A short history of insolvency planning at Sevco

As regular readers will be aware plans have now been put in place for a planned insolvency event at Sevco.

However, such plans have been made before.

In January 2014 and Laxey partners had seen enough under the hood to know that the cost base at Sevco was cripplingly unsustainable.

Consequently, they drew up a detailed plan for an insolvency event that would have lasted no more than 10-12 working days.

However, the Isle of Man based hedge fund couldn’t garner enough support in the Blue Room to action the plan.

I reported this at the time and the then PR advisor to the Blue Room chaps sent out a tetchy statement with CEO Graham Wallace’s name on it.

It told The People to ignore a blog based in Ireland.

Of course, it worked.

So much of the connecting tissue at the Ibrox Volkstaat is formed around hatred of Ireland and the Irish.

It bought the Sevco High Command some time, but not much.

Less than three weeks later insolvency was only avoided by Laxey Partners and the Easdale family coming up with £1.5m in emergency liquidity between them.

It was a vindication of the reporting on this site.

Moreover, it was a very public admission that the millions brought in from the IPO had been spent.

Since then Sevco has limped on with frequent infusions of emergency funding.

The club that was created in the summer of 2012 has never had an overdraft from a bank or a loan from a finance house.

There was no more mention of the “A” word from the Sevco High Command until September 2014.

That was when Philip Nash, then the de facto Chief Financial Officer, realised that administration, as envisaged by Laxey partners, was unavoidable.

The only thing that would prevent such an event would be for some new investment to appear.

That is exactly what happened the following month and it ushered in the brief era of Ashley control.

Big Mike stumped up with £3m of emergency liquidity in October 2014.

Then the following January Sevco was further stabilised by having £10m to draw on in two £5m tranches from Sports Direct.

In the end, only the first portion of the available monies was drawn down.

By that time General Ashley’s two staff officers , Derek Llambias and Barry Leach, were running a very tight operation at Sevco.

I now know that the Ibrox enterprise was within six months of being at a break-even situation.

Of course, events dear boy, events.

The Off Licence Putsch put Mr David Cunningham King in power in March 2015.

The South African based convicted criminal had a clear plan to run the business on Other People’s Money (OPM).

The fans lapped up the gushing coverage from the excited members of the Stenography Corps.

The “spivs” had been routed and “Real Rangers men” were in charge.

Of course, the hacks were not well disposed to follow follow the money.

The fans were drunk on the idea of the glory days returning to Ibrox.

They had been promised that Dave King would lavish his personal fortune on the club.

Except that it was The People who would largely be bankrolling the operation.

However, they grabbed it the way a junkie snatches a fix from the hands of their dealer.

It was the OPM of the masses.

The RIFC year-end accounts for 2017 were only signed off by the auditors because New Oasis Asset Limited (NOAL) promised to meet the substantial cash shortfall.

NOAL is, effectively, Mr King.

By the end of November, NOAL should have provided £2.9m in liquidity.

That money never arrived from the (Quintessentially) British Virgin Islands.

At that point, Mr Alistair Johnston realised that he was dealing with a full-blown liquidity crisis.

Moreover, for the first time since March 2015, the Serious Professional had someone in the Blue Room that he could professionally relate to.

As previously reported here, in the last two months of 2017 Sevco has tried unsuccessfully to acquire invoice financing from four financial institutions who offer that service.

Mr Alistair Johnston then contributed a portion of his own personal net worth to keep the show on the road.

He is the antithesis of King.

He genuinely DOES care about what he sees as his club and it is clear that the events of 2012 had a lasting negative impact on him.

As for the other directors, the main financial contributor within the Blue Room since March 2015 is maxed out.

Any further infusions of emergency liquidity from that source are now permanently Parked.

If the administration button is pushed in the Blue Room it will be done by men who want a football club at Ibrox to survive in some form.

It will not be actioned by a snake oil selling saviour south of the Limpopo who has no fucks to give about The People or their beloved basket of assets.

The insolvency clock is ticking.

95 thoughts on “A short history of insolvency planning at Sevco”

  1. Maybe Trump could help out with his billions he is of course a stupid ,dark age ,cave dwelling white supremacist hes custom fucking designed for them

  2. How can they hire three youth coaches go to a tournament in America sign new players albeit on loan bring loanee players back to up there wage bill even more I think people are just hoping admin happens don’t think it will just my thoughts

    1. 15 point deduction, it would leave them seventh as of right now. Administrators can legally dismiss contracted staff to cut costs. If it happens during this transfer window they could sell players for a fee and recoup some money. After that they would get nothing. They can renegotiate outstanding debts, potentially saving millions. However they would find it next yo impossible to access credit after the fact.

