Strathclyde Police were Rangers first creditor to ask for a payment guarantee from Rangers’ newly appointed administrator, saying, “Strathclyde Police is a public body and has a duty to make sure public resources are used appropriately. We are seeking an urgent meeting with the administrators to ensure that any payment for policing costs at future Rangers games is guaranteed.
“Until we have such a guarantee we would not be in a position to commit public resources to policing an event unless we had a reassurance that our costs would be met.”
Before the administrator is able to allow the scheduled game against Kilmarnock on Saturday to proceed he would need to guarantee payments for all services employed and goods used, casting considerable doubt on the game proceeding. The administrator is liable for any expenses he incurs from now which cannot be paid by the club.
Funds will need to be found for turnstile and security staff, while footballers may be asked to play for free.
One final push (this week) for the Vanessa Riddle Appeal. We have a Celtic top signed by the first team squad available to auction on eBay. You can bid on the auction and help send Vanessa for the treatment she needs by clicking here. Thanks to Penfold for the donation and to Taggsybhoy for organising (yet again).
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voguepunter says:
14 February, 2012 at 19:27
I am actually feeling sorry for Jamie
Well he is a hun
Is there a link to the Cousin deal being called off?
starry plough
I can feel one of these calls making it on to a Barra-ism!
:-)
Come in Agent Whyte – mission accomplished
‘expert’ on Snyde just said Pre-pack will be very difficult.
Financal expert from Ernst & Young, aside from heroically stating the obvious, says prepack Newco is not an option.
Which i suppose is also stating the obvious. Rangers FC are in the graveyard, waiting to be lowered into the hole.
slip of the tongue on Snyde…instead of “fulfill” he said “filth”. Freudian slip?
Ernst & Young insolvency expert on SSB states that a pre-pack will be extremely difficult to do due to the circumstances of ratners demise and with HMRC being the largest creditor.
Can we still call them “the cash-strapped Kinning Park club”? Or can we simply refer to them as Fourth Lanark?
Rucyl
This is too good, I have just stopped my subscription to the Comedy Channel, I just don’t need it anymore. Maybe it won’t be the same without it, I sure Keevins agrees but I just cut it out of my life and it feels good.
Dushanbe
“Where’s yer billion pounds, ya p***k?”
Don’t forget, there are three Scottish Cup replays tonight.
Nah, you’re right, I couldn’t care less either…
He is worse than nothing, for he is in debt to his friend, and that friend for him is now in danger of his life. For the three months allowed by Whyte for the payment of the debt are over, and as not one of Murray’s ships has returned, he cannot pay the money. Many friends have offered to pay for him, but HMRC will have none of their gold. He does not want it. What he wants is revenge. He wants Whyte’s life, and well he knows if a ‘piece of meat’ be cut from this poor merchant’s breast he must die.
WS (sort of)
Sell Hooper to the Ruskis?
Now that would be funny to get £15m in that we don’t need!
The general consensus on FF is that bumping HMRC is okay!
As long as it is for the good of rangers.
Quote of the night on sky…
Former owner david Murray hugely disappointed at club entering administration.
Wow!
I reckon this!
Their master plan …
Liquidation…
Back into 3rd division working way into premier in 3 years!
Same amount of years that they cannot go into Europe!
Debt free , JJB free , tax free , diddy player free.
Were has the money disappeared to this season?
IMO…. Massive management/ consultation charges!
It absolutely stinks
This was highlighted by another poster a couple of days ago but deserves a re-post in light of today’s news.
Paul67, kudos to your crystal ball. Had Rangers supporters or the MSM heeded your warning and taken action, the existence of that club might not be hanging precariously by a thread today.
It must really hurt you to have been ignored…
Celtic – Rangers finances compared
By
Paul67
on October 3, 2008 10:18 AM | Permalink | Comments (402)
While income and expenditure both turned slightly against Celtic last season, it was bonanza time at Ibrox where Rangers published record turnover as a result of the double bounty; Champions League group stage income followed by a run to the Uefa Cup final in Manchester.
