appetite for that? Maybe, but not indefinitely.
Bigger still if they fail to reach the EL group stages. Zero appetite for working within their means, which is the real problem.
— Paul Brennan (@CQN) July 23, 2019
Mitchell’s successors have refused to introduce any form of Financial Fair Play which has brought the current club from Ibrox to the brink following successive years of multi million pound losses.
With Sports Direct due compensation for breach of contract for last season, and more importantly cutting off a future revenue stream for Dave King’s club administration looks highly likely unless a wealthy blue nose can come in to pay off Sports Direct and the loan to Close Brothers.