Generic Sevco / Rangers meltdown thread

[Kavinho]

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They paid. It was in last seasons accounts. The newco had to pay it.


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I stand corrected! Cheers!

[Deansy]

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For that, you'd need to accept that they're the same club.....

There are times I loathe and despise your level-headed, clear and concise logic

[Ozyhibby]

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[CropleyWasGod]

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There are times I loathe and despise your level-headed, clear and concise logic

Of course, I wasn't being entirely serious. The "stirrer" smiley was intended to do just that.

[Deansy]

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Of course, I wasn't being entirely serious. The "stirrer" smiley was intended to do just that.

Ditto - hence the 'Greetin-faced bairn' smiley

[Iain G]

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In other news, the Pope favours Celtic, a bear has been seen wiping its backside in the woods and Craig Whyte is innocent

[Bostonhibby]

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Ridiculing him? Jeez, we all know what happened last time folk had a laugh at the the new boys expense. Police Govan will be all over this like sugar on one of their doughnuts.



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[Ozyhibby]

http://www.dailymail.co.uk/wires/ap/...EFA-rules.html

Potential problems Sevco could face now they are in Europe.


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[Viva_Palmeiras]

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http://www.dailymail.co.uk/wires/ap/...EFA-rules.html

Potential problems Sevco could face now they are in Europe.


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Interesting. Long long time ago when my brain hadn't been mangled by vP junior the 2nd I looked into a bit around football finance it looked at financial statements of Porto who'd been so successful at the time to look at the "blue print". Iirc they were still achieving with the turnover to wages ratio around 60%.

So what happened?

[Deansy]

Unbelieveable - Regan, with no apparent sign of shame, in a pathetic display of solidarity with his paymasters - The Hun - castigates Sir Craig Whyte with 'We found him not be a fit & proper person several years ago' as if he and his fellow-shysters knew all about SCW from the very beginning !. And he does this in the knowledge that the entire country KNOWS that somehow, he and his cohorts found ways and means for KING to be declared a 'fit & proper person' despite all the evidence before and since !

http://www.bbc.co.uk/sport/scotland/40178243


You really couldn't mark Regan's (or any member of the GFA's) neck with a blow-torch !

[ian cruise]

Chat through here in the West is the Sport Direct contract has been ripped up and a press conference is imminent. If true I wonder if that's been the reason for the spend this summer?

[Ozyhibby]

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Chat through here in the West is the Sport Direct contract has been ripped up and a press conference is imminent. If true I wonder if that's been the reason for the spend this summer?

It's a new deal with sports direct which will be sold as a victory for Sevco. Will it be though?


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[KdyHby]

https://rangers.co.uk/news/headlines/club-statement-77/

[Spike Mandela]

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It's a new deal with sports direct which will be sold as a victory for Sevco. Will it be though?


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The devil, as they say, will be in the detail.

[Smartie]

I think this was inevitable.

The previous deal was lose/ lose for Sports Direct and The Rangers, even though I quite liked it.

Sports Direct had Sevco by the nuts, but the deal was so bad that the "hordes" were boycotting.

This move can only be common sense and good news for them, and bad news for us.

But as is mentioned above, the devil is indeed in the detail.

[Iain G]

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I think this was inevitable.

The previous deal was lose/ lose for Sports Direct and The Rangers, even though I quite liked it.

Sports Direct had Sevco by the nuts, but the deal was so bad that the "hordes" were boycotting.

This move can only be common sense and good news for them, and bad news for us.

But as is mentioned above, the devil is indeed in the detail.

This bit caught me eye from the BBC story:

Rangers chairman Dave King also revealed he and other shareholders - including Douglas Park, George Letham and George Taylor - have provided additional funding to the club in recent weeks in the form of interest-free loans

And I love they have signed a player named Morelos 🙂👌😁

[Ozyhibby]

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This bit caught me eye from the BBC story:

Rangers chairman Dave King also revealed he and other shareholders - including Douglas Park, George Letham and George Taylor - have provided additional funding to the club in recent weeks in the form of interest-free loans

And I love they have signed a player named Morelos

They are just laughing at UEFA FFP rules now.


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[majorhibs]

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In other news, the Pope favours Celtic, a bear has been seen wiping its backside in the woods and Craig Whyte is innocent

CW is much, much MUCH more innocent than the shysters murray & king, CE a bit of a chancin buffoon, murray & king thieving lying ****bags.

[Jim44]

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They are just laughing at UEFA FFP rules now.


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Let's face it, UEFA, because of their moral ineptitude, deserve to be laughed at.

[Ozyhibby]

http://www.theoffshoregame.net/corru...competent-sfa/

More from the Tax Justice Network.


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[HoboHarry]

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http://www.theoffshoregame.net/corru...competent-sfa/

More from the Tax Justice Network.


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The offshoregame are putting up an admirable fight but I long ago came to the conclusion that its not just Regan and Doncaster at work here - every club in this country is complicit by their silence. Why else would Hearts keep quiet about Sevco being allowed to enter into Europe? Silence from them........

