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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Graham Wallace’s media conference (Sevco TV link)
http://sport.stv.tv/football/clubs/rangers/272842-rangers-to-launch-fresh-share-issue-as-review-findings-are-published/
He will be on SSB tonight. I listened last night. Tempted to listen again tonight.
The ol’ tranny will be good the night.
SevcodCSC
On the issue of a licence: If the SFA issue one with no conditions attached they are telling member clubs and TRFC supporters that TRFC will be able to fulfil their fixtures next season.
If I were a TRFC supporter I would want some form of guarantee being placed by the SFA against such an eventuality.
Thus it is a challenge the SFA cannot dodge.
Gene’s bhoy
As a lower tier club the closing date is 30th April. Not long now…..
weeminger
14:50 on
25 April, 2014
Coolmore Mafia
14:37 on
25 April, 2014
Just a wee note, as I don’t want people giving that site more respect than it deserves but lse.co.uk isn’t the official LSE website. It’s London South East, and while it’s primarily used by people with an interest in shares, anybody can and does register and use the site.
————
Yes LSE is purely a trader website with absolutely no official connection to the London Stock Exchange. I’ve seen two references to the site already – thought I was the only person that ever used it. Full of traders with no allegiances except to money mixed in with some partisan suspects. And to be honest, sentiment amongst traders towards rangers is very poor. Very very poor. Don’t think a share issue will be popular. Don’t think for a moment the Graham Wallace 3 year win the SPL plan is remotely viable. If I was them, I would sell some assets to keep the club afloat, but there appears to be a real problem disposing of them for whatever reason.
Auldheid
15:05 on 25 April, 2014
”On the issue of a licence: If the SFA issue one with no conditions attached they are telling member clubs and TRFC supporters that TRFC will be able to fulfil their fixtures next season.’
###
Maybe a hun who is swithering about renewing should write to the SFA and ask them whether provision of a licence is an implied warranty that the club will survive long enough to play all their matches.
RIP Sandy Jardine
There was a regular 5 a sides game every Friday at 4.30pm at The Pitz Portobello where he played with a team of Insurance brokers against other insurance guys. I was not a regular but played the odd time for the other guys, so up against Sandy Jardine himself (his team mates called him Billy – no joke).
This would be in the early 90’s…..I was in my early 30’s and he’d be in his mid 40’s or so. It was a pretty good fives standard, with fairly low scores like 7-5 after 1 hour play, but obviously the man himself was in a different category – even at his age then, a very fit guy, it was hard for the rest of us amateurs to get close to him.
My one (near) moment of glory came in one of the games when I sold him a dummy, went right thru on goal…it was a “…and tully57 must score” moment but my shot was saved, ironically by one of my old pals who was our school team keeper – have never forgiven him.
Occasionally there would be a quick pint after the game and I remember Sandy Jardine as a decent guy, happy to talk about football at any level.
Condolences to his family & friends.
According to the review, keep it down at the back, they bought a lot of players they cannot afford. Guys who are presumably on fairly long contracts. So can the zombies afford to pay these guys off? I don’t think so. These guys will be going nowhere and unlike the deid club these guys are not dyed in the wool huns, they are mercenaries who have sold their soul for cash. I can’t see any of the present crop agreeing to play under the pieman for half pay.
Well and truly Rogered!
Sponsored Walk to Anfield.
Made a small contribution today to Iain McGovern’s fundraising drive on behalf of SiMBA Lola Commons Fund.
He’s reached £2,400 now and has been told that he can finish the walk on Sunday inside Anfield. Perhaps, we’ll see him on TV at the weekend.
Walking with plenty of people wishing him well.
LiviBhoy – God bless wee Oscar
14:52 on
25 April, 2014
Neustadt-Braw
Livingston FC
LB
…………………………
apologies ,one of my best mates is Livingstone ,wee Jimmy from the kingdom of Fife…………braw lad ….
auldheid
thanks
Neustadt-Braw
It’s a common mistake. Apologies for raising it but as my home town I can’t help myself!
LB
Graham Wallace has revealed the detail behind the required investment to catapult Sevco towards the champions league.
The money making measures include
Weekly car boot sale behind the Copland Rd Stand
Two race nights per annum(location to be confirmed)
1st team staff and management bag packing at ASDA Govan
on a Saturday morning.
