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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Interesting seeing people in York being interviewed about Scotland becomeing independent. There were worried that the north of England would get left behind as Scotland became more prosperous. And that is what should happen.
https://www.youtube.com/watch?feature=player_embedded&v=Yn3-bzWpWaI
a great Celtic video from the excellent tirnaog09; some great memories
HH
Take a break
Roy Croppie
Great photo… . . I wonder what that squad would be worth at today’s exorbitant rates!
tonydonnelly67
10:07 on 26 April, 2014
spot on tony
Emdy remember this one about the 69 Cup final?
The year was 1969
The Celtic they were doing fine
The league was won the league cup too
To Hampden they were bound
For they would beat the Rangers
Of that there was no danger
They’ll give the might of Davie White the biggest runaround.
So cheer the boys in white and green
So cheer the boys of big Jock Stein
They beat the mighty Rangers
Not 1, 2, 3 but 4
For Rangers they are blue boys
sure they haven’t got a clue boys
The Scottish Cup is coming back to Paradise once more.
The game was just 2 minutes gone
McNeill he put the first one home
And Lennox score the next one
The blues are on the run
And Connelly he got one more
And Chalmers added number 4
For the Rangers had no answer
As Celtic had their fun
So cheer the boys etc…
Not heard it in years. Some of the lyrics may not be totally accurate.
GerryBhoy
10:08 on 26 April, 2014
Two points.
1. There’s a kind of lazy assumption that in a separate Scotland the nats would disappear and we’d revert to the old style Labour v Tory landscape. That I think is unlikely. More likely would be the scenario suggested by Brian Wilson that politics and political division would form around the national question. That’s not a pleasant prospect for those of us living here.
2. Regarding a wealth fund I believe Labour started something along those lines under Callaghan. The SNP however voted with the Tories to bring down the Labour government and allowed Thatcher into power. She then spent the oil revenues on welfare benefits as she deindustrialised the country. This I suppose was part of the economic side of Thatcherism that Salmond says the nats didn’t mind so much.
beatbhoy
looking at that squad is like playing fantasy football :)
HH
Bamboo once again a half truth. Those in the north of England are not worried about being left behind by the mythical,prosperity in Scotland. They are worried that they will be marginalised by being an even smaller enclave in Britain.
You seem to think you have more in common with the sectarian scottish establishment than the ordinary folk in England.
GERRYBHOY
Our oil resources have been wasted by governments of both hues.
To what end?
We are carrying a huge national debt due in no small part to laying waste to our manufacturing industry.
If you create nothing,you have to pay for everything. It’s that simple.
tonydonnelly67
10:19 on 26 April, 2014
A wee tip.
If the JW’s call to see you, after they’ve introduced themselves you should respond
‘Hullo. I’ve glad you’ve called. I’m Jehovah. How are we doing?’
That generally gets rid of them fairly quickly.
beatbhoy
Is it your birthday today ?
If so
Hooooooooooooooooooooopy birthday
If not just ignore my ramblings :)))
ernie lynch
10:23 on 26 April, 2014
Ernie,
for clarification: am not a SNP supporter in any way but local democracy for Scotland would get rid of the unelected Tories’ decision making for our country for good. Surely no bad thing.
Right up early and off to the title party at solitude
Cliftonville fans to go for a beach ball Sunday theme so should be good
Early bus and glen park in ardoyne for prematch drinks – if anyone’s about I’ll be the guy with the 4 foot inflatable aeroplane and Hawaii hat !!!
YOU REDS YOU REDS YOU REDS
HH
billy bhoy 05
I remember Phil reporting of the Accountants insisting on a figure being entered into them due to claim that had a distinct possibility of being legitimate.
They refused to sign them off until that liability was included in the figures.
Something like that anyway!
Maybe that has something to do with the figure you mention as that was what sevco5088 paid initially wasnt it?
Gerrybhoy yes we must accept the peoples vote but that doesn’t mean we put up with the so called tactics of the nationalist bullies now.
Roy Croppie
That squad often did!
As previously stated, the Board has no intention of granting security over Ibrox and therefore has regrettably decided that for the current season ticket renewal process it will proceed with direct payment only to the Club by way of bank transfer, cash or cheque payment. Any supporters who are on the automatic renewal scheme will not have their tickets renewed automatically and will also require to renew their seats individually.
The Club recognises that this will inconvenience a significant number of supporters, however in the Board’s opinion, the demands placed upon the Club by the merchant acquirer are not in the best interests of Rangers.
To assist supporters at this time, the Club is extending the season ticket renewal window until 16 May 2014, to give every supporter sufficient time to renew their season ticket. Additional information is being sent to every season ticket holder today to explain in detail the required process changes.
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 as previously disclosed in the RIFC December 2013 interim results.
