stillresigned Posted February 24, 2014 Report Share Posted February 24, 2014 This little headline immediately sorta caught my attention, over on the BBC webpage http://www.bbc.co.uk/sport/0/football/26328867. It's not that I'm particularly interested in anything Sevconian, but it really just struck me that they don't get the entire living within your means thing do they? FFS, one minute their moaning about not having any money, next thing Fat Ally's talking about building a squad for next season! I frankly think I'll never be able to understand the world as currant buns seem to, thank goodness Quote Link to comment Share on other sites More sharing options...
Blackpool Jags Posted February 24, 2014 Report Share Posted February 24, 2014 And they're now into the ribs of (one of ?) their major shareholders for £1.5m. Given that they're defecating over £1m per month, that's the corporate equivalent of a payday loan. I just love them. Heh heh heh. Quote Link to comment Share on other sites More sharing options...
kni Posted February 24, 2014 Report Share Posted February 24, 2014 (edited) And they're now into the ribs of (one of ?) their major shareholders for £1.5m. Given that they're defecating over £1m per month, that's the corporate equivalent of a payday loan. I just love them. Heh heh heh. From Sandy Easdale and Laxey Partners. "Easdale's cash comes on a no-fee and no-interest basis, while Laxey Partners will lend the club £1m, with both sums secured against the Edmiston House and Albion car park facilities near to Ibrox." "Both loans are repayable by 1 September, while Laxey Partners, the club's single-biggest shareholder with an 11.64% stake, standing to make a £150,000 profit on its part of the deal." So Laxey Partners are getting £150k profit on on £1 million loan over 6 months. That's equivalent to 30% APR on a secured loan! Even I'd have some of that. So why did the big banks (presumably) tell Sevco to get stuffed? There must be more trouble ahead for Sevco to be borrowing at well above credit card rates. Edited February 24, 2014 by kni Quote Link to comment Share on other sites More sharing options...
Blackpool Jags Posted February 24, 2014 Report Share Posted February 24, 2014 I think I'd have a slice of that too. If they default on the repayments, I wonder how much the parking spaces are worth? This a wee sideshow, really, in the long-running comedy series that is Laurel And Hardy Meet Sevco, but it tickles me in a very impish way. Quote Link to comment Share on other sites More sharing options...
stoomac Posted February 24, 2014 Report Share Posted February 24, 2014 Why is this even here? Quote Link to comment Share on other sites More sharing options...
kni Posted February 24, 2014 Report Share Posted February 24, 2014 Why is this even here? Because it's clear that Sevco is in big trouble again. The SPFL and SFA must take immediate and effective action to ensure financial fair play in all leagues. It is still possible that we could be in the same league next season. Quote Link to comment Share on other sites More sharing options...
allyo Posted February 24, 2014 Report Share Posted February 24, 2014 Why is this even here? Coz we all like a laugh? Quote Link to comment Share on other sites More sharing options...
yoda-jag Posted February 24, 2014 Report Share Posted February 24, 2014 scottish football in crisis again !!! you got to feel for the poor misguided souls of govan and those who have an affinity with the area. in little more than the space of two years they will see two football clubs of the govan area die. armageddon !! armageddon !!!! Quote Link to comment Share on other sites More sharing options...
Lindau Posted February 24, 2014 Report Share Posted February 24, 2014 From Sandy Easdale and Laxey Partners. "Easdale's cash comes on a no-fee and no-interest basis, while Laxey Partners will lend the club £1m, with both sums secured against the Edmiston House and Albion car park facilities near to Ibrox." So why did the big banks (presumably) tell Sevco to get stuffed? There must be more trouble ahead for Sevco to be borrowing at well above credit card rates. No bank will touch Sevco with a barge pole. Even though they are a new club they are carrying baggage from the old club. What bank in their right mind would loan to a institution still professing to be the same club as the one that was liquidated, that raised £22,000,000 in a share issue and millions in season tickets, that less than 9 months later needs more bail out money to survive?? Jeez you would think that they were competing in the EPL rather than in the lowest leagues in Scotland. It's frightening stuff, especially with Salary coming out and saying he needs a big warchest for next season!! What planet are these guys on? Quote Link to comment Share on other sites More sharing options...
