Glamorgan Jambo Posted October 30, 2018 Share Posted October 30, 2018 I'd be really surprised if there was a mysterious benefactor funding RFC. More likely, IMO, they are playing the cash flow game (including the recent share issue). Can't see them going into admin anytime soon. I expect a non stop wall of publicity around bids for their players in the run up to the January window. Their accounts when released should provide a bit more info. Link to comment Share on other sites More sharing options...
SUTOL Posted October 30, 2018 Share Posted October 30, 2018 3 minutes ago, Meadows said: I thought there was only one , I presume I’m wrong ? This one is still outstanding. https://beta.companieshouse.gov.uk/company/SC425159/charges/mLBWBxLf49wYxVpcq5n1pX_hCbE Link to comment Share on other sites More sharing options...
Glamorgan Jambo Posted October 30, 2018 Share Posted October 30, 2018 2 minutes ago, SUTOL said: This one is still outstanding. https://beta.companieshouse.gov.uk/company/SC425159/charges/mLBWBxLf49wYxVpcq5n1pX_hCbE That is charges outstanding as opposed to loans. When RFC took out the loan at the start of the year there was initially only a fixed charge applied. However that was quickly followed by a floating charge. the fixed charge has been satisfied but the floating charge is still there. Could be numerous reasons for this course of action starting from simply an improvement in RFCs credit rating following the share issue going to the loan being repaid in full but some facility still remaining. The financials, when released, should give some pointers even though all this happened after the end of the accounting period. Link to comment Share on other sites More sharing options...
AllyjamboDerbyshire Posted October 30, 2018 Share Posted October 30, 2018 We know that the rights issue raised enough money to clear the Close Brothers loan (and a bit more). They may have used that money to clear all, or part of, that loan. If they have, they have less money in the bank to meet their ever increasing expenses. It would be one of the most sensible moves TRFC has ever made to clear the Close Brothers loans to save on interest and charges, but paying it back now doesn't mean they are any better off (except in those interest savings) than they would be if they hadn't paid it off. In other words, paying off the loan is no more an indicator of things being financially sound at Ibrox, than not paying it off would indicate the opposite. Link to comment Share on other sites More sharing options...
CJGJ Posted October 30, 2018 Share Posted October 30, 2018 (edited) https://www.rangersnews.uk/news/financial-gap-between-rangers-and-celtic-revealed/ Also info about us, Aberdeen etc Info also on wages thread Edited October 30, 2018 by CJGJ Link to comment Share on other sites More sharing options...
Footballfirst Posted October 31, 2018 Share Posted October 31, 2018 Just appeared on my Twitter feed Link to comment Share on other sites More sharing options...
Bozi Posted October 31, 2018 Share Posted October 31, 2018 Rangers have announced a huge loss of £14.3 million in their latest annual accounts, But Dave King, the Rangers chairman, has insisted it was a year which saw the Ibrox club ‘normalise’ their financial affairs. Normalise? As in spending money you can't afford? Link to comment Share on other sites More sharing options...
jambovambo Posted October 31, 2018 Share Posted October 31, 2018 Ouch or yum Daddy - chips Link to comment Share on other sites More sharing options...
Footballfirst Posted October 31, 2018 Share Posted October 31, 2018 (edited) More cash required over the next two seasons, starting in January. At the time of preparation, the forecast identified that the Group would require a minimum of £4.6m by way of debt or equity funding by the end of season 2018/2019 in order to meet its liabilities as they fall due. The first tranche of funding is required from investors in January 2019. Further funding amounting to £3.0m is forecast to be required during the 2019/20 season. However, the final amount required is dependent on future football performance, European football participation and player trading amongst other factors. Such amounts are in addition to the funds raised by the share issue in September 2018. Not much new cash from the share issue Subsequent to the year end, £11.1m of investor loans have been converted to share capital. The investors have indicated that their remaining loan facilities will continue to be made available whilst funds are still required by the Club. Material uncertainty? 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. The reason for additional funding requirements for the next two seasons. Payables due for transfer fees are £7.336m this season and a further £5.34m in future seasons. Edited October 31, 2018 by Footballfirst Link to comment Share on other sites More sharing options...
Jeff Posted October 31, 2018 Share Posted October 31, 2018 Loss of 14mil.... incredible Link to comment Share on other sites More sharing options...
indianajones Posted October 31, 2018 Share Posted October 31, 2018 2 minutes ago, Jeff said: Loss of 14mil.... incredible Almost half their turnover. Newco, you're doing it wrong! Please keep it up. Impending doom approaches. Again. Link to comment Share on other sites More sharing options...
