A day for appreciating the benefits of being Close to your signficant lender

Sevco’s fixed charge on The Albion & Edmiston House is now available to view.

It can be accessed here.

Rugger Guy is currently posted missing.

Something to do with the Six Nations or the Six Notions…

However, I’m sure he is grand.

So, in his absence, I had a couple of sage accountancy types look over this document for me.

My two substitutes both came to the swift conclusion that Close Brothers are not messing about.

One of them stated to me right off that “Phil this isn’t an overdraft document”.

If you recall I did say that I would be surprised if the Sevco functionary who fronted the presentation of this capitulation even believed that one himself!

So what does this loan mean?

First of all, it plugs a hole in the budget that Dave King was supposed to take care of.

Secondly, this new debt is external and not internal.

If there was always the implicit hope that directors would write off their soft loans to Sevco.

Now don’t even think about going there with the Close Brothers.

Moreover, the penalties for defaulting will be brutal.

See section 3.1 if you doubt me.

Thirdly, it means that the chaps in the Blue Room are tapped out.

A loss-making business without a credit line from a bank had to go to the distressed sector and agree to very onerous terms and conditions indeed.

Now you will not read that sentence in the local media about Sevco.

And finally, happy Administration day.

Six years ago today something happened that stunned The People, but came as no surprise to the regular readers of this site.

I had first published in January 2009 that there was a shit tsunami heading towards Ibrox.

The response of the Stenography Corps and their dignified readership was to sneer and smear.

The idea that Rangers would suffer an insolvency event was fantasy.

Really?

When the CVA axe fell and Rangers were decapitated in June 2012 The People complained that no one had warned them.

Well, I did.

However, their complaint had some merit if they had aimed it at solely the local media.

Now, the same award-winning shills state that the same calamity could not befall Sevco.

They are wrong.

The new club at Ibrox is just about limping along on life support and the deal with Close Brothers indicates a turn for the worse.

Of course, the dénouement will not fit into a toddler’s timescale.

The only strategy that the Sevco High Command seems to have is to delay the inevitbale and pretend that everything is ok.

However, unless a real billionaire turns up then only severe austerity saves Sevco in the long term.

The sports desks chaps were utterly wrong about Rangers in 2011 and they’re wrong about Sevco now.

It has been my task to keep you well informed throughout.

95 thoughts on “A day for appreciating the benefits of being Close to your signficant lender”

  1. I’m hoping last night’s terrific display sets the standard for the remainder of the season.
    After falling off the high standards of last season the performance was a reminder of the heights this team could reach.
    With a number of players on their way back from injury competition for places will be at a premium. Good to see Moussa getting back to near his best and he brings something to the party that none of our other front men can.
    Hopefully an away goal in Russia will seal the deal and see the team into the last 16, a last 16 full of top quality.
    Full points from the next 4 league games should provide enough breathing space to see the league through, leaving 3 cup games to retain the Scottish Cup and register historic back to back trebles.
    I see the ET’s latest bit of wishful thinking by Tavernier has been printed without challenge as the new captain sets his sights on a treble and CL football.
    I’m sure if I dug out, or dug up, a copy from the start of the season the same player was making exactly the same noises….look how that turned out.
    Great to see the new deals signed by Tavernier, Windass and Morelos. That Close Bros loan won’t last very long at this rate, then what?
    King’s situation with TOP/COS could be clarified by the end of the month unless he finds a higher level court to appeal to, as is his want.
    More monies down the drain it seems.
    Has Metro Bank jumped ahead of the cold shoulder being applied?
    The Close deal is another short term fix. There are another 2 payrolls to be met before ST monies roll in.
    At the current rate of cash burn and repayment of the Close Bros loan there will be a huge chunk missing from the initial ST intake especially if several of the loan players are purchased from their current clubs.
    With hints of good news around the corner, merhandising deal perhaps, it still won’t be enough to stop the losses.
    You would think that with so many ICAS members on board someone might have the idea that reducing expenditure below the level of revenue would be a good starting point?

    Reply
  2. Just a thought – but what blue magic done by Pedro and The Caretaker has increased Morelos’ value by a factor of ten or more – no bid has yet been accepted – so the eventuial factor could be 346,439,634.

    Surely, Pedro and The Caretaker should be the ones in unbelivably enormous transfer deals to intergalactic clubs so they can repeat their alchemy on other base metal squads.

