As I had previously reported I had been informed of some movement on the Close Brothers issues.
I now have had it confirmed that the Sevco High Command is in the market for more credit.
Of course, the secured loan from Close Brothers was trumpeted as an “overdraft”.
Suffice to say the only people who believed that one were, well, The People!
My information as of this evening is that the Sevco High Command has reached out on two fronts to Close Brothers.
I’m told that the Blue Room chaps have asked for more time to pay back to £3m loan and they have also asked for more money.
The latter issue might be because the anticipated assistance from Club 1872 has not materialised.
That is mere speculation on my part.
What is not in doubt is the growing pile of unpaid invoices at Sevco.
It is never a good idea to let such matters get out of hand, especially if one of the creditors is Learned.
In such circumstances, it can become arresting.
The thing is once there is a successful legal move to secure funds it usually encourages others to make a similar move.
Remember the WiFi folks?
They failed once in court, they may now have a stronger case.
Meanwhile, the anti-King faction in the Blue Room is utterly determined to extirpate his influence at Sevco.
However, the Impecunious Kid doesn’t look set to go quietly into the night.
Developing conflict…
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With all this impecuniosity and scratching about for money and even begging from financial Shylocks one must wonder if anyone of them read the literary classics.
Had they ever heard of Will Shakespeare and the Merchant of Venice, and good old Shylock, probably the precursor to the Close Brothers?
What about Dickens and his many impecunious characters?
That eloquent language strangulator ,representative of Sevco could, in my humblest opinion, fit into the role of Mr Bill(y) Sykes.
Watching Sevco representatives sniffing about for any “ overdraft “ or two, is comedic of the first ordure.
Ron Moody would have laughed his arse off at this.
Thank you. Lol
The early stages of the “unsettle Steve Clarke” project are truly tattyfilarious. Unlike McInnes, Clarke knows what a big, well managed club looks like – yes Kilmarnock – but also Chalsea.
Hence Clarke knows how far TheRangers are from being a big club – from having big club finances, from having big club strategy, from having big club mentality, from having big club competence, from having big club quality people at all levels – sport and business.
Steve Clarke is more likely to be attracted to managing Ken Dodd’s Diddy Men than TheRangers
If I were Aberdeen, I’d make an approach for Clarke.
Wow! The Daily Radar are digging deep today.
The have an article titled….
“The day Rangers beat Everton in Dubai despite having SIX goals disallowed to become unofficial champions of Britain”.
The photos are in black and white.
Personally think they are struggling on until the split, the 15 point deduction would mean they stay up at present, and maybe one or two games from now, once they are sure they are safe, they will hit the panic button.
The panic button no longer leads to a quick pre-pack admin with the SFA and SFPL writing rules on the fly to ensure a smooth passage to CL nights.
The panic button now leads to The Wonga Bros gutting Ibrox of anything worth selling and changing the locks on some national monuments.
They had their chance to do a tactical admin – and they blew it – believing that everything would work out fine – because they have difficulty accepting the reality of their situation – which is not superior.
Top notch reporting again Phil! I’ll confess I’m puzzled. I’ve worked with distressed lenders in past employment (both ends of the business) and I’m trying to understand the ‘what’s in it for me”aspect for Close.
As we know, they did their homework and got the all the security they needed to make sure they got paid back. They already have them by the short and curlies! The only thing left that I can see is the stadium itself and even if they offered it, that value has been neutered by the security that CB now have over the car park.
So there is no real benefit to them loaning the club additional funds. If they thought they were at risk for there 3M that would be akin to throwing more good money after bad. Also, anytime someone ask you for more time to pay back the loan you currently have, well that is an immediate red flag!
If anything, I would say that this latest act will have made CB uncomfortable and questioning if they should pull the plug much less give more money over. However, I can think of only 2 ways that it COULD maybe happen. 1) they got the rights to any future broadcasting money or prize money that is still to come in from SFA/SPFL or 2) they got a promissory note from one of the Directors that guaranteed repayment. And by one of the Directors, I exclude the GASL from the few who could do it.
Although I believe him to be smarter than that, maybe Alistair Johnston would write such a guarantee?
“Extirpated “ brilliant word. Is that no a wee bit like liquidated, terminated, done in, etc,etc ?
Where have we heard these terms before, I wonder?
Productivity at the highest levels.
The sevconium crystals cannae take much more Captain!
Many thanks.
HH
Get the nappies and huggies pull-ups at the ready .Check out Gordon Parks article in the Daily Rectum today theyd be better with Richard Parks. The nonsense this benny supporter has put out is embarrassing. Murty this Murty that he is only 2 points worse off than when Pedro left and there’s more have a read get a laugh .
On the Wi-fi issue, did they not produce documents showing that they had settled with the supplier, in order to partially secure the current loan?
Phil, you mention the WIFI company dispute.
Because the WIFI system is part of the parcel of items secured by Close Bros it was commonly accepted that a deal had been struck with the supplier and the bill had been settled with Newco the new owners of the asset.
Have you just taken the supplier as an example that others might follow?
Funnily enough when the story originally hit the media Newco fans blogs were full of complaints that the system was inadequate.
I think the original dispute was that Newco claimed that the system couldn’t cope with the numbers trying to access WIFI in a full stadium, whilst the supplier argued that they got what they paid for.
