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

[afc1903mad]

Wise up ��

Come on JT, I was expecting you to try and make a better defence of it than that.
Maybe you can’t though

[fairliered]

Maybe the wee baldy Alford mason will lend them the money, given the importance he attaches to a strong Rangers.

[nice1simmy]

A few additional "highlights" from me

-They lost £11M last season on sales of £53M (mind blowing stuff)
-Anyone who thinks that sevco doing well in Europe is an idiot - they had £14M of income from Europe last season
-Their wages bill was £34M (compares with our bill of £9M)
-They have converted £34M of cash put into sevco from debt to equity (basically shareholders have in effect written off their chances of ever getting that money back - unless they sell sevco)
-They had a net spend of £6M on transfer fees last season

Tick tock

[RedStarTorphins]

Maybe the wee baldy Alford mason will lend them the money, given the importance he attaches to a strong Rangers.

He was coming out with his tedious, subservient “hopefully we’ll be challenging for 3rd come the end of the season” pish on the very day we were opening our training complex.
What a f ucking bell end.
We need shot of this absolute clown

[Devanha Red]

Come on JT, I was expecting you to try and make a better defence of it than that.
Maybe you can’t though

I hate Rangers. I wanted Rangers to die. They were let off the hook and survived. Thanks Milne et al.

All this wishful thinking stuff just makes us as a fanbase look daft. It's tiresome and embarassing.

The Huns are going nowhere apart from getting even stronger. That's the facts.

[afc1903mad]

^^^
You don’t like facts and choose to ignore them

[kb_don]

I hate Rangers. I wanted Rangers to die. They were let off the hook and survived. Thanks Milne et al.

All this wishful thinking stuff just makes us as a fanbase look daft. It's tiresome and embarassing.

The Huns are going nowhere apart from getting even stronger. That's the facts.

That's it Jim. Keep rearranging the deckchairs. Meanwhile the grown ups will discuss things objectively

So:
2017 £6.7m loss
2018 £14.3m loss
2019 £11.3m loss

Total loss in 3 year period = £32.3m
Quick intro to FFP rules here: https://www.bbc.co.uk/sport/football/29361839
In short, maximum permitted losses over 3 year rolling period is £25.5m if you want to play in Europe

Is it just me that sees the potential problem here?

[KIWIRED]

Even the Auditor says without further investment he does not see them as a going concern
In other words.... there fecked

[afc1903mad]

Even the Auditor says without further investment he does not see them as a going concern
In other words.... there fecked

To be specific

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN We draw attention to information in note 1 in the financial statements concerning the Group’s ability to continue as a going concern. In order to continue operations for the next 12 months the Group is dependent upon raising additional finance to cover projected cash shortfalls in season 2019/20. The precise level of funding required is uncertain as it is inherently dependent on a number of key variables, including the achievement of forecast football performance and player trading. As stated in note 1 the risk that key cash flows are not achieved as forecast , along with the absence of a binding debt facility for any shortfalls, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

They’ll muster up the additional £10M For this season, I fully expect that, but it is an indicator of unsustainability in the longer term

[Pacman1903]

Theres no way that

A)they wont get the injection needed as there are too many rich eejit trolodytes that will pay in. They were too arrogant when the old co shat it as they had a "that wunnae happen to the mighty teddy bears by ra way" attitude. That arrogance killed them. So people will be quick to bail out this time

B ) The authorities wont let it happen.




UEFA however should be knocking on their door. They would be a good scalp for a ban to show they mean business

[afc1903mad]

^^^
If they received a UEFA ban though, that would really pile on the pressure financially

[fairliered]

The more pressure the better.

[RedStarTorphins]

The SFA (masonic horrible c unts), will do f uck all and let them away with the living out with their means.
They’ll also do nothing about that goggle eyed lying c unt King being “fit & proper” despite his “cold shouldering” judgement.
It’s the main reason I despise the SFA, and don’t go to Scotland matches or Scottish Cup games.
F uck the SFA.

[Pacman1903]

^^^
If they received a UEFA ban though, that would really pile on the pressure financially

I still believe there are daft enough people out there to fund them a lot of money. They would never let their club die "again"(first time really)

Anyway f@ck them. Rich or poor

[afc1903mad]

The more pressure the better.

One part that is yet to be determined, resulting in the accounts not having a clear financial requirement for the remainder of the season, is the A’s yet undefined bill they will have for the Sports Direct / Hummel kit deal which SevCo lost an was reported would be many millions.

The thing about player sales, is that they don’t get all the cash upfront, meaning they would likely need a few sales.
I read that’s why Mark Allen left them, because of failure to move players on.

I also read that the FFP rules would mean that SevCo fall foul there with their debt accumulated over the last three seasons, but I don’t know enough about that and whether the equity conversions clears that.