After I published my last, I received a late night email from Rugger Guy.
He pointed out this part from the recent accounts of RIFC.
His emphasis in bold:
At the time of preparation, the forecast identified that the Group would require up to £4.0m by way of debt or equity funding by the end of season 2016/2017 in order to meet its liabilities as they fall due. Following the progression of the team to the Semi Finals of the Scottish League Cup, the funding requirement is now anticipated to be £3.75m.
The first tranche of funding amounting to £2.9m has been received from investors in October 2016, with further funds forecast to be required in March 2017.
Further funding may be required during the 2017/18 season, the quantum of which is dependent on future football performance and European football participation.
The Board of Directors has received undertakings from certain investors that they will provide financial support to the Group and have satisfied themselves as to the validity of these undertakings and that the individuals have the means and authority to provide such funding as and when it is required.
The Board acknowledge that had these assurances not been secured then a material uncertainty would exist which may cast doubt over the Group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.
With the appropriate assurances obtained and the continued support of the investors, the Board believe that any such uncertainty has been removed.
The financial support to be made available more than covers the projected shortfall for this season and beyond.
The Board further understands that additional facilities can be made available as and when required for investment in the team.
I then asked him to further explain to me why he thought my last story was so significant from the point of view of the recently published year end accounts of RIFC.
He pointed out that these accounts were signed off at the end of October and he attached a relevant section of the auditor’s report which is on page 20.
Once more his emphasis is in bold:
“In addition, we read all the financial and non-financial information in the Report of the Directors and Financial Statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit.
If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.”
Being the annoying bollix that I am I asked him once more to clarify what he had sent me and why he thought it was significant.
He patiently replied with this:
“This has resulted in the emphasis of matter regarding £4m of funding which was revised down to £3.75m. Within this amount, £2.9m was required in October, at the same time that the accounts were signed off. You have my strategic report which I highlighted in bold that additional monies will be provided.
This clearly is sufficiently reassuring to the auditors as, I am quite sure that they will have verified that the additional funds can be provided.”
When I read that last sentence from him I had my “hmm not sure if serious” face on…
The bottom line is that, as far as my scrum half mate is concerned, if the Sevco High Command is now reaching out to the chaps at Hampden then something must be very off with those accounts.
Once more dear reader I’m a confuzzled toddler when it comes to this accounts stuff.
But my Harlequin supporting buddy is a top man at this stuff.
My last offering was considered significant enough for him to power up the laptop very late at night and mail me.
You can make your own mind up.
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They can say the journey is complete, we are back where we belong, WATP, till they are blue in the face.
Try asking any of them when Celtic can expect a challenge from Ibrox and the silence is deafening apart from the staunchest of the staunch, though they tend to be the thickest of the thick therefore expecting them to supply a basis for an argument is not going to happen.
The moment I may get a twinge of anxiety would be on the removal of the current board as someone like Ashley or his placeman takes over and turns the ship around.
As far as Celtic ‘ s concerned Rangers are an irrevelance, no more competitive than Aberdeen or Hearts.
We are looking up, not down.
Bringing in some quality to add to the squad to ensure CL Group stages next season is a given, with the knock on effect of continued domination in Scotland and another £30m banked.
The question is, was the horse happier wi the 90 quid or the hamburger?
Phil, I know you are a busy man but I would really appreciate a response to my question if you may?
forget all that has gone on before regarding Rangers (new, old whatever way anybody wants to look at them) but it is common knowledge they require external finance to see this season out yet every other team in the league lives within there means (credit facility from a bank etc etc).
so basically I am asking is why is this allowed to happen for them?
thanks in advance,
No offence, Fred, but you need to use Phil’s ‘Search’ facility on ‘older posts’.
If you have a spare 6 years …
As a side note with Sevco, when are they introducing the living wage?
Thats seems to have died a death.
Robert, there was some verbiage from King suggesting sevco were one of the first to introduce the living wage. He is of course been known to tell a fib or two.
How can the undead introduce the living wage ..?
Yep he put Robertson on it as a priority after the EGM.
You can bet your boots that it’s not been implemented otherwise Level 5 would be shoving it down our throat.
I would be amazed if they were currently paying the living wage rate to all their employees, never mind signing up to the scheme.
