A meaningless win is always better than a meaningless defeat, but in the larger scheme of things, yesterday’s game against Liverpool is no more significant than last month’s games in Germany. They are about building fitness and, if necessary, trying new things.
Amido Balde was the winner yesterday. Some were already writing the player off, not because of any performance inadequacy, but because he was not being deployed competitively. Victor Wanyama joined two years ago but spent the first six months of this stay warming the bench with Brown, Ledley and Kayal ahead of him.
Five months ago Rangers International FC PLC released their interim accounts, noting that their recurring operating expenses of £2.371m, were £1m per month more than their income.
£1m per month!! To a club which has no bank borrowing facility! Yet the alarm bells didn’t ring everywhere. Roll on five months, 34,000 fans have been separated from their cash in return for season tickets, and now the alarms are ringing all over the place, not just the Celtic online media.
This is not news to anyone reading Celtic Quick News but in life, it’s often not so much the message as the messenger that’s significant. That the mainstream media feel it’s appropriate to ‘tell it as it is’ about Rangers International’s finances, is a measure of how acute the situation is.
As we’ve been saying here for years, it takes close to £20m p.a., before you employ a footballer or coach, to run a football club which can accommodate circa 40,000 spectators on a regular basis. Add your football budget onto that £20m and you have an idea of the cash needed to be a ‘top’ Scottish club.
Rangers International’s interim revenue for seven months was £9.5m which annualised up would be £16.3m. There is a huge structural gap which no one has been able to even remotely suggest a way to bridge.
Now Dave King has told the Herald what we’ve been saying for a while, “Celtic are building reserves by selling top players that they won’t need until Rangers are back (sic) competing with them. The way our finances are being run we could end up with a gap that is too large to bridge.”
It takes hundreds of employees to run a football club at a busy Ibrox Stadium. There are policing, rates, utility, insurance and stewarding costs, which you can’t do anything about. Even if they double income, they’re still going to be left with a fraction of Celtic’s football budget.
As Dave King suggests, this is not a short and medium term problem, the gap is already too large to bridge. King is wrong on one factor, Celtic will not store reserves awaiting a challenge from Rangers International (or a successor club), they are managing player assets as part of an on-going Champions League development strategy.
The other lot are finished, I tells ya’, finished! This is Private Fraser doing his Dave King impersonation:
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If the Finbogasson stories are true,then that will do for me.Dont think we will spend any more.Goals,goals,goals is what we need.Go on Peter,you know it makes sense.This time next year we could be millionaires!!!!.
got to to love a Dad’s Army reference!
“Entombed…..and DOOOMED”
My personal favourite is Fraser’s story about the “auld, empty barn”
boy jinky 14:02
and stephen crainey hh
SMSM are already talking about 10 titles down the road……
Dave King is really alluding to the same thing…….
The orcs have are in the process of being consigned to the dustbin of history and they cannot do anything about it.
Just saying….
BMCUW
We had a tax loss carried forward last year of £33Million, so corp tax won’t come into play for a wee while, but the very fact that there is even a prospect of paying corp tax in the coming years exemplifies the financial position.
So Paul
About this Generation of Dominance thing….
The Exiled Tim 14.37
The money will be re-invested in the team. It doesn’t all have to be spent as soon as it comes in.
Kittoch
14:35 on
11 August, 2013
Aye, Acker Bilks boy..
Strangerontheshorecfc
Turkey
We could be billionaires…
Btw. … commentator mentioned Wigan missing va few central defenders due to injury.
Lucky break that caldwell aint fit to play against RVP
And. .. imagine Thomas Rogne being out injured
Paul, miles out perhaps, but when you’re talking inter-continental scales, a few miles is neither here nor there.
We’ll get a clearer picture in a couple of weeks when the annual report is published, but I expect near £10M cash at bank net, which when added to recent gains on player sales and a further slice of Champions League cake for the coming season, my numbers are by no means eh… off the radar.
Paul67
Dave King says:
http://youtu.be/7ojomTUt0X4
Is anyone outwith Ireland able to watch the Dublin V Cork match?
If so, could you email me as to how.
scotpatsfan@gmail.com
Just noticed that the Shieldy thing they play for in Engerland is on ITV Londaon, Sky 973.
~SPF~
Nice to see Aberdeen fans with their start of season swagger or in other words p****d
The Boy Jinky
14:41 on
11 August, 2013
Referee at Wembley brings vidic and holt over for a chat… due to a bit of aggro between them. As he tries to lecture them they continue to mouth off to each other. . Ignoring the ref.
Wullie collum wouldn’t have took that :).
Ah! but WC has an advantage. he could stand in between the two players , facing one, with his back to the other, and still keep an eye on both of them.
the vultures are circling the dying body that is the new Rangers and are preparing for administration 2 and even more asset stripping while the gullible supporters just stand and stare
@Paul67/Anyone.
Financial question.
Why don’t SevcoFC/RIFC have a line of credit from a bank?
~SPF~
THE BATTERED BUNNET
It doesn’t really matter how much our forward losses are,we still pay tax on accumulated losses.
What I mean by that is,if we clear the forward losses in one year or ten,it makes no difference.
Better then to spend the current cashpile,and allow the forward losses to continue.
I know you understand this better than I do,so hopefully you can explain it better!!!!!
SPF
‘cos no bank in their (post 2008) right mind would take the punt. There’s no security available given the claims on the assets from Whyte and co, the business is buring cash at an eye watering rate, and they’ve no trading record to indicate that the necessary governance is in place to mitigate the risks.
