Generic Sevco / Rangers meltdown thread

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23-03-2017, 03:29 PM
PeeKay

Quote:

Originally Posted by Hibbyboy

I would be careful reading blogs like this tbh.

Dermot Desmond was named in the Panama Papers. He owns a Latvian bank that was recently found to be money laundering.

They are both as bad as each other. Scottish Football would be 10x better without them.

FFP is a minefield. It would seem you can sill compete in Europe despite not meeting the criteria. Seems you can just pay a fine and continue on. Uefa at its finest.

Desmond's name has been found in the "Panama Papers" - I think linked to correspondence from HSBC - but, like the late Prime Minister's father, has not been found to have done anything illegal - unlike King.
He does not "own" a Latvian bank, he owns a share of said bank, but nevertheless may be caught up in a case being investigated by the French.
I agree with the two cheeks of the same @rse argument in many cases, but I don't think the Desmond can be compared to the glib and shameless one.
23-03-2017, 04:28 PM
GreenLake

Quote:

Originally Posted by PeeKay

Desmond's name has been found in the "Panama Papers" - I think linked to correspondence from HSBC - but, like the late Prime Minister's father, has not been found to have done anything illegal - unlike King.
He does not "own" a Latvian bank, he owns a share of said bank, but nevertheless may be caught up in a case being investigated by the French.
I agree with the two cheeks of the same @rse argument in many cases, but I don't think the Desmond can be compared to the glib and shameless one.

He only "own"s a third of the bank which by your logic would mean that he doesn't "own" Celtic?
23-03-2017, 04:43 PM
ballengeich

Quote:

Originally Posted by Ozyhibby

It looks like you can still compete but only under strict financial supervision to break even. That means no more soft loans etc. That means cutting the wage bill to fit the revenue coming in. Will the Sevconians tolerate that? Will they still keep buying season tickets knowing their player budget will be about a quarter of Celtics? No more going for #55 sales pitch? And if sales drop the player budget would have to drop again to match. Qualifying for Europe could be a double edged sword.

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Supervision by UEFA might even suit the Ibrox board. "The warchest's there, honest, but UEFA won't let us spend it".

Next season they'll be increasing ticket prices, they'll have increased central prize money from the SPFL and probably some European income. When the 15-16 accounts were issued in the autumn a figure of £3m in soft loans was quoted as being needed for this season. If that turns out to be correct then that additional income could allow them to break even in 17-18 while roughly keeping this season's level of spending.

I agree with your point about the possibility of season ticket sales falling away if the bears can't see anything better than a distant second in store.

In the closer future the big threat isn't the loss on normal trading, it's the court cases being raised by Warburton's management team and Ashley's companies. The amounts involved there could be bigger than the trading or accounting losses if they lose all the cases. We don't know how capable the directors are of covering these possible liabilities.
23-03-2017, 05:09 PM
PeeKay

Quote:

Originally Posted by GreenLake

He only "own"s a third of the bank which by your logic would mean that he doesn't "own" Celtic?

Yes
23-03-2017, 05:38 PM
GreenLake

Quote:

Originally Posted by PeeKay

Yes

So who owns Celtic or the Latvian Bank? Hawley Griffin? :greengrin
23-03-2017, 06:07 PM
Mr White

Quote:

Originally Posted by GreenLake

So who owns Celtic or the Latvian Bank? Hawley Griffin? :greengrin

We do. If it wasn't for us they'd be huns.
23-03-2017, 06:58 PM
jabis

Quote:

Originally Posted by Mr White

We do. If it wasn't for us they'd be huns.

Liked that :top marks
23-03-2017, 09:00 PM
Stonewall

Quote:

Originally Posted by CropleyWasGod

Initial thoughts.

1. they're not audited.
2. they made a loss, not a profit as it's being spun.
3. There is no Balance Sheet. It's impossible to make any judgement on their position without that.

Any significance that the financial information is in respect of RIFC, not TRFC?
23-03-2017, 09:20 PM
GreenLake

Quote:

Originally Posted by Mr White

We do. If it wasn't for us they'd be huns.

:greengrin
23-03-2017, 09:31 PM
CropleyWasGod

Quote:

Originally Posted by Stonewall

Any significance that the financial information is in respect of RIFC, not TRFC?

Who can tell? 😉

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23-03-2017, 10:17 PM
greenginger

The rangers vs rangers retail case got underway today.

https://stv.tv/news/west-central/138...chandise-deal/

The rangers case seems to be based on the claim that " rangers fans don't like the deal ! "

Open and shut case normally, but this Court is in London. :greengrin
24-03-2017, 05:49 AM
Stonewall

Quote:

Originally Posted by CropleyWasGod

Who can tell? 😉

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Don't know if it's just the way my mind works but I wonder which entity is granted the licence to compete in UEFA competitions with reference to FFP. Could they dump all the debt with say TRFC and RIFC apply for the FIFA licence.
24-03-2017, 06:23 AM
TrinityHibs

Quote:

Originally Posted by Mr White

We do. If it wasn't for us they'd be huns.

We certainly own the huns:cup:
24-03-2017, 07:01 AM
Ozyhibby

Quote:

Originally Posted by Stonewall

Don't know if it's just the way my mind works but I wonder which entity is granted the licence to compete in UEFA competitions with reference to FFP. Could they dump all the debt with say TRFC and RIFC apply for the FIFA licence.

