Difficult questions and difficult decisions

I was heartened to hear that some financially savvy Sevco customers have been asking some pointed questions about the Phantom Overdraft.

Indeed one of these fine fellows recently put it to the Serious Professional that it would have been better to learn of the minutiae of the secured loan from the club and not from undignified blogs.

They’re welcome.

They really are…

Moreover, I understand that the chaps in the Sevco High Command are less than delighted that the grisly details of the deal have been so widely shared among the sniggering classes on Planet Fitba.

Of course, it is always a good idea to Follow Follow the money when it comes to matters Ibrox.

As I have previously reported there has been some de-hiring at Sevco recently.

A well-placed source told me today that “…up to ten office staff have been let go…”, that is genuinely sad news.

Just like the death of the original Ibrox club in 2012, it was the ordinary workers who suffered the most.

I’m told that the cumulative annual savings of these redundancies will be in the range of £250-£400k.

Once more, these are not game-changing amounts.

However, this is distressed company and needs must.

Of course, the real crippling cost base is the player wage bill, but redundancy isn’t an option there.

Money is so tight that the Sevco High Command cannot spurn the green pound.

Consequently, the entire Broomloan stand will be green and white next time Celtic visit the stadium that John Brown played for.

There has been a campaign among The People to restrict the number of away tickets when the champions visit Ibrox.

As with all of these dignified efforts it failed.

I’m told that the annual accounts of Sevco Scotland Limited (trading as The Rangers Football Club) are presenting a challenge to the auditors.

My information is that they will make for very interesting reading when they are published.

Sevco is a loss-making business with a secured loan from Close Brothers.


76 thoughts on “Difficult questions and difficult decisions”

  1. The bennys on follow follow are saying king got a result in court today they are all laughing saying he knows how to play the system instead of seeing the bigger picture what consequences could be for their club don’t worry king the Chisler is loaded he will take care of it or he could speak to the dafties at club 1872 to pick up his tab as he usually does just ask James Blair another Chisler.

  2. February has ended in PRoC…

    Is the IBrokes Colombian wunderkind on a plane eastbound?

    And Xteen million pounds in the Sevco Warchest?

  3. So the weather has proved that today really is a good day to bury bad news! Coverage of the beast from the east has meant that the coverage of Glib’s latest defeat was conveniently buried…funny that and when they were all talked out of snow and motorway carnage they then report a magnificent win for Murt’s boys and mention that there might be a title race after all…Well the beast from the east (end)…Celtic will not have a challenge as the mob from Govan might not make the end of the season…They will be hoping for snow until the 18th of May as we celebrate a double treble!! COYBIG


    It’s not an emergency secured loan ! Shhhhhh

    What redundancies? Shhhhhh

    Cold Shoulder? Must be the weather! Shhhhhh


    Murty is a genius! The race to 55 is on! WATP, NO SURRENDER, etc etc et

  5. So, assuming King has no more fast-ones to pull, he (NOAL) will need to find a Nomad to represent him – no easy task. The Nomad will then be paid (quiet at the back) to produce a prospectus that will lay out the business proposition for RIFC plc shares being worth 20p. Intentional inaccuracy = fraud.

    RIFC plc, under King, delisted from AIM in order to avoid such scrutiny by a professional, experienced company with a reputation to uphold – so not easily brow-beaten into accepting preposterous information from the glib and shameless Chairman. Are you listening Campbell Dallas? This could get very, very interesting.

    My prediction is that 20p for these shares is going to look like a Christmas present when the acutalite are laid bare – so take up will be much, much higher than any bear would care to contemplate.

    King, sorry, I mean NOAL, could soon be the majority shareholder of a plc on the fast track to liquidation. Happy days 🙂

  6. Sevco site ‘Follow Follow’ are hailing the court verdict as a victory for King. No doubt the hand of Traynor in this and as I type the SMSM will be getting briefed by Traynor to provide a good news story for the Gullibillies.

