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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Smoke and mirror’s,slight of hand,diversion,me think’s the noose is tightening
20M hahaha.
Top of the morning to you all from a fine autumn day in Fife.
Irn Bru Division Three club Rangers (that has a nice ring to it don’t you think?) need £20m in a hurry apparently. This from the Herald:
Thursday 11 October 2012
Rangers seek stock market listing to raise £20m
Rangers are to seek admission to the Alternative Investment Market of the London Stock Exchange, the club confirmed today.
The Irn Bru Division Three club hope the move can raise up to £20million as they continue to re-order their finances following the liquidation of the ‘oldco’ club and the acquisition of its assets by Charles Green’s consortium in the summer.
The club hope their admission to the AIM can be completed by the end of the year.
In a statement this morning, Rangers said the money raised would be invested in the development of the club as they aim to move through the Scottish Football League and reclaim the top-flight place they lost during this year’s financial turmoil.
“The funds raised will be used for strengthening the player squad, improving and developing the club’s properties and facilities, as well as providing additional working capital,” the statement said.
Green, the club’s chief executive, said the listing would give fans the opportunity to be part of Rangers’ rebirth.
“From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club. I am delighted that our plans are coming to fruition,” he said.
“Rangers is debt-free and a huge club with enormous support and a 140-year track record of success on the domestic and international arenas. Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably.”
Chairman Malcolm Murray added: “Charles has done a great job to bring the club back from the brink of extinction. We now move on to the next stage which is full recovery and growth. The fans’ loyalty has been instrumental in getting the Club on its feet and the IPO gives them the chance to have a say on club matters.”
Cheers Maleys Bhoy.
Any recommendations for Turkey.
Closest I’ve been is the Greek island of Simi. :-)
Cheers
Monorail, monorail, monorail…………
Hehehe…..stupid Huns.
Moonbeams, moonbeams, moonbeams…
Return to the top flight that’ll be the SPL that Chucky said they would never ever ever ever play in again..
There is a place beyond stupid and it’s called Ibrox…
Fill yer boots Hunnies at the sale of the century…
Awe_Naw_No_Annoni_Oan_Anaw_Noo
Some questions for your list.
1. Will the SFA publish all the correspondence between the SFA and Rangers concerning Ranger’s use of EBT’s?
2. What specific services did Media House provide for the £140k they were paid by Duff and Phelps?
3. Will the SFA confirm they have carried out the necessary checks on all members of the consortium that hold the licence of The Rangers?
4. Will HMRC publish all correspondence between themselves and all MSP’s and Westminster’s MP’s?
5. Will an independent body be appointed to investigate how the SFA/SPL/SFA handled Rangers liquidation?
6. Will the NUJ investigate the journalistic standards of the Daily Record chapel during Rangers administration and liquidation?
Debt free no
140 year history no
They won’t fall for this again will they? em
Hi – one for any elderly mathematicians.
A friend’s son took his GCSE Maths a year early and got the top grade.
My friend noticed that he hadn’t had to do any Calculus.
We searched our memories and both agreed that we did calculus as part of the old O-Level many moons ago.
Was it part of the syllabus then?
Morning all!
Well the huns 500 million global fanbase will be rubbing their hands in anticipation of ‘owning’ part of the club!
A couple of pounds each and it will be the richest in the world!
This will be followed by multi-million pound sponsorship deals with Adidas and other multinational companies!
Of course it will!
Stupid stupid huns!
Thoughts with wee Oscar and his family.
HH!!
Amazing what you can get for a quid!
Morning all. Still fairly bright here in North Ayrshire.
I see thon deid team have offered a share issue. Is there a realistic chance of it succeeding? Can the SFA allow it?
Ernie Lynch you are a class apart. An anarchist on the blog. Only you could turn a horrific story about child abuse into innuendo surrounding the Catholic church. It is as though you are alleging the Papal Knighthood was given as some sort of award.
