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Newco finances writ large, an echo from a decade ago

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By on CQN BLOG & Comments

Celtic’s accounts were later than usual last year, doubtlessly due to world events, but I expect them to be out this month.  The year to 30 June 2021 will make grim reading, although the notes will record monies received and pledged for the subsequent sales of Kristofer Ajer, Odsonne Edouard and Ryan Christie.  Celtic will recover from a remarkably difficult period solvent and in competitive shape.

As you don’t need me to remind you, this season’s title brings automatic entry to the Champions League group stage, with riches that can significantly influence domestic competitiveness.  Last season’s title was about history, this season’s is about the future.

Solvent and competitive shape is a condition Newco also aspire to.  Their last published accounts, to 30 June 2020, noted an eye-watering loss £17m.  We will hear what their title win cost at some point this autumn, it is unlikely to be an improvement.

When they lost to Malmo, discrete comments were made that they needed to sell players, a feat that proved beyond them in the transfer window.  Their recent pubic share issue was undersubscribed, although it will go some way towards repaying borrowings from former chairman, Dave King, due next month.

With season ticket money expired, they were forced to issue shares on 10 separate occasions between November last year and June.  The club’s appetite to burn cash has not abated since.  Uefa intend to tweak Financial Fair Play regulations, but they will remain and may become more onerous.

Clubs cannot lose money indefinitely, they eventually need to live within their means or face an insolvency event.

It does not matter how bare the bank account is, I suspect Newco will find the money to keep the lights on between now and their visit to Celtic Park on 2 January.  They currently have a three-point advantage and will hope they can build a firm advantage in the title chase by then.  If they do, they will find the money for another 10 share issues if necessary, in order to win the Champions League bounty.

If they leave Celtic Park with their league chances looking grim, how easy will it be to fund an enterprise that will forever lose money?  We are approaching the 10th anniversary of when Rangers went into administration (14 February 2012).  The weeks and months running up to that date were characterised by a circling of the wagons and firm denials of the problems ahead.

We covered Rangers finances on these pages at the time.  We could not be sure how events would play out, but the facts were writ large, as they are now with Newco. It’s like an Ibrox echo.

What’s more important, a title for history or a title for the future?  Right now it feels like history, but by the spring that will change.

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  2. BelmontBrian on

    TONYROME on 3RD SEPTEMBER 2021 5:07 PM

     

    Hi Bhoys

     

     

     

     

     

     

    Gonny leave out the religous arguments on the blog it will not end well.

     

     

     

     

     

     

    i’m not arguing or debating about this i’m just asking.

     

     

     

     

     

     

    KEEP THE FAITH

     

     

    Tony, spot on.

  5. Hot Smoked on

    TONYROME on 3RD SEPTEMBER 2021 5:07 PM

     

     

    I realise this won`t help your plea but what were the religious arguments?

  9. BillyBhoy1967 on

    Maybe I’ve misunderstood, but I’m of the opinion that nothing is going to cause another admin or insolvency event at Ibrox owing to the way the Tribute Act has been set up. All the debt sits with RIFC aka The Holding Company. So, if as is being predicted, they go under, the fitba team just carries on with a new owner. This is, of course, what they claim happened last time!

     

     

    Isn’t this what was discussed in 2012 with Engine Room Subsidiaries, holding vehicles and Doncasters admission that ” there is no precedent for what we’re trying to achieve here”?

     

     

    What I’d like to know is: as all the debt is sitting with the “holding company” does that mean that they pay the players wages. Surely, as we learned from the Tevez scandal, that is against FIFA and UEFA rules??

     

     

    Are they the only players in world football who are not paid by their “club”?

  13. Big Georges Fan Club - Hail, Hail, Wee Oscar on

    Have registered a formal complaint with BBC re: their inaccurate headline “…Three charged after Rangers fans’ sectarian singing…”

     

     

    Reporting is incorrect since the Police Scotland charge is related specifically to “racist” singing.

     

     

    I’ll let you know if I get a reply.

     

     

    Chris McLauchlin by the way – a disgrace.

  14. An Tearmann on

    FRITZSONG on 3RD SEPTEMBER 2021 9:04 PM

     

    MAJESTIC HARTSON on 3RD SEPTEMBER 2021 7:24 PM

     

     

    Some of the comments towards JHB today have been shocking, in my opinion

     

    _____

     

     

    Agreed. It’s the whole gang against one man. Nasty stuff.

     

     

    =============

     

     

    Needless to say I disagree. Trolls love oxygen.

     

     

    CommieCsc

  15. tonyrome on

    Hot Smoked on 3rd September 2021 9:32 pm

     

     

    TONYROME on 3RD SEPTEMBER 2021 5:07 PM

     

     

    I realise this won`t help your plea but what were the religious arguments?

