One share issue in a month might be unfortunate, but two is definitely careless.
Indeed, I’ve been told to expect a third explosion of confetti in a few weeks.
There isn’t any mystery to this.
This is the period in the football calendar where cash flow can be a problem for clubs.
The season ticket renewals have started, but they’re not filling up the coffers quickly enough.
Now imagine a loss-making company that didn’t have regular borrowing facilities.
Can you envisage that, dear reader?
If you can, then you know the reality of the “trusted cash boost format”.
I’ve noted that it has now morphed into a “cash boost opportunity”
Despite this exciting new development, I’m something of a traditionalist.
Therefore, I’ll stick with the one they invented a few weeks ago!
Of all the succulent euphemisms from the Stenography Corps, I didn’t think anyone could better Engine Room Subsidiary from 2012.
However, Trusted Cash Boost Format is worthy of a quintessentially British frieze at New Edmiston House.
Chapeau!
It simultaneously soothes the Ibrox klanbase that everything is peachy at the stadium Mr John Brown played for and absolves them of discovering what is happening.
The latter activity is usually called “journalism”.
There IS a story at Sevco, but the local media have a note from their mum.
Now, if the brogue-wearing fraternity at Hampden is looking on and hoping that everything is ok at Ibrox, then the chaps at Nyon are much more forensic.
For the avoidance of doubt, these share issues that are providing lights on liquidity are not considered to be football income under UEFA’s Financial Sustainability Regulations (FSR), which are now in force.
These new ordinances from the European competition organiser are designed to get clubs to live within their means.
Clearly, that has been a historical problem at both Ibrox clubs.
Back then, no one writing for the back pages thought it appropriate to follow follow the money.
Of course, that was before the digital revolution created an alternative to their churnalism.
The reality is that the imposition of FSR will prevent Sevco from going the way of the original Rangers.
If the local media were actually fulfilling the role of the Fourth Estate, then they would be ensuring the survival of this new Ibrox club.
Ironically the Herrenvolk at New Edmiston House has gallant allies in Europe.
They just don’t know it.
Moreover, the intrepid chaps on the sports desks won’t tell them.
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At what point will Uefa step in?
Hearing season book payments already taken this month for next season don’t suppose these hurried loans for shares and early season book payments are to hide the fact said is trading while insolvent again no loans or season tickets payments there be no bills paid
John Lee Curtis “Sonny Boy” Williamson was an American blues harmonica player, singer and songwriter and is often regarded as the pioneer of the blues harp as a solo instrument.
Aleck Rice Miller, an undoubtedly talented harp player and a bit of a rouge decided to change his name to “Sonny Boy Williamson” thus causing the UK audiences to believe they were getting the original when he came over in the ’60’s and recorded with the Yardbirds.
To clear up the confusion some suggested he call himself “‘The’ Sonny Boy Williamson” or even “Sonny Boy Williamson International.” One cheekily proffered “Sonny Boy Sevco” but he refused all and he was not one to be trifled with seemingly, having set fire to his hotel room trying to cook a rabbit in a coffee percolator.
In the end everyone accepted the name due to fear and they became know as Sonny Boy Williamson 1 & 2.
Anyway back to the relative sanity of Scottish football or not as the case may be.
Brilliant post, love it.
Cheers, Percy.
Are they really going for 55 billion?
Phil, I thought the new chairman had given the club a loan of £5m plus an overdraft facility of £10m.
Now have the club used up all the £10m from the overdraft or was there never a overdraft facility and that is why the shares are getting issued.
Either way you look at it , it’s not good
the loan ws 13 mill and is now down to under 9 mill as per the accounts
Phil. I know that you are regularly in contact with UEFA. Mighty it be worth asking a cheeky question as to how the share confetti will be viewed as regards to financial sustainability? I’m surprised that the likes of Aberdeen, Hearts and Hibs aren’t pointing out that they can’t compete with a financially doped club operating out of Ibrox.
I am sure the local loan shark could give someone a “Cash Boost”
Then what. Another cash boost to pay for the original cash boost.
All IS hunky dory at Ibrox. Of course it is. So when they are not allowed to compete in UEFA competition, get fined, or even go bust it will have to be some outside forces that have torpedoed the good ship sevco. Which is exactly what happened to S.S. Rangers FC Ltd. Don’t you read the news…?
Anyone living in Scotland caught with their finger on the torpedo trigger would have to leave – they and their families would be in danger from the seething and vengeful Sevco mob. I’ve believed all along that the SFA are privately hoping that when the HMS Sevco does go down then all accusatory fingers can be pointed elsewhere.
This latest issue seems to have been loan-to-equity exchanges for Barnett and Taylor. As far as I can see, theirs are the only shareholdings that have increased pursuant to this issue; all others are diluted. Including, of course, Dave King and Club 1872.