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gold medal?
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podium
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1st?
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Paul - where are the ads?
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Paul67
Thansk for the article.
Securitisation seems to be quite a scary way of dealing with the debt problem without knowing that much about it
Just a couple of things that struck me - we all know the monumental problems Leeds created with this approach but has anyone tried it and actually succeeeded?
Also who puts the money up in these types of deals? Is it banks or VC's or other less traditional equity providers?
Again thinking on the problems that Leeds had would these people be ready to jump in again or is the deal so bullet proof for them that there are no issues except they make heaps of money regardless.
It seems on reading your article that this truly is high wire stuff from "the mint"
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Dammit Paul, you draw the sting out of my best stuff by posting new articles too quickly. So I'll repeat myself:
On the matter of those who support us or the dark side, I can categorically state that Dr Dolittle is not one of us.
He actually does care what the animals say.
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If David Murray can bring in 30M quid basically to convince Le Guen to come then it would adhere to Murray´s previous stratedgies.High risk ! 30million will not get them much but it will certainly propel them into the CL competition. In other words speculate to accumulate.
I said before that Rangers need to fend off Hearts not Celtic. Rangers need CL money and that plan is nothing new. This proposed cash injection is just to get them back on track.
Paul67 I think your analogy to Leeds is a very poor one. You miss the Andy Davis factor completely. Somethind that History tells us that Mr. Murray can always rely on!
I wouldn´t dismiss it so lightly so quickly but would advise watch this space and watch the SFA, SL, SPL, Strathyclyde Polis and the media and the BBC go into overdrive.
Again nothing for us to worry about if we keep the faith and the Celtic board keeps one step ahead.
Hail Hail
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Vote For Celtic!
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Nice to see that CQN can help fellow tims.
Everyone should read this article from the E-TIMs :-
CLICK HERE
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I don't know about leaving them behind for a generation. It's a nice thought but Scotland is a smaller pond that England. There aren't as many competing teams up here.
They will always be there or thereabouts.
Currently grazing in Bellshill
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Evening Paul,fellow tims and Edward
Wee quote which may interest you Paul hidden away at the bottom of an article.
"THE future of a clutch of national newspaper titles, from the tabloid Daily Record to the broadsheet Financial Times, are expected to be called into question this week as their owners unwrap news of disappointing trading as a result of lacklustre advertising revenues."
Maybe they are going downhill quicker than we thought.
Kano
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Paul,
This is why it is so important for Murray to sign up Le Guen. Their fans will not accept selling an asset like the Retail side for money to go to Billy Davies or any other up and coming manager - it will have to be an experienced manager or at least one that the fans will recognise. For that reason alone i dont think you'll hear a peep from Murray until Le Guen says ye or nae.
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Paul67
Couple of points - there are only so many times you can go to the well. When do you think mour next share issue will be and under what premise will we be asking for money?
I think it may be some time.
Regarding a "lifeboat" to save the good ship "Dignity" I think it will be some time before one is organised. It would be a takeover and not a help up, too many people have had their fingers burnt dealing with Dodgy Dave when it comes to TFOD cash injections.
Only when DM's ego has safely left the building will any re-building take place, my guess anyway. The help is out there but I think they will only come when the water is lapping around his nose.
Finally any thoughts on a GIRUY to TH over the potential deal with JJB Sports?
We live in interesting times.
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Securitisation works great where you know the future income streams are pretty safe. It also allows you to access cash early on assets that would only pay out further down the line.
It's still borrowing though, with all that entails.
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Hello folks.
I just had it pointed out that my repeated views on a certain Celtic website had become a bit sad and pointless, etc and that a few bloggers wrote about it a week or so ago.
Well I got my point across and used the popularity of this blog to do it. As I mentioned the website writer could not be contacted.
I don’t stay in a green tint world but the constant negative tone of the not to be mentioned website peed me off.
I have moved on and the bee is now out of my wee Fergus type bonnet.
Sorry to Paul and others
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I think Rangers missed a historical opportunity when they were in their 9 in a row run to modernise the club in a profound way. In my generation, the 60´s & the 70´s, they did not consider changing their policy of only signing those of a particular religious persuasion. They finally did it in the 80´s & 90's but having done it and then signed blacks, moslems and all the other religions they needed actively to embrace this multiculturalism. However embracing this multiculturalism required first and foremost coming to grips with their feelings about Celtic.
St Anthony, or was it Shamrock Diary? wrote a good piece recently explaining that the raison dêtre of the Ibrox club in the beginning was to be a rallying point for those in Glasgow who were anti- Irish and wanted to stop the advance of a footballing phenomena called Celtic.
