30% interest! Nice one, Newco Rangers, you’ve got yourself a deal there. Suggestions that your business plan has been, and remains, unsustainable and extravagant are patently absurd when you can borrow at the kind of rates a Zimbabwean pimp would get at the height of the ZWD’s recent hyper-inflation episode, although it’s probably worth noting that Zimbabwean businesses are currently borrowing at slightly less than half of what Laxey are charging Newco, solvent ones, anyway.
An administration would be a severe embarrassment to the Newco, less than two years after its incorporation, but in many ways it would be a boon, allowing the club to offload all the high earners and establish a breakeven trading platform.
It is utterly incomprehensible why they have not called in the admins, which itself shines a light on management processes inside the club. No one seems to be asking, “What next?” Getting deeper into hock with a hedge fund is ruinous. Notions that if the loan is turned into shares would be a soft landing for the club are absurd. This is a hedge fund. A HEDGE FUND!! The more shares they have, the more exposure they have, the higher return they will demand.
Need some new players, tough, pay my money. Ticket sales down, that’s disappointing, cut back and pay my money. Got some maintenance work to do, I don’t care, pay my money then see what’s left.
Keep your eye on the sale and leaseback plan, although not until September. They should commission a brass statue of a Newco season ticket holder, touching his toes, with the motto ‘Brace yourself’ below.
The only question left is who will be the complicit front man for season ticket sales this year?
Most people are only beginning to realise the consequences of the events of 2012, or what it means to be a zombie club, walking around, not quite the same as before, with various groups randomly gorging on you. Nothing will ever be as it was. Ever. They should’ve listened, before high-fiving Sir David Murray, then Craig Whyte, then Charles Green. It’s not like we didn’t tell them.
If you’re in the football business, rule number 1 is: Pay your bills. Every other rule, value and aspiration cannot be met without this rule.
Many thanks to everyone who submitted questions for last week’s Celtic Forum. The minutes have been published, and are available here.
If you would like to read the new CQN Magazine, GO HERE to read properly, and for FREE, the graphic below is just a taster.
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Caledonian main line. Interesting maps on the site
Mark Dingwall video…..
Don’t eat yer dinner while watching this!!
DIVINE – YOU THINK YOU’RE A MAN (Extended Video Edit …
http://www.youtube.com/watch?v=pd2Gzkkwe9Q
Super Sallary says his squad building is ‘on hold’.
Hamiltontim is praying for Oscar
17:13 on
24 February, 2014
Pretty sure a couple of seasons ago we were made to kick off at 6pm away to St Johnstone because it was on the night of CL games.
=========
Rescheduled matches are allowed, I think.
So let me get this right
You can
Fool some of the people all of the time
And you can
Fool all of the people some of the time
And you can
Fool all of the peepil all of the time
And here is a picture of a kitten
———————- Insert Kitten Picture Here
U
Just wondering? Did that line not pass the forge and by cartine dog track, I’m sure it did my grannie stayed there at bengairn street just at the dug track, and there was tracks there, not sure but.
I think thats the most enjoyable article iv ever read on cqn…
Well done paul67 u certainly brightened up a miserable monday in work
B-)
!!Bada Bing!!
16:37 on
I saw that on twitter aswell mate. Someone else has tweeted that thier Dad was also a member of a Tim supporters bus from Greenock.
Yogly I would I super salary to be around for a long time! Besides he can tell any old rubbish and the media will lap it up.
tonydonnelly67,
I think that line ran from the Forge itself and joined the main line. I often, as a wee bhoy, had to stop under the bridge while the white gates stopped all traffic, allowing trains to pass from one bit of the Forge to another crossing Duke Street.
TonyD…..
I think the Sons of Struth former thugs would be more than a match for the Fatboy Sleazedales who have more Chins than a Chinese phone book these days.
Bear on Bear action…..let’s sit back and watch the scum bassas devour each other.
I am sure someone on here [or maybe twitter] said of Laxey “they wont just feed on the carcass they will eat the bones too!”
Vulturescsc
tony donnelly
“I know Patricia well, nice wee Garngad lassie.”
Never mind that! How much did she earn last year and did she go to uni? :-)
GM
I have seen a fir bit of them this season, going oot to watch the football is a good excuse to go to the bar for a few vino tintos, and the atmos is pretty good when they play.
I love it when they get beat, seeing grown men cry is fun >}
A few decent teams left mind you, we will just have to wait see.
HH
The SFA a Chocolate Fireguard
You must wonder what, if anything, the SFA make of this current dash for cash and,more crucially, will make of it all as they embark on the latest round of annual club licensing.
