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I was listening to the Clyde 1 phone in tonight, and the presenters were speculating that if they didn't sell someone like Lee Wallace in January, they may run out of money before the end of the season.Quote:
Originally Posted by Spike Mandela
How fun that would be
What's going on in that picture Sandy Jardine looks like he has had two fingers amputated and is squirting something into his mouth Maybe all this in fighting has left a bad taste in their.Quote:
Originally Posted by Spike Mandela
Kind of lost track about what's happening at that vile club, but I'm assuming that this is good news tonight? ( well for non Sevco fans anyway!)
Lots but it's wishfully thinking and not going to happen They know that next season they can put up ticket prices as fans will want to. Be a season ticket holder so they get priority the following season when they will all want to crawl back out the woodwork with we are the people and no one likes us we don't care I really cannae be bothered with all that . Haven't missed it one jotQuote:
Originally Posted by Billy Whizz
Who knows? Bsaically the Sevco fans are stuck with the current board now whether they like it or not.Quote:
Originally Posted by Del Boy
Until the next attempted takeover The in fighting will continue as they all want to position themselves for a piece of the money when they get back into top flight .Greed and power never underestimate what it does to people Let's hope it tears them apartQuote:
Originally Posted by Spike Mandela
Apparently their wage bill is the highest in Scotland besides Celtic, anyone know if it's true?
I'd say that's a near certainty if Fat Sally is on what he's reported.Quote:
Originally Posted by Jonny1875
Defo true. From what folk have been saying behind the scenes they are still in a bit of bother and could well find themselves back in admin.Quote:
Originally Posted by Jonny1875
Assuming the current board are safe, it raises serious questions about the immediate future of Sally McCoist. He has, it seems, nailed his colours to the cause of the Requisitioners, presumably in the belief that they would come out on top in the AGM battle. What price he is emptied for his self-seeking treachery ASAP?
It's a bit more complicated than that. He allowed a Supporter's Club to be his proxy at the AGM, I believe as part of a promise to his Dad. That SC will vote against the Board.Quote:
Originally Posted by Bill Milne
Apparently, the Board know of this, and understand his reasons. Whether it will affect their attitude to him is still to be seen.
Yes, I was aware he had given a proxy to a supportes branch but, given the slippery way in which McCoist goes about his business, I feel this is his way of backing the Requisitioners without doing so in a direct manner. Still raises doubts over his future IMHO.
Dave Galloway @davegalloway83 2m "@SkySportsAmy: BREAKING: Former Rangers owner Craig Whyte has lost his appeal against ticket firm Ticketus and must pay £18m damages
He might have to sell Blue Pitch Holdings now. ;-)Quote:
Originally Posted by s.a.m
Quote:
Originally Posted by Ozyhibby
With shares selling at 34 pence the total capitisation of the Club is only £ 22 million. The castle will have to go too ! :greengrin
What Castle? You mean the Big Blue HooseQuote:
Originally Posted by greenginger
Quote:
Originally Posted by Billy Whizz
Naw, this one .......
http://www.dailyrecord.co.uk/news/sc...-faces-1855997
Company, GG, company!! :rolleyes::wink:Quote:
Originally Posted by greenginger
Money he used to pay off Oldco's Lloyds debt but yet again the Sevco/Rangers Zombie club gets away with it.:rolleyes:Quote:
Originally Posted by s.a.m
Live updates from AGM...........comedy gold.
http://news.stv.tv/west-central/2574...neral-meeting/
:hahaha: The club reported a £14m operating loss for the 13 months to June after around £22m was raised in a share issue late last year. :clapper:
http://www.bbc.co.uk/sport/0/football/25423601
The current Rangers board has won enough support to remain in place, BBC Scotland has learned.
is this good/funny :greengrin
So without the share issue, they wouldve made a loss of 36 Million in 13 months?
