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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Sad news about Tito Villanova.
Who would believe we would be witness to the fall of Rangers and Hearts, two giants of Scottish football – who’s next ?.
TT
It depends entirely on who owns the heritage …
The separation of companies between the footballing side and the remainder is very important
God bless you cqn and all who blog in it for thou ist one of the few who speaketh the truth
I know I shouldn’t get annoyed, but I do. The St Mirren fan just said under Murray they reduced the debt from £30m to £18m and “they were going to reduce it further”. Em – NO! They reduced it the two years they had direct entry to the CL group stage. Without that it would have shot back up. Clown!
Funnily enough he didn’t say HOW it was going to get reduced further…..
the long wait is over
17:49 on 25 April, 2014
One thing , of many , that both amuses and irritates me about Sevco is that they grandstand everything…
The failure to accept that they are not , in reality, anything like what they thought they were ( and even that was never as much as they deluded themselves it was) is actually their single biggest failing…
_______________________
Well said!
jamesgang
“I need 2 new knees. Anyone got some in their garage or something?”
Just looked in the garage and I have a Table tennis table, but it’s got wheels on it. Any Use?
One week to go………………..and VP still has an outside chance…wait no… :-)
CQN Predictor (week 39)
Position Lst Week Team Manager Week 39 pts Apr Pts Total Pts
1 (1) Gohome Yahuns stevenagebhoy 31 70 1664
2 (2) Norfolk Enchants Sponsored by Cheetah 30 84 1663
3 (3) Dougies Donkeys DougC 42 73 1654
4 (4) Bayern Bru Twists n turns 42 91 1648
5 (5) 7-1 4-2 6-2 Travelbhoy 30 74 1612
6 (7) Set Phasers to Malky Jeez_I_thought_blinker_was_pants 37 76 1602
7 (8) Hopeful Hoops Bobby Evans Superstar 35 68 1596
8 (14) epl overated hmack 40 86 1590
9 (6) Koln Hoops Kolncelt 23 53 1588
10 (11) celtic 67 Deccyrollercoaster 33 57 1586
11 (9) Setting Free the Bears Setting Free the Bears 26 65 1584
12 (13) Imran’s Maw Dick Byrne 27 60 1577
13 (12) The Exiled Tim The Exiled Tim 26 63 1577
14 (15) Hurdles Huddlers bognorbhoyle 35 76 1576
15 (16) Kikinthenakas Kikinthenakas 28 73 1560
16 (10) ColleensBhoys Leftclicktic 0 23 1558
17 (18) Thom’s Sellick Thommybhoy 23 58 1549
18 (17) Roughrigg Brushers GG 21 68 1548
19 (22) Kayal33 Kayal33 44 88 1541
20 (20) Bannockburn Bhoys Doc is Neil Lennon 24 104 1531
21 (23) Del Monte Shamrock jammabhoy 40 74 1529
22 (19) Belfast Celtic cliftonville celt 19 72 1528
23 (28) Looney Tunes Celticrollercoaster 43 74 1526
24 (24) Hail Hail Rain or Shine FC Jobo Baldie 32 68 1520
25 (27) Athenry bhoys stpatricksbhoy 34 80 1519
26 (26) Were on the one road Colts Cowiebhoy 31 74 1517
27 (30) Googys Globetrotters Googy Bhoy 48 90 1515
28 (29) FC Pasch(ing) praecepta 33 64 1511
29 (21) Frank’s Frantic Eleven Celtic Soul Brother 0 0 1504
30 (31) Lennys Lions The Lizard King 38 86 1504
31 (25) Meiklehill Rovers Mayanman 16 64 1503
32 (34) Donny Gaels Bradbhoy 35 71 1497
33 (39) EK Green & White Army Kelvinbhoy 53 53 1495
34 (32) Jessica Rabbit Mrs CRC 28 53 1492
35 (37) Lennys Bhoys Lennybhoy 44 59 1489
36 (33) The Dukes of Montrose Celtic Mac 19 52 1482
37 (36) Hillend Rockies Slabhoy 26 75 1472
38 (38) Rossini Sammi the Hun Skelper 24 65 1469
39 (43) Dim Sam’s Tims Dim Sam 37 68 1457
40 (35) The NoNames Kingoh 0 0 1449
41 (45) lubosleftpeg castlebhoy 40 84 1446
42 (44) Angola CSC thecelt45 24 49 1441
43 (42) Minx 1888 Minx 1888 18 59 1439
44 (47) Green and Whiteley Murdoch, McGrain and Larsson 43 50 1437
45 (40) Celtic Under Ninety Team Paddy Turner 0 0 1432
46 (41) MARCELONACELTIC F C Mhark67 0 0 1426
47 (50) Kiwinning Dangers BMCUWP 30 74 1407
48 (52) Dreamchester Athletic Blantyre Tim 39 72 1407
49 (51) Bada Bing Bada Bing 36 79 1405
50 (53) Jonny the Tim Jonny the Tim 35 73 1403
51 (46) Weißbier X Pogmathonyahun 0 0 1402
52 (48) Glasgow Brazilian Mouldy67 0 0 1393
53 (49) Death or Wamba? Ard Ri 0 0 1383
54 (55) Evergreen The Lurker 33 64 1377
55 (54) Acacia Milan Doubting Thomas 0 0 1365
56 (57) Port Brigade Saint Stivs 31 66 1342