Sorry to be so obtuse—–or indeed stupid——but what of the above augers I’ll for Sevco? They’re saying theyve got dosh to cover exes, what am I missing?
Surely it’s more about what THEY are missing ..?
The £1m noted in the media and in the notes to the accounts as the cost to Rangers if they lose the SDI case is a piece of fiction with no basis whatsoever in reality.
The figure will be significantly higher, probably nearer £5m, including damages, that will be the knockout blow for the current board.
Big Mike, or his place man, is their only hope if he’s at all interested in getting involved. The cost however is likely to be prohibitive if loans have to be repaid, stadium brought up to scratch and a complete revamp of the squad and management required.
We could be looking at £50m in the short term, lots of jerseys would have to be sold to recoup that sort of outlay plus there are the dual ownership issues, though we can be sure that the SFA will roll over and have their belly tickled if it brings redemption to the establishment team.
https://www.theguardian.com/football/blog/2016/dec/06/scottish-football-hearts-ian-cathro-sfa-malky-mackay
So, despite all the nonsense, the English media DOES know something about the Scottish Feckin About Ass-ociation after all!
If the press keep this level of criticism up, the truth won’t be able to stop itself from wriggling out the bag.
The SFA is not in place to help distressed clubs who cannot, or refuse, to live within their means therefore gaining a financial and sporting advantage over other teams.
I would have thought that if the other clubs had a sniff of such an arrangement then an EGM would be called and Regan would be summarily sacked….unless of course we are back to the armageddon scenario where the clubs have given tacit approval on the basis of retaining TV monies and sponsorships.
Here’s a novel idea….why doesn’t every other team in the league follow the Sevco example, go down the admin and liquidation route, shed their debt, retain the assets and continue as if nothing had happened.
In essence as they would all be starting again in the bottom division, maybe, nothing would have changed, they would all be debt free and hey ho off we go.
Was this not the Doncaster scenario where he was of the opinion that the Rangers option was open to all if they wished to use it?
It’s disgusting that after blowing tens of millions of pounds on the journey Sevco are heading back to whence they came.
If they manage to get through till March, and that’s a big if, losing the SDI case will finish them and King, Level 5, and his failed board will point the finger of blame at Big Mike because that’s the Rangers way.
The timing of the UEFA licence story popping up in the Daily Radar last week was very strange……….the issue has been doing the rounds on the blogs for some time but there was not a peep in the media, the fix was in.
Given the control Level 5 have over the Scottish media the story could only have been printed at the behest of Mangetout, the purpose of which will unfold as the story develops.
It’s clear that a special dispensation will be required before a UEFA licence can be issued but an independent review of the financials showing a path to profitability is well nigh impossible given the level of operating losses sustained by oldco/Newco over 20 years and more.
Various headlines around that NUFC are interested in signing Windass in January. Let me translate that for you.
Mike Ashley wants to give Dave King money for a player at least two leagues below NUFC so King can battle him in court.
There, that makes more sense.
I think Jabba should lay off the magic mushrooms – or maybe it’s them “fake news” guys in Macadonia
http://www.bbc.com/news/magazine-38168281
The closest windass will be going to Newcastle is if Gateshead try to sign him he may be good enough for their reserves if they have an injury crisis
They’re only blowing wind up his ass
I suspect that the Board will do their utmost to get them through to March then crash the bus blaming Big Mike if SDI get a win in the court case.
As JJ is blogging there was a figure in the notes to the accounts that £1m plus costs would be the outcome.
How this figure was calculated, or just invented, seems very much on the low side and the overall cost to SDI and the damage to their reputation with the support of the de facto RFC Chairman is surely much higher, say £5m….how did I get to that number? Same as the guy who came up with the £1m !
Oh the fun when the oldco/Newco club, company, thingy starts.
The brains trust at the SFA will be working overtime…..of course there is always an upside, no need to circumvent UEFA FFP rules as the licence will not be required.
Glasgow Rangers: The Journey: Mission Accomplished.
“Glasgow Rangers: The Journey (Mission Accomplished) tells the incredible story – in words and stunning colour pictures – of a record-breaking club’s demise and rise”.
Eh, demise and rise?? Lol.
