I emerged from the word mines feeling a bit like Scipio returning from the Third Punic War.
What starts as a wonderful beautiful idea becomes a large monster to be wrestled into restraints.
Such is the way with manuscripts.
If you don’t stick with it then you cannot win through to the end.
Thankfully I have an excellent editor.
Although she can be strict at times…
I think we’re nearly there.
It’s been a long literary journey, but I love it.
I do hope you enjoy the read when it finally makes it to the book shelves.
Of course, while I was gone there were great changes in the financial fortunes of Sevco.
Not…
They remain a loss-making business without a credit line from a bank.
Moreover, their new signings with precious few out of the door have led to an unsustainable wage bill.
Still the European revenue this season will help a …
Oh, wait.
While I was gone the sensible elements of the Sevco High Command had a meeting with Senhor Pedro Miguel Faria Caixinha.
The chaps from the Blue Room really wanted to know what was going on.
I think we can safely deduce that the Sevco High Command are now very worried about the abilities of their manager.
It is a financial no-brainer that players will have to be removed from the wage bill and also bring in a transfer fee.
I’m told that recently there was some haggling over the price for Rob Kiernan.
The prospective buyers were MK Dons.
My information is that the chaps at the Holding Company Vehicle wanted £1m for the Irish defender.
That was too much for the English team.
The price was the asking price was bumped down to £750k.
Still too much.
The Milton Keynes outfit was then told:
“Take him now and we’ll accept £250k, not in tranches, all of it. Now!”
The English club said they would consider it.
This is yet another sellable asset that has been devalued by Pedro exiling the player from the first team squad.
Remember dear reader Barrie McKay was sold for the same amount that teenager Billy Gilmour cost Chelsea.
Despite the value of the former being wildly inflated by high-Level stenography, £500k was way below his true value.
However, that’s what happens when a first team player is banished to play with the kids.
You’re immediately lowering their market value.
Unclever.
I understand that those highly professional chaps from Campbell Dallas were at Ibrox last week.
I’m sure it was just a social call for a Quintessentially British cup of tea.
There can’t be anything they’re concerned about given the pristine nature of the books at Sevco.
Those close to the financial action at Ibrox have observed that without European revenue the current wage bill is simply unsustainable.
Of course, a director or two might write a cheque, but that will almost certainly cause a problem for UEFA Financial Fair Play next season.
However, such long-term planning is not really relevant when you’re trying to get by month to month.
It cannot be easy at FC Carthage at the moment.
I can’t see this ending well.
Someone should write a book about it…
Given Carthage was besieged and destroyed by an overwhelming Roman army, things don’t look rosy for Newco.
They had a Director who was clever enough to scamper out the door a few months ago, having done his sums and cash flow forecasts for this season, and in the knowledge of Celtic’s footballing supremacy for ten years to come.
Smart move.
He also reportedly was fed up with Glib’s mendacity.
Will they survive?
Greetings Publius Cornelius Scipio Aemilianus Africanus Numantinus…..all of Rome reveres your leadership in the field and the gods are at your side. The republic salutes you and your legions. Carthage is returned to dust from whence it came – let history and The chroniclers forget this ignoble tribe.
Hmm, I can’t agree that it was in any way ‘ignoble’ simply because it defied the Romans.
Anyone who questions any form of empire or control is alright in my book and, anyway, what evidence do we have of their ‘ignoblesse’ when it’s invariably the victors who write the history?
Even the plebs understand that Rome makes but one acception where a recounting of history is concerned – general Scorpio’s brief from the senate of the Roman republic with regards to Carthage was wipe them of the face of Mother Earth. Destroy every scintilla of their existence. As any entry level historian will tell you , Carthage aside, we romans are the greatest recorders of historical events across the Roman Empire.
It was important for them to get into Europe this season ,as the new ruling as of next year would have meant a coefficient of zero. Individual club coefficients will apply and national coefficients will have a bearing ,but any club not competing in Europe for three years will have a zero rating or 20% of national rating under certain circumstances. 20% of Scotland’s rating doesn’t bear thinking about. Having said all that it doesn’t really matter as they only went and got papped out on their arse at the first time of asking by a pub team.
Excellent post Phil. You raise very relevant and important points which so called journalists avoid commenting on . Their fear of the torch bearers and pitchforkers informs how they operate.
