'old sevco'?
Sevco was the initial name of the new club that is now The Rangers.
He supported the old Rangers, the club that is now in liquidation.
Also, the transfer money didn't go into 'someone's pocket'. It was spunked on a host of new players, eg Fraser Wishart, Roddy Manley, Paul Kinnaird, Peter Weir, Tomas Stickroth, etc.