I am told that there was a free and fair exchange of views at the most recent conclave of the Sevco High Command.
I’m told that it was the first time that Mr Alistair Johnson had taken part.
My information is that he was dialling in from across the Pond.
One of his new boardroom colleagues asked him to pass a message onto their esteemed chairman south of the Limpopo.
It was an enquiry apropos the new additions to the playing squad.
The specific question that was to be passed onto Mr King was this:
“How are we going to pay for all this?”
I believe that it was this request that led to the tetchy exchange.
For the avoidance of doubt, no one lost their dignity and the discussion remained Churchillian and Quintessentially British.
Although the transfer fees being reported undoubtedly have high-Level origins, the wages being paid to the new arrivals are real enough.
Even if the player ostensibly for free there are payments to be made to agents and to the player himself.
Quite simply acquiring these Galacticos for Pedro has cost money.
At the time of writing, my information is that the global bill for signing on fees and payments to agents is somewhere between £2.5m-£3m.
An impeccable source suggested to me tonight that some of the directors of the Holding Company Vehicle might have trouble sleeping at the moment.
He made the distinction between those who were writing the cheques and those who were making grand plans.
The former are UK based and should anything unfortunate happen to Sevco then it is their assets and business reputations that are at risk.
Meanwhile, the midsummer magic lantern show continues to have The People spellbound.
They believe that Mr King has finally stumped up and backed the manager.
Moreover, they hold onto the notion that their beloved Sevco can financially compete with their larger city neighbours.
Oh dear…
An unfortunate truth is that in the coming campaign Celtic will have sold more season tickets than there are seats in Ibrox.
On all other levels, the financial comparison is cruel.
I realise that this is a very exciting time for The People.
They are buoyed up with hope for the coming season.
However, that is because their team hasn’t played any football matches yet.
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“Midsummer Magic Lantern Show”
Perfect analogy…
Unfortunately it appears all too real for those wearing blue tinted glasses.
The rest of the ‘conscious observers’ know what the outcome will be.
Looks to me like a spectacular effort to derail TIAR at all costs ( or at least be seen to try).
Looks like 6 years might be the life expectancy of this poisoned offspring club.
Can’t wait until next spring.
Tick – Tock….
Post 2017 G.E., an election where the poor of Glasgow vote Westminster Tory to stop the UK as they know it from existing….a UK that keeps them in poverty and the Queen in a house that costs (us) £350m to decorate, these are clearly clever people 😀
Sorry, I digress, Post 2017 G.E. we’re headed for an economic slump on epic proportions, we are heading for a lot of financial pain, The Chinese economy is entering a rather large black hole at warp factor 1690 and the knock on effect will be felt around the world, I am sure the waves of financially devestation will reach to Govan.
This does not bode well for any organisation with no money in the bank or credit line from a bank.
Remember what McGill said about the vacuous Alastair Johnston in court at Whyte’s trial. VAJ’s answer to all problems is to spend more money on players – even if the problem is the lack of money – genius. Walter-nomics at its best – real economics don’t apply in Govan – like so many other tedious rules that others must observe.
To those who say the Saevco insolvency has been predicted many times before – well that is true. Sevco have been very creative in arranging soft loans from all and sundry – many of which are still outstnading – but the supply of soft loaners is running out. Then where do Sevco get the money above and beyond football revenue to continue their over-spending.
Can’t pay – we’ll take it away!
Phil could it be possible they are stocking up on players before they enter administration ? Will there not be a transfer embargo placed upon them if they do enter administration ?
I don’t think that there is such a “Grand Plan”.
I’m afraid it is more likely to be simple hubris…
And perchance it was a ‘proper administration’ those self same players would be shown the door, surely? A proper administration leaves you with low cost players and youth.
agent fees – what if these are going in part or whole to king?