Celtic turnover (t/o) was £75.237m compared to Rangers £64.452m, but Rangers outsource their merchandising operation, including only a licence payment from JJB Sports in the figures, whereas the Celtic figure includes total income from merchandising sales.
Celtic earned £16.092m from merchandising sales, contributing a margin of £4.8m in a financial year without the release of a new home shirt. When Rangers signed the JJB deal in 2006 they revealed they would earn £3m each year, plus £1.45m amortised in the Profit and Loss account (P&L) but paid at the start of the contract in 2006, criteria was in place to provide for bonus payments should unspecified targets be achieved.
It was, therefore, with some astonishment that no bonus payments were earned, despite the unprecedented proliferation of Rangers merchandise walking the streets ahead of the Manchester riot.
I understand that the bonus is dependent on progress to the latter stages of the Champions League, which ironically would have sold a lot less kit for JJB; it appears Rangers had overlooked a clause for Uefa Cup progress.
The big area of interest from a financial statement is the indication of where a company is heading next. Celtic will earn at least £70m this season but if they finish higher than bottom place in the Champions League group stage they should reach £75m.
By contrast, Rangers are looking at financial Armageddon. In 2004-05 they earned £34.48m (from continuing operations), a whopping £30m less than last season, but 2004-05 included four home European games, each with TV rights, compared to only one this season.
£34m will be the upper limit of their income potential this season; it will be less still, unless a good run in the domestic cups includes high-earning home games, a whole £40m less than what I expect from Celtic and still £28m less than the Celtic figure adjusted for comparable merchandise income.
Celtic salary costs were £38.981m, a £2.5m increase on the previous season, compared to £34.339m at Rangers, up a massive £10.1m on 2007. The latter figure will in part reflect incentive payments for European progress, although the clutch of new signings who arrived at the club in 2007 will make up the bulk of the increase.
In a masterstroke of business acumen, Rangers chief executive, Martin Bain, appears to have included the Uefa Cup in bonuses to be paid, but not on bonuses earned.
I was delighted to learn that Rangers pay more for the remarkably unpopular Bain (£668k) than Celtic pay for ‘Self Appointed Football-Integrity Judge and Jury’ (W.Smith), Peter Lawwell (£514k). Although perhaps Bain’s remuneration also reflected Uefa Cup progress. You would think that with such big numbers flowing into his own bank account the whole ‘What will be get if we do well in the Uefa Cup?’ question would be at the front of his mind when he negotiated with JJB.
Football club’s P&L income figures do not include player sales, with are recorded on the balance sheet, so Rangers sale of Cuellar will bring in £7.8m more than the income figure, which itself will be offset in cash terms by the £1.45m banked back in 2006 from JJB.
Before they start to spend on extravagances like footballers, clubs have considerable costs to pay. Rates, electricity, property maintenance, policing, to name only a few, cost Celtic £15.395m. Rangers figure was higher than this, perhaps as a result of exceptional items resulting from the run to the Uefa Cup final, so the previous year’s cost of £16.262m will be a better indicator of costs this year, which is just £18m less than their anticipated income available for football and other operations.
By comparison, Celtic will have in the region of £45m available for football and other operations when adjusted for the merchandise sales difference.
Net bank debt at Celtic was £3.52m compared to Rangers’ £21.559m but while Celtic are set to come out of debt in May (barring an exceptional expense in January), Rangers net year-end debt is likely to rise beyond £30m unless significant steps are taken to sell players in January.
Celtic are in an exceptionally strong financial position. They can survive the vagaries of football fortune, or economic downturn, without the threat of cutback should income dip.
Conversely, Rangers are in dire trouble. This year will not be financially the worst Sir David Murray has bestowed on his club, but it will make for horrendous reading to any prospective buyer of the club and provide further evidence that they are hopelessly adrift of financial security.
