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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Definition of ‘Nominated Advisor – NOMAD’
A company that has been approved as a nominated advisor for the Alternative Investment Market (AIM), by the London Stock Exchange. Individuals are not permitted to becoming nominated advisors, and there are certain criteria that must be met by a company before it is approved for membership.
Investopedia explains ‘Nominated Advisor – NOMAD’
The basic criteria for a potential nominated advisor is that the company has to have practiced corporate finance for two years, been a financial advisor in three qualified transactions in two years and must employ at least four “qualified executives”.
The primary responsibility of a NOMAD is to help a new company in its admission to the AIM, and to provide advice to avoid the delisting of the new company.
If I were part of Bomber Browns mob,I would be hoping that the share issue fails.
Will we see a PR campaign to damage the share issue?
A67
Huns think that they can do and say what they so wish.
Huns think that they are above the law,and i suppose that they are to a certain extent.
I mean,if i were to state my true thoughts on the hun – you can rest assured that the peelers would be kicking down my door at six in the morning.
That’s just the way it is.
I asked this morning and wonder if anyone can give me an answer.
If the payment to the administrators of rangers by Sevco was a ‘Loan’, how are they ‘debt free’. Anyone?
Andrew67
Paul67 has stated previously that each poster is legally responsible for what they say in their posts.
Not Celtic Quick News.
So be careful out there!
RogueLeader
10:26 on 11 October, 2012
ASonOfDan – Hampden is an Elite Club Stadium so there we go immediately with Green “flowering” up a prospectus. I mean it will likely be an oversight, it is not like he has done that before when floating a football club…..
+++++
Aye, but he said ‘club stadium’ and the club who play at Hampden are just a third division si…oh wait
The Zombie share issue is doomed to failure – first they need to find a competent person.
check out http://www.rangersshareoffer.com
doesnt even work..PMSL!!!!
a rushed panic job to beat all rushed panic jobs… thur doooooooooomed… AGAIN!!!!
Honestly, I was going to post how boring I find the International break and then Chuckles provides that comedy gold statement this morning.
Sevco is the gift that keeps on giving.
I wonder how Fat Sally is getting on at his wee meeting in London?
Philbhoy – It’s just the beginning!
10:31 on 11 October, 2012
‘Andrew67
Paul67 has stated previously that each poster is legally responsible for what they say in their posts.’
So would it be unwise to wonder whether Contance Briscoe’s arrest is in any way connected to the Huhne case?
Mountain_Bhoy is Neil Lennon
10:33 on 11 October, 2012
Don’t think it goes live til 5.00pm, Timmy.
Will it be possible to ask for a hard copy of the prospectus?
Might be a nice little bit of memorabilia.
Philbhoy
Thank’s, but I have no idea what I said that could be litigious?
A67
Philbhoy
Sorry,should be wrote.
A67
PMSL even more.. check the date!!!! ha ha ha ha ha ha!!!!!!!!
Domain ID:
Domain Name: rangersshareoffer.com
Created On: 10-Oct-2012 00:00:00
Expiration Date: 10-Oct-2014 00:00:00
Sponsoring Registrar: ASCIO TECHNOLOGIES, INC. (ASCIO TECHNOLOGIES, INC.)
stevo
10:12 on 11 October, 2012
…..and here was me giving them until Xmas…….. LOL
Major commercial banks (e.g., Citigroup, Credit Suisse, Deutsche Bank and ING), major investment banks (e.g., Merrill Lynch, Morgan Stanley and Goldman Sachs) and affiliates of major audit firms (e.g., PricewaterhouseCoopers, Deloitte and KPMG), have/do, serve as Nomads, so reputational concerns may, at least for some Nomads, provide incentives for greater oversight.
Ring-a-ring a mason.
Shirley not
What is a Ponzi Scheme?
This scam involves promising high yields (above the market average) to dazzle gullible investors. These yields are actually paid to existing investors from the funds of newcomers. So a Ponzi scheme needs to continuously lure in a base of new investors to self-perpetuate itself. They normally spread themselves like viruses by word-of-mouth but do not frown advertising themselves in local newspapers. The first recorded case was in the USA in the last quarter of the XIX century although its name is taken from an Italian-American immigrant, Charles Ponzi, who fleeced thousands of investors in Boston in the 1920’s out of 10 million dollars.
