Sevco looks into the abyss

These are troubling times for the Sevco High Command.

Of course, you will not read that anywhere in the mainstream media.

Only feel good shite will do there thank you very much.

The reality is that only two directors are now shouldering the financial burden at the Holding Company Vehicle.

It was three up until the end of the last year, but one director had to sit out the last loan.

My information is that when that chap stated at a meeting of the Sevco High Command that he was “broke” it did not elicit a brotherly response from the esteemed chairman.

And then there was two…

Now another lifesaving loan will be required this week to meet payroll.

If Mr David Cunningham King can conjure up a new loan at distressed rates from the Far East, then that will be another burden on the cash flow.

The interest rates charged by these last chance saloon outfits are punitive.

It was such a distressed lender that provided the £5m in January of last year to pay off Big Mike.

I’m sure that Mr David Cunnigham King arranged that emergency liquidity on an entirely pro bono basis.

I cannot imagine that he would in anyway financially befit from such a transaction.

In the meantime, there are bills to pay.

Have Sevco paid the monies that are due to Morton for the recent cup tie?

That was the first match that the most excellent Mr Graeme Murty was in charge of the Engine Room Subsidiary.

My information is that the monies due to the Greenock club had, as of Friday, not been paid.

If it is not settled today, then that bill is now overdue.

However, I’m sure everything will be taken care of satisfactorily if it hasn’t been so already.

The Sevco High Command wouldn’t want a football debt hanging over them, so I’m sure the necessary monies will be found.

However, normal suppliers are in not so fortunate a position.

I’m told that two of them are becoming impatient for payment.

Dear reader, this is the behaviour of a distressed Holding Company Vehicle.

Moreover, it doesn’t seem likely to improve anytime soon.

General Ashley is waiting for courtroom action next month.

If he wins, then that will be another seven-figure bill to be paid and if he loses he won’t go away you know!

Then there is the strong possibility of a courtroom battle between the Sevco High Command and the Ibrox Three.

I hear that the representatives of supporters groups are soon to be brought into the Big House for an important briefing.

I’m sure they will be delighted to hear all the fine details of the Grand Plan.

The moonbeam filled future could involve a role for that nice Mr Bomber.

 

Discover more from Phil Mac Giolla Bháin

Subscribe to get the latest posts sent to your email.

107 thoughts on “Sevco looks into the abyss”

  6. Rumour has it they are trying to get to the split before an admin event and avoid ending up below top six.
    Come on Phil dig deep as Greenock have rubbished the non payment story.

    Reply

  8. The prediction of admin just goes on and on but never seems to happen. Why?

    Well, there are clubs in various places around the world where this phenomenon can be observed.

    The reason there is that money laundering operations work better with a business in financial distress than a profitable business. It is easier to manipulate money movements when money is being borrowed than when money is being banked/spent.

    Of course here in Scotland such illegalities would be impossible, wouldn’t they?

    For those of you wishing more insight into the subject I can recommend the FATF explanatory document “Money Laundering through the Football Sector” which can be found here

    http://www.fatf-gafi.org/media/fatf/documents/reports/ML%20through%20the%20Football%20Sector.pdf

    Reply

  9. Shurely …..when the shit hits the dignified gates this time the mob will loot and pillage the tattered dome…..noowhosfuramablestaircasethen….!!! as Stanley Baxter might have exclaimed. …???

    Reply

  10. This is the same Daily Record who reported Whytes wealth off the radar, assisted in cover up of side letters, protected the animals who wrecked Manchester, wrongly reported the whole sevco team being attacked at cup final, facilitated the lie about the Lying Kings 50 million warchest and most recently £6 price tag million for Mackay. Oh the irony that this excuse of a NEWSpaper then tries to tarnish the source of this info. If it wasnt TRUE level 5 would have had no hesitation in using lawyers. Sevco love the courts. Phil maybe you could follow up and get confirmation of when Morton actually received the payment stick it to daily broken record. I cant wait for you to get the news about admin event, print it here again only for the rancid record to deny it…. “The big hoose must stay open, ha ha ha ha.

