Forbes Magazine’s article on the demise of Rangers and prospects for its successor club are notable only as they do not emanate from the Celtic online community. Jon Pritchett, an advisor to one-time preferred bidder, Bill Miller, explains why he believes a commercial turnaround of “Rangers FC” isn’t feasible. This assessment was based on season ticket revenue for the new club being 20% less than what the old club earned last season, an ambition that is far from being achieved.
Forbes article brought protest from Sevconian chairman, Malcolm Murray, who retorted that all sorts of positive developments have happened to the project since Pritchett made his assessment in May, including “significant investment in the club from the individuals and organisations”, although he didn’t name investors or provide specific details.
There is something familiar about this process. Harbingers of doom are rubbished by a club who insist they are in perfect financial health.
Murray claims his club have sold 36,000 season tickets, the adult price of which is £268, inc vat, or a total of £8.04m ex vat. He also has money from Sports Division and consortium members, at least some of which will have gone towards paying Rangers administrators’ for the club’s assets, but he makes no secret of the fact that his new company needs to raise money through a share issue, which he hopes will “generate many millions in additional revenue”.
Bill Miller, like Blue Knight bidder Paul Murray, could not see how a Newco would be viable without access to European, never mind SPL, income. The most interesting aspect of the prospectus Newco hope to publish will be the cash shortfall, not only for this season, but for each of the three subsequent years they will be ineligible for European football.
The prospectus will also have to detail how this gap will be bridged, and will have to recognise the impact of potential financial and sporting penalties from the SPL Commission looking into improper registration of players at Rangers, whose SFA membership the new club acquired. These are the huge questions Newco has to address before it asks investors for cash, the stripping of titles is merely window dressing.
Malcolm Murray is correct, a lot of water has passed under the bridge in the five months since Jon Pritchett looked at the books, but a lot of that water is choppy.
The new issue of CQN Magazine is out today, 80 pages of fantastic Celtic content. Click here to read for free online, or strain your eyes squinting below.
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Hello?
podium?
Get up ‘outta’ your rockin’ chair grandma!
Or rather would you care to dance grandmother?
and thats with writing a post while this was posted.
top 10
Death threats for Jon Pritchett next from the Hounds of Darkness
BGFC
Top 5?
Oh well…
from last article, not important it just has me happy so I’m sharing it with you all:
hahahahahha
that dirsty miserable zombie fecker in my office, who came in rough today, just got caught sleeping at his desk.
Director walks in: sees him, stands next to him. He wakes,
Gets asked what r u doin? “Ehh, its my break” how, when does that start? “12.30″
*director checks watch* 12.23. stupid bigot.
Jelly n Ice Cream overload
Folks –
I just heard about an old mucker of mine that I went to college with in Glasgow, and also worked offshore with back in the 80′s. He is a Clydebank man, and introduced me to Whitbread all those years ago.
Stevie was diagnosed with lymphoma a couple of months ago, and has taken a turn for the worse. He now has many issues, and the prognosis is not good.
For those who believe in the power of prayer, I would be grateful if you could have a few words with your God for him. For others, just have a wee thought for Stevie please.
Thanks.
Curly
Good article. I wonder if MSM will see fit to discuss an article which does not com from the realms of “internet bampottery”?
Choppy waters indeed
The MSM still under the control of Media House IMO.After Phil’s revelation that 25 of his fellow NUJ members,still nothing in the compliant Scottish press.AT wasn’t slow about nailing the bigoted bullies.
Curly, I will say a few for Stevie and his family.
Curly:
Thoughts and prayers.
Same for wee Oscar
Curly-A good thought for your buddy.HH
Not in the mood to stay on here after the news about Oscar.
Afternoon all
Ylurc- will light a candle for your ybudd.
Tell Yvick her socks are on form this season; snug toes are happy toes.
Cameron – jeeze….
Regarding the SevcoFC share issue.
If the shareholders in the old club have been told their shares are now meaningless, which they are because the liquidated club/company are the same thing, it’ll be interesting to see how C.Green goes about trying to sell the shares in the new club/company if he says that they are buying a piece of ‘Rangers’.