“Demoted to the bottom tier of Scottish football by a seemingly uncaring legislative body and blood-seeking rival clubs”.
Eh, demoted??
“far from being left to do it alone, they were backed by the most incredible supporters Scottish football has ever witnessed”.
Eh, is that the same supportes who failed to back SDM’s £50 million share issue and play an important part in saving their club? Lol.
“While those clubs who voted to demote the Gers could only dream of ‘sell-out Saturdays”.
There’s the word demote again….NEVER happened. Lol.
“The indomitable spirit of a club under siege eventually won the day”.
And just what club is that?? The one that suffered a “demise”, or death as it’s more comonly referred to, or the new infant club making it first few faltering footsteps in the footballing world? Lol.
“ensuring Rangers will be here for future generations to support and cherish”
Really? Oh dear. Lol.
“From that first Ramsdens Cup match against Brechin City”.
Erm, is that the one that was played by Sevco?? Lol.
“to the signing of talented midfielder Joey Barton”
CRINGE!!! It’s out there now, can’t take it back. PMSL.
“this book captures perfectly ‘the journey’ to hell and back”.
Aye, Plus ca change! Lol.
“Many slogans, both positive and negative, emerged during Rangers’ four-year hiatus, but only one really matters, and stood the test of time. AND THEY ALL LIVED HAPPILY EVER AFTER !
I’m seriously thinking of buying this. Just think of the fun when you dig it out at a party 5 or so years from now.
‘…colour pictures…’.
Wow!!
The colour pictures are essential, for those who canny read the wurds.
Hi sligojoe,
Just heard on slysports news,that the CFC fan arrested in Manchester last night for throwing a burger at a police-horse was released earlier today after paying a £90 fine.
Noo,am no100% I heard it properly,but,the slynews reporter finished the story by saying…
‘Manchester Police have sad that the horse is in a ‘stable condition’.’
I kid ye NOT. HH TRUTH proving to be weirder than fiction yet again.
Come on, Michael, no need to get all long faced about it.
There’ll be nae words in mah copy!
Good for you Billy,stick tae the pictures and crayons,but you really need to stop sticking them up yir nose and yir ears.You’ve went through three boxes this week already,and it’s only Wednesday.
Tyvm,Phil
Hi Sligojoe,
In five years time there will ANOTHER EDITION.But funnier and even more delusional,I really cannot quite contain my excitement/excrement.That lot are slipperier than twelve eels in a bucket of oil,and your attempting to capture one,wearing boxing gloves,blindfolded.
Even at the bigotdome they must be tiring of all this backsliding,and it’s THEM they are trying to rescue,again.Beggars belief.
“Breakaway,slide across the oceans,the time has come for YOU.” G&L.✅
Read YOU as US,ALL FANS IN SCOTTISH FOOTBALL.Feqn leave them too it.I’d place money on a bet that if the sevcostriches and sfa were left on their own,in a planet,far,far away,preferably;they would still be upset and much ado about nothing.Such is their dynamic.
We REALLY,REALLY don’t need them or thier sfa dogs.NO SIREE BOB,wtf does that mean??
Phil,thanks forever,this has been great entertainment,and I will bring the keys to St.James’s Gates as soon as Squinty Dave pops up wae the elusve WARCHEST.teehee.
I believe there may be a follow-up publication being planned at this very minute: “Rangers, The Return Journey.”
‘Without A Valid Ticket’
‘Blood-seeking’?!
Wtf, is that all they think about?
It’s even at the heart of their favourite Catholic-killing song.
These peepil are sociopaths.
Well this is awkward…I hope you’re rugger guy is better at rugger than he is reading impotent financial reports. Declan is abcest by us and more so the bampot posters. Yer deid Yer skint Yer Lazarus Yer cheats….. heard them all by the way… You’re team are playing the night… .. why no right about the match or is it two hard to ponder the outcome at the Emirates.
Erm,very few mistakes here. You probably mean obsessed, not abcest. You probably mean write and not right,and you probably mean too rather than two. Also scotland’s number one club are playing in the big cup at the etihad stadium and not at arsenal f.c which is the emirates. Other than that it was perfect,except for the fact that sevco are screwed,not admin yet,but screwed all the same. Here we go 10 in a row.