      Admin allows an otherwise profitable business to shed or restructure debt, provide some return to creditors, and become profitable. Rangers has run at a loss since it was founded in 2012.

  3. Can’t see Admin happening. Cutting of costs would presumably mean gutting part of the playing staff, therefore reducing chances of European qualification (and ‘progress’), which they have stated their current survival depends on. Season ticket revenues would also take a blow for a team with middling ambitions. They will need to tough out their present stated strategy, finding finance from somewhere, as the alternative could be crash and burn, though the outcome of the King situation with the Takeover Panel is still a big unknown and whatever that might mean has forced their hand.

  4. 15 points deduction for a club entering admin for the 1st time.
    25 points deduction for a club entering admin for the 2nd time

    the fun that will be had with this….

    also, what happens to king if sevco do go into Admin2 : The Sequel and his court order re the 11m share offer?

  5. Sorry, but I still don’t understand the point of Administration here. If it’s a matter of cutting costs then that can be done fairly easily now – just stop signing player,s or sell players, or reduce staff across the board. There’s no need for Administration to reduce costs.

    In fact, Administration will cost money – and will be unpredictable for the club’s main creditors. By kiboshing European football next season it also has significant medium term costs.

    Clearly they are low on cash, but administration strikes me as absolutely the worst option from the point of view of the directors/creditors.

  6. OPM…lovin it..!! If the admin button is pressed and they have to sell their “star” players, I imagine they will get next to nothing for them as everyone is well aware of the financial mess their in and desperation for cash. That said, any monies coming in will be going straight back out again to pay the clubs from whom they were purchased. Okay they’re off the wage bill, but the losses on these highly prized assets will be huge, not to mention any signing on fees which will no doubt have to be honoured…and who said Christmas only comes but once a year….

  7. Phil, unlike the Glibness I’m happy to admit that I’m not a CA but I’ve read the Celtic PLC accounts and in the breakdown of Operating Expenses there’s a 20 million deficit which is not addressed:

    On page 7, the group declares 76 million in running costs yet, in the breakdown of these costs, the total only comes to 56 million, not 76.

    Further, on page 8, the group declares 64, 689 million in Football & Stadium Costs, up from 47, 173 mil in 2016, so I was wondering if Rugger Guy could clarify whatever I’m missing here.

    I couldn’t find his take on these accounts on your History, probably due to the phrasing of the headline, although I did read his assessment at the time and, IIRC, he didn’t mention this high cost increase.

    I did, however, notice that he mentioned in the interim accounts from February that ‘the cost base has increased sharply’, that ‘There are a few caveats, the directors have advised against extrapolating these numbers’ and that, like myself, one of your readers spotted the declared cost of the playing squad for 2015-16 (Demebele, Sinclair et al) that BR bought was 10 million when it was well known at the time that the total cost of these men was around 6 million, less the 4.5 brought in from the sales of Johansen etc., so a total spend of only 1.5 million, which was, to my mind both then and now, an incredible bit of shrewd business.

    Someone else comments on this almost doubling of the Playing Costs on the same thread, ‘Rude Financial Health & Mutinous Sentiments’, funnily enough, and asks if it’s agents’ fees or what, and why this aspect has been fudged.

    So any clarity on the discrepancies between pages 7 & 8 of the Celtic PLC Accounts for 2017 would be very much appreciated.

    Thanks in advance.

    1. And a quick message for Dhenboy, if I may:

      Here is further confirmation of the threefold increase I mentioned:

      ‘THE BHOYS BANK: Celtic reveal yearly revenue increase of 74 per cent to £90.6million in PLC’s annual results due to last year’s CL qualification.’

      https://www.thescottishsun.co.uk/sport/football/1591242/celtic-revenue-increase-plc-annual-results-90-6million-champions-league/

      You do understand what 74% means, Dhenboy?

      Three quarters, no ..?