    Reply

  11. When, when, when? A long time ago and in commenting on similar reports that this new club are headed for a fatal end I said that they have somehow managed to avoid termination. Sick of it now, I want them to get their just desserts and as soon as possible please. The upside of this tardiness to succumb to what may be inevitable is the knowledge that the fans of this awful entity must be suffering gut wrenching intestinal discomfort daily. When will they finally be put out of their misery?

    Reply

  12. When Sevco fall into the Abyss I wonder if they’ll find the corpse of Rangers FC down there…..

    Or their former Directors, Players, Managers, Coaches careers…..

    Reply

    • as Dante nearly put it ….

      “The bottom of Hell is paved with the skulls of bishops…..especially the useless Scottish ones….and Sevco directors”.. .

      What is not to like….???

      Reply

  13. Trying to be Rangers FC, not changing the business strategies to Scottish and European football reality, to their income reality, has set them up for being tens of millions out their pockets going forward or bust.

    Trying to be the club that operated on EBTs and super massive bank debt, without both, was impossible.

    You’re not cheating Crooked Rangers anymore.

    It’s corporate survival on a daily basis now. One unexpected bill demand sinks this project.

    Reply

  15. ‘Morton rubbish rumours started by discredited blogger who no one believes anyway …’

    http://www.dailyrecord.co.uk/sport/football/football-news/morton-rubbish-rumour-started-discredited-9856616

    Are they referring to you Phil per chance?

    Let’s see …. a good way to discourage the reading of a discredited blogger whom you shouldn’t believe in, is to give attention grabbing headlines and highlight a story …….Er guys, may be we need to rethink this.

    Me thinks they protesteth too much.

    Keep rattling those cages Phil.

    Reply

    • Why would a national newspaper get involved in such an issue for one club? Concerning one online blogger?

      It all looks decidedly partisan, ultra hyper sensitive and crisis spin.

      Can they print the time and date the money went through? I note the Morton tweet was 5.01pm today. Six days after monies were due. When was the money transferred? This afternoon?

      Was the money indeed due up until this afternoon?

      Reply

    • I thought that was a made up headline !!!

      No mention of actually WHEN it was paid though.

      I’d expect a newspaper/real journalist to at least find that out and make it the focus of their story which would certainly discredit anyone.

      The only people who are loosing credit right now are the MSM in general.

      #FakeNews

      Reply

    • Irony doesn’t describe it from the serious newspaper which brought us the Motherwell Billionaire and the South African saviour. Back to primary school for the journalist of this article who can’t even spell. Can any of them? Qualifications? An apron and a handshake and an intellect a quarter of an inch wide. Keep up the good work as you circle the ever closer drain.

      Reply

    • No. They are currently an internal debt within Ibrox companies ( RIFC and TRFC).
      Of course, it could be converted to equity at some later date.

      Reply

  19. As if by magic

    http://club1872.co.uk/news/club-1872-statement-on-members-concerns/

    “We have now had the opportunity to discuss these concerns with Stewart Robertson, who is keen to continue this dialogue in a further meeting with Club 1872 Directors. We will use this meeting to continue to share with the Club our members’ concerns around the nature of communication between the Club and the wider fan-base, and how the Club intends to resolve the management situation and other issues. The Club 1872 Board appreciates the significance of these matters, and we will approach all discussions with the Club on this basis.”

    Reply

  20. Can anyone explain why rangers* has a European ranking at no 267 on this site …

    http://www.ecaeurope.com/tabbed-content/club-ranking/

    … yet on the official UEFA site there is, as far as I can see, no mention of the govan based club???

    I do see rankings for Aberdeen, Motherwell, Hearts, St Johnstone, Hibs, Dundee Utd and Inverness … oh yes, and of course Celtic at no 45.

    http://www.uefa.com/memberassociations/uefarankings/club/

    I’m happy to be corrected as my eyesight is not the best and I could easily be missing rangers* amidst all the other top clubs on show.

