The Sevco saga continues ...

[Homme]

It's just another Celtic fan reporting on Forbes. 

 

The finances don't look good but they can keep doing debt for equity like we used to do and they won't feel the pinch. 

[jambopilms]

If we had reported that the media would be all over it

[blairdin]

16 minutes ago, frankblack said:

What will the new club be called if Sevco folds?

The the Rangers

[132goals1958]

Lack of a binding debt facility. Don’t tell me they have been knocked back by Close Brothers in which case they are Toxic with a capital T. Depending on the Sports Direct   claim which they have only reported as a note in the accounts then they are in the proverbial brown stuff.

[The Treasurer]

6 minutes ago, blairdin said:

The the Rangers

Will they claim the 2nd & 1st division titles and the Challenge Cup that was won by the previous club

[doctor jambo]

It really does not matter one jot- the precedent has been set.

Wrack up debt, liquidate, rise from the ashes as exactly the same set of gonzos as previously.

Rise to previous position, repeat.

If they do it again I don't even think they will start again from the bottom as vlad is not there to ensure it!

[E6 Inc]

4 minutes ago, Homme said:

It's just another Celtic fan reporting on Forbes. 

 

The finances don't look good but they can keep doing debt for equity like we used to do and they won't feel the pinch. 

 

If you read the article that's basically what the author says.

 

It's unsustainable and as they have a "lack of a binding debt facility" (aka they don't have access to a loan) the only way to generate funds is by putting the begging bowl out. King et al will get sick of putting 10-15m pounds a year in very soon.

 

Given they are a newco, their managements previous dealings/history with Glasgow Rangers and the fact they lose such huge sums will mean nobody will lend them cash ("lack of a binding debt facility").

 

I can't understand why UEFA have not raised the FFP question with them though. They are clearly only being sustained by continued outside investment.

[Jamhammer]

45 minutes ago, Elshin said:

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.  

People make mistakes. That’s human nature but successful business people learn from them which, to me it sounds like AB has. She took to long to pull the trigger but pull it she did.

Craig just kept on making the same mistake over and over again and expecting the end result to be different.

We have a chance now to move forward ON the pitch

[sadj]

5 minutes ago, E6 Inc said:

 

If you read the article that's basically what the author says.

 

It's unsustainable and as they have a "lack of a binding debt facility" (aka they don't have access to a loan) the only way to generate funds is by putting the begging bowl out. King et al will get sick of putting 10-15m pounds a year in very soon.

 

Given they are a newco, their managements previous dealings/history with Glasgow Rangers and the fact they lose such huge sums will mean nobody will lend them cash ("lack of a binding debt facility").

 

I can't understand why UEFA have not raised the FFP question with them though. They are clearly only being sustained by continued outside investment.

except King has managed to avoid putting money in hasn’t he? I thought one of the reasons there were people leaving the board was over them being pissed at forking out while King doesn’t put anything in? 
 

*I may just be making this up though 🤷🏻‍♂️

[Unknown user]

6 minutes ago, sadj said:

except King has managed to avoid putting money in hasn’t he? I thought one of the reasons there were people leaving the board was over them being pissed at forking out while King doesn’t put anything in? 
 

*I may just be making this up though 🤷🏻‍♂️

 

Kings put in millions via debt for equity.

Actually, when I think about it, I think its been more from share issuance.

Edited November 5, 2019 by Smithee

[132goals1958]

24 minutes ago, blairdin said:

The the Rangers

 

Unless they find a lender of last, last, last, resort 🤣

[soonbe110]

22 minutes ago, 132goals1958 said:

Lack of a binding debt facility. Don’t tell me they have been knocked back by Close Brothers in which case they are Toxic with a capital T. Depending on the Sports Direct   claim which they have only reported as a note in the accounts then they are in the proverbial brown stuff.

It’s now Kings family trust that’s underwriting their finances. For King read Romanov hopefully. 

[soonbe110]

3 minutes ago, sadj said:

except King has managed to avoid putting money in hasn’t he? I thought one of the reasons there were people leaving the board was over them being pissed at forking out while King doesn’t put anything in? 
 

*I may just be making this up though 🤷🏻‍♂️

That changed a couple of years ago and he certainly has skin in the game now. Why? Who knows. 

[Hearts007]

44 minutes ago, frankblack said:

What will the new club be called if Sevco folds?

Skintco

[1953]

Excellent article that gives hope that they will once again go bust!

[adayinmay]

Good article here ... https://bellacaledonia.org.uk/2019/11/04/on-dave-king-and-karl-marx/

 

And this paragraph ... "Now these accounts show a loss of £11.3m making a total of £25m in 2 years. We should also consider that Mike Ashley’s bill for “millions” (£9m) is still outstanding and Kent’s £7m fee isn’t in these figures."

That is huge. 

 

[Cruyff Turn]

1 hour ago, frankblack said:

What will the new club be called if Sevco folds?

