Once more, Sevco appears to operate in an alternate reality.
Under UEFA’s new Financial Sustainability Regulations (FSR) ordinances, this new external finance is not considered part of football income.
Now, let’s say that the figure of £1.9m is coincidentally somewhat similar to the monthly wage bill.
Mere speculation on my part, of course.
UEFA’s new sustainability directive focuses on how a wage bill is paid.
Football finance expert David Low knows a fair bit about struggling clubs.
He was, after all, Fergus McCann’s point man during the 1994 takeover of Celtic.
In this Tweet, he didn’t miss:
It is hardly ever mentioned in the dying mainstream media that the Ibrox club is currently on a UEFA watch list under the Financial Fair Play regulations(FFP).
With FSR now, the focus is on the relationship between the wage bill and football income.
One of the constants in the Ibrox shitshow, both pre and post-2012, is the complicity of the local media.
They told the Rangers support that Craig Whyte was a billionaire and had nothing to worry about.
Yeah, fine…
Then they colluded with the Orwellian fantasy that the club could survive liquidation.
Since then, they’ve been committed to repeating the lie.
The response to this latest burst of confetti on Edmiston Drive is strictly on message.
This one in the Daily Radar is a masterpiece of half-reporting, omission, lack of context and wishful thinking. Top class succulence.
“Trusted cash boost format”, oh, I really love that one!
On the subject of being financially sustainable, this doesn’t make for good reading:
Ken Auletta called this in his 2009 book “Googled”.
Even the Daily Radar at the top of the list cannot sustain long-term operation on that circulation.
It’s a death spiral.
Peter Vandermeersch, chief executive of Irish Independent publisher Mediahuis Ireland certainly thinks so.
Next weekend the SPFL champions host their nativist neighbours.
I will leave it to others to cast the runes over the competing chances of both teams.
I know that the occasion will, thankfully, be klan free.
That means quintessentially British chaps like this one will not be in attendance.
Alas, no one in official Scotland will ask who or what radicalised Alan Crawford to inflict violence on an employee of Celtic FC.
Moreover, the provenance of the goalmouth broken glass at halftime in that game remains a mystery.
Perhaps the CCTV wasn’t working or something.
I find it difficult to imagine a spectator behind the goal being able to throw that amount of material onto the pitch and not be seen by a steward or a police officer.
Although Sevco’s delightful klanbase will be absent at Celtic Park next weekend, that isn’t the only potential health and safety issue.
It goes without saying now that there can be no adequate guarantees about the behaviour of the official party.
Unsurpassed dignity?
Now, when I saw the date on this…ahem… apology, I had to check its bona fides.
And that’s no joke!
“Built on incredibly high standards”.
Now, I love that one!
Dear reader, any reasonable outsider might very well conclude that there could be a cultural issue at that club and their clientele.
Now, that is the job of the local media.
Asking questions that those in positions of power do not want to answer is what they’re supposed to do.
Instead, the citizens of Planet Fitba get the unedifying sight of increased succulence as the problems at Sevco get more pronounced.
Are you starting to see the problem?
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Chairman quits on the last day of the financial year
Worldwide debt becoming more expensive and full on banking crisis.
Huge recession in the pipeline no matter how the government fiddle the figures.
Cost of living crisis that will surely hit season ticket renewals for all the clubs.
If Sevco dont win the title and/or qualify for the Champions League via the losers route…..I’ll be buying jelly and ice cream for my wife next Valentines day instead of roses.
I take note of the fact that in the lengthy ‘apology’ about the head butt there is only one short sentence apologising to the man who was actually assaulted. The bulk of the apology was to ‘the rangers’.
Hi Phil….and thus just sums up the MORDOR tribute act, who have learned nothing from the liquidated clubs similar scenario.
It’s also less than a headbutt….given they previously had a share issue to purchase Raskin, this follow up issue is a clear middle finger to the beaks at UEFA.
Only a rag like the daily record could possibly come out and portray the ripping off being committed by the board at ibrox, depleting shares in such a way, as a positive boost….by not commenting on the negative impact of issuing shares at 25 times their face value…..and further reducing the ordinary shareholders value.
It further makes me sick that authorities allow these funds, plucked from non existent values, to continue.
It will be interesting to see what UEFA does regarding these share issues…..and it would be interesting to know if the foremost thought of the blue room board is survival without Europe….because it looks very much like the cash is gone and they are fighting to simply get from month to month…
Thoughts Phil
From Companies House, a snapshot of recent share activity, since the beginning of last season.
=========================================
Number of “Allotment of Shares” since June 2021;
Celtic plc: 0 [nil]
Rangers International Footall Club: 10 [ten]
=========================================
In fact, since incorporation the youthful, 11 years old club has had 31 [thirty-one] Share Allotments.
It would also be reasonable to infer that RIFC still has no credit or overdraft facilities?
Ibrox is certainly awash with flags: Red Flags! 🙂
It’s just about keeping the show on the road isn’t it? The obvious point is that it their ‘football income’ can’t pay the players’ wages, then there can’t be much available for transfer fees. And if they spend the season ticket money on transfers, they will run out of money (again) next season. Tough times!
For clarification, in their latest annual report, RIFC disclosed that staff costs amounted to £54.9M in the year ending June 2022. That’s a little more than £1M per week. The details can be found in Note 5 on page 42. The recent share issue would not have even come close to meeting monthly payroll obligations.
The angst is very prevalent throughout that club. It’s not right.
Trusted cash boost format! Wow, wow, wow.
Who on the Daily Radar management thought that was worthy of printing?
Similar ‘cash boosts’ in the past were to boost working capital and pay bills as they fell due.
Is this just a bridge to see them through to season ticket renewals?
It certainly begs the question as to where the £5m for Tillman will come from?