Keep your chin up sammy.
Chas
Don’t fall for Sammy’s wind-ups. He’s not as stupid as he pretends. In fact, he’s always good for a laugh.
I blame the schools.
They are not the brightest…God bless em
Pmsl
Would that maybe be the Etihad?
Or the debt he had ..?
Impotent? Abcest? Right? Two? You’re joking right??
Why are u naughty Celtic fans laughing at sevco when Celtic are playing in the big competition? Because it’s simply too funny to ignore. Two things give Celtic fans great pleasure – 1. Celtic being the best team in the country. 2. The Sevco omnishambles. A total joke. Hilarious stuff.
Sugar Ray,
You forgot to mention the HISTORY.
It’s enought to make your heart go………..
As Phil would say, Oh dear.
This post is surely done in jest……..or maybe just ignorance :/
Anyway, whatever it is, don’t understand what Arsenal’ stadium has to do with it unless it was a Freudian slip and you were just confirming what an arse you are.
That report about Scottish education standards declining is true. Literacy down (“impotent”. “abcest”); numeracy down (we only need x million oops sorry need to revise that up) and science down (we are not dead, we are the same club. We are an ethereal entity).
I do apologise. Perhaps Sammy really did mean the TRIFC financial report is impotent – weak, useless and worthless. Yes I see it now Sammy.
Tammy
Should that no’ be abscess?
You were right when you mentioned two hard to ponder. It was 1 each.
Dear Sammy,
Q.Who is Declan,and why is he ‘abcest’?
I shall wait until you have sharpened your crayons;there’s no rush….
Oh and ps.the Emirates is Arsenals stadium in LONDON.
Eastlands is in Madchester,but you were probably TOO off your nut on Buckie and bleach the last time you and your ‘associates’ visited.Left a fair sized mess TOO,millions of £s in damages.
come on everyone,its easy for sammy to get 2 grounds mixed up,he still thinks rangers are alive and well
Sammy’s right, it is two hard to ponder the outcome at the Emirates coz
Wan, You’ve never been there and
Too, You’ll never be there,
No even if youz book a flight aff Eatheheid Airlines and fly there yerselevs.
Classy retort there Gambo,funnneeee…..HH
Ta, Timmy, I liked it maself.
https://www.amazon.co.uk/Glasgow-Rangers-Journey-Mission-Accomplished/dp/1785312510/ref=sr_1_3?ie=UTF8&qid=1480977024&sr=8-3&keywords=glasgow+rangers
Just thought I would give everybody a laugh…..
Read the reviews !!!!!
That’s the best bit!
“Mine had an error ! Chapter 3 of the journey was printed twice”
“Book comes tax free!”
‘Excellent, a must for all, soft, strong and thoroughly absorbent…’ !!! 😀 😀 😀
And the lassie from the publishers offers the ‘guy wi the double journey’ a replacement copy!
Their heids will be melted by Christmas! 😀
She’ll be wondering how the only copy they’ve sold has a reprint fault.
Sometimes Fiction stretches the imagination too far and it becomes Unfeasible and not entertaining.
The description suggests the author and photographer have supported the same club for numerous decades. Rangers FC died in 2012, UEFA and the courts have confirmed this. The denial sub-culture movement let’s itself down.
It’s hilarious. Even the description of the content. Rewriting history. Fkin unbelievable.
Thanks anntim,
That was good,always up for a chortle me.And yes,I too left a few comments for the deluded ones.
DEFO worth a look Phil,I mean you do FICTION…….yes?? HH
I wish there was one of those Laughing Out Loud emoji thingies on here, nice one from the darkest of days to the signing of Joey Barton, ha ha ha ha ha ha h aaaah
I’m sure the first thing every one of The Peepil want for Xmas is to read about Joey Barton
The Sevco accounts always were a nonsense and this was plain to see at the time.
