Generic Sevco / Rangers meltdown thread

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Originally Posted by The Falcon

What if the Club has changed? :cb



I am no expert but surely if we have learned anything from the Oldco and Yams implosions its that the the value of the assets Football Clubs place on their stadiums (particularly in the book value of Tincastle and Ipox) is nowhere near the amount that will be realised in any fire sale? Not seen the accounts but if the buildings were valued at the amounts that the administrators recovered from theiir sale, then how would the accounts look? After all it was only a few years ago so that should be a decent benchmark figure........

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Accounts are prepared on the basis that the company is a Going Concern. Hence the value should reflect that.

As for the first question.....beat it, that's been done to death on here [emoji48] [emoji48]

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I have not read the 1178 pages on this thread but did I read somewhere that the need an additional £8 Million over in the next year just to keep the lights on?

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Originally Posted by Famous Fiver

I have not read the 1178 pages on this thread but did I read somewhere that the need an additional £8 Million over in the next year just to keep the lights on?

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Possibly, but it would be speculation rather than any informed opinion. :)

The accounts say they need 3.75m to get to the end of the season. They've had 2.9m of that in the past few weeks.

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Originally Posted by Famous Fiver

I have not read the 1178 pages on this thread but did I read somewhere that the need an additional £8 Million over in the next year just to keep the lights on?

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I think it's on page 742... :greengrin

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Originally Posted by CropleyWasGod

Possibly, but it would be speculation rather than any informed opinion. :)

The accounts say they need 3.75m to get to the end of the season. They've had 2.9m of that in the past few weeks.

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Nearly 4 million pound to keep the lights on.

These benefactors will have to dig deep once again.

GGTTH

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Originally Posted by Famous Fiver

did I read somewhere that the need an additional £8 Million over in the next year just to keep the lights on?

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Originally Posted by Sham69

Nearly 4 million pound to keep the lights on.

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LED lamps?

It seems like every six months the directors loan money to the club/company just to keep going until the end of the season.

At the beginning of this season, the amount still owed to those 'benefactors' had reached 10 million, which would have increased to 13 million with October's loan.


Does loaning the club money count as part of King's fabled 50 million investment, and has there been any info released on how and when they plan to pay that money back?

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Originally Posted by Keekaboo

It seems like every six months the directors loan money to the club/company just to keep going until the end of the season.

At the beginning of this season, the amount still owed to those 'benefactors' had reached 10 million, which would have increased to 13 million with October's loan.


Does loaning the club money count as part of King's fabled 50 million investment, and has there been any info released on how and when they plan to pay that money back?

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Of the 10m, 3.5 is repayable on demand, with the rest due in December 17. No idea about the new 2.9m.

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They are now up to second in the leaugue If thats where they finish thats nearly a million quid they get Cup runs and half season tickets too
What is the up to date position re Club Merchandise Strips etc is Ashley still taking the Lions Share from this
I dont think they will have expected to finish 2nd Aberdeen really should have that in the bag given they have a settled. Squad

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Originally Posted by Ronniekirk

They are now up to second in the leaugue If thats where they finish thats nearly a million quid they get Cup runs and half season tickets too
What is the up to date position re Club Merchandise Strips etc is Ashley still taking the Lions Share from this
I dont think they will have expected to finish 2nd Aberdeen really should have that in the bag given they have a settled. Squad

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Rangers wage budget will be about 5 times that of Aberdeen. They should be finishing second.

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Originally Posted by Since90+2

Rangers wage budget will be about 5 times that of Aberdeen. They should be finishing second.

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But if they play to thier potential Aberdeen are the better Team imo They just seem to switch off and loose games they shouldnt

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Originally Posted by Ronniekirk

They are now up to second in the leaugue If thats where they finish thats nearly a million quid they get Cup runs and half season tickets too
What is the up to date position re Club Merchandise Strips etc is Ashley still taking the Lions Share from this
I dont think they will have expected to finish 2nd Aberdeen really should have that in the bag given they have a settled. Squad

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Rangers Retail Limited is a company registered in England and majority owned by Ashley. Rangers are tied into a deal with RRL for the next six years, a deal which gives sevco about 4p in the pound. It's a great piece of business by Ashley and there's nothing the hun can do about it, despite TLK's fighting talk. If you recall, King said in August that the hun were looking to launch their own kit. I wonder how that project is going?

I think you're being a bit premature to think that the hun will necessarily finish as runners up. Aberdeen are a better side with better players and a better manager. The hun signed 11 players in the summer, about 2-3 of that 11 are getting a regular game, and the wages of a number of the rest - Barton, Krancjar, Garner, Senderdross, etc. add up to quite a tidy sum.

It's all well and good saying that because the huns' wage bill is five times that of AFC they should be finishing second but that's a non-sequitur if they're literally throwing this money away on dross they don't/can't play.

**** the huns.

Phil M has a column where he's got some accountant type chap to look at RIFC accounts:

http://www.philmacgiollabhain.ie/rif...016/#more-8214

Phil has posted a full copy of their accounts and the first bit I can't square is their gate receipts.


They went up to £ 17.3 million , an increase of £ 5.7 million.

In the Key Performance measures, season tickets sales increased by £ 3.2 million but average walk-up customers fell from 8041/game the season before to 6878/game in the accounts season.

There is an extra £ 2.5 million that must have come from somewhere, maybe for the Cup final ? did they get our share ! :greengrin

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Originally Posted by greenginger

Phil has posted a full copy of their accounts and the first bit I can't square is their gate receipts.