Footballfirst Posted October 31, 2018 Share Posted October 31, 2018 I can't find any reference to the Close loan or any security that went with it. However, at year end the total liabilities (page 53 – loans, trade payables and leases) had increased from £26.86m to £38.657m. The recent share placing will have taken care of the increase but the club looks no better off than it was a year ago despite the amount raised. Link to comment Share on other sites More sharing options...
Jeff Posted October 31, 2018 Share Posted October 31, 2018 Just now, indianajones said: Almost half their turnover. Newco, you're doing it wrong! Please keep it up. Impending doom approaches. Again. With a Europa League run which won't happen year in year out. I can't see how they can keep this up? They're still a million miles away from Celtic as well Link to comment Share on other sites More sharing options...
Forever Hearts Posted October 31, 2018 Share Posted October 31, 2018 3 minutes ago, Footballfirst said: I can't find any reference to the Close loan or any security that went with it. However, at year end the total liabilities (page 53 – loans, trade payables and leases) had increased from £26.86m to £38.657m. The recent share placing will have taken care of the increase but the club looks no better off than it was a year ago despite the amount raised. Have you got any hobbies? Link to comment Share on other sites More sharing options...
Jeff Posted October 31, 2018 Share Posted October 31, 2018 5 minutes ago, Forever Hearts said: Have you got any hobbies? It's quite clear what his hobby outside of football is Anything wrong with him taking an interest in the financial side of Scottish clubs? Link to comment Share on other sites More sharing options...
indianajones Posted October 31, 2018 Share Posted October 31, 2018 12 minutes ago, Jeff said: With a Europa League run which won't happen year in year out. I can't see how they can keep this up? They're still a million miles away from Celtic as well They can't keep it up. They won't make anything near 14 million for the Europa league either! Anything to stop ten in a row. They are desperate. Link to comment Share on other sites More sharing options...
Jeff Posted October 31, 2018 Share Posted October 31, 2018 1 minute ago, indianajones said: They can't keep it up. They won't make anything near 14 million for the Europa league either! Anything to stop ten in a row. They are desperate. Aberdeen put a lovely nail in the coffin at the weekend. Few more and it's time for the burial I reckon. Link to comment Share on other sites More sharing options...
Forever Hearts Posted October 31, 2018 Share Posted October 31, 2018 12 minutes ago, Jeff said: It's quite clear what his hobby outside of football is Anything wrong with him taking an interest in the financial side of Scottish clubs? Clubs as in plural? Link to comment Share on other sites More sharing options...
Jeff Posted October 31, 2018 Share Posted October 31, 2018 1 minute ago, Forever Hearts said: Clubs as in plural? Correct. Funnily enough he's posting about Rangers' financial issues in the Rangers financial issues thread. If you look elsewhere from time to time you will see that he;s posted about other clubs as well. You won't though because it's blatant that you're a Gers fan. Any reason for choosing a picture of Levein in an orange jumper? Link to comment Share on other sites More sharing options...
BangkokHearts Posted November 1, 2018 Share Posted November 1, 2018 I can't wait until they die a second time. Link to comment Share on other sites More sharing options...
Meadows Posted November 1, 2018 Share Posted November 1, 2018 On 30/10/2018 at 22:32, SUTOL said: 1 hour ago, Forever Hearts said: Have you got any hobbies? Football first takes an in-depth look at Scottish football , his analysis of financial matters is outstanding and allows fans like myself to understand the intricate reports that would normally make zero sense to a layman. He also reports on our ( not yours) reserve and youth games with excellent appraisals and unbiased reporting . As far as hobbies go, I’m sure he’s content with the occasional ‘bite’ from Sevco Neanderthals . Link to comment Share on other sites More sharing options...
Footballfirst Posted November 1, 2018 Share Posted November 1, 2018 1 hour ago, Forever Hearts said: Clubs as in plural? Yes. Here is how part of my file management looks. Link to comment Share on other sites More sharing options...
Disco Dave Posted November 1, 2018 Share Posted November 1, 2018 Keep it up FF. Your posts are always an interesting read. Link to comment Share on other sites More sharing options...
jambovambo Posted November 1, 2018 Share Posted November 1, 2018 Impressive. Keep it up. Link to comment Share on other sites More sharing options...
Dunks Posted November 1, 2018 Share Posted November 1, 2018 8 minutes ago, jambovambo said: Impressive. Keep it up. Link to comment Share on other sites More sharing options...
jambovambo Posted November 1, 2018 Share Posted November 1, 2018 Impressive. Keep it up. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 1, 2018 Share Posted November 1, 2018 A couple of other snippets from the accounts: Much of the increase in costs of £7.6m was a 45% hike in first team players wages from £10.4m to £15.1m. That will probably be going up again with Gerrard and his recruitment. The parent company, RIFC, doesn't report its accounts separately, but there is a note that it incurred a loss for the year of £1,732,000 (2017 – £1,016,000), up 70%. We know that the directors don't take emoluments, but it looks like they have lucrative expense accounts, e.g. for flights from SA, or have racked up a load of legal bills Link to comment Share on other sites More sharing options...
