Generic Sevco / Rangers meltdown thread

[GreenLake]

This quote is hidden because you are ignoring this member. Show Quote

Hey, steady in now. Dont kick the innocent bankers. My bonus was well deserved and helps fund my pool house extension.

I thought bankers played billiards.

[jacomo]

This quote is hidden because you are ignoring this member. Show Quote

It won't as Mrs B has a track record of watching the costs.

Some of the puddle drinkers might find that hard to take as well.

If they don't like the way she's running things, they can just cancel their Direct Debits.

[GreenLake]

This quote is hidden because you are ignoring this member. Show Quote

If they don't like the way she's running things, they can just cancel their Direct Debits.

She can't lose then. The more financially viable her rule is for Hearts, the less happy the mob will be and the quicker they cancel direct debits leaving her with full ownership and no need to return the FOH money already paid into the club. Nice way to subsidized football club ownership if you can find it.

[ballengeich]

The review states that they're planning to raise capital, increase income, reduce spending and put out the best football team they can. That didn't need 120 hours to write, far less 120 days.

What's the additional capital going to be used for? They have the short-term loans already taken out to repay. There's likely to be a trading loss and one-off costs to cover next season. An undisclosed amount will be spent on upgrading Ibrox. A scouting and player development program is to be set up. How much will there be available to spend on strengthening the playing squad to the level they aspire to compete at? If they're planning to raise the capital by share issues a lot more detail of numbers will need to be made available. A repeat of the IPO prospectus (WATP - Stand and Deliver) won't impress institutional investors who've seen the value of their shares fall by two thirds.

The talk is of raising between £20 and £30 million in capital over the next three years. I'd have thought that after a full business review they'd have a more precise figure in mind, but what do I know. Whichever it is, that will take the total invested over £50 million. To justify that, a dividend of a significant number of millions each year should start being paid out sooner rather than later if Laxey and other institutions are to get the profits they must have expected when they got into the business.

The whole plan seems to depend on getting far enough in European competitions to allow profits to be made. I suppose it might work. I'd love to see the more detailed financial projections Wallace must have done. The public document tells us next to nothing.

[Seveno]

This quote is hidden because you are ignoring this member. Show Quote

If the former RFC owned the car-park, Sevco 1 would have bought it. Are you saying that Sevco 2 took the lease, and then bought it outright from Sevco 1?

Or did RFC only ever have the lease?

RFC only ever leased it as far as I was aware.

[seanshow]

To have your debts wiped, start again as a new club at the erse of scottish football with 40k crowds and be back in a similar position 2 years later! Is an effin disgrace and worth a withdrawal of spfa membership imo.

Im sure they would be in debt all over again, if there credit wasnt so fkd up

[Phil D. Rolls]

This quote is hidden because you are ignoring this member. Show Quote

The whole plan seems to depend on getting far enough in European competitions to allow profits to be made. I suppose it might work. I'd love to see the more detailed financial projections Wallace must have done. The public document tells us next to nothing.

They've tried this before, and that's why they are in the mess they are in.

Madness is repeating the same behaviour and expecting a different result. It doesn't take Einstein to see the flaws in their plan.

[Famous Fiver]

£70 Mill s*****d. Where have I heard that before?...............

[down-the-slope]

Surely they can't think supporters are this gullible.........these quoted section and particularly the highlighted bits are hardly going to to fill fans with confidence...

Though season ticket renewals are crucial to Rangers' financial position, the facility for fans to pay for them with credit or debit cards has been removed and supporters are instead being asked to pay the club directly.
Rangers say this has come as a consequence of the merchant acquirer's stance that it would need "extensive security" over property assets.
One caveat to the new payment arrangement will be that customers' money will not be protected in the event of the business going bust.


"The board believes that one of the major factors influencing the merchant acquirer to change its terms was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets," Rangers explained.
"As previously stated, the board has no intention of granting security over Ibrox.

[Brando7]

Just wondering why the stadium is on the expenditure list as would this not be green that bought ibrox & car park so are they saying the used fans money/shares to pay that back from Green?

[Brando7]

This quote is hidden because you are ignoring this member. Show Quote

The review states that they're planning to raise capital, increase income, reduce spending and put out the best football team they can. That didn't need 120 hours to write, far less 120 days.

