Generic Sevco / Rangers meltdown thread

[Part/Time Supporter]

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Hasn't the money raised in the share issue gone to the original investors? The ones Chuckie won't name? Rather than being used as working capital.

No. They will make their money by selling their stakes on the open market. According to Private Eye, Chuckles bought in at 1p per share. Even if the price drops well below its flotation value of 75p, he will make a substantial profit.

[VickMackie]

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Patrick McPartlin ‏@p_mcpartlin
Rangers have reported a first half loss of £7 million in the 7 months to December 2012 (from @reuters)


Nice to see they have learned the lesson and are living within their means...

I had a look on RM and apparently they've made some one of purchases (2 car parks). They won't need much investment next year to win div 2 (of the leagues are the same next year).

[Part/Time Supporter]

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I had a look on RM and apparently they've made some one of purchases (2 car parks). They won't need much investment next year to win div 2 (of the leagues are the same next year).

Buying the car parks wouldn't affect their P&L. It initially just uses up some of the cash generated by the share issues. Presumably there will be some revenue from the car parking but I can't imagine this will be significant in their overall business.

They won't need much investment to win Div 2, but there will still be pressure to improve the team and compete better in the domestic cups.

[PatHead]

A link on their submission below. Love how they talk about their history.

http://m.londonstockexchange.com/exc...entId=11506139

[LeighLoyal]

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A link on their submission below. Love how they talk about their history.

http://m.londonstockexchange.com/exc...entId=11506139

I don't know why Sheikh Mansour doesn't just buy Man U's upcoming epl title from the Glazers and call it City's history. That's how ridiculous and contemptible this so called Sevco history is. Sevco seem to have side stepped oldco's tax abuses and registration cover up but BDO is still on the horizon and the small mattter of gratuitous alienaton of assets. We'll see if Sevco can make it a hat trick of results, shame the sfa don't have jurisdiction over BDO.

[CropleyWasGod]

Briefly looking at this bit:-

Revenue of £9.5m

· Operating expenses of £16.6m

· Loss before non-recurring items and finance costs of £7.0m

· Profit before tax £9.5m driven by non-recurring release of negative goodwill of £20.5m

That says to me that the actual loss was £11m.

[Part/Time Supporter]

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Briefly looking at this bit:-

Revenue of £9.5m

· Operating expenses of £16.6m

· Loss before non-recurring items and finance costs of £7.0m

· Profit before tax £9.5m driven by non-recurring release of negative goodwill of £20.5m

That says to me that the actual loss was £11m.

But that includes the non-recurring items, eg paying transfer fees incurred by the oldco.

[CropleyWasGod]

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But that includes the non-recurring items, eg paying transfer fees incurred by the oldco.

I'm old school.... a loss is a loss

[Spike Mandela]

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No chance of it happening any time soon. They had £21M in cash at 31 December, thanks to the share issue. Though if they keep losing money at the rate of £1M per month they will need to get back into the SPL quicker than scheduled. Expect a MSM campaign to get them vaulted up at least one division more than is due this summer.

It has already started, in the Sun today David Longmuir says it hasn't been decided what league Rangers will play in. To my mind it always was and still remains the real reason league reconstruction is even on the table for discussion.

[CropleyWasGod]

I like this bit:-

A revaluation process was undertaken during the period; Ibrox stadium and Murray Park were revalued at £40m, and intangibles were valued at £19m on acquisition.

Are you watching, BDO?

[jodjam]

Just been on stv news that ibrox is changing names. Sold naming rights to sports direct.

[LeighLoyal]

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Just been on stv news that ibrox is changing names. Sold naming rights to sports direct.

Chuckles trying to tell the horde that most clubs re-name their stadiums, not really Chuck, and it's usually done after a new build to pay for the cost like the Emirates, not an old heap like Greyskull. No credit line and desperate for cash. Hope they are dead again soon.

[lapsedhibee]

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Chuckles trying to tell the horde that most clubs re-name their stadiums

All successful businesses call themselves something else.

[BSEJVT]

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You do know they have been found to have broken the rules? They have been declared guilty by an independent commission. You may not like the punishment meted out but Oldco have been fined which given there is no money there doesn't make a blind bit of difference or as little difference as removing titles would have.
Financial sporting integrity went out the window whilst the game was still amateur and players started to receive brown envelopes. Why do we suddenly pretend otherwise? The stupid thing about what Rangers did was that they already had a massive financial advantage and would have won those titles anyway. Let's be honest here, the vast majority of Scottish fans had decided they were guilty before this investigation had taken place and had already decided on the punishment. Any penalty that did not fit in with that pre-determined outcome was always going to be denounced as a sham.

Correct

This thing was always going to end with a slap on the wrist.

Why?

