Long term problems and short memories

Exactly four years ago this week the Sevco High Command told The People to ignore a chap in Ireland.

Their statement was very strong and highly unequivocal.

The Holding Company Vehicle stated that reports of a cash flow crisis had been massively exaggerated.

It worked, Ireland was mentioned and The People obeyed in time-honoured Pavlovian tradition.

Your humble correspondent had been tracking the Sevco cash crisis very closely at that point in 2014.

I haven’t gone away, you know.

Then three weeks later the chaps in the Blue Room had to organise an emergency loan to prevent an insolvency event.

The £1.5m was secured against some of the assets in the dignified basket.

The finance was initially provided by Laxey Partners and the Easdales brothers.

Now it is Close Brothers and the quantum is double.

The finance house was told by the Sevco High Command that the £3m plus full APR would be paid back from season ticket monies when they arrive in May.

That’s non-negotiable.

If they fail to make that then there are penalty clauses in the loan agreement.

This emergency loan will, best case scenario, cover the operating costs until April.

By that time the season ticket monies will start to come in.

I’m also told that Close Brothers were also very aware of the Take Over Panel issues.

Attempts were then made to provide a degree of comfort to them about more money being provided in the near future from a supporters group.

Moreover, the repayment of short-term loans that had been provided by two directors recently was also pushed back to the summer.

I’m sure that they will get their money back.

It is no coincidence that the amount required is exactly that which should have arrived in November from NOAL.

Perhaps Dave was misquoted in the RIFC year-end accounts…

After a discussion with the Serious Professional, an inter-galactic PR guru suggested that the best way to sell this to the fans was to trumpet it as an overdraft facility.

It isn’t.

It is a securitised loan just like the one that King et al berated the old board for back in February 2014.

However, this time it is for double the amount and almost certainly at much more punitive interest rates.

That this has been swallowed by The People as a good news story is a testament to their credulity and goldfish collective memory.

Accessing a securitised loan at punitive rates to provide operating cash is the sign of a distressed company.

That this morning The People are rejoicing says a lot about that sub-culture.

The other crucial part of the  Sevco  jigsaw is an almost complete absence of journalistic scrutiny from the local media.

136 thoughts on “Long term problems and short memories”

  1. Phil I see that your contention that others at the sfa should follow regans example and resign has been taken to heart with a whole raft of them calling it a day.
    Their ilk don’t usually go that easily , maybe the matter is about to hit the fan big time.
    Off thread but , well…. evidently the sense of entitlement and persecution starts all the way at the top . The masonic order have taken out an advert in the broadsheets entitled , “enough is enough ! “.
    It states that they have had enough of being discriminated against , etc etc and what a great charitable institution they are ,which is not recognised nearly enough.
    I though it was a hoax at first. thanks for everything and be lucky John

  2. I wonder has Close Bros twigged yet that they have just shelled out 3 million for an asbestos ridden shed and vacant piece of land.

  3. Oh dear!

    Some numpty at the SPFL has gone and bloody applied the “ineligible player” rules for U20 games. Raith Rovers and Queen’s Park have had games awarded against them 3-0. Surely a severe career-limiting move by some over enthusiastic scholar of sporting integrity who has not read the SPFL’s “other rules” book.

    That is one big, fat, farty, bacon sandwich at a bar mitzvah in a lift.

  4. Again, the question of the stadium in the room is being ignored.

    Why have they opted to secure this loan against Edminston House or the car park when they have a stadium sitting there worth so many millions? Why not secure against that?

    Is there nobody that can answer this obvious question? Phil?

    1. 1) The stadium is basically sacrosanct. The degree of supporter anger when it was found that MAs loan had been registered against it was of a level that only at the very last resort would anyone grant this as security
      2) As financial security, it is basically worthless. Apart from the perceived state of the structure, the only use for such a stadium is to play football in it. Therefore despite its ludicrous valuation in the accounts (the famous “negative goodwill”) it cannot be used for security against a loan whereby the lender can seize it and sell it to cover all or most of the loan in a reasonably short duration ( 3-6 months)
      3) “Worth millions”? There is a big difference between worth in the financial sense to TRFC/RIFC whereby they look at re-build costs or the costs to build a new stadium somewhere else and the value anyone else would pay to either ruse it as a football stadium or demolish it (or most of it) and build anything else
      4) The “peepul” wouldn’t let this one past even someone as slippery as King
      5) The other assets are somewhat more liquid and have a value to others. Plus no one has a deep attachment to an office block or a car park.

      That enough of a reason??

