Generic Sevco / Rangers meltdown thread

[Spike Mandela]

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http://www.bbc.co.uk/sport/0/football/19826914

Ha ha the man's speaking like Rangers have been cleared of dual contracts and EBT's and we should all just move on and stop 'persecuting' poor wee newco. He is in for a big shock methinks.

[Golden Bear]

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http://www.bbc.co.uk/sport/0/football/19826914

Not proven = kop out.

Only in Scotland.

[ancient hibee]

Surely this report is a load of guff.I thought Green was appearing before an SFA panel about his comments re the Nimmo Smith panel.It seems unlikely that the Nimmo Smith panel was deciding whether his comments were justified or not,probably be a correction soon?

[H18sry]

4th October, Ibrox Suite, 7pm.

Before the presentation Charles Green spoke about a few things, told a few stories etc. Here are some key points:

Rangers Support and attendance is incredible - THANK YOU!

Rangers = Rangers, end of story.
Titles/Trophies are going nowhere.
NewCo was never Plan A - they really wanted the CVA option.
Soon realised Scottish press are 'Mad' - couldn't believe their reaction. He blames it on the fact that "Charles Green" all of a sudden came from nowhere and none of the press could profit from stories/rumours etc, in the lead up to the buying of the club.
Consortium were misled by press and 'other individuals'.
Club will be stronger and better than it has ever been.

RESPONSIBILITY OF MANAGEMENT TEAM

Chairman - Malcolm Murray
CEO - Charles Green
Finance Director - Brian Stockbridge
Commercial Director - Imran Ahmad
Manager - Alistair McCoist
Non-Exec Directors - TBC

RFC want more Non-Executive Directors to give more control to the people. Club needs good governance.

CG and Ally don't have a problem. When Walter Smith was looking at a consortium bid, Ally met with CG to say he couldn't publicly 'support' CG as he was good friends with Walter of 20+ years. CG said 'Good, because Loyalty is the key quality I expect from my team.' Ally was happy with that, as was CG. Since then, no problem.

CG then explained how it all came about that IA called him and asked if he wanted to buy RFC. CG said no, he wanted to retire. IA talked him into it and they set up a bank account, asked some people to put some money into the account, no paperwork just trust. They bought the exclusivity for £250k, this guaranteed them the right to buy. They then bought the assets for £5.5m. Duff and Phelps couldn't pay the running costs for May, so CG's group 'bailed them out' and paid the bills for May, to the tune of £500k.

FOUR STRATEGIC AIMS

1. Football
2. Social Responsibility
3. Media
4. Fans

MONEY

Capita will issue the Initial Public Offering (IPO) share information next week. IPO presentation shows RFC (in Europe) is a £60m turnover club, RFC (no Europe) is £40m club. Division 3 will be "lower". CG said when Div3 was confirmed, he should have cut 25% of workforce, but didn't. Took the decision to retain staff, keep the talent/skills as he believes the whole 'team' is important moving forward to where he expects us to be.

CG said the wage bill was £30m last year, added we have a history of buying high and selling low, mainly due to the age of the players we bought. Now the wage bill is £6m. CG pointed out that if we sign another five players on 20k per week, that takes wage bill up to £11m. Then if we were to sign a further 5 players at £20k a week, that takes the wage bill up to £16m. So with the current squad, we can afford to add another ten players at 20k p/w, and we'd still have a wage bill almost half of what it was. CG doesn't believe we need to take this approach yet.

Further to this he said in three years time, we will have six players under the age of 21 with experience of well over 100 senior matches, most of them in front of 50,000 fans. These become very attractive saleable assets. CG expects this to be one of the ways we operate from now on, keeping wage bill down, nurturing the youth and creating good re-sale assets.

The year that RFC began handling their own merchandise, they turned over 27m, and made 5.6m profit, yet sold to JJB (who CG recognises didn't market the brand sufficiently, esp. overseas) for 3m - inferring that we probably lost out on 2.6m per year. JJB deal terminated, Umbro terminated. New joint venture company created with Sports Direct (one of the biggest in the world re: purchasing power/distribution/logistics/buyers), RFC hold 51% controlling stake in the company. Late stage talks are being held with three brands, Adidas, Puma and Warrior (Liverpool Kit) over new kit suppliers. Expect an announcement before 1st Nov. The crux of this new arrangement aims to push the RFC brand to all four corners of the world. CG's aim is for anyone to be able to buy a Rangers shirt anywhere in the world.

