Generic Sevco / Rangers meltdown thread

[Hibernia&Alba]

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In the report I read , Sevco was mentioned as one of the offensive terms that was used.

Wow. We will need to start addressing them as sir and 'the people'. It seems anything less is offensive.

[04Sauzee]

£23.5m loss announced in their latest accounts. Not surprised to see them post a loss due to Covid but wondering how many losses and the total amount of losses they have posted since their reincarnation.

[Stuart93]

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£23.5m loss announced in their latest accounts. Not surprised to see them post a loss due to Covid but wondering how many losses and the total amount of losses they have posted since their reincarnation.

And the fact it continues to be swept under the carpet

[CropleyWasGod]

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And the fact it continues to be swept under the carpet

By whom? It's in the public domain.

[007]

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In the report I read , Sevco was mentioned as one of the offensive terms that was used.

Are we not even allowed to be offensive any more? (Aimed at the report, not you).

[Oscar T Grouch]

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£23.5m loss announced in their latest accounts. Not surprised to see them post a loss due to Covid but wondering how many losses and the total amount of losses they have posted since their reincarnation.

They’ve lost £80mil up to the last set of accounts, so adding the 23.5mil to that makes it just over £100mil they’ve lost since being reborn. But there’s nothing to see here, this is all legit and above board. The debt however mostly comes from rangers board members and I’m sure a lot of it was converted to shares but I could be wrong about that.

[CropleyWasGod]

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£23.5m loss announced in their latest accounts. Not surprised to see them post a loss due to Covid but wondering how many losses and the total amount of losses they have posted since their reincarnation.

At first glance, they are in a much better state than they could have been. Their funding gap has reduced from £23m to £8m. They have also secured longer-term external funding, which is a big step for them.


Disclaimer:- "at first glance" might miss a lot of issues

[jacomo]

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At first glance, they are in a much better state than they could have been. Their funding gap has reduced from £23m to £8m. They have also secured longer-term external funding, which is a big step for them.


Disclaimer:- "at first glance" might miss a lot of issues

One thing in their favour over the past few seasons has been a steady stream of cash from European football. They had relied on this, which always seemed risky, but the risk seems to have paid off.

[CropleyWasGod]

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One thing in their favour over the past few seasons has been a steady stream of cash from European football. They had relied on this, which always seemed risky, but the risk seems to have paid off.

Yep, that was their stated model. Something like "group stages of the Europa or Champions League in 3 out of 5 seasons". We all probably scoffed at that at the time, as they were pretty poor on the park.

In some ways, it's almost irrelevant that Gerrard hasn't been too successful domestically. He's done the business in Europe which, from a financial point of view, has been much better for them.

[Stuart93]

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By whom? It's in the public domain.

I have absolutely zero knowledge but how long can losses continue like they have been before spfl/SFA take notice? If that’s even a possibility

[JohnMcM]

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I have absolutely zero knowledge but how long can losses continue like they have been before spfl/SFA take notice? If that’s even a possibility

There’s more chance of me sending you a photograph of a live unicorn, finding a pot of gold at the end of a rainbow, or, enjoying a bowl of chicken-lip soup.

[CropleyWasGod]

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I have absolutely zero knowledge but how long can losses continue like they have been before spfl/SFA take notice? If that’s even a possibility

As long as they can continue in business, which they are doing, it's not the concern of the SPFL or SFA.

UEFA may be a different story although, as recent FFP cases suggest, I'm not sure that's likely to be a major issue either.

[PatHead]

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As long as they can continue in business, which they are doing, it's not the concern of the SPFL or SFA.

UEFA may be a different story although, as recent FFP cases suggest, I'm not sure that's likely to be a major issue either.

Could they be banned from Europe over the next few years or is that wishful thinking?

[CropleyWasGod]

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Could they be banned from Europe over the next few years or is that wishful thinking?

I'd doubt it.

They have been in worse places than they are now, and managed to get round the FFP rules. In the past, they had to show that they were taking steps to plug their funding gap. It's clear that those steps were taken, and further steps are being taken. The long-term funding that they have secured is a huge step for them in that respect.