:cb
No. The loss would have been the same. The share issue doesn't count as trading income.Quote:
Originally Posted by Callum_62
They just wouldn't have had it to lose in the first place. :na na:Quote:
Originally Posted by CropleyWasGod
Or they couldn't have signed players like Daly, Bell etc, if they didn't have the cashQuote:
Originally Posted by PatHead
So many questions from that link?Quote:
Originally Posted by Spike Mandela
Was the AGM outside? Why the pot plants etc to make it look like it was inside?
Did the requisitioners hold their own press conference afterwards?
94% wages to turnover. To win Div3. :crazy::faf:
Meet the New Huns, same as the Old Huns ...
And hopefully they're heading the same way.Quote:
Originally Posted by JeMeSouviens
Board election results not even close, even Brian Stockbridge managed 65%. Yet another humiliation for Paul Murray who could only muster 31%. He's more like Monty Python's Black Knight than a Blue Knight, "Just a flesh wound!". :greengrin
Sally can relax now because his cowardly way out of avoiding having to vote because he proxied his shares to some supporters club means his job is safe. His hero status among the braindead is still assured. They`re too thick to see the scam he`s pulled.
He wasn`t forced to pick a side meaning he can continue to draw his 800 000 grand a year.......until he and SevCo reach an agreement on his wage cut of course..:coffee:
Murray reminds me of Brian Dempsey, fans favourite until its time to pony up. Both trying to get a seat on the board by popularity rather than hard cash. McCann called Dempseys' bluff. Murray ripped to shreds by Spiers on Sportsound last night, oh the shame.
Seriously? That's "savaged by a dead sheep" territory.Quote:
Originally Posted by Treadstone
All current board re-elected but not one of the requisitioners voted on to the board. Surprised at that - Rangers fans are screaming corruption and most wanted the current board out.
Chat of boycotts, no more income etc - they'll be in admin again before the end of the season at this rate.
Still no news on who are behind Blue Pitch and Margarita.
No update on Fat Sally's alleged pay cut (when and by how much).
Some fans talking about a boycott. Sounds good to me
Used to be held on a temporary stage erected above the tunnel and the "shareholders" sat in the main stand. Looks very much like they did the same this year.Quote:
Originally Posted by jacomoseven
There was some chatter last night on Twitter etc that Sevco are preparing for admin.
@pmacgiollabhian: Hearing Admin could be on the way at Ibrox. By the way, I have a book out. #BuyIt
The second part about the book is a sarcastic reply to someone.
Various sources saying a couple of newspapers getting the legals sorted before printing the story.
Baited breath if true.
Would not surprise anyone as they have spent vast amount to get out of lower divisions. The question is how authorities allow this to happen again. It makes a mockery of rules and regulations oh wait they are the new firm so rules do not apply and Scottish football I dead without themQuote:
Originally Posted by green glory
@moo_gaby: Interesting txt received this morning after I put out a couple of calls re the furore about Sevco last night. Sevco were in touch with >
@moo_gaby: > SFA & SPFL on Friday asking their view on sanctions were they to go into administration! This has come from a very good source.
Nothing confirmed yet, but I'm on my hands and knees praying like my life depends on it. :-D
Quote:
Originally Posted by green glory
Is it the same 15 point penalty or more for a second offense ?
It would let them dump a lot of contracts Green and Co signed them up to and ditch a few redundant players and managers who are overpaid.
sally McCoist will keep the GFA right on what they can and can't do
Yams will have a keen interest in this, just in case it hits Sevco's promo to Div 1. Or maybe Billy Brown will petition the SFA to say New Huns have been punished enough :greengrinQuote:
Originally Posted by green glory
It's 25 points for a second offence within 5 years I think, but the first a administration happened before the SPFL came into being so another insolvency event might be counted as the first one under the new rules. Maybe that's why The Ranjurs would need to ask the SPFL for advice on the matter, assuming the rumour is true.Quote:
Originally Posted by greenginger
Not sure about the penalty this time, but as they are haemorrhaging cash at an unsustainable rate, with the ridiculous amount they're paying their 'stars' the prime reason for this. They need to find a way to cancel their contracts.Quote:
Originally Posted by greenginger
I sense a position where Rangers get far enough ahead of the Pars that they take the Admin 15 point deduction and still cruise up into the "Championship" ??