RFC are looking to maximise Shirt advertising sponsorship and general stadium advertising - which increases as media rights exposure increases. CG gave the examples of Ki Sung-Yueng and Ji Sung Park being income generators in Asia, for the clubs who signed them. He says RFC are exploring opportunities in Asia, especially China and India - IA is talking to the Chinese Minister for Sport and is hoping to get him over to Ibrox for a match.


THE RANGERS PHENOMENON

CG visited NARSA recently and is aware of the global reach of the club. Developing the brand overseas is key to the success. Claudio Reyna now, and Carlos Bocanegra, after he retires, will be ambassadors in the American continent, actively involved in a wide range of activities from Training Camps, Soccer Schools etc. CG believes USA now have a great affinity for our sport and WILL win the world cup in his lifetime. CG met with FIFA delegates in New York, and has also recently met with European club delegates in Geneva. Many delegates could not believe the "abuse" that RFC has been subject to, one un-named delegate even admitted their club had bribed referees and didn't receive as harsh a punishment as RFC has.

IPO presentation states RFC has a current global fan-base of 5M due to "Massive Scots diaspora", believes 500m globally could 'watch' RFC. Highlighted recent SKY viewing figures vs Peterhead as an example of level of viewing interest in RFC. CG believes football on TV is becoming a thing of the past. Gave example of his own £55/month SKY bill and hasn't been home to see a match. He would have been better paying a couple of quid and watching games on his phone while sitting in airports, train journeys etc. TV will become web-based. "Content is King", gave example of YOUVIEW.COM owner Marc Watson paying £738M for 'a handful of EPL matches'.

RFC believes we can generate £100M per year in 'media rights'. When asked if there were any barriers to maximising profit over our media rights, he said part of the deal to re-enter Scottish Football was to give a number of games over to Sky/ESPN, but now that we are out of SPL, there are less barriers, we still need to comply with certain legal issues e.g. 3pm Saturday K.O. being a no-go, but as long as we move K.O. times, eventually we can call the shots. We now have a 'reduced reliability' on TV feeds. He gave the example of next month's LIVE league match vs. East Stirling, this is being sold to web viewers online in the UK as well as abroad, and expects this to be the way forward. When asked about illegal streams etc. affecting these sales, IA explained they have a number of tech-solutions to fight this. He and BS also explained that the media rights revenue was not solely limited to match streaming, there would be other avenues such as maximising social networking, interactive feeds, fans can talk directly with players/management, pre/post match etc. interact with players not available for selection, such as injured or sidelined players, while the match is on.

[H18sry]

G51 PROJECT

The Club has fantastic facilities, all in working order and all owned outright by the club.

CG was asked about pre/post match revenue at the stadium. He produced a large map of Ibrox and the surrounding areas, with proposed property development, in line with the G51 project. They intend to sit down with Glasgow City Council, and the Housing Associations with a view to purchasing the land. RFC currently owns some of it, but would like more e.g. The Old Gasworks, they wish to turn into a leisure complex. they want to lobby for the re-opening of the old Ibrox rail station. The G51 project focus has shifted attention from Casino/Retail etc. more towards Health, Leisure and lifestyle. CG Mentioned building of a Cancer Centre and Health Centre.

Partners identified for regenerating the area include Cancer Partners, British Land, Ardmore Group and Marriott/Holiday Inn. CG explained that the Scottish Executive identified that Glasgow is 18 hotels short of what is required for Commonwealth Games 2014, he believes G51 could help with that and if deal was reached, jobs created and work commenced, it would be ready in time for the games. A small portion of the funds for this project would come from the IPO, but would be a good investment with rents/fees etc. coming back to the club for 25 years.

Edmiston House - Murray bought for £1.5M, last week RFC purchased it back for £800k. The current Megastore will become the ticket office, the first two floors of Edmiston will become the new Megastore (largest in Scotland) and the upper floor will be Bar/cafe leisure venue. CG expects this to be accomplished by May 2013.