What's the additional capital going to be used for? They have the short-term loans already taken out to repay. There's likely to be a trading loss and one-off costs to cover next season. An undisclosed amount will be spent on upgrading Ibrox. A scouting and player development program is to be set up. How much will there be available to spend on strengthening the playing squad to the level they aspire to compete at? If they're planning to raise the capital by share issues a lot more detail of numbers will need to be made available. A repeat of the IPO prospectus (WATP - Stand and Deliver) won't impress institutional investors who've seen the value of their shares fall by two thirds.

The talk is of raising between £20 and £30 million in capital over the next three years. I'd have thought that after a full business review they'd have a more precise figure in mind, but what do I know. Whichever it is, that will take the total invested over £50 million. To justify that, a dividend of a significant number of millions each year should start being paid out sooner rather than later if Laxey and other institutions are to get the profits they must have expected when they got into the business.

The whole plan seems to depend on getting far enough in European competitions to allow profits to be made. I suppose it might work. I'd love to see the more detailed financial projections Wallace must have done. The public document tells us next to nothing.

In order to achieve the strategy identified below, the Company will need to raise capital. The Board has determined that over the next three years it expects to raise between £20 million and £30 million to be invested in the Club. The Board will consider the most appropriate source of finance which may be available to the Club including equity and other sources in order to obtain the necessary funding whilst also seeking to ensure the Club's financial stability is protected.

This sound to me if they can get the money in a share issue they could be looking so sell ibrox for funds?

[Jack Hackett]

Just checked the share price for the first time in a couple of weeks, to find it's dropped to its lowest ever of 22p

Highly pleasing. Huge losses for the knuckledraggers who bought into Charlie's dream

[Ronniekirk]

This quote is hidden because you are ignoring this member. Show Quote

£70 Mill s*****d. Where have I heard that before?...............

The real issue for me is that we were told lessons would be learnt and there would be more financial scrutiny of clouds to make sure this sort of thing didn't happen again .
Clearly that hasn't happened and everyone knows they have been mismanaged again and bought there way back up making this situation almost inevitable .The Hierarchy want to turn a blind eye as they are Desparate to get them back into the top league .The whole thing stinks .Again this has had more coverage in last two days than most of the Hearts saga over past year .
Surely there need to be more financialProbity and more Transparency in thier case But they get away with it and have a Temerity to still refuse to speak to BBC because of the way they were treated ,and criticise other clubs over issues .
They are getting away with too Mutch in my view and it's as if because of what happened first time round they are untouchable now and do thier own thing .
I can honestly say I haven't missed them one bit .

Will be interesting how this all plays out .

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

The real issue for me is that we were told lessons would be learnt and there would be more financial scrutiny of clouds to make sure this sort of thing didn't happen again .
Clearly that hasn't happened and everyone knows they have been mismanaged again and bought there way back up making this situation almost inevitable .The Hierarchy want to turn a blind eye as they are Desparate to get them back into the top league .The whole thing stinks .Again this has had more coverage in last two days than most of the Hearts saga over past year .
Surely there need to be more financialProbity and more Transparency in thier case But they get away with it and have a Temerity to still refuse to speak to BBC because of the way they were treated ,and criticise other clubs over issues .
They are getting away with too Mutch in my view and it's as if because of what happened first time round they are untouchable now and do thier own thing .
I can honestly say I haven't missed them one bit .

Will be interesting how this all plays out .

I have to disagree with this a bit.

I am not sure that the football authorities could have done anything. Club gets money, club spends money, club gets into financial difficulties. Club has to deal with it.

I can't see that they are "getting away with" anything. If the club goes into administration, there are sanctions. More importantly, there will be serious commercial and legal consequences which will hurt them much more than a 25 point deduction.

[bighairyfaeleith]

Pleasing very ****ing pleasing

Sent from my C2105 using Tapatalk

[Ronniekirk]

This quote is hidden because you are ignoring this member. Show Quote

I have to disagree with this a bit.

I am not sure that the football authorities could have done anything. Club gets money, club spends money, club gets into financial difficulties. Club has to deal with it.

I can't see that they are "getting away with" anything. If the club goes into administration, there are sanctions. More importantly, there will be serious commercial and legal consequences which will hurt them much more than a 25 point deduction.

