The Sevco saga continues ...

[Wilson]

Magic. Pub league team has player with different strip. (Kent)

[Jambo-Fox]

16 minutes ago, Wilson said:

Magic. Pub league team has player with different strip. (Kent)

😆 should be ‘kicked out’ of the tournament for not wearing registered kit!

And hopefully their current sponsors are suitably aggrieved and take legal action for breach of contract!

[Wilson]

Just now, Jambo-Fox said:

😆 should be ‘kicked out’ of the tournament for not wearing registered kit!

And hopefully their current sponsors are suitably aggrieved and take legal action for breach of contract!

😂

[Newton51]

https://ibb.co/bvCD7tx
 

upside down strip 

[Tasavallan]

On 14/08/2021 at 13:23, upgotheheads said:

 

Surely the man who was responsible was Sir(!) David Murray. He handed the club to Craig Whyte without, apparently, doing the due diligence, and yet he has escaped without any criticism.

And didn't have a leg to stand on as well.

 

AWGMC

[Boris]

9 hours ago, Wilson said:

Magic. Pub league team has player with different strip. (Kent)

Tinks.

[milky_26]

11 hours ago, Wilson said:

Magic. Pub league team has player with different strip. (Kent)

a barras special

[graygo]

12 hours ago, Jambo-Fox said:

😆 should be ‘kicked out’ of the tournament for not wearing registered kit!

And hopefully their current sponsors are suitably aggrieved and take legal action for breach of contract!

 

Both betting companies owned by the same parent company, getting both advertised won't bother them.

[Footballfirst]

A pretty robust statement from TRFC re the latest claim of racist songs.  They might have added an apology to the player though.

https://www.rangers.co.uk/Article/club-statement-230821/7f6WQdRTXmvH7PMczZv0Hv

 

RANGERS can confirm that an investigation is now complete in regard to a video circulating on social media yesterday.

The individuals involved have been identified and will be banned indefinitely from all Rangers games.

Furthermore, the RSC of which they were members and travelled with to the game, have been banned from receiving tickets for future fixtures.

 

[Unknown user]

16 minutes ago, Footballfirst said:

A pretty robust statement from TRFC re the latest claim of racist songs.  They might have added an apology to the player though.

https://www.rangers.co.uk/Article/club-statement-230821/7f6WQdRTXmvH7PMczZv0Hv

 

RANGERS can confirm that an investigation is now complete in regard to a video circulating on social media yesterday.

The individuals involved have been identified and will be banned indefinitely from all Rangers games.

Furthermore, the RSC of which they were members and travelled with to the game, have been banned from receiving tickets for future fixtures.

 

Seems a bit tight banning the whole supporters club.

[Footballfirst]

3 minutes ago, Smithee said:

Seems a bit tight banning the whole supporters club.

I thought that initially too, although there is is an argument that the others in the RSC not involved in the singing effectively condoned it by their silence.

 

Those not identified and banned individually would be free to join another RSC for tickets, buses etc.

Edited August 23, 2021 by Footballfirst

[JackLadd]

Affix THE to this supporters club's name and it's all sorted surely? 🤔

[Mysterion]

5 hours ago, Footballfirst said:

I thought that initially too, although there is is an argument that the others in the RSC not involved in the singing effectively condoned it by their silence.

 

Those not identified and banned individually would be free to join another RSC for tickets, buses etc.

 

Not necessarily. 

Rangers will have a list of all people in that supporters club they allocated tickets to.  

 

The club may (or should) just put all of them and their MyGers ID numbers on a blacklist to prevent re-applying.

[Brick Tamland]

HARD CASH 

Rangers fans raised £4.5m in recent supporters share offering – short of club’s stated £6.75m target
 

Ra peepul never quite made it…

[RobNox]

5 minutes ago, Brick Tamland said:

HARD CASH 

Rangers fans raised £4.5m in recent supporters share offering – short of club’s stated £6.75m target
 

Ra peepul never quite made it…

2 out of 3 ain't bad!

 

The reality is, the Rangers fans who contribute to these share issues are investing in confetti.  They aren't actually buying shares from existing shareholders, they are just buying into a bunch of new shares, and each new share issue just dilutes the value of the shares.

