£11.5m? Has the Sports Direct bill dropped at Ibrox?
One well informed Twitter account has claimed that Sports Direct have delivered a bill for losses of £11.5m to Sevco.
In the longest running battle of their 10 year existence Sports Direct first took action in the summer of 2018 when they were forced out of the picture as Dave King announced a world record merchandising deal with Hummel.
Initial actions by Sports Direct meant that the iconic chevron kits weren’t available until September 2018 with the Danish firm cutting their three year contract short by 12 months.
Sports Direct have gone into detailed litigation with the Ibrox club also having to pay the legal fees for the firm run by Mike Ashley.
At the last High Court hearing Sports Direct were granted access to the contract with Castore Sport in order for them to calculate the losses caused by the breach of contract.
SDIR has submitted the damages bill to THE RANGERS FOOTBALL CLUB LIMITED for the sum of £11,532,484.31?
*Pay the bill within 60 days?
*Ring fence the amount?
*CVA territory?
GASL might be the next Celtic legend? House of cards? pic.twitter.com/oxbY8nJyZc— Celtic SC©®™ (@Celtic67Fins72) February 20, 2022
Earlier this season, the final figure published in the accounts for losses was £23.5m.
Rangers have submitted their end of fiscal year 2021 to auditors.
*Preliminary £31,682,536 in losses.
*Short term liability £16,533,348**.
*Long term liability £15,554,544.Technically insolvency if no soft loans and/or Closed Leasing loans.
**Includes HMRC https://t.co/VQEnyaTIpm
— Celtic SC©®™ (@Celtic67Fins72) October 5, 2021
If the Sports Direct bill has to be settled before Season Ticket money comes in in May it might require further share issues to settle with Big Mike.