I am told that at one point this morning a senior Sevco functionary took the phone off the hook.
This is because there was a telephonic queue around the Big House looking for their money.
The creditors wanted to know if there were issues as they had been very patient in waiting to be paid.
Of course, this has happened at Ibrox before,
A club that used to play there died and left 276 creditors unpaid.
Meanwhile, there are some within the Ibrox clientele who are looking for solutions.
Only yesterday I’m told that one Home Counties Bear reached out to a chap in the Square Mile.
The dignified fellow wanted an expert opinion on The Rangers Football Club as a going concern.
Mr Bear was told to forget it.
The basket of assets is a loss-making business with a secured loan from Close Brothers.
Moreover, the Sevco High Command need more liquidity to keep going.
As it stands The People have three choices as I see it:
- Trust the current regime and hope for the best.
- Try and source a major investor. Like a billionaire with wealth off the radar.
- Take the six-year-old club over themselves. Fan ownership.
Personally (3) is my favourite.
The comedic value alone would have my publisher rushing out Downfall 2.
Of course, all of that is just highly amusing speculation.
On a more serious note, there is a growing number of decent folk who just want what is due to them from a football club at Ibrox.
This has happened before.
Plus ça change…
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It seems like we have been hearing of their imminent demise almost since their inception 5 years ago yet,they are still here,the biggest saving grace to this fiasco is the overwhelming hilarity provided as we watch them squirm under the knowledge that they are merely bit players in our domination. As for the people who opine that they “ALWAYS “get money from somewhere,if that were true then how did the first incarnation cease to exist?.
Phil,
I think you’ll find everyone’s been switched 15 days on invoices to 900 days. It’s common in highly successful and sophisticated organisations like Scotland’s oldest and most honoured sports marque.
used to hate this time of year when they all appeared in their rangers tops to mow the grass , telling folk how great they were , you know can of larger in one hand mower in the other, hopfully after the semi`s it`ll be mowing in a t shirt
A definite turning point – from which things accelerate quickly. A friend had a well respected building company for 25 years, tthat foolded within a month of word getting out that he was having financial problems.
Suppliers don’t want to supply – without cash up front – even a healthy business can’t cope with that.
Debtors hang onto their money in the hope of not paying – so sue me.
Not one wants to start new work with you and be left with a job half done – may be relevant for ST sales at Ibrox
Banks and lenders get very arsey very quickly – you’re not a customer anymore – you’re a liability.
The whole thing accelerates at ligtning speed – and then it’s all gone – and your life’s work is being auctioned off for pennies.
You don’t have to be dishonest for this to happen – but it helps.
Nice precis of the situation but the season tickets bit wont be an issue. For that to happen ra peepil would have to believe there were genuine financial issues rather than the whole thing being some sort of taig plot to discredit rainjurs.
No one other than Phil has any interest in trying to sell them that story.
The incredulity when the shit finally hits the fan will be a wonder to behold.
Whilst all this is going on the Compliance Officer is beavering away at Hampden, nearly 7 months into his review of SFA UEFA licencing procedures.
Wow, what is prolonging his review?
There are 3 very simple questions to be addressed wrt to the Oldco 2012 application.
Q:Did the club have outstanding social taxes overdue at the appropriate UEFA cut off date?
A: yes, the £2.8m bill apropos the wee tax case.
Q: who signed off at Ibrox on an application that was fraudulent from the start?
A: he’s still on the premises at Ibrox and involved in the day to day running of the club
Compare with Mr Whyte’s sine die sentence for witholding tax payments and keeping stum about his being banned from being a company director previously.
Q: what procedures do the SFA employ to verify the honesty and integrity of the licence applications?
A:very little or none as a phone call to HMRC would have revealed the truth of the matter.Ibrox
Q: it was common knowledge that the UEFA licence was critical to survival of the Ibrox club and our football authorities were well aware of thay fact.
