The Sevco saga continues ...

[Bazzas right boot]

8 hours ago, RobNox said:

 

 

Unless it's wanting Hibs to win the cup!

 

Wanting rangers to win f all is never a mistake. 

 

[Bazzas right boot]

5 hours ago, Meadows said:

I’ll predict a sale of one or two players , most likely Morelos , with a minimum of £10million keeping the wolf from the door. They’ll always be in the Shit but will always sneak through unfortunately. 

 

 

European group stage qualification really has pulled them out the shit. 

[Meadows]

8 minutes ago, Smith's right boot said:

 

 

European group stage qualification really has pulled them out the shit. 

would love them to get the kinda injury run we’ve had 

[Bazzas right boot]

1 minute ago, Meadows said:

would love them to get the kinda injury run we’ve had 

 

Starting today. 

 

7 players out please. 

 

[Japan Jambo]

6 hours ago, Meadows said:

I’ll predict a sale of one or two players , most likely Morelos , with a minimum of £10million keeping the wolf from the door. They’ll always be in the Shit but will always sneak through unfortunately. 

 

aye, they seem to have bet the house on red again.  Too much forward momentum to sink the ship right now but I'm actualy surprissed by how cavalier they are being.  Still should be enough to encourage a few renditions of 'going bust in the morning'...

[John Findlay]

1 hour ago, Darren said:

 

Not particularly, just calling you out on your ignorance.

Touchy young whippersnapper

[Bazzas right boot]

9 hours ago, NaturalOrder74 said:

Love to get excited but I Don’t think 10 million is that big a deal for sevco 

 

Not right now. 

 

Over the past 7 years their losses have totaled £65m tho. 

 

European group qualification has saved their ass from a complete doing on the financial front. 

[south morocco]

Surely can’t be sustained though even over the shorter term. Any bump in the road could potentially it down unless there are contingency reserve funds? Dangerous strategy but I guess the only one ra peepul are accepting of.

Edited November 2, 2019 by south morocco

[Turkishcap]

Sure the people who run our game are keeping a close eye on this. 🤣

[FruitJuice]

Is the 10 million they need in addition to the 5 million they have borrowed or is that half if what they need?  

[Ex member of the SaS]

12 hours ago, Smithee said:

 

You win that one?

There isn't a score, you cant draw level with an equaliser.

 

They were desperate to prevent liquidation because it meant their club dying, and they knew it.

But they didn't prevent it. Rangers died, the hun let it happen and they're not Rangers any more.

 

Smithee, I asked what holding company white use and he proved it was wavetower, thus he won that one ,however in doing so he proved the football club died. The sooner the new mob die too the better. Hope this clears up any doubt, I don't support the Huns2.

In fact both arse cheeks could die and I would be a happy chappy.

[IveSeenTheLight]

5 minutes ago, FruitJuice said:

Is the 10 million they need in addition to the 5 million they have borrowed or is that half if what they need?  

 

No.

They estimate they will need at least £10M.

They don't know how much they will receive from runs in Europe, Scottish Cup, Player sales in January, so the club have released a loan of £5M (to be repaid in 2 years), meaning they are looking for £5M

I'd guess that player sales would be amortized as well, so if they sold a player, it depends how much they get up front and how much they get paid up.

 

The purchases of Kent and Helander (£10M in total) will not be shown in the accounts and may be included in the required payments till the end of the year, but the big elephant in the room is how much will the Sports Direct / Hummel saga hit them for

[Unknown user]

4 minutes ago, Ex member of the SaS said:

Smithee, I asked what holding company white use and he proved it was wavetower, thus he won that one ,however in doing so he proved the football club died. The sooner the new mob die too the better. Hope this clears up any doubt, I don't support the Huns2.

In fact both arse cheeks could die and I would be a happy chappy.

 

Then I misunderstood you, apologies 👍

[FruitJuice]

5 minutes ago, IveSeenTheLight said:

 

No.

They estimate they will need at least £10M.

They don't know how much they will receive from runs in Europe, Scottish Cup, Player sales in January, so the club have released a loan of £5M (to be repaid in 2 years), meaning they are looking for £5M

I'd guess that player sales would be amortized as well, so if they sold a player, it depends how much they get up front and how much they get paid up.

 

The purchases of Kent and Helander (£10M in total) will not be shown in the accounts and may be included in the required payments till the end of the year, but the big elephant in the room is how much will the Sports Direct / Hummel saga hit them for

Thanks  I thought it was maybe 10 million on top of the five to cover the loses of 11 million.  If they hadn't got the Europa group stages we were looking at them being deep in it again. 

[IveSeenTheLight]

Just now, FruitJuice said:

Thanks  I thought it was maybe 10 million on top of the five to cover the loses of 11 million.  If they hadn't got the Europa group stages we were looking at them being deep in it again. 

