Generic Sevco / Rangers meltdown thread

[hibbysam]

Just seen the resolutions on their website, all of their directors re-elected with around 87.5% of the vote while King didn't even receive 75% of the vote... King on a shoogly peg already or is it looking too far into it? Just very strange as 13% is a lot of votes.

[ancient hibee]

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Just seen the resolutions on their website, all of their directors re-elected with around 87.5% of the vote while King didn't even receive 75% of the vote... King on a shoogly peg already or is it looking too far into it? Just very strange as 13% is a lot of votes.

What percentage does Ashley hold?

[CropleyWasGod]

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What percentage does Ashley hold?

Slightly less than 9% IIRC

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[CropleyWasGod]

http://www.dailyrecord.co.uk/sport/f...europe-9360873

For those that won't read the DR:-

Rangers will have to ask UEFA for special dispensation to play in Europe next season due to their failure to meet Financial Fair Play regulations.

Club licensing rules state that losses over the most recent three-year period shouldn’t exceed £4,265,000 – and Gers have lost £18.9million since 2014.

UEFA do allow a deficit during that time frame to reach £25.9million but only “if such excess is entirely covered by contributions from equity participants and/or related parties”.

But an SFA source confirmed that Rangers would need to prove to UEFA that they can reduce their losses and continue as a going concern if they qualify for Europe.

He said: “I suspect that UEFA would grant special dispensation to them because there have been several instances of other clubs, in similar circumstances, being permitted to participate.



Rangers’ latest accounts disclosed they had required £2.9m in soft loans from directors since the end of the financial year and that more will be needed to complete the current campaign.

[Ozyhibby]

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http://www.dailyrecord.co.uk/sport/f...europe-9360873

For those that won't read the DR:-

Rangers will have to ask UEFA for special dispensation to play in Europe next season due to their failure to meet Financial Fair Play regulations.

Club licensing rules state that losses over the most recent three-year period shouldn’t exceed £4,265,000 – and Gers have lost £18.9million since 2014.

UEFA do allow a deficit during that time frame to reach £25.9million but only “if such excess is entirely covered by contributions from equity participants and/or related parties”.

But an SFA source confirmed that Rangers would need to prove to UEFA that they can reduce their losses and continue as a going concern if they qualify for Europe.

He said: “I suspect that UEFA would grant special dispensation to them because there have been several instances of other clubs, in similar circumstances, being permitted to participate.



Rangers’ latest accounts disclosed they had required £2.9m in soft loans from directors since the end of the financial year and that more will be needed to complete the current campaign.

Surely it would be difficult for them to be able to say they would reduce their losses when the chairman is saying they intend to continue running a deficit?
It's up to Hearts and Aberdeen to step up to the plate here. It's them who will miss out if the SFA wave them through. What's the point of FFP rules if they are to be ignored?


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[CropleyWasGod]

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Surely it would be difficult for them to be able to say they would reduce their losses when the chairman is saying they intend to continue running a deficit?
It's up to Hearts and Aberdeen to step up to the plate here. It's them who will miss out if the SFA wave them through. What's the point of FFP rules if they are to be ignored?


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As we've discussed before, these rules are bloody difficult to follow.

Based on that DR piece (yeah, i know ), I would suggest that the "excess" they have to cover is "only" £7m. Given that they've paid in £2.9m of that already, it's not too much of a stretch to get the rest, especially if it means that they're going to have European football.

Anyways, I'm suspicious about the timing of this story. There's a long way to go before the end of the season. Of more pressing importance is the latest MA court case. Any news?

[Ozyhibby]

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As we've discussed before, these rules are bloody difficult to follow.

Based on that DR piece (yeah, i know ), I would suggest that the "excess" they have to cover is "only" £7m. Given that they've paid in £2.9m of that already, it's not too much of a stretch to get the rest, especially if it means that they're going to have European football.

Anyways, I'm suspicious about the timing of this story. There's a long way to go before the end of the season. Of more pressing importance is the latest MA court case. Any news?