When I say embark, the ship left port a month or two ago, but decisions on whom to grant a licence have to be made by 31st May.
Now this is not UEFA FFP but National Club Licensing because The Rangers are not in the SPFL premiership.
http://www.scottishfa.co.uk/football_document_libraries.cfm?page=2570
Nevertheless they will have to apply for a licence and submit financial data as part of that process which should be well underway to decide by 31st May..
Now this time last year the IPO proceeds will have provided a veneer of sustainability (or at least not going belly up before the end of this season) but that veneer has been long stripped away like one coat of varnish exposed to Nitromors.
So where does that put the SFA licensing now? What questions are THEY asking RIFC that would enable the SFA, if they were asked to guarantee other clubs and The Rangers supporters that the position will not be the same this time next year but with the possibility of no other credible sources of revenue putting them belly up in Feb 2015?
I have said before that The Rangers support should not be making up their minds on whether to buy a ticket to watch their team (they no more “invest” in RIFC when they do that than I invest in the Odeon chain when I pay to watch a movie) based on assurances from Ally McCoist, Gordon Wallace or Walter Smith (should he be wheeled out to gull the gullible.)
Surely if licensing has a purpose that purpose has to do more than award bronze, silver or Gold status to clubs but also to guarantee that whatever status is granted, it is done so based on hard evidence of what is, as opposed to what was or dreams of what might become?
Yet the game stumbles from one crisis to another in the hope that if no one mentions it, the SFA might escape responsibility for not having any responsibility.
No business, no industry, could survive on the basis that Scottish Football manages/governs itself. In a industry that is totally interdependent, self interest rules the day, or rather ruins the day.
Bill Shankly once said that football is a form of socialism, well it might have been when there was some semblance of sporting integrity, but today commercialism has turned it into an example of the worst excesses of capitalism, where ironically the workers have become the bosses. I mean £300k a WEEK to pay a player?
This excess makes it even more important that licensing is applied with much more rigour than it has been and particularly in terms of the well being of Scottish football, to The Rangers.
The SFA, had they the gonads, should be warning RIFC that unless they produce the business plan AND evidence to back up the figures AND a verifiable n action plan to make sure things happen as planned, the SFA will refuse a licence to play next season 2014/15.
Refusal is not something they normally do but it is within the rules.
If I were a Rangers supporter I would be welcoming such a threat and indeed asking why the SFA are so reluctant to use the powers they have to provide the answers and guarantees they seek .
Tough love Campbell, tough love.
My Dear Kojo…..
I Echo Your Despair At The Failure Of NL To Introduce Our Young Talent Into The First Team
He Is Not Serving The Best Interests Of Our Club With His Blinkered Focus On Remaining Unbeaten This Season In The League….
Might Look Good On The Lennon C.V……
But Not So Good For The Development Of Our Home-Grown Talent….
Nor The Competitiveness Of Our National League…
The Points Gap Between Celtic And The Challengers Is Already An Embarrassment…
We Are Betraying The Faith And Commitment Of Our Young Home-Grown Talent…..
By Not Giving Them A Fair Crack At The First Team…
Rather Than Farming Them ‘Out-On-Loan’ To Languish With Some Lower Division Strugglers..
Where ‘Something Dies Within Them’…..
As They See Their Chances Of Ever Gaining A First Team Place Turn To Dust….
Whist Lennon Talks Airily About His Latest ‘Hard Luck Project’..Blackman,Ibrahim,Mookyluke etc….
Time For Malky Mackay?
Still Laughin’ At Oor Ena..
parkheadcumsalford
17:39 on 24 February, 2014
tonydonnelly67,
I think that line ran from the Forge itself and joined the main line. I often, as a wee bhoy, had to stop under the bridge while the white gates stopped all traffic, allowing trains to pass from one bit of the Forge to another crossing Duke Street.
________________
Aye yer right a remember that, the railway lines going across the road.
A wee bit off topic. In the 90s our supporters club ran a trip to Blackpool as Glasgow was Hun infested due to the Hun mini Hun cup final. Went to the Jaggy Thistle. We sat down at a table where a couple of good looking girls were sitting. My mate says where are you from. One of them says Croftfoot. That’s next to me my mate says. Everything is going great until Laudrup scores. She stands up and cheers. My mate looks at me then at her and says Ya dirty orange c#$. I thought it was hilarious. How a girl can go from good looking to ugly in one cheer.
Auldheid…..
Have you ever known a more compromised figure in Scottish Fitba than ex landscape gardener Campbell Ogilvie?
Seriously…..it beggars belief.
That’s why Lawell is definitely an Uncle Tom.Without a doubt in my mind.
Btw..