    Today, I’ll mostly be singing “Human Alchemy” by XTC

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  3. Lol now the sun and the record reporting that another bid has come in for morelos of 9 million and it’s been knocked back lol.Liam Boyce went to Burton albion for half a million quid and scored 23 goals last season none in Europe .So how come morelos has scored half of that target again none in Europe but is valued at lol by rangers fans as 10 to 15 million how come Boyce did not go for that figure he was from the same league.

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  4. Now that mcleish has got the job watch who his assistant will be and and the duds who will start to get a game who previously would get nowhere near the team scottish fans treated like mugs again the game is finished here full of corruption

    Reply
    • If a guy with a Celtic connection takes it…I will personally punch him in the gub.
      Unless its Roy Aitken…then I’ll send Phil…:0)
      Seriously…I would be pissed if a Celtic man gives any credence to these corrupt bastards.

      Reply
  5. The Scottish Hun now has the Morelos bid at £9,000,000 – rejected of course. And speculation has moved to unnamed clubs in unnamed countries in South America because their transfer window is open when China’s has close. Their desperation is my delight!

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  6. Much is being made of EBT Eck’s 7 wins from 10 before he walked away for more money. Well those 7 wins included two friendlies (S Africa, Austria) and Euro qualifiers against Georgia, FAroe Isles and Lithuania. Dont’t see much SMSM analysis of that.

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  7. Well call me Paranoidie MacParanoid Face, but is there a coincidence that today Scotland’s champions’ exploits in Europe must share the back page with a “new” has been Scotland manager and someone who doesn’t want to be SFA CEO – we don’t remember asking Leanne.

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  8. So you put up as collateral all you’ve got left on a loan (sorry, overdraft), you agree a whopping £900,000 interest, you hope somehow the wages will get paid till the season ticket money comes in, yet today our shameless national excuse for a newspaper informs us Sevco have turned down a second bid of, wait for it, £9 million for, sorry, I can’t even remember his name. Even my dug’s laughing.

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  9. From what I hear…
    EBT McLeish is to be the next Scotland Manager….
    Tells you all you need to know.
    The set up stinks to high heaven.
    I hope the outcry will be loud.

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  10. Looks like EBT Eck for the Scotland job….quelle surprise.
    God help us with the SFA going back to the future for the new manager.
    Is this McRae and Petrie’s doing?
    These are guys you wouldn’t trust to go to the shop for a free newspaper without mucking it up.
    If it is Eck the first positive thing he could do is cancel the summer jaunt to the Americas and the blazers can cancel their order with Slaters.
    Oops perhaps his support for the trip will be part of the deal.
    Can’t be messing about with the blazers summer holidays.
    Forecast exclusive…..Scots trip to the Americas to go ahead because of prohibitive cancellation costs included in the contract signed by Regan.
    Of course no point asking the failed CEO for a comment as he’s walked with £250k in his pocket and a confidentiality clause in his termination contract.
    One might think that the SFA has something to hide, quite a sea change from their promises of transparency.
    The only thing transparent about this organisation is their complete failure to take Scottish football forward instead of wasting time and resources putting out the fires that they started.

    Reply
    • What if Eck is unable to repay his EBT monies to HMRC when they come calling and he does a Barry Ferguson and declares himself bankrupt?
      Would be no surprise that he would still pass the SFA fit and proper test.

      Reply
      • He’s obviously already passed the Fit&Proper Test Joe….
        Scotland’s shame comes to the fore again.
        I’ll be interested to see the response from the Tartan Army.

        Reply
  11. I like how it doesnt matter it Sevco pay back in August or next February the quantum to Cowboy Asset Mgt will still be a million smackers. No doubt Sevco will sail Close to the wind with the wage bill in the vain hope of Europa group stage, but will get pumped by any semi decent Euro outfit and be in admin by Christmas with the legendary Albion car park and Edminster big hoose stripped from the ailing basket of assets. Onerous contracts come at a price my zombie friends. Sorry, I meant overdraft facilities, silly me.

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  12. Phil, I’ve worked in the banking sector in America, and I’ve read hundreds of these documents. This is actually a pretty standard secured loan and not at all onerous as these things go. All of the ‘bad’ things that might be perceived as onerous only come into play to (1) protect the lender and the collateral, and (2) become a burden on the borrower only in the event of default. If RIFC makes all principal and interest payments when due, nothing ‘bad’ as outlined here will come into play.

