I’m told that the Convict Chairman has returned to his Laager South of the Limpopo to complete an important mission.
My information is that he will assess the year-end accounts of Rangers International Football Club (RIFC).
Once he is satisfied they will be submitted to the auditors.
Of course, all such matters I refer to Rugger Guy who generously gives his time to the task of translating the Sevco accounts for you dear reader.
Last year they showed a substantial loss.
What will they reveal this year?
My egg-chasing buddy has tutored me into what to look for in a set of accounts.
He has advised me to start at the back and to read the notes.
Apparently there were some unfortunate omissions last year.
I’m sure that it will be tickety boo this year though.
Now, as Mr King sits down in Johannesburg to go through the figures he will know that Sevco is back in court this month.
On the 23rd General Ashley will have his legal divisions deployed at the High Court in London.
I think that is what my old scrum half mate would call ” a post balance sheet event” or some such.
An excellently placed source said to me today that if Big Mike gets the result that he wants then combined with the Ryan Kent fee that would Sevco’s replicate the losses for last year.
Remember, that is before the Ibrox bloated wage bill is taken into account.
For the avoidance of doubt, the RIFC losses last year was equivalent of 50% of Sevco’s turnover.
I’m sure that none of this is getting to Mr Let’s Go and his Gumtree Galacticos.
However, it is always a worrying sign is the dressing room springs a leak.
I’m assured that this image is indeed genuine.
I sent it to a coach over here and he said that it looked a reasonable plan to contain Celtic as they played under Brendan Rodgers.
However, the man from Armagh didn’t oblige.
Celtic were immediately on the front foot at Ibrox and willing to go long to Odsonne Édouard.
You know the rest…
The defeat to Celtic, after all the media hype, set off alarm bells in the Blue Room and I believe that Ryan Kent is the result of that gusset wetting.
We are asked to believe official Sevco narrative that he was signed as part of a reasoned recruitment plan.
Moreover, the decisions to sign Kent had nothing to do with the result against Celtic.
Sorry, I can’t go there…
Of course, the acquisition of the winger for £7m should also have triggered the insolvency siren on the 6th floor of Hampden.
Indeed, the saner members of the Sevco High Command who were not in the loop about Kent are amazed that no one from the SFA has been in touch.
It would appear that the events if 20012 have not changed the world view of the chaps at Hampden.
No doubt Mr David Cunningham King will be able to put the best possible gloss on the RIFC figures.
However, it doesn’t alter the facts on the ground.
What he does have going for him is that on the day the accounts are published there will be close to zero journalistic scrutiny from the local media.
Indeed, Dave can take that succulent obedience to the bank.
Discover more from Phil Mac Giolla Bháin
Subscribe to get the latest posts sent to your email.
Feel sorry for Steve Clarke, perhaps he’s having 2nd thoughts about taking on the poison challenge that is the Scottish National team.
They say an organisation rots from the top and it’s no surprise that given the chancers and opportunists that run the SFA and SPFL that our national team is in the gutter.
Perhaps the dramatic fall in attendances which we have seen over the last two home games might kickstart some positive actions/ ideas from Hampden.
Is that not what they are being paid the big money for?
The gates for the home games against Cyprus and Kazakhstan will set new low record attendances though I doubt if it will impact on the big bucks being paid to Maxwell and Doncaster.
Phil, I personally reckon that the tribute Huns aka Rangers The 2nd, will move heaven and earth to delay the inevitable, and ask for an adjournment of the one day case on the 23rd. Perhaps by this time in 4 years, we will be going for 13-in-a-row. Unlucky for some, but mostly unlucky for Rangers the 3rd, who will no doubt rise like the phoenix from the ashes of Rangers the 2nd. If nothing else Rangers The 3rd may replace Richard the 3rd in rhyming-slang terms. Bring it on. These games though will probably have to be played at Firhill or Hampden as hopefully Ibrox Stadium will by then be a big f**k-off car park. Can’t wait. HH
Like the unaudited ‘interims’, for the draft yearend accounts King might start with a number – and work backwards.
