Generic Sevco / Rangers meltdown thread

[HoboHarry]

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Who are they?

Sevco's very own Grim Reaper......

grim-reaper.jpg


I hope feverishly......

[CropleyWasGod]

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Who are they?

Merchant bankers.

Oh, you mean Close Brothers?

Merchant bankers.

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[Ozyhibby]

Deja vu?



This is going to be fun.


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[CropleyWasGod]

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Deja vu?



This is going to be fun.


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IIRC, the previous Close Brothers deal was the loan for the catering equipment. They could rip out the pie-warmers if they didn't get paid.

This one has higher stakes :)

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[Ozyhibby]

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[HoboHarry]

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What an incestuous nest of vipers - hell mend Sevco for getting involved with that rabble.....

[ehf]

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Gets them to the next lot of Season Ticket Sales and they will be assuming European Football
But if they achieve that Its time to splash the cash on a new Manager and backroom (unless they make do with what they have ) New players as they must progress in Europe and current squad wont
King is now more visible and Hands on with his one week out the month staying in Glasgow do wonder what plan he is hatching next


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To be fair to King, he has played a blinder here.

If Sevco do miraculously manage to have a decent run in Europe and/or sell some players for value, he's a genius.

If (as will almost certainly be the case) they have taken on crippling debt they won't be able to repay and Close Bros will be the fall guys who press the insolvency button.

[rodhibs55]

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IIRC, the previous Close Brothers deal was the loan for the catering equipment. They could rip out the pie-warmers if they didn't get paid.

This one has higher stakes :)

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Stakes or Steaks
Both ways they could be burnt. :)

[Callyballybe]

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Trust pilot reviews are funny

https://uk.trustpilot.com/review/www.closebrothers.com

A total 'trust score' of 1.5 out of 10. Brilliant - Couldn't have been paired with a more deserving football team.

[Ozyhibby]

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To be fair to King, he has played a blinder here.

If Sevco do miraculously manage to have a decent run in Europe and/or sell some players for value, he's a genius.

If (as will almost certainly be the case) they have taken on crippling debt they won't be able to repay and Close Bros will be the fall guys who press the insolvency button.

If Sevco collapse it is King that will get the blame no matter what.
Close brothers won’t think twice about pushing the button if they think they will lose money.


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[HoboHarry]

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If Sevco collapse it is King that will get the blame no matter what.
Close brothers won’t think twice about pushing the button if they think they will lose money.


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Aye but he will be safe in South Africa and won't be giving a flying one when Paul Murray et al are getting their windows smashed in. I do wonder who set this deal up? Any ideas?

[jacomo]

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Gets them to the next lot of Season Ticket Sales and they will be assuming European Football
But if they achieve that Its time to splash the cash on a new Manager and backroom (unless they make do with what they have ) New players as they must progress in Europe and current squad wont
King is now more visible and Hands on with his one week out the month staying in Glasgow do wonder what plan he is hatching next


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Us and the Dandy Dons need to get our s*** together. Would love it if Sevco finish 4th or lower.

Obvs the Dons can’t get points off them or Celtc so will need points elsewhere, whereas we need to avoid our customary winter dip and have a strong run in.

[ehf]

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If Sevco collapse it is King that will get the blame no matter what.
Close brothers won’t think twice about pushing the button if they think they will lose money.


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Disagree (with respect!). Before the Close deal, there were no significant "external" creditors likely to trigger an insolvency event, so a decision to put Sevco into administration would have been one for the directors to take (and there are strong rumours that they explored this option recently). Now Close are in the picture and, as you rightly say, will not think twice about it. The clever thing is the quantum; King and co can deflect the blame by saying they were about to turn the corner but were prevented for the sake of a measly £3m.

[jacomo]

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Disagree (with respect!). Before the Close deal, there were no significant "external" creditors likely to trigger an insolvency event, so a decision to put Sevco into administration would have been one for the directors to take (and there are strong rumours that they explored this option recently). Now Close are in the picture and, as you rightly say, will not think twice about it. The clever thing is the quantum; King and co can deflect the blame by saying they were about to turn the corner but were prevented for the sake of a measly £3m.

If the Huns buy that they are sinking to even deeper levels of stupidity.

[Dashing Bob S]

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Who are they?

They are very close. In fact people say they are like brothers.

[Deansy]

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Should have taken the 8 million for the Colombian I reckon. Close Bros won’t be cheap.

So, it's far more economically prudent to get an overdraft for £3m rather than accepting £8m ??

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Gets them to the next lot of Season Ticket Sales and they will be assuming European Football
But if they achieve that Its time to splash the cash on a new Manager and backroom (unless they make do with what they have ) New players as they must progress in Europe and current squad wont
King is now more visible and Hands on with his one week out the month staying in Glasgow do wonder what plan he is hatching next


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Like all of the previous fly-by-nights/chancers/crooks etc who've taken over the reins at 'The place where football goes to die', the full extent of King's 'business-dealings' (cons/frauds & outright theft) won't be known (or announced publicly) until after his departure - which'll mean another 'Duped' campaign's on the cards !. 'Daily Rectum's probably already got it's front-pager ready to go to press with the headline - 'You won't believe this but .......'