 

A question has to be do UEFA look at the FFP and invoke some sort of penalty to SevCo, maybe for next seasons competition?

[Japan Jambo]

7 minutes ago, IveSeenTheLight said:

 

No.

They estimate they will need at least £10M.

They don't know how much they will receive from runs in Europe, Scottish Cup, Player sales in January, so the club have released a loan of £5M (to be repaid in 2 years), meaning they are looking for £5M

I'd guess that player sales would be amortized as well, so if they sold a player, it depends how much they get up front and how much they get paid up.

 

The purchases of Kent and Helander (£10M in total) will not be shown in the accounts and may be included in the required payments till the end of the year, but the big elephant in the room is how much will the Sports Direct / Hummel saga hit them for

 

presuming the SD/Hummel situation is still outstanding? Note that while the accounts were for the fy ending 30th June they were signed off as at 31/10, if a material judgement had been made it surely would have required commentary as a subsequent event...

[Deevers]

22 minutes ago, Turkishcap said:

Sure the people who run our game are keeping a close eye on this. 🤣

A  Nelson like one no doubt. “I see no shit”.

 

The people who run the game here are a complete joke.

[DETTY29]

6 minutes ago, IveSeenTheLight said:

 

A question has to be do UEFA look at the FFP and invoke some sort of penalty to SevCo, maybe for next seasons competition?

SFA have to report the losses and do a proper audit first...

 

Anyway, stadium repairs etc can  be offset against the reported losses so they are likely well within the 3 year threshold.....

[jack D and coke]

13 hours ago, Smithee said:

 

You win that one?

There isn't a score, you cant draw level with an equaliser.

 

They were desperate to prevent liquidation because it meant their club dying, and they knew it.

But they didn't prevent it. Rangers died, the hun let it happen and they're not Rangers any more.

 

Poetry fella  

Get it bent right roond any hun on here. 
Youre not Rangers anymore. 

[FruitJuice]

Just now, IveSeenTheLight said:

 

A question has to be do UEFA look at the FFP and invoke some sort of penalty to SevCo, maybe for next seasons competition?

Hopefully!  I noticed that the reports about fifa writing to the SFA about tackling sectarianism have been pretty low key.   But maybe they are starting to look at how national associations are dealing with issues like this and the financial side of the game.  As I said, hopefully.   Did you hear the reports about fifa demanding that the SFA really start to clampdown on sectarianism? Something about a three point approach to dealing with it

Maybe that's why there was a report a out sectarianism this week that shoe horned your fans into it.  It mentioned your fans singing about stevie g being an orange b.  Whenever something comes up about dealing with the uglies and their bigotry, other teams get brought into it.  I really hope they do go bust again.  

[john5698]

49 minutes ago, DETTY29 said:

SFA have to report the losses and do a proper audit first...

 

Anyway, stadium repairs etc can  be offset against the reported losses so they are likely well within the 3 year threshold.....

Any repairs will be included in the losses. If they have spent monies on any capital expenditure that can be set off but I would imagine they will have not done too much of that and would be pointless as they would not have any corporation tax liability anyway.

[milky_26]

1 hour ago, Turkishcap said:

Sure the people who run our game are keeping a close eye on this. 🤣

of course they are

 

 

 

 

 

from their season ticket seat and the ibrox directors box

[cruzabic]

12 hours ago, IveSeenTheLight said:

Two points:-

 

1) Their European run last year was insufficient to cover their losses to June.

2) who is offering £20M+ for Morelos? Some Chinese outfit like was reported last year.. Even if they do accept an offer, it’s clear modern transfer fees are amortised over the length of the contract, especially for larger transfers.

 

There's a good chance they'll get out of their group this year and the money generated from that is obscene. Is it a guarantee? No but I wouldn't start believing that they are in turmoil again.

 

Dembele went for 19.7 million with less goals and less starts in European football than Morelos. Who has also signed a bumper deal (which I don't remember when to). The current market with his form in Europe scoring almost 1 in 2. There will be significant interest... unfortunately.

[Ex member of the SaS]

On 02/11/2019 at 09:51, Smithee said:

 

Then I misunderstood you, apologies 👍

No worries mate!

[EH11_2NL]

On 02/11/2019 at 04:21, Smith's right boot said:

 

Not right now. 

 

Over the past 7 years their losses have totaled £65m tho. 

 

European group qualification has saved their ass from a complete doing on the financial front. 

How on earth can they cope with that? That is an incredible figure.

[thee jambo]

On 02/11/2019 at 11:30, cruzabic said:

Dembele went for 19.7 million with less goals and less starts in European football than Morelos. Who has also signed a bumper deal (which I don't remember when to). The current market with his form in Europe scoring almost 1 in 2. There will be significant interest... unfortunately.

