Generic Sevco / Rangers meltdown thread

[cabbageandribs1875]

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Forget Rangers, forget Sevco, forget football even. Rich men, powerful men and institutions were earning money beyond our wildest dreams and paying less tax than honest hard working people. HMRC need to keep their teeth into this like a pitbull.

Mr Murray made a Mint :(

[Smartie]

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It would have no impact on the former players.

It would have an impact on:-

1. the liquidation of the old owners of Rangers. A successful outcome would mean more of a payout to HMRC, and less to the other (smalle) creditors).

2. it would help HMRC in their actions in similar EBT cases against other companies.

3. it would send a massive STFU to the Rangers/Sevco fans who bizarrely still feel that they've been hard done by.

[Keith_M]

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3. it would send a massive STFU to the Rangers/Sevco fans who bizarrely still feel that they've been hard done by.

It's (h)unbelievable the amount of them that claim that Rangers (the company, whatever) should never have been liquidated and it's all HMRC's fault.

[grunt]

Alasdair Lamont ‏@BBCAlLamont 13m Rangers announce plans to Stock Exchange to try to raise £4m by issuing new shares to existing shareholders at 20p each.

Rangers statement says they had "an unaudited cash balance of £4.258m at 30 June 2014" including £2.72m not currently available

If minimum subscription not reached "Company will be unable to pay its creditors as they fall due and the future will be uncertain...

...The Directors will immediately have to seek emergency financing which may or may not be available

Rangers also say they'll have to seek further external funding, the timing of which depends on success of this offer.

[tamig]

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Alasdair Lamont ‏@BBCAlLamont 13m Rangers announce plans to Stock Exchange to try to raise £4m by issuing new shares to existing shareholders at 20p each.

Rangers statement says they had "an unaudited cash balance of £4.258m at 30 June 2014" including £2.72m not currently available

If minimum subscription not reached "Company will be unable to pay its creditors as they fall due and the future will be uncertain...

...The Directors will immediately have to seek emergency financing which may or may not be available

Rangers also say they'll have to seek further external funding, the timing of which depends on success of this offer.

They're desperate. £4m to put a temporary plug in a dyke.

[Greenworld]

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It would have no impact on the former players.

It would have an impact on:-

1. the liquidation of the old owners of Rangers. A successful outcome would mean more of a payout to HMRC, and less to the other (smalle) creditors).

2. it would help HMRC in their actions in similar EBT cases against other companies.

This is all about number 2 friend in Tax office tells me they are not that bothered about rangers its the gates that will open elsewhere ...

[grunt]

From Rangers statement to the Stock Exchange

Assuming full subscription, the Company will require additional external funding in the latter half of the current financial year in order to meet working capital requirements as a result of the cyclical nature of its business. At the minimum level of subscription additional working capital will be required towards the end of the current calendar year. This funding, could be sourced from lines of credit, other forms of short term finance or as a component of a further equity raise, in line with the strategy identified in the Business Review to re-build and re-establish Rangers as a stable, sustainable and successful business. There can be no certainty that such funding will be available on commercial terms or at all. Failure to secure such funding would be damaging to the business and may impair the value of the Ordinary Shares. The Open Offer is not underwritten. There can be no certainty as to the aggregate level of subscription for New Ordinary Shares. If the aggregate level of subscription is less than 15,000,000 New Ordinary Shares the Open Offer will not proceed and subscription monies will be returned to applicants. Should this occur, the Company will be unable to pay its creditors as they fall due and the future of the Company will be uncertain; The Directors will immediately have to seek emergency financing which may or may not be available.

[Iain G]

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From Rangers statement to the Stock Exchange

Hopefully they are screwed! :D

[shagpile]

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From Rangers statement to the Stock Exchange

Meaning, if their fans do not stump up---again--- then they will be looking at sevco mark2.

[greenginger]

Would they be looking at a 15 point or 25 point deduction if they have an insolvency event ?

Are "The Rangers" the same Club that went into administration in 2012 ?

Could be some contorted arguments about that one.

[Keith_M]

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Would they be looking at a 15 point or 25 point deduction if they have an insolvency event ?

Are "The Rangers" the same Club that went into administration in 2012 ?

Could be some contorted arguments about that one.

It's a different company but the same Club Licence, therefore 25 point deduction. Them's the rules.

[greenginger]

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It's a different company but the same Club Licence, therefore 25 point deduction. Them's the rules.

You are all just Rangers Haters !

[CropleyWasGod]

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Would they be looking at a 15 point or 25 point deduction if they have an insolvency event ?

