Spare a thought today for the Serious Professional.
I’m told that he’s on a crucial mission to raise cash after the transfer window didn’t bring in any cash to the Sevco coffers.
Therefore he really shouldn’t have to deal with this fan media headache.
I caught up with a well-placed Ibrox source today and said that the ambience inside the Big House was less than Zenlike.
My information is that Sevco’s in house PR superhero was allowed to draft the reply to James Dornan MSP.
I believe that the tone of the communication to the politician was, let’s say, somewhat abrasive!
However, it was then decided to bring in the costly professionals.
I think it is fair to say that the Serious Professional quickly decided that this week was not in line with the featured image.
Of course, this Heart and Hand shitshow is all at the door of DUPman.
The £25k for media access was his cunning plan to maintain control over the press pack.
If he had only a passing knowledge of the media landscape in Glasgow, he should have known that it was the city that had given football journalism the term “succulent lamb”.
Essentially, the hacks were already in the light blue tent pissing out.
Now, alas, they are banished and projecting their urine in the direction of the Blue Room.
The story of the Hearth and Hand story isn’t the expose, but why now.
This social media stuff was always there in plain sight.
My information is that the authorisation for the investigation came from the top at the Daily Radar.
Ironically, folks in the Blue Room who were wary of these media partners were more concerned with the Follow Follow chaps than Mr Edgar’s operation.
Oops!
In fairness, the Follow Follow place can be a veritable potpourri of paranoia.
This is a recent dignified observation that I found there.
If that wasn’t so utterly offensive it would be hilarious.
Meanwhile, the Serious Professional is correct to be concerned about the Close Brothers situation.
The fact that the lender DEMANDED payment is significant.
Firstly, it was entirely within the terms and conditions of the loan, but why now?
My guy suggested that it was because Close Brothers knew that there were substantial monies in from season tickets. Therefore, they knew it could be paid.
However, the timing was strange.
The principal was not large by the sums they usually deal in, and they were being paid a large chunk in interest.
Therefore, why give up that earner?
Well, my guy suggested to me that the Share Prospectus was an eye-opener for Close Brothers.
Let’s just say that their view on the financial health of Sevco changed when they saw those numbers.
They appear to have decided to call time on their relationship with the basket of assets and demanded re-payment.
My Ibrox source said that if the Close Brothers re-payment was factored in with the fees for the Share Prospectus then most of the mines raised was already gone.
Of course, this has happened at the same time as the supply of succulent lamb has been cut off at Ibrox by a champion of Brexit.
Consequently, there is now no excuse for the chaps on the sports desks to start asking questions that the public wishes answered.
For the avoidance of doubt, the process is generally known as “journalism”, and this site has been doing that apropos matters Ibrox since 2008.
Welcome to the game, guys!
Of course, the Serious Professional and his masters in the Blue Room will be hoping that normal service will be resumed and that there will be no more digging by the Fitba Fourth Estate.
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Hi Phil, if they’ve had to pay back close brothers do they have to pay back the Scottish government coronavirus loan?
Simple answer.
No.
The Close Brothers loan was a commercial arrangement.
Yes they are champions which disappointed me . 2005 left me deflated but what came their way in 2012 made up for that 1m fold . What’s in the pipeline for the new club I can wait for , it’s gonna happen and It’s gonna be great
With the Close brothers calling in there loan, HMRC and the South African crook hovering, Mike Ashley doing what ever it he does and no player sales would it not me prudent for the Scottish government to perhaps be looking to ring fence the covid loan money.
This is Scotland remember…They’ll probably be offered ANOTHER loan…
Hi Phil,
I see that companies house has finally been informed that 4.1 M of share capital has been raised – I guess Tifosy took the other 400K – ouch. I also noticed that JP Jenkins has currently suspended share trading on the confetti….have they a problem with Tifosy??
Private Eye has been following this story closely.
The media in Scotland, not so much…
Been hearing this sort of thing for years now but they seem to keep going, however if you keep running at a loss year in and year out, then eventually it will come to a end, it just has too SURELY.?
There is nothing in the piece that says that Sevco will not keep going.
Therefore, you either have comprehension issues or you are a troll.
The latter gets you blocked.
He’s right though. Every year we hear tales of impending doom at £1brokes, usually around this time. And every year they get stronger, and now they’re the Champions.
And we haven’t won in seven games against them.
My reporting on the financial situation at Sevco is well-sourced.
Unlike you’re trolling.
Yellow card.
‘Every year they get stronger’. Rangers are the neighbour who have a shiny new car but have maxed out their credit cards and ask their parents to help when they a new bill arrives.
It’s as if what happened ten years ago has been forgotten. Celtic aren’t as strong as they could or should be but that’s no reason to envy Rangers.
Not envying them, but this bubble has supposedly been ready to burst for five years now, yet it remains inflated; and long enough to stop TIAR.
And they’re already 3 points clear of us, after only 4 games, in a Season where automatic CL Group Stages is the prize.
So I don’t expect the bubble to pop any time soon.
People laughed when Phil said they had financial problems over ten years ago – we all know that the club was liquidated.
The new club is living beyond its mean, just as the old one did. If the board keep pulling out their chequebooks to cover the continual losses and other expenses then they survive. The bills keep piling up however, £10m owed to HMRC, expensive court battles with Mike Ashley and any monies owed to Dave King all need to be paid. Any defaults could bring the bouse of cards down again – unless players can be sold quickly.
There is a major difference from the days of the original RFC and Craig Whyte.
The current directors are real fans and they’re wealthy men.