They can only sell him if he’s fit. 
So to all players in the league you know what you have to do. 

[Jambos_1874]

It would be brilliant if this horrendous institution ceased to exist. Again.

[JamboAndrew]

8 minutes ago, Jambos_1874 said:

It would be brilliant if this horrendous institution ceased to exist. Again.

 

Agree with first sentence.

 

Disagree with the second. You can only die once.

 

I hope this new institution, based on the dead one dies, just like the other one.

 

Semantics, I know.

[JackLadd]

If they had to operate within their means they would be far less potent the crooked scum. 

[Independence]

43 minutes ago, Jambos_1874 said:

It would be brilliant if this horrendous institution ceased to exist. Again.

This.

[BRAVEHEART1874]

Far over spending than anybody, but don't see much from da hobos or kilmarnock ?or are they allowed because they fill your pish stadiums  ?

[hearts151]

There's a hun in my kids waterbabies class. Always seemed okay but didn't talk football politics too much. Even today just kept each other update (via his wife) with the score (as we were in pool during game). 

 

After swimming a conversation started between him other dad's about rangers finances... 😱

 

Apparently rangers have no debt. As its all loans that all get converted. That's its normal and nothing to worry about. And that celtic are ****ed and lose money as their wage bill is so high??!? And when motherwell was used (I think motherwell?) as an example of how it should be it was the age old. "aye but motherwell.. Prfff it's different for the old firm etc." 

 

I mean he was so deluded and filled with self belief I thought their was not a jot of point to even argue with him. 

 

I don't generally know or hangout with sevco fans.. But I genuinely couldn't believe how much he was convinced and believed his delusion. Unreal. Quicker their gone the better. 

[Biguche]

7 hours ago, hearts151 said:

There's a hun in my kids waterbabies class. Always seemed okay but didn't talk football politics too much. Even today just kept each other update (via his wife) with the score (as we were in pool during game). 

 

After swimming a conversation started between him other dad's about rangers finances... 😱

 

Apparently rangers have no debt. As its all loans that all get converted. That's its normal and nothing to worry about. And that celtic are ****ed and lose money as their wage bill is so high??!? And when motherwell was used (I think motherwell?) as an example of how it should be it was the age old. "aye but motherwell.. Prfff it's different for the old firm etc." 

 

I mean he was so deluded and filled with self belief I thought their was not a jot of point to even argue with him. 

 

I don't generally know or hangout with sevco fans.. But I genuinely couldn't believe how much he was convinced and believed his delusion. Unreal. Quicker their gone the better. 

 

To be fair, the debt they have is loans from their shareholders who then convert the debt into shares. Not sustainable forever but it is as long as they have shareholders willing to invest 

[RobNox]

On 01/11/2019 at 22:47, Footballfirst said:

Here's why they need vast sums of new money, and soon.

 

Note 16 - Transfer installments outstanding at at the end of June.

£9.568m during this season

£3.711m in future seasons.

Note 30 - Since the year end they have agreed to pay a further £11.5m in transfer fees.

 

There are incoming  transfer installments to be set against the above, but they barely register against the outgoing figures.

Note 13 - £348k during this season and £90k in future seasons

Note 30 - Since year end another £0.3m in transfer fees to be received.

 

So they owe approx £24m net in transfer fees!!  If they were to suffer another insolvency event, they would still have to honour these footballing debts as a condition of their SFA licence.  Surely that would deter any new party from funding a CVA or from buying the basket of assets in the event of liquidation?

[132goals1958]

3 hours ago, Biguche said:

 

To be fair, the debt they have is loans from their shareholders who then convert the debt into shares. Not sustainable forever but it is as long as they have shareholders willing to invest 

 

Which is why they are not trading insolvent ie failing to meet their debts as they fall due. Hopefully they trip up in the Europa League and Sports Direct win their claim.That will test the resolve of the three bears or other mugs trying to stop the big ship Sevco drifting out to sea.

[AllyjamboDerbyshire]

2 hours ago, Biguche said:

 

To be fair, the debt they have is loans from their shareholders who then convert the debt into shares. Not sustainable forever but it is as long as they have shareholders willing to invest 

To be even more fair, they owe £24.5m to football creditors plus whatever it is they owe SDI and numerous other successful litigants.

[132goals1958]

20 minutes ago, AllyjamboDerbyshire said:

To be even more fair, they owe £24.5m to football creditors plus whatever it is they owe SDI and numerous other successful litigants.

 

How a huge loss making operation continually rescued by soft loans falls under FFP is bewildering ,And of course ra peeple were giving it tight to Naismith yesterday for rightly bailing out when he did.

[AllyjamboDerbyshire]

Just now, 132goals1958 said:

 

How a huge loss making operation continually rescued by soft loans falls under FFP is bewildering ,And of course ra peeple were giving it tight to Naismith yesterday for rightly bailing out when he did.

