Crisis hit Sevco have issued a defiant message that they are not going into administration.
Halfway through his 120 day review of the clubs’ finances chief executive Graham Wallace, who used to work for Manchester City, has issued a video message to reassure supporters that the club isn’t about to go into administration.
News that Laxley Holdings and James Easdale were in talks about an emergency £1.5m loan were confirmed by the club this morning fuelling speculation that the £22m raised by the December 2012 share issue had run out.
Last month after failing to get the first team squad to agree a pay cut following conceptional discussions Wallace told the Daily Record that there was no threat of administration.
Crucially Wallace used the phrase second administration- Sevco, formed in 2012 have never been in administration before.
Repeating that message tonight the former Manchester City supremo said: “I think it’s important to say the board, myself and the executive team are working very hard to rebuild the club.
“We are now midway through our 120-day review which is looking at every area of the business.
“What I categorically can say to all Rangers fans worldwide is that there is no threat of a second administration.
“Sometimes it is difficult to come out and rebut every element which appears in the Press in terms of potential administration.
“Let me put that to bed once and for all. We are absolutely focused on the long-term sustainability and success of Rangers Football Club.
“Supporters should not be concerned by some of the ill-informed comment they are reading. We are working our way through the business in a very logical and organised fashion.”
Whether it’s the Rangers Football Club that Wallace refers to or Sevco Scotland, Sevco 5088, Rangers International or The Rangers the more that Wallace denies it the more likely it seems that administration is on it’s way- almost certainly without the cushioned landing provided by Duff & Phelps.
Hail hail
we should be chasing them for 20mil that we were done for.
Well said !!!
What a shambles…..albeit a funny one 🙂
watched his interview, he stuttered and spluttered his way through it claiming rangers had a 1.2 million fanbase worldwide a bit less than the original 500 million or maybe they did and there losing the fans like there losing money
If that’s the case they could chuck in £2 each and they will have raised £2.4M!
They’re not as big as they think they are, thats why they spout the ‘Old Firm’ tag, & why I’m glad they’re no more. #ForeverSevco
…’Old Firm’ tag, to hang onto OUR global recognition & why I’m glad they’re no more.
Hope this gets by the spam filters, hard work trying to insert a piece cut out in error 😉
I read Joe Ledley saying he was all set to sign an extension & stay at Celtic, only for Celtic to accept a bid from Crystal Palace?
Wee word of advice Ledley, don’t insult the Celtic fans with that shite, if you wanted to stay at Celtic all you had to do was say that to your agent & Celtic!
FUD!
Well said!!!
Ledley was a great player for us – Celtic never offered him enough money to sign an extension and then accepted a way below par offer from a below par team for him.
Any player has to accept more wages and a step up in leagues – it’s simple. Plus with the missus nagging at you to get down closer to home it’s a no brainer.
Love you Joe!
” Ledley was a great player for us “?
Really 🙂
If we didn’t offer him enough money, why was he going to sign an extension then?
Think before you reply now……
How was he not a great player? Did the simple tasks well as a midfielder and always had an engine on him. Never gave up and always chased down in games. Scored some cracking and vital goals as well. 106 games – 20 goals. For a midfielder that is a cracking return.
If Celtic had offered him what he was worth initially then it would have been a no brainer for him to sign his extension and it would have happened straight away. But what did Celtic do? Made a cheap offer and then when Ledley took his time about it (because it was below what it should have been) they then accepted the offer from Palace.
You are having a laugh if you think he wasn’t a good player mate.
Nickybhoy,
Firstly the offer to Joe Ledley from Celtic was on the table long enough, secondly Joe Ledley was a good player for Celtic & I wanted him to stay, however Joe is not going to be missed!
I’ll stick to what I believe & if Ledley wanted to stay he would still be there, blaming Celtic for accepting a bid is not on, it just stinks that he says he never wanted to go but wasn’t in a rush to re sign.
I think he’s full of shite…..
20 goals in 106 games playing centre mid for Celtic…..i would say that was a poor return!
Ledley should show Celtic some respect!
Celtic got £2.4M for him…, don’t listen to the fee banded about by the ‘Scottish Rags’.