Big institutions with a lot of power are always subject to corruption. The BBC are finding that out. Some poor sod is now having to justify spending the public purse investigating this.
Meanwhile Ernie Lynch pens another blog entry to wind up the blog. As you say to others Ernie – re read your posts.
PetetheBeat,
Did Maths O level in 66. No calculus that I remember.
OK Mr Bank Manager. I refuse to pay my mortgage.
Woo Hoo! Mortgage free!
That’s was easy.
Now for the biggy:
“Forgive me Father for I have done nothing wrong.”
Woo Hoo! Conscience free!
Isn’t life simple when you go to the Sevconian Free Church?!
Parkheadcumsalford
Maybe our memories were playing tricks.
Was Calculus considered A level material?
Pet the Beat – Calculus was for Highers, not O-Level.
A-Level??
Pete^
PetTheBeat
I did my Maths ‘O’ Level in 1971 – have no recollection of Calculus being on the curriculum.
Mind you – the auld memory bank aint what it used to be!
I have (much) clearer memories of Celtic matches I attended during that glorious period!
HH!!
Shortbread at 8.30
Wassim interviewing Justin somebody-or-other, a football finance expert re hun share flotation.
To paraphrase – ‘Using share investment for working capital is an absolute no/no.’
Overall opinion is that it’s total bargepole territory.
That’s wee Wassim on the boycott list, then.
It has become increasingly obvious to me that Charles is eyeing his exit strategy and after insulting the SFA has failed he now looks like set to use the failure of the share option to meet his expectations as his get-out.
“Don’t blame me you didn’t dig deep enough to save the club” might be his parting line to the gullibles.
Or do I misjudge the man?
Morning all
It do get a bit weird during the international break, don’t it?
Calculus was in the Higher but it still didn’t cover being able to not pay for anything just by adding ‘The’ to the front of the equation!
I wonder if Ole Chucky passed his o-level Maths??
O levels? A levels? –
I remember doing O-Grades, Highers & SYS!!
All in da eighties
HH
Calculus was def in the Higher syllabus, I was meant to be studying it for my higher maths but decided to join 250,000 tims in the jungle to see Chris Morris and Andy Walker put 3 past Dundee for the Centenary league – official attendance 60,8000 (right!).
HH
ToneLoc
Several of us on here went to school in the Dark Ages! 60s and early 70s.
The fitba’ was great tho’!
HH!!
Yep the ole A Level and O level were offered in South Britain. Some cringe inducing Schools in the Independent sector in Scotland offered them to further distinguish their sweet little chaps from the unwashed masses !
Tallybhoy
08:45 on 11 October, 2012
‘PetTheBeat
I did my Maths ‘O’ Level in 1971 – have no recollection of Calculus being on the curriculum.’
Was it not called an O Grade back then?
ToneLoc
Remember that game well – was in the hun end that day along with about another 250,000!
HH!!
I see Michael Owen has admitted ,to diving ,so as to gain penaltys.But playing to the English gallery,he says that twice it was against Argentina,well that will be ok then.
Michael,just say you are a cheat and get on with it.
“Charles Green, chief executive of Rangers, said: “From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club. I am delighted that our plans are coming to fruition.”
I assume from this that the SFA were made aware of this share issue as part of the business plan to gain a license?
Why would you give a license to a company who needed a share issue to meet ongoing day to day costs rather than living within means?
Considering no audited accounts for the above company could be provided, what assurances were the SFA given, or indeed asked for, that the company could see out a season?
Surely the SFA must have carried out due diligence before granting the license, surely they must have asked for money up front as a guarantee against any insolvency this year??
How can a company who have already issued 22 million shares at between 50p and £1.50 be debt free?
Re my post at 8.46.
That negative opinion re the huns’ flotation the headline news on Shortbread at 9.00.
Nothing like starting off with a ringing endorsement!!!
starry plough
An economic visionary like Charlie has no need for formal qualifications. By the end of this tale he will surely receive some form of Nobel prize for his work in overturning old fashioned thinking re concepts such as ‘debt’.
