Finally, the email drops and we know the date of the RIFC AGM.
That means that their year-end accounts cannot be far behind.
For the avoidance of doubt, any functioning Fourth Estate would already have their questions prepped
However, dear reader, you know that will not happen as the Stenography Corps have to abide by succulent protocols.
Football finance expert David Low nailed it in one Tweet.
Your humble correspondent is keen to see if there is a Going Concern Warning (GCW) in these accounts.
That is about the period in front of us and not what has happened in the twelve months up until June 30th.
If there is such a red flag, then it will be interesting to see what guarantees have been given and by whom.
My own sources have informed me that the auditors were asking for actual proof of funds rather than just a written undertaking that the losses would be covered.
Of course, given that they have made it into the Champions League Group Stages, it will be a major story if there is material uncertainty requiring a GCW.
The Sevco High Command will be hoping for a better welcome than was given in 2014 to the last regime.
Many of the Ibrox klanbase complained that day about the gazebo on the pitch and that it looked cheap and tacky.
Truly, it was the winter of their discount tent.
Things have been more stage-managed since the Off License Putsch of 2015.
Now, the resource disparity across the city and the absence of Lawwellball have started to re-assert the 21st-century natural order in Glasgow.
Of course, this is not to the liking of Sevco’s Ibrox klanbase.
This was evident in their immediate reaction to the news of the AGM. t
This chap seems to be Follow Following the money.
There have been behind-the-scenes delays, and that is not good news.
Others are just, well, angry.
They do anger so well, in fairness.
Given the foregoing AGM this might be an uncomfortable experience for the Sevco High Command.
Especially if the seven-point gap is extended over the remaining two league fixtures before the World Cup break.
Mr Giovanni will be hoping that Sevco’s low-calorie cousins will manifest a more Corinthian vibe this midweek than when they recently clashed with the champions.
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…made glorious Summer by these sons(sic) of Struth.
I don’t believe in coincidence, but I have been cited for jury duty at Glasgow High Court on the same day as their AGM. What are the chances that Milletts have completely sold out of camping equipment, and a room has been booked at a certain location on Saltmarket, by the banks of the Clyde, instead?? 😉
Given the European run the monies brought in for Aribo,,Bassey and Patterson, it’s beyond belief that the accounts will show a healthy profit.
The actual cash position may not be as rosy if any significant funds have gone the other way to pay off loans etc that we are currently unaware of.
It seems also the one the judge called a glib and shameless liar is sniffing around again according to the one in the media titled senior rangers reporter This AGM is going to be fun and could turn nasty if things turn out to be as bad as rumours suggest regards finances at Ibrox .
Let’s not forget why they were in the tent….the London hotel they booked to prevent any of the angry bears from turning up en-masse told them to do one after they realised what might be heading their way.
“Mr Giovanni will be hoping that Sevco’s low-calorie cousins will manifest a more Corinthian vibe this midweek than when they recently clashed with the champions.”
I think there’s no danger of that not happening, as recently they walloped them 4-0 at Tynecastle, without a whimper from those in need of bus passes.
In last season’s Scottish Cup Final, 3 days after the “heartbreak of Seville”, Hearts had no shots on target in 120 minutes.
Still 1 shot on target in recent mauling shows distinct signs of improvement. 😉
I don’t understand. Fan shareholders? I thought they held shares in a “holding company” which managed the ethereal entity of the football club. I’m sure that’s the case because the shareholders prior to 2012 had to buy shares in the new “holding company” as those previous shares were, literally, toilet paper about to be flushed away. So being that they had to buy new shares to attend this AGM what is it they have shares in. A new rangers or a holding company? If it’s a holding company why have they bought shares in that when it could, theoretically, sell the football club to another “holding company” leaving the poor souls with shares in a company holding nothing. Holding companies usually hold a variety of companies as assets and you hold shares in the particular company of interest. Then if said Holding company were to dispose of said held company the fan shareholders are not affected. They still hold shares in what it is that they are interested in.
A holding company – A company whose primary business is holding a controlling interest in the securities of other companies.
Of course the Occam’s razor answer here is it isn’t as complicated as all that. They held shares in Rangers football club. It went down the pan with their toilet paper shares. They then went out and bought new shares in a new club called Rangers international football club. No holding company smoke and mirrors. So really secvo fans. You either mistakenly hold shares in a holding company who’s AGM is on 6th Dec. Or you hold shares in your beloved club called RIFC who’s AGM is 6th Dec but is a different one from the one who’s shares are now worthless. The simplest explanation is usually the correct one.
RIFC Loss for the year, in the range of £10M to £15M.
(Speculation.)
I have no idea if your speculation is correct.
However, I think the real story is about whether there will be a Going Concern warning.
That’s about the future.
Guaranteed there will be Going Concern Warning(s)
– and that’s WITH assurances/proof of funds.
Ibrox continues to confound!
A profit and no Going Concern Warnings.
When was the last time that they didn’t have one?
If there is a GCW this is very serious—- I genuinely never expected this as they have 33m in transfers (Aribo Bassey) plus CL money that will be in NEXT years numbers (22/23). That should be enough surely??? If they still get a GCW with all that they are in very serious trouble.
The officials will make sure that the full fat team come away with all 3 points and the diets will be reduced to 10 men and the obligatory penalty will be given for any hand ball in the diets box.
The officials won’t have to. When has a Neilson team ever shown any desire against the newest club in Scotland? Actually if Sevco come away with anything less than 3 points, it’s an absolute disaster. These games are “shooty in” for the sevconian fraternity.
A GCW this year after they got CL group stages money would be utterly embarrassing, unforgivable and probably insurmountable.
Oh come now… next you’ll be suggesting that there is more VAR scrutiny on one team’s penalty box than the other