A statement to the stock market by Rangers International today confirmed that they are not a sustainable business, have no bank credit facilities and are unable to accept debit or credit cards for season ticket purchases.
These revelations contravene SFA licence requirements, which would need to be met if the club wanted to participate in Scottish football in season 2014-15. Before attaining a licence for the forthcoming season a club must demonstrate that is has the finance available to complete its commitments. Newco Rangers have confirmed they are currently unable to meet this requirement.
Perhaps anticipating their next move, the statement added, “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”. You suspect this two month timeframe will prove to be significant.
That supporters who chose to automatically renew their season tickets cannot do so is demeaning. The financial uncertainty behind a season ticket purchase is such that people have been asked to pay by cash, cheque or direct bank transfer. Utterly, utterly, demeaning.
I sincerely hope whoever is in charge of taking money from fans is in a position to pay them back in the event the club fails. With this weight of evidence, to bank and spend the money regardless would be despicable.
A few points to bear in mind:
No one is in control of this situation, it was not planned for and there is not a silver bullet to resolve things.
The shareholders and are not a homogenous unit, they have different priorities, aspirations and stress points.
These two things being the case, any amount of carnage can take place once the inevitable crash occurs.
The only plan I can think of goes along the lines of, “Hail Mary, full of grace……..”
Sandy Jardine
I know several CQN’ers were good friends with Sandy Jardine, each of whom assured me of the man’s good character. Sincere condolences extended to all his family and friends.
Signed copies of Yogi Bare – John Hughes autobiography, are available now:
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Ernie Lynch 15-10
If they had any brains that is what they should be doing. Calling the SFA to account for their part in their club’s downfall.
I do see the flaw in my argument.
BT Sport headline – Lennon- “Rangers must spend.”
No need for that Neil….
hehehe
The The Rangers, a beaten generation, reared on a diet of prejudice and misinformation.
Profundity
Methinks you mistook me for another auld knave.
twists n turns
16:47 on 25 April, 2014
They have given “bear” and ” bull”, a whole new meaning in stock market lingo.
Bear……now means …..what your wallet will be when you buy shares in Ra Rangers.
As for “bull” ….well…….read Mr Wallace’s report today.
A girl in work told me about another kind of bears, eye opening to say the least.
ShelteredlifeCSC
….PFayr supports WeeOscar
The retort written underneath was “Celtic are basturts”
I’d say a 1-0 graffitti win for us
Hoopy Bhoy
DBBIA,
Many thanks for filling in the blanks. I knew it was Nijmegen but I couldn’t remember the river (or the officer’s name, come to that).
When you’re down and troubled
or need a helping hand.
Try giving Carole King a bell
She’ll come running
…..that’s Carole, not Dave
Nah nah nah-nah nah-nah…..*
Just over an hour to go : ))
(*Clyde phone -in tune, bouncing around my head)
We Are The PayPal!
Is there any connection between the reforming of rules between the SFA and the SPFL recently, vis a vis, ditching the ” discretion” clause in the License process and the ” fragile” nature of Hail Mary FC (c.P67).
There surely should be no wriggle room for the SFA to grant them a License, in view of today’s announcement.
Who will pose the question?
I think an intervention from the political heights of the country is due, once again.
Honest, loyal citizens need to be protected from investing their hard earned into a sham of a scam for the third time.
What a vote winner it would be if it could be demonstrated that in future, there will be no safe haven in Scotland for shysters and industrial scale con men.
Even the most staunch unionist would have to be grateful towards someone who actively protected him from rogues and vagabonds……at the hour of their death. Amen.
You’re no Sevco anymore
You’re no Sevco anymore
Sevco have set their “goals”; to win the Championship one year, to get second place in the SPFL Premiership the next year and to win the title in year three. That is their medium term strategy.
Long term it is ;
CL win and domestic treble in year 4.
CL and EPL win and domestic cups in year 5.
WalterMittyCSC
I’d gladly pay you Tuesday, for a hunburger today…
What time does Clyde SuperScoreBoard generally start? Might need to break a house rule tonight – should be fun listening to them trying to put a positive spin on todays news.
coolmore mafia @14:37
Never read finance stuff in such a state of unadulterated glee!
Playing 5s tonight. £4 a head ( cash mind!). Are we worth more than rangers? You bet!
all the way with celtic @15:25
A gem of a post. Speaks volumes about Sandy Jardine and about you too.
HH jamesgang
Had a wee squint through the ole SPFL rules there and I am now satisfied that if “The Rangers” enter administration after 3rd May then any points deduction will apply next season.
For those interested in these things here’s the stuff copied and pasted…
E Club Financial Arrangements
Insolvency
E1 Subject to Rule E5, where a Club suffers or is subject to an Insolvency Event that
Club shall be deducted 15 points in the League.
E2 Where an Insolvency Event occurs during a Season, the 15 points deduction shall be
applied immediately to take effect in the current Season.