If true it would only be the first offence as they are a new club.
What would be the purpose for administration (ie who would they be looking to bump)?Quote:
Originally Posted by green glory
Could it possibly be leading to another liquidation? Is liquidation possibly viewed as a way to a means to losing all links to Green/Whyte (with court actions and counter claims bubbling away in the background)?
Good chance to test The Rainjurs then.Quote:
Originally Posted by Hibee87
"Are you still Rangers?"
"Yes"
"Right, there's a 25 point deduction"
"Erm we meant no"
They are not a new club in the eyes of the SFA though, as they allowed them to keep their footballing history .. which must surely include the administration event along with their titles.Quote:
Originally Posted by Hibee87
The only thing they were not allowed to keep was their SPL share, which is history for everyone as there is no longer an SPL.
Looks very likely that'd they'd still cruise it even with a huge points deduction.Quote:
Originally Posted by rossevenil
This.Quote:
Originally Posted by The_Todd
Are you sure? I thought they were allowed to keep the history against the OLD club - i.e no cups or leagues stripped over the years of the cheating, however they are still a new club. I could be wrongQuote:
Originally Posted by StevieC
Is it not a 1/3rd of previous season's points total with a minimum of 15/25 points* (delete depending on whether you consider yourself the old club)?Quote:
Originally Posted by The_Todd
The one-third rule was the last SPL rule. The SPFL has standardised it as 15/25 depending on first offence in five years or not.Quote:
Originally Posted by PatHead
Darn. Would have loved The Rangers to start on -30 and still overtake Hearts after 11 games.Quote:
Originally Posted by The_Todd
Heard from a Hun friend the day after Dave King was in Scotland, basically now everything is resolved with SA authorities he wants back in with Rangers only this time he wants full control. As other parties will not relinquish their positions/shareholding the only way this can happen is another administration after which he will ride in.
He has a criminal conviction for aggressive tax evasion, so he's unable to sit on the board of any club.Quote:
Originally Posted by steviehibsleith
Everything wasn't resolved, that's Hun revisionism at its best.
So who do they owe money to this time? Surely no one was mug enough to actually lend then cash?
This is where I am slightly sceptical about the claims of their demise.Quote:
Originally Posted by Finbar
They seem to have burned a lot of cash since they re-started, granted, but IIRC at the AGM they still had c. £10m in the bank. I would have thought that that would be enough to keep them out of insolvency for the time being.
I don't think it's about debt at the moment. More about cash burn v money in the bank.Quote:
Originally Posted by Finbar
Malcolm Murray openly admitted they'd be down to their last million before the end of the season.
They don't have a credit line from any banks so it'll have to be austerity (big time) or insolvency.
Admin may be a way of getting out of some poor contracts that they signed.
Dean Shiels on 7k a week
Lee Wallace on 15k
Merchandising contracts
Etc
Doesn't have to be about debt
One of those figures is wrong by a third but I agree Admin 2 loomsQuote:
Originally Posted by Ozyhibby
I've no doubt as I guessed?Quote:
Originally Posted by Weststandwanab
:-)
It's the SFA and The Rangers, can anyone be sure?Quote:
Originally Posted by Hibee87
To the best of my knowledge, the SFA are accepting that it's the same team. A look on the new SPFL website has the Division 1 team, called "Rangers", as being founded in 1872 and includes all their previous honours.
The "The Rangers" stuff is more to do with liability for debt than footballing history.
As the administration process (and drop down the leagues) was a footballing event, then you would assume that it's taken into consideration in any future footballing events.