Andrew67
Sorry, I was not suggesting you had indeed posted something that was actionable.
Some posters this morning posted a couple of names in connection with the Saville investigation.
Ernie Lynch
You post what you want.
You know the rules.
Philbhoy @ 10 31 .
This personally legally responsible person says this .
I imagine that it won’t be long before some historical ” mud slinging ” sees the light of day again -eg ——-
Jimmy Saville and Ted Heath ..
Jimmy Saville , Ted Heath and The Channel Islands .
Jimmy Saville , Ted Heath and Morning Glory .
Jimmy Saville , Ted Heath and Kincora
Jimmy Saville and Peter Sutcliffe .
Jimmy Saville , Peter Sutcliffe and a masonic handshake
from scotslawthoughts blog.. from bitter experience of investing in AIM…spot on I would say
redetin
October 11, 2012 at 8:34 am
In the AIM investment world, there lives a bunch of people called “shorters”, who make money on a falling share price. It was just announced on BBC Radio Scotland that some of the invested money will be used for running costs. This means that the capital injected is guaranteed to shrink immediately, devaluing the shares. The “shorters” will short-sell this share and walk it down to a penny share, making money at every step. This is not a place for investors who want to invest long for growth, it’s a gift to the short-sellers. Green and others know exactly how to extract their money from this deal.
Pissed aff the day.
Beats and melodies.
http://www.youtube.com/watch?v=po-axSVtgkU
asonofdan
10:31 on 11 October, 2012
Rhetorical question…? ….. Since they are really good at telling porkies…..LOL
67Heaven … I am Neil Lennon..!!.. Ibrox belongs to the creditors
you are too generous
I think another precedent may come into play also ….. have Hearts suffered any consequence for not paying players? If not they may be able to stretch things out some more but if Hearts have been warned of future consequence then same must apply to their big brothers …. surely
re rule or role 5 previously listed …. surely cannot be achieved?
Just a thought but if they go into administration,assuming the share issue fails, do you think Duff & Phelps will get the gig again . :)
South of Tunis
You know the rules too.
johann murdoch
10:27 on 11 October, 2012
I suspect the amount they raise will be more akin to the Corner Shop bill ……… It will be throwing money away…
Mark Hateley said Bernie Madoff is like a new signing.
does MH think if the HMRC chap his front door it will be like a new signing?
ASonOfDan
10:31 on 11 October, 2012
I asked this morning and wonder if anyone can give me an answer.
If the payment to the administrators of rangers by Sevco was a ‘Loan’, how are they ‘debt free’. Anyone?
+++++
It would depend on who took the loan out: the club or the people who own the club and if it’s the latter, did they then punt the loan over on to the club (a la Glazers).
Even if it was the club, they could easily have paid off the loan from ST and other moneys*. Which would also mean that whilst they currently have no debt as of right now, that may well change before, erm, the end of November (getting knocked out early doors from the
Champions LeagueChallenge Cup would surely have bitten hard).*or, they will have cash at the bank offsetting the loan, so in the accounts there is no current net debt, with the same caveat as above though, i.e. that by the end of November, there will be a net debt.
Philbhoy – It’s just the beginning!
10:50 on 11 October, 2012
‘South of Tunis
You know the rules too.’
And the fire from the ice.
Brown & Forrest miss Scotland training. Not a surprise with brown mind you.
International breaks are never kind to us.
Paul67, thanks for the link to the Radio 5 show. Absolutely superb piece of radio even allowing for Nevin being on the show.
What is evident that EVERYONE in the Scottish football scene was in awe of the Big Man.
Have always felt, and still do, that the Big Man was treated shamefully at the end by the people in charge of our club.
Thanks again for all those wonderful memories, Jock.
For me the Vodjvodina game will never be surpassed for sheer drama and excitement.
Alan Pardew told his team to forget about the Wonga controversy and go out and give 4017%
Good Morning,
Paul and the editing team saw fit to print an article I wrote over a week ago and place it in this months edition of CQN Magazine. I entitled it– The silence of the Lambs and when the wheels come off the bogie!
In the article I focus on what I though would happen when USADA released their statement of reasons on why they recommend stripping Lance Armstrong of his titles and banning him from the sport of cycling. It also highlights the fight by an Irish Journalist called Paul Kimmage to bring attention to the widespread use of drugs in cycling– a fight that has brought him brickbats and abuse for over 20 years.
