I feel a slight sense of Déjà vu when I observe things down Edmiston Drive way these days.
There are things that we know and there are things that we don’t know.
We know that there is a new owner and we also there is no credit line from a bank to provide liquidity. In May 2011 Lloyds had left the stage with their money and they weren’t interested in offering banking services to the new regime. Craig Whyte had a plan to run Rangers solely on their own resources, including European income. Of course that didn’t go well and he was forced to use the normal remittances to HMRC for cash flow. It was the last straw for Hector and in February the taxman made his move.
This year Bill Miller looked at OldCo’s books and realised that if his NewCo were to survive then it would need to be bankrolled for three years because the revenue streams wouldn’t cover the costs. The American reckoned that the overall cost would be £30million for that period without European football income.
That concurred with Craig Whyte’s own estimation of a “ten million black hole in the accounts” after the club had been ejected from European competitions. Ex-Rangers Director Dave King also mentioned that the club would need £30 million on a “non-commercial basis” to survive. We do know that Bill Miller’s people were given private assurances that his incubated NewCo would play in the SPL. There is much that we currently don’t know at the moment.
However, I cannot see how Sevco will sustain their current cost base and staffing establishment with Division 3 revenues this season. We do not know how much working capital that the private investors have provided to keep the lights on.
The succulent lamb hacks currently gush about the Ibrox outfit being “cash rich”. However, given their track record in failing to spot Craig Whyte for what he was then I think we can discount the churnalists as a source of reliable news on matters Ibrox.
They are tarred with the sickening sycophantic brush which threatens the entire industry.
Of course the MSM should be looking into this very carefully, but that might seriously restrict their access to Ibrox. To try and get a handle on what might transpire I have spoken to people in the investment world in the Square Mile. They don’t have access to the specific information I need, but they do know the share capital raising business. Sevco Scotland Limited will need to provide minute detail in the share prospectus. They will have to say what they want this capital for.
It is worth remembering that the assets of Rangers were bought from Duff & Phelps by Sevco with borrowed money. The private investors lent that money and I think it is reasonable to assume that it wasn’t interest free. These are commercial investors who want their money to grow.
No one in Scottish journalism has been able to show how Sevco Scotland Limited’s new football outfit can achieve profitability in the short/medium term. Perhaps more tellingly they don’t appear to have tried. Neither have I seen a break even situation explored in the MSM. Given their contacts with football agents it should be possible to gauge the extent to which the Ibrox wage bill had been cut by the Great Walking Away in the summer. The wage bill is undoubtedly smaller than what it was pre-liquidation. However, the Season Ticket prices are also reduced. Someone on a business desk in a major title could be brought in to do the sums for the sports guys.
Failing that it will be left to the bampots to do the heavy lifting on Planet Fitba.
A cynic might conclude that every public utterance coming out of Ibrox these days is geared towards the success of the share issue.
My City of London guys were sceptical that the Ibrox outfit would attract serious commercial investors in the share issue, just because of the current business climate.
One of them sketched out the only scenario that he could envisage where someone could make money in British football at present:
“If you could identify an English championship club that is struggling, but has genuine potential, in terms of brand, fan base then you would buy that club from the beleaguered owners who want out. You then inject working capital with a two to three year plan to get the club into the EPL. That would generate a good return on the original investment. Invest in Scottish football? No chance!”
My Square Mile chap was being dismissive of any club in the SPL as being a good investment opportunity. Obviously then a club in Division 3, even one destined to be in Division 2 next season, would be even less attractive.
So where does that leave Charlie and the boys?
It is fair to say that when he came onto the stage he thought that his consortium would be buying the assets of the dying club and that their NewCo would be playing in the SPL.
When that was scuppered in the Scottish Spring SFL Division1 seemed a fall-back position. However, they didn’t count on Turnbull Hutton and his colleagues playing dirty by mentioning things like “morality” and “fairness”. The SFL lads were meant to do as they were told especially when they were told scary stories about “slow lingering death” and “Armageddon”. Division 3 certainly wasn’t on the agenda when the original plans were drawn up by Sevco.
