I think it is fair to say that it will take more than the usual crayon creation from Club 1872 to extricate Sevco from a situation of their own making.
Firstly, the Sevco High Command have to stump up £444,846.60 by 4.00 pm on August 16th 2019.
For the avoidance of doubt, that is not the whole legal bill.
That is still to be calculated as are the damages.
According to this document which was sent to me this morning, that will happen at a one day hearing on September 23 2019.
If this missive is genuine then it is very bad news for the basket of assets.
As my American cousins would have “shit is about to get real”.
I was not surprised that permission to appeal was dismissed.
Ashley has won his case and now it is just the overall cost of the car boot sale wheeze that is to be totted up.
At a recent conclave of the Sevco High Command, I am told that there were several senior voices who were calling on the Conveyancing Consigliere to do the decent thing.
However, he is Dave King’s representative here on earth so that gives him some cover.
Which is more than can be said for the Sevco Directors if they do not comply with this court order.
Just in case they missed it is in BOLD AND CAPITALS AT THE START OF THE DOCUMENT.
It is at times like this I feel rather sorry for the minions within the Stenography Corps who will be tasked with putting some kind of Ibrox friendly gloss on this catastrophe.
I spent a very pleasant weekend in Galway teaching short story writing to a great bunch of folk.
They took to it like an Anas Platyrhynchos being introduced to uisge for the first time.
Consequently, I look forward to getting their submissions at the end of next month.
However, they will not be as creative as the usual output of the Fitba Fourth Estate on this self-inflicted shambles at Ibrox.
After all, these are the chaps that came up with “Holding Company Vehicle” and “Engine Room Subsidiary”.
That they could do this after their own newspaper published this front page in 2012 does show a rather sturdy disassociation from reality.
By the time that I have some short stories to critique the Sevco High Command will have had to give Big Mike what he is due.
Well, at least the first small instalment by order of the court.
My information is that this initial sum represents 40% of the legal costs.
SDIR’s legal bill is likely to be around £1.2m and Sevco’s own lawyers will cost them £500-£600k.
Therefore the arithmetic contained within this document does square with what other sources have told me throughout this case.
A very well placed source at Shirebrook had recently advised me that Sevco WILL have to pay 40% of SDIR’s legal bills by the end of August.
Therefore, the above document is accurate on that score at least.
For the avoidance of doubt, that sum does not include a single penny of damages that could be due to Ashley for the car boot sale shambles.
Consequently, the final bill just might have the potential to wring Sevco’s neck.
Of course, the highly efficient PR machine at Ibrox will no doubt be preparing a high-Level statement on the bona fides of this document.
Have a great day.
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My thoughts and prayers, oh God please.
The Scottish media, almost to a man, has ignored the court writ and the potential consequences for the Rangers board if they fail to comply.
Instead, no surprise, Stevie G’s status as Number One by far as Scottish football’s numero uno on Instagram is of much more importance to the media.
It’s laughable and unless Kingco get their act together pronto the number of Gerrard followers on Instagram will have little consequence when the money runs out on Edmiston Drive.
No doubt Hummel and Elite will have their own legal beagles going over their contracts with Rangers in great detail.
Indemities given to both by Rangers will be closely reviewed and Sports Direct may soon be joined in further legal action by others in the supply chain.
At the moment no one at Ibrox appears to have fallen on their sword for the catastrophic decision to cut Sports Direct out of the merchandising deal.
That in itself is telling and begs the question as to how high up amongst the decision makers at Ibrox was a conscious decision made to sideline Ashley?
Don’t underestimate the power of King’s PR guru and the willingness of the Scottish media to copy and paste blue tinted good news aimed at the demographic who are their main target.
It’s an easy sell when that demographic only see what they want to see and who cry fake news when a copy of a court writ appears in public.
Alarm bells must be ringing loudly around the Blue Room. Blatantly driving a horse and cart through a legally binding contract is a game changer.
The statement from the Club 1872 subsidiary encouraging fans to buy the 3rd strip, plainly ignoring the judgement of M’lud, will prove to be another monumental mistake.
The board of directors are in the firing line even though they may have nothing to do with the merchandising clusterfuck.
You would have thought that the hole that the board has dug for themselves might have seen a moderate, forward thinking group come forward to oust the current lot before it’s too late, if that horse hasn’t already bolted.
You are spot, Joseph. Just read one already on twitter saying that’s fake news and nothing to worry about. Meanwhile Moreorless’s £30 million from China was real news.
