thplinth Posted November 13, 2014 Share Posted November 13, 2014 Was it Duff & Phelps who sold Ibrox and the Training facility to RFC 2012 for a measly 1.5m? Are these people not obliged to get the best price for these assets on behalf of the creditors? How can they justify selling these massive properties for such a small amount? The player registrations - the whole squad cost them 2.75m - were other clubs invited to bid? Would that have been a possibility? Basically they sold all the assets of RFC 1899 the whole thing for 6.5m. RFC 2012 then immediately valued the exact same assets at 27m and called the profit on the revaluation 'releasing negative goodwill' and that dropped 20m of income into the P&L in the 2013 accounts and was the only reason they did not record a huge loss for that 13 ,month period. Basically Duff & Phelps sold 25m+ assets for peanuts to RFC 2102. On top of this RFC revalued the excat same assets upwards again during 2013 by another 34m. The combined gains from both these revaluations turned a massive loss into a massive profit for 2013. So the assets D&P sold for 6.5m are now on RFC balance Sheet 13 months later valued at over 65m or 10 times the cost. Nice bit of business if you can get it. Funny business insolvency... Quote Link to comment Share on other sites More sharing options...
thplinth Posted November 13, 2014 Share Posted November 13, 2014 (edited) RFC 2012 was burning over 1.5m of cash every month during the fist 13 months. The interim accounts show that slowed but only to 1.2'ish m per month. They have basically spunked the lot and show no signs of not continuing to do so. Were they not asking for new funds recently? No wonder at this rate. Whatever they get it will be gone is a few months too. This has administration II written all over it. edit: they are being quite shady about that contingent liability claim from Whyte as well. That could be huge or nothing but I don't trust their whyte wash 'investigation'. Edited November 13, 2014 by thplinth Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 13, 2014 Share Posted November 13, 2014 RFC 2012 was burning over 1.5m of cash every month during the fist 13 moinths. The interim accounts show that slowed but only to 1.2'ish m per month. They have basically spunked the lot and show no signs of not continuing to do so. Were they not asking for new funds recently? No wonder at this rate. Whatever they get it will be gone is a few months too. This has administration II written all over it. They raised something like £3.1M back in Oct to be used as working capital. 2 months later they've had to get a further loan of £3M from Ashley which we're told will only last till the end of the calendar year. That's £6.1M in 3 months. Even if we assume the football staff are walking away with £500K per month and non football staff maybe half of that, that's still £3.85M unaccounted for. Obviously some of that will be running costs but even if it's as high as 50% (which I doubt) that's still c.£2M disappearing into a black hole. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 13, 2014 Share Posted November 13, 2014 (edited) They raised something like £3.1M back in Oct to be used as working capital. 2 months later they've had to get a further loan of £3M from Ashley which we're told will only last till the end of the calendar year. That's £6.1M in 3 months. Even if we assume the football staff are walking away with £500K per month and non football staff maybe half of that, that's still £3.85M unaccounted for. Obviously some of that will be running costs but even if it's as high as 50% (which I doubt) that's still c.£2M disappearing into a black hole. Onerous contracts i.e. Oor Charlie. Edited November 13, 2014 by ShedTA Quote Link to comment Share on other sites More sharing options...
sbcmfc Posted November 13, 2014 Share Posted November 13, 2014 They raised something like £3.1M back in Oct to be used as working capital. 2 months later they've had to get a further loan of £3M from Ashley which we're told will only last till the end of the calendar year. That's £6.1M in 3 months. Even if we assume the football staff are walking away with £500K per month and non football staff maybe half of that, that's still £3.85M unaccounted for. Obviously some of that will be running costs but even if it's as high as 50% (which I doubt) that's still c.£2M disappearing into a black hole. Remember that does include money coming in. The upside of the boycott of season tickets is that gate money is being drip fed I suppose? I see hunners of folk wearing the strips etc... Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 13, 2014 Share Posted November 13, 2014 Remember that does include money coming in. The upside of the boycott of season tickets is that gate money is being drip fed I suppose? I see hunners of folk wearing the strips etc... Well Ashley has the retail side of it all sewn up so there's possibly not much coming in from that side. Plus, the majority of people would have bought strips when they came out or towards the start of the season so whatever we're getting will have been spunked ages ago. Quote Link to comment Share on other sites More sharing options...
thplinth Posted November 13, 2014 Share Posted November 13, 2014 (edited) They raised something like £3.1M back in Oct to be used as working capital. 2 months later they've had to get a further loan of £3M from Ashley which we're told will only last till the end of the calendar year. That's £6.1M in 3 months. Even if we assume the football staff are walking away with £500K per month and non football staff maybe half of that, that's still £3.85M unaccounted for. Obviously some of that will be running costs but even if it's as high as 50% (which I doubt) that's still c.£2M disappearing into a black hole. They are spending a shit load of money on something because it is disappearing fast. There are also curiously big swings in trade & other payables - this partly explains the most recent missing millions as they went to pay them back (n the most recent interim accounts). ps I think the reason they have not sacked Ally is because Ally knows too much about what is really going on. Edited November 13, 2014 by thplinth Quote Link to comment Share on other sites More sharing options...
