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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Auldheid
Mucho respect to you sir.
Is it not the case however , that engagement is the very least we should expect from the club?
Is it not the case that very same lack of engagement is a big factor in why ghuys like Neganon are so critical?
Are we to remain silent for how many years? 2-3-4
Meanwhile the cheating Hun go about their business unchallenged.
Peter Lawwell made a quip at an AGM about newco/Oldco and Celtic expressed surprise at the LNS enquiry.
Me, I’m angry why I spent thousands of £s following my team in a rigged league and want my club to be as angry…… Not only get angry but get even.
Yours in despair
Burghbhoy
Hail Hail
Most of us will be so familiar with the area around the tragic scene. Thoughts to all involved and in particular to the poor paramedics who deal with this trauma. I couldn’t do what they do and for that they have my utmost respect. Difficult to find the right words.
Really terrible news from George Square this afternoon, another sad day for Glasgow.
Thoughts and prayers with all of those affected, get well soon Martin Kane.
Everyone on here,hold your loved ones closer tonight.
Joe Filipis – the resolution for the directors to create new shares was defeated.
Auldheid
19:03 on 22 December, 2014
________________________
So, let me get this right…..your one of the figures who is spearheading ‘talks’ with the Celtic ‘bored’ re: all the hun jiggery-poakery and yet, you allow yerself to become – un-nerved – by a post from a CQNer?
Aye well…long shall the Old Firm live.
Castles in the sky / chocolate fireguard – CSC
Bye.
auldheid
I don’t know why I bother.
::::::::::::::::::::::::::::::::
Because you are one of the good guys to whom most, perhaps, all owe a considerable debt of gratitude.
Happy Christmas !
Burghbhoy
Please repost your response to me after Christmas and I’ll enlightening you on LNS and what made it impossible for Celtic to make any other response at the time.
Since then, that is another story still being written.
On other issues the SF cannot invite every supporter. That physical constraint in no way negates it’s value.
CQN gave you the opportunity to table your point.
Auldheid
Would appreciate that and thanks for the response.
Hail Hail and keep up the good work
Insensitive juvenile.
Thoughts and prayers to all effected by the dreadful events
in George square.
As many of you may have guessed I work in the NHS,I hold
a very humble position,during my time there I have decried,
argued,and much worse with Doctors and nurses,and I’ve
no doubt will do so again,but when terrible events like today
happen,they kick into gear and their professionalism is a
wonderful tribute to my moniker.
Goodnight and God bless Timland.
I cannot believe the point scorers on here tonight. A massive tragedy in our city again. Get yourselves a decent life. Kano, keep up the good fight, we know you can beat this. I’m outa here for tonight. Sickened doesn’t come into it. Night Night Timland.
Weefra HH praying to Wee Oscar.
Auldheid
Please continue to bother.
Sad day in Glasgow
thoughts and prayers
Kevjungle
I pay some attention to Neganon because he claims work experience that might inform him.
You I try to ignore.
Auldheid,
Keep up the good work.
Just finished work, to be met with this awful news……may God rest their poor souls….just terrible……terrible
Auldheid
Keep up the good work
If people like you weren’t aslkin then we would be none the wiser.
KTF & ignore KTC’s
JFH
Seen this on TSFM
“I don’t necessarily think that Ashley will be unhappy with the failure of Res 9 as it means he probably won’t require to buy as many shares to get his 29%.
Any shares being sold now have to be offered to existing shareholders first and this will stop shares going to spivs in lieu of I’m sure perfectly legal obligations owed to them by the company which the company even yet might not be aware of ”
Ps although Res 9 failed to get the support it needed
Res 8 was passed and as the same poster above explained
——
Resolution 8 renews directors authority to allot shares:
Existing authority to allot
A company may have an existing authority to allot shares either in its articles of association or by virtue of an ordinary resolution passed in accordance with the Companies Act 2006 (the CA 2006) or the Companies Act 1985 (the CA 1985) (as appropriate).
Directors of a private company with one class of shares, which is incorporated under the CA 2006, may exercise the power of the company to allot shares without pre-authorisation.
Directors of a private company with more than one class of shares or a public company must be authorised by resolution or by the articles of association to allot shares.
Listed public companies are subject to investor guidelines which recommend maximum limits on the allotment of new shares and expiry dates for the authority to allot”.
Sad day for Glasgow. So many families won’t be celebrating anything as their loved ones don’t get to come home. Thoughts and prayers with all and with Martin Kane’s family in Oz.
