Rangers FC not feasible, an unlikely bampot explains


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.

[calameo code=000390171a36dad35d58c lang=en hidelinks=1 width=100% height=500]
Click Here for Comments >

About Author

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. ...
  10. 17

  1. Dontbrattbakkinanger on

    Canalamar – the Health Service, like the rest of the country, is skint.






    I’ll gladly discuss the practicalities of this with you over a beer.

  2. Poor article Paul 67



    What do Jon Pritchett and Forbes magazine know about the world of corporate finance?



    If there had been anything untoward with regards to the Rangers Newco Jim Traynor and his team of experts at the Daily Record would have been on to it and warned us by now.



    They have never failed to alert us about such things in the past have they?

  3. philvisreturns on

    Steinreignedsupreme – There is no summer in Sevconia and every winter is one of discontent.



    Always winter but never Christmas at Ibrox. (thumbsup)

  4. James Forrest is Neil Lennon! We are ALL Neil Lennon! on




    Mate, you and I don’t often agree on the political stuff, but what you’ve written today, on the NUJ motion, is virtuoso stuff, and I am in total agreement with every word.



    Outstanding mate.

  5. Neil canamalar Lennon hunskelper extrordinaire on



    I dont go with the country is skint its a myth, lies to scare people into accepting reduced conditions, we can pay for wars and massive defence invetment.

  6. Philbhoy - It's just the beginning! on




    I’m not skint……………let me see……..I’ve got 62 pence.



    You really mustn’t generalise like that!!

  7. philvisreturns on

    James Forrest is Neil Lennon! We are ALL Neil Lennon! –



    I dropped my monocle in surprise.



    Are you the real James Forrest? ;-)



    That is very kind of you to say, and thank you. (thumbsup)

  8. So how was the tory conference for all the true blues? Benefit bashing and jam tomorrow. Just like the eighties, except they’ve got nothing left to flog off and diminishing oil revenues.


    So….it’ll be work camps and fracking. Frack me, I keep expecting Darth Vader to emerge from within I.D.Smith and freak the lot of us out completely.


    Anything’s possible in this land of make believe and Downton Abbey.


    A home fit for Heroes…..and Milk Tray.

  9. DBBIA



    I agree with you on the whole NHS is skint idea with regards providing this treatment for the 100’s or 1000’s or so kids\adults who sadly are diagnosed with life threatening cancers\illness’s annually.



    It’s the governments priorities that need to change to accomodate the treatment of our children and adult population who are dealing with untreatable (in the UK) illness’s.



    Stop spending so much bloody money on death i.e. Wars, Tanks, Guns, Bullets, Armour and getting involved in conflicts that are manipulated to keep the arms industry viable and start looking after our population.



    That’s what riles me. If it means not spending a couple of Trillion £’s on Trident, Nuclear Death in the name of defense that is the way it should be.




  10. Here’s a question for you all.



    If Sevco go into administration and then liquidation, where does their Zombie show up next time?



    Juniors perhaps or down the local blaze on Sunday morning?









    /Bishop B

  11. Dontbrattbakkinanger on

    Canalamar -being skint is what governs day-to-day decision making in the NHS.



    You’re right, there is a political will to spend money ion the likes of the Olympics but health spending is on a pretty tight leash.



    Philbhoy- keep that to yourself. Ole Dick Byrne could be lurkin’.

  12. Bada Bing


    Dundee Utd are at Home on Boxing Day as well. Obviously, the possibility that Club 12 would be NOT be Sevco was never considered.




  13. The Battered Bunnet on

    What is the current listing status for rangersmedia.co.uk?



    Site is listed as suspicious – visiting this web site may harm your computer.



    Part of this site was listed for suspicious activity 2 time(s) over the past 90 days.



    What happened when Google visited this site?



    Of the 44 pages we tested on the site over the past 90 days, 24 page(s) resulted in malicious software being downloaded and installed without user consent. The last time Google visited this site was on 2012-10-10, and the last time suspicious content was found on this site was on 2012-10-10.