Their income arrives primarily in the close season in the form of season ticket sales. That should have brought in about 10m. Their expenditure is evenly distributed throughout the year. If they have chewed through 10m by the end of November, that suggests they are spending about 2m a month – exactly what they have always been spending. A top up loan of 4m would not get them to the end of the season in anyone’s fantasy. Seven more months of the year would mean something of the order of 14m required if spend in the first five months is anything to go by. Of course, if they have used ST income to repay some debts from last season then their operating costs might be lower than 2m a month. But we know that Joey Barton was costing nearly 100k a month, and he was just one of a squad of 20 or more players, together with the operating costs of a stadium, security, staff, utilities, training ground and all. It’s hard to see how they could be doing it for much less than 2m a month.
Tragedy!
Nah, comedy!!!
Thank you very much! As Kevin Ayers may have sung…
I can hear Dancer Dave singing Kevin’s ” fake govan tourist blues”.
“Standing in a bucket blues” would make a great encore from this much missed troubador…
I say! steady on old chap, Mr King may have pimped some dodgy stocks and shares in his time but I am certain he would never pimp his mother or brother. Well fairly certain.
Two lines from JJ’s piece on this same subject stand out….
1) “The finacial situation at TRIFC is critical”.
2) “Making payroll this month is far from certain”.
If Carlsberg did bedtime readiing, ………………..etc,etc
Night, night.
Even if the SFA agreed to underwrite the Barton settlement should TRFC/RIFC go bankrupt, they wouldn’t settle that liability until RIFC actually went bankrupt.
“Material misstatements or inconsistencies….” from Auditors suggest they suspect they might be getting smoke blown up their erchies and are covering their said erchies.
If RIFC were listed then the Barton settlement would need to be released in a statement to shareholders and investors via the stock exchange. As it is no one knows and the SFA could be a willing conspirator to that. Will journalists ask the SFA if Barton is being paid in full and have they underwritten the deal? How about u Phil? Send the SFA some questions?
The old ” il square you up when my postal order from my granny in austrailia comes for Christmas ” or a letter of comfort from ??? Will do nicely
The Billy Bunter Boy defence.
I wonder if we should be careful about what we wish for? Whatever happens, we’ve seen enough in the last five years to know that our administrators will do whatever it takes to ensure that “a team called Rangers” continues to be in our leagues.
If King’s regime were to fall, they might just find someone who knows how to run a football club, and who actually does have a warchest (with real money in it). General Ashley has potentially lucrative business interests that depend on an ongoing “team called Rangers”. Maybe we should be more “supportive” of Mr King? As long as he’s there, I don’t see any prospect of a successful “team called Rangers”.
A financial ‘incident’ would leave them joint bottom of the league as it currently stands.
There should be trip mechanisms set up within the system of accounts which highlight any material inconsistencies as they burn through the available funds and as they near all being used up. These inconsistencies should mean an automatic warning is sent to the auditors alerting them to an impending if not imminent danger of the operation going tits-up.
Well spotted, Rugger Guy, and cheers for the sharing, Phil.
It’s beginning to look like we’re witnessing not only the imminent collapse of Scotland’s newest football club, but maybe also the imminent collapse of Scotrish fitba itself, in light of Lawell’s statement about Celtic in England today, and since the SFA’s preferred ‘club’ is no longer able to financially support itself.
I wouldn’t be surprised in the slightest if these men didn’t carry out their threat of ‘Armageddon for Scottish football’ given that their favourite baby has once again become unsustainable.
As Regan said months ago p, after Ashley’s outing of King’s actual FPP status, those numbnut SFA faces we know and loath are only placemen for other bodies and interests, and you can be certain that these people always work to a long term plan, such as the unlikely placement of Duff & Phelps over BDO when Craig Whyte was crashing the first club.
It looks like the whole scenario is unfolding exactly as they planned, though their absolute ulterior motives remain, for the moment, unclear.
Of course it would help if Mr Regan would elaborate on who, exactly, his real bosses are, but no one seems too concerned about asking him to find out.
Maybe if someone did we could get to the bottom of all this murky mess at last.
Hi Mr Mah Jest Stick,
Let’s put it this way,these REAL bosses have an alternate address,iPox.
And ‘these men’ are controlled by the unseen long arm of sevco.
In Hampden,even at this hour,they are working tirelessly,but in a futile effort, to save ‘their baby club’ and stave off administration and liquidation mkII.
As far as Regans real bosses,well they meet in lodges all over Scotland on a regular basis.
