Despite achieving 9-in-a-row at the weekend, under a board full of real Rainjurs men, all is far from well with the runaway leaders of the Scottish Championship.
Over the last few days there has been more and more online speculation about just when the season ticket money will run out forcing the company into administration.
The League Cup exit to St Johnstone and Charles Green’s legal costs are two new negative elements to factor in with the prospects of trading through to Christmas looking remote.
While the gullible support shout names outside Glasgow Sheriff Court and celebrate Waggers latest penalty the real story lies off the park for a company that has never been close to living within their means.
The £22m raised by the 2012 share issue was virtually gone by the time that the 2014 League One championship was celebrated making finances extremely challenging.
In October of last year a share issue raised £3m, in December £3m was borrowed from Sports Direct with £5m from the same source the following month used to pay back the December loan.
With regime change in March bringing in an era of transparency and accountability further unsecured loans totaling £4.5m saw the club through to the end of the season.
The audited accounts to 30 June 2015 have still to be published with the new regime still to find a nominated adviser or market to trade shares due to the toxic nature of chairman Dave King.
Since formation in 2012 the company has had annual expenditure of over £30m meaning that the money brought in by 33,000 season ticket sales doesn’t cover six months of spending.
Barcabhoy of the Scottish Football Monitor has seemed more informed that most throughout the saga and provided an update this morning on how things currently stand.
Picking out some highlights he explained: “The business will need substantial loans over the remainder of this financial year, and remember last year’s cash inflow included circa £800,000 from the current management team for Lewis McLeod.
“Selling Tavernier or Waghorn would indicate Kingco don’t have the resource they claim, and that would be a risk too far for them- so who lends the money?
“Presumably Sports Direct are not an option to cover any of the shortfall this year, and as none of the usual suspects like Kennedy & McCall have publicly offered to provide loans, it would appear that the only options are King , Letham, Taylor and Park.
“Do they have the resources and are they prepared to take what is a substantial risk? I wouldn’t criticise anyone for having doubts. I seriously doubt any of these four are what would be described as Ultra High Net Worth individuals, but maybe they are .
“Even so , financially it’s a huge risk to put any more money into this. There is uncertainty on so many fronts, that investment / loan red flags are jumping out all over the place.
“Criticism of course can be fairly aimed at King . He came to a position of control by undermining the financial position of the previous board , and by making multiple promises of £10’s of millions of investment. He has no moral escape hatch. Anyone who makes such promises to a club he professes to love has no excuse , no matter what turns up subsequently.
“All of this is before we factor in the potentially devastating effect of Greens legal fees and the court cases involving most of the key figures involved in founding RIFC.”
Barcabhoy concluded: “Anyone on either side of the phony PR war is guessing at outcomes . The paid for Kingco spinners don’t know and are briefing furiously that it will all work out, and the doom-sayers don’t know, because the truth is with so many uncertainties , nobody knows. Which for a business in dire need of funds is the second worst position to be in.
“The worst is needing an amount of cash that is known but is unable to be raised. There is of course the possibility that even the minimum needed and known about , is not readily available. However King has personally assured us the business is fully funded, so I’m sure that’s not the case . Might carry a bit more weight though if someone not prone to telling so many lies came out and said it.
Over to you Mr Robertson.”
The only certainty is that when administration arrives the various supporter groups will come out with the favoured line used about Mr Whyte and Mr Green- ‘but nobody told us’ followed by dire warnings of the consequences for other clubs about a world without a team in blue playing at Ibrox.
Having survived the 2012 Armageddon a proper administration- not staged by Duff & Phelps- will have little adverse impact on Scottish football. Once you’ve seen one Armageddon you’ve seen them all.
When will it happen? The turkeys have got a better chance of surviving till Christmas, if Mr Green gets his legal costs ring fenced they could be in administration before Halloween.
Why are we all more concerned about a three year old club than we are about our own failure to stride away from the pack! Why are we more interested in their failures than our own?
Why are we laughing at their management team when we have the worst manager in our own history?
I don’t care about them! I care about us.
Worst manager in history. I think you should check your history before you make any more outrageous statements.
Dry yer eyes…..During the Murray period we had no blogs to tell us what was really happening and suffered off the radar pish…hover pitches and lamb munchers.
Don’t like it…don’t read it.
if you cared you wouldnt be posting this rubbish
Joe
Worst manager in our history ?
Had it not been for one of the worst honest mistakes I’ve ever seen, RD would have won the treble last year.
Worst manager in our history. 4 much worse have came to mind without having to think about it. I don’t like slagging off past managers or players so won’t name them.
