Sevco’s application for a UEFA licence for next season is in doubt according to the latest information produced by the SFA.
In an update produced on 26 March 2018- a week before Dave King’s ‘fag packet’ unaudited interims were published- the Ibrox side were rated as an overall silver.
The final column in the table states Granted for ‘UEFA Licence Award’ but it’s believed that this relates to last season.
Celtic were given a Platinum award overall but with their Legal/Finance/Admin only rated at silver the SFA could be questioned by UEFA about the debt levels of the Ibrox club.
Sevco’s last audited accounts were to 30 June 2017 which are out of date as far as UEFA are concerned.
According to King’s calculations £17.7m is owed to various individuals which doesn’t include the £3m loan taken from Close Brothers in February.
UEFA impose a 5 million euros debt limit over a three year period with Sevco never close to that figure.
Financial Fair Play is aimed at creating something of a level playing field to prevent clubs plunging into debt in the hope of recouping the money from UEFA competitions..
Four Scottish clubs will compete in UEFA competitions next season, it’s unlikely that Hibs, Aberdeen or Kilmarnock will raise any questions if they miss out on a place in the Europa League.
NB Following the first comment I would refer to Article 47 regarding Audited Accounts in the licence document, Article 48 covers interim accounts.
Article 52 requires clubs to provide a budgeted profit and loss account and a budgeted cash flow projection, neither were included in the King statement.
CLICK HERE to view the SFA licence table
CLICK HERE for SFA/UEFA licence document.