Would be happy if what you say happens .Maybe the phrase I am looking for is I think it's a bit immoral what they have done and are getting away with .Where has seventy million gone give or take the odd couple of million iether and still don't understand why given the difficulties they were in there wasn't more accountability .but I don't have a head for Business so maybe that's why I find it hard to account for what's happening .
It also doesn't put Scottish football in a good light when all we hear about is these on going financial difficulties at Sevco which to my mind could and should of been avoided.

[Crazyhorse]

This quote is hidden because you are ignoring this member. Show Quote

I have to disagree with this a bit.

I am not sure that the football authorities could have done anything. Club gets money, club spends money, club gets into financial difficulties. Club has to deal with it.

I can't see that they are "getting away with" anything. If the club goes into administration, there are sanctions. More importantly, there will be serious commercial and legal consequences which will hurt them much more than a 25 point deduction.

As one of our financial gurus do you think they seem to be heading straight for administration (I refuse to say again )? It doesn't look like they will sell enough season tickets and another share issue looks like it would probably fail. I know very little about this stuff but the vultures seem to be circling around the idiots left holding the ticking bombing while Charlie and his gang have made good their escape with lots of loot (mixing metaphors a bit there but you know what I mean)

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

As one of our financial gurus do you think they seem to be heading straight for administration (I refuse to say again )? It doesn't look like they will sell enough season tickets and another share issue looks like it would probably fail. I know very little about this stuff but the vultures seem to be circling around the idiots left holding the ticking bombing while Charlie and his gang have made good their escape with lots of loot (mixing metaphors a bit there but you know what I mean)

I am finding this fascinating, of course

I have no sense of anything at the moment, other than impending disaster if drastic action isn't taken. If I were advising them (collectively), I'd be telling them to get round a table and find a compromise. However, there seem to be so many egos involved that I am not sure that's going to happen. The only way that might happen is if the shareholders (who have lost so much already) force them to do it.

Even a share issue wouldn't necessarily be the answer. That would take time to organise, and they don't seem to have that. No-one would fund them in the short-term, at least not at sensible rates, and (as you say) there is no guarantee that it would succeed..... unless Mr. King chose to underwrite it. That may be his strategy.

Administration? It may be a good thing in the longer-term. It wouldn't be a cheap option for a new owner, unlike the Sevco fiasco. But, with a 25 point penalty in the Championship, it might force the new owners to be more realistic in their plans and get back to sustainable trading. That may also be King's plan.

Charlie Greene must be giggling away. All the predictions of asset-stripping that came from fans of Sheffield United (?) have come to pass. Ann Budge will also be looking at things with a keen interest.... I can't see her trying the same nonsense.

[pacorosssco]

football is a joke. Fifa uefa have done nothing to combat fairness in football. first class flights champagne and nibbles all round. the rest who cares. viva la revolution

[ehf]

This quote is hidden because you are ignoring this member. Show Quote

To have your debts wiped, start again as a new club at the erse of scottish football with 40k crowds and be back in a similar position 2 years later! Is an effin disgrace and worth a withdrawal of spfa membership imo.

Im sure they would be in debt all over again, if there credit wasnt so fkd up

Those 40K crowds are mythical.

Have a look at the highlights of their midweek match against Ayr and you will see that that Ibrox was empty; 10k at most. And their winning goal was so far offside that Craig Thomson would not even have given it against us.

[monktonharp]

This quote is hidden because you are ignoring this member. Show Quote

Rangers v Hearts, a taste of things to come?

That's some crowd

it was indeed. the thing that intrigued me was how many ex-huns played for the gorgie mob, not just in that game but over the years.

[MKHIBEE]

This quote is hidden because you are ignoring this member. Show Quote

.

. And their winning goal was so far offside that Craig Thomson would not even have given it against us.

I wouldn't bet on it

[Stonewall]

This quote is hidden because you are ignoring this member. Show Quote

The real issue for me is that we were told lessons would be learnt and there would be more financial scrutiny of clouds to make sure this sort of thing didn't happen again .
Clearly that hasn't happened and everyone knows they have been mismanaged again and bought there way back up making this situation almost inevitable .The Hierarchy want to turn a blind eye as they are Desparate to get them back into the top league .The whole thing stinks .Again this has had more coverage in last two days than most of the Hearts saga over past year .
Surely there need to be more financialProbity and more Transparency in thier case But they get away with it and have a Temerity to still refuse to speak to BBC because of the way they were treated ,and criticise other clubs over issues .
They are getting away with too Mutch in my view and it's as if because of what happened first time round they are untouchable now and do thier own thing .
I can honestly say I haven't missed them one bit .

