A trusted Ibrox source got back in touch last night.
Although he didn’t disagree with Rugger Guy’s analysis of the RIFC numbers on here he was proffering a somewhat different narrative.
I have been in touch with this source since 2014 and because of his vantage point, he is rarely wrong.
Firstly, he was adamant that the amount borrowed from Close Brothers this year was over £7m and not the £3m that was reported in the accounts.
I have no opinion either way and only time will tell if he is vindicated.
He pointed out to me that, bad as they are, the current financial situation at Sevco has got worse since the end of the accounting period (30th June 2019).
Firstly the seven-year-old club has shield out over £10m on two players (Helander and Kent).
Off course, that means that the wage will is also bigger, especially with the Kent coming from Liverpool. It is unlikely that he would take a pay cut after moving from the EPL giants on Merseyside.
My source did offer an interesting observation.
It was that that the Convict Chairman wanted the going concern warning to be watered down.
That was the term he used to me, “watered down”.
However, for that to happen the auditors wanted a binding agreement from Laird guaranteeing the necessary liquidity.
That was not forthcoming.
Therefore, the stark warning is in there, something that was picked up by Rugger Guy on his first read-through.
Sevco now is dependent on the solemn nonbinding word of a man dubbed a “glib and shameless liar” by a judge in his adopted homeland.
My guy reckons that if the club could cut the wage bill by, say, 50% and maintain the same turnover then they could trade their way out of the situation that they’re currently in.
Very much easier said than done.
Yesterday a financially doped Sevco side easily swept aside their low-calorie cousins at Hampden.
The essential fact is that the Ibrox club is fielding a side that they cannot afford.
In the end, this was the cause of death of the original Rangers.
For the avoidance of doubt, this a severely distressed company.
Moreover, no one in the Stenography Corps has been able to bring forth anyone with the appropriate accountancy qualifications to counter that assertion.
Indeed, post balance sheets events indicate that there is no survival plan in place as the Sevco High Command increases the cost base with no thought for the future.
Everything is being recklessly thrown at stopping Celtic this season.
The Parkhead club is richer and financially sound.
Consequently, it makes the strategy emanating from the Blue Room seem even more suicidal.
It would appear that the Herrenvolk hubris of Ibrox prevents them from living within their means.
We have seen this movie before and we know how it ends.
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For those remotely interested apparently the term “Glib and Shameless Liar” in Afrikkkaans means “Fit and Proper Person”.
So that clears that wee mishundershtanding up so move along Timothy 😉👍🏼
Belter!
Phil, something you might want to look into,
Sevco sell Morelos before the Ashley money is announced. Then in Jan. when the big bill comes in, they go for a pre packed admin, take the minimal points hit from a compliant SPFL and start again, dumping all the debt. Don’t know how this would affect the board members who have a lot invested, but it’s a way out of paying Ashley and The Lying King can stick two fingers up at him.
I don’t think the vast majority of sevco fans will give a rats rectum if they stop 9 in a row and and go tits up the day after the season ends. It will be mission accomplished and fuck the cost.
Considering Rangers needed to recruit a whole new team, a new management team and the ongoing SDI legal issues, Rangers are not as far away from self-sustainability as you think.
The future for Rangers will be that we won’t need a new management team every year, we won’t need to have a 20 player turnover every year and we won’t be tangled up with SDI legal issues every year. The age profile of the team is good, there are 8 or 9 players with serious potential and we are competetive again. There has been some goof recruitment too. Jack, Aribo and Kamara easily a total of £10mill talent there and all signed for free (except Kamara at £50k). Only a fool would say there isn’t another £15-20mill (total) in talent in Morelos and Tavernier. Barisic has also become a fully fledged Croatia International so there’s value there and also with Kent.
Rangers are close to being able to create stability in the squad like I said previous 1 or 2 out and 1 or 2 in.
Some “goof” recruitment indeed.