    The most onerous part of this whole document relates to keeping regular maintenance on Ibrox so it does not become dilapidated. RIFC may be forced to make repairs they otherwise wouldn’t because of these provisions.

    As to 3.1, that provision is simply stating that a higher interest rate will come into play if there is a default. At that time, Ibrox and Edmundson House become property of Close Brothers and they have the right to sell the property. But until the assets are converted into cash, the loan accrues interest at a penalty rate much higher than the original rate. This is standard practice for a secured loan.

    The reference to 365 days is a formality as interest on some loans are computed using a 360 day year for simplicity (12 months at 30 days each). Some lenders use 365 while others use 360. But the interest itself accrues only until the loan is paid off.

    Lastly, the juicy bits of the loan, the term, interest rate, default rate, etc, are not included in this document. They’re included in a separate document that is not listed here.

    Reply
    • It’s not Ibrox, just the car park, or, to be exact, all the property west of the Broomloan Road which is the Albion car park plus maybe a couple of bits of land not parked on. The car park has to be maintained in good condition which can’t be that hard. A couple of buckets of tarmac to fill the odd pot hole should do it. Interestingly the document suggests that Edmiston House is in a bit of a state already since it only has to be kept in “Fair” condition. Does anyone know what that term tends to mean in the real world?

      Reply
  13. Sorry to swim against the tide here, but that document clearly talks about a “facility”. That is further expanded as “the lender has agreed to make certain facilities available to the borrower”.

    Nowhere is the word “loan” used.

    On the flip side, if it is indeed a facility, that might actually be worse for them than a loan. An overdraft is repayable on demand. A loan generally isn’t.

    The notion that TRFC are lying about the “facility” is, in this instance, incorrect IMO.

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  14. Mark Guidi was on ssb last night spouting on about major news in the summer months for the tribute act, must be true he is a press man.

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  15. According to Guidi on last nights SSB his Ibrox “sources” tell him something huge will be happening in the next couple of weeks. I’m pretty sure he churned our the same line in November. we’ll all just have to wait and see.

    It’s a hover pitch, isn’t it.?

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  16. Er, Phil, the doc says TRFCL and not TRIFC, so did the holding obfuscation change its name or is this, in fact, the physical entity that passes for a club that is mortgaging the family jewels? Cos, if its the latter then, when Sevco’s liquidation event happens there can be no disguising the death as some new, fangled continuation nonsense. Their club will be just as deid as Rangers but without the comforting lies.

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  17. A full section dedicated to making sure an administrator or liquidator don’t have a legal say on the assets I think close Bros have been reading your blog lol

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  18. King is no mug otherwise he wouldn’t have survived the world he’s chosen to live in.
    Bringing a 3rd party into the fray may be his smartest move to date.
    If it all goes tits up the finger of blame will no doubt be pointed at their new friends at Close Brothers.
    Perhaps the onerous rates and conditions applicable have blinkered the thinking at Close Brothers, it’s not going to end well.
    Funny how they seem to have paid no heed to the fast approaching cold shoulder! That’s a strange one.
    Perhaps King or Robertson have given them assurances that whatever happens will have no impact on the club. For confirmation of course they can refer their new partner to the Scottish media which is awash with Newco good news stories, including the ever increasing value of Senor Morelos who no doubt with a couple of goals against Falkirk will see his valuation soar to £20m and beyond.
    Yep, it’s all going swimmingly. Cash crisis, what crisis?

    Reply
    • The business plan is that the $3,000,000 emergency loan that will use up nearly $4M in season ticket money will be dwarfed by the humongous fee for Morelos of at least $15,000,000. (His actual value is $7-900,000) but who wants any Rangers players in August. Everyone knows they have no money and so even a cheeky bid of $100,000 would be snapped up. That would be undisclosed or touted as ‘substantial’ or some other bullshit for the gullible. One you have maxxed out soft loans (unwilling donations) you need to adopt a severe austerity plan or you will perish. That is inevitable. They cannot be honest with the fans and point out that twenty in a row is almost inevitable. Why would anyone do business with such a company? I would demand cash in advance. Close Brothers will pocket close to a million with the compounding interest. Will they try to shaft IRD again?