Incredibly this has come back to haunt them in the last few years. When all the world are praising and complementing Celtic for their friendly fans and the great atmosphere in their stadium and for being a decent club, Rangers' followers are belting out racist songs against Celtic at top volume, even their directors!!
In order to match Celtic's global appeal Rangers need to offend as few people as possible but they manage to start off by insulting the majority of Christians in the world. Never mind those who are followers of Islam, Buddhism, ism- ism, etc, they haven´t even got started on them yet. Who would want to invest in a company which condones and increasingly encourages this.
Business is like football, you have got to take the chance when it presents itself. They were standing right in front of the Copland Road at the beginning of a new Millenium and they blasted it over the bar. Now it will be more difficult than ever to change.
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Personally I feel we should keep our own counsel and remain schtumm till we know what if anything the dark lord finally announces.
We can predict( guess) all we like and there's more than enough of that going on already for my liking.
All of us, Paul and CQN will look pretty foolish if he does indeed manage to produce something quite spectacular and TBH I wouldn't put it past him.I hope I'm wrong but there are many very wealthy huns and hun owned companies out there hurting like hell and they won't allow 'them' to fall over the cliff into the abyss and onto the rocks of deep despair.
Believe it, there's no way that will happen.The very top Power lords of this land will sacrifice the mint (and the succulent lamb) long before that could become a serious possibility.
Paul, I think we are engaging in flights of fancy and bouts of wishful thinking.We may and probably will enjoy a period of domination but I wouldn't count on it lasting too long.
'Them' have been pis* since MON arrived and our domination should have been well into its 5th season by now .It didn't happen due to various factors and sods law.
Well said that man who opined that we need to be on our guard and the Board and management had to keep one step ahead for this is truly the way to domination.
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Rintimtim
Not sure the bluenoses signed Catholics or others out of any desire to show themselves to be unbigoted. They did it to show off that they had money and we didn't, and to create the dream of being a glamour club.
Basile Boli was apparently told not to cross himself before games; and apart from le petit merde, Neil McCann and John Spencer, I don't know of any other Scots Catholics they signed in those days.
(Maybe this is exactly what you are trying to say - forgive me if I misread your post)
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Paul,
Regarding your new article, do you think the media share your views and are unwilling to report it, or are they really so ignorant of what is going on that they bury their heads in the sand? I really hope it is the first one
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On another subject - i have contacted the Scottish Executive, Nil by Mouth, Radio Clyde, 3 of Scotland's National Newspapers & Rangers Football Club regarding the Govan Stand placard message that was held aloft at the start of the Rangers v Villa Real match.
The media in particular paid no notice nor condemned this unsavoury banner which was authorised by the football club themselves. For those who missed it - the banner displayed the words 'We are The People'. This message depending on your angle has various connotations, however like the infamous Rangers Orange kit from a few years ago, which we were told was a tribute to the Dutch contingent at Ibrox, it has serious undertones that have more in common with the Third Reich than that of a Scottish Football Club.
I don't want to open any kind of debate on CQN re this subject, but i thought it was important to seek some kind of clarity on why this was deemed acceptable for this to take place.
The Scottish Football Community don't hesitate in condemning Racial/Anti Social behaviour of any description, however when it comes to matters of a sectarian nature that exist within the game, they would rather ignore it.
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Timoot
While agreeing with your point about not speculating on what, if anything, David Murray is up to I do feel the need to come back to you on 1 point.
You say he might manage to 'produce something spectacular'. I have noticed a few cqn posters seem to be thinking along these lines.
Can we clear here that we are talking about money. Money, to the best of my knowledge, cannot be produced out of thin air. This idea that because we see Murray as the devil he is able to do black magic and conjure up money from nowhere is ridiculous.
Also although Rangers may indeed be doing a deal with JJB Sports. The last time I looked JJB Sports were a PLC with a market cap of over 400 Million, I very much doubt they'll be taken for a ride by Murray.
My only worry with JJB is that they might actually give Murray some advice on how to run a football club properly.
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VargasShampoo,
I listened to that game on Radio Scotland. I was amazed to hear the commentator refer to that banner as if it was a club motto or something. The inference was that there was nothing wrong with it. Surely, in this day and age, one section of the population can't claim to be better than another? And, surely the BBC should know that too!
