There’s your dinner! Newco are rubbish and plan to downsize

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Prior to this morning’s AGM, which got underway a few minutes ago, Rangers International chairman David Somers issued a statement to the stock market, which he intended to reading at the meeting.  It contains powerful insight into reality at the club:

“Graham Wallace (former chief exec) wrote a review [in which]he indicated a desire to spend £20-30 millions in reaching the top levels of Scottish and European football. After visits to various City institutions the Board believed that such a level of expenditure would be supported by the City institutions, and the then monthly rate of loss, would also be supported by the shareholders.  In the event, this was discovered not to be the case, because when we came to raise funds through a share issue, we soon found that there was a lack of appetite from shareholders to invest significant extra funds just to pay wages and utility bills.”

No.  Kiddiin’.  Sherlock.

That £20-30m estimate was conservative, more would actually be needed.  The funding requirement remains but it has grown as a result of newly-established commercial deals the club accepted to agree short-term funding in recent months.  Charles Green found fools in the City but that ship has sailed, it is staggering that the board believed going back to the same well would have been effective.

The penny has dropped, the most important aspect of Somers’ statement is:

“Accordingly, we have moved to cut costs significantly. Like any household, Rangers can ultimately only spend what it earns and, as has been reported in the media, we have moved quickly to bring our costs down and much more in line with our income.  Rangers Football Club has been living beyond its means for many years and much of the cost cutting and efficiency improvements should have been addressed years ago by previous boards when we were in the lower divisions.  But they weren’t, so we are doing it.  A material part of our costs relate to player costs, however, and these can only be addressed over a long period of time because of the length of the contracts. These contracts are often measured in years, not months.”

Bang, there’s your dinner!  Newco are rubbish and they plan to downsize.

They can’t do much about property, security or business services costs, as Somers said, the “material part of costs… relate to player costs”, and with a player budget heading closer to Alloa Athletic than Athletic Bilbao, income potential will nosedive.

Fixed costs to operate a football club, which occasionally hosts 50,000 spectators at Ibrox, run to around £17m p.a.  Then they have to employ players, coaches and other football staff.

As I’ve been saying for years now, football at Ibrox is not economically viable.  They can survive as long as there are assets to sell-off, but the sharks will soon finish off the carcase. More power to Mike Ashley’s elbow.

Today is the LAST POSTING DAY BEFORE CHRSTMAS for CQNBookstore!  Orders placed before 14:00 today will be shipped Special Delivery to ensure you get them next day.  Take a look around the store, you know about your Annual, and Caesar & the Assassin, but here are tons of Celtic books and DVDs.

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  1. Neil canamalar Lennon hunskelper extrordinaire on

    Tamrabam,

     

    Remember you were not the only one to go to the game after advocating bhoycott the supporters association leaders went as guests of the old board, I’m sure there were pictures in the rags showing their solidarity.

  2. Mark Hately states that a podium is like a new signing.

     

     

    And by the look of things it could be the most expensive one they’ll make in the next few windaes.

     

     

    Hail Hail,

     

    KevinBhoy.

  3. Neil canamalar Lennon hunskelper extrordinaire on

    Paul67′

     

    “More power to Mike Ashley’s elbow.” Is this a support call for the new club to succeed ?

     

    I take it this is the official Celtic board view ?

  4. m6bhoy

     

     

    10:28 on 22 December, 2014THE EXILED TIM10:26 on22 December, 2014Morning Timland from a cold hun free mountain valley.All systems go at the bigot dome for their agm….Dearie me.How the mighty have fallen :)http://i61.tinypic.com/2r3igif.jpg

     

     

    worst Nativity scene of all time?

  5. They can’t do much about property, security or business services costs, as Somers said, the “material part of costs… relate to player costs”, and with a player budget heading closer to Alloa Athletic than Athletic Bilbao, income potential will nosedive.

     

    Hahahahahaha BOOM!

  6. m6bhoy

     

     

    Ive seen the Mcmanus’s the Caldwells and ODeas make many a defensive balls-up without getting anything like the redicule and abuse that Ambrose gets. I see that Wakaso is to being quickly being written off by some although he to is a current international. So I’m just wondering if the african factor unconciously comes into play when we make our judgments.

  7. Tony look back to hamiltontims post two days ago. I believe it was during the nighshift so shouldn’t be too difficult to find.

     

     

    Geordie I am sure Tony has never made snide comments.

     

     

    Celtic40me. It’s perfectly simple. Celtic at the very least knew and acquired to the 5 way agreement. Indeed our media are now telling us Peter help drew it up. Now of course I wouldn’t listen to the media but then again celtic aren’t challenging that (silent once again). We have seen celtic behaving as if the Hun never died, laughably they said it was the SFAs fault.mwe would be rolling in the aisles if the Hun tried that excuse.

