Generic Sevco / Rangers meltdown thread

[GreenLake]

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Ah yes, the battling boings. We hear so much of them, are they an important part of Scottish history?



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It's probably more about the battle for the bong these days.

[southern hibby]

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It's probably more about the battle for the bong these days.

If they do get the water turned off it will become Battle of the Pong.

GGTTH

[Bostonhibby]

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If they do get the water turned off it will become Battle of the Pong.

GGTTH

They'll be up to their knees in turgid stuff

[Jack Hackett]

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Ah yes, the battling boings. We hear so much of them, are they an important part of Scottish history?



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Since 1690, I believe. I'm wondering if the celebrated Battle of Hampden Park...where 200 fearless loyalist warriors defended their defeated champions against thousands of rampaging 'feenyin bassas'...will be remembered with marches by eejits with flutes and drums 32 6 years from now?

[Jack]

If they have been siphoning water from elsewhere in the past maybe the £95k is partly made up of repayments iro charges avoided.

[fat freddy]

[QUOTE=Jack Hackett;4844586]Since 1690, I believe. I'm wondering if the celebrated Battle of Hampden Park...where 200 fearless loyalist warriors defended their defeated champions against thousands of rampaging 'feenyin bassas'...will be remembered with marches by eejits with flutes and drums 32 6 years from now?[/QUOTE

It was 300 fearless warriors, there are rumours coming out of Hollywood that a potential blockbuster is to be produced re telling the epic tale of those 300 martyrs who sacrificed their freedom to protect Rapeepil and Raplayers from the murderous mutants of The East. Gerard Butler is being lined up to play the part of the brave loyalist defender who used the Fenian child as a shield to protect him from the crazed green hordes of Dunedin as they rampaged upon the western fields of Mount Florida. Michael Fassbender has refused to confirm if he will be playing the role of the evil Lord of Exhuberance, King Roderick of Hibernia but Hollywood insiders insist the deal is close to being delivered...

[Bostonhibby]

[QUOTE=fat freddy;4844615]

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Since 1690, I believe. I'm wondering if the celebrated Battle of Hampden Park...where 200 fearless loyalist warriors defended their defeated champions against thousands of rampaging 'feenyin bassas'...will be remembered with marches by eejits with flutes and drums 32 6 years from now?[/QUOTE

It was 300 fearless warriors, there are rumours coming out of Hollywood that a potential blockbuster is to be produced re telling the epic tale of those 300 martyrs who sacrificed their freedom to protect Rapeepil and Raplayers from the murderous mutants of The East. Gerard Butler is being lined up to play the part of the brave loyalist defender who used the Fenian child as a shield to protect him from the crazed green hordes of Dunedin as they rampaged upon the western fields of Mount Florida. Michael Fassbender has refused to confirm if he will be playing the role of the evil Lord of Exhuberance, King Roderick of Hibernia but Hollywood insiders insist the deal is close to being delivered...

Hearing Jamesy Cottar will get the Lee Wallace role.

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[BH Hibs]

[QUOTE=fat freddy;4844615]

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Since 1690, I believe. I'm wondering if the celebrated Battle of Hampden Park...where 200 fearless loyalist warriors defended their defeated champions against thousands of rampaging 'feenyin bassas'...will be remembered with marches by eejits with flutes and drums 32 6 years from now?[/QUOTE

It was 300 fearless warriors, there are rumours coming out of Hollywood that a potential blockbuster is to be produced re telling the epic tale of those 300 martyrs who sacrificed their freedom to protect Rapeepil and Raplayers from the murderous mutants of The East. Gerard Butler is being lined up to play the part of the brave loyalist defender who used the Fenian child as a shield to protect him from the crazed green hordes of Dunedin as they rampaged upon the western fields of Mount Florida. Michael Fassbender has refused to confirm if he will be playing the role of the evil Lord of Exhuberance, King Roderick of Hibernia but Hollywood insiders insist the deal is close to being delivered...

Can't see Mr Butler being a brave loyalist anything tbh.

[jacomo]

[QUOTE=BH Hibs;4844679]

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Can't see Mr Butler being a brave loyalist anything tbh.

Thought the same about Joey Barton

[magpie1892]

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I reckon King was seriously hoping to recover some of the millions he lost when he was involved earlier with the now defunct Glasgow rangers by trousering some of the money from a cup win, attendant sales and a european jaunt - and he is now running out of options unless he can get some egotistical maniac with deep pockets to buy him out or he can somehow persuade clever people to invest in his blighted money pit.