Because there was no way the Scottish football authorities of whatever guise had the stomach or finance to deal with the continuing litigation / damage to the game that would have followed any punishment Green didn't like.

It's noticeable that Green (who has played an absolute blinder btw for his interests is quieting down. You can bet he was asked in advance what he was prepared to swallow and make little or no fuss

It's a long established business principle called the path of least resistance.

It's horrible, corrupt (add any other adjective) but its been that way since time began

The guy who brings the ball picks the teams

[Oscar T Grouch]

Said in the metro this morning in the same article about the £7mil losses, think it was their finance director, that they're not likely to be back in profit until they are back in Europe!?! So that'll be at least 3 years, how can they be aloud to lose circa £14mil a year for the next (minimum) 3years? What about UEFAs financial fair play rules (I know I shouldnae use fair play and the rangers in the same paragraph but hey ho)? Just wondering

[Oscar T Grouch]

Just got this off FB,
RANGERS supremo Charles Green has threatened to walk away from the club he saved – unless bigoted supporters stop singing sectarian songs.

By: Scott BurnsPublished: Tue, March 5, 2013

0Comments
Charles Green has threatened to walk away from the club he saved

Green, above, also warned fans that unless their behaviour improves the club faces being banned from European competition for years.

The Ibrox chief executive said: “I made a pledge to the Rangers fans recently that I wouldn’t leave until we’re playing the Champions League music.

“If we carry on playing this other type of music, we’ll get banned for life by UEFA, so I can leave on Friday. That’s not what we want.”

Charles Green
He hit out at the people he believes are apologists for the offenders, saying: “When I get comments like, ‘Other people do it’, I don’t care about other people. I don’t care about anybody else or any other club, only Rangers.”

Green also warned that any fan caught singing abusive songs will be banned for life.

He added: “Sectarian singing, or any form of race or religious discrimination, is not acceptable in any way, shape or form, not in the work place, not in a football stadium.

“I know Rangers have made great strides but my position is very clear – anybody who is identified will be banned for life. There will be no appeals and nobody will be let off. I feel so strongly about it.

“We’ve had a fantastic year, we’ve made lots of friends and for it to be spoiled by a mindless few is ridiculous.

“We want to be in a position where we can go to UEFA with our heads held high. This is something we can stamp out. It has no place in society and definitely not in Charles Green’s Rangers.”


I cannae see this making a difference to that lot though.

[LeighLoyal]

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Just got this off FB,
RANGERS supremo Charles Green has threatened to walk away from the club he saved – unless bigoted supporters stop singing sectarian songs.

By: Scott BurnsPublished: Tue, March 5, 2013

0Comments
Charles Green has threatened to walk away from the club he saved

Green, above, also warned fans that unless their behaviour improves the club faces being banned from European competition for years.

The Ibrox chief executive said: “I made a pledge to the Rangers fans recently that I wouldn’t leave until we’re playing the Champions League music.

“If we carry on playing this other type of music, we’ll get banned for life by UEFA, so I can leave on Friday. That’s not what we want.”

Charles Green
He hit out at the people he believes are apologists for the offenders, saying: “When I get comments like, ‘Other people do it’, I don’t care about other people. I don’t care about anybody else or any other club, only Rangers.”

Green also warned that any fan caught singing abusive songs will be banned for life.

He added: “Sectarian singing, or any form of race or religious discrimination, is not acceptable in any way, shape or form, not in the work place, not in a football stadium.

“I know Rangers have made great strides but my position is very clear – anybody who is identified will be banned for life. There will be no appeals and nobody will be let off. I feel so strongly about it.

“We’ve had a fantastic year, we’ve made lots of friends and for it to be spoiled by a mindless few is ridiculous.

“We want to be in a position where we can go to UEFA with our heads held high. This is something we can stamp out. It has no place in society and definitely not in Charles Green’s Rangers.”


I cannae see this making a difference to that lot though.

They are too thick to get it that when they sing hate and ignorance about Irish people and Roman Catholics etc that this goes to England and wider Europe - you know, that continent that is mostly Catholic. In a sense I hope they keep shaming themselves because it only hurts the Sevco cause. I don't see Green walking from £360k a year plus bonus though.

[Killiehibbie]

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Just got this off FB,
RANGERS supremo Charles Green has threatened to walk away from the club he saved – unless bigoted supporters stop singing sectarian songs.

By: Scott BurnsPublished: Tue, March 5, 2013

0Comments
Charles Green has threatened to walk away from the club he saved

Green, above, also warned fans that unless their behaviour improves the club faces being banned from European competition for years.

The Ibrox chief executive said: “I made a pledge to the Rangers fans recently that I wouldn’t leave until we’re playing the Champions League music.

“If we carry on playing this other type of music, we’ll get banned for life by UEFA, so I can leave on Friday. That’s not what we want.”

