I can’t tell you how many statements I’ve read from those trying to bring down Newco Rangers (bonne chance) but not one comes near to approaching the key question: what can they offer the the men and women who own shares in Newco to convince them to accommodate their future aspirations?
Threats, intimidation and blackmail are all possible incentives, but no one has actually put a case forward which would compensate the investment made by the shareholders who, let’s remember, own all club assets.
An enormous assumption appears to have been made that hedge funds and various Easdales will capitulate and simply walk away and sign their paid-for assets over to a group who are regularly abusive towards them. It’s like 2012 all over again, when parts of the world assumed HMRC would capitulate and agree to a CVA for Oldco, despite all genuine evidence (i.e. published policy) indicating otherwise.
Game Theorists would have a ball with this scenario. Shareholders are being offered a choice, hand over your assets to a hostile opponent or attempt to continue with a vastly reduced business. The former option should not be taken seriously.
Question is, where does this particular game end? It’ll not be in an outcome satisfactory to many of those dreaming of ‘competing with Celtic’ anytime soon.
This mind-set should be familiar. It’s the same one which blamed Celtic, or small-minded small clubs, the SPL and/or SFA, blamed anyone, in fact, apart from those who endorsed years of overspend at Rangers, for their eventual demise.
Walking headlong into unsustainable debt is no different than walking headlong into a conflict with hedge funds who would sell your valued acre for landfill rather than be held to ransom.
I’ll renew my season tickets tonight (still annoyed I didn’t do so in time for the free ticket draw). Whatever happens in the wider scheme of Scottish football, one club will be supported ‘through and through’.
Yogi Bare – The John Hughes autobiography:
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Sounds like someone is worried about Section 75 liability.
Cash only please……
“A current example of the difficulty being faced by the Club, and which will regrettably impact upon supporters, is that for next season supporters will now be unable to pay for their season tickets by credit or debit card. The Club’s merchant acquirer, which processes credit and debit card transactions, has advised that it would require extensive security, including standard security to be granted over Ibrox Stadium and an insurance policy at considerable cost to the Club, to protect itself against any potential liability arising from passing on monies from season ticket purchases ahead of next season’s matches.”
http://www.investegate.co.uk/rangers-int-f-c–plc–rfc-/rns/business-review-and-strategic-plan-update/201404251100045425F/
From executive summary
“The Review has identified operational and organisational changes that need to be made. Business practices have already been tightened and a rigorous examination of total spend has addressed the outflow of cash. Annualised savings in operating costs of £2 million have already been achieved with more savings identified and in progress. These savings have not reduced the available budget for the playing squad.!
So there is no reduction in budget for playing squad- There F ***cked*
They have made annualised savings of £2m i.e. approx £130k per month when losing £700k per month- Their F****cked
Season tickets only by cheque or cash
No Debit/credit card facilities.
Imagine that would be crushing blow to any club trying to get season ticket money in.
‘The Club raised £70.7 million through ticket sales, commercial revenues and share issue proceeds between May 2012 and December 2013, and spent this relatively quickly, and in some areas liberally, with only £3.5 million of this cash remaining at 31 December 2013.’
spent this relatively quickly, and in some areas liberally,
That’s the type of dry, understated prose that even BRTH would be proud of!!!
HH jamesgang
Cathedral View
11:12 on 25 April, 2014
Sounds like someone is worried about Section 75 liability.
###
Never worried the last mob who traded there.
Mind you the stadium was valued at £120m back then.
Just scanning the “120 day review”
Thing that jumps out straight away is that RIFC’s banker has withdrawn the facility to make purchases with debit or credit cards.
It’s cash, cheque or provi coupons only.
This is seriously damaging to day to day trade for any retailer, let alone one trying to shift 35000 season tickets in the next fortnight.
£2,3000,000 spent on terminating players contracts!!
WOW.
HH
“The Club acquired a number of players in Summer 2013 that, based on financial forecasts, it should have known that it could not afford.”
You don’t say!
I see that their market capitalisation is £16.92 million. Is this coincidence or where they trying for a “historic” reference and failed in that too?
quantum
11:13 on 25 April, 2014
Previous available budget NIL
Current available budget NIL
So, no reduction, Timothy.
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 as previously disclosed in the RIFC December 2013 interim results.
Ice cream and jelly soon?
HH
The Battered Bunnet
11:15 on 25 April, 2014
The reason for the withdrawal of the facility is not without significance.
Rangers have identified the need to raise up to £30m over the next three years after admitting they have “mismanaged almost all of their cash reserves” of more than £70m in less than two years, the club told the London Stock Exchange.
Are they deid yet???
Do they take Bitcoin.
Don’t need a bank account for that. :-)
HH.
70 MILLION QUID to win the 4th and 3rd tiers.
So 120 days for that! We could have told them all this last year!
Huh!
HH
So does anyone think this 120 day review will satisfy the hordes ?
: > )
Imagine FF meltdown but cannae check as banned .
(Apparently a lifetime ban but cant check if I kill jc2 and become jc3
but call myself jc2 can I still access ?)
in my new lifetime)
cadizzy
11:16 on 25 April, 2014
“I see that their market capitalisation is £16.92 million. Is this coincidence or where they trying for a “historic” reference and failed in that too?”
WHERE???? WERE!!!!!