    Reply

  22. Just checked the ‘Ibrox Noise’ page, as someone mentioned that they seem to be ‘catching on’ over there, but I see no evidence of that anywhere, apart from the guy Gordo, who used to contribute to the JJ page before he, along with a load of other decent contributors, were banned.

    To my utter shock, this guy, (who ends every post with ‘GSTQ’) is the only person on the entire site with his eyes open to the current reality of life at Sevco, (all Queen-saving aside.)

    Every one of the rest are still, incredibly, like a broken record, demanding that Walter Smith & Alex McLesih return for the interim, or the Celtic game, at least, until Frank De Boer is ‘ready’ to become Sevco manager in the summer, despite Frank ruling himself out of the job last Thursday.

    There’s also calls for the hatchet men of Rangers old to return, a rallying cry for John Greig, Tam Forsyth, Terry Hurlock & Graham Souness to ‘Report to the dressing room, your ‘club’ (sic) needs you!’

    On top of all this delusory madness, their grammar, spelling and phrasing is appalling and their general thought processes stuck somewhere between the ages of 3-11 (with my unreserved apologies to all and any savvy 3-11 year olds out there!)

    I suppose that’s what you get when you spend all your life Following The Leader in a ‘secret’ game of Group Think.

    Reply

    • Yeah, my favourite is the Bears den site, good for a laugh, delusional doesn’t even come close. Worryingly aggressive, even rapt each other. If you don’t swim with tide you are a tarrier, bheast or worse. Oh and a ranjurs hater. Poor souls

      Reply

    • Btw, in case you missed it, TINOF, I replied to your Moon mission statement on Phil’s excellent ‘The Sevco High Command Receive a Sobering Appraisal’ post.

      You’ll likely get a laugh if you look.

      Cheers Phil!

      Reply

      • Pigs,
        Cheers for the heads up mate, just had a look……Brilliant lol.
        You know, I almost got the belt over that nonsense for arguing with my teacher that I didn’t believe a single bit of it. I wasn’t able to explain it scientifically at the time, but I was aware of the VA belts and told the teacher that “for a “craft” to fly through them it would have to be around 30ft (didn’t have metric then) thick lead and we didn’t have engines powerful enough to lift such a craft off the ground”.
        His reply was “Everyone else is fascinated by this, yet you think it didn’t happen you idiot”.
        It may have been my reply that had him reaching for his belt “Well Sir, there may well be idiots in this world and I may very well be one of them. If that’s so, how do you feel knowing that you think the Americans, of all people, have the knowledge and expertise to fly a rocket and people 240,000 miles AND bring them back again…..yet many people like me….idiots…..know they didn’t”? “I firmly believe Sir, sometime in the future when technology has moved on, this will be proved to be a nonsense and you are very welcome to have my seat in idiots corner”.
        So, if you’re still out there Mr. Budas…..Do you still believe, or do you feel like an idiot?

        Reply

          • JohnnyMac,

            Confirmed! Tinman, Dr. Durkan, Poli and who could ever forget Miss Lawrence? God I wish I’d been good at art!
            Where are they now?
            Won’t be the moon!

        • Haha, that’s priceless, TINOF, precocious brilliance, you’re top of the class! 😀

          I couldn’t get my head around the multitude of discrepancies, contradictions and inherent impossibilities in most of NASA’s bullshit but it was only quite recently I started checking it out for myself and it’s just beyond unbelievable the amount of crap they come out with, and that most of the population swallow whole as ‘fact’, just because NASA says it.

          They hide everything under an impenetrable cloak of dubious mathematics but it’s quite easy to see beyond that into the obvious impracticalities of the thing with an assessment of the data & images etc, and some pretty straightforward deductive reasoning and math.

          For decades I wondered why there was so little happening with actual, real world, ‘space missions’, what with us having made the ‘first giant leap for mankind’ back in the 60s, while, in the 70s & 80s meantime, they fed us a diet of plainly pathetic imagery and generally acted like space was somehow too boring to explore any more.