If he can ‘finesse’ a loss figure which is less than last year’s [£14M] – then the SMSM could be instructed to trumpet this as progress at Ibrox!
And yes, the Notes will be rather interesting.
The auditors Campbell Dallas might be feeling the heat too: this is extracted from their Report last year;
“MATERIAL UNCERTAINTY RELATING TO GOING CONCERN
We draw your attention to note 1 to the financial statements concerning the Group’s ability to continue as a going concern. In order to continue operations for the next 12 months the Group is dependent upon raising additional finance to cover the projected shortfall of £4.6m in season 2018/19 and a further £3.0m in season 2019/20…”
So last year RIFC was – probably – optimistically forecasting a need for a further £3M to keep the lights on at Ibrox.
£3M before;
– Big Mike’s big bill
– The Wall Memorial legal challenge
– further Close Asset Mgmt. loan / overdraft 🙂
etc.
King is going to have to reassure the auditors that he can arrange financing – but for a number much bigger than £3M, over the next 12 months.
From where…?
Excellent post Bob
Phil, who at Hampden has the bollocks to question anything that Kingco do?
I never thought for a minute that Maxwell would be the answer and he’s exceeded my expectations in that respect.
It makes you wonder who is pulling the strings behind the scenes at Hampden.
This set of accounts could be the most instructive in recent years.
We should find out what the soft loans debt now stands at.
The Close Bros loan amount should be confirmed.
Will the Europa monies generated last season pull the bottom line into the black or will the increase in payroll costs once more turn the numbers red?
The most interesting number will be the post balance sheet provision required to satisfy Sports Direct claim.
Will the auditors be satisfied that the million pounds cap is in play therefore rendering the SD claim as no biggie?
Any other post balance sheet issues, Memorial Walls, Hummel, Elite?
you forgot the indiscipline fines
More to the point Joseph, who at Parkhead has the bollox to question anything that Kinco do? Certainly NOT our illustrious and cash-rich CEO. HH
Is it true that the Kent deal didn’t go through until 3 September? This would make him Ineligible t play…..unless he’s been allowed to be improperly registered?
Nice handwriting on the tactics board!
It is indeed nice writing on the tactics board. What genius filled-in for Mr Gerrard on that occasion? Could it possibly be former professor of English Literature at St Andrew’s university…Mr Ian Durrant?
More than likely the guy who picks the team every week – Mr McCallister (decent rumour has it!)
Thanks for the update Phil.
However,even the best magicians cannot polish a jobby or indeed slap MaxFactor onto the mouth parts of swine.🇮🇪☮️
Although his Glibness would try his hand at just about anything at this stage to save,the now torpedoed below the plimsole line,rank rotten ship sevco.
‘Hopefully’ not too long now…
You can’t polish a turd, but you can roll it in glitter. When it comes to accounts, Dave is the King of Glitter Rollers.
Nice one BriBhoy. I must remember that one for future reference. HH
Didn’t the last accounts have a nonsense phrase like “the next full accounts would be heading nearer towards break even”, which to me meant they’d still be making a loss but depressingly, albeit predictably, the MSM splashed as being break-even, if not in profit?
Presumably those pesky post balance sheet events will ensure that that claim will be the equivalent of a pre-season cup against the reality of the real thing.
Well I for one can’t wait to see the balance sheet, if I was Mexican it might very well be more than one sheet or one load of sheet.
Surely, the SFA has to advise UEFA of any financial statements by a member club? How else can their FFP regulations work, if they are not kept up to speed on these matters?
If the SFA choose not to disclose these figures (if UEFA obliges them to do), then they should be investigated in the same manner that the FBI took an interest in FIFA and it’s own best of vipers and assorted creepy-crawlies.
Financial Fair Play does not have to be implemented by the SFA. Re European matches, the SFA just attach a note essentially saying ‘this might be of interest’. It is then upto UEFA to police for it’s own competitions.
Most of Rangers’ debts keep being written off which will keep them within the parameters allowed.