The Sevco saga continues ...

[JackLadd]

2 hours ago, lost in space said:

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

 

Too bad we can't appeal their bogus claim of 55 titles.

[Fozzyonthefence]

39 minutes ago, Footballfirst said:

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.

 

What was the £4.7m settlement from D&P for?  Was that the same poor wee souls that were suing the SG or whoever for multi millions for damage to their reputation?  But the BDO liquidators had a counter claim against them?

[Footballfirst]

7 minutes ago, Fozzyonthefence said:

What was the £4.7m settlement from D&P for?  Was that the same poor wee souls that were suing the SG or whoever for multi millions for damage to their reputation?  But the BDO liquidators had a counter claim against them?

BDO on behalf of the Oldco sued the administrators for failing to to obtain a better deal for the creditors.  One of their failings was deemed to be their failure to accept a £1.8m offer for Steve Naismith from WBA. BDO was awarded £3.4m + interest, which amounted to the £4.7m.

[Riccarton3]

11 minutes ago, Fozzyonthefence said:

What was the £4.7m settlement from D&P for?  Was that the same poor wee souls that were suing the SG or whoever for multi millions for damage to their reputation?  But the BDO liquidators had a counter claim against them?

For D&P under selling the assets, apparently. 

[Fozzyonthefence]

2 hours ago, Footballfirst said:

BDO on behalf of the Oldco sued the administrators for failing to to obtain a better deal for the creditors.  One of their failings was deemed to be their failure to accept a £1.8m offer for Steve Naismith from WBA. BDO was awarded £3.4m + interest, which amounted to the £4.7m.

Cheers.  So D&P were shite at their job but some of their staff still able to become multi millionaires by suing someone else for suggesting they were actually shite at their job?  Ironic. 

[buzzbomb1958]

5 hours ago, lost in space said:

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

Can’t appeal they have agreed to the outcome because of the cost ,they will just have to take the pain which could be anything up to 12mill

[milky_26]

1 minute ago, buzzbomb1958 said:

Can’t appeal they have agreed to the outcome because of the cost ,they will just have to take the pain which could be anything up to 12mill

They want 12m for hagi

[lost in space]

1 minute ago, buzzbomb1958 said:

Can’t appeal they have agreed to the outcome because of the cost ,they will just have to take the pain which could be anything up to 12mill

Oh, thank you - cheered me up a bit after todays close down announcement.

[JTJ]

4 hours ago, JackLadd said:

 

Too bad we can't appeal their bogus claim of 55 titles.

54.5 titles - the first title* was shared with Dumbarton.  Rangers fans were vocal about Celtic's "8.79 in-a-row" so should be consistent and sing about 54.5  😄

 

* Dumbarton would have won by goal average or GD but "surprisingly" the Scottish league had no contingency except a single play-off - a 2-2 draw at Cathkin

[Ex member of the SaS]

20 hours ago, Fozzyonthefence said:

Cheers.  So D&P were shite at their job but some of their staff still able to become multi millionaires by suing someone else for suggesting they were actually shite at their job?  Ironic. 

No I think what happened was D&P were crap but two of their staff were wrongly arrested due to malicious police action and they sued for wrongful arrest. 

[buzzbomb1958]

22 hours ago, milky_26 said:

They want 12m for hagi

And wait for it…..10 million for Paterson who’s played 2 games this season you couldn’t mark their necks with a blowtorch 

[jamboiain13]

23 hours ago, milky_26 said:

They want 12m for hagi

and £10m for Patterson!

[Mysterion]

1 hour ago, buzzbomb1958 said:

And wait for it…..10 million for Paterson who’s played 2 games this season you couldn’t mark their necks with a blowtorch 

 

Patterson hasn't had a huge amount of games but for his age he looks capable at International level and in European competition. They are upping the valuation based on his potential. 

 

For an EPL team - 10mill is not a huge gamble. They have already had a 5mill offer (apparently) thrown out last transfer window. If Everton have any sense and see value they should low ball at 7mill with add ons. Any payment plan should  be over 4yrs too (it's the Rangers way after all).

