At the weekend Mr Douglas Park had a word with himself.
In the Q&A he cleared up the minor point in the RIFC year-end accounts about that pesky £10m shortfall.
Apparently, he told himself, there was nothing to worry about as directors had covered it, so all is well.
However, football finance expert David Low wasn’t buying.
After I read David’s Tweet, I contacted a well-placed source for a comment on Mr Park’s dignified revelation and that this is what my guy sent me today:
“He’s playing with words here Phil.
- The existing shareholders did put in funds, not the 10m that is needed to get Dec 2020, but the balance required to make payroll in March.
- Because they’ve deferred wages until June, they technically have no shortfall at the moment. However, the last Thursday in June 3 months payroll has to be paid.
- Parks is taking a leaf from the King playbook in the use of words. However, there’s a day of reckoning coming up the rails at speed. And he can play with words whatever way he likes, but the answer is still the same. And it’s not good for his customers at Ibrox.”
One thing that Mr Park failed to speak to himself about was those pesky interim accounts for RIFC.
They are now seriously overdue.
Of course, if the £10m shortfall had been addressed, then they would appear in those accounts. Perhaps, it just slipped his mind.
I do hope that Mr Park manages to have a sitdown with Mr Doncaster at some point in the near future.
Some things are best-said face to face wherever possible.
Of course, they would have to observe dignified distancing during such an important conclave.
I must admit that I rather like the idea of Mr Park stopping by the Doncaster residence to press the reset button on this messy business.
After all, I’m pretty sure that the Sevco chairman recently let Neil know that he is aware of the SPFL chap’s address.
It must be difficult during the current Covid19 crisis when good friends can’t just pop round for a cuppa unannounced.
Challenging times for all of us.
They have no financial problems as long as the Klanbase can be convinced to pony up for season tickets at a grand a pop.
They have approximately 45,000 season ticket holders so could reasonably expect to rake in £45 million in season ticket money. That more than covers the £10 million short fall…. for now!
Of course it’s not going to cover the wages for next season and certainly not if they also want any ambitious forays into the transfer market or say taking up the options they have on signing promising young loan players.
Their business model seems essentially predicated on kicking the can down the road in the hope that the rest of the world wakes up and realises that they are a quintessentially British enormous club and dig them out of their financial mire.
My money’s on them using the current Crisis as and excuse to trim the staffing levels a bit without any extravagant transfers and hope the Klanbase will take the mentality that hey need to make sacrifices to save the club in their time of need against unforeseen circumstances.
Meanwhile the financial shortfall will continue to increase season on season until they are so in hoc to large scale payday lender Close brothers that the season ticket money won’t cover it and there will have to be a reckoning.
The SFA will do handstands to assist Rangers in any way that they can.
Maxwell’s vanishing act during this Scottish football crisis is unforgiveable and more evidence, if any needed, that he is not fit to be leading the SFA.
How he got the job in the first place is a mystery.
He’s removed himself from sight and thrown Doncaster and the SPFL to the Ibrox and media wolves without a word of support for his Hampden neighbour.
When the going gets tough you soon find out who your friends are, eh Neil?
I think the SFA are fully aware of the Financial situation at Ayebroke’s and had already decided Social Distancing was a thing before it was even a thing in the U.K.
Kings exit and subsequent silence on all of this speaks volumes as to just how bad the situation actually is.
This whole debacle is smoke and mirrors designed entirely to get that money out of Doncaster before a decision was ever made as regards the League.
Couple this with the wage deferrals ( note not wage cuts) and well a trained monkey could work out things aren’t good.
Tick Tock won’t be long now…. 💣
Phil- with regards to Paul’s post, is it possible for you to email SFA and ask the questions about Euro license and if accounts are actually submitted? Is this something they can say to a journalist?
Sevco are still desperately hopeful that they have created a media storm out of sweet F*** All that can rob Celtic of their title and equally important – Champions League slot.
An EGM bent vote results in an improbable investigation, based on a zero evidence dossier, To facilitate Null and Void.
Null and Void denies Celtic the title therefore denies Celtic the CL place and a potential £48m pot. (Some of which gets divided up between clubs).
That’s the rotten spoiler end game.
The scorched earth protocol in full swing….. they are not only going to bury teams with them, they will hide in the group administration and potential liquidation…. They can’t be seen to be the only ones going down. Celtic should extend soft loans to those in the SPFL 41, that need it. We generate well over a third of the Scottish Football GDP, it can be done.
No STM, a staggering wage bill, and if anyone who listened to Sevie G’s recent radio interview, will understand he is looking for a way out before July 1. If indeed Uefa offer a one hit game to make the CL, Celtic’s position is 180 minutes, from being completely covid balanced.
Granted there are variables to prize money sponsors etc, but in terms of ready income, they will have kept the wolf from the door.
I said on this site, Big mike, Memorial Walls, Elite/Hummel, No El Duffalo Sale, Mr Ego, looking for an exit, KingCo, leaving via a backdoor, they are staring down the barrel of 10IAR, that it would have to be a perfect storm to burn Ran2ers* again…..welcome to 2020 – The Perfect Storm. – 5 weeks and counting. – and whenever things go live again…..Ra Peepil will not be there to see it.
Doesn’t matter how many impending independent investigations they require, time is against them, and sadly for mankind, a probable second wave of Covid. It may just be that the virus that kills humans, has a financial grim reaper on it’s team, and he loves an away day at Ibrokes.
Park is struggling bigtime, with the hand he inherited and any statue of Dave King will be nearer the Gallowgate than Govan. Hes done as much damage as Craigiebhoy.
Maybe Mr Park has received an order from DHL for a fleet of Maserati vans and long-wheelbase Hi-top Smart cars? That would surely take care of any shortfall? Alternatively, the express parcel carriers are adding to their fleet of cargo aircraft at the moment. Maybe Parks Of Hamilton are selling Fiat 500 freighters? 😂
Correct me if I’m wrong but publishing accounts is a duty to shareholders and the tax man?
Now shareholders can be appeased by waffles etc but the tax man can’t and as far as I’m aware there was an issue previous with a club that used to play in the same stadium this current incarnation plays in.
So, should we expect a knock on the door soon down Edmiston drive soon?
Phil , do these interim accounts not have to be submitted by the 31st of March as part of the licensing process for a European licence?
If so , does that mean they have submitted these to the SFA and asked them to keep them private & are not wanting them made public. If that isn’t the case, have they not applied for a European licence for next season?