As regular readers will be aware late last year the Sevco High Command discussed the possibility of an insolvency event.
Essentially no options were off the table as they awaited on funds from NOAL as promised by Chairman King.
This was the first time that administration had been discussed in the Blue Room as an option since Laxey Partners were pushing for it in early 2014.
Although the Isle of Man-based hedge fund had a very detailed plan for an Ibrox insolvency event in place they could not get the sufficient support at board level.
Over the last 48 hours, I have learned that the administration option has been further explored by an element of the Sevco High Command.
I have the details of the four insolvency practitioners that have recently been sounded out.
One of the firms has a history with the original Rangers during the reign of Sir David Murray.
One of the others has a double-barrelled name which is redolent of inter-galactic trainspotting.
Two of them were included in this shopping expedition because it was hoped that they would definitely be cheap enough to afford.
A key point of these discussions has been the cost of a planned administration.
When the Sevco High Command reached out to these specialist accountancy firms they were hoping that the price of this professional service would be in the region of £250-£300k.
However, I’m told that they found no takers at that price.
I am steered towards the figure of £500k as the limit of the budget that is available to Sevco for this cost-cutting exercise.
At this stage, these negotiations could be framed within the context of a feasibility study.
Going down this route could serve two purposes for the anti-King faction in the Blue Room.
As well as a way of slashing an unsustainable cost base it could also be used as a dignified putsch against the Johannesburg based chairman.
If the need for an insolvency event could be laid at King’s door then the remaining board might remain in good standing with The People.
I’m sure those fastidious chaps at Campbell Dallas will be thrilled at this news.
For the avoidance of doubt, I have TWO well-placed independent sources for this story.
One day someone might hand me a press release and tell me to call some mystery chap a billionaire.
Until that historic day dawns, I’ll continue to do investigative journalism via this platform.
Stop this now!!!!!!!! The Bank of Abudabi has £50m ready to transfer to Scotland’s most successful team – with a promise £75m per annum for the next 2 Year’s rising £200m per annum as Ranger begin to conquer Europe again.
Phil,
A question regarding an admin event – which company do they kill off ??
If they kill RIFC, are TRFC still a major debtor of RIFC and if they are surely the administrators will go after TRFC to repay the debt, so they are f’d.
If they kill TRFC, they are writing off how many millions owed to RIFC by TRFC and potentially losing control of all the assets, so again they are f’d ??
Isn’t that what Baldric would describe as the perfect cunning plan.
how can they sign players on 3 yr deals for a fee plus signing on fee if they cant afford to operate?
Phil, have I got this right ?Administration shafts all creditors but a pre-pack allows assets to be manipulated providing repayment of soft loans and therefore shafts “external” creditors only ?
I hear a rumour that administration will be announced Friday afternoon
I find it hilariously funny that a club pretending to be Rangers is going bust but to be honest I couldn’t give a rat’s ass.
I care more about how the rest of Scottish footballs clubs and it’s so called administration are going to deal with it.
They (Celtic Included) have allowed a club to be illegally taken over and continue to run unhindered with obscure financial statements being unchallenged.
SUPPORTERS HAVE ONCE AGAIN BEEN TAKEN FOR A RIDE AND CHEATED.
FECK THAT AND THATS WHY I DON’T BUY MY TICKET. PANTO SEASON NEVER ENDS IN SCOTLAND AS LONG AS FOOTBALL CONTINUES TO MANAGE ITSELF THIS WAY.
EVERY SINGLE CLUB IN SCOTLAND ARE COWARDS AND FRIGHTENED TO LOOK AT THE ROT AND FACE THE BILL TO CLEAR IT OUT.
I HAVE NO SYMPATHY AND THE CYCLE OF OVER SPENDING AND CHEATING BY CLUBS PLAYING OUT OF IBROX WILL BE ALLOWED TO CONTINUE AS LONG AS FANS DO NOTHING
Well said, Zeddy, this criminal racket within our game has gone on for 30 years too long and us Celtic fans were the biggest losers in all of it and now our Tory Mason PLC thinks they can just buy us off with a decent manager and a couple of trebles as a sop until ‘Rangers’, in whatever form, gets back on its feet ..?
