Rangers Then, Sevco Now, Scotland's Shame Forever....

[Jupiter]

6 years ago today, the original Rangers went into administration.

[Pacman1903]

6 years ago today, the original Rangers went into administration.

Im away to have an anniversary beer. I was in Glasgow at a gig the day they were liquidated. Loved it

[GASC1980]

Happy 6th anniversary pacman!!!

[KIWIRED]

Happy Administration Day is there really a better day in Scottish indeed British football the day they died

Just read an article on the BBC about Tavernier signing a contract extension at the Loandome. I could not contain myself and pissed my self laughing when the **** went on to mention winning the league winning trebles and completing in the Champions League

Usual bull****e from the Newco propaganda machine do they actually read the utter crap before they release to the Daily Retard and others

I am so glad they died. Lest we forget

[darrendons]

Let's all hope the 7 year itch strikes and these chunts are properly deid by the time it's the 7th anniversary!

[Pacman1903]

........will be second by the end of today and will not relinquish it

[kb_don]

From what I've read elsewhere, the overdraft facility they announced last week was actually a £3m loan to see them through to the end of the season.
That's the £3m shortfall in the accounts that King had said he'd cover to get the accounts through.

It indicates a few things:
1. The directors are now unwilling or unable to keep putting in soft loans
2. That's next season's playing budget reduced by £3m
3. Next season they either:
A. reduce the money spent on the squad dramatically, to a level similar to the Dons, Hearts or Hibs
B. Go into admin when the money runs out
C. Persuade the orcs to put more money in probably via a share issue

The sensible option would be A, but that's not their style. Get ready for C being pushed as the money that helps them win the Champions League.

Nothing for the Orcs to worry about though, as the value of Morelos seems to increase by £1m each week. I think it's currently £11m...

[Jupiter]

I would like to see what the interest rate on that loan is. I bet it is well into double figures.

[kb_don]

I would like to see what the interest rate on that loan is. I bet it is well into double figures.

Rate people are talking about is 30%APR, loads of arrangement fees, and a huge kick in the balls if there's a slightest hint of late payment. Basically a Wonga loan for corporates.

However, it lets them survive until season tickets get paid. It's building up more problems for the future, but will probably drag their slow death into at least 2019

[EintrachtFrankfurt]

Rate people are talking about is 30%APR, loads of arrangement fees, and a huge kick in the balls if there's a slightest hint of late payment. Basically a Wonga loan for corporates.

However, it lets them survive until season tickets get paid. It's building up more problems for the future, but will probably drag their slow death into at least 2019

The fact that govan sevco are relying on loans to keep them afloat tells you all you need to know about the state of finances at ipox.