Sevco Thread

[BWG]

Is a business overdraft with close bros the equivalent of getting a 50" flat screen from Bright House?

[Bamber]

isn't the carpark part of the safety case for using the club deck?

 

if they cant use the car park they cant use the club deck

 

I would say that securing against the car park is a huge risk - lose that they could end up paying a huge rent to use some of the stadium

 

All for £3m and they could have got twice that last week so they say - that doesn't seem sensible at all

[alscotoz]

isn't the carpark part of the safety case for using the club deck?

 

if they cant use the car park they cant use the club deck

 

I would say that securing against the car park is a huge risk - lose that they could end up paying a huge rent to use some of the stadium

 

All for £3m and they could have got twice that last week so they say - that doesn't seem sensible at all

 

If it made any sense, you'd be posting in the wrong thread.

[Clydeside_Sheep]

Presumably the hun in question was "protecting the players" from the blind man in question:

 

Blind Hibs fan spat on and branded a 'fat f****** mong' by Rangers fan outside Ibrox

http://www.eveningtimes.co.uk/news/15965501._I_felt_ashamed___Blind_Hibs_fan_spat_on_and_branded_a__fat_f_______mong__by_Rangers_fan_outside_Ibrox/

I'm sure I don't need to comment on the irony of a hun (any hun) calling someone (anyone) a "fat f*cking mong".

[strachanmcgheegoal]

So if Ive understood the last 3 weeks properly

 

1/. The accounts say there is no cash surplus. Asking for an overdraft backs this up and more than suggests King hasnt put his 4m in as promised.

 

2/. They didnt take £8m because they didnt need it, see point 1.

 

3/. Although they dont actually have a cash surplus so far theyve promised said cash surplus to three different people:

 

A/. Alastair Uber Hun Johnston who bailed them out when King didnt.

 

B/. Brighton for Jamie Murphy

 

C/. Close Brothers

 

This assumes the spend is on general working capital I.e. at some point it will manifest itself again (temporarily) as cash. But if its for capital spend, like roof repairs for instance, then that doesnt work either.

 

Bizarre.

[Bamber]

nah everything is wonderful now because

 

i, they have a big baws banks willing to put money in

ii. They have improved their credit rating

iii. Brighton are a bunch of muppets they fell for the scare mongering and didn't believe we would pay them back like the big baws bank do

iv now a big baws bank has put money in others will follow suit

v borrowing money is good in business

 

so many holes in those 5 points but hey ho

 

Oh and long live the king - yet another business Masterclass

[aberdeen1970]

It's the equivalent of a wonga pay day loan. Limping along to season ticket renewal time which gets earlier for them every year.

[Reliablesource]

It's the equivalent of a wonga pay day loan. Limping along to season ticket renewal time which gets earlier for them every year.

With a massive increase in price coming. One would assume.

 

At least a season ticket will guarantee the huns first pick for champions league group game tickets so it's probably worth all that cash.....

[Doncomitant]

nah everything is wonderful now because

 

i, they have a big baws banks willing to put money in

ii. They have improved their credit rating

iii. Brighton are a bunch of muppets they fell for the scare mongering and didn't believe we would pay them back like the big baws bank do

iv now a big baws bank has put money in others will follow suit

v borrowing money is good in business

 

so many holes in those 5 points but hey ho

 

Oh and long live the king - yet another business Masterclass

Calculated risk, or last role of the dice but either way, worst that can happen is they fail in Europa again, don't win a cup & have to go into administration & get deducted 15 points next season.

[Kiriakov33]

Close brothers offer invoice financing dont they..... hypothetically speaking imagine L5 spun a major pr exercise stating a club in China had offered 8million for one of three players... ( no laughing at the back ). Could the Huns use this offer as almost a debt they could borrow money against?

[strachanmcgheegoal]

No because its not an agreed invoice. Needs an agreed cash flow.

[Bamber]

Calculated risk, or last role of the dice but either way, worst that can happen is they fail in Europa again, don't win a cup & have to go into administration & get deducted 15 points next season.

