Valuable feedback on Rugger Chap’s analysis

I have just had an illuminating chat with a very well-placed source who had read Rugger Chap’s analysis today.

He had some additional information for me.

This insider told me told that the £2.9m loan was very much an 11th-hour event.

The question that was niggling him is that this is the time of year when football clubs are at their most cash rich.

Therefore, to need such a crisis loan now says a lot.

His opinion was that without this loan then the auditors would have been in a difficult position.

He also pointed out the following little nugget:

“As such, the Group considers that its investment in Rangers Retail Limited is impaired at the year end and has recognised an impairment provision amounting to £0.5m.” [Page 9]

He said that this is almost certainly apropos the unsold stock that they had to buy back from General Ashley.

This is a testament to the glorious success of the superstore boycott by The People.

Oh dear…

These accounts can be boiled down to the continued goodwill of the directors to cover the losses of the business.

This is especially vital given they cannot get a credit line from a bank.

Consequently, the accounts were probably signed off largely because the directors gave their word that everything would be ok.

Essentially the continued existence of the Holding Company Vehicle is down to the trustworthiness of the Chairman Mr David Cunningham King.

Of course, he is a man renowned for his honesty and the authorities in South Africa would undoubtedly vouchsafe his character

Therefore everything will be fine.

63 thoughts on “Valuable feedback on Rugger Chap’s analysis

  1. John

    Shame they’re not playing on Remembrance Sunday, poppy et al….we could all have joined in and tried to remember, Rangers f c ltd. I remember the day they died. Still got the hangover

  2. Jumbo

    U remember the old wash houses that kept the wuman occupied all day , and kept the gossip live with stories of how her down the street would b evicted soon ( no clean the close ) great stuff if it was not u ! Now the graduation is moved to run down Masonic halls lucky if they can open it 2 nts a wk ( c them They’re getting put out of Europe) HH

  3. Avid Reader (@6019Kilo)

    I am trying to fathom out why the Daily Record is starting to be critical of RIFC/Sevco. The other day they even mentioned the liquidation and more recently highlighted King not investing as he promised to. Are they wary of something coming down the pike soon? Are Level 5 invoices not being paid or they simply can no longer afford their services?

    1. There is NO Old Firm


      I’m trying to figure out why the Daily Record is printed!
      If what you say is true re: a slight change in tack, then it’s definitely too little too late.
      I certainly won’t be buying it to find out nor should anyone who doesn’t follow Hunny – G FC.
      Whatever may be bothering them now, e.g : plummeting sales, the fact that their “sports journalists” and their stories are simply dismissed by hysterical laughter, social media is killing them, and then the truth bringers out there such as Phil…..I couldn’t care less.
      They decided to shirk their responsibilities when Murray embarked on the destruction of Scottish football and they decided to go along for the ride.
      They made their own stinking, misleading, untruthful, unfair, slanted beds and they can damned well lie in them until they rot, just like the vile, cheating gravy train they jumped on!
      I look forward to seeing the headline, which ironically will be in another paper…..”Daily Record DEAD”!

  4. sligojoe

    Some iteresting points from the DR hotline…

    Tom McDade, Southampton, said: “As a Rangers fan, I hate to admit the chasing pack are so far off the pace .

    “The SPFL should handicap Celtic as they going win the race for the title by a mile, not funny. Scottish football is now a joke.”

    I’m sure Tom was calling for Rangers 1872 to be hanicapped also when they were going for 9 in a row with Gaza et all in the team.

    Billy Hendry, Wigan, made a separate point. He said: “I’ve been a Rangers supporter all my life during the good and bad times and everyone is entitled to their opinion, but to slate Dave King is absolutely ridiculous.

    “The man is a lifelong Rangers fan and is attempting to get us back to where we belong and people forget that he invested £20 million a few years back and lost the lot when we went into administration. Give the man a break.”

    Lost the lot when “we went into administation”? I think the word your looking for Billy is “liquidation”.

