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

[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.

[Aldo1983]

I can't believe we are still going on about their finances.

[87kilos]

I can't believe we are still going on about their finances.

To an extent I agree as we've already seen that the authorities will not let them die and bend over backwards and break rules to keep the mighty Glasgow Sevco alive. By hook or by crook.

Failure to penalise then in any shape or form, European license etc etc, the list and evidence goes on.

[Aldo1983]

To an extent I agree as we've already seen that the authorities will not let them die and bend over backwards and break rules to keep the mighty Glasgow Sevco alive. By hook or by crook.

Failure to penalise then in any shape or form, European license etc etc, the list and evidence goes on.

If only our manager and chairman weren't ****e bags.

[EintrachtFrankfurt]

If only our manager and chairman weren't ****e bags.

And cowardly with it. Useless cnuts.

[RedStarTorphins]

To an extent I agree as we've already seen that the authorities will not let them die and bend over backwards and break rules to keep the mighty Glasgow Sevco alive. By hook or by crook.

Failure to penalise then in any shape or form, European license etc etc, the list and evidence goes on.

As I’ve said on here before (& a few have criticised me for it) Scotland is a Masonic sh1tehole.
There are people in too many places that would protect their interests.
SEVCO will not be allowed to die & chicanery will occur behind the scenes to assist them.
Same as happened in 2012 when they were given a licence to play in Division 3 when they didn’t have audited accounts.
I bet you our chairman would’ve let them straight back in to the top league if it weren’t for the fans voices being listened to for once.

[KIWIRED]

Well would have to see what would happen when Newco go bust
Its likey to happen again.
The club have just taken a 3 million loan from to put it mindly the bank of desperation.
Seems you hve to be on your knees if you go anywhere near Close Brothers.
It sinks of desparation, seems the directors dont want to loan anymore, the Lying King well he wont chip in, never does plus he has no monny.
They continue to make trading loss, season on season, the ST sales only keep them going for six months of the year.
There allenged financial plan is based on some European success, really that's not douable
Their screwed financially and it will topple, maybe not tomorrow, but soon
Happy days

[Mason89]

Nobody at Iprix seems to be panicking just yet.

[afc1903mad]

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...

Lol, yeah, they’re desperate to flog him this window.
It sounds like Barry McKay again (RB Leipzig were apparently about to offer £6M, but they then sold for £500k)
I’ve not seen any real tangible reports that the Chinese clubs are actually interested in making a move.
Other moves by Chines clubs for other players seems to have been completed quicker.
Roll on the end of Feb, when the market closes and the earliest they’ve not been able to sell him.

[kb_don]

Their screwed financially and it will topple, maybe not tomorrow, but soon

I doubt it will be soon. The Wonga loan has seen them through this season.
I'm no expert, but the soonest things are likely to happen is if the accounts don't get signed off in the autumn. And I'm sure dodgy Dave will find another way around that.
This will drag on and on and on...

[Jupiter]

This is a good article about Sevco and the media numpties. I especially liked this bit.

But consider this. Rangers are vying for second in Scotland’s Premiership. Liverpool are among current English equivalents. Would Liverpool use blatant PR to misrepresent their financial situation? Would England’s football media actively co-operate? Or would they establish the truth, castigating Liverpool for falsehoods and/or financial idiocy?

http://twohundredpercent.net/rangers-transfer-window/