      Reply
    • There’s many a pawn shop that hopes its ‘customers’ are unable to return in time for their goods…

      After all, they only lend a portion of full value. Perhaps they are fully aware of the ‘cold shoulder’ and know they are on a winner !

      It wouldn’t surprise me if the sevco board think they can shut their eyes to this ‘loan’ just like they do every other one – they do after all believe they have rights beyond normal mortal borowers.

      They ARE ‘The People’ after all.

      Reply
  19. ‘The due and punctual payment ‘, meaning they can call in their fixed charge pretty much a second after any payment date is not met by sevco.

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  20. When money gets too tight to mention at Ibrox, it is now less onerous to delay payments to HMRC than it is to delay payments to the Wonga Brothers. Just a thought – in the growing list of parallels between TRFC Ltd and the dog days of RFC plc.

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  21. If this a normal business overdraft facility, then my last providential cheque was a mortgage .

    It’s a secured loan , I’m amazed that the people providing their company liability insurance would let them take a loan with these T&Cs !

    Can I just say again it’s a fecking loan .

    Reply
    • No, no no.

      That nice Mr Robertson says it’s an overdraft facility and as a fully paid up member of ICAS he will know that it’s definitely not a loan.

      Reply
  22. Today, I’ll mostly be singing “I gotta new car” by Troyce Key and JJ Malone

    “The man came to take my pretty car back
    Well, my old lady told me not to buy a brand new Cadillac
    next time I buy a car, I’ll buy one I can afford
    and when I say afford, I mean A FORD
    I gotta a new car, I gotta new car, I gotta new car
    Now I’m as broke as I can be”

    Reply
  23. My offering for Valentine’s Day…

    The sound of her voice fills me…
    The touch of her hand thrills me…
    Her lips taste like wine….
    She’s my dear Valentine….
    If the wife finds out…she’ll kill me…:0)

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  24. Clauses 7.1&2 on Liabilities and Indemnities are crackers too.

    The professional term for terms such as these are “shagging clauses” defining the precise nature of the relationship between the borrower and lender. You are liable to me for everyone, and you indemnify me and my agents, brothers sisters granny and all my ancestors for everything I feel I want you to indemnify me against – and by the way – I can shag you or your wife (sister, daughter, brother, son) any time I like, OK?

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  25. 8.2 (g) looks like armour plated protection against the effects of the Vogons building their bypass through the western spiral arm of the galaxy let alone a mere cold shoulder.

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  26. Sadly, it seems ever more clear that Sevco are now in a similar position to the one in which Dedco found themselves back in 2011, when Craig Whyte arrived at a similar last-ditch, keep-the-lights-on deal with Close Brothers. Only this time it’s secured against actual physical assets.

    I don’t wish to seem morbid, but the sad fact is, Sevco spend more than they urn. The situation really is grave. And the portentous media throat-clearing about huge transfer deals – it’s really them coffin their last.

    Those with decent memories will notice another parallel with 2011 – when, not content with merely ignoring the impending catastrophe, the pitiful Scottish press actually ramped up the financial feelgood factor – in a manner that was almost off the radar.

    When we hear stories like “Morelos may go for over 15 million” (yes, I kid you not – today, courtesy of the ‘Ibrox Noise’ media mouthpiece) what we are really hearing is a Cry For Help.

    A distress flare is going up. “Mayday, mayday! The amount we are now going to need to stay afloat is about… ah… 15 million.”

    Lads – really – it’s no’ happening.

    Just sayin…

    Reply
    • The fact that they are more “culturally” compliant and, ahem, “dignified” and not “culturally” rebellious and bolshie is a sweet irony really.

      That cultural trait which marks out this subculture which Phil refers to as “the klan, is in fact their……wait for it……wait for it………….”DOWNFALL”.

      Today I will mostly be singing “Just the way you are” by Billy Joel.

      Reply
      • Dinger,

        There are a couple of great quotes from the cardigan In that regard.

        One was ” we’re Rangers we’ve GOT to spend big”.

        I love the complete lack of any consideration as to where the money might come from or what you do when things go wrong.

        The other quote, I have to paraphrase. Something along the lines of normal business sense or practice not being applicable at Rangers.

        Sense of entitlement?