Will be interesting how this all plays out .

Lessons learned by who though?

I do not recall any statements from Rangers admitting they had made mistakes and showing contrition. All we got was bluster, aggression, paranoia and if blame was to be allocated then it fell at the door of specific, rogue individuals rather than any systemic problems within the club.

If there is a refusal to acknowledge that mistakes were made it seems to me that there can be no surprise that the mistakes are repeated.

Not sure what the football authorities could have done to prevent this.

[Gettin' Auld]

Sevco fans have to pay cash for their season tickets now. No credit card payments accepted.

"We are the Pay Pal"

[ALF TUPPER]

This quote is hidden because you are ignoring this member. Show Quote

Sevco fans have to pay cash for their season tickets now. No credit card payments accepted.

"We are the Pay Pal"

Hahahaha quality !!

[down-the-slope]

This quote is hidden because you are ignoring this member. Show Quote

I am finding this fascinating, of course

I have no sense of anything at the moment, other than impending disaster if drastic action isn't taken. If I were advising them (collectively), I'd be telling them to get round a table and find a compromise. However, there seem to be so many egos involved that I am not sure that's going to happen. The only way that might happen is if the shareholders (who have lost so much already) force them to do it.

Even a share issue wouldn't necessarily be the answer. That would take time to organise, and they don't seem to have that. No-one would fund them in the short-term, at least not at sensible rates, and (as you say) there is no guarantee that it would succeed..... unless Mr. King chose to underwrite it. That may be his strategy.

Administration? It may be a good thing in the longer-term. It wouldn't be a cheap option for a new owner, unlike the Sevco fiasco. But, with a 25 point penalty in the Championship, it might force the new owners to be more realistic in their plans and get back to sustainable trading. That may also be King's plan.

Charlie Greene must be giggling away. All the predictions of asset-stripping that came from fans of Sheffield United (?) have come to pass. Ann Budge will also be looking at things with a keen interest.... I can't see her trying the same nonsense.

Given the caveat given about 'going concern' in last accounts (now as normal well out of date in terms of ability to trade...their merchant services withdrawing provision (unless they give security) then in normal business circumstances there is potential for very quick loss of confidence and withdrawal of credit facilities by other service providers which could easily become the domino effect that leads to the edge.....

[EuanH78]

This quote is hidden because you are ignoring this member. Show Quote

Sevco fans have to pay cash for their season tickets now. No credit card payments accepted.

"We are the Pay Pal"

Saw that on twitter earlier. Quality.
Also saw 'the 128 days later review' . Made me laugh

Sent from my GT-I8190 using Tapatalk

[VivaHiberña]

Simply glorious.

http://forum.rangersmedia.co.uk/inde...owtopic=233168

Personal favourites:

Never noticed this one. I liked this one.

We're going to enjoy this journey, we'll make a lot of friends along that route I'm sure while our former friends have the difficulties that they are going to face, Rangers and it's fans will have an enjoyable few years. [Charles Green, July 2012]

My underline:

Great stuff, Ive been thinking the same. It will be good for Rangers & Rangers fans to get get out of that cess-pit of bigotry & hatred for a while and cleanse ourselves away from all those ****ing ********s. Let the good times begin. And of course theres always the fun ahead of watching some of those *******s die along the way, all in the name of sporting integrity of course.

I have a funny feeling we shall grow to love mr green and will all be gutted when he leaves. It wouldn't surprise me though if he falls in love with rangers like most who have anything to do with our club do

[cabbageandribs1875]

http://www.dailyrecord.co.uk/sport/f...-makes-3459551


Wallace’s review didn’t tell fans much they didn’t already know in terms of the mismanagement of the previous regime, even if seeing the eye-watering figure of £67.2million which has been spent in less than two years merely added to their disgust.
Excessive wages for players for the division they were in was something that was pretty clear to most and they didn’t need to see it in black and white. Throw in the “onerous” commercial deals.


that's an awful lot of money spent to secure winning the leagues two and one

[cabbageandribs1875]

This quote is hidden because you are ignoring this member. Show Quote

Sevco fans have to pay cash for their season tickets now. No credit card payments accepted.

"We are the Pay Pal"