In the decade since Rangers died, there has been a verboten word among the stenography Corps:
Sevco.
They are not allowed to state the legal truth that when the CVA was rejected, Rangers Football Club (Est. 1872) was then placed into the liquidation process.
That is why this headline in the Herald newspaper is correct.
Now there is a new forbidden S Word:
Sustainability.
If anyone relied on the Radar press to keep them informed about matters Ibrox, they would not be aware that the current Ibrox club is on a UEFA financial watch list.
It was briefly mentioned when the governing body in Nyon issued a statement on the new rules.
Since then, there has been no mention of it.
I rather suspect that if, say, Celtic was being surveilled by UEFA on their financial conduct, then it would be a regular feature of their churnalism.
This piece is worth your time.
Here is the key section:
We expect the new regulation to force clubs to decrease wage spending and potentially reduce squad sizes by selling players, assuming unchanged revenue base. This could reduce player transfer expenditure as overspending clubs will offload players at similar times, suppressing player transfer prices. This could also be beneficial for more financially prudent clubs that spend less than 70% on wages as they may have a wider choice of players at lower cost.
Dear reader, when you think of Sevco, the words financially prudent do not immediately spring to mind.
Then there is this:
Clubs that consistently spend above the 70% threshold are more likely to require external funding via debt or equity to maintain operations.
Remind you of anyone?
Indeed, I understand that these new UEFA regulations are a matter of real concern in the Blue Room.
This new forbidden S Word may become as significant in the Glasgow fitba feud as the new stadium that Fergus completed at the start of this millennium.
As ever, the Stenography Corps will be averting their venal gaze from the financial car crash until it is impossible to maintain the pretence that all is well at Ibrox.
For them, there is another forbidden word:
Truth.
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Theres always shares for sale
sevco will be alright
The financial results to 30th June 2021 were released on the 5th November 2021.The results of the financial year to 30th June 2022 must be imminent.
Probably Friday 4th at 6pm
“ This could also be beneficial for more financially prudent clubs that spend less than 70% on wages as they may have a wider choice of players at lower cost.”
Or , to put it another way , clubs who overspend on players may gain a sporting advantage.
Financially impudent….
THAT day has to arrive eventually. There was ALWAYS going to be a day of reckoning, new financial regulations or not. As long as they were being financially supported by guys with finite resources THAT day had to arrive.
A wee bit off topic, though not entirely.
If, hypothetically, a club which has, for instance, struggled financially for ten years or so to keep its head above water, is taken over by an individual, or group, who has, or have between them, “wealth off the radar”, what would be the situation should the new owner(s) decide to immediately invest squillions in the playing squad. If that club has made a loss every year of those ten years and under the new rules a maximum of 70% of income can be spent on players, would this be possible? Bearing in mind that UEFA are also scrutinising crazy sponsorship deals which were being used to circumvent the previous rules.
Just curious.
Good point Charger…