[weecounty hibby]

Sadly there are an awful lot of rich huns out there who are happy to swap £m for worthless share certificates. As much as we would all love it, in a Kevin Keegan stylee, if they went tits up it won't ever happen

[Lago]

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And the fact it continues to be swept under the carpet

In what way? It's being highlighted everywhere.

[PolmontHibby]

UEFA Fairplay rules were designed to stop clubs spending more than they earn, but they have been a complete failure.
They are meant to be having an overhaul this year...but I wouldn't put a £1 on new rules having any greater success.

As for the chances of SFA/SPFL putting in place checks and restrictions such as they have in the Bundesliga - zero chance

Clubs such as Sevco etc will just have to keep hoping directors/supporters will keep chucking in the cash.

[Lago]

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And the fact it continues to be swept under the carpet

<br>
In what way? It's being highlighted everywhere.&nbsp;

[RyeSloan]

So they have spent over £100m more than their income since they last went pop.

Financial doping on a huge scale yet somehow its not covered by UEFA FFP rules or even remotely bothering the Scottish authorities in terms of how that impacts the domestic ‘fairness’ of competition.

Seems right enough.

[CropleyWasGod]

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So they have spent over £100m more than their income since they last went pop.

Financial doping on a huge scale yet somehow its not covered by UEFA FFP rules or even remotely bothering the Scottish authorities in terms of how that impacts the domestic ‘fairness’ of competition.

Seems right enough.

We don't have FFP in Scotland, presumably because the clubs don't want it. Rod mentioned years ago that there were plans to bring it in, but there doesn't seem to be the appetite for it.

[RyeSloan]

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We don't have FFP in Scotland, presumably because the clubs don't want it. Rod mentioned years ago that there were plans to bring it in, but there doesn't seem to be the appetite for it.

Stating the bleedin’ obvious with yer first sentence there Crops ;-).

[CropleyWasGod]

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Stating the bleedin’ obvious with yer first sentence there Crops ;-).

Sorry, just saying that as a lot of people seem to think it's the SFA's call.

[CropleyWasGod]

There could be a spin-off series.

The Easdale brothers, last seen in Season 3, are reported to be in for Derby County.

[Iain G]

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There could be a spin-off series.

The Easdale brothers, last seen in Season 3, are reported to be in for Derby County.

Had forgotten about them! Another pair of comedians who have off the radar wealth?

[PolmontHibby]

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We don't have FFP in Scotland, presumably because the clubs don't want it. Rod mentioned years ago that there were plans to bring it in, but there doesn't seem to be the appetite for it.

UEFA licensing rules apply to the SPFL (or any clubs who participate in UEFA competitions)?
Whether it works correctly is a separate question.

[Bostonhibby]

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Had forgotten about them! Another pair of comedians who have off the radar wealth?

A bit like their first saviours White and Cheeky Charlie Green, immeasurable wealth, so immeasurable that no one bothered to measure it.



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[Keith_M]

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There could be a spin-off series.

The Easdale brothers, last seen in Season 3, are reported to be in for Derby County.

Is that the gangster like bus company owners that used to burn down rival bus depots (allegedly)?

[PatHead]

Notice in the papers something about King charging massive interest on his loan. Anyone know anything about this?

[CyberSauzee]

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Notice in the papers something about King charging massive interest on his loan. Anyone know anything about this?

https://www.scotsman.com/sport/footb...counts-3451314

"While announcing figures to June 2021, Rangers summarised a seven-figure loan, plus £832,000 interest, had been repaid to Mr King since that accounting period ended and replaced by ‘a long term, lower coupon structured facility’ to support their aim to ‘strengthen our capital and funding structure’."

[jacomo]

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https://www.scotsman.com/sport/footb...counts-3451314

"While announcing figures to June 2021, Rangers summarised a seven-figure loan, plus £832,000 interest, had been repaid to Mr King since that accounting period ended and replaced by ‘a long term, lower coupon structured facility’ to support their aim to ‘strengthen our capital and funding structure’."

Oh, tidy! In an era of low interest rates, how nice to be in a position to lend money to a club in desperate need of cash, and be obliged to charge sizeable interest on top.