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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I believe in an Independent Scotland that Scotland (or the United Kingdom as it will soon be called) should, rather than apply to join Europe, apply to join Australasia. That way it will be sunny, it will be closer to Australia for our holidays abroad and it should be easier to qualify for the World Cup. Oh and Peter Lawells company will be playing in the market sector he’s been trying to break for years.
MWD says AYE
MWD
Perhaps ole Salmond et all could go oot tae Oz and stay for a bit …just to see if it’s any good
I agree with much of this article.
http://www.theguardian.com/commentisfree/2014/jun/13/scottish-independence-change-england-more-jk-rowling
MWD says AYE
PFayr
Salmond can do what he wants. None of my business. If only Scottish Labour would stop propping up and supporting the English Labour Westminster vote stand on it’s own 2 feet and be Scottish for Scotland show some cahoonies we wouldn’t need to worry about a SNP govt in an Independent Scotland.
MWD says AYE ya feartie
Morning
Why wasn’t I told about the Ferencvanos Vase?
HH
Morning,
The Dutch were brilliant last night and I hope they can maintain it throughout the remaining games, Spain flopped best football team ever in some folks opinion ha ha!
Off out on the bike for a couple of hours.
Warm and sunny ✊
Bmcuw
no fears for the ties against chile and oz – and if spain play negredo up front and drop cassillas for de gea they will beat brazil imho
watching the bbc breakfast show atm – the guy has a cracker of a green tie on
WMD
I also agree with much of that article.
Really wish abusive nats would get tae.
PR victory for the No thanks lot.
Good fitba last night.
HH
Arjan robben was unplayable last night..great player. ..
What a fantastic header by van persie
The van gaal effect
They bust a gut to play for the guy
If Holland keep playing like that..
They will win the wc
Hh
MWD
“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 about you fearties have the guts to promise a republic in the first place, then I’ll vote Yes.
Otherwise, if you win the vote, you should rename Scotland as Piginapokeland.
P.S. How’s your bhoy after your A & E visit?
MWD
There is a fair bit of sense in the article you linked but….
“their opponent, Labour, only gets in when it has convinced the City of London that it has nothing to fear from them.”
Are we going to do away with International Capitalism too when we change the borders? Do you think the Salmond govt. or the shiny left wing paradise-in-waiting government isn’t going to get pressure to curtail any policies they don’t like?
P.S. I think RvP ‘s goal last night was better than Henrik’s because Henrik just had to keep his header low and away from the centre of goal. RvP had to loop his above Casillas but not have it rise above the bar. An early contender for the goal of this WC.
I’m aff to 5s noo
Driver who was in at work last night who is decent guy, but a kinda lapsed Hun, says “I see that boy at Rangers, Peralta played tonight in the World Cup.
Sorry mate. Not the same Peralta.
Hee Hee
God morning friends from a dry, muggy and cloudy East Kilbride.
skyisalandfill
08:30 on 14 June, 2014
‘Really wish abusive nats would get tae.’
###
The cybernat phenomenon is a consequence of the snp’s long standing HVP (high visible profile) campaigning strategy.
Basically it means that nats should run around a lot and make a lot of noise to create the impression that there’s more of them than there actually are.
It fools a lot of people. Not the bookies though.
Morning all.
Well that’s the first WC coupon doon the tubes!
Gracias Espana.
HH!!
Only two days in and already we have experienced a number of poor decisions by referees. If the standard is not high, what does that say about the Scottish referees since not one of them was thought to be good enough to participate in the World Cup? Only asking.
TALLYBHOY
WC coupon doon the WC?
Not had a bet yet,might do a weekend one.
Not seen any of the games either.
Pub in Kilwinning has a coupla comedians on tonight so that the punters can get into a jovial mood before the serious business of laughing at England.
CONNAIRE12
Are the refs not from the participating nations?
Dateline Granada, Spain
Headline in the daily sports paper Marca this morning:
Una catastrofe para la historia.
No translation required.
Sydney, Joe ‘king skoosh’ Dunne is a great guy. Always had loads of time for him. He had us in stitches in the pub last night.
He teaches history at Hillhead High.
Australia played well last night and unfortunately couldn’t score again when they put pressure on the Chile defence.
BMCUW
Save yer money!
Comedians in a Kilwinning pub?
That will be the majority (99%?) of the punters and staff then?! Your own family excepted of course!
Ach have à wee punt on Italy! You know you want to.
HH!!
