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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Wonder how Challs is doing at his French chateau?
The inmates on Swallow Swallow are going ape as the Spivs are getting their bonuses :)))
quantum
3 Million a month operating costs etc….it doesnt matter.
Sevco are above legal, financial, or football regulation of any kind, they just ignore it.
They are untouchable in scoddland, everyone is aware of that fact.
No prosecutions, or questions….nothing.
They are obviously above any law which applies to everyone else.
How else can you possibly explain the things they have got away with.
I sincerly wish they will get their comeuppance, but it wont happen.
HH
No matter how much they try and report on the hun story,the DR still cannot tell it like it is.Every article today was pumping out the same line,that the huns had only £3.5 million left.Now,it has been stated everywhere that this was of the 31st December.A couple of months ago they had to scrounge up £1.5 million to see them through,maybe,until now.
You cannot put this down to bad reporting.Its in the same league as “They are the same club”nonsense.A blatant disregard of every fact.
I know I should not get angry,but I really cant help it.Treating us like gullible huns.
The Green Man
15:56 on
25 April, 2014
quantum
3 Million a month operating costs etc….it doesnt matter.
mmmm Dont quite agree with that!!!
Natknow 15.35
LOL v amusing
Another blatant lie of a Headline in The Daily Rag. “Rangers plan to raise 30 million from new shares. Thats not what he said Mr. McCulloch, please read review again.
No laughing…..but……1020 season tickets sold to date…..
Turkeybhoy. Chill. You are not the DRs audience. The daft Huns are. This is the sort of stuff that’s hot them here.its also partly why kelvins is leaving the DR. That and the fact it’s doomed.
How can they be skint? What happened to the Ramsden Cup money?
…..and where does all this leave Kris Boyd I wonder…..
remember duff and phelps trying to sign a guy for them when they were in admin prior to liqusidation and somehow the plan got scuppered, think duff and phelps even appealed the scuppering and still got knocked back….
would notb be suprised to see them sign Kris Boyd to appease the baying mob that follow them,
assuming of course the signing gets approved by their ‘Chief Football Operations Officer’..
Paul67,
When I read your heading, I immediately thought of Robert Redford in “A Bridge too Far”. He repeatedly says those very words, while crossing the river under intense fire. His situation is soooooooooooo serious, all he can do is say those opening words of the prayer. One wonders if the ole SFA will regard the deid team’s situation as so serious that they don’t allow them the licence to operate. One can but hope.
TNT… who are you talking about?
…..but the good news is, it’s in cash, so can be divvied up straight away:-). ( allegedly)
Wee visit to farmfoods for the you know what.
HopefullytemptingfateCSC
At this stage I’m beginning to doubt whether they will go ahead with the retractable roof over Ibrox.
twists n turns
16:02 on 25 April, 2014
No laughing…..but……1020 season tickets sold to date…..
Thank God it wisnae…1690….
Valentines
Well I know it sounds like Albion Rovers based on numbers, but actually it’s ” the Rangers”…..
1020 season tickets – I don’t think that income covers their costs for one single day, according to their own published accounts (I know, I know)
Franz Beckenbauer….just on ssn, class personified.
The Replica Rangers new song
We Are The Paypal.
MWD says Aye
Found this…
Share Price: 22.00 Bid: 21.00 Ask: 23.00 Change: -4.00 (-15.38%) Faller – Rangers Int
Spread: 2.00 Spread as %: 9.52% Open: 26.00 High: 26.00 Low: 22.00 Yesterday’s Close: 26.00
1020 x say £350 =
Let’s see.
0 x 0 = 0
2 x 5 = 10
That from that you cannot.,,,so
Borrow 10
Pay back…
Nah, forget the paying back bit
That’s , 5 x that =
Yep, I reckon that works out about £50 k each for aboot 7 of them……all in used notes…lovely.
twists n turns
Surely not!
Everyone I know has claimed they have renewed already. I don’t believe most of them have ever had a season ticket in their life.