William III 

[OTT]

5 minutes ago, adayinmay said:

Good article here ... https://bellacaledonia.org.uk/2019/11/04/on-dave-king-and-karl-marx/

 

And this paragraph ... "Now these accounts show a loss of £11.3m making a total of £25m in 2 years. We should also consider that Mike Ashley’s bill for “millions” (£9m) is still outstanding and Kent’s £7m fee isn’t in these figures."

That is huge. 

 

 

Jesus christ. 

 

Astonishing they haven't been cited for FFP. 

 

They already aren't that good, so imagine if they had to actually adhere to the financial rules. Reckon the gap would be a lot closer. 

 

Disgraceful.

[adambraejambo]

No idea what would happen should they go tits up again. Know they got liquidated last time because the tax man was due the most. If they went into admin who would be due what. I mean are  they likely to come out of admin or go under again. They have had so many share issues I no idea where they stand. 

[Deevers]

54 minutes ago, Homme said:

It's just another Celtic fan reporting on Forbes. 

 

The finances don't look good but they can keep doing debt for equity like we used to do and they won't feel the pinch. 

That can't go on for ever. I have no doubt their present financial model is based on pocketing 10 million plus for Morelos and co ti uing with the loans from within. It won't take much for it to all unravel.

[Ex member of the SaS]

49 minutes ago, 132goals1958 said:

Lack of a binding debt facility. Don’t tell me they have been knocked back by Close Brothers in which case they are Toxic with a capital T. Depending on the Sports Direct   claim which they have only reported as a note in the accounts then they are in the proverbial brown stuff.

The lack of binding finance is down to The Lying King.  He has said Laird will cover the loss but has not put it as a binding guarantee. We all know how much of what he says comes true so that's the reason for the caveat. 

[Blackie the Cat]

Would getting a potential £20 million for selling Morelos (ironic name) have any bearing on this £11 loss?

 I’m not saying he’s worth it but I didn’t think Tierney was worth £25 million.

[Deevers]

1 minute ago, Blackie the Cat said:

Would getting a potential £20 million for selling Morelos (ironic name) have any bearing on this £11 loss?

 I’m not saying he’s worth it but I didn’t think Tierney was worth £25 million.

All it would take is for Morelos to sustain a long term injury to make him unsellable and it would all unravel.

[Jodami]

4 minutes ago, Barack said:

It wouldn't surprise me. Doubt Rangers would sell for less than £15 million anyway, even if this gaping financial hole wasn't brought to light.

 

Think Morelos, despite being an utter twat, might do well down there in the right team. Leicester, Bournemouth or Palace, for example.

When I was over in Alicante for the October break I went to Chile vs Columbia and Morelos played for around 70 minutes. He didn't look out of place and actually looked more suited to a more technical style of football. He will go for 15-20 million I suspect but they will keep him till the end of the season as this looks like their best chance of stopping 10 in a row. 

[E6 Inc]

25 minutes ago, adayinmay said:

Good article here ... https://bellacaledonia.org.uk/2019/11/04/on-dave-king-and-karl-marx/

 

And this paragraph ... "Now these accounts show a loss of £11.3m making a total of £25m in 2 years. We should also consider that Mike Ashley’s bill for “millions” (£9m) is still outstanding and Kent’s £7m fee isn’t in these figures."

That is huge. 

 

 

Wow, the 7m isn't in these figures?! That's mad. Absolutely mad. 

[Spoleto]

1 hour ago, amadjambo said:

You could start an argument in an empty house.

 

He's right though.

[vegas-voss]

Hell bent on stopping 10 in a row even if it kills them.

[tian447]

29 minutes ago, Deevers said:

All it would take is for Morelos to sustain a long term injury to make him unsellable and it would all unravel.

 

 

That would be a shame for all involved...

[Japan Jambo]

34 minutes ago, Blackie the Cat said:

Would getting a potential £20 million for selling Morelos (ironic name) have any bearing on this £11 loss?

 I’m not saying he’s worth it but I didn’t think Tierney was worth £25 million.

 

Whatever he sells for it's unlikely the headline figure will be payable all at once in cash upfront.  As I understand it these fees are often amortised over the life of the contract and often chunks of it are linked to specific performance milestones (games played, international call ups for example).

 

I guess that this is just my way of saying that as it stands save them doing a fire sale for the cash upfront Morelos alone may not be enough...

[The Real Maroonblood]

5 minutes ago, vegas-voss said:

Hell bent on stopping 10 in a row even if it kills them.

It would seem that way.

👍

[Heartsofgold]

2 hours 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.

My only worry about that is that some of their east coast knuckle draggers Decide to latch onto my beloved club as they (very mistakenly) think we think the same as them. 

[Jambo647]

14 minutes ago, vegas-voss said:

Hell bent on stopping 10 in a row even if it kills them.

In a nutshell 

[NaturalOrder74]

Gerrard won’t stay if they don’t stop celtic winning the league this year, even if they win like a league cup or something it won’t be enough. I’m sure celtic still have money at their disposal while sevco are in debt trying to keep up. All Scottish clubs need to step up their game against old firm particularly sevco and it could be what kills them off for good 

[Cheile]

47 minutes ago, Deevers said:

All it would take is for Morelos to sustain a long term injury to make him unsellable and it would all unravel.

