As the hype continues in the radar press apropos the match on Sunday there is a more interesting story at Ibrox.
I received an update in the last 24 hours regarding the cash situation at the basket of assets.
The Phantom Overdraft from Close Brothers did not cover the operating shortfall.
Of course, the £3m was rather desperately deployed, but more is needed.
I wasn’t sure what the amount would be until late yesterday.
My information is that an extra £2.25m is required to see the Holding Company Vehicle until the end of the end of the season.
The funny thing is I could have sworn that Mr David Cunningham King had promised the cover the operating losses.
Indeed, I’m sure that I read that in the annual accounts of Rangers International Football Club (RIFC) late last year.
So, the Sevco High Command have had to come up with a plan to bring in this £2.25m.
The fine chaps at Club 1872 are apparently ok for between £1.25-£1.5m.
However, the remainder might be more problematic.
One wheeze is to offer an early bird package to corporate clients, a two or three-year advance purchase a box at Ibrox at a discount.
I’m also told of a rather interesting recent conclave among several members of the Sevco High Command.
This trio was named as being part of the concert party, but it did not include Mr King.
The share issue was discussed, but surprisingly these three senior Blue Room chaps appeared to pour cold water on the idea.
The true value of the shares was raised as an issue.
Moreover, they stated that any debt for equity swap might put them individually in the crosshairs of the Take Over Panel.
I’m told that the conclave had a rather Brexit at Chequers feel to it.
There are real material matters to be dealt with, but no one seems to have a workable plan that they can all agree on.
Consequently, the Sevco High Command will be hoping that a positive result on Sunday will distract The People.
Should that come to pass then the Stenography Corps will gush about a title race.
Of course, they will also have to carry out klansplaining duties if the genocide choir at Ibrox are in blood wading mood.
It’s interesting that the annual accounts had referenced that 4M would be needed to see out this season. Now we have Phil’s reporting that they need another 2.25M to make it over the line this year.
If I have been following along and paying attention, it looks like they got around 1M-1.5M from Alistair Johnston to cover for 2 months of wages, the 3M from Close Brothers and now need another 2.25M to stay afloat. Unbelievably, they somehow manage to limp from one crisis to the next – but for how much longer can they sustain burning money like that?
I personally think the Murray spin is the smsm trying to noise us up and also testing opinions.
Should have lost that [email protected]@@@@@ knighthood
Keep Her Lit phil, The fools,The fools,The fools,
There is a lot of noise coming from Ibrox. Empty vessels come to mind as making the loudest noise. And “Deadco” is running on empty.
You couldn’t make it up over on follow follow they are having a go at bbc /radio scotland for being bias against their team /club . It’s because bbc have boyd and sinclair ahead of (frank cannon )sorry morelos in the scoring charts for this season so it’s all a conspiracy oh the bennys . So they obviously don’t tune in to radio or BBC Scotland as it is full of players from ipox as pundits the 2 fergusons Steven Thompson Billy dodds the wee guy who looks like quork from deep space 9 Alex rae need I go on . That’s before you get to Richard wilson chick young Kenny mac to name but a few and they say the BBC are bias towards them the bennys never let you down.
I see coco from ibrox noise is at it again . He gas gone from praising Russell Martin joining his club to now saying he would not be missed at the weekend as he does not fill him with confidence. This guy is comedy gold changes his mind like the weather what a horses banger he is .
Watching all of this unfold is a bit like eating succulent lamb with fava beans accompanied with a fine “ Buckie”, stirred but not shaken.
As for Dave, patron saint of GASLS, picking up the financial “ Shortfall “, there is about as much chance of that happening than there is of THAT happening.
The three bears. What can be said, Eh? Like all of us on here, watching their money spiralling round and round and down into the irrecoverable shithole of Mordor
Hat tip for your relentless prolific output.
Thanks again Phil.
I could not believe my eyes when I read that this morning about Minty.
The game in this country is rotten to the core, we all knew that but if this cheating cnut is allowed back into the Scottish game I will really give up on everything, May I add Celtic included in that.
