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
You bother because you care about playing fairly.
And you’re kind enough to keep the blog informed.
Your work is appreciated by many many Celtic supporters.
I’m only one of them.
Keep it lit!
T
Had a mobile phone malfunction. Lost the rubber end off my stylus. Hence the mispost.
Before you start, Mrs HJ has beaten you to every possible comment.
On this sad night.
Let Glasgow flourish.
Let CQN flourish.
Auldheid – tip my hat to you and all of your work.
Too many of us enjoy voicing our opinions but rarely get off our backsides and try to do something constructive about it. Easier to leave that to others after all.
Goodnight and God Bless to everyone on this very sad night.
Terrible tragedy today just awful
Auldheid keep on keeping on, we need the good guys on here and you are one of the good guys.
Joe filippis haircut,
Not really the night for it but what figure would you put on…£100 discount on all adult season books, a missing 15000 persons per year paying up to 40 odd quid each?
Not to mention TV deal and lesser corporate packages.
That Sky News presenter is absolutely excellent at her job…..
Agree with all the comments on Auldheid…. A rational voice sometimes in the midst of insanity.
Disapointed though to see that the views of other Celtic supporters on the blog are rubbished.
We all want the same thing ?
Can you believe this.
I’ve told him already what I think.
@DrOssie90: Terrorist news.
Bin Ladens close friend, Bin Lorry, kills 6 in Glasgow.
What? Too soon
HH jamesgang
ginger
21:06 on 22 December, 2014
I was brought up near George Square and It hit me very hard when I heard about this tragedy after work tonight…..truly awful, as you say…..
Auldheid many thanks for giving up your time for the betterment of the club
Hrvatski Jim
20:48 on
22 December, 2014
Everyone is entitled to state their view but constantly repeating the same position is tedious and loses interest and respect.
haven’t you been on here before saying the same thing :)
auldheid
cqn needs you.
GeordieMunro. So with that question I have to assume you think that is all down to Rangers not being in the SPL . I tend to think if Rangers were in the SPL we still would not fill Celtic park for every match many Celtic fans are fed up with the cheating that has gone on in Scottish football and are not willing to pay money to watch there team being cheated. Many are fed up with the Celtic stance on the matter and want Celtic to come out in public and say where they stand in the matter however,if you are happy to continue to pay your money no questions asked thats your perogative fella.H.H.
Whenever Chelsea or Stoke get a corner. http://t.co/Q0wOwhMMNq
Celtic 40 me
I am duly chastised. Hoist by my own petard.
jamesgang
There are sick bastards all over the World…..please don’t post their sickness on here.
Thank you my friend.
voguepunter
Sorry mhate.
Anger got the better of me.
Apols
HH jamesgang
VP agreed
Winning Captains
I’m sure Jamesgang would like that removed.
Joe,
I don’t. I think it’s down to a number of factors.
I also put it down to people not being able differentiate between the words ‘could’ and ‘is’.
HH
Auldheid
On a site where my scroll on by finger is now overworked don’t dare stop bothering.
You’re a giant amongst too many pygmies.
Keep the faith..
neil canamalar lennon hunskelper extrordinaire
21:25 on 22 December, 2014
Winning Captains
I’m sure Jamesgang would like that removed.
——
Please do.
In my anger I wanted folk to join me in replying on twitter to tell him what we thought.
But I realise that any fight I want to have on twitter shouldn’t necessarily come onto CQN.
HH jamesgang
Jamesgang,
One could of course argue that there is never an appropriate time for quick witted individuals to make such gags. Humans have a strange existence though.
if ever proof was required , it’s best not to post when angry that has to be it.
So the hun mob decided it was time to blame someone :)
All this talk about austerity, making them start to twitch five years too late :oD)))))
Then they block the only route to raising funds that doesn’t involve giving power to an individual. Pure kwality stupid man :oD))))) DOH
Back to the footie now, cannae wait to put thins right on Saturday, bring on the Dingwallers
jamesgang
disappointed that you posted that
thins ? things
HE EXILED TIM
20:51 on
22 December, 2014
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
=================================
Auldheid………………Don’t you dare stop mate.
captain beefheart
To stress. The guy on twitter said ‘what, too soon?’
For me I hate that kind of humour. Not matter the time that passes.
exslaemuirbhoy
Point taken. But in the same way I’d blow up if I was with you in the pub and would show you that filth I did the same.
Apols again.
HH jamesgang
JFH@21:20
Also we are in a depression and bhoys can not afford to go, a fact a lot of people forget.
gene
21:31 on 22 December, 2014
jamesgang
disappointed that you posted that
Gene
Apols to you then. Just kinda lost it cos it angered me so much.
HH jamesgang
So ghuys we had some posters described tonight as tedious, bad apples and pygmies.
Whilst I may disagree with some on here I like to think I would always respect the fact that they take time out their day to show their love and concern for Celtic.
Geordie Munro. I am not the brightest guy on CQN so that post of yours has gone right over my head.However, in my simple mind by not paying tax Rangers could bring in top name stars and pay top money while Celtic struggled gainfully tried to challenge now at that time many Celtic supporters thought there was cheating going on but they were laughed at.Now it came to pass they were right however,a learned judge said not paying there tax did not give them an advantage.So many Celtic fans say you conned me once and if it is not sorted honestly it will happen again.There as I said in an earlier post many Celtic fans of which I am one believe Celtic have been complicit.So once again if your happy thats good but dont look for any change in Scottish football. H.H.
Shieldmuir CEltic
Keep the faith! You represent the views and the spirit of the real Celtic supporters on here.Forget the balloons!
jamesgang
Hopefully not too soon for someone to re-arrange yer man’s coupon!
HH
On a day of desperate sadness and Christmas around the corner many people will have very mixed emotions tonight.
Auldheid, I have never had the pleasure but please keep it lit and keep fighting the good fight, people like yourself are what makes this club and it’s support so strong, having just watched those streaming out of Ibrox today and their damaged sense of entitlement and we deserve better attitude makes me thankful we have guys like you fighting our corner.
HH
croppybhoy
That’s what I replied to him. But in non CQN language.
HH jamesgang