Tomorrow I believe. No idea what it's about though other than he wants £1m for breach of contract. With Sevco openly encouraging retail sales of the Lion Brand etc then he surely has a case but unless he improves his legal team I can't see him winning.


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[Ozyhibby]

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As we've discussed before, these rules are bloody difficult to follow.

Based on that DR piece (yeah, i know ), I would suggest that the "excess" they have to cover is "only" £7m. Given that they've paid in £2.9m of that already, it's not too much of a stretch to get the rest, especially if it means that they're going to have European football.

Anyways, I'm suspicious about the timing of this story. There's a long way to go before the end of the season. Of more pressing importance is the latest MA court case. Any news?

Could the timing be down to the loss of the res11 vote? If they had won that they could have converted all those loans into equity and been well within FFP guidelines (£25m losses if equity finance) as opposed to £15m losses if loans?



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[Ozyhibby]

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[MrSmith]

I'm not so sure EUFA will allow them if there is no proof of going concern. Celtic and Resolution 12 has put a bloody great thorn in the side of 'just make it happen' (SFA) therefore, think or I would guess due diligence, history and careful consideration of res12, EUFA will deny them next year. I also don't think they will finish in the top four.

[Ozyhibby]

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I'm not so sure EUFA will allow them if there is no proof of going concern. Celtic and Resolution 12 has put a bloody great thorn in the side of 'just make it happen' (SFA) therefore, think or I would guess due diligence, history and careful consideration of res12, EUFA will deny them next year. I also don't think they will finish in the top four.

I think they will finish third or second.
They also have a going concern qualification on their accounts.
I think it's the SFA who do the licensing for UEFA.


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[Ozyhibby]

http://www.heraldscotland.com/news/1...in_trademarks/


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[northstandhibby]

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http://www.heraldscotland.com/news/1...in_trademarks/


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Upon reading the article in isolation from any bias against the new huns is that the new huns don't have a leg to stand on.

It would appear they have set out to sabotage a legally binding commercial agreement from 2012 by backdoor means.

Could be trouble ahead for the new huns?

[Ozyhibby]

http://stv.tv/sport/football/1374309...ampaign=buffer


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[CropleyWasGod]

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Could the timing be down to the loss of the res11 vote? If they had won that they could have converted all those loans into equity and been well within FFP guidelines (£25m losses if equity finance) as opposed to £15m losses if loans?



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Perhaps they are putting this out there now to concentrate people's minds (eg Super Ally). It is possible that they could have another vote in the Spring.

[northstandhibby]

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Perhaps they are putting this out there now to concentrate people's minds (eg Super Ally). It is possible that they could have another vote in the Spring.

You think they might let Sally back into their brethren if he wobbles come a re-run vote?

[Is It On....]

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It's hard to believe that is an actual sentence by a trained journo.



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From memory, any shares issued by Rangers2012 have to be offered to all shareholders. It means that King has to offer Ashley the chance to buy up to 9% (his current ownership) at the price offered. Basically means that King and the Three Bears have to "pony up" in relation to their current shareholding of risk being diluted themselves.

[CropleyWasGod]

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From memory, any shares issued by Rangers2012 have to be offered to all shareholders. It means that King has to offer Ashley the chance to buy up to 9% (his current ownership) at the price offered. Basically means that King and the Three Bears have to "pony up" in relation to their current shareholding of risk being diluted themselves.

That was the point of Resolution 11. To get rid of that requirement.

I think Res11 will become Res1 pretty soon

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[Is It On....]

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That was the point of Resolution 11. To get rid of that requirement.

I think Res11 will become Res1 pretty soon

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Ironically, King was against this when Chuckles Green tried to do the same..

[CropleyWasGod]

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Tomorrow I believe. No idea what it's about though other than he wants £1m for breach of contract. With Sevco openly encouraging retail sales of the Lion Brand etc then he surely has a case but unless he improves his legal team I can't see him winning.


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Been postponed until March .