He is the guy that started all the cheating off. They all make my blood boil Phil.
Surely he will not be allowed back
Murray on the way back, King making up the shortfall, just more shameless “glibberish” from the smsm.
A club rotten to the core
See the press have Murray is ready to ride to the rescue, sevcoians will cheers him to his seat again. This mob would make a pact with Lucifer himself to keep their hate filled club going
I remember the photo (not that long ago) on the front page of the Radar of Sir Minty behind the wheel of his Mercedes as he left the High court in Glasgow having completed his evidence at the Craigy Bhoy White trial.
I may have misread the look on his face, however, I have a gut feeling that I didn’t .
He DID NOT, repeat DID NOT, look to me like a guy who was “missing the limelight”.
I read his expression as, “Lets get to fcuk right out of this city as fast as this car can carry us”.
There have been many, many bizarre twists and turns in this story over the years, however, if Minty was to get back involved, particularly, at this stage of the Omni shambles, I’ll buy a Sevco season ticket.
I heard a rumour that their saviour was going to be Bob Hoskins. Somebody mentioned that he was in Pennies From Heaven! 😂
Phil as for the glib meeting the shortfall.
Yer kno suggesting he lied are ye!!!.
Heaven forbid.
If you’re a Constant Gardener, do you
(a) remain loyal to ye olde and originall Sevco and its sterling saviour Dave King and refuse to part with the freebie shares
or
(b) tearfully part with the 28% Capital Gains Tax [according to Wikipedia] after taking up Dave’s offer @ 20 pence a share?
No doubt the SMSM will keep us posted.
Sevco has got more holes than a packet of Polo mints. The ship is adrift and King and his Klan don’t have a hand on the tiller.
The fact that the big wigs at Hampden don’t get involved shows how bad thing are.
Great reporting Phil. The proof of the pudding will be soon
I think, hope, wish, pray for.
Good luck to the Bhoys on Sunday at the asbestos dome, HH.
Just one victory for Sevco in any of the up coming games against Celtic (especially the cup semi if it gives them the opportunity for their first piece of meaningful silverware) will see street parties and from every corner of this country they will emerge in a sense of triumph and they will chuck money at their heroes. They could add £200 on to their season tickets and sell them in April. This will be their short window of opportunity and they will chuck everything they have at Celtic, first of all on Sunday, then the semi at Hampden. The last league game at Celtic Park will be meaningless if Celtic prevail in this one on Sunday, save for the obligatory chance of wanton vandalism in the toilets.
If they lose then they will be back to searching for a sugar daddy. The fact that any reputable accountants put their name anywhere near this sham really does make one wonder if it is a professional decision, a money making one or one made on a Thursday night at The Temple?
Surely there is a crime being committed against Sevco supporters with this Club1873 (1872 is the new formation year to avoid phoenixing regulations) being asked to prop up a liar.
They seem to like it though and, my goodness, Dave will be praying to the heavens asking for just one victory against Celtic and his long con will continue into next season.
I remain convinced that this Close Brothers thing is a glib and shameless attempt to hold the 3 bozos…sorry bears to account. GandS has no intention of putting a brass razoo into Sevco and CB are the vehicle for him saying to others this bill needs paying and you know what will happen if it doesn’t….they then have remorse of conscience as nobody wants to be the guy who said no and Govan burned! Ergo Glib wins….
As Britain First supporters left the courtroom they hurled abuse at court staff and members of the press, shouting “no surrender”.
Dignified.
3yrs up front cash for a box
Debenture scheme anyone
CW /ticketus for the balconies instead of the stalls
coming to a cinema soon near you …….
RAGERS OF THE LOST MARK
I see coco the clown from ibrox noise has more or less left Ryan jack without a name. All the praise in world from this benny when the guy signed for them even stuck up for jack in his 4 red cards shenanigans. Now he is telling him to get his finger out when he is back from injury as he will not walk straight back into the team .This benny has the memory of a goldfish not even remembering the shite he had written about jack recently. If you put Chris itchy sack jack into the washing machine with the benny from follow follow this daft James Hunt would come out .