     

     

    ————————————————————————————

     

     

    Just some of the bhoys commenting about the reporting of the hun march and people in the press trying to equate it with catholic schools. Someone said there won’t be any catholic schools if we get independence.

     

     

    KEEP THE FAITH

  16. Big Georges Fan Club - Hail, Hail, Wee Oscar on

    HOT SMOKED on 3RD SEPTEMBER 2021 9:30 PM

     

    ————–

     

     

    Ooops Hot Smoked – looks like we were both doing the same thing at the same time.

     

     

    Deliberate obfuscation – needs called out.

     

     

    Hope as many as possible call it out for what it is.

     

     

    I’ve also tagged Chris McLauchlin – disgraceful reporting – ‘Old Firm Sectarianism’ – duplicitous prick.

     

     

    HH

     

    BGFC

  19. Big Georges Fan Club - Hail, Hail, Wee Oscar on

    MAJESTIC HARTSON on 3RD SEPTEMBER 2021 9:28 PM

     

    At the risk of starting a roasted/toast and cheese debate…

     

    Who was your favourite in ABBA? 😍

     

     

    ============

     

     

    Now that is a HARD question…

  21. The Blogger Formerly Known As GM on

    Hot Smokey, my questions are rhetorical.

     

     

    I know exactly what they’re doing – the average Joe has been socialised to associate the word ‘sectarianism’ with football and the ‘Old Firm’ specifically. By using it the BBC and SMSM perpetuates the ‘one side’s as bad as the other’ myth without directly calling out/confronting reality lest they lose viewers, readers and listeners.

     

     

    Complain away. It will make not a jot of difference.

     

     

    We often hear about the power of the Celtic support. Well, as a collective it should stop viewing, reading and listening. Alas, as is all too apparent from the pages of this blog, they seem unwilling to do so. If we’re willing to freely consume the crap, it seems ridiculous to complain about it.

  23. Hot Smoked on

    TonyRome

     

    Thanks.

     

     

    BIG GEORGES FAN CLUB – HAIL, HAIL, WEE OSCAR

     

    The more of us who make the point to the BBC, the better……even if that `better` is of the small variety :-))

     

    `night all.

  26. Hot Smoked on

    The Blogger

     

     

    `Complain away. It will make not a jot of difference.`

     

     

    Maybe just a jot !!

     

     

    Definitely off now.

  29. bankiebhoy1 on

    Hot Smoked Salmon Bhoy…………..

     

     

    Nice to see you here……..

     

     

    I just completed my complaint too…………..

     

     

    I’d thought that the BEEB would have changed the narrative – the bold Chris McLaughlin got his arse handed tp him on twitter – with no reply………the other day.

     

     

    We’ll see what transpires.

     

     

    HH.

  30. bankiebhoy1 on

    the Blogger –

     

     

    We should keep the pressure up on the national broadcaster – the rest o’ the meeja I agree – ignore.

     

    Shortie needs watchin’………..

     

     

    HH

  32. Greenpinata on

    Talking racism in Scottish society.

     

     

    Neganon 2 made some pertinent points, but generally the blog was not too kind to him. Yet it seems he was ahead of the curve.

     

     

    We hade our differences on the blog, but I would love him to make a comeback of lazarus proportions.

     

     

    HH.

  33. Majestic Hartson on

    The Blogger,

     

     

    Someone mentioned on the blog the other day that the media may be ready to turn on their portrayal of Rangers now the huns have cut off the hand that feeds them.

     

     

    I had been having the same thought a few weeks back when stories started appearing from Charles White.

     

     

    If they need Rangers fans to buy the paper and they’re not getting info directly from the club they might have to find their own stories.

     

     

    I know it’s a long shot, but maybe the stars are eventually beginning to align and maybe they will start calling them out.

  38. An Tearmann on

    GREENPINATA on 3RD SEPTEMBER 2021 10:00 PM

     

     

    Talking racism in Scottish society.

     

     

    Neganon 2 made some pertinent points, but generally the blog was not too kind to him. Yet it seems he was ahead of the curve.

     

     

    We hade our differences on the blog, but I would love him to make a comeback of lazarus proportions.

     

     

    HH.

     

     

    :-)

  40. The Blogger Formerly Known As GM on

    I agree 100%, Bankie. Shortie needs more than watching.

     

     

    It is a taxpayer funded organisation. The SMSM can say and write what it likes, I really don’t care. As commercial businesses, market forces will ultimately determine whether they live or die.

     

     

    Shortie is subject to no such pressure. A taxpayer funded organisation employing/paying ex-huns who screwed the, er, taxpayer is beyond irony and tells you all that’s needed about its accountability. NONE.

     

     

    The fact I’m obliged to fund it truly sickens me.

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