We keep reading that More-or-Less is worth £15m or £20m, yet so far NO-ONE has offered even the lower figure to take him from sevco. NO-ONE has offered £12m, or £10m, or £8m. NO-ONE has even offered £5m, £3m, £2m or £1m. NO-ONE has in fact offered as much as a fiddlers fart for the man-child.
Class strikers are worth their weight in gold and the fact that NO-ONE has shown any interest in your man should inform, even the hard of thinking and the Scottish msm, that NO-ONE ELSE rates him.
Your valuations are wildly inflated.
Unfortunately his mental health isn’t..
Oh dear, oh, oh dear!!…
Please seek emergency medical assistance. You appear to have overdosed on Deludamol!!
Firstly….your club has a mansger in slippy g who is finding himself at odds more and more with the board…by board i mean king and wilson.
Second…morelos aint worth 10 million…your lot are living in the world of fantasy football if you believe he is.
Kamara is worth maybe 1 and a half at a stretch.
Tavernier couldnt make it in england….so forget any big bids coming for him.
The 11.5 milli9n takes your clubs 3 year losses to 32.5 million pounds.
The uefa fair play allows for 30 million losses over 3 years….but thats euros….at tidays rate you fail the uefa fair play by around 8 million euros approximately.
No place in Europe next year then.
The sdi payment is expected to be around a minimum 10 million or more….thats a minimum 10 million to find on top of the 10 to 15 million youll need to complete the season.
Of king starts selling your “assets”…gerrard will be off.
Of course you havent taken into consideration the moneys you have to refund hummel/elite….the close brothers loans…the club 1872 loansor the transfer fees…none of which are within the declared losses till june .
Youll find yourselves in litigation on several fronts..
And keep in mind..under the court ruling youll earn virtually nothing from merchandise.
Yes….I can truely see a rosey future over there at the cesspool.
I will be able to say I was alive when the two diffrent rangers clubs died.
There is no balance to anything that I read here, which leads me to think it’s excitable propoganda but nevertheless here’s the other viewpoint of Rangers’ accounts.
Rangers Directors and in fact Dave king himself stated in 2015 that it would take upwards £50mill to compete with Celtic on the park and also that investment was needed for Ibrox Stadium and the training centre. Not that it needed saying, it was obvious to the naked eye that Rangers did not have the quality on the park to compete. Dave King and the Rangers board promised to deliver on this investment, which they have done and are doing.
Long term and in fact in the medium term, this is not sustainable. But we don’t need this propoganda machine to enlighten us to that fact, the Rangers board and Dave King himself stated this 4 years ago and repeated it several times since. One the Ashley stuff is sorted once and for all, and now that Rangers are competetive on the park now (only an idiot would now say they aren’t) you will start to see less investment on the pitch and adopting a model more akin to 1 or 2 players out and 1 or 2 cheaper replacements in. I’d say there’s one further year of bad accounts, and thereafter at or at least very close to self-sustainability.
Rangers now have a very decent squad. That is a fact. That gives Rangers potential on the park, and off it. Rangers may, or may not win the league. But they could, they have a chance. In terms of player value, even playing it low Tavernier is worth around £8mill, Barisic £3-4mill, Kamara £3mill, Jack £3mill, Kent £3-4mill and likely to rise when he stays fit and fulfils his obvious potential. Aribo £3-4mill ane Morelos minimum £15mill.
King and the Rangers directors know full well what they are doing. Aggressive, short term investment to get Rangers competetive again and that’s exactly what they have done. And yed, their commitment was always to underwrite the lossed during this period.
And if truth be told, if you’d told me in April 2018 (only 19 months ago) when Celtic beat Rangers 5-0 to win the league that Rangers would be this competetive and in Europa League group stage 2 years running whilst posting only £11.3mill losses I’d have been amazed.