Craig Whyte was allowed to be a Director while under a 7 year directors ban and you think IF king comes back offering millions to take over Sevco the SFA will say sorry we cant allow that you are not a fit and proper person. You are correct and i agree wholeheartedly with you but no way will they would stop him IMO. In fact when questioned by a jounalist he said he had talked to the SFA and they didnt see a issue with him. The spivs and Easdales stopped him by refusing to sell him shares.Quote:
Originally Posted by green glory
He said that.Quote:
Originally Posted by steviehibsleith
Stewart Reagan said differently.
I don't recall any claim that there was £10m remaining at the date of the agm and wouldn't believe such a figure. IIRC, the accounts presented at the agm stated that they had £11m in the bank at 30th June, most of which was 13-14 income received in advance. While the ratio of income to spending has almost certainly improved this season, I think it's unlikely that it could have improved enough for the bank balance to be only £1m down nearly five months after the accounting year end, even disregarding one-off items.Quote:
Originally Posted by CropleyWasGod
Stockbridge stated that they'd have £1m in the bank in April i.e when the 14-15 income starts coming in. Given his history that may well be optimistic, but I share your scepticism about their imminent demise. I suspect it's touch and go whether they run out of cash in the next few months, but if they're going to have another administration wouldn't the close season be the best time for it?
Here's a suggestion. Could the major shareholders set up a company (let's call it The Ticketus) which makes short-term loans to football clubs with interest rates that Wonga would be embarrassed to ask for? It could lend money to The Rangers on condition that payment was made as soon as season ticket and other income arrives this spring. The people providing the loan make a nice profit and the club completes the season. A quick administration which relieves the company of some high earners follows during the summer and all is barry for the new season.
Is that plausible?
Quote:
Originally Posted by steviehibsleith
Come on - be fair. He wasn't 'allowed' exactly - it just slipped the attention of SDM, the Rangers-Board and the entire massed-ranks of our 'media' (who can normally be relied upon to tell you if Ally/Neil have washed their hands after wiping any given day of the week) - anyone can make mistakes .......
The same media that dug out the dirt on Whyte and exposed him on TV and in print?Quote:
Originally Posted by Deansy
I think as things stood at the time it was up to the club itself to determine if Whyte was a fit and proper person at the time of his appointment, the procedures were simply useless.
I don't remember it like that. I think he was exposed by 'The Internet Morons' long before the MSM. They merely jumped on the bandwagon when it became undeniable how much of a chancer he was. Up until then he was Craig 'wealth-off-the-radar' Whyte, The Whyte Knight, etc.Quote:
Originally Posted by marinello59
Yup, the same media that eventually dug the dirt-up on him. And it was the rangers responsibility but, Iirc, initially threatened court-action against BBC Scot if they went ahead with their 1st programme that (Mark Daly - 'The men who sold the jersey's ?) presented.Quote:
Originally Posted by marinello59
You're probably right about the cash figures; I haven't been paying too much attention to this story recently.Quote:
Originally Posted by ballengeich
I'll turn your scenario over in my head and get back to you.
Or, could the threat of a second admin. be used as leverage by the new CEO. in negotiations with the high earners and costly service contracts entered into by former Club directors ?
The more I think of it, the more I think that the admin story is a bargaining chip. Being used by whom, I'm not clear yet, but your suggestion makes sense.Quote:
Originally Posted by greenginger
I still don't see administration as being imminent, but it would be bad governance to dismiss the possibility in the medium term.
Douglas Fraser (@BBCDouglasF)
14/01/2014 13:42
A lot of activity in #Rangers shares this morning. £660,000 changed hands in 5 trades, with the price sinking further #rfc
I haven't been paying much attention to this lately but my brother (sadly a Rangers fan) reckons another admin is almost inevitable.
I hope he's right :greengrin
It's looking that way. Next month sometime maybe?Quote:
Originally Posted by BroxburnHibee
Four weeks to get it right
Posted by Phil Mac Giolla Bhain
What is the role of Philip Nash at Rangers International Football Club?