Will they be told that if SevcoFC folds, they will lose their shares also?
SPF
Hamburgs 125-year anniversary from Sept.
http://www.guardian.co.uk/football/gallery/2012/oct/10/football-fans-tifos-pictures-gallery#/?picture=397470561&index=7
C’mon Green Brigade, you can top that
Curly
Thoughts with your buddy Steven.
MWD
Thoughts and prayers today for wee Oscar and Stevie.
Markderrybhoy
Well I fired it to Jim Spence yesterday as soon as I read it.
Msm will be digesting it and deciding how to play it. Ignore, play up Murray’s response or ask that the hidden matters are revealed.
Those totally dependent on dummies will go for option 1 or 2.
Paul67 et al
Well done on new mag.
Thoughts with wee Oscar and family and sure he will fight on like a brave wee laddie
Curly – thoughts also with your buddy and those close to him
HH
Ticketus were conned out of £25m odds to enable CW to “buy” Rangers.
There are no rules saying Ticketus cannot hire their own con men.
Dave’s speech on the news – (shakes heid) for goodness’ sake – patronising or whit? Sound-byte, sound-byte, blah, blah – and can’t say Ed’s was much better, though. Desperate use of ‘personal’ history to add weight to their proclamations – give me peace! We don’t need to share your pain, or your school attendance record, to decide if your policies are sensible. Generally poor quality of political leadership at the moment IMHO. Off back to work for me! BGFC
Paul67
The Great Sevco Con now under pressure.
No debt and a transfer embargo.
WHY do they need to raise millions in a share issue?
There seems to be a train of thought, down Sevco Way, that all is well and that sevco have turned the corner. Maybe they have, but they will find that the view from around the corner is just as cloudy) perhaps its caused by all the waters they have been muddying!!
I wonder if an accountant type can advise. If and when, sevco produce their first set of accounts, will it be clear at that point if ibroke stadium is owned outright by Charlie green and his merry band of assorted investors?
And heres another, if sevco do indeed go into administration/liquidation ,
There should be questions asked about why the football authorities allowed a company with no track record, no previous accounts, no footballing history (and possibly no stadium to call their own)into SFL to begin with
The football authorities wouldn’t be able to strip any titles off them, because they wont have won anything.
Auldheid
Green has stated in the past week he was approached in February to organise a deal. Right about the time Ticketus smelled a rat with Craigy Bhoy…
Still nothing on Club Website, re Dundee game on Boxing Day being moved to 7.30 ko.I would hope the Club objects strongly,but TV calls the tune as we know.
I expect them to be found guilty over the dual contracts and I would hope the SPL will strip and re-assign the appropriate titles. I believe expecting financial sanctions will prove a forlorn hope.
The SFA made newco repay the footballing debt of oldco simply because this is a core tenet of FIFA/UEFA, it was probably a grudging decision by the SFA. Both the SFA and SPL want rangers back, so without external influences they won’t willingly impose sanctions which will send newco further into the financial abyss.
Once the decision is made I’d be looking for Celtic to seek recourse at CAS for loss of earning/prize money. CAS may decide that the SPL must pay, at which point they may regret not fining newco.
Read Wee Oscar’s tweet this morning at about when I woke up and it has taken me a couple of hours to digest it.
Can’t believe that life can be so cruel to a little innocent bhoy who has already been through so much. How much crap can one wee bhoy and his family be asked to deal with.
Knowing how much of a battler the wee fella is I pray for more good news and that he will then be able to continue the Immunotherpy programme that he went to Philly recieve.
C’mon wee man are all rooting for you.
MWD
Auldheid, I think we can rely on the MSM to do their jobs thoroughly and honestly without putting a positive spin on it for the benefit of one club/company.
Aye right!!
I’m Neil Lennon (tamrabam)-Spot on ,the authorities (no laughing now ),should have had certain guarantees in place ,going by their previous.For a Club who want everyone named these days,just who are all these billionaire investors?
As long as they have enough money to pay McCoist to manage them I’m happy.