      1. Yes, Owen, you might well think that but you’d be completely wrong and you are.

        In fact, if you’d been paying attention to my previous posts rather than being all haughty and presumptuous you would know that my questions on this matter are borne out of a great and lifelong love for Celtic FC, as the Lions were the single greatest influence in my young life and I was going to see them before I was even going to school.

        So you can box your wrong sided thoughts for a moment and pay attention:

        I remembered well my grandfaither & uncles calling out the Whites & the Kellys for their ‘not declaring the full attendance’ scam they had running during games as far back as the early 70s and we all knew that the taxman knew what they were up to but they were allowed to get away with it until we, the Celtic family, ousted them in the 90s.

        And now that I see 20 million pound holes in our current accounts and wonder why it costs so much to run Celtic (76 million last year) then I can’t help but remember the warning I was given 25 years ago by a lapsed Masonic friend of mine not long before he passed about the plans this malignant ‘brotherhood’ had for the Scottish game and how it fitted into their overall plans

        ( I won’t use ‘agenda’ but you get the picture.)

        And I know that it’s heresy akin to questioning the wholly unproven Scientism of NASA to question our current PLC board but, when I see a 20 million hole in the accounts, and we all know Peter himself is part of that very same brotherhood, as is NASA themselves, then I cannot help from wondering what they will do to our club next, having had a clear run at it with the Oldco.

        Remember, it was the highest ranking Freemasons who ripped Rangers apart for all it was worth, who’s to say that they would take any more care with Celtic?

        These men have affinities with nothing in Scottish football, you can see with your own eyes what Freemasonry has done to our game, unhindered and completely unperturbed by any authority over 3 decades and more.

        And even if Rugger Guy does clear this gap up for us, I will always have one eye on this board who repeatedly never tell us where the money’s going, just that it’s the vaguer than vague ‘Investments’.

        For one of the greatest loves of my life is the mighty Glasgow Celtic FC, and all that goes with it:

        It is NOT Heated Driveways PLC and all the Tory Masonry that comes with that.

        So, tell me, Owen, do you get it now?

        Do you understand my grave concerns for the club we love?

        HH

        1. We are celtic.
          We will only remain celtic if we keep our ship in order.
          My guess MR M had been a hunch I have had all along.

          All this money coming in, is being spent on club and will also in roundabout ways goes to rewarding directors. Desmond will be due some return and I think he will get that one way or another.

          Other reason will be for tax purposes I believe. But main thing is, STAY LEGAL AND DONT GO INTO “GREY AREAS” too much.

          It’s important that people ask the questions.
          dare I say it it’s massively important that the “internet bampots” (sic) like Phil. Especially Phil, keep an eye on matters Celtic, and if anything which doesn’t look right happen he should report on it.
          We have to avoid complacency.
          To celebrate mindlessly is fine, about the demise of the ibrox clubs, but we must make sure that we hold our board accountable.

          Because you know what? See if we don’t, then you know what that makes us?

          Gullibillies. Makes us just the same as the ibrox supporters.

          1. Correct, NT, everything in life must be questioned, to do otherwise is is stupid and arbitrary to our own self interest, ie, gullible, but there’s a sad lack of this salient fact going around, it seems.

            The problem with your ‘grey areas’ is that we can only but speculate until the board shows us accounts that are FULLY transparent so we can all see where all the money is going, ie, who gets what, as the following statement could not be clearer in telling us that, despite being a PLC, not quite everything is available for our consideration:

            ‘The financial information in this preliminary announcement has been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards as adopted for use in the EU (IFRSs) but DOES NOT INCLUDE ALL OF THE DISCLOSURES* that would be required under IFRSs.

            (*My emphasis)

            ‘The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended 30 June 2016 and are those which will form the basis of the 2017 financial statements.’

            Meaning, further lack of full disclosure.

            It’s heartening to know that I’m not the only Celtic man aware of this stuff, NT, as I say, it’s almost heresy to question the board these days, throw the crowd three trophies and they can’t see where your hands are, but I believe my questions have remained legal throughout, although it’s also our job to look into the areas which might not be, particularly after what they ‘brotherhood’ did to Rangers in plain sight before us.

            It’s not only Phil’s job to do this, it’s the duty of every Celtic supporter to remain diligent and aware of what’s going on in & around our great club, as we cannot hand over all responsibility of care to any one individual, as that, too, has repeatedly proven to be arbitrary to our own collective well being down the years.

