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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greendreamz,
There is tumbleweed rolling past and a few pot bellied huns shouting …the big hoose will never close… When do UEFA do their next inspection to classify a star rating?
That will be interesting!
Oz football.
Distinct signs that my kids have a lot to look forward to.
Were Van Gaal and Brian Wilson seperated at birth?
Louis.
Brian
Hugh Bonkle fae Dallas
Timmy Cahill for the Tims?
No argument from me.
Probably “Celtic minded” into the bargain.
And I don`t mean religion.
Doc/winning captains
Not a problem
Regards
BSR
bournesouprecipe
Looked back and got the question. You’re right it was asked on blog but Doc never asked Bertie – they were quite a double act!
Bertie also told us lots of other stories which we couldn’t get on the blog or we’d still be doing it now. I will ask Bertie tomorrow for you.
BSR, knew it wouldn’t be, I was reading the questions, just missed them.
Macjay. Indeed. What the Ozzies have is fitness and strength and organisation , which in today’s modern international football is so relevant
The one thing that holds football back here in OZ is Ch9. A channel
That pumps millions in rugby league , a sport here where there is not a massive support , it’s biggish but does not merit the saturation coverage that it shows on Australia’s major cooncil tv
All kids see is NRL NRL
But look on TV and lucky to have 10k there and walk into a pub showing it and no one is watching it
Without this poor sport here , australian football and it’s players would flourish
BSR, if you are in town and can get to the shop, ask Bertie to sign the scarf!
I was impressed by this contribition to the big debate
“The Yes camp is wrong to accuse No campaigners of scare tactics.
The future will be far worse then anything we have been told thus far. If Scotland becomes independent, it will lose access to GPS, the internet, and all telephony. Music will be reduced to the Alexander Brothers; television to White Heather Club re-runs. It will rain all the time, except when it is snowing. No foreigners (and that includes the English) will enter the country. All Scottish businesses will relocate to Swindon.
All the fish in Scottish waters will relocate to countries in the EU (which will include every Eastern European economic basket case, but not Scotland). A plague of locusts will destroy all crops except oats and cuisine will be reduced to porridge. And the sun will not rise north of Berwick. Do not say you were not warned.
Prof Steve Bruce,
School of Social Science, University of Aberdeen.
Sir Daniel Day Lewis, who would have thought it.
QueenmeltingCSC
Goodnight CQN.
Bertie Auld, Celtic Legend.
And a really nice fhella who would share his time with us.
Doc/winning captains
Real Celtic supporters, both
Hail Hail
Syd
Interesting observation.
Recent severe Rugby league injuries will continue to turn parents,particularly mums,off.
The major success of W. Sydney F.C.,from a standing start,indicates there is a huge market waiting to be tapped into.
Ch.9 will get on board.In time.
Hopefully Oz will not get blootered in the next W.C.games.
I have considerably more confidence now tun I did 3 hours ago.
Incidemtally,I knew the Dunn family in Glasgow as well.(Dunsade).
Probably the father or uncle of the guy you knew.:-)
Mon the Argies, and big Georio’s hair.
Georgio’s hair
Georgio’s hair
Georgio’s hair
Georgio’s hair
Georgio’s hair
Georgio’s hair
Georgio’s hair
Georgio’s hair
Tombstoning is a pretty stupid thing to do but this guy gets more than he bargained for in Sidney Harbour.
Shittingit.com
http://www.youtube.com/watch?v=-m3N_BnVdOI&sns=em
Acgr,
Your a sad man:))
Doc, I just read back and saw your post re miss Doc entering the job market. Pass on my congratulations to her.
I got some good news about my wee lass today. She’s also got her first job (internship i.e. lawyer working for feck all money) working for the appeals judge on the Yugoslavia war crimes tribunal. She must get her brains fae her maw:-)
I hope she hangs sloberdan and radavan high with a very strong rope.
Very chuffed dad tonight.
HH bruv
Sipsini, naw am umnay, I’m a very happy man:-)
Sipsini, I’m off to Espania tomorrow afternoon for a week of sclaffbaw, bevyin and botherin Mrs ACGR roon the pool. So ye might have been right with that comment. Ha ha.
