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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My friends in Celtic,
I make no claim to be a financial whiz-kid.
But their much vaulted 120 day report seems a damp squib with revelations that could have been written on the back of a fag packet.
Hiring another expensive PR guru to sell that to the troops ????
HH.
Greenpinata
11:20 on 25 April, 2014
Do they take Bitcoin.
Don’t need a bank account for that. :-)
HH.
———————————————–
Kwality!
Bitcoin is the currency of choice for money launderers. Or so I understand. :-)
The old cliches drip from this nonsense….
It was the previous administration and not us….
We’ll keep the march towards building the team and conquering europe in mind…(code for putting Timmy in his place)
We’re skint and your credit card won’t work
We’d like more handouts
Back after the break, we’re hoping you’ve bought this nonsense and stub up to pay for season tickets…in cash….
And the big supremacist eijits will buy it.
Is anyone counting up ‘factual inaccuracies’ in that Review and blatant obfuscation intentionally created by the ridiculous number of defined terms for RIFC.
First up, when did RIFC go into administration!
Charlatans then, now and forever.
The reason no bank will process credit card payments from the bears is that when you pay by credit card your transaction is insured. So what this says is the banks think they’re fecked.
This review will though satisfy the bears as it is really quite positive, investment in playing staff, youth, scouting etc. It says everything your average bear would want to hear, they are going to win the championship next year and the following year they will challenge us, after that European teams will be put to the sword and world domination will follow follow.
The next few months are going to be good.
‘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.’
####
A welcome dose of harsh financial reality from ‘The Club’s merchant acquirer’ .
Anyone know if that nice MR King chap is offering credit facilities to buy
my new season ticket.
Billy
So, basically they need the season ticket money by 16 May. It can only be paid in cash or cheque – no card transactions possible any more due to acquirer looking for guarantees. If there is a shortfall in monies received, they can only go to existing shareholders to raise capital.
But if the above doesn’t provide them with the cash they need to implement their strategy…then what…?
So, let me get this right, the Credit Card co’s, wont allow Sevco to be paid via them, because the purchaser has a right to claim back their money, if the merchant, Sevco, goes bust or fails to supply the goods or services paid for?
Have I got that right?
Pretty insightful, these Credit Card co.’s, eh?
HH
lionroars67
11:29 on 25 April, 2014
Going by the posters on here the only party that Yes Scotland doesn’t have the support of is the SNP.
Unless of course posters are lying about their political allegiance.
SNP members wouldn’t do that though, would they?
eddieinkirkmichael
11:31 on 25 April, 2014
The reason no bank will process credit card payments from the bears is that when you pay by credit card your transaction is insured. So what this says is the banks think they’re fecked.
This review will though satisfy the bears as it is really quite positive, investment in playing staff, youth, scouting etc. It says everything your average bear would want to hear, they are going to win the championship next year and the following year they will challenge us, after that European teams will be put to the sword and world domination will follow follow.
The next few months are going to be good.
—————————————————————-
It attempts to be positive in the sense that it provides a strategy. However, it also calls out that the funding of that strategy is at risk since there is little option other than season ticket monies and shares to existing shareholders. Basically, it’s saying to the mug punters “Give us your money or we’re in trouble”. It’s just emotional blackmail.
Jonny the Tim
11:33 on 25 April, 2014
There’s an old saying
‘Anyone can lend money, it takes a banker to get it back.’
The main thought I had on reading that review was:
This took 120 days???
Will they need bottle tops to buy shares.
TBB – how many ordinary fans will have £400+ lying about to give directly to them? How many of even their fans are stupid enough to give them actual cash?
We have a business here without a credit line, whose bank have now withdrawn card facilities. Coupled with the going concern warning their phone will be off the hook with suppliers wanting cash now or no future trade.
They are done.
Their cunning plan is to go from abject poverty to beating Celtic in 24 months time when they have no scouting infrastructure and no money. That is an indictment on how stupid they believe their fans are. They are right with the bulk of them however.
This is where the £16m debt owed to the parent will come into play and the whole game will be revealed.
Remove stadium and training ground from club asset list.
We have to remember this is the watered down, Tyrell version of events. And its still shocking.