They are looking at Stadium sponsorship and Murray Park sponsorship. CG alluded that 'The Sports Direct Stadium' might not be desirable, but 'The iBrox Stadium' (as in Apple iPad/iPhone etc.) would be, acknowledging the fans passion for keeping the name of our stadium. (nb. I was personally unsure if what CG was saying about the 'Apple iBrox' sponsorship was merely a suggestion to Imran, an actual possibility or just some show-boating?)

SHARE ISSUE

22,690,000 shares have already been issued - these are with the initial backers (consortium). IA estimates a further 22M+ in the next round. The minimum investment is 500 shares. IA was asked what price will one share cost? He explained that a bunch were traded at 50p early on, and more recently 1M where traded at £1. He estimates somewhere between £1-£1.50 per share, it will be finalised when the value of the club is established.

The Board was asked "What about people who can't afford £500?" CG replied, they could wait until the first day of trading and go to a broker and do it that way, then they can invest in smaller chunks. The board decided on 500 as the bottom limit, as anything lower could be a challenge re:cost involved in the whole IPO process vs. actual share issue/capital raising. There would be an order of priority with the offer, in the first instance, current season ticket holders and old shareholders will be offered first dibs, then after that it would be open to the public.

A question was asked about RST/Gersave etc. and about 'groups' being allowed to buy shares on behalf of others, CG said that he had no objection to that, but it would be up to those inclined to do so to hand their money over to one individual. The priority rule would still apply.

All in all, using these new deals/strategies, CG believes over the next 5-10 years RFC can grow to become a global brand with an annual turnover of £100m through traditional means (merchandise/retail/match-day experience) plus another £100m in media rights through new technologies. RFC will have no debt, no liability and plenty of assets.

OTHER BUSINESS

CG said he will personally make money from Rangers, but he will make it in the right way. CG received his first pay check last week. His salary will be documented in the Annual Report, but he joked that he told IA that he believed himself to be half as good as Martin Bain, so he should take half of what he got paid, IA said CG was worse than that, and decided to pay him less than half of Bain's salary.

CG said "We are not for leaving - we are staying until the job is finished." CG will receive 10% share ownership once the job is done, but FSA rules prohibit him from selling while he is CEO, so he kindly asked us to vote him out when the job is done so he can retire to France.

CG said he wants no part of the SPL for Rangers anymore. "Why should we go back to an organisation and earn them money when they are trying to strip our titles?" CG believes Scottish league reconstruction is inevitable. He also believes a European League will happen and Rangers tick all the boxes and will be part of that.

CG won't back the call for a boycott of an away matches vs. SPL teams, he doesn't think it is a good idea. He believes the fans should get behind Ally and the team. He made the point that if the fans wanted to hurt SPL teams financially, they would do better boycotting home matches against them instead. However, if the support want the club to back a boycott, they should write to the board and ask them to publicly support the boycott. He also said that he had a few other 'sneaky ideas' about how to deal with SPL clubs.

CG believes even though 10 chairmen raised there hand, only 5 wanted us out of the SPL. The others intended to abstain, therefore rendering their vote irrelevant - CG told them to 'man-up' and either keep us in or kick us out.

BF1 - The gentleman sitting beside CG at the recent Motherwell match is a director with Arsenal, he expressed his admiration for BF1 saying "If you could bottle that and sell it, it would make a fortune". He wishes Arsenal had something similar.

CG does not want 'crowd surfing' or flares/smokebombs as he is responsible for the safety of every person in the Stadium and does not want any supporter to come to any harm. "If the fans want flares, ask us! We'll arrange it properly, before or after matches, safely."

CG said he would have no problem in allocating ALL away fans the Broomloan Corner, including our rivals across the city. He is open to meeting with TBO and UB with a view to expanding their groups across the whole of BF.

The board was asked to explain what their strategy was concerning the 'Leadership' of the club. "What are you doing to sustain a strong leadership team to build our club to be the great organisation it deserves to be?" CG explained that IA and BS are currently building teams to create a new culture within the club. Their focus was on sustainability first, then growth and building the financial base, whereas our first class management team will concentrate on building the squad. As mentioned, Youth development will play a major role, Craig Mather, who has a wealth of experience, is now the Director of Auchenhowie.

CG's expectation for the club is not to be at the level of Man Utd. and Barcelona, but he firmly believes that group stages of the Champions League every year should be our minimum expectation, then the quarter finals every other year, and on a good year maybe even the semi-finals.

