Generic Sevco / Rangers meltdown thread

[HoboHarry]

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This is the last set of accounts from Park's business. Seems to be profitable, but I don't really know what to look for. Paging CWG ... come back!

https://s3.eu-west-2.amazonaws.com/d...272c695d125474

CWG, Caversham Green come on down......

[BigKev]

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Douglas Parks business has been in effective administration & has been run by the bank for the last 18 months. The bank have now instructed that Park sell the car sales part of his business immediately, all of this because he believed King, and King has rode him bareback. His loans to Sevco have been converted into worthless shares and he possibly has lost anything up to €12.5m propping up Kings ego/mouth. And King had the balls to ask him to put in another €2m last week so that they could pay the 1st instalment of the Swedish guy & their legal teams bills. Who by the way are working strictly on a cash basis only. Celtic are planning around them going bang again. Top it off, Dorrans, Murphy have been told to leave & if they don't think they will be training with the youths. Barasic has been told that he has no future and should be looking for a new club. The problem is that no one in Croatia will be or are paying anyone over €20k per week to any player there. They've left 5 people behind the scenes go just so they can make payroll for the players. Hummel have withheld the €1.4m start of the season bonus coz of the Commercial deal fiasco. Jimmy Bell has been busy buying kit without badges from the Hummel UK guy and then getting the badges etc put on. They're ****ed

Just had this sent to me from a mate, interesting stuff.

Pre tax profits of £21.8m in 2017. Can't see anything for 2018 but I'm guessing similar results.

I think that's a fake text been doing the rounds so unless everyone has the same Celtic supporting mate then it's dubious to say the least.

It appeared on the thread across the road last night as well.

[Smartie]

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Pre tax profits of £21.8m in 2017. Can't see anything for 2018 but I'm guessing similar results.

I think that's a fake text been doing the rounds so unless everyone has the same Celtic supporting mate then it's dubious to say the least.

It appeared on the thread across the road last night as well.

Remember the old saying though - turnover for vanity, profit for sanity, CASH IS KING.

It is possible to have a perfectly profitable business struggle due to cash flow issues. I should know, I have one.

My business would disappear very quickly if I took large chunks of cash out of it to throw at an ailing football club.

[BigKev]

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Remember the old saying though - turnover for vanity, profit for sanity, CASH IS KING.

It is possible to have a perfectly profitable business struggle due to cash flow issues. I should know, I have one.

My business would disappear very quickly if I took large chunks of cash out of it to throw at an ailing football club.

Turnover was £777m 😂 Profit margins not great!

There was also an £8.9m dividend payment to directors.

Park gives his main residence as Switzerland.

[Hibernia&Alba]

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Turnover was £777m 😂 Profit margins not great!

There was also an £8.9m dividend payment to directors.

Park gives his main residence as Switzerland.

But surely such a staunch Rangers man is proudly British and would never want to shortchange the UK treasury?

[ancient hibee]

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But surely such a staunch Rangers man is proudly British and would never want to shortchange the UK treasury?

He’s not .He’s doing what everyone should try to do which is keep your money legally away from the tax man.Never understood the idea that Civil Servants are the best people to spend any spare money I have

[Rumble de Thump]

Sevco fans' hatred of Mike AShley is bizarre considering his emergency £10 million loan saved the club from going bust. They didn't even have enough money to pay employee wages and the club was destined to go the same way as Rangers.

[HoboHarry]

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Sevco fans' hatred of Mike AShley is bizarre considering his emergency £10 million loan saved the club from going bust. They didn't even have enough money to pay employee wages and the club was destined to go the same way as Rangers.

If you read some of their blogs there are a considerable number of them who still don't know/realise that the new agreement which has them in this mess was negotiated by King and his acolytes. They still think this was down to Charles Green.....

[Keith_M]

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He’s not .He’s doing what everyone should try to do which is keep your money legally away from the tax man.Never understood the idea that Civil Servants are the best people to spend any spare money I have

You sound like Donald Trump's spokesperson on why he hasn't paid taxes for years.

"It is every American's patriotic duty to pay no more taxes than absolutely necessary"


Or maybe you're Leona Helmsley in disguise...

"We don't pay taxes; only the little people pay taxes"

[Deansy]

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Loving the Daily Ranger's take on this: https://www.dailyrecord.co.uk/news/s...hleys-18667096

Tell the story of poor old hard done by Rangers then devote half the article to how bad a nasty man Mike Ashley is, but don't mention anything about the convicted fraudster Dave King or any of the Rangers dubious contractual dealings...

'Rangers could be forced to pay Sports Direct (SDIR) millions of pounds ......'


They could be - could ??? The Hun will be forced to pay !

[Joe6-2]

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CWG, Caversham Green come on down......

Where are these guys?!!

[HoboHarry]

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'Rangers could be forced to pay Sports Direct (SDIR) millions of pounds ......'


They could be - could ??? The Hun will be forced to pay !

Well maybe - it's not in Ashley's interest to force them into bankruptcy if he can bleed money out of them for years to come instead. It could be that they will come to an out of court settlement, but the terms of the deal are likely to be pretty onerous for Sevco.....

[ancient hibee]

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You sound like Donald Trump's spokesperson on why he hasn't paid taxes for years.

"It is every American's patriotic duty to pay no more taxes than absolutely necessary"


Or maybe you're Leona Helmsley in disguise...