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VargasVosene, ;-)
I noted the recent hullaballo over the prophet Mohammed cartoons printed in a Danish paper and compared it with the booing of Pope John Paul II minute silnce by Hearts fans and the subsequent obvious and embaressing quandry that the SFA and the SPL and the Strathclyde polis found themselves in. The question is why was it a quandry? The booing was on CNN (not CQN) that night. If there was anytime for Jack Mc Connell and his corrupt mates to do anything about it even just to been seen to do something about it, it was then. It was not a missed opportunity but another excercise in careful management of the Scottish media.
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VargasShampoo,
I think the ignorance only appears when the said Racial/Anti Social behaviour takes place at certain venues.
I can think of one venue,certainly,where the connotations of such a display,would be widely reported.
Can you imagine the apoplexy if there was a card display with the words, Tiochfaidh ar la, at Parkhead.Do you think it would be seen as merely a Gaelic phrase meaning our day will come?
Sadly,this is just another example of the non reportage of things we see going on like this all the time.
Some things never change.
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I think the reason so many Celtic fans are worried Murray might just pull a rabbit from the hat, is that we have been bombarded by press misinformation for almost 20 years now that Murray is some kind of genius.
Murray is a genius in one field - media manipulation. He is so good at it that even I, despite what all rational thought tells me, have a nagging doubt in the back of my mind that he might be about to announce something significant.
We need to remember that every Murray failure is lauded as an example of his greatness. I remember in the Daily R*****, Joe Lewis' misfortune to lose millions investing in Rangers was presented as (to paraphrase) "...the greatest example of David Murray's ability to get money out of people."
As FrankieBhoy has pointed out, Murray cannot produce money from thin air. All he can do is spin, spin, spin.
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A little bit of Dignity does you good!
Whose side would you like to be on?
Check this out!!
http://www.youtube.com/watch?v=pD3vIPs71Bw
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Its a changing world and not about the money
Barcelona striker Samuel Eto'o is considering moving to Chelsea in order to escape from the racism in Spanish football. (The Sun)
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Timoot, I contend that Celtic are in our sixth year of domination right now. We have lost a few cups and two leagues on the last day, but we have clearly been the dominant force in Scottish football since 2000.
Jack, Scotland on Sunday broke cover on Rangers retail and merchandising being up for grabs yesterday.
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Paul67, could these funding strategies reflect our failure to get into the EPL:
IF PL was quoted correctly, last year (Jan '05) he stated that joining the EPL was key to fulfilling Celtic’s ambition and he was confident that we would join probably as early as 2007. This year (Jan ’06) all but rules a move out! Why the change? well the new EPL TV deal starts in 2007, if the O/F were to join, it had to be then.
Celtic have been fairly prudent while waiting the invite from our Anglo Saxon cousins, when these plans were dashed another strategy emerged with the share issue at it‘s heart, supported by DD giving vocal and financial backing.
Mr Lawwell:
No future EPL TV deal, less CL revenue than expected, yet announces share issue to fund debt reduction and future facilities.
Mr Murray
No future EPL TV deal but receives more than anticipated for CL, yet has to securitise (CRITICAL) future income (in effect debt increase), just to prevent decline.
In hindsight the ELP was ‘key’ to Celtic’s ambition and ‘critical’ to Rangers.
PS: Robbie Keane to be announced as new ROI Captain, does this mean Roy the Bhoy is 100% retired??
PPS: Moving to Chelsea to aviod racial abuse - cahnge days indeed!
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They would probably point out it had an extra 'h' in it too.
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12:43 big liam - thanks for the link
Good story on etims about Brazil, well worth the read.
More power to CQN for helping out a tim on his travels and well done to Rioskorrie - CQN's resident correspondent in Rio De Janeiro
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Vargas shampoo
Well done on the card issue !
I emailed the Herald after GS said the Rankers fans deserved some praise for their display last Wednesday - nothing printed nor replied even - there's a surprise.
On radio snyde Hugh and the lads took the line that after all if there are 50,000 doing it what can the media do ?
Outraged I emailed them with some suggestions
i.e. report it for a start !
press the club for action !
Ask about the "enquiry " into the san Siro sing song ! etc
Again - no reply !
Yet in the Guardian today the French PM is quoted as saying a "fan" giving a Nazi salute is a "lout" not a fan and should be treated as such !
I wonder if Mon. LeGuen knows just what it is that he might be about to lat himself in for !
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Ps sorry about the Allo allo spelling at the end !
