Prior to this morning’s AGM, which got underway a few minutes ago, Rangers International chairman David Somers issued a statement to the stock market, which he intended to reading at the meeting. It contains powerful insight into reality at the club:
“Graham Wallace (former chief exec) wrote a review [in which]he indicated a desire to spend £20-30 millions in reaching the top levels of Scottish and European football. After visits to various City institutions the Board believed that such a level of expenditure would be supported by the City institutions, and the then monthly rate of loss, would also be supported by the shareholders. In the event, this was discovered not to be the case, because when we came to raise funds through a share issue, we soon found that there was a lack of appetite from shareholders to invest significant extra funds just to pay wages and utility bills.”
No. Kiddiin’. Sherlock.
That £20-30m estimate was conservative, more would actually be needed. The funding requirement remains but it has grown as a result of newly-established commercial deals the club accepted to agree short-term funding in recent months. Charles Green found fools in the City but that ship has sailed, it is staggering that the board believed going back to the same well would have been effective.
The penny has dropped, the most important aspect of Somers’ statement is:
“Accordingly, we have moved to cut costs significantly. Like any household, Rangers can ultimately only spend what it earns and, as has been reported in the media, we have moved quickly to bring our costs down and much more in line with our income. Rangers Football Club has been living beyond its means for many years and much of the cost cutting and efficiency improvements should have been addressed years ago by previous boards when we were in the lower divisions. But they weren’t, so we are doing it. A material part of our costs relate to player costs, however, and these can only be addressed over a long period of time because of the length of the contracts. These contracts are often measured in years, not months.”
Bang, there’s your dinner! Newco are rubbish and they plan to downsize.
They can’t do much about property, security or business services costs, as Somers said, the “material part of costs… relate to player costs”, and with a player budget heading closer to Alloa Athletic than Athletic Bilbao, income potential will nosedive.
Fixed costs to operate a football club, which occasionally hosts 50,000 spectators at Ibrox, run to around £17m p.a. Then they have to employ players, coaches and other football staff.
As I’ve been saying for years now, football at Ibrox is not economically viable. They can survive as long as there are assets to sell-off, but the sharks will soon finish off the carcase. More power to Mike Ashley’s elbow.
Today is the LAST POSTING DAY BEFORE CHRSTMAS for CQNBookstore! Orders placed before 14:00 today will be shipped Special Delivery to ensure you get them next day. Take a look around the store, you know about your Annual, and Caesar & the Assassin, but here are tons of Celtic books and DVDs.
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Sad news coming out of Glasgow. Wee prayer said for all involved. KTF
Hail Mary full of grace,
The Lord is with thee,
Blessed art thou amongst women,
And Blessed is the fruit of thy womb Jesus.
Holy Mary, mother of God,
Pray for us sinners,
Now and at the hour of our death,
Amen.
Friend of mine seems to have witnessed first hand.
Refuse lorry seems to have gone along Queen street pavement at high speed causing horrible injuries and death as it did.
Truly, truly awful situation.
Absolutely shattered, my home town is suffering another tragedy,
Good afternoon all.
Horrific scenes from Geo. Squ. Thoughts with the families of those involved.
Weefra HH praying to Wee Oscar.
Thoughts and prayers with everyone affected by the tragic events in Glasgow today. Hope the good folk on here have heard from all their loved ones who might have been in town.
Seems the lorry was out of control from Gallery of Modern Art at Nelson Mandela Sq,went straight through the lights on Queen St at George Sq onto the hotel.
Just had an agonising hour waiting for my son to answer his mobile – he was up at Strathclyde Uni today. God help the families who won’t get a phone back tonight. God be with them.
Numb with shock
Sad sad news from glasgow
Prayers for those who have loved ones involved
Also a wee prayer to all the rescue services who have to deal with the casualities and the ordinary shoppers who witnessed the scenes
God bless .
Thoughts and prayers to all those in Glasgow tonight affected by this sad news. Another terrible tragedy in this Dear Green Place.
God Bless them all and indeed Kano
HH
CRC
Thoughts and prayers to the dead and their families re the George Square tragedy at this terrible time.
The sevco poly tunnel fair made me laugh, however mood changed instantly with the news from the city centre.
Christmas eve, 4 or 5 years ago,a car ploughed into girls outside Buchannan st bus station, 2 teenage girls were killed. i knew my daughter was in town.
She was lucky, turned out she knew one of the girls that was killed, think the driver took a heart attack at the wheel.
Clutha Vaults last year just before Christmas.
Now this.
Very sad time for many.
like no other
But you did get him, yes?
Hope so.
HH
Awful, simply awful. Hope all of your family and friends are safe tonight. Glasgow is going to be a sad and desperate place this Christmas for many families.