Given the company is hemorrhaging money the appointment of a highly paid consultant (£500 per hour is what I was told was the absolute minimum going rate for such chaps) it is a bit puzzling.
During his stint at Liverpool some Anfield insiders dubbed him “Philip Gash”.
So the scaffold has been built and the axe man is ready to take his place at the block.
I think he may play the same role as Donald Muir who has placed on the board of Rangers by Lloyds banking group on 2009.
For the fans he became “the enemy within”.
If Mr Nash can play this role then there is some logic to him being involved, on a consultative basis, with Sevco.
He will have real work to do there.
If you recall dear reader I have been writing for over a year that only austerity will save Sevco from insolvency.
The new club is, of course, a wholly owned subsidiary of the Rangers International football club.
Last week the RIFC share price went south at alarming rate.
Today as I write this their value continues to tumble as millions of shares were traded this morning.
Alarming that is if you bought into the deal at the IPO price.
These should be worrying times for the regular customers at Ibrox.
They’ve been there with Rangers and they can go there again with Sevco.
Graham Wallace’s main task now is to get the company in a fit state so as to prevent an insolvency event.
If, between them, Nash and Wallace can come up with a plan then they would be advised to start with a Pareto Analysis and in that you start with the biggest costs not with the smallest ones.
Any such examination of the financial woes of the new clumpany will quickly reveal that Super Ally has the biggest portion of the available pie.
As was reported here the much trailed 50% pay cut offer had not taken place even though the usual lamb outlets were stating it as a fact.
Now that Super Ally’s generous offer has finally been actioned the belt tightening can begin in earnest.
Graham Wallace, ably assisted by Philip Nash, cannot delay any further in implementing this massive cost cutting programme, a process that will resemble an insolvency event, which will be needed along with a significant price hike in Season Tickets.
Given the credentials of Graham Wallace I think, finally there is some competence in the Blue Room and he’ll do what needs to be done to steady the ship.
The downsizing will be significant and there really is no alternative.
The next four weeks will be vital for continuation of Project Sevco.
Mr Stockbridge , with Nash looking over his shoulder, will have to have the abacus going at an incredible rate as they calculate if there is enough liquidity for redundancy payments while keeping this entity alive
Unless severe austerity can be shown within that time period to the chaps in the Square Mile then there is little chance of raising the necessary finance to keep this loss making show on the road.
It would be beyond parody if something significant were to befall Rangers International Football Club and their loss making subsidiary Sevco exactly one month from now.
Yet again, the clock is ticking. As the shares plummet and a cash transfusion the only way for survival Friday, February 14th may be a red, white and blue letter day.
Roses are red, violets are blue the P45 in the post is just for you!
As much as I find the Rangers\Newco ongoing saga amusing, I think Phil McGoblin or whatever he's called, is taking it too far. I find him a bit cringeworthy, tbh.
"Taking it too far" in what respect? I agree that his language is a bit OTT at times... but I agree with the sentiment.Quote:
Originally Posted by The Governor
I was just having a similar conversation earlier today. As PM says, there really is no alternative to cost-cutting. Even at that, I am not sure that that will be enough to save them; again, as he says, the redundancy costs will be crippling.
I'm not convinced that insolvency is imminent, but the possibility has to be addressed.
How is he taking it too far? Surely he is pointing out that The Rangers are losing cash at an alarming rate. It cannot continue and if it does they are going back to square one 2 years to the day after the original administration. Nothing wrong with that.Quote:
Originally Posted by The Governor
Whats with Phil McGoblin- bit cringeworthy is it not?
