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.
[calameo code=0003901718eccc6101c78 lang=en page=46 hidelinks=1 width=100% height=500]
954 Comments- Pages:
- «
- 1
- ...
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- »
Jamesgang- i got the same message within an hour of it happening,your anger is totally understandable HH
Friends I could count on,
I could count on one hand,
With a leftover finger or two.
I took ’em for granted,
Let ’em all slip away.
Now where they are, I wish I knew.
They roll by just like water,
And I guess we never learn.
Go through life parched and empty,
Standin’ knee deep in a river and dyin’ of thirst.
Sometimes I remember.
Sweethearts I’ve known.
Some I’ve forgotten, I suppose.
One or two still linger,
Oh, and I wonder now,
Why I ever let them go.
They roll by just like water,
And I guess we never learn.
Go through life parched and empty,
Standin’ knee deep in a river and dyin’ of thirst.
So the sidewalk is crowded:
The city goes by.
And I rush through another day,
And a world full of strangers,
Turn their eyes to me,
But I just look the other way
They roll by just like water,
And I guess we never learn.
Go through life parched and empty,
Standin’ knee deep in a river and dyin’ of thirst.
They roll by just like water,
And I guess we never learn.
Go through life parched and empty,
Standin’ knee deep in a river and dyin’ of thirst.
HH
Blantyre Tim
Unlucky. Adam missed by inches an another near miss in 96 minutes. Stoke keeper not busy at all.
Mourinho’s teams boring but well organised. Would like someone like Terry in central defence physical and effective.
HH
!!bada bing!!
ACGR
Cheers ghuys.
You all know I wear my heart only sleeve here so my anger just came out. For once my diplomacy filter failed me.
HH jamesgang
https://www.youtube.com/watch?v=rlVfVBFdMaM
Jamesgang
Hail Hail to you. I echo the revulsion and angst you chose to share.
Sometimes it’s good to share and reaffirm, our common decency.
You have the latter in spades.
big-cup-winners
Thank you. I appreciate that.
HH jamesgang
jamesgang
You are still raw from your loss..
Take care big guy…
Good night all
The thoughts of a IMHO fine poster on TSFM to mull over
“The real question is why the Spiv Shareholders blocked the decision to dis apply pre –emption rights when they had showed little support for a rights issue in Sept 2014
There is really only one explanation
In Sept 2014 the majority RIFC Spivs were the major Creditor of TRFC and as such would acquire ownership of the assets in the event of TRFC being liquidated. These assets included Edmiston House, Ibrox and MP
By Dec 2014 the same group of Spivs faced the prospect of sharing 75% of Edmiston House with Ashley in the event of TRFC being liquidated
And
If Resolution9 had been approved and Ashley acquired 29.9% the same group of Spivs faced the prospect of sharing 75% of Edmiston house and 50% of Ibrox and MP in the event of TRFC being liquidated
So
The Spivs get a bigger piece of the pie if they go for liquidation now rather than wait until Ashley has increased his shareholding or debt
If so
Step1 is to reject any further loans from Ashley and fire Ashleys CEO if he resists
Step2 is to apply for MVL with a friendly Liquidator
Step3 is to invite DK to buy or rent the assets and form a Newco”
—————-
Still lots of moves from the “NEST of VIPERS to come (IMHO)
Maestro, no issues in Mossneuk area.
BT
I appreciate that but I think I’d have gone ballistic at this no matter the timing.
That’s not to say that good folk on here should have heard what had been said.
HH jamesgang
jamesgang
BT has been on every naughty step since CQN started
LOve
SOAL
I know. He’s not sharing the duvet!
HH jamesgang
Clarke Carlisle fighting for his life after being involved in RTC.
What a dreadful day all round today.
http://m.bbc.co.uk/sport/football/30583740
jamesgang
Would you share with a Chelsea fan?
LOve
SOAL
!!!!!
HH jamesgang
Soal
Aye…,
BT
Well said my friend. Its been a tough day for all, and so easy to do or say the wrong thing in error.
I feel for those poor Glasgow souls and their families and friends today. The route of the lorry is one, my wife walks on a daily basis. Today, fortune was good to my family.
I also met up again with Wee Shay and his family today, so I have some highlights to share for another day.
Prays to Glasgow and Kano tonight
HH
CRC
CRC
As I see it now I am an old man of 41. it is only in recent years that I have had the displeasure to be acutely aware of the lesser spotted Fenian bigot. In my experience It is becoming as prevalent as the greater spotted Orange bigot.
Prayers to Glasgow and Kano tonight
and defo only one CRC :-)
Good night timland
plenty to pray for at Mass tomorrow
HH
som mes que un club-Clarke Carlisle made a programme for the BBC about 18 months ago,re his battle with depression,very honest and very moving.
Gene,
a second that, am going to cuddle ma bhoy just so he knows… Then tell my wife how lucky we are. God Bless Glasgow tonight you are in my prayers
whitedoghunch…………….braw song…
Vergangenheit ist Geschicte,Zukunft ist Geheimnis und jeder Augenblick ein Geschenk
tis a curious world we share ….
Jamesgang….you will always have a braw shadow … :)
neustadt-braw
That’s Braw to hear from you!
HH jamesgang
h
pic.twitter.com/hN863vm8D2
I said earlier it was 2 policemen ….it was, actually, 2 whistleblowers who were cruelly murdered because they were about to submit child abuse evidence involving Westminster politicians etc…..horrible, utterly despicable …….and the evidence is being restricted by the OFFICIAL SECRETS ACT…..when will all these cover-ups end.?……what about the poor victims…?
the no.13 shorts
22:34 on 22 December, 2014
Dooooooh ……. Give it a rest, FGS…….there are more important things than pointing fingers going on today…..
Winning Captains – Said it like it is.
Top Mhan!
HH
Gerry
67Heaven … I am Neil Lennon ….The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors
22:48 on
22 December, 2014
I said earlier it was 2 policemen ….it was, actually, 2 whistleblowers who were cruelly murdered because they were about to submit child abuse evidence involving Westminster politicians etc…..horrible, utterly despicable …….and the evidence is being restricted by the OFFICIAL SECRETS ACT…..when will all these cover-ups end.?……what about the poor victims…?
====================================
Might be just another mental conspiracy theory but it’s been doing the rounds for a while now that Jill Dando was killed for exactly the same reason.
Jamesgang. Sadly that tweet you posted is tame compared to some of the stuff I have had the misfortune to read tonight. Humanity in some is just wasted oxygen! There are families who will be grieving at this time knowing but yet still unconfirmed that their loved ones have been taken from them tonight. For the intelligent species we do have the misfortune of having done of the most hideous creatures amongst us. I feel deeply sorry for those who can find a joke amongst the pain of others. Their own lives cannot be worth much to themselves that they can find time to revel in the grief and loss of others.
MWD
The long wait is over
I have a first hand account of someone warned off following up on the Jill Dando story via personal threats from the establishment!
MWD
Evening folks, just heading to bed, early shift tomorrow, my condolences to those who have lost loved ones today in another tragedy in Glasgow.
Ayrshire is Green and White and mourning.
HH
It is days like today that I thank God for what I have. We will never understand why, we will never find the answers until we are gone from this place. Six poor Souls were taken today, I hope and Pray they are now in a better place. It may not comfort those they have left behind. In time God willing their faith will see them through.
Keep the Faith!
Hail Hail!
Long wait is over
23:00 on 22 December, 2014
….so depressing …….they need to sort all this out….they really do
67heaven..,
They are trying to sort it, they are trying to make it acceptable
God Bless everyone affected by the Glasgow tragedy.. You are in my prayers.