Daily record look to David "sevco" Low for expert opinion on our finances

supersonic

supersonic

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If someone can post the whole article from the record.

Heres an extract -

"
David Low, who was Fergus McCann’s financial advisor when he saved Celtic from bankruptcy in 1994 and who currently co-owns the Glasgow Rocks basketball team, believes the figures make grim reading, particularly for Rangers.

“It’s an imperfect storm for them,” he claimed. “Scottish clubs’ over-reliance on match-day revenue is a general problem but Celtic and Rangers also have the two biggest wage bills in this country. However, while Celtic have signed a lucrative new deal with Adidas, Rangers will be having their kits manufactured by new boys Castore, which means that – unlike Celtic - they won’t receive a large advance from them.

“Add to that the fact that Rangers have no cash reserves while Celtic have £35 in the bank and that Rangers have no credit facilities with any bank and it’s an unhealthy place for them to be in at this particular point in time. They have no cash or access to cash and the only way out of that I can see is for their directors to issue even more loans and eventually convert them in to equity, which has the effect of further devaluing the worth of the club’s shares.

“Celtic fans regularly criticise major shareholder Dermot Desmond but they should be careful what they wish for. There’s never been a better time for any club to have a genuine billionaire on hand.”
"
 
This clown pops up regularly on twitter,
To say he's a sevcoholic, Rangers hater would be an understatement.
I'll take what he says with a pinch of salt.
 
supersonic said:
If someone can post the whole article from the record.

Heres an extract -

"
David Low, who was Fergus McCann’s financial advisor when he saved Celtic from bankruptcy in 1994 and who currently co-owns the Glasgow Rocks basketball team, believes the figures make grim reading, particularly for Rangers.

“It’s an imperfect storm for them,” he claimed. “Scottish clubs’ over-reliance on match-day revenue is a general problem but Celtic and Rangers also have the two biggest wage bills in this country. However, while Celtic have signed a lucrative new deal with Adidas, Rangers will be having their kits manufactured by new boys Castore, which means that – unlike Celtic - they won’t receive a large advance from them.

“Add to that the fact that Rangers have no cash reserves while Celtic have £35 in the bank and that Rangers have no credit facilities with any bank and it’s an unhealthy place for them to be in at this particular point in time. They have no cash or access to cash and the only way out of that I can see is for their directors to issue even more loans and eventually convert them in to equity, which has the effect of further devaluing the worth of the club’s shares.

“Celtic fans regularly criticise major shareholder Dermot Desmond but they should be careful what they wish for. There’s never been a better time for any club to have a genuine billionaire on hand.”
"
Click to expand...
Look there's a squirrel.
 
Factually inaccurate fantasy from someone who’s only qualification is being involved with that lot 25 years ago. Anything to deliberately misrepresent Rangers’ position.

Truly bottom of the barrel stuff from the Record. It’s what we’ve come to expect.
 
The mhanks have had £35m in the bank for the last 4-5 years. Its absolute rubbish - theyve got a huge wage bill, are in the same situation as every other club with reduced income and have a huge legal case due to CBC incoming. Id be more worried about their own finances than poking their noses in other clubs.
 
Said it in another thread yesterday - the more mince media stories the mentally challengeds and their pals come out with, the more they expose the fact that they are shiting themselves with fear. There's an old saying that a dog smells it's own shite first. Yeh every club really wants a genuine billionaire embroiled in all sorts of criminally dodgy dealings. Maybe something not quite right about their own finances when they need to always speak about someone else's.
 
supersonic said:
If someone can post the whole article from the record.

Heres an extract -

"
David Low, who was Fergus McCann’s financial advisor when he saved Celtic from bankruptcy in 1994 and who currently co-owns the Glasgow Rocks basketball team, believes the figures make grim reading, particularly for Rangers.

“It’s an imperfect storm for them,” he claimed. “Scottish clubs’ over-reliance on match-day revenue is a general problem but Celtic and Rangers also have the two biggest wage bills in this country. However, while Celtic have signed a lucrative new deal with Adidas, Rangers will be having their kits manufactured by new boys Castore, which means that – unlike Celtic - they won’t receive a large advance from them.

“Add to that the fact that Rangers have no cash reserves while Celtic have £35 in the bank and that Rangers have no credit facilities with any bank and it’s an unhealthy place for them to be in at this particular point in time. They have no cash or access to cash and the only way out of that I can see is for their directors to issue even more loans and eventually convert them in to equity, which has the effect of further devaluing the worth of the club’s shares.

“Celtic fans regularly criticise major shareholder Dermot Desmond but they should be careful what they wish for. There’s never been a better time for any club to have a genuine billionaire on hand.”
"
Click to expand...

1. We are getting £3M upfront from Castore which was confirmed by the founder when interviewed after the announcement.

2. We have a credit facility with Close Brothers (which celtic fans bang on about regularly)

3. Season tickets and MyGers subscriptions are bringing in literary millions.

4. Don't buy, click or share the record coz garbage like this is all you will get from them.

Edit - If they were anything other than gutter press, they would fact check this before printing it. It's not difficult to find out everything he says about Rangers is false.
 
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that's funny his name has popped up, watching old things on YouTube during lockdown, a old rangers v Tim subject and he comes up at the start of the interview his name appears and underneath it says Scum supporter, same guy on BBC News all the time during our troubled times
 
I’m sure this absolute lunatic regurgitates the same interview every few years with slight changes to the text.
We would have disappeared years ago if one word of what that prick had said was true.
F.uck off David.
 
So wait on the week we spent £3,000,000 on a player we’re going into administration again for what the 9 millionth time?

This according to an obsessive bigot weirdo who sits on Twitter 24/7? Wow that’s me convinced.
 
supersonic said:
If someone can post the whole article from the record.

Heres an extract -

"
David Low, who was Fergus McCann’s financial advisor when he saved Celtic from bankruptcy in 1994 and who currently co-owns the Glasgow Rocks basketball team, believes the figures make grim reading, particularly for Rangers.

“It’s an imperfect storm for them,” he claimed. “Scottish clubs’ over-reliance on match-day revenue is a general problem but Celtic and Rangers also have the two biggest wage bills in this country. However, while Celtic have signed a lucrative new deal with Adidas, Rangers will be having their kits manufactured by new boys Castore, which means that – unlike Celtic - they won’t receive a large advance from them.

“Add to that the fact that Rangers have no cash reserves while Celtic have £35 in the bank and that Rangers have no credit facilities with any bank and it’s an unhealthy place for them to be in at this particular point in time. They have no cash or access to cash and the only way out of that I can see is for their directors to issue even more loans and eventually convert them in to equity, which has the effect of further devaluing the worth of the club’s shares.

“Celtic fans regularly criticise major shareholder Dermot Desmond but they should be careful what they wish for. There’s never been a better time for any club to have a genuine billionaire on hand.”
"
Click to expand...
He's been spinning this shite for nearly 8 years, he's been wrong every time. If they have all that cash in the bank why they needing a 'genuine' billionaire?

This will be a hard time for all clubs, but the sevconian wet dream means they will only look at us.
 
For a start Castore have confirmed that there already has been a large cash payment up front.

Then there is the fact that the board have confirmed the shortfall has already been covered.
 
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