Charles Green has announced revolutionary plans to Sevco’s accounts as he prepares for a public share issue intended to raise £20m.
In an incredible double whammy the Yorkshireman intends to raise season ticket prices by 20% year on year while bringing in a wage cap that will see player wages accounting for no more than 33% of the clubs turnover.
Green announced his intention for the share issue on October 12 but more than a month later there is no sign of a prospectus emerging to substantiate the wild claims that he has been making during his six months at Ibrox.
Reports of a new kit deal with adidas and commercial links to the Dallas Cowboys have yet to be backed up by hard evidence while other claims such as having three billioaire investors in the pipeline or renaming Murray Park appear to have slipped off the radar.
Despite claims to have £21m of pledges from supporters for the share issue Green has been hosting a roadshow in Edinburgh and London for potential investors with the latest claims made in an interview with his preferred broadcaster, STV.
Notes from broker Cenkos Securities, seen by STV ahead of the stock market flotation reveal the season ticket prices would return to similar levels as last season.
Cenkos’s projections state that although the company will run at a £3.5m operating loss in 2013, it could bring in an operating profit of £10.9m in 2015. Rangers chief executive Charles Green has endorsed the pre-initial public offering notes made by the brokers.
Speaking to STV about the figures Green said: “When you look at Rangers where it sits today, to have a valuation of around £30m, there’s no reason why within a couple of years we haven’t doubled that valuation at least.”
Green bought those assets from Duff and Phelps for £5.5m.
Backing up the claims STV brought in favoured financial ‘expert’ Neil Patey who confidently predicted last season that Rangers wouldn’t be liquidated.
Patey said: “I think it’s realistic to say Rangers could be a comparable value to Celtic in two or three years’ time when they’re back in the SPL.”
It appears that Patey is in the dark about calibre of directors around the boardroom at Celtic, both executive and non-executive, and the level of investment required to secure contracts with companies such as Nike and the work required to produce a scouting system that can unearth half a dozen players currently rated in the £8-10m bracket.
According to the Cenkos document Sevco ‘ will run at a £3.5m operating loss in 2013, it could bring in an operating profit of £10.9m in 2015.’
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For once I feel genuinely sorry for the Rangers fans who will believe what they want to believe and lose all their money to these conmen. The reason Green wants a quick IPO is because he knows he needs a quick get away before BDO requests the courts to render the sale of Ibrox & Murray Park undervalued. The assets wil be declared rightly belonging to the creditors, and the “newco” will be saddled with the option to return the assets back over to the creditors who will sell them at the proper value, or will have to pay the creditors a huge sum for the rights of the assets. Green & co. will be long gone by then.
Maybe even the easily deluded will see through this garbage plan. If not then they deserve all they get should they cough up for shares / season books.
Nothing more than a get rich quick scheme from Sevco, fleece the gullible….but I think he has failed to realise they did not stump up when the club was facing extinction, so why would they now.
Share issue – a certainty to flop
Increase of 20% on season books – Another flop
33% wage limit on turnover – dream on
Must be Panto time alread down Govan way.
Don’t expect the BDO to take back the assets, but I can forsee the SPL clubs demanding the prize money be repaid, which then opens the door for UEFA CL clubs who were cheated….now that will cost plenty – Admin II heading your way soon Chico
can we dispell the myth that sevco can get back into the spl.
sevco have never been in the spl, so how can they get back in?
this phrase really gets my goat!!
Well said Jim Scottish media peddle this daily.
Their a new club never been in the SPL never been relegated, no titles, no Honours.
Look out he’s behind you !!!!!!! . Charlie and the Zombie factory at Govan Grand . Panto of the year , guaranteed sell………………………everything !!
How does a 20% increase on tickets raise income when tickets are free? If I’m correct, 20% X £0 = £0…
In addition to another insolvency event, I expect more attendance records!
C’mon bhoys let’s just sit back and watch chunkie bleed them dry. Stop with all the warnings although they won’t listen but don’t give to much away.
Glasgows Green’N’Whyte
Chuckles makes Minty’s moonbeams look like a flush of lavy water~~~~ keep em coming Dr Frankenstein your zombie creations are in a frenzy
Can’t wait for the movie to come out Or the Chrismass Pattome What planet do’s sico live on.