No need to 'reckon' - it's a fact. Obviously not going to happen as no-one with even a scintilla of intelligence would put any cash into that money pit. King wants out before the sevconians really turn up the heat on the promised 'over investment' which of course is pure fantasy.

[jacomo]

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No need to 'reckon' - it's a fact. Obviously not going to happen as no-one with even a scintilla of intelligence would put any cash into that money pit. King wants out before the sevconians really turn up the heat on the promised 'over investment' which of course is pure fantasy.

My hope is they hit the rocks again and King is at the helm when it happens.

That club's behaviour towards Hibs after the cup final was shocking - trying to grass us up and getting all their pals to slag us off.

Really pathetic.

[Keith_M]

I'd love RaPeepul to go down the sewer once and for all but I think us winning the Cup will be our only hoped for miracle for the foreseeable.

[Dashing Bob S]

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No need to 'reckon' - it's a fact. Obviously not going to happen as no-one with even a scintilla of intelligence would put any cash into that money pit. King wants out before the sevconians really turn up the heat on the promised 'over investment' which of course is pure fantasy.

King is the loudmouthed sleaze bag who shouts 'drinks for everyone' in the Star Wars bar, then locks himself in the toilet, hoping to squeeze his fat bum out the window before the mutants realize he isn't around.

[Keith_M]

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King is the loudmouthed sleaze bag who shouts 'drinks for everyone' in the Star Wars bar, then locks himself in the toilet, hoping to squeeze his fat bum out the window before the mutants realize he isn't around.

Where's Obi-Wan Kenobi when you need him....

[GlesgaeHibby]

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Are they, though?

That's my point.... we don't know that. We know they needed cash half-way through last season, and they got it.

And that's about as much as we know......

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Not sure what you mean by the £8m gap.

They made a loss in the year to June 15 of £7m. However, they still had net assets of £18m.

In December (?) last year, they got some external funding, which was designed to get them through until the end of last season.... which it did. At that point, ST's kicked in... which will have kept the lights on for a while.

Without the 2016 accounts, there's no way to assess what their current situation is. By previous years' experience, we might see them in January...by which time they'll be out of date

If they needed an £8m injection of cash to stay afloat last year, goodness knows how much they'll need this year now that they're paying around £20k/week each for Barton, Kranjcar, Hill, Senderos. Add in the big pay rises from £5k/week to £14k/week for Waghorn and Tav they'll be shelling out an additional weekly wage of around £100k just for those 6 players. Thats over £5m per year. The team finishing second in the Premiership last year got just over £2m in prize money. Slightly higher gates/ticket prices etc. may help but I reckon their deficit is looking like it could be even larger this season. Hope it all goes pear shaped for them very soon.

[Joe6-2]

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They'll be up to their knees in turgid stuff

They are already!!

[Stax]

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Where's Obi-Wan Kenobi when you need him....

At least we know where Jabba the hutt is...

[Kaiser1962]

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Not sure what you mean by the £8m gap.

They made a loss in the year to June 15 of £7m. However, they still had net assets of £18m.

In December (?) last year, they got some external funding, which was designed to get them through until the end of last season.... which it did. At that point, ST's kicked in... which will have kept the lights on for a while.

Without the 2016 accounts, there's no way to assess what their current situation is. By previous years' experience, we might see them in January...by which time they'll be out of date

You are very obviously using a different valuer to the one used by Duffer and Feckwit during the administration process.

[Deansy]

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I'd love RaPeepul to go down the sewer once and for all but I think us winning the Cup will be our only hoped for miracle for the foreseeable.

Surely-to-fxxx if they DID go bust again, Regan/Doncaster & Co would be really hard-pressed (if not impossible !!) to save them again ??

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If they needed an £8m injection of cash to stay afloat last year, goodness knows how much they'll need this year now that they're paying around £20k/week each for Barton, Kranjcar, Hill, Senderos. Add in the big pay rises from £5k/week to £14k/week for Waghorn and Tav they'll be shelling out an additional weekly wage of around £100k just for those 6 players. Thats over £5m per year. The team finishing second in the Premiership last year got just over £2m in prize money. Slightly higher gates/ticket prices etc. may help but I reckon their deficit is looking like it could be even larger this season. Hope it all goes pear shaped for them very soon.

These figures are bad but wait until the guaranteed costs of ...... (tee-hee) .... the no-doubt mega-bonuses that'll be paid out for ........ (s******) the expected and presumed WINNING of the SPL along with ............. (Oh Jezuz, ma sides !!) the SCOTTISH CUP are added-on !!??

