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. !!Bada Bing!!



    Guidi has changed his tune since he said that the other week.



    I well know what the english think of scotland, take Henke, became a superstar when he left Celtic.

  2. Re the US Postal Team and Lance Armstrong can anyone confirm that one of the principal doctors involved has been linked to Barcelona and Valencia and also that when the full story breaks it will shake football to it’s core

  3. TET-Thank Ghod they thought it was a Mickey Mouse league when Henke was in town.I think Ferguson made an inquiry at one point ,but the wee mhan knew best :}

  4. •-:¦:-•** -:¦:- sparkleghirl :¦:-.•**• -:¦:-• on

    Ralston Row


    18:56 on


    10 October, 2012



    Holy Moly that one had passed me by, One of the doctors implicated in the armstrong case, Luis García del Moral, worked at Barcelona for a season 03-04 and at Valencia the year after.

  5. Good evening friends, I hope you are all well.



    The Exiled Tim – I’m visiting Punta Prima for a week this Saturday. Any local knoweldeg of the weather for ole Jobo?

  6. Think Barcelona claimed he was never on their payroll but the good doctor claims otherwise -you state season 03/04 I was led to believe it was more recent -perhaps another doctor involved

  7. TET @ 18:49



    Yes and up until Raith Rovers Kriss Commons was our best striker


    And I thought that Henrik was the greatest ever Celt

  8. •-:¦:-•** -:¦:- sparkleghirl :¦:-.•**• -:¦:-• on

    This link says he was medical “advisor” at Barça 2003-04.



    I admit I haven’t taken much notice of this but will try to read a bit more this evening

  9. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    I can understand Ally being on a million pound contract at sevco. As rumours are he owns 5%. Lynchpin for Green and very difficult to sack






    Why is Sandy Jardine getting paid so much ?




  10. TET @18:49



    And another good point as pointed out by a caller to Clyde big Sutty never got a sniff at an England cap while he was at Celtic and he was head and shoulders above Hoops

  11. Awe Naw-I’m sure Jardine is earning his corn by filling Green full of the we arrapeepil bollox,and organising meeting gangsters in Belfast to rummel up money………….em support.

  12. Where is the waistcoat,william puller (has he resigned from hall of fame yet)and bomber.


    Starting to think they have been told the shutup or Charlie will bury the big house.

  13. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Just read chairman Murray retort to Bill Millers finance expert



    He quite clearly refers to the shares issue as a revenue stream



    Does this not let the cat out the bag. Surely a share issue cannot be referred to as a revenue stream.



    I hope they rip them off again.



    HAil HAil

  14. Awe_Naw_No_Annoni_Oan_Anaw_Noo on



    19:19 on


    10 October, 2012




    Thats a crap point as everyone knows why Sutton was not picked for england. Apart from you and the guy that made it



    Thick as thieves etc. should not be taken literally



    HAil HAil

  15. mickbhoy1888





    I heard the call, but as I said, it’s all about opinions.



    Take Hooper and Carrol, both played in the same div, one played for a team at the top, the other at the bottom.



    The one at the top got much better service, yet couldn’t outscore the one who played near the bottom.



    I would have Hooper before Carrol any day.



    It’s all about the arrogance of the english, they believe their own hype, the best league in the world, it’s no even the best league in the country.

  16. Kajun Firefly ‏@KajunFirefly



    @HarryBradyCU @barcabhoy1 @rangerstaxcase pic.twitter.com/HbKKsrtq

  17. So either the good doctor or Barcelona are telling porkies-which other team do we know started denying things initially only to be brought kicking and screaming to justice

  18. •-:¦:-•** -:¦:- sparkleghirl :¦:-.•**• -:¦:-• on

    Ralston Row



    Not necessarily lying, perhaps just not the whole truth. Barça say he was never on their payroll. It may well be that he worked on a consultancy basis.

  19. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    I wonder if any scottish hacks or broadcast personalities – yeah I know – received loans



    Recent developments are interesting.



    The General Manager of Bayern Munich getting a british tax bill … here is hoping



    HAil HAil

  20. Awe naw



    First of all enlighten me as to the reason Sutton never got a game for England while he was banging them in up here and Europe


    And secondly I don’t know how many games you have managed this season but let me opine that I have probably made more than you and let’s just say that on early season form the majority of the support would have had Tony Watt leading the line rather than Gary Hooper


    If Gary Hooper isn’t that bothered about getting into the England squad neither am I

  21. Don’t think any supporter can speak for the majority of the support.



    Only my opinion of course.



    And for what it’s worth for now I’d have Watt behind Hooper in the starting line up.

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




    Perhaps young Watt made Ghoops realise his place might not be guaranteed and he therefore raised his game.

  23. DontPatmadug


    That is magic, just sums up the gullible sevco fool Charlie is fishing for.

  24. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    A new game:



    Everybody has to give 10 questions that need answered



    and tomorrow I will collate them all and put up a complete list … or possibly one that is evolving all the time



    Here is my ten.



    1. Walter Smiths EBT´s (both of them)



    2. The 6m pound Murray Slush fund



    3. The 25m pound wage that Dave King picked up via EBT 6 months after joining



    4. Souness 10 year delayed EBT



    5. How the SFA & SPL & SFL managed to give Sevco a License without passing the proposal through their respective boards



    6. The Duff & Phelps & Grier & David Murray connection



    7. The Ticketus 27m question



    8. How did R.I.P FC get a license while trading insolvently



    9. Who are the missing EBT beneficiaries



    10. Why have the ECA been very reticent to discuss sevco







    Write down ten unique questions … yeah drat .. that means actually reading the blog for some of you ;-)





    Hail Hail

  25. Ahhhhhh just think if Hoops paternal grandfather had been born on the opposite side of the Tweed I am quite sure that we would be wishing that he wasn’t included in any Scotland squad