 

not quite they would also lose control of the albion car park which is part of the safety certificate for the club deck as its part of the evacuation plan. No car park no club deck

 

So that means they can be held over a barrel over rental for it if they don't own it

[pocrawred]

 

not quite they would also lose control of the albion car park which is part of the safety certificate for the club deck as its part of the evacuation plan. No car park no club deck

 

So that means they can be held over a barrel over rental for it if they don't own it

 

Music to my ears. Beautiful. Beautiful.

[BWG]

They're heading towards a Robert Maxwell style collapse. They'll take a new overdraft every 24 hours, using each one to pay off the last and ultimately use their pension fund to service their debts.

 

I mean it's not like Dave King is a convicted fraudster or anything.

[Andy_123]

What assets do they have left that aren't being used as security against their various deals / loans?

 

Do 2nd and 3rd place in the league enter the Europa league qualifiers in the same round?

[Henry]

What assets do they have left that aren't being used as security against their various deals / loans?

 

Do 2nd and 3rd place in the league enter the Europa league qualifiers in the same round?

 

Aye, the first round.

 

If Celtic win the cup (and league) second place goes in at QR2.

[Don Shula]

 

Aye, the first round.

 

If Celtic win the cup (and league) second place goes in at QR2.

 

I know its not to do with the Sevco thread but a couple of comments on the new format Europa League for next season.

 

If either Celtic or us win the Scottish Cup and so we start in QR2 (assuming we finish second) then a big difference to the players Summer holidays compared with prior years as QR2 doesn't start until 26th July (QR1 starts on 12th July). All a bit later this year as a new preliminary round gets the late June start (involving lowest ranked 10 countries).

 

A lot of attention been on Celtic and how much harder it will be for them to get to CL group stages given more of the big countries get automatic places or easier passage. Well same applies to Europa League.

 

This season the 48 EL group places went to 16 automatic qualifiers (from bigger countries), 10 from CL play off losers and 22 via Europa League qualifiers.

 

Next season 48 are made up of 17 automatic qualifiers (still from same bigger countries), 18 from CL losers at various stages and only 13 via Europa League qualifiers so 9 less places avaiable from our qualifiers. I know the chances of us making it are not great but its just got a hell of a lot harder to make Group stages.

 

It's worth noting that every team that loses in CL qualifying at every round, no matter how diddy, gets a doggy life in Europa League qualifiers or goes straight into Group stages.

 

Fuck UEFA and all who sail in her.

[zander]

not quite they would also lose control of the albion car park which is part of the safety certificate for the club deck as its part of the evacuation plan. No car park no club deck

 

So that means they can be held over a barrel over rental for it if they don't own it

This is taking obsession to a whole new level.

 

Why would any Dons fan know their stand evacuation plans? I don't even now our own.

[Bamber]

its fairly common knowledge that the albion carpark is linked to use of the club deck

 

its been mentioned I don't know how many times by the press

[V for Vendetta]

its fairly common knowledge that the albion carpark is linked to use of the club deck

 

its been mentioned I don't know how many times by the press

 

It has been out there referred to quite a lot for anyone who has ever read any of the RTC, SFM, Phil McG, James Forrest, John James type of blogs or simply followed the collapse of the old Rangers team.

[BWG]

 

It has been out there referred to quite a lot for anyone who has ever read any of the RTC, SFM, Phil McG, James Forrest, John James type of blogs or simply followed the collapse of the old Rangers team.

 

i.e. the obsessed virgins.

[V for Vendetta]

 

i.e. the obsessed virgins.

 

There was a time some of these sites were quite good sources for an alternative view on the Rangers liquidation saga.

 

But got to agree they really don't offer much now.

 

JJ is unhinged but occassionally a laugh.

Phil McG mostly just repeats the same crap all the time.

And I'm amazed that TSFM is still going - its little more than an echo chamber with the same 15 posters going in circles "discussing" the same topic round and round.

 

RTC was by far the best site when going, but sensibly he stopped when the major developments had all passed.

[Clydeside_Sheep]

I see Graeme Murty has made a faux pas in telling the truth about a new club which hasnt won anything:

 

 

[King Street Loon]

A tim at my work sent this me tonight.

