Sevco Thread

[ericblack4boss]

 

Maybe everyone else is tired of you saying it.

 

Can you advise what you mean by being held to account? Is it something you intend to do?

Aye and I'd never grow tired of leathering fuck out of you chief,

 

Fraser, and the ref of the board felt it appropriate to put that shithouse in charge of the game, they need to justify to the paying supporters, the credentials of him.

[Bebo]

Not been much activity in here as of late.

 

Companies house have the huns' newest audited accounts.

 

The too long, didn't read summery is their losses are increasing and need shareholders to plug the gap in the shortfall. They are hugely indebted, but mainly to their parent company.

 

Highlights:

 

• Operating losses increased by 11% to £9.04 million
• Debt owed to their parent company increasing by 16% to £18.1 million. (‘unsecured, repayable on demand and do not accrue interest’)
• Sevco’s auditors issued an ’emphasis of matter – going concern’ warning that Sevco’s continued ability to operate over the course of the next 12 months was ‘dependent on its ultimate parent entity raising additional finance and continuing to provide support to the company’.
• Sevco have debts of £29.1 million due within one year – this does not include the £5 million loan repaid to Sports Direct in December.

 

 

 

 

Debts to parent group Rangers International Football Club Plc also up 16% to £18.1m

 

The Rangers Football Club Ltd (TRFCL) has reported an 11 per cent increase in operating losses to £9.04 million for the 2015 year to June 30.

 

The company, which notes it principal activities are operating a professional football club in Scotland and its commercial activities, notes debts to its parent company Rangers International Football Club Plc (RIFC) also rose 16 per cent to £18.1 million (2014: £15.6 million).

Accounts now filed with Companies House show TRFCL racked up pre-tax losses of £6.85 million in the 2015 year, down from a £7.76 million pre-tax loss in 2014.

 

However, the 2015 pre-tax loss figure were bolstered by a £1.07 million investment income gain from its holding in Rangers Retail Ltd (2014: £109,000).

 

A further gain of £1.18 million was also booked in the 2015 year on the “disposal of player registrations” (2014: £395,000).

 

Turnover for the year was down almost 10 per cent to £15.4 million (2014: £17.1 million) which was again outstripped by operating expenses totalling £24.4 million (2014: £25.2 million).

 

Revenue was down across gate receipts and hospitality, sponsorship and advertising, broadcasting rights and commercial, largely as a result of a fan boycott orchestrated to remove the previous board.

 

However the company notes 'other turnover' in the year rose to £2.29 million (2014: £1.96 million).

 

TRFCL subsidiary Garrion Security Services Ltd - which is 100 per cent owned by Rangers International Football Club Plc - notes in full year accounts it made a return to profit in the 2015 year to June 30 as turnover almost doubled to £1.01 million.

 

The subsidiary booked a pre-tax profit of £126,000 for the year (2014: £104,383 loss) after benefiting from one-off events like the Commonwealth Games.

 

Garrion, which provides security for match days and other events, notes it employed on average 502 part-time staff in 2015, up from 182 the prior year and up from an average of 90 in the nine month 2013 reporting period.

Garrion notes staff costs rose to £653,748 in 2015, up from £372,697 in 2014.

 

TRFCL notes its first team costs totalled £6.2 million in the 2015 year, down from £6.5 million in 2014, though overall staff costs fell 11 per cent to £12.3 million.

 

First team wages accounted for 40 per cent of turnover in 2015 (2014: 38 per cent) and total staff costs at £12.3 million accounted for 80 per cent of total turnover for the year, down from just over 81 per cent of turnover in 2014.

 

Directors remuneration for the 2015 year totalled £487,000, down from £1.12 million in 2014 and the highest paid director was paid £215,038 in salary in the year, down from £358,846 in 2014.

 

The company notes directors appointed since March 2015 who are not part of the day-to-day management, “have received no remuneration”.

 

TRFCL's auditors have included an 'emphasis of matter - going concern' in the 2015 accounts warning the company's ability to continue to operate in the next 12 months “is dependent on its ultimate parent entity raising additional finance and continuing to provide support to the company”.

