Generic Sevco / Rangers meltdown thread

[Ozyhibby]

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Ozy, I haven't seen the full report yet. Where are you getting January from?

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This post on SFM.

https://www.sfm.scot/stevie-g-the-re...#comment-21437


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[Ozyhibby]

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I must be slipping because I didn't realise they'd had another share issue.What is clear is that they need to increase revenue by 20% to get it on par with current operational expenses.

The share issue only raised £1.5m in extra cash. It converted £11m in loans into equity which may help them with FFP rules.


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[CropleyWasGod]

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This post on SFM.

https://www.sfm.scot/stevie-g-the-re...#comment-21437


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Ok thanks.

I'm reading that slightly differently. They need £4.6m this season, of which the first tranche is due in January. No clues as to how much that tranche is.

They also talk about budgeting for player sales. I'm guessing that the additional money is over and above that. Who do they have that can be sold, and who else would they have to sell?

On the share issue, I read it the same way. But I'm also wondering how much of the £1.5m was taken up in costs. Stevie G got very little of the warchest, that's for sure.

All will be fine, though, if they get to the next stages of the EL



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[CropleyWasGod]

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I must be slipping because I didn't realise they'd had another share issue.What is clear is that they need to increase revenue by 20% to get it on par with current operational expenses.

The share issue was barely reported.

Like Ozy says, it hardly raised any new cash. It just got the soft lenders in deeper. (You can define "soft" any way you like... )

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[JeMeSouviens]

They've hiked their wage bill to £15M!

No excuses for Stevie.

[HoboHarry]

If they posted this loss for the year, what are their total debts at this point? Or is that even a valid question?

[Ozyhibby]

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If they posted this loss for the year, what are their total debts at this point? Or is that even a valid question?

Their debt is higher than the rest of Scottish football combined.

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[CMac1988]

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...

That's a beautiful upward trend (or downward). Long live the line graph of death.

[Hibs4185]

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Their debt is higher than the rest of Scottish football combined.

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As much I love to think of their demise coming shortly (again), very little of their debt is external I think? It would therefore require directors to initiate an administration event and can’t see them doing that. Close brothers could’ve but I believe they’ve been repaid.

These directors who give them soft loans and then convert them to equity which is more or less worthless must be off their heads.

[ballengeich]

The importance of their Europa league success is hard to over-state. Compared to last season they've had seven (at least) home games compared with one. Match day receipts plus UEFA prize money will make a difference of around £1 million per home game to the profit/loss position.

The question about the £4.6 million needed to get through the season is the basis on which this was estimated. If it doesn't include the extra European income then the Europa income covers it and they're fine for the season. If it's needed even after that extra money has come in then the underlying business model is horrific.

[Ozyhibby]

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The importance of their Europa league success is hard to over-state. Compared to last season they've had seven (at least) home games compared with one. Match day receipts plus UEFA prize money will make a difference of around £1 million per home game to the profit/loss position.

The question about the £4.6 million needed to get through the season is the basis on which this was estimated. If it doesn't include the extra European income then the Europa income covers it and they're fine for the season. If it's needed even after that extra money has come in then the underlying business model is horrific.

They were only prepared on 17th Oct so I would think they would know what Europa income they were bringing in?
What they would not have known at that time was that they would lose the case v Ashley and have to pay £400k in costs as well as damages still to be awarded. Not sure how much time you get to pay such things.


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[HoboHarry]

CWG will probably have comments on this - Phil Macs Rugger Guy gives his take on the accounts....

https://philmacgiollabhain.ie/2018/1...-30-june-2018/

[CropleyWasGod]

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The importance of their Europa league success is hard to over-state. Compared to last season they've had seven (at least) home games compared with one. Match day receipts plus UEFA prize money will make a difference of around £1 million per home game to the profit/loss position.

The question about the £4.6 million needed to get through the season is the basis on which this was estimated. If it doesn't include the extra European income then the Europa income covers it and they're fine for the season. If it's needed even after that extra money has come in then the underlying business model is horrific.

It will include the current EL income. The audit report talks about the "next 12 months".ie from the date of its signing.