Sevco’ s finances resemble a clusterfeck of the first ordure. Ignore the huge Indian pachyderm in the the room, maybe it will go away of its own accord. Aye right.
Phil, was it Skippio the Bushio Kangarooio?
I’ll get my coat!
I see the McKay transfer fee being talked up to £1.5m by some Rangers facing sites.
It would appear this is the best fake good news that Level 5 can come up with.
Plenty of chat from the same sources that all is not well behind the scenes, with a home players mutiny in full swing.
After The Hat the next appointment was seen as crucial yet the selection panel picked an obscure manager and backroom staff, none of whom has English as a first language.
Apart from closed door friendlies the only pre season fixture currently in the calendar is set for the 30th July away to Sheff Wed.
There are no glamour Ibrox friendlies to replace the lost revenue from Europa Cup progression.
Is Pedro playing a clever game by keeping the qualities of his new signings under wraps till the season proper kicks off or does he just not have a
clue?
Surely UEFA need to investigate the troubling ongoings at the rangers 2012-present there’s no way they can provide financial fair play figures the state they are in I can only imagine the wage bill at this point …facts are if your expenditure is more than the income the wheels on the bus will halt with the brakes jammed on ….keep spending pedro your doings grand job
They’re not trying to get by each month they are on a suicide mission to destroy everything CELTIC Phil
Regarding Rangers ranking in Uefa this season,as a newco they would get a ranking due the c0-effeicient of Scotland.
I don’t think so. I think that rule changed and each club is now awarded its ranking points based entirely on its own European record. I could be wrong.
I suspect poor Pedro will soon be turning his second middle name from Faria to Pariah …
Mickey Pariah …
No change there then.
Carthage…cathcart more like….didn’t another liquidated team die there?
Any information on the strategy of 5088 sevco (i.e. Craigy bhoys company) submitting accounts to companies house in relation to the assets down Govan way, with the footnote which states they have been the victim of a crime?
https://beta.companieshouse.gov.uk/company/08011390/filing-history
I do hope the move for change develops but it’s rather disappointing that on 3 clubs fans groups have so far come out for a independent review. Why are the rest so Quiet? Frightened, don’t care or approve of the cheating?
I think there are may be a few clubs who are aware of where the bodies are buried and don’t want Sevco sticking them in as well…….
Pedro is a double agent sent to bankrupt the holding engine room clumpany thingmy of a club.
I would believe that myself if he wasn’t so comical in those overlong shoes on that rickety bike.
Would it not be moral and right for any recipient of an EBT “Loan” to offer to repay it? This would be a responsible gesture by former players, Directors and any others and would also make a significant contribution towards the growing debt of the new Rangers entity.
Alternatively, they can continue to pontificate and argue that there was no sporting advantage
and it was all above board…..
But would that not go into the Oldco creditors pot? Help pay the face painter?
I don’t think so. The EBT payments were for services rendered, hence they were found to be liable to tax and NI contributions. They were not loans – that much has been proved by the courts.
What would be moral and right, in my opinion, is for BDO to sue Duff & Phelps and get a fair price for the assets of oldco which would make a significant contribution to the money available for debtors like the face painter.
One can only hope Ibrox goes the way of Carthage, lost to the sands of time …
Sevco delenda est.
Carthage … I get the feeling there are elephants in the room…..
More elephants than in the Masai Mara…. trumpeting…… sadly they can’t pack their trunks and head for the circus as they have already tasted the creme brulee as Monsewr Barton so ably pointed out.
Christel Sembach Krone died recently owner of Europe’s largest traditional circus, she trained an elephant to ride a bike.
It’s the fans I feel for, they must be feeling like they’ve been ridden by a whole herd of pachyderms….. round and ….round….. the ring…. will it never end….???
I love it when a plan comes together…
Financial carnage – and I dorf my cap at your headline – is nothing new at Ibrox as you have well documented over the years Phil. I have done a little research via Companies House and was interested to note the year on year profit/ loss under the Murray regime, regardless of any equity and rights issues or any other form of financial gerrymandering, came to a whopping £168,484,000. This figure does not take into account the tax liability for the EBTs which would have pushed the figure beyond £200m.
Fortunately the tangible assets of £23,354,874 rose to £130,282,000 during that period, which must have helped ‘balance’ the books on occasion – these same tangible assets that cost Charles Green £1.5m.