      1. Grab the Grass, it was a reasonable attempt but contained all the usual ingredients that are deployed to fudge the issue.

        Your numbering doesn’t fool me either and basically you are counting more than one point twice. You really only make 3 points, two of which are very similar, and these are;

        1) the fans wouldn’t be happy about it.
        2) it doesn’t make great security since you can’t very easily liquidate it or convert it to capital.
        3) it doesn’t have the value assumed in the books.

        Here are the obvious problems with your points.

        The opinion of fans doesn’t matter. This is business. Football is business. People too easily forget this on here. There’s nothing wrong or unusual about a football club using its stadium as security, as far as I know. I certainly don’t see anything wrong with doing so.

        Can you name a single football club that doesn’t or hasn’t at some point, in Scotland or England? If you provide the name of one, I will research it and am confident that I’d prove you wrong.

        Moreover, if the idea was so politically toxic, you’re going to have trouble explaining how pre-liquidation Rangers did it for so long before without any protest that I am aware of.

        Ashley’s Securitisation of loans is still shrouded in mystery but I don’t think it amounted to a straightforward security against the stadium, as you imply — as I recall, he had naming rights on the stadium, which is different.

        Just about everything I have said above can be used to refute your other two arguments but we can pick those apart for other reasons too.

        The argument that it doesn’t make a good security because it can only really be used for footballing purposes is contradictory. It’s because they need it for footballing purposes that it makes a very good security. Indeed, it was on that basis that they raised almost £30 millions on it as a security with BoS before.

        As for the value, that’s definitely a more complex issue. Key to arriving at a value would be the question of how much Rangers would be prepared to pay to avoid having to play elsewhere. I think, given the sensitivity of fans which you yourself give emphasis to, that any Rangers owners would be prepared to pay quite a lot to avoid losing the right to play there.

    2. Bomber Brown would know….
      Eh…naw wait a minute…
      He wants to know whaur the Deeds ur as well….
      Great question ‘though.

    3. It’s either hocked to the max or some other entity owns it and they are not having a bar of it.
      Why would they expect millions to flow? Season passes for the sevco lot is a case of throwing good money after bad, why would they?

    4. Craigy Bhoy owns the stadium. Anybody who tells you otherwise is talking absolute shite.

      Of course you will not read this in the SMSM. Bomber B knows the truth.

      The stadium is not worth millions. Due to the build of the shithole it cannot be extended. The front is listed so cannot be knocked down (yes I know we all want this) and inside it is falling to bits. As mentioned before, the stadium is only worth something if a team in blue is playing in it

      Simples……

  5. If all loans are to be paid back using season ticket money, this will include the VAT that is due on the season tickets.
    So what will the total repayable be?

  6. Craig Raeburn “why don’t you go home” is that the best you can do.
    The man is in Ireland he is home ,your a fkn moron.
    BTW your surname Raeburn origins are in Ryburn Yorkshire ,why don’t you go home .
    Maybe you could hook up with Mr Green, his big Yorkshire hands and your big mouth ought to be a win double.
    He can tell you how he ripped the arse out of you dumb fks, on reflection ,hes probably not in Yorkshire ,hes probably in his chateau ,that the peepil paid for.

  7. Phil,

    The statement released by Sevco states that the Close Brothers deal was secured against Edmiston House, the Albion Car Park ‘AND OTHER ASSETS’.

    The car park is only a bit of tarmac used for 90 minutes every fortnight for 9 months of the year and the now vacated Edmiston House is only fit for demolition (asbestos?). Together their total worth will be no more than half the Close Brothers “overdraft” figure of £3m. For Close Brothers to lend this amount on the building and car park alone I would expect their surveyor to have come in with a valuation of £6m to £7m. If not then this suggests to me that the value of the additional unknown assets must be in the region of £5m. In their jubilant state the Bears (and SMSM) seem to have completely overlooked this important fact – or chosen not to question it. We must be talking about assets far more substantial than the French bicycle or the Loving Cup.

    Any chance of you probing into this matter? Can you imagine the fury of the fans were they to discover the family silver is now in peril and it was entirely due to none other than the Jo’burg Messiah?

    1. The ‘famous car park’ has more to it than meets the eyes and ears…

      It is in property terms an ‘easement’ and effectively Sevcos very own Ransom Strip on their own property (we presume).

      This tatty patch of land was key to redevelopment and expansion of IBrokes and is required as an evacuation assembly and emergency services area in the event of such a situation. If it were to fall from ‘Rainjuurz’ control/ownership it would have catastrophic implications on the match day running of the club, impact on capacity by 10s of thousands and probably mean (you’d think) an end to any European participation.