Why
Worst manager in our history. You serious or just drank to much vodka and smoked too much weed this evening.
Joe. You are entitled to your opinion.
I don’t agree with you but your entitled to it.
Goodbye.
Go and support someone else then Joe. Wedont need clowns like you.
Joe,
If you think Ronny is the worst manager we’ve had, you either haven’t supported the Bhoys for more than 5 years or are being reactionary and hyperbolic.
Think you are over the top about the worst manager in history,Ronnie is far from that.Remember the prizes are given out at the end of the season,not the beginning of October.Your reading too many red tops and listening to too many radio programmes In my opinion,like you we are entitled too our opinions.
Hail Hail YNWA
All you ever hear from the stupid thick gullible zombies is, the feel good factor is back. It would be great if they nose dive straight down the shunkie, before Xmas.
Bye bye sevco !
HH
Worst manager in history? For trying to take the club in a different direction, because in case anyone has forgotten we’re never gonna buy European success.
I know the type of fan that wants him sacked – the fan that wanted MoN sacked for failing against FC Basel who then got to the UEFA cup final.
The fan that wanted WGS sacked for being a Hibee who then won 3 titles in a row and got to the last 16 in the UCL.
The same fan who had a problem with Lennons methods until we beat Barca – the same gobsh**e that now wants Deila sacked even though we just missed out on a treble last season and made it to the knockout stages and had a wonderful 2 legger against Inter – not to mention a Celtic team that already has more points then last season at this stage.
The same month piece that probably doesn’t even go to the games and contributes to our sometimes embarrassing crowds at CP that’s who!!
Of course this is only my opinion but I like Deila and I believe he’ll get it right and bring some amazing times to paradise.
Sevco deserve whats coming to them even more than oldco in many respects – and so do we if we keep playing Efe…
Keep the faith bhoys…
HH
Well said Jimmy .I’m sure some on here have their brains stuck up their asses
Sooner the better …….what a Christmas present that would be.
Haha
YUMMY
Sevco 0 Kings investment 0
Extra time being played but their running out of money !
Jingle bells
HH
Cmon lads lets get behind ronny and the team. I see a lot of positives. He is bringing through the best scottish players.
Hope if they go into admin. this time it is for good.
Worst Manager in History? Some of you are not old enough for debate. We will make it easier then, anyone remember John Barnes lol. I’m 72 and you guys talk a crap game grow up and always support those jerseys
George, you are a kid! I am older than you and am very qualified to comment on Ronny.
You might not remember, but big Jock Stein was only our fourth manager. Since then we have seen multiple clowns, but none as bad as Ronny. He is out of his league, has zero respect for or from the players.
Old man, you might need a lie down.
Then go read about the history. You don’t seem to know that much for an old timer.
Totally agree Joe, Deila is a pub team manager and absolutely out of his depth in the SPFL. He lost the players belief after his Scared and Frightened jibe.
Joes right rons a pub team manager we missed the boat with warbuton he’s next Special one I think he will be top 4 manager down south by end year
(YIKES, I THINK THE SARCASM JUST EDGES OUT THE ACCEPTED VIEW OF WARBO, FORMER CITY TRADER BY THE WAY) Ed.
CM
You must have forgot to take your medication !
Great posting: just love the club, love the colors, let’s roll with Ronnie.
IF OUR RONNIE HAS GOT ANY CHANCE OF KEEPIN HIS JOB I SUGGEST HE GETS RID OF HIS WEE PAL EFFE AMBROSS THAT MIGHT JUST BUY HIM SOME MORE TIME I HAVE NEVER SEEN A WORSE PLAYER AT PARKHEAD IN MY LIFE JUST DONT UNDERSTAND WHAT IT IS THAT RD SEES IN HIM THE LONGER HE IS THER THE LESS CHANCE THER IS OF RD KEEPIN HIS JOB TRUST ME. HH
Ronnie is safe Dermot says so HH
First time I have actually looked at this site,quite entertaining by the looks of it, as regards Ronny,”Be not inhospitable to the stranger as he may an angel in disguise” hope he and us come right
Ronny Ronny Ronny Ronny
Bring back lenny for fire into celts and CL football
Ronny is the man
I agree lads Ronnie is way outa his depth, let’s start a campaign to get Lenny back where he belongs and get the fire and CL back to Paradise . HH
What a load of cr*p . will you listen to our owner Dermot about rangers .90% of our fan’s want rangers back in our league. Sevco kingco are none of our business as the running of Celtic is nothing to do with them .Getting sick listening to this vile and lies about rangers time to grow up and concentrate on our beloved Celtic.
Why
Why not
Away back to yir lake peter