Every employee has to sell one football card per week(£20 prize)
Sponsored silence at still to be named home fixture
New orange away kit
Well friends, was it worth the wait? The pain has only just begun ….
http://www.onfieldsofgreen.com/120-days-of-sod-em/
I think I’m going to need a bigger Float
LiviBhoy – God bless wee Oscar
15:15 on
25 April, 2014
Neustadt-Braw
It’s a common mistake. Apologies for raising it but as my home town I can’t help myself!
LB
………………….
a wee bit like Forfare ….. :) braw
talking of fares …..”all aboard the Hunlark!” hahahahahaha
Thw “Review Report” today was a set up for sale of assets & leaseback. The hedge funds won’t take a big loss cos they fell in love with R*ngers and are now dyed in the wool Huns. They can recover their investment and return a profit if they get reasonable money for the assets. They can blame King & his followers for witholding Season Book money.
Some crackers on RM
“Now is the time for King, McColl or anyone else of that ilk to get in and get us back to the top where we belong. Will the incumbents allow this though? ”
“It’s expected a number of redundancies will also be announced by Rangers today.
Hopefully starts with McCoist and his back room staff.”
“120 days for an 8 page PDF that doesnt even fill pages.
What is in the document is even more worrying. An absolute f***ing shambles. ”
“I trust this board but im finding it hard to justify paying to watch a set of clowns try and manage a football team. Wallace talks of a planned signing policy well surely thats mccoist f**ked then as hes a fan of the scatter gun policy .”
I think I’ll go to the pub tonight and tell Mrs gm that I’ll be having a little over 2 pints. :)
Tch tch tch tch tch tch tch tch
“What’s that Skippy the Huns are truly … Oh….”
If “The Rangers” enter administration (for the first time, obviously) what’s the cut off date to determine which season the points deduction would apply? I’m assuming it’s last league day. But as they have extended season ticket deadline to Cup Final Eve perhaps the cut off date is May 17th?
I very rarely post as I am not usually in a position to add any significant level of insight into the daily debates on the blog. I left Scotland in 1997 and settled in the North of Ireland.
It has been heartening this morning to read the genuine messages of condolence in relation to the passing of Sandy Jardine.
I first met Sandy when I joined Hearts as a schoolboy in 1984, progressing to the groundstaff as an apprentice in 1985. He was well aware of my allegiance to Celtic and my love for our club would have been a source of genuine, good natured banter between us for the next few years as my career developed and eventually stalled.
The last day of pre-season training at Hearts at that time was the dreaded visit to Gullane sands. In late July 1986 Sandy gave myself and another Celtic supporting member of the groundstaff a lift in his car to the dreaded dunes. I felt sick with nerves on the way down and I can recall Sandy lightening the mood with various anecdotes about Celtic-v- Rangers matches from days gone by. His admiration and respect for Jimmy Johnstone bordered on reverance. He told us that the Rangers full backs in the late 60’s and early 70’s would routinely swap during derby matches as a means of attempting to contain the damage that Jinky was doing to them without incurring red cards. Invariably both full backs ended up booked and Jimmy just kept demanding the ball and going back for more.
Sandy’s own bravery has been evident recently as he fought cancer. It is regrettable that his genuine love for Rangers FC 1872 (In Liquidation) was used by the charlatans that have been involved with Newco to serve their own interests these past few years.
Quite simply, Sandy Jardine was a better man, and a better player, than Rangers FC deserved.
May he rest in peace.
Received my ST renewal request this morning. Happy to do so and can even pay by credit card. Imagine that. There was a time when they thought they had “ten pound notes to spend” but now we have credit cards. Times they change.
“Rock Tree Bhoy
14:59 on
25 April, 2014
From the review…
“The Chief Football Operations Officer will also have the remit to develop the Club’s player asset strategy which will build a long term structure and plan to deliver playing talent for the Club and maximize value from player trading”
will Sleekit be reporting to this guy I wonder….in which case it’ll be a demotion….walking away could be a distinct possibility..”
Aye Rock Tree Bhoy. I think McCoist will be the next one to head off to the sun with his pockets bulging with cash. He’ll want to get in there now before the pot is completely empty.
Marti
Uh, is this what you ordered Mr Wallace?
http://www.safescan.com/uk/incl/productDetail/51/164/uv-counterfeit-detectors/safescan-45?gclid=CKaQsMXr-70CFUP3wgodjHIA_A
Jobo;
Inside The SPFL @AgentScotland 59m
Hearing that if worst case scenario occured & Rangers went into Administration, the points would be docked next season
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jonny the tim
14:44 on 25 April, 2014
New method of payment at Ibrox
http://twitter.com/EdKane1070/status/459672728535306240/photo/1
HH
Best laugh iv’e had…….until SOAL gets back on…
corkcelt
15:20 on
25 April, 2014
Thw “Review Report” today was a set up for sale of assets & leaseback. The hedge funds won’t take a big loss cos they fell in love with R*ngers and are now dyed in the wool Huns. They can recover their investment and return a profit if they get reasonable money for the assets. They can blame King & his followers for witholding Season Book money.