      Does it not seem strange that such an asset has not been sold off years ago?

    2. The car park was instrumental in the planning for the club deck .

      As far as a read, it is the main emergency muster point if the stadium is evacuated.

    3. Billy Boyce. Whoever owns the car park. Calls the shots.

      As far as i know from something a well known person stated on a website:

      The car park is an assembly point in event of a fire or serious event. Without access to car park the many thousands who sit on the “club deck” whichever stand thats in, cannot attend the game thus depriving the club of much needed season ticket/matchday revenue etc

    4. See the other thing that gets mentioned on here time and time again. Sevco do not own the fuckin car park. They own the lease to the car park (I’m sure it’s a 200 yr lease)

  8. Hi Phil great info again , was wondering how joe blogs can be investigated for tax returns for couple of hundred quid and fined and have to pay it back , but the ebt beneficiaries who owe millions don’t pay anything back , is the hmrc investigating and trying to get the money back , would really appreciate a reply on this Phil ,enjoy your time at home hail hail

    1. Apparently HMRC have started issuing “APN”s or payment notices.

      Presumably some were awaiting the supreme court judgment, but as tax matters are confidential then you won’t find much public info.

      Many are clearly out of range of HMRC being foreign nationals.

  9. It will be illuminating what the mid-year results show when RIFC finally publish them in March. Sadly, we’ll probably have to wait until the full year accounts are published to see the terms of this ‘loan’ and what it’s costing them in interest payments.

  10. As we say in Glasgow Phil “A wee Sneaky” today. The Daily Ranger today reports, (Jamie Shuttleworth, 16:10 Feb 2018 – WHO?) I repeat “REPORTS” and does not investigate the fact that both Raith Rovers and Queens Park were “STRIPPED” of points for fielding ineligible players.
    3-0 wins have been awarded to Stranraer and Stirling Albion in the Development League.

    Yet the Liquidated Rangers Football Club PLC 2012 during their illegal EBT years fielded some 55 players over a 10 year period who were supposedly “illegally registered but eligible.”

    Now If I were in an Administrative role at either Club there would be an appeal going in straight away. What’s the odds eh?

  11. When wee Fergus stepped in to save Celtic, the fans knew who and why the failure occurred. In 2018, with the internet and other outside agencies, why do sevco fans ignore the warning signs? Michty me, they really are thick, or stupid.
    Blinkered would mean they could see the chinks in the arguments. Hell mend these idiots, they deserve all that comes their way.
    Well done Phil, sterling work and a pleasure to read the hidden truth, HH.

    1. If the “holding company” was actually a much larger organization with multiple businesses and the football club broke even or made profits then no.

      The reality is that the two companies are so intertwined that they only issue one set of accounts as TRFC is 95% of the turnover of RIFC.

      Oh and TRFC has yet to record anything other than significant losses of between 10 to 20% of turnover year on year.

      SO Yes it affects the day to day running because the “club” is what spends all the money….

  12. Can’t see our pressers dressing this up no matter how hard they try. It looks like a “pay-day loan” , it smells like a”pay-day loan”. But hey, Jabba will try to spin this as seriously well heeled business men desperate invest in Ranjurs.
    What on earth will they securitizing on next seasons “pay-day loans”.
    Also, when will point horizon be met, cause the debt for equity loans are racking up and it can’t be long before they become larger than the basket of assets are worth…..i wonder if Cap’n Dave will go down with the ship, or will he have a lifeboat all to himself….

    1. What’s a modest millions loan? A tiny little teeny weeny one that they might forget that they lent us?Unscriptable but they said it anyway.Think I’ll apply for one of those but I’m too modest.lol

  13. I thought the season ticket money was being put aside to pay for Jamie Murphy, Jason Cummings etc, I suppose this news means either :
    1)They will all be going back to their parent clubs or
    2) GASL will be getting his legs broken by the loan sharks
    Who are Close Brothers anyway? The corporate arm of Quick Quid

  14. Now, i was wondering Close Brothers, then i thought Close Finance!
    Now i have. A little experience working in finance for etc.

    Im being vague, but one employer i worked for a well known one in Scotland, only used companies like Close when all the main lenders had backed out of approving finance to an individual for their large purchase

    So if for example blackhorse (LLOYDS) GE, Santander, Barclays didnt approve a loan. Then companies such as Close stepped in.