        Reply
  27. Excellent read again Phil cant wait for the rodents to go down the tubes been telling Huns for best part of 2 years theyr fuked only to be told I’m talking shite. Looks like the circus may continue another year or so but theyr day will come. Keep up the good work!!

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  28. If Sevco go bust happy days. However, I commented on this site months ago about the glacial speed of justice and Celtic’s apparent apathy towards it. I was given the short shrift by yourself and told to stop acting like a toddler. How long Phil, how long? We’ve know for more than 6 years about Rangers wrongdoings and still we wait for reparations.
    What is Celtic doing here? We and all of Scottish football were cheated and as the preeminent club in the land we should be leading the way. But it seems as long as the tills are ringing we are content to sit on our hands and do nothing.

    Reply
        • What’s that old quote about not interrupting your enemies when they are making mistakes?

          Peter Lawwell and Dermot Desmond have a fundamental understanding of what’s required to run a football club the size of Celtic. If Phil knows where Sevco are going wrong and we, as regular readers of his blog , know too, you can be sure that Celtic know how this will end.

          From a business perspective, however, they may be more ambivalent about it.

          Not me.

          Reply
  29. Happy anniversary Phil. I always wanted this to go on for ever, so far so good.
    One of my dreams has a Gollum-like fatso, head to toe in sticky brown struggling unsuccessfully to get out of a cesspit.

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  30. Scapegoating has always been Britain’s national sport and I imagine the quintessentially British club will be waiting for the right moment to pull the plug and blame the haters – step forward the ToP and the Cold Shoulder. It certainly won’t be the fault of any RRM, no sirreebob.

    They’ll have a job getting Close Bros’ mitts off their assets, though. They must have been desperate to have got into bed with those boys. Tick tock.

    Reply
    • I would think that the ‘flappy safety cover’ on the ‘admin switch’ was already flipped up…

      They will know that a mid-season admin event will cause no end of issues including bringing up the continuation myth and possible liquidation if it failed to go to plan.

      Pressing the button in the summer can be done on a more ‘off the radar’ fashion so to speak. They might have to start the season on -15 but they will treat it as another great injustice to the mighty Rainjuurz and staunchly take on the challenge.

      Reply
  31. On this day of luuurrve – if you need proof that luuuurrve is blind, then check-out this cracker by googlin “news now rangers” [I wouldn’t dream of polluting this site with a link] “Are Rangers close to smashing the Scottish transfer record?” brought to you be the artifical intelligence of Ibrox Noise.

    Really, what’s the point of analysing contracts and fiances to put pearls in front of pig-shit-thick idiots like these 😉

    “But no body told us” they’ll say – again – and again – and probably again ….

    Reply
    • It’s a cracker. Apparently, with “cash rich” Chinese clubs, Fenerbahce and English championship sides all keeping tabs on wunderkind Morelos, he could go for upwards of £15m in the summer, beating the record setting fee Celtic received for Van Dijk.

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      • The funnist, most childish part of it is that they expect somone to pay many multiples of what they paid for Morelos – and then – they’ll buy somone of similar quality for much less – bingo – gap closed – two miracles in one wet dream – get the vatican on the phone.

        Let’s hope them dopey foreign buyers don’t think of cutting out the middle man by looking for the much cheaper Morelos replacement themselves 😉

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      • I am advised that they are extremely confident that Morelos will sell for more than Liverpool paid for Van Dyck.
        We need to be very afraid..!

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    • Cass… I just glimpsed that story you referred to. One eejit believes that this forthcoming Morelos transfer is some sort of financial godsend. First of all, the Chinese transfer window closes in a fortnight, and, with no bids coming in from there so far, it’s highly unlikely he will be doldrums. Secondly, his agent is expected to thrash out a deal for increased terms for his client (if the Fat Controller had kept his thoughts in check, there would be no meeting), and in effect, sevco have increased their own debt if they improve his pay package. If (more likely, when) the Chinese window closes without Morelos being sold, then it is possible that he will have to be sold – at bargain basement prices – during the summer window, just to try to recoup their losses. The only likely Chinese deal coming their way will be an abacus and a professionally-trained chimp to teach their accountant how it works.

      Reply
      • Trouble with this scenario is,

        if he does get an increased deal and a club (from some parallel universe) comes in for him, if they don’t offer him a higher wage, then he’ll see out his no doubt extended contract…..nice little earner….
        I hear a fat lady rummaging for throat lozenges….