Even a cynical restructuring that could see Sevco in the SPL inside two years instead of three doesn’t really help matters for Charlie, although I would not be surprised if that was tried.
The Bears need to buy into this share issue in large numbers.
Both guys in the Square Mile said that £8 million would be a good result and that £6 million would be a bottom line for success. Anything less than that £6 million, I was told, would be highly problematic for the original investors who are owed money. It is clear to any reasonable person that the main market for these shares will be the fans who have already stumped up for season tickets. They have to believe. It will be an emotional investment.
Despite the absence of any serious scrutiny from the MSM into Sevco’s business plan we seem to have seen a similar movie before.
No credit line from a bank ,questions marks over the long term sustainability of the company and lots of breathless pish from the hacks about how wonderful it is all going to be for the Ibrox klan.
Just like old times?
mulsiebhoy
I’ve only just, belatedly read the RTIDNI comment & genuinely thought it was a satirical piss-take! Oh, for to have witnessed Mathers’ neck-vein bursting, fist-clenching delirium, when Bummer Brown delivered his Gettisburg address on the steps of Snake Mountain.. “Starve him oot!” HH x
October 1, 2012 at 4:25 pm
Beeegajay
One thing confusing me is your use of deja vu. Do you mean that in the normal sense or is there some other C.G. – like French meaning that I missed…?
September 29, 2012 at 8:53 pm
John Burns
Great piece, Phil – is it all starting again with Sevco – deja vu?
September 29, 2012 at 2:27 pm
gerrygerbil
Can I suggest that every time the word “bampot” is mentioned it’s followed by (© H Keevins) just to remind ourselves what a clown he really is?
September 29, 2012 at 11:50 am
forestbhoy
When Minty was at the helm,the take up of previous share issues were piss poor…. Didn’t he have to buy the vast majority himself,even when they were doing “well” in the SPL.They didn’t want to know then and i can’t see anything being any different now….
September 29, 2012 at 8:25 am
Stu
‘Buy them himself’ is probably a bit generous – From what ‘The men who sold the jerseys’ revealed, he actually loaned the money from RBS to buy them, and then gave it straight back to them from the club coffers, newly swollen with … er… his share money. Rangers didn’t benefit from it in the slightest, unless you count the couple of hundred grand that genuine sharesholders put in, thinking they were buying into Rangers (which would have paid the wages for about a week). Turned out it was only the holding company, apparently…..
October 1, 2012 at 12:31 pm
Andybhoy
“Therefore on behalf of Myself and R.T.I.D.N.I We would like to give our FULL backing to Mr Green and his plans for Rangers F.C.
WE Support fully, his stance with regards to the hatred towards our club and the Agenda by The S.P.L/S.F.A and fully back him every step of the way in his fight against the haters of Rangers F.C and their Fans.
We also Support fully the plans on the way forward for Rangers F.C and we would urge ALL Fans, Fan Groups Clubs etc etc to Support The Share Scheme (I.P.O) which will be put forward by Rangers F.C. and to buy Shares when available.”
Give a man enough rope.
September 29, 2012 at 8:25 am
Paddyrebs
@ the couple zombies on this page hahahahaha Keep up the good work phil HH.
September 29, 2012 at 7:09 am
An Dun
Phil, do you know when Sevco are due to release any financial reports ? Would Green not have to publish a statement of accounts prior to a floatation so as potential investors can make an informed decision ?
September 29, 2012 at 6:38 am
Marti
Is the share scam sorry scheme buying into I.p.o, new Co, sevco or tesco, that’s the kind of questions Mr chairman should be asking.
September 29, 2012 at 1:06 am
Martin
Charlie has been doing some PR work in NI meeting The Peepul and Unionists. He’s even claimed as long as he is CEO of Deadco they will never play in the SPL again.
He was also asked if Rangers wuld be bringing out an Orange strip.
They’re also outraged that Salmond didn’t save them.
As you are aware R.T.I.D.N.I invited Rangers F.C – C.E.O Charles Green over to Northern Ireland for a meeting with ourselves and Supporters Clubs to meet with the support.