They went up to £ 17.3 million , an increase of £ 5.7 million.

In the Key Performance measures, season tickets sales increased by £ 3.2 million but average walk-up customers fell from 8041/game the season before to 6878/game in the accounts season.

There is an extra £ 2.5 million that must have come from somewhere, maybe for the Cup final ? did they get our share ! :greengrin

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The gate receipts include hospitality income. Playing in a higher league will have justified them in putting the prices up.

Also, I'm not sure where the prize money from the League and Cup has been included. That may be in there.

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Originally Posted by greenginger

There is an extra £ 2.5 million that must have come from somewhere, maybe for the Cup final ? did they get our share ! :greengrin

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Think I read somewhere they got £1m from the Petrofac Cup run and win?

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Originally Posted by CropleyWasGod

The gate receipts include hospitality income. Playing in a higher league will have justified them in putting the prices up.

Also, I'm not sure where the prize money from the League and Cup has been included. That may be in there.

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They were still in the championship in the season these figures are for.

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Originally Posted by greenginger

They were still in the championship in the season these figures are for.

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Ken

Was forgetting that they were 2 years in that. Maybe they put their prices up :)

However, they didn't have the Cup run in that first season. The big gates in the semi (albeit shared) and the final will have helped. Where was the Petrofac final? That would have been a good earner as well.

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Originally Posted by CropleyWasGod

Ken

Was forgetting that they were 2 years in that. Maybe they put their prices up :)

However, they didn't have the Cup run in that first season. The big gates in the semi (albeit shared) and the final will have helped. Where was the Petrofac final? That would have been a good earner as well.

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Petrofac final was at Hampden. Would have been a good earner for the new club.

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Originally Posted by magpie1892

Rangers Retail Limited is a company registered in England and majority owned by Ashley. Rangers are tied into a deal with RRL for the next six years, a deal which gives sevco about 4p in the pound. It's a great piece of business by Ashley and there's nothing the hun can do about it, despite TLK's fighting talk. If you recall, King said in August that the hun were looking to launch their own kit. I wonder how that project is going?

I think you're being a bit premature to think that the hun will necessarily finish as runners up. Aberdeen are a better side with better players and a better manager. The hun signed 11 players in the summer, about 2-3 of that 11 are getting a regular game, and the wages of a number of the rest - Barton, Krancjar, Garner, Senderdross, etc. add up to quite a tidy sum.

It's all well and good saying that because the huns' wage bill is five times that of AFC they should be finishing second but that's a non-sequitur if they're literally throwing this money away on dross they don't/can't play.

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Theres a buy back clause in that rangers retail deal too, where any unsold stock has to be bought (paid for) by rangers to mike Ashley (as owner of rangers retail)

as there's an ever-so-sensible and not-at-all-suicidal merchandise boycott going on, the accounts appear to show rangers had to pay Ashley (in his role as rangers retail owner) £850,000.

swell!

One of the comments on Phil Macs site is saying that Sevco are already out of any possible European tournament next season due the FFP regulations. Is this true?

http://www.philmacgiollabhain.ie/val...haps-analysis/

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Originally Posted by HoboHarry

One of the comments on Phil Macs site is saying that Sevco are already out of any possible European tournament next season due the FFP regulations. Is this true?

http://www.philmacgiollabhain.ie/val...haps-analysis/

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If that's true I hope they finish 2nd or 3rd as being barred from Europe despite finishing in a qualifying league position would be absolutely ****ing hilarious. Even more so than finishing in the bottom 6. Although tbf that would also be pretty chuckleworthy.

http://uploads.tapatalk-cdn.com/2016...10d147b44a.png

Can anyone confirm if this is correct?

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Originally Posted by HoboHarry

One of the comments on Phil Macs site is saying that Sevco are already out of any possible European tournament next season due the FFP regulations. Is this true?

http://www.philmacgiollabhain.ie/val...haps-analysis/

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A quick Google suggests it's nonsense.....

http://www.uefa.com/community/news/newsid=2064391.html

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Originally Posted by CropleyWasGod

A quick Google suggests it's nonsense.....

http://www.uefa.com/community/news/newsid=2064391.html

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Not so sure - the second paragraph of section 2 could trip them up could it not?

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Originally Posted by HoboHarry

Not so sure - the second paragraph of section 2 could trip them up could it not?

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The third section sets out the limits. Since they're being supported by their directors, the limits are quite high.

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Originally Posted by CropleyWasGod

The third section sets out the limits. Since they're being supported by their directors, the limits are quite high.

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It does say direct contribution/payment? All the money into Sevco has been in the form of loans and the money from King came through an offshore company. Is this still ok?


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Originally Posted by Ozyhibby

It does say direct contribution/payment? All the money into Sevco has been in the form of loans and the money from King came through an offshore company. Is this still ok?


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tbh, it's not that clear to me. But I can't see what other way they would expect losses to be covered. They do say that it's to prevent running-up unsustainable debt. I presume they mean "external" debt, to banks etc., rather than "internal"...... cough...... like when they owe it to themselves.:cb

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Originally Posted by CropleyWasGod

tbh, it's not that clear to me. But I can't see what other way they would expect losses to be covered. They do say that it's to prevent running-up unsustainable debt. I presume they mean "external" debt, to banks etc., rather than "internal"...... cough...... like when they owe it to themselves.:cb

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Isn't the point that they expect losses not to happen at all but if they do then any cash put in must be a gift? Sevco's debt seems to be owed to a lot of different sources but it is all in the form of loans.


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