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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Curly – Thoughts and prayers offered up for Stevie and for wee Oscar.
Paul67 – Do you think this will be widely reported by the MSM?
Maybe Mark Daly can come out of hiding and do a report on it??
HH
/Bishop B
Curly – thoughts and prayers with Stevie
I saw Choppy Waters at the aul’ Burns Howff…
Now that’s what I call the Blues!!!
HootcheeKootcheeCSC
Candles going up in St. Boniface for wee Oscar and Curly’s pal Stevie this morning.
God will look after them.
Paul67
Will Forbes magazine be available on the shelf or will we have to get it the usual way….under the counter.
Teuchter ár lá
Sevco are going bust ….disnae have same ring to it
Fun all the same
On wee Oscar, I know it might be early, but why are his family only finding this out now, didnt the NHS do a full examination.
Maybe DBBIA can explain, its bad enough the NHS is forced to turn away children on financial grounds (bloody disgrace) but something like this should have been identified before now surely.
Curly
A prayer has been said for Stevie’s recovery.
I will be at St Michaels in Lithgae later on today.
I will remember him in my prayers there too.
a share issue to raise revenue. oh dear.
On the lead article, when the meeja refuse to report or challenge threats against their own, why would we ever expect them to ask questions on the finances of the culprits.
This whole sevco into admin thing is purely playing second fiddle today with the news of wee OSCAR. GOD BLESS THE WEE MAN, and his family. It’s a heavy cross they have carried, give them the strength to fight on. Thought’s and prayers also to your pal. We tend to forget the pain people are going through..
Gordon J
Re Sally
I was talking to one of thems yesterday re him
He recognised that he was an appalling manager and should be sacked but stated that they couldn’t do that to him because of his standing within the club
Looks like he’s here to stay
SonsOfErin
You are asking variations of questions I’m asking myself. Who would Celtic pursue for damages? They could be so large as to sink the SPL. Would Celtic want to do that? Would they have a choice if all our previous employees came looking for their win bonuses? I remember watching a serious Legal drama (OK it was Ally McBeal) where someone with minimal involvement in a situation was sued because they were “collectable” ie they were the only one with money. I find myself wondering how on earth Murray got the money out of BoS. How close involvement would there be between Rangers and an executive shoveling £80m into the club? If the glorified salesman had inside knowledge of Rangers’ action could he and therefor the bank be said to be culpable?
Prayers for wee Oscar and Curly’s mate, Stevie.
Gordon_J,
I want them deid, deid, deid. Still, keeping McCoist as manager as long as they put out a team is a pleasant alternative.
We will be doing the huddle when sevco, the ranjurs, or whatever else they wanna call themselves die.
thoughts and prayers for oscar and stevie
PF Ayr
Sevco’s going bust to the tune of Three Lions – double whammy for me.
God bless wee Oscar.
BroonSauce
Thoughts and prayers for wee Oscar and Curly’s pal Stevie.
Just wanted to say – ha ha. It’s happening again!!!!!
De ja vu CSC
Canalamar- I’m not in a position to comment, as I don’t know anything but the bare facts of the case and it would be wrong to speculate.
I know loads of bampots.
PFayr,
Well that’s good news. Out of his depth in the third division!
DBBIA-Voguepunter missed out on his daily podium crusade,to queue up at DFS.He’s trading in the Famous Armchair for a Sofa Tunis.
MWD
This is a BIG “what if”, but what if we were all spiritual beings experiencing life in a corporeal form to develop our spiritual capacity to its absolute extent?
Taking compassion as a key spiritual component what if those whose suffering provides an opportunity for others to develop spiritually chose that suffering in their spiritual form for that very purpose?
I could be talking tripe in my search to make sense of the suffering that appears to be part of the human condition but the suffering in others seems to bring out the best in us and perhaps at a spiritual level where time and space do not exist those brave souls are temporarily taking on a role out of love for all?
International week does create room for such debate does it not? :)
Neil – at the moment we don’t know what they have found wrong with wee Oscar’s heart he is undergoing tests to make sure he can get the therapy it may be nothing to do with the NHS – positive thoughts and lots of prayers for the wee man and his family.