Scnorthedinburgh Posted November 1, 2018 Share Posted November 1, 2018 A nice fair read https://www.forbes.com/sites/mikemeehallwood/2018/11/01/steven-gerrards-rangers-announce-14m-loss-as-they-were-playing-a-match/#43e7273c6a8b from Forbes Link to comment Share on other sites More sharing options...
132goals1958 Posted November 1, 2018 Share Posted November 1, 2018 9 hours ago, Footballfirst said: A couple of other snippets from the accounts: Much of the increase in costs of £7.6m was a 45% hike in first team players wages from £10.4m to £15.1m. That will probably be going up again with Gerrard and his recruitment. The parent company, RIFC, doesn't report its accounts separately, but there is a note that it incurred a loss for the year of £1,732,000 (2017 – £1,016,000), up 70%. We know that the directors don't take emoluments, but it looks like they have lucrative expense accounts, e.g. for flights from SA, or have racked up a load of legal bills Wonder what their Balance Sheet ----- Net Current Asset / Liability position is Link to comment Share on other sites More sharing options...
Scnorthedinburgh Posted November 1, 2018 Share Posted November 1, 2018 2 minutes ago, 132goals1958 said: Wonder what their Balance Sheet ----- Net Current Asset / Liability position is Read the Forbes article Link to comment Share on other sites More sharing options...
Footballfirst Posted November 1, 2018 Share Posted November 1, 2018 (edited) 8 minutes ago, 132goals1958 said: Wonder what their Balance Sheet ----- Net Current Asset / Liability position is That's a bit of a horror show, and demonstrates the scale of the debts to be settled and the funding needs for the next year. Current assets : £20.1m (2017 £19.7) Current Liabilities £36.5m (2017 £26.5) So the gap has increased from £6.7m last year to £16.4m this year. I can see them having to cash in on Morelos and Tavernier in the next transfer window in order to bridge the gap. It won't help their on field performance though. Edited November 1, 2018 by Footballfirst Link to comment Share on other sites More sharing options...
132goals1958 Posted November 1, 2018 Share Posted November 1, 2018 4 minutes ago, Footballfirst said: That's a bit of a horror show, and demonstrates the scale of the debts to be settled and the funding needs for the next year. Current assets : £20.1m (2017 £19.7) Current Liabilities £36.5m (2017 £26.5) So the gap has increased from £6.7m last year to £16.4m this year. I can see them having to cash in on Morelos and Tavernier in the next transfer window in order to bridge the gap. It won't help their on field performance though. No wonder the auditors have expressed concern as first observations indicate they are technically insolvent. Obviously reliant on more soft loans/ They probably haven't included provisions for potential legal costs. Horror show just about sums it up. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 1, 2018 Share Posted November 1, 2018 47 minutes ago, Scnorthedinburgh said: A nice fair read https://www.forbes.com/sites/mikemeehallwood/2018/11/01/steven-gerrards-rangers-announce-14m-loss-as-they-were-playing-a-match/#43e7273c6a8b from Forbes Just be aware that the writer is a big Celtic fan. Link to comment Share on other sites More sharing options...
JackLadd Posted November 1, 2018 Share Posted November 1, 2018 If newco die can they come back as The The Rangers calling themselves the same club as one that died in 2012? I don't think so. Link to comment Share on other sites More sharing options...
Mister Dee Posted November 1, 2018 Share Posted November 1, 2018 Was telling a rangers supporting colleague about the £14M loss. His response? "Not too bad"! Can't wait for the end, part two. Link to comment Share on other sites More sharing options...
Blackford Hearts Posted November 1, 2018 Share Posted November 1, 2018 1 hour ago, Scnorthedinburgh said: A nice fair read https://www.forbes.com/sites/mikemeehallwood/2018/11/01/steven-gerrards-rangers-announce-14m-loss-as-they-were-playing-a-match/#43e7273c6a8b from Forbes ....and maybe why the Hearts v Hibs debacle is on front / back / middle pages of every newspaper. Sevco hiding bad news perhaps? Link to comment Share on other sites More sharing options...
Scnorthedinburgh Posted November 1, 2018 Share Posted November 1, 2018 56 minutes ago, Footballfirst said: Just be aware that the writer is a big Celtic fan. I know but I like how he calls out the lambs. And the rest is true as your own fine work shows. Auditor's comments on the accounts are almost identical to our last set under vlad. Link to comment Share on other sites More sharing options...