WHO’S ELIGIBLE FOR AIM?
The entry requirements for AIM are less onerous than those for the Main Market and AIM companies are not subject to the Listing Rules of the UK Listing Authority. Instead, they must comply with the requirements of the AIM Rules for Companies (“AIM Rules”), which have been designed to suit smaller companies. AIM has an unusual, and perhaps unique, model in that regulatory emphasis is placed on the Nomad, rather than on the company itself.
Eligibility
There are no specific suitability criteria for companies to qualify for AIM. Companies can be established trading businesses or at their start-up stage. However, before admission to AIM a company must comply with the following:-
■The company must be a public company (or equivalent)
■Shareholders must be able to transfer their shares without any restriction and the shares must be eligible for electronic settlement
■It must appoint a Nomad and broker (which are required for as long as the company is listed on AIM)
■Published accounts must conform with International Accounting Standards, or, for certain countries of incorporation, their Generally Accepted Accounting Principles
Under the AIM Rules all companies must produce an admission document (or prospectus, if applicable), which contains the information necessary to enable an investor to assess the company’s prospects and the rights attaching to the shares to be admitted. The admission document includes factual information about the company and its trading history as well as details of the directors’ backgrounds, the shareholders and financial information. Any investors investing in the company at the time of the flotation will base their investment decisions on the information contained in the admission document.
An application for admission of securities to trading on AIM will usually involve an offer of securities to the public. This requires the publication of a prospectus unless one of a number of exemptions applies (such as if the issue amounts to less than 2.5 million euros (US$3.7 million) or to fewer than 100 people). Typically, many AIM listings, even for large amounts, do not require a prospectus to be published since the listing falls within one of these exemptions. As a result, the admission document (unlike a prospectus) does not need to be pre-approved by the London Stock Exchange nor by the UK Listing Authority.
Market Requirements
To be suitable for listing, the company will need to satisfy its Nomad that it is suitable.
Track record
There is no requirement for the company to have a trading history. In some sectors such as IT and biotechnology companies come to market at the pre-profit stage to enable them to fund the necessary research and development.
However in reviewing a company’s suitability the Nomad will look at, among other things:
Prospects
If the company has been trading for some time, the Nomad will look for sustainable revenues and profits. In the case of a younger company, it will focus on future revenues. The “story” is an important element of the admission document.
Management quality and continuity
The Nomad, like potential investors, will review the range, skills and experience of the company’s management. They will want to check that the board and senior management include people who have had relatively long experience – preferably several years – in the business. The company should look to identify and plug any gaps in the full breadth of expertise needed to fulfil its business plan. This is where non-executive directors can be very useful. Investors will also look for a management team which shows it is united behind the company’s plans, personally committed to its future, and fully agreed on its objectives. They will also want to ensure that suitably qualified non-executive directors are appointed.
Employee participation and incentivisation
Investors may also look for signs of long-term commitment to the business from key staff at and below board level, through contractual arrangements or share option schemes. Share option schemes are often put in place upon a listing in order to enable employees to participate in the ownership of the company, improving the recruitment and retention of key staff.
ernie lynch
You are quite possibly correct – I seem to remember that they were generally referred to as ‘O’ levels ‘tho.
Seems like a hundred years ago!
HH!!
I think what it was that we did Additional Maths as an extra O-level which then covered Calculus.
Do you think many other football club sites are discussing Higher Mathematics?
This brought a tear to my eye.
Moonbeams WD. Kano 1000 \o/ Supporting Neil Lennon 100%. Champions. C’mon Wee Oscar.
23:44 on
10 October, 2012
Message from Camp Oscar.
@Wee_Oscar: #TeamOscar don’t let me down, I’m fighting hard to pull thru in USA, I need ur support now more than ever! #galaball http://t.co/jEV018Kw
MWD
On the topic of mathematics – did Brian McClair not have a degree in the subject?
HH!!