Generic Sevco / Rangers meltdown thread

[DarlingtonHibee]

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Steve McClaren being linked to the managers position now...

https://www.thetimes.co.uk/article/m...gers-9xc27fgwr

You couldn't make it up..... Ffs Steve Mclaren!!

[greenginger]

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You couldn't make it up..... Ffs Steve Mclaren!!

http://www.dailymail.co.uk/sport/foo...niversary.html


The Wally with the Brolly !

[Mainstandman]

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The players they bought in the summer are not included in these accounts. That will be next years losses.


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My understanding is that Douglas Park paid for the players and the managers pay off himself. The club dont the have the money as a going concern to fund that kind of payment.

[Ozyhibby]

I hope they do get McInnes. There is no way he can achieve what their fans expect, so would eventually be hounded out. In the meantime, it causes disruption at Aberdeen.


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[greenlex]

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http://www.dailymail.co.uk/sport/foo...niversary.html


The Wally with the Brolly !

He will look quite dapper when he gets the bowler hat on.

[jacomo]

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Hope so - McInnes might actually be able to do a job for them !!

Seems to me they are following the Scott Allan strategy -

Leak McInness interest to the media, try and destabilise rival club, then make derisory offer.

I hope they are as successful! McInnes is a good fit for the Dons and Scottish football needs a strong Aberdeen.

[Hibernia&Alba]

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Seems to me they are following the Scott Allan strategy -

Leak McInness interest to the media, try and destabilise rival club, then make derisory offer.

I hope they are as successful! McInnes is a good fit for the Dons and Scottish football needs a strong Aberdeen.

But it would be funny if he told them to bolt

[JeMeSouviens]

Couple of interesting snippets from the New Huns' accounts. The forecast of £7.2M funding required to keep the lights on this season and next assumes:

- qualification and participation in European football next season (presumably group phase since that's when you start making money?)
- £0 net transfer spend
- all further loans to come from King & family's NOAL trust (not sure how this squares with inability to fund TP enforced share buyout?)


So it looks like the other directors have got fed up pumping in the cash and want King to start ponying up. Presumably these figures are before Pedro got the bullet, so won't factor in his payoff and cash required to get new mug in.

[MrSmith]

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Couple of interesting snippets from the New Huns' accounts. The forecast of £7.2M funding required to keep the lights on this season and next assumes:

- qualification and participation in European football next season (presumably group phase since that's when you start making money?)
- £0 net transfer spend
- all further loans to come from King & family's NOAL trust (not sure how this squares with inability to fund TP enforced share buyout?)


So it looks like the other directors have got fed up pumping in the cash and want King to start ponying up. Presumably these figures are before Pedro got the bullet, so won't factor in his payoff and cash required to get new mug in.

As we only have one place in the Champions League, how can he justify loans given they will get nowhere near winning the SPL for the foreseeable? The SFA/SPFL need to do their job now and end this continued farce.

[Hibernia&Alba]

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Couple of interesting snippets from the New Huns' accounts. The forecast of £7.2M funding required to keep the lights on this season and next assumes:

- qualification and participation in European football next season (presumably group phase since that's when you start making money?)
- £0 net transfer spend
- all further loans to come from King & family's NOAL trust (not sure how this squares with inability to fund TP enforced share buyout?)


So it looks like the other directors have got fed up pumping in the cash and want King to start ponying up. Presumably these figures are before Pedro got the bullet, so won't factor in his payoff and cash required to get new mug in.

But didn't King's lawyer recently say he is flat broke? They are going to go tits up again as they try to catch Celtic.

[CropleyWasGod]

Finally got round to looking at the RFC accounts, and would add my own observations to the others.

1. "the loans are considered to be quasi-equity". It is hoped that there will be a share issue in 2018, at which point these will be converted into shares.

2. they are interest-free and unsecured. Some, although not clear which, are repayable in July next year.

3. "our stadium is of the highest standard" Did they get the roof fixed?

4. some of the Caixinha buys are in these accounts, most not.

5. 1st team-squad costs were £10.4 m.

6. these £6m loss was actually after the costs of sorting out the SD stuff, which was about £3m. So, in trading terms, they only made a loss of £3m. Well done, chaps.

7. the assumptions about future funding are based on their need to be in the Europa League group stages 3 years out of 5. 1 of them has already gone.

8. the directors don't get paid.

I'm not sure MSM has picked up on point 7.......

[jacomo]

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Hope so - McInnes might actually be able to do a job for them !!

Seems to me they are following the Scott Allan strategy -

Leak McInness interest to the media, try and destabilise rival club, then make derisory offer.

I hope they are as successful! McInnes is a good fit for the Dons and Scottish football needs a strong Aberdeen.

[CropleyWasGod]

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But didn't King's lawyer recently say he is flat broke? They are going to go tits up again as they try to catch Celtic.

I've tried to get hold of NOAL's accounts, with no luck.

NOAL is a family trust, so it isn't his personal cash. The Court case was about his personal ability to buy the other shares. He may have a lot of equity in NOAL, whilst still being cash-poor.

[CropleyWasGod]

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As we only have one place in the Champions League, how can he justify loans given they will get nowhere near winning the SPL for the foreseeable? The SFA/SPFL need to do their job now and end this continued farce.

Not sure what the SFA can do. The club is paying its bills, and is a going concern. For the foreseeable, it will continue.