Saw this.. https://www.facebook.com/SonsOfStruth/photos/pcb.2456138064617307/2456137967950650/?type=3&theater.
Declan, I’ ve not gone away you know.
Anyhow, buoys and ghirrells, whats to stop another bid from the Chinese club for Alfredo ? Zilch.Nada. Zero…once they meet our valuation we’ ll have a sit down…..( think Dembele x2 )
….Alfie says Lets go, 55 in a row.
…..Its coming home…
Is that the same Alfie who rejected a bid which was never made?
Fantasy football – where the Ibrox club excel!
So saying, I don’t see the court ruling as a fatal blow. If they can scrape into the group stages then they will probably manage to see out the season but they will have to punt a few to retain a cash flow.The English window closes soon, nobody else splashes the same levels of cash. By the time the January window comes around desperation will have set in (and be even more widely known)
Not a fatal blow – but rather debilitating.I
55 looks a long way off.
P. S. I notice all trace of Hummel has disappeared from the Ibrox club’s website, most likely to be followed by all trace of Hummel cash into the club.
Except perhaps the end of the Chines transfer window yesterday ?
If (and it’s a gargantuan IF!), Hebei Fortune are genuinely interested in ManChild, there is NO WAY they will meet your valuation, since (2 players apart) the average valuation of each player in their squad is about $6-700,000. ManChild will not be going anywhere, as he feels most at home when Broony “bitchslaps” him, before securely placing him in his pocket. MoreOrLess cannot ever be sold by sevco, because he is owned by our captain!!
What this also raises for RFC is the (highly likely) prospect of an action for breach of contract & damages raised against them by Elite & Hummel.
I posted last week that IF sevco survive this, and the IF is becoming bigger by the day, there will be cross litigation between SD, Elite, Hummel and sevco for years to come and all the while sevco will be paying EVERYTHING for EVERYONE.
This will financially cripple sevco for the foreseeable future. IF they survive.
The sevco board members must each be having Ollie Hardy thoughts right now. “Well Dave, that’s another fine mess you’ve gotten us into!!”
That conjures up an funny image although the grubby entity that is sevco doesn’t deserve to be mentioned in the same breath as an absolute legend like Oliver Hardy 🙂
( Nowhere to turn )
The blue room ear tells pR ace,
BOARD in talking with, Billions on line ,
Entrepreneur tells Dave king, he’s got a cue
Longer than your willy, waiting for him posting a letter, take your pick Dave!
Multi million pound Deal awaits Dave’s signature.$$$$$$$$$$$$$$$$$$$$$$$$$$
“CRAIG tells BOARD where they went wrong.
Watch your Back, out soon
CRAIG Tells Dave when the Bubbles burst,
Don’t worry about the Klan, wee CRAIG tells Dave king, This is your time to shine Dave?
‘King replied, ma neck CRAIG!
CRAIG white asking for 2nd class stamp,
Lots of other money spinners waiting on
Dave’s signature, oot soon, “Downfall 2”
No surrender two!
CRAIG white asking the questions about
SDI deal.
WEE CRAIG TELLS DAVE,YOUS MA LAWYERS,
THAT’S THE WAY FORWARD ,Saving KLAN MONEY IS THE PRIORITY FOR NOW
.
Sky is doing a great job bigging up Rangers at every opportunity.
The Chinese approach has been ridiculed by Gerrard as nonsense.
Will Sky offer an apology for spreading what amounts to be lies?
No concrete bids for Tav or Morelos as the English window approaches.
With the fall out from the SD judgement filtering it’s way into the mainstream media only a fool can ignore the facts that the good ship Rangers is in choppy waters, heading for some very dangerous rocks.
With legal fees, damages and the Close Bros loan amounting to north of £10m will King come to the rescue using the cash that he had at hand to make an offer to the other shareholders?
Will Gerrard be wondering what he’s walked into as the season fast approaches?
Had to laugh when he commented that he hadn’t approached Kingco for the £8m plus required to buy Kent as he guessed that the answer might be of the negative variety.
In the short term failure to achieve Europa Group Stage might be the final straw and could see the dominoes topple very quickly thereafter.
They need Sky’s support cos they ain’t getting much love from the BBC are they!? LOL!
As much as I enjoyed my Jelly and Ice cream last time around I hope this sad affair drags on till the effects are witnessed in full public view. Spectacular as it undoubtedly was for the residents of Montevideo to watch the Battleship Graf Spee scuttled and sink I rather hope for a more Bismark “end” this time. To watch the good ship Ibrox turn in ever decreasing circles, taking shell after shell after shell before listing heavily and sliding to the bottom in flames would be very satisfying indeed.
