It is always a sign of a well-run football club when they are as open and honest with their fans as possible.
Then there’s Sevco.
The extent to which the Sevco High Command continues to evade any serious scrutiny from their…ahem…”co-investors” still astounds me.
At the AGM some perfectly reasonable questions were brushed aside.
The details of this Q & A published by the Club 1872 folk makes for interesting reading.
In fairness, I can’t fault the questions.
They are framed around the financial gulf between Sevco and their much larger, much richer neighbours across the Clyde.
I thought that answer to question No 6 (in bold) was particularly breath-taking:
6) With the accounts identifying funding of £7.2m being required by the end of season 2018/19, when do the board forecast that the club will become self-sustaining and what is the plan to convert loans to equity? Will this be staggered or will it be done in totality at the next share issue?
As mentioned by the Chairman in his speech at the AGM, regular European football will be the key to the Club’s finances becoming fully self-sustaining. The increased revenues from retail will go some way to narrowing the gap as will more effective player trading.
Question No 7 pressed home the issue:
7) the most recent financial results are encouraging but highlight the staggering gulf between us and our nearest competition. Can this board please outline how they plan to deal with this substantial deficit going forward?
The majority of the deficit is accounted for through qualification for the Champions League group stages. Other income streams such as retail revenue and commercial income are increasing however there needs to be a recognition of just how valuable qualification for the group stages of the Champions League has now become. It is worth in the region of 30m Euros plus associated gate monies.
So there you have it, dear reader, the only thing that the Sevco High Command needs to achieve is for the basket of assets to be a regular in the UEFA Champions League Group Stages!
Incidentally I thought it quite sweet that the Club 1872 chap considered Celtic to be Sevco’s “nearest competition”.
Bless…
As reported yesterday and emotional donation has prevented the Engine Room Subsidiary from falling into the insolvency abyss.
However, it will take tens and tens of non-returnable millions to stabilise HMS Sevco.
In the meantime, just like their Majesty’s navy, this piece of floating dignity limps to port while the rest of Planet Fitba quietly sniggers at the delusional sense of superiority below decks at HMS Sevco.
While The People may dream of restoring some imagined golden age of ethno-supremacy on the south side of the Clyde, Sevco’s chances of hearing this tune at Ibrox are all at sea.
https://www.youtube.com/watch?v=vJbg3Ur3FZc&t=1s
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Imagine if, say, Ann Budge was to tell their fans that Hearts’ survival was dependent on Champions League football, imagine the shock, ridicule & horror of the Jambos, the mockery of the media, the sanctions imposed by the authorities ….
(Okay, maybe not the latter … Change it to Hibs then! 😉 )
There would be a riot of unprecedented proportions at the insanity of the entire idea and, as Mike Bhoyle points out, above, even Celtic will struggle through the two extra qualifiers next year, never mind the mid table mediocre outfit that is Sevco.
Now, while we’re stretching our imaginations a bit, imagine that, instead of Fergus, Celtic had been taken over in the mid 90s by, say, Rod Stewart, Jim Kerr & Sean Connery, who then employed Billy McNeill, wee Jinky & Danny McGrain to front up a tax evasion scheme that killed our beloved Celtic Football Club stone dead, with no hope of return …
Do you think us Celtic fans would be slavering over their possible ‘return’ to the new club, which would most likely be playing on a glazed pitch somewhere in Cumbernauld, citing them as ‘Real Celtic Men’, and believing, despite their homicidal robbery, that they would get us ‘Back where we belong’ ..?
I don’t think so either, so wtf is it that keeps those Billies so gullibly just so ..?
Surely not that bi-weekly dose of indoctrinated brainwashing that secretly involves still being’The People’ whose imminent ‘return’ to the top of football, and the world, is soon to be guaranteed ..?
How can they keep swallying this shit?
‘Incidentally I thought it quite sweet that the Club 1872 chap considered Celtic to be Sevco’s “nearest competition”’
It is kinda adorable – like when you see a wee chihuahua squaring up to a great dane, and there’s that “Aw so cuuuute!” moment.
In the interests of mathematically accuracy, however, it has to be noted that – at the end of the season just past – St Johnstone were in fact Sevco’s nearest competition. The gap being 9 points and 8 goals’ difference. Then Aberdeen. Then…
Y’know actually, let’s just cut to the chase. Even Caley Thistle, who finished stone bottom of the league, were nearer competition to the Famous Sevs last season than Celtic were. That gap being 33 points – as opposed to 39 in the other direction, before drawing nigh to the Invincibles.