Well thought through argument. We keep getting told that Celtic are so far ahead in terms of finance. If that is so they should be streets ahead on the pitch but they are not. Several posters here seem to think that 8 December is a walk in the park while others’ comments would indicate an element of concern around possible defeat not only in that match but also the league.
There is an element of concern around any cup final irrespective of which team is playing which other team.
Celtic have now won, I think it’s 30 consecutive cup ties. That run WILL be broken some time. And the longer it continues the greater the chance that the previous win will be the last.
The reality of the situation is this. IF Celtic turn up for ANY domestic game firing on all cylinders NO-ONE in Scotland can live with them. If on the other hand they have an off day and the other team are firing on all cylinders, as in the recent game at Livingston, they CAN be beaten.
My gut feeling, and it is a considerable gut, is that the run will end in a game when it’s least expected.
Dayle’s been on the Deludamol…..El Mutanto is worth £15m….the gift that keeps on giving
Stay aff the glue bud
UEFA’s FFP rules are there in part to prevent clubs overspending in the hope of a European run to recoup their outlay.
It’s widely reported that last seasons Europa run added £9m or so to the Rangers bottom line, without which losses would have been £20m plus.
It’s difficult to understand how the SFA can sign off a clean bill of health on Rangers for entry to European football as they have made trading losses in every year since their 2012 birth, amounting to a near £50m in total, £25m of which has been incurred in the last 2 years.
Perhaps the SFA CEO could stick his head out of the Hampden bunker and explain how the Ibrox club are complaint….oops sorry compliant, even CEO’s can’t always get basic English correct, well certainly not the current Hampden incumbent.
Other clubs who don’t have Rangers spending power are being deprived of a shot at Europe, short though it may be, as the Ibrox club continue their financial doping while the SFA sit back and hope for the best.
It’s business as usual at Hampden as they stick their collective heads in the sand hoping Rangers can see out the season.
Obsessed.
And your motivation for being on a blog of the Champions is…..?
No matter how you look at the situation it’s a disaster.
Revenue is maxed out and may even take a hit when the SDI bill arrives.
New contracts for current players, no doubt improvements on their current deals, being driven by Gerrard who must get what he demands, no matter what.
There are still legal costs working through the system as well.
By the end of December the increased running costs and player additions, Kent and Helander, will see the half year losses top £10m with the SDI bill arriving in January adding to the carnage.
No current or new investor will be throwing their hard earned into the Ibrox black hole.
Despite Gerrards assertion that his main men will not be sold in the January window the numbers say different and top dollar will be required to plug the cash shortfall hole.
No doubt some cheap replacements will be hailed as the new Morelos orTavernier but there is no doubting the impact on the SPFL campaign.
Kingco have found themselves in an impossible position where their only choice at the moment is continuing to throw good money after bad, having already converted previous loans for equity at 20p per share, which in no way reflects the 6 year on year trading losses and the chronic dilution of the share price with so many new issued shares in circulation.
Oh to be a fly on the wall at the next board meeting.
Rugger guy reckons the real price of the shares is around 6p, an overestimate in my humble opinion. However loans are being converted at, and Club 1872 or1874 or whatever, are BUYING them at 20p a time. Is this not keeping the share price artificially high? And is that not a criminal offence.
Has anyone actually reported their lack of financial fair play to UEFA/ FIFA/ whoever makes the rules? The sooner they are investigated the quicker they will be ‘cold shouldered’/ liquidated/ wound up. CSO, Phil, Twitter, do your thing!
I see Mrs Budge reckons Hearts can attract a top class, experienced, big name manager.
Rogers at Celtic, Gerrard at Rangers learning on the job but a big name none the less, have shown the way.
The poor wee wummin must have read Gordon Waddell’s article at the weekend talking up the talents of the players left behind by Levein.
There is not a single player in the squad who would get a place on the Celtic, or Rangers bench.
Tactics? Hoof it back to front with maximum force and hope for the best.
