Crisis club Sevco have posted losses of £14m for the year to 30 June 2013.
The eye-watering figures were released this morning in the hope that the bad news would be buried with attention focussed on Celtic’s Champions League clash with Barcelona.
As well as the £14m of losses mention is made of £20m in negative goodwill.
At the end of June, just seven months after apparently raising £22m in a share issue, the club had just £11m left with no sign of any significant income in the year ahead. The £11m figure included £4.5m from season ticket sales.
No individual is named as the auditor with the accounts stating: ” The company has passed a resolution in accordance with section 506 of the Companies Act 2006 that the auditors name should not be stated.”
The accounts are signed off by Deloittes LLP.
The accounts make regular reference throughout to the club and the company and shine little light on the exact relationship between the competing interests.
As with most statements from Ibrox over the last two years there is little clarity with more questions arising than being answered.
With player wages running at £7.9m a year, plus other operating costs of £10.1m it seems only a matter of time before the £11m credit at the end of June runs dry.
Among the details released today it emerged that Charles Green picked up £933,376 through a combination of salary, bonus, severance pay and benefits. Green stepped down as chief executive in April having picked up a salary of £330,000, bonus of £360,000 and pay off for £217,000.
The big ‘anded Yorkshireman also bought shares at one penny, the same price paid by £825,000 a year manager Ally McCoist.
Among other staff costs financial director Brian Stockbridge was paid £400,000 while former commercial director Imran Ahmed was paid £300,000 before being sacked.
No details are given about the salary Craig Mather is on but he did announce: “New partnerships have since been formed, or renewedwith platinum sponsors for season 2013/14 including M&H Logistics; E-lites; Marbill Coaches and Bruce Coaches with others currently in the pipeline.”
Who cares? They will be protected by the corrupt still in power at SFA or whatever they call themselves today.
Focus on Celtic.
Ignoring them allowed the SFA to throw the old club a 2011 life raft in the form of Champions League qualifiers, only managerial incompetence scuppered Craig Whyte’s plan A.
It would have been interesting to see Celtic v Malmo in 2011, we’ve did quite well against Swedish sides in recent Champions League qualifiers.
yeah 100%. we turn a blind eye these cheating bassa’s get away with theft again keep a spotlight on them joe.
releasing there figures today bunch a rouges. might have more done if they charged their sash singing soldiers entrance money, then again they should let them in every week for free .they’ll always sing that shite at idebt park.
MON THE BHOYS THE NIGHT. DO US PROUD AS ALWAYS.HAIL HAIL.
Joe I think the main problem for people on here is they are on your blog through the kicknews site and your videocelts articles are the only ones we can post on. Obviously you are aware of this. Have you considered a stand alone app. You would have an instant following. Through here and twitter. I imagine I’m talking quitea bit of guff here and you’ve already decided these questions long ago but I’ve got a whopper of a hangover so please forgive me lol. HH.
The plan is probably to go into to admin knowing full well they’ll get deducted points, but having enough points still to gain promotion…and so on and so forth, until they get to the Premiership – why else would they continue to run the club to this effect knowing full well of the consequences?
The embargo was a farce and so was Liquidation and they still mock the system by running at a million pound loss a month?
Anyway Admin by Christmas will be a nice pressie lol
HH
What no Auditors name,surprised Ally has not demanded that they be named.Not long to go now.R I P.
“£20 million in ‘negative goodwill'”.
I’m not really sure what negative goodwill means in this context, but I would have thought that when it came to negative goodwill the sevvies would be the richest club on the planet.
if they are to go into administraiton by christmas i hope ht it happens on the 23rd as that will be my birthday
Such a parcel of rogues in a nation .
thanks for the spell check.
I firmly believe we need to keep a close eye on everything they do and what the SFA do to help them otherwise they will get away with even more than they already have.
That’s more like it Jo, the more we stare at them the more uncomfortsble it makes them feel, the more we highlight the corruption the harder it makes it for them to get away with it.
With Joe amongst others fighting the good fight and highlighting everything sleekit twist and turn they make, it’ll make it a lot harder for then to lie and cheat their way out of it.
They may, aand usually do, worm they’re way out of their lying cheating thieving ways, but that doesn’t mean we should make it easy for them. We’ll always be their to remind them of their crimes and thank to Joe and those like him, we will be able to do it whit h at least most of the gen on the big stuff.
Keep fighting the good fight.
HH
They will pass on soon r.I.p
‘Negative goodwill’?
Right! Which one of you bassas promised thousands of pound to sevco??
HH
I promised them half a mil but I signed the cheque M. Mouse, so they might have a hard time cashing it.
Seriously £825k for sleekit. WOW. Gob smacked .
Hail hail
The good news is I got home the back of 4 to catch the late October sun in my garden and her indoors had the cushions on the garden chairs and more importantly the beers in the fridge. A couple of sounds on. Magic!
And the bad news. An hour to go and she’s still awake and drinking my beer!!
Every silver cloud CSC
HH
Fat Sally getting more cash than,Obama,merkel,Cameron put 2gether won’t pay there taxes how can they get away with this charade comical mcmoist should be ashamed hail,hail