Whoever came out with the ‘sevco staggering round like a heifer with mad cow disease’ is a genius
I got a few strange looks from my collegues as i howled with laughter
Sums them up perfectly i think
B-)
eddieinkirkmichael- When the vermin find out the Easdales are Tims,it might be too much for some of them…:}}
Good evening friends
NegAnon2 17:38
You are probably right with your view. Not very bright the average bear.
parkheadcumsalford
17:39 on 24 February, 2014
tonydonnelly67,
I think that line ran from the Forge itself and joined the main line. I often, as a wee bhoy, had to stop under the bridge while the white gates stopped all traffic, allowing trains to pass from one bit of the Forge to another crossing Duke Street.
___________
Oh aye it could get very messy, like the Sevco fans are saying why didn’t you come to us for a loan, it does make sense, but the easdales have the baw, an they’re no playin .
I see Alex T has brought the conflicted Mr Ogilvie back into the limelight.
http://blogs.channel4.com/alex-thomsons-view/rangers-court-battle/7273
ryecatcher
17:48 on
24 February, 2014
Seems Alex Thomson shares your views.
I reckon Ogilvie must have something over other clubs to have stayed where he is.
Get your brand new CQN beanie hates here!!
http://twitpic.com/dwjbfw
http://twitpic.com/dwjdba
You can order them from here….
patmcg1888@aol.com
IS the game on any of the stations tomorrow night lads
Steinreignedsupreme
17:21 on 24 February, 2014
Rioskorrie 17:12 on 24 February, 2014
….this just out from Dark Mingwall about the loan….
Fan groups statement regarding loans from Easdale and Laxey
Rangers Supporters Association, Assembly & Trust Statement
The Rangers Supporters Association, Assembly and Trust have been contacted by a number of Rangers supporters, who are also current shareholders, indicating they would have provided a secured loan of £1.5m on more favourable terms than the combined Laxey Partners/ Easdale loans. The terms of the Laxey loan in particular seem unduly onerous.
We are concerned that not all shareholders are being treated equally. Fans and shareholders both deserve an explanation as to why other shareholders were not approached to provide this loan.
The 3 groups call on Rangers, or the NOMAD Daniel Stewart, to clarify the matter. Either in public or through a direct meeting with fan representatives. We have contacted both companies with our concerns.
————
Sevco should tell Divine they’ll consider clarifying the matter when he starts attending games.
=====================
‘Divine.’
Ahahahahahahahahahahahahahahahaaa.
Here’s Andrew Thornhill, the lawyer representing the Murray Group, on the final day of the previous tribunal hearing: “Because the whole point of the remuneration trust was it enabled the club to take on players that it otherwise couldn’t afforded (sic) to pay if it had to pay the grossed up wage.
“This was Sir David Murray’s way of putting it. It was a way of getting hold of players you otherwise couldn’t afford.
“So the last thing the club would do is say to a player: now, if you don’t like having remuneration trust we will pay you gross instead. It just couldn’t afford to do it. It wasn’t an option.”
– See more at: http://blogs.channel4.com/alex-thomsons-view/rangers-court-battle/7273#sthash.KvXwdZ25.dpuf
_____
So no sporting advantage ? Nimmo Smith hang your head in shame.
look, they could go into administration again whenever they want. They could be run by some faceless individuals based on an offshore island. I don’t really care.
The big news is not Sevco. It is Wayne Rooney’s new contract. Arguably, football salaries crashed through the barrier of reasonableness a long time ago. However this takes the biscuit.
In the Observer yesterday they pondered what in fact the real value of the contract was – his previous contract when bonuses were taken into account was said to be circa 300k per week and hence the article concluded that Rooney and his advisers were unlikely to be celebrating a renewal of the existing contract. No, it estimated that Rooney’s take home is more likely to be nearer £500k per week. Half a million each week, 52 weeks a year. And folks don’t really bat an eyelid. What’s going on?!!
Footballers, their agents and club owners are as good as dipping their hand into the pockets of the football supporter who, well aware of what is happening, smiles and utters meekly “no probs, can you sign this programme?”
So, whether it is a prohibtive rate of interest on an essential loan or awarding a player who is arguably past it a shiny bumper new contract, we should remember one thing. One way or another, it comes out of the fans’ wallets. Football fans in general need to stop being complicit.
RevolutionaryCSC
STV News shows clip of MON taking NL to the Celtic end at Poundland a few years ago,someone will get their Harry Potters ……..
Alex Tommo
Rangers court battle: what next for Ibrox?
And so the lawyers have gathered in Edinburgh and the so-called Rangers big tax case begins another round.
Like everything to do with Glasgow football the mere mention of this excites a certain degree of comment shall we say?