That’s Levein’s legacy. One win in 11 SPFL games, 10 goals scored and sitting in the relegation play off spot.
No one of any note will grab this maroon poisoned chalice as there are no significant funds available in January to turn things around and Saturday’s clash with St Mirren could see them swop places with the buddies.
I would take Aaron Hickey back no danger and would fancy him to become a better player than Bolingoli will ever become at Celtic.
I see shades of the Andy Robertson situation there. Although Hickey has made the Premier League earlier than Robertson did.
Oh dear wee Coco at ibrox noise has totally lost the plot this time get ready for this. There is no financial crisis at ibrox it’s just people scaremongering. Wee Coco said they are in such a healthy financial position there is absolutely nothing to worry about . They have multi-million pounds players in the squad that could be sold world wide he says . Now there are a lot MAD MAD MAD BENNY’S out there but this wee guy does take the biscuit. My God that must be the best of stuff that he is smoking over there as well as drinking the best of Buckfast . It can only be the reasonable answer for he what puts out for an article . Comedy gold have a read and have a right good laugh .
Something is seriously nagging away at me regarding King ,his background in Financial Gymnastics and the Accounts at Aye Broke.
It would appear from a cursory glance at the Annual Accounts over the past 3 Seasons that the Forces of Darkness have been sailing very close to the FFP winds at UEFA.
When I couple this with the late registration of Kent plus the Decision awarded to Mike Ashley in Court it struck me that if you take away the Profits generated and denied to Ashley over the period where they basically tore up a binding Contract then could it be that in doing so this is what has kept the pretence up that all is above board regarding FFP?
Are we actually looking at another rerun of Resolution 12 where a Licence was granted by the SFA KNOWING that the profit side of the Aye Broke figures have been manipulated by deliberately breaking these contractual agreements?
I don’t know how much money Ashley has been denied by these actions but from what I gather we are not talking about insignificant amounts here?
Is there anyone out there that can give a safe estimate as to how much and further to that how much this would have affected the final Profit/Loss totals for the period of these breaches of Contract?
I can digest the bulk of an Annual Return but am no Account or Lawyer.
Perhaps there is someone out there who is and who can?
My gut says this is where they have pulled a fast one.
Yet again.
“Mike Ashley, who was a former Rangers shareholder, struck a deal with a previous board that saw his company take in around 93p from every £1 made from the sale of strips and merchandise.“
I’m guessing the deal struck with Elite/Hunnel was far more favourable than that?
Possibly. But there was a court case in England in recent weeks where the judge ruled that any deal should be looked at in the round and not simply as a percentage of the sales. He looked at distribution networks and the volume of sales realistically achievable by the parties involved.
The Heart of Midlothian are not ‘Cousins’ of the Huns.
Glad to hear it as you spit on Celtic children been there seen it Maybe not RFV but anti Irish sane thing FO
If you say so…
Old joke.
Q. How many Rangers fans does it take to change a light bulb?
A. 51…..50 to change the bulb and 1 to drive the bus back to Tynecastle.
Brothers ?
You are correct you are not cousins but brothers, twin brothers.
Celtic can actually, wrap up the whole shooting caboodle, between now and Christmas, WIN the League Cup and follow that with the Christmas Fixture then the it will indeed prove a particularly grave festive period for the tribute act.
Irrespective of the watered down version released in the guise of night, the audited accounts are only for the year 18/19 and do not account for the impending chaos after this years double or quits pre season team talk.
£10million on Helander and Kent….. still to be added to transfer fees owed. Their forums are using this, notion of needing £10million in funding to stay alive, akin to a patient or a human needing oxygen to survive. I think the they’re a missing the point, the survive or thrive option has been wildly been misunderstood. THEY NEED £10 mill just to survive, they’ve cut their own oxygen by their cooperate malpractice. Having puff pieces from Kids Boyd or a Neil McCann over the el buffalo, barely keeps the lights on for this season.