    Oh, and by the way, Billy, Dave King did not vote in favour of the CVA! The very thing which may have saved the club.

    How can someone call himself a “Rangers man” and not have the first clue as to what happened to his club??

  5. Antn le Grandier (@AGrandier)

    The singalongasevo show has been rumbling along for a few years now however I think the fat lady is currently clearing her throat.Competing at the top level requires investment and generated income and a turnover of 22mill or so doesnt cut it.Sevco are desperate for the 2mill a 2nd finish generates however this hardly allows them to stand still let alone improve. and its far from certain they will finish 2nd.Simply put-without a real billionaire to inject significant funds,30 mill or so,for the next few seasons they face the nightmare scenario-TheRangers mk2 or bumping along competing with Hearts/Aberdeen while Celtic hoover up trophy after trophy.How long will the hordes accept that?Will they still be “going for 55” as Celtic advance on 10-in-a-row?
    Ahh well-as someone who suffered the pre Fergus days at CP I can only say the current situation has been sweeter than yoo-hoo.I hope they hang on in there and continue their mid 80s style approach.Wont be long to the inevitable red card displays!!

  6. Billy Mason-Lodge

    You Timmie Bhoys Just don’t get it.

    Rangers will never die. You may think it did, but it is an idea and an immortal thing above and beyond your limited comprehension.

    So you have Phil Mac Gillicudy (or whatever) and that loony John(Bhoy)James and the unfunny Clumpany?

    But ranged against you we have:

    The courts; the judges; the political establishment; our Lodge Brothers (many in the preceding); the press (no, it’s not dying much as you bhoys would like); the business community; the churches (excluding the Romish Apostasy); all decent civic society. But above all, Her Gracious Majesty Queen Elizabeth II – God’s anointed on Earth – and therefore the Almighty Himself.

    If the present reincarnation goes the way of all flesh – another will follow – then another, then another will follow, follow on.

    We are the Establishment of the Land – we are indeed the Peepul – and nothing, but nothing – least of all the unsavoury masses (correct word) of Timdon will prevail against us.

    We will be up there until the ned of time. Get used to it Timmie. We are going no-where. Get used to it

    1. Billy Mason Lodge

      Sorry, I forgot the police from my list – most important of all in many ways – since they keep you bhoys in check and herd you as you deserve.

      Also I wasnot of course referring to the “NED” of time – but to the “END” of time – just for the record.

      1. Tictalk

        So why didn’t all of the above stop your klub doing into liquidation in 2012?
        Delusional, idiotic, sense of entitlement nonsense.
        But hey, yous are the peepul. Indeed.

        1. Billy Mason-Lodge

          No need Titcalk – we just re-launch as the same club. Lesser institutions come and go – the Gers will always be here – in whatever vehicle we choose. The legal vehicle is irrelevant – its the IDEA that matters. The IDEA is permanent and indissoluble.

          The idea of Gersness is bigger than anything else and can survive any challenge – defeat any foe. For WE ARE THE PEEPUL.

          All debts cancelled; SFA squared; Up there where we belong; What’s not to like?

      1. Billy Mason-Lodge

        Banged up by whom Tecumseh?

        Our Brothers in the judiciary?

        Prosecuted by our Brothers in the Crown Office?

        Arrested by our Brothers in the Police?

        You have much to learn about how our wonderful little Gersdom works.

    2. mayomurray

      Billy Mason got that right so,n to the “NED of time” a corrupted Criminal and Borrowers F.C full of Neds Spivs Conmen and Carpetbaggers, like your Lodge Brothers, of the all seeing eye brigade. Your homage to the German Monarchy off spring Wee Liz and your confession that the rest of the establishment are as corrupt as the Masonic Master Class Brotherhood confirms what we always knew, thanks for your honesty in verifying just how far the corruption is endemic in our society, not often if ever, is that admitted by a Brother of the Secret Society.
      Interesting that both Hitler and Stalin banned them from joining their respective organisations the Gestapo and KGB/NKVD as they both new they could not serve two masters, time the members of this secret corrupt organisation The Freemasons are made to declare their membership before serving in key Public Office positions or within the Judiciary system of Scotland,as there is a clear conflict of interest when swearing an oath to serve the public.
      They cannot serve both with a clear conscience, impossible.