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does anyone know why rankers dont do a similar share issue as celtic???
is it becos of ofex?
altho there last one didnt bring in much new money, murray said during the issue he didnt particularly want/need the fans to buy???
why not raise a quick £15M thro a share issue? i dont understand it...
all celtics issues were oversubsribed and unless im wrong they have only been to the well twice (fergus' sale was not an issue) so there is plenty left in the well imo.
especially if done from position of strength and contained some special offer
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Kirsty,
even the teddy bears are not going to throw cash at a company 500million squid in the red.
Lets not forget this is a company that couldn´t afford 100K to secure the services of Derek Riordhan who the very next day set up one of the goals to deny them a possible 750k-1m cash windfall from the Scottish cup.
Its going to cost Rangers 3m just to pay off Eck and his staff. A similar sum just to get FanFan off the books. Le Guen has a backroom staff of 7 employees that is a pre-requisite before he takes up the job and turned down 1.2m a year which is not much if you consider what Sven is on.
As my old man always said; No news is good news
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I'm really stuggling to work up any kind of ire over the "We Are The People" card display. Does it have connotations? Or are people just looking for them to make a fuss. If Leeds United were to organise a "Come On The Whites" display would you expect the Commission for Racial Equality to make a protest given Leeds' recent history? I certainly wouldn't, they'd llok like idiots.
I'm all for making a complaint when one is genuinely required, but this is patently ridiculous.
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Paul 67 et al,
I've been reading most of the blogs over the last few weeks re Paul Le Guen and the mints attempt to bring in additional investment.
More and more word on the street, particularly from some mates with strong ins at the castle on the south side, is two fold: -
1) Le Guen IS going to ipox.
2) JJB sports ARE about to stick a lump sum into the pot.
From our point of view, we should natuarally only be concerned about keeping our house in order. However, we cannot assume that rankgers will not improve with these two inputs. We should be watching developments over there, and at the very least be concerned.
The Celts have done well this season - in the League - if not in Europe or Scottish Cup. Both of these, because we took the competition too lightly. We CANNOT afford to do the same with TFOD.
We are far from the finished article, and we have to add to the squad next season..quality that is...
We have had a good laugh this season, with all that is going on, over at the £100M????? stadium. I'm sure HBOS will be watching the "group" status over there very closely. A combination of a good coach, with a sensible lump sum, can bring excellent dividends in Scotland. Just ask Martin O'Nell.
I hope that Paul is right and "plan B" kicks in. However, I am starting to have my doubts. Either way, Celtic must improve, while keeping a wary eye on TFOD.
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Weeminger,
what if it read "You Are Not a Person" ?
Would you be inclined to think differently about it ?
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The most recent high profile racism case in these islands was the complaint made by Brian Kerr about the abuse the black Irish players were getting from some of their own supporters.
I imagine it was only one or two sad individuals but outside of a conspiracy theory I also imagine that the writers of the hatemail were not regulars in Paisley Road West.
As Rangers were founded in 1872[?]and we were founded in 1888 it seems unlikely that they were founded with a view to pre-empting something which would not happen for another 16 years.
My understanding is that initial relations between the clubs were very cordial,and the roots of the animosity lay in the arrival of large numbers of Ulster Protestant shipyard workers on the Clyde at the beginning of the 20century.The fact that by this stage Celtic had
outgrown their original charitable roots to become the driving force behind professional football in Scotland would only have intensified the rivalry.
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Awe-naw
That's the point Weeminger is making, you have to read into it. You don´t need to read into some of their other chants and those are the ones which should be banned.
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I've got a £190 MOT bill to pay, and no money to pay it, where do you go when the bank says no?!
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Rintim,
sorry but there is nothing to read into it. It is a racial supremacy chant. I suggest but only lightly that as you have grown up with it you more readily tolerate it. Any independent body would find it quite simpyl appalling. Quite uncivilized behaviour in todays society. The other chants you refer to are sectarian against catholics and anti Irish. The wee narrow minded people chant is just as obscene if not more so
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VargasShampoo,I echo your sentiments completely.we are the people,is the manifestation of the belief of a superiority therefore racist as befits UEFA's definition.
I believe if UEFA CLOSED Ibrox we would see a dramatic improvement in the racist behavior displayed by their fans.
Forget about our media,the responsibilty and abilty to force change lies with David Taylor in his capacity as a member of UEFA'S Disciplinary commitee.
He was party to the CLOSING of Steau Bucharesti's ground for racism,an incident on a much smaller scale than any racism at Rangers European ties.
Contact him or Dereck Kirk who is the Sfa's new security advisor.