          But now? Feck me, there’s more ‘space missions’ than you can shake a stick at! The media has become ‘Space Mission City!’

          Elon Musk is talking about colonising ‘Mars’ by 2022, ffs!

          And even though Richard Branson’s ‘space tourism’ has gone pretty quiet, (due to the utter impossibility of such a scenario ever happening,) we’re still being swamped with ‘live feeds’ from the ‘ISS’! Space X colonising ‘Mars’! The BBC circling the deep event horizon of a black hole!, and all other manner of blatant bullshit madness and nonsense.

          And still the fact remains that they cannot prove, in any tangible way whatsoever, that we’ve ever even got as far as the uppermost part of Low Earth Orbit, a mere 99 to 200 miles away, and they seem to have no unedited footage of even that either.

          When was the last time you seen any live video of an astronaut actually opening, and exiting, the air lock onto the vast majesty of space?

          Isn’t THAT the image that we all want to see, the ultimate moment of the entire mission, of EVERY mission, to open that door and show to the world the magnificence of both Earth and space?

          Yet there isn’t one to be found, not an unedited one at least.

          And who positioned the camera that shot Armstrong’s ‘first small steps’, and subsequent departure, from the surface of the Moon?

          Did they land the Apollo rocket, jump out, set up the camera, jump back in, and only THEN do the final descending act of ‘The First Man On The Moon’ for tv audiences worldwide?

          Or did they just shoot it on a soundstage in the back lots of Hollywood, to ‘beat the Russkis’ to it, and save themselves a few bob, (and a few men!) into the bargain?

          That would certainly explain the miserable expressions on the faces of Armstrong, Aldrin & Collins at their first press conference after their alleged ‘return’, and where Patrick Moore baffled them by asking if they could see stars from the surface of the Moon.

          And everyone always asks, ‘why would NASA lie to us?’

          But, just like the Rangers/Sevco saga, and pretty much everything else, all have you to do is follow the money and you see immediately why they might be inclined to promote such a big fat one.

          I mean, wouldn’t you be tempted to tell a few porkies to keep your cash source in the dark and your 20 billion bucks a year flowing in?

          There’s a supermassive black hole at the centre of our universe alright, but it’s not ‘in space’, nor anywhere like it … It’s where all those trillions of dollars went.

          Reply

          • Pigs,
            All these questions formed most of my “discussion” with the teacher.
            I often wonder if my exasperation was driven by wanting to be proved wrong, rather than willingly accept my inner soul feeling that it was all just baloney.
            At one point, in trying to underline my cynicism I retorted “Sir, there’s more realism in Pinky and Perky, The Woodentops and Four Feather Falls than that nonsense supposedly coming from the moon”.
            Even more infuriating was the fact that this guy was generally respected as a very clever man, in fact, he was such an anorak he built his own binary numbers machine for us to learn with. However, as he taught Maths, he spoke to me in a combination of Japanese, Eskimo and violent coughing.
            Our discussion was the most animated we had ever seen him and I couldn’t understand why he was falling for the guff.
            Like you, I love watching the NASA cheerleaders spout their biblical textbook then watch their head deflate like a vac-pac bag with the hoover on full power when someone raises their hand and quietly asks “Can you tell us about the Van Allen belts”?
            Our modern equivalent is of course, listening to certain cheerleaders then quietly asking “Have you ever looked up “Liquidation” in the Dictionary?

          • Oddly enough, TINOF, I watched a (faux) documentary just the other night on how all the American space technology was based on a faulty model thought up by Marshall Tito’s scientists in 60s Yugoslavia.

            https://en.m.wikipedia.org/wiki/Houston,_We_Have_a_Problem!_(film)

            It’s more about our perception, of how a false reality can be perceived as ‘real’, simply with a bit of promulgation and media exposure, and how easily people can fall prey to an easy con.