Supporting Charles Green in his visit were Imran Ahmed and 2 other invited guests.
First thing on the Agenda was a short meeting with ourselves as a group which included myself, Gary Lenaghan, Jim Wilson and Trevor Maxwell.
Charles thanked us for the outstanding work that we had undertaken in helping to raise funds for the fighting fund.
We then moved Charles and guests to lunch with Senior representatives of Linfield F.C, which included discussions for a return match between Rangers and Linfield at Ibrox.
In attendance were Rangers Reps, Linfield Reps, and R.T.I.D.N.I Reps, Myself, Gary Lenagahan, Jim Wilson, Graeme Barr, Mark Rice and Trevor Maxwell.
A number of dates have been mooted and will be given out after further discussions.
A meeting was then planned in Castle Buildings with First Minister Of Northern Ireland Peter Robinson.
In attendance at an introductory meeting with The First Minister were Charles Green and guests, R.T.I.D.N.I Committee members, Myself, Gary Lenaghan, Jim Wilson and Sammy Douglas.
The purpose of this meeting was to explain to The First Minister, the disgraceful way that Politicians in Scotland have shown absolutely NO support for Rangers Football Club.
The words that Mr Green used were “If it was a Pie company going bust with the loss of Revenue to the local Economy and Job losses, Scottish M.Ps and Government Ministers would be bending over backwards to help”
Political backing for investment i.e Shops in Northern Ireland was also brought to the table and discussed,and after a lenghty discussion programme Mr Green informed us that he was extremely happy with the meeting and had found it very productive.
Mr Green and Peter Robinson then gave interviews to U.T.V Live.
Next stop was to to Stormont buildings where Mr Green and ourselves had a meeting with Ulster Unionist Party Leader Mike Nesbitt and M.L.A Danny Kennedy.
This was also a very Productive meeting.
R.T.I.D.N.I and guests then headed to The Hilton, Templepatrick to meet other Reps from Rangers Clubs throughout Northern Ireland.
After thanking everyone for attending, I explained our future plans for R.T.I.D.N.I.
This included getting ALL Clubs, Fan Groups and Fans in Northern Ireland to work together for a N.A.R.S.A type Convention in Northern Ireland.
First thing on the Agenda after introductions and thanks for Support etc, was for Mr Green and Imran to give a Presentation on current affairs at the Club and their outlook for the future.
Everyone was in agreement that our Clubs future was looking extremely good with plans of Hotels, Cancer Centre, New Shop, New Ticket office and renovations to Edmiston Club along with Football Academies in America, Asia and widespread Global Marketing.
A few key points where made by Charles Green before a Q&A, which had to be shortened due to time.
Key Points
1: Charles Green stated quite categorically that although it was not ALL Clubs in the S.P.L that he had a problem with, his main problem was with The Leadership and running of the S.P.L.
He said the Agenda from the S.P.L against Rangers F.C and their fans and their constant attacks upon our Club will not be forgotten.
He then stated that whilst things are the way they are, the onslaught continues AND as long as he is C.E.O of Rangers F.C, Rangers will NEVER play in the S.P.L again.
This was met with a round of applause from the Audience.
2:Charles then brought up the question of Rangers Shares.
He explained that Rangers Shares will ONLY be available Direct from Rangers F.C.
They will be sold at first to Rangers Fans and Rangers Fans only, as in Season Ticket Holders registered Supporters Clubs and Members of the Rangers Family.
No other option for buying shares will be available.
A shortened Q&A then took place and was as follows.
Q1: What is happening about the money that is owed to Rangers by the S.P.L etc ?
C.G: “The S.P.L are refusing to hand what is due to Rangers and the fight against these disgraceful decisions was still ongoing”
Q2: Would Rangers Consider putting a Team back into the N.I Milk Cup ?
C.G: “This had already been raised by the Youth Team Coach and would definitely be looked at in the future”
Q3: Would Rangers consider bringing out an Orange Top ?