But then, perhaps “nearest” was intended geographically?
My dilemma is, do I wait until Christmas morning to read Lord B’s judgement on King – or can I take a sneaky peak before Santa has been, with the rsk of slipping from the nice list to the naughty list. I think I’ll wait – although – this unplanned present may overshadow the pleasure of anything on my official list.
When, if ever, will the MSSM inform the masses that King has reneged on his funding promises?
This is surely front and back page headlines as the consequences for the club/company/thingy are obvious.
What hold does Level 5 have over our media that the truth can be surpressed or twisted to suit their agenda?
Given the amount of games now required….I’m concerned about OUR future CL qualification.
So for these toe-rags to base their financial security on this…is utter madness… and underlines the lack of serious funding they can hope to achieve from “sensible” sources.
How the Gullabillies continue to fall for this crap is astounding….
But hey…
Carry on chaps…DCK wouldn’t lie to you.
HH
Many reasonable questions, but:
9) Given the volume of lies published and broadcast daily about our club, when are directors going to adopt a more robust stance with our detractors in the media…
Detractors?? In the off the radar succulent Scottish media?? How delusional can you get.
I would actually agree on “publishing and broadcasting lies about the club” but not in the way I expect the questioner means. The biggest lies are those issues that remain unspoken and hidden by smoke and mirrors, for fear of these legitimate concerns being seen as “detracting” unduly.
The best thing is, when it all goes mammaries upwards it’s everyone else’s fault as nobody warned the poor wee duped souls.
This illustrates the futility of the Scottish media’s succulent editorial and marketing strategy. They get no thanks from the Sevconian demographic whilst alienating everyone else. No wonder the printed newspapers are all circling the drain.
Just reading through some stuff on the take over code for a work thing and found a a panel statement on people who where cold shouldered, in 1992, for a Dundee football club. Would be ideal if one of the better minds on here were able to dig and see how it all played out for Andrew p Drummond and Robert d prentice
http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/12/1992-09.pdf
Thanks Dave from SA… “here someone get though Christmas lights aff we’re no made off money”
I hope that Celtic plc demand the revenues lost through this fraud, are returned in full. Also compensation for the financial impact to the business, which clearly damaged their progress as a business, at that time. If the board fail the fans in this the fans should act. Withdraw all support, encourage other teams fan base to do likewise. We thwarted injustice after liquidation we can do it again. HH
Just an idle thought – Mike Ashley was prepared to lend RIFC plc £10mil against the Rangers IP – badges, logos, names etc. In fact he took possession of the IP until full repayent of the loan – making his security entirely admin-proof since an administrator has no control over assets no longer owned by the insolvent company. We know all this from statutory announcements required by AIM under the supervision on a Nomad.
Now, call me a conspiracy nutter with a foil hat – but is it a coincidence that the AGM was told that by the end of the season NOAL is prepared to loan RIFC a total in the region of £10mil to keep the lights on? If The Glib One has taken a lesson in asset stripping from The Fat One, should RIFC go tits up, NOAL would become the proud and permanent owner of the IP needed for any future club wanting to pretend they are Rangers. A nice little pension pot for an aging criminal perhaps.
No AIM listing and no Nomad mean that the fans don’t need to know the exact nature of their shafting – until it happens – as an eye-watering surprise.
How very Rangers of you Mr King – allegedly.
Now THAT would be just great, CC, the Cold Shouldered Criminal in charge of all club IP & ‘assets’ once the ‘company’, of which he is currently chairman, goes the way of the Oldco …
Who could ever deal with him, or would ever want to?
Please say that it’s so, Dave!
Looks like Lord Bannatyne is set to announce his judgement on the TOP appeal on Friday – popcorn time?
If the judgement orders King to comply with the TOP demand perhaps we can look forward to the De Facto Chairman’s counsel wheeling out the ‘ we are skint and are unable to comply’ defence, not to be confused with the version put to the auditors that NOAL was rolling in funds.
Perhaps the misunderstanding is no more than a simple spelling mistake and that NOEL would provide not NOAL?
Phil, I think this is the tune that “ra peepul” are more familiar with…
https://youtu.be/MK6TXMsvgQg
Marvellous ???
The”people” have delusions of grandeur
They’d be better having delusions of adequacy.
That’s unfair, most of them know they have no chance of challenging Celtic just now.
What they have are delusions of adequacy.
I’m not paranoid, but upon Sevco qualifying for the group stages we could end up in terrible shape if they then went on to win it…..That might get a mention in next year’s accounts, if there is a Sevco next year.
