Generic Sevco / Rangers meltdown thread

[Geo_1875]

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We could end up with 18 home and 20 away fixtures. This has happend to clubs before.

And it will happen to Hibs this season. It's time this farcical split was binned.

[CentreLine]

Please can we keep this thread to the The Rangers financial position and potential for meltdown. Let’s keep the post split fixtures comment to a separate thread

[Is It On....]

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Please can we keep this thread to the The Rangers financial position and potential for meltdown. Let’s keep the post split fixtures comment to a separate thread

If Sevco finish 4th (after the split obviously) then they will have a financial gap to plug in the summer. Just as well the Chinese clubs are lining up to bid £10m for Morellos 😂😂😂

[Aim Here]

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If Sevco finish 4th (after the split obviously) then they will have a financial gap to plug in the summer. Just as well the Chinese clubs are lining up to bid £10m for Morellos 😂😂😂

That's assuming they don't win the cup of course. They still have to win a game at Ibrox for that to happen, so it's a pretty good assumption.

[Ozyhibby]

It appears the recent security taken by Close Brothers is not only for the car park and Edmonton house but also includes their PA system, the large screens inside the stadium and all the catering equipment inside the stadium.
That’s a lot of security for a £3m loan/overdraft.


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[Smartie]

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It appears the recent security taken by Close Brothers is not only for the car park and Edmonton house but also includes their PA system, the large screens inside the stadium and all the catering equipment inside the stadium.
That’s a lot of security for a £3m loan/overdraft.


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To put a slightly pessimistic slant on that, would that not suggest that the Rangers board are pretty confident in their ability to service the debt (one way or another)?

I don't know if I'd be putting up bucketloads of security on a debt that I was possibly going to default on pretty soon.

[Geo_1875]

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To put a slightly pessimistic slant on that, would that not suggest that the Rangers board are pretty confident in their ability to service the debt (one way or another)?

I don't know if I'd be putting up bucketloads of security on a debt that I was possibly going to default on pretty soon.

If the lender was your last resort you'd put up whatever they asked for.

[CropleyWasGod]

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It appears the recent security taken by Close Brothers is not only for the car park and Edmonton house but also includes their PA system, the large screens inside the stadium and all the catering equipment inside the stadium.
That’s a lot of security for a £3m loan/overdraft.


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.. especially when the original cost was £5.5m.

[CropleyWasGod]

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If the lender was your last resort you'd put up whatever they asked for.

The phrase "balls in vice" is what we use in the trade.

[Ozyhibby]

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To put a slightly pessimistic slant on that, would that not suggest that the Rangers board are pretty confident in their ability to service the debt (one way or another)?

I don't know if I'd be putting up bucketloads of security on a debt that I was possibly going to default on pretty soon.

The Rangers board were also confident that Dave King was going to cover this and they would not need this finance at all.
One thing for sure, if Close Brothers have to call this in then they won’t be able to play matches without a PA system.


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[Ozyhibby]

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[jacomo]

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And they chased Mike Ashley out of the Big Hoose for this?

[HoboHarry]

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And they chased Mike Ashley out of the Big Hoose for this?

It's whit supporters of big teams dae. Apparently.

[PatHead]

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Anyone know the lenders cost of funds?

[CropleyWasGod]

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Anyone know the lenders cost of funds?

It's an ambiguous term IMO.

If it means the "cost to the lender", it's probably the LIBOR rate...currently about 0.5%. If that's the case, a default rate of 4.5% doesn't seem too bad.

If it means "the cost charged by the lender", that could be anything.

We need to see the facility agreement, Ozy

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[Jack]

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It's an ambiguous term IMO.

If it means the "cost to the lender", it's probably the LIBOR rate...currently about 0.5%. If that's the case, a default rate of 4.5% doesn't seem too bad.

If it means "the cost charged by the lender", that could be anything.

We need to see the facility agreement, Ozy

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4.5%!!!!

That means these 'crooked n'er do wells' are charging less than the Budgie is changing the yams!

[Smartie]

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4.5%!!!!

That means these 'crooked n'er do wells' are charging less than the Budgie is changing the yams!

Or to paraphrase - "that 'crooked ne'er do well' Budgie is charging the Yams more than the Close Brothers are charging Sevco!!!!".

[CropleyWasGod]

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Or to paraphrase - "that 'crooked ne'er do well' Budgie is charging the Yams more than the Close Brothers are charging Sevco!!!!".

She's charging them nowt just now, but that wouldn't be as funny.....

[Ozyhibby]

CWG, what’s the dif between a floating and a fixed charge?


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[Skol]

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Or to paraphrase - "that 'crooked ne'er do well' Budgie is charging the Yams more than the Close Brothers are charging Sevco!!!!".

She has security on the whole shooting match though !

[CropleyWasGod]

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CWG, what’s the dif between a floating and a fixed charge?


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A floating charge is normally a charge over all of a company's assets or, as in this case, a group of them. A fixed charge is a charge over a specific asset.

A floating charge can become fixed (as long as the agreement allows for it) if there is a default.

[ancient hibee]

There’s one thing sure under a floating charge ,unless the assets are nailed down they’ll have disappeared like snow off a dyke just when the lender is getting nervous.

[stantonhibby]

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A floating charge is normally a charge over all of a company's assets or, as in this case, a group of them. A fixed charge is a charge over a specific asset.

A floating charge can become fixed (as long as the agreement allows for it) if there is a default.

A floating charge allows a secured creditor to appoint an administrator doesn't it ?

[Ozyhibby]

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A floating charge allows a secured creditor to appoint an administrator doesn't it ?

Going by that document it does appear to put them in control of any admin.


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[HoboHarry]

I wonder if it's fair to say that the leading figures at top of the marble staircase at Ibrox have removed themselves from the line of fire of their fans if it does go breasts skywards? Close will be the ones getting the blame from Scotland's compliant media.....

[Deansy]

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I wonder if it's fair to say that the leading figures at top of the marble staircase at Ibrox have removed themselves from the line of fire of their fans if it does go breasts skywards? Close will be the ones getting the blame from Scotland's compliant media.....

My thoughts, too - basically crooks substituted with different crooks so that no-one will know which crook to blame when the ****-hits-the-fan !. Though no doubt our glorious 'media' will be able to point the finger accurately .................................

[Haymaker]

If the league is won before the end of the season... Admin 2?

[greenginger]

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Going by that document it does appear to put them in control of any admin.


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I love that the documents were signed for by Close Brothers by a Mr Benedict O'Mahony.

[Geo_1875]

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I love that the documents were signed for by Close Brothers by a Mr Benedict O'Mahony.

Would have been funnier if it was Fr Benedict O'Mahony

[Ronniekirk]

They will muddle through somehow now i think Unless they have a collapse in form that sees them finish outside the top four and no European spot
The Scottish Cup draws have ensured more income and if they somehow managed to get to the final that income will probably help keep the wolf from the door


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