    3. Trotsky's Tortoise

      Billy has the full force of the bourgeois establishment backing his new club, when the oul club died where were they, in fact what did you all do when your club was in terminal decline? Answer, nothing. You let it die. We as CFC fans have something your club will never have. A spirit that is strong regardless of what is put in our way.

      1. Billy Mason-Lodge

        It wasn’t the club that died – it is immortal – and can be reinstated in any form we wish (with the help and assistance of the aforementioned Brothers.

        But very usefully, and in line with Company Law – it was the DEBTS THAT DIED. Allowing us to start again with a little tweak to the Company name.


  7. Mr Smith

    This is my personal opinion, nothing else, I am not an accountant or have any indepth accountancy knowledge, but I read the Sevco accounts and thought to myself “this is greatest work of fiction of the 21st Century ”

    To klill a Mockingbird, stand aside.

    1. Mr Mah Jest Stick

      Much as I see your point, Mr Smith, I must contend that the greatest work of fiction of all-time remains the Dublin City bus schedules.

      They really are majestic in their havering, although the Sevco accounts are certainly giving them a fair run for their money.

      ‘Hanging with the It’ alright …

      (With many thanks to Pat The Hat for his acute observation)

  8. Alfie Birches

    Interesting contrast by the SMSM with regard to two incidents yesterday.
    The pull on the players arm in the Celtic game, pronounced by all as a penalty.
    Contrast that incident with Jones of Kilmarnock motoring past Tavernier, having his arm pulled for a much longer time, but NO MENTION of it.
    Interesting, yes ?
    As to the Sevco accounts. Whatever way one looks at it having to borrow nearly three million by the middle of October is not a good sign. I note TRFC burn through half a million each week and given the reluctance to pay holiday pay, must be much more at this time of year, how long do Sevco think less than three million lasts, by my calculations, impending legal fees not withstanding, one and a half months. So begs the question, do Sevco consider the January break as a holiday with no pay?

  9. There is NO Old Firm

    And so, the deception continues. Aided and abetted by a media whose sales are collapsing due to their collaboration in this diabolical fiction of a somehow reinstated major force in Scottish football. Their fear of writing the truth and setting down the facts from the word go (or GONE as far as RFC, IL is concerned) is ultimately going to cost them their very own livelihoods.
    The damage done by SDM to Rangers and Scottish football was immense and could easily have destroyed professional football in this country. Who’d have thought it would permeate many other businesses and even government bodies?
    The replacement operation are just a total embarrassment and have been since their inception. From screaming and bawling about being “relegated” to claiming ownership of titles and trophies “won” before they existed has done nothing but bring ridicule and irrelevance raining down upon them.
    No amount of garbage from PR outfits will ever be swallowed by anyone who doesn’t suffer from continuation delusion, therefore, the only ones who will be fooled will continue to throw their money into a pointless exercise.
    Now we have one of the least experienced managers in British football screaming and bawling that his captain and absolutely bang-below average left back can virtually run the show for Scotland. Kieran Tierney on his crutches would be a better option.
    However, once again, fooling no one outside of Lala-land that it’s merely part of a grand plan to hopefully fool someone into offering £40 for their international star.
    Many thanks to people like Phils’ “Rugger Guy” (please pass it on Phil) who simplifies what thickos such as myself would otherwise struggle to comprehend and spells out exactly what the situation is, thus by inference, utterly shames SMSM and their PR scripts.
    Where is the governing body whilst this drowning rat thrashes about trying to keep its head above the Churches’ water? Is there no duty of care to the rest of their membership to ensure everyone meets the requirements?
    And if they don’t……….dispense with them!
    Imagine we didn’t have the Phils, JJ’s, Clumps, CQN, SORT, YNRA, etc. We’d more than likely be swallowing the crap for the masses. We certainly wouldn’t be getting the sort of information we have from guys who are BRAVE (look it up SMSM) enough to seek out and print some reality in relation to this joke club.
    Still they rattle around making a lot of noise, claiming dignity…..1st rule of dignity….. You don’t claim you’re dignified, your actions make others respect you!
    Hijacking Remembrance Day as if only they have served….. Despicable, and instantly rules out dignity!
    That’s before we get to the football insults. They have constantly rattled on about their imaginary journey “back” to places they’ve never been. They’ve virtually dismissed every other club as being in unmerited positions because they were “relegated”, despite the truth being they relegated themselves OUT OF EXISTENCE!
    When has a manager ever watched their team being demolished 5-1 and come out with “it wasn’t a 5-1 game, I don’t believe there’s a gap between us”?