Aye, right, like we just came up the Clyde on a bike …
And here’s a very special message for the DunceBoy shill that is ‘Dhenbhoy’:
You see, son, some true Celtic men are genuinely catching on to the joke that our game has been twisted into and don’t you let Peter & Ian tell you any different, no matter how much they pay you.
And you’ve the cheek to call ME an idiot, ya useless chunk a fud, ye.
Btw, there’s a few messages left for ye on the aptly titled ‘Celebrations Reveal A Darker Truth’ thread which you might have seen already.
They should rip the wool aff yer blind unseeing dimwitted eyes for ye.
This will be why Sevco directors recently met with Regan to discuss how SFA would respond to Admin 2, hoping to avoid another clamour for truth telling and title stripping … hopefully Lawell will be far more aggressive in his communications to demand that facts are acknowledged this time around if it does go down that route.
Aye, so he will, just like last time, eh ..?
Ach I suppose a 15 point deduction would do. Right now that would drop them to 7th with a game more played than the two teams either side of them.
So where is this money coming from to sign Murphy?
Whichever director is putting up the cash, actually signing players does not suggest administration is being seriously considered, surely?
Ever heard of Daniel Cousin ..?
Thats my thought aswell. Find it hard to believe all this administration talk to be true
Genuine question Phil – I get that the quoted figures are likely nonsense but who is sanctioning these transfers if things are as dire as you are saying?
Looking into Admin, yet signing players.
The old Rangers did that. I forget the guy’s name but they signed a player while actually in admin ?
Phil if sevco come up with a million plus to secure the services of Brighton’s Murphy, as strongly suggested by the sun’s Andy Melvin, how will you be able to square that away given your recent comments? Kind regards and best wishes Jimmy
I am curious as to how Sevco can shell out £1m for Murphy? Either this post is BS or God forbid the price is nowhere near that quoted
Remember Old Co. tried to sign a player whilst IN administration!
King and his cronies all have Walter Mitty Syndrome so I won’t be surprised if they suffer an insolvency event sooner or later.
To me the signing of Murphy smacks of ‘We will have the money as soon as we move out several high earners at the club.’
Putting the cart before the horse may backfire if they can’t move these players on.
Jamie Murphy having medical at Sevco.
I would not like to think these fuckers were blatantly not paying bills in order to fund playing side.
Not that I’m saying they have previous as cheats or anything
With the sevco signing Jamie Murphy for nearly £1m looks like your sources were wrong Phil. So desperate for sevco to go into admin again I just hope it happens one day l and all these empty promises stop.
Is this how it will play out?
They go bust, and the the white knight in the wings, is SDM, who picks up the old empire for pennies and order is restored, as his business is once again profitable and he has the the money, and it’s not tied up in trusts.
Great minds, Herodotus …
And no offence but I prefer the Socratic Method myself 🙂
‘The Socratic method, also can be known as maieutics, method of elenchus, elenctic method, or Socratic debate, is a form of cooperative argumentative dialogue between individuals, based on asking and answering questions to stimulate critical thinking and to draw out ideas and underlying presumptions. It is a dialectical method, involving a discussion in which the defense of one point of view is questioned; one participant may lead another to contradict themselves in some way, thus weakening the defender’s point. This method is named after the Classical Greek philosopher Socrates and is introduced by him in Plato’s Theaetetus as midwifery (maieutics) because it is employed to bring out definitions implicit in the interlocutors’ beliefs, or to help them further their understanding.’
https://en.m.wikipedia.org/wiki/Socratic_method
As you may, or may not, have noticed, Dhenboy DunceBoy.
I have been saying for a long time now they are only struggling by until the 5 year deadline has passed. However a 15 point deduction would be extremely unfair on any team below 8th. At present that’s teams like , Motherwell,Hamilton, Dundee,Partick and Ross co.
However this news Phil fairly puts the media in a quandary. Stories about loan players and paying £1 Million for players is obvious ( and always has been ) level 5 fiction.
I wonder how big Eck will enjoy this if it happens, just another poor sod conned by The Lying King.
Let’s see how the MSSM talk up the glamour tournament in Florida when the Brazilian club are sending a team of kids to participate.