Are "The Rangers" the same Club that went into administration in 2012 ?

Could be some contorted arguments about that one.

Definitely 25 points. Same club, different owners. The rules are explicit about that.

[Oscar T Grouch]

So the stock exchange statement is basically saying the rangers cannot survive without a further, fully subscribed share issue? When is the SFA and SPFL going to look into the situation of one of the biggest clubs in Scotland being skint just after the season is underway?

[semaj64]

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So the stock exchange statement is basically saying the rangers cannot survive without a further, fully subscribed share issue? When is the SFA and SPFL going to look into the situation of one of the biggest clubs in Scotland being skint just after the season is underway?

Not only that I read that they also will need cash again in April, how are they still allowed to get way with loosing so much money, while the rest teams need to get by within their means!

[Callum_62]

and yet they just signed Boyd and Miller

Disgusting club

[tamig]

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and yet they just signed Boyd and Miller

Disgusting club

And therein lies the answer to their current position. Carry on as though they are still a top club paying top wages. They had a fantastic opportunity to rebuild from scratch and grow organically with a heavy emphasis on youth. Green, McCoist and others soon put paid to that with their flawed transfer policy. Serves the gunts right.

[Spike Mandela]

http://www.philmacgiollabhain.ie/rifc-running-on-fumes/

[The Gorf]

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You are all just Rangers Haters !

And.".................. ?

[greenginger]

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And.".................. ?

And ?

Just anticipating the response from the Govan Grunts.

[Bishop Hibee]

Would certainly help us! Oldco, newco, still the same deluded arrogant followers.

[KeithTheHibby]

Shambles of a club who get what they deserve.

Instead of cutting their cloth accordingly when they were liquidated they continued to think they were a billy big time club and spend money on players ala Shiels, Black, Sandaza.
Not forgetting the £800k on Templeton.
Or the £750k per year wages for McCoist.

Hurry up and die soon.

[ScottB]

Every club should have to prove they have the funds to see out the season, if they can't they should be punished or relegated, as happened to Monaco in France.

[Keith_M]

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Every club should have to prove they have the funds to see out the season, if they can't they should be punished or relegated, as happened to Monaco in France.

That would be too difficult to enforce. Nobody could be expected to forecast accurately how much they're going to get from things like Pay At The Gate punters or lucrative Cup Ties.

[CropleyWasGod]

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That would be too difficult to enforce. Nobody could be expected to forecast accurately how much they're going to get from things like Pay At The Gate punters or lucrative Cup Ties.

It's been suggested here before that a Bond system could be used, whereby each club puts up £x to guarantee at least some recompense for the other clubs if they go bust during a season.

How much that would be set at, and how clubs would fund it..... .....

[ScottB]

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That would be too difficult to enforce. Nobody could be expected to forecast accurately how much they're going to get from things like Pay At The Gate punters or lucrative Cup Ties.

It is the model the French leagues use, so it mustn't be too hard.

Presumably you make a forecast of you likely income, and if your expenses are wildly out of whack with that, you're in trouble.


To an extent, a correctly run club is doing that sort of thing anyway, I'm sure Hibs have a rough figure of the income they expect to generate over the course of this season and have sat our budget accordingly. Rangers just seem to be pouring money down the drain with no thought given to how sustainable it is, so as said I don't think it would be hard for the league to judge whether a club can meet its financial obligations or not.

[Liberal Hibby]

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Shambles of a club who get what they deserve.

Instead of cutting their cloth accordingly when they were liquidated they continued to think they were a billy big time club and spend money on players ala Shiels, Black, Sandaza.
Not forgetting the £800k on Templeton.
Or the £750k per year wages for McCoist.

Hurry up and die soon.

Notwithstanding the ludicrous salary for Sally I thought the main issue was that Green had walked off with several barrowloads of cash - including the proceeds of the previous share issue.

[tamig]

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Notwithstanding the ludicrous salary for Sally I thought the main issue was that Green had walked off with several barrowloads of cash - including the proceeds of the previous share issue.

Chuckie and his cohorts did very well out of newco but the transfer policy has been unbelievable.

[HoboHarry]

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That would be too difficult to enforce. Nobody could be expected to forecast accurately how much they're going to get from things like Pay At The Gate punters or lucrative Cup Ties.

I thought German clubs were subject to financial oversight on a seasonal basis?

[grunt]

Not sure if this has been posted here. Sorry if you've already seen it.
Ally McCoist interview.

http://m.stv.tv/sport/football/clubs...ffering-fails/