The Sevco saga continues ...

[TyphoonJambo]

32 minutes ago, Smithee said:

 

GVB is unattached IIRC

Shame

[Ex member of the SaS]

Sevco have a dilemma, sell players at a knock down price due to them coming to the end of their contracts or keep the players and hope to win the league with automatic qualification to Champs league, thus netting around £30 mill. 

Either way they need soft loans to keep the lights on and all those who have already coughed up are slow to give more.

It's a gamble and I can't see the fans standing for player sales.

Edited November 15, 2021 by Ex member of the SaS

[Craig_]

15 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. 

 

15 point penalty would surely finish their chances of that automatic CL spot, so I'd imagine they'd do anything to avoid admin.

[Jambo in Bathgate]

Unfortunately the fixation with Celtic by Rangers fans will be their undoing. Had they gone down the same route as FOH they may well have stopped Celtic from that 10 IAR anyway. However, they allowed their club to be taken over by various wealthy people who had their own agenda. These people thought they could spend their way out of the leagues back to the SPFL. Unfortunately they overspent massively to get out of these leagues. Then once in the championship they came up against Hearts a club with players, staff and fans united  who had a battle hardened group of youngsters along with astute signings.  This team won the championship at a canter. Rangers on the other hand were miles back in second. They botched the playoff final and spent another year in that league. 
Rangers will be put up for sale soon. Is there anyone out there willing to pay in excess of £100M (debit and soft loans)for a Scottish Club. I doubt it. 
Administration or Liquidation is likely outcome.  

[Jambo in Bathgate]

3 minutes ago, Craig_ said:

 

15 point penalty would surely finish their chances of that automatic CL spot, so I'd imagine they'd do anything to avoid admin.

They may not have any say in this and it’s a second occasion so punishment may be greater. See Livingston. 

[Shanks]

Crazy that a bank have actually given them a loan   Must be a massive interest rate.  It also suggests that the ‘free’ loans they’ve been getting from proper rangers men have all but dried up. Shame. 

Edited November 15, 2021 by Shanks

[part_time_jambo]

Sorry, but all this speculation about administration/liquidation is wishful thinking. If it was looking likely, the authorities would find some way of nullifying it.

[Jambo in Bathgate]

1 minute ago, part_time_jambo said:

Sorry, but all this speculation about administration/liquidation is wishful thinking. If it was looking likely, the authorities would find some way of nullifying it.

You can’t stop a third party taking out legal papers if payment of bills are not made. The biggest creditor will be HMRC. Rangers are a selling club and will be looking to sell big in January to maintain cash flow. 

[132goals1958]

2 minutes ago, Shanks said:

Crazy that a bank have actually given them a loan   Must be a massive internet rate.  It also suggests that the ‘free’ loans they’ve been getting from proper rangers men have all but dried up. Shame. 

 

I think it is Bennett and Park who continue to bail them out. They are in an awkward position whether to stick or twist with a view to Champions League money. Ultimately they have to make a decision on whether they keep plundering the family inheritance.

[luckydug]

Nothing for them to worry about. 

Sell one player and get a fee and save a wage. 

Job done 😏

[IveSeenTheLight]

27 minutes ago, Jambo in Bathgate said:

They may not have any say in this and it’s a second occasion so punishment may be greater. See Livingston. 

 

Surely SevCo is a new club. The previous club were liquidated, hence the tribute act would ultimately be failing for the first time and ironically follow DeidCo down the Administration / hopefully liquidation route

[IveSeenTheLight]

27 minutes ago, Shanks said:

Crazy that a bank have actually given them a loan   Must be a massive interest rate.  It also suggests that the ‘free’ loans they’ve been getting from proper rangers men have all but dried up. Shame. 

 

24 minutes ago, part_time_jambo said:

Sorry, but all this speculation about administration/liquidation is wishful thinking. If it was looking likely, the authorities would find some way of nullifying it.

 

I actually tend to agree. Had it not have been for Covid, their accounts wouldn't have looked so bad.

Most clubs have suffered as a result of Covid.

They are desperately gambling on CL group stage cash, otherwise, they surely will need to trim their cloth

[dbusby6]

33 minutes ago, Jambo in Bathgate said:

Unfortunately the fixation with Celtic by Rangers fans will be their undoing. Had they gone down the same route as FOH they may well have stopped Celtic from that 10 IAR anyway. However, they allowed their club to be taken over by various wealthy people who had their own agenda. These people thought they could spend their way out of the leagues back to the SPFL. Unfortunately they overspent massively to get out of these leagues. Then once in the championship they came up against Hearts a club with players, staff and fans united  who had a battle hardened group of youngsters along with astute signings.  This team won the championship at a canter. Rangers on the other hand were miles back in second. They botched the playoff final and spent another year in that league. 
Rangers will be put up for sale soon. Is there anyone out there willing to pay in excess of £100M (debit and soft loans)for a Scottish Club. I doubt it. 
Administration or Liquidation is likely outcome.  