Should a red light not have flashed at the SFA that they should be all over this application, if only to cover their own backsides?
A: over to you Compliance Officer.
The very least we can expect from his review is an admission that the SFA review procedures are wholly inadequate and a more robust process is put in place asap with full transparency.
Whoever made the fraudulent application on behalf of Oldco should face criminal charges as should those involved in the subsequent cover up over the last 6 years.
The SFA and UEFA then have a decision to make as to who to sanction for making the fraudulent application.
Only then can we start to talk about moving on.
Given that many of the current board served on the old board, who lied through their teeth, it’s out of the question that a licence can be granted for next season.
Of course the SFA might rule that Oldco were the liars and Newco is a completely new entity, untouched by the sins of the former?
God knows how UEFA will react if this story blows up into a full scale scandal……. not very well?
I see the daily rectum are following the evening shark jump as well with a free advert for the so called legends game with big wattie the tattie and his EBT . Now it’s all going to kick off the daily rectum has the gypsies tramps and thieves going for the killie manager with a headline killie boss going nowhere he is staying with killie . Ah some fresh succulent lamb to feed the angry bears to keep them on board as season book renewels will be coming through their letter boxes in the next week or so so they need to put some lies out there for the bennys to soak up and they will by the barrel load .
Their accounts must be out soon to gain access to European football.
Think they got away with unaudited one last season. Lets have a sweep my money on this Friday after 9 pm as the city of London financially world close for the weekend
Not only were the accounts unaudited, they didn’t even produce a balance sheet.
What one, or more, of the many ICAS members floating about Ibrox will put his name to the numbers?
There are now 4 kind of lies – lies, damned lies, statistics, and the SMSM reportage!
“Downfall 2” coming to a bookshop near you soon ( but not Serialised in The Scottish Sun!)
When I try to paste in comments written off line, the system blocks me. Is this the way the site is designed or am I doing something wrong? Writing directly on-line with no edit facilities is not workable for me. Any steer would be appreciated.
Once bitten twice shy unless your a wee r the people disciple how many times have they been duped as they say down sevconian way as much as I would like too see them die again keep them on the life support for years and we can all piss ourselves laughing again n again
I believe that if playing staff are not paid within 24 hours of the due time/date…
The club are ‘in breach’ of SFA rules (and membership terms) and have to make this known without delay to the SFA board. An administrator should be appointed if still unpaid after 48 hours. Although, as we know… There seems to be both different rules for the club in question and how they are applied.
Meeting monthly wage commitments to playing staff is the most critical ‘must do’ thing on their monthly calendar and the one most likely to put them into a non-voluntary admin situation should they fail to meet it.
Of course…. This scenario would be one way of engineering an (apparently unwanted ) admin event without the RRMs at the helm being seen to ‘press the button’ themselves’.
Cue the blame narrative …
” it wiz the media, the BBC and aw ra other clubs that brung us doon! The SFA and SPFL wanted to see the mighty Gers go under. Everybody is tae blame…. Cellik, Brendan Rodgers, dermot Desmond, the pope, the SNP, etc etc..most successful club, blah blah, going for 55, No Surrender , WATP, blah blah.”
The SFA is sure to be looking elsewhere when TheRangers players eventually go unpaid – this month, next month, whenever. The SFA will never initiate Admin at Ibrox.
But we now have a much more diligent regulator in Scottish foootball – The Wonga Bros.
If the situation arises where the actions of RIFC plc/TRFC Ltd require an Administrator to be called – you can bet your bottom dollar than The Wongas will be in like Flynn.
For those without and MBA specializing in bottom feeding fiinance – the loan (not overdraft) from The Wongas is secured agaisnt assets worth approx three times the loan value. Given the slightest opportunity, The Wongas will exchange repayment of the loan and take the assets because they are worth much more. That’s what high loan/security finance is all about. Net effect, in a few short months, The Wongas lose £3m cash and gain £9m assets. Whether they will sell them quickly at auction or hold them ransom for evermore is up for debate. But either way, it’s easy wonga. – like taking candy from a deluded, anachronistic sub-culture.