Really looking forward to today’s CQN event at the Celtic store on Argyle Street. We have three Lisbon Lions (and CQNers) coming along – Bertie Auld, John Hughes and Tommy Gemmell.
If that’s not enough we have organised with Celtic to have both the European Cup and the Trophy that is going nowhere anytime soon – the Championship Trophy there too.
There will be a couple of CQN bouncers – Paul67 to make sure no-one swears and BRTH to make sure no-one gets a word in!
We hope to see as many CQNers as possible there this afternoon (1pm -4pm)
For Fathers Day you can get a copy of All the Best by Tommy Gemmell or Yogi Bare by John Hughes signed by All three Lions.
Bertie will be telling the jokes and what a photograph you can get with the 3 Lions and our two trophies!
Morning all.
Am I wrong in thinking that we can trace the roots of last nights Spanish defeat back to that wonderful night when we beat the unbeatable Barcelona?Don’t care if we can’t I’m doing it anyway.
Still maintain that if the greatest side ever is Brazil 70 and they outclassed an Italy side comprised mostly of the Inter players who played in Lisbon in weather that they were accustomed to.We outclassed virtually the same side in the mid afternoon heat of Lisbon,something our players certainly weren’t used to. Does that not make us the greatest club side ever?on a comparison with Brazil.
Love putting that to Sevconians.Nearly thrown out a taxi one night because the driver didn’t agree with it.
Holland were simply brilliant last night.
I await the inevitable implosion!
THEGLASGOWCELTICWAY
HANDY HINTS.
Pick a fight wi the driver 100yds from where you really want dropped off.
TALLYBHOY
I’ll be salivating over the odds for an Italy victory.
I might even buy the sun on Monday for a laugh.
Two days into the World Cup and Mrs TGCW has already started to complain that there’s “too much fitba own the telly.”Of course there is it’s a World Cup.Duuuuhhhh!!!!!
Italian weather forecasters are rubbish.
Yesterday we were told that we would be waking up to thunderstorms and torrential rain and plumetting temperatures.
The reality?
Sun splitting the sky and 30 degrees.
Off oot shortly still wearing shorts, t shirt and flip flops.
HH!!
TALLYBHOY
I think you musta tuned into Swindon’s weather by mistake.
Cracker of a storm from about 10pm last night.
Morning all. Lovely day down here at the moment.
I think the 5-1 scoreline bore no real relation to the game. I thought it was the ole game of 2 halves. Spain could have gone in at h/t 2 or even 3 up. Instead, van Persie scores a great goal just before h/t. Having said all that, I thought Robben was utterly brilliant in the second half. Like Big Yogi back in the day, totally unplayable.
so spain wont be winning the wc
neither will brazil
and despite last nights performance holland cant win it either
so only the argies or gerrys can win it. 100%. no doubt about it.
2 days ago i had no idea who was going to win it, but now i have narrowed it down to the only 2 possibilities
im in the wrong job, my football expertise needs a platform to flourish
right, when does the bookies open
ElDiegoBhoy
Sorry I missed your post yesterday!
Would love to have a meet up!
Next weekend no good as taking Olivia on her pre holiday shopping spree on Saturday to Edinburgh and the weekend commencing 5th July is no good as we are away. Spain for two weeks from 19th July, but anytime before that is fine.
Get my email from Paul67 and we can work something out as I ain’t on the Blog as much these days.
Pressure of…..pressure!
Take care!
SFTB
You are an intelligent man. We are led to believe.
In an Independent Scotland the chances of a future Republic of Scotland are measurably greater than the zero chance of a Republic of the United Kingdom will be.
One small step to FREEDOM!
Sometimes I do wish you would engage with your measurable intelligence. ;)
MWD says AYE
ElDiegoBhoy
I’ve emailed Paul to send you my home email address.
Currently in the office, but will catch up later!
Why do referees get blamed for linesmen mistakes?
Quick reminder. This is CELTIC quick news. Whole article dedicated to the great unwashed, a story many have lost track of and interest in. A further sign that some Celtic fans miss them more than they’d admit. The rest of the league moved on, improved attendences while some Celtic fans hankered after them & lost interest in their own team. For some hating them is as big a part if their makeup as feelings for Celtic. Can we not just move on and focus on the hoops with or without them?
Philbhoy
Cheers mate. Will be in touch.
My big girl has gone into labour.
Not being in the ‘birthing party’ I’m sat in a cafe waiting for my brekkie. A lot easier than when my sproggs were born, my hand hurt for weeks from the merciless squeezing…
callmegrampsCSC