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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Terrible news. Can’t think of a worse time or place for this to happen in Glasgow.
My thoughts and prayers are with all who await news of loved pones working or shopping in Glasgow today.
God grant eternal rest to those who have died and may the Blessed Mother, Health of the Sick intercede for those who are injured.
Thoughts also for those who are members of the emergency services. We so often take them for granted , yet they have to constantly be involved in serious situations like those of today.
To all of you from the dear Green Place, my thoughts and prayers as you are once more caught up in tragedy at Christmas time.
At times like this I’m thankful of modern technology and it’s instant interpersonal connection.
All my family safe and sound. Two had actually visited George Square earlier in the day.
A day for refection and gratitude for what we have.
This is just dreadful news today in Glasgow. Hearing some haunting, awful, sad and tragic news right now. I can’t imagine what those on the front line are seeing.
Thoughts and prayers with the families of those affected, the emergency services and anyone in or around the area at the time.
MWD
Really terrible news from Queen Street.
I was in Buchanan Street at half 2 today when it occurred , and could hear the approaching sirens,. By the time I had walked down to Argyle street there was a helicopter overhead and a police car blocking the road at the precinct.
I thought it was another attempted robbery, god how i wish it was.
My heart goes out to all those affected, and as someone previously mentioned, to all those who have to deal with this tragedy as part of their job.
Glasgow City Council say they were going to switch off Christmas lights,as a mark of respect but police need them on to assist investigation.
Just saw some phone video footage that Sky News decided to share with us.DIscusting and Heartless point scoring.
At times like this I really wonder why there is such hatred amongst us due to Football and Religion.
Please God help our City.
Mrs BT going to a service in St Mungos this evening. She will light a few candles for the dead and injured at George Sq today.
also for Martin Kane and family who will continue to remain in our thoughts and prayers. .
god help and protect them all…
You can’t begin to imagine the pain that the poor families of those affected today will be in.
Thoughts and prayers with them all.
May the souls of the dead in Glasgow R.I.P. and may perpetual light shine upon them.Prayers for the injured and all the families.
Im a West Lothian man who worked in Glasgow for many years. I am so sad for those who have died or were injured. My prayers tonight will be for them and their families.
Another horrendous day for our city.Thoughts and prayers for all the families affected.
Neilsbhoy what did they show?
Neilsboy, I thought it was insensitive, the screams were harrowing.
Neg……see Stairheed.Harrowing in the extreme and only shown in an attempt to upstage rivals.
Ramie
Please pass on my best to Martin. My thoughts are with him.
CELTIC are in the hunt for Senegal star Kara Mbodj, who plays for Alex McLeish’s Racing Genk.
The Hoops are looking for reinforcements next month after a stuttering start to Ronny Deila’s first season in charge.
And 25-year-old international Mbodj, who can play as a defender or a holding midfielder, has been targeted.
People in desperate need of help,some guys think it is a good idea to pull out their phone and film it,sad sign of the times
RIP Joe Cocker.
Sorry for the people of Glasgow after hearing that dreadful news. Christmas can be a time of joy and tragedy.
Another sad addition to an otherwise horrific day Joe Cocker RIP
http://youtu.be/bRzKUVjHkGk
Another sad day for our great city .
Martin Kane as always in my prayers … When I saw his sisters profile changed to a picture of Martin and Mandy I had a wee feeling something was wrong
Gary67
18:22 on 22 December, 2014
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I hope he turns out a sort of Vic 67.
Thanks for sharing that.
Having said that – fitba is oot the windae today.
Laters…..bye.
Thoughts & prayers for those who lost there life in today’s horrific accident in Glasgow today
Also get well kano over in Australia one more big fight big guy
Thoughts and prayers to all those in Glasgow tonight affected by this sad news.
God rest the souls of the people who died.
Another sad tragedy.
SPD1956
RIP to all the tragic victims.
To everyone who is reading this, hug your loved ones a little tighter tonight .
Gary67
18:22 on
22 December, 2014
CELTIC are in the hunt for Senegal star Kara Mbodj, who plays for Alex McLeish’s Racing Genk.
The Hoops are looking for reinforcements next month after a stuttering start to Ronny Deila’s first season in charge.
And 25-year-old international Mbodj, who can play as a defender or a holding midfielder, has been targeted.
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He looks to have a bit of a nasty streak if this video clip is anything to go by.
https://www.youtube.com/watch?v=ZjmN8hrdmXw
Also, I’ve read that Newcastle are supposed to be interested. Looks like his agent is putting his name round the wires. Chances are Ronny’s never heard of him.
m6bhoy
He played 4 seasons in Norway, RD will know of him
Neganon2
That surely depends on what such a Concordat contains.
For you unless it contains the beating heart of PL it will not be enough.
It’s unreasonable guys like you that make it so much harder to persuade Celtic to engage in a reasonable manner.
You can be part of the problem or part of the solution.
I don’t know why I bother.
Gary6718:50 on 22 December, 2014
He played 4 seasons in Norway, RD will know of him.
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More here
http://www.heraldscotland.com/sport/football/celtic-target-racing-genk-star.115089220
Still looks like agent crap to me. If we did sign him can you imagine how many times BBC Scotland would show the video clip of him stamping on the Anderlecht player’s leg? Personally, I would want the thug anywhere near the club.
The BBC Scotland have just said that the Rangers directors were given the Go Ahead for there new share issue ? earlier on on CQN it was said they didnt get the Go Ahead ? what is the position ? H.H.
Hearing Sky News getting it tight on social media for their gory coverage,dogs.
Auldheid
For what it’s worth I don’t know why you bother either but I’m glad you do.
And I stopped reading his posts long ago.
I hope you and your family have a lovely Christmas.
Just got back from Glasgow. Was not in the city centre today and only heard the news on the way home.
Awful, just awful. A bunch of folk I know who work on George Square were heading out just after it happened; one friend was one of those who carried out CPR on a victim, who sadly didn’t make it
So many folk will have an awful xmas now. It’s hard to even think about such a tragedy.
Apologies for allowing Neganon2′ s typical response get the better of me.
A conversation for another day.
Today puts it all in perspective.
Joe Filippis Haircut
18:57 on
22 December, 2014
The BBC Scotland have just said that the Rangers directors were given the Go Ahead for there new share issue ? earlier on on CQN it was said they didnt get the Go Ahead ? what is the position ? H.H.
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i read online it was voted down 55% – 45%
A wee example of Sky News-KAY BURLEY: “Do you think your loved one would still be alive if they hadn’t left their Christmas shopping to the last minute?”
Auldheid…..
Please keep on bothering. You are at least making a constructive effort. In real life, as opposed to just arguing on a blog.
My visits to the blog are becoming less and less frequent. Today seemed like a good opportunity to catch up with what was going on at a club that DOESN’T balance it’s books.
Sadly, we were treated to a witch hunt on Tony D…..by bloggers who obviously take themselves and their roles on here far to seriously. Like a particularly bad episode of Perry Mason.
Hang on there, Auldheid. Keep on trying to make things better.