yoda-jag Posted February 24, 2014 Report Share Posted February 24, 2014 as i typed my last sentence, it reminded me of this classic clip from an aussie radio show. well worth three minutes of your time. bit worried i may be slipping towards mighty queen territory though ! armageddon !! armageddon !!!! http://youtu.be/cTrOb8zyrZk Quote Link to comment Share on other sites More sharing options...
Rid Skwerr Posted February 24, 2014 Report Share Posted February 24, 2014 I see their former Commercial Director is taking them to court for £750,000 he claims he's owed and is alleging that they are trading insolvently - http://www.bbc.co.uk/sport/0/football/26333152 Quote Link to comment Share on other sites More sharing options...
kni Posted February 25, 2014 Report Share Posted February 25, 2014 No bank will touch Sevco with a barge pole. Even though they are a new club they are carrying baggage from the old club. What bank in their right mind would loan to a institution still professing to be the same club as the one that was liquidated, that raised £22,000,000 in a share issue and millions in season tickets, that less than 9 months later needs more bail out money to survive?? Jeez you would think that they were competing in the EPL rather than in the lowest leagues in Scotland. It's frightening stuff, especially with Salary coming out and saying he needs a big warchest for next season!! What planet are these guys on? Because any loan could be secured on assets. Sevco have not used Ibrox or Murray Park as security. They are worth far more than the £5.5 million that they were sold for. For any lending institution, the key issue is the sale value of the assets that the loans are secured on. Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted February 25, 2014 Report Share Posted February 25, 2014 Why is this even here? That's a very philosophical question for this time of night. Quote Link to comment Share on other sites More sharing options...
kni Posted February 25, 2014 Report Share Posted February 25, 2014 That's a very philosophical question for this time of night. Hope that you've got a single malt or your drink of choice in your glass. Quote Link to comment Share on other sites More sharing options...
banderas Posted February 25, 2014 Report Share Posted February 25, 2014 (edited) why - In reference to our past and having to deal with Authorities, the first reference I had to Armageddon was on previous incarnations of Thistle websites like this from our financial director. Listen to the following podcast from TSFM with Stuart Cosgrove and the reference to Gretna, Livingstone and Dundee (23:30) . They touched the PTFC landscape . The media view (40:10) and also consider the role of the SFA being the custodians of the game (43:40- 50:31) . The commentary in the thread above is reflecting on one tenet of all these aspects " the principle of living within your means" and how it effects the level of playing field that our club operate under. http://www.podcastga...sode-1-02_11982 Edited February 25, 2014 by banderas Quote Link to comment Share on other sites More sharing options...
CCjag Posted February 25, 2014 Report Share Posted February 25, 2014 Given that the SPFL rejected proposals that teams entering administration be automatically relegated, Sevco – or whatever they are called today - could hardly have a “better” time to go bust again. The punishment for a second administration in five years is a 25 point deduction. Courtesy of serial financial doping, they are currently twenty one points ahead in League One and likely to extend that lead to the requisite twenty-five in the near future. Having taken out what someone on the thread correctly described as “a corporate pay day loan” a cynic might suggest that they have this safety raft well within reach and are ready to hop aboard if necessary. It would, of course, be a scandalous and shameful manipulation of a system which – purely by coincidence – has declined to sanction automatic relegation but instead imposed what would be a near fatal penalty for most – but not all – clubs! Mind you, since when did scandal and shame impact on those who tread the corridors of power in Mordor? Quote Link to comment Share on other sites More sharing options...
