A statement to the stock market by Rangers International today confirmed that they are not a sustainable business, have no bank credit facilities and are unable to accept debit or credit cards for season ticket purchases.
These revelations contravene SFA licence requirements, which would need to be met if the club wanted to participate in Scottish football in season 2014-15. Before attaining a licence for the forthcoming season a club must demonstrate that is has the finance available to complete its commitments. Newco Rangers have confirmed they are currently unable to meet this requirement.
Perhaps anticipating their next move, the statement added, “Should the Club suffer a substantial decrease in season ticket income in the next two months, then it would be unable to trade in the short term without seeking additional external funding”. You suspect this two month timeframe will prove to be significant.
That supporters who chose to automatically renew their season tickets cannot do so is demeaning. The financial uncertainty behind a season ticket purchase is such that people have been asked to pay by cash, cheque or direct bank transfer. Utterly, utterly, demeaning.
I sincerely hope whoever is in charge of taking money from fans is in a position to pay them back in the event the club fails. With this weight of evidence, to bank and spend the money regardless would be despicable.
A few points to bear in mind:
No one is in control of this situation, it was not planned for and there is not a silver bullet to resolve things.
The shareholders and are not a homogenous unit, they have different priorities, aspirations and stress points.
These two things being the case, any amount of carnage can take place once the inevitable crash occurs.
The only plan I can think of goes along the lines of, “Hail Mary, full of grace……..”
Sandy Jardine
I know several CQN’ers were good friends with Sandy Jardine, each of whom assured me of the man’s good character. Sincere condolences extended to all his family and friends.
Signed copies of Yogi Bare – John Hughes autobiography, are available now:
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Hail Hail
Back of the net!
Kit , i just use page markers to note where i had read to – surely only 2 bookmarks mean it was an ‘un-put-downable’ read ?!
No ?
Sanna (justpullingyourchain csc)
Wouldn’t mind a couple of recommendations on the subject myself . You’ve got my addy .
traditionalist88
12:25 on
25 April, 2014
Phyllis Dietrichson
The download from LSE is 6 pages, which is ~20days per page:)
Nice work if you can get it:)
HH
5th
H.H. ?
Shortbread saying there will be at least 20 redundancies
So Sevco entered into contracts without using lawyers…
Hmmmm….
Paul you took the words right out on my mouth to quite an old song.
The SFA shouldn’t but WILL grant these shysters a licence to play football.
neilbhoy
12:19 on 25 April, 2014
‘Ernie Lynch – please just give your hatred for the SNP a rest for one day and let us all enjoy the shenanigans at Ibrox instead.’
###
I’m only responding to stuff posted by nats. I’m not initiating any of it.
Why don’t you address your comment to those nats who constantly introduce their political hobby horse on here?
Would that not be more appropriate?
SS news
Suggesting Huns playing budget will not be affected next season
Assuming they don’t go bust ….how so ???
Jamesgang , are you making BMCUW’s hootenanny on the 10th ?
Need another (relatively) sober head to give me hauners when the day deteriorates into drunken raucousness .
Sanna
A short summary of the report is :
‘ Trading while insolvent ‘
kitalba
12:23 on
25 April, 2014
Kit
I have recorded the program and will watch it later.Like you,I have a jaundiced view of history programs and look out for political bias which can often be detected.
There never seems to be a mention of British,French or Indian forces involved at Gallipoli.
Only Anzacs.
Jonny the Tim
12:17 on 25 April, 2014
‘If only Imran Ahmad had cited Visa or Mastercard as witnesses at his recent court case, he would have managed to get his dough ring-fenced!’
###
That action’s still ongoing.
Maybe Ahmed should have another go at arresting funds.
The ftse has taken the news well……..not
I am going to go to a couple of local bars and buy a malt whisky in each. To celebrate. Feel free to join me.
!!Bada Bing!!
12:28 on 25 April, 2014
‘Shortbread saying there will be at least 20 redundancies’
####
Please don’t let it be Sally.
Emmmm, let me think of something appropriate to say…
http://www.youtube.com/watch?v=zekIGdWdOp0
Sanna
Whit ..nae drink
Has last years golf outing put you off for something ….
Or was it the earring
Kitalba
You are dead right this is an Executive Summary.
I would get fired if I presented that to my boss after 127 days!
I wonder if the Armageddon word will crop up again?
Sandy Jardine
A real decent guy and don’t forget when he and Danny Bhoy were playing they were regarded as the best two full backs in the world,fact!
R I P
KINGLuBO
Ernie- hope not :)
PFayr. You have to suspect there is more going on behind the scene than we know about.If todays review report is the sum total of the situation in my opinion they wiil not survive the summer.However,for me they are to calm about the whole situation which makes me wonder how much is smoke and how much is mirrors. H.H.
Surely the partnership with the Dallas Cowboys will see them alright……
Is the £30 mil figure a jibe at the Lying King?
RIP Sandy Jardine.
Paul to you think the SFA will actually refuse them a license, or perhaps give them a chance to raise funds by threatening to remove license until the newclub is not contravening the licensing rules. Personally I think they will make no comment.
‘Tis a good day to return after a 7 day sabbatical.
F = Friared (as in a small rotund monk called Tuck)!
H!H!
Bada bing
What about the 500 million fans worldwid
Paul67
Nice summary. The rules will be contravened by the SFA but on this occasion will our club allow the rewriting of these rules to pass without comment ?
I just wonder how many more milestones in this farce pass without some public leadership by the club.
Big Wavy
RIP Sandy Jardine
Know a few people connected with Rangers who said he was a good guy.
Canamalar, Auldheid and RBTH. RE: SFA licence requirements.
http://www.youtube.com/watch?v=dzOHq5WbQ8k
Hail! Hail!
!!Bada Bing!!
12:37 on
25 April, 2014
Surely the partnership with the Dallas Cowboys will see them alright……
==================================
Bada Bing,
Like yon bird Debbie from said State….
They’re F’d
120 days for a 6-page report?
The report has been either heavily edited (i.e. omitting financial details at the last minute) or it was an alternative draft (Plan B) as they were looking for finance options up until midnight last night.
macjay1:
If you watch it your going to waste an hour of your life. Trust me.
PFAyr , not at all . main lesson from last year was not to try and match your fine self in the red wine stakes – you do have an unfair advantage over most mere mortals.
We have a group of 50 kids at the early kick-off the next day and a 1stHC for our junior Kapo , Deccy – it would be preferable if i didn’t show up smelling like a brewery/distillery.
PS the earring suits you – is there any truth in the rumour that you started wearing it after the mrs found it in bed ?!
All in all,the news was even better than I hoped for.How anyone can spin this is beyond me.They are in the gutter.Will not get out of the gutter.Is that not what we always wanted?.Their agony to be an ongoing thing.The fallout from this “Peace in our time”piece of paper will be horrendous.Bear on bear action.Marvellous.
I am sure King will be on shortly with a giant crowbar to stick in the spokes.We all know the average bear is dumb.All this bickering will only confuse them to the point of distraction.
120 days,for that.Wonderful.
http://www.rangers.co.uk/images/staticcontent/documents/RangersBusinessReview.pdf