I’m not slating any Sevco fans today out of respect for Sandy Jardine. Next week the fun will begin. Everyone of them that made my life a misery during their tainted 9-I-A-R gets the banter from me again!
Great times.
LB
Do you remember the character in the movie Platoon?
You know the good guy Sarge, he met an Glorious death.
Riddled with bullets he bravely staggers on, gets shot again, but bravely carries on, then again, but still won’t be broken, his will and determination see him get up and try to make safety, some sanctuary, but in the end, to no avail, he succumbs because the stresses on his body were to great, and he dies in a blaze of glory.
Do you remember?
Sevco are nothing like that.
They are more like the Monday morning drunk falling about helplessly until they lie in a gutter, rotten and stinking in their own filth.
I know that’s a bit unfair on the drunk bloke, he may be there through no fault of his own, they however…………..
‘On September 17, 1944, Major Cook jumped into Holland near the Maas-Waal Canal. After assisting in securing the canal crossing, his unit marched to Nijmegen. General Gavin had ordered a crossing of the Waal River during daylight hours so the Americans could outflank the German defenders, who were dug in around the city’s crucial bridges. Cook was put in charge of the crossing, was in the first wave across the river. As Cook’s first wave began their crossing, the allied bombardment began. The wind blew away the smokescreen, leaving the men in the water open and visible to the German guns. As a devout Catholic, Cook loudly recited Hail Mary during the crossing, spurring his men on under the withering fire. He took charge of the boats, redirecting those who were disoriented and pushing the men along. Once ashore, the Parachute Infantry Regiment cleared the river bank and assaulted the highway bridge. The 3rd Battalion, 504th PIR finally captured the bridge at 1900 hours.
Cook was subsequently awarded the Distinguished Service Cross.
-lifted from Wiki/EWLM/EWTB
quantum
Lets see who is right.
Will it be….A. Financial oblivion at the circus of horrors ipox
Or B. More skullduggery and blatant disregard of all legal, financial, and football regulations, with no questions asked.
I vote B.
HH
ONION FLANS
working together to take derision to new levels
“After the release of the 120-day review, we are calling on all Rangers fans to boycott Dundee United.”
TNT….just logged on, and wondered whit we were
talking about.
dontspeedreadCSC.
We must not let ourselves fall into the vortex of pessimism. Faith can move mountains.
Latest tweet from Pope Frankie bhoy.
Do you think he has just read the 120 day review.
the SFA will do nothing, as usual. no wonder the SPFL want them punted.
reading up on this shambles from Canada where I’m staying with my businessman uncle, I’d love to get him to look at Sevco’s books to see what his reaction would be lol
Twist n turns has actually made a typo
It’s not 1020, it’s 10 – 20… soaring towards the two dozen mark
On mccoist he is directly responsible for those who are made redundant from Ibrox today. Yet he was being sychhantic yesterday. He knew it was coming.
He is the lowest of the low……
Others have probably stated this…
Strikes me they are trading whilst insolvent (RIGHT NOW) and don’t look to be able to give any guarantees as to being a going concern.
They should have their license revoked.
At least until they come back for it as Rangers Cubed…
Connaire12, I think they are back to paying with tenners, preferably used.
Read the Zombie Thesis. Dear God. Actually found the laughter sticking in my throat at some of the nonsensical contradictions.
Do the Hun hordes really swallow that guff? Really?
Do Wallace and the Zombie Council really believe their customer base to be SO thick?
Inteligence-insulting Hunguffery of the highest quality; SPL Champions in 2017. Hahahahahahaha.
Only thing missing is the artist’s impression of the forthcoming mega-casino hotel and moonbase alpha spaceport with the hoverpitch.
NegAnon2
16:19 on
25 April, 2014
On mccoist he is directly responsible for those who are made redundant from Ibrox today. Yet he was being sychhantic yesterday. He knew it was coming.
He is the lowest of the low……
_______________________________________________________________
History will not be kind to him……nor should it be.
NFL will be getting it big time tonight.
http://m.bbc.co.uk/sport/football/27162451
TrannywillbefuntonightCSC