That is why qualifying for the next EL stage is crucial for this season.

[CropleyWasGod]

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CWG will probably have comments on this - Phil Macs Rugger Guy gives his take on the accounts....

https://philmacgiollabhain.ie/2018/1...-30-june-2018/

Not a lot to argue with, TBF.

Given the whole "material uncertainty" bit, you can understand why they chose to release them last night, when there were games on.

In fact, it wouldn't surprise me if the mental fans last night were Loyal plants, just to take the attention away from Govan.

(some of this is my contribution to the raft of wild posts we've been seeing recently).

[Ozyhibby]

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As much I love to think of their demise coming shortly (again), very little of their debt is external I think? It would therefore require directors to initiate an administration event and can’t see them doing that. Close brothers could’ve but I believe they’ve been repaid.

These directors who give them soft loans and then convert them to equity which is more or less worthless must be off their heads.

I would think all the debt that is going to be converted to equity would have been done in Aug at their share offer?
£7m of the £21m they are in debt is due to other clubs for players they already have.


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[Ozyhibby]

Looks like a fair bit of their debt is external if I read that right?


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[Ozyhibby]

https://www.forbes.com/sites/mikemee.../#4e141b676a8b



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[beensaidbefore]

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https://www.forbes.com/sites/mikemee.../#4e141b676a8b



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Good read. Thanks

[jacomo]

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Good read. Thanks

Great article, refreshingly free of the Rangers spin.

Bottom line: Sevco is still hemmoraging cash and reliant on goodwill of its directors and outside investment to pay the bills.

That’s not a sustainable position for any business.

[Ozyhibby]

http://priceoffootball.com/rangers-a...or-the-people/



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[brog]

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https://www.forbes.com/sites/mikemee.../#4e141b676a8b



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It's a bit unfortunate that he doesn't know Jumbo Traynor hasn't been The Rangers director of communications for the last 5 years. That apart, it's a decent article.

[Oscar T Grouch]

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They were only prepared on 17th Oct so I would think they would know what Europa income they were bringing in?
What they would not have known at that time was that they would lose the case v Ashley and have to pay £400k in costs as well as damages still to be awarded. Not sure how much time you get to pay such things.


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From experience, if all lines of appeal are concluded you have 28 days from the date of final judgement to pay in full all costs.

[JeMeSouviens]

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It's a bit unfortunate that he doesn't know Jumbo Traynor hasn't been The Rangers director of communications for the last 5 years. That apart, it's a decent article.

de facto he has. Everything goes through his Level 5 PR agency.

[brog]

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de facto he has. Everything goes through his Level 5 PR agency.

I know that but it's obvious the author of the piece doesn't. IIRC there was also a hiatus of a year or so between Jumbo' s resignation & his founding Level 5. PS, don't upset him by calling them an agency.

[CropleyWasGod]

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http://priceoffootball.com/rangers-a...or-the-people/



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Talk about not seeing the wood for the trees.

A very fine exam-style appraisal of the accounts, yet no mention of the short-term funding issues.

I quote "it would appear that further funds will be needed to keep the club competitive."

Substitute the word "competitive" with "trading" and he might get a better mark.

[Ozyhibby]

http://www.spiegel.de/international/...mpression=true

This is up there with old Rangers. Players paid by a separate company.


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[Smartie]

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http://www.spiegel.de/international/...mpression=true

This is up there with old Rangers. Players paid by a separate company.


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Is it just me, or is there a familiar name in there when it comes to football clubs and dodgy dealings?

A very familiar name, and one that is particularly close to home.

[Ozyhibby]

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Is it just me, or is there a familiar name in there when it comes to football clubs and dodgy dealings?

A very familiar name, and one that is particularly close to home.

He should have been banned from football but the SFA only do that if they perceive you to have wronged their club Rangers.


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[Ozyhibby]

https://twitter.com/swissramble/stat...496263680?s=21

Worth a read on Sevco and SPFL finances in general.


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[Gloucester Hibs]

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Is it just me, or is there a familiar name in there when it comes to football clubs and dodgy dealings?

A very familiar name, and one that is particularly close to home.

David “Spotty” Rowland