By Hugobaws 13/12/2017
Chris Sutton struck a raw nerve as well as a few funny bones last week on BT Sport, when he slaughtered the Ibrox Board in the wake of the Derek McInnes debacle. “They are like the People’s Front of Judea” jibed Sutton, in reference to the chaotic liberation movement from Monty Python’s hilarious ‘Life of Brian’. Neil Lennon buckled under the strain of the image, and all but lost it on camera.
After a 6-week media fuelled tapping up campaign, The Rangers* ran out of road and were forced to put up or shut up. When they made their move, the egg duly landed Dave King’s face. Stewart Milne and his Manager held their ground under the media onslaught, awaited the official approach and said no, but with dignity. The Rangers* responded with all the class of a Chris Graham cartoon; a Club statement that oozed arrogance and spite, ‘endorsing’ McInnes decision to stay at Aberdeen as the Govan job was too big for him.
Credibility is quickly giving way to disbelief over at Ibrox, and even die hard TRFC fans would have been embarrassed at the new depths being plumbed by King. Questions have been asked about the financial position at the Club for some time now, but fans believed that £1m would not be a stumbling block for Dave and his offshore fund of cash NOAL to get their number one target.
Behind the spin and deflection lies the truth. Football is a seasonal business, and cashflow is key to the survival of all but the biggest and richest clubs. It is a matter of public record that TRFC are losing money at a rate that is unsustainable, and Directors ‘soft’ loans have been used to pay bills/salaries as they fall due.
Confronted by such cash flow challenges many businesses turn to specialist finance houses that will pay money up front in turn for a slice of some future revenue stream. Invoice Financing/Factoring style finance arrangements are nothing new, but if reports are true that RIFC/TRFC are going down that path it can only spell trouble.
The Donegal based blogger with impeccable sources has suggested that RIFC/TRFC are borrowing against future payments due for sold players. The complication is that the payments are tied to number of appearances by the players, which pushed such an arrangement beyond recognised practice and dramatically alters the risk profile of the deals in favour of the finance lender. As the risk increase, the lenders slice of the projected final invoice increases and RIFC get a reduced percentage.
The RIFC would of course have called a Board meeting to discuss options before considering this type of high risk borrowing. My sources tell me that they approached the SFA for financial help only to be rebuffed, and these are the leaked minutes of the meeting.
Attendees; Dave King, Paul Murray, Biggus Dickus, Stewart Robertson, Donald Park.
DK; SFA b*stards, they’ve taken everything we had and bled us dry.
PM; Taken everything from our fathers and our father’s fathers.
PM; And our father’s father’s fathers.
DK; And what have the SFA ever given us in return?
BD; The 5 Way Agreement
DK; Ok apart from the 5 Way Agreement
DP; A Euro License that belonged to someone else.
DK; Ok apart from……
PM; The Referees
DK; Ok apart from……..
SR; A free reign to break FFP rules
DK; oh f*ck off
The Board Meeting ended with AOB, reminding people that The People’s Front of Judea should not be confused with Sevco.