Pretty sure it's TRFC which is the 'club' for the purposes of licensing. I'm not sure if it matters where the debt is for that? The trading losses have been incurred by the 'club'.

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24-03-2017, 07:10 AM
CropleyWasGod

Quote:

Originally Posted by Ozyhibby

Pretty sure it's TRFC which is the 'club' for the purposes of licensing. I'm not sure if it matters where the debt is for that? The trading losses have been incurred by the 'club'.

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That's my understanding.

The FFP rules are not just about debt, but losses as well.

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24-03-2017, 11:52 AM
Jack Hackett

Quote:

Originally Posted by CropleyWasGod

That's my understanding.

The FFP rules are not just about debt, but losses as well.

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...so getting pumped at Hampden last May counts against them as well? :greengrin
24-03-2017, 12:09 PM
HoboHarry

Quote:

Originally Posted by Jack Hackett

...so getting pumped at Hampden last May counts against them as well? :greengrin

Sometimes. It's a Gray area...........
24-03-2017, 12:16 PM
Ozyhibby

Quote:

Originally Posted by CropleyWasGod

That's my understanding.

The FFP rules are not just about debt, but losses as well.

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In that financial statement yesterday, where is the £2.9m loans they received in October? Does that show on there?

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24-03-2017, 12:52 PM
northstandhibby

Quote:

Originally Posted by greenginger

The rangers vs rangers retail case got underway today.

https://stv.tv/news/west-central/138...chandise-deal/

The rangers case seems to be based on the claim that " rangers fans don't like the deal ! "

Open and shut case normally, but this Court is in London. :greengrin

According to the link there's a distinct lack of legal basis upon which to lodge a defense? The outcome can only be in MA's favor unless as you quietly imply the cards are already stacked in favor of a distinctly stone builders type club.

In reality if unbiased it certainly appears the huns have no legal grounds and MA should win his case.

glory glory
24-03-2017, 12:54 PM
Iain G

Quote:

Originally Posted by greenginger

The rangers vs rangers retail case got underway today.

https://stv.tv/news/west-central/138...chandise-deal/

The rangers case seems to be based on the claim that " rangers fans don't like the deal ! "

Open and shut case normally, but this Court is in London. :greengrin

Can't work out what is my favourite quote from this article:

Statement A: "He said there was a widespread view that no "self-respecting" Rangers' supporter wore a replica shirt." - never met a self respecting the The Sevco fan in my life....

Statement B: "Whether rightly or wrongly, the supporters see Mike Ashley's primary goal as the making of money at the expense of on-field success." - yeah that's cos he runs a chain of retail stores and not a football club!
24-03-2017, 01:57 PM
CropleyWasGod

Quote:

Originally Posted by Ozyhibby

In that financial statement yesterday, where is the £2.9m loans they received in October? Does that show on there?

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It was only a trading statement. There was no Balance Sheet.

In other words, kinda meaningless... like an Orange Club biscuit, without the Orange. (work that one up as you will, guys....:greengrin)
24-03-2017, 02:08 PM
Bostonhibby

Quote:

Originally Posted by CropleyWasGod

It was only a trading statement. There was no Balance Sheet.

In other words, kinda meaningless... like an Orange Club biscuit, without the Orange. (work that one up as you will, guys....:greengrin)

Or a club, well not the now defunct Glasgow rangers football club anyway.[emoji6]

Not a very nice wrapper either.
24-03-2017, 04:47 PM
jgl07

Quote:

Originally Posted by CropleyWasGod

It was only a trading statement. There was no Balance Sheet.

In other words, kinda meaningless... like an Orange Club biscuit, without the Orange. (work that one up as you will, guys....:greengrin)

http://i1180.photobucket.com/albums/...L07/Club12.png
24-03-2017, 05:03 PM
jacomo

I have it from a source that Follow Follow was extremely provoked by Hibs.net earlier downtime and has now set fire to the internet.

Can anyone confirm?
24-03-2017, 05:10 PM
Dan Sarf

Quote:

Originally Posted by jacomo

I have it from a source that Follow Follow was extremely provoked by Hibs.net earlier downtime and has now set fire to the internet.

Can anyone confirm?

Cough, cough, room here filling up with smoke...

:panic:
24-03-2017, 06:35 PM
Stonewall

Quote:

Originally Posted by Ozyhibby

Pretty sure it's TRFC which is the 'club' for the purposes of licensing. I'm not sure if it matters where the debt is for that? The trading losses have been incurred by the 'club'.

Sent from my iPhone using Tapatalk

Club or club?
24-03-2017, 07:47 PM
southern hibby

Quote:

Originally Posted by HoboHarry

Sometimes. It's a Gray area...........

I seen what you did there

GGTTH
24-03-2017, 08:04 PM
HoboHarry

See Phil Mac is giving Sevco a real kicking today......

http://philmacgiollabhain.ie/
24-03-2017, 08:04 PM
HoboHarry

Quote:

Originally Posted by southern hibby

I seen what you did there

GGTTH

:greengrin
25-03-2017, 09:39 AM
CyberSauzee

This still makes me laugh

https://www.youtube.com/watch?v=H8x_59EjZOs

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