[jacomo]

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So, it's far more economically prudent to get an overdraft for £3m rather than accepting £8m ??




Like all of the previous fly-by-nights/chancers/crooks etc who've taken over the reins at 'The place where football goes to die', the full extent of King's 'business-dealings' (cons/frauds & outright theft) won't be known (or announced publicly) until after his departure - which'll mean another 'Duped' campaign's on the cards !. 'Daily Rectum's probably already got it's front-pager ready to go to press with the headline - 'You won't believe this but .......'

This time around, Keith Jackson has been careful to include some scepticism in his copy.

Of course the DR faithfully repeat the key propaganda, like multi-million bids for Morelos.

But if it all goes wrong again, he will be able to pull enough choice quotes to ‘prove’ he was never taken in by the Lying King.

[brog]

The propaganda is now almost perverse in it's delivery & justification. Stewart Robertson says the money is almost incidental, it's the fact that a bank is showing faith in them that counts. Yep they have so much faith that the loan is secured against assets with ostensibly a far greater value. SR also says it's unusual for a £30m business not to have a banking facility, No s☆☆t Sherlock! By making this statement all he does is draw attention to the fact that reputable financial organisations won't go near The Rangers. Still it was good to see the return of the phrase "self sufficient". Hopefully they'll be as successful in their self sufficiency as our neighbouring charlatans were.

[Ozyhibby]

We can be sure now though that the source of soft loans has now totally dried up. That means that next season they will have to live within their means which will be tricky as they are already forecast to need £4m of external funding.


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[JeMeSouviens]

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The propaganda is now almost perverse in it's delivery & justification. Stewart Robertson says the money is almost incidental, it's the fact that a bank is showing faith in them that counts. Yep they have so much faith that the loan is secured against assets with ostensibly a far greater value. SR also says it's unusual for a £30m business not to have a banking facility, No s☆☆t Sherlock! By making this statement all he does is draw attention to the fact that reputable financial organisations won't go near The Rangers. Still it was good to see the return of the phrase "self sufficient". Hopefully they'll be as successful in their self sufficiency as our neighbouring charlatans were.

Not so sure that's true. I think Murray Park is unsuitable for housing because of flood risk and I can't see an office block in Govan being worth much.

Edit: I see it's not MP as security, it's Edmiston House and the Albion car park which is across the road from Ibrox.

[ballengeich]

The loan indicates that King isn't supplying the shortfall, estimated in the accounts at £4m, needed to get them through this season and that the other directors aren't prepared to provide further donations (investment if you're a fan).

When the concert party took over the plan was to spend a few million for a few years to gain promotion, qualify for Europe then become serious rivals to Celtic, at which point increased income from Europe and transfer profits would cover losses in domestic competition. The third step hasn't happened yet so they've a choice - put in a bit more hoping that the plan comes to fruition next season or cut spending to match costs with the concomitant risk of ticket income dropping if the bears can't see anything better than a distant second place in prospect.

The short term appointment of Murty and the loans signings with an option to buy suggest that the decision's being deferred until the summer transfer window. If they can get through a few rounds of Europa league qualifying, make even a couple of million profit on transfer sales, and get a few of the high paid flops out the door, if only on loan, then they could break even next season.

I can't see another flop like Progres and I think Morelos can be sold at a profit (though I don't believe the Chinese rumour). The strategy's risky but I don't think it's completely unrealistic. More interesting times ahead.

[JeMeSouviens]

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The loan indicates that King isn't supplying the shortfall, estimated in the accounts at £4m, needed to get them through this season and that the other directors aren't prepared to provide further donations (investment if you're a fan).

When the concert party took over the plan was to spend a few million for a few years to gain promotion, qualify for Europe then become serious rivals to Celtic, at which point increased income from Europe and transfer profits would cover losses in domestic competition. The third step hasn't happened yet so they've a choice - put in a bit more hoping that the plan comes to fruition next season or cut spending to match costs with the concomitant risk of ticket income dropping if the bears can't see anything better than a distant second place in prospect.

The short term appointment of Murty and the loans signings with an option to buy suggest that the decision's being deferred until the summer transfer window. If they can get through a few rounds of Europa league qualifying, make even a couple of million profit on transfer sales, and get a few of the high paid flops out the door, if only on loan, then they could break even next season.

I can't see another flop like Progres and I think Morelos can be sold at a profit (though I don't believe the Chinese rumour). The strategy's risky but I don't think it's completely unrealistic. More interesting times ahead.