Take care everyone.
DB.
like no other-it’s Mrs Bada’s birthday ,she in bed with a virus,we were going to take the wee one to George Square to see the lights today.Thoughts with all involved ,and emergency services who are dealing with it.
Bada
Thats great news regarding not going to George Sq today.
I have been watching it here in Malta.
I was in Drouthys in Queen St on Friday and crossed that road to get my train back to Dundee.Terrible tragedy.Glasgow mourns once again.Prayers said for families affected.
CRC – what’s the story with Kano?
Awful news coming from George Square.
Thoughts and prayers are with everyone involved.
tomtheleedstim
He has a staph infection which is being treated by antibiotics. Unfortunately, as a result he remains unconscious in intensive care.
His family have passed on their thanks for all the good wishes and all messages for Kano which are being forwarded on.
HH
CRC
Terrible tragedy at George Sq.
Puts fitba and petty disagreements on a blog into perspective.
Thoughts with families of anyone involved.
HH
Sorry news on Kano.
Hope he and his family can fight their way through that.
Nae dinner for me, just starting my day.
I believe, however, I’ll have anither wan of those frosted buns with my morning espresso…
Cheers mate. Thoughts with Kano and his family.
Thoughts and prayers with the victims and families if the tragedy today at George Square.
Hugh Bonkle…,
Thanks for sharing that prayer.
Marspapa, very thoughtful of you mentioning the emergency services in the aftermath of today,s tradgedy. We often forget the trauma they have to deal with.
Totally numb watching this on tv.
God bless Glasgow at this sad time.
George Square- thoughts and prayers to those families involved and to City of Glasgow at this sad time. Certainly puts football in perspective.
Also strength to Kano and his family at this time.
Terrible news from Glasgow. Thoughts to anyone impacted by it and the emergency workers.
HH
Kano,
Get well soon
Hail hail
Tom McLaughlin
15:17
“Of course, that can be explained by the fact that KevJ is strongly anti-board and anti-PL while Tony regularly defends the board against criticism on CQN.
There’s your answer.
Hail Hail.”
Absolute rubbish, Tony has a habit of making personal attacks on individuals and accuses anyone who doesn’t share his adoration for Peter Lawell of being Hun. That’s why some posters tend to be less restrained when dealing with him as opposed to KevJ.
There is also the fact that Kev is regarded as harmless unlike Mr Donnelly.
This thing in George Square couldn’t have been much worse. God help all involved.
All the best to Martin Kane and his family – dealt a very tough hand
On a brighter note, what’s not to like about the current situation at our beloved club. Top of the league, still in two cups and European football to look forward to in the new year. It will be interesting to see if RD makes any moves in the January window.
Considering the upheaval at the club over the Summer just gone, to find ourselves in this position is the best Xmas present you could wish for. It might not be pretty every week but it is effective and there are signs that the product on the park is improving every week.
Really looking forward to 2015. Onwards and Upwards.
A Ceiler Gonof Rust
17:15 on
22 December, 2014
Marspapa, very thoughtful of you mentioning the emergency services in the aftermath of today,s tradgedy. We often forget the trauma they have to deal with.
Totally numb watching this on tv.
God bless Glasgow at this sad time.
with you on that one 100% these people do jobs and see sights most of us couldnt even think of. may the power of God be with them all when dealing with the injured and their families.
Hope Kano’s anti-biotics kick in soon
HH
Real heartbreaking pictures coming in from the City centre.
God bless all those involved in this tragedy.
Kano….. Keep up the fight bud.
To think, today’s AGM is about two clubs too late :o)
Big Doh moment for the huns if you ask me, go on ask me :)
Well seens you asked, there was a chance to do this when Hugh Adams spoke up and there was a chance when Sir David’s share issue was made, then there should have been today’s reception, talk about bolting the stable door ffs:oD))))) DOH
Like no other
Daughters phone was swithched off, recently moved from job in George Sq to another in the city .
Half an hr it took us to hear she was sound,seemed longer.
Thoughts & prayers to those involved or just still waiting for news.
As others have said what our emergency services witness and have to deal with in beyond comprehension at times like this.
Phoned my mother there to check all of my Glasgow based family are safe, couldn’t get through for ages, finally speak to her. “I must have unplugged the phone when I was ironing on Saturday, just plugged it back in there”. Mothers and technology.
Hope everybody is ok. Get messages out to friends and family and make sure their ok.
Just heard my sister and nephew passed through George sq at 2. A friend had just come back from lunch to their office in George sq.
Prayers and meditation for all.
Thoughts to those in Glasgow..
And to the Kane family
Peace and love