Itchy sack … lmao bravo sir 😁👍
Buying boxes three years in advance will certainly test the generosity of the wealthy and presumably bigger-brained bears. Personally, I would require administration-proof, legal security over any such box in case of unforeseeable, adverse events. In fact, there is a rather good contract available online for this very purpose.
What happened to the debenture seat holders of Rangers 1872.
Still got their seats, I presume.
Rangers FC died is what happened to those £8m in debentures – went up with the same smoke as 54 titles – they no longer exist.
They don’t have them anymore….
Didn’t old rainjurzz sell similar? Lifetime debenture seats at x thousand pounds each! BBC Sevcos Roddy Forsyth knows all about them.
I think they were liquidated with The Old Club. You’d think they’d still count if it’s the same club as we keep being told. Maybe the seats were ‘company not club’?
Anyway…. Surely the wealthier gears wouldn’t be caught out twice ?
Surely not?
Bigger Brained bears ? So would that be from a Garden Pea to a Processed Pea.
I fear that the lights will ALWAYS REMAIN IN THE ON POSITION
I understand your concern and I sometimes feel the same way…but…
They are in such a financial mess…..I can’t see how they get out of this.
And I know they’ve been “in peril” for a long time now….but from what I read and hear…it will take something miraculous to keep them alive.
Miracles only happen to deserving people…so they’re fecked…!!
Keep the Faith.
Phil – don’t concern yourself with this shortfall… This will be easily extinguished solely by the sale of the “Going For 55” dvds, which will be available immediately after celtic are humiliated by Columbia’s answer to Pele, and the other surfs this coming Sunday! 😂😂😂
On that note, perhaps your next book about sevco should be entitled “Shortfall – a tale of Close shaves”. 😉
Smurfs, not surfs…
Shortfall… Love it.
So is this in layman’s terms, once the true value of the shares becomes clear 2p/5p if the three bears turn their ‘loans’ into shares they too will surpass the 30% threshold whereby they would be next in line to offer to buy everyone shares again!
What a complete fkup 😆
That is exactly why it hasn’t been done by now. The 3 bears would rather have it as debt than equity. In either case they won’t see a penny of their money back.
Yep, and if they don’t exchange their debt into shares, RIFC will find themselves in noncompliance with UEFA FFP regulations and will be ineligible to enter next seasons competition if the powers that be at UEFA actually enforce the rules.
I am more optimistic than most on that score because UEFA have actually punished clubs for breaching those rules including PSG and Man City, and they did go so far as to actually exclude a Turkish club this year or last from Europa League because of repeated violations of the FFP regs. There’s clear precedent for what happens when club losses exceed the specified thresholds.
But they turned down a 9.5 million offer for Morelos!
Everything’s just peachy don’t you know.
You’ve never been right before Phil… they only suffered administration and demotion to the lower tier of Scottish Fitba…. all at the hands of Liewell all the other clubs as well as the complicit and bigoted SFA who wanted them dead.
And its on Follow Follow so it’s, de facto, the truth
I’m looking forward to seeing the Hun bitch and moan after they’re beat in their oan midden.
Had to love the Gordon Strachan comment the other day about the Huns and their perils, “we didn’t realize at the time Goven was a tax haven” – love it
Keep on keeping on Phil
Rangers looking very foolish in turning down an imaginary £11 m bid now!
👏 on top form again Phil
At the risk of sound like a crazed fan Phil your pieces are getting more and more hypnotic I’m completely. Mesmerised and stunned (no idea why I can’t believe they are this gullible) that the MSM are continuing to help cover the tracks of this fraud and the gullibillies themselves aren’t asking questions you’d think after liquidation they would be asking for transparency atleast ??🤔anyway keep up the great work Phil 👏
Just a quick question if you say you in the official accounts that you are going to put money into the business to keep it afloat then when the crunch you don’t is it legal or breaking the law?
Quick answer.
I don’t know.
However, I know a rugby addict that I can ask…
I love that answer, ” I don’t know”, so refreshing to hear. HH
It is often the most important answer to give someone.
It is what happens afterwards that is vital.