I thought it was strange that if the dispute was over then you would have thought that there would be lots of comments from fans pro or contra the new system but instead there is a deafining silence.
Is their a WIFI system operating at Ibrox now owned by the club, secured against part of the Close Bros loan?
Is there a separate dispute around payment of monthly service and operating costs?
Had to laugh at a benny on radio snyde last night a taxi driver with his Isa from still game gossip. He is taking Mark Guiddi ah know no laughing at the back to his word that big things are going to be happening at ibrox in the summer how many times have we heard that. The benny was so taken in with this Fake News as well as I said before feed the bennys we scraps of info here and there and they are as happy pigs in Turkish delight.
Given the amount of season tickets at Ibrox (whose cash came in at the start of the season) there is only a limited amount of walk in tickets available for remaining home games. Sounds as if the well is dry. Serious unsecured creditors will know that they must act now or risk pennies in the pound after it all falls apart.
The Rfc plc creditors still don’t have their single digit pennies in the pound, six years on. Get is quick creditors, or kiss your cash goodbye.
Has anybody thought of looking down the back of the couch?!.
Lol.
However parlous the state of their finances, for a football club, the immediate priority would always be to get to the end of the season. Achieving that goal gives them a little breathing space. But getting their calls for desperate measures, hence the seeming debt upon debt upon debt policy.
In normal business, a philosophy of “we’ll worry about that later” is a recipe for disaster, but in football and mid-season, it is the be-all-and-end-all.
Expect administration very soon after the last ball of the season is kicked. Not before, if they can avoid it.
If it’s going to happen soon it will be after the split so that the 15 points deduction is irrelevant. An administration event in the close season will result in the points coming off next season. They WON’T want to start at -15 points.
Phil,picking up on your comments ref the time and energy you put in to uncover the non transparency surrounding this omnishambles ,I have a question
As you approached the end of the long and wynding road in 2012 was there a time or a definitive moment when you ,knowing what you did were in no doubt that the end was unavoidable ?
Have you had that moment this time around ?
No.
Back in 2012 Craig Whyte had a plan which (unfortunately for him) backfired). The current crop don’t appear to have a plan other than to borrow, borrow and hope they win the lottery!
I love a bit of developing conflict, perks me right up so it does!
With due respect to the noble and useful profession of face-painting, when you are an enterprise in the position of Rangers 2012, the two groups of people you most want to keep on board financially are your lawyers and your PR. After all, lawyers might be needed at any moment; and any business utterly dependent on the contributory goodwill of a community of gullible yet notoriously unstable fvolk would be foolish to fall behind on the PR & media payments.
If such a company were to prove monetarily remiss on both the legal and PR fronts, it would surely be a sign that their financial position was deteriorating alarmingly.
It was with interest, therefore, that I read Mr Keith Jackson’s rather eccentric recent piece on Mr David King.
While I would never question Mr Jackson’s renowned veracity, the tone of it did lead me to ask myself whether he was entirely “On the Level”. After all, pets which have not been fed recently can often exhibit uncharacteristic behaviours…
A day in the life of Sevco.
Hello, hello,
Sorry can’t here you
Hello, hello,
The signals breakingbup,
You say we’ve got a bill to pay,
I say it in the post,
But right now my worry,
Is getting CLOSE.
You know the tune.
Quelle suprise. HH
Hi Phil.
It seems some banks may be about to push on behalf of their clients.
When your robbing peter to pay Paul it’s never ends well especially if your using next years funds.
Sterling work
HH
Once again Phil u dig n get a result We celts live in reality Huns live in chequered past love your journalism hail hail
This is startling, Phil. It couldn’t sound more grave for them, by the sound of things. Bills and liabilities piling up one on top of the other, money running out, the cavalier King failing to stump up and creating all sorts of instability.
I’m really not in the mood for watching another football club go into administration but it’s looking inevitable.
Mark my words, the day is coming when they will insist they are treated as a new club. This is arguably a bigger mess than existed in 2012 before they went into administration.
God only knows what we don’t know.
Unlike you, I am VERY much in the mood for seeing Rangers 2.0 not only go into admin, but be liquidated as well. Hopefully, permanently this time.
It was permanently the last time. Liquidation is funny like that.
It was PERMINANT the last time too
Did I say it wasn’t? That’s why I both said “2.0” and “permanently this time”, since some Rangers-flavored entity was cobbled together from the parts. Don’t put it past them to try again.
Some one has been DUPED..LOL
I fear the extra money thing might fall down based on lack of any reasonable security left to offer. The stadim is basically worthless unless used for football matches and every other reasonable asset already pledged as security.
Another article you won’t get elsewhere.HH?
Phil I’m gonna email you on another email address I have for you.
I know their motto is ‘no surrender’ but come the feck on Peepul. They’re flogging (with a Fawlty treebranch) the dust that is the disintegrated bones of the poor, long-expired dobbin.
Phil, how long can they get away with this? Surely there comes a time when the bubble will burst ?
If the first Close Bros loan has disappeared into the Ibrox black hole and no walk up income from a home game for a couple of weeks, is the additional funding required to meet March payroll and meet the demands of those pesky small creditors, learned or not?
Time for an IBrokes ‘charity’ special…. Or a ‘LEGNEDS’ match to eeermmm…
…… make use of the slack window Govania.