The average hun will buy this though. They’ve just blamed people who (supposedly) no longer hold any influence and they are going to leave us in their wake in 2 years:)
HH
Season tickets only by cheque or cash or ginger bottles
Moonbeams WD. Rooting for Wee Oscar. Voting ‘YES’ on the 18th of September. Kano’s yer man.
10:27 on
25 April, 2014
Personally I would just love to watch it crumble away over the next 50 years.
MWD
————
Same here my friend :)))
I have a mental picture of a show I watch “life after people” where everything Slowwwwwwwwwwwly crumbled.
“life after THE people csc”
120
Brth & Auldheid could have come up wae that over a pint.
RogueLeader
The beauty of the strategy is the fans get the blame when the stadium is lost.
In fairness if you were an outsider reading this you would feel sorry for the zombies but they should have acted long ago when Murray was shuffling cash around!
LB
ernie lynch
11:34 on
25 April, 2014
Thanks Ernie very predictable
Relentless obsessive hatred of the SNP, you can’t stop posting about the SNP
Get help Ernie
Does anyone know how all of this SHOULD impact their application to have their football licence renewed? Regan stated he didn’t know if they had submitted the accounts to the SFA yet.
Surely this news, coupled with the accounts flashing a massive going concern unless season ticket uptake increases, should give a material uncertainty they will be able to fulfill their fixtures for the coming year?
They shouldn’t be licensed.
Sell and lease back only other option on table, SOON?
HH
My sister’s husband is currently living in hope that the fact he paid 4.5 grand to a solar panel firm – I know – and paid by credit card, will save him the loss.
The company folded and he currently has lost the lot.
His only hope is that the credit card company’s insurance will pay him back.
(On an aside, he was investing an award made due to his asbestosis condition and the sad human beings who took his money knew this at the same time as knowing their company was going down.)
Are The Rangers on a worse footing than a dodgy solar panel business?
Robcfc11
11:23 on 25 April, 2014
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
——————————————————————
I pissed myself laughing at that too! Here’s Peter Lawwell’s version :
Robcfc11
11:23 on 25 April, 2014
This is quality
Future strategy
Season 2014/15 – Building a team and organisation to deliver the UEFA Cup
Season 2015/16 – Re-establishing the Club in the Champ League with a top two finish and the ability to challenge for the title
Season 2016/17 – Target to win the Champions League and establishing the platform to land on the moon
lionroars67
11:39 on 25 April, 2014
It’s only fair that someone on here mentions the SNP.
None of the Yes campaigners are prepared to do it.
Why’s that do you think?
Phil MacGiollaBhain@Pmacgiollabhain · 4s
http://www.rangers.co.uk/news/headlines/item/6273-club-statement …
Graham, we need to talk…
#IrishBasedInternetBlog
RogueLeader
They are still not winning league titles they are buying them!
I have said many times that there should be rules in place to prevent clubs spending too much of their revenue on wages and transfers. This must be put in place soon to stop this financial idiocy and ensure fair play on the field of play.
LB
jamesgang @11.29
That’s a fair comment, but, those 10 points could make the difference between survival or relegation in the Championship next season!
HH
RogueLeader
Good morning sir:))
Always good to hear from you.
Rogue leader
You forgot about the fact that the squad they are paying a fortune for ( and can’t afford) are dross
They’ve some way to go ?
Was there any particular reason they felt the need to overspend on players to win fourth and third tier divisional titles??
Here was me thinking the uninsurable square mile was further up the Clyde.
Tesco club card points …Nectar card points …taken ??
You know if I was Craigy Whyte and I was sitting with his recordings (“you are Sevco5088”) in one pocket, and an auditors line in the accounts casting material uncertainty in the other, I wouldn’t waste my time and money going to court to prove it.
Oh no.
What I would do is wait till the whole thing goes into administration again, wallop my claim for the assets in the lap of the administrator and let them sort it out for nothing.
Just saying.
Livibhoy – there is supposed to be rules in place to stop that….
Redundancies at Ibrox to be announced later. Jimmy Bell-end to go?
Probably the lowest paid, hardest-working members of staff.
Typical Sevco strategy, get rid of the low earners first!
HH
So much of the current financial problems @ Sevco Rangers comes from the fact they acquired players in the summer of 2013 that they couldn’t afford.
Good job they had a transfer ban or things could have turned out badly:-))
RL
Correct they should not be receive a licence