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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Awe naw
Aye was at Motherwell but was sitting behind big Jackie in the main stand so somewhat a restricted view
OG
You too. Lets hope it gives a birthday smile. Stay sober on Saturday.
HH
UEFA have given the green light for a single football league in all Balkan countries to be created in 2015, says Croatian newspaper Globus.
Mickybhoy
Main stand ????
I was in the south stand lower.
I ask as I thought I may have been standing next to some one who looked like you.
This means my image recognition stuff aint working.
Btw I dont think Hooper is good enough for England imho
HH
Or………..
‘Schnozzle’, is your lower jaw totally fused and can you eat any ‘solids’ at all?
United States Anti-Doping Agency says, Lance Armstrongs team ran the “most sophisticated doping programme the sport has ever seen.”
Maybe in a months time we will be reading, Lord Nimmo says, rangers ran the “most sophisticated financial doping programme the sport has ever seen.”
HH
Great material in Forbes, and well covered on CQN, PhilMacGB, and PhilMcC
Economically Viable Rangers: Not Then, Not Now, Not Ever!
http://www.affiliationregisteredcelticsupporters.org/supporters-stories/2012/10/celtic-fans-head-to-kenya/
Awe_Naw,
Doubt I’ll come up with ten, some of these are directly for those involved, and some more general questions.
1. Why were non-employees of Rangers FC receiving loans from a Trust set up for the benefit of said club receiving EBTs, more than one did.
2. A comprehensive list of all recipients.
3. What criteria was used to decide who we’re to be recipients, who set this.
4. Specifically I’d want each recipient to be asked, why did you ever think a non-repayable tax free “loan” was legal, and how stupid are you.
5. Are you willing to repay the loan, or the tax payable on it, as it was never a loan?
6. Who at the footballing authorities were complicit, by either actively helping, or turning a blind eye.
7.When will the FTT result be in.
The answers to most other questions will flow from that.
Didn’t make it to ten. I’ll look for the results tomorrow.
We spoke the other day about the possibility of BDO revisiting the sale of Oldcos assets to Newco, I may have to re-think my opinion, rumour and innuendo abounds regarding what they will do when they take over the liquidation of Oldco, like I said, I hope I’m wrong and you are right.
Thoughts of all the Docs with our wee hero tonight.
estorilbhoy19:37 on10 October, 2012
>>>>>>
Ain’t nobody got time for dat….
: > )
All washed up….money-laundering’ll do that to you.
Thoughts and prayers with wee Oscar and his family.
Good luck wee man,we’re all behind you.
Lots of love.
aw naw, add this to your questions
wat did that wee tit whisper into our managers ear
Ticketus is the biggest question. I can’t believe they were conned.
After that the weird administration practices along with teh sell off of all assets for only 5.5 million.
Doc
Thanks.
I will collate them tomorrow afternoon.
I will drop doublers and try and divide them into sections. Hopefully we can eventually come up with a definitive list eventually.
Thanks
HH
Only one question – what the f… Went on?
Dungcaster on 5 Live just now,
“the R*****s situation was unforeseeable”
A man with his finger on the pulse! Was it just us who knew what was going on?
HH.
Well i hope everyone has been training, dieting, getting slimmer because i see more jelly and ice cream coming our way – when sevco die…….
Yipeee
Jonny
Dungaster needs to zbyt the F up or has he a new job lined up already ?
HH
Zybt=shut
Scotlands shame
Big far wan surely
But a great question.
Keep em coming bhoys and a genuine thank you from me for taking the time to do so. Cheers
HH
Awe_Naw
Taking the players and recipients only – 3 questions:
1) When you received the nett payment – were you given paperwork that qualified that; tax, PAYEE, N.I. had been deducted at source?
2) Did your personnel Accountant submit that same information (that you were given) to HMRC when completing your annual tax returns?
3) Did your Agent do likewise when he received his percentage fees?
Jonny the Tim-A man clearly out his depth,should have been punted months ago mate.
Far=fat
This phone is getting a mind of its own.
It will be getting interviewed for the hun job soon.
HH
Or….
“McDowally”, any regrets?
Awe_Naw, just need a journalist with integrity and a back-bone to asks the questions to the right people!
The FTT result along with BDO’s handling of the process and events will reveal more than any journo could, hope they get the coverage they deserve.
I’m still sceptical regarding how BDO will approach Newco, D&P’s handling of affairs, as well as who are Greens backers will be very interesting, and will affect this.
Laters.
little flower, please help wee oscar, canon taylor too help him
Doc
I have almost given up hope of it seeing the light of day. Too damaging for the fabric of Scottish society.
