Noticed recently that some idiots on the SEVCO side are making allegations regarding our debt being in excess of £30m. Now that we are in the CLGS that figure will rise year on year, to suit the purposes of those who perceive SEVCO falling further and further behind. So why not tell a good bloody lie. It's worked before. Our long term debt is £13m and most of that is repayable within 6 years. We are repaying more than we should each year in order to reduce the total. The media let this claim of £30m go unchallenged. The sevconians who make the claims fail to appreciate the difference between debt and overdraft facility. We have an OF in excess of £20m. In a similar manner to Ticketus with other clubs, that facility is tapped into for a short period until ST monies arrive. Unlikely that we used the facility this year or will next year. Also, having debt permits an offset against Corporation Tax. Something many businesses do. I have a OF but have never used it and would be pretty annoyed if the bank told me I was in debt and owed them a facility I had never used. Interesting that the media do not comment or challenge these allegations of massive debt, nor do they ask clarification as to evidence or sources Mmmmmmmmmmm! We all know the the selling of the great SEVCO adventure is stumbling and new IPO will be needed unless some donkey puts millions into SEVCO for zero return and no share ownership. However, if the idea that Celtic may go bust is perpetuated, then those on the dark side will buy into that idea in a big way. If on the other hand the truth is perpetuated, that being that we have accrued £23m from UEFA, £7m from attendances and £20m from player sales this season alone, then those on the dark side will become aware of a hopeless task of competing with us on a ICT type budget and abandon the bad ship SEVCO in thousands. Btw beware the honest mistake brigade who will do anything to help the new club take the place of the dead one RIP. Be prepad for all types of rumours to surface every time that lot are in the ****. WE WELCOME THE CHASE.
Lol. Actually it is not apparent in first reading, but does appear on page 57. Got to do with the different ways accountants, economists and actuaries view matters. Certain long term loans are not included directly in annual or interim accounts, but are still in existence. We do have a debt of £13m, but we are comfortably servicing it. We do not repay it directly, even though this debt carries no early repayment clause, because its existence reduces our CT liability. The fact that some have chosen to magnify its existence suggests to me that they know that SEVCO fans will be asked shortly to dig deep again. Last nights result will have sent shivers down the spine of the Scottish establishment sections which operate on a funny handshake and raised trouser leg stance. In order to maintain SEVCO, these people and those within the walls of Ibrokes must have a vehicle for the hope of some time future supremacy by THE PEEEEEEEPIL . If we had failed last night and from their perspective the next few years, then the austerity required to allow Third Rangers to compete with us would be more sellable and acceptable with the vain promise of the Phoenix rising from the ashes to once again assume its rightful place, cos WEE ARROW PEEEEEEPIL. Despite the best attempts of those in power, simple economics may mean that SEVCO grandchildren are sat upon a knee and are simply told of the days when RFC ruled the waves........ Or should that more accurately be waived the rules