Auldheid
Don’t let them drag you down or even deflect.
For what it’s worth, I value not just your work on our club’s behalf, but the manner in which you deliver things.
I’d go so far to say your approach is one that some could learn from. Too many think hostility and antagonism will somehow persuade.
Auldheid
Serenity prayer :))))
big-cup-winners
19:38 on 22 December, 2014
Auldheid
Don’t let them drag you down or even deflect.
For what it’s worth, I value not just your work on our club’s behalf, but the manner in which you deliver things.
I’d go so far to say your approach is one that some could learn from. Too many think hostility and antagonism will somehow persuade.
—————
Well said..ditto
Good old Stan Collymore, he always mentions Jock Stein when talking about great managers. Despite his faults, he appreciates the history of football.
FFS
RT @RT_com 13 mins13 minutes ago
BREAKING: 10 injured as man drives into #Christmas market in #Nantes, France, stabs himself http://on.rt.com/jvs8la
I’d just like to echo other posters’ comments regarding the tragedy in Glasgow. My own son passed that very spot 5 minutes earlier. He was lucky.
Thoughts and prayers with all affected.
——-
Auldheid,
Keep on informing and being the voice of reason. There are too many cyber hardmen and bullies on here these days.
Juve v Napoli
Super cup in Doha ?
Money Money Money !
SOAL-That’s 2 in 3 days by these maniacs
Auldheid
Keep it lit buddy.
Or at least ‘gradually warmed’ in your own understated, inimitable fashion.
HH jamesgang
The shareholders of the undead, or at least those interviewed coming out of the AGM, are still full of their sense of their entitlement and superiority. They are also demanding that Ashley fund them. No attempt to acknowledge that they are where they are because they haven’t even tried to balance their books. “They deserve better”.
Auldheid,
You are one of the few on here nowadays who I look forward to reading. Keep on bothering.
Auldheid,
I am an infrequent poster but your contributions are one of the reasons. I log in. Don’t let them get you down, your efforts are much appreciated by many.
Today’s events in Glasgow maybe make us all appreciate what we have at this special time of year.
ClogherCelt.
On days like today I sometimes almost despair
The horrific event in Glasgow render football discussion pretty pointless
My sincerest condolences to the family and friends of all those affected by accident.
To then read on here that some people want to take issue with the likes of Auldheid and the countless hours he and others have put in on behalf of other fans is pretty disappointing to say the least
Some should adhere to the old adage that if you can’t say something good about someone then shut the feck up!
HH
I know the bbc news tonight was sad and grim viewing, but the Craig Brown piece did make me smile…..
His appraisal of candidates for a job that’s not up for grabs was hilarious……Billy Davies, outstanding candidate….tell that tae Kenny Burns.
Croppy..
Correct
big-cup-winners
19:38 on 22 December, 2014
Auldheid
###############
Agree 100%
Auldheid
Such an awful day for Glasgow, heart breaks for the families involved.
You know that old expression about not putting off until tomorrow what could be done today?
Celtic’s silence has created a problem that gets bigger with each passing day and as we get closer to playing them. Heaven forbid they come to Celtic Park next season and the match programme calls them Rangers!
Paul loses it when he hears Paul Murray speak. That always amuses me for some reason. Murray is a banker. He knows exactly what liquidation means yet in his interviews today he was happy to talk about the club’s history, their list of managers etc as if liquidation did not happen.
There is frustration within the Celtic support and it is in danger of splitting us right down the middle. We’ll run that ad in Sunday Herald in January and at least the Celtic support can stand behind that. Yet even then the “hoops” we have had to go through just to advertise honest, simple facts is really quite remarkable.
As you know we have called this A Statement from Celtic Supporters and plenty on here were more than happy to put their money where their mouths are on this matter. In fact we raised the money exclusively on CQN in a day or two.
No-one else is telling the truth, not the football authorities, not the media, not even Celtic. So we alone can have our say. It would be better for Celtic if they stood by our side on this issue. Especially as we both know that they agree with us.
Speak up Celtic!
Just popped in for a wee lurk. Cannot believe Auldheid getting it tight. Stay stoic auld yin, you know we luv ye. Back aff again. Footie on.
Weefra HH praying to Wee Oscar.
Winning Captains
Well said
Parkheadcumsalford
Exactly. Watched one of them unabashed, unashamedly prattle on about them being the “establishment”.
Have to admit I love watching them squirm……….they show no sign of learning either.