Generic Sevco / Rangers meltdown thread

[Ozyhibby]

https://stv.tv/amp/1432153-rangers-l...mpression=true

Sevco racking up the court losses now.


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[Ozyhibby]

A Summary if what happened was posted on SFM.



Requests for two injunctions were granted, unchanged, by the court:

i) "an injunction that until the further agreement between rangers and sdir arising pursuant to sdir's exercise of its matching right under paragraph 5.7 of schedule 3 to the agreement on 25 july 2018 is in effect, and recognised by both parties as being so in effect, rangers shall not approach, solicit, tender for, negotiate with or enter into any agreement with any third party in respect of any of the offered rights (for the avoidance of doubt, whether on an exclusive or non-exclusive basis)."

ii) "an injunction that until 31 july 2020 if rangers receives an offer from a third party ("third party offer") to enter into an agreement with rangers for any of the offered rights or all or any combination of the offered rights (for the avoidance of doubt, whether the offered rights are offered on an exclusive or non-exclusive basis), rangers shall provide sdir with written notice ("notice of offer") of the terms of the third party offer (and a copy of any written third party offer that is not subject to restrictions on its disclosure) within 5 days of receipt by rangers of the third party offer, and rangers shall not enter into any agreement with the said third party without first going through the matching right provisions under paragraph 5 of schedule 3 to the agreement."
A third injunction was granted on an amended basis:

"rangers shall:
(1) not perform the elite agreement;
(2) not assist elite to perform the elite agreement; and
(3) inform elite that it will not perform the elite agreement."


It reads that Rangers have lost on all counts and will face a further claim for damages at a later date.

Judgement is here:-

https://www.bailii.org/ew/cases/EWHC...2018/2772.html




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[Ozyhibby]

So Sevco have been hit with a £427k legal bill and pay damages that have still to be decided. That’s on top of the £500k legal bill from a couple of months back.
And they have to stop selling shirts again.
I’m beginning to like Mike Ashley.


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[HoboHarry]

Ashley really has sent the legal the dogs of war after Sevco.......

[Hibs4185]

But they were selling shirts last month from JD sports and their own website? I’m sure king will hope by breaking the law and selling them, the money they’ve made illegally will pay the legal fees!

Hopefully big mike hits them for lost sales totalling millions!

[Winston Ingram]

How amateur are Sevco.

The agreement was water tight and they still ignored it and then fought it in the courts racking up £000's on a fight they were never winning.

[Ozyhibby]

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But they were selling shirts last month from JD sports and their own website? I’m sure king will hope by breaking the law and selling them, the money they’ve made illegally will pay the legal fees!

Hopefully big mike hits them for lost sales totalling millions!

That’s what this case was about. Damages are still to be set.


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[Billy Whizz]

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That’s what this case was about. Damages are still to be set.


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What was the deal worth in the 1st place to The Rangers

[Ozyhibby]

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What was the deal worth in the 1st place to The Rangers

Not sure. I’m sure if you read the Daily Record the day it was announced it was likely gazillions but the reality was probably a lot less. It will be affecting their deal with Hummel as well.


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[BILLYHIBS]

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So Sevco have been hit with a £427k legal bill and pay damages that have still to be decided. That’s on top of the £500k legal bill from a couple of months back.
And they have to stop selling shirts again.
I’m beginning to like Mike Ashley.


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Aw! Ah wiz wantin a new orange wan? Ah will just have to wait until Wee Billy goes tae Thailand noo!
By the way!

[Chic Murray]

The Founder, a film about McDonalds, starring Michael Keaton is good viewing if you want to see how seemingly watertight contracts can be broken.

[Ozyhibby]

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The Founder, a film about McDonalds, starring Michael Keaton is good viewing if you want to see how seemingly watertight contracts can be broken.

That is a great movie.


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[Tynie01011973]

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What was the deal worth in the 1st place to The Rangers

JJ suggesting that TRIFC would get 20% of all Elite receipts

https://johnjamessite.com/

TRFCL wrote to SDIR on the 12th July in accordance with the aforementioned clause. In this missive there was an offer from Elite which SDIR matched. This offer was one in which ‘Rangers’ would receive 20% of all Elite receipts.

[Moulin Yarns]

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JJ suggesting that TRIFC would get 20% of all Elite receipts

https://johnjamessite.com/

TRFCL wrote to SDIR on the 12th July in accordance with the aforementioned clause. In this missive there was an offer from Elite which SDIR matched. This offer was one in which ‘Rangers’ would receive 20% of all Elite receipts.

12th July??? They can't help themselves.

[Smartie]

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12th July??? They can't help themselves.

Decent day to send something contentious to Ibrox, as I can't imagine it will be a hive of activity on that day, people being otherwise engaged.

[Rumble de Thump]

Rangers were 48 hours from going into administration until a £2m loan was agreed with Mike Ashley, according to one senior Ibrox source. (as per a BBC news story from 2014).

And this is how the club's management repay him. Without his money The Rangers would likely have gone the same was as Rangers.

[Chic Murray]

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That is a great movie.


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I'm sure Croc and King would be kindred spirits.

[Ozyhibby]

The Wetherspoons parody account can be quite funny at times.


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[Ozyhibby]

https://www.thescottishsun.co.uk/spo...ding-payments/

Dave King good to go again with Ashley. God loves a trier.


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[Tomsk]

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https://www.thescottishsun.co.uk/spo...ding-payments/

Dave King good to go again with Ashley. God loves a trier.


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The Glasgow Giants ...

[hibees 7062]

[wearehibernian]

“We hope Rangers will now move on" is definitely the most unrealistic statement in that article...

[Moulin Yarns]

14.3 million loss for the year announced on radio Scotland.

[Ozyhibby]

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14.3 million loss for the year announced on radio Scotland.

https://rangers.co.uk/news/headlines...ual-results-4/

Sevco laughing at Uefa FFP rules.


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[CropleyWasGod]

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https://rangers.co.uk/news/headlines...ual-results-4/

Sevco laughing at Uefa FFP rules.


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In FFP terms, they're much better off than they have been for a long time. The latest Share issue has strengthened their Balance Sheet by about 1/3.

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[Ozyhibby]

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In FFP terms, they're much better off than they have been for a long time. The latest Share issue has strengthened their Balance Sheet by about 1/3.

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But losses are still over the supposedly £5m losses over three years allowed.


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[Hibernia&Alba]

Happy Halloween

[Ozyhibby]

“material uncertainty relating to going concern
we draw your attention to note 1 to the financial statements concerning the group’s ability to continue as a going concern. in order to continue operations for the next 12 months the group is dependent upon raising additional finance to cover the projected shortfall of £4.6m in season 2018/19 and a further £3.0m in season 2019/20. such amounts are inherently dependent on a number of key variables, including the achievement of forecast football performance and player trading. should certain inputs to the cash flow not be achieved as forecast, the projected shortfall could be materially higher than that detailed above. failure to secure additional funding would result in the existence of a material uncertainty which may cast significant doubt as to the group’s ability to continue as a going concern. the financial statements do not include the adjustments that would result if the group was unable to continue as a going concern. our opinion is not modified in respect of this matter.”

They need a further £4.6m in January to finish the season.


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[CropleyWasGod]

Ozy, I haven't seen the full report yet. Where are you getting January from?

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[ancient hibee]

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In FFP terms, they're much better off than they have been for a long time. The latest Share issue has strengthened their Balance Sheet by about 1/3.

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I must be slipping because I didn't realise they'd had another share issue.What is clear is that they need to increase revenue by 20% to get it on par with current operational expenses.