Winning the league this season and qualifying for next season’s Champions League will not provide succour from their structural problems, it would only result in a temporary slowdown in decline.
Rangers debt has risen inextricably, and is set to continue to rise, at a time when bank facilities have become more difficult and expensive to acquire.
Should new HBOS owners, Lloyds TBS, take fright at the property-to-football conglomerate, Murray International Holdings, which includes Rangers, frankly, the consequences are so dramatic, I don’t think we should discuss them, as I have trouble sleeping when I get too excited.
We live in a time when things which simply cannot happen, happen. When some of last year’s most credit-worthy companies in the world have gone into receivership; when one of the centuries-old pillars of the Scottish business community crumbled in days.
No company dependent on a significant increase in its debt is safe.
Rangers Football Club, 1873 – 20??
After everything they’ve said for the past few years
David Murray Knew!
Is that out of order? Nah
GIRFUY
Mon the hoops!
Happy Administration Day to all the good folk of CQN, its been a journey…
Had succulent lamb while out for dinner there, along with good wine, a wee way of celebrating a Great day. Then the Oztralian I was with brought up with a smile ‘I see rangers went into administration.’
We are living in Great times, great great times.
PS: Any spares for 25th March? Im coming home for the party if I can get a ticket.
Kyle Lafferty has played 98 times for Rangers. Dont tell him but he’ll never make 100.
Burnley are due money on 100 games
Where’s Ally ?
Roses are red,
Violets are blue,
Whisper this moisty,
Who’s laughin noo?
Barrach Obampot says:
14 February, 2012 at 19:32
Or blues for jamie on mine haha…
Jeg er Neil Lennon-Greeninbingley says:
14 February, 2012 at 19:36
I am in Tajikistan. So it would be a billion Tajik Somoni, but don’t understand the relevance of your post. And why all the aggression?
Are you Jamie in disguise?
Bill Leckie 1997:
Not a bad week all round, really.
Sunday, watched Scotland do the bizzo in Minsk. Chuffed to bits for Gaz McAz – can you believe it’s a year since Wembley? Me neither.
Don’t want to speak too soon, but I’d say we can start thinking about France next summer thanks to our reserves showing so much bottle in Belarus.
Once we get Hendry, Calderwood, Collins, McGinlay and the rest back we should be well on for turning them at home and then topping it off with a win over Latvia.
But then I’m the bloke who stood on the terraces in Monte Carlo Monte Carlo confidently predicting that we’d score any minute.
Sunday night, swam in the glorious warm waters of Brazil v Italy. Wonderful. You watch Zagalo’s team getting nearer and nearer the Class of 1970 and you just can’t wait to go down the park and practice your keepy-uppy.
They should have played extra-time, a day and a half of it, then next goal’s the winner, but headers and fancies only. One to watch over and over, if you hadn’t been a plank and forgotten to set the vid.
Still, there was always another day and that day was Tuesday. Went and bought a 1970 Brazil No.10 shirt for the occasion, then remembered – tsk, tsk, silly old me – that I was going to watch the game in a boozer full of E**lishmen.
Honestly, I’d forget my head if the knuckle-scrapers didn’t want to kick it off for me. Shouted a lot that night, mainly things like “Ole” and “Oh no, looks like a goal by Romario”. All good clean fun.
One nifty bit of marker pen artwork later, “10” became “1-0” and by the time I explained my theory that, just as Rik in the Young Ones was spelled with a silent P, Paul Ince’s surname actually had a silent M, it was turning into an evening to remember.
And then there was Thursday and the news that the finest player I have ever seen in Scottish football wasn’t doing a runner after all.
All I can say is, massive respect is due to Rangers – and Muz in particular – for keeping Brian Laudrup in the game.
And before all you Celtic fans – including the one standing over me with a rolling pin as I write this – start giving it the there-ye-go-ah-always- knew-he-was-wanna-them paranoia, remember one thing.
Rangers also beat you when Laudrup WASN’T playing.