Graham Wallace says:
“Don’t listen to all these lies from the sevco haters. Just get your season ticket money in pronto (ya gullible morons).
Get your quarter season book for £85
DESPERATE
Can’t get a loan anywhere
DESPERATE
Own directors putting in 1.5 M
DESPERATE
Don’t listen to anyone else except us
DESPERATE
Not long now HH
With the “Loans” they may not need to go into administration this season, but as they have managed to go through the large amounts of money from 2 lots of season ticket sales along with the additional £22million share sale then it is clear that the only way they can survive through the next year is to get rid of the players that are on the wages they can’t afford to pay.
This means that the fans of the new club will be getting the players they can afford and will be handing over their money to watch 2nd or 3rd division players. As they are unhappy with the standards of players they have this year then they are going to be really pissed next year when they get the standard of player that they can afford. As they don’t have any of the share issue loot left they can’t continue to keep SPFL players on the books as well as keeping them in the 5 Star Hotels they are used to.
Next year in the Championship suddenly doesn’t look as clear cut for The Rangers and their script of winning every league one after the other and getting straight back into Europe. Unless they can find a new Billionaire to pour money in then their stampede through the leagues looks to be over.
where is the cl money we were denied? why are celtic not challenging this clear violation of the rules by the sfa? why has it been hushed up? where are the fans involved in the agm? why have they not spoken out? i smell a rat….
i hope that this time they do the decent thing and become like the dinosours and become extinct
Me too Paul but Rangers and doing the decent thing don’t really belong in the same sentence sadly.
Pasty,
But have they not got Sugar Dave ?
Listened to Zombies on mental snide phone- in.
They want to know why the board haven’t
asked the ‘ glib liar ‘ to rescue them.
What about living within their means.Like
their fellow clubs in the 3’rd tier.
They have bought their way out of the 4’th
tier,and doing the same in the 3’rd tier.
So,having NO MONEY is self-inflicted.Do
they never learn ?
Minty Murray ran up hugh debts,trying to
buy the European Cup.This resulted in their eventual death..
Now Sevco have bought success,and they
also have nothing left in the kitty.
HELL SLAP IT INTO THEM !!!
How come the rank follower of that hun team can have a whip round and save the sevco
Please go away and die in some corner quietley sonner than later As i have had it up to my eyes with them Hail Hail JMJ
If this short term loan is to get this season over ,what then is the long term plan for the club.
It can only be admin. Plus sacking of players they can’t afford and exiting debt free.No hope for the future I think
Does anyone believe any rangers administration any more??????
I love how Wallace is portrayed as a Peter Lawell/David Dein type character because he worked at Man City, simply ignore the fact Man City were a skint relegation battling Club when he was there, and it sounds like some impressive name dropping!
Exactly,Eastside
That’s why Joe,in his blogs,always adds after his name, “who used to work for
Manchester City ”
Joe is taking the piss out of the MSM.
Peter.
Perhaps your good self or anyone can enlighten me and my sons.My youngest son(27) asked what MSM stands for( I assume he’s not referring to policies or loyalties) I thought it was to do with Mirror/Mail newspaper group please enlighten us. Thanks
Eebee,
I prefer Kirkie Tims definitions.
MSM – Main Stream Media.
In Scotland, this encompasses,the written press,broadcasting press,radio
and tv.
Not all are biased against our club,Ronnie Cully,Evening Times,Jim
Spence,Radio Scotland are 2 journalists with integrity.
But in the main, the majority of the
MSM are sycophants, to whatever team
plays out of Ibrokes.
Cheers
Peter, I know Joe was making the making a similar point, just thought i’d comment on it also as it really bugs me.
What about this one, Evening Times article: “despite the need for extra funds, Mcoist has no fears about a SECOND ADMINISTRATION for Rangers”
I mean seriously, wtf is that about? How can an entity that goes from administration to LIQUIDATION then suffer a 2nd administration? The SMSM are laughable.
Au Contraire
The heavyweight former Manchester City supremo announced world record losses of £178m, shortly afterwards he left the club.
Moronic Scottish media or masonic Scottish media or malevolent Scottish meadia…. take your pick