57 (56) Nitrams 11 ncmjc 0 0 1338
58 (59) Giffnock Old Bhoys gscbhoy 26 26 1298
59 (58) celtic1888 Murdoch, Auld and Hay 0 0 1286
60 (60) Mcdowells Bhoys mcdowellcelt 0 0 1269
61 (61) Celtic rose Caityrollercoaster 26 44 1230
62 (62) Dan City Dan 0 0 1197
63 (64) Berocca Juniors The Pips XI 31 71 1017
64 (63) Maybe Next Year…………… Penfold 0 0 1002
65 (65) thebhoyfromoz thebhoyfromoz 0 0 976
66 (66) Billys Boots Lionsroar67 0 0 818
67 (67) Diamonds B-Boy 0 0 793
68 (68) Sipsini Sipsini 0 0 775
69 (69) Real Ale Madrid The Token Tim 0 0 773
70 (70) Dark Horse FC Stephen Black 0 0 770
71 (71) Chocolate Bhoys McFudge 0 0 733
72 (72) Patrick Missal Patrick27 0 0 611
73 (73) micktic 3mick3 0 0 582
74 (74) Somerset Harp Gherrybhoy57 0 0 522
75 (75) RalphWaldoEllison X1 RalphWaldoEllison 0 0 490
76 (76) iPaddys Plodders iPaddyMcCourt 0 0 443
77 (77) Jinky’s Giants Johnbud78 0 0 435
78 (78) Heaven Albert Kidd 0 0 429
79 (79) Gordybhoy Rovers Gordy Bhoy 64 0 0 350
80 (80) ruggyvogue c.s.c. voguepunter 0 0 288
Solution is simples…. £ a piece from their 500 million worldwide fans!!
This evening this tune came to mind in light of the news across the river.
http://youtu.be/DrUB0g8Vjgg
I wonder why ?
they raised 70 mil and, to his credit, as my dad said to me once, pished it up against a wall. Thick as pigpoo in a bottle !
Get your Sevco shares here now
4 for a pound.
So there I was at work, usual Friday, not much to do, well there was but Friday is not the day. Anyway a sevconian approached my desk and placed on it the 120 day findings. There then followed an honest assessment by both of us after we both read it.
My reading of page one, which included the executive overview was astonishing to say the least.
I found the document to be honest and confirmed what we all knew, they had not learned from their previous incarnation. Why, because the believe and still believe they are the mighty Glasgow Rangers and because of this they had something to live up to. Alas this will be their downfall .
All the guff in the document towards the end about what they expect to achieve by 2016-2017 is simply pie in the sky.
As the sevconian agreed they are living hand to mouth. Even by extending their season ticket deadline until 16th May will not help those that want to renew. They will need to go in person to pay their cash, sending cheques will be the method most will use, how long does it take to clear cheques! We are on 25th April, three weeks today is 16th May, that is 13 banking days minus the bank holiday and weekends. Not much time. The big question is not the time but how many will renew!
My Colleague was critical of Ally both in how much he has fleeced them and in his inability to manage.
Snippets from the review:
Creation of a new post, Chief Football Operations Officer. When imminent redundancies are to be made they announce a new post, more money, beggars belief.
Under the heading Developing Football Performance and Capability:
The Board has set the following performance targets for re-establishing the Club in the SPFL Premiership:
2014/2015: building a team…to deliver the SPFL Championship in the first season…
2014/2016: re-establishing the Club in the SPFL Premiership with a top two finish and ability to challenge for the title.
2016/2017: target to be SPFL Premiership Champions and establishing the platform to be competitive in UEFA competition.
Are their objectives realistic, achievable I let you decide.
As I say i found the document to be honest and forthright. If they had lived within their means they might, just might have out lived their former club by surviving more than 140 years, now they will be lucky to see out 2014.
I can see the day that we will finally see the end of this pretence that they were and are the same club when they will enter the history books for good, just like Third Lanark.
I can smell liquid…where have I read that before…:)
Keep the Faith!
Hail Hail!
Celticrollercoaster luvs his luminious lime boots
Any reminders for this week, :((
setting free the bears supports res. 12 & oscar knox
18:39 on 25 April, 2014
Ideal friend. I look like a dalek when I play anyway! Exterminate! Woops. Insensitive given today’s Sevco news!