[buzzbomb1958]

21 minutes ago, Mysterion said:

 

Patterson hasn't had a huge amount of games but for his age he looks capable at International level and in European competition. They are upping the valuation based on his potential. 

 

For an EPL team - 10mill is not a huge gamble. They have already had a 5mill offer (apparently) thrown out last transfer window. If Everton have any sense and see value they should low ball at 7mill with add ons. Any payment plan should  be over 4yrs too (it's the Rangers way after all).

Jesus that Sevco squad must be worth 500 million going by their valuations 

[NANOJAMBO]

On 21/12/2021 at 09:52, 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)

The sun is incapable of simply saying sevco is back in the courts again for another breach of the original kit deal they had with Sports Direct - which required Sevco to allow SD to match the terms of any new contract. 

[JackLadd]

A shame Beaton or Walsh can't don a judges robe and give newco the legal equivalent of a tavpen to see off Ashley.

[Rogue Daddy]

Another 'share issue' for sevco to raise 1million apparently... that makes (according to someone on Twitter so must be true)... 15 share issues in 14 months 😳 Maybe FF can shed some light... but there's definitely been 3 already this year (including Monday's).

[Footballfirst]

8 hours ago, Rogue Daddy said:

Another 'share issue' for sevco to raise 1million apparently... that makes (according to someone on Twitter so must be true)... 15 share issues in 14 months 😳 Maybe FF can shed some light... but there's definitely been 3 already this year (including Monday's).

I make it 17 issues since the end of September 2020 (17 Months) 

 

In that time they have issued 217 million new shares raising approx £39m, either in cash or debt for equity conversions.

[Deevers]

10 hours ago, Footballfirst said:

I make it 17 issues since the end of September 2020 (17 Months) 

 

In that time they have issued 217 million new shares raising approx £39m, either in cash or debt for equity conversions.

The value of the shares held by ordinary folk has been diluted significantly. I wonder how long they can go on doing this before the value of each individual share is  .001 of Pound.

[Rogue Daddy]

16 hours ago, Footballfirst said:

I make it 17 issues since the end of September 2020 (17 Months) 

 

In that time they have issued 217 million new shares raising approx £39m, either in cash or debt for equity conversions.

😳

[Footballfirst]

Club 1872 has just announced that they have bought 2.25m shares from Dave King for £450,000.  So the lying King benefits while the club doesn't from funds raised by fans.

 

https://club1872.co.uk/news/major-share-purchase-announcement/

[Sooks]

2 minutes ago, Footballfirst said:

Club 1872 has just announced that they have bought 2.25m shares from Dave King for £450,000.  So the lying King benefits while the club doesn't from funds raised by fans.

 

https://club1872.co.uk/news/major-share-purchase-announcement/

Dave has them stitched up like kippers

[SUTOL]

20 minutes ago, Footballfirst said:

Club 1872 has just announced that they have bought 2.25m shares from Dave King for £450,000.  So the lying King benefits while the club doesn't from funds raised by fans.

 

https://club1872.co.uk/news/major-share-purchase-announcement/

 

20p a share, how much did King pay for them? 

And how many does he still own? 

 

If you know...

[SkabalaJam]

They only raised £450k from the fans in the last calendar year. What does the FOH bring in per year? £1.5m?

 

3 times more from a significantly smaller fan base!

 

Well done FOH pledgers

Edited April 12, 2022 by SkabalaJam

[graygo]

8 minutes ago, SUTOL said:

 

20p a share, how much did King pay for them? 

And how many does he still own? 

 

If you know...

"My all-in cost is 23.7p per share and I am willing to put a pricing structure in place that accommodates 20p as the initial price to be consistent with the present share issue," King added."

[Footballfirst]

5 minutes ago, SUTOL said:

 

20p a share, how much did King pay for them? 

And how many does he still own? 

 

If you know...

