After the failure to launch season ticket renewals at Ibrox in the wake of the Ramsdens Cup final last week, by Friday morning marketing staff, PR people, web designers and printers would all have been primed to press the button this morning, after the anticipated humbling of Dundee United in the Scottish Cup semi-final.
Things started to go wrong later Friday, when Dave King popped up with an intervention. King, who was a director of Original Rangers in the years up to and including their liquidation, appears intent on sending the Newco Rangers to an equally liquidated state. Should we erect a statue to this guy?
For those of you in doubt, his latest questions to Newco Rangers board are priceless:
“Does the board agree it is unfair to ask fans to buy season tickets before they consider the business review?”
No club in the country is asked to submit business plans to supporters before asking them to renew season tickets. What’s more, there is an assumption by King that spending plans should be expansive, exactly as they were at Original Rangers, when King & co presided over the club’s failure.
Newco’s (even newer) management should be allowed to match expenditure with income. This is the message that fans should be asked to back, the days of empire are over. Anyone who tries to undermine a breakeven strategy at Newco is practically ensuring another failure.
“Does the board agree that, given the present financial position of the club, it is appropriate to provide Ibrox Park and Murray Park as security against season ticket advances?”
This is an interesting one. King suggests Newco offers Ibrox up as security (Murray Park is largely irrelevant). If they are boxed into a corner and concede this one, those in a position to utilise that security, which in Dave King’s plan would be Dave King, would have an incentive to see Newco liquidated.
“Does the board agree that in the latter half of December 2013 it was in discussions to obtain finance that would be needed prior to the end of the current season?
“Does the board agree that in the latter half of December 2013 it provided public assurances to the fans that the club had sufficient cash to last until the end of the current season?”
King has been there before and will know more than most how financial forecasting works; there is a clue in the name, it’s forecasting. If a company seeks contingency borrowing for less than 5% of its expenditure (or 2 weeks costs), earlier projections could not have been that far off.
None of this matters right now. Newco’s manager failed to win two hugely important games and that is the prism through which fans will evaluate the performance of their club. King could accuse them of being responsible for his own role in Original Rangers liquidation and some would believe him.
Season ticket sales are the most fundamental aspect to the health and wellbeing of every Scottish football club. This is true even at Celtic, with or without Champions League revenue. Ticket sales will have a greater impact on Celtic’s season ahead than Champions League qualification.
Right now some hedge funds and the Easdales own Ibrox. Ideas of bully them into submission will fail, although it will be enormously entertaining. Go for it, Dave, we’re 100% behind you.
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Dave King and Richard Gough’s new organisation;
Association of
Rangers
Supporting
Ex-pat
Spives
I’m sure this has been covered before, however i must have missed the compelling logic behind The Union of Fans latest brainwave.
The season tickets are an asset of TRFC from the point they are issued until the point someone buys one.
An integral part of buying anything , is paying for it. Now i know David Murray and Craig Whytes Rangers weren’t too keen on that , however normally payment has to be made for ownership to be assumed.
So , this trust is inserting itself , not by board invitation, just arbitrarily into the process. It wants to extract a fee, in the form of a security over assets on the RIFC balance sheet valued at £60 million. In return , it appears that 6,000 fans are considering paying their money to a trust with 2 guys not resident in the UK as trustees. The value of these season books is around £2 million.
Just let that hang there for a second , they want security worth 30 times the value of the funds in trust ………30 times
Then you have the practical aspect. Rangers season ticket renewal software will not recognise a renewal until they have payment in one of the forms acceptable to Rangers. In simple terms the season ticket holder , if he doesn’t renew on the standard basis used by all clubs, will no longer be a season book holder. Whatever funds he has placed in the hands of a South African resident and a resident of the state of California will not be to renew the ticket they have now, because no such transaction will exist.
Then we have the need to have the trust enter into individual arrangements with each beneficiary of the trust. 6,000 pay in, and you will need 6,000 individual legal agreements to ensure that the season book holder putting his cash in trust gets what he expects.
So Fan 1 who sits in section X of the Broomloan next to his son , both in row z , wants to ensure that he gets the seat he has sat in for 30 years. He doesn’t want to end up at another part of the ground. Multiply that challenge by 6,000 or 30,000 and you have an unworkable logistical nightmare on your hands .
