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.

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  1. weevincywoking on

    A couple of posters have mentioned the prospect of Sevco returning as as a New NewCo. Presumably any/each reincarnation would have to work a 3year period before getting in to any Euro competitions. 



    One step forward and two steps back. 




  2. When I come over a week today, for ten days, one of the things I am looking forward to doing is going up to Celtic Park – there are no homes games – visiting the superstore and having a good look around the immediate area and admiring the work that has gone on.



    I think I will be impressed with what has happened.



    Also looking forward to meeting up with BMCUW for a light(!!) refreshment!




  3. ScotPatsFan 16:19 on 10 October, 2012



    Sorry – I didn’t notice who was using the car-park. I never find it worth getting that close to the ground as it takes so long to wind your way back out after the game. I usually walk anyway.



    What I did see that I liked was the covered bike parking at the car-park entrance – could get my journey down to about 5 minutes. Does BBs provide bike parking?



    Also, I went back later with the kids – the car-park was very busy due to a basketball game so even if we can park there it may clash with other events.




  4. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    The Battered Bunnet



    The face recognition interface is also improving on Hobby Tony V2.12



    I think this is why Mickybhoy1888 is ignoring my questions ;-)



    Btw dont know if you read it but my wife would like to thank you for your sevco finance analysis yesterday … I have been sleeping much better ever since



    so thank you again



    HAil HAil

  5. philvisreturns on

    canamalar – Neither do you believe in a free press, you believe in a corporate controlled press, free to spread misinformation and propaganda.



    It’s easier to win a debate when one feels entitled to accuse the other person of being an ill-intentioned liar.



    The John Greig school strikes again. (thumbsup)

  6. Dontbrattbakkinanger on

    Park your bike at the ole Gazebo.



    THe future’s brighter, the future’s greener and whiter.

  7. Neil canamalar Lennon hunskelper extrordinaire on



    why would they encourage people to park their bikes at the velodrome, there was me thinking it was built for cycling :oD)

  8. Neil canamalar Lennon hunskelper extrordinaire on



    your previous showings on here have provided the evidence of your agenda


    Juian Assange anyone

  9. philvisreturns on

    Awe_Naw_No_Annoni_Oan_Anaw_Noo – Deluded ???



    Bomb Threats … Death Threats .. Not proven verdicts and incredible leniency. Hence the police not doing its job and deliberately so … maybe Mr Shorthouse can fill us in here



    I think we’re talking at cross purposes.



    I’m not saying that bomb threats, death threats, etc. aren’t real or aren’t serious.



    I seem to take them more seriously than the NUJ, which is seemingly more concerned with rolling them up into a smorgasbord of complaints against internet bampots and a supposed far right conspiracy. (thumbsup)

  10. Wee Vincy,



    are you working away?



    Away in Woking?



    Ally demands to know, etc ;)



    There will certainly be more gelatinous feasts if sevco do founder




  11. philvisreturns on

    canamalar – your previous showings on here have provided the evidence of your agenda


    Juian Assange anyone



    Explain how? (thumbsup)

  12. Re the NUJ stance as regards threats–here in N. Ireland we have had Martin O’Hagan shot by Billy Wright’s mob, Jim Campbell from the Sunday World shot on his doorstep by Loyalists, and Martin O’Hagen’s editor Jim Campbell having his car smashed at court a hearing on O’Hagen’s death. Journalists like the accolades, but must also take the brickbats. Contrast the journalists mentioned with Scotland’s MSM. Contrast them indeed with the UK as a whole, and throw the Republic of Ireland in there as well. Sadly, those mentioned, and Alex Thomson as well, deserve plaudits. Phil McG made a disastrouus foray into what he presumed was a humorous essay and made a rod for his own back. Hardly a note was written in defence of Neil Lennon during his ordeal (and it was an ordeal). What’s missing is decency and morality in the NUJ. If you have those two than courage follows. Without them, you’re just a plodding lickspittle hack. It’s no coincidence Alex Thomson spent time in N. Ireland and then kept on at investigative journalism. He saw examples of how not to report/cover a story there. The BBC were compliant in N.Ireland as well in keeping a tight lid on honest reporting. It’s an honourable profession inhabited, I’m sorry to say, by a lot of people lacking in that noble thing, honour. Jock Stein knew what honour was. I hope Jabba, Keevins, Nevin and the rest read this site. They’ll find more here than exists in the Scottish media.