They also planned a share issue (read, - to fleece their gullible punters) which for one reason or another (the takeover panel ruling being the latest) they've never been able to get off the ground.

[Smartie]

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The loan indicates that King isn't supplying the shortfall, estimated in the accounts at £4m, needed to get them through this season and that the other directors aren't prepared to provide further donations (investment if you're a fan).

When the concert party took over the plan was to spend a few million for a few years to gain promotion, qualify for Europe then become serious rivals to Celtic, at which point increased income from Europe and transfer profits would cover losses in domestic competition. The third step hasn't happened yet so they've a choice - put in a bit more hoping that the plan comes to fruition next season or cut spending to match costs with the concomitant risk of ticket income dropping if the bears can't see anything better than a distant second place in prospect.

The short term appointment of Murty and the loans signings with an option to buy suggest that the decision's being deferred until the summer transfer window. If they can get through a few rounds of Europa league qualifying, make even a couple of million profit on transfer sales, and get a few of the high paid flops out the door, if only on loan, then they could break even next season.

I can't see another flop like Progres and I think Morelos can be sold at a profit (though I don't believe the Chinese rumour). The strategy's risky but I don't think it's completely unrealistic. More interesting times ahead.

A pretty fair analysis and that's how I see it.

Although the last paragraph - the lower down the league they finish, the earlier they'll have to start back, the harder European progression will be. Morelos may be sold at profit, but he'll need to do a bit better against defenders than he did against young Porteous last weekend for that to happen.

It is risky, and they've got as much chance of making a horse's arse of it as they have of pulling it off.


Interesting times ahead, one of the interesting things being that we may have a big say in it all. If we can consistently put results together (without the distraction of the cups) then we might bump them down the league a bit and make their job a great deal trickier.

[JeMeSouviens]

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A pretty fair analysis and that's how I see it.

Although the last paragraph - the lower down the league they finish, the earlier they'll have to start back, the harder European progression will be. Morelos may be sold at profit, but he'll need to do a bit better against defenders than he did against young Porteous last weekend for that to happen.

It is risky, and they've got as much chance of making a horse's arse of it as they have of pulling it off.


Interesting times ahead, one of the interesting things being that we may have a big say in it all. If we can consistently put results together (without the distraction of the cups) then we might bump them down the league a bit and make their job a great deal trickier.

They are currently at a similar level to Aberdeen who have had 4 successive failures to get to the EL groups. In fact they haven't managed to get to the final qualifying round (where the quality of teams is such that they'd almost be guaranteed to lose anyway). Their chances of getting to the group stage with a rookie manager and their current squad are remote to say the least.

[jgl07]

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What happened to Dave King’s money?

What money?

Given the way that the Rand has plummeted against Sterling, I doubt it would amount to much even if he has the fortune the press seem to accept. Even if he had the cash, how is he goininggoing to get it out if South Africa?

King like Murray, Whyte, and Green before him is using other people’s money to prop up the club. If they are being forced to go to what are effectively corporate loan sharks, this probably indicates that the cash from local mugs, sorry donors has finally dried up.

[JeMeSouviens]

https://uk.trustpilot.com/review/www.closebrothers.com

Loads of reviews saying they're a shower of evil ****s then 3 5 star ones in the last 24 hours including one from "William Orange".

[Aim Here]

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https://uk.trustpilot.com/review/www.closebrothers.com

Loads of reviews saying they're a shower of evil ****s then 3 5 star ones in the last 24 hours including one from "William Orange".

Hah, one from 'William Orange', one from some bloke in Paisley, and one whose 5-star review references Phil Macghiollabain, accuses people of being nonces and closes with 'No Surrender' and 'KAT'. It's actually quite impressive that the tribal loyalty extends as far as their loan sharks, even if their PR efforts are a little, umm, naive...

[Oscar T Grouch]

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https://uk.trustpilot.com/review/www.closebrothers.com

Loads of reviews saying they're a shower of evil ****s then 3 5 star ones in the last 24 hours including one from "William Orange".

Lloyd Cross also is a notorious on line hun. The one who posted the defamatory remarks.

[JeMeSouviens]

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Hah, one from 'William Orange', one from some bloke in Paisley, and one whose 5-star review references Phil Macghiollabain, accuses people of being nonces and closes with 'No Surrender' and 'KAT'. It's actually quite impressive that the tribal loyalty extends as far as their loan sharks, even if their PR efforts are a little, umm, naive...

KAT = Kill All Taigs. Nice

[BonnieFitbaTeam]

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They are currently at a similar level to Aberdeen who have had 4 successive failures to get to the EL groups. In fact they haven't managed to get to the final qualifying round (where the quality of teams is such that they'd almost be guaranteed to lose anyway). Their chances of getting to the group stage with a rookie manager and their current squad are remote to say the least.

Indeed.

Added to which, the plan which relies entirely on progress in a European competition worked so successfully last time, right enough