HH jamesgang
Terrific to hear Danny McGrain today. What a man. He even skelped the Albanian Communist huns. Love listening to him. Can’t find much footage of him on YouTube though.
Always makes me laugh when I hear people saying that King has some master plan to seize control. The guy has no funds (another Paul Murray) who wants to be on the board. His only hope is liquidation and a fire sale but the main players here are not the front men like the Eastdales and co but the unknown investors. They will go for a pre-pack as they are the main creditors and can agree a CVA.
It is really all about timing now and the new share funding is a smokescreen as a proposal for increased equity has already been rejected by investors, Anyway who in their right mind is going to invest 30m. They have burnt 70m in 2 years so what is 30m over 3 years going to achieve?
This is still a train crash lets sit back and enjoy.
And another thing, I honestly can’t remember the last time I wrote a cheque!
Rod Stewart “tonight’s the night” stage show?
Goodness me, how many women are in this to play his birds and wives?
Pfayr
I hope your chest infection clears up soon. I’ve had one for over two weeks now and two sets of antibiotics, and still not cleared.
KTF
Evening Timland from a cool hun free mountain valley.
Spent a few hours with ACGR and his lovely wife today, not long enough, and aye he got lost.
Sad news about Tito, far too young.
HH
CRC – good to see that young Deccy is still kickin yer butt! :-)
How was the holiday?
Many congrats to Tony Higgins look-a-like and Lawrie fae Dennistoun sound-a-like, Greenlion2 who turned the big 5-0 today. He’s currently sunning his big bawface in Lanzarote.
All the best, big man!
HH
TTTT
Jist Came up wi’ the Answer tae Ma Ain Question(?)s(?)
“Whit Wull/Is…the S.F.A…. Dae/ Gonna Dae…Noo?”
S.F.A.!
Right?
Course, Ah Am.
Kojo
Still,Laughin’
Billy bhoy
Thanks
I was very busy at work last week and this and let it drift
Finally went to the docs yesterday …got a row …given antibiotics …told no work until Monday
Happily I’m feeling better already ….
Hope you get well soon
TET – was he wearing his Celtic Onesie?!
T4
PF – antibiotics work better without alcohol….hmmmm! :-)
T4
TTTT
He was regaling us via email this morning while picking the CQN line
Nut job appears to have been on the Rioja and Cava early doors
Seemed to be enjoying himself :-))
He even skelped the Albanian Communist huns.
Shocking racism
TTTT
A know fine …MRS has me warned ….we’ll see :-))
….PFayr supports WeeOscar
Too many cheap cigars old yin
Love
T4
Sadly no, but he was wearing a rather fetching green, white and yellow polo >}
HH
A kidnap scheme is over once people refuse to ransom the hostage.
The kidnappers are left with no alternative but to dispose of the hostage and embark on their escape routes.
Expect to find the body of Ibrox Park behind a bin any day now.
Huge debt, massive wage bill, aging playing staff and no Champions Lge football next season and maybe even drop in sponsorship, is the demise of the great Manchester Utd imminent,
Bocchi,
Satire right? Tell me so.
PF – save yerself for Bobby’s Hootenanny! You’ve got your reputation to think of….!
T4
SOAL
Funny enough …had one of those Spanish numbers ( similar to Hamilton effort ) after The Scottish National …whilst blootered…don’t think that helped ….that and the two day session …had been at the rugby end of season do on the Friday
I read on TSFM
That you are allowed legally (iknow I know) to bring 1 million Rand out the country per annum and that the”glib & shamless”liar had agreed to bring any money outwith back into South Africa as part of his deal in not going to the pokey, So if King is up to something its for someone else who wants to stay hidden,
Buuuuuuuut the spivs have all the aces so cant see what it is except 3rd rangers no history playing out of ?????????
Ohhhh 1 million Rand is under 400k (Ithink)
TinyTim 18:28 on 25 April, 2014
“I hope that is the case.
“King calling the shots would be bad for us in sporting context.
“He will fund a team that they can’t afford and increase their chances of beating us to trophies and Euro income.”
I really think King’s influence is overblown. He has no intention of investing his own cash, and that may be a result of his personal wealth taking a bigger hit than he is letting on because he was convicted of tax fraud.
King has also employed lunatic Leggat as his public relations man, and that decision alone should blow what credibility he ever had out the water.
And King is conducting all his affairs in public, which are not the actions of someone who is serious about taking control at Ibrox.
His only choice is to buy out those running Sevco. Continuing to antagonise people with no emotional attachment to that club is an extremely stupid thing to do.
King is still a rich man by my standards. He may not be as smart as we assume though. A white man who made his fortune in Apartheid South Africa means he has few scruples, but from what I can make out he is dealing with folk more ruthless than he is in this instance.