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

    I hate jelly and ice cream!



    I’ll celebrate again with sticky toffee pudding and loads of cream.



    That’ll do nicely.



    Should I buy some soon?

  14. It’s a sad day when the cost of parking is higher than the value of the bike.



    i guess we have the coalition to thank for that.




  15. Neil canamalar Lennon hunskelper extrordinaire on

    you advocate he is sent for trial in america for treason, no

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

    Well I need to cover my costs, plus tax and national insurance, plus my accountant, plus………wait a minute.

  17. Awe_Naw_No_Annoni_Oan_Anaw_Noo on




    I seem to take them more seriously than the NUJ, which is seemingly more concerned with rolling them up into a smorgasbord of complaints against internet bampots and a supposed far right conspiracy.



    I reckon that one is directly responsible for the other. Not always that´s why I gave your original post much credence



    But using analogies again your stance is akin to complaining about the language your daughter used while being raped.



    HAil HAil

  18. philvisreturns on

    canamalar – you advocate he is sent for trial in america for treason, no



    When did I advocate that? (thumbsup)

  19. voguepunter


    15:08 on


    10 October, 2012


    Whatever happened to TIM THE DOG?




    He is safe and well and sitting at my feet as I type :)))



  20. philvisreturns on

    canamalar – Does making up stuff about people comfort you, or are you genuinely fuzzy on the whole boundary between fantasy and reality thing?



    Because if it’s the latter, I have a diagram that might help.




  21. Just heard Wee Oscar is in ICU pulmonary hypertension and has to be stabilised before going home, immunotherapy is no longer an option. Pray that medication can reverse the pulmonary hypertension. It worked for my little Conor so hopefully will do for Wee Oscar. That poor family really need a break.

  22. The Battered Bunnet on

    Ha! She likes you best when you’re asleep :¬)



    The figures are as always guesstimates based on what we can infer. When there was a doubt I erred on the cautious side – more income, lower cost. I didn’t factor asset transactions.



    The scale of the challenge to merely break even given the cost of staging games at Ibrox is huge. I see Barcabhoy tweeting to that effect this afternoon.



    The proposed share issue needs to cover the cash shortfall for the coming 3 years minimum. When/if they get into the top league there will be another one to exit the original Sevco investors. In between times there will be all manner of squeezing, pinching and downright cost slashing. About as painful as Philvis cutting off your good foot I’d say.

  23. Neil canamalar Lennon hunskelper extrordinaire on



    I had this discussion with the sea cucumber and you supported his stance as far as I remember, if I’m wrong I apologise but in the interest of clarity, do you think Assange should be extradited

  24. Sad news coming from America that wee Oscar can not have immunotherapy due to his heart problems. They hope to get him stabilised and get him home asap.



    Now more than ever, our prayers are needed. Times like this make you truly appreciate what you have.



    Thoughts are with Knoxy and his family.




  25. harryhoodsdugbitme on

    A few days ago I watched wee Oscar sitting in the pilots seat about to start his treatment in America only to read on here he has had a major set back. I can’t imagine how his family are coping. They are in my own thoughts every day that someone somewhere can make that wee boy better.

  26. Thoughts & prayers are with the Knox family


    If ever a family deserve a break its them.


    Till later

  27. traditionalist88 on

    The Singing Detective:One Can-A-Malar…!



    There’s Only ONE Can-A-Malar…



    One Can-A-Mal-Ars*…!







    Coming from you thats a tad ironic.




  28. God bless wee Oscar and keep his ma, da and sister strong, for him and for each other.



    Our Lady of Lourdes, pray for us.

  29. 5th generation on

    When does the deal with tennents end , I wonder if emirates have clocked us and fancy associating themselves with the biggest most successful club in Scotland.

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