It is a standard Sevco PR ploy.
Dump bad news late on a Friday night.
I had been reporting over the past few months that the Sevco accounts would be a car crash.
Well, here they are.
This morning I spoke with a very well placed Ibrox source about the timing of the release.
He was unequivocal in this explanation.
Quite simply the current auditors told the Sevco High Command that they had no justifiable material reason for delaying the publication.
He then dropped a hint that the Ibrox club might be in the market for new auditors next year.
Rugger Guy has the accounts, and he is doing a deep dive into them today.
I look forward to his forensic analysis.
However, you don’t need to have his skillset to see that they are a complete car crash.
Of course, these accounts should be setting off alarm bells on the 6th floor of Hampden.
If there were a functioning Fourth estate on Planet Fitba, then the PR folk at the SFA would have been flooded with questions by now.
Here is one that should be with the SFA from the sports desks:
How do the financial figures posted in the Rangers accounts compare with the information submitted earlier this year in their UEFA license application forms?
By year-end (30th June) Sevco owed Hector £9.7m.
Now, there might be a perfectly reasonable explanation of why they’re allowed to play in UEFA competitions this season.
My guy this morning told me that the message from the auditors to the Sevco High Command is that the old days are gone.
Consequently, there are no conjurer’s flourishes in these accounts.
For the avoidance of doubt, this is the BEST POSSIBLE presentation of Sevco’s financial state as of 30th June this year.
The immediate takeaway is that the eight-year-old club is fielding a team that they cannot afford.
Rangers Mk2 is as unsustainable as Rangers Mk1.
This is being aided and abetted by the obedient Stenography Corps and a Nelsonian Eye from Hampden.
It was ever thus…
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Maybe Celtic should pay Hector on the drip and invest the money in a management team that have the experience to get us the 10iar. This would finish off sevco but if Celtic fail in it’s quest then it will be dark times indeed in Paradise next season. HH
This is also aided and abetted by piss weak performances by our team each and every week. How far does the conspiracy run?
I thought that if you were allowed to pay Hector on the drip you first required a compliance meeting. Did the SFA know of such meeting as surely there is a rule against trading insolvent and owing taxes unless you have declared you owe them.
Rangers and Sevco are like a metaphor for the UK.
The more you spend, the more debt you take on, the more successful you appear to be.
Then it collapses but the perpetrators have already made off with the loot and others are left picking up the pieces.
Sevco will collapse and so will the UK soon enough.
Crazy times.
So, Sevco don’t have a credit line from a bank so what do they do?
They withhold tax monies due and use them to finance the strengthening of their team to try to stop 10 in a row (which they will do if Neil stays as manager for much longer).
They then ask Hector for a cosy repayment plan and there you go – instant line of credit from the Bank of HMRC!
You could not make it up!
Surely there should be an issue with financial fair play at least?
Lawwell and Desmond cannot stay silent on this one.
If they do we should all threaten to refuse to renew our season tickets next season until they take those tax dodgers to task.
Phil have you ever asked the SFA with accounts like this how to sevvo meet European FFP regulations
So what? sevco will win the league this season straight into UCL group, debt cleared, no ten in a row, job done. Every word spoken or written since 2012 becomes totally irrelevant.
Wrong, the SPFL Champions will still have 2 difficult rounds to negotiate to make the Champions League.
More so, if its Sevco, as they’ll be unseeded for the Play-Off and perhaps the round before as well.
Franky, the old thing I’m concerned with is Celtic winning the league but with 2 more points dropped today, the criticality of replacing the manager is more pronounced.
Well said Jimmy, they don’t give a flying, and the lying king telegraphed it with his house of cards comment, yet here we are still failing.
Nobody should be surprised at the dreadful RIFC Accounts: the people at Ibrox are just doing what they have always been doing.
The 100% focus should be on the game’s governing body – SFA.
And yet, the main figure at the SFA is President Petrie, the architect of the shameful 5 Way Agreement.
Why should any reasonable person still care about Scottish football?
Maybe WE are the stupid people? 😦
Spot on Bob, unfortunately we’re all steeped in our club
As I’ve admitted before…I don’t know my way around Accounts …but I know enough to know that this set of Accounts are a train wreck…
If I’ve read them correctly…they need £22 million to break even at the end of next season ?
Hunbelievable.
The “old firm” model is at grave risk with these accounts.The club operating out of ibrox are betting the meter money on success this year with no plan B while the SFA turn their usual blind eye.Covid has significantly impacted their business model which was already pretty shaky however it would not surprise me if it all worked out for them.A league win and Euro dosh could clear many liabilities and Celtic certainly seem to be well on the way with a helping hand.Interesting times ahead.