    And in the end, thankfully, we have a knowledgeable person stating “This is a distressed company”.

    Deluded, no self awareness, well short on requirements to really compete, completely overblown estimate of their depth of talent, totally irrational belief that the world needs them.

    Ladies and gentlemen. …I give you….Hunny G. FC

    (for those of you fortunate enough to not suffer X-Factor UK this year, someone of a similar name fits the description above, hence the reference )

  10. rod

    I think David Murray is to blame for this. The clan have been brought up to believe that money grows on trees, and financial discipline is something poor folk do. The club can continue indefinitely will these loans, it is what Minty did after all. But do these “investors’ have as deep pockets or deeper credit line from the bank? Now that is the question…

  11. Martin Brown

    The only blue chips you will see in January are a sackful of mouldie potatoes, Karma is such a beautiful bitch

  12. slimshady61

    The UEFA Financial Fair Play rules do not allow cumulative losses of >£5M in any 3 year period (exceptionally losses can be greater but only if reduced to £5M by an equity injection by the balance sheet date).

    Given the cumulative losses are £18M at June and probably in excess of £20M by now, they need equity (not loans) of at least £15M by 30 June 2017 just to play in Europe in 2018/19 (assuming they qualify),

    They have already failed the FFP test for next season, but no-one is mentioning that.

    1. Joe Keane

      And the Sevco accounts mention European football in 2017 as respite for their continued loss making and going concern warnings? You’d think Campbell Dallas LLP would know UEFA FFP rules bar heavy loss making rogue outfits like Sevco from participation in UEFA competitions? I know Sevco have the succulent Regan in place to ignore any SFA rules that might hamper their dignified entry into the top flight, but the Europa tournament is not within their imperfect registration gift. £20m cumulative losses mean Sevco will not be playing in Europe next season, unless we’re talking the annual Sash Bash verses Linfield.

    2. Rumpole of the Bailey

      I’ve been carping on about this for years. Following their declared losses and telling them to start spending less and declaring break-even or profits.

      Would they listen?

      It’s five million euros incidentally, not pounds.

      They borrow more to win more on the park. FFP is in place to stop that recklessness. They’re deliberately doing it as a business strategy.

  13. raaljaca

    As an outsider looking in all I can see is Messrs King etc waiting for that one big offer to buy over the company lock, stock and barrel. I cannot fathom any other scenario where good money is continually thrown after bad. In the real world what would it take to buy out Rangers? Potentially a huge club but one that has been decimated by self serving individuals for many years.

    1. Sanfrancelt

      I would imagine that only someone who has cut a deal with his big Mike ness could find this interesting……..King could apologize, grovel and pay Mick off now if he isn’t loving their pain too much . Mick might do very expensive walking away……..The man has truly put them in a bad place……Cheers Mick!

  14. Cassandra's Cat

    The SMSM interpretation is “losses halved” and “spending in January”.

    There is no substitute for self delusion.

