When Stewart Robertson presented the credit facility from Close Leasing Limited as an overdraft he was lying through his back teeth. Overnight this once respected football executive became The High Priest of Pishery. When he continued by stating that it represented a vote of confidence in his rogue board, and that close leasing had come to The Rangers bearing alms, one knew immediately that he was Greenock’s answer to Hans Christian Andersen. The last time I checked Greenock was not twinned with Odense.
The full extent of the pledges made to Close Leasing Ltd (which is a finance house of last resort, not a merchant bank) is now in the public domain. The rogue board have not just hocked the family silver. They have pledged the kitchen sink. Close Leasing have insisted on a floating charge of £1,567,000 on the Stadium Catering Outlets.
The PA System has been hocked for £556,000. The Stadium Bowl Screens for £432,000. The WiFi system has been pledged at £675,000. When one adds in The Albion Road Car Park at £1.5m and Edmiston House at £800,000, the total of assets pledged, at their cost value, is an eye-watering £5,530,000.
It was rather remiss of Mr. Robertson not to mention that in the event of default Ibrox Stadium might have to close down. The PA/Voice Alarm System would be owned by CLL and they could dispose of it as they saw fit. No PA system ergo no security certificate.
This deal smacks of desperation. There are many takeaways including the sale document for Edmiston House, which was owned by Sir Bribe & Lie’s Charlotte Ventures Ltd. Having picked up Edmiston House for a song (The Billy Boys anyone?) SB&L trousered £800,000.
What also piqued my interest was a letter to Brian Stockbridge of Sevco Scotland Limited t/as The Rangers Football Club. Colour me surprised but does this not hole HMS Continuation under the water line? It was a remittance from Summit Asset Finance apropos the PA System/Voice Alarm System.
The floating charges have laid out Lite’s dirty laundry for all to see. When Sir Bribe & Lie was in charge no-one knew that his Charlotte Ventures owned Carnegie Information Systems which invoiced the club for north of £1m year after year or Charlotte subsidiary Azure which invoiced £2.8m. Murray had a finger in every pie. If he could have monetised the air at Ibrox Sir Bribe & Lie would have done so.
To add insult to pawnbroker injury the agreement was signed for CLL by the estimable Benedict O’Mahony. I somehow doubt that the knuckledraggers will take the news that they are in hock to a ‘taig’ and clasp it to their bosom.
If only they had the £15m revolving credit facility from MIH as enjoyed by Rangers, this three brass balls artifice would not be necessary. If they had cashed in on Morelos at £12m all their troubles would have been over. However as we fast approach the end of the Chinese transfer window one notes that there has been a conspicuous absence of any interest in The Ibrox Greenhorn Ger (Tigger).
However Close Leasing mean business. They are charging TRFC 4% more than their standard onerous terms.
One wonders what King will pawn next. If his grandmother is poorly will he try to pledge Tigger Morelos? He might as well as he has pawned everything else.