Wait a minute,
Is that the buffers hoving into view…??
“Am no In”. Phil having lived through that era in the 60/70s in Glasgow when the “Provy Wuman” came calling, we had to do it to survive. However it’s no way to run a PLC.
You know the one we continually hear of as “a Big Club.” I don’t think you will need “Rugger Guy” to carry out any forensic analysis of the current state of Sevco. As I have stated previously all Loan signings and even the boy Docherty from Hamilton are all on “Promissory Notes” or in the vernacular “I’ll square you up when I get paid” i.e. Season Ticket Money.
How much do they pull in from Season Ticket books? Say 40,000 at £400 best estimate. That equates to £16,000,000. However it’s in 4 yearly payments so £4,000,000 in the first Tranche.
That’s already gone to Close Brothers. Then they need to pay outstanding payments for Loan/Permanent signings. Shall I go on?
Why are no members of the MSSM asking these questions? All we hear is “New Manager or new players.” What is wrong with this Country…..Really?
As I’m here….
Something that has bugged me for ages is…. why is the liquidation of oldco taking so long??? And is this normal?
What about other clubs like Gretna… institutions like Woolworths, BHS…. how long did it take to liquidate them?
Anyone have the answers? Rugger guy maybe?
Hail Hail
The face painters are a-calling
While reading through your blog, i start smirking more as I get to the end, wondering… “what valediction will he use this time?”
Brilliant. Always raises a smile.
Developing enjoyment.
Hail Hail
Their accounts must be due very very soon for European participation. Surely they need to be audited or will it be the same as last year 9 or clock on Friday night.
Whits the chairman daein Tom?
Love it ?
As you concluded Phil, the more things change the more they stay the same. Following on from Jimmy Mac’s comment speculation has been ongoing that once top six is secured admin is a very real possibility and could happen before our destruction of them on 15 April, an nice day for jelly and ice cream.
Hi phil
I sevco fan posted on one of their sites ,enquiring as to who the guys in suits AJ was showing round pitchside prior to the derby match .
Then another website hinted that the peepil involved in verbally abusing SS at glasgow airport were guys from a political party from over the water .
It got me wondering if you had heard anything on who the peepil were
Surely they were not one in the same
No couldn’t have been
Thanks Phil. All the best!
Phil,as you have said many times the omnishambles has many moving parts
Just when it looks like they have nowhere to go they manage to get hold of finance from somewhere/anywhere
Would I be well off the mark if I suggested that they may wait to the split and go for a soft administration shedding debt and creditors to their advantage ?
The points deduction would apply but at most it would not endanger their top SIX spot while allowing enough point gathering to hit a Euro place
Or am I miles off the mark ?
I can’t answer your question.
My only role is to report what I have substantiated.
they’re in financial difficulties.
That is undeniable.
They must be regretting knocking back all those offers for Morelos.
An insolvency event would definitely make them ineligible for a UEFA license. Even if the SFA … ahem … missed that, UEFA wouldn’t.
Surely they would never satisfy a criteria for UEFA license if they hit the admin button
Jimmy Mac
They will always get money from somewhere. They are not restricted by any known law. They have too many ( bigoted) powerful friends in the highest of places. It would be impossible for them to even commit suicide. Someone will always pull them back from the ledge . There is only one thing to do . Accept it, and don’t take the eye off what is happening at Celtic Park.
They wouldn’t be able to obtain a Euro Licence if in administration
I see the evening shark jump giving free advertising to the bennys legends game coming up . But best of all is that they have a bigot legend fronting it ah know no laughing at the back Bob the ice cream man Malcolm. They must be pushed for faces to punt this nonsense when this bawbag pops up for a special guest star appearance. Still no sign of itchy sack yet he must still be in hiding with embarrassment I see his tea boy Greame McGarry is carrying the can and running with dross in his absence.
