Generic Sevco / Rangers meltdown thread

[HoboHarry]

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The auditors need to be satisfied that there is sufficient funding to enable the company to continue as a going concern for 12 months.

They will be aware of King's record, and should be sceptical of statements that aren't backed up by solid evidence.

They would need to see evidence of that funding.... such as forecasts, and signed undertakings from the people mentioned. The fact that they also put out a public statement... making it a bit more difficult to back out...will help.

Not sure about the making it public part. Really do believe that King wouldn't lose a minutes sleep if they went belly up.

[jacomo]

So King and his gang are looking to increase their shareholding? Is this code for buy Mike Ashley out?

Or are they offering their own stake to Ashley in return for money now?

Mind you, he can't do that without getting a ticking off and request for some loose change from the SFA.

[Jim44]

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So King and his gang are looking to increase their shareholding? Is this code for buy Mike Ashley out?

Or are they offering their own stake to Ashley in return for money now?

Mind you, he can't do that without getting a ticking off and request for some loose change from the SFA.

He has already been fined £10k for taking an illegal (more than 10% ?) 'share' in Sevco. Was that 'punishment' a slap over the knuckles and a carte blanche to carry on regardless or did he have to surrender/reduce his holding? If he re-offends, will he once again just toss a few peanuts to the SFA and ignore their rules or could he be hit with a more significant sanction?

[AndyM_1875]

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He has already been fined £10k for taking an illegal (more than 10% ?) 'share' in Sevco. Was that 'punishment' a slap over the knuckles and a carte blanche to carry on regardless or did he have to surrender/reduce his holding? If he re-offends, will he once again just toss a few peanuts to the SFA and ignore their rules or could he be hit with a more significant sanction?

Ashley's share is less than 9%. Until he sells NUFC he can't move on Rangers.
He owns rights over the trademarks and has a soft loan of £5m outstanding but in truth he's quite restricted as to what he can do. If however he punts the sinking Magpies then he could increase his shareholding.

[Keith_M]

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He has already been fined £10k for taking an illegal (more than 10% ?) 'share' in Sevco. Was that 'punishment' a slap over the knuckles and a carte blanche to carry on regardless or did he have to surrender/reduce his holding? If he re-offends, will he once again just toss a few peanuts to the SFA and ignore their rules or could he be hit with a more significant sanction?

That wasn't for the percentage of his shareholding, it was for exercising effective control of the club though his representatives on the board.

[Iain G]

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My guess would be that this (both the new loans, and the subsequent statement) have been prompted by the auditors. Without the finance, and the public commitment to it, the auditors might have been forced into qualifying the accounts.

That said, the accounts themselves will be interesting.

Did the four of them all go get wonga loans to cover the shortfall?!

[Ozyhibby]

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Ashley's share is less than 9%. Until he sells NUFC he can't move on Rangers.
He owns rights over the trademarks and has a soft loan of £5m outstanding but in truth he's quite restricted as to what he can do. If however he punts the sinking Magpies then he could increase his shareholding.

Newcastle make more profit than Sevco make turnover.


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[Spike Mandela]

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I wonder how johnjames and philmagobin will argue away that information. It pains me to say it but they don't sound like a club about to go into administration to me. In fact, they announced earlier today that they will sign five new players in January.

http://www.philmacgiollabhain.ie/the...-the-cowardly/

[grunt]

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http://www.philmacgiollabhain.ie/the...-the-cowardly/

I don't understand why someone from the press doesn't just go and interview the Rangers Directors to ask for confirmation or denial of his claims.

[jacomo]

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http://www.philmacgiollabhain.ie/the...-the-cowardly/

Or in other words...

'Er, someone should investigate this. Ken how things went wrong for Rangers last time?'

Not quite the fearless dissection of the statement some might have expected.

[NAE NOOKIE]

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This is the intellectual property that Ashley owns. If, as alleged, he stops them using it, it's going to be hilarious watching them try to keep the same club nonsense going when they have a new name and new badge.


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New strip ..... Blue with Orange sash ... in the style of River Plate.

New badge ..... White horse with mounted 17th century king.

New club motto ..... No Surrender.

It'll sell millions

[Springbank]

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New strip ..... Blue with Orange sash ... in the style of River Plate.

New badge ..... White horse with mounted 17th century king.

New club motto ..... No Surrender.

It'll sell millions

Fits with the Old Firm ethos

Why waste energy being forward thinking when there's easy money to be had being Yesterday's Pizza

[Keith_M]

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New strip ..... Blue with Orange sash ... in the style of River Plate.

New badge ..... White horse with mounted 17th century king.

New club motto ..... No Surrender.

It'll sell millions

Considering these are the same supporters that all dressed in orange for a Cup Final then pretended it was a tribute to their Dutch Manager, I think you could be right.

[Hibs07p]

Another latest blog re the statement.

https://johnjamessite.wordpress.com/...shyster-board/

GGTTH

[Baldy Foghorn]

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Another latest blog re the statement.

https://johnjamessite.wordpress.com/...shyster-board/

GGTTH

Damning stuff....