A quicker list. May be those groups that would love to see it buried entirely.
HH
Awe naw @ 20:54
Get the telephoto lens out at the next home game and as you look at the Kano banner from the centre spot focus in about 3 seats from the back and five seats along from the bottom left hand corner of the banner now when you run your photo reconition software against the image it will flag up either uncle fester or Shrek but this is because of the anti recognition software I have developed as I really look like big Bobo
Philvis @ 14.14,
Not sure that I agree with all your criticism of Phil MB, but thumbsup(tm) for targetting Caitlin Moran – one of my pet hates (NB that doesn’t mean that I actually hate her & wish her harm) because she’s a rabid pro-death-by-abortion-ist. Also, her name suggests that she’s a backsliding Catholic: OK, so are many on this blog, but there’s a big difference between ceasing to believe something & converting that belief into hatred. BTW aw youse that support the “labour” party should note that she’s exactly in line with the current shudders of horror from that organisation at the prospect of the time limit for abortions being reduced to 20 or even 12 weeks.
I may as well let it all out, so another pet hate on “The Times” -which I don’t follow any more – is Tim Teeman, who IMO deserves the Joseph Goebbels journalism award for describing pro-life demonstrators as “bullies”. His name also suggests another backslider, besides which he described Elgar’s glorious “Gerontius” as “gloomy”: it’s as far away from gloomy as is possible.
My new friend Canamalar rightly stated a few weeks ago that the Catholic Church is the most criticised organisation on earth: I don’t think that it/we should be immune to criticism, but some balance would be appropriate – look how ready the BBC was to castigate paedophilia in the Church, but not in its own ranks. The journalistic profession views the world through a range of very distorting lenses: in the case of the Scottish MSM, the distortion comes partly from primitive “religious” ideas, whereas journalists more generally subscribe to a shallow Dawkinsesque view: the end-result is the same.
Seen this posted just after midday on TSFM blog.
================
Andy Coyle @STV_Andy
At Leaders in Football conference, who is speaking at event called “Governance: Are you serious?” None other than the SPL’s Neil Doncaster!
1. What political pressure has been employed during the huns affair.
2. Why is Campbell Ogilvie still in position at the sfa.
3. What deals have been done in private to allow the sfa to break all their rules to give sevco a licence.
4. Why are the sfa not insisting that sevco pay their football debts.
More later
leftclicktic-A Leader in Football,Doncaster?? You couldn’t make that up.
My ten (or so) questions:
1. Which broadcast journo’s, if any, were recipients of EBT ‘loans’?
2. Which non-Rangers employees (as in ‘never employed by Rangers’), if any, were recipients of EBT ‘loans’?
3. If there is anyone in the above two question categories, as recipients of EMPLOYEE benefit trust ‘loans’, we should be made aware as to what circumstances brought such payments to a non-employee. Why were you paid such a ‘loan’?
4. How much, exactly or even a ball-park figure, did Rangers benefit financially from the kickback from the EBT ‘loans’, i.e. how much sponsorship, winnings, etc over and above their inherent turnover, did They gain from?
5. When, without the EBT usage and associated benefits (as above, winnings, CL money etc), would Rangers have hit the wall?
6. Why, when it was apparent that vast quantities of external revenues were being used to finance the Ibrox club (Dave King, Joe Lewis/ENIC, JJB, NTL, MIH write-down, etc, etc, etc), did nobody in the media ever question why they never actually moved forward from p!$$!ng good money after bad only to move from being perennial title winners to play second fiddle to Martin O’Neil and then Gordon Strachan’s Celtic side?
7. And why didn’t the SFA or SPL asked a similar question with regards to where this would all end?
8. Who really initiated the ‘make this all go away for the cost of some titles and cups’ idea?
9. Why hasn’t Neil Doncaster gone through puberty yet?
10. Hasn’t he heard of Clearasil?
Who rubber stamped the huns licence to play in European football ? I think this is gonna be the biggie,considering the amount of law suits that will follow.
dirtymac-Jack Irvine of Media House fame is allegedly on the EBT list.
LOL …….. When I had a wee quick read at Forbes article earlier today, I thought there was only one page, and wasn’t overly joyous …… Just realised there are 3 pages …… Much more enjoyable ……again ..LOL
DIDN’T notice it in the MSM ……just an oversight on their part …….?
TET thanks :))
AWE NAW
9.What was said between Alex Salmond and the tax authorites,
that if disclosed would cause a cross border incident. AYE RIGHT ALEX.