A report in today’s Scottish Sun claims that Sevco could be just two weeks away from going into administration.
The exact extent of the financial crisis at the Third Division champions is unknown but with losses of over £1m a month recorded in their first ever accounts it seems only a matter of time before the money runs dry.
Former Finance Director Brian Stockbridge told supporter representatives that the club would be down to it’s final £1m in April with the sale of season tickets needed to keep the players in their luxury lifestyle.
With pay-off’s to Craig Mather, James Traynor and Stockbridge since that announcement it seems that the club could be in administration long before the clocks go forward.
According to the report in the Scottish Sun an insider has alerted the Alternative Investment Market to the extent of the cash crisis.
The paper reports: “RANGERS are at the centre of a financial cover-up investigation over claims the club will be broke within two weeks.
“The stock exchange inquiry was launched after an Ibrox official is alleged to have forecast they would run out of cash by mid-February.
“New chief executive Graham Wallace has assured fans there is no danger of a second plunge into administration — two years after ex-owner Craig Whyte steered the club to its doom.
“But in a complaint to the AIM exchange, a disgruntled investor writes: “It’s the worst-kept secret in Scotland that the club is running out of money in the next few weeks, yet the board has made no announcement.”
“The shareholder says Rangers should have disclosed any projected shortfall under stock market rules. AIM chiefs have vowed to investigate the claims.”
In December, on the day of the club AGM, new chief executive Graham Wallace announced a 120 day review into the finances of the club, last month he sparked concerns after engaging in a conceptional discussion with players over a 15% pay cut which would see some players forced to survive on less than £15,000 per week.
With that offer rejected and no one interested in signing any players during the January transfer window it seems that the club is in meltdown as the second anniversary of Craig Whyte putting Rangers into administration approaches.
Despite being in the job for over a month Wallace reassured various fan groups that the club is in good health with a five year plan for winning the Champions League enough to see off any proposed supporter boycott.
Now it seems likely that the new club is about to follow Rangers into administration with only the continuing support of the SFA likely to prop up a team in blue shirts playing at Ibrox through till the end of the season.
One short term solution would be to stage the final of the League Cup at Ibrox with the SFA already committed to hosting both semi-final’s of the Scottish Cup at the ground.
Sending a £1m plus goodwill gesture to the stricken club would meet with resistance from other clubs and supporters who are already unhappy with the preferential treatment that the Ibrox club has been given
The latest financial crisis is likely to put on hold plans to regenerate the area surrounding Ibrox which include a five star hotel and conference centre, transport hub and raising the capacity of the stadium to 85,000.
Those last three sentences must surely be tongue in cheek? Why would Scottish football authorities or clubs want to go out their way to help a club that has shown no remorse, no intentions of trying to repay any debts, threatened anyone in earshot whilst the likes of Hearts and Dunfermline try to cut their cloths accordingly? 85000 capacity? What for? Is it to become a new rock concert venue after the football club has gone? Or are a fraction of the 500,000,000 fan base going to take up Charlie Chuckles’ offer of an ever so cheap ST?
This circus has gone on long enough, even though I am loving every minute of it, there comes a time to put a sick animal down, that time is now!
Ach, maybe Dodgy Dave King is readying his white charger as we speak, then again, maybe naw.
2 SC semi finals at the asbestos dome eh ?
If you´re going make sure you take your gas masks along.
All this jelly and ice cream is costing me a fortune but it is well worth it. Cant wait to wave goodbye to the second rangers.
Dear fat salary
The balance sheet is red. The bad debtors are blue.The grim reapers getting pissed off having to come and get you.The whispering fat shite said on the sevco web site.
That moneys no tight cause with our Diehard fans and the man with big hands we’ll soon be beating inter milan
Here here, your poetry is excellent. hail hail
What next ! A casino lol !
We all know the powers at SFA towers will bend over (he he) backwards to help them out
Would anyone like a bowl? 🙂
A 5 year plan to WIN the champions league.This I can’t wait to see.Sounds as if Ally has invented this HH Gie’s yer ST money quick.
Is there scope for a new ‘six way agreement’ involving the previous 5 and the stock exchange?
This is an institution that still believes in the values of its now dead predecessor – the rules don’t apply to us, tell everyone lies, wash your dirty linen in private, feed the compliant media cover up stories, fleece your own support.
I would question whether the actions of the Ibrox board are just completely incompetent or is it more sinister? A manager of a bottom teir club taking over £1m in salary and bonus, board members fleecing millions, how many people bought penny shares when the fans were asked to pay over 70p? Is it criminal or just the ugly face of modern exploitative business?
I feel sorry for the Rangers support.
…….. Nah. Ice cream and jelly!!
Cannae wait till they die for good this time HH
A fortnight!!!!!
Ah canny wait that long!!!!!!
All this and Sally still wants new players in… After all nobody told him there was no money left
Roll on the two weeks
Pass the popcorn please
Its just a pity that Regan, Ogilvie and Doncaster didn’t just have two go before they too were booted out of the corrupt S.F.A. That is where the real corruption exists.
Still, that day will come soon enough!
What can I say apart from… ha ha should nt have cheated the tax man in the first place
Who cares about a third tier club?
The club we all knew as rangers evapourated two years ago. This club are not the same one, the originals are steam!
I don’t have any interest in a third tier clubs financial probems.
Please let this be the end please Also take you brothers from the capital with you’s and good bye Hail Hail JMJ
I canny find my party poppers!
Forget about party poppers I am going to be tracking in my front garden.
Make that fracking
Haw haw haw
My favourite films
28 days later (and I only have to wait for 14)
Valentines day massacre
Valentines day massacre II
Chucky
Whyte Christmas
Groundhog day
Clockwork Orange
Haw haw haw
Beat that list
The Money Pit
A Fistfull of Dollars
You Only Live Twice
Downfall
It’s a Wonderfull Life
The green mile
With Charlie chuckles as mister bojangle
Haw haw haw