As had previously been reported here Deloittes, the auditors of Rangers International Football Club, have had serious concerns about financial health of the AIM listed company.
They had requested detailed documentation from RIFC by close of business last Friday (13th June 2014).
This was complied with and sources have told me that the auditors have now responded to the RIFC proposals through their NOMAD Daniel Stewart & Company.
I understand that Deloittes have three major issues which need to be dealt with before they will sign off on the year end accounts.
(1) Murray Park must be sold as the cost of running it is unsustainable for the company.
(2) The ten highest earning staff (excluding Chief Executive Officer Graham Wallace and Chief Financial Officer Philip Nash) will have to be let go without further delay.
(3) Apart from those high earners there must also be a major reduction in the overall staffing levels.
These are non-negotiable for Deloittes and must be complied with if the highly regarded auditors are not To Do Walking Away.
Deloittes made one other request of the senior RIFC chaps.
They wanted them to plug the leaks and I don’t think they meant the plumbing at Ibrox…
All kidding aside, this guy Green is a vulture who can spot prey from miles away.
If he can get the gullibles to drop their trousers and bend over once again, then good luck to him.
It would appear the accountants are willing to be the bad boys taking the flack for what Wallace and Nash need to do.
How can the dead again #deadybearzombies blame Deloittes?
Sell MP to pay the redundancies. Or Go immediately into Admin, no need for accounts and keep it all together, to bust the next club.
SFA allowed old RFC to not lodge accounts for two years under SDM and one year under CW. No penalties and allowed to play in Europe, shocking.
The jewel in the brass crown is made of paste. It sits on Greeny’s head and wee hunchy McMoist is his Jester.
They won’t need many season tickets now, it all went on running Sally’s playpen/ circus anyway.
A small new club with small income and expenditure, makes sense.
Phil find it hard to believe that auditors would make such specific requests – such as certain individuals must leave etc. they are only interested in being satisfied that the accounts are true and fair and that the business is a going concern. they would need a robust business plan no doubt but not a who is getting sacked list. I would agree that there lies the problem for them as surely only Honest Dave King has a robust business plan
RIP.FC they have been flattered by being called top ten EARNERS!
That would suggest that they actually worked at something!
. . .Hmmm lining their own pockets per chance!
Nonsense, not something the auditors would get involved in at all. Reviewing cash flow forecasts for reasonableness yes, but this sort of management decision making never.
the guy that loaned rangers the money for murray park aint going to be that happy, having to shell out 1.5 per month
1..5 to keep it open will soon have him in the poor house if he can find a buyer lol
Hopefully that doesn’t include he who does not do walking away! He has been a hapless millstone for the new club yet unsackable because of his snide cheeky chappy orangeness (‘we are the people’, ‘we demand to know their names’ etc).
Interested to see how they are supposed to get rid of high earners who are under contract without administration? Can Charles Green use this to make his come back as supposed saviour (part iii)?
Where does Fat Salary sit among the top ten.
Surely he’ll be essential to any ‘Elmer Gantry’ type with big hands who wants to sell orange tops to the gullibles.
Well, you did say last week Phil, No Lease back! SOLD! seems like it,s goin’ to be a long hot Summer, and a longer colder Winter for the Teds! luvvin it!
Surely this must mean McCulloch who will be on £15k a week at age 37, yes 37 if and when they make the SPFL. Utterly ridiculous scenario.
They were the people.
As a Christian and Without being someone who enjoys seeing others suffer, I can’t help but admit what a joy it is to read about the woes of newco.
God forgive me.
Happy Days
Very tough demands now how does the good ship Sevco continue on its journey when the Captain and his first mate are not on board, as always more interesting times ahead.
Wow! That’s pretty unequivocal then.
As a follow up Phil, having done a wee bit of research myself, I believe one of the requirements of UEFA’s Club Licensing and Financial Fair Play Regulations is that a club has completed, audited accounts signed off on a going concern basis.
Wow!
I think the Deloitte’s chappies will do walking away Phil.
All of the above demands make perfect sense.The 10 top earners at the club including Fat Sally to leave immediately,however they would have to be paid,and Sevco simply don’t have that kind of money.
Sevco will stall and stumble,hoping and praying that some savoir,weather it be Davespicable King or Big ‘Ands Charlie,Anybody will do.(Obviously) going by past history.
But the clock is ticking.ticking. Delottes wont hang around too long. Any monies due for the sale of Murray Park,which will have limited interest as it cant be used for building houses.will take months at least and these are months Sevco cant afford to wait.
Now about the leaks ……….,Naw,thats another story.