And somebody is going to have to pay the cost of the legals and the administrative efforts to fulfil each beneficiaries entitlements from the trust. And its not going to be Rangers and neither should it be.
Then you have the shareholders position. They ponied up in excess of £30 million, and they are expected to sit idly by and watch the assets that allow balance sheet solvency to be securitised by the likes Graham, Dingwall and the Sons of Struth for 3% of their value and for 10% of the funds invested by shareholders.
And at the same time Aim , the Nomad and Deloittes are supposed not to take any action on any of this if the board were crazy enough to go along with this stunt.
Yes, it all sounds like a good well thought out plan. Laxey will just roll over , outsmarted by a collection of over emotional mouthpieces totally out of their depth.
It is a wise man who knows where courage ends and stupidity begins.
Rangers fans are in need of some wise men, because the ones shouting the loudest just now are stupid beyond description
Bbc 2
So Clyde Shipbuilders made a fortune building Blockade running speedboats to illegally supply the South during the Civil War. Meanwhile Glasgow was poverty stricken with shoeless weans roaming around homeless.
Rule Britannia eh?
Barcabhoy
21:34 on 14 April, 2014
It’s a transitional demand, in the Marxist sense.
What’s not to like?
Barcabhoy
You hit the nail – hilariously! – on the head there.
Keystone cops. Big time.
HH jamesgang
BRTH ……………aye agree they are very very daft ………….awfy braw ….mapoorweeribscfc ……….can the intercostals take the strain of another Admin/byebye summer ………….yes yes yes ….beat me hit me I love this pain ,,,,,,,,braw
apologies Barcabhoy ……but your baith awfy braw …..
neustadt-braw
You’re a very bhad Bhoy!
HH jamesgang
marrakesh express
No vote then
Great book for the hun in your life.
http://www.luath.co.uk/follow-we-will-the-fall-and-rise-of-rangers.html
I notice Richard Wilson is one of the authors. Surely not the BBC’s latest recruit? Probably?
a know ………..hehehehehe ….braw
Barcabhoy, but … The assets mentioned were only just purchased for £5.5m. Maybe King was hoping to securitise against the 2012 figures.
Same question again. Who would buy Ibrox stadium and what would the site value be as non football venue… Lets say a car park or a railway. Then what would be the value as a football stadium. The accounts say it is worth more as a non football venue?
I realise I am conflating 2 issues here including the curious asset sale value in £5.5m in 2012 but the sale value is now all important. Why has King never asked why the assets where ring fenced to one buyer?
“Walk On” – the story of YNWA BT Sports @ 10.00 tonight.
jamesgang
21:42 on
14 April, 2014
neustadt-braw
You’re a very bhad Bhoy!
HH jamesgang
…….
Dawkins was on Phils twitter today ….spot my addition …..add one of your own :)
Neustadt-Braw
17:07 on
14 April, 2014
Richard Dawkins @RichardDawkins · vor 2 Std.
“Until they find the missing link …” How many links do you want? H erectus, H habilis, Australopithecus, Ardipithicus, Sahelanthropus …Huntalacallamatus….
braw
And another update, this wee Mhan is wonderful…….
@Wee_Oscar: Had a good day today! Lots of sleep, stories, my fave cartoons and some homework. Oh, and garlic bread for dinner! #perfect #TeamOscar
Weefra HH supporting and praying for Wee Oscar.
Tax
Has
Eventually
Rid
Alba
Now
Genuine
Equal
Respectable
Soccer
Braw
If I could work that oot, I’d be a friggin genius. :-)))
Weefra HH supporting and supporting Wee Oscar.
WeefratheTim
Thankyou for the update, all good stuff for the Wee Man.
Awerabest PJ
Barcabhoy
hello , a sublime post. I hope the quote “It is a wise man who knows where courage ends and stupidity begins.” has been pinched from a great mind , otherwise I am even more humble in your shadow.
I have had a truly awful 6 weeks in my professional life, the rock that is my family and friends have helped me through. The dripping roast of comedy being slowly turned on an hourly basis in Govan has provided temporary relief from my concerns.
When I see how people cope with true tragedy it makes me feel foolish and awed by their courage.