C.G: “Yes, they have a number of designs and are coming near agreement with Adidas”
Q4: Will you continue with the fight against all Rangers enemies out there as you have been doing ?
C.G: “Absolutely and with everything in my body, I wasnt a Rangers Supporter when I came here but I am Now”
Q5: Would Rangers Consider flying the 4 Home Nations Flags alongside the Flags already above Ibrox ?
C.G “I dont see why Not as the contribution and dedication of Rangers Fans throughout the U.K and the world is second to none and should be recognised”
After a massive thanks to Mr Green from myself on behalf of the Committee, 6yr Old Rangers Season Ticket Holder Johua Wilson, made a Presentation of a Crystal Clock with the words, ”To Charles Green, from R.T.I.D.N.I.”
Mr Green then stayed behind to sign Autographs and pose for photos before retiring to bed.
We met up with Charles Green today, Fri 28th and took him into Belfast City Centre to look at a proposed building to open a New Rangers Store.
Greg Mcafee had arranged a number of premises for Mr Green to look at and hopefully this will be concluded soon.
We then run Mr Green and guests to the Airport and thanked them for visiting Northern Ireland.
All in all we found Mr Green to be very honest and upfront and along with all the other Supporters thought his plans were excellent.
Therefore on behalf of Myself and R.T.I.D.N.I We would like to give our FULL backing to Mr Green and his plans for Rangers F.C.
WE Support fully, his stance with regards to the hatred towards our club and the Agenda by The S.P.L/S.F.A and fully back him every step of the way in his fight against the haters of Rangers F.C and their Fans.
We also Support fully the plans on the way forward for Rangers F.C and we would urge ALL Fans, Fan Groups Clubs etc etc to Support The Share Scheme (I.P.O) which will be put forward by Rangers F.C. and to buy Shares when available.
R.T.I.D.N.I has taken great steps and have worked tirelessly to get the Opportunity of actually getting a Rangers C.E.O to come to Northern Ireland, something that has never been done before by ANYBODY.
Mr Green was so impressed that he has promised to visit us again, such is the connections that are there.
I would like to thank Everyone involved, from Ourselves, Friends in Scotland, The Leaders of both Unionist Parties and eveyone who helped make this happen.
We believe that Mr Green is the real deal and has the Full Backing of R.T.I.D.N.I and we would urge ALL fans to do the same.
We would also urge ALL Northern Ireland Fans, Groups and Clubs to join with us to form a new gouping more representative of N.I. Rangers Fans to not only have a big say at Rangers, but to organise a good convention every year.
Together We Are Better !!
Thomas Mathers.
Chairman
R.T.I.D.N.I.
September 28, 2012 at 11:49 pm
SamBrowneBelt
Mr Mathers – we don’t care about anything you have shared with us here.
We have no interest in Mr Green’s thoughts or statements.
We have no interest in whether or not you have orange shirts.
We have no interest in the R.T.I.D.N.I. – whatever that might be (I’m guessing it’s something like Rangers Truly Is Dead, Now Irrefutable) but not interested enough to find out.
However, maybe if the pie company, that Mr Green spoke of, had cheated Her Majesty’s coffers (surprised you’re not on HM’s side here?) of £70-80m they wouldn’t get much symapthy either? Just a thought.
September 29, 2012 at 11:03 am
Ben mcginlay
I’m 100% with you SamBrowneBelt on this one. Couldn’t give a monkeys.
September 29, 2012 at 3:41 pm
Beeegajay
Morbid curiousity got the better of me.
Ra*gers Til I Die N.I.!!
They’re The Ra*gers at the mo, so…
September 29, 2012 at 8:41 pm
RhobinHood
Read somewhere about Motherwell playing “the Ibrox Giants”. I know there is a team in New York call the Giants. If Sevco are struggling to find an unregistered name with no connection to a liquidated club/company (or both) then “shurly” – The Ibrox Giants ( The Giants- or Giants for short) might just fit the bill.
A simple suggestion: I’m sure you could sell the idea to CG given your warm and close association with all things “TRFC”.