Curly – prayers are with you and your friend Stevie
On Secvo – do you not all realise they are just the same as Rolls Royce!!! Yip that is the latest anolgy doing the rounds.
!!Bada Bing!!
Some of us are working.
It’s an interesting development because there was no need for bill murray’s people to release anything on sevco.
It’s as though they’ve released a very public warning to sevco.
And sevco have responded by saying shut up you’re talking nonsense we arra peepil.
It’ll all end in tears. Hopefully.
WTF IS A SOFA TUNIS?????
That is deep, auldheid; if I could take just one hour of wee Oscar’s suffering I would.
I really hope the wee fhella can pull through this latest sting in the tail. I know that many of us think of him on a daily basis.
The problems of a football team pale in comparison to the suffering of a child.
There is too much of that in the world these days, and all we can do is try to help the ones we know of.
I hope he and his family are coping.
vp
Someone posted a reply to SoT and typed Sofa Tunis instead!
Greetings chaps, what have I missed?
!!Bada Bing!! – I had a look at Phil’s latest article and am sorry to say I think the NUJ motion reeks of dishonesty. It is written in a tendentious style that will be immediately familiar to anybody who has ever encountered student far-left groups and their hard-eyed middle aged mentors.
They seek to conflate “targeting” journalists on Twitter, Facebook, blogs, etc. with threats of violence against them. The latter is obviously wrong and illegal, and the proper recourse is to complain to the police, who can and will arrest wrongdoers. The former can include criticism and debate. Does the NUJ feel its members are above public criticism? It clearly does.
Apparently all of this evil “targeting” – or at least, the only “targeting” worth raising motions about – is being done by “far right” groups. So far, so textbook. For a certain type of person, the “far right” is behind everything wrong with the world, fascism and racism are always on the march, and it is perpetually 1933.
The motion then seeks to smear a diverse range of organisations and strands of opinion they don’t like, and suggests that there is a campaign of violence and intimidation against journalists led by the EDL (which seems pretty unlikely). It then slimes UKIP as a far right group and bemoans the fact that one of its members has posted Youtube videos criticising the NUJ.
It finishes by celebrating a campaign of censorship the NUJ led against a website they didn’t like, and recommends using the same tactics against other people who use the internet to say things the NUJ disapproves of.
Let’s be clear on the upshot of what the NUJ is saying here: when, for example, a journalist like Caitlin Moran uses Twitter to publicly broadcast the most vile and vindictive opinions about the Pope in particular and Catholics in general, anybody who responds with a critical comment is “targeting” a journalist and must by extension be part of this awful “far right” tendency and should be censored.
When Bill Leckie writes outrageous lies about Celtic supporters having an orchestrated coughing fit to somehow mock the Ibrox disaster, anybody who disagrees him on their blog might as well be a shaven-headed, swastika-tattooed violent thug who should be jailed.
Disappointingly, Phil remains understandably very keen on his own freedom of speech but not so much on that of others. Calling for people to be driven off the internet for “hate speech” doesn’t seem all that smart for a guy who was censored by The Sun on the very same dubious grounds.
And while I sympathised with Phil over The Sun debate his ham-fisted attempt at satire in “The Incubator” certainly was hateful.
Almost as disappointingly, his grammar remains poor, which infuriates the pendant in me.
Perhaps Phil would benefit from less political intrigue and more care and attention to the basics of his chosen profession. (thumbsup)
Auldheid
A deeply transformational idea in the search for the humility to deal with life’s challenges and unknowns of the eternal soul..
Thanks for sharing that..
Philbhoy – It’s just the beginning!
14:12 on
10 October, 2012
vp
Someone posted a reply to SoT and typed Sofa Tunis instead!
————————————————————————————
Thank goodness,expecting a few posts of” that diddy vp disnae know whit
a sofa Tunis is” :O)
pendant……you did that on porpoise didn’t you Philvis?
DBBIA\Minx1888,
Fair enough, its just the whole NHS refusal on financial grounds grinds my gears.
May God bless and protect Oscar and give his parents the strength to face all their challenges.
hail hail
tomtheleedstim – you did that on porpoise didn’t you Philvis?
I was being serial. (thumbsup)
philvis…,
it is because they is in a union
There is no summer in Sevconia and every winter is one of discontent.