            You already have the eyes to see and the savvy to know what I’m saying, and it’s this, our own innate knowledge, that we have to learn to trust going forward, not the word of anyone else, for these are the most deceptive of times and the people in power are doing all they can to divert us from their divergent actions.

            Thanks for your understanding & support

            HH

      2. Think u are wrong there Owen. I don’t know who mr m is. But he’s asking questions we should ask and keep holding board accountable. As we have to avoid same fate that befell rangers back in 2012.

  8. Great article Phil.
    King is a convicted criminal and a glib and shameless liar.
    What I’ve never understood is his motive, as you say, he has no fucks to give, he would have realised that, Charles of Normandy had cleaned out the basket of assets and there was slim pickins on tribute act.
    What’s his purpose?
    Financial?
    The glory of chairing the engine room subsidiary?

  9. Totally off topic – but some world class whataboutery from the Tories today that the SMSM could learn from.

    NHS statistics out tomorrow- what should the message matrix focus on this week?

    What do the young people want who voted for Corbyn – says fat sweaty pale stale male in central office – we need to be relevant to the under 50s.

    What can we promise them that they’ll fall for? I mean vote for.

    Well fox hunting didn’t work – we need to think out of the box. I know – let’s do hope and positivity like Corbyn did – he got away with all kinds of shit – the young are suckers for hope – all that green bollox they are always bleating on about – get No 10 on the phone – we’ve got something here – big plans – 25 year targets – we understand your angst – Theresa has a vision to save the world and the dolphins and baby polar bears and . . .

    Meanwhile, in the real world, the NHS is vomitting black blood from internal bleeding on a trolley in a corridor – today – after seven years of Tory austerity. One percent increase in funding over seven years of four percent rise in demand. Compounded, that means that capacity is now 24.4 percent behind demand in their tenure – and not even in a planned, systematics way – no – in a totally shambolic, fucked up, deny-deny-deny, chaotic way.

    May is a cryogenically cynical cyborg – cold, heartless, inhuman. Tell that to your vicar father, Theresa.

    “Keith Joseph smiles and a baby dies in a box on Beasley Street” – John Cooper Clark (1980) – make the “Theresa May smiles ….”

    1. Brilliant stuff, CC.

      Of your many excellent contributions on here down the years this one tops the lot by a country mile.

      And you even ended with one of the greatest, most angst filled lines ever written, either by JCC or anyone else, so good it needs it twice:

      Keith Joseph smiles and a baby dies in a box on Beasley St’

      As my granny used to say, It’ll all come out in the wash, and then those who don’t get our points here will see the precise reason for our anger and disgust.

      Respect to you, CC, and to JCC too.

      Incredibly, he’ll be 69 next Burns Night!

      But, as he says,

      ‘Poetry is not something you have to retire from.’ 🙂

      https://youtu.be/37QUUwp9xIs

      https://en.m.wikipedia.org/wiki/John_Cooper_Clarke

      Question everything.

  10. why are they still allowed to wear 5 stars on their shirts, and if you say they were liquidated, what do the stars stand for

    1. Charles green ‘bought’ their history.

      Although why they’d need to do that I don’t know given they’re the same club.

    2. the stars represent years of existence…or millions of pounds of debt..or banks that have declined credit…or managers…or chairmen…or where they finish in the league…or catholics in the team…

    3. They say that each star represents 10 of the 54 titles won which is of course entirely at odds with having been liquidated in 2012. Maybe they should have one oil can above the badge to represent the Petrofac cup which is their only cup success thus far.

    4. Good point. The crest on the badge also.

      All who read this site. Imaging for a minute if all that has happened to Rangers in fact happened to Celtic !!

      OMFG everything that should have happened to Rangers would definitely have happened to us. The media would have been all over it.

    5. Because that is down to the club and kit designers, not the authorities, and it can therefore mean anything you like, whether truth or fiction.

    6. The stars represent Rangers jealousy. Rangers only started wearing stars on their shirt after Celtic put a star on theirs, to represent winning the European Cup.

    7. Still allowed to wear stars on shirt because the SFA allowed Charles Green to buy the assets of Rangers (liquidated) and reform them as The Rangers. (Sevco Scotland) in the five way agreement, the new club which is touted as the same club is allowed to keep the titles and history of the old club

    8. Could be that the relevant footballing authorities in Scotland fear ‘social unrest’ and ‘Armageddon’ if they took the supposed right to wear those stars away? Not my words, they are from the mouth of Stewart Regan.