Not as surprising as it may seem, they’ve run the new club to a standstill, and it’s Administration in summer CSC
GerryBhoy
10:29 on 26 April, 2014
Who would determine interest rates and corporation tax rates?
Gerrybhoy we already have local democracy in Scotland. It’s called the scottish parliament. And it has passed such luminary bills as the OB act. Designed to criminalise aspects of Catholicism. Local democracy in action.
We are carrying a huge national debt due in no small part to laying waste to our manufacturing industry.
If you create nothing,you have to pay for everything. It’s that simple.
§§§§§§§§§§§§§§§§
Non sequitor — applies to the UK as a whole, not applicable to Scotland alone.
goldstar10
We’ve got Jimmy jimmy Johnstone on the wing on the wing
Ohh Jimmy Ohh Jimmy Johnstone ohh Jimmy Johnstone on the wing .
Jumped into my head when reading your post about songs at that time:)))
Nationalism is the most baleful of all political philosophies. I’m stunned anyone on the left is giving it the time of day…
I’m even more stunned that Celtic fans – the majority of whose faces, let’s be brutal here, will never fit in a nationalist Scotland – would consider voting for it.
Add to that their plan seems to be to declare independence but leave the economy entirely in the hands of the “hated” Tory-dominated rUK government, and you have a plan which manages to be both scary and stupid at the same time.
I suspect we will one day look back on 2014 as a year of complete madness, much like 1914…
NegAnon2
10:30 on 26 April, 2014
Gerrybhoy yes we must accept the peoples vote but that doesn’t mean we put up with the so called tactics of the nationalist bullies now.
Absolutely agree but that also applies to the bully and scare tactics that have been practised by Westminster politicoes, Robertson and other rentagubs either. It takes 2 to tango!
I love the way the SNP campaign talks about the “unelected” and “undemocratic” UK government.
They seem to forget that the current majority UK government secured the support of 59% of the electorate. The current majority Scottish government received the support of 45% of the electorate.
Leftclicktic
Felicitations gladly accepted. It’s great to have it linked to that great day 45 years ago. Suddenly, having just typed that statement, I don’t feel so good!
The best gift I ever got just handed me a lovely display box with 3 bottles of good-looking reds inside. So thoughtful of her, but I know she’s looking for a lift into town tomorrow night for her and her pals, so she’s no’ daft!
At least, it better be tomorrow. She’s got no chance tonight!
GERRYBHOY
I wasn’t referring to Scotland in that post. It was the UK I was making the point about.
Just as a matter of interest,the Scottish Government have agreed in principle to shoulder pro-rata a share of that debt.
I don’t recall that being suggested when independence has been sought by any other country.
If Scotland votes for independence,I would tell London to sod off when they asked for it.
MSM immediately become complicit with silence, on the day Sevco announce they’ve lost all credit facilities.
On other, funnier, matters…
I assume the 1,024 Huns who renewed have not actually renewed, unless they paid in cash or by cheque in full?
By my calculations if every single one of their fans renews in full tomorrow, they will run out of money in October. Whichever way you cut it, this is not a sustainable business.
Gordon_J backing Neil Lennon
10:38 on 26 April, 2014
A little ingenuous that :-))
Clearly the “unelected” comment applies to the scottish voters (that’s what we have been talking about) not the UK as a whole. That’s the point!
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS ………Praying for our WEE HERO!
10:41 on 26 April, 2014
“If Scotland votes for independence,I would tell London to sod off when they asked for it.”
Spot on!
Leftclick- I routinely forget simple important things but even obscure Celtic songs are buried deep in the unconscious.
BT
Assuming i am the junkster !!!!!! Yeah two days off feels like a holiday now . At least I banked 6 days in April so that’s me got enough for two holidays of maybe 3 week duration
Went to go to church at 10 but another funeral in st brides and I usually swerve them . Drove to Blantyre and got some buchanans of burn bank square and a bag of rolls
Thought about dropping in on my way past but your mrs must get fed up cooking my breakfasts …. Lmfao
Bournesouprecipe.
Msm loses all credibility over the Huns losing all creditability.
leftclicktic:
I sent Sannabhoy some of those books and asked him to forward them on to you.
TOHG caught off his line again! :> )
Bobby Murdoch, in that case the debt will be paid by those who remain here, in the form of higher borrowing costs demanded by international markets.
So prepare for higher mortgage payments for individuals plus cuts to NHS and education services as the government pays more in interest on the international markets, leaving it less to spend on core services.
Again, it’ll be the poor and the middle who suffer.
1969
.
http://www.youtube.com/watch?v=A4ai7kp_8cg Cached
Scottish Cup Final between Celtic and Rangers 1969 in colour.Celtic 4 Rangers 0
HH