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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jude2005 is Neil Lennon \o/ @ 13:00
Is today not day 128? I think it is.
My friends in Celtic
I trust you will join me in giving thanks to those who deemed the corruption, cheating, lying and cronyism had gone on for long enough.
They should have listened when the words “No more” were stated openly, loud and clear. Those 2 words were the catalyst for what was to come.
The plan was in place and the “Green” light had been given.
I ask you all to raise a glass to the “UFH”
Ernie
Why are the yes campaigners on here so anxious to distance themselves from the SNP?
:::::::::::::::::::
Why do the NO campaigners on here studiously avoid mentioning that this is the policy of the Communist Party of Great Britain?
See what I did there?
Bom dia,
Final match in the last sixteen (first round, at least) of the Libertadores last night:-
Arsenal (Arg) 0 v Unión Española (Chi) 0
The only scoreless tie of the last sixteen games. To be honest it was a bit of a snoozefest. If anything Espanola looked the more threatening side and will probably be the side more aggrieved to have not taken a win from this.
No real talking points in the game except the red carding of Arse defender Mariano Echeverría for slapping an opponent, and the consistency of veteran Arse-man, keeper Cristian Campestrini.
Espanola must fancy their chances in Santiago next week, after this one.
Remaining return leg games of the last sixteen are next week. The Brasileirão Serie A started last weekend and I can wheech up a preview of this weekend’s games later, if anybody’s interested.
Sannabhoy and 2000 kids say Hail Hail to Pablo’s family @ 13:01
Revenue can be raised by a sale and lease back. ;)
Breaking news.
My wee Bhoy’s under 10 team recently climbed Dumayat to raise funds for the team.
Despite Hutchybhoy pilfering some of the cash for new tops (he used to just spray paint the kids who didn’t have a top) we are now worth more than thems. Considerably more.
Question?
Do we need to release a statement on the stock market to notify the markets of our enhanced performance?
Best of it, we WILL take payments by card!!!’
As TD might opine – GIRUY!
HH jamesgang
Just read the BBC report – http://www.bbc.com/sport/0/football/27153739
Wonder if a £30 million pund share issue will be as successful as the last one DM did?
We know the hordes won’t buy that. If it were my team and the choices were sink or swim, I’d say sell the big house, the wee house, the outhouse and the hen house. Reduce costs, and find a new home which was much more affordable. If the “loyal” were truelly loyal, they’d “follow follow”. At least they’d have a club to go and see.
Of course it may be too late for that, since creditors have first dips on the big ticket items now.
Isn’t there a phrase along the lines of when you’re in a hole stop digging!
Don’t see them digging their way out of this either.
I do hope Mr Kings keeps up his helpful, encouraging and supportive words from the sidelines. Just to make sure the hordes are in no doubt and not in any way confused by what is needed to keep the whole thing from disappearing into said hole which is currently being dug, I think it should be big enough soon.
HH
St Stivs,
They can’t sell the casino…the floating pitch is on the roof of the casino.
http://www.youtube.com/watch?feature=player_detailpage&v=FZ0cEc7Su9Q….who gave the guy the forethought to say again? …..predictive tim!!
fieldofdrams @ 13:01
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
Deary Deary me .. not just your coat – I would move house after that ;-)
Looking at appendix 1 they have underlying costs of £54M and income of £34M
took me 5 mins to find that out
geesajobCSC
Sannabhoy
1. Our respective sylph like figures are seriously endangered with this OD of jelly n ice cream.
2. V interesting point you make about penny shares (also by mwd earlier) that it would only raise £400k. Or half a Coisty as we say in the business world. Makes no sense even within context of this madness. Will existing spivs use their place at the front of the trough to boost their shareholding for buttons? You’d think so?
HH jamesgang
morrissey the 23rd
Be careful!
Hail Hail
With this weight of evidence, to bank and spend the money regardless would be despicable.
Paul67 , i think you have mistaken the Zombie FC board for another entity that has a modicum of morals. As was the case with their deceased predecessors they will not lose any sleep over fleecing their ‘loyal’ and oh so gullible follow followers. In fact i would contend that they may well already have plans in place to do exactly this (again)
J&ICCSC
See there has been a 13.46 % reduction in Hunnies share price since the statement to the Stock Exchange this morning.
Can someone who is financially literate explain :
1. Why is this important.
2. What level does it have to sink to before trading in shares is suspended on the SE.
3. Is now a good time to expand my portfolio to Rowntrees plc ( makers of bespoke jelly).
Allez les bleus
After reading more on this, I’m sure the first question on the lips of many Sevco fans will be:
“When’s Boydie signing?”
I asked the man Fergus asked for financial advice:
David Low @Heavidor 1m
@Morrissey23rd They can & will offer Xm shares to current shareholders prorata at no more than 25p.
KINGLUBO @ 12.54 hrs,
“Breaking News!!
Jurgen Klopp has turned down the Man U job but says his brother, Clipperty Clipperty is very interested.”
—————————————————
Like it. lol
120 Days of Sodom.
Aye Rogered.
”Insanity: doing the same thing over and over again and expecting different results’
-ole clever clogs Albert Einstein
Sannabhoy
Will prob be on daddy duties on 10th :-( and anyway, who’s the sober/ sensible one you speak of?
Do you get the notion that the rankers CEO was the kind of laddie who stayed up all night the night before an essay was due in?!?!
HH JamesGang
I hope todays financials dont put a wee downer on Sleekit Allys
Championship party celebrations tomorrow.
