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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Pedro,
Craig Brown reminds me of Ming Campbell. Both are pointless but are always wheeled out to comment on certain matters. Interviewing a cardboard cutout would be more illuminating than those establishment windbags.
croppybhoy
19:56 on 22 December, 2014
________________________
So, again….let me get this right….if some one dizny fancy
happy-clapping like retarded seal then, they shouldny bother
coming on here?
I’ve said often enough on here that, the Celtic Football Club that I was brought up to, love and live my life eating, sleeping and breathing, dizny exist anymore.
The Celtic Football Club that, Mr Stein built to – smash the anti-Celtic establishment and, get it right roon them at every turn has been replaced by a woolen imitation followed by sheep who trample egg-shells at their peril.
Good night Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Auldheid –
You will have seen the kind of childish boring crap that’s been on here over the past few days. That’s what some posters use the blog for – let them fill their boots. Like most, I’m content to scroll.
You, however, are making a real effort to bring about a worthwhile change. It’s not something that’s without challenge – you will know that better than anyone else on here. As you know, nothing worthwhile is ever easy. All your efforts are very much appreciated. I’m sure that’s not said to you often enough.
Thoughts and prayers to all affected by the tragic events in Glasgow today.
God bless Kano and his family. May you all find strength and hope from Martin and each other
gsu
One former board member described himself as a mathematician, I thought he was an accountant, he also mentioned the importance to them of unionism, I was confused as to what those things all had to do with the new club.
Terrible events in Glasgow today my sympathies to all concerned, to those who have very sadly lost their lives and those they leave behind.
winning captains
That’s what we lack leadership, direction……..we naturally look to the club for it.
And you know what, if they deliver that clarion call, it would re-infused us, that Celtic, me, you, us are doing the right thing. Rather than the rudderless malaise and apathy that besets us, the stated truth would galvanize us.
Silence will not do Celtic
Before anybody accuses me of Mingism or Mingphobia, if you have a StarTrekesque name but don’t change it, you deserve what you get.
No offence to CQN’s Weeminger guy.
Beardsley showing why he settled in at oldco..should have been straight red..
Not a fan of Chelsea but Stoke are just total anti football…
“(auldheid) For what it’s worth, I value not just your work on our club’s behalf, but the manner in which you deliver things.”
Seconded HH
Or even…I agree:)
BT,
Yes. Bardsley should have been off there. Dreadful “tackle”.
Young tic 2 up, young sevco 2 down
Kev
Get a grip of yourself!
If you don’t agree with someone then debate and question by all means but do something yourself rather than criticise people who are doing things in their own time for no real personal game
I was also trying to point out that today was perhaps not the best day to have such debate when so many in our city are struggling in the aftermath of a truly horrific event that dwarfs all talk of football IMHO
HH
Hey Auldhead.
You counteract mince from the long gone people on the south/dark side, and keep people like me educated and sometimes guessing about our own club, and for that I would like to thank you.
Sometimes its harder to educate “your own” . And sometimes its harder to take criticism from your perceived friends and fellow posters, but please do not ever stop your tireless work.
One or 2 bad apples (or is that Limes ) can spoil a barrel but they can not undermine the work you do.
Keep your friends close and your fellow bloggers closer ::-).
I better hit the send button now before I start rambling.
UntilthelastAuldhesad. ☺
Spelt head wrang Doh
Another terrible day on our great city. Hopes and prayers for all involved.
Auldheid
Keep up the fight.
HH
BT-Bet 3/1 any red card, all day long it’s a straight red
shades of green
20:28 on 22 December, 2014
Here, here…Auldheid is the MHAN ……..!!!!!!!!!!!!!!!
There are no words that can comfort the grieving this evening. Once again Glasgow suffers a major tragedy at a time of year that is synonymous with celabration and joy, a time for families to come together and forget past differences.
Glasgow as a city knows how to come together, no other city, IMHO, is as welcomming or giving as Glasgow is. This city and it’s inhabitants will console those that have reason to grieve, the city’s generousity of spirit will shine through and bring true comfort.
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Aulheid
Keep it comming, there would be a massive gap in my knowledge on a variety of subjects without your valued input.
Horrific day for Glasgow ,and those families that
will have lost someone today,may they rest in peace.
Also 12 years today we lost this man
http://youtu.be/ISPYvESN7nc
Bhoys and Ghirls, really lost for words for all those people involved in Glasgow today, and for those suffering a loss, devastated for them all
They will be in our family thoughts and prayers through this
A shortened prayer to St Jude for Martin Kane, his family, and for those people in Glasgow involved within this tragedy
Dear St Jude, you taught us to love the faith handed on to us,
Life is very difficult for us because of Martin’s health and those involved in Glasgow
Help us in our need, and ask God to deliver us from this evil
Amen
Auldheid, you are a rare and wonderful person who has given so much of your time to Scottish Football.
I have read your insightful comments on this site and on TSFM for several years and appreciate the amount of research you have put into your posts,
I appreciate your contributions, your integrity and the sense of fairness
you have displayed and pray the sheer hard work you have put into researching the actuality of what was deemed by the media to be acceptable regarding the SFA is finally revealed to a much wider audience.
Thank you.
AGMs Spot The Difference http://t.co/NhbAmCDwve
Auldheid
Can I add huge thanks for all you do in your efforts for all us Celtic Fans
Keep up the fantastic work
Watching the news tonight about the Glasgow tragedy. Showed phone footage people were running towards the incident to try and help. No thought of there own safety. Brave people.
Auldhreid
You are one of the best posters on here and I hope that continues
Everyone is entitled to state their 8views
Hrvatski Jim
what do I do if I have 9 views :-)))
Bada
You have been entertaining us all day, nice :-)
Should you not be looking after mrs Bada on her birthday though, entertaining her
Wish her all the very best
67
Cheers mate, felt I had to say /type something on Auldheads behalf after all I have fell asleep reading more of his posts than anyone else on here (apart from that BRTH guy ).
Only half jokzzzzzzzzzzzzzzzzzzzzz
!!Bada Bing!!
20:41 on
22 December, 2014
AGMs Spot The Difference http://t.co/NhbAmCDwve
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Belter. VG!
Everyone is entitled to state their view but constantly repeating the same position is tedious and loses interest and respect.
hrvatski jim
20:44 on 22 December, 2014
Your only allowed 7
:))))
Hail Hail + Merry Xmas
Auldheid
You bother because you care, you care about fairness and justice, honesty and transparency……….
Had it not been for people like you, ach you know.
Keep on keeping on mi amigo.
HH
Cowiebhoy-thanks,2 birthdays from last 3,she has been floored by a flu type virus,any slight movement she is in agony.Much worse about today,cheers again HH
Hey folks. Just when I’m thinking of chucking it you reel me back in.
Play fair. Lol
Winning Captains. It’s time a few of us met up to exchange thoughts. E mail me.
Auldheid you have been on a mission impossible from the very start with resolution 12 Celtic in my opinion have been complicit in a lot of the going ons in Scottish football.It has been claimed they were involved with the setting up of the 5 way agreement.However,there silence on the matter speaks volumes. Peter Lawwell trying to convince us the club lose 10 million a year because there is no Rangers in the SPL but has never attempted to break down how he arrives at that figure seems like smoke and no mirrors.However,I admire you for trying to find the truth and your patience sometimes I am sorry to say Kev.Jungle gets right. H.H.
auldheid-keep fighting the good fight HH
Auldhei