So in the spirit of setting out for us all what is actually going on, here goes. This is largely from HMRC and the Courts and Tribunals Service.
The current appeal was lodged by HMRC against the previous majority tribunal verdict.
It runs from 24 February until 21 March in Edinburgh, or at least that is the time set aside. It is an appeal on points of law so at present it appears no witnesses will be called.
Should either party wish to appeal after this to the high court on points of law and only on points of law, that may be granted to the high court.
So whatever happens this is not necessarily the end of it should either party wish to appeal.
Read more: Red, Whyte and blue: the Rangers saga continues
In brief HMRC say the Employment Benefit Trusts (EBTs) used by Rangers under former owner Sir David Murray were a way of avoiding income tax.
Sir David Murray contends they were lawful and he won by majority which is now under appeal on points of law.
The case matters greatly to HMRC because of the precedent at stake.
HMRC contends that EBTs were used by more than 5000 companies across these islands including not a few large football clubs in England.
So for HMRC there is a great deal more to it than Rangers. RFC simply happens to be the test case. Football and football fans would do well to see this reality for what it is.
So the implications for that across companies in UK PLC are obvious and wide. It. Is. Not. About. Rangers. Or at least insofar as trying to reframe UK tax law is concerned.
Read more: Rangers FC: the taxman ain’t walking away
However in footballing terms it very much is of course, about Rangers. At stake the very governance of the game in Scotland.
The eventual issue of whether or not what used to be one of the biggest clubs in football cheated its way to silverware year after year, remains an open question.
This is a major problem stretching far beyond the gates of Ibrox. The implications for the Scottish Football Association (SFA) should not be lost on anyone.
Equally – Sir David Murray and Paul Baxendale-Walker (the stuck-off solicitor and pornographer who brought the EBT concept to the club) could very well turn out to be the greatest financial wizards of modern Scottish football. Right now, in law, they most certainly are. We know why they did it because they said so.
Read more: Craig Whyte’s lawyers send Letter Before Action
Here’s Andrew Thornhill, the lawyer representing the Murray Group, on the final day of the previous tribunal hearing: “Because the whole point of the remuneration trust was it enabled the club to take on players that it otherwise couldn’t afforded (sic) to pay if it had to pay the grossed up wage.
“This was Sir David Murray’s way of putting it. It was a way of getting hold of players you otherwise couldn’t afford.
“So the last thing the club would do is say to a player: now, if you don’t like having remuneration trust we will pay you gross instead. It just couldn’t afford to do it. It wasn’t an option.”
They recruited players they otherwise couldn’t afford.
Yet, in a ruling which raised many an eyebrow, an Independent Commission in Glasgow said that buying players you cannot otherwise afford who then go on to win you silverware year after year, is not buying sporting advantage.
Read more: You couldn’t make it up: Rangers ban the BBC
But what if buying those players was unlawful? Is tax law one thing and football law something other? If HMRC win, this is where the questions will pile up.
And what of dear old Campbell Ogilvie, the key Rangers finance official whilst all this was happening and recipient of an EBT himself. He remains SFA President even though that organisation describes him as “heavily conflicted”.
Yet still no hint of standing aside or gardening leave until this matter is settled. It’s not the way things happen round Hampden way. And again – what if it does turn out to have been unlawful?
So that is why it all matters. That is why it is not over. That is why there has never been a final verdict.
And that is why Rangers – rightly – made that clear to their fans when the previous tribunal reported.
Follow @AlexTomo on Twitter
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Related posts:
– See more at: http://blogs.channel4.com/alex-thomsons-view/rangers-court-battle/7273#sthash.KvXwdZ25.yLxqksZz.dpuf
I’m almost at the point were I’ll start to feel sorry for them. Almost mind, not quite there yet. I reckon another few years, 7 or 8, what the hell let’s call it 10, should be about enough for my delight and laughter to subside.
“Impeach Grimmond McCrummoch”.
“Morton” supporter on SSB says he will through his kilt in a river if the Scotland v Republic game is played at Celtic Park
Haaaaaaaaaaaaaaaaaaaaaaaaa
Dave King will sort it, why doesnt everyone just realise this
quonno
14:48 on
24 February, 2014
Many years ago, a railway line ran across the back of the Jock Stein Stand. Does anyone know where it ran to and from?
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
It ran from the Rutherglen/Dalmarnock and split in a big loop up to Springburn, bypassing the old London Road Station. It was probably a freight line because theres no stations between those mentioned?
The new Clyde Gateway road covers the railway bed from Dalmarnock up to the Gallowgate now.
http://maps.nls.uk/view/91790175
Must get out more ;)