 

https://thecelticblog.com/2018/02/blogs/the-terrifying-phrase-sevco-fans-hoped-never-to-read-beyond-the-means-of-directors/

 

I think they're more obsessed about sevco than some on here are.

 

Congratulations to Phil again for going where the mainstream media couldn’t or wouldn’t go; he has, once more, produced the goods and shone some light into the dark corners of Ibrox, and as he and this site predicted, the full details of the Close Brothers’ agreement with Sevco tells a very different story to that which the media was pushing when it was announced.

As I wrote here, that deal is so toxic our media didn’t want to push it too hard. Even they knew there was something extremely fishy about this.

Today Phil has posted a link to the document which they have to file with Companies House, and as per our prediction it make two things clear which no Sevco supporter wanted to hear but now have no option but to face.

First, this was not and it is not an overdraft, which was the central claim made by Stewart Robertson. Frankly, if he has seen this document and he still wants to stick to that line then I suggest the club fires him immediately, because if he can’t tell a loan document when he reads it then he’s either scandalously lax at his job or his framed qualifications for it were bought in a car boot sale and his name cleverly superimposed onto them.

This is a loan.

There is simply no doubting that at all.

Close Brothers are even referred to in it as “the lender”. Sevco is referred to as “the borrower.”

The document refers to fixed terms. Repayments. Compound interest. All in all, it leaves no doubt whatsoever that when Sevco briefed the media they lied. They lied about what this is. They certainly lied about what it means.

The second thing this makes clear is that the club is now in dire straits. As the bloggers predicted, and as Phil has made clear, this is the money Dave King said he would produce.

His legal problems are just one of the reasons why he was never going to. We spelled this out enough times; that man is not wealthy enough to do this, South African exchange controls complicate things massively and the man has lied so many times his nose could poke a hole in the ozone layer.

Yet even if none of that were true, when a man sends his legal representatives into court to tell the judge he is skint he cannot, a week later, produce £4 million from behind the sofa cushions.

If he did he would be guilty of perjuring himself at the very least; a signed deposition is as good as a statement on the stand. The second he told that brazen lie he made it fact … the result is the same. Even if he has the money he can’t give it to the club.

Everything you read in the mainstream media on this subject was nonsense. Surprised, right? No, I thought not. But with King’s money now off the table, and with the club running to the Wonga companies, the true nature of the financial state of the club is laid bare.

And Phil has lobbed another hand grenade over the garden fence; his sources inside Ibrox have confirmed what this means, and it is contained in perhaps the deadliest phrase that has appeared in print since this whole thing began.

I beg Phil’s indulgence to post the appropriate line in full:

“What is now discernible is that the Sevco cash shortfall is now beyond the means of directors.”

Take a look at those words again. Read them.

The last time words like that were spoken in connection with the Ibrox operation was in November 2011, at the Hotel Di Vin, where Craig Whyte told a delegation from the SPL and the SFA that Rangers was on a course that led to only one place; the boneyard.

That sentence says that time has almost run out.

The club will get through the season; this season.

But next season will be a very different story. A dramatic turnaround has to happen at Ibrox before then; finally, the real reason for the Morelos story has come into focus. They need to sell him, or someone, for the highest possible price they can get. Because without it the lights are going out.

Beyond the means of directors.

These guys have finally realised they’re not going to see any of their money back. They’ve decided that they will not be throwing any more of their cash down the black hole. And in a moment of beautiful irony, they now have, in Close Brothers, a perfect alibi.

What these guys feared, above all, was being seen to be responsible if the lights went out at Ibrox. If the club simply came to a halt whilst director’s loans were the only visible debt these guys would hav carried the can, no matter how unfair that would have been.

They, after all, have gone above and beyond in keeping the club afloat. The Peepul would not have cared. The current board would have been the men who brought the club to its knees.

Not so now. When Sevco takes the bullet it will be Close who pull the trigger; they are the secured creditor, they will get their money’s worth either way and so at this point it doesn’t matter whether the Sevco board members have decided not to spend any more of their own money supporting this nightmare or if they are simply unable to – they are not men of unlimited means after all.

