Credit where it’s due, season ticket sales at Ibrox near 17,000, with so many people trying to force the club into the gutter, is an achievement, and ignore anyone who doubts this figure. Respect to those fans who have remained ‘loyal’. The information was released to the stock market, so sales will definitely be north of 16,500. It’s not worth lying to the stock market over such trivialities.
In the short term, this means the club will be able to meet its loan repayments, if they choose to do so. Don’t ignore the possibility of a game of brinksmanship over loans made by fans hostile to the board. Lenders could be forced take insolvency steps to recover their money, which would be politically awkward, so the club might be able to hold onto this cash.
It also means they will survive the summer and start the new season, which in itself, will encourage others to buy season tickets. The eventual figure may reach 20,000.
With adult tickets costing an average of under £300 before vat, that’s circa £5m hitting the budget so far. Visits from Hearts and Hibs next season, in what counts as big games at Ibrox these days, will provide additional income, which will go towards offsetting the drop in income from lower season ticket sales. Controlling investors are looking to raise £8m from a share issue, so where does that leave Newco?
Based on figures produced by the club in their 2012-13 accounts, income, including a contribution from circa 36,000 season ticket sales, was £19m, while operating expenditure was £32m, leaving an annual shortfall of £13m. Since then, costs and well as income, have fallen.
The £8m share money still leaves them short by a margin that’s likely to be at least £5m, probably more, so further funding should be required by early next year, possibly in the form of a secured loan.
From this position, assuming they compete successfully on the pitch, Newco are short odds to survive long enough to make it into the Premiership for season 2015-16, albeit, still carrying an enormous structural overspend.
It’s also likely that Dave King’s plans, however limited they were, have been torpedoed. Newco will limp on as an unrecognised and unloved rump of a football team, largely owned and controlled by people who have done everything in their power to hide their identity from fans. We can only speculate………
Know your place
King’s most damaging intervention in recent months was to assert that Newco should be spending enough money to compete with Celtic, which after original Rangers went through liquidation is hard to fathom. Newco Rangers must surely learn to live within their means, whether that involves competing with Celtic or fighting off relegation. Those now running Newco can insist all they like that they are custodians of the heart and soul of Oldco, but only the colour of the shirts will bear any resemblance with the former ‘bears’ in the decades ahead, should they survive long enough to enjoy them.
The financial fundamentals have not changed. It will cost between £17m and £20m to operate a football operation at Ibrox, before you employ a footballer. Rates (possibly rent in future), policing, insurances, utilities and the hundreds of staff required for a stadium which can accommodate 50,000 people leave little room for shortcuts. Jettisoning the vanity project that is Murray Park is a no-brainer. Get rid of it, cut costs and bring in some cash.
Football on this scale in Scotland is only possible with regular Champions League participation. Celtic could not operate at anything like their current levels without reaching the Champions League group stage more often than not, or by receiving an investment of cash to recover the situation, should the bogey come off the rails.
This scenario has gone for the Rangers group of clubs. Celtic’s dominance has come while they have sorted out their finances and, right now, are not in debt. Should things go wrong one season in the future, they have the bank facilities available to roll the dice again. Should this go wrong they have investors available to step in, just as they did in 2001 and 2005.
Dave King’s plan may have been unfathomable, but his motivation is not. He knows too well that a subservient Rangers will be unloved and will eventually wither and die, just like the supremacist, version.
Don’t even try to fight long-term fundamentals. They are fundamental! Accept it.
The one and only Bertie Auld is due in the comments section below for a live chat starting at 1pm. Tune in.
Visit the CQN Bookstore to get Tommy Gemmell to sign your personal copy of his tome, All the Best.
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Game on 2-1
Hope springs eternal, come on you aussies!!!!
Stone the flaming crows 2-1 Aussies
Great header from Cahill.
Go on the Socceroos
Nearly 2-2!
Larsson-esque header, that
Cahill nearly again.