 

They will never actually own the club, they will only ever be vastly minority shareholders.  Unlike FOH, which now holds a controlling shareholding in Hearts.  Not a majority shareholding as many people on here refer to, but a controlling shareholding.  Majority shareholding means >50% of the shares, controlling shareholding is >75% of the shares. 

[Footballfirst]

On 28/08/2021 at 23:13, Brick Tamland said:

HARD CASH 

Rangers fans raised £4.5m in recent supporters share offering – short of club’s stated £6.75m target
 

Ra peepul never quite made it…

According to the latest document submitted to Companies House today, 17,850,000 new shares have been issued.  Instead of the usual 20p a share, the price to "ra peepul" is now 25p a share, raising £4.46m. 

 

That's a total of £66m raised in the last 3 years between debt for equity conversions and other cash raising offers.

[Mysterion]

On 28/08/2021 at 23:13, Brick Tamland said:

HARD CASH 

Rangers fans raised £4.5m in recent supporters share offering – short of club’s stated £6.75m target
 

Ra peepul never quite made it…

 

Putting in a slightly different response to cover off some different views/opinions given this latest financial whip round.

 

Respectful comments - 

4.5mill isn't bad. It would be interesting to find out how many people paid up the minimum and how many went via a "collective" route. 

 

Rangers fans have repeatedly put their hand in their pocket to support their club - they should be respected for that. 

 

Disrespectful - 

 

£4.5mill is a headline figure - how much commission/admin costs is unknown. The figure could well be sub £4mil.

 

The MyGers scheme is a backdoor funding mechanism, it has various price-points and is essential if fans want to buy away tickets, euro tickets etc. It is fleecing the fans again forcing them to pay it and it's worked.

 

Earlier in the year they were trying to reach 30k MyGers memberships - that's an easy bit of money coming in for them yearly if sustained and it's marketed as being used to "rebuild" all aspects of the club. MyGers is taking the place of a "contribution" system for shares because groups like Club1872 are a shambles.

 

Rangers fans groups like their Club1872 are a sad reflection on Rangers supporters. What's wrong with them that they can't put together a professional organisation/administer/govern a collective. Too many egos wanting the reward of hospitality/free food and drink etc....

 

Conclusions -

I think Rangers fans deserve some praise for buying shares again after so many requests for money. 

 

Now the share issue has been shown to come up short the reality of their financial situation (that we can see some but not all aspects of) will come clear. It looks like they are going to sell Barisic and Patterson (if Everton up their offer). If they realistically pull in over £20-25mill in players sales they'll juggle the finances IMO and be able to cope without bailouts. 

 

If they need the money - the players will go. 

 

The big unknown (the losses for the last year) should be published soon enough. Will player sales wipe that out ? 

 

[Stu_HMFC]

Looks like they are giving no tickets to Hibs for the match in a couple of weeks. What's this all about ? it was the same with Celtic no giving us any tickets for the league cup yet they both have had away supports in this season. I really hope when Celtic and Rangers are due at tynecastle they give them nothing! I'd rather sit watching Hearts v Rangers at tynecastle with 3 full stands and a sprinkling of Hearts fans sitting in the Roseburn. They will kick off and demand tickets and go to the SFA if they don't get to come and sing their crap for 90 minutes 

[SuperstarSteve]

15 minutes ago, Stu_HMFC said:

Looks like they are giving no tickets to Hibs for the match in a couple of weeks. What's this all about ? it was the same with Celtic no giving us any tickets for the league cup yet they both have had away supports in this season. I really hope when Celtic and Rangers are due at tynecastle they give them nothing! I'd rather sit watching Hearts v Rangers at tynecastle with 3 full stands and a sprinkling of Hearts fans sitting in the Roseburn. They will kick off and demand tickets and go to the SFA if they don't get to come and sing their crap for 90 minutes 

Celtic started this whole thing. Rangers then copied it for the OF. Now they are refusing Motherwell any tickets and it’s likely both will continue this until end of season. With no games being televised at OF stadiums these fans aren’t getting to see there clubs play unless they sign up for Celtic/Rangers TV. Or illegally stream. 
 