Not billionaires, or Middle East oil funds, but very wealthy.
If they can get the current entity into the UCL next season then a lot of the problems go away.
To do that TRFC needs to win the league.
That’s the prize this season.
I really DON’T think he’s trolling Phil. I think his logic is 100% on the money. NO business can run at a loss for ever. Eventually it WILL crash. It has to. The people proping it up have finite resources.
Not if someone is willing to cover the losses.
Well said Phil and so true but the race to the bottom for the forces of darkness continues.
One ring fencing initiative may gather critical mass amongst the other peer indebted organisations eager to avoid the 10p in the pound scenario.
In any case. New investors are at a premium for the tribute club whose resilient tenacity is their best attribute. It can’t continue forever, there must come a point of no return where the line of credit is no more. The prize for this year’s title is akin to what is normally found at the end of the rainbow. At some point the funders have no more. Is this the last stand !!
Pull the trigger Celtic
Well they will eventually have to find new guys to cover the losses because, as I’ve pointed out the guys backing them just NOW do NOT have unlimited resources.
It’s possible that the present backers are in so deep that they’re collectively acting like bad gamblers, throwing more money in to try to recover their losses.
How often does that work?
I firmly believe that if another sugar-daddy was out there he would already have come forward.
The only logical conclusion that can be drawn IF I am correct about the new sugar-daddy scenario, is that, like the gambler, the remaining cash runs out and. they end up bust.
Or they walk before they blow their entire bank balance.
The end result for Sevco is the same.
I think he makes a valid point….Covering the losses can’t go on infinitum.
And surely the potential ” debts ” are way beyond any benefactor’s reach ?
I would refer your card to VAR….:0)
If someone or some group of wealthy individuals are willing to cover those losses until regular UCL revenues then the club will survive.
Same situation for years yes, business losses being covered by soft loans from Directors which are effectively written off. There has been some sort of Going Concern issue raised in the accounts for around 7 years – not a sign of financial health or stability.
It comes down to cash flow. Can they pay wages, HMRC and VAT when they are due? We have been told that they are behind with HMRC paynents. The one thing they can still do is sell players – even if they have to accept low valuations. That seems like a last resort but it would keep the club in business.
You can only sell players at a pre determined time however and as we have seen in this the biggest window (of which there are only two) no one came in for the Galacticos of Wanquid Madrid 🤷🏻♂️
At some point they will be forced to deal at prices that don’t suit them in any way shape or form.
They need Dembele and Tierney type sales to Cover the mounting issues not £6-7million for players that will severely limit them if sold mid Season in January.
Then there is the issue of the senior players who have no sell on value of which they have kept quite a few on high wages.
McGregor ,Davis and Defoe for example.
Short term planning to stop the 10 has not panned out that well for them in Europe no matter how they try to spin it no Champions League windfall is a disaster for them on the back of the Season from financial hell during Lockdown.
Celtic escaped it with a positive balance thanks to long term planning (5 year cycles) and bringing in players to develop and sell on.
Look at our spend this window by comparison and yet we have probably banked the best part of £15 m in deals.
We are still in a position to strengthen in January as a result without impacting the Overdraft/Loan Facility we also have in place if needs be.
The Ayebrokes Accounts will look like a train wreck this Season again.
A normal club would sell a player to balance the books or avert the threat of insolvency. This is Rangers however!
A deflated market and a distressed business will drive the value of their on-field assets down to rock bottom.
I do NOT know of another stand-alone company, who have posted a trading loss in every year of their existence, to have lasted this long.
They’re not just posting losses, the losses are increasing year on year.
It’s almost as if the MSM and the SFA airbrushed so much of 2012 out of existence that there is absolutely no recollection within the zombie brotherhood of bam that anything happened?
Nothing and I mean nothing on a financial front ,approach or otherwise appears to have been learned or taken on board by anyone connected to it and them.
Just too busy masquerading as a big successful Club to actually become a big successful Club.
TickTock … 💣
If I supplied a service of any kind to the deid club I would demand Cash On Delivery with the invoice in my hand.
Mon the face painters.
HH
Think you’re wrong, the Follow Follow tweet is hilarious although it did miss out a few out.
For example:
Jerry had Tom;
The Roadrunner had Coyote;
Bugs Bunny and Elmer Fudd;
The list is endless unlike the original Rangers.
Interesting.
If Close are calling in their loan early, then could this be the first domino to topple?
Poor Dave King has his own loan monies to be repaid too… 🙂
And, presumably, the list of aged creditors/suppliers must be growing by the day.
Oh, and mustn’t forget that Hector needs his cash as well.
If they had hoped to raise 20m from the share issue but claimed 6.75 was the target as that was the minimum they expected to rake in and after costs and the unforeseen demand from Close they have actually ended up with zero (or even a loss) then …….. that January transfer window does seem a long way away not that transfer windows tend to bring in great sums of cash anyway. Should we start a gofundme page to raise enough funds to buy a paddle for that creek they are up at the moment? Just one question I have yet to have an answer for , where are the deeds?
Is there any such thing in sevco-land at the minute that can be described as ‘normal service’ ?
Their recent transfer Window? Elsewhere described as ‘perfect’ 😂 for who? Celtic?
It’s been abnormal since they delisted from the stock exchange and most likely before that.
Recent raffle for confetti paper aka. sevco shares, a joke!
Maybe, in the years to come, We’ll All find out what has happened in said period?
For now though, it’s a closed shopfront with the roller blinds down and firmly padlocked.
Just a pity they’re let out now and again.
Cheers Phil.