Could be another trophy for the Blue Room and hailed as a triumph for Scottish football, equivalent to a European Cup.
Just like the Petrofac Training Cup, yet another trophy for the glorious Gers which Celtic wilk never win.
Muty making comments about “all players having to look after themselves & family ” . did think he used a weird choice of words at the time.
Is that Muty on The Bounty?
😉
Or Mutiny doing The Bouncy ..?
🙂
Who would stop it happening again ?
Holding company dumps club and debt.
Holding company reform new club again at distance, unincorporated.
Who runs holding company?
Who would contribute funds, fans would walk away from this toxic business. ?
No private investment forthcoming, who would put good money after bad ?
When would SFA or SPFL say no more ?
Phil I know you say most of the debt is internal,but in the accounts it says they have to find £12m plus for transfer fees due this summer.
Lol they’re so skint that they cannot afford an Administration.
But King continues to recruit from South of the Limpopo. I presume he has a dasdardly plan to spend his way out of this.
An admin event and the loss of 15 points would put Sevco in the bottom six and just ahead of Motherwell, Hamilton and Dundee.
With an expected cull of their top earning players, I’d expect that they wouldn’t regain their top six position.
Skybet are currently accepting bets of 150/1 for them to finish in the bottom six.
A stake of 20 quid earns a worthwhile 3 grand and worth a punt.
Just sayin’ ….
DB
https://m.skybet.com/football/scottish-premiership/event/21013954
Saw your post today (Friday) and popped into bookies whilst in the town. Haven’t a clue about betting so was pointed towards the counter and told to ask for a price. Staff phoned head office and seemed surprised when told they would not offer a price on that bet. Went to another bookies and told the same – we won’t take that bet!!!! Staff at both seemed surprised at this.
Clicked your link and the bet is still there so I opened an account with £10 and put it on them finishing in the bottom 6. Bet accepted and payout calculated at £1510. – yer some man pal, thank you.
I did the same, put 20 of my Murty winnings on the same bet. Interestingly, William Hill quoted me the same odds instore in September but a month or so ago refused the same bet
King of wishful thinking.
Right here, right now.
Well, the theme tune to Pretty Woman. Watch it if you’re twitteratti.
Heheh… LOL @ “intergalactic trainspotting”.
Then a double-barrelled LOL at the related idea of 300K – talk about a triumph of hope over expectation!
Have to say though, the concept of administration makes sense here. Could rid them of some troublesome financial obligations, both on the debt front and quite possibly the onerous-contracts front as well (if the contracts contain specific provision for insolvency). Not to mention the onerous-South-African front.
The situation described in your earlier article – significant debts to business contractors, while remaining in good repair with the football authorities and the taxman – suggests in the words of Dr Who that “the moment has been prepared for.”
However it’s sadly unlikely the Sevconian Horde will view the idea with the same calm equanimity. Surely even the most goldfish-like memories will recall that another well-known Scottish club which entered administration in 2012 exited from it via the door marked Liquidation?
For them, the popular culture reference will probably be less Dr Who than Twin Peaks…
“It’s happening again, isn’t it?”
How is it possible for Campbell Dallas to sign off on the accounts just a matter of a couple of months ago, albeit with the usual going concern notice, mitigated by promises from the board, King,that all cash shortfalls would be met by the directors.
If indeed the extent of the promise was verbal and handshakes were exchanged then someone has not done their job.
If there are any creditors out there who have supplied goods or services based on the auditors signing off on the accounts then they have every right to be pissed off.
I can’t imagine that the relationship between club and auditors is a particularly happy one at the moment.
An audit depends on transparency and trust in that what the Directors disclose is a true and fair reflection of whats happening in the business.
It’s telling that only days after the signed accounts were published Pedri and his management team were binned with not a mention in the notes to the accounts, which apart from a narrative around the numbers is used to reveal any impending important events outwith the accounting period.
Like say, binning the manager!
Will the auditors bow out when the cold shoulder arrives or will they jump the gun?