  7. Probably a bit harsh but personally I don’t care about those folks losing their jobs. They chose to work there in the first place. The unaudited accounts will mean another highly dubious UEFA licence issued and SMSM will continue to paint rosy pictures for the gullible chlorophobic orcs of Sevconia. I think the proverbial arse will fall out their threadbare trousers in the summer break . Nice if it all became deceased on 12 July

    1. Seriously
      They chose to work there
      What about the toy r us employees
      They chose to work there so tough
      Embarrassing comment mate

    1. He has 30 days to comply. Not sure what happens if he doesn’t….. Contempt of court charge?
      Apparently took seconds for m’luds to send him on his way.
      If, as promised by King to the Newco Board, that NOAL will come up with the cash the South African authorities will be all over him as part of his staying out of jail negotiations he was supposed to repatriate all his assets to SA.
      The naughty chap may be hoisted by his own petard.
      The commitment to fund the share offer must be a huge relief to the other concert party members, all King has to do is set out a prospectus and lodge £11m in an escrow account.
      I’m sure they have nothing to worry about…..the King has spoken.

    1. STV didn’t think King’s wee problem today was worthy of mention.
      Perhaps the Level 5 script was being hand delivered and got held up in traffic?

  8. Gratifying to hear the Sevco high command read your blog Phil, however I do wish you would refrain from using the Sevco mantra of the ” Blue/Green ” pound. It really does your credibility no good to use such quotes, as the colour of money doesn’t change with the fans of a team spending it.
    However should you feel the need to mention it’s colour it’s clear the blue variety is dwindling fast.

  9. This question is perhaps more for the SFA, but I see that Rangers* on-loan players have contributed 8 goals and contributed to Rangers* winning 15 points of late.

    If, at the same time, they are laying off staff, taking out loans from Close Brothers, and allegedly receiving final invoice requests from suppliers (who are currently unpaid), then there is surely room for the following question to the SFA from Hibs and Aberdeen…

    At what stage is Rangers* trading beyond its means, and cheating their way to a Euro spot that (by the application of normal rules of sporting integrity) they would not be able to achieve nor afford.

  10. The annual accounts will make for hilarious reading for those of us that like yourself have warned that “they’re aw doomed “. And they would make for somber reading for anyone connected to the tributes, if they didn’t have their fingers in there ear saying “crisis what crisis, it’s all a Tim conspiracy so it is”. Sometimes I feel for the fans that are not up to their knees ( there are some honest), but then I realise that every single one of them deserves what they get, they chased away Ashley because he dared to try and balance the books, they have done nothing to rid the club of its continuous efforts to embrace all that is bigotry and hatred, and worse still they where stupid and gullible enough to believe King was going to be anything but a gasl.

    The question for the future is this, do they come back as sevco 2.0 and carry on as nothing ever happened or do they wake up and smell the coffee and understand that Glasgow,Scotland and the world no longer wants the toxic brand and then turn their backs on it all and start afresh. I know they won’t and they will continue on their path of shame, but one day the penny will drop. But not to far away I hope.

  11. Any mention in the SMSM today, yesterday or the day before about King’s QC being at the Court of Session today, with last ditch arguments to save King and all he touches from the City Cold Shoulder. No, I didn’t see it either – nothing – so it can’t be important. Let’s talk about the title race instead – and how The Caretaker has better stats than Pep, Jose and Jurg put together – ah bless!

  12. As much as i take great pleasure in the govan tramps financial clusterfuck off the park, and their hopefully,soon to be implosion, on the park Celtic will go into the league game against them with only a six point lead, due to tonight’s game being called off. God forbid we lose to the scum peasants and our lead is cut to 3 points..I’m expecting some serious improvement in Celtic performances from here on in,certain influential player’s coming back, so Rodgers can have absolutely no complaint about having a very strong squad to pick from, This is why he’s the highest paid manager in Celtic history , this is when you show us why..HH

  13. Phil

    I believe it is the unaudited half year (6 months to end December) which are due out. I think they (Sevco) do it early March, Celtic’s have already been issued and looked fantastic.

    The year for both runs to end June as I understand it, June 2017 has already been released by both clubs. It has to be done prior to the AGM.

    One looked very healthy, the other looked a nightmare. No guesses etc …

    1. The previous year’s 6 months accounts released were not audited by Campbell Dallas if I’m correct and painted a much better picture than the actual audited annual accounts, surprise,surprise.
      Stand by for another basic P&L report with no balance sheet and the minimum if information.
      Anyone’s guess who of the many ICAS members kicking around at Ibrox will put the numbers together but you can be sure no one will be claiming responsibility.
      Bear in mind that these are the numbers likely to accompany Newco’s UEFA licence application!

