Every little helps at Sevco

This morning the person in charge of the finances at the Holding Company Vehicle received a little boost.

Indeed all 42 professional football clubs in Scotland received the same email from Hampden.

At the end of this week, the final payment will be made for where they finished last season.

So the higher you finished the more money you receive.

Celtic, champions again as you know, will get the highest amount this week: £332k.

Aberdeen, the best of the rest will receive £218k.

Sevco, coming a very respectable third, will receive £166k.

That’s certainly a wee help to the Engine Room Subsidiary.

However, that sum will not cover the monthly remuneration of Senhor Bruno Eduardo Regufe Alves.

Just let that sink in.

I suppose it is just as well that they’re not a loss-making business without a credit line from a…

Oh, wait!

26 thoughts on “Every little helps at Sevco”

  1. Rumpole of the Bailey “bravo to Monarch Airline Directors”

    They informed their staff by e-mail they were fired ,end of story , regardless of length of service etc..
    The time on the e-mails sent out was within three minutes of the time their managing director was lodging a new airline company at company house ,with him as managing director of the new company.
    Their workforce is high and dry ,but they are sorted okay , not many plaudits in that I think.

  2. What a a absolute disgrace on Scottish football sevco/rangers are.
    They are now trying to sue Benfica for a cancelled friendly.
    They cancelled a testimonial match in Fife and did not pay any compesation to the other club.
    I honestly hope Benfica tell them where to go and the quicker they go the better for the rest of Scottish football.

  3. Lots of expectation from Newco fans that with big bad Mike banished then millions will be flowing into the club’s coffers with the club’s cut beicutmuch more beneficial.
    There does appear to be one wee problem……. There are no new strips in the megastore or other outlets with no confirmed date as to when new stock will be on the shelves.
    Any idea what’s going on in the supply chain? Whose making the strips, whose selling the?
    Perhaps King could clarify the position or is he too busy suing Benfica?

  4. £166k from the SPFL Premiership third spot.

    It hardly covers a three month invoice from Jabba for spin and shit stirring.

    Their Euro exit didn’t pay for their Euro expenditure. Meanwhile big Mike creams in from merchandise.

  5. We wait with bated breath for the auditors to complete and sign off on the annual accounts.
    The auditors will be looking for solid evidence that there is sufficient funds available to see out the season.
    Even that may not be enough to prevent a future trading warning in the notes to the accounts.
    If the process of producing the accounts drags out then we can be sure that the auditors are less than happy with the information being provided by the Directors.
    Apart from revenue and profitability we should at least get confirmation of the total soft loans and perhaps a note in the accounts confirming that they are secured against Ibrox and Murray Park.
    Will be interesting if there is an acknowledgement in the notes to the accounts of any claims on the assets by a 3rd party?

  6. Does that mean the wireless bill gets paid or will they convert it into tarps to cover leaking windows and crumbling facades. Yes, every little does help, getting some compo for the Eusebio cup not happening must also be a relief, help top up that empty war chest… it’s going to be a long cold winter in Glasgow for the new recruits from the Southern Hemisphere, better get a few extra gas bottles in…

  7. Is he really on in excess of £40K a week , for that kind of boodle he’s the best they could come up with ,really, that’s incredible.
    Nae wonder they are continually up to their neck in bio degradable stuff. If the 3 months thing is right , this whole seemingly ” all in ” approach , makes slightly more sense.
    Why would he and his cohorts put themselves on offer like that though. He has an agent , unless they saw it as part of a subsequent move ,it makes no sense. Then again what does.
    I see one of the daily ranger “journalists ” broke ranks to an extent and declared Jabba,s tactics shambolic. Wonders will never cease. Be lucky Phil

  8. When businesses hit a trading problem and insolvency beckons it’s often a cancelled contract, a bad debt or maybe an unexpected or unavoidable crash in sales. You have to feel sorry for businessmen where that happens.

    If however you are already living hand to mouth, borrowing regularly as costs exceed income and you then decide to pay out way over the odds without a clear plan or a realistic likely way of covering that cost…… Then you are veering toward being criminally irresponsible and that’s where direcotors personal responsibilities should come to the fore.

    1. SDM back in the day made a statement that for years the club had followed a high risk strategy, spending more than they were earning bankrolled by his mates at HBOS.
      A more prudent strategy would be followed and borrowings would be slashed, though this was CL dependent.
      The minute HBOS pulled the plug on their Ibrox largesse more ingenious methods were required to keep the show on the road, hence the DOS and EBT schemes,allowing then to sign players who otherwise they would have been unable to afford.
      I remember an interview with Alistair Johnston, former Chairman of oldco, who when confronted with this notion of affordability claimed that if the DOS/EBT route had not been followed they would have still signed the same players by borrowing more money fron HBOS.
      There is no doubt that the debt to HBOS was being reduced and just to make sure the bank placed their own man on the board to ensure this was the case.
      What’s often forgotten is the Oldco share issue that flopped, underwritten by one of Murrays companies which overnight added £50m to MIM’s debt to the bank,which at one stage had risen to almost a billion pounds, only reduced to around £300m in a debt for equity swop before MIM collapsed and died.
      HBOS, who got themselves in a tizz over Celtic’s million pound debt and called it in, whilst chucking funny money at SDM and his empire built on clay.

      1. It was Bank of Scotland which tried to bankrupt Celtic not HBOS.
        Halifax had taken over BOS in 2001 to form HBOS.
        When HBOS went tits up in 2009, it was taken over by Lloyd’s bank which immediately wanted the money owed by Rangers to be paid back. The rest, as they say, is history.

  9. Bravo to Monarch Airlines Directors. They had a legal duty to look 12 months ahead and calculate if they had the income to be a going concern.

    They clearly concluded they were not a going concern and quite rightly called in Administrators.

    Craig Whyte admitted he did it too late at RFC PLC. Will this current Board at RIFC PLC be tardy in their duty?

  10. I watched the Kilmarnock game that ended Lee McCoulloch’s stint as manager.

    Boydychenko is a fat bloated mess. He has a cheek calling himself a pro footballer and taking a salary.

    Kilmarnock has tainted itself through its closeness with RFC & Sevco. This relationship has led it to ruination. Taking on RFC cast offs habitually.

    Sky reporting viewing figures down for last Sevco v Celtic match. Regan and Doncaster don’t have a product.

    I didn’t bother to watch it.

    1. How much did the banks let Kilmarnock off with to stave Liquidation? £22m?

      I know it was a lot. Why didn’t the banks’ shareholders sack the CEOs?

  11. Parky apparently is the golden goose. Unless he’s fronting government money and its Nicola Strurgeon financing Sevco on her annual £26billion overspend.

    It is a bigoted sectarian Scottish institution after all. She has to save the jobs.

    As long as they have their mug cash source they don’t need a credit line from a bank. They have a credit line from eejits.

  12. Phil, any idea when the court cases regarding Mr. warburton & pals, and the shares case against the GSL will come to pass?

  13. Great stuff Phil, but Alves on a remuneration of £166K per month. Either they have been stiffed , or some kind of jiggery pokery is going on.
    Either way the dosh is being sooked out of them. Continued power to your keyboard sir . Thanks

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