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[ballengeich]

There's a rumour that Warburton offered his resignation after last night's game. I suspect he's already got a new job - leader of UKIP.

https://en.wikipedia.org/wiki/Mark_Warburton

https://en.wikipedia.org/wiki/Paul_Nuttall

[Oscar T Grouch]

Spoke to a guy this morning who claims to be in the know in regards to the the rangers. He says that the red bull deal would inject a huge amount of cash into the club but there's two sticking points, naming rights for the team and ibrox and the Ashley deal, which is why they are so desperate to rid themselves of the Sports Direct deal. He said the naming rights aren't an issue as long as rangers and ibrox are included in the new names but the Ashley thing might stop the deal going through.

I only just met the guy this morning so it could all be BS but it's always nice to pass on stuff you hear from the orc followers 😂

[Bostonhibby]

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Spoke to a guy this morning who claims to be in the know in regards to the the rangers. He says that the red bull deal would inject a huge amount of cash into the club but there's two sticking points, naming rights for the team and ibrox and the Ashley deal, which is why they are so desperate to rid themselves of the Sports Direct deal. He said the naming rights aren't an issue as long as rangers and ibrox are included in the new names but the Ashley thing might stop the deal going through.

I only just met the guy this morning so it could all be BS but it's always nice to pass on stuff you hear from the orc followers 😂

Guessing red bull would have to be comfortable with aligning their worldwide brand with all that sectarian hate and the concept of the fans rejoicing in being "up to their knees in fenian blood".

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[Oscar T Grouch]

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Guessing red bull would have to be comfortable with aligning their worldwide brand with all that sectarian hate and the concept of the fans rejoicing in being "up to their knees in fenian blood".

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The the rangers fans are blind to this, but their social media active rivals from celtc park will no doubt let them know 😂😂.
Personally I can't imagine RB going near the orcs but you never know.

[Bostonhibby]

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The the rangers fans are blind to this, but their social media active rivals from celtc park will no doubt let them know 😂😂.
Personally I can't imagine RB going near the orcs but you never know.

Maybe one of trumps businesses will be interested?

Many "synergies" here and changing their name to the Trumpets isn't that much of a leap.

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[Oscar T Grouch]

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Maybe one of trumps businesses will be interested?

Many "synergies" here and changing their name to the Trumpets isn't that much of a leap.

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🎺s what a great name for them 😂😂

[greenginger]

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Guessing red bull would have to be comfortable with aligning their worldwide brand with all that sectarian hate and the concept of the fans rejoicing in being "up to their knees in fenian blood".

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The Red Bull-s**t Arena has a certain ring to it !

[Ozyhibby]

This is worth a read, especially the bit about Sevco.
http://www.sportslawscotland.co.uk/?m=1



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[Jim44]

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This is worth a read, especially the bit about Sevco.
http://www.sportslawscotland.co.uk/?m=1

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It'll be interesting to see what happens at the end of the season if and when Sevco qualify for Europe. This bit suggests that they might be alright -

UEFA may choose (and possibly likely they will) to offer a settlement agreement, under Article 15, in a bid to allow the club to financially rehabilitate themselves and set out a 'roadmap' to reach break even, in the foreseeable future. This will allow the club to compete in competitions.

Also, in theory, Sevco have the Lying King's £30m () warchest in reserve which might mitigate any bother they find themselves in.



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[greenginger]

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It'll be interesting to see what happens at the end of the season if and when Sevco qualify for Europe. This bit suggests that they might be alright -

UEFA may choose (and possibly likely they will) to offer a settlement agreement, under Article 15, in a bid to allow the club to financially rehabilitate themselves and set out a 'roadmap' to reach break even, in the foreseeable future. This will allow the club to compete in competitions.

Also, in theory, Sevco have the Lying King's £30m () warchest in reserve which might mitigate any bother they find themselves in.



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[/QUOTE]

" Rehabilitate themselves " ? to what, they've only got 4 years of accounts and they show nothing but accumulating losses.

They are not going to flag up old Co. with their massive tax debts.