  14. Pay off working class office workers on a standard liveable wage while paying a defender who rarely gets a game more in week than the office worker gets in a year sounds like the conservative party are involved ..austerity.. punishing the poor for the mistakes of the rich

  15. 10 redundancies. Shame. Hopefully these people find suitable alternative employment soon.

    Will we read about this in the SMSM do you think?

    1. We could offer them soup on the proviso they kiss the robes of his holiness and stop watching Sevco for lent.

      One can tell i’m most deeply concerned for their welfare.

  16. Phil, which of those to whom Sevco Scotland Ltd t/a TRFC is heavily indented would be likely to pull the administration lever?
    Close seem to be the only one with collateral on their debt.
    All the others have no leverage except admin.
    Would the club pull that lever themselves, you know just for their own furtive reasons?

  17. If they’re smart, they won’t release the accounts before March 11. It wouldn’t do for their 5IAR superstars to face the mighty Celts wondering where their next pay packet was coming from lol!

  18. Great Phil I must admit I was more than satisfied when the evening times lead with the story of close brothers “overdraft”a smile was sure to be placed on my face as I thought of the inner corridors of both ET and ibroke as the penny drops that there is no way to make you stop or discredit your blog a moment I’d have paid to see! Anyway keep your foot on the throat of mr Cunningham king never let him or any allies breath easy take care hail hail

  19. Maybe they’re releasing their accounts now to deflect media attention from the takeover panel court decision.

    On the other hand, maybe they’re releasing them now to deflect attention from the accounts.

    So much deflection, so little time. : )

  20. Great stuff Phil, hopefully Sevco will be dead soon. Genuinely feel sorry for the redundant office workers, yes the shit always goes downwards, whilst the high earners remain at their posts, but hopefully not for long.
    Keep Digging Away Mate!

    1. They are a loss-making business who are no in an arrangement with Close Brothers.
      They need to become, at least, cash flow neutral to be out of danger.

  21. Great article Phil another step closer

    Watched their match tonite in Perth secretly within each of them they still think the title can be theirs 😂

    I will admit they are better equipped to play us now at Ipox than ever they have been in their short history

    Not many Phil put you directly on the spot but here it comes ……

    Give us your take (in real scoreline terms) on the game on the 11th March at the stadium that John Brown played for !

    Go on have a biscuit !!’

  22. I would imagine that Celtic on two away days to Ibrox fill the gap in revenue and help ease the burden slightly from having to try to sell half season books when things are mince. I am sure the board listened to their fans who wanted to restrict Celtics allocation, not.

  23. So whilst you raise the hidden issues for the Team playing out of Ibrox here is what we get from the Main Stream Scottish Media:
    “Dundee United cash crisis laid bare as club sell Gussie Park training ground by Iain Collin 17:50, 26 Feb 2018 BY
    Meanwhile mythical bids for Morales; Overdraft facilities stated by the Managing Director; Chairman in Court tomorrow with an impending “Cauld Shooder”. But hey, everything is good in the “Newco” world. Celtic under pressure again…need to win all of their games. I believe we only need to win 7 from the last 10. So who is under pressure Phil?

  24. They’d need to save that much per month, not per year, to make a meaningful difference. Why bother, taking it out on the ‘little’ peepul.

    How much does Evel5 cost per month. Rangers must be due a massive refund after the utter garbbage they’ve been churning out recently.

    How much do pro bono directors’ expense accounts cost per month?

    What is the monthly budget for feeding and water-of-lifing the army of hangers-on?

    And then there’s five star, first class Dave’s legal costs for fatuous appeals – not to mention his jetting in costs. How much has he spent in the past year? I wouldn’t be surprised to see him on the CoS list of vexatious litigants soon.

    Firing admin staff seems to me like cowardly penny pinching when balls of steel are needed to surgically remove the gangrene of costs that deliver zero value to an ailing balance sheet.