I asked Derek Kirk to make uefa's match delegate aware of the content of Rangers songsheet.
Hurting people in the pocket is the only way we will see change in this country.
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Yes, ANNAOAN I fully understand the inference of the slogan. But any slogan of that nature eg "we Are The Greatest" etc ad infinitum can be construed as casting all those not classed as 'the greatest' etc to be second class. Do we therefore consider any such slogan to be contentious and worthy of outrage. I don't think so.
As I said, complaints about 'up to our knees in fenian blood' being clearly audible on the radio and tv are fine as far as I'm concerned, but when we start picking at every single thing for the possibility of some slight or offensiveness I don't belive we do ourselves any favours.
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I agree with weeminger, so what if they want to call themselves the people.
On the plus side at least I've learned that the collective noun for orcs is a people of...
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FFSJim
If you aren't optimistic now - you never will be. I suggest you get used to being a life long pessimist.
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I have no idea about the figures but say Ranger's sell off their retailing outlets for a lump sum of around £30m where will this money go?
Well from my understanding the money in needed in many different areas - it may be divied up between these areas or used to achieve a pareto's 80-20 rule to solving problems.
Whatever the case I can only see it as being high risk.
The money could be used to pay McLeish and his backroom staff off (if needed) and to get Le Guen or an other in.
There will also have to be money spent on signings, although their current squad on paper shouldn't be any worse than it was last season.
The big problem comes when justifying spending this money when in so much debt; Murray Park also has to be kept up and running and remember selling retailing outlets will decrease income significantly.
Wages for new players over the length of their contracts also has to be taken into consideration.
The only thing that worries me and this may not even be an option, is that Rangers use some of the money to build out of town stores in good locations and are left with more money to spend than they started with and keep their revenue streams.
Whatever happens though, if this deal does happen, Ranger's will need to get it spot-on or risk everything.
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We are the People
Apparently, if you can believe what you read on here, both Rangers and Celtic fans belted out that chant in the 70's. I have my doubts but at least 2 posters on here recently said they heard it. I tend to go along with WeeMinger - what's to get excited about - what does it mean - are we supposed to be non-people?
And even if we are supposed to be non-people - I've been called a lot worse than that. Now the other stuff they chant……that’s a different story
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Good point on the card display at the Cl game last week. I seem to remember an advert for The Louden Tavern being pulled from Real Radio last year after they used that particular statement as their byeline. Infact, I think it may have been appeared in a few of the newspapers and there was a statement from at least one of the anti-sectarian bodies.
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Kirsty ...
Share issue in Govan = DM's loses control, he has spent a lot of money buying everyone out to make sure it becomes private and hidden in the bowels of his main company.
New shareholders and he will have to shed more light on it's financial make-up.
The books and his ego can't support scrutiny.
Also who would put in money to keep the old guard in power when they can hand fire for a couple of years and buy in to the lifeboat with part of the money going into a company you will be controlling.
Finally bit of speculation, does everything mentioned here suggest that DM is aiming for one last hurrah?
PLG = Two (poss three) year deal on big money. He treats it as part of his pension planning, holds his nose and takes the money.
CL positive cashflow + JJB deal = Debt cleared on June 30th. Bank is happy to see the debt halved, DM clears it for a day to get the good headlines. Consequently £10mill available in credit from the bank.
£10mill injection + "Fire Sale" revenues = Player investment for 2006/07. Heavy staging and sell on clauses inflate the figures for the sake of good headlines. Working for today not the future - "Quick Bodge it and Scarper".
Two year sprint to win the SPL and make their mark in the CL proper, not win one game and rely on luck, Big Eck style.
DM leaves the club in a blaze of glory to spend more time with his ego and hands the club over to whatever sucker has the cojones to unravel the books.
End of story?
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FFSJims post at 2:50pm sums up my feelings on the subject of the Rangers situation. I too would be concerned if LeGuen and a big investor became reality. Maybe its just paranoia on my part, but I cannot believe Murray wont somehow pull a rabbit out of the hat. Failing that, I think that Scotland being the country it is, would not stand back and allow Rangers to go under the way we so nearly did in the 90s. Then again we can but hope!
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new article posted on www.thelordofthewing.blogspot.com
help the jungle bhoys?
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Are rangers actually in as much debt as we're led to believe?
The Group is in Debt to the tune of £500M, but most of this is from DM's new property empire.
Did they not transfer most of the debt out of the club? I'd imagine any money raised by the club, be it sponsorship, securitisation, lamb sales, would stay in the club.