The rest of us wouldn’t dare tell them no tickets. We did first game but I don’t believe that was through choice. 

[davie1980]

Time for the new club owners (us!) to make our first executive decision.

 

Nae weegies in Tynecastle for the foreseeable.

 

So, how do we make executive decisions

[132goals1958]

25 minutes ago, Stu_HMFC said:

Looks like they are giving no tickets to Hibs for the match in a couple of weeks. What's this all about ? it was the same with Celtic no giving us any tickets for the league cup yet they both have had away supports in this season. I really hope when Celtic and Rangers are due at tynecastle they give them nothing! I'd rather sit watching Hearts v Rangers at tynecastle with 3 full stands and a sprinkling of Hearts fans sitting in the Roseburn. They will kick off and demand tickets and go to the SFA if they don't get to come and sing their crap for 90 minutes 

 

I am confident we could attract at least 1000 in the Roseburn. That would leave a shortfall of 2000 x £25.00 (excluding VAT)  =£50k. If my basic maths are correct 8000 FOH members at an extra £6.25 one off donation would cover it. 

 

[Rogue Daddy]

49 minutes ago, 132goals1958 said:

 

I am confident we could attract at least 1000 in the Roseburn. That would leave a shortfall of 2000 x £25.00 (excluding VAT)  =£50k. If my basic maths are correct 8000 FOH members at an extra £6.25 one off donation would cover it. 

 

You would probably get more than 1000 in the knowledge that there wouldn’t be any of their orcs present. 

[132goals1958]

2 minutes ago, Rogue Daddy said:

You would probably get more than 1000 in the knowledge that there wouldn’t be any of their orcs present. 

 

I agree

[corryjambo]

3 minutes ago, Rogue Daddy said:

You would probably get more than 1000 in the knowledge that there wouldn’t be any of their orcs present. 

 

Absolutely correct.

 

Include me and my two grandchildren in that category. Will not go near the place with any of their mob there, however if it is a bigotry free zone we will certainly be there.

[Footballfirst]

Looks like Rangers B could reverse their defeat to Ayr United in the SPFL Trust Trophy

 

https://spfl.co.uk/news/spfl-statement -47919

SPFL STATEMENT 

SPFL TRUST TROPHY – RANGERS B V AYR UNITED – 14/09/21

Ayr United have confirmed to the SPFL that they included Kinlay Bilham and Alex Jeanes in Tuesday’s SPFL Trust Trophy second-round tie against Rangers B at the C&G Systems Stadium when they were on temporary transfers to West of Scotland League clubs Irvine Meadow XI and Girvan respectively.

Both players entered the field as 81st-minute substitutes in a match Ayr United won 3-0.

As a result, Ayr United have been charged with breaching SPFL Rules and Regulations and the SPFL has arranged a disciplinary hearing for Monday September 20.

 

It's an odd one as Hearts had Scott McGill on loan to Airdrie when we faced Edinburgh City and Hamilton in previous rounds.  It could be that Colt teams can play loaned players, but senior cubs cannot. 

Edited September 16, 2021 by Footballfirst

[Rogue Daddy]

1 hour ago, corryjambo said:

 

Absolutely correct.

 

Include me and my two grandchildren in that category. Will not go near the place with any of their mob there, however if it is a bigotry free zone we will certainly be there.

Same as my old dad. He would give his season ticket to one of my mates or an neighbour when the uglies came to town. He can’t stand their fans. They still get on his nerves when the news cuts to sport and they start banging on about them! 😂

[Footballfirst]

RFC 2012 has been awarded £3,404,500 plus interest against the administrators for underselling the business and assets.  They had claimed £47.7m.