[HoboHarry]

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Another latest blog re the statement.

https://johnjamessite.wordpress.com/...shyster-board/

GGTTH

I really cannot recall such a blistering attack on the regime at that toxic club, whether it be the old or the new version. I really am struggling with the concept of them not having the badge on their shirts tomorrow but if it does come to pass then that should waken up even the most moronic elements of their support.

[CropleyWasGod]

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Another latest blog re the statement.

https://johnjamessite.wordpress.com/...shyster-board/

GGTTH

The C&D "interdict " has been downgraded to a "warning". Someone must have had a word.

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[brog]

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I wonder how johnjames and philmagobin will argue away that information. It pains me to say it but they don't sound like a club about to go into administration to me. In fact, they announced earlier today that they will sign five new players in January.

You mean you prefer to believe the glib & shameless liar who hasn't delivered on one promise so far? King has survived & prospered as a con man by being a plausible liar. I'm not sure there's any statement of his I would take at face value.

[Keith_M]

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I really cannot recall such a blistering attack on the regime at that toxic club, whether it be the old or the new version. I really am struggling with the concept of them not having the badge on their shirts tomorrow but if it does come to pass then that should waken up even the most moronic elements of their support.

I would love it!


IWouldLoveIt.jpg

[Hibs07p]

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Damning stuff....

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I really cannot recall such a blistering attack on the regime at that toxic club, whether it be the old or the new version. I really am struggling with the concept of them not having the badge on their shirts tomorrow but if it does come to pass then that should waken up even the most moronic elements of their support.

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The C&D "interdict " has been downgraded to a "warning". Someone must have had a word.

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Is it possible that King has been, or is about to be, sacrificed, before either, current shareholders provide fresh loans, or, MA possibly releases the 2nd £5M loan, ie, are the 3 bears and MA working together to get rid of King? I know SFA about finance, but, what are the possible consequences if the C&D warning is ignored?

GGTTH

[HoboHarry]

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Is it possible that King has been, or is about to be, sacrificed, before either, current shareholders provide fresh loans, or, MA possibly releases the 2nd £5M loan, ie, are the 3 bears and MA working together to get rid of King? I know SFA about finance, but, what are the possible consequences if the C&D warning is ignored?

GGTTH

I think that's what john James is suggesting - that the soft loans are in conjunction with the clipping of Kings wings....

[Keith_M]

The funny thing is that no one connected with Rangers, or anyone in the press, has at any point considerd the answer to their financial problems could be to live within their means.

Instead of firefighting the costs with 'emergency' loans and attempts to sell more shares, how about stopping spending so much?

[Ozyhibby]

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I really cannot recall such a blistering attack on the regime at that toxic club, whether it be the old or the new version. I really am struggling with the concept of them not having the badge on their shirts tomorrow but if it does come to pass then that should waken up even the most moronic elements of their support.

There is no way King will take the badges of the jerseys until compelled to by a court. It's too massive a move and would finish him with the fans. Remember if they comply with the alleged letter then it means stopping themselves being called Rangers. They would need to notify the league and Broadcasters etc.
they will def have the normal strips on Sunday.
If this happens we will know about it well in advance because it will happen in court.


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[HoboHarry]

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There is no way King will take the badges of the jerseys until compelled to by a court. It's too massive a move and would finish him with the fans. Remember if they comply with the alleged letter then it means stopping themselves being called Rangers. They would need to notify the league and Broadcasters etc.
they will def have the normal strips on Sunday.
If this happens we will know about it well in advance because it will happen in court.


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I agree with what you say and in fairness all of this is ifs buts and maybes. However, if he chooses to go to court then it's more lost money that they cannot afford.

[PatHead]

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Another latest blog re the statement.

https://johnjamessite.wordpress.com/...shyster-board/

GGTTH

Don't think he likes King somehow. I just don't know why.

[Mikey09]

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The auditors need to be satisfied that there is sufficient funding to enable the company to continue as a going concern for 12 months.

They will be aware of King's record, and should be sceptical of statements that aren't backed up by solid evidence.

They would need to see evidence of that funding.... such as forecasts, and signed undertakings from the people mentioned. The fact that they also put out a public statement... making it a bit more difficult to back out...will help.

But he's fit and proper CWG?? SFA said so...

[Jim44]

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But he's fit and proper CWG?? SFA said so...

........ and whose considered opinion should carry more weight? A judge in a court of law or a panel of old farts in SFA blazers.

[CropleyWasGod]

They're wearing the badges.

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[HoboHarry]

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They're wearing the badges.

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I kind of expected them to wear them. We should find out pretty soon if they had permission. Here's hoping.....

[Keith_M]

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They're wearing the badges.

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I kind of expected them to wear them. We should find out pretty soon if they had permission. Here's hoping.....

Agree. I think it's such a big matter that it would have taken Legal Action before they gave in.