     

     

    And then of course we have peters 10m myth that Peter is now peddling. Remember he said we would stand on our own?

     

     

    And our silence? What happened to Dr Reids statement?

     

     

    Now I think that celtic have put its supporters in the most awful position. We have been cheated against via a country institutionally sectarian. It goes on and on and on. The celtic board panicked when the Hun went under and were firmly part of the efforts to save them and pretend nothing happened. When the supporters revolted they realised they were in danger. So they put out some carefully worded statements and then effectively went into hiding (silent).

     

     

    They hoped we would forget and get on with it (time heals) but they have forgotten that this means a return to cheating and being called paranoid. Also it means we are supporting a rigged game. Less a sport and more a less than entertaining entertainment…….

  8. P67

     

    it took me an hour to write that keach from the last page and then you go and make a new post!!

     

     

    im clearly not the only bam on here :-)

  9. !!Bada Bing!!

     

    10:53 on

     

    22 December, 2014

     

    m6bhoy

     

     

    10:28 on 22 December, 2014THE EXILED TIM10:26 on22 December, 2014Morning Timland from a cold hun free mountain valley.All systems go at the bigot dome for their agm….Dearie me.How the mighty have fallen :)http://i61.tinypic.com/2r3igif.jpg

     

     

    worst Nativity scene of all time?

     

    >>>

     

     

    Obviously before the shark filled moat and electric fence were installed

  10. winning captains

     

     

    Hi wc made an order this morning but for some reason I can’t forward the confirmation email back to david@cqnmagazine.com, I keep getting a delivery failure notification. If you can pass on the details then my order number is CQN2594 and my DVD choice would be Total Larsson.

     

     

    Cheers

  11. bamboo

     

     

    10:54 on 22 December, 2014

     

     

    It might come into your thinking but not mine, ambrose is shite, nothing to do with where he comes from if he came from easterhouse he’d still be shite

  12. ffm – i’m the only conspiracy theorist in the village)

     

     

    10:52 on 22 December, 2014

     

    TonyDonnelly / Tam fae Canada,

     

     

    Why should anyone be scared of you? Care to explain?

     

    Lol, don’t be daft your right, why should they, my point is why are they not responding to what I’m asking, they scared of the truth in my answers that’s all, what was said? I haven’t a clue I didn’t see the post?

  13. Neil canamalar Lennon hunskelper extrordinaire on

    21-5…,

     

    Loose the ball 10 yards up field, like broony and Johansen and Biton and Jamesy and anyone else you care to mention, difference being Efe is a better football player than any of them and knows how to play defensively. Perfect fit is you ask me but then that’s only my expert opinion as opposed to your amateur stabs in the dark.

  14. Tony,

     

     

    The truth.

     

     

    You want the truth

     

     

    You can’t handle the truth……..

     

     

     

    And actually Tony you really can’t handle the truth. Too busy defending you pal Peter……

  15. neganon2

     

     

    10:55 on 22 December, 2014

     

    Tony look back to hamiltontims post two days ago. I believe it was during the nighshift so shouldn’t be too difficult to find.

     

     

    Aye right, lol no I’ll just wait and see Hamiltontim, when he gets here, I’m sure he will put it right.

  16. !!Bada Bing!!

     

    10:53 on

     

    22 December, 2014

     

    m6bhoy

     

     

    10:28 on 22 December, 2014THE EXILED TIM10:26 on22 December, 2014Morning Timland from a cold hun free mountain valley.All systems go at the bigot dome for their agm….Dearie me.How the mighty have fallen :)http://i61.tinypic.com/2r3igif.jpg

     

     

    worst Nativity scene of all time?

     

    ———————————————————————————————————————

     

     

    I think they’ve overdid it with the donkeys though. Where are the three wise men?

     

     

    “Gies yer money or the baby Jesus gets it”

  17. : Somers praising the Sevco girls team. Guy beside me “I’m going to run doon & volley that c$#@’ #SevcoAGM

     

    [10:58, 22/12/2014] John: @celticservant: #SevcoAGM guy beside me shouting “thieving bastards – you stole our club & now have taken our dignity”. His teeth just fell out

  18. neganon2

     

     

    10:58 on 22 December, 2014

     

    Why are we laughing at the Hun when we are helping prop them up?

     

     

    Aweeee NAW he’s off again, ohhhhh my head hurts ;)

  19. twentyfirstofmaynineteenseventynine on

    bamboo

     

     

    Dont think anyones criticism of Ambrose has anything to do with his race, just opinions on his performances

     

     

    HH

  20. Neganon2

     

     

    Why don’t you show paul a bit of respect and keep this argument to the old thread instead of littering his new one with this. Or perhaps that would mean you wouldn’t get the audience you crave.

  21. Neil canamalar Lennon hunskelper extrordinaire on

    twentyfirstofmay…,

     

    Of course we still carry many racists in our midst, usually the older generation though.

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