 

https://scotcourts.gov.uk/docs/default-source/cos-general-docs/pdf-docs-for-opinions/2021csoh994db16e7faaf44562b70dd717109201c0.pdf?sfvrsn=b8f1694d_1

 

Summary and disposal
[253] For all of the foregoing reasons, I hold that the noters are entitled, in terms of paragraph 75 of Schedule B1, to an order that the respondents contribute the following sum to the company’s property by way of compensation for breach of duty:
Loss of chance of sale of marketable players £977,500
Loss of chance of sale of Steven Naismith £827,000
Loss of chance of lease and sale of Ibrox Stadium £750,000
Loss of chance of sale of Murray Park £850,000
Total £3,404,500
[254] I would intend to award interest on this sum at the rate of 4% per annum from
6 February 2017.
[255] Before pronouncing an interlocutor I shall put the case out by order in case parties wish to address me on any matters (arithmetic or otherwise) arising from this opinion. I am grateful to all counsel for their very thorough and helpful presentation of their respective cases.

Edited October 6, 2021 by Footballfirst

[Riccarton3]

46 minutes ago, Footballfirst said:

RFC 2012 has been awarded £3,404,500 plus interest against the administrators for underselling the business and assets.  They had claimed £47.7m.

 

https://scotcourts.gov.uk/docs/default-source/cos-general-docs/pdf-docs-for-opinions/2021csoh994db16e7faaf44562b70dd717109201c0.pdf?sfvrsn=b8f1694d_1

 

Summary and disposal
[253] For all of the foregoing reasons, I hold that the noters are entitled, in terms of paragraph 75 of Schedule B1, to an order that the respondents contribute the following sum to the company’s property by way of compensation for breach of duty:
Loss of chance of sale of marketable players £977,500
Loss of chance of sale of Steven Naismith £827,000
Loss of chance of lease and sale of Ibrox Stadium £750,000
Loss of chance of sale of Murray Park £850,000
Total £3,404,500
[254] I would intend to award interest on this sum at the rate of 4% per annum from
6 February 2017.
[255] Before pronouncing an interlocutor I shall put the case out by order in case parties wish to address me on any matters (arithmetic or otherwise) arising from this opinion. I am grateful to all counsel for their very thorough and helpful presentation of their respective cases.

Oldco surely and the creditors, naw?

[Footballfirst]

1 minute ago, Riccarton3 said:

Oldco surely and the creditors, naw?

RFC 2012 plc is the Oldco.  So the creditors, particularly HMRC, will receive more in the way of a liquidation dividend, unless BDO as liquidators find ways to charge more in fees and other costs.

[Riccarton3]

11 minutes ago, Footballfirst said:

RFC 2012 plc is the Oldco.  So the creditors, particularly HMRC, will receive more in the way of a liquidation dividend, unless BDO as liquidators find ways to charge more in fees and other costs.

Ah, cheers.  Good stuff. Still going after all this time. Be 10 year anniversary soon.

[Hagar the Horrible]

They must be down to the marrow on this carcass by now?

[Boof]

1 hour ago, Footballfirst said:

Loss of chance of sale of Steven Naismith £827,000
Loss of chance of lease and sale of Ibrox Stadium £750,000
 

 

There's a small chance ( )  I may be deliberately misreading this...but Steven Naismith worth more than Ibrox? Yeah - I could go for that.

 

Bearing in mind the entire club was worth one Michael Stewart...  

[Joey J J Jr Shabadoo]

1 hour ago, Footballfirst said:

RFC 2012 has been awarded £3,404,500 plus interest against the administrators for underselling the business and assets.  They had claimed £47.7m.

 

https://scotcourts.gov.uk/docs/default-source/cos-general-docs/pdf-docs-for-opinions/2021csoh994db16e7faaf44562b70dd717109201c0.pdf?sfvrsn=b8f1694d_1

 

Summary and disposal
[253] For all of the foregoing reasons, I hold that the noters are entitled, in terms of paragraph 75 of Schedule B1, to an order that the respondents contribute the following sum to the company’s property by way of compensation for breach of duty:
Loss of chance of sale of marketable players £977,500
Loss of chance of sale of Steven Naismith £827,000
Loss of chance of lease and sale of Ibrox Stadium £750,000
Loss of chance of sale of Murray Park £850,000
Total £3,404,500
[254] I would intend to award interest on this sum at the rate of 4% per annum from
6 February 2017.
[255] Before pronouncing an interlocutor I shall put the case out by order in case parties wish to address me on any matters (arithmetic or otherwise) arising from this opinion. I am grateful to all counsel for their very thorough and helpful presentation of their respective cases.