These ‘peepel’ have been engrained,endoctrinated into the very fabric of Scottish society,and STILL have that same sense of superiority and entitlement as they have ALWAYS HAD.And they will continue to have for as long as We are lacklustre enough to put up with it.
This,for me,is irrecoverable.Even IF they succeed in their desperate struggle to stop Admin II,in the the long run NOTHING will have changed.
Still the same bent corrupt ‘governing body.’
Still favouring them.
Still backward in going forward.
STILL AN ABSOLUTE JOKE.
FANS OF ALL CLUS REVOLT,WRITE TO YOUR CHAIRMAN,DEMAND DEMOCRACY.
This ISN’T just a Celtic FC issue,WE ARE ALL SUFFERING THROUGH THIS FARCE.
ACT NOW.I AM ABOUT TO.
I know that, and agree wholeheartedly, Michael.
As I said earlier, these men WILL, happily, drag all of our national game down with them when Sevco finally sinks beneath the waves of bullshit.
But you would think someone amongst the greater fair minded community of Scotland would at least ask one of them about it.
Have journalists lost their capacity for nous to the extent that they can’t even get close enough to a fitba ‘offical’ to ask them a simple question?
And I don’t mean in a torch wielding, hunt-em-down, snarling Ally McCoist kinda way, I mean why should the punters not know who really runs the SFA, when these are the people they’re handing their money to, every match they go to?
If Regan is mouse enough to squeak when he gets found out, then he should be man enough to reveal the names of those who’re actually profiting from this scam.
(I know, I know …)
But a scam and a joke it surely is, and if anyone thinks UEFA don’t know EXACTLY what’s going on here, and will ride to the rescue like a shite in miming armour, then I can only suggest that they’re looking down the wrong end of the pipe.
An expansion of horizons is often needed to catch the true source of something, and, as alluded to by their own Master Wizard many moons ago, you’ll have to suspend all your judgement to believe it, because it really is a belter.
All you have to do is follow the money.
Hi MMJS,
Follow,follow the money …..surely that’s sounds better.
Q.Are there ANY REAL journalists in Scotland,that are TOTALLY FREE to say and print what they want/are allowed to print/say.??
A.NO,thought not!!
A certain fat sally took a fair slice of that money on his gardening ‘leave’
And apart from that,I’m not too sure there is ANY money remaining.In fact,I hope,they have scraped the arse out of their piggy bank frantically scratching for pennies.
Oh,aye,fat sally also has a million in penny shares,but they too shall be as worthless as he himself IS.Its coming,sure as Christmas is,their death toll will be loud.And their death cry will be.?..?..?…have a guess.It starts … No ……..!
Thanks again Phil.
Yes dont let these corrupt b…… get away with this if the sfa is helping sevco then our football is dead because of they cheating b….. cant run there club right.bye bye sevco hope yous never return to Scottish football ever.
The point I’m making is that this is way beyond the control of the SFA, lads.
They’re just the front men, as Regan himself admits.
Hi MMJS,
Exactly,that’s WHY we NEED to cut ties with them and the sevcostriches.
We need to either,make a seriously strong case for a BREAKAWAY.
Or this cycle of s#!+e just continues.A new governing body is a MUST.
The current one has way too many ties with serfco,intentional,it will NEVER END.We NEED TO MAKE IT HAPPEN.
And RIGHT NOW is thee time to do so.
1-1.Gave them a real fright,AGAIN.
C’mon the Hoops.TIAR.Thanks Phil.HH✅
We can’t do Ten In A Row if we leave the league at 6, Michael.
And I think the inference here is that it’s UEFA that’s the problem, with Sevco & the SFA just the muppets with the (red) hands up their backs.
Thanks Phil,
Lots to ponder in that article,thanks for keeping us updated HH
The craic will be good if the Leipzig “glamour”friendly is cancelled.
‘Red Bullock Lie Pig regretfully inform the bullshit-buying public that their friendly match with The Long Con International Football ‘Club’ (cough) will NOT now go ahead due to their non-residual non-chairman being a lying, cheating, waffling narcissistic auld bollix.
Sorry, we should’ve known by the look of him.’
Its a set of accounts that should have an audio accompaniment of a bin-lorry reversing . .