Aye Aye Skipper….and a bottle of Rum.
Nice one.
If the £15 million on offer was genuine and was rejected by the club then presumably this was because it did not meet their valuation of this Prime world class asset.
This will surely deter all but the richest of clubs from bidding.
You would look an absolute arse if you knocked back £15 million and took a last gasp bid of £2.75 million.
Ah the gift that goes on giving.
I can just see glibby kings next statement,to the fellowship of the renagers……..
“What say you. What say you….I am the renagers heir.Fight for me.And I will hold your oaths fulfilled”
“What say you”………..HAW
I do believe Mr King will try roll this one in glitter and pass it off as “The Worlds Best Jobby”
Well, well, high court writ and lo and behold another Chinese team turns up on the very last day of their transfer window.
King would carry Morelos on his back to China to collect the transfer fee.
I wonder what next statement o clock is being concocted by Kingco and their highly paid PR team?
At what stage, if ever, will the gullibles realise that Kingco and Club 1872 have played them like mugs and with the big bill coming down the line the future of the new club is hanging in the balance.
King has spent a fortune on defending the indefensible just as he did in South Africa.
That turned out well for him, not.
Aye, but this time, as Phil would say, it’s OPM!!!
The latest ‘news’ sounds like a classic squirrel. Hebei of China have a £15million bud rejected AND Alfredo rejects their personal terms of £200k per week for 3 years.
And all happening just hours before Chinas transfer deadline closes. Things must be be bad at Ibrox.
https://www.transfermarkt.co.uk/hebei-zhongji/startseite/verein/36630
This is all very well – Big Mike will, quite rightly, get his dues. Where does that leave Elite/Hummel? They signed a deal in good faith with Sevco and will be hugely out of pocket by this time – surely they will be looking to sue Sevco too?
Am I right in saying that if Big Mike isn’t paid in full by July 2020 The Rangers will not be able to register their kit with SFA and UEFA? if so how can they take to the field? Not that I care that much about any of it, of course. —–Joe
The counter PR in full flow; Morelos knocks back £10mil a year before Rangers are approached with a £15mil bid. It took them a whole 2 hours to come up with this.
Expect a ‘Statement ‘ imminently from Klub 1872 informing the Gullibillies that they should disregard the latest Court Papers claiming that Sevco and Pop-Up shops Ltd are f*cked .
Jabba will meanwhile be orchestrating a Maginot-style defence line with his stenography corp(se ) : initially stating that Morelos has knocked back a £30 million bid from China ( see latest Rumors-R-Us ) ;
next will be another Humanitarian initiative to follow ”Everyone -Anyone ” endeavor which will tell the world that Rangers( sic ) are a blessed institution which has been given the Imprimatur by the Pope who has urged ”Everyone ” and ” Anyone ” to turn their face against the imposters from the East-End and give their Sunday donations to St Dave King of Govan who will turn worthless shares in Sevco into a high-interest bearing account for the benefit of his offspring .
Apparently spfl fantasy football valuations are real
“Two Rangers players have been given the equal highest valuations on the official SPFL Fantasy Football game.
James Tavernier and Alfredo Morelos have been rated at £18m, which is matched only by Celtic’s James Forrest.
In the case of these two Gers stars, their valuation is entirely justified based on their performances last season.
Morelos earned the Tartan Ball as the top flight’s top scorer. Meanwhile, with 14 goals and 14 assists, the outstanding Tavernier registered more direct goal contributions than any other in the league, despite being a defender.
The Gers skipper is valued £0.5m higher than Kieran Tierney, who Arsenal are reportedly attempting to sign for £25m [Sun]. Morelos is also half a million more expensive than Odsonne Edouard, who the Hoops signed for a reported £9 million in 2018 “
Anyone speak mandarin or Cantonese ?
A wee call to Hubei required to establish a little ‘transfer news due diligence’
Or, simply copy’n’paste the website address into Google Translate.
My ice-cream is staying in the freezer for the moment as the glib one always seems to produce the pennies from behind someone’s ear to pay for his crass stupidity. It must be the black arts he worships that produces the magic beans. HH
I must say that I’ve had a guilty peek over at their garbage pit forum to see what rubble is being spewed (We seen some belters lately)
This wee piece of hard carbon will take a lot of shining to see it other than what it is, it’s a bahumping.A odd use of two words my friends and I used years ago when we were deciding what a fate worse than could be.
Bahumping effectively means beheaded then pumped.