Phil is correct; the involvement of Close means that the era of the director’s loans is over. And that means the club will have to find next season’s shortfall somewhere else.

If there is interest in Morelos that may just come to the rescue, although that’s unlikely for two key reasons. First, that interest will most certainly not be at the £8 million level which they are wetting their pants over. Ibrox Noise thinks they could get a Scottish transfer record fee for him … they were talking, hysterically, about £15 million this morning.

It is a pipedream. If they get £4 million they will be very fortunate. The “Turkish interest” is real, or so I’m reliably informed, but that merely means they’ve heard he’s good and are sending scouts to take a look at him. Unless Sevco slips something potent into their Bovril nobody is going to be phoning home telling a club to start the bidding at the upper end of seven figures.

That’s the flaw in their media strategy; at some point a club has to send people to actually look at this guy and base their value on verifiable data and the professional opinions of people who are not paid to pander to the supremacist mentality in the Ibrox stands.

Without a major cash injection in the £10 million range, that club is not going to survive next season. That is not speculation, that is a cold hard fact.

Secondly, any cash that they bring in for transfers will leave the fans expecting – demanding – that it be spent on new players. The media is so full of “we are not in a position where we need to sell” stories that it will make it very difficult to sell the supporters on the idea that there are bills to be paid and that any incoming monies will be earmarked for that.

As usual, they are in a bind of their own making. And even as these stories break their club is signing Tavernier on an improved deal – they are going to offer him everywhere in the summer and they are trying to maximise his value – and still talking about giving Morelos more money.

If their grand scheme to get rid of these guys for big bucks fails to bear fruit, then their entire fiscal strategy since the turn of this year will detonate over Ibrox like a nuke.

On the anniversary of the last major explosion over there this news is the last thing their fans would have wanted to read. As usual, they’ll pretend it isn’t real … but the document which Phil posted a link to in his piece is most definitely real and its meaning is pretty plain.

The Good Ship Sevco is going down. The guys down in the engine room are working the pumps, but all that does is buy a little time. That club is holed below the waterline though … and unless the rescue ship arrives there’s no doubt as to the outcome.

Directors may lie. Newspapers do lie. Bloggers are accused of lying all the time.

But the numbers don’t and these spell disaster.

From this point on the administration countdown clock is ticking.

As the grand old vessels designer tells Kate Winslet’s character at the crucial moment of reckoning in the movie Titanic, “The ship will sink. It is a mathematical certainty.”

 

[Chewie37]

^got bored......soz

[Andy_123]

No way I'm reading all that.

 

Can anyone summarise?

 

I'm assuming it says "Sevco have no money and are fucked"?

[King Street Loon]

^got bored......soz

I got bored too.

Had to try 3 times

[Don Shula]

No way I'm reading all that.

 

Can anyone summarise?

 

I'm assuming it says "Sevco have no money and are fucked"?

 

Yeah the gist of it is

 

1. The Close brothers facility is a repayable loan (like a mortgage) rather than an overdraft so Sevco need cash flow next season to repay loan

2. The Directors are not willing or able to put in any more money

3. They will make it through this season but will need to sell players next season to cover trading losses

 

Whilst Sevco going bust would be even funnier than Rangers going bust we need to remember all of this info is coming from a Celtic blog that is quoting "inside sources at Ibrox" so how much is real versus how much is wishful thinking - who knows?

 

What is not in doubt is that Sevco have made losses every year since they came into existence and the way they are stacking up players those losses will continue for the forseeable future and can only be funded by Directors continuing to put in their own money, which is what has happened so far or they are able to persuade some mug to pay stupid money for Morelos or Tavernier.

[Edinburgh_dandy]

Sevco are fucked - have loans against assets- too much debt - King has no money and it will be admin soon.

 

Same old story we have heard since they were re-incarnated. As much as I believe the stories two things are true:

 

1. They will always manage to re-appear in some form or another.

2. We will consistently lose to the new incarnations 90% of the time

[reekie_dock]

Bla bla bla bla bla

 

 

The Huns are scum