    1. It’s a line written in one of the original invoices / letters attached to the Close Brothers floating charge – see three or four blogs ago. You have to go a fair way through the document to find it, but was written in June / July 2012 when this basket of assets somehow managed to reform as “Rangers”.

  25. The acts of desperation continue unabated….as ever it’s those with the least who are made to suffer…there’s a part of me that says Celtic should refuse the allocation and starve them of the money our fans pay….we should really put our foot on the throat and press….

  26. It must be fairly galling for the ordinary worker who does their job with due diligence to watch over rated,under worked, useless footballers take a considerable wage from the club whilst they receive P45s.
    That is genuinely sad to see.
    Another point Id like to make,Rangers finances may be off the wall,but the improvement in their team has been stark.This time last year,they were 27 points or thereabouts off top place.Celtic have a difficult game coming up in a few weeks,no doubt about it

    1. We have a full team of players on the injury list some of whom helped get us the treble.
      sevco rangers have a team of dolly mixtures…..free transfers (nobody else wanted) loan deals (who could not hack it at there own clubs) and a kid on manager,and if it was not for a corrupt SFA and their employees i.e. referee’s they would be in the bottom half of the league.
      But the owners of the top Premier league clubs and I include my club Celtic have all signed up to the secret five way agreement so they will do nothing how else do you explain them all sitting on their hands.

  27. The real task for “Deadco” is to beat Celtic at the crumble dome on the 11th of March. Failure to do so will mean their chase is over. There is only one team with honest belief who can beat the cheats, the team from the East. When Celtic prevail the only thing they will be chasing is their tail.

  28. I always believed it was bad luck to be celebrating Christmas so late into the new year, but I suppose when its the club that keeps on giving there can be dispensations.

    ON a tangent, but still keeping to the narrative of all things things Ibrox, has anyone heard anymore about the feasibilty study carried out into the prospect of a safe standing area at Ibrox? or is it the case that Celtic will be leading the way on this spectator experience for sometime by themselves.

  29. So all these staff at ibrox losing their jobs on the quiet hush hush and the press do the usual sponsored silence on the matter what a disgrace they should be ashamed of themselves. But then again they can’t bite the hand that feeds them .

  30. More Philadelphia lawyers required lol.
    Will these be the six month (interm) accounts. If so do these need to be audited.
    Don’t think Campbell Dallas will be as easy hoodwinked this time that’s if there doing them.

    1. I think you can be certain that the auditors will be nowhere near the interim 6 months accounts as was the case last year.
      They have alteady taken King at his word that NOAL would fund the forecast £7m cash shortfall over this season and next, a figure that was out of date before the ink had dried on their signature.
      Instead Close Bros appear to be filling that gap.
      That must have been a surprise to the auditors.
      Perhaps King was keeping his offshore funds in reserve in case his appeal failed, as indeed it has.

  31. It is always a sad business when a breadwinner loses their job. Ordinarily there is Reputational damage to a company that is compelled to shed sections of its workforce. Not here though! Yet, surely there must be a point when even the thickest skin admits the pain of humiliation.

    Keep up the good fight Phil!

  32. Right mate, it’s tea-time. ……..ever tried eating and spluttering with laughter at the same time? Not pretty! “Sniggering classes on planet fitba” ……comedy gold.
    Genuinely sad for those losing their jobs.
    What a hideous manifestation that rancid club is. Truly embarrassing.

  33. Excellent stuff phil but hey they won’t worry they don’t pay anyone they just get the dafties at club 1872 to pick up the tab they have done it before taking their cash from them club 1872 shout they are second biggest shareholders at the club but the bams can’t get a seat on the board where as others who have put less in than them walk straight on to it ah just laugh at them .

  34. First of all…
    Much as I really don’t like the Govan Club….My commiserations to the Office Staff who have lost their jobs.
    I hate to hear of genuine hard working people being put out of work…irrespective of who they are.
    Could my fellow Tims who will soon be visiting the Bigot dome, where John Brown played, please look under their seat…in case the Deeds are there.
    Thank you.

  35. Their six month accounts are due out soon, but as they got away with issuing them both unaudited and unsigned last year then don’t expect too much transparency or enlightenment. Not from the SFA any way. Unless UEFA have been asking questions.

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