I’d love to see that headline
Short of “jaikits furr goalposts”, I think this effectively means that the playing staff will be playing in cut-up Armani jeans and Ralph Lauren polo shirts this season…. not forgetting “errafishulsportsocks!”, purchased from the wee guy doon The Barras!!
Teehee!!
Will they have to play in the berr scuddy, then? 🤣
Ooooh, ma sides!! 🤣🤣🤣🤣🤣🤣🤣🤣🤣
You’ve just put an image in my head I really didn’t want. If they were to play scuddy and their fans turned up to support them likewise undressed, the smell of sweaty armpits would cover a similar area to that of a nuclear blast.
By the way, if it’s correct that this judgement can’t be appealed then keep an eye on Close Bros. If they get antsy about there being no funds to repay their loan they may just decide to jump in fast and beat Ashley to whatever money club still has. Could get interesting quickly….
isn’t the loan secure? the big tv’s etc etc
yes, they have the security on everything not nailed down. However, Close Bro’s isn’t in business to flog old big screen TV’s, catering equipment and also run car parks. They want the exorbitant fees and then their money back (on time)! If they can call in the loan and get back their money now that will take precedence over any security.
Do you think that Close, Hummel etc are now thinking they need to move to protect their interests, by applying for money to be ring fenced? If this is as bad as your are intimating then surely the ability to pay Close Brothers their money becomes an ever decreasing possibility. Interesting the full decision doesn’t come until September when they wont be able to ship anyone out on the cheap to try and mitigate the bill coming their way.
Was surprised to hear the Chairman say last week that they have the finance to cover any bill they will receive, but surely that will be the ST money that the need to pay the bills. Are we looking at another season where the directors are going to need to find north of 10M just to keep the lights on?
I don’t think £10m will be remotely close to the final figure. Let’s be conservative here. We’re talking two seasons damages. If sevco have taken in even £2m per season that’s £4m. Even if they were getting 20% of the gross takings, and I seriously doubt they were, that means Elite and Hummel between them were taking in £16m. That’s the money SD are after. Whatever Sevco got they were getting whoever was running the deal. I’d need to look at their accounts to see how much they have actually taken in. And, to put not too fine a point on it, ah cannae be fucked!!
Well,I certainly did enjoy reading that sevco summertime summary,especially the digits,even the ‘0’ on the end of the nearing £4.5m. payment due.
That’s great news Phil that your helping others get into word-smithery,passing knowledge to the next generation IS essential to keep the quality of the written word in a healthy future ready state.
We can only hope that the sevco directors don’t enter an insanity plea,coz from where I’m sitting that plea might actually work,well,they’re certainly Donald Ducked,that’s for damn sure.✅
Thanks Phil🍀
So, will Sevco also have to pay back monies to Hummel? Either monies already paid or more for breach of contract?
Good work Phil, you deserve credit instead of criticism- some are only interested in doing the zombies work for them, shame others (who also work hard tbh) can’t celebrate all your efforts- time to close ranks as Celtic fans and pass the jelly and ice cream- this is what it means to be Celtic
Awwww.. bless.
Maybe they’d appreciate a few Hail Marys and some “Glory be”s?
I do feel such sympathy for the poor wee sods and am most concerned that they might start to feel like martyrs and it could turn ’em into nasty bigots.
Don’t laugh, it could happen…🙈👀😂
Dead duck or Argentinian racing pigeon (called Donald)?
Phil can you please inform us if you know why sevco told their sheep that they could still buy the away tops on the original day that was meant to be the official date before court ruling and also have you been in touch with the football authorities to find out if they are investigating a club from their league breaching a high Court order/breaking the LAW on numerous occasions HH
It looks like SDI may have agreed to allow them to register the current strips for this season with SFA and also sell stuff this season to fans. Everything in the order pretty much related to being in effect for Season 20/21. My guess is that the cost of agreeing to that will be included in the bill that SDI presents as the damages.
Do not feel sorry for the Stenography Departments across the Sea Phil.
It is they who have chosen to throw all of their eggs into the Sevco Basket of Assets.
The hens are coming home to roost at the Stadium of rust and this is quickly turning into one almighty Fustercluck.
As predicted by yourself quite a while ago.
The Devil is always in the detail and the next set of Audited Accounts (no sniggering please) should no doubt expose it all.
Should they even get to a next set of Audited Accounts that is.
Meanwhile Coo Cluck Clan at Hampdump remain silent.
Yet again.
Fast forward 12 months and we have…
“Ladies and Gentlemen we give you THE THE RANG3RS”
Ta da!