            ‘Philosopher Slavoj Žižek has a chorus role which warns that comforting fiction is often more appealing than complex fact, “even if it didn’t happen, it’s true. That’s the crucial message”.[8]’

            The movie claims it took the Yanks years to figure out that ‘space travel’ was all a bag of shite but, when they did, it led not only to brutally punitive sanctions on the Tito regime, it was actually a major part of the reason for the war and destruction in that region during the 90s.

            The wiki page seems a bit confused about parts of it but it’s an interesting take on how falsehoods can easily become an intrinsic part of reality simply by being presented to the public as ‘fact’.

            I recommend it to anyone intrigued by the Machiavellian machinations behind the Ibrox story

            And you won’t see Jim Traynor anywhere, though Tito does a good impression …

    • Haud on pigs. I look at that page too, just for gratification, you see. I’ve joined their group and post as one of them , naturally messing up my grammur…..just for a laff…..it’s not there fault…I blame theyre schools….but please be gentle on them. Delusion is a condition….. best join them and role in some grinades ( see what I did their? )

      Reply

    • Only a corporate entity can go into admin….so has to be 10 as this corporate entity has never been in admin before.

      Now, if you’re talking clubs, it’s still a 10.

      Reply

  25. When I heard that bomber brown and maybe wattie were summoned to SA .
    The first thing that crossed my mind was, were they being briefed in advance of an admin event.
    If as you state the supporters clubs reps are to be called in too ,then I know what my money would be on .
    If it turns out to be the case that they do indeed go into admin ,then what business would get involved with that shower when the dust settles .

    Reply

  26. stadium requires millions, loans require payback and directors loans require payback I,m sure the directors who have put up for the pay role will have done so against the stadium ect ect

    They are fooked big style either way

    10 in a row and the rest……..

    Reply

    • That’s if they own the stadium ????

      Remember the battle of the SEVCOS ????
      As far as I’m aware that hasn’t gone away.

      Everything there is subject to a dispute … everything !!!!

      Reply

    • My upcoming book is called “The Squad”.
      The manuscript is at 93,000 words and this blog is keeping me away from it…

      Reply

      • Got to disagree with you there, Phil, it’s not the blog, it’s the antics emanating from Sevco, the funniest joke of a ‘fitba club’ that has ever been seen to run, that’s keeping you from the day job.

        Every week for 7 years there’s been something of some mad hilarity, but these past 2 years under KingCo are unparalleled in the worlds of both sport and comedy.

        Until very recently I thought that I’d like this circus to continue forever but, given their fanbase’s recent penchant for desecrating the good name of the legend that is Tommy Burns, I now wish our game, and our society, to be rid of this diseased sickness forever.

        The sooner they cut off the head of this snake the better.

        Reply

  29. Thanks Phil,

    I am sure all save Sevconians appreciate your thorough intel in all things Sevco.

    Woe destruction ruin and decayThe worst is death and death will have its day.

    That day cometh.

    Tread the dirt guys who says you cant die twice.Lets enjoy because they deserve everything coming their way.

    Good Riddance.

    God rest Tommy Burns.

    Reply

  30. Jeez! John feckin Brown!?!?! The only deed of note I ever saw him perform – though not a single match official, sports commentator or journalist in this horrible, poisonous wee cess pit of a country seemed to see or comment on it at the time! – was trying to burst the net with Tommy Coyne after he’d scored against them. Dignity? Jeez!

    Reply

    • I can detect a smell of some description or other,but,Charity it is most certainly is Not.

      hms serfco is fast approaching a minefield of unfathomable proportions,sinking,hopefully is inevitable,but not too quickly.We should savour March for all it’s worth,it could be a month of mammoth proportions for the club zee bomber assaulted,sorry,played for.

      Bring up lights,and commence with the dancing ghirls,n jelly n ice cream too,obviously.

      Cheers Phil,Morton were lucky to get anything in my opinion.So well done those Greenock men for getting blood from a stone,cold that is.HH

      Reply

  33. Remind me – how long did the previous owner keep fielding a team by spending money owed to HMRC for PAYE, NI & VAT – before succumbing to the inevitable? Are RIFC into this phase of their journey yet?