King paid 20p for all his shares.  He still holds over 63m shares (14.6%).

[SUTOL]

2 minutes ago, Footballfirst said:

King paid 20p for all his shares.  He still holds over 63m shares (14.6%).

 

 

Thanks.

[graygo]

4 minutes ago, Footballfirst said:

King paid 20p for all his shares.  He still holds over 63m shares (14.6%).

I think my (his) figure of 23.7p was him being economical with the truth and adding in all his sundry expenses over the years.

[Footballfirst]

1 minute ago, graygo said:

I think my (his) figure of 23.7p was him being economical with the truth and adding in all his sundry expenses over the years.

The 23.7p will include all his expenses and commissions paid as he acquired the totality of his shareholding.

[RobNox]

14 minutes ago, SkabalaJam said:

They only raised £450k from the fans in the last calendar year. What does the FOH bring in per year? £1.5m?

 

3 times more from a significantly smaller fan base!

 

Well done FOH pledgers

FOH now brings in over £1.7m (we're averaging around £145k per month), so almost 4 times as much as Club 1872.

[Footballfirst]

19 minutes ago, RobNox said:

FOH now brings in over £1.7m (we're averaging around £145k per month), so almost 4 times as much as Club 1872.

Club 1872's accounts have only been published up to June 2020.

 

Their annual income, before admin expenses in previous years were:

2020 409k

2019 453k

2018 590k

2017 765k

 

They had £285k in the bank at June 2020. Since then they spent £250k acquiring 1.25m shares from King in January 2021, £500k in April 2021 which went to the club and now £450k to King in April 2022.

 

It would suggest that the £450k was pretty well the sum total of their cash reserves now.

[RobNox]

6 minutes ago, Footballfirst said:

Club 1872's accounts have only been published up to June 2020.

 

Their annual income, before admin expenses in previous years were:

2020 409k

2019 453k

2018 590k

2017 765k

 

They had £285k in the bank at June 2020. Since then they spent £250k acquiring 1.25m shares from King in January 2021, £500k in April 2021 which went to the club and now £450k to King in April 2022.

 

It would suggest that the £450k was pretty well the sum total of their cash reserves now.

So their annual income is steadily declining.  I presume that's because some of them don't want to continue to line King's pockets with their money?

[Footballfirst]

2 minutes ago, RobNox said:

So their annual income is steadily declining.  I presume that's because some of them don't want to continue to line King's pockets with their money?

That is likely, but they may have got a boost with last year's title win and joining in the share issue that followed.

[Jambo 4 Ever]

The euro final must be worth about £50m to them

[RobNox]

18 minutes ago, Jambo 4 Ever said:

The euro final must be worth about £50m to them

Not quite

 

https://www.90min.com/posts/europa-league-europa-conference-league-prize-money-2021-22

[Mysterion]

One of the luckiest teams around (worth also for fairness stating they worked hard too). 

 

On paper shouldn't get to the final but rode their luck in games to get through. 

The financial boost will address a lot of the short falls in revenue. 

[Deevers]

18 minutes ago, Mysterion said:

One of the luckiest teams around (worth also for fairness stating they worked hard too). 

 

On paper shouldn't get to the final but rode their luck in games to get through. 

The financial boost will address a lot of the short falls in revenue. 

It should sort things out for them in the short term. Whether it can be sustained is another question. 

[Mysterion]

30 minutes ago, Deevers said:

It should sort things out for them in the short term. Whether it can be sustained is another question. 

 

Yeah, I had a quick look and this run pretty much addresses most (if not all) of the last years financial losses.

I tend to look at them now as back to their pre 2012 status where they are running based on Euro money. One or two bad years and they'll need to make cuts to plug the gap.