Actually they finished third. Even Hibs were ahead of than that season!

[I P Knightley]

40 minutes ago, Jambo in Bathgate said:

They may not have any say in this and it’s a second occasion so punishment may be greater. See Livingston. 

That's when they'll admit that they are a new company, formed in 2012 and have had no financial distress moments ever in their existence.

 

Hush yer mooth about 55 'n' 'at 'n' 'aw.

[lost in space]

6 minutes ago, dbusby6 said:

Actually they finished third. Even Hibs were ahead of than that season!

Did Sevco not go into a playoff with Motherwell and lose? There was a fight at the end of the game with a red card for a headbutt. I may have dreamt this though!!!

[IveSeenTheLight]

13 minutes ago, lost in space said:

Did Sevco not go into a playoff with Motherwell and lose? There was a fight at the end of the game with a red card for a headbutt. I may have dreamt this though!!!

 

Aye, they finished 3rd (behind His and Hearts) and then beat Hibs in the play-off semi-final to go into a play-off final over two legs against Motherwell, losing 6-1 on aggregate

[Rogue Daddy]

15 minutes ago, I P Knightley said:

That's when they'll admit that they are a new company, formed in 2012 and have had no financial distress moments ever in their existence.

 

Hush yer mooth about 55 'n' 'at 'n' 'aw.

This is EXACTLY what will happen!

[Riccarton3]

22 minutes ago, lost in space said:

Did Sevco not go into a playoff with Motherwell and lose? There was a fight at the end of the game with a red card for a headbutt. I may have dreamt this though!!!

Rangers beat Hibs in play off (did finish below Hibs in league hence played QoS first) then got pumped 6-1 by Motherwell

Edited November 15, 2021 by Riccarton3

[jock _turd]

Serious question. They are at a point where they desperately need to appoint a good manager to get them back on track. We have all seen names of some high profile candidates being banded about in the media. My question when the club is in such, what would appear, dire straights... just what incentives can the be giving out to any would be manager for their club? I find it hard to believe they could attract anybody who has any sense but are football managers only interested in a job and a wage the same as any other person? I find it hard to believe they could possibly entice any manager who is already employed to resign to join them and they cannot have the dosh to pay compensation.

[buzzbomb1958]

On 05/11/2021 at 22:13, His name is said:

Does anyone know what their total debt is? I read somewhere that they have lost money every year since they were liquidated

Over 100mii since they were reborn

[Spitonastranger]

3 hours ago, Smithee said:

 

GVB is unattached IIRC

He would still want money for him and backroom staff and signings 

[luckydug]

59 minutes ago, jock _turd said:

Serious question. They are at a point where they desperately need to appoint a good manager to get them back on track. We have all seen names of some high profile candidates being banded about in the media. My question when the club is in such, what would appear, dire straights... just what incentives can the be giving out to any would be manager for their club? I find it hard to believe they could attract anybody who has any sense but are football managers only interested in a job and a wage the same as any other person? I find it hard to believe they could possibly entice any manager who is already employed to resign to join them and they cannot have the dosh to pay compensation.

According to the DR we won't have to wait long to find out. 

[part_time_jambo]

6 hours ago, IveSeenTheLight said:

 

Surely SevCo is a new club. The previous club were liquidated, hence the tribute act would ultimately be failing for the first time and ironically follow DeidCo down the Administration / hopefully liquidation route

New club when it suits (debt, liabilities, 2nd admin/liquidation, etc) Same club when it doesn't ( titles won, history, etc). Sadly this is pandered to by the authorities, press and clubs.

Edited November 15, 2021 by part_time_jambo

[Footballfirst]

No little irony in this sponsorship deal being agreed with the SWPL.   I wonder how cinch might view it.

 

 

[Bazzas right boot]

Souttar is another reason why I hope they go to the grave again. 

 

Just like most championship clubs they can offer more wages?. 

How the **** can a Club that announces a £17m Loss ( or £9m, I forget) offer a better contract than us? 

 

Same as all the championship clubs saddle with debts and wage ratios of near 100%.

 

It should not be allowed, if your wage ratio is over a certain percentage you should need to sort that out before buying and offering contracts to new players. 

 

Utter bull shit economics. 

 

Hopefully every club like this goes tits up, hopefully more follow Derby. 

 

Shite hawks the lot of them. 

 

 

Edited November 17, 2021 by Smith's right boot

[benny]

So is it 

The Rangers Football Club LTD their real name.

[Jambo-Fox]

6 hours ago, Footballfirst said:

No little irony in this sponsorship deal being agreed with the SWPL.   I wonder how cinch might view it.