[MrSmith]

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Not sure what the SFA can do. The club is paying its bills, and is a going concern. For the foreseeable, it will continue.

I guess so but the continued loans are surely irresponsible and against Europe's FPP rules?

[CropleyWasGod]

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I guess so but the continued loans are surely irresponsible and against Europe's FPP rules?

Irresponsible, sure, but so was Hearts appointing Cathro

They're not against the FFP rules. They make that clear in the accounts, and I presume that the auditors are in agreement with that. I am guessing that the "hope" to have a share issue next year would be their get-out.

UEFA would have the last word on that, though.... as they did this season.

[MrSmith]

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Irresponsible, sure, but so was Hearts appointing Cathro

They're not against the FPP rules. They make that clear in the accounts, and I presume that the auditors are in agreement with that. I am guessing that the "hope" to have a share issue next year would be their get-out.

UEFA would have the last word on that, though.... as they did this season.

Ha ha aye its really complicated stuff huh! I guess I thought that all clubs should be self sufficient or bank rolled by their owners not 3rd, 4th, 5th or even 10th removed parties.

[BigKev]

I wonder how much they'll blitz in the summer of 2020 when Celtic will be going for 10 in a row.

Every chance they could be on reincarnation no.2 by then 😁

[Thecat23]

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I wonder how much they'll blitz in the summer of 2020 when Celtic will be going for 10 in a row.

Every chance they could be on reincarnation no.2 by then 😁

Be lucky to make 2020.

[ancient hibee]

Will they be allowed to have a share issue if the court finds for the takeover panel .

[CropleyWasGod]

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Will they be allowed to have a share issue if the court finds for the takeover panel .

Don't see why not.

If the Court support the TP, DK et al will have to find a way to buy the remaining shares. Can't see that being a legal barrier to another share issue, although it may concentrate minds on whether they actually want one.

If it goes that way, I reckon DK will be looking for an exit route.

[Tornadoes70]

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Will they be allowed to have a share issue if the court finds for the takeover panel .

I'd imagine not until the matter had been fully resolved one way or another. The takeover panel is merely seeking the COS to enforce the gasl to comply with its normal business practice rules. I can't foresee any other outcome than the Court ordering him to comply which would almost certainly put any plans of an ordinary share offer being processed on hold until the matter of compliance had been resolved one way or another.

GGTTH

[Deansy]

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I hope they do get McInnes. There is no way he can achieve what their fans expect, so would eventually be hounded out. In the meantime, it causes disruption at Aberdeen.


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Hmmm, good thinking - fingers crossed !

[CropleyWasGod]

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I'd imagine not until the matter had been fully resolved one way or another. The takeover panel is merely seeking the COS to enforce the gasl to comply with its normal business practice rules. I can't foresee any other outcome than the Court ordering him to comply which would almost certainly put any plans of an ordinary share offer being processed on hold until the matter of compliance had been resolved one way or another.

GGTTH

The TP's action is against DK, not the company, so I can't see why it would, or could, stop them issuing more shares.

[oldbutdim]

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Finally got round to looking at the RFC accounts, and would add my own observations to the others.





8. the directors don't get paid.

I'm not sure if it's relevant or not....................... but I believe Paul Murray and James Blair are directors of a security company which just happens to be the same one that The The Rangers use to employ thugs to eject hapless opposition fans from the Hunnery.

I wonder how much they get from that?

[CropleyWasGod]

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I'm not sure if it's relevant or not....................... but I believe Paul Murray and James Blair are directors of a security company which just happens to be the same one that The The Rangers use to employ thugs to eject hapless opposition fans from the Hunnery.

I wonder how much they get from that?

You've just reminded me to look at them. Someone mentioned them over the weekend, and I made a mental note to have a squint.

What was their name? Or what thread was it on?

EDIT... Garrion. I'll be back.

[Iain G]

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You've just reminded me to look at them. Someone mentioned them over the weekend, and I made a mental note to have a squint.

What was their name? Or what thread was it on?

EDIT... Garrion. I'll be back.

Garrion camping?

[oldbutdim]

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You've just reminded me to look at them. Someone mentioned them over the weekend, and I made a mental note to have a squint.

What was their name? Or what thread was it on?

EDIT... Garrion. I'll be back.

Garrion it is.

I think it may be a subsidiary of The The Huns.

[Tornadoes70]

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The TP's action is against DK, not the company, so I can't see why it would, or could, stop them issuing more shares.

If enforcement is issued I'd imagine there would be no new share issue until the matter of enforcement had been settled one way or another. Mind you I'm basing my opinion on normal practice logic as it would seem logical to have the matter of enforcement brought to a close before issuing new shares. Of course there's no telling what they might actually do whether or not its logical with the example already being they reached a conclusion ordinary business practice rules don't apply to them. There's no telling what such unscrupulous blase people might actually do, granted.

[CropleyWasGod]

Garrion Security Services Limited....

1. 100% owned by Rangers International, the club's holding company.

2. directors are Dickson, Robertson (both appointed in August this year) and Murray (appointed March 2015).

3. latest accounts are for June 16. It made a loss of £144k, and has net liabilities of £238k.

4. Going Concern covered by the assurance that RIFC will continue to support it for the foreseeable.

5. at June 16, owes RIFC £34k, which will not be pursued for the moment.

6. the directors take no remuneration from the company.

The June 17 accounts will be interesting.