Generic Sevco / Rangers meltdown thread

[Bostonhibby]

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LoL. Apart from that, the reporting is accurate!

with all that cash coming in and next to no cash being spent on signing over the hill guys who are topping up their pension and never weres and never will be's from low level English clubs the question has to be where does all the money go?

[Ozyhibby]

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Wonder what the £451k "other charges" are ...

Lawyers?


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[Ozyhibby]

If a football club is not in profit from July-Dec then there is trouble ahead surely? That's when all the income comes in from season tickets etc.


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[CropleyWasGod]

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If a football club is not in profit from July-Dec then there is trouble ahead surely? That's when all the income comes in from season tickets etc.


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The ST money should be spread across the season in accounting terms. Whether they have done that here? That's impossible to tell.

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[Moulin Yarns]

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The ST money should be spread across the season in accounting terms. Whether they have done that here? That's impossible to tell.

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Good grief man, what are we paying you for?

[grunt]

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Good grief man, what are we paying you for?

[Hibbyboy]

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Wonder what the £451k "other charges" are ...

Bartons payoff lol

[Alan62]

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Good grief man, what are we paying you for?

Haha! Just laughed out loud at this!

[Hibbyboy]

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If a football club is not in profit from July-Dec then there is trouble ahead surely? That's when all the income comes in from season tickets etc.


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They have had a loss every season since 2012 at this stage.

I doubt there is trouble ahead unfortunately.

[Alan62]

I think there are about 5 references to being 'back' in the top flight in that statement. Some emotive language - 'bedeviled' - going on too. Clearly they're keen to keep the continuation myth going.

While the accounts are skimpy and unaudited, I'm sure the mainstream press will be happy to report the 'getting back on track' narrative.

[greenginger]

RIFC interims last year, Revenue £ 11.035 m and operating expenses £ 11.397 m , are not far from 50% of the totals in their full end of year accounts which showed an operating loss of £ 2.5 million.

So, if the figures are accurate why do RIFC keep requiring directors loans to keep the lights on ?

[Ozyhibby]

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They have had a loss every season since 2012 at this stage.

I doubt there is trouble ahead unfortunately.

It will be interesting to see how they get past FFP regs to play in Europe this summer?



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[Hibbyboy]

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It will be interesting to see how they get past FFP regs to play in Europe this summer?



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Yeah, depends if the loans they have been receiving are considered debt or not. Are they not getting turned into equity or shares so it's not really a loan debt? Who knows what the **** is going on over there.

[CropleyWasGod]

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Yeah, depends if the loans they have been receiving are considered debt or not. Are they not getting turned into equity or shares so it's not really a loan debt? Who knows what the **** is going on over there.

The motion to approve that was defeated, no?

[CropleyWasGod]

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RIFC interims last year, Revenue £ 11.035 m and operating expenses £ 11.397 m , are not far from 50% of the totals in their full end of year accounts which showed an operating loss of £ 2.5 million.

So, if the figures are accurate why do RIFC keep requiring directors loans to keep the lights on ?

They say they won't need any for the rest of this season.

They said they made a profit, though.

[CropleyWasGod]

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Good grief man, what are we paying you for?

We're still negotiating that.

It's an EBT I want, else I'm off to the Bounce.

[Jack]

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We're still negotiating that.

It's an EBT I want, else I'm off to the Bounce.

You'd be more than welcome, all good Hibbes are, although the pays probably worse than here.

I wonder how much auditors fees would have been? Probably would have turned said profit into a loss ... in more ways than one!

[Hibbyboy]

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The motion to approve that was defeated, no?

Are you talking about the resolution 11 / 12 thing? Was that not to do with anyone buying shares?

As far as I am aware all loans that have been giving to them by directors / rich fans this season and last are interest free will be turned into shares.

I just hear tits and tats from folk at work. Seems a bit fishy to me but all business is nowadays.

As long as Ashley sticks around they can't access their main income stream at least so they'll be hamstrung there for a while at least.

[Ozyhibby]

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Are you talking about the resolution 11 / 12 thing? Was that not to do with anyone buying shares?

As far as I am aware all loans that have been giving to them by directors / rich fans this season and last are interest free will be turned into shares.

I just hear tits and tats from folk at work. Seems a bit fishy to me but all business is nowadays.

As long as Ashley sticks around they can't access their main income stream at least so they'll be hamstrung there for a while at least.

No, they can't turn them into shares without offering the same deal to all shareholders. They can write the loans off though but I doubt they will do that.
Ashley controlling retail probably only costs them about £4/5m a year. Not enough to make much of a dent in Celtics advantage.
They had revenue of £16m for the 6 months to Dec. Over the same 6 months Celtics revenue was £61m.


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[Is It On....]

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The motion to approve that was defeated, no?

Debt (is it secured?) for equity swap when admin 2 happens?

[PatHead]

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It will be interesting to see how they get past FFP regs to play in Europe this summer?