  14. Just a reminder on the buttons displayed above the magazine and to the left of the SUBSCRIBE graphic: you can use these to enhance your reading experience. From left to right, the first one allows you to view the magazine in slide or index format – the latter being very convenient if you are looking for a particular article. Skip the next one, then the third one is where you will find ALL back issues of CQN Magazine and all the other CQN related documents that may interest you. Next is a search function – simply type in what you are looking for in the magazine and it will find it for you. Next up is ZOOM IN – and you can determine the level yourself. Third from the end – the little square box – is VIEW FULL SCREEN and is the best way to view the digital version of the magazine. Simply click on the square and the magazine will open over your entire screen. The second last button is for DOWNLOAD and the last one is for print – although that’s not really advisable!


    There are some great new features in the mag this month – click on some of the images and they enlarge (ie see Zombie photograph) and for the first time, all videos can play in full screen. This software is exclusive to us. There’s plenty more additional features which we need to master before including in the magazine!


    Those who like to get the print version from Magcloud.com – that will be loaded this afternoon. It will be a little more expensive due to Brogan Rogan’s 11,000 word rant!


    If you want a free download for iPad you can also get this at Magcloud.com – you need to go through the payment process, registering etc but the price is set at $0.00 so it is yours for free. Hope this helps.

  15. Lennon n Mc....Mjallby on

    I dont see the big deal the Forbes article is all about because all that could happen is Sevco go bust then some other entity comes along,buys all the assets (because thats what the legacy is now,assets),decides to call those assets by a new name that has the word ‘rangers’ in it.



    Weve all been told ‘Rangers’ still lives on regardless so why should anybody buy into Green’s prospectus?



    If the huns do take it up,arent they more or less admitting that their first love died in trying keep the new version afloat?

  16. Pal brought me in the Scotland on Sunday sports pullout for 7th Oct –



    4 excellent articles to be read –



    * Franco, Real Madrid and Spanish football’s eternal power struggle writes Richard Fitzpatrick.



    * The Idle Idol , Andy Richie by Paul Forsyth (great read actually)




    * The Goram item by Tom English.



    and the best –



    Celtic Raking in the big bucks – Andrew Smith.



    discussing our at least £20m European gaurantee , and our NFL record breaking teams.



    more in a moment .

  17. James Forrest is Neil Lennon! We are ALL Neil Lennon! on

    Lennon n Mc….Mjallby:



    That’s the ludicrousness of the whole position right there. Theoretically, five years from now we might be on Rangers v5.0, with one recycled version on top of another. More worrying, by far, for the football authorities, especially UEFA, is the precedent that’s been set here if they accept the history goes on … Rangers might have been the last club to “die” to dump debt, but if that standard is accepted they will instead become the first ….

  18. When I think of what’s happening with Sevconians I picture:


    A giant rowing boat with the main characters: D&P, the Murrays (both of them), Jabba, etc…, all the players and leading fan club members, all rowing away blind folded, with Chucky at the helm and Sally madly bailing out the water which is flooding in through the numerous holes in the boat. Chucky is coaxing them on, telling them the way ahead is clear and calm etc… Not far to go now, the worst is behind us…



    Meanwhile just behind Chucky a massive tidal wave is bearing down right on top of them.



    If one of you techy guys were able to put this into an illustration/cartoon, I’d love to send a copy to my various colleagues who ‘have an interest’ in events down Govan way.

  19. From the SOS –






    Celtics win in Moscow means they have gone five aways games unbeaten in europe setting a new club record , beating previous bests of 4, set in 2003 & 1971



    Spartak 3-2


    Helsingborgs 2-0


    Helsinki 2-0


    Udinese 1-1


    Rennes 1-1




  20. Steinreignedsupreme on

    philvisreturns 14:34 on 10 October, 2012



    “Always winter but never Christmas at Ibrox”



    It is a very busy time of the year for Sevconians though as they indulge themselves in human sacrifice, Devil worship and the hokey-cokey.