I’m taking paddybhoy1888 out on HDA for a game on Wednesday and TET and his lovely mrs are coming over on Friday. Mrs TET is a world class caddy so i’m fair looking forward to it.
Mrs TET is a better caddy than Dave King and she’s never caddied for a hun.
FACT.
I know you are.
Well done your daughter, nothing better than when you see your kids getting on in life.
Hope you have been practising your pool!
Me and yourself doubles against…….Petec and DD…a pair of hustlers I reckon :))
Acgr,
You get more trips away than an auld queen….then again.
Sipsini, I have to pay for my trips away whereas the auld queenie gets hers’ for the same price as mrs acgr.
I wonder if auld phil bothers her roon the pool……..hmmmm?
Geezoh didnt expect that dutch results
ACGR & Doc well done to both your girls hh
ACGR how you doing?mind n get mi a bangle that fits?:-))
Hope yir well and dont be makin new bunkers over there?ha
AnT
A CEILER GONOF RUST
Don’t forget the pepper spray,bud.
Oh,and mind you promised TET a game of baseball,so you’ll need the mitts and a bat for that.
Have fun,tell Ross I can make it to the party after all.
AnT, consider it done. I’ll catch you in the new season.
HH
BMCUWP, I gave one of my sprays to mrs TET last time I was over. I don’t know why she wanted it, she’s got a proper handgun. Kinda beats my baseball bat:-)
And as I say, she’s a damn fine caddy, and she hate the huns, so she duz.
Estadio
01:32 on
14 June, 2014
I was impressed by this contribition to the big debate
“The Yes camp is wrong to accuse No campaigners of scare tactics.
The future will be far worse then anything we have been told thus far. If Scotland becomes independent, it will lose access to GPS, the internet, and all telephony. Music will be reduced to the Alexander Brothers; television to White Heather Club re-runs. It will rain all the time, except when it is snowing. No foreigners (and that includes the English) will enter the country. All Scottish businesses will relocate to Swindon.
All the fish in Scottish waters will relocate to countries in the EU (which will include every Eastern European economic basket case, but not Scotland). A plague of locusts will destroy all crops except oats and cuisine will be reduced to porridge. And the sun will not rise north of Berwick. Do not say you were not warned.
Prof Steve Bruce,
School of Social Science, University of Aberdeen.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Don’t forget everything will become black, white and grey again too……….just like the old Cagney movies.
Did Westmonster give us colour in the 1950’s or was it always there?
I think we should be told!
I’m voting yes and ernie and the neg fella can kiss my spotty ass.
So there ye go.
Ask ma caddy.
GREENDREAMZ
I hope that’s all conjecture.
Especially the bit about Swindon.
It’s nice and peaceful down here. No walks or nuthin. We like it that way.
Bmcuw
Spent 5 years dan sarf.sussex.some lovely towns there.
HH
AN TEARMANN
Aye,there are indeed some lovely places.
BOGNORBHOY stays in one.
I don’t,but trains go to some others.
Stuck in Swindon today,though.
Morning . Is everyone in a drunken stupor ?
Read someone comment that the barca players know how we felt when they pumped us last season
I sense all the anti football merchants glee as some Dutch cloggers bully the finesse out of a class act
Rvp is lethal ( except in a man utd shirt ..) that’s how you play when you feel loved … Puke
And as much as I dislike robin he looked like a man on a mission
But Spain ain’t dead yet … Two wins against chile and oz is probable and as long as the mib doesn’t make any honest mistakes they will knock out Brazil in the next round
THE BOY JINKY
Can I be your bookie?
Kidding,but yer bang on wi RVP. A disgrace of a professional.
Didnae kick a ball for his manager last season,and would be out for months wi a broken shoelace when at Arsenal.
While some players need the ole TLC,RVP needs a boot in the bosman.
When Scotland gains Independence – and it will – I propose that to appease the big fearties that we hold a referendum to rename Scotland the United Kingdom.
How’s at ya big yellar bananas?
MWD says AYE