E3 Where an Insolvency Event occurs during the Close Season the 15 points deduction
shall apply in respect of the immediately following Season, such that the relevant
Club starts that immediately following Season in the relevant Division on minus 15
points.
Season means the period of the year commencing on the date of the first League
Match in a Season and ending on the date of the last League Match in the same
Season or otherwise as determined by the Board and which excludes the Close
Season;
Sannabhoy and 2000 kids say Hail Hail to Pablo’s family
You were in my thoughts when Kitalba asked about emails, could you please pass mine on to him for me at your leisure sir.
See you on the 10th and probably briefly on Sunday:)))
Kitalba you are a star sir.
thank you again.
parkheadcumsalford -no problem.
The Big Hutch must stay open. . .
Jobo
They’ve only a week or so left to go bust lest they start next season minus 15
Let’s hope some of the unwashed stump up enough to see them thro until the end of the season
Can I Have Raspberry On That Champions League Ice Cream 16:25 on 25 April, 2014
NFL will be getting it big time tonight.
http://m.bbc.co.uk/sport/football/27162451
TrannywillbefuntonightCSC
————-
I prefer this version
http://www1.skysports.com/football/news/11781/9282825/celtic-boss-neil-lennon-not-worried-by-rangers-hopes-to-challenge-for-title-by-2017
…Pfayr
What you need is one of BMCUW’s hot curries to clear your chest infection. On second thoughts…!!!
Off oot to the pub to laugh at some huns. They could turn ugly.
HH!!
Jobo-as we all know now when the huns break the rules,we have to understand that the rules are wrong and need to be re written,.IMO the huns will not have any points deducted next season no matter the offence HH
Tallybhoy
“They could turn ugly.”
???????????
Jimmy Bell on £2k a week for Kit man and bus driver duties should ask for a rise looking at the money Durrant and McDowall are on for doing Heeeee Hawwwww.
Who did McDowall take advice of before selling his sole to the spivs.
Ohhhh and thank you Charles (big hauns) Green, enjoy your chateau sir you deserve it :))))
tcc
*. ┏┓ ┏┓ .*
┏┻┫┣┻┓
┃━┫┣━┃
┃━┫┣━┃
┗━┛┗━┛
cadizzy
‘The bears want a semblance of normality’
Would almost like to be at mordor for the celebrations for winning the league….think.it could be fun!
!!Bada Bing!!
You are totally justified in being suspicious but this particular one seems clear cut. Personally I was anticipating everything would hinge on the word “season” with them perhaps successfully arguing that the current season didn’t end until say the cup final. But there’s a “definitions” section in the SPFL rules that does seem pretty clear. Here’s the link.
http://spfl.co.uk/docs/067_324__therulesofthespfl_1375800603.pdf
Of course one option would be to come back as a totally new club with no sanction….(and no history, no money, no overdraft facility, no credit card option and, of course, no surrender!)
Sevco need a strong media.
….PFayr supports WeeOscar 17:12 on 25 April, 2014
Jobo
They’ve only a week or so left to go bust lest they start next season minus 15
Let’s hope some of the unwashed stump up enough to see them thro until the end of the season
———-
I’ve been thinking a lot about this recently and I’ve come to the conclusion that Sevco are deliberately avoiding administration and taking the points penalty this season.
They are doing this for two reasons:
1) To send out a strong message to King and his band of lunatics that they will not be messed with.
2) It’s an attempt to get rid of Sleekit without sacking him.
Dial M for Mordor
steinreignedsupreme
17:12 on 25 April, 2014
Can I Have Raspberry On That Champions League Ice Cream 16:25 on 25 April, 2014
NFL will be getting it big time tonight.
http://m.bbc.co.uk/sport/football/27162451
TrannywillbefuntonightCSC
————-
I prefer this version
http://www1.skysports.com/football/news/11781/9282825/celtic-boss-neil-lennon-not-worried-by-rangers-hopes-to-challenge-for-title-by-2017
Obviously SSN sevco fan not on duty tonight.
PissinmaselCSC
Steinreignedsupreme 17:12 on 25 April, 2014
Here is a direct quote from that Sky article you posted
“On a brighter note for Rangers fans, the club insist their target is to become champions of Scotland for the first time by 2017.”
“Former Barcelona coach Tito Vilanova has died at the age of 45, the club have
announced.”
Way too young.
I’ve worried a great deal over the last couple of years that the ‘same club’ myth was becoming accepted as fact.
I think I was right to be worried.
Now – less so. Much less so!
The report itself effectively admits 2 bought championships with other people’s monies – and credit notes!
No hiding this one.
Just as well I can de-stress a wee bit cos I’ve been worried sick the last 24 about that caller on SSN last night and his zombie weans.
I do hope no similar tales of woe emerge in the coming daze (sic)
HH jamesgang