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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sanna:
I would recommend the same two books to you but I’m not sure if ‘The Minister and the Massacres’ is banned in the UK. I now it was withdrawn from all universities and libraries.
I’m going to have a look through what I have electronically and if I have ‘A Terrible Revenge’ I’ll send you that to begin with, it’ll make you question a lot of things.
leftclicktic We are all Neil Lennon @ 11:57
Phil MacGiollaBhain@Pmacgiollabhain · 5s
£67.2 Million over 17 months.
That means it took them £3.95 M per month to operate.
They took in £1.5 M per month.
#F**ked
My response …
embramike @embramike 23m
@Pmacgiollabhain That’s more like it Phil – the 120 Second Review – and nail hit on head – again. And when will this version appear in DR ?
120 days to prepare that report?,don’t think so.Something stinks as per usual.
Anyone going to the sportsman dinner at the Raddison tonight?
“The Board will consider the most appropriate source of finance which may be available to the Club including equity and other sources in order to obtain the necessary funding whilst also seeking to ensure the Club’s financial stability is protected.” – G Wallace
Let me just highlight two little words with such a vast impact, “including equity”.
Bye bye Big Hoose, Big Hoose bye bye…..
http://www.youtube.com/watch?v=7O7zZDNBKks&feature=kp
paul67 i’m sure i’m not alone in that, when in 2012 rangers (il) went into administration, I hoped for a long lingering death. has two years been enough? to be perfectly candid, not for me, the years they cheated every other club throughout Europe for a long ,long time,it gives me some pleasure in seeing them suffer can I ask to let them suffer,just for another two years, I do remember Lisbon ,but was to young to know of its significance, so for me this is the bestest time to bet supporting the bestest team in Scotland……just another two years pleeeeeaaase h h
caltontongues- VG
Sevconomics by the Sevcomedians…………Tic Toc…..GIRUY
HH
Rangers website:
RANGERS have today issued the following summary of the Club’s Business Review conducted over the last four months by Chief Executive Graham Wallace.
This release summarises the findings of the Review and outlines the Board’s future strategy to rebuild and reposition the Club at the top of Scottish Football and to allow Rangers to compete in Europe.
A Strategic Plan has been developed which is based upon delivery in the following five key areas to rebuild and refocus the Club in a measured and progressive manner:
1.Developing Football Performance and Capability
2.Focus on Player Asset Management and Youth Development
3.Re-connecting effectively to our Local and Global Fan Base
4.Developing Best in Class Commercial and Operational Capability
5.Strengthening Commitment to our Communities
Although it points readers to download the full document, there is not a word about the underlying financial situation and the risk to season ticket purchasers of the club not being able to trade in future. I wonder how the AIM market would view this “summary”
HOOPY BIRTHDAY
https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-ash3/t1.0-9/10173730_487309578063258_989760702069127620_n.jpg
H.H
Here we go again….watch them totally corrupt every rule under the sun, and just carry on as if it never happened.
It is beyond astounding that they are still going, which makes me think, they are going nowhere.
How many more stunts will they pull ,before being called to account with their lackeys.
Its blatant skullduggery, and not a peep from the criminal, financial, or football authorities…..carte blanch to lie and cheat.
It really sickens me that they continually get away with this corruption, something seriously needs done.
Hunbelievable.
HH
Sannabhoy and 2000 kids say Hail Hail to Pablo’s family @ 12:07
Existing share-holders will be able to buy shares for around 25p.
Morrissey the 23rd 12:34 on 25 April, 2014
“I am going to go to a couple of local bars and buy a malt whisky in each. To celebrate. Feel free to join me.”
I’ll be there in spirit.
geddit?
The Club raised £70.7 million through ticket sales, commercial revenues and share issue proceeds between May 2012 and December 2013, and spent this relatively quickly, and in some areas liberally, with only £3.5 million of this cash remaining at 31 December 2013. But guess what if you give us another £30m world domination, sorry European football and winning the SPFL premiership by 2016/17 will be possible, comedy gold!
HH
I’ve read the complete statement carefully, and re-read it several times to make sure I understood.
Things are actually worse than Phil MacG has been saying (which is like finding out that Job was looking on the bright side).
As one of the few (is he in fact the only?) senior survivor from the days of Green, surely the manager has to acknowledge that he must take responsibilty for mismanaging “amost all of its cash reserves”, by his spending a big slice of the post-administration income of £70.7 million “relatively quickly, and in some areas liberally”, by entering into “a number of contracts that are onerous and not delivering value”. These are “generous and poorly structured contracts”, which benefit “a number of players … that [I would have written ‘who’, but then I am a gentleman] it [I would have written ‘the manager’, but then I am not a Rangers man] should have known that it could not afford”.
why dont they just sell the casino ?
Breaking News!!
Jurgen Klopp has turned down the Man U job but says his brother, Clipperty Clipperty is very interested.
KINGLuBO
hendrix67
12:47 on
25 April, 2014
Anyone going to the sportsman dinner at the Raddison tonight?
—————————————–
Not me, i’m going to the lazy slobs dinner at the barbecue king kebab shop
Much better spilling kebab sauce down and auld trackie top than dropping truffle oil on your tuxedo
Lets face it, its so obvious
They, whoever they are called, can do whatever they please with no questions asked.
Thats about it…end of story.
HH
What a pity.
There was me thinking we were on for a record breaking 10 in a row when now I discover we cannae coz Sevco rangers are going to win the title by 2017.