Charles Green
He hit out at the people he believes are apologists for the offenders, saying: “When I get comments like, ‘Other people do it’, I don’t care about other people. I don’t care about anybody else or any other club, only Rangers.”

Green also warned that any fan caught singing abusive songs will be banned for life.

He added: “Sectarian singing, or any form of race or religious discrimination, is not acceptable in any way, shape or form, not in the work place, not in a football stadium.

“I know Rangers have made great strides but my position is very clear – anybody who is identified will be banned for life. There will be no appeals and nobody will be let off. I feel so strongly about it.

“We’ve had a fantastic year, we’ve made lots of friends and for it to be spoiled by a mindless few is ridiculous.

“We want to be in a position where we can go to UEFA with our heads held high. This is something we can stamp out. It has no place in society and definitely not in Charles Green’s Rangers.”


I cannae see this making a difference to that lot though.

He's just alienated at least 75% of their support, if Rangers cease to be for their kind of people they'll stop going.

[Baldy Foghorn]

The Rangers are marketing their match against Annan as "join Scotland's most successful team at Ibrox"......

I thought they were a Newco with no history.....The whole sorry episode stinks, and they still believe that the history is still there, even after wiping their debt and starting afresh....It galls me that they have no class/dignity....The institution is despicable, rotten to the core.....

[Oscar T Grouch]

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He's just alienated at least 75% of their support, if Rangers cease to be for their kind of people they'll stop going.

Lets hope so and Scotland can finally get rid of this embarrassing club.

[DaveF]

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He's just alienated at least 75% of their support, if Rangers cease to be for their kind of people they'll stop going.

He can talk a good game, but they won't act on his words. Usual mealy mouthed nonsense to appease those in the UEFA into thinking they are stamping it out.

[Killiehibbie]

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Lets hope so and Scotland can finally get rid of this embarrassing club.

Sounds good to me.

[Killiehibbie]

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He can talk a good game, but they won't act on his words. Usual mealy mouthed nonsense to appease those in the UEFA into thinking they are stamping it out.

We'll take him serious when the life bans start getting dished out.

[LeighLoyal]

Quite interesting that he says he'll ban huns who don't report on other huns for their sectarian chants. We'll soon see if that's BS.

[alfie]

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The Rangers are marketing their match against Annan as "join Scotland's most successful team at Ibrox"......

I thought they were a Newco with no history.....The whole sorry episode stinks, and they still believe that the history is still there, even after wiping their debt and starting afresh....It galls me that they have no class/dignity....The institution is despicable, rotten to the core.....

Just how successful are Annan?

[blackpoolhibs]

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Just got this off FB,
RANGERS supremo Charles Green has threatened to walk away from the club he saved – unless bigoted supporters stop singing sectarian songs.

By: Scott BurnsPublished: Tue, March 5, 2013

0Comments
Charles Green has threatened to walk away from the club he saved

Green, above, also warned fans that unless their behaviour improves the club faces being banned from European competition for years.

The Ibrox chief executive said: “I made a pledge to the Rangers fans recently that I wouldn’t leave until we’re playing the Champions League music.

“If we carry on playing this other type of music, we’ll get banned for life by UEFA, so I can leave on Friday. That’s not what we want.”

Charles Green
He hit out at the people he believes are apologists for the offenders, saying: “When I get comments like, ‘Other people do it’, I don’t care about other people. I don’t care about anybody else or any other club, only Rangers.”

Green also warned that any fan caught singing abusive songs will be banned for life.

He added: “Sectarian singing, or any form of race or religious discrimination, is not acceptable in any way, shape or form, not in the work place, not in a football stadium.

“I know Rangers have made great strides but my position is very clear – anybody who is identified will be banned for life. There will be no appeals and nobody will be let off. I feel so strongly about it.

“We’ve had a fantastic year, we’ve made lots of friends and for it to be spoiled by a mindless few is ridiculous.

“We want to be in a position where we can go to UEFA with our heads held high. This is something we can stamp out. It has no place in society and definitely not in Charles Green’s Rangers.”

I have to say he has said all the right things here, but so have previous owners. The proof will be in him acting on his words.

Will he or wont he?

[Treadstone]

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I have to say he has said all the right things here, but so have previous owners. The proof will be in him acting on his words.

Will he or wont he?

Wont.

[Hibs Class]

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Just how successful are Annan?

They had a decent day today beating sevco.

[Bostonhibby]

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Just how successful are Annan?

I think its fair to say they have matched todays opponents so far, but to be fair on the rangers they haven't been in existence for as long as Annan so you never know.

[LeighLoyal]

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I think its fair to say they have matched todays opponents so far, but to be fair on the rangers they haven't been in existence for as long as Annan so you never know.

T'Rangers International have only been going a year, we shouldn't expect them not to lose at home to a team like Annan that have 70 years of tradition behind them.