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I agree except though I can’t get my head why a leasing company would agee to this if there is doubt as to who owns the assets.
Alternatively would have thought that Rangers international would just transfer both Ibrox and Murray park to the holding company in payment for the debt owed by the club. Then liquidate the club!
All the way with Celtic
15:25 on
25 April, 2014
I very rarely post ,,,,,,,,,,,,,
I will not be alone in wishing you would post frequently ……….braw post —
The Battered Bunnet
13:40 on 25 April, 2014
Quick commentary between bites of a sandwich. Far too many conflicting analogies. But there you are.
Ole David Murray was always pretty clever when it came to getting dumbasses to put cash into Rangers. From ENIC to King, NTL and JJB, and counting new equity issued to externals (but excluding MIH and debt) he pulled in something of the order of £100M in his time.
Problem though was that when it came to getting the support to buy in, he failed time and again.
In 2000 they went in for £3M, and in 2004, when matters were precipitous, they managed £750K between them. Rangers supporters were never too keen to pay for their own dreams to be fulfilled when there was always some other mug willing to pay for them.
A couple of years ago, when Charlie Green offered his new Sevco flavoured shares in an attempt to put a tribute act on the stage, the fans ponied up £5M between them. That’s as good as it has ever been.
The RIFC board has today laid out the broad strokes of a plan to refinance their failed production. They’re looking for £30M to deliver the plan, presumably from assorted Dragons, Bears and other financial wildlife. It’s like a cross between The Producers and Fantasia.
What’s the likelihood? Ignore the distress flare that was sent out today. What’s the likelihood that investment fund managers will pump tens of millions of pounds into an act whose sole talent is burning investors cash?
What’s the likelihood of the support buying this latest dream and weighing in big time, when bigger, better dreams were passed up?
It’s nonsense. It’s pie in the sky. It’s the old snake oil in a new bottle.
Today’s ‘report’ simply sets the stage for the inevitable denoument. They need a Deus ex Machina, or its curtains. King becomes god or it’s all over.
Over to King. I see shares trading at 21p today. If the hedge funds want out, King can have the whole set, or as much as he needs, for less than £10M.
———————————————————————————————
Sure something as a expensive as a Deus Ex Machina comes with it’s own curtains?
tomtheleedstim
15:28 on
25 April, 2014
Jobo;
Inside The SPFL @AgentScotland 59m
Hearing that if worst case scenario occured & Rangers went into Administration, the points would be docked next season
=======================
He thinks thats the worst case scenario?! ;)
Wouldn’t take anything from that account as even close to the truth btw…
HH
So “The Rangers ” are struggling to stay alive, ” precarious finances”, ” may be unable to trade in the short term” and 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,” BUT we are told that they will ” win the Scottish Premiership by 2017″
Must be a faulty ipad I’m reading on. There seems to be some text missing,. You know , the bit how they get from the current position to the 2017 position? Anyone?
I dont see what all the fuss is about.
It obviously doesnt matter what the spivs at sevco get up to, because they can do whatever they like, they are truly above the law.
There will be no questions asked of sevco by anyone in authority…ever.
No accounts, no license, what does that matter, it will be ignored.
They will be back in the champions league spot as soon as possible, and hoovering up the resources, at our expense.
I refuse to believe sevco will go in to administration, or will have any problems regarding licences or any such nonsense….they will just carry on, immune to any notion of honesty.
They aint going anywhere.
HH
The Green Man
15:39 on
25 April, 2014
Where does the money come from to meet the £3m per month operating costs.
I agree that every rule will be ignored to accommodate them but no external investor is going to risk their own money to keep them alive so I agree with your last sentence
“They aint going anywhere”
All the Way with Celtic
lovely post
traditionalist88 – I agree it could well be a load of made-up rubbish. Therefore, on balance, I’ve given it more weight than anything from the SFA.
My 5 point plan for the next few years.
1 get rid of any debts I have by spending more money
2 move to LA
5 Marry Christina Hendricks.
Sorted.
All The Way-nice tribute.