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They managed last year after winning the cup. Did they not ?

[HoboHarry]

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They managed last year after winning the cup. Did they not ?

Aye that winning goal from Halliday made him a Sevco legend.......

Well in his own heid anyway........

[Ozyhibby]

https://thecelticblog.com/2017/03/bl...ster-downside/
Bit about FFP in here.

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[Hibbyboy]

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No, they can't turn them into shares without offering the same deal to all shareholders. They can write the loans off though but I doubt they will do that.
Ashley controlling retail probably only costs them about £4/5m a year. Not enough to make much of a dent in Celtics advantage.
They had revenue of £16m for the 6 months to Dec. Over the same 6 months Celtics revenue was £61m.


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Which I believe Glib is attempting to do as we speak. I've heard 20p each share being mooted.
True, but if I were a zom I would prefer my own house is in order before comparing to other teams. They've dominated Scottish football on and off the park when sevco have been down. Champs league most seasons. £2 mill coming 1st each season. Its been pretty painful viewing, a one horse race in all terms. Shame the sheep couldn't hold their bottle the past few seasons.
European football will be sevcos aim. If they get into the EL groups they will get cash, it's all part of Glibs 3 year plan or however he spun it.

[ancient hibee]

No King has been ordered to offer 20p a share because of a concert party arrangement at the takeover.

[Hibbyboy]

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https://thecelticblog.com/2017/03/bl...ster-downside/
Bit about FFP in here.

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I would be careful reading blogs like this tbh.

Dermot Desmond was named in the Panama Papers. He owns a Latvian bank that was recently found to be money laundering.

They are both as bad as each other. Scottish Football would be 10x better without them.

FFP is a minefield. It would seem you can sill compete in Europe despite not meeting the criteria. Seems you can just pay a fine and continue on. Uefa at its finest.

[CropleyWasGod]

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Which I believe Glib is attempting to do as we speak. I've heard 20p each share being mooted.
True, but if I were a zom I would prefer my own house is in order before comparing to other teams. They've dominated Scottish football on and off the park when sevco have been down. Champs league most seasons. £2 mill coming 1st each season. Its been pretty painful viewing, a one horse race in all terms. Shame the sheep couldn't hold their bottle the past few seasons.
European football will be sevcos aim. If they get into the EL groups they will get cash, it's all part of Glibs 3 year plan or however he spun it.

He's not attempting to do that, as far as we know.

He has been ordered to make the offer of 20p per share, but he has made no noises about complying with it. Indeed:-

" I do not agree with TAB’s much delayed ruling nor follow its logic and I shall take the appropriate time to reflect upon it and consider the best course of action for myself, Rangers International Football Club and its shareholders. My view on one individual not being able to exert undue influence on Rangers is already well known."

[Ozyhibby]

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I would be careful reading blogs like this tbh.

Dermot Desmond was named in the Panama Papers. He owns a Latvian bank that was recently found to be money laundering.

They are both as bad as each other. Scottish Football would be 10x better without them.

FFP is a minefield. It would seem you can sill compete in Europe despite not meeting the criteria. Seems you can just pay a fine and continue on. Uefa at its finest.

It looks like you can still compete but only under strict financial supervision to break even. That means no more soft loans etc. That means cutting the wage bill to fit the revenue coming in. Will the Sevconians tolerate that? Will they still keep buying season tickets knowing their player budget will be about a quarter of Celtics? No more going for #55 sales pitch? And if sales drop the player budget would have to drop again to match. Qualifying for Europe could be a double edged sword.


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[PeeKay]

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I would be careful reading blogs like this tbh.

Dermot Desmond was named in the Panama Papers. He owns a Latvian bank that was recently found to be money laundering.

They are both as bad as each other. Scottish Football would be 10x better without them.

FFP is a minefield. It would seem you can sill compete in Europe despite not meeting the criteria. Seems you can just pay a fine and continue on. Uefa at its finest.

Desmond's name has been found in the "Panama Papers" - I think linked to correspondence from HSBC - but, like the late Prime Minister's father, has not been found to have done anything illegal - unlike King.
He does not "own" a Latvian bank, he owns a share of said bank, but nevertheless may be caught up in a case being investigated by the French.
I agree with the two cheeks of the same @rse argument in many cases, but I don't think the Desmond can be compared to the glib and shameless one.

[GreenLake]

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Desmond's name has been found in the "Panama Papers" - I think linked to correspondence from HSBC - but, like the late Prime Minister's father, has not been found to have done anything illegal - unlike King.
He does not "own" a Latvian bank, he owns a share of said bank, but nevertheless may be caught up in a case being investigated by the French.
I agree with the two cheeks of the same @rse argument in many cases, but I don't think the Desmond can be compared to the glib and shameless one.

He only "own"s a third of the bank which by your logic would mean that he doesn't "own" Celtic?