Or maybe I do
still pi$$ed off at having our game moved and now missing
Liverpool v Chelski on Sunday because of a 3rd tier team
Pi$$EdOFFCSC
Meanwhile, beneath the sand on Sevcomedia:
“For those who are unable to afford to renew in the one hit due to the withdrawal of the other payment facilities feel free to get on the UoF and RST facebook pages and tell them what you think.
I’m glad I renewed on Day 1 and ignored these lunatics.”
——
“It’s crystal clear now why Wallace asked the players if they would consider a 15% reduction.”
——
“If the scumbags threatening to withhold season ticket monies have cost me out of my season ticket for next season I will ****ing rage.”
——
“How the board can stay in-situ after this is beyond me. Disastrous results and admission of mismanagement of funds. ****ing ridiculous.”
“**** off Declan”
“You do realise the currently board are not to blame for the majority of these results?”
——
“I’ll say one thing about Wallace, he is the best thing that ever happened to us”
——
“Over 22 Million spent on payroll costs over an 18 month period seems not only ridiculous but totally unsustainable.
Would say reducing this amount should be the club’s #1 priority.”
——
“if u dont renew they will cover the loss by selling penny shares to each other.”
——
“Already renewed through my credit card so glad I got in there as soon as I did!”
——
“Here’s hoping this is beginning of things finally getting to where they should be.”
Strengthen the Club’s Football Operations – With the creation of the new position of Chief Football Operations Officer, with specific responsibility for developing best in class football operations support. This new role will support the Football Manager and the Board and will concentrate initially on developing player talent identification, scouting and recruitment
Is AmcC getting a minder?
Morrissey the 23rd 13:02 on25 April, 2014
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.
——–
That’s very kind of you to say. But you Bhoys have done all the hard work.
Some posters on here appear embittered about that, but I have been delighted with the progress you have made on this matter.
Well done. I’m sure we’ll have a jar or two together in the future.
I think I can add Further detail in bold to the Rangers Strategic plan:-
1.Developing Football Performance and Capability
Sack Ally McCoist
2.Focus on Player Asset Management and Youth Development
Sack Durranty and McDowelly
3.Re-connecting effectively to our Local and Global Fan Base
Have a friendly with Linfield in Belfast
4.Developing Best in Class Commercial and Operational Capability
Re-hire Charles Green
5.Strengthening Commitment to our Communities
Get rid of the fenians in the team
Dear Friend,
My name is Mr. Wallace Graham Mbungo, It is with greatest of sadness that I write to you, my friend in God, that my erstwhile granddaddy Mr Whyte Green was suddenly killed by the Order of Orange Guerrillas and has now all of his estate been transferred to me in the Bank of Burkina Faso West Africa. I have a business proposal in the tune of £30 million of Great British Pounds for you only.
I must flee my country for fear of the OoO Guerrillas and so cannot access my granddaddy’s estate. I need a banking account to which to transfer his funds in a safe haven, say West of Glasgow. Please provide me with your bank accounting details. After the successful transfer, we shall share the fund in ratio of 40% for you and 40% for me and 20% to my esteemed advisor Mr Sneaky M’Coisto.
My friend, please pass on your bank accounting details so we can commence all arrangements and I will give you more information on how we would handle this project. Please treat this business with utmost confidentiality and send me the information’s I seek to enable us commence immediately.
Your friend in the Almighty Whytie
Mr WG Mbungo
“The board considers that the perfect opportunity to rebuild Rangers immediately post administration in a progressive, stable manner with a solid financial base has been completely missed,”
How can you rebuild something that was liquidated? Or did that not happen in some peepuls world?
HH GMB
Blindlemonchitlin @ 13:14
David Low @Heavidor 15h
RIFC share price testing it’s all time low. If it falls below 25 pence u better watch out, u better take care…! pic.twitter.com/t0HoyrCLW0
Henry Clarson @HenryClarson 14h
@Heavidor Why is dropping below 25p particularly significant?
David Low @Heavidor 13h
@sssnake_G @HenryClarson Then you’ve been tangoed.
JamesGang (and others) –
The fact that “The Rangers” have 40m+ penny shares still to issue – the fact that they are called “1p” shares bears no resemblance to their likely selling price which changes day by day. The vast majority of companies divide their shares into “1p” simply as this makes them easier to trade. “The Rangers'” current 1p shares are worth something like 25p (but not for much longe)r. So a share issue could potentially bring in around £10m, providing they managed to sell every share. I think.
FANDABBY*UCKINGDOZY
HH
And when it can’t get any funnier….along comes monaghan with news from the ‘other side’!!!
HH jamesgang
Morrissey
I still don’t get it.
Does Tangoed mean there will be a lot of fat baldy orangemen at the ‘Brox in future?
Will no one think of the children?
‘publishing the findings of the 120 day review is like a new signing.’ according to Mark Hately.
Good Afternoon Timland.
It’s been a while coming,but think were nearing the end
of this whole farce.
Three things cannot be long hidden
the sun,the moon,and the truth.
C,mon Sevco….just die like your hated ancestors, and give us all peace.
I really hope those rabid bigot hun fans fall for that gash again, i want to see them suffer, and sevco to burn in hell, i want to see huns cry again…..the big hoose must be demolished.
I want to wallow in their pain, celebrate the defeat of corrupt spivs, laugh like a lunatic at their demise.
Make it soon.
HH
IGC. Brilliant. The best post I’ve read on here in ages.
So 1000 bears turn up & pay £300 cash for season books, that’s £300k. The Sleasedales say they will keep it in the safe to be deposited in the clumpnanies bank. Now i am not suggesting it will/would/could happen. But did £100k not go missing from a bus companies depot in Inchinnan which the Sleasedales own?
And at the hour of our death. Amen.