Pressed button too soon
Your man highlights another very fundamental point
With all this going on this company must surely be effectively uninvestable (For lack of a better word )
In advance of any share issue of any kind even one with preemption rights disapplied How on earth can they get through any proper due diligence or how can directors sign the personal warranties that they will need to sign here without being seriously personally exposed ?
That last investment debacle back in 2012 must have had a ton of similar issues .
The only new investment which will go into RIFC if it ever does will be emotional capital nothing else .Any external player would be insane to invest in this .
Astonishing stuff !
I have never seen such an effectively disowning statement on any set of accounts let alone one as sensitive and public as these . It beggars belief that any reputable member of ICAS would allow their name anywhere near these accounts or be associated with what looks like a company being run in a completely haphazard fashion with what must be exposures intermittently popping out all over the place .
I would love to read the formal RIFC risk register and the associated potential candidates for contingent liabilities . Were we all not told that the Wee Murray had investigated and cleaned out the stables?..
To your main point a ‘material’ exposure to those accounts the potential of which effectively was acknowledged in the accountants report would appear to have popped out now which is exactly as you say is what your Rugger boy has picked up on .
Never ever any smoke without fire!
Despite the fundamental structural issues they had thought at least they were doing the basics properly . This looks like Alice in Wonderland Ltd
Dearie me !
Perhaps references to player trading coming to the rescue included the expectation that Barton would be out on his ear and off the books following a staged frank exchange of views. After all, Barton had served his purpose of filling pre-season column inches and boosting ST sales so why pay him after November? Don’t you just love it when a plan falls apart? There’s something particularly amusing about watching people who are too stupid to be Machiavellian falling on their arses as they try to be Machiavellian.
Alternatively, you could look at it backwards and say that if you were suddenly anticipating a requirement to ask nicely (and quietly) for a European licence (say after an unexpected Saturday win for instance), and your friendly authority type needs to put together a case with words like “covered” and “sustainable” in it then having an open admission in your accounts that you have a black hole deficit “beyond this season” that only shifts between chasm and yawning by virtue of “European participation” that that might not be the strongest negotiating position for your friendly authority figures to start from.
Just saying.
“material misstatements or inconsistencies…..”
Almost an admission of someone knows they have got it wrong….
Didn’t they present management cash flows in court showing they were solvent and this season would be a £400,000 overspend only?
In Oct accounts it suddenly becomes a £3.75m overspend, even before Barton settled.
Is the stated overspend this year accurate? Is it understated like the management cash flow?
Has an unexpected bill turned up? Is there a tax demand?
Are those who promised £850k in March not able now to deliver?
Why didn’t the Auditors simply ask the Shareholders to put the funds into an escrow account for RIFC to draw down from March? Thus assuring themselves the money would be forthcoming?
Phil; is it possible that the meeting with SFA was to tell them that they didn’t have money to pay Barton and also meet December wage bill? This would mean that SFA would have to come good for any payments and then take it out of any funds that go to club at season’s end. In essence, they simply punted the bill out for 6 months and made the SFA liable for it now. If true, would infer they are desperately trying to buy time and keep lights on.
Surely that would put them into admin, thats a stitch up for the SFA and unplanned if correct
No, don’t believe so. Punting the Barton bill onto SFA would make sense to them as it forces the SFA to cover the bill now and then having them wait until May to get it back. It’s a way of factoring your payables and since the SFA were apparently stupid enough to agree to be back-stop for the monies then they put themselves out on a limb.
And anyway, the SFA will do anything to keep the newco going and if having to punt the money for Barton now is the only thing they have to worry about then they would do it in a heartbeat. Their real problem/worry is if the newco becomes unable to meet the wage bill every month.
Sorry Peter but that IS trading while insolvent
Surely the SFA financially assisting ANY team to survive in any capacity is totally wrong?
Sevco, and all other teams, need to prove that they can survive month to month until the end of the season and meet their tax, wages and supplier liabilities at the necessary deadlines along the way. Getting a sub from the SFA is not on.
So, it would appear Sevco’s burn rate was a wee bit greater than “anticipated”?
Well, it’s either that or somebody has an awfy big hole in their pocket.
Curious and curiouser. Very interesting.