    In one industry they are famous, you see the older the car, the more punitive the % rates. Eg all the brand mew car adverts with low or 0% APR.

    then the cars a few months to 2 years old. Tend to have higher rates around 3.5 -5 flat rate or 8-9%APR.

    Then after that it almost doubles for cars 3-6 years old.

    For avoidance of any doubt (to coin phil), Close Finance wont be doing much financing for punters on many of Douglas Parks car lots, you see his product is usually far too niche for that kinda thing, the more creditable lenders are fighting for that business…..shame about Parks football club.

    Close finance generally come into play when it comes to the Arthur Dailly end of the market.

    Now i could be wrong but Sevco is the Arthur Dailly end of the football market.

  15. If the £3m And some directors loans are to be repaid from season ticket money, what proportion does that leave for running costs? Does it swallow up around a third before the next season even starts?

    1. Very quick calc. Assume 50,000 sell out at £400, £20m incoming less vat, £16 approx net.
      The loans will be a few million north of this number.

  16. And 24 hours later, by way of marked contrast, Celtic announce a near 17% rise in revenue and an increase in profits, figures which I wouldn’t include the VVD windfall. The gap on and off the field of play gets wider still. As is the gulf in class

  17. Just heard…
    Regan’s “successor” has chucked it as well…
    What’s going on…?
    Are we near a decision from the Compliance Officer…?
    Feckin’ hope so.

    1. The Compliance Officer is still clearing up the Ryan Jack paperwork and is far too busy to review the SFA procedures on UEFA licencing.
      Don’t forget that this is an organisation that can’t make a simple cup draw without mixing up 6’s and 9’s!
      They have no coherent drug testing program and Fleming’s fast track refs are the worst in Europe.
      Whats happened to the linesman who flagged Griff offside direct from a throw in at Firhill the other week?
      Not heard a peep about it since. Probably get the Scottish Cup Final gig along with Muir and McLean.

  18. Just wondering whose going to put together the financials to accompany the UEFA licence application for next season?
    The auditors, one of the many ICAS members on the ground, or will Kingy do the job himself?

  19. Without CL group money the business plan doesn’t work out. They have admitted this. They must know that to do this once in the next 5 years is unlikely never mind on a consistent basis. In jig time the season ticket money will come and go and they will be in the same financial turmoil as they are just now.

    What’s stopping them from pushing the Administration button, getting rid of the big earners and starting again with a workable business plan ? The hope of turning it around can no longer be there so it can only be pride and fear of losing face.

    Eventually they will accept the fact that they must run their business in the same way as Hibs, Hearts, Dundee et al.

    1. While I agree with your sentiment, I think Hibs run their business in a rather different way to Hearts and Dundee, two clubs who have managed to obtain a pennies in the pound debt bail-out through administration. Hibs have traded steadily out of a £17m debt and should not be mentioned in the same breath as the other two when it comes to matters of finance.

    2. Will the 2nd placed team in the SPFL go into the CL qualifiers if Brendan withdraws any player picked for the blazers summer jaunt to the Americas?
      What sanctions would be open to the SFA? Is this part of the grand plan?

      1. Just need to claim injuries – exhaustion – over excitement – whatever – will have won the league weeks earlier so can field reserve team in league – take it to CAS if SFA object – claim victimization – easy to prove by demonstrating a long history of pro-rangers bias – come and have a go if you think your QC’s hard enough – time for Res12 pay back

  20. Spied going in the back door at the home of the badgers( is that the right word) a Mr G.Reaper and a Mr B. Elzebub.
    What’s all that about?
    After all they are already deceased, are they not?
    Excellent sir.

  21. But what if King has ponied up the £7 mill but still found themselves to be £3 mill short. They expected several high earners off the books past transfer window that didn’t materialise. That’s gotta hurt.
    The last count was around the £20 million mark in soft loans, add to that the players they still have to pay for and this new provvy loan.. ooft, So much for being the only team on earth with no debt.

    They probably owe out as much as they will bring in in season ticket and mechandise next season. They may have to rely on Celtic’s Champions league bonus payments again to keep them going until November next season as i cant see them getting anywhere near the Europa league.

      1. Did i read somewhere in the recent past that GCC has a provision that states that the club must own and operate the Albion car park as a condition on one of the stadiums stands being able to fully open ?