[Hagar the Horrible]

Just because its Friday and not going to do much work today as you dont want to screw up on a Friday!  Anyhoo  I thought I would see what Phil Mac and Cheese had to say.  lets face it Sevco are still in debt to their own directors, But last night has earned them enough to see this and next season out.  If they win in Seville it will be a £25m windfall, straight into the CL,  which could elevate us into a play-off  (TBC)

 

The reality is that 10 year old club beat a 15 year old club, so good on them.  Phil is still obsessed, he is pulling up old news articles as  some sort of drive by name calling.  I use this to wind-up mates.  This plum uses in his words his fenianism to gain the moral high ground.  What a pathetic lonely creature he is.

 

I have enjoyed this story, albeit it has not had a happy ending for Scottish society as dying would have killed off an ugly side in which the other arse cheek would have rotted away too.

 

In football term this story deserves credit to be remarkable as a few years back getting beat by Peterhead and the likes, finishing third in the championship, to being in a european cup final. And their top goal scorer is injured.  Its good for Scottish football, it realy is, we will all benefit

 

Sorry Phil the Sevco saga has began to fade into history, but will you have the same obsession with finding justice for the survivors of the most henious crimes commited by you team, as you put it its part of your 'fenian blood' to fight for justice.  Perhaps the silence speaks volumes that he is part of the problem, not the solution

[Mysterion]

Good post HtH.

 

The great Rangers gamble has paid off in ways that Park & Co probably never imagined.

[Ex member of the SaS]

1 hour ago, Hagar the Horrible said:

Just because its Friday and not going to do much work today as you dont want to screw up on a Friday!  Anyhoo  I thought I would see what Phil Mac and Cheese had to say.  lets face it Sevco are still in debt to their own directors, But last night has earned them enough to see this and next season out.  If they win in Seville it will be a £25m windfall, straight into the CL,  which could elevate us into a play-off  (TBC)

 

The reality is that 10 year old club beat a 15 year old club, so good on them.  Phil is still obsessed, he is pulling up old news articles as  some sort of drive by name calling.  I use this to wind-up mates.  This plum uses in his words his fenianism to gain the moral high ground.  What a pathetic lonely creature he is.

 

I have enjoyed this story, albeit it has not had a happy ending for Scottish society as dying would have killed off an ugly side in which the other arse cheek would have rotted away too.

 

In football term this story deserves credit to be remarkable as a few years back getting beat by Peterhead and the likes, finishing third in the championship, to being in a european cup final. And their top goal scorer is injured.  Its good for Scottish football, it realy is, we will all benefit

 

Sorry Phil the Sevco saga has began to fade into history, but will you have the same obsession with finding justice for the survivors of the most henious crimes commited by you team, as you put it its part of your 'fenian blood' to fight for justice.  Perhaps the silence speaks volumes that he is part of the problem, not the solution

The problem with the money is they still have Ashley to pay off and they are building debt hand over fist. Yes they will gain by winning the Euro cup but that money will be used up very quickly and a bad start to next season and the Champions league will see the bottles crash. As for Phil three names I too look in now and again but tend to skip past his obsession and seek out the decent info. He does have some decent contacts within Sevco to be fair.

[Glamorgan Jambo]

1 hour ago, Mysterion said:

Good post HtH.

 

The great Rangers gamble has paid off in ways that Park & Co probably never imagined.

 

Particularly this season there was very obviously a bit of annoyance from Gerrard & Co that he couldn't strengthen the squad (increase the wage budget) in the way he wanted. Although equally obvious is that he'd have been off to a club in the EPL that wasn't imminently about to be relegated regardless of whether or not he'd been supported.

 

What has paid off is he's got a decent manager (Van Bronkhurst) who is likely a lot less expensive to employ than Gerrard, who has got them to a European final and started to get a lot more out of signings that failed to make an immediate impact (Sakala, Bassey & Lundstram) and he's brought in some cash from the compensation for Gerrard & Co and the transfer of Patterson. How much was brought in and what if any savings were made in the wages budget will only be found out in the next couple of years as annual accounts get published.

 

If they won the Europa League and went straight into the Champions League then that would be a game changer financially for Sevco. It's unlikely but they always have a chance in a two horse race.

