To give £134m context, it is approximately £3,600 for each Rangers season ticket holder. £18m of the debt is overdue to HMRC with another £75m due the taxpayer subject to the First Tier Tribunal, that’s £93m worth of schools, medicine, operations, social care, policing and roads. Or Help for Heroes, if you prefer.
This overspend is equal to the value of seven years season ticket income, acquired over 12 years. How on earth could this football club be so indulgent? The old board, including the Murray twins, Bain and No Surrender Johnston are responsible for the overwhelming majority of the debt. Whyte is responsible for the Ticketus debt but he paid money owed to Lloyds Banking Group, so even his portion of responsibility is partially offset.
Duff and Phelps gave an incorrect figure of £1.063m due to Football Creditors, which is the sum due to Scottish clubs, the SFA, SPL and SFL. Curiously they excluded £2.117m due to English and European football clubs, all eight of whom are due more money than seven out of the eight Scottish football organisations.
Football creditors are actually due £3.184m. It may be that Duff and Phelps are trying to differentiate between football creditors who have a say in how the company exits administration (either way) and those who cannot. If I was one of the English or European clubs this would alarm me. There is no ‘Football Creditor’ rule in Scotland as there is in England, obliging clubs to pay all football debts so this distinction seems arbitrary.
The creditors list is a sorry tale of humanity. Dozens of small businesses with staff and suppliers of their own, many from the Glasgow area. When a bad debtor of this size runs away from their liabilities the cost is real. I know one small business on the list, they deserve better, to borrow a phrase.
It was fascinating to read First Minister Alex Salmond’s fawning correspondence with Rangers yesterday, including his view that the 2011 ‘Billy Boys’ League Cup final was “a great showcase for Scottish football”. It would be interesting to know if he has asked any of his correspondents to explain their actions in the light of the social and economic consequences of their actions.
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…and the horse after that ” heehaw back”
Gordon J
haaaahaaa
Well thought through…I shall exercisee extreme caution!
Stevebhoy:
Macaskill looks like a wee wain in a sweetie shop. Think we know where his loyal loyalty’s lie. Incidentally the guy on the left is liteerally an egg head. A pointy egg at that- the accountant?
Pic 12: no one should have to see that. It should be thoroughly hidden under a bushel. Pic 11 of the Brazilian dancer was like going from the beast to the beauty…efter that a couldnae git oot…itz like a feckin maze that site.
Reading…..booooooooooooooooooooooooo
1.0
Awe Naw, third of a billion
The debenture is included in the creditor list.
I reckoned that all things told, and excluding the potential tax penalties, but including interest on toxic tax debt, they’ve been subsidised from extra-football sources by around £300m since 1997.
Since then, they’ve grabbed a hold of around £70m-100m of CL appearance/prize/gate money.
One could argue that they’ve also helped themselves, in that time, to at least another £50m of sponsorship revenue.
In the last 15 years, I think you could easily argue that they’ve been propped up by a figure fast approaching half a billion.
The mind truly boggles at such a figure.
Phil MacGiollaBhain @Pmacgiollabhain
A contact in Dublin is hearing that Dermot Desmond in talks with Diageo Ireland regarding a 10 year deal on CP stadium name massive deal.
Latest from Phil. There’s an email doing the rounds about this, but the figures seem far too good to be true.
Hope it is worth 134 million.
celticquicknews@gmail.com
DontPatmadug on 6 April, 2012 at 15:48 said
Oh, God, don’t start that again…!
wonkyradar on 6 April, 2012 at 15:45 said:
…itz like a feckin maze that site.
Lol!
If you think about it, the pic was taken a long time ago… Long before CW, long before the Orange League Cup Final which was such a great advert for Scottish fitba’…
The Brazillian lassie is an added bonus, but don’t tell the wife!
HH
Mort
thanks.
Reading 2 up
blantyretim on 6 April, 2012 at 15:49 said:
cheers.
what impact has
– orange order
– freeemasonry and
– up to our knees in fenian blood
had upon the 134mill (aka THIRD OF A BILLION)
please ?
thanks
SackSucculenceCSC
Great post Paul67.
Boys what has happened to Craig Thompson the referee.
I just can’t believe why all of a sudden he’s just disappeared from the big games.
Why has Willie Collum jumped the queue in from of him all of a sudden, I find it rather strange.
thanks to Andrew in Belfast
good lad
the Henrik Larsson of
CQN matters of I.T.
Dirtymac
Thanks
I thought the statement yesterday stated they were not preferred creditors and mistakenly removed them from the total
HH
off out to watch my local youth team play againt Inter
hoops on
should be fun
http://www.alainfc.net/en/index.php?p=schedule&tid=22
Reading go top so no chance of Roberts coming up here if they go up. So its back to Big Jon D then??
Sir Paul
The Great Ibrox Chinese Boax MysteryTrundles Oan
This Puzzle is no as easy tae solve..as the MSN, wid lead wan tae believe.
It’s A Mighty Tough Yin.