 

 

It’s outrageous! Hearts need to sort this out!! What about club sponsor Macklin Motors?? 😉 

[Footballfirst]

Another 14m shares issued at 25p a share to raise £3.5m.

 

[Niemi’s gloves]

Not sure I heard this right, but when Nathan Paterson came on last night, the bt sport commentator started speculating about how Rangers might/would need to sell him to cover the gap in their finances. I doubt that went down well with ra peepul. 

[Dolf_lundgren]

2 hours ago, Footballfirst said:

Another 14m shares issued at 25p a share to raise £3.5m.

 

 Interesting to see who, if anyone is underwriting it.

 

money for Gerrard will keep the wolf from the door, also winning in Europe.

 

value of their assets will have fallen a fair bit recently though 

[Footballfirst]

4 minutes ago, Dolf_lundgren said:

 Interesting to see who, if anyone is underwriting it.

 

money for Gerrard will keep the wolf from the door, also winning in Europe.

 

value of their assets will have fallen a fair bit recently though 

At 25p a share, the 422m shares issued are worth £105m.

 

That's £10m more than Celtic (at today's share price). 

[buzzbomb1958]

Sevco bringing out another share offer to raise 3.5mill ,25p a share you couldn’t mark their necks with a blowtorch . This must be near to fraudulent behaviour how can you keep selling what isn’t there or am I as thick as the nutters buying these pretend shares

[milky_26]

well it is a killer question

[Unknown user]

If I don't find out what's going on I'm going to krill somebody

[Ex member of the SaS]

I was under the impression the more shares you issued the less each share was worth. They keep selling shares at 0.25P and it never changes. With the number of shares at 0.25P the company must be in negative equity by now.

[buzzbomb1958]

5 hours ago, Ex member of the SaS said:

I was under the impression the more shares you issued the less each share was worth. They keep selling shares at 0.25P and it never changes. With the number of shares at 0.25P the company must be in negative equity by now.

Something very untoward going on and yet again no one interested in asking the right questions crooked if you ask me

[Rogue Daddy]

On 26/11/2021 at 18:42, Footballfirst said:

Another 14m shares issued at 25p a share to raise £3.5m.

 

Correct me if I'm wrong, but isn't this the second time in 6 months they done this?... obviously fine to do so, but still must raise some sort of concern among it's supporters.

[Jim Panzee]

16 hours ago, buzzbomb1958 said:

Sevco bringing out another share offer to raise 3.5mill ,25p a share you couldn’t mark their necks with a blowtorch . This must be near to fraudulent behaviour how can you keep selling what isn’t there or am I as thick as the nutters buying these pretend shares

as I've said for a while, there are / probably always will be enough loonies to prefer sinking money into that club than their families. 

[JamboAl]

17 hours ago, buzzbomb1958 said:

Sevco bringing out another share offer to raise 3.5mill ,25p a share you couldn’t mark their necks with a blowtorch . This must be near to fraudulent behaviour how can you keep selling what isn’t there or am I as thick as the nutters buying these pretend shares

They must the world's biggest fan-owned club by now.

Going by the number of share issues they've had, there can hardly be a bluenose without a share😀

[Footballfirst]

1 hour ago, Rogue Daddy said:

Correct me if I'm wrong, but isn't this the second time in 6 months they done this?... obviously fine to do so, but still must raise some sort of concern among it's supporters.

They have issued new shares on 8 occasions since April (some small ones, others much larger).  Around 55m new shares have been issued in that period, raising between £11m-£12m).

 

The latest was just published by Companies House today, for 400,000 shares at 25p, raising £100k.  I suspect that is just a tidy up exercise for shares that were missing from the last update.

[Rogue Daddy]

9 minutes ago, Footballfirst said:

They have issued new shares on 8 occasions since April (some small ones, others much larger).  Around 55m new shares have been issued in that period, raising between £11m-£12m).

 

The latest was just published by Companies House today, for 400,000 shares at 25p, raising £100k.  I suspect that is just a tidy up exercise for shares that were missing from the last update.

😳 blimey!... strikes me a bit like hunting behind the sofa for coins, just to keep the lecky on!

[Wee Mikey]

Posting enormous losses year after year isn't sustainable. For any club. The wives/families of the people propping up The Rangers must be questioning such behaviour.