 

I really can't stand Rangers for lots of reasons but do have a lot of time for Douglas Park as a person and as a businessman. He's certainly rough around the edges (just a shame he didn't deck Doncaster) but he can deliver in ways snake oil salesmen like David Murray and Dave King can't. Always wondered how serious he was when he offered to buy out Mercer in the late 80s.

[buzzbomb1958]

1 hour ago, Mysterion said:

Good post HtH.

 

The great Rangers gamble has paid off in ways that Park & Co probably never imagined.

We shall see nobody really knows how deep their cesspit of debt is it’s now said that the shirt deal could cost them anything from 10 to 20 million and knowing Ashley he will want interest on top of that plus millions in court cost but that’s Kings fault for feeding his own ego and losing

[Don Dan]

https://apple.news/AxzTxGJA-SVSX7a0oYOwEkA

[Riccarton3]

10year since entered Administration!! (in that article) Why can't folk just say it, the L word? Even the fans hum you only live twice, trivializing it.

[Footballfirst]

Worth a bump with today's news from STV that the malicious prosecutions instigated by Police Scotland and the Procurator Fiscals (Lord Advocate) are expected to hit £60.5m in pay-outs and legal fees.

 

https://news.stv.tv/scotland/rangers-malicious-prosecution-payouts-could-top-60m

 

£51.7 has already been paid out.  Half of that will have gone to administrators Whitehouse and Clark from Duff & Phelps, and another £6m plus legal costs to Charles Green. It's not clear where the rest has gone.  I believe that Imran Ahmad has still to settle.

 

How many people have been sacked as a result?  I'd guess a big fat 0.

[periodictabledancer]

1 hour ago, Footballfirst said:

Worth a bump with today's news from STV that the malicious prosecutions instigated by Police Scotland and the Procurator Fiscals (Lord Advocate) are expected to hit £60.5m in pay-outs and legal fees.

 

https://news.stv.tv/scotland/rangers-malicious-prosecution-payouts-could-top-60m

 

£51.7 has already been paid out.  Half of that will have gone to administrators Whitehouse and Clark from Duff & Phelps, and another £6m plus legal costs to Charles Green. It's not clear where the rest has gone.  I believe that Imran Ahmad has still to settle.

 

How many people have been sacked as a result?  I'd guess a big fat 0.

This is a national scandal and the guilty should be put on trial. 

[noskillson]

5 minutes ago, periodictabledancer said:

This is a national scandal and the guilty should be put on trial. 

That might be construed as a malicious procecution

[Cruickie's Moustache]

3 hours ago, Footballfirst said:

Worth a bump with today's news from STV that the malicious prosecutions instigated by Police Scotland and the Procurator Fiscals (Lord Advocate) are expected to hit £60.5m in pay-outs and legal fees.

 

https://news.stv.tv/scotland/rangers-malicious-prosecution-payouts-could-top-60m

 

£51.7 has already been paid out.  Half of that will have gone to administrators Whitehouse and Clark from Duff & Phelps, and another £6m plus legal costs to Charles Green. It's not clear where the rest has gone.  I believe that Imran Ahmad has still to settle.

 

How many people have been sacked as a result?  I'd guess a big fat 0.

Crazy it's still going on after all these years and we are nowhere nearer the truth of how the dirty deals were done to allow 'the club' to continue despite clearly dying.

[PortyBeach]

17 minutes ago, Cruickie's Moustache said:

Crazy it's still going on after all these years and we are nowhere nearer the truth of how the dirty deals were done to allow 'the club' to continue despite clearly dying.

It’s not so much about any denial of RFC’s liquidation: it’s much more about the influences in Scottish society.

How does it come about that shadowy individuals within the police force and the legal fraternity conspire to persecute individuals whose only “crime” appears to have been their involvement in the RFC administration/liquidation process?

Only for their flimsy allegations of wrongdoing to unravel, and for the Scottish taxpayers to be left to pick up the pieces?

And what connects these people who are behind all this?

Answers on a postage stamp…