No spelling monitor need attend
At least their not announcing administration just yet. Was getting quite worried that they were going to take the points deduction this season.
quantum
11:13 on 25 April, 2014
Previous available budget NIL
Current available budget NIL
So, no reduction, Timothy.
I took this to mean their present operating players budget?
Employing players you can’t afford …
No real suggestion as to how to improve income
Need ST money to survive before the season starts
All in all …Huns are skint …can’t admit that the playing budget will be reduced as it will affect ST sales
Frankly an exercise in stating the bleeding obvious
Had a quick read over the review……hardly comprehensive is it?
It took 120 days to come up with that??
This is quality
Future strategy
Season 2014/15 – Building a team and organisation to deliver the SPFL Championship in the first season in the division
Season 2015/16 – Re-establishing the Club in the SPFL Premiership with a top two finish and the ability to challenge for the title
Season 2016/17 – Target to be SPFL Premiership Champions and establishing the platform to be competitive in UEFA competition
A cunning plan so cunning that the professor of cunning university must have been involved
Baldrickisagenius CSC
….pfayr supports weeoscar
10:34 on 25 April, 2014
FGF
Haa
I forgotten about that …..probably to do with the bottles of vino …btw was anybody else drinking wine ?
I was talking about me being better behaved not you :-))
DBBIA
Unlike Sevco, hopefully.
I do hope either leah Griffiths doesn’t read the report or he’s learned his lesson :-)
120 days for this!?
Not very swift are they?
I think most of is on here could have written the linking narrative in 120 minutes!
Ho hum.
HH jamesgang
quantum
11:22 on 25 April, 2014
You’re probably right. I assumed it meant transfer budget. It’s insane.
Well, looks like Admin will happen after fixtures completed this season.
Now, will it be 15 point deduction for a Newco, or 25 for the same club?
Hmmm, I’m beginning to favour the old “same club” argument now!
HH
Ernie
Yip. It’s quite calamitous actually.
What I see is the same old same old bollocks in the most part, a few ‘it wisnae me, a big boy done it and ran away’ lines, and a signal that the short term future of the business is now wholly dependent upon current shareholders piling in for more pain to cover the cash shortfall.
Kitalba
I have saved your post from 05:34:)))
As someone who has always intended to start reading about history but never got round to it.
My lot was watching TV docus, but something about that post gave me a wee boot up the bahooky.
Just asked daughter to order me “After the Reich”(in at the deepend I know) :))) and we will see how I get on, I can get a used copy for a couple of Quid:))))))))))).
also from letter to the editor
“The great thing is to get together on anybodys grond,and then make a desperate effort to widen thing out and achieve agreement” If only ehhhhh.
See somebody does listen to you :))))
from yer pal Mr Goodintentions.
Till later all
Have now read the rangers review paper and…………
Hahahahahahahahahahahahahahahahahahahahahahahahahah……….
Deep breath…..
Hehehehehehehehehehehehehehehehehehehehehe…….
Ma sides…..ma poor sides………
So in summary. They have wasted hunters of cash and need more…….
They aren’t sure how they will raise more but it will be very expensive…….
And if they get more money they will waste it exactly the same way.
This review says nothing at all. I could have wrote it in an hour. It doesn’t explain anything about how they will achieve their ambitions and essentially threatens the Hun supporters that if they don’t renew they will die.
I wondered how Wallace would pull out the rabbits and sell this. I see he did this by not saying anything at all new and just promising to get more money and keep spending.
120 days for this?
Oh and this guff about a merchant acquirer. Don’t swallow that one. That’s just an excuse so they can extend the deadline for season books post this threat.
Hahahahahahah etc etc
ernie lynch
this what you mean? has masons written all over it
“When you see that trading is done, not by consent, but by compulsion…when you see that in order to produce, you need to obtain permission from men who produce nothing…when you see money flowing to those who deal, not in goods, but in favors….when you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you…when you see corruption being rewarded and honesty becoming a self-sacrifice, you may know that your society is doomed.” Apoplexy ensues
TBB
The facility providers are obviously concerned that Sevco will go bust leaving them in hock for the return of the ST funds …..
Real evidence of their plight
ernie lynch
10:55 on
25 April, 2014
Ernie you ignored the whole point of the article, ironically in your reply you fully endorsed Prof Greenslades article as your commentary of all referendum politics lacks balance and insight, your posting on the referendum is always expressed through the prism of your hatred for the SNP, it is relentless in its myopic hatred of the SNP, get a new viewpoint you’re becoming very tedious
Yes Scotland has the support within a broad spectrum of political opinion in Scotland including some Labour voters
jonny the tim
11:25 on 25 April, 2014
Well, looks like Admin will happen after fixtures completed this season.
Now, will it be 15 point deduction for a Newco, or 25 for the same club?
Hmmm, I’m beginning to favour the old “same club” argument now!
HH
Mate for the sake of truth being finally formally acknowledged I’d let them have the extra 10 points!
LeftClick. Get to Uni you. Go and study history. You’d love it. And the Uni would love you!
HH jamesgang
ernie lynch
11:14 on 25 April, 2014
No, don’t think the new club would be concerned either. It’s the merchant service provider/bank that processes the season ticket on a credit card who would need to refund the entire balance if the new club failed to complete their side of the contract, which would be the twenty odd home games the ticket is valid for.
Looks like they asked for security/insurance in case the new mob failed to complete the season and were refused.
This is a very bad sign for the club but a dream to those adept at the black arts of running a cash business.
cv