  21. What? We’re in the top 3 arms dealer charts and there’s no money? Utter bollox. We can lay waste to continents yet we cannot have a decent NHS? We feel it necessary to privatise it as sleekitly as we can build stealth boats? And I’ve seen them. The SBS has its hq near me and you should see the kit they’ve got, and the plush recreational facilities for those intrepid killers.


    Dentistry to make Albania proud. Discredited companies like ünum advertising privatised benefits on the visual valium. A Tory Party Chairman internet conman with 3 aliases pontificating about honesty?


    Journalists being threatened by loyalist thugs. Attacks on the disabled increasing.


    Oh aye, this really is ‘great’ Britain.

  22. Neil canamalar Lennon hunskelper extrordinaire on



    “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.”



    Problem being the polis are not doing their duty, the Alex Thompson case has made this clear.


    There is a load of truth in what you say but they are tangential arguments to dismiss a specific charge.


    The whole point was that reporters have been threatened and the polis have already set their stall out with the Alex Thompson decision, the NUJ expelled leggit while the polis dismissed the case. We have experience of the scottish legal system not doing their duty, you honestly think 25 reporters have not been threatened

  23. BB


    I know it`s ridiculous but the problem has been caused by their confidence that Sevco would be in the SPL.




  24. Sorry Auldheid.



    But if any spiritual being inflicted suffering on innocents in order that the rest of us can prove to that being that we have compassion then that spiritual being is seriously up. There is no way on this earth or off it for that matter that I’d ever want to spend time in their company when I get hit with a double decker bus.



    Lets take your argue meant a step further. Replace “spiritual being” with “human being” who’s defence in court was to use the self same argument while you sat on a jury and therefor placed in a position to judge their actions. Would you afford a human being the benefit of this argument?



    Don’t get me wrong. I would love to have faith. However to have faith I would need to be blind to my own intelligence and education.




  25. God grant us peace and an end to these pointess internationals…..and while you’re at it, send an asteroid towards iPox , it’ll only improve the landscape.

  26. Philbhoy - It's just the beginning! on

    I sincerely hope that wee Chic bloke has not recieved any threats from the mankies thugs.



    He’s a nice wee guy so he is.



    And clever too.

  27. NeilCanamalar: I think we can dismiss anything Philv has to say on this issue. If it is from a Trade Union or any left wing group (which the NUJ may or may not be) I think it clouds Philvis’ opinions.



    It’s a shame for him but he is taking an eternity to learn anything. We’ll keep trying though.

  28. philvisreturns on

    Neil canamalar Lennon hunskelper extrordinaire – Problem being the polis are not doing their duty, the Alex Thompson case has made this clear.



    In that case, the NUJ has done a grave disservice to their members like Alex Thompson who have been threatened on the internet.



    They should be highlighting the problem, not muddying the waters. Campaigning very publicly against any attempt to threaten or intimidate journalists – which is, after all, already illegal, and always has been -, not conflating illegal threats with perfectly legal criticism and debate under the vague heading of “targeting”.



    Also, they should be thoroughly ashamed of themselves for applauding censorship while demanding the right of free speech for themselves. (thumbsup)

  29. Philbhoy - It's just the beginning! on




    How much “Lottery money” is being given to, and spent by some totally useless and, imo, undeserving organisations in this country?



    Milliona and millions!



    Lottery money could make a huge difference to the health and wellbeing of young kids like Oscar.



    I read the other day that fines imposed by the Financial Services Authority on financial institutions like the banks, were to be spent on aftercare for the armed forces.



    Why not spend some on our sick kids too?



    There is loads of money out there that could be used to help.



    We just need the people in power to be human beings.



    Not zombies.

  30. philvisreturns on

    RobertTressell – I think we can dismiss anything Philv has to say on this issue



    The John Greig school of debate: if you can’t play the ball, play the man.




  31. Steinreignedsupreme on

    RobertTressell 15:04 on 10 October, 2012





    Philvisreturns used to sell Socialist Worker at the Shark’s Mouth every weekend sure.



    He did a roaring trade as well. Most of his neeburs wur on the buroo at the time.

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. ...
  10. 17