Scnorthedinburgh Posted November 1, 2018 Share Posted November 1, 2018 24 minutes ago, Blackford Hearts said: ....and maybe why the Hearts v Hibs debacle is on front / back / middle pages of every newspaper. Sevco hiding bad news perhaps? you don't think? The derby played into Scottish journalists hands, look at this, nothing to see anywhere else. Link to comment Share on other sites More sharing options...
Blackford Hearts Posted November 1, 2018 Share Posted November 1, 2018 9 minutes ago, Scnorthedinburgh said: you don't think? The derby played into Scottish journalists hands, look at this, nothing to see anywhere else. They actually have done an amazing job this time. If it wasn’t for this pesky thread they might have got away with it.... Link to comment Share on other sites More sharing options...
JAYEL Posted November 1, 2018 Share Posted November 1, 2018 2 hours ago, Scnorthedinburgh said: A nice fair read https://www.forbes.com/sites/mikemeehallwood/2018/11/01/steven-gerrards-rangers-announce-14m-loss-as-they-were-playing-a-match/#43e7273c6a8b from Forbes Refreshing read ? Link to comment Share on other sites More sharing options...
Blackford Hearts Posted November 1, 2018 Share Posted November 1, 2018 An insolvent company trading as a football club in the SPFL. Sure there must be a ruling about that? Link to comment Share on other sites More sharing options...
Scnorthedinburgh Posted November 1, 2018 Share Posted November 1, 2018 13 minutes ago, Blackford Hearts said: They actually have done an amazing job this time. If it wasn’t for this pesky thread they might have got away with it.... Have to be fair to the source it was a hibby who sent it to me. Game plan 2 apears to be stop 10 in a row and it will all be ok. Be nice if our press tried just a bit to be creative and report events like that article. Link to comment Share on other sites More sharing options...
Blackford Hearts Posted November 1, 2018 Share Posted November 1, 2018 1 minute ago, Scnorthedinburgh said: Have to be fair to the source it was a hibby who sent it to me. Game plan 2 apears to be stop 10 in a row and it will all be ok. Be nice if our press tried just a bit to be creative and report events like that article. If it’s a mate you trust then the team he supports isn’t relevant. It’s the subject matter. If true then Sevco and the Scottish Media have got a lot of information hiding to do over the next 2 years minimum Link to comment Share on other sites More sharing options...
Scnorthedinburgh Posted November 1, 2018 Share Posted November 1, 2018 4 minutes ago, Blackford Hearts said: If it’s a mate you trust then the team he supports isn’t relevant. It’s the subject matter. If true then Sevco and the Scottish Media have got a lot of information hiding to do over the next 2 years minimum I have for years. Link to comment Share on other sites More sharing options...
FWJ Posted November 1, 2018 Share Posted November 1, 2018 43 minutes ago, JAYEL said: Refreshing read ? Particularly this bit ... For a club such as Rangers, who went bust and were liquidated in 2012 before being refounded in Scotland’s fourth division Weegia, please take note. Link to comment Share on other sites More sharing options...
jambovambo Posted November 2, 2018 Share Posted November 2, 2018 And so on it goes : https://www.heraldscotland.com/news/17195755.rangers-fight-200k-court-claim-over-services-provided-by-convicted-criminal/ Link to comment Share on other sites More sharing options...
The Gasman Posted November 2, 2018 Share Posted November 2, 2018 9 hours ago, jambovambo said: And so on it goes : https://www.heraldscotland.com/news/17195755.rangers-fight-200k-court-claim-over-services-provided-by-convicted-criminal/ So basically it’s one criminal convicted in Indonesia, trying to sue another criminal convicted in South Africa, through courts in this country. ? Link to comment Share on other sites More sharing options...
jamboz Posted November 2, 2018 Share Posted November 2, 2018 Great publicity for the Scottish game. Superb advert for the integrity, honesty, fairness and reputable behaviour of those involved. No way this tarnishes the reputation of our game. Sevco should win an award for services to Scottish football. Link to comment Share on other sites More sharing options...
Blackford Hearts Posted November 3, 2018 Share Posted November 3, 2018 Proof that they have not learned anything from being liquidated. (The) Rangers' recent financial loss (£14million) will not impact Steven Gerrard's budget, says managing director Stewart Robertson. http://bbc.in/2JA81YU Link to comment Share on other sites More sharing options...
schillaci Posted November 3, 2018 Share Posted November 3, 2018 On 01/11/2018 at 19:50, Scnorthedinburgh said: A nice fair read https://www.forbes.com/sites/mikemeehallwood/2018/11/01/steven-gerrards-rangers-announce-14m-loss-as-they-were-playing-a-match/#43e7273c6a8b from Forbes Should be compulsory reading for all MSM journalists. Grown up article. Fool me once, shame on you. Fool me twice, shame on me. Link to comment Share on other sites More sharing options...
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