September 28, 2012 at 11:01 pm
Marti
Is there not a saying going about that rangers did not die, it was only the holding company that liquidated….. only a sevconion would buy a share in another holding company AGAIN! But maybe deep,deep,deeeep down they’ll know they’re buying into a tribute club.
September 28, 2012 at 11:01 pm
cassiusclaysgranda
Great article Phil,Sevco,Mudco,Dudco,Pawnco wit ever yi caw ‘em are being pierced a million times over by the” INTERNET BAMPOTS”,THEN TOSSED IN TAE a vat of boiling malt vinegar,& they deserve everything they get & more, but i will say this SEVCO fans are maybe DAFT BUT they are also very, very, very cheap, they won’t buy into the share issue cos it’s too dodgy with C.A.T.Bs. @ THE HELM, methinks ADMINISTRATION could very well be a PROBABILITY, where would the APPLE DUMPLING GANG BE when it strikes say twice in 12 months,
September 28, 2012 at 10:01 pm
Arthur Mulholland
The sooner this cancer eradicated the better , power to your pen Phil , HH
September 28, 2012 at 9:51 pm
Big eddie from leggoland not
Balance sheet says charlie & the boys will be mega mega so no need to worry they rich bears dont need cash addidas ,mike ashley and disney are on there way with bags of
It oh !!!! and the dallas cowboys
So hugh has got a new job. !!!!
September 28, 2012 at 9:37 pm
Reilly1926
Even if they raise enough money through the share issue to keep the thing going this season what are they going to do next season ? Another share issue ? They’re fecked.
September 28, 2012 at 9:19 pm
Honsyghirl
Breathless pish, love it!
September 28, 2012 at 9:11 pm
Dhougal
Brill Phil ,could you highlight the date on your post for the zombies ?.Maybe a ”I TOLD YOU SO” added just after it , i’d give it a month or two till your proven right AGAIN !!!!!!! . Darkness falls across the land,the midnight hour is close at hand ,creatures crawl in search of blood ,to terrorise your neighbourhood ………… THRILLER !!!!!
September 28, 2012 at 9:10 pm
Conorbrien
I told my son-in-law, after he decided to renew his season ticket that he will lose his money when SEVCO go bust, shortly.
His reply was that he was paying by instalments, so I said that he might have a chance of getting something back(as they’ll be bust before his instalments are completed?).
I don’t think that they perceive that this mob, and I call them that as they are on the same park as Del Boy, are only after their money so that they can line their own pockets.
As a Govan, not Ibrox, Bhoy I went for a walk with my mate along Edmiston Drive past Castle Greyskull I looked at the derelict Edmiston Club, closed for ages and thought I wonder if that’s in Chico plans for another part of the Empire?
And sure enough it is. I wonder if that’s another Chico acquisition to please the backers??
Anyway, I’m happy as a Bhoy in Paradise as my Book came from Amazon last Wednesday. Thanks, Phil. Maybe I can get you to sign it for me if you’re down Govan way or meeting Sam and I can give it to him.
September 28, 2012 at 8:31 pm
Jim McGuigan
phil, would you write something to highlight the PR Scotland and the Daily Records recent ‘honest mistake’ regarding the ‘shamrock emblazoned’ Zombie banner that never was…people read your blog probably more than Celtic Minded and I think it’s worth a quick article seeing as the PA Scotland have owned up to the clanger!
September 28, 2012 at 7:09 pm
sutty
Phil this is part of a statement from a meeting with RTIDNI,
He then stated that whilst things are the way they are, the onslaught continues AND as long as he is C.E.O of Rangers F.C, Rangers will NEVER play in the S.P.L again.
what investors would get involved with a team that don’t want to play in Europe with the money that can be made never mind that’s where ALL top teams want to be
September 28, 2012 at 6:50 pm
tom dolan
Phil,another great post,he finances never add up when it comes to sevco,zombies,or whatever they are called now.total enigma wrapped up in a load of smoke and mirrors,good book btw.
September 28, 2012 at 6:45 pm
Stevie
Looks like it’ll be party time again very soon. One thing is for sure the muted Orange top will be a massive seller that’s for sure not that’ll do them any good because Green and his backers will want repaid with interest.