How did newco end up with the stadium (and Murray park) if it wasn't sold or leased?

[Footballfirst]

1 minute ago, Joey J J Jr Shabadoo said:

How did newco end up with the stadium (and Murray park) if it wasn't sold or leased?

The heritable properties were sold to the Newco as part of the asset sale. The value attributed to them at the time was £1.5m.  The judge's opinion is that the administrators could/should have got more had they separated the football operations from its properties, to the extent of a further £1.6m (£750k for Ibrox and £850k for Murray Park).  

[Joey J J Jr Shabadoo]

2 minutes ago, Footballfirst said:

The heritable properties were sold to the Newco as part of the asset sale. The value attributed to them at the time was £1.5m.  The judge's opinion is that the administrators could/should have got more had they separated the football operations from its properties, to the extent of a further £1.6m (£750k for Ibrox and £850k for Murray Park).  

👍 Sounds sufficiently dodgy.

[Mikey1874]

This judgement gives more credibility to the Police investigation. Because my reading of this, as was fairly well commented on at the time was the administrators did a shit job, acting as if it was business as usual. This ruling even suggests liquidation could have been avoided. 

 

We won't get the answers because of the disastrous Police investigation. But the stink over the actions and motivations of the administrators  Whitehouse and Clark remains. 

[Riccarton3]

31 minutes ago, Mikey1874 said:

This judgement gives more credibility to the Police investigation. Because my reading of this, as was fairly well commented on at the time was the administrators did a shit job, acting as if it was business as usual. This ruling even suggests liquidation could have been avoided. 

 

We won't get the answers because of the disastrous Police investigation. But the stink over the actions and motivations of the administrators  Whitehouse and Clark remains. 

It starts with David Murray who wasnae duped. Orchestrated from beginning to end. Every part without exception. Whyte, identified as the perfect stooge/man for the job,, ensured those were the Administrators to ensure everything went to plan.

Edited October 7, 2021 by Riccarton3

[Footballfirst]

1 hour ago, Mikey1874 said:

This judgement gives more credibility to the Police investigation. Because my reading of this, as was fairly well commented on at the time was the administrators did a shit job, acting as if it was business as usual. This ruling even suggests liquidation could have been avoided. 

 

We won't get the answers because of the disastrous Police investigation. But the stink over the actions and motivations of the administrators  Whitehouse and Clark remains. 

I don't think it does. The issue for the police investigation was that there was never enough evidence or justification for the arrests on conspiracy and fraud.  Note that it was the same judge who presided over all the previous hearings about malicious prosecution.

 

The judgement is more about their (in)competence as administrators.  They appear to have focused too much on trying to sell the business as a whole rather than consider splitting up the heritable assets and selling playing assets.   

 

The amounts awarded are not a reflection of how much more might have been generated for creditors. It was described as a "loss of of chance" which is not the same.  The administrators were criticised for not exploring possibilities of sale and leaseback of Ibrox and a sale of Murray Park.  That is not to say that they should have made those sales.  If they had been able to demonstrate that they had fully evaluated those options but ultimately decided that there was little or no benefit to creditors, then they may have avoided the charges against them.   

Edited October 7, 2021 by Footballfirst

[Spellczech]

On 06/10/2021 at 14:48, Footballfirst said:

The heritable properties were sold to the Newco as part of the asset sale. The value attributed to them at the time was £1.5m.  The judge's opinion is that the administrators could/should have got more had they separated the football operations from its properties, to the extent of a further £1.6m (£750k for Ibrox and £850k for Murray Park).  

Sounds very like court is saying fair value of a football stadium or a football training ground is basically the value of the land...Makes you wonder if every club in the UK ought to be valuing their stadia and training facilities at land value only?

[JackLadd]

3 hours ago, Mikey1874 said:

This judgement gives more credibility to the Police investigation. Because my reading of this, as was fairly well commented on at the time was the administrators did a shit job, acting as if it was business as usual. This ruling even suggests liquidation could have been avoided. 

 

We won't get the answers because of the disastrous Police investigation. But the stink over the actions and motivations of the administrators  Whitehouse and Clark remains. 