 

TRFCL notes it held £1,091,000 within cash and bank balances at June 30, 2015.

 

At the June 2015 year end, TRFCL noted it would need £2.5 million in either debt of equity funding by the end of the 2015/16 season “to meet its liabilities a they fall due” and stated “further funding” would be required during the 2016/17 season, “the quantum of which is dependent on future football performance and promotion to the SPFL Premiership”.

 

The company notes under the heading 'post-balance sheet events' “certain shareholders, directors and new investors” provided £5.7 million of funding post year end, of which £5 million was used to repay a loan from SportsDirect.com Retail Ltd and the remaining amount was made “available for working capital purposes”.

 

RIFC recently announced in a first half update it has cut pre-tax adjusted operating losses in the period by more than £4 million, but added it remains “reliant” on shareholders to meet funding shartfalls.

 

TRFCL notes £18.1 million debts owed to RIFC are “unsecured, repayable on demand and do not accrue interest”.

 

The company notes RIFC has provided “written representations” it will “not call in the intercompany balances due and will continue to provide financial support for at least 12 months from the date of the report”, signed off on January 31, 2016.

 

TRFCL notes debts totalling £29.1 million fall due within one year of the 2015 year end, which is largely unchanged on the prior year, however the total does not include a £5 million loan repaid to Sports Direct last December, a repayment noted as a post balance sheet event but listed in 2015 accounts to June as a debt falling due after more than one year.

 

Under the heading 'creditors amounts falling due within one year', the company notes 'deferred income' owed rose to £6.32 million (2014: £6.08 million).

 

A further £438,000 is listed under this heading 'obligations under finance leases and hire purchase contracts”, up from £477,000 in 2014.

 

These finance lease agreements relate to “funding of the refurbishment of the stadium fast food outlets”.

 

TRFCL also notes proceedings raised by the SPL in 2012 against The Rangers Football Club Plc (Oldco) relating to the use of employee benefit trusts (EBTs) led to a £250,000 fine being levied against Oldco in 2013 plus costs of £150,000.

 

The company notes: “As part of the agreement to allow Rangers to participate in Scottish football, there was a clause inserted where it was agreed that Rangers would become liable and responsible for the imposition of any sanctions by the SPL or any breach of rules and or articles by Oldco/Rangers FC (ie. The £250,000 fine).

 

“The club believes that the SPFL has, through documents and actions, waived all and any rights it may have had to insist upon repayment under the clause, thereby holding the club harmless in relation to the sanctions.

“This is disputed by the SPFL.”

 

TRFCL notes it is seeking an Arbitral Tribunal ruling on the issue, and if it loses the case, will be liable for the fine, plus interest and costs.

 

The tribunal sat on October 29 and 30 of last year to consider the matter, though a final ruling has yet to be announced.

 

TRFCL also notes in post balance sheet events a £300,000 claim, plus interest and costs, relating to legal proceedings raised by 802 Works Ltd in respect of the wi-fi system installed at Ibrox Stadium.

TRFCL said this claim will be “resisted” and it is counterclaiming for the sum of £600,000 from 802 Works Ltd.

 

Rangers won a legal battle in January to have a warrant lifted which ring-fenced £300,000 of its cash 802 Works Ltd had secured via and arrestment warrant on December 31.

 

The arrestment was lifted as the Sheriff was satisfied there was no immediate risk of Rangers going bust.

 

The dispute, over an unpaid bill, has yet to be resolved.

[Bamber]

But.... but.... but Dave King said their financial position was the envy of the footballing world - I don't understand...........

[chief_wiggum]

Ach not all doom and gloom , they are off for a pre season in the USA

 

http://stv.tv/sport/football/1347720-mark-warburton-confirms-rangers-set-for-north-american-pre-season/?utm_source=twitterfeed&utm_medium=twitter

[Chewie37]

But.... but.... but Dave King said their financial position was the LAUGHING STOCK of the footballing world - I don't understand...........

I've corrected him

[Lencarl]

A TRIO of lawlords have ordered Rangers to fork out £250,000 after they lost their long running legal dispute with the SPFL.

