Sevco try to bury £14m of losses
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.”