Lindau Posted February 25, 2014 Report Share Posted February 25, 2014 Because any loan could be secured on assets. Sevco have not used Ibrox or Murray Park as security. They are worth far more than the £5.5 million that they were sold for. For any lending institution, the key issue is the sale value of the assets that the loans are secured on. According to reports, they have been knocked back by all the major financial institutions in Scotland, they then tried to raise the money in London and were knocked back, leaving Wonga or Quick Quid or the Easdales/Laxeys as the only options left!. With their former director Imran saying they are trading insolvently and putting in a claim of £750,000 for unpaid bonuses and Salary saying he needs a huge warchest for next season, you can only surmise that things are coming to a head yet again on the South Side!! Quote Link to comment Share on other sites More sharing options...
ColinKelvin Posted February 25, 2014 Report Share Posted February 25, 2014 What made me laugh about this story was the assumption that Fat Salary needs to "rebuild" his squad, 12 months after signing what seemed like 50 players. Does he not think they're good enough to win the first division, on 10k a week each, or whatever they are getting? Embarrassing. Quote Link to comment Share on other sites More sharing options...
potty trained Posted February 25, 2014 Report Share Posted February 25, 2014 What made me laugh about this story was the assumption that Fat Salary needs to "rebuild" his squad, 12 months after signing what seemed like 50 players. Does he not think they're good enough to win the first division, on 10k a week each, or whatever they are getting? Embarrassing. John Daly: 7k a week. 7k a goal. Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted February 25, 2014 Report Share Posted February 25, 2014 If administration is likely I hope they make it to the end of the season before entering it. Quote Link to comment Share on other sites More sharing options...
scottymagoo Posted February 25, 2014 Report Share Posted February 25, 2014 The only reason they could need to add more players to their squad to ensure promotion next year would be if they had a hopeless manager who had splurged most of the cash on diddies. 3 Quote Link to comment Share on other sites More sharing options...
crazy davie Posted February 25, 2014 Report Share Posted February 25, 2014 The only reason they could need to add more players to their squad to ensure promotion next year would be if they had a hopeless manager who had splurged most of the cash on diddies. hahahahahahahahhahahahaha Quote Link to comment Share on other sites More sharing options...
Lindau Posted February 25, 2014 Report Share Posted February 25, 2014 (edited) Imran has lost his claim to freeze £500,000 of Sevco assets as there was no evidence that Sevco were in immediate danger of folding (no surprises there as they have just pumped £1,500.000 into the club....makes it clear why this was done a couple of days before this case!!) however it isn't all bad news as the judge decided Sevco have a case to answer to regarding the non payment of a bonus to Imran and that goes to court in April!! http://www.bbc.co.uk/sport/0/football/26333152 Edited February 25, 2014 by Lindau Quote Link to comment Share on other sites More sharing options...
kni Posted February 25, 2014 Report Share Posted February 25, 2014 The only reason they could need to add more players to their squad to ensure promotion next year would be if they had a hopeless manager who had splurged most of the cash on diddies. As McCoist thinks that the squad needs even more expensive players, he must lack confidence in his own managerial abilities. There are a few young players in the Sevco squad but it should be good enough to win the Championship comfortably. Sally chose to release Kane Hemmings who is doing well in a poor Cowdenbeath team. A more likely scenario, however, is that McCoist will be told to slash the playing budget next season. There are only three first-team squad members who are out of contract in May - Simonsen, Cribari and Hutton. McCoist will have to send the big earners out on loan or negotiate deals to pay them off. Then he'll have to find cheaper free agents to replace them. Quote Link to comment Share on other sites More sharing options...
GrantB Posted February 25, 2014 Report Share Posted February 25, 2014 What is interesting is Sevco bumped their gums big time about the big bad transfer embargo that they were under. The first transfer window that comes along where they are able to freely sign players without restriction they sign absolutely no one. There's trouble brewing in Mordor... Quote Link to comment Share on other sites More sharing options...
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