 

That's what I was thinking. How are these corrupt shower of b'stards walking away with tens of millions in tax payers money? They were in cahoots with Whyte and Green the whole time. 

[Footballfirst]

RIFC has just reported a loss of £24m for the last financial year to 30 June 2021.

 

They also have a funding requirement of £7.5m to get through this season.

 

https://assets.ctfassets.net/39646iezddpk/iqWGrSHuBKRWHdWfD47xh/f13e45eb51a6e0f5a54e6b5e02195d01/Rangers_Reports_and_Accounts_2021.pdf

 

Edited November 5, 2021 by Footballfirst

[Heartsofgold]

2 minutes ago, Footballfirst said:

RIFC has just reported a loss of £24m for the last financial year to 30 June 2021.

 

They also have a funding requirement of £7.5m to get through this season.

 

https://assets.ctfassets.net/39646iezddpk/iqWGrSHuBKRWHdWfD47xh/f13e45eb51a6e0f5a54e6b5e02195d01/Rangers_Reports_and_Accounts_2021.pdf

 

They were desperate to make the ECL group stages and beyond.  The Europa League is not lucrative enough to keep them operating.  I can see them selling Kent and maybe a couple of others in January to just remain viable.

[Jim Panzee]

4 minutes ago, Heartsofgold said:

They were desperate to make the ECL group stages and beyond.  The Europa League is not lucrative enough to keep them operating.  I can see them selling Kent and maybe a couple of others in January to just remain viable.

they'll just launch yet another share option.  plus get the begging bowl out. I've said before, there are still tons of folk out there quite happy to part with their cash knowing full well they won't get it back. It's an endless pit. anything to beat the other arse cheek.

[JackLadd]

Isn't there other bills needing paid? I've read HMRC is owed £12m, King wants his loan paid and the Ashley case is due to be settled. He might move to ring fence his money. 

 

Sevco losses:

2012/13 -£14M
2013/14 - £8.1M
2014/15 - £7.5M
2015/16 - £3.3M - Bye Ashley
2016/17 - £6.7M
2017/18 - £14.3M
2018/19 - £11.3M
2019/20 - £17.4M
2020/21 - £23.5M

 

£106m in total. 

[Footballfirst]

Dave King's (Laird Investments) £5m loan @ 8% interest, was due for repayment last month.

 

I wonder if he has extended it.

 

Their dependence on directors and other shareholder funding is evident from the the related party transactions.

 

During the year, the Group received £20.96m (net of repayments) from Directors, existing shareholders and other parties. This entire amount was made available for working capital purposes

 

Laird Investments (PTY) Limited (“Laird”) Shareholder

A facility provided by Laird to the Company of £5m is being charged interest at 8% on an accruing basis. This is due for repayment in October 2021.

 

Director loans

John Bennett, Barry Scott, Douglas Park, Alastair Johnston and Julian Juul Wolhardt A facility provided by Mr J Bennett, Mr A Johnston and Mr J Wolhardt to the Company of £5.25m is being charged interest at 6% on an accruing basis. Repayments of this, over a 7 year period, commenced in August 2021.

Loan facilities of £1.5m provided by Mr J Bennett prior to the commencement of the period, as well as a further £0.2m provided during the year, were converted to equity in the year. A further £1.5m provided prior to the commencement of the period, as well as a further £4.0m provided during the year, were repaid.

Loan facilities of £0.7m provided by Mr D Park prior to the commencement of the period, as well as a further £2.51m provided during the year, were converted to equity in the year.

Loan facilities of £0.75m provided by Mr A Johnston prior to the commencement of the period were converted to equity in the year.

Borita Investments Limited is a company in which Mr J Wolhardt and his wife are interested. Loan facilities of £1.5m provided by Mr J Wolhardt prior to the commencement of the period were converted to equity in the year.

Loan facilities of £0.25m provided by Mr B Scott prior to the commencement of the period were converted to equity in the year. 

 

Other related party loans - Shareholders and other investors

Barry McLeish, George Letham, Stuart Gibson, Club 1872, Alan McLeish, Scott Forrest, Kirk Beaton, Perron Investments LLC, George Taylor, Daniel McKinlay, Neil Hosie. No interest or fees were charged on the loan facilities provided by the above individuals and organisations.

