Generic Sevco / Rangers meltdown thread

[Newry Hibs]

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Taken from the BBC's Scottish gossip column



Good news if true. It means that we as taxpayers will not lose out and that the rest of the SPL will benefit from weaker (therefore more competitive) Huns teams for several years until the debt is repaid.

I think that would be key - 10 years at £5m or 5 years at £10m. Knowing the carve up that is possible - maybe £1m a year for 50 years. After all RFC are an institution that needs to be protected.

[CropleyWasGod]

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Taken from the BBC's Scottish gossip column



Good news if true. It means that we as taxpayers will not lose out and that the rest of the SPL will benefit from weaker (therefore more competitive) Huns teams for several years until the debt is repaid.

Agreed that it is good news for all, apart from the most rabid anti-Hun. However, it makes the assumption that the Tribunal have found in favour of HMRC. Any gossip on whether that is the case?

[Eyrie]

There would also be interest running on the balance until it is fully repaid

But if the Huns have annual income of £35m and costs of £45m as is alleged, then cutting their costs back to (say) £10m would cover their overheads and leave them with a playing budget comparable to ourselves and Aberdeen. They'd struggle in Europe and gate money would fall, but they could still bring in £15-20m each year which would enable them to pay the debt off over 5-10 years.

The maths is do-able if the will is there.

[Kaiser1962]

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There would also be interest running on the balance until it is fully repaid

But if the Huns have annual income of £35m and costs of £45m as is alleged, then cutting their costs back to (say) £10m would cover their overheads and leave them with a playing budget comparable to ourselves and Aberdeen. They'd struggle in Europe and gate money would fall, but they could still bring in £15-20m each year which would enable them to pay the debt off over 5-10 years.

The maths is do-able if the will is there.

Dont know who's doing the sums over there but Rangers published income, and wage bill, over the last ten seasons is;

(Income first then wages)

2001 £46.0m---£33m
2002 £44.2m---£37m
2003 £48.2m---£35m
2004 £56.2m---£30m
2005 £54.3m---£27m
2006 £59.9m---£28m
2007 £41.8m---£24m
2008 £64.5m---£34m
2009 £39.7m---£31m
2010 £56.3m---£28m

Operating costs, excluding wages, must be high.

[Seveno]

I'm astounded at how open the Administrators are, even to the extent of referring to possible criminal charges as a 'grey area'. You would expect them to say nothing until they have full possession of the facts.

Makes me very suspicious. I sense other people working behind the scenes all along.

[Eyrie]

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Dont know who's doing the sums over there but Rangers published income, and wage bill, over the last ten seasons is;

(Income first then wages)

2001 £46.0m---£33m
2002 £44.2m---£37m
2003 £48.2m---£35m
2004 £56.2m---£30m
2005 £54.3m---£27m
2006 £59.9m---£28m
2007 £41.8m---£24m
2008 £64.5m---£34m
2009 £39.7m---£31m
2010 £56.3m---£28m

Operating costs, excluding wages, must be high.

Cheers for the correct figures, although it's ruined my afternoon as it means that they have the income to repay the taxman without crippling their ability to outspend the rest of us.

[greenginger]

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Dont know who's doing the sums over there but Rangers published income, and wage bill, over the last ten seasons is;

(Income first then wages)

2001 £46.0m---£33m
2002 £44.2m---£37m
2003 £48.2m---£35m
2004 £56.2m---£30m
2005 £54.3m---£27m
2006 £59.9m---£28m
2007 £41.8m---£24m
2008 £64.5m---£34m
2009 £39.7m---£31m
2010 £56.3m---£28m

Operating costs, excluding wages, must be high.

Do these figures include the payments/donations to the trust?

[Caversham Green]

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Dont know who's doing the sums over there but Rangers published income, and wage bill, over the last ten seasons is;

(Income first then wages)

2001 £46.0m---£33m
2002 £44.2m---£37m
2003 £48.2m---£35m
2004 £56.2m---£30m
2005 £54.3m---£27m
2006 £59.9m---£28m
2007 £41.8m---£24m
2008 £64.5m---£34m
2009 £39.7m---£31m
2010 £56.3m---£28m

Operating costs, excluding wages, must be high.

I can give you that for the last four years:

2007 - Operating costs £19m/Player amortisation £4m/Interest £1m Total £24m
2008 - £22m/£7m/£2m Total £31m
2009 - £18m/£9m/£2m Total £29m
2010 - £15m/£7m/£1m Total £23m

[Caversham Green]

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Do these figures include the payments/donations to the trust?

Yes they do - 2007 £4.988m; 2008 £2.291m; 2009 £2.360m; 2010 £1.358m.

[HiBremian]

Anyone else notice the music being played at Pittodrie at half time today?













"Taxman" by The Beatles

[neilmartinrocks]

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Anyone else notice the music being played at Pittodrie at half time today?













"Taxman" by The Beatles

just got a text from my mate at the game. Dons having a wee dig?!!

[green glory]

At least we're not Rangers. Thought I'd cheer us all up.

[silverhibee]

http://www.dailyrecord.co.uk/footbal...6908-23756481/

[ScottB]

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http://www.dailyrecord.co.uk/footbal...6908-23756481/

That's an interesting order for those banners to be in...

[johnbc70]

All very quiet at Ibrox but couple of things wanted to raise.

1) A 'friend of a friend' told me that his son who is 17 and on Rangers books has been promoted to the first team squad, a number of 16 and 17 year old have been told the same and will be training with the first team. Maybe a sign of the impending redundancies of some of the higher earners.