A senior SPFL source has revealed the Ibrox club have been told to pay the penalty originally handed down to oldco Rangers after an inquiry by Lord Nimmo Smith in February 2013.

Nimmo Smith’s commission, established by the SPL after the financial collapse of Rangers four years ago, found them guilty of a failure to declare EBT side letters during the reign of Sir David Murray.

Read more at http://www.dailyrecord.co.uk/sport/football/football-news/rangers-lose-ebt-side-letters-7631674#iOt3cFQCKgO0pFb4.99

 

[strachanmcgheegoal]

It has to be said that if whytey can get his mitts on a significant proportion of the Ticketus funds as is alleged and then push into the front of the queue for first dibs on the insurance monies paid out by Collyer Bristows insurers for HIM giving acces to the Ticketus funds then that is a pretty impressive wee scam by the boy!

 

Shame he had to kill them off in the process. Still Ill winds and all that!

[Henry]

 

A TRIO of lawlords have ordered Rangers to fork out £250,000 after they lost their long running legal dispute with the SPFL.

A senior SPFL source has revealed the Ibrox club have been told to pay the penalty originally handed down to oldco Rangers after an inquiry by Lord Nimmo Smith in February 2013.

Nimmo Smith’s commission, established by the SPL after the financial collapse of Rangers four years ago, found them guilty of a failure to declare EBT side letters during the reign of Sir David Murray.

Read more at http://www.dailyrecord.co.uk/sport/football/football-news/rangers-lose-ebt-side-letters-7631674#iOt3cFQCKgO0pFb4.99

 

 

 

 

Doncaster: 'Emmm if it's not too much bother, could we maybe have that quarter million you've owed for three years?'

King: 'No.'

Doncaster: 'No problem Dave!'

[RUL]

Does that not just back up the huns case that they are the same club?

[BWG]

Does that not just back up the huns case that they are the same club?

 

No it backs up the SPFL's and Doncasters argument that they are the same club, which everybody knows is shite anyway.

 

The huns can't have it both ways. The can't keep rattling off that "UEFA and SFA say we're the same club" and then complain when those same bodies hold the dead club accountable.

[Lencarl]

"Gers chairman King could now sanction a cheque for the payment or, more likely, the SPFL will take the £250,000 from the £474,750 prize money Rangers are due to receive if, as expected, they win the Championship in the coming weeks." You just can not make this shit up.

[BWG]

Came across this gem on Facebook today.

 

 

 

[Jigot]

Does that not just back up the huns case that they are the same club?

Naw! It underlines the fact, that there is more folk than the Orcs, that doesn't ken the difference between administration and liquidation.

Hands up to them, they have done well in their short lifetime but Grentna's rise through the leagues was more impressive, considering Gretna done it on crowds of a couple of thousand.

Yes I know, Gretna went tits up but they still acheived more than what that shower of cunts could even dream of doing with similar crowds.

They'll be caught het next season and I hope there is no mercy shown from any clubs, who find themselves 3 nil up against them. Put them in their place, they should show better respect for their elders.

[Guest RosemountRed]

 

"Gers chairman King could now sanction a cheque for the payment or, more likely, the SPFL will take the £250,000 from the £474,750 prize money Rangers are due to receive if, as expected, they win the Championship in the coming weeks." You just can not make this shit up.

 

 

What's wrong with that? Surely the easiest way to do it.

[caledonia]

 

What's wrong with that? Surely the easiest way to do it.

 

If i got fined 3 years ago for something the court would not wait till I had a win on the horses 3 years later then say i will take it out of that.

looks to me like they were only ordered to pay it once they knew they had the money coming rather than when it was due

[tup]

Massive corruption, swept away in hindsight, nothing to see here.

 

My prediction for next season is the death of Scottish football as it stands just now.

 

We are being expected to endorse cheating.

[Guest milne_afc]

Tup, you sound like a nutter. It's only a game, little more than a reason to get out the house at your age.

[tup]

You cannot unknow things.

 

The cheating is systematic and the corruption goes beyond football.

 

Mention any of it publicly and your life or wellbeing gets threatened.

 

That's the truth.