    9. The stars are a meaningless invention awarded by themselves to themselves. They, or indeed any club, can wear as many stars as they want. These aren’t SPFL awarded stars and shouldn’t be confused with the stars UEFA sanction for clubs that have won the premier European football trophy. See Celtic’s strip for further details. Rangers devised the 5 stars as a response to Celtic’s single star as they didn’t like the sense of inferiority they experienced.

    10. Each star represents a full year of the club’s existence!

      In a month’s time – come the 14th of February – they would be entitled to a prestigious sixth star.

      But then, a month is a long time in football…

    11. Celtic have one star, and Aberdeen have two stars. And this is the correct way of things….

      Stars on your shirt represent European trophies won.. At no point, that I am aware of, have the SFA sanctioned the use of a single star on the kit to represent 10 League Championships, whilst Holland, Sweden, Norway and Italy HAVE allowed this…

      Celtic won the European Cup in ’67, beating Inter Milan. Celtic therefore wear one star.

      Aberdeen won the European Cup Winners Cup in 1983, beating Real Madrid, as well as the Super Cup in the same year, beating European Cup winners, SV Hamburg. Aberdeen therefore wear two stars.

      If my memory serves me well, the now defunct RFC (as they were known) brought out 5 stars in 2002/2003 season, when they had won their 50th League Championship. As far as I know, there is no official sanction for this from the SFA.

      It was after this that Aberdeen added the 2 stars, correctly, to their shirt. Don’t know when Celtic added theirs…

  11. Phil, When you say Surrender no provided finance to keep the show on the road, Would this be in loan form until the money from the Florida cup thingy comes in,? How much are they expecting to make from the Cup. $500k after taxes, or a big fat zero after taxes and Surrender’s loan is payed back with interest.

  12. that would be an end to the world class breakfasts then in the mornings!
    how they let King, P Murray & Alastair “No Surrender” Johnstone anywhere near a football club again never mind that mob is anyone’s guess. How will the SFA run for cover when this happens? Celtic asked for an inquiry into the events of 2012 to ensure that this couldn’t happen again in the future, the response they got from the SFA & the other Clubs was hee haw and “no appetite for raking the coals” etc…Personally, I want them to circle the drain properly this time and not reappear.

  13. Kings fae Castlemilk (apparently )

    I remember when they changed the name of the boozer there

    “The Oasis” became “The New Oasis”

    The original Oasis ceased but the same nut jobs are still running aboot oblivious to what happened shouting WATO

    Surely a coincidence that Kings fae Castlemilk and his company is called New Oasis

    Couldy make it up

    1. Well spotted!

      There’s a link between King & the guy who crashed Third Lanark too but no one seems to want to know what it is, even though the parallels are breathtaking …

      1. Third Lanark didn’t die. It was just the Holding Company Engine Room Vehicle.

        At the time if you said that, working class punters in the terraces would have laughed. These Ibrox Jokers expect people to be impressed with such bollocks.

    1. Was it Karl Marx that penned the phrase, OPIUM OF THE MASSES?

      OPM OF THE MASSES Is appropriate in this instance, as the 2 missing vowels are IO – as in “I owe”.

      CHAPEAU x 2, or should the correct French term be CHAPEAUX?

  14. A very concise and genuinely accurate description of Liquidity at the Sevco Corporate Vehicle over the last 5.5 years.

    However, it shall continue to trundle on as long as individuals pay in their private wealth.

    When this willingness is exhausted there will be insolvency.

      1. Relgious aspect? What religious aspect other than hatred of Catholicism and intolerance? All this Celtic Catholic – Rangers Protestant stuff is nonsense. A great many of the biggest names in Celtic’s history were/are Protestant, and a great many Celtic fans are the same. That could not be said of Rangers with Catholics as their biggest heroes and servants of the club and we all know why, despite the many who have worn a blue jersey and played for both clubs at Ibrox in the last 29 years or so.

        I would suggest that Sevco, and Dead Cheats FC before them, are seen as a religion by their idiotic supporters. Some pseudo Protestant defenders of their faith.

        Which particular schism of the Protestant faith remains to be seen, because there are many of them, each with their own individual quirks and different viewpoints.
        I wonder how many of them visit a Church or Kirk or Free Church or any place of worship on a Sunday?

