The Sevco saga continues ...

[5-1Jambo]

Former Rangers chairman Dave King cites "inaccurate" information in the club's most recent accounts, saying a £5m loan was incorrectly attributed to him rather than a business within his family trust structure. (Sun)

King says interest of more than £800,000 paid on the loan had "no impact" on Rangers' financial results

16% return on a short term investment. How do I get a piece of that action. 

[Mysterion]

18 minutes ago, 5-1Jambo said:

Former Rangers chairman Dave King cites "inaccurate" information in the club's most recent accounts, saying a £5m loan was incorrectly attributed to him rather than a business within his family trust structure. (Sun)

King says interest of more than £800,000 paid on the loan had "no impact" on Rangers' financial results

16% return on a short term investment. How do I get a piece of that action. 

 

Going further into the story and not the headlines - worth noting that the South African authorities allowed the loan to be made provided it had a commercial interest rate. 

 

Rangers PR deliberately made the convicted tax avoiding criminal (King) look like he was lining his pockets with that update. People will go with the 16% headline rather than it was a loan with an interest rate of 8%

 

 

 

[5-1Jambo]

3 minutes ago, Mysterion said:

 

Going further into the story and not the headlines - worth noting that the South African authorities allowed the loan to be made provided it had a commercial interest rate. 

 

Rangers PR deliberately made the convicted tax avoiding criminal (King) look like he was lining his pockets with that update. People will go with the 16% headline rather than it was a loan with an interest rate of 8%

 

 

 

Even 8% is outrageous. 

[Hagar the Horrible]

Also to note but the Driscoll twins and LLambias tried to broker a deal for Derby County and failed,

 

On the King loan, it just goes to show that 8% on a £5m loan was only a small loan, they are shored up over £30m loans are they at 8% too?  and thats just in the last 2 years, with almost £8m to see them complete this season.

 

How can we allow a club to borrow vast amounts each year just to exist, and in their case use it to have an unfair advantage over those of us who are prudent

[Hungry hippo]

1 hour ago, 5-1Jambo said:

Even 8% is outrageous. 

 

Rangers would do very well to get 8% from another lender given their financial history and current position.

[Rogue Daddy]

3 minutes ago, Hungry hippo said:

 

Rangers would do very well to get 8% from another lender given their financial history and current position.

🤣🤣🤣 'Sub-prime' ... I think is the term.

[gorgieroar]

On 06/11/2021 at 01:55, No Idle Talk said:

If Covid would kill that club off then I would be willing to put up with this pandemic a while longer.

What a stupid statement feckin idiot

[Unknown user]

On 06/11/2021 at 00:52, Pasquale for King said:

Got to love Stephane 😍🤣

The Sevco

[IveSeenTheLight]

2 hours ago, 5-1Jambo said:

Even 8% is outrageous. 

 

39 minutes ago, Hungry hippo said:

 

Rangers would do very well to get 8% from another lender given their financial history and current position.

 

Pretty sure it was clarified that that was a 5 year compounded interest.

the APR being only circa 3%

[IveSeenTheLight]

On 06/11/2021 at 01:55, No Idle Talk said:

If Covid would kill that club off then I would be willing to put up with this pandemic a while longer.

 

Unfortunately, The impact of Covid is probably making it look worse than it actually is.

I don't think this years accounts aloneis enough to make the tribute act go bust 

[XB52]

1 hour ago, gorgieroar said:

What a stupid statement feckin idiot

Seems very reasonable to me

[Footballfirst]

28 minutes ago, IveSeenTheLight said:

Pretty sure it was clarified that that was a 5 year compounded interest.

the APR being only circa 3%

It was a two year arrangement as reported in the 2019 accounts.

 

At the time of preparation (31 October 2019), the forecast identified that the Group would require £10.0m by way of debt or equity funding by the end of season 2019/2020 in order to meet its liabilities as they fall due. The first tranche of funding is required from investors in November 2019. However, the final amount required is dependent on future football performance, European football participation and player trading amongst other factors.

The Board of Directors have discussed the Club’s forecast cash flow shortfall and have reached agreement with Laird Investments (Pty) Limited whereby it will provide additional loan facilities as necessary to meet shortfalls to the above requirements and any further amounts that may be required a result of variances to forecast cash flows. Further to this, Laird Investments (Pty) Limited have agreed to provide a £5m facility to October 2021.