Feels very weird to be living in a country that just scored in the World Cup.
antipodean red
23:32 on 13 June, 2014
cliftonville celt,
Stone the flamin crows, you’ll enjoy this
https://www.youtube.com/watch?v=OdIX1b8uBI0
AR
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That’s brilliant
Cheers mate
Right lads off to bed
Have to take mini to camogie in the morning
Night God bless all
KTF
doc
Looking forward to meeting you again. You can get my moby from BT or HT whom I have had the privilege to host their visits with their beautiful families. Call or txt me anytime, I’m a retired old fart. Hahaha
Weefra HH praying to Wee Oscar.
beatbhoy
Aye, took the result better than most of the non Spanish did.
Del Bosque is in the same sort of position as an english manager is to an extent, the media pick the team for him.
The last two Real managers ain’t wrong in dropping Casillas, and they were proven right tonight, and what the ef were Ramos and Pique doing ??????
Motivation is the problem me thinks, they have been gone and done it, the hunger has been satisfied.
HH
WeeFra, shall do.
doc
:-))))))
Weefra HH praying to Wee Oscar.
Being of the older generation, I find so far that this World Cup like all professional football does not appeal to me .It is a different game all together. Tactis tactics, no flair, if you try to play it how it was supposed to be played your fecked. A bit like Spain tonight. I used to love the way Holland played, every player could have played in any position. Not anymore, a bit like Brazil. Sorry to say the beautiful game is died.
Valdivia is a quality player. Shame he’s 30.
The highest goal average since the 1986 WC is about 2.7 goals per game.
Even if there are no more goals in this game, this tournament will stand at 3.5 g.p.g after 4 matches.
And Argentina haven’t even played yet. . . Aguero, Higuain, De Maria , and Er. . .his name escapes me. . . .
doc
23:33 on 13 June, 2014
Oh and congratulations to Miss Doc, first day at work today, dig money due on payday:-)
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Good luck on collecting it Doc.
It seems to be changed days from when I was a pup, I handed over a third off my wage, although my ma would see me ok near the end of the week.HH
Need the Aussies to win this so I can face work on monday…
timjim
Is that not a bit of a shallow outlook on what Football is? There can be beauty in tactics, formations, positioning… If everyone just ran with the ball and attacked it would be a boring game. It would be primary school football.
A lot of people think Spain are incredibly boring yo watch.
TET
WGS said Van Gaal played 2 up against them, Robben and Van Persie, and this threw them, as they are so used to facing one up front. And when you add Robben’s pace. . .
They still played as if they’d just been introduced to each other tonight.
Sipsini, I’m a rotten Bassa though, I’ll collect.
I will be a bit like your Mum though.
Half time just happened to coincide with a sighting of the international space station in the relatively clear sky, to the south of G73.
It’s an omen, 3-2 the Socceroos!!
Oz
Out of the depths.
When I spoke to Bertie earlier, did I metion I had spoken to Bertie?
He kept saying Big Jock wanted his team to entertain.
He had tactics, they worked on things, but they had to entertain.
That was what was demanded of them.
Oz, if Chile all go up to the space station at half time the Socceroos have a chance.
doc
00:02 on 14 June, 2014
Oz, if Chile all go up to the space station at half time the Socceroos have a chance.
Complacency will be the Con Carnes undoing.
Believe!!
Good Luck mhate.
Doc
Makes a difference watching a game that you have an emotional investment in, logic and reason goes out the window.
Cahill goal chalked off
Malone Bhoy
Its only my opinion and I am sticking to it I just think football borders on the boring nowadays. I certainly will not stay in tomorrow or any other night in case I miss a match.Like I would have done years ago when the World Cup matches were on TV
Oz, I have never found that watching Celtic, ever!
Logic and reason remain entirely intact.
Honest.
Oooh, refereeing decisions again…
Great save, Chile ‘keeper
Different australian team so far in thc 2nd half, We should be in the lead by now.
doc
Oops, never noticed that post about Miss Doc. Good luck trying to retrieve that cash. Been there and wore the t shirt. Ye love them sooo much and they blooming well know it. Good on Miss Doc, hope she will be part of your esteemed family who honour me when you visit. KTF
Weefra HH praying to Wee Oscar.
Paul Weller bbc4
Get. Cahill. Signed. Now. He is terrorising them. Pukki? Balde? Get Cahill Peter.