        Not many judging by the recent figures released pertaining to congregation sizes at Church of Scotland as an example.

        Sevco, and Dead Cheats FC before them “survived” on bigotry. All this “silent majority of decent Sevco fans” is a myth. The sheer volume of the anthems of hate and bigoted supremacy sung with gusto by one and all at their games puts that lie to bed in an instant.

        Their sole purpose is to provide an outlet for the lower class bigot in this country to gather and try to return those fenians to the back of the bus. The upper class bigots sit in the austere wood panelled suites and conduct the lower class trash in the cheaper seats. It’s just all about the levels of bigoted trash.

        That is not religion, that is the doctrine of hate, supremacy and division. This is fostered by public bigoted organisations and secret society all the way to the top of the political tree where bigotry is real and it thrives. Hate is not a religion, except in the minds of the worst kind of bigot who is allowed to use, and be used by, a football club as their vehicle to express this hate.

        I personally do not care for organised religion in any shape of form, however I respect those who have faith, I pity those who have hate.

  15. Soon everyone will be wise after the event and many of the usual stenographers and apologists will assert they knew exactly what was brewing but were bound by a duty of confidentiality yada yada yada. Just check “News Now Rangers” on Google to see what these charlatans are prioritizing in their reportage between now and Admin day. It’s all part of the fun in the built up.

    p.s. particulalry like Rangers: OPiuM of the Peepul

  16. What a month Your having Phil, priceless reading as per usual, but i was reading a a reply on one of the main blogs the other day, and the guy said that surly time is of the essence regarding pushing the Administration button, would it not make more sense to activate admin, whilst the transfer window open, so as to maximise possible player sale’s, OK maybe at reduced prices but still a way of offloading some dead wood, and even cash in on any …Ahem….prized assets they THINK they still have. So could/should we be expecting the inevitable alot sooner rather than later…I can hear some fat lady warming up her voice, and it’s sounding perfect…HH

  17. Can anyone tell me what administration will actually mean to this club? I get a 15 point deduction as a penalty, but what about players, assets etc.? Are they still not worth more than they owe?
    It really beggars belief that such a state of affairs should be allowed to exist.

    1. The point of administration is to attempt to cut costs and save the business
      If they can offload all of the high earners via transfers or releasing them then they MAY be able to limp towards the end of the season
      They may owe more than they are worth but that debt is largely internal and owed to director/shareholders
      As long as the club/company/ethereal entity is funded in this way they can limp on indefinitely

      1. Administration will do nothing to get rid of any of the big earners as this would create football debts and the SFA have already insisted (I know) that these are covered.

        At least that’s what happened when Hearts emerged from administration.

        Incidentally, the old club, which they insist is the same, is still in liquidation so why would this not count as an insolvency event?

    2. Its a chance for the business to put its hands up and say we’ve fucked it, we can’t give you the money we owe you but if you give us a chance we’ll sort it out. So say u run a cafe and I supply your milk and you owe me 50quid. I can take a tenner instead of 50. Leta say you run a cafe in Govan but you serve caviar and champagne. U agree to stop all that and do rolls and bacon from now on so you make enough money to pay my 50 quid next month. If i let.you go bust I might not get my 50quid. If I give u a chance though I might get my 50quid every month for another 20 years, so I do benefit. Its the person who’s owed the money’s choice if its CVA or not, I guess they need to decide if the post-admin business plan looks good. Sevco still have 40k season bookers so they always look tempting to somebidy IF they can keep the costs down. (Ie Big Mike’s plan, Run the club at break even prices, on season books should place second, maybe win a cup, and that would keep 40k punters buying his sports direct gear).

    3. Johnny McB,

      RIFC is worth more than they owe. They are facing a liquidity crisis, not a solvency crisis. If they were to be liquidated by selling all the assets, including Ibrox, to the highest bidder, there is zero doubt all creditors, including one David Cunningham King, would be fully paid all money owed. However that would be the end of RIFC and we would have to commence debating whether or not ‘Rangers’ is a new-new club, or just a new club. Ugh!

      The benefit of administration, as a means to solve the liquidity crisis, is to rip up any onerous contractual obligations for services that have not yet been rendered. Specifically, they can cut loose all the high earning players and owe no more than accrued wages. Once they do that, they’ll be on a break-even footing and have a fighting chance of ongoing survival. Of course, they still need someone to stump up some cash to pay additional bills as they come due — season ticket money won’t arrive until June, and it’s best most of that is banked and earmarked for wages/bills due in the 2018-19 season.