Pure wasted my weekend so it has.
I suppose we will just have to enjoy being the Champions while we can, resuming on Sunday afternoon at Paradise.
EC67
I mentioned on wed morning, I overhead some posh bigwig discussing Charles Green while waiting on the 9:20 heathrow flight.
out in the open he was saying something about 178% pay out over 4 months, and something about charlies home address.
i wondereded who he was , anyone any insights ?
——
on my flights as well, two zombies behind me.
see we got a new shirt sponsor,
eh naw, who is it ,
em bet32,
awrite, much fur
em dont know
how long fur
em dont know
is it a new shirt for next season
em dont know,
but must be a suppose
i nearly dropped my celtic view stifling the laughter.
Just received a lovely letter from AMEY informing me that they are sending me a cheque to cover the damage to my car when I hit a massive pothole
Seemingly they are liable if they do not repair said pothole in the time the council gives them!!
Worth remembering that.
Morrissey
Current share price is 22.5p and falling rapidly…
The Green Man. Exactly its taken you a while to realise it ?
PAUL67
Well said on Sandy Jardine.
TT
kitalba
12:23 on 25 April, 2014
macjay:
I apologise for wasting your time by telling you about that ABC documentary, what a complete waste of time.
I have a paper somewhere, written by a professor of history at Melbourne University which really puts a few noses out of joint, if I can find it I’ll send you a copy. It really does tear the myths apart.
Kitalba – could you post the link as I’d be very keen to read it.
Irony of ff forum quoting churchill on the anniversary of Gallipoli…
Thanks
HH jamesgang
Hrvatski Jim
12:49 on 25 April, 2014
Rangers website:
RANGERS have today issued the following summary of the Club’s Business Review conducted over the last four months by Chief Executive Graham Wallace.
This release summarises the findings of the Review and outlines the Board’s future strategy to rebuild and reposition the Club at the top of Scottish Football and to allow Rangers to compete in Europe.
A Strategic Plan has been developed which is based upon delivery in the following five key areas to rebuild and refocus the Club in a measured and progressive manner:
1.Developing Football Performance and Capability
2.Focus on Player Asset Management and Youth Development
3.Re-connecting effectively to our Local and Global Fan Base
4.Developing Best in Class Commercial and Operational Capability
5.Strengthening Commitment to our Communities
Although it points readers to download the full document, there is not a word about the underlying financial situation and the risk to season ticket purchasers of the club not being able to trade in future. I wonder how the AIM market would view this “summary”
________________________________________________________
Considering points 1 & 2 and points 3 & 5 are the same thing its really a 3 point plan!!
Haha, the equivalent of handing in a single sheet of A4 paper for your dissertation
Is there summit else coming out on day 125? Or is that it??? <:((
Looks like ‘cheerio ten in a row’!
So mr murray what did you do on the other 119 days
the club bought players in 2013 which with the forecast it should have known it could not afford
LNS says no competitive advantage
trading whilst insolvent -again
hoopy-do
12:55 on 25 April, 2014
hendrix67
12:47 on
25 April, 2014
Anyone going to the sportsman dinner at the Raddison tonight?
—————————————–
Not me, i’m going to the lazy slobs dinner at the barbecue king kebab shop
Much better spilling kebab sauce down and auld trackie top than dropping truffle oil on your tuxedo
———————————————–
Deary me sir, truffle oil? At £45 a ticket I doubt there will be a truffle on the menu. It’s a good night. In aid of St Margaret’s Hospice. Big Packie is one of the guest speakers tonight.
Morrissey ,
cheers. that means capital raised will be approx £10M which means that ,with current season book uptake will last them approx 6 months
oh , and the spivs will probably strengthen their %age shareholding
KingLubo 12.54
Doubt that Jurgen Klopp’s brother Clipperty Clipperty is interested in the Man Utd job. I hear he’s after something more stable…
I’llgetmecoatcsc
January 13:
Share price 90p, Market capitalisation £58.59million
April 14:
Share price 23p, Market capitalisation £14.97million
“It makes sense to me that we continue to have a higher wage bill than the opposition that we’re playing against. From my point of view, I want it to be as high as can be while still being safe for the club so that we have a better chance of getting out the division.” – A McCoist
Saint Stivs
I think Charles Green might be in Sheffield – keep getting his voice when calling the Plusnet help line!
:-)
Steinreignedsupreme @ 12:51
As the man who made the post that resulted in Canamalar putting the UEFA licence resolution together. I’ve raised a glass to you on a few occasions already. Today wont be the first time you’ve been at the bar with me in spirit.
Ernie L. Most voters in scotland aren’t members of political parties yet do vote and will vote in September, yeah or naw. Most of them will never join a party cos they don’t feel able or inclined to sign up.
I happen to be one of them. Doesn’t make me SNP, toreeee, of lib demeee, or laboureee!
I know that. I suspect you do too! So how about giving the ‘tartan under the bed’ line a wee break and let’s enjoy the feast of St Jelly together!
;-)
Yours always in Celtic.
HH jamesgang
This stock market announcement darkens the Sevco situation.
Presume able it was designed to let fans know that the club need their money ,and it’s not scaremongering.
The problem for a Zombie is now .
If I give them my money ,but others withhold their money ,I will lose mine.
They are torn.
Their baby is about to die because it it being split.
I could not have dreamed of such a wonderful scenario .
Death ,followed by a Zombie existence ,which then suffers torture by a thousand financial cuts.
Quite brilliant.
TT