Mr B McLeish provided £0.25m of loans during the period, which were converted to equity in the year.

Mr G Letham provided £0.5m of loans prior to the commencement of the period, and a further £0.5m of loans during the year, all of which were converted to equity in the year.

Mr S Gibson provided £1.0m of loans prior to the commencement of the period, and a further £7.0m during the period, all of which were converted to equity in the year.

Club 1872 provided £0.5m of loans during the period, which were converted to equity in the year.

Mr A McLeish provided £0.5m of loans prior to the commencement of the period, and a further £0.5m during the period, all of which were converted to equity in the year.

Mr S Forrest provided £0.25m of loans during the period, which were converted to equity in the year.

Mr K Beaton provided £0.75m of loans during the period, which were converted to equity in the year.

Perron Investments LLC provided £3.25m of loans during the period, which were converted to equity in the year.

Mr G Taylor provided £1.5m of loans prior to the commencement of the period, and a further £1.5m during the period, all of which were converted to equity in the year.

Mr D McKinlay provided £0.5m of loans prior to the commencement of the period, which were converted to equity in the year.

Mr N Hosie provided £0.125m of loans prior to the commencement of the period, which were converted to equity in the year.

 

 

 

[Mysterion]

9 minutes ago, Jim Panzee said:

they'll just launch yet another share option.  plus get the begging bowl out. I've said before, there are still tons of folk out there quite happy to part with their cash knowing full well they won't get it back. It's an endless pit. anything to beat the other arse cheek.

 

Share options with fans are done. 

Club1872 is a mess.

 

Directors need need to make cuts rapidly or gamble. The gamble will not give them a major advantage they hoped for but mitigate much of their debts/losses. 

 

Tremendous. 

Hopefully they get into trouble in all new ways.

[Mysterion]

7 minutes ago, JackLadd said:

Isn't there other bills needing paid? I've read HMRC is owed £12m, King wants his loan paid and the Ashley case is due to be settled. He might move to ring fence his money. 

 

Sevco losses:

2012/13 -£14M
2013/14 - £8.1M
2014/15 - £7.5M
2015/16 - £3.3M - Bye Ashley
2016/17 - £6.7M
2017/18 - £14.3M
2018/19 - £11.3M
2019/20 - £17.4M
2020/21 - £23.5M

 

£106m in total. 

 

Clubs really should be allowed to operate outside their core revenue. 

It's partially why so many clubs like Barca etc are a financial mess. 

 

 

[Footballfirst]

They still have at least three court actions pending.  The current provision for payments is set at £2.75m.

 

Included within overdue trade receivables not impaired is a debt for £1.901m due from a single debtor. This balance has been reviewed and considered against the likelihood of recovery. No impairment has been made against this debtor as the amount is considered to be recoverable and the Club has commenced legal proceedings to recover this amount.

 

I suspect that this relates to their previous kit deal with Elite.

 

SDI Retail Services Limited

The company is engaged in ongoing legal proceedings relating to its previous retail arrangements. Judgment has been granted against the Company in respect of certain breaches of contract but, at this stage, the extent of the Company’s liability other than with regard to legal fees has not been decided by the Court. As negotiations are ongoing regarding the legal proceedings, the Directors are of the view that it would be seriously prejudicial if it were to disclose the information usually required by IAS 37 (Provisions, Contingent liabilities and contingent assets). The Company has dealt with its estimated liabilities, insofar as it is practicable for its Directors to estimate them at this stage, when calculating its accruals.

 

Contingent liabilities

Legal proceedings are ongoing with a former employee who made a claim against the Club for unjustified termination of their employment agreement. The final ruling on this dispute is pending and having taken legal advice the Club is confident that the ruling will find in its favour. If the outcome finds against the former employee this would result in a compensation payment being awarded to the Club.

[StevenNaismith]

[Japan Jambo]

40 minutes ago, Mysterion said:

 

Clubs really should be allowed to operate outside their core revenue. 

It's partially why so many clubs like Barca etc are a financial mess. 

 

 

 

Makes me wonder what exactly the FFP rules are supposed to cover?