 

The amount of interest paid was reported as £832k.

 

Year 1 - £5m over a year at an APR of 8% = £400k

Year 2 - £5.4m over a year at an APR of 8% = £432k

 

[IveSeenTheLight]

3 minutes ago, Footballfirst said:

It was a two year arrangement as reported in the 2019 accounts.

 

At the time of preparation (31 October 2019), the forecast identified that the Group would require £10.0m by way of debt or equity funding by the end of season 2019/2020 in order to meet its liabilities as they fall due. The first tranche of funding is required from investors in November 2019. However, the final amount required is dependent on future football performance, European football participation and player trading amongst other factors.

The Board of Directors have discussed the Club’s forecast cash flow shortfall and have reached agreement with Laird Investments (Pty) Limited whereby it will provide additional loan facilities as necessary to meet shortfalls to the above requirements and any further amounts that may be required a result of variances to forecast cash flows. Further to this, Laird Investments (Pty) Limited have agreed to provide a £5m facility to October 2021.

 

The amount of interest paid was reported as £832k.

 

Year 1 - £5m over a year at an APR of 8% = £400k

Year 2 - £5.4m over a year at an APR of 8% = £432k

 

 

Fair enough, cheers min.

You're great at linking the facts and providing a trustworthy answer

[Hagar the Horrible]

50 minutes ago, IveSeenTheLight said:

 

 

Pretty sure it was clarified that that was a 5 year compounded interest.

the APR being only circa 3%

According to the story in the Scotsman the Laird loan was explained and granted at the 2019 AGM as being a market rated interest loan as insisted by the SA people, but he was pleased that it was unsecured.  And it was to be repaid in 2 years, which was done

[DMR123]

4 hours ago, 5-1Jambo said:

Even 8% is outrageous. 

Not for a high risk loan to an entity with a poor credit record and whopping losses every year.

[5-1Jambo]

8 minutes ago, DMR123 said:

Not for a high risk loan to an entity with a poor credit record and whopping losses every year.

True

[gorgieroar]

6 hours ago, XB52 said:

Seems very reasonable to me

Another brainless idiot who has no sense no life is worth a football team

[Watt-Zeefuik]

On 05/11/2021 at 20:52, Pasquale for King said:

Got to love Stephane 😍🤣

If they end up owing a big tax bill again, HMRC should send him around to collect.

 

Everyone knows, Adam makes  Rangers pay.

[XB52]

13 hours ago, gorgieroar said:

Another brainless idiot who has no sense no life is worth a football team

😂😂😂😂Don't take message boards so seriously

[lost in space]

15 hours ago, gorgieroar said:

Another brainless idiot who has no sense no life is worth a football team

You are RIGHT to call this out.

Yes, it is only a fans forum/ message board - but this may be quoted as being from JKB and tarnishes our supporters and by association, our club.

[Bazzas right boot]

On 10/11/2021 at 11:01, 5-1Jambo said:

Even 8% is outrageous. 

 

Not given rangers history. 

 

I'd only lend rangers £5m if the gave me £6m upfront. 

 

 

[I P Knightley]

2 hours ago, lost in space said:

You are RIGHT to call this out.

Yes, it is only a fans forum/ message board - but this may be quoted as being from JKB and tarnishes our supporters and by association, our club.

We've spent 9 years wishing that club dead; I don't think on message is going to swing the opinion one way or the other. 

[lost in space]

20 minutes ago, I P Knightley said:

We've spent 9 years wishing that club dead; I don't think on message is going to swing the opinion one way or the other. 

Wishing that despicable club dead is not the issue here.

[Central Belt 1874]

On 05/11/2021 at 12:30, tian447 said:

 

Don't get me wrong, I hope they (actually, I hope both of them) make a colossal ***** of it this season and miss out on a major payday.  We can't afford them to keep raking in money and getting further ahead of the rest of the pack, which is already a huge financial gap.  In order to compete, we really need to get closer to them and bring in a slightly higher quality of player every season.  Scottish football might be widely panned for being "shite" but it offers a relatively decent chance at teams getting into European competitions, but it becomes harder when you can't get near the top 2 spots in the League.

 

They'll do some shady deals to make sure that they stay near the top though.  Barring something major happening, I don't think there is really any realistic danger of The Rangers v3 becoming a thing.

 

I'm not so sure. How many multi millionaire Rangers fans are left that have the right business credentials to sort them out? Or who are willing to sort them out?