 

 

Perhaps Scott Brown might attend to that ?

[doctor jambo]

Rangers are not the problem.

Celtic are the problem.

They are soooooo far ahead fiscally that all teams have 2 choices

1- stay financially sound and accept we will all probably never win a league title in our lives,

2- go for broke, literally

 

All clubs apart from one are taking route 1.

Rangers cannot accept that, so are going route 2

[Jambo-Fox]

1 hour ago, Barack said:

It wouldn't surprise me. Doubt Rangers would sell for less than £15 million anyway, even if this gaping financial hole wasn't brought to light.

 

Think Morelos, despite being an utter twat, might do well down there in the right team. Leicester, Bournemouth or Palace, for example.

Why would anybody think Morelos would be good enough to play in the E Premier League?

He’s probably more suited to the first division although a struggling desperate Championship club might take a gamble on him to help them in a relegation battle. But doubt if anybody would pay more than £5 million maximum.

 

 I’ll leave you with this .... Defoe is not good enough for the E Premier League why would Bournemouth want to replace him with an inferior player?

 

Edited November 5, 2019 by Jambo-Fox

[adayinmay]

1 hour ago, E6 Inc said:

 

Wow, the 7m isn't in these figures?! That's mad. Absolutely mad. 

Add the £9m court fees that are not included and its even madder!

 

[OTT]

Going bust (again) would be utterly humiliating for them, but would probably be the best thing for them. Clear the decks and start again. Go for youth from day one and enter the top league with kids aged 22 with 100s of appearances from League 2 through to Championship. 

 

McCoist is partly responsible for the state they are in. Wasted millions handing guys like Kevin Kyle or Fran Sandaza thousands a week to beat part time players. Obviously the charlatans that robbed them (Green and co) are also responsible but you cannot get away from how much they wasted to get to the top league. 

 

Pleasing really  

[Forever Hearts]

1 hour ago, Barack said:

And Celtic can choose to tighten the noose anytime over Christmas if they want, if Rangers are as expected still within spitting distance.

 

Money to burn at Celtic. Rangers already burnt it.

They really don't. A few seasons without Champions League cash and a massive wage bill has seen to that. 

[Mr Elwood P]

12 minutes ago, Jambo-Fox said:

Why would anybody think Morelos would be good enough to play in the E Premier League?

He’s probably more suited to the first division although a struggling desperate Championship club might take a gamble on him to help them in a relegation battle. But doubt if anybody would pay more than £5 million maximum.

 

 I’ll leave you with this .... Defoe is not good enough for the E Premier League why would Bournemouth want to replace him with an inferior player?

 

Morelos is as good as he is ugly. A fantastic player who, unfortunately, will be sold for millions by Rangers.

[Gilberts Fridge]

Now that's what you call a governing body taking a stand over financial doping

 

https://www.bbc.co.uk/sport/rugby-union/50300756

 

[Forever Hearts]

1 minute ago, Barack said:

I'm not getting into a semantics debate. But compared to Rangers, and Scottish Football in general...they do. Not as much as previous years, but far & away ahead of Rangers. That figure doesn't include their cash reserves either.

 

I'm not bothered either way quite frankly.

 

 

Compared to Rangers; Third Lanark, Gretna and Airdrie are in rude financial health. 

[The Gorgie]

A decent EL run, LC final coming up will give them a decent amount of cash.  Morelos banging in goals his value is on the rise by the game, £15m is loose change for a EPL team one of them might take a punt on him.

[Seymour M Hersh]

4 hours ago, E6 Inc said:

 

 

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

 

Never going to happen unfortunately.

[Seymour M Hersh]

1 hour ago, vegas-voss said:

Hell bent on stopping 10 in a row even if it kills them.

 

Now that really would be a win/win! 🙏

[Paul Shark]

3 hours ago, frankblack said:

What will the new club be called if Sevco folds?

Doesn't matter but Div 2 clubs are rubbing their hands at the windfall they'll bring playing them next season.

[doctor jambo]

6 minutes ago, Seymour M Hersh said:

 

Now that really would be a win/win! 🙏

Would make no difference.

this time it would be a simple admin , points deduction, they would still be top flight and finnish second the following year.

their debt is to benign shareholders.

[AGoodLaugh]

Very interesting read. The one thing I would say is the author is deluded if he doesn't think Morelos has "significant sell-on value". 

Edited November 5, 2019 by AGoodLaugh

[amadjambo]

1 hour ago, Spoleto said:

 

He's right though.

Perhaps, but aren’t there enough threads arguing about this? Can’t we all just enjoy Rangers financial woes?

[Seymour M Hersh]

1 minute ago, doctor jambo said:

Would make no difference.

this time it would be a simple admin , points deduction, they would still be top flight and finnish second the following year.

their debt is to benign shareholders.

 

They stop the other cheek getting 10 in a row then go into admin (and really who knows what would happen) is a win win for me. Both sets of pond scum fans upset and potentially even more damage to der hun.