[Hagar the Horrible]

Dave king and his morals, hitting out at Douglas Park over Club 1872 treatment.  But at that vote only he has realised it is diluting his shares in which he is trying to sell to Club 1872, which is ironic as thats about how much the shares are worth now.  he used his vote against Park Jr., but he was still out voted.  But what is even more mental is Club 1872 have had another leadership bear fight, and are now only hopeful of buying them but have so far NOT raised the money, King wants to sell at gthe pre-dilution price but he has a moral obligation, which he must have bought on ebay

 

To Rangers fans smell the coffee not your armpits,  you are going to buy 15m shares at 26p each when they must be worth well 1p,  when it gvoes bust you will need that money to buy v3.0  and that money could buy you 80%

[Jambo-Fox]

Is this another battle lost  for Sevco and a victory for Mike Ashley / SDIR in High Court today?

 

Conclusion

 

1. For the reasons explained above, I allow SDIR's application for an order under paragraph 18 of CPR PD51U for the disclosure of the Castore Agreement, as well as the Castore Quarterly Statements (to include documents containing the accompanying information within the meaning discussed above) for the 2020-2021 season, but not the Quarterly Statement for the first quarter of the 2021-2022 season.
2. In my judgment, an order for specific disclosure within the meaning of the second sentence of paragraph 18.1 of CPR PD51U is justified given that the documents sought are specifically identified or fall within a narrow compass and relate to Issues for Disclosure, even if they do not fall within the date range within the Court's order for Extended Disclosure dated 16th February 2021. Insofar as it is relevant, I would alternatively have been prepared to make an order varying the Court's order for Extended Disclosure to embrace these documents.

 

 

[Hagar the Horrible]

King pushing to get back on the board.  I guess club 18-30 cant raise the money 

[Footballfirst]

14 hours ago, Jambo-Fox said:

Is this another battle lost  for Sevco and a victory for Mike Ashley / SDIR in High Court today?

 

Conclusion

 

1. For the reasons explained above, I allow SDIR's application for an order under paragraph 18 of CPR PD51U for the disclosure of the Castore Agreement, as well as the Castore Quarterly Statements (to include documents containing the accompanying information within the meaning discussed above) for the 2020-2021 season, but not the Quarterly Statement for the first quarter of the 2021-2022 season.
2. In my judgment, an order for specific disclosure within the meaning of the second sentence of paragraph 18.1 of CPR PD51U is justified given that the documents sought are specifically identified or fall within a narrow compass and relate to Issues for Disclosure, even if they do not fall within the date range within the Court's order for Extended Disclosure dated 16th February 2021. Insofar as it is relevant, I would alternatively have been prepared to make an order varying the Court's order for Extended Disclosure to embrace these documents.

The hearing was to consider a request by SDIR for disclosure of Castore's quarterly trading statements for Rangers kit.  SDIR argued that this information was required to assess the potential loss of earnings suffered by SDIR as a result of Rangers breach of the "matching" retail contract that they held with SDIR, first when they went to Elite/Hummel and then to Castore.

 

Rangers had offered a more limited disclosure of documents, but the judge ruled in favour of SDIR with the exception of anything related to this season's sales.

 

The judgement indicates that the parties are due in court again in June 2022 when the whole claim should be settled by trial.

 

Full judgement

[Doc Rob]

BBC today reporting that Ran2ers are ‘open’ to the idea of selling Hagi for £12m in the transfer window.

 

Open? They’ll be desperate to offload someone to balance the books. Just as they are desperate for someone to sign Morelos,  but nobody ever does.

 

£12m though? Doubt they would get a quarter of that. ‘Undisclosed fee’ all day long.

 

The issue, of course, is that if they finish top this year and get direct entry to the CL groups, suddenly their insane business model actually becomes viable.

Edited December 19, 2021 by Doc Rob
Typo

[Ex member of the SaS]

Rangers may face a seven-figure pay-out after losing a legal battle with Sports Direct over the disclosure of documents relating to the club's kit deal with Castore. (Sun)

[lost in space]

9 minutes ago, Ex member of the SaS said:

Rangers may face a seven-figure pay-out after losing a legal battle with Sports Direct over the disclosure of documents relating to the club's kit deal with Castore. (Sun)

If they can, they will appeal - costing them more money and kicking the can a little further down the road.

[Footballfirst]

A couple of other Rangers related stories in the last week or so.

 

The cost to the Scottish Government of the malicious prosecutions by the Crown Office has reached £39.9m as disclosed in the SG accounts a few days ago.  I think there remains one or two cases still outstanding. The SG has announced that there will be an inquiry as to what went wrong once the related cases are concluded.

 

The latest BDO Liquidators report to creditors shows that BDO continues to ramp up their fees and costs.  Their recent expenditure is offset to a large extent by the receipt of £4.7m as settlement of the action they took against the D&P Administrators.  To date, only £5.7m has been paid out or set aside for creditors, while BDO has charged fees of £6.4m, but have also paid out an eyewatering £16.3m in legal and professional fees. I'm sure that they will continue to milk another whack of the remaining cash before the creditors get any final payment.

 

Edited December 21, 2021 by Footballfirst