In the way you meant. He's not objectively reporting on the situation, I just find his whole style cringey: his language, the way he changed his name to something "more Irish", the way he moved "back" to Ireland (despite being from Glasgow). He is everything anti-Rangers, he's almost a parody of a Celtic fan you'd be more likely to see in "Only an Excuse?"Quote:
Originally Posted by CropleyWasGod
I know we're not exactly objective about Hearts (or Rangers, for that matter), but this is a fan's forum. We don't claim to be serious grown-up journalists.
Does he ever talk about Celtic?
I'm just pointing out that Mac Giolla Bhain isn't his real name, he's changed it to be "more Celticy"Quote:
Originally Posted by PatHead
Think it was to be more Irish than Celticy.Quote:
Originally Posted by The Governor
Obviously Mac Giolla Bhain isn't his real name and he tweets on a lot more than The Rangers, including many Irish matters, racism and bigotry as well as Celtic. The media just portray him as a one trick pony regarding Rangers and the new company. Doubt a lot of the naughty things the old club got up to wouldn't have been highlighted if it was not for him.
BTW I don't like the writing style of the Sun so I don't read it, suggest you just give him a wide berth if you don't like his style.
Not wanting to criticise and mean this as a real question. Why do you call yourself "the Governor" and have an image of a man with one eye holding a gun? What image are you trying to portray?
All I'm saying is I'd more inclined to follow his articles if he wrote them in a manner more befitting an impartial journalist, because you're right - he did have a lot of important stuff to say. Maybe his audience would be bigger and more receptive if he didn't phrase all his columns as if they were meant for the Huddleboard.Quote:
Originally Posted by PatHead
As I've already said, this is nothing more than a fan's forum, not to be confused for "journalism". The fact my username and avatar are a fictional character from a TV show mean absolutely nothing.
So they've obviously not learnt a single thing from their past mistakes
and hopefully the same outcome will follow,follow...........Quote:
Originally Posted by BroxburnHibee
Well they have, in a way.Quote:
Originally Posted by BroxburnHibee
This time they're bolting the stable door securely, and the stable will be fresh and clean.
The horse, though, pheckt off a while ago.
I suspect the new horse 'follow follow' will be ridden in to the stable shortly. Jockey D.King.Quote:
Originally Posted by CropleyWasGod
Whether he'll own the stable is another question.Quote:
Originally Posted by Spike Mandela
What is his real name?Quote:
Originally Posted by PatHead
Philip Joseph GerardQuote:
Originally Posted by keekaboo
If that does happen how many points are they deducted as they are so far ahead they could take a 20 point deduction and still win promotion so buy buying there way back and taking the hit they will still view that as good business as next season in same division as Hearts would generate more income for them and higher season ticket prices .So once again cheating would of benefited themQuote:
Originally Posted by BroxburnHibee
As they are a new club it should be 1/3 of last years total but if they insist they are the same club it's a minimum of 25 points.Quote:
Originally Posted by Ronniekirk
They haven't cheated this time. ...yet. They have just spent all their money.Quote:
Originally Posted by Ronniekirk
The 1/3 rule doesn't exist anymoreQuote:
Originally Posted by Ozyhibby
His language is deliberately designed to infuriate Sevconians. No matter how much truth there is in his blogs, they'll never be able to learn from it as they can't get past the deliberately inflammatory tone.Quote:
Originally Posted by The Governor
It's actually very clever.
I find apologists for Sevco rather cringeworthy too.Quote:
Originally Posted by The Governor
Just saying!
Where did I say I was a Sevco apologist? Are you one of these people who assumes that if you don't like one half of the old firm you automatically like the other?Quote:
Originally Posted by jgl07
Personally I hate The Rangers as I find the way they've failed to learn their lessons most pleasing because it won't end well for them. Doesn't stop me from finding Celtic fanboys annoying.
It is his real name, just re-transliterated to Gaelic. I think the anglicised form is McGillivan.Quote:
Originally Posted by keekaboo
He does seem to have some good sources but his writing is mediocre at best and the whole Klan/Nazi stuff is pretty cringeworthy notwithstanding the worst excesses of Hunism.