When I see people talk about supporters of that lot being “in pain” and other talking about “great days” I have a wee chuckle to myself. That is good medicine.. In recent weeks I have posted very infrequently as priorities lay elsewhere, I have checked in now and again and made a few “let him without sin” posts on the Griffiths story.
I , myself know a lot of decent Rangers fans who are shocked and sit by , aghast at what is happening to their team. I do not pity them but I understand their pain. If the omnishables being acted out in Govan was happening to my club I would be distraught.
However when you sit back, take a deep breath………….its a football team/club.
Nobody is waiting , like a great young man I know, for bone marrow results , or another great wee man I know with 3 children if he will have a job next month.
Sorry to be on a downer…..but really we need to take a look at ourselves at times.
Incidentally , this will not stop me smiling if we have an admin 2 this week. Nothing wrong with that.
Hahahahahahahaha…….
@celticservant: More towels incoming! http://t.co/5M0d4sWG2g
Weefra HH supporting and praying for Wee Oscar.
Papa john
No worries kiddo, will keep them coming as I get them. He really is Special. :-))
Weefra HH supporting and praying for Wee Oscar.
Barcabhoy
21:34 on 14 April, 2014
It’s a transitional demand, in the Marxist sense.
What’s not to like?
———————————————————-
If only the death agony of capitalism was such fun.
Marxist in every sense of the word, from Karl to Groucho.
ernie lynch 12:47 on 14 April, 2014
Spot on Ernie.. When are the ‘pundits’ and ‘hacks’ gonna call it as it is?? Tell them at every turn.. “rangers – gone, dead, liquidated, no more!.. sevco have taken their place!!.” Until that happens, their follow followers will carry on supporting a business regime that displays scant regard for their suppliers and traders, whilst taking a handsome profit for themselves.
Frank Ryan’s Whiskey ” Independance for Shetland Now”
20:46 on
14 April, 2014
Good yin.
Firth ,not Forth.
Or,Firth of Forth.
Grampians..Grapius.Love derivations.
Picts….picture,pictorial….….the painted people?
Oberpedantcsc.
Watching Walk On.
Must be keeping the best (Us) to the last
The football in Scotland is atrocious. The administration of football woeful. The administrators and therefore governance totally corrupt. Absolute power etc. The media coverage predictable and famously untruthful. Finance scarce.
I am awaiting Celtic taking out the trusty sword. I will be waiting my entire life.
HH
Just watched new Game of Thrones episode
Wow!!
Awe naw
:-)))
Weefra HH supporting and praying for Wee Oscar.
WeefratheTim
21:55 on
14 April, 2014
Braw
If I could work that oot, I’d be a friggin genius. :-)))
Weefra HH supporting and supporting Wee Oscar.
………………………..
you are one pal….creating and producing
The noun is related to the Latin verb gigno, genui, genitus, “to bring into being, create, produce.”
…………..
brings a smile to my face everytime I see your Moniker….regards to the boss :)
braw
Braw
I’ll take that as a compliment, I think. Wtf does awe that mean? Hahahahaha
Weefra HH supporting and praying for Wee Oscar.
The call for the football authorities and Celtic to categorically state that they have died and their history is no more will turn off the bigot pound. There can be no other reason. Remove Celtic from the above equation and it would be debatable.
HH
it is certainly meant as one …. braw
ItaliaBhoy 21:10 on 14 April, 2014
Correct about mccoist.. No condemnation for those who threatened and abused this child, No condemnation for the songs at Easter road last week or at ibrox on Saturday.. Says much about the type of person he is.
the story of YNWA,
Interesting stuff,not mentioned the Tic yet though.
Braw
And much appreciated. Incidentally, another ewe is ready to go. Could be a late night. :-((( :-)))
Weefra supporting and praying for Wee Oscar.
andyr53
I think it just confirms what we knew about him even from his playing days. A bigoted fud.
Weefra HH supporting and praying for Wee Oscar.
Bhoylo83
Just watched new Game of Thrones episode
Wow!!
…………..
Never ceases to surprise me, a brilliant series, no cast member is safe
Phil MacGiollaBhain @Pmacgiollabhain · 1m ago
Those nice people at Daniel Stewart (RIFC’s NOMAD) have just notified the AIM of an impending announcement.
Is Sally walking ?