This time last week I was all set to write a piece on how they had finally, eventually, taken the leap forward they’ve threatened for so long; but then the news broke that their greatest asset was leaving.
Suddenly all the summer’s advances – the arrival of a foreign coach, the signing of Thern and two top-drawer defenders, the Defenders lost their sheen.
You wondered just what a downer there would be on the day their Great Dane went walkies for good.
A couple of seasons ago, last summer even, you wouldn’t have bet tuppence on Muz being able to talk the boy round. But something has happened at Ibrox, something you can’t put your finger on, which seems to have propelled them into a different orbit.
And so, as Ajax sat back waiting with a spacecake and an Oranjeboom and Fergie came out gloating that the player was his, Muz quietly got down to the business of making Laudrup stay.
Were I a Celtic man, I would be so afraid. No manager, no sign of a manager, two biggest names threatening to do a bunk, no sign of new blood, season ticket holders in a major huff.
Call me picky, but things do not look good. And hell mend them.
I cannot believe how quickly and how far Fergus McCann has allowed things to slip, especially after Tommy Burns took them so close.
It is easy to say now that Burns was a failure, but what is nearer to the truth is that he was a very good manager with the wrong club.
The closer he got to toppling Rangers, the more his emotional attachment to Celtic overtook the rational thinking his job required.
Others would disagree, but I reckon Burns will go on to be a huge success elsewhere, starting in King Kenny’s bootroom at the Toon.
What is not up for argument, though, is that Celtic are in a far worse state without him than they were with him. Rangers are leaving them further and further behind with every passing day and there is no white smoke from the Parkhead chimney to signal a comeback.
The Ibrox men are, I reckon, one more signing away from finally leaving their greatest rivals – and, therefore, the rest of us – so far behind them they will be no more than a dancing dot on the horizon.
Who is that signing? I’d go for Batistuta – though Muz says no – but whoever they end up with he will be big time and he will be here soon.
It’s enough to make any Celtic fan hide behind the couch. Sorry? Oh, you already are …
Quote of the day from Eddie Meyer on BBC R4 PM: ” Are they toast ?”
Oh,yes !
ItaliaBhoy @ 19:20
A massive point that all in poltiical Scotland seem to be ignoring. Tax theft of £45M plus (and the plus seems to be growing).
There has never been a similar precedent set in Scotland yet.
This is actually the biggest story in MSM terms, but as long as HMRC get their day(s) in court completed, it HAS to come out!
You know after the UC finals between us being relatively fresh in the memories and the contrasting nature of the supports behaviour. The biggest Achilles heel we have for an EPL invite is the PIRA chants. I did not care about that but having witnessed operation save hun I now dont care about Scottish football. It needs to be dropped bhoys especially now that we won and the hun is dead. I dont want to play against his bastard runt of a son.
HH
What’s the difference between Whitney Houston and Rangers?
Whitney managed to avoid going down the plughole…
F*cking Dalziel Is having serious denial here on snyde, loving it, I remember when he was in a pub In Ayr when he was the manager there acting the big I am then he went to the toilet and came back out with piss all down his trousers, obviously being a cream bun doing the toilet in a civilised manner is a serious challenge.
hunsdoingthe5stagesnowatdenialcsc
Breaking news, Ally McCoist has issued a statement saying for every 5 bowls of Jelly and Ice Cream Celtic eat, I’ll eat 10!! :)
MWD
Am I hearing right, a Newco is impossible? That would be even better news.
MWD@19:40
lmfao
Huns game now in doubt !
Good Evening and I really mean that!
I assume Celik will have contract terminated as GAIS still owed the training fee.
Oh! Happy Administration Day…
you wouldn’t listen, you wouldn’t listen !
At least if Cousin’s contract is ripped up he has his 20 000 per week from Birmingham to fall back on!
PMJS PMSL
new article posted.
Headtheball says:
14 February, 2012 at 19:37
Sounds vaguely familiar.
From about 40years ago.
:-)
SFA dallas boys officiating barca game.
this will be funny