I’m in two minds. The comedy value of Sevco is such that I’d miss the laughs. On the other hand, if I could I would flush this rancid lot of sectarian racist bigoted WATP KKK lodge lovin goat worrying bassas right round the U bend, right now, to the sewer they rightly deserve, to join all the other rancid decomposing shite there.
FFS!!!! Stop beating about the bush and say what you really think!!!
Same here, I’ve often worried what 40k might get up to on a Sat afternoon. At least now u know ut safe walking the streets from 1500 – 1700hrs.
Aye that’s all very well….
But what do you really think of them Father ?
HH
As proposed at the AGM King will ask Season Ticket holders for £1000 each (probably through some kind of loan) hoping to raise £30-£40m. Ibrox will then be sold for another £40m if the book value is to be believed. King will then take up the lease at Hampden in 2020.
Fantasy? King will have considered this.
I’m not a rocket science BUT.
Q1 DK are you skint.
Answer no were all skint
my worry will always be they got away with it once who is to stop them cheating and robbing again we all know the handshake goes a long way get the out now before they cause more havock no more honest mistakes Hail Hail
Yep, and this time around there really is a separate club/company. Next time there will be no repercussions for the club, it’ll be sold to a new company and carry on in the top division.
That’s exactly why a new governing body is of the utmost urgency,failing that the scenario you’ve laid out above could,and probably will,happen like déjà vu,groundhog day even.
We will endure them and their cheating ways as long as the sfa remains,by fair means or foul,probably the latter,they will do whatever is required to keep sevco afloat.
Seafaring theme today Phil,although there is a TV tag in there too,I’m thinking of course of ‘Fantasy Island.’
Some of those answers are real fantasy,if that’s not an oxymoron I’m unsure what is.
Appreciate your time Phil?
What do you make of the comment in the Q&A on the Hampden situation? Might they be in rent arrears and looking at homelessness?
There is soemthing very special about the tone and structure of the bigger-brained Bear questions to the Board. Something to relish and savour. Something to parse and de-construct. The underlying questions speak of panic and abject terror at prolonged and profound inferiority to Timmy, but are phrased by minions to avoid offence to their elders and betters who they hope and pray have some Solomon-like plan that the assembled intellect of their lodge has failed to crystallize, even in the abstract. Sadly for them, and amusingly to us, it is only too clear that their elders and betters have no great insights, no great plans, no great empathy for those they pretend to lead – as they enjoy the fading light of expense accounts, deference and unquestioned superiority.
What awaits the elders and betters – unless they quickly demonstrate uncharacteristic business genius – is Whyte-like damnation and a shark-eyed, self-exonerating narrative from King that will brand their flesh as anti-RRM forever – without recourse to an appeal process.
The Three Bears have always been out of their league with King’s personality disorders, and now Johnson has paid to join them. Go figure.
Class article Phil. To be fair I thought that Club2012’s questions would have been along the lines of:
what is your favourite colour? Blue
what is your favourite fruit? Orange
what is your favourite boy’s name? William
what is your favourite girl’s name? Ibroxina (genuinely heard this being called out at the Boots St. Enoch’s pharmacy counter)
Was a treatment for Rangersitus being dispensed?
Nah that’s pretty much the same as rabies…
Yes… Both are incurable.
A cure is being sought, but unfortunately for them there’s been no progres.
That certainly puts their finances in perspective,hms sevco has been damaged severely below the plimsoll line,although the need to totally scupper her has been marginally avoided by directors ‘donations’.Well,they’re never getting their money back,so it might as well be called a ‘donation.’
Schadenfreud;I for one hope it’s some time before hms sevco reaches safe harbor.
Thanks Phil,insightful.HH☮️
“neatest competition” – Aberdeen given the 2016/2017 seasons
Ha ha!! I actually think Sevco were closer to St Johnstone last season, thanks to Aberdeen’s superior goal difference…
Much richer neighbours across the Clyde….who, Partick Thistle ?
Its no different to SDM’s years when everything was CL dependent as soon as HBOS closed down the bank within a bank….. Have as much money as you want, pay it back when it suits!
That’s why a UEFA licence was so vital in 2012 as CL Group Stage qualification would have kept the show on the road for a bit longer.
As we now know the application was fraudulent yet somehow found it’s way through the SFA licencing process despite it being common knowledge that the wee tax bill had never been paid.
More questions might be asked in regards to this if it turned out that someone involved in making the application from Oldco was also on the SFA licencing body that waived it through.
Lord Bannatyne to rule on King’s wee problem with TOP on Friday apparently.