He could be bleeding the hulk dry…. each yet act as agents for old hasbeans – they get paid per game, agent gets money up front. If the players leave early – another payoff… bit by bit bleeding away money – and leaving football debts – for whoever (Ashley) takes over – as football debts MUST be paid.
is king poisoning the well? if so longer he in power – worse it gets for Ashley.
Why do I get a sense of dejavu on this. Knowing that The Rangers have no money yet seem to be attracting players ? I know we are not in the same terms as Flo and DeBoer, but could there be another ‘cash in hand’ scheme being worked on here ?
Also interested to see what GCC will be doing this year on the Safety Certificates for Ibrox. Do you think they will be a tad more scrutiny this year than before ?
It’s a boom or bust, isn’t it. Champions league or insolvency.
I cannot see any other plan there.
Can’t get to Champions League when they’re only in the Europa, and illegally at that, unless the McRaes, Ogilvies & Regans have yet more tricks up their sleeves.
Hmm, thinking on it, I wouldn’t put it past them …
They can enter the Champions League next year if they win the Europa League. Haw you – stop laughing at the back……
King isn’t arranging work permits, flying these guys in for trials, preparing contracts/ negotiating contracts, wages, terms and conditions, agreeing bonuses, setting up bank account monthly payments, …. it’s all being done by Ibrox management and executives.
It’s all short term blowing the season ticket money before Christmas or there’s new money turned up or they expect money to pay for the second half of the season to materialise post Christmas.
If it’s loans from King or three bears, or anyone, it’s pushing them further out of FFP compliance.
Not to worry, the above board clean accounts will show everything publicly. When are they due?
King is leaving his legacy of overspending before he moves on and leaves the institution that he has saved in good hands of RRM. Won’t be his problem in a few month’s time. More soft loans needed to keep the lights on. The Glib one won’t lose a second’s sleep as all was fine when he was in charge, wasn’t it.
The big push for Europe is on and all the riches that will bring in. The U20’s will have their own Euro adventures too, making friends all along he way.. 🙂
No idea.
However, the current behaviour makes no sense whatsoever.
Phil, I’ve followed you supported you both metaphorically and financially and repeated your mantra that “it can’t be sustained ” and yet here we are and they’ve brought in 5/6 players with as you say, no financial assistance from a bank or lending institution.
They have received the assistance needed, namely from the powers who can make a difference, the SFA and the SPFL, if they get lucky with even a truncated run in the EUROPA league it’ll give them another season to get their seat at the dinner table
Return to this conversation in January.
Their current cost base is unsustainable.
Moreover, there are members of the Sevco High Command who agree with me.
It isn’t a “mantra” if it is evidentially irrefutable.
Add football debts – as must be paid – to continue with sfa.
Don’t pay for essentials – maintenance of stadium – leaving a debt for next owner
Huge upfront fess/agents – who is getting this money – follow the money
So Season Tickets flow in £6-8m and out as agent fees – wow smart move.
King still has his shares – he will leave if paid – wow very smart.
he not stupid! He is rich – but taking fools monies
…and King may have taken overspending to a new level of irresponsibility, but the culture is hardly his legacy.
Some genuine rrm who should have known better are now trapped between a rock and a hard place. Throw good money after bad in a desperate attempt to protect the value of their soft loans, or call a halt to the madness and wave goodbye to all but pennies in the pound of their “investment”.
Ship of fools.
I don’t understand why HMRC ignore the fact that directors involved during the downfall of the Liquidated RFC are now directors of the new Rangers when they have rules against it, Phil: https://www.gov.uk/government/publications/phoenix-companies-and-the-role-of-the-insolvency-service/phoenix-companies-and-the-role-of-the-insolvency-service I think potentially they are leaving a loophole for businessmen who have taken to court for doing the very same thing for possible lawsuits against them
Neil, if you read the link it states “This prohibition lasts for 5 years”. So anyone involved in the company in the 12 months leading up to administration in Feb 2012 are now eligible to be board members of the Phoenix company.
Whether the SFA should find these people “fit and proper” is a whole other argument…