While you are quite right that the newco is a loss making business without a credit line from a bank, I believe their biggest challenge is yet to come. Should BDO make a claim of gratuitous alienation in their upcoming case against Duff & Phelps then newco might also find themselves without a stadium, a training ground and a car park.
According to Rectum Sevco re-entered the UEFA rankings at 306, I had a look and there it was all their European history, including the elimination from the Europa league. It seems UEFA
recognise them as the same club. That’s all Doncaster needs. If UEFA recognises them so will the SPFL and SFA for that matter. pissed off.
UEFA use a different badge to Old Rangers. The SFA and spfl use the old Rangers badge (ball with lion) but UEFA switched to the RFC cypher (without stars). Why switch badges for the same club?
Hi Phil.
For some reason I’ve stopped receiving email notices when new blog posts appear.
I’ve confirmed I’m still following you through WordPress & tried unfollowing & following again, but no joy.
Any suggestions fella?
Andy, I have the same problem.
You are not alone Andy. I have noticed quite a few similar posts to yours, however Phil does not respond to any of them. The problem for myself was shortly after the overhaul carried out on Phil’s blog – things were OK at first, then no Email notifications etc. I now get access to Phil’s blog via “Celtic News Now”
I’m the same fella youl just need to use his main site through the Norma internet browser all the blogs are available there
They can become third Rangers.Not to be confused with Third Lanark who of course also died.
And Ibrox got the turf from Cathkin Park!
How braes-en!
That’s your cue Phil. There’s enough material for a serial of books. I would certainly buy them as would loads of others. Downfall 2,3,4…….
Still no word from the governing bodies. The fans groups getting active. This is what is needed in Scotland. Celtic are the only club to officially make a statement. Turning it into a Celtic/ sevco argument. You have got to wonder why no other club has.
The Masonic pledge out-trumps even Trump, puppet chump though he be, and I suspect that the others’ mutual silence on the issue reeks of at least some complicity.
A great article, Phil, brilliant phrasing, your trip down the word mines is showing in myriad ways.
But does this make Charlie Chuckles Queen Dido ..?
There already is a series of books on the subject; look for ‘Clash of the Agnivores’ on Amazon. Book 4 in the saga coming soon.
I would expect UEFA having something to say regarding matters recently brought out in the Supreme Court. With rumours abound re Celtic threatening to release the UEFA letter, FC Porto apparently engaging council and the obvious conclusion that there MUST be an open and transparent investigation into the behaviour of Directors of whatever club/company playing out of Ibrox, I see no future with any prospect of European football being played there, not just this season, but future seasons when tax payments have to be met to satisfy HMRC. I understand UEFA may be time barred for investigation into that era of non payment of taxes, but this can only lead to the new club/company debate coming to a head with nowhere to hide.
As for the SFA and SPFL, this must come to a head with a sweeping brush. An opportunity for a clean slate? Our game deserves nothing less.
There is nowhere to hide regarding the continuity myth SDM cleared that up in his last statement to the press post EBT verdict he stated :
“The decision will be greeted with dismay by the ordinary creditors of the club, many of which are small businesses, who will now receive a much lower distribution in the liquidation of the club, which occurred during the ownership of Craig Whyte, than may otherwise have been the case.”
Again for the avoidance of any doubt…
” in the liquidation of the club, which occurred during the ownership of Craig Whyte ”
One more for old Tims sake …
” in the liquidation of the club”
A dumb question perhaps, but does anyone know why Chelsea would choose to pay a transfer fee for Billy Gilmour? Did money really change hands?
Cross-border compensation deal
Compensation for a fifteen/sixteen year old kid who has never made a first team appearance, the same as for a fairly experienced, relatively, free scoring French U21 International???
Well, his name is Billy, Chelsea have an ‘affiliation’, of sorts, with, er, ‘Rangers’ (SEVCO!) and Roman Abramovic probably spends more on a pot of caviar than he did for Billy.
Still fishy though … 🙂
Put the padlocks on this toxic establishment now 4 good
UEFA FFP didn’t present a probem for the Ibrox club/company.
However, a level playing laid with Karma grass did the buisiness.
I had to google Cambell Dallas to remind myself who these particular cowboys are.
They are or course the oddit chaps down Ibrox way.
Have they finally caught wind of the shit storm heading in the general direction of Govan?
Hell mend all of them … 🙂