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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I cant wait for the SFA and SPFL financial fair play people to get all over this…………….
Or maybe i can
Sprinkling glitter on a turd
RIFC acquired players it couldn’t afford in 2013.
But now the strategy is to strengthen the squad for the championship?????
16/30.
A bare pass.
WATP
We Accept The Pound (only) :)
midfield maestro
13:27 on 25 April, 2014
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?
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Yes, and in two bob and ten bob bits. musta needed a JCB to remove it!
At least this lot will probably be rubber cheques and iou’s!
HH
Sprinkling glitter on a turd
Apparently RIFC is a great institution.
Good going for a two year old company!
DBBIA
You got 16 as well? On music released after December 31 1979?
And the SFA will do precisely that.
The Battered Bunnet
13:40 on
25 April, 2014 ,
Did the £51m share issue (which was underwritten by SDM) only bring in £1.5m from the huns?
Then SDM charged £750,000 as an admin fee!
The omnishambles that is Sevco is no better illustrated than that they cannot process debit or credit card payments.
Staggering, but there you go.
RIP Sandy Jardine , a smashing footballer.
I wonder why young Mr Easedale was so upbeat yesterday?
Fragile then, fragile now…
Cadizzy – yessirree. THe shame of it.
However that blindin’ blind guesswork makes me the ideal candidate to be FCOO in charge of supercoisty and his dwindlin’ band of galactodiddies.
Sprinkling glitter on a turd.
We used to call that Glam Rock in the ‘70s.
TBB
Right from the start you got the sale and lease back option right.
It’s the attachments that have killed them. Attachments to property, traditions and mindset that should have been jettisoned to keep the lifeboat afloat.
Oh well.
Rogue Leader.
Did you crash your X WING on Tatooine and walked back? Welcome home.
Licensing eh? The very thing designed to prevent a mess. I think the message is finally getting home.
I got stung for £300 notes buying spmething on the interweb once. Company claimed it could only accept bank transfers. Stupid me went and transferred the money. It was of course a criminal scam. A once legit company in diffs still trading.
Once bitten, twice shy. Only the stupid and the excessively proud dont learn from their mistakes.
RM is a hoot. It’s staggering how many of them STILL don’t get it. Their default status is that everything will be awright, that ‘sumdy’ will ride in with sacks of money he never wants back and lead the glorious teds to Champion’s League glory in no time.
Jaw dropping stuff.
This isnt getting my work done. But it sure is funny.
afternoon Champions………….was thinking how I would feel after digesting more Sevco notification……..
I must say it reminds me when I was young and had been going into the Samsons at the West Port every week with an installment of cash from my Butcher Bhoys money ,to buy my own Scaletrix ….then just before Xmas my sister picked it up.It was beautifully wrapped and put under the tree on Xmas night .I knew what it was ,how it got there but I could not have been happier……….braw
……………….
this summer could be very warm …………..braw
TBB
That’s just no fair.
Telling them what they need in Latin. :)
My friends in Celtic,
After digesting in more “detail” I am completely underwhelmed.
The Circus continues, apparently. Again more questions. Never answers.
Tick Tock.
HH, always in Celtic.
I bet Celtic Season ticket sales increase on the back of the Spivco report.
Phil Mac and P67 keep telling me to have faith. That the Old Firm is no more cause RIFC is a basket case and Auldheid seems to believe changes to the good governance of Scottish football will happen. If a few more issues could and should be addressed then we could have utopia.
Agent Green
14:03 on 25 April, 2014
RM is a hoot. It’s staggering how many of them STILL don’t get it. Their default status is that everything will be awright, that ‘sumdy’ will ride in with sacks of money he never wants back and lead the glorious teds to Champion’s League glory in no time.
Jaw dropping stuff.
=================================
They belive themselves ‘stoic’.
The rest of the world calls it ‘thick’.
@STVGrant: Asked by STV how much Rangers have in the bank today, Mr Wallace replied: “A little less then £3.5m”.
I smell merde
http://blogs.channel4.com/alex-thomsons-view/rangers-financial-statement-season-tickets-cash-cheques7725/7725
Coinstar machines already being installed in ticket office
From the Executive Overview of Deadco’s report..
“In financial terms, the business is now on track to meeting a key objective of being financially robust….”
In the next paragraph the reader learns that this financial robustness is dependent on the business getting 30 million quid from somewhere.
The spin is already there in their own statement.
In Celtic (or any other club) produced such drivel there would be an outcry.
Nothing changes CSC
Morrissey the 23rd
If we get Utopia where does he play?
LB
Anybody want to contribute to raising a quid to buy the zombie carcass and cremate it once and for all?
ONION FLANS
working together to take derision to new levels
“As suspected Mr Wallace has not identified where he intends to raise the £30m.
“Dave King (uh, uh, uh, uh, yeeeeeeessssssssssss) has offered them money, yet they appear reluctant to accept his soft loan.”
http://www.philmacgiollabhain.ie/the-fatal-pretence/#more-4599
Just read that business review there,it goes on about getting players they could not afford in summer 2013. Then a couple of paragraphs later they are banging on about strengthening the squad for the championship and funds being available for the next 3 transfer windows. Am I missing something here ?
Right at the top of the document
rifc, rangers, the company or the club – so they all mean one and the same
so what was this company liquidated but not club nonsense
Where does Ticketus stand in all of this…..????
RM: ‘Is a chief football operations officer just a glorified name for a DOF’
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Bless them
HH
I have just emptied out my pockets and I also have a little less than £3.5m., in shrapnel of various denominations.
Clearly I need to conduct an urgent business review.
I shall report back on here -exclusively- when this is complete.
I expect the whole process to take 120 days.
Morrissey the 23rd @14.10 hrs.
“I bet Celtic Season ticket sales increase on the back of the Spivco report”
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I would agree, from our perspective that could well be the most immediate consequence.
Yes we have issues that need addressed ( Urgently ) but looking at that circus in contrast to our club focuses the mind.
HH, always in Celtic.
PS : For any dubious issues, remember our MP’s and MSP’s are elected to represent their constituents regardless of political orientation.
Credit cards first seen the light of day on U.K shores in 1966. Debit cards were a couple of decades later, being introduced in 1987.
Both means of payment are not accepted by Ra most successful club in Ra world.
Tramps and beggars CSC