    What a surpise the next administration will be.

  15. Charger

    Just when you think you can hear the death rattle, someone arrives with more oxygen! I think it’s going to take a stake through the heart to finish them off.

  16. Billy Ibronx

    Everything WILL be fine, don’t you worry about that, the mighty Glasgow Rangers are second in the league and coming for you Celtic lovers.

    A few blue chip signings in January from Mr King, and Celtic embarrassed at going out of Europe, and we’ll catch you easy.

    ‘Going for 55’ isn’t just a slogan, you know, it’s the reality.

    1. Jackie Robinson

      Ach stop trying tae make mischief you! We all know that you’re not a real billy as real billys don’t follow Phil as they can’t handle the truth.

    2. Trotsky's Tortoise

      “Watch out Timmy”, says Billy. You are all fecked come January. The GSL will cock the hammer and smash the war chest wide open and you’ll all be in trouble. I think the bold yin has been smoking the oul rolled up paper poppies discarded inside the Gazebo Dome with this nonsense.

      We Ate The Poppies, Declan and don’t forget it. Zoomers Inc

    3. Saint Marys Bhoy

      Billy, Rangers topped themselves in 2012.

      It’s not even November and Celtic are out of sight already.

      You’d do well to look at the league table. 1 point seperate 2nd from 5th.

      Your foolish comments are typical, kindofa remind me of BFDJ. They are also very comforting, as the glib and shameless liar, along with the Daily Rectum, will keep on deceiving idiots like you for years.

      Before you know it Scotlands biggest club will have won 10 in a row……

      And, Sevco, going for 55….pmsl….

      1. There is NO Old Firm


        Surprised at you, read it again with irony and I’m sure you’ll realise Billy is being a bit Sammy1906.



      Hilarious Billy,can I get some of what your taking,you sound like a complete Blurt with no sense of reality,carry on deluding yourself.TAL

    5. papa.dr

      Hello! Hello! Billy, aye, you’re right, Billy. And when the UN finally rule that they got state support the whole 60,000 seater, £50million+ per annum facade will come crumbling down leaving the Coop Bank scrabbling for the nearly £500million it has secretly (unlike our completely transparent business transactions) “loaned” to them. Then the high heidyins that forced us down to the bottom tier will have to take action, ‘though they’ll probably only deduct 15 points if they don’t just ignore it.
      We’ll not just catch them, Billy. By this time next year we’ll be topping our Champions League Group and really rubbing their noses in it by demanding they have all their titles stripped from them because they won them.
      I’m happy to join you as the voice of reason on this site and wonder if you, like me, put your money where your mouth is and donate all the cash from the Tooth Fairy to Club1872?

      1. Swavvy

        You’re all being a bit harsh on Billy, as I’m sure he remembers all too well how Neil Lennon’s Celtic not only overturned a 15 point deficit over McCostlys’s Oldco, but ended up around 30 points AHEAD of them come season’s end.

        Sorry, their FINAL season’s end. When they became Deadco.

        And remember the Madjin, Bougherrer, telling Celtic the previous November they should ‘just give up the League now, as it’s all over!’, while grinning his daft grin all over the papers .. ?

        Well, I hear he has informed his agent, or was it his shrink, that he fancies a return to Ibrox, and wouldn’t it be nice to see him, the Arab of Ibrox, back in those black socks with the Fenian blood banded around the knees again ..?

        I don’t think he does irony either.

        1. Cosmic Truth

          When the deadco were all those points in front of us, a supporter of the extinct club I worked beside, took great delight in loudly proclaiming that “Rangers could go into administration, take the ten point hit, and still win the league”.

          Unfortunately, for them that is, things didn’t go quite as planned. As we all know, Celtic won the league, went into the group stage of the Champions League, and Rangers went in to liquidation.

    6. Cosmic Truth

      I assume this going for 55 is goals scored this season, as the cash strapped newco aren’t going to win the league anytime soon, William.


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