  22. But seriously folks, when Lord Malcom tells King’s QC that his grounds for appeal agaisnt the COS’ Take Over Panel decision is pish and the cold shoulder comes down, the board will need to fire King as chairman to protect RIFC plc from contagion. King won’t leave quietly. At that time, the board need a source of finance to replace whatever King & NOAL are owed – when King takes his ball home. Otherwise, it’s Admin time. Have no doubt that King would take them and Rangers down out of spite. Wouldn’t be surprised if the Wonga Brothers have already agreed to provide further loans agaisnt other assets – STs, Ibrox (God forbid), Murray Park (is it an asset?), merchandise revenue (no, please), some nice brogues and blazers, a bicycle, some priceless ceramics, overpowering gullibility of the fans, some replica silverware,

    This may be a shrewd immediate-term move by Robertson to avoid an obvious IED – but he’s still dancing the polka into financial insurgent territory – not tiptoeing carefully out of it.

  23. Why can’t their supporters understand that they are already existing through LOANS. Yes loans. That indicates that it has to be paid back at some point. Now they are getting more loans and putting up their Albion st car park and Edmison House as security for those loans.
    They are clearly not solvent.
    The Directors are or must be close to being maxed out of disposible capital. There is an inevitability about the whole thing ending badly.

    History does repeat after all.

    1. The car park is crucial to allowing the Club Deck to be used. Apparently a marshalling point in the event of an emergency, so they can’t afford to lose it unless they rent it back from the new owners.

    2. But loans don’t have to be repaid – hasn’t history proved that? How many EBT loans were repaid, for example?
      Why not keep taking the money while some gullible fool is wiling to part with it and then go bust and start again as the same club with an unbroken history of success?
      Wouldn’t that be history repeating?

  24. I never knew you could pawn a car-park !

    Only in the ‘Secret Land of Govania’ could this be done…. AND praised by all concerned as some sort of financial wizardry’.

    They truly never cease to amaze!

    Sevco – still refusing to flush away after 6 years.

  25. Interesting to see the grey thread of the Close Brothers loosely sssecuring Sevco’s flapping dustrag to the motheaten tapestry of the former Rangers.

    Those with long memories will recall the days when Charles Green found himself studiously and loudly asserting to anyone who would listen that he had no previous business link to a certain Craig Whyte.

    Turned out that the no-previous-business-link was – the Close Brothers.

    Charlie had previous with them going way back, years before The Craigster sold off Sevco’s catering operation to them in 2011 – or more accurately, accessed a £2 million “loan facility”, secured against future catering revenue.

    Funny in life, how the same stories somehow keep repeating themselves…

  26. And the nagging question is,.do any of the board really believe they can turn this shambles of a business around? Is there anything that resembles a workable plan at Ibrox? Or are they resigned to the inevitable and are positioing themselves individually to deflect flying shite from the less stable fans.

    You saw how hard I tried to get money in from bankers and investors – it was him that let us down.

    I put my own millions in and lost the lot – he wasted it on stupid projects

    If it wasn’t for the stupid fenian Take Over Panel decision it would all have worked out – who are these people?

    SARS had it in for me and stopped me getting my money into Rangers – they’re the ones to blame

    The courts are just too slow and we couldn’t win the Take Over Panel appeal in time to save our club.

    etc

    etc

    etc

    add your own self-defence excuse here . . . . . .

    1. “The BBC and wider Scottish media have been against us from the start and made it their main agenda to see ‘Rainjuurz’ go under!”

  27. The rangers twitter sphere is full of “Great News”, “Onwards and Upwards” etc.
    They aren’t as stupid as some people on here think. they know what’s going.
    There seems to be a Tacit understanding among the support that they have to push this line. The biggest fear is support melting away, if this happens they are truly knackered. They know it’s this board or nothing and will go along with them…..until some catastrophic happens obviously!

  28. The good ship Sevco is caught in a whirlpool circling the plughole. A short term, securitised loan gives them just enough momentum to avoid being dragged under until the season ticket money arrives.

    But, take the £3m out of the season ticket money and all that happens is that the cash crisis bites deeper and sooner next season.

    The transfer window seems to have added to rather than diminished the wage bill and if the loanees can’t be signed to the planned permanent deals where does that leave the squad?

  29. You’re a bad man Phil. Imagine bursting the bubbles of all these delusional followers of the deid club or was it the holding company or even the engine room subsidiary . Here was me thinking that they were incorporated, the whole shithouse.
    I envisioned them down Edminstoun Drive, all singing and dancing, flute playing , lambeg getting the merde battered out it and copious amounts of the Buckie being swallied. Not with bleach I have to add, as that’s a tipple for the more intelligent among us. Eh Clumps?

    What happens ?
    Their Nemesis yet again comes out and dumps on them with a big dose of the truth. Celebration well and truly fecked.

