Rangers International, formerly known as Sevco 5088, have published unaudited accounts showing an operational loss of £7m for the seven months to December 31. That loss doesn’t include cash of £21.2m held at the same date.
Crucially the accounts are unaudited with Deloitte LLP producing a review to accompany the accounts rather than an audit.
Explaining that Deloitte state: “A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
“A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.”
That statement renders the remainder of the accounts as subjective and open to interpretation in various ways.
Operating losses of £1m a month will obviously concern investors with the reported share issue of £20.5m described as non recurring.
Predictably the accounts are praised by the office bearers at Ibrox but with no prospect of a significant increase in broadcasting money or European football it’ll require further significant fund raising efforts to turn around the operating losses to a break even position.
Recent commercial deals with Puma and Blackthorn Cider haven’t carried any mention of the sums involved suggesting that they fall short of expectations.
SFA licence regulations require member clubs to present their audited accounts by the end of April in order to participate in football for the following season giving the Ibrox club two months to get their accounts audited.
CLICK HERE for accounts statement
CLICK HERE for Regan defends shamed Ogilvie
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does it include the ramsden cup income?
A wouldn’t think so mate because there running at a loss but once they get that cash in there laughing lol hail hail
Is that porno-guy now sevco’s financial advisor?
Coco the clown got the gig mate the porn guys “busy” at the minute HH
Pity it wasn’t £27 m
Thats 2014 accounts mate just give it time there not even one yet HH
Pmsl
When do Sevco have to confirm that ACTUAL amounts raised from the recent share issue to the City.
Not the informal pledges but actual sums paid ?
A take it April when they have to have the audit accounts signed of by a professional not mickey mouse. Wonder when chico can sell up because he’s hiding something or else he would have audited the accounts. HH
£9.5 revenues include season ticket sales of say £7.5m so other revenues have totalled £2m in 7 months. With zero season ticket sales for the remaining 5 months and projecting current operating income and expenses, Sevco cash reserves will have dwindled to under £11m by the end of the 12 month period. Extrapolating this out a further 12 months will see Sevco back in the red with a negative £3m cash position and liquidated again! HH
Please God ,i hope you are right.Hail Hail.
Time for Sally to cut back on the pies!
Does it include a charity payment after the game in Dundee?
The orcs heads will be imploding. 45,000 every 2nd week and they are running at a loss.
Is it a coincidence that £7m is their wage bill??
Looking forward to seeing how the orcs handle the next phase of chuckles cunning plan, cutting wages and upping season tickets.
ADMINISTRATION II The next episode in the comedy saga.
Hail hail
Wait till the orcs see the audited accounts, the accounts out just now don’t say anything just numbers and this is without the big London investors taking a cut every year they will need a share issue every year to keep going they just don’t see it coming HH
Rangers -The Parasites of Scottish society.
stealing money from the people who really need it.
The worst thing about that is they actually believe they are entitled to do so.
After years of Financial Mismanagement and Deliberate Tax Avoidance,and Secrets!Which doomed the old club, you,d think the First published accounts from The New Club would at least have been Audited! They know how to give their fans and investors a wee boost! Dont They? HERE WE GO AGAIN! BACK ON THE ROAD AGAIN!
The Spawn Of Satan FC are financially effed forever more. They can never replace the Original Rangers for financial clout for several reasons, the main reasons being they cannot borrow from friendly Masonic bank managers with no intention of repayment, they can no longer steal tens of millions from the Taxes needed for schools and hospitals, and lastly their fanbase will eventually refuse to pay to watch the Club struggle whilst it is forced to live within its means like everyone else which will pish all over their supremacist delusion.
Exactly my friend they’re fecked! But who cares anyway they’re rendered irrelevant to anything that’s inputting. Life without them is great. onwards and upwards for all of us on planet Celtic! 😉 HH
Said m8
That photo of chuckles was taken after being told one of the below
A] Due to Mc Moists man management skills and track record of devolping youth team players into world-class finished articles, are you worried he might be head-hunted by one of europes top clubs.
B] Mc Moist has pledged to cut down his weekly pie intake to 10 with the aim of losing at least one of his three chins.
C] Do you tink sevco fans or MSM will question the financial viability of your new club given the fact its losing 1 million quid a month.
Looking forward to sequel “Administration 2” this time there’s no coming back to even half life. HH
Even the Queen shit herself when she seen the current financial figures for her beloved sevco. Hail hail
I was in Asda at lunchtime and saw a mag “Seventy Two” next to the Celtic view…couldn’t resist a wee look for a laugh and it’s full of now deid club players celebrating a year after being in administration & how far they have came.
Amadiddy bemoaning the fact they were “relegated” for reasons as yet UNPROVEN…..How thick do they think all their fans are.
Liquidated – gone – deid – kaput
Maybe it will dawn on them when Sevco go into administration LOL
how could you touch that ffs?
Lol 😉 hh
Naturally I turned them all back to front only showing some obscure advert…got to be done
Totally petty williebhoy but I love it.
Hail hail
Used to hide the rankers news aswell very petty but had a wee smile while doing it HH
Brilliant, for ultimate pettiness my Spanish friend who supports Real Madrid told me when growing up he would go and get the papers take them straight to his mother who would cut out any article with the word Barcelona in it before giving his dad the papers at breakfast. Can anybody beat that hail hail
Good one though respect for barca tlike us club is symbol of their culture, though celtic passion is unequalled HH
Not all lads Just doing everyone a favour! He he
The edinburgh kilwinning cannon gate lodge no2 has a current member lord nimmo smith.surprise surprise…
Have they not been in the position of issuing unaudited accounts not so long ago? And, if my memory serves me correctly they failed to meet the audit deadline dates then as well! Wonder how the SFA will wangle them a way out of this one? Oh happy days.
KTF
Good point frankiebhoy, I think I’m right in saying they are only an associate member of SFL lets see how much pressure is put on them to supply AUDITED accounts. I’d also keep my eye on “ADMIN ERRORS” hail hail
I think it was sometime in mid 2010 the last time one of the Rangers produced audited accounts. Definitely a world record.