Going to assume that we are only talking about club (TRFC) being put into Admin by RIFC. Immediate questions that spring to mind;
1) timing of it. would presume it would have to be post-split in March
2) surviving to March presumably requires raising funds from somewhere
3) an Insolvency event costs money to implement
4) believe that players can choose to walk away from contract rather than take cut
5) points deduction levied on team
6) jeopardizes ability to qualify for Europe next season & renders audited accounts useless
7) may cause problems/issues with SFA/SPFL – football debts?
8) major PR hit with Sponsors & other vendors stiffed
9) some vendors may refuse to work with them going forward without money in escrow
What a fustercluck-omnishambles of a business! Will need to stock up big time on popcorn, as well as copious amounts of jelly and ice cream. What a start to the year this has been……
Interesting comments. I assumed it would be the company rather than club that would go into admin — surely the whole point in the dichotomy is to protect the club and make its demise less likely?
I’ve said before that the distinction between club and company is going to be key to any future insolvency event and what you hint at with regards to the player contracts is of huge importance.
I was wondering why they would be signing new players if admin was a possibility or likely. A few people have asked about that. But when you think about it and consider the player exodus that took place in 2012, it makes sense that they would want to strengthen the squad now in advance and make sure they had a team post-admin.
It would be interesting to see the fine details of players’ contracts on the question of admin, particularly those of the new signings.
The biggest questions of all revolve around King, though, and how admin would affect him, his shares, and the court ruling of 2 or so weeks ago.
That’s a pretty good list of problems for them Peter!
I have another question – if they do go into admin, and there are clubs who still owe them future transfer instalments, I presume these future payments will be ring-fenced to be used towards paying off existing creditors, rather than become available to the post-admin version of the club.
10) loan players return to base immediately
Don’t think it will be TRFC as the only creditor is RIFC. The accounts don’t help as both companies are reported as if one so you can’t see who owns what or where the money flow is, but the only admin that would make sense is RIFC.
I think TRFC own the assets ( Ibrox is listed on the land registry as TRFC IIRC) and the player contracts, but the holding company (RIFC) issued the shares and then provides money to TRFC as the sole shareholder. When TRFC mutated into RIFC, the shares in TRFC were exchanged for RIFC shares.
Admin doesn’t seem to solve anything. The debts are interest free, there are no onerous lease costs or other things costing the company money that they need to get out of contracts for – it’s just a company that is losing money on a regular and consistent basis. If the main creditors accept p in the £, there is no new money to find the ongoing losses so they are back where they started from.
The only way to make it work is for someone at the same time to buy RIFC but now basically debt free. Of course this would be for only say 1p per share but otherwise no one is going to provide the ongoing capital.
I think it could jeopardise their chances of qualifying for a few years. I believe that to get a license to play in Europe a club has to have audited accounts in the three previous seasons. Now if this year’s accounts were to be rendered null and void because of incorrect information supplied by directors the cost could be no European football until 2021/22. In other words after 10 in a row.
15 point deduction they have passed the 5 year threshold they are now in year six takes care of the old club new club debate
Hypothetically could a secured loan be raised on the property,say 15 m then repay king etc so they are no longer creditors. In an administration the secured creditor has the assets and the other creditors get stiffed along with the shareholders- a bit like what cw had planned originally.
Or a swap of debt for the assets with NOAL ending up holding all the cards? That way the securitized assets will be valuable for the future version?
Craig’s pals have a claim on the assets already through sevco5088 being switcherood by Green.
possibly, we’ll see if they win in court. Of course, that piffling matter of non-ownership might not hold GASL back from selling them again 🙂
If you mean Ibrox, it’s a good question. In normal circumstances you’d use your stadium as security on a loan. I think Phil is making that very point when he repeats the lack of a credit line etc.
Makes you wonder.
Can someone remind me please? Is it 15 points for a first administration event and 25 for a second? On the assumption that the above are at least correct-ish the peepel and their board face a terrible dilemma. Do they take a 15 point deduction and admit that they are a new club or insist they are the same club and take a 25 point hit. Right now that would put them 2 points adrift at the bottom. CAN THEY FACE THE PAIN OF ADMITTING THEY ARE NOT THE SAME CLUB!! Much fun can be looked forward to in the coming months. Thanks for the heads up Phil. A good new year to you and yours and all men in general. Except of course, those involved in the running of Sevco. May THEY be visited by every plague and pestilence imaginable.