    Deja Vu is a bitch Eh?
    Your productivity has been excellent.
    Many 😁 Thanks Phil!

    1. Indeed so, top work Phil. But as the ” big Aussie Tim” (my brick) looking in from here ( I left in 80). Are these directors not sailing close to the wind ie is it possible they continue to ” trade” but technically insolvent? I mean c’ Mon they are dealing with the dodgy Bros so they have to be a baw hair away

  30. Beautifully put…. they are a shambles….. should we care….. I sleep well at night in the knowledge of there bigoted demise, i lay my head on my pillow and smile as thoughts run through my brain of there ultimate end……
    I actually feel for some of there fans…. well 2>….

  31. I thought when I read Levein’s comments about the Celtic and Scotland captain that they were actionable.
    I also thought that the Compliance Officer would have been all over it then I remembered that he is diligently engaged in reviewing the SFA’s licencing procedures…. At least we think he is unless his new boss has told him to drop it for the sake of Scottish football and time to move on, blah, blah.
    Not content with his initial comments Levein is now claiming that Broonie got himself booked deliberately last week with his first tackle so that his suspension would kick in early leaving him free to play in the next Rangers game.
    If this is not actionable I don’t know what is and Broonie/Celtic should have their legal eagles all over it.
    Coming from the manager whose team is tied at the top of the yellow/red card table in Scotland and who is not above banjoing one of his team mates on the field of play is comedy gold.
    Come on Celtic/Broonie shut this clown up and hurt him in the pocket to book.

    1. If the late QC Paul McBride was still here you can be sure he would have been all over this and no stone would be left unturned A sad loss

  32. Hi Phil great to see you are still all over this as if it wasn’t for yourself we would all be none the wiser of the goings on in sevco land. How does this fit with the accounts as any shortfall would be provided by either directors or NOAL. The fact that this has not happened is there any re-dress from the financial authorities or (don’t hold my breath), the football authorities

  33. Support want to believe that there is a daddy warbucks out there for them,despite all that’s past. The sevco man on the street,can’t /doesn’t see what’s staring them in the face,again.

  34. Also Dallas Campbell must be watching this unwind through their fingers.
    They signed off on the accounts in good faith based on information and promises made to them by the Directors of the club and forecast a cash shortfall of £7m plus as a result.
    That forecast included high earners being moved out and replaced with players on lower wages. Also some income from transfer fees was expected.
    Instead Pedro and his managenent were binned days after the accounts were signed and the player headcount has increased, not gone down.
    King also promised to meet the forecast cash shortfall. At the moment there is no evidence that he has or Level 5 would be shouting it from the rooftops.
    There was no mention in the accounts that funds would be raised from a 3rd party using property assets as security.
    Apart from the above I’m sure that anything else they have been told is kosher.

  35. Walking the dog in the graveyard amongst the commemorative headstones pulled or knocked down
    by the council as they were in an unsafe unstable condition due to a combination of neglect, lack of maintenance, or grandiose lack of foresight of their fitness for purpose. Temporary shoring over the years failed. Sensible less pretentious designs have survived. There’s a moral to that observation.

  36. Phil just been on Fester Fester and you are right. The Gullibillys are rejoicing that they now think they have a credit facility. You are mentioned and not in a nice way. They will never learn even although you were proved right on many occasions. They deserve all they get and woo betide them.

  37. Oh come on Phil, lack of journalistic scrutiny?
    Chris Jack, recently promoted to Chief Sports Writer at The Herald Group is all over this like a rash.
    When it comes to propaganda Chris must have his own printing press in the cellar such is the quantity of his output.
    This guy makes Goebbels look like an amateur and his talent is surely wasted at The Herald Group.
    Bigger things beckon, Level 5, SFA, who knows the sky’s the limit but, hey, watch those press awards roll in.
    With Level 5 in full on mode the billings must have gone through the roof.

  38. Financially distressed, insolvency event, loss making business without a credit line, sub-culture blah blah blah. The same old piffle that you’ve been regurgitating for the last 5 years and whats happened? Rangers are stronger now than we were in 2014 both on AND off the park, scaremongering from fantasists and self-styled internet ‘experts’ like James Forrest, Peter Law………sorry Paul ‘King Obsessed’ Brennan and Phil Madeupsurname gets more and more tedious by the day. We are the establishment club, we are Rangers, WE ARE THE PEOPLE, if you don’t like it, why don’t you go home.

    1. You seem angry, why is that? Is it because you don’t believe a word you wrote and know that your club is in desperate trouble? That this “overdraft facility” only buys the club a little more time? That you’re continually being lied to and taken for a fool by your club’s chairman and his board?