Until now I've considered it very unlikely that administration of TRFC would lead to liquidation in the same way as it did with RFC, as the old club had that huge tax liability hanging over it, but that football debt, which would still have to be paid even if they scammed a pre-pack admin, could end up having a similar effect.

[132goals1958]

9 minutes ago, AllyjamboDerbyshire said:

Until now I've considered it very unlikely that administration of TRFC would lead to liquidation in the same way as it did with RFC, as the old club had that huge tax liability hanging over it, but that football debt, which would still have to be paid even if they scammed a pre-pack admin, could end up having a similar effect.

 

Any normal business would convert non liquid assets into cash but of course their self entitlement is reflected in spend spend at any cost. 

[Ernie Eskilsson]

Interesting article in Forbes...

https://www.forbes.com/sites/mikemeehallwood/2019/11/03/steven-gerrards-rangers-announce-11m-lossin-a-manner-designed-to-hide-them-from-the-media/amp/?__twitter_impression=true

 

[E6 Inc]

How do they continue to get around FFP rules?! Lose 14m and then 11m but spent 7m on a single player. How is that allowed?!

 

This paragraph should send shivers down the spines of all Sevco fans:

 

“The Board acknowledge that the uncertainty over the level of additional funds that will be required and a lack of a binding debt facility indicate that a material uncertainty exists which may cast doubt over the Group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.”

 

Really hope they go down the drain again, and this time the SPFL and SFA have the guts to let them die forever.

[Mdoug79]

And people on here rip AB to shreds and call for her to be kicked out! 🙈

absolute madness! Maybe she isn’t always correct but Jesus we are very very lucky to have her! 

[amadjambo]

14 minutes ago, Mdoug79 said:

And people on here rip AB to shreds and call for her to be kicked out! 🙈

absolute madness! Maybe she isn’t always correct but Jesus we are very very lucky to have her! 

You could start an argument in an empty house.

[Elshin]

13 minutes ago, Mdoug79 said:

And people on here rip AB to shreds and call for her to be kicked out! 🙈

absolute madness! Maybe she isn’t always correct but Jesus we are very very lucky to have her! 

Budge made a mistake giving 1 man so much power.    But she has the club purring off the field.   Turnover up near £15m, foh funds soon to be diverted to the club.  We are one of the best run clubs off the park in the uk with our future and stadium secure for years to come.     

 

On the park has been a disaster, but i get the feeling she is learning and will bring in a sporting director which will have no say on the manager and his squad but advise her without an agenda that levein ended up having to protect himself.     2 appointments to get right and we will hopefully be back at the top end of the table again.  

[The Future's Maroon]

Very very good article. It is unbelievable how much spin the Scottish Media will put on, for me, big news this actually is. Lots of similarities between now and what happened in 2012,

 

As stated above the comment in the 2nd last paragraph,

 

 

“The Board acknowledge that the uncertainty over the level of additional funds that will be required and a lack of a binding debt facility indicate that a material uncertainty exists which may cast doubt over the Group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.”

 

 

 would have me scratching my head and very worried if I were a supporter because that is admitting more or less they are screwed at the moment, they need an extra £10m in the next six months or could be up shit creek without a paddle....and may I add, hahahaha !

Although someone will be along to say ‘there is already a Sevco’ thread where this has been discussed since Friday evening.

Edited November 5, 2019 by The Future's Maroon

[The Real Maroonblood]

40 minutes ago, E6 Inc said:

How do they continue to get around FFP rules?! Lose 14m and then 11m but spent 7m on a single player. How is that allowed?!

 

This paragraph should send shivers down the spines of all Sevco fans:

 

“The Board acknowledge that the uncertainty over the level of additional funds that will be required and a lack of a binding debt facility indicate that a material uncertainty exists which may cast doubt over the Group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.”

 

Really hope they go down the drain again, and this time the SPFL and SFA have the guts to let them die forever.

Maybe if FF sees this post he could enlighten us.

[frankblack]

What will the new club be called if Sevco folds?

[RobboM]

6 minutes ago, The Real Maroonblood said:

Maybe if FF sees this post he could enlighten us.

There is already a thread enjoying Rangers financial problems.
Unfortunately our dismal loss in the semi on Sunday gifts them a  final they never had last year

https://www.hmfckickback.co.uk/index.php?/topic/184177-the-sevco-saga-continues/

 

[The Real Maroonblood]

1 minute ago, RobboM said:

There is already a thread enjoying Rangers financial problems.
Unfortunately our dismal loss in the semi on Sunday gifts them a  final they never had last year

https://www.hmfckickback.co.uk/index.php?/topic/184177-the-sevco-saga-continues/

 

👍

[Cruyff Turn]

The must have some serious debt.