I know the debt will need to be paid at some point, but that could come from Murray Intl Metals or over time from the property business.
just a thought.
Hail Hail.
Phob.
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Frankiebhoy,
I'm not being negative, merely highlighting that we cannot afford to take anything for granted. We've done that before and paid a heavy price.
I wan't to keep them down and we can only do this by constantly improving. Also, by NOT assuming that when we win the league this season, that we will walk away with next year.
The main point that I am trying to make is, a good manager with a chunk of dough can do well in Scotland. We may be streets ahead of them in the League just now. How many 20 point swings have we seen in the last five/six years?
We have to remain vigilent and make sure we remain the top dogs in the SPL..
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Ardoch 3.01
You go to the pawn shop (or JJB Sports), hand over something valuable for which you receive a pittance in return.
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Paul et al,
To test the question set out in the headline, I called upon Jeeves. This man can answer questions like on the net like no one else.
Jeeves response offered up one highlighted sponsors answer. It read:
"Childrens piggy banks"
How apt....
Hail Hail
Martybhoy
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I agree with wee minger,
"Up to our knees" is offensive, so is follow follow as is Simply the best. To me orange strips are offensive, banning pepperami and eggs benedict also. The colour blue is not offensive to me but put it next to red and white and I get very annoyed.
If I were less gracious than Edward and was of the other persuasion I would also be offended by the terms Orc, TFOD, GA etc, etc.
I get offended simply because they are rankers. Its in my blood, I am the opposite of what they are.
Good luck trying to sanitise them, but they will still offend me.
I will also be the first to buy Edward a pint if I ever meet him.
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Phob 3:33PM
I believe he sold off MIM a couple of months ago. £120M, or there abouts?
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To anyone,
Did the deal that DM had to buy out Enic not include a payment if they made it into either the EPL or out of the group stage of the CL?
Ardoch - to the bus stop!
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Shamrock Diary:
Securitisation is well known and has been done successfully in many firms - Leeds Utd got it wrong by expecting season ticket revenue to remain at the levels they were getting at top of the EPL/entry in champs league level – though it was only part of what brought that club down (equal blame could be attached to the ludicrous salaries handed out willy-nilly and Ridsdale's goldfish being driven around in a chauffer driven limousine).
Investors are pretty broad-based in "proper" securitisations (i.e. pure revenue stream securitisation) often insurance companies and pension funds as the future revenues are pretty robust and offset their liabililties – though in this case it’s more like sale and leaseback – selling the shops then requiring a rent for the “official” Rangers branding.
The most common securisations are things like banks securitising outstanding loans - they put all the outstanding loans for the next 10 years into a big pot (say £100m), work out the revenue they expect to get on an annual basis, then sell this pot off at (for the sake of argument) 80p in the pound, or £80m. They get 80% up front, shift the debt off their balance sheet, freeing it up to use for other investment cases (they are only allowed to hold a certain amount of debt versus assets). The investors, who don’t mind waiting for their money then effectively get £15m profit on their £80m investment (we assume there will be say £5m bad debts/non performing loans)
+ The Securitisor (not sure that’s a word?) is happy – ok so they don’t get the full value of their asset but they get a decent lump sum of cash meaning their capital is freed up for the next investment.
+ And the Investors are happy – they get a decent return based on proven revenue streams – £15m over 10 years at low risk (proven revenue)
As to the question of whether these schemes are bullet-proof – there will be a hellofalot of small print – non-compete clauses etc – it would be nuts to buy these shops then let Rangers undermine the business proposition either by opening new shops or promoting the online option at the expense of the sold shops.
Bottom line: the firm whose assets get securitised will get less revenue overall than if they hadn’t secured the assets – which is why, Rangers who are in dire need of money to replace (not rebuild!) their squad of misfits, have to resort to this. We are more prudently run financially and have our debt under control and plans to reinvest our reduced wage bill into new signings. For me, I don’t think this is something we need to copy.
I say again though, this is not securitisation per se, it must be the contractual positive spin required by Scottish papers to write anything on Rangers finances
Q1: Is this the start of the Mint’s exit strategy? Offsetting Rangers debts/spending against future revenue = getting the money now to offset his losses over the previous years before bailing…
Q2: I wonder how many Celtic shirts JJB will be selling through their own shops over the same period.
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Well.......If JJB puts one thin dime into ipox then ........I and many others wont shop there ......do you think JJB has thought of that????
I feel a email campaign coming on .......... :-)
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weeminger et al
I don't care at all that the buns want to shout or display that they are the people - however we should not be scared to call it for what it is !