    Reply

      • As a Killie man I agree 100%.
        Met Tommy on a few occasions and my highlight was an interview at Parkhead for our fanzine.
        I presented Tommy with a bottle of chateauneuf du pape for his Mrs and my mate gave him sweets for the kids.
        Chocolate Oranges!!!
        He laughed his socks off. Loved the guy.
        RIP Tommy Bhoy.

        Reply

  36. I have heard that a certain hire company have uplifted generators that were on hire to Rangers today due to non payment and numerous chasers for payment. The hire company spoke to other suppliers first and found out none are being paid and so took the action

    Reply

  37. Public bodies in receipt of tax payers money should not be extending credit to companies with the profiles of TRFC and RIFC. Are any of these organizations creditors again? Fool me once etc:

    • Argyll and Bute Council £406.80
    • Glasgow City Council £5,000
    • Glasgow City Council (Council Tax) £2,008.21
    • North Glasgow College £11,041.80
    • Scottish Ambulance Service £8,438.40
    • Strathclyde Police £51,882
    • The City of Edinburgh Council £90
    • University of the West of Scotland £135
    • SFA 11,089.04
    • HM Revenue & Customs £14,372,042

    Reply

      • Same nature of business, same place of business, same staff uniforms, same customers, confusingly similar name, directors in common, same behaviours, same P&L profile, same flawed business strategy, same diirection of travel. Same destination?. Same result for creditors ? Same public bodies seeing no signals?

        Reply

  38. I’ve been told today that Speedy Hire have today collected generators that they had on hire due to non payment and repeated chasers being ignored. Speedy have spoken to other suppliers and they all face the same non payment

    Reply

  40. Looks like Administration is coming soon. If I was a creditor, I would try to get a hold of anything down Ibrox way that wasn’t bolted down.

    That would include the roof!

    Reply

    • I’d want that bike. Got to be worth a few bob. I understand it was bolted to the wall when Whyte was stealing stuff just before he did a runner.

      Reply

    • DJ.

      Good yin, pishing maself here.

      If it does come to pass, I might never stop laughing…..lol..

      The gift that keeps on giving just never stops!

      Reply

  44. Its not looking good for the new cub Phil has monsieur Barton been paid his money yet ? .im afraid its a black hole and nothing apart from a real billionaire onboard is going to solve the issue…it looks as if the 3fugitives could be the final nail in this new clubs short life

    Reply

    • The French-speaking playmaker has been paid some of his money and the tranches are currently up to date.
      This is a football debt and as such has a higher priority within FA/ SFA rules.

      Reply

      • I read somewhere that Bartons registration with Burnley was held up because of the money SEVCO owe him. As a result , the English FA persuaded the Scottish FA to guarantee any money owed , so that the registration could go through.
        Can’t remember where i read it tho’.

        Reply

  45. It’s a perfect storm brewing Phil.

    Celtic should sell the away allocation for the 12th March to their own fans rather than risking losing the money in an admin event.
    There will also be a considerable saving by keeping the fabric of the stadium intact, instead of it being wrecked and Rangers unable to pay the damages.
    I did hear someone at the weekend ask the question as to whether Well and Morton had been paid their share of the cup games receipts.
    Remember back in the day the media had no option to go with the story that Dundee United hadn’t been paid their share of receipts for a cup game as tge Tannadice club went public with the news.
    Regan will be on this like a flash……..aye right Stuey.

    Reply

    • Because the Clubs that would lose out are too scared they get bullets and bombs through the post if they complain. This is not Celtic’s fight.

      Reply

    • No dubt that is the question keeping Mr Reagan awake at night. He knows the answer he should be giving, even now, but he hopes and prays the SPFL split does not require him to seek police protection.

      Reply

  47. Chickens coming back to roost, never shit on yer own doorstep, steal from yer mum’s purse or rob the kid’s piggy bank. Hunbearable & Hunbelievable stuff from down Govan way. They’re no forgivin’ in Govan

    Reply

Leave a Reply

error: Content is protected !!