2) I keep reading about how 1 week in the administrators still do not know the whereabouts of the £24.4M Ticketus money - well here is an idea for them, ask Craig Whyte! Pretty simple really - phone him up and ask him where it is? Why have they not done this and why has no journalist questioned this?

[Coco Bryce]

I heard yesterday that the five-year contracts signed by the likes of Whittaker and McGregor are with the parent company, Rangers FC Group (ex-Wavetower) not RFC PLC. If true, that would break SPL rules on third-party ownership. And potentially mean that Rangers would lose every point they've won this season with "unregistered" players in their team. Like . . . every one of them. Which would put them on -10 points.

Supposedly this info came from an ex-Rangers player who is still involved with the club.

[Leithenhibby]

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I heard yesterday that the five-year contracts signed by the likes of Whittaker and McGregor are with the parent company, Rangers FC Group (ex-Wavetower) not RFC PLC. If true, that would break SPL rules on third-party ownership. And potentially mean that Rangers would lose every point they've won this season with "unregistered" players in their team. Like . . . every one of them. Which would put them on -10 points.

Supposedly this info came from an ex-Rangers player who is still involved with the club.

Now if that is true How funny would that be ...

The next few days will be a real testing time for that mob ...

[Sergio sledge]

The chief sports writer at the Scottish daily mail is saying on Twitter that there'll be a story to "bury" Craig Whyte "and much more" in tomorrows daily mail....

[Famous5forever]

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The chief sports writer at the Scottish daily mail is saying on Twitter that there'll be a story to "bury" Craig Whyte "and much more" in tomorrows daily mail....

I Heard from a very good source that there will be a warrant out for his Arrest tomorrow for FRAUD:pfgwa

[Spike Mandela]

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The chief sports writer at the Scottish daily mail is saying on Twitter that there'll be a story to "bury" Craig Whyte "and much more" in tomorrows daily mail....

He used the ticketus money to buy Gers.................


http://www.dailymail.co.uk/sport/foo...-pay-bank.html

[matty_f]

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He used the ticketus money to buy Gers.................


http://www.dailymail.co.uk/sport/foo...-pay-bank.html

Well, who never saw that one coming!?

If he gets done, is that Rangers properly screwed? What funding will they have going forward?

[DH1875]

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All very quiet at Ibrox but couple of things wanted to raise.

I keep reading about how 1 week in the administrators still do not know the whereabouts of the £24.4M Ticketus money - well here is an idea for them, ask Craig Whyte! Pretty simple really - phone him up and ask him where it is? Why have they not done this and why has no journalist questioned this?

Whyte used the Ticketus money to but the club, everyone knows that. What I don't get though is why they gave him it. Has he got any connections with them? Who gives a company on the bring of administration/liquidation a £24 million loan. Has to be something dodgy going on there.

[EuanH78]

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Whyte used the Ticketus money to but the club, everyone knows that. What I don't get though is why they gave him it. Has he got any connections with them? Who gives a company on the bring of administration/liquidation a £24 million loan. Has to be something dodgy going on there.

Hopefully someone will correct me if I'm wrong but I believe the crux of the matter is he recieved borrowings against an asset he did not own, which I think in this case counts as major fraud.

Think Whyte might be going to jail. And as a plus Rangers brand gets even more toxic

[cabbageandribs1875]

http://www.bbc.co.uk/news/uk-scotlan...iness-17105626


Rangers chairman Craig Whyte has resigned from three director posts in other companies so he can focus on the club's future.

The connected companies, from which Mr Whyte has also resigned, are Merchant Corporate Recovery and Merchant Strategic Renewal.


the wee dwarf must have had a great time thinking up names for his 2152387923645786534 companies

[Spike Mandela]

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Well, who never saw that one coming!?

If he gets done, is that Rangers properly screwed? What funding will they have going forward?

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Hopefully someone will correct me if I'm wrong but I believe the crux of the matter is he recieved borrowings against an asset he did not own, which I think in this case counts as major fraud.

Think Whyte might be going to jail. And as a plus Rangers brand gets even more toxic

If that is the case, who owns Rangers and who is the preferred creditor?

[EuanH78]

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If that is the case, who owns Rangers and who is the preferred creditor?

First question - Honestly dont have a clue what that would mean to ownership of Rangers. Put up for sale again maybe?

2nd - Dont think there is a legitimate one.

[truehibernian]

My crude take on it is that Ticketus, who already confirmed they don't offer loans, but buy assets, have effectively bought assets (tickets) that Whyte didn't own......he has used this money to both show Murray he has funds, and then paid off Lloyds. It surely depends on how much Rangers knew and in particular Murray I would have thought.....and what Whyte has told Ticketus.

He's kind of exposed himself though by stating on record he didn't use Ticketus money to buy the club......and where is the other £6 million ?

[jgl07]

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First question - Honestly dont have a clue what that would mean to ownership of Rangers. Put up for sale again maybe?

2nd - Dont think there is a legitimate one.

There will be nothing to own when the club are liquidated to pay off the creditors (largely HMRC).

[EuanH78]

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There will be nothing to own when the club are liquidated to pay off the creditors (largely HMRC).

I do hope your right.

For a while I was thinking that there was some sort of plan at work, for Rangers benefit (from Whyte). But as more of this unfolds it's beginning to seem like he was just chancing it and hoping for fair winds. Nae luck.

[jgl07]

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Hopefully someone will correct me if I'm wrong but I believe the crux of the matter is he recieved borrowings against an asset he did not own, which I think in this case counts as major fraud.

Think Whyte might be going to jail. And as a plus Rangers brand gets even more toxic

Where does this leave Ally McCoist given his support for Whyte?