CG was asked about renaming our training facility, he mentioned that they were going to put it out to the fans to decide on a name, at that point a fair few of those in attendance said out loud "Davie Cooper".

[Jim44]

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Not proven = kop out.

Only in Scotland.

This and other media stories about Newco's desire to improve relationships with the SFA and Ogilvie's request for 'clearing the air' talks etc. is disturbing. The cynic (never far away) in me sees this as the beginning of a propaganda campaign which will rapidly expedite the return of Newco to the top flight and their 'former glory'. As a point of interest, I can't remember the last time I saw the names Regan or Doncaster in print.

[Bostonhibby]

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This and other media stories about Newco's desire to improve relationships with the SFA and Ogilvie's request for 'clearing the air' talks etc. is disturbing. The cynic (never far away) in me sees this as the beginning of a propaganda campaign which will rapidly expedite the return of Newco to the top flight and their 'former glory'. As a point of interest, I can't remember the last time I saw the names Regan or Doncaster in print.

so to help rectify this glaring omission..................Regan and Doncaster are a pair of Sevco apologists who have done more flips than Flipper himself on a busy day to help the Huns.

Back to work.

[LeighLoyal]

I'm starting to believe there's a wee chance Sevco will be in the Third division until 2014. The awesomeness of that would be unquantifiable, a bit like hun tax returns.

[ancient hibee]

Green has clearly got a screw loose but knows how to tell the numpties what they want to hear.His chance of a successful share issue are zilch-who will he get to underwrite it for a start.

[LeighLoyal]

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Green has clearly got a screw loose but knows how to tell the numpties what they want to hear.His chance of a successful share issue are zilch-who will he get to underwrite it for a start.

I doubt he will be raping £50m from HBOS , or Bank of Scotland as they were then, like Sir Skinty Hopalong did in 2002.

[Hibs Class]

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I'm starting to believe there's a wee chance Sevco will be in the Third division until 2014. The awesomeness of that would be unquantifiable, a bit like hun tax returns.

Stirling manager was so confident of beating Sevco today that he gave his team talk yesterday then popped off this afternoon to get married! Shame he missed was could be fatally's last game in charge, although the sevco suicidal tendencies probably means that the leg-end will be given another chance to earn that elusive first away win.

[Jack Hackett]

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Stirling manager was so confident of beating Sevco today that he gave his team talk yesterday then popped off this afternoon to get married! Shame he missed was could be fatally's last game in charge, although the sevco suicidal tendencies probably means that the leg-end will be given another chance to earn that elusive first away win.

The more chances he gets, the better

[Famous Fiver]

The quicker league reconstruction comes in the better!!!

As long as they allow progression from the non league ranks in the shake up. Then our friends from Sevco might just get out of the Third Division, but not in the direction they were expecting!!!!!!

[LeighLoyal]

FatAlly Sevco.


Glass chinned fraud say Stirling! Huns, the gift that keeps giving!

[cabbageandribs1875]

there's a film on the horror channel(freesat) tonight called "cowboys and zombies" i thought at first it was a documentary about the huns, but it's not, it's just a film :( i wanted a larf tae

[Greendreamer]

It was Albion managers wedding day today, so in a way Rangers were something new, something old and something blue

[forthhibby]

Ally McCoist was asked what he knew about the Albion. He said Albion the dole on Monday!

[ballengeich]

Sending their own manager to a wedding next week might be a good idea for Sevco after their first defeat over 90 minutes.

Pleased to say that Brian Allison, Albion captain and goalscorer, is a Hibee

[ScottB]

Apple sponsoring their stadium, Champions League Quarter Finals, Chinese Ministers coming to watch games...

Cloud cuckoo land!

[LeighLoyal]

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Apple sponsoring their stadium, Champions League Quarter Finals, Chinese Ministers coming to watch games...

Cloud cuckoo land!

File under, Charlie Bucket and his quest to get zombie huns to buy Sevco shares.

[joe breezy]

The iBrox Stadium - Steve Jobs' dying wish I'm sure :lolhuns:

[basehibby]

this deserves it's own thread for me

i remember AOB ripping them for erse paper at that very ground - albeit in a pre-season friendly - just how many lives does Sally get before "Green" pulls the trigger???

[Kaiser1962]

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4th October, Ibrox Suite, 7pm.

