Rangers International Football Club, formerly Sevco 5088, founded in 2012 have converted a loan for £3.5m in 14m worthless shares, nominally valued at 25p per share.
The loan came in time to fund November payroll and further dilutes the stake in the club held by Club 1872 and Dave King.
With losses of £23.5m reported for the years to 30 June 2021 and just gate money to plug that gap the company is in a perilous state with the recently published accounts noting that £7.5m was needed before the turn of the year.
What happens to fund the club from January is anyone’s guess but unless the mystery investors want to significantly up their backing it looks unlikely that Giovanni van Bronckhorst will be getting a transfer war-chest in January.
Across almost all European associations there are Financial Fair Play regulations in place. Fortunately for the Ibrox operation the only regulations in Scotland kick in if you are late paying player wages.
Celtic were asked about FFP at their AGM earlier this month but it is clearly an issue that the directors have no interest in applying to Scottish football.
As long as someone is prepared to switch capital for worthless shares in a company making losses close to 50% of turnover there is no prospect of the company going into administration.
The recent accounts announced that Dave King has had his loan repaid with interest of £862,000, the company hold their AGM on Tuesday.
CLICK HERE for Companies House statement about new share issue.
Our board are a disgrace if it were sevco they would put us to the sword, shame on them they should push for ffp and kill off that disease of a club.
The board are dirty cowards get them tae fuck the blue pound chasing bastards.
Bottom line sevco have people willing to put in millions it’s why they won the league. Converting loans/investments into shares complys with FFP. You will be publishing a similar article in January, Pity CFC don’t have investors.
Toooooo many adverts swamp this site, its no use me trying to read it. HH
Whoever is buying the confetti shares at the rangers shares must have money to burn or die hard supporters because it makes no sense business wise the ‘rangers’ shares true value are around 4/5pence per share toilet paper worth more but we keep getting told the can’t continue trading this way well the investors might be in for the long haul and hope to come out smelling of blue roses with the help from dermot and co and these secret investors rumour is some from southern Ireland ??????.
It’s time Desmond and his bunch of tory throbbers were out of our club. Where is our investment coming from? All this lousy board want to do is bleed the supporters dry while the clubs stands still.
I’ve got a bad feeling that the huns will win the league this year. That would help solve a lot of their financial problems and plunge our club into civil war between the board and supporters.
I hope I’m wrong.
As long as this sh1tshow tribute act exists, the lodge brethren in charge of our game will never go down the FFP rules route. However, they are playing in Europe, where UEFA rules apply. Surely someone there must be aware of the fact that they have never turned a profit and have recorded heavy loss after heavy loss each year for nearly ten years now. The losses aren’t even shrinking. They have gone from eye watering to excruciating. So how the hell are they still allowed to play in Europe? Surely a Sparta Prague or someone could lodge an official complaint against their blatant cheating? If your team went out to these cheats, surely you’d want the cheating called out and punished and your club go through instead? It’s not like they’re a big club, with vast resources and a top legal team that UEFA might think twice about taking on. I mean, you field an ineligible player on a small paperwork technicality and they are all over it, often resulting in the offending club being hit with a 3-0 defeat awarded against them that effectively sees their Euro campaign end for the season. Yet this shower of sh1t get away with this year after year!!!??
I wonder sometimes if Desmond and the Celtic board are complicit in the skulduggery that goes on over at Sevco,that mob seem to get away with every breach of financial fair play,or manage to find a way round it ,I think it’s maybe Scottish football all round that lets this go on ,no clubs seem to take umbridge with what Sevco get up to ,ie financial matters ,covid matters etc is everyone in Scotland afraid to take on the mighty Hun that is Sevco ,it looks that way either scared or in it up to their necks in it ,I wish the Raith Rovers chairman was still alive he was the only person ever to stand up and say it how it is ,put Desmond and liewell to shame cowardly bastards.
Jim I believe the exact same.
I wouldn’t be surprised if our board isn’t part of the five way agreement and loaned money to club 2012.
Turnbull Hutton , would have called out all this financial cheating and all the dodgy goings on over at Sevco ,covid breaches etc,it’s like Sevco are immune to all sort of investigation they do what they like when they like and nothing is done about it ,it’s disgusting what they get away with.
If King’s loan has been repaid, The Rangers are obliged to repay the Covid-19 loan they got from the Scottish Government last year.
I thought rangers had to pay back there government loan if they paid king back his loan.havent heard anything yet
Surely you must be aware of douglas parks personal wealth? He could sell half his garage stock if required and not even be close to being skint. Its not hard to work out .