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    • Since the More r Less Pantomime started I’ve thought, that as it was so laughable, that there had to be some reason behind it other than keeping the Musonda transfer in second spot on the back pages. We all know the problem King/NOAL has in releasing funds in view of his statement to the Court of Sessions regarding his personal poverty. I have been ruminating over the possibility that an attempt may be made, via a contrived transfer , brokered by King and his Hong Kong associates, a la Boumsong, to get funds into Ibrokes, plus giving the illusion of Sevco being World Class. Marketing Recruitment and Development, you know,in the biggies now. Still can’t quite reconcile it though, Turning down the initial offer then the Close bros Overdraft, sorry payday Loan. Then yesterday’s news that they have ditched Metro bank and transferred all banking to Close Bros. There is an awful reek about the whole thing. Like all things King/Sevco it’s all smoke and mirrors. The problem is, do you follow the smell of the smoke or look more closely at the image.
      Can anyone flesh out this hypothesis or shoot it down.

      Reply
      • It simple… Can’t you grasp it?

        Why accept 7 or 8 million for a player you paid 1 million for…. When you can pawn the club car park instead.

        If there was a University of Govania …. The IBrokes board would be the Department of Business Studies. Mr S Robertson would be ‘Professor of Sevconomics’ .

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  32. Phil,

    Have you received any response at all from Glasgow Council Building Standards Department or the HSE regarding stadium repairs or sight of any Structural Report on the condition of the roof structure and fixings?

    Reply
  33. Phil

    Who’s idea was it to approach Close Brothers for an external loan with onerous conditions, The Honest Chairman or Serious Professional?

    It doesn’t make sense for The Serious Professional to go down this route with Close Brothers as the loan is only going to add more problems to the financial mess of the Holding Company Vehicle which he has been trying to sort out, I thought He and AJ’s preferred move would have been to press the admin button to rid the club of the high earners and press ahead with the Austerity plan and also The Honest Chairman who is about to feel the effects of a cold shoulder coming his way which will bring serious problems to Sevco and make the club even more toxic than it already is.

    Reply
    • The problem with Admin for the Serious Professional and AJ is, does it not take things out of their hands?

      I mean, OK, most of the loans are owed to Real Rangers Guys who would take a number 1 haircut on them in a heartbeat to get Sevco back on track….. wouldn’t they??

      Reply
  34. Hi Phil another fine piece.
    I think this will keep them limping along till the end of season. Then we’ll get into an overdrive of spin/lies from a high level source feeding the smsm, season ticket money will roll in close bros will get their money (maybe). The three bears and the GASL will cash in their chips and leave the league in turmoil after bankrupting sevco. Who will step in then
    HH

    Reply
      • Murray knows there is no viable sustainable model for a Rangers. The business model is built on delusions of supremacy requiring off the radar levels of moonbeam financing that the customer base are unwilling to pay for. Squaring with them that austerity and living within their means is the way forward is not acceptable and result in a lot of walking away not to mention threats and invective against the messenger. Murray would have much more to lose than to gain. The Scottish media have done an excellent propaganda job of whitewashing his guilt in the whole debacle.

        Reply
          • That’s such a good point. The SMSM think they are helping Sevco by avoiding all constructive criticism and searching questions for their own selfish motives. But, in fact, they are failing to offer tough love for the benefit of the one they so obviously love – to the detriment of all others – in the absence of integrity of regulation by the SFA, SPFL, UEFA and Scottish goverment. Like the worst possible indulgent, absent parent they set no boundaries and offer no useful role model to a delinquent child.

            The SMSM are such a big part of the problem that they will kill their bastard child once again – and they’ll accept or recognise no responsibility. They deserve each other.

  35. My jaded eye was drawn to section “1.1 Definitions and Interpretation” which defines “Event of Defualt means:” in clauses a) to f).

    Essentially, if TRFC fart in the wrong direction or even look up the word “administration” in a dictionary, then they are in default and all the good things happen.

    Enjoy your sustainable overdraft from your inflexible friend.

    Priceless!

    Reply
  36. I wonder if rangers.co.uk will be doing one of their sad and sentimental “on this day in someone else’s history” pieces today?

    Happy Admin Day everybody – your card’s in the post – with the cheque 🙂

    Reply

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