Even if they go their feted £20million, £10million right to stay afloat, and a further £10mill. to pay, close, or MA, or transfer fees, or wages for the old men, macgregor, davis and Defoe on the contracts Mr Ego, is determined to give them.
THEN comes the 19/20 year ends with ANOTHER round of losses, pushing the operational debt well over £50million and completely bankrupted the investors share position on the equity., With no line of bank credit facilitY and a cold shouldered GASL and surely at that point, the directors saying enough is enough, in terms of loans. DP already has external pressures being applied to his main activities.
The Alex Rae, spokesperson on Clyde 1 in the aftermath of Friday, talking about the work done at the training ground. etc, well, thats all fine and well, but does a low end manager need such facilities. because the next one won’t be a celebrity.
They are now a season away from as much debt as they went down with. Creditors, HMRC, and Paye must be looking and saying eh, not again boys., can we have a chat.
Celtic can advance this position, easily, win the league cup, and beat them in December. – Celtic should not go into over confident, it is always our undoing. IF we win come out of December top of the league and cup in the trophy room, the pressure, to sell a Colombian Marco Negri, and to publicly defy the Esteemed Ego. well….. the roof will fall in on the big house ol over again.
Steven Gerrard, made an alrighty play over El Duffalo, he dictated the position of the club and Ross Wilson and gave himself the first major public “it wasnt meeee fault” – ” I tried, but they took away my tools…… Termeeeeenado! ”
the eventual breakdown even if the friend on the inside thinks they could trade out their insolvency position, will come next season, IF. Celtic retain the league.
What I’d like to ask the Sfa, @Phil, – Why haven’t they signed up to Uefa’s FFP rules and do they have any plans to do so, if so when? moreover, the Uefa, say 3 seasons of losses will result in an omission on competition rules- will they be advising this to RIFC?
That should have kicked in this season.
january could be A TRICKY time for celtic as I can see sevco try and mooch twO good loanes and CELTIC not covering the MOVE and leaving us wide open once AGAIN
Talking of which we wasn’t, I don’t have a single orange anything, so I’m on the lookout for a virulent luminous orange top to wear down the Costa Blanca – Stray Sod, Auld Dubliners Paddy’s Point, no problem because the Timmies all know me and they will get the biggest laugh.
If we can book to be there on the 29th, sweetheart will see what she can sew on to fill the offer out – penguins and a polar bear on the shoulders? Don’ know how I never thought of this before.
If things were that bad, why haven’t close brothers called in their loan
It is a secured loan.
So that’s the Celts playing Huns2 in the final of the league cup.
Would it be asking too much for a repeat of the scoreline in that 8 goal thriller on 19th October 1957? Hail Hail
You wish in your dream
Billy Bhoy… why are you even here?!! Have you been barred from Ibrox Noise for being a tad too extreme, even by their own standards?
Leave my dreams out of this, you Hunnish dolt…and if you are unaware of what a dolt is, you can look the meaning up in a dictionary. They are available at your local library…assuming you can read that is. Hail Hail to you ya muppet. Your club is going down again…and fair play to Guy Fawkes. Pity the plot failed. Hail Hail
We all know it a blind eye (no jokes about the CHISLING chairman ) is being turned hear by the corrupt so called people in charge at Hampden. They did it to give the European certificate to sevco in 2011/12 and they will do so again in the hope sevco win the league this season . Meanwhile LIEWELL over at Celtic Park goes along with it every bit of the way frightened to rock the boat knowing how it would disrupt his income and Celtic’s. So what happens here is this sevco win the league stop 9 and 10 in a row go bust but so what damage done job done and they start all over again . And only after this has happened would celtic fans want something done about . By that time it’s to late celtic fans are sitting back watching the CHISLER from ibrox walk all over SFA and the rest of Scottish football without a fight being took to anyone to challenge this . So celtic fans don’t complain when the shit does hit the fan if sevco win the league then go bust . By standing by and doing nothing it’s almost like you are encouraging sevco . Had this been Celtic in sevco position you can gaurantee club 1872 and the rest would be hounding us out the league at every avenue meanwhile we sit back and allow them to dictate all that goes on .