If the tv cameras had panned round orcville after the cards had come down - you would have seen them giving their "ulster " salute. again if that's their bag let it go but call it for what it is - i.e. a bunch of Nazi racists.
The slogan is cut from the same clothe.
The change in the signing policy was forced on them and was imposed from above - despite the many fair minded GRFC supporters like Edward
- there remains a significant percentage,perhaps a majority that buy into the whole supremcist claptrap that Fascist, Fascist panders to !
The Old Firm is often potrayed as two sides of the same coin. This is patently not true but we need to keep hammering away to get this message over !
They are racists - we are not!
rant over !!
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Sir Paul,
The Boss, thought you might like this one.
As you know,Fargo is convinced that Mr.MURRAY is going.....as the POOKAH says....... TO DONKEY ISLE!
..............................
Baldy and Ray were in deep discussion.
"But, Boss........ Last year they were gettin' 55 cents a pound!"
"Wow, now youra talkin'...Big,Big, Dough!" Ray, Was impressed.
"They tell me that in Atlanta, ya can pick them up for 40 cents a Pound....... Ah can take the Truck up there,tomorrow, 'n be back on Tues.
Sell the lot.... and take off on Wednesday...... Be back Friday..... sell the lot........ Take of on Mo......."
"Hold it, Hold it," Ray interrupted, peevishly.
"If it don't work out, Pal.... It will mean that we will LOSE THE FARM!~"
Trust me, Boss......it's a cinch!"
"Well, Baldy....whadya waitin' for??? Take off!... today!"
"I thought ya'd never ask...... the Truck is all topped up..... Atlanta Here I come...." Baldy took out the door, running..... He was grinning from ear to ear.
One week later, we again look in on the Boys.........
"Now THIS is a fine Mess, ye have got us into!!!" Ray was angry and worried sick....
"How did I know that THIS YEAR, in Florida..... PUMPKINS ARE SELLING FOR 25 CENTS a Pound?????" Baldy was in no better spirits than Ray.... things were not looking too good......
Just at that moment, Mr. Skeezick, ambled into the office.....
"Mornin',fellows........How are we fine gentlemen,this bright and cheerful day?"
"Not too good, Mr. S......This sucker got us into a raw deal with the Pumpkins ,it was like this......." and Ray proceeded to explain to the Erudite Mr. SKEEZICK, their financial dilemma.
Ending the sad tale, Ray continued to rue........." So the Pumpkins cost us 40 cents a pound in Georgia and all we can get here,is a lousy..... 30 cents a pound!..things sure DID NOT WORK OUT AS WE PLANNED!!"
After listening sympathetically, to their predicament....Mr. SKEEZICK.... wisely nodded his massive head,in Sudden Understanding......
"Boys, I have the solution to your Quandary...........
the Answer is simple.......
GET A BIGGER TRUCK!!!"Mr.SKEEZICK,exclaimed.
Happily, the boys grabbed each others hands and danced merrily in a circle.........
"Gee thanks, Mr. Skeezick...... Now why didn't I think of that?"
Ray asked gaily as Mr. SKEEZICK strolled out of the Office.
..................
Sounds good ta me?
Whadya think,pal??
Buttah....... Pureee BUTTAH!!
Hail! Hail!
Kojo.
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Frankie i am not pawning my collection of Sidney Devine's country classics just yet!
Celticbhoy, the bus is not an option. Robbing a bank might be.
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jocky bhoy,
Could you please explain why a company would reduce their debt by some 50Mil and then securitise an imcome stream for 18-30Mil?
Is this cost effective, manipulating the balance sheets or a n other?
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The follwing article give some detail of the deal Everton did with JJB, hardly earth shattering :
EVERTON Football Club has handed over the running of its retail operation to JJB Sports, describing the industry as "extremely tough."
The new agreement will see JJB plough more than £1m into the retail side of Everton when the contract comes into effect on June 1.
The decision to outsource the retail division of Everton to the professionals has been made amid a tough retail climate in which many clothing retailers have suffered a sales downturn. In the recent past, Everton has struggled to break even from merchandising sales.
The deal is on top of Everton's existing five-year, £10m contract with JJB, signed in 2004, when the sports shop brand became the official retail partner at Goodison Park.
Everton chief executive, Keith Wyness, said: "Retail is an extremely tough area of our business and by moving off in this particular direction it will benefit both the club and the customer.
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Never been great at the riddles but I think I've got this one...