Sorry Charger but they won’t be forced to admit anything like that. After five years the original admin event is crossed off and any further event is treated as the first. So it is 15 points no matter what.
this decision will not be theirs to make.
its a first administration for sevco if it happens
Obviously, 15 points, because it’s the first administration of this company that operates the eternal club. The earlier company that operated the infinite club is entirely different from the current one. Simples For Aligned-Administrators (SFA)
Isn’t there a five year rule between insolvencies? It’s been over five years since 2012, so it’s a “first” insolvency regardless.
Since insolvency of oldco has not been concluded by BDO, surely on a technical point it can be argued that this is a 2nd insolvency event?
That only applies if the second Admin event occurs within 5 years of the First..
Although the Mk 1 admin hasn’t yet ended.
Regan will appoint Bryson to come up with a form of words that will maintain the same club myth but in the instance of an admin event the club will suffer a 15 point deduction, just because.
They have gotten away with much worse!
The LNS no sporting advantage.
The conferring of titles won by a cheating club, currently being liquidated, to a brand new club.
The DOS/EBT payments hidden from the SFA, and HMRC, which should have invalidated every result in which just one of the recipients took part.
Although the former SFA President knew more than most about the DOS/EBT payments being made but decided to keep that news to himself.
Anyone else wondering what’s taking so much time for the Compliance Officer to report his findings on the SFA UEFA licence process with regards to Oldco?
Everyone, including Regan, is aware that the application was fraudulent and that some of those responsible are still involved in Scottish football at both Ibrox and Hampden.
An admin error or some weakness in the SFA’s checking process, if they have such a thing, won’t cut it this time around.
Can’t wait to see how they talk themselves out of this one, come on Stuey give us all a laugh.
Harmlessly passing their time in the grassland away
Only dimly aware of a certain unease in the air
You better watch out, there may be dogs about
I have looked over Jordan, things are not what they seem.
Credit Roger Waters.
Jolly Rodgered Waters ..?
How do you know what Jolly did????
What God wants, God gets!
Credit Roger Waters.
Lights go out,
Walls come tumbling down…
Credit: Paul Welker.
???
Weller
Whelks come tumbling down!
Clever wording and phrasing!?
Campell Dallas apparently has 21 Partners who own/run the Auditing firm. I have a hunch that these Partners are currently ensconced in their Boardroom desperately asking some probing questions of the Partner who was handling and signing to the RIFC accounts. They can not be happy with whoever that Partner was, especially since the fees they got from performing the audit were minimal.
Under normal circumstances that would be the case but an over the knuckle handshake from Grand Wizard King sorted all this out months ago and any further probing questions from anywhere else will be dealt with in precisely the same manner.
How else do you think they’ve gotten this far?
Campbell Dallas was acquired by Baldwins 5 months ago; I suspect liability over the Rangers audit was politely left with the CD partners; it is highly instructive that the Rangers accounts were signed off in the name of CD, rather than, as is the norm, the ultimate owners Baldwins.
At least one of the CD equity partners is “Rangers-daft” and is likely to have had an influential say in whether and to what extent the firm acted for the, ahem, company.
If you recall the accounts were signed off by no-one in particular, Unless of course there is someone who works for Campbell Dallas called Campbell Dallas.
Would i be wrong to suggest that any audited accounts worth their salt need to have a wet signiture of the person/persons who audited them, not the company they work for. ?
Hi Phil,
Great read with a great LOL moment -‘intergalactic trainspotting’.
Being no stranger to the said insolvency practioner, I am certain that the good folk there would also find it hilarious!
This comedy just keeps on rolling…..
HH ?
That double-barrelled name did seem to present the opportunity for such a quip…
A local company went bust and and notices on the windows advised anyone with an interest to contact said firm. Every time I passed I smiled at the names combination.
I thought they’d have gone for Bulley Davey, Dunion & Co, Pococks, Griffin & King or Turpin, Barker & Armstrong over the intergalactic crowd but I suppose it’s all the same in the sky high fantasy that is Sevco.
Is this the company motto?
No one “does walking away” till we find oot which c*%t did it!