[Ozyhibby]

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The offshoregame are putting up an admirable fight but I long ago came to the conclusion that its not just Regan and Doncaster at work here - every club in this country is complicit by their silence. Why else would Hearts keep quiet about Sevco being allowed to enter into Europe? Silence from them........

I agree. Hibs are part of this as well. This season we could be pipped for a euro spot by Sevco who are admitting to breaking FFP rules again this year and I guarantee we will say nothing.


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[CropleyWasGod]

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I agree. Hibs are part of this as well. This season we could be pipped for a euro spot by Sevco who are admitting to breaking FFP rules again this year and I guarantee we will say nothing.


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I've just had a squint at the revised SFA Licencing requirements.

According to my reading, RFC had what is known as "indicators" in their accounts, ie that the Audit Report was not unqualified. Because of that, they are required to furnish the following:-

Where the Indicators apply, licence applicants must prepare and submit future financial
information in order to demonstrate to the Scottish FA their ability to continue as a
going concern until the end of the licence season.
Future financial information consists of:
a) A budgeted profit and loss account;
b) A budgeted cash flow; and
c) Explanatory notes including a brief description of each of the significant assumptions
(with reference to the relevant aspects of historic financial and other information)
that have been used to prepare the budgeted profit and loss account and cash flow
statement, as well as of the key risks that may affect the future financial results

I am assuming that they have supplied that information, as they have been granted an SFA Licence. I can't see any other way in which they might have breached the regulations, which is why there has been no complaint from anyone else.

The list of licenced clubs is forwarded to UEFA by 31st May, for their own review. That review will include the issues of the directors' funding. Whether or not that has been done, we can't tell. However, given that RFC are already in the draw, I'm not sure that there will be any expulsion or refusal. If they are punished, it will be financial.

I'm not saying I agree with the process,.... I'm just laying out the process as I understand it.

[Ozyhibby]

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I've just had a squint at the revised SFA Licencing requirements.

According to my reading, RFC had what is known as "indicators" in their accounts, ie that the Audit Report was not unqualified. Because of that, they are required to furnish the following:-

Where the Indicators apply, licence applicants must prepare and submit future financial
information in order to demonstrate to the Scottish FA their ability to continue as a
going concern until the end of the licence season.
Future financial information consists of:
a) A budgeted profit and loss account;
b) A budgeted cash flow; and
c) Explanatory notes including a brief description of each of the significant assumptions
(with reference to the relevant aspects of historic financial and other information)
that have been used to prepare the budgeted profit and loss account and cash flow
statement, as well as of the key risks that may affect the future financial results

I am assuming that they have supplied that information, as they have been granted an SFA Licence. I can't see any other way in which they might have breached the regulations, which is why there has been no complaint from anyone else.

The list of licenced clubs is forwarded to UEFA by 31st May, for their own review. That review will include the issues of the directors' funding. Whether or not that has been done, we can't tell. However, given that RFC are already in the draw, I'm not sure that there will be any expulsion or refusal. If they are punished, it will be financial.

I'm not saying I agree with the process,.... I'm just laying out the process as I understand it.

Yes, they can't be kicked out this year but they can be told to make sure they hit break even by next season by UEFA.
https://stv.tv/sport/football/137430...lay-in-europe/


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[CropleyWasGod]

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Yes, they can't be kicked out this year but they can be told to make sure they hit break even by next season by UEFA.
https://stv.tv/sport/football/137430...lay-in-europe/


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So there's no point in Hearts complaining this year?

As for the coming year, the Sports Direct deal will be a big help. The merchandising sales have apparently been excellent already.
A decent run in the Europa League, and they may be able to pay off a fair bit of the directors loans.
And, now that the SD deal has.been done, they may have another crack at allowing those loans to be converted into shares.

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[Ozyhibby]

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So there's no point in Hearts complaining this year?

As for the coming year, the Sports Direct deal will be a big help. The merchandising sales have apparently been excellent already.
A decent run in the Europa League, and they may be able to pay off a fair bit of the directors loans.
And, now that the SD deal has.been done, they may have another crack at allowing those loans to be converted into shares.

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That last paragraph is the one they need. That would allow them to create new shares and distribute them among the directors. All the other shareholders would lose out but they won't care so long as they get into Europe.


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[Sylar]

Their fans appear to be pishing their frillies at an announcement that's supposedly taking place later today. club1872 have allegedly bought out Ashley's shares and there's a foreign investor who's to be unveiled.

Could be fan forum pish, but it's pish that's been spread widely.

They've brought in a lot of talent this past wee while and both Herrera and Pena are excellent signings for them. They definitely look like they're going to be a slightly different animal this coming season.

[grunt]

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That last paragraph is the one they need. That would allow them to create new shares and distribute them among the directors. All the other shareholders would lose out but they won't care so long as they get into Europe.


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Whatever happened to the Takeover Panel judgement requiring King to offer for all the shares? Does that just get ignored?

[Ozyhibby]

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Whatever happened to the Takeover Panel judgement requiring King to offer for all the shares? Does that just get ignored?

Seems to be.



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[Brunswickbill]

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Whatever happened to the Takeover Panel judgement requiring King to offer for all the shares? Does that just get ignored?

At the Court of Session http://m.bbc.co.uk/sport/football/39592351