      Simply put, they need a cash injection to get them through the rest of this season, and they also need to permanently reduce the ongoing cost structure of the club. Administration allows them to accomplish #2 with the stroke of a pen, but it does not solve the first issue.

      1. It is estimated that RIFC/TRFC have a cumulative debt of around £20,000,000 owed to directors and suppliers. They haven’t made an annual profit since they were founded. The assets of the liquidated club were sold for £5,500,000. I cannot see how those assets have at least quadrupled in value since 2012.

        1. Going for 5.5 or going for a song, it makes no difference in the international game of Sevco Switcheroo Poker.

          As we’ve all asked for years, ‘What’s to stop them from doing it again’ and, as we can now see, there’s nothing to stop them, so they’re doing it again.

          And who can blame them, the first club scam was perhaps the biggest heist in world sport, and though 20 million debts can neither compare nor be sneezed at, I’m sure Dave and his mates, whoever they might be, see the long term potential in working that same old number one more time for the road.

          It got Murray a knighthood!

  18. Great piece measured and balanced.
    One Sevco fans forum, whilst not insulting you phil, referred to the Jamie Murphy transfer as “ an Mbappe style deal”.

    The irony of such a statement is cruelly obvious, yet the poor gullibillies can’t even see it.

    Said Mbappe deal took place as PSG have far too much money and have to stick by the UEFA rules. So he will be loaned then bought at end of that loan deal to stay in line with spends etc.

    The Murphy deal was struck as Sevco have no money and indeed if he is not a major hit at ibrox. They won’t stump up the first part of the fee for him come June.

    It’s anybody’s guess what situation they find themselves in come summer.
    I feel moonbeams approaching to come riding in at the 11th hour for a second stint at ibrox. how amazing would that be?
    The guy who caused all the problems with rangers will then ride in to “save” the tribute act, or will it be to ultimately sink a second ship at the house of shame?!!

  19. Sevco “limped” past the five year rule. NOW they can’t be penalized 25 points, when this was always their plan. The Primrose Pledge is underpinning every move down at the Lodge where secrets are kept and grasses are cut down, and neck slashing is a secret past-time.

  20. If King is told he can no longer suck on the bones of the carcass he could from the comfort,safety of Sth Africa pen a tell all book thus bringing the entire house of cards down.Interesting times ahead.🐊

  21. …just to double back from this hilarious episode please, has their ‘stadium’ somehow self stabilized? Nothing is said about its state of repair anymore Phil.

  22. Can anyone advise if a date has been set to hear the GASL appeal to the TOP decision ? has the appeal hearing been accepted if so it will surely impact on the 21st deadline date given.

    1. You can only appeal such a judgement on a point of law and I’m sure the esteemed fat cat that got the cream aff Dave’s bunnet, James Blair, would have found one in Lord H’s statement if one existed, so There Is No Appeal.

      It’s just Dave buying time like he buys everything else, with other peepil’s gullibility.

  23. Hi Phil, have not posted for awhile, but this does have an air of familiarity about it. A way back in 2011-2012 you did state that this scenario could last for more than a decade. Just about halfway, Court cases abound, on their Fourth Manager, constant changes in the Boardroom also. And amazingly no other clubs apart from Celtic asking for due process. MSM doing their usual, o** f**m rivalry pish, not printing facts, actively misleading, and the totally complicit Governing Bodies doing their usual which is Zilch, making our game a laughing stock.
    Still correcting anyone who dares suggest Same Club myth.(was going to say till I’m blue in the face, but that would never be the case)

  24. Thanks Phil,
    “OPM of the masses ” best yet.My Sevconian colleagues and associates say you are talking pish.Yep I put them straight and have the jelly and ice cream in the fridge awaiting the announcement from Ibrokes that will shock the gulliebillies.Hope they are hurting.Deserve all thats coming.In BR and Phil we trust.🙋👍🍀🍀

  25. Phil

    It just can’t be true … I met all the Govanaticos today in Florida.They had just finished their world class breakfasts and they were all posing in funny suits called “trackies”… They gave me one that hadn’t been used with PENA on the back. They say he is now known as the “LoneStar” … Why do you make up all this stuff ?

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