thplinth Posted November 13, 2014 Share Posted November 13, 2014 They raised something like £3.1M back in Oct to be used as working capital. 2 months later they've had to get a further loan of £3M from Ashley which we're told will only last till the end of the calendar year. That's £6.1M in 3 months. Even if we assume the football staff are walking away with £500K per month and non football staff maybe half of that, that's still £3.85M unaccounted for. Obviously some of that will be running costs but even if it's as high as 50% (which I doubt) that's still c.£2M disappearing into a black hole. Check out the pattern of retained earnings:(figures are 000's) By End of 2012 - 9,469 retained profit 6 months after that it has dwindled to - 1,236 retained profit 6 months after that it is - (2,906) retained loss And remember the only reason it started off with a profit was them buying all the RFC 1899 assets for 6.5m and then revaluing them up to 65m. They are losing money faster the old RFC was doing by some way. It is bad. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 13, 2014 Share Posted November 13, 2014 They are spending a shit load of money on something because it is disappearing fast. There are also curiously big swings in trade & other payables - this partly explains the most recent missing millions as they went to pay them back (n the most recent interim accounts). ps I think the reason they have not sacked Ally is because Ally knows too much about what is really going on. Plus they would have to pay him redundancy - same with the playing staff - they cant afford to. allys wages are somewhere between 800 and 400k (lower estimate care of Fairbairn - see Aberdeen debt thread!) Quote Link to comment Share on other sites More sharing options...
Flure Posted November 13, 2014 Share Posted November 13, 2014 Plus they would have to pay him redundancy - same with the playing staff - they cant afford to. allys wages are somewhere between 800 and 400k (lower estimate care of Fairbairn - see Aberdeen debt thread!) Technically, in Ally's position, it would be breach of contract. Or they could punt him anyway and let Ally take them to court for Breach of Contract compensation. That might be interesting. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 13, 2014 Share Posted November 13, 2014 Technically, in Ally's position, it would be breach of contract. Or they could punt him anyway and let Ally take them to court for Breach of Contract compensation. That might be interesting. could they not get him for breach of contract - impersonating a football manager? Quote Link to comment Share on other sites More sharing options...
thplinth Posted November 13, 2014 Share Posted November 13, 2014 Staff costs are about 18m a year but then there is another whopping 14m a year in 'other operating charges' - this is where you could be seeing money getting siphoned off through service charges and fees etc... I also see on their revenue side it took a big boost from something described as 'Retail' - is this Ashley? If that boost was a one off boost then it is even worse than this. Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 13, 2014 Share Posted November 13, 2014 Staff costs are about 18m a year but then there is another whopping 14m a year in 'other operating charges' - this is where you could be seeing money getting siphoned off through service charges and fees etc... I also see on their revenue side it took a big boost from something described as 'Retail' - is this Ashley? If that boost was a one off boost then it is even worse than this. is murray park not reputed to cost over £1m per month in running costs due to said "service contracts" Quote Link to comment Share on other sites More sharing options...
thplinth Posted November 13, 2014 Share Posted November 13, 2014 is murray park not reputed to cost over £1m per month in running costs due to said "service contracts" You can be sure they will have found a way to extract large amounts and have them embedded in the other costs or somewhere you cannot see them. Rangers fans are getting milked. Quote Link to comment Share on other sites More sharing options...
Barney Rubble Posted November 14, 2014 Share Posted November 14, 2014 The plot thickens once again. http://www.bbc.com/news/uk-scotland-glasgow-west-30053692 Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 14, 2014 Share Posted November 14, 2014 The plot thickens once again. http://www.bbc.com/news/uk-scotland-glasgow-west-30053692 Very interesting. Quote Link to comment Share on other sites More sharing options...
Maq Posted November 14, 2014 Share Posted November 14, 2014 Oooh! This is like the good old days - there always used to be big news on a Friday with Duff & Duffer! Quote Link to comment Share on other sites More sharing options...
Larky Masher Posted November 14, 2014 Share Posted November 14, 2014 Is this the Easdales raising some money for another cash injection. http://www.bbc.co.uk/news/uk-scotland-glasgow-west-30053690 Quote Link to comment Share on other sites More sharing options...
Scunnered Posted November 14, 2014 Share Posted November 14, 2014 Folk lifted: http://www.bbc.co.uk/news/uk-scotland-glasgow-west-30053692#?utm_source=twitterfeed&utm_medium=twitter Quote Link to comment Share on other sites More sharing options...
ShedTA Posted November 14, 2014 Share Posted November 14, 2014 so this must relate to duff and duffer, as they were the ones who handled the sale. Quote Link to comment Share on other sites More sharing options...
wheres the pies Posted November 14, 2014 Share Posted November 14, 2014 Unbelievable you couldnae make all this up Agatha cristie would be proud of this wan Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 14, 2014 Share Posted November 14, 2014 so this must relate to duff and duffer, as they were the ones who handled the sale. I think this is the sale from Murray to Whyte so don't think it'll be D&D. More likely to the likes of Withey, Earley and maybe even someone at Ticketus. Quote Link to comment Share on other sites More sharing options...
Scunnered Posted November 14, 2014 Share Posted November 14, 2014 I think this is the sale from Murray to Whyte so don't think it'll be D&D. More likely to the likes of Withey, Earley and maybe even someone at Ticketus. Police have said Whyte isn't one of them. Quote Link to comment Share on other sites More sharing options...
Fairbairn Posted November 14, 2014 Share Posted November 14, 2014 Police have said Whyte isn't one of them. Aye I know. Hopefully they'll get him eventually though. Tick tock.... Quote Link to comment Share on other sites More sharing options...
giblet Posted November 14, 2014 Share Posted November 14, 2014 Oh my, away out to get the popcorn. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.