As in I’m going to try to find out.
There you go investigating AGAIN…..tut tut.
Yiv goat tae stoap it Phil,getting to the truth DOESNT MATTER.
Just keep promoting the BIG LIE and be good stenographer.
Thanks Phil,really appreciate the truth.
How would club 1872 contribute.Can they loan the money,I thought the way they were set up that they could only buy shares
Queens Park seem to be waiting anxiously on SFA decision re Hampden. I dont like the thought of them being manoevered into selling it. It was weird how SFA took the trouble to value QP’s asset at a knock down rate using terms eerily similar to the valuation of Ibrox by Administrators. SFA have already ruled out IP and CP so if they do go to MF no more SCO games or Semis and finals in Glasgow. There are plenty of options for QP to rent out ground for occasional rugby etc. If they sell it to a proper sports body, like Sport Scotland for example, then fine. But not SFA. Celtic could help here. Offer to play one friendly game a season there if QP need it.
40k crowd x £10 Enough to give them no worries for a season.
Quick answer is no, these are not legally binding statements and in any event would be a civil matter not criminal. It won’t look good in a director disbarring enquiry, but we’re a long way from that.
The key phrase in the accounts is that “the board has satisfied itself….” Now the auditors and the board need to work on the basis of trust (I know I know) in statements made by parties or individuals. When that trust is broken then the next time there won’t be any or much less and in some cases (e.g. the auditors) could or should lead to a walking away event.
Unfortunately for those involved, any action will require infusion of real money, of which there is no supply or any realistic means of recovering said infusions. And in the mean time the clock ticks for the offer from DCK / NOAL to be made. It seems to have gone very very quiet on that front….
I can only suppose the TOP is ready and waiting – they were very fast off the blocks last year in terms of applying for the order once the original time period ran out after the TOP appeal process. Unfortunately it then seemed to take a loooooog time before the order was finally made.
When close brothers / close leasing approached Sevco to offer them an overdraft of three million pounds, if they would like one, I did question if 3 million would be enough now. I was thinking of how the cost based had increased since the accounts were published. Now I have my answer.
It’s precisely as I thought.
Cheers Phil.
Good post. If DCK/MORAL do not pony up and the shortfall remains, how does this affect the ‘going concern’ statement in their most recent accounts? Additionally, can the SFA (I know, I know) issue a UEFA licence if they qualify for Europe?
*NOAL, not moral
Spellcheck sense-of-humour classic – NOAL becomes MORAL!
I’m no’ holding my breath for that one… xD
King will use the TOP ruling as an excuse why he can’t afford it, so he may slink away.
I don’t know the answer any more than Phil, but I will say I am much more of an expert in this area than he is. The truth is this is uncharted territory on a whole host of issues because so much of what goes on over at Ibrox is not the ‘traditional’ way one would run a profit-seeking business.
There are a couple key facts here to consider:
(1) DK’s assurances that he would fund any operating shortfall (i.e. provide a liquidity backstop) was only part of the accounts insofar as the accounts were presented on a ‘going concern’ basis. Meaning that the auditors assumed RIFC would continue operations. That assurance did not directly change the value of any of the individual accounts, although without that assurance the auditors would have certainly issued a ‘qualified’ audit opinion, which is a pretty big deal.
(2) I’m not aware of any precedent on either side of the Atlantic where a lender or shareholder (DK is both here) has offered to backstop losses to the Board and auditors, and then refused to put up the requisite funds when required. There’s zero question RIFC needed his financial support and backing, but what exactly are DK’s obligations, from a legal standpoint, to RIFC and other shareholders or creditors? If he made those assurances as a creditor, the answer may be different, legally, than if he gave the assurance as Chairman and a shareholder.
This is a very complex issue, and I doubt anyone, anywhere, can say difinitivley what the legal ramifications would be if RIFC ended up in Administration because of DK’s refusal to follow through on his assurances to the board and the auditor.
Did these circumstances have anything to do with Ibrox informing Falkirk fans they would be more than welcome to pay at the gate if they were attending last Sunday’s match?