800 fans at PARKHEAD AND IBROX AINT GOING to keep the drive way in heat for pete
Pmsl you are a complete rocket never heard so much shite in my life and most my friends are celtic supporters attend all games etc and proper football fans and I let them look your comment and there pissing them self’s….. 😂😂😂😂 ROCKET!
You gave the game away immediately in the first sentence (if you call THAT a sentence)….you don’t HAVE any friends, let alone Celtic supporting ones, and even any decent Sevco ones (there are none) would give you a wide berth, as they already have ole Glib and Shameless to give them a bad name let alone you, OD on the Deludamol ya bam…
They are breaking themselves just to ‘keep up’ in a desperate sort of way..
Celtic could flex just a small amount of their financial muscle in January and it would put us in a position where no amount of ‘hedging’ and gambling would be enough for Sevco to achieve.
It’s disgusting that their financial shenanigans is allowed…
.. but Celtic need to win the league cup next month , pump the dignity out of them at Celtic Park and then kill their hopes with the sort of player acquisitions they can only dream of.
I think if that happened and we got a marquee signing in early (or converted Elyanoussi to a permamnet deal (!) ) and had established a lead in the league then they might decide to give up on 9 , sell players and get to end of season .
PS. No one seems to be picking up on the December fixture list . we play 1 more game than Sevco (extra league game ) so potential is there to be 6+ points clear by the new year .
Christmas greet-ing down Govan way .
Sanna
why do we have an extra game?
I think because serco have a game on a friday night and it doesn’t leave enough time between games ,for them.
Well that’s an interesting insight.
It did look like Campbell Dallas was rather ‘accommodating’ by including more acceptable wording for RIFC: hence the endless caveats to cover their @rse!
They should do the decent thing and “do walking away” prior to the AGM.
Auditors are loath to walk away from a fee, cold shoulder or not.
They are on the agenda for reappointment at their AGM on 26th November.
That’s standard practice in any business, usually a given, just a paper exercise.
Their only hope is selling El Mutanto for upwards of £20m…..which ain’t going to happen.
I like blackcurrant jelly….how do you eat yours?
Blackcurrant jelly’s no’ the same… it ain’t green!! 😆
Apologies, I should have known!
There’s no doubt that this season is shit or bust.
Everything is being thrown at the SPFL title with complete disregard for the cost.
The amount of money outstanding on player purchases alone is frightening.
The share value has been constantly diluted by share issues and a debt for equity swop for the board and other investors.
The cumulative losses since 2012 are pushing £50m.
The investors can kiss their hard earned cash goodbye, never to be seen again.
Running costs have increased since last season, Helander and Kent, with their transfer fees to be added to the debt file.
Revenue is already maxed out as are contributions from investors.
Close Bros must be in a cold sweat over their not unsubstantial contribution.
Both they and Sports Direct will have an eye on whatever January incoming transfer monies are in the pot and it would be no surprise if one or both will take the necessary action to ringfence their dues.
That would truly put the cat amongst the pigeons, then what?
As Phil has repeatedly said. Close Brothers are not sweating. Their loans are secured against everything not nailed down at ibrokes…….and some stuff that is. They’ve got a durty great big claw hammer getting polished for the stuff that is nailed.
Financially dopped, yes, does the MSM care, no they don’t.
They could win the league this year although I do not think they will but they could
it’s absolutely disgusting what they are getting away with here
Off topic, can anyone tell me has the SFA looked to see if King is indeed a fit and proper person?
Actually, I have been reliably informed that this was dealt with on Friday.
King had sent the SFA an e-mail, telling them that – yes – he was indeed a fit and proper person.