 

I think they are down to the last 1 or 2. After that, its tighten the purse strings like everyone else or attract a wealthy foreign owner who could be as mad as vlad.

 

Remember, nobody was there to save them previously who could be considered 'fit and proper'.

[luckydug]

3 hours ago, lost in space said:

You are RIGHT to call this out.

Yes, it is only a fans forum/ message board - but this may be quoted as being from JKB and tarnishes our supporters and by association, our club.

Look I know you're frustrated with not having anything Robbie or Hearts related to moan about. 

 No need to take it it on an ordinary punter who makes a tasteless remark though. 

It was a stupid comment but a lot worse gets said on here everyday. 

As for tarnishing the club, what a drama queen. 

[luckydug]

3 hours ago, lost in space said:

You are RIGHT to call this out.

Yes, it is only a fans forum/ message board - but this may be quoted as being from JKB and tarnishes our supporters and by association, our club.

Look I know you're frustrated with not having anything Robbie or Hearts related to moan about. 

 No need to take it it on an ordinary punter who makes a tasteless remark though. 

It was a stupid comment but a lot worse gets said on here everyday. 

As for tarnishing the club, what a drama queen. 

[TyphoonJambo]

3 minutes ago, luckydug said:

Look I know you're frustrated with not having anything Robbie or Hearts related to moan about. 

 No need to take it it on an ordinary punter who makes a tasteless remark though. 

It was a stupid comment but a lot worse gets said on here everyday. 

As for tarnishing the club, what a drama queen. 

Agreed, if anybody thinks he said this with an iota of seriousness, then they are obviously clutching at anything in their search for being offended.

Lighten up,take a chill pill, hug a dolphin and plant a tree,maybe splash out on some gender neutral, vegan football boots. It's a football forum not cop26. 

[lost in space]

4 minutes ago, luckydug said:

Look I know you're frustrated with not having anything Robbie or Hearts related to moan about. 

 No need to take it it on an ordinary punter who makes a tasteless remark though. 

It was a stupid comment but a lot worse gets said on here everyday. 

As for tarnishing the club, what a drama queen. 

Thankfully not such a drama queen that I insist on repeating my posts.

"An ordinary punter"? How do you know?

In my opinion The Rangers are further tarnished by the comments on their fans website (although difficult to tarnish that club any further).

As for my comments on Neilson  - they weren't moans - merely helpful suggestions!!😇

[lost in space]

6 minutes ago, TypoonJambo said:

Agreed, if anybody thinks he said this with an iota of seriousness, then they are obviously clutching at anything in their search for being offended.

Lighten up,take a chill pill, hug a dolphin and plant a tree,maybe splash out on some gender neutral, vegan football boots. It's a football forum not cop26. 

How do you know not serious?

[luckydug]

31 minutes ago, TypoonJambo said:

Agreed, if anybody thinks he said this with an iota of seriousness, then they are obviously clutching at anything in their search for being offended.

Lighten up,take a chill pill, hug a dolphin and plant a tree,maybe splash out on some gender neutral, vegan football boots. It's a football forum not cop26. 

Spot on 👍

[luckydug]

27 minutes ago, lost in space said:

Thankfully not such a drama queen that I insist on repeating my posts.

"An ordinary punter"? How do you know?

In my opinion The Rangers are further tarnished by the comments on their fans website (although difficult to tarnish that club any further).

As for my comments on Neilson  - they weren't moans - merely helpful suggestions!!😇

I was shaking with rage that's why I posted twice. 😂

[TyphoonJambo]

29 minutes ago, lost in space said:

How do you know not serious?

He doesn't strike me as the Gorgie Harold Shipman,wishing sickness on people. Could be wrong mind.

[lost in space]

4 minutes ago, luckydug said:

I was shaking with rage that's why I posted twice. 😂

Good post. Now that I know I have enraged you (and possibly others), I can enjoy the rest of the day.😏

[XB52]

5 hours ago, lost in space said:

You are RIGHT to call this out.

Yes, it is only a fans forum/ message board - but this may be quoted as being from JKB and tarnishes our supporters and by association, our club.

😂😂😂😂

[DesertDawg]

Back on track then with today's news........................  