[V for Vendetta]

You cannot unknow things.

 

The cheating is systematic and the corruption goes beyond football.

 

Mention any of it publicly and your life or wellbeing gets threatened.

 

That's the truth.

 

Correct. All entirely factual.

 

I don't see why any reasonably intelligent fan would disagree with any of that or try to deny it.

 

Crackpot you may be Tup, but even a fucked clock has the correct time twice a day.

 

I accept some fans, maybe even a majority of fans, don't have the strength of will or the sheer bloody minded determination to stoically and tirelessly fight the slurry of utter nonsense with which our game is awash, and that is entirely their choice, but ignore everything as they might, the facts are still the facts and they are never going away.

[strachanmcgheegoal]

Put it this way. There's 3 potential season tickets in my house, we're chasing the league (badly) and we received the season ticket offer in the post this week and I just thought, nah, fuck it. Will still go but as vforv says your just sitting thinking why the fuck should I?

 

I love the Gretna comparison Jig, think I'll be using it on some Huns. I can hear them now, Aye but they went bust n'that!!!

[tup]

Correct. All entirely factual.

 

I don't see why any reasonably intelligent fan would disagree with any of that or try to deny it.

 

Crackpot you may be Tup, but even a fucked clock has the correct time twice a day.

 

I accept some fans, maybe even a majority of fans, don't have the strength of will or the sheer bloody minded determination to stoically and tirelessly fight the slurry of utter nonsense with which our game is awash, and that is entirely their choice, but ignore everything as they might, the facts are still the facts and they are never going away.

Fine but I'm no crackpot min, unfortunately I have evidence of all this.

 

Exposing it would leave me in a bad position, so like most of those semi involved I say nothing.

 

Scottish football is fairly close to being the most corrupt league in the world but it's fine as long as the likes of Milne AFC buy it as what it is sold as.

 

I.E.complete bullshit, non corrupt per the Daily Record.

[Dandyesque]

Put it this way. There's 3 potential season tickets in my house, we're chasing the league (badly) and we received the season ticket offer in the post this week and I just thought, nah, fuck it. Will still go but as vforv says your just sitting thinking why the fuck should I?

 

I love the Gretna comparison Jig, think I'll be using it on some Huns. I can hear them now, Aye but they went bust n'that!!!

Best bit about the Gretna comparison is they took a season less to get to the SPL

[Guest milne_afc]

Fine but I'm no crackpot min, unfortunately I have evidence of all this.

 

Exposing it would leave me in a bad position, so like most of those semi involved I say nothing.

 

Scottish football is fairly close to being the most corrupt league in the world but it's fine as long as the likes of Milne AFC buy it as what it is sold as.

 

I.E.complete bullshit, non corrupt per the Daily Record.

You have evidence of very little.

[Dusk( 2 Stars )Don]

FUCK THE HUNS

[Lencarl]

Now that Sevco will be back with the big boys next season I take it all talk of League reconstruction will now be put on the back burner. Once they are fighting in the relegation zone the matter will again be brought up.

[Robbie Winters]

I see the campaign "No Mercy To The Plotters Who Tried To Destroy Us" was getting ramped up again at the weekend.

 

C'mon Peterheid

[StandFree1982]

I wonder if Sportscene will show any highlights of the Championship and lower divisions once Newco are in the Premiership?

 

Sky and the like were the fucking same. "le'ts pretend we are interested in the lower leagues" aye right.

[tup]

Naked corruption.

 

It's up to you if you want to fund it or not.

 

Next season, 40 clubs will effectively cease to exist.

[StandFree1982]

Naked corruption.

 

It's up to you if you want to fund it or not.

 

Next season, 40 clubs will effectively cease to exist.

I don't fund Sky Sports or BT Sports. However I do have Sky and my broadband is through BT so.....

 

We're moving house in the next 6 months so we're holding off moving to another provider, then i'll get rid of Sky and probably BT.

[tup]

Simply buying tickets for Aberdeen games will be enough to fund and endorse cheating.

 

We still have the 11/1 veto, quite incredibly.

 

The conclusion is that the SPFL is not interested in fairness.