They Tell us that The G.A. hiv Four Serious Bids oan the Table.
Check.. that. Ah jist Fun oot.. that.. that Number his jist noo
bin reduced tae Three.
. Wan o’ the Bidders, wiz jist Pounced Upon,By the A Bunch of Guys, in White Coats.
And wiz bundled intae an Unmarked Van.. Bound fur.. Hawkhead.
It seems that He wiz an Escaped Lunatic..
That Figgers!
It Maks ye wonder, though, whit’s the Excuse the Remaining
Three Bidders Hiv, fur wanting tae Buy intae a Business,that is
surrounded by a Minefield!
Surely, these Bidders Know.. but.. oan Reflection.. Ah kin See that they evidently.. DINNAE!
That Wan Should Only Invest in a Company, in order tae Mak a Profit!
A Very Sensibel Concept.. woiked Oot over Many,Many , Years.
Fur..
If ye invest in a Business, that Loses Money..
Ye wull Jist be throwing yer Money Away!
Right?
Maks Sense tae Me.
Kojo
Still Laughin’
Jude
MacKay-Stevens is their best player by far. Believe it or not, I noticed him in the warm up against us a few months back and raved about his ability to my Dundee Utd mates ( I live in Arbroath).They say he blows hot and cold (what wing player doesn`t?) . He is certainly blowing hot right now. On current form, the best player in Scotland,IMO.
JJ
If the rats go from HMS 1873 and scuttle onto HMS 201? will the king hun rats no have to keep a low profile (you know the usual suspects)…if that wisnae the case the rats could just eat their way through one ship after another like termites.
The question is: in the worst of all possible worst worlds could they just keep jumping like ferocious parasites from one host to another ad infinitum. What am I saying? Of course the SFA would prevent this from ever happening!
Iki
The guy that owns Glencairn Crystal designed as glass especially for malts and made a fortune from it. Nice guy but he will be broken hearted his beloved team stiffed him for £354. lol Ps Ud think molly wd square him up??
Ps2 I use the glass quite often of late!! lol2
J J
Id take Russsell first!!
as=a
I’m a bit worried about our C4 friend
alex thomson @alextomo
#ff @aIextomo
That’s it, nothing else. Maybe it’s all getting to him a bit
Hat trick Yipeeeeeeeeeeeeeeee Pure time bye!!
Always knew there was something of the (blue k)night about Macaskill.
Jude
Such are opinions. Long may they live!
Off to Wetherspoons for some real ale. Hope everyone has a good Champions Eve (if that is what it turns out to be).
JJ
The stupid huns want Super Swally there next season ( I know, I know, but just kid on)…cause he’s up there wae Churchill and Andy Cameron as a heroic true blue.
“We will come back, bigger, better and stronger” is another new slogan. What is it with feeble minded and crass catchy slogans?
It begs the question : what is the accumulative intelligence quotient of the FF posters- is it in three figures? Or am I being ridiculously generous in my estimations?
Well done to the huddleboard giving the Thai tims kids 100 quid each spending money.
Well done bhoys !!
HH
Allmost as annoying as credibility some have given hugh Keevins by listening to, quoting and even calling his panomime of a show are folks who come on here talking about stadium naming rights for a ground which is ove 100 years old and a club in the SPL.
Typically these folks then go on to say ‘of course we would always call it parkhead or paradise or celtic park’……
3 questions…..
Where is the value for any major brand in such a deal where value usually is delivered in ticket rights and hospitality to augment the association for a club playing to a few million in a 3rd rate league for 19 games a season ?
Show me an example of significant stadium deals succeeding where a newbuild or joint shirt deal is not involved even in EPL ? Yes none, even the magnificant Millenium stadium eventually could not get a deal away after 3 years of trying when it was only 5 years old and hosted FA and League Cup Finals a few years ago.
Why on earth would diageo, who have recently slashed their European (developed market) budgets and headcount in favour of emerging markets (Far East etc) want anything to do with Scottish Football and it’s limited reach…..
This nonsense is up there with the Superdome / Casino/ Hotel at Govan
Sparkleghirl – the other guy’s a parody account :)
wonkyradar on 6 April, 2012 at 16:29 said:
“what is the accumulative intelligence quotient of the FF posters- is it in three figures?”
Three figures but there is decimal point amongst them.
Stefferano del Bhoyo (but you can call me Neil Lennon) on 6 April, 2012 at 16:40 said:
:)
I looked but couldn’t see any difference between the spellings of the usernames. ca you see it?
Paul @ 11.34,
I see that you delete for language: does that include obscenity (directed at a fellow-blogger?).
Burnley78
what you tokkin bout Willis ?
no casino ??????????????/
your at it right ?
anyways,
I think a joint stadium naming and shirt sponsorship is only a “deid huns” moment away.
it will happen when we aint tied to them .
imho.
The stadium renaming story keeps getting repeated and repeated and repeated……yawnnnnnnnnnnn.
It was a joke by someone.
Finito please.