However, the article goes on to compare the 1,000 page USADA report to the forthcoming FTT decision which will also be a lengthy and very detailed document. Like the USADA report the FTT decision will contain detail which is both known and unknown in the public domain, and I believe it will show a long and protracted series of events and plans which left HMRC with no choice about what action to take in connection with the conduct of former Directors of Rangers PLC.
This morning we are told that there is to be a listing of The Rangers Football Club Limited on the AIM market. Such a listing is effectively a dash for cash– a way of those who own a business to essentially sell part of it in return for what can be classed as working capital— in other words– the money to make the business go- or expand– or survive– or improve.
What exactly it is said to be for is meant to be checked by what is known as a NOMAD– essentially a financial gatekeeper whose job is to try and ensure that the floatation meets certain standards and certain rules.
A good guide to flotation on the AIM can be found here.
http://www.makingaimeasier.com/introduction%20to%20aim.aspx
Note the requirements… the upsides… and the downsides.
For those who are interested in the cycling side of things there are a couple of interesting things to note.
The first is that the UCI now has 21 days to consider what to do with the USADA report– they can appeal to the Court of Arbitration for Sport or they can ratify the decision. My bet is on them going nowhere near the Court of Arbitration– to do so spells even bigger trouble for those on the inside– in other words the cycling blazers.
As an aside– here is a 40 minute long speech by Greg LeMOnd at a cycling convention in 2009. LeMOnd is not a natural public speaker– he losses his thread at times– and you may not have the time or the inclination to watch all of this. But if you do put it on in the background and listen to the timber of his voice– the way he speaks– the way he delivers.
However, if you want to skip parts— listen to the 5-10 minutes or so from about 18Mins in and then listen to to the very last 30 seconds where he answers the final question– bluntly and with no hesitation.
http://www.youtube.com/watch?v=wDy5NLVkliU&feature=related
I have also posted below a link to an interview with Paul Kimmage– the journalist who has been on about corruption within cycling’s governing body and who is being sued by the UCI execs for saying that they were complicit in doping– especially with Lance.
Kimmage’s Twitter account reveals that he is under huge pressure– his life is effected as is the life of his family– and alas he also reveals that there are still some pretty uncomfortable questions to be asked… and answered!
This too is worth a listen especially on his views on Armstrong.
http://www.youtube.com/watch?v=NRhCGMV6CkI&feature=related
Lastly, here is the defence from Lance Armstrong.
In the interests of fairness it is important that everyone knows what Lance says and it is worth contrasting and comparing what is said and how it is said.
The Nimmo Smith Enquiry will not follow the same route as the USADA report in that Nimmo Smith will hold a hearing and expose the evidence to scrutiny and cross examination whether Old Co or New Co participate or not– thus taking away the same criticism that Armstrong has off the USADA report– namely that it is one side of the story and is untested.
http://www.youtube.com/watch?v=thyFmxusB9E&feature=related
There is huge pressure on cycling bodies this morning as of the last 21 people who have stood on the Tour De France Podium– 20 have been found to be dopers– and either that is THE most amazing negligence or it is…….. something else.
I received a message from a woman I don’t know the other night after she had read the Silence of the lambs piece. She has no great interest in football but she is a cyclist. She simply said ” I just want my sport back!”
If the FTT says what I think it will…. If the Nimmo Smith report says what I think it will…… then the SFA & SPL will come under the same scrutiny as the UCI has today.
!!Bada Bing!!
10:57 on 11 October, 2012
Alan Pardew told his team to forget about the Wonga controversy and go out and give 4017%
+++++
That is soooo getting stolen.
btw….ref the Big Jock radio show….does anyone know how to record this so I can keep after the i-player recording drops off the BBC site
Macjay
I don’t ever recall saying that but if I did then I hope that you realise that I wasn’t claiming that it was a success for ME, merely that the organisation responsible would percieve it that way.
How you can relate that to the subsequent implication you made,I find hurtful and misleading.
I’ve been particularly vague in my reply because I have no desire to drag the blog down into a succession of ‘I said, you said’ posts, in the absence of Celtic games over the next 10 days there will be enough of that from others.
If this isn’t satisfactory then we can discuss it off the blog instead.
Hail Hail