    2. Your last sentence (and I hesitate to call it that due to the incorrect structure and punctuation) says everything anybody could possibly need to know about you.

    3. And that my friends is what we havent stopped laughing at since 2012 or in my case long before that !!!!

    4. By the start of next season loans will outweigh ST income by some distance.
      If that’s your interptetation of being stronger then the bar is scraping the ground.
      Oh and where was the establishment to save you when the club went bust and was liquidated?

    5. I love that mentality when you are controlled by the media you feel important being part of an establishment which is meaningless . I am second generation Irish there again I was born in Scotland and proud to be Scottish . I know who I am do you know who you are. or do think your deluded prestpertyrian state exist .I can never get my head round bigots that don’t even have a clue why there a bigot my mother yous to say when fellows marched by the house GOD LOVE THEM.

      1. I don’t blame the schools mike. my family both sides came from south Armagh ie gods country . that I am proud although they were persecuted for 100s of years even the oddasity of the peep o day boys .and so called Ulster Scots when it suits them .not to mention the so called British establishment. they still installed tolerance in the home going back to them people marching mammy would also say empty vessles make most noise .they are trying do deprive us of our schools as we speak . it yous to be the workplace don’t let them near the schools ma friend as you can see with my grammar I should have stuck in. Catholic Protestant and dissenter Theobald wolftone.

    6. Serious question – how are the Ibrox club stronger than they were in 2014?

      Off the park, Director debt alone went up by £5m last year, a fact revealed in the annual accounts which also stated a quantum of circa £7m was required to keep the lights on.

      On the park, your team beat Partick in midweek. There were 4 loanees and not a single academy graduate. A similar situation occurred when you lost at home to Hibs last weekend.

      Again I ask, how are the Ibrox club stronger than they were in 2014? I’m genuinely interested to learn.

    7. Craig…….when your pal tells you he’s skint and has to take out a provvy loan even although he won’t be earning anymore dosh than he makes now, do you slap him on the back and say “well done mate, why don’t we tell everyone then go out and celebrate your wonderful news”……..No you don’t because you know he also has loans from Wonga and Quick Quid and that at some point everyone will want their money back with eye-watering amounts of interest. Guess what advice anyone with an ounce of nous would give your pal………Go bankrupt! Aye well done mate. HH

    8. Another one stuck in a time warp while the real world passes by laughing. Your so called Establishment is taking the piss out of you and you don’t even recognise it.
      You’re just another prole just like the rest of us. Economically exploited.
      Your deluded sense of “entitlement and superiority” based on religion is a myth. Presbyterianism? Look it up. There is no such faith or religion. Ask any Scottish “Proddisant” when they last went to church. The Churches are as empty as the Chapels these days. More likely they went to the Masonic / Orange social clubs at the weekend. Just like we do. The drink is cheaper in a club.
      Your betters, the real Establishment the so called Upper Classes and Nobility all follow the High Anglican version which is virtually indistinguishable from the Roman Catholic Church.
      Where was your Establishment when the old Rangers was liquidated.?
      Did her Maj phone up HMRC and say leave the boys alone, they’re one of us?
      Did they rally round with funds to stop Rangers from imploding?.
      You are useful in diverting attention from the real problems in society. Yet when the shit hits the fan then you are on your own just like the rest of us.
      You say Rangers are stronger now than in 2014, yet in 6 six years your massive club with your worldwide support has not posted a profit once. Cumulative losses year after year. Kept afloat by Directors Loans. No reputable bank or financial institution will touch the club with a bargepole. Your “overdraft” is a payday loan secured by physical assets.
      Your playing squad is filled with overpaid dross. Not forgetting your half a dozen or so Loanees Players who couldn’t get a game with their parent clubs. In fairness maybe 2 are decent players. But your club couldn’t muster the cash to buy them outright. Brought on spec. It’s trying to maintain the illusion that is Rangers that is killing your new club.
      Your Trip to Florida, players paying for their own flights, come on. If your employer expected you and your colleagues to pay for your own travel to a Training Course or work related event. Would you not think twice about it.
      Staying in campus quarters. The Mighty Rangers.?
      King is only there to get his £20 million that he lost first time round. Once he gets it – he is off.
      His appeal to the Court of Sessions? There is no appeal. He has already exhausted the TOP appeal process.
      For your own sakes I sincerely hope that you and the rest of the fans waken up before you get shafted again. This time round there might not be a “basket of assets” left to start another club.