Forgive typos
This is the business case study that keeps giving! What a vehicle to teach business concepts to students! Wish I was still teaching.
If they go down the insolvency route, will a white knight appear and pick them up for a derisory figure like 10p in the pound? Is Ashley that knight, or is there another asset stripper unknown to most of us?
If an acceptable CVA emerges, will the phoenix be modelled on something sustainable, around the status of, say, Hearts?
What penalties, if any, could be enacted on King for providing a dubious warranty on the audited accounts?
The what-ifs go on and on!
Rebus
I don’t know what’s so sustainable about the Heart’s model.
They’ve been bailed out by an anonymous donation of £ 4.5 million .
Phil, if you fancy a bit of extra detective work , see if you can find out who would give a Hearts £4.5 million because their new stand is way over budget, but were nowhere to be seen when the club was in administration.
£3m of the anonymous donation was in place before Hearts embarked on the new stand project, which was originally costed at £12m. That’s now risen to £15m and the anonymous benefactor has stepped forward to meet 50% of the cost overrun. You can call that a £1.5m bailout, but Foundation of Hearts pledges are running at £1.5m per annum, so would only have taken an extra year of diverting those funds to the new stand to cover that part of the shortfall.
Around £6m of the total costs are already being met from Foundation of Hearts pledges – that total will have been achieved before the current season ends. In addition, Hearts have operated at a profit for the past 2 years, hence there are surplus funds from operations to go towards the costs. After Celtic, Hearts are by far the next most profitable club in Scotland, based on most recent accounts.
So, in short, the Hearts model is totally sustainable. They operate on a profitable basis, wages to turnover ratio is maintained at a very prudent level, and assumptions on revenue generation are on a conservative basis. No reliance on making the Europa League group stages in order to break even!
Word is the money came from partners in a financial firm, but it’s not like they would have posted massive losses without it. The first donation was £2.5m and Hearts went on to post a profit of £2.3m. Also, the money is going towards paying for the new stand, not transfer fees and salaries that the club couldn’t otherwise afford.
Could it be a Ticketus type arrangement?
Alec Salmond? Nicola Sturgeon? Andy Murray? David Murray? Captain ‘Conflicted’ Ogilvie?
The list can only be about that long, cos no one else likes Hearts.
Are you really trying to suggest that this behemoth of a business, albeit loss making and without a line of credit from a bank, is facing an insolvency event? This institution, this jewel in the crown of our national treasure, has endured since the time of the benevolent Cromwell, is the very symbol of our culture. Shame on you for suggesting that such cornerstone of our civilisation is in the hands of spivs, barrow-boys and carpet-baggers.
After the blip of 2012, this club started anew. No debt, a huge support a great income and a lesson learned. Like Hamilton Academical a decade before us we found ourselves at the foot of the lowest league, and like them too, with hard work, foresight and a sound grasp of our purse strings, we have re-established ourselves as a top six (ish) SPFL club in half a decade. This is not the story of a club who would stoop to the level of quasi-fraudulent planned administration.
I’m surprised you get away with saying the things that you do. I’m sure if this type of Shock Journalism appeared in a legitimate forum such as the Sunday Post there would be Hell to pay.
Don’t expect many people to be anything other than cross with you.
I suggest you and the Dog go for a few days hillwalking , perhaps taking the time to consider your actions, until this thing blows over.
Doesn’t this just stink people are owed money for services rendered and are being lined up to be robbed blind.
I hope you are proud of this Billy… remember all this has its roots four years after 1690 with the founding of the bank of England in 1694 and the bank of Scotland in 1695… let me remind you that Winston Churchill spent his whole life in debt…. the surest way to control anyone is to control their finances…. I wonder what he was programmed to do… ???
Anyone who has done business with Sevco after reading their accounts – or been too lazy to read their accounts – deserves to lose every penny and more. More ? Yes ! If they are public servants or employees of public companies with fiscal responsibilities, they should be fired immediately for incompetence and investigate for negligence and fraud.
I’ve just heard that Jodie Whittaker has been cast as the third Rangers…
Seeing as debtors will undoubtedly be told to whistle for their money, I’d say you probably meant ROGER WHITTAKER! ?