"We don't pay taxes; only the little people pay taxes"

I’m neither.Just someone who has no objection to people doing what the law allows them to do.Doesn’t mean that I think the laws are fair or just.Perhaps you should get in touch with Ron Gordon and tell him you don’t approve of the majority shareholder in Hibs being situated in Delaware in order to take advantage of the company tax rules there.

[Hibernia&Alba]

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He’s not .He’s doing what everyone should try to do which is keep your money legally away from the tax man.Never understood the idea that Civil Servants are the best people to spend any spare money I have

I couldn't disagree with you more. If we want the best possible public services (which I do) they have to be funded accordingly. Tax exiles are a disgrace in my eyes.

[southsider]

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You sound like Donald Trump's spokesperson on why he hasn't paid taxes for years.

"It is every American's patriotic duty to pay no more taxes than absolutely necessary"


Or maybe you're Leona Helmsley in disguise...

"We don't pay taxes; only the little people pay taxes"

Taz evasion is a crime whilst tax avoidance by fancy dan accountants is not but should be punishable by death. See SEVCO.

[Captain Trips]

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Taz evasion is a crime whilst tax avoidance by fancy dan accountants is not but should be punishable by death. See SEVCO.

Taz Evasion sounds like a decent player.

[HIGHLANDLEITHER]

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'Rangers could be forced to pay Sports Direct (SDIR) millions of pounds ......'


They could be - could ??? The Hun will be forced to pay !

Wonder if there is a link between Tavernier going to Newcastle for £8 million (titter ye not ). Can’t believe that they think Ashley is as stupid as they are.

[Eyrie]

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Taz evasion is a crime whilst tax avoidance by fancy dan accountants is not but should be punishable by death. See SEVCO.

You do realise that you're avoiding tax by putting money into an ISA or a pension?

Although I agree that the fancy lawyers and accountants looking to create and exploit an unintentional loophole in the wording should be dealt with permanently.

[Captain Trips]

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You do realise that you're avoiding tax by putting money into an ISA or a pension?

Although I agree that the fancy lawyers and accountants looking to create and exploit an unintentional loophole in the wording should be dealt with permanently.

Well not if the money you put in it is from your wages that was taxed in first place.

[lapsedhibee]

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Well not if the money you put in it is from your wages that was taxed in first place.

When you buy something in a shop, do you decline to pay the 20% VAT which is included in the price, on the grounds that you're paying out of your wages, which were already taxed?

[jacomo]

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When you buy something in a shop, do you decline to pay the 20% VAT which is included in the price, on the grounds that you're paying out of your wages, which were already taxed?

There is a huge difference between ISAs and pensions, which are designed and encouraged by the government to encourage people to save, and tax avoidance which requires the services of accountants to deliberately exploit loopholes in the law using complex financial transactions.

It is a bit silly to equate the two, but unscrupulous wealthy people are very happy that you do!

[Crazyhorse]

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Taz Evasion sounds like a decent player.

Very elusive no one can get near him on the pitch.

[Ozyhibby]

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Wonder if there is a link between Tavernier going to Newcastle for £8 million (titter ye not ). Can’t believe that they think Ashley is as stupid as they are.

I think there is zero chance of Ashley giving Dave King £8m.


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[Ozyhibby]

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You do realise that you're avoiding tax by putting money into an ISA or a pension?

Although I agree that the fancy lawyers and accountants looking to create and exploit an unintentional loophole in the wording should be dealt with permanently.

By closing the loophole? Not the fault of the accountants, it’s bad tax policy that’s to blame.


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[Ozyhibby]

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Well not if the money you put in it is from your wages that was taxed in first place.

You pay into your pension from pre tax earnings. It is done to encourage you to save for your old age so you will not be a drain on the state.


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[Captain Trips]

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You pay into your pension from pre tax earnings. It is done to encourage you to save for your old age so you will not be a drain on the state.


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I was discussing ISA not pensions which like you are aware is something totally different.

[Onceinawhile]

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You pay into your pension from pre tax earnings. It is done to encourage you to save for your old age so you will not be a drain on the state.


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Not always, quite common to make post tax pension contributions and receive tax relief on them.

[Topographic Hibby]

...and in related matters

https://www.bbc.co.uk/news/business-49124375

'Shambles' as Sports Direct's results delayed

[Springbank]

I know Mr MacGiollaBhain has a very annoying writing style, and is frequently full of bluster, but some of this looks a reasonable read

https://philmacgiollabhain.ie/2019/0...nd-hard-facts/

speculation that sevco are in line for an 8 figure sum to pay as penalty to Sports Direct, and it won't begin with a 1

£20m-£30m is the guess going on here

Close Brothers may be nervous and might be the canary in the mine here... as long as they sit tight, it's probably not end game. But if they do get twitchy...

[Iain G]

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I know Mr MacGiollaBhain has a very annoying writing style, and is frequently full of bluster, but some of this looks a reasonable read

https://philmacgiollabhain.ie/2019/0...nd-hard-facts/

speculation that sevco are in line for an 8 figure sum to pay as penalty to Sports Direct, and it won't begin with a 1

£20m-£30m is the guess going on here

Close Brothers may be nervous and might be the canary in the mine here... as long as they sit tight, it's probably not end game. But if they do get twitchy...

The only readable and understandable bits of his site are where he quotes someone else!