 

https://www.heraldscotland.com/news/homenews/19715270.auditors-going-concern-warning-rangers-fc-cumulative-losses-reach-nearly-80m-six-years/

 

 

[Jambo in Bathgate]

1 hour ago, DesertDawg said:

Back on track then with today's news........................  

 

https://www.heraldscotland.com/news/homenews/19715270.auditors-going-concern-warning-rangers-fc-cumulative-losses-reach-nearly-80m-six-years/

 

 

That was always on the cards. Looks like administration is a possibility. No one will come in with money to clear that debit. They will wait for administration and buy for a song. Any bank that is funding them now will be charging top interest and have surety over Ibrox. That is the cost of preventing 9 IAR. 

[Independence]

It is appalling Sevco are allowed to get away with this. 

[SuperstarSteve]

11 minutes ago, Independence said:

It is appalling Sevco are allowed to get away with this. 

Agreed. It’s gonna end badly for them, hopefully. 

[tightrope]

Imagine the red tops if this was us, even with a quarter of that debt.

[132goals1958]

The qualification of their accounts is more or less an annual occurrence. Negative current assets and reliance on shareholders loans although they are technically insolvent are propping up what is an absolute basket case of a club. 

[Phage]

Wonder if they still think anyone would pay anything significant for that carthorse Morelos

[RobNox]

4 hours ago, Jambo in Bathgate said:

That was always on the cards. Looks like administration is a possibility. No one will come in with money to clear that debit. They will wait for administration and buy for a song. Any bank that is funding them now will be charging top interest and have surety over Ibrox. That is the cost of preventing 9 IAR. 

No bank is funding them, they have no line of credit with their bank.  They've relied mostly on soft loans from directors and others.  They did have a credit facility with Close Brothers, but that was secured on other assets, not the stadium.  I don't know if that still exists or if they repaid Close Brothers.

[hearts151]

8 minutes ago, RobNox said:

No bank is funding them, they have no line of credit with their bank.  They've relied mostly on soft loans from directors and others.  They did have a credit facility with Close Brothers, but that was secured on other assets, not the stadium.  I don't know if that still exists or if they repaid Close Brothers.

The herald article above states:

 

"The ‘material uncertainty’ warning came as the club confirmed a loan facility with an unidentified high street bank for the first time since Mr King wrested control of the club from Sports Direct supremo and former Newcastle United owner Mike Ashley."

[Hungry hippo]

5 minutes ago, hearts151 said:

The herald article above states:

 

"The ‘material uncertainty’ warning came as the club confirmed a loan facility with an unidentified high street bank for the first time since Mr King wrested control of the club from Sports Direct supremo and former Newcastle United owner Mike Ashley."

 

I'd guess at Santander.

[Jeff]

8 hours ago, Hungry hippo said:

 

I'd guess at Santander.

 

So they shake off Mike Ashley/Newcastle and end up being Ant and Dec's bitches

[TexasAndy]

What I have heard on the grapevine is that Rangers were desperate for the compensation paid by Villa for Gerrard.  Also they are being held above water by a bunch of soft loans.  Basically they threw everything in to stopping 10 in a row and are now perilously close to another disaster.  

[part_time_jambo]

8 minutes ago, TexasAndy said:

What I have heard on the grapevine is that Rangers were desperate for the compensation paid by Villa for Gerrard.  Also they are being held above water by a bunch of soft loans.  Basically they threw everything in to stopping 10 in a row and are now perilously close to another disaster.  

Hope it's true. Where did you hear it from? Guy in the Rose Club?

Edited November 15, 2021 by part_time_jambo
Narrowing down the source.

[TyphoonJambo]

14 minutes ago, part_time_jambo said:

Hope it's true. Where did you hear it from? Guy in the Rose Club?

Surely they'll have to use some of the compo to recruit the new guy

[Unknown user]

28 minutes ago, TexasAndy said:

What I have heard on the grapevine is that Rangers were desperate for the compensation paid by Villa for Gerrard.  Also they are being held above water by a bunch of soft loans.  Basically they threw everything in to stopping 10 in a row and are now perilously close to another disaster.  

 

This is pretty much common knowledge isn't it? They've been talking about it on the radio, they need to cut costs, directors have put in tens of millions as loans to equity. But now that 10 in a row has been stopped they aren't willing to keep it going, especially in the current climate.

 

[Unknown user]

7 minutes ago, TypoonJambo said:

Surely they'll have to use some of the compo to recruit the new guy

 

GVB is unattached IIRC