Honestly any other club or business you’d feel sorry for them but Scotland’s Shame deserve everything that’s coming.
HH
September 28, 2012 at 6:35 pm
Ben mcginlay
It’s all ifs and buts that will determine the future of Sevco, some might say on a wing and a prayer. Their future certainly is in the fans believing in the pish from Sevco and the MSM. Then again they have bought it all in the past. More to come, looking for yourself Phil to print the real stories as they happen as I don’t read the papers and only watch the news with tha same old crap.
September 28, 2012 at 6:33 pm
iant929
Great article Phil, bring it all on again, priceless
September 28, 2012 at 6:29 pm
frank d
sunshine on a rainy day phil, you always deliver glad tidings ( and they are true! )
September 28, 2012 at 6:28 pm
Mark Maguire
The gift that keeps on giving!
September 28, 2012 at 6:20 pm
Cooper54
Rangers are doin just fine wine ….stop obsessing bhoys !
September 28, 2012 at 6:13 pm
Ben mcginlay
You’re funnier than Billy Connolly, Frankie Boyle and Kevin Bridges put together. My sides are sore from laughing.
September 28, 2012 at 7:08 pm
jim larkin
great article phil.
the sevconians will dismiss and deny…after all, they claim it is still the SAME rangers…yet the real rangers are going to be liquidated and the fake rangers are trying to phoenix into the empty shoes.
the sad thing is…there will probably be a lot of children/families, who will be denied money by the deluded rangers supporting parent/s, who would rather spend their cash on a pretend rangers because they want to believe that it is the same rangers [but isn't] than spend the money on their children/families…then they will discover the hard way, that the money spent on the shares in sevco, are worthless
[the same as the money dave king, dave murray etc wasted on the real rangers - shares]
but by then, it will be too late.
will the next lot of chancers try again…start another “rangers” and try to sell shares again in a new club that the idiots will be told is STLL the same rangers!!
unless they accept that the original rangers went BUST, they will always be deluded.
if it is the same rangers…why do they not have to pay ALL the CREDITORS who are OWED money !!?
September 30, 2012 at 11:07 pm
Jimmybhoy
Dejavu right enough Phil, heard a good one yesterday regarding crowds at both Celtic and sevco and that there was better attendance for the third tier games. Bloke answered by saying “when do Primark phone Harrods to say we are busier than you” thought I would share this as I did have a little chuckle to myself.
September 28, 2012 at 5:57 pm
Famous song
Don’t have an investment background either, but this seems percipient to me. Green’s every utterance seems tailored for the outer spheres of the Bears’ support. I’d say significant investment income may lie on Queens Park or Peterhead at 16-1 each, to win the SFL 3 title.
September 28, 2012 at 5:55 pm
Neil
Please Sir
Can I have some more jelly………… MORE! MORE!
September 28, 2012 at 5:51 pm
Colin
What hasn’t been stated in the media is the fact Newco have signed players on free transfers & logically u can’t sell them on at high value due to Newco playing in the lower leagues & no European competition. Therefore how do you make money off Newco barr the Season ticket money which as believed is going to Ticketus to pay back their debt or running costs?
September 28, 2012 at 5:50 pm
Mainser
If man utd are struggling to sell shares, is it not also the case that sevco may struggle likewise, or are they relying on “the peepul”?
September 28, 2012 at 5:49 pm
Ben mcginlay
That’s exactly what they will rely on. Nobody with a eye for business will touch them with a shitty stick. As Phil has said, it will have to be an emotional investment. Lets just see how loyal and organised they are. But the silence from their numerous fans groups have been deafening.
September 28, 2012 at 6:44 pm
macaroni
Zombie F.C will end in tears. And this time there will be no comeback.
September 28, 2012 at 5:43 pm
PaulMc
I think you may have missed the point. It’s not, currently, about success on the park. It’s about long term sustainability and survival.
September 29, 2012 at 3:01 am
Ben mcginlay
LOL
September 29, 2012 at 7:10 am