Before the presentation Charles Green spoke about a few things, told a few stories etc. Here are some key points:

etc etc

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G51 PROJECT

The Club has fantastic facilities, all in working order and all owned outright by the club.

etc etc

Chuckie is trying hard to sell this to the business community because, as previous share issues both at Rangers elsewhere have proved, the supporters dont have the kind of money needed. So these two statements are pretty much as expected, however unrealistic they may be when they try to apply this in the real world.

[PatHead]

Notice that the Investment Firm advising "Wild Bill Miller" who tried to buy the old Rangers has said that the "Math doesn't add up" and the Newco could be heading for administration.


Two thoughts on this.,,
1. This is the financial genius that was going to save oldco, yet his statement is merely dismissed and tucked away in the back pages... No big bold headlines this time!!!
2. The sheer audacity of the sevco chairman stating that to even mention the "A" word is 'scandalous'


Yet when you read the sympathetic press there is no scandal in the cheating and fraud perpetrated by the zombie clubs previous life-form?

There is no scandal in sevco publicly stating that they are going to be worth £200M, financially stronger than every club in the SPL, yet they turn their back on money owed to roofers, car-hire firms, their own fans and even a *****g face painter!!!
Now THAT is scandalous !!!!!

Finally what has happened to the restructuring of Scottish Football?

[LeighLoyal]

quite a good read. Can only hope that there is some credance to his figures and Sevco do hit the wall. We still have the BDO process to look foward and a potential gross alienation of assets.

[s.a.m]

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It was Albion managers wedding day today, so in a way Rangers were something new, something old and something blue

[Lucius Apuleius]

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quite a good read. Can only hope that there is some credance to his figures and Sevco do hit the wall. We still have the BDO process to look foward and a potential gross alienation of assets.

OK for us thick **** WTF are you talking about

[jgl07]

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quite a good read. Can only hope that there is some credance to his figures and Sevco do hit the wall. We still have the BDO process to look forward and a potential gross alienation of assets.

The financial model that Sevco are operating on does not look viable. OK they have cut a lot off their wage bill but they retained a number of high earners and have probably had to pay way over the top the attract their new signings.

The other costs associated with running Ibrox and Murray Park have not really been touched. Miller's advisor covered on this in the article.

They have sold 36,000 season tickets but at a heavily discounted price. How many of those will be concessions? Same goes for the walk-up fans. From what I have heard there are a lot of kids in there. Maybe good for the future but not particularly good for revenue.

Even if they avoid administration on the way up to the SPL, what happens when (or if) they make it up to the SPL? Celtic will be in a really strong position with Champions' League income (provided that they don't screw things up) for the next three to four years.

They are doomed. I tell you. They are doomed.

[Part/Time Supporter]

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The financial model that Sevco are operating on does not look viable. OK they have cut a lot off their wage bill but they retained a number of high earners and have probably had to pay way over the top the attract their new signings.

The other costs associated with running Ibrox and Murray Park have not really been touched. Miller's advisor covered on this in the article.

They have sold 36,000 season tickets but at a heavily discounted price. How many of those will be concessions? Same goes for the walk-up fans. From what I have heard there are a lot of kids in there. Maybe good for the future but not particularly good for revenue.

Even if they avoid administration on the way up to the SPL, what happens when (or if) they make it up to the SPL? Celtic will be in a really strong position with Champions' League income (provided that they don't screw things up) for the next three to four years.

They are doomed. I tell you. They are doomed.

The Forbes article talks about how their season book sales have fallen from 44,000 to 37,500 in recent years. Presumably the 37,500 figure was for 2011/12. Now we have the newco boasting about how they've sold 36,000 this season.

In other words, despite all the free publicity this summer, a massive reduction in prices and the club being in desperate need of cash, "Rangers" sold 1500 fewer season books than they did last summer.

[Caversham Green]

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OK for us thick **** WTF are you talking about

He means 'gratuitous alienation of assets'.

HTH .


















OK, the alienation means removal, and gratuitous means unnecessary, underpriced or free. The suggestion is that D&P were in league with Green and passed the assets on to him at less than market value. On the face of it it seems a strong claim - £1.5m for Ibrox and Murray Park seems way underpriced and the trophies and history that Green keeps banging on about buying can only have been included in the Goodwill, which cost him a single pound.