[Highland_Hibee]

Barton suspended indefinitely. "unmitigated shambles...poor on the pitch and disrespectful off it". Christ that could apply to the majority of that shameful mob.


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[blaikie]

Account are out .....

Pre tax profit way down!

[CropleyWasGod]

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Account are out .....

Pre tax profit way down!

Not the way I read it, albeit very quickly.

Losses are down from 7m to 3m.

The paragraph on Going Concern is interesting. Maybe someone can cut and paste it.

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[Bostonhibby]

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Account are out .....

Pre tax profit way down!

How much has gone the over investors way?

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[Ozyhibby]

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Not the way I read it, albeit very quickly.

Losses are down from 7m to 3m.

The paragraph on Going Concern is interesting. Maybe someone can cut and paste it.

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[Ozyhibby]

Looks like they got a loan in October of about £3m but need another in March?


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[Billy Whizz]

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Not the way I read it, albeit very quickly.

Losses are down from 7m to 3m.

The paragraph on Going Concern is interesting. Maybe someone can cut and paste it.

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GOING CONCERN
The Board of Directors (“the Board”) are required to prepare the statutory nancial statements on the going concern basis unless it is inappropriate to presume that the Group and Parent Company will continue in business. In satisfaction of this responsibility the Board have considered the Group’s ability to meet its liabilities as they fall due.
The Group’s business activities, together with the factors likely to a ect its future development and performance are set out in the Strategic Report. The Strategic Report also describes how the Group manages its capital, its liquidity risk and its exposure to credit risk.
The Group meets its day to day working capital requirements through existing cash facilities, investor loans and nance leases. Management information tools including budgets and cash ow forecasts are used to monitor and manage current and future liquidity. The Board acknowledges that there is a level of uncertainty in the general economic environment which may impact the trading position of its customers and suppliers.
The Board has undertaken a recent and thorough review of the Group’s forecasts and the associated risks. These forecasts extend for a period beyond one year from the date of approval of these nancial statements. The extent of this review re ected the current economic environment, the Club’s current and projected trading and position in Scottish football.
Key assumptions in respect of the Group’s forecasts are discussed within note 1 to the nancial statements.

GOING CONCERN (CONTINUED)
At the time of preparation, the forecast identi ed that the Group would require up to £4.0m by way of debt or equity funding by the end of season 2016/2017 in order to meet its liabilities as they fall due. Following the progression of the team to the Semi Finals of the Scottish League Cup, the funding requirement is now anticipated to be £3.75m. The rst tranche of funding amounting to £2.9m has been received from investors in October 2016, with further funds forecast to be required in March 2017.
Further funding may be required during the 2017/18 season, the quantum of which is dependent on future football performance and European football participation.
The Board of Directors has received undertakings from certain investors that they will provide nancial support to the Group and have satis ed themselves as to the validity of these undertakings and that the individuals have the means and authority to provide such funding as and when it is required. The Board acknowledge that had these assurances not been secured then a material uncertainty would exist which may cast doubt over the Group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business. With the appropriate assurances obtained and the continued support of the investors, the Board believe that any such uncertainty has been removed.
The nancial support to be made available more than covers the projected shortfall for this season and beyond. The Board further understands that additional facilities can be made available as and when required for investment in the team.
As such, after making the enquiries referred to above, the Board of Directors believe that there is a reasonable expectation that the Group will at all times have adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing this report and the statutory nancial statements.

[northstandhibby]

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The Going Concerns are making it public knowledge the finances at the rangers are dependent on securing outside money. Obviously it doesn't state just how much is needed but it must be a significant amount to highlight it in such a dramatic set of wording.

update - (Billy Whizz has just posted the rest of the Going Concerns which actually does state how much is required)

Well this definitely puts to bed Kings statement about pumping his kids inheritance into them.

(Still puts to bed Kings investing his kids inheritance)

GGTTH

[Keith_M]

Wow, they're already looking for emergency funding to see out the season..... again.

[blaikie]

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Not the way I read it, albeit very quickly.

Losses are down from 7m to 3m.

The paragraph on Going Concern is interesting. Maybe someone can cut and paste it.

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I had a quick scan as well -

Earnings before Interest Tax and Depreciation (EBITDA) (£0.1m) (2015 – (£6.9m))

Full 60 pages of there account on there website ...... Interesting to see they spent 3m+ on 11 player registrations over the year.

[Bostonhibby]

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Wow, they're already looking for emergency funding to see out the season..... again.

The "over investment" must be about to start then!

King took over the wrong club. He'd already be winning if he'd "saved" the yams

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