Because the pitch isn't fit for UEFA standard football they are going to grow pumpkins on it and sell them in the states from the back of a big lorry?
Now that really does sound much more realistic than Canal+, T-Mobile, Tom Hunter, Coca-Cola, Canadian consortia......
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JbK712,
top rant !!
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Jocky Bhoy
Excellent explanation of the arcane world of securitisation. As I say, it's still borrowing in the sense that you get less than the actual value of the money in cash up front (cf normal debt where what you pay in future is more than you get up front).
The key is always the same: quality of asset/collateral (which determines the interest rate); and whether you can spend the cash in earning quality revenue. I have my doubts about both.
On the question of offensive songs, I wonder if 'Follow Follow' was being sung in Dublin on the weekend (especially THAT line)?
Sorry Paul, I'll stop with the politics now!
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Kojo ........
i've like most are completely lost on this one ........give us a clue .......please.....
failing that i've got a 2 ton truck for sale.....
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The worst case scenario seems to be Paul le Guin taking over at Ibrox and being given in the region of £20,000,000 to spend. It's quite hard to take that seriously, but say it happened. How would he rebuild Rangers? Would he go out and get an experienced CL warrior to marshall his midfield like say, Roy Keane? How about getting in an incredibly gifted teenage sensation who could turn games in an instant, shoot with both feet and had already run AC Milan ragged in a CL game, like say, Aiden McGeady? How about picking up the best young talent in the country, proven to turn it on week after week, like Shaun Maloney for instance? Or pick up a few bargains at the world cup, a goal a game striker maybe, or a sublime playmaker who's two steps ahead of everybody else on the pitch? How about a big, confident clown of a goalkeeper who's instinctive saves save points and games and who's record on penalties make you confident every time he has to face them? If Paul le Guin can get those three it would be quite a coup and if he got them all in for the price the last guy paid for Barry Ferguson? Yeah, maybe then I'd be scared. What about getting an ex-player back, a £3m striker who's done it against Italy, done it against Man U, a guy who shares the record for the most goals scored in a single SPL game (5). Or what if he gets that Hibs guy, the defender who kept getting MOTM awards when he was leading his team to consecutive 3-0 wins at Ibrox this year. If he did that there's no doubt he would have a team that would see us quake in our boots. God, imagine going to Ibrox to face that lot with our dodgy defence. We'd be crucified. I doubt we'd even get a kick of the ball.
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What is so offensive/annoying, if the R****** "peepul", call themselves "wee arras"?
MadMitch
I asked this question the other day, but I don't think you answered.
Could you tell me, that IF Chairman Dave sells the R****** retail to JJB, or whoever, will they then lose all potential monies/profits from merchandising?
How much did/do they make in merchandising?
Chairman Dave insists that they outsell the rest of Scottish football put together. Is this another of his flights of fancy?
Cheers
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I'm relaxed about the Paul LeGuen / big announcement.
Wasn't the opening of Murray Park at a cost of £14m and then £2.5m a year meant to mean the end of the big spending days and reliance on foreign talent?
This club is badly run from the bottom up - John Brown takes the reserves for goodness sake!!!!!!
Leguen is nothing more than a short term / big name / smokescreen / throw of the dice.
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All this talk of Sectarianism...
I have to admit that although I am no longer a regular at Parkhead, I did rather enjoy the Rangers games in the good old days. One of the main reason being the atmo.
Now the atmosphere at Parkhead in recent years has become slightly flat for a number of reasons which have been widely discussed here.
One sure fire way to liven up the atmo is to have 15,000 opposing fans singing their sectarian bile. It certainly brought out the best from the Bhoys in the past and would continue to do so in the future.
I am all for allowing sectarian fans buying tickets (credit card only), sitting on numbered seats, being filmed on cctv shouting what the hell they want, as long as the consequences are followed.
Hey, sometimes I think it's better to give these idiots a public platform to get it out of their system rather than have them rolling up trouser legs and giving dodgy handshakes.
I also think it is sad and pathetic to shout, scream and plead for justice at the slightest display of blue nose-ism. Wait for the moment, then do it with style.
As Dr.Winston O'Boogie once said: a conspiracy of silence speaks louder than words.
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Kojo, if I can attempt to unravel the riddle:
Rangers return on merchandising (lets use the farming analogy and call this the ‘yield’) has been falling, and is less than anticipated, causing problems.
If the yield is falling what can we do? Sell the produce of more fields (future years income outside the analogy) to increase revenue today.
Robbing tomorrow to pay for today, after all, Murray will not be around tomorrow.
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