Aye, but I can’t see GASL going down with the good ship Sevco.
Oh dear. Most companies don’t even talk about admin until it is so late that they have no choice at all.
Since the sole purpose of a pre-pack admin is to dump debt and pesky creditors – the question becomes – who are the creditiors and will they vote for a CVA (Company Voluntary Arrangement) offering a few pennies in the pound to allow the company to continue trading – or will they cry Hell Mend Them and force Liquidation. Note that shareholders, including Club1690, have no vote in the matter.
The outcome looks more variable this time (sic) because there is no significant HMRC involvement as far as we know. What we do know is that T3B are owed several millions, other directors (Cillit Bang Man etc) are owed some millions, and NOAL (aka Dave King) is owed lots of millions. On top of that there will be the usual suppliers, public services and face painters – you estimated £800k unpaid invoices recently, which seems perfectly plausible.
I can believe that T3B were naive enough to make temporary, unseccured loans awaiting a warchest and are now prepared to lose it all to shake off King – after all it’s all lost money anyway. It makes sense that they are prepared to bite of their own legs to escape their bear trap. However, after getting a master class in admin-proof loans from Ashley, I can’t see King, Cillit and their ilk being so careless.
Hence, I suggest that King & Co may lose their loan money dring admin (creating a useful tax loss) but they will gain control of essential assets, with long-term revenue potential – so T3B may be disappointed to find that King & Co still features large and frequently in their future nightmares.
Quelle Piquelle !
Love it “Club 1690”
Phil,
Happy New Year to you and your family.
Your most recent revelations must bring back memories of the run up to 2011 and the liquidation of the ethereal entities Mother Ship. It looks like Admin is the next natural step for the failing club/company as Glib has now created the perfect storm. TOP, cash fast running out, Creditors unpaid, split Boardroom, split fan base and with Kerr’s divorce from Jabba a split MSM.
They are also regressing back to 1690 with the appointments of Jimmy Nicholl and Bomber Brown and the ‘staunchometer’ will be in the red zone for the rest of the season.
But with so much hilarity it’s difficult to know where to start with the jelly and ice cream. Keep up the good work in 2018, lol.
I see that the Daily Record is calling the place ‘Murray Park’ again, instead of Auchenhowie. Is that a non-too-subtle attempt to inveigle the Hunnish hordes into believing that the place should be done away with (Murray =bad), and that the impending mortgaging of the place is actually good news?
Ho ho ho merry Xmas & a happy new year sevco …….ice cream & jelly anyone ?…… Keep up the good work phil
Thank £#%* for that,I thought you were about to chuck it.
Irons in many fires Phil,keep at it PLEASE,We cannot rely on Jock,sorry,Joke Media,they simply don’t do ‘investigative journalism’
HH??
I wonder if Sevco can delay the inevitable until after the split? Else, with applicable points deduction, they risk being overtaken for P6 by St. Johnstone and Motherwell ..
I have no reason to doubt the veracity of this.
You got it right last time.
The accounts stated £7.2m was needed. No one believed King’s promise to personally gift this sum.
In the face of public financial facts, the SMSM peddle that finances are ok.
It’s a long five months to the end of season. Then, of course, no match day revenue for two months.
I presume it’s a fix is in type of Admin where Glib and three bears keep their full Creditor status but other creditors like Pedro and Warburton get shafted.
Now Warburton is wageless, I presume he will be turning attention to his dues from Sevco.
Players and Admin staff can expect redundancy with minimum payments.
Astounding scoop Phil (and a Happy New Year to you and yours, too). Suggest there will be much squirming at Ibrox as board members who OK’d the now highly dubious audited accounts seek to create some clear water between themselves and Dave King. Seems they are contemplating pushing Sevco under a bus so they can play the heroic naysayers as they wave farewell to GASL, crocodile tears in their eyes, as he retreats across the Limpopo. Wonder when the Daily Radar will wake up to this world exclusive? Wonder when the footballing authorities will wake up, period.
I think I am getting a little hard here…………..
Please god let them go into administration
Rangers….left creditors worse off.
Sevco….
Not be the same club but definitely the same type of people running both of them.