Somebody had to wake up a blazer to get his rubber stamp out of his desk drawer. A bit of paper was duly stamped. Job done.
Then they all left the Hampden offices early, because it was a Friday.
🙂
I’m assuming you’re ripping the piss here? I’m only asking because it really wouldn’t shock me if it was true.
As far as the SFA is concerned King is Chairman of the holding company and not the football club therefore there is no fit and proper test to be applied.
However it’s crystal clear that King is calling the shots at the football club as shadow chairman, yet Maxwell remains deep in the Hampden bunker counting his cash and wondering how someone so unqualified as himself got the SFA top job.
The SFA in the past have called out some of the ‘diddy’ clubs where characters with a spurious past have been running the show.
The Ibrox club however remain a protected species and despite the continuing trading losses there is no one at Hampden going to be calling them out anytime soon.
It’s just not in their DNA.
Oh and how in hell did Madden miss that clear hand ball in the box by the Hibs defender?
To be to both Madman and RED CARD RED CARD, they also missed big Eddie’s clear offside for the next goal. Not that I want to go out of my way to be fair to them.
Cue for another book Phil?
Downfall 2, “They never learned!”
Perhaps, on their next visit to Paradise, we could have the celtic DJ play a wee tune to welcome sevco? I’m thinking along the lines of ABBA (Money,Money,Money), or perhaps Francis Albert Sinatra (My Way). Knowing them, they’d request Simple Minds (Alive and Kicking). 😄
https://m.youtube.com/watch?v=y9kvavb_TKU
We could compile an entire compilation album, I reckon. 😄
They would report celtic to the beaks Trust me I follow queen of the south and when thry were in championship our match day tannoy announcer played simply red moneys to tight to mention I kid you not that lot complained to police match commander and said tannoy announcer was reported shocking but it would be funny all the same
Get the Celtic Park dj to have a playlist through december containing said songs , then when they’re played on 29th it’s just a case of “sorry guv , this is just our mothly playlist – see previous games for confirmation”. Slam d(hun)k
That would sort it. Brilliant idea!
Rugger guy reckons that upwards of £24m is still due to other teams for players already signed. Does he have any idea of how much of this might be due in January? Could the £10m required by the end of the season partly to cover this?
Think maybe wrong. Strategy appears to be a run in Europe. Last year this yielded a useful income boost. The new expenditure is predicated on this. Failure to progress beyond current stage will leave them very precarious. Stopping Celtic is an objective but Europe will be prime. (I would hope Celtic would adopt same position). Cashflow is also an issue. Although they have payments pending by manipulation of timing would allow them further leaway. For example if Mike gets substantial settlement he could be told, can’t pay but will do so by instalments. He is first and foremost a business man and he is not going to sacrifice possibility of any money just for spite.
In my experience of Sheriff and Magistrates courts Time to Pay Orders (Scotland) and Instalment Orders (England) are generally only for individuals. Corporations (synonymous with “company”) are allowed to make an application for such an order but in practice they are almost never given if the assets of a company are greater than the debt.
The £24m owed to other clubs for incoming transfers was the figure as at 31st June, 2019 does not include Ryan Kent who joined in September, 2019. Consequently, Rangers* now owe £31m in outstanding transfer fees.
Part of his fee will already be paid.
No it won’t,Charger.
Kent was signed the day after we beat them at the Stade de Bigot.I believe it was completed on transfer deadline day which I believe was the 2nd of September.
These accounts relate up until 30th June 2019.
Rugger guy based his estimate of a 30% interest rate on a loan figure of £3m. If the loan figure is indeed £7m that would give an interest rate more in the region of 13%. Seems a tad low given Sevco’s financial circumstances.
11.5 million from this season (Helander , Kent, +) and 12.5 million from last season (Goldson, Barisic +). Payments due on all in January and amounting to another few millions. Similar due in June.
Be partly.
Yes