Boab’s enlightened…………..in the scheme of things.
A not so rare throwback……there’ll be more of that pish.
Before there’s less…..
Why are they called the ‘bennys”?
Good question, I’ve been wondering that myself.
You have to be of a certain vintage to get the reference – look up Crossroads, a low budget soap based in a Birmingham motel.
Because of a character in an early evening soap back in the 60’s/70’s. Benny was as thick as two short sevco supporters.
Named after a dim witted character from the (now defunct) ITV show ‘crossroads’.
Phil
Right on the money once again.
A run on the blue pound ?
Close encounters of the fiscal kind ?
Who would have thunk it.
Regards
Surely living by month to month with a loan from anybody who will provide is against the rules and actually a sporting advantage?
(no laughing at the back)
I have been trying not to laugh at the sevvies for lent, But I fear I can’t hold out much longer.HH
A special dispensation could be saught and looked upon favourably. HH
Thanks Phil,
And I’m sorry I asked you for your time.
People will readily say ‘money is more important than time’
For me that’s wrong,money you can re-earn,time you cannot get back.
So Mr.Fear I’m sorry to have asked as you are a very busy busy man.
So please accept my apologies,I have nothing but respect for you.
Please excuse me,sorry.
Another fine piece of writing and great BAD news.BIG GRÁ .
HH?
Wit wiz that aw aboot inat
Well if I was owed money and the phone rang out I think I’d phone their accountants to see if they had carried out correct due diligence as I had allowed credit facilities to continue based on their statements.
The question of ‘going concern’ is covered in the official accounts to 30th June 2017 which are freely available. Also covered is the loans (unsecured and zero interest) which amount to £15.9 million and the estimated cash shortfalls for the business of £4m for 2017/8 and £3.2m for 2018/9. The accounts state that New Oasis Asset Limited and ‘certain investors’ have agreed to extend their loan facilities to July 2019.
‘The board acknowledges that had these assurances not been secured then a material uncertainty would exist which may cast doubt over the Groups’ ability to continue as a going concern’.
The fingers in ears, eyes closed and la la la laing by Sevco supporters is in full swing.
Instead of downfall 2, perhaps Deja blue.
How could anyone in their right mind and in contemplate putting money into that Seepage Hole. It would be a case of Going going Gone forever and a day Sucker.
There is also at least one or two gullible idiots in every crowd. Then again your Great Great Great Grandchildren may get some Dividend Certificate to show what a Idiot and Sucker you were.
HH
I’m surprised the phones not bee cut off
Fool me once, shame on you. Fool me twice, shame on me.
Businesses should have known better than to give credit to any Rangers-related entity.
Clearly creditors don’t read the media spouting all is well, in great shape, got an overdraft (woo hoo!!!). If they did they’d have now concerns and would understand that King will cough up soon, that they have players worth millions that they don’t need to sell and are in fine fettle all round.
Or they are sensible businessman, waiting on their money and capable of reading all the obvious signs. And picking up the phone to get what’s due.
If you were them, you’d want paying and wouldn’t be keen to provide more services u til you had been paid.
If I was a player there, I’d be a bit nervous until pay day next week. I’d not want to have to consider not playing if there’s no money being sent to my bank.
I’m afraid I have no sympathy for creditors. After what happened before to people who gave any kind of credit to Ibrox any sensible person would think twice about being a creditor. Get to court quick before it’s all gone.
If those creditors then have to make redundant people who work for them many of whom could be Celtic fans, due to Sevco not paying their debts, would you still say that?
Agree totally with Tammy and other posters.
How many times being bitten in the arse by Sevco does it take for some of these people to learn.? It’s a bit like watching Homer Simpson, Doh!Doh!Doh!
LOL
Downfall – Encyclopedia Rangersica for the Peepil