In short, they are not a bankable proposition.
SOAL, they were getting off the buses in Motherwell when I was comin back from Mass, 10.45 ish…… A good few hrs on it, before K.O…..
@TBB
Many thanks
~SPF~
BMCUW
I’ll try. You only pay tax on profit. Celtic have an accumulated loss of £33M to square off before any further profit would be taxed.
Off oot now. Laters.
ScotPatsFan
Bit of a credit crunch on at the minute
SPF
On the one hand,lack of a financial track record.
On the other hand,their financial track record.
How institutions saw fit to buy into a company which canny get the price of a drink on tic beats me.
Magic,innit?
pauloantony..GlassTwoThirdsFull
I do understand that wages are taken into account, I also understand that the non playing side of the club has to be funded, and I don’t expect that we will spend all we take in now, or ever.
Paul
I read the artical, and fully endorse what you are saying.
I was really wanting you to enlighten us about incoming transfers.
Many thanks.
HH
Hi Paul67,
Maybe a meaningless win but it was good to see mhen and bhoys pulling on the Hoops and putting on a performance.
Thought Amido played well and gave the Liverpool defence a torrid time but I though when Sturidge came on we saw what a top quality sticker can do. The Celtic defence did great to keep him of the score sheet.
Glen Johnstone is a top player, thought Izagurrie was great against him, also the fact Gerrard didn’t dominate the mid-field says alot.
As you say a pre-season friendly but good to see some fringe players and youth team players showing ambition.
The futures bright!
Hail! Hail!
The hun is dun…….or at least this version
archdeaconsbench
About 40 of them fell off the bus at Flemington at 12 bells throwing cans at the buses and stopping the traffic.
Doomed entombed marooned supported by poltroons and managed by a buffoon.
The Battered Bunnet:
Can a PLC carry a loss from year to year and offset accumulated loss against a profitable year or years?
An oldie but a goldie..Big Mark you have got to love him
_________________________________________
Charles Green can be to Rangers what Fergus McCann was to Celtic
THE Ibrox chief will stay at the club for the long-term and his approach is similar to that of The Bunnet.
26 Oct 2012 00:01
WHEN Charles Green first walked through the front doors of Ibrox the biggest fear among Rangers fans was that they were getting landed with another Craig Whyte.
Five months on, it’s beginning to look as if what they’ve actually got is their very own Fergus McCann.
No, it seems Green has caught the bug. We call it Rangersitis.
.
He’s the opposite of Whyte – and a throwback to Wee Fergus.
And if he delivers what he says he will – whether it takes him four years or 10 – then his place in the history of Rangers will be secured.
The Battered Bunnet That is the question, if as GreenDreamz says we get a striker & maybe a playmaker we look strong going into the season.
What off -field revenue streams can we exploit going forward that will bring us sustainable revenue for years to come
1) Hotel at Parkhead
2) Triangle (add in a skytour , similar to Croke Park & get more revenue per customer http://www.skylinecrokepark.ie/?gclid=CI71oIbE9bgCFTMQtAod9GwAUA
3) Expat Season Package (2 t shirts, latest jersey, celtic tv, latest video, towel & hospitality ticket for a match during season priced at £188.80 +p&p
4) Chain of integrated bars/shops in capital cities around Europe, US, Australia, (giving celtic games priority viewing, tying up with local csc) with merchandising shop inside or next door selling selected merchandise. Other than that it will operate as an Irish/Scottish bar selling food, appealing to expats, locals, tourists & (us). Similar to http://michaelcollinspubs.com/ or ONeils Pubs (Irish bars have blazed this trail for us why not capitalize on this an our diaspora!
Feel free to add…
As the Mothers score
Paul67 is that a ‘Latin’ (sic) or a ‘French’ (sic), or what?
Paul67 et al
John Laurie, who played Private Frazer, appeared as a Highland crofter in the 1935 Alfred Hitchcock’s film of John Buchan’s ’39 Steps’. There used to be 39 steps at Wembley Stadium, but you will not find them there now, although there is a stage version of the film playing in London as we speak. Strange that.
good afternoon cqn
Well the Current buns,Sevco,or whatever their called,have cash problems,would you Adam and eve it,mind you they beat Brechin City yesterday,only saying like
Charles is really on a roll at the moment.Slaughtered “The richest Scotsman in the world”Mc Coll the other day,today Mather copped it.His crack about Dave King was priceless,”He invested £20 million in Rangers,and only got a blazer and tie”.He kept the best to last”Money problems?.I could get £10 million tomorrow,but the club does not need it”
He is really taking the “Proverbial”out of the stupid huns at the moment.Can anyone really imagine how stupid they really are?.
A serious question if I may – in light of Bampot Keevins describing Amido Balde as “controversial”, in what way would he be controversial? This is really baffling me…
Finnbogason .?
Heerenveen are deep in debt .
Finbbogason has attracted interest ——-
Sunderland allegedly offered 5 million euros and were told —that’s not enough .
AC Milan and Lazio are interested but both have stated they think the price is too high ..
Several German clubs are said to be interested but they too appear to think the price is too high . .
Van Basten has been bigging up Finnbogason in the Italian media. Van Basten has publicly stated that he wants to keep Finnbogason , but, has publicly stated that Heerenveen could do with the money .
Looks like it’s down to who offers what to a club which wants to keep the player but won’t say no to an offer they can’t /won’t refuse.