Keep up the brilliant work Phil
Hail Hail
You been plugged then Phil
check out who owns Murray Park on the Scottish Assessors Website SAA.GOV.UK, current Proprietor is Sevco Scotland.
Does this mean that Super Salary will be forced to do walking away or are we talking administrative staff here?
…mmm get’s more and more interesting! Thanks for this Phil, as a matter of interest, what would the implications be for RIFC if they decline to meet Deloittes demands. Would it be a case that Deloittes give up the account and RIFC need to bring in another auditor? How could another auditor then certify RIFC as a going concern if the mighty Deloittes have indicated otherwise? What are the potential sanctions from the SFA should RIFC not be able to produce audited accounts?
Apologies for all the questions, but any further enlightenment would be appreciated, as always.
Just one word Phil, “Thanks”….
Och ! yer a terrible man BrillPhil
I wonder how the sevconians will react to that news?
Phil if you are correct about green getting backers from the middle east, the sevco fan’s will jump back to him with open arms and no questions asked (well not many anyway).
Have Deloiites said anything about the onerous contracts?
Did they aye!!
When do the accounts get signed off Phil?
This just gets better and better Phil! Please keep on digging and being the proper journalist that you are!
The roof Phil….. The roof ! !
Phil,
Surely this is only advisory and RIFC can ignore the suggestions?
Some great reading there, Phil.
Keep up the great work.
Any idea what the delays would be do comply with the conditions ?
In any case, doesn’t look like they will be signing off the accounts !
Interesting response from the blue chip advisors.
The offloading of Murray Park seems to be a no-brainer, but the proposed sale in itself doesn’t appear to be regarded as capable of generating a return, just the reduction in its drain on resources.
Is the place genuinely worth nothing?
And other than the costs of the onerous contracts as they relate to MP, Deloittes look to be somewhat sanguine insofar as they feast on the rest of the cadaver.
The clamour when the P45s start flying should be entertaining, or maybe the recipients will accept them with grace so that they can do their bit to help their company in its hour of need.
Or maybe not.
And does the last bit mean that Kenny Miller will be on minimum wage?
I wonder which demand the board will find too difficult to accept and I hope Deloittes had the sense to get paid up front.
I wonder who is the 10 highest paid earners are at Ibrokes ?
Phil, are any of the top ten earners earmarked for redundancy come from the playing squad or backroom team ?.
A revolutionary summer of change.
Will they get themselves sorted for Champions League qualifiers?
Rotffpml.
Sounds like they mean business!! The Deady Bears condemned to a lifetime of Purgatory!! Live within their means or go the way of the previous occupiers of the big hoose!!
Ying tang
Ying Tang
Ying Tang
Ying Tang
Ying tang
Diddle Eye Po
Ying tang diddle eye Po
Ying tang diddle eye Po………..
Stating the bloody obvious.
We knew that over 12 months ago.
The mad onion of fans want security over something (MP) that is on a compulsory sale status. How thick with money management can the onion spokesman be? Well he does speak for an onion.
Top of the un pops…..sally and McCulloch are top of the ten. keeping them sinks the club. No brainer then.
Ciao a tutti as they say in Rome.
Hi Phil,
Is it possible that the club/company could employ another firm of auditors one more user friendly to the club/company?
Brilliant Phil.
I wonder if you added the ”plug the leaks” requirement as a tongue in cheek add on!
Leaks or leeks …roll on salary day when the top ten jostle for position outside Wallace’s door..
does that include the playing / managing staff phil?
That’s what pretending to be the same club does to you….
Phil whats the running costs over the year for Murray park ?g
£1.35M per month
Brilliant Phil. Cheers. What a laugh. Anyone want to have a go at the top 10 ? All with a bullet of course !
The denouement moves ever closer and I guess that Deloitte’s will have placed a timeframe on all of this, at the very latest just prior to the date for issuance of year end accounts.
That last sentence of yours is a belter Phil
: )
Is Ally one of the 10 highest earners? Does that mean he has to go?
Any idea what the consequence would be in footballing terms if not signed off accounts? Licence not granted?
Thanks in advance
They probably meant the plumbing & the leak Phil ha ha
Phil,
I think I love you
This is good reading, not that I’m enjoying their hurt or that
Bowl?
!!!Coming soon 2/3/4 bedroom properties for sale in new housing development on the outskirts of Milngavie…….lower division football club seeks new training facilities !!!
Thanks Phil. Keep up the good work.
Other than McCoist, do you have an idea who the other top earners are? I’m guessing 5 of those are the guys on the agents list that they hope to get money for?
So I take it that Charles Green isn’t “coming back” at Deloitte’s request…