    9. Dearie me Craig, your medication seems to be wearing off and maybe another wee fix will calm you down, because your pain must be unbearable. Life in general has let you down all round. Your team died and was replaced by a very poor impersonator and the club you fear most goes from strength to strength.

    10. You are the establishment club, the Rangers AND the people and yet, Hibernian, (twice) Kilmarnock, St Johnstone, Dundee, Hamilton (no don’t say those next words…far too predictable) Motherwell, Celtic have all tore you a new one, and to paraphrase Curly from the movie, City Slickers “season ain’t over yet”. Oh how the mighty have fallen. You sure you want to shout out who and what you are? Turn up the microphones.

  39. I can never fathom why when any individual anywhere can look at this basket case and instantly see what’s going on yet the blue hoards swallow every idiotic patronising word a convicted liar spouts. Surely even they can work a search engine and find out what’s really going on ?. It seems much like the last club they supported they would rather sing prehistoric bile and close their eyes to the terrible truth while the second club they have supported slides slowly down the U bend . While the rest of us point and laugh…… again

  40. Yes we live in a strange world of gullibility! People believe Chinese clubs were fighting over Moralas willing to pay upwards of 8 million pounds, people believe The Rangers are the same club as Rangers FC currently in liquidation, people believe man landed and walked on the moon back in the sixties and people believe, contrary to real natural science, we live in a world that the seas can bend clinging to a ball that’s spinning over 1,000 mph travelling through an infinite vacuum at over 25,000 mph and our atmosphere can co-exist next to this infinite vacuum without any physical barrier! It’s amazing how gullible people are!

  41. In a 4 week period they have gone from, misunderstandings at the travel agents, players paying for their own flights, not being able to buy players, looking for loan players and making payment months down the road, to everything is rosy, Murts is happy, we are happy, players worth millions, bank all sorted, money not an issue, future projects underway and last but not least share offer in the pipeline.. The bullshit machine has gone into overdrive, so glad Lenny and his boys stuck it to them otherwise the gap stories would be rampant…. I would say to any loyal follower “Beware the ides of March”…

  42. Scottish press to busy reporting on big stories “like cat stuck up a tree”
    To write about anything poxy from the boxbox

  43. They are indeed in deep trouble. If they manage to get through till the next season tickets are sold, they still have an accumulative debt to pay back. Very much like pay day loans. I cannot imagine they would be viable till the end of the year, unless some billionaire sugar daddy happens along who wants to become a millionaire instead.

    utterly baffling why their support cannot grasp these clues to distress.

  44. Borrowing from the Wonga Brothers to feed the kids and buy leccy cards. Nothing there to celebrate when you’re already in arrears with the rent and Brighthouse are coming round to get your cooker and your microwave – the telly and laptop went back last month – but don’t tell the neighbours – keep talking about cruises and posh restaurants – they’ll never know.

    Best advice? Get yourself down to Citizens Advice. Write everything down in one place with them They’ll help you put together a plan to turn things around. There’s no shame in being a bit crap with money – when things go wrong – happens all the time – even to the richest. Look at Elton John – millionaire – went bust buying flowers FGS. Now’s the time to swallow your pride – and make things better – burying your head and predenting everything is OK will only make it worse and worse in the long run. Saying “I’m in debt – can you help me” down at CB is the first step to getting back to a normal life.

  45. Very interesting! But I thought Dave had said something about season ticket revenues being used to invest in the playing squad?

    To read some of the press last night, you would have thought that this was a high street bank offering traditional credit facilities as well as a MASSIVE endorsement of the financial genuiuses on the Sevco board. On which note, and if I may… https://theclumpany.wordpress.com/2018/02/08/safe-and-secure/

    BTW I see the untold millions for Morelos might not happen to roll in… https://theclumpany.wordpress.com/2018/02/07/can-you-tell-me-what-is-happening/

  46. £3M + interest = A good chunk of this summers season ticket money, which means strengthening next summer will not be possible,

    Maybe they’re hoping for a run in the champions league….

  47. What are the odds that Close Bros provide the installment payment facility for season ticket funding for the upcoming period. It would guarantee the repayment would it not. I know Close Bros provide such facility for commercial vehicle insurance.
    Hire and Reward policies specifically. 🚖

  48. they are now entering the crazy world of Leeds Utd territory from pre-2003. Spend today using next years income!! its a PAYDAY LOAN, simple as that & we all know how this ends…

    1. I can’t,for the life of me,understand why anyone would waste a scintilla of valuable time replying to that bigoted oaf,you’re never going to change such a mindset,best ignore him.

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