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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jamesgang
I echo what ACGR said to you earlier, would have posted sooner, but had visitors.
Tis a sick world out there mi amigo, and your anger is justified.
HH
KTF
TET
Cheers pal.
Means a lot from you.
HH jamesgang
Sleep well Timland on this sad night.
HH
KTF
http://www.hmfckickback.co.uk/index.php?/topic/106910-the-rangers-soap-opera-goes-on-and-on-see-admin-note-in-post-1/page-1412
There are 4 photos of a man that looks like a certain sportsware magnet – it must be a hoax surely? What is going on?
coolmore mafia-some good comments on that site,surprisingly decent for that mob
yes – excellent huns thread- comedy gold
Larsson and McStay, I’m not a religious man but my heart goes out to you tonight at reading of the loss of your friends and the others killed, injured and involved in the tragedy today in Glasgow.
My heart is hurting for the city of my birth. It brings home how fragile life is and how the joy of life can be so cruelly taken away in an instant.
I know it’s mot much but please pass on my condolences to the family your friends family. They will be in our thoughts over the coming days.
Goodnight and let Glasgow flourish.
Bada Bing, I was about to email you today when the news started coming through from Glasgow, I’ll give you a bell tomorrow.
HH bruv
How could driver have had a heart attack, when an eye witness saw him “an old man” climb out of the truck?
More to this than meets the eye.
RIP to those who lost their lives – best wishes to the hospitalised.
Larsson and McStay
Sorry to hear of your connection with today’s tragedy. I hope the family can find the strength to deal with this unimaginable horror they have been dealt with.
Thoughts and prayers for you all.
HH
Prayers said for the poor people who died in Glasgow.
Also for the injured and those who have been affected by it .
God bless them.
Morning, early rise, well for me, two more sleeps…! Ah well hi ho hi ho……
Ayrshire is Green and White
Good morning CQNers,
A terrible tragedy in Glasgow yesterday, one that makes you stop and take stock.
Everybody hurts….
https://www.youtube.com/watch?v=oXh6wFhzN-8
RIP the true “legend” that was Joe Cocker
Morning all
GA major International company was looking to hire someone for an important position, so they interviewed dozens of applicants and narrowed their search down to three people from different parts of the world.
In an attempt to pick one of them, they decided to give them all the same question to answer within 24 hours, and the one with the best answer would get the job.
The question was: A man and a woman are in bed, nude. The woman is lying on her side with her back facing the man, and the man is lying on his side facing the woman’s back. What is the man’s name? After the 24 hours was up, the three were brought in to give their answers.
The first, from Canada , says “My answer is, there IS no answer.”
The second, from England , says “My answer is that there is no way to determine the answer with the information we were given.”
The third one, from Scotland , says “I’m not exactly sure, but I have it narrowed down to two names.
It’s either: Willie Turner or Willie Nailer.” The Scotsman got the job.
Good for Pope Francis for denouncing those in the inner circle of the Vatican who are obsessed with power. He said that they have ” spiritual Alzheimers”. How many to we know in every walk of life who crave power and importance? No more than cretins. And those who defer to them are just as bad – totally at a loss spiritually and no concept of the real purpose of life. Yesterday ‘s tragedy in George Square should send a message to all that life on earth is very short, and that the power -seekers are spineless, and really lost.
HH
May I apologise to all my fellow posters for any post I may have or may not have made on here at any time in the past, present or future.
May I also expect full apologises from those who may or may not have had any thoughts on any post I may or may not have made.
EC67
GettingawfultediousCSC
Good morning friends from a damp and fairly drab looking East Kilbride. Hoping for a better day today.
Sad day for Glasgow yesterday, prayers said for all those affected.
A nugget from the Hearts website…..
“What lessons have we learned today?
Scaffolding is more expensive than a marquee.
Ally’s “Gardening Leave” included nicking the shrubbery from last year
No More Nails doesn’t work on a broken crest
The Sevco fans need to work on their chants
It might take a while for the Sevco fans to realise that their new manager used to work for Celtic”
P
Good morning Jobo.
Jobo baldie
Good that someone is up early and keeping our economy ticking over. Think some have party hangovers as things are slow on the blog. Hope you have been studying the fixed odds for Boxing Day !
EC67
I take exception to that.
Good morning TBB also. Has BSR got our Gazebo back yet?
In fact good morning everyone!
EC67
As Homer Simpson possibly once said (could have been Bart though and might not even have been these words!) “of course I know the true meaning of Christmas – we celebrate Santa’s Birthday”.
Just 2 more sleeps. But also 2 more busy days at work….
Horrid Henry
02:27 on 23 December, 2014
‘How could driver have had a heart attack, when an eye witness saw him “an old man” climb out of the truck?’
######
Eye witness might be wrong. Might be a seizure rather than a heart attack. Who knows.
The whole tragic event though is reminiscent of the deaths of Mhairi Convy and Laura Stewart who were killed nearby almost exactly four years ago when they were struck by a Range Rover whose driver, who should not have been driving due to a medical condition, suffered some sort of blackout.
There are questions needing answered.
Condolences to all affected.
EC67
I imagine gazebos are fast going out of fashion…
Horrid Henry
02:27 on
23 December, 2014
How could driver have had a heart attack, when an eye witness saw him “an old man” climb out of the truck?
More to this than meets the eye.
—————————————————————-
I hope I am wrong but I have a horrible feeling about this. I can’t work out how a truck can run for 300 metres up a slight incline if the driver has had a heart attack? Surely, his foot would slip off the accelerator and would have stopped (albeit in an uncontrolled way). That part of the city centre is amongst the most congested and for the most part, traffic moves at a snails pace. I really don’t know how it could have travelled 300 metres unless someone in the cab had something pressed firmly on the pedal. I understand there were three in the cab at the itme. I do hope this turns out to be a horrible accident but I am genuinely puzzled by the sequence of events. RIP to all the six fatalities and a quick return to good health to all those affecetd by the incident.
ACGR-Phone anytime mate HH
M6bhoy,
Three in the cab ?
Where did you get that ?
Durrant demoted to U20s and Durie promoted. That should help team spirit.
Inter.
Today’ s story –
Still chasing 3/ 4 players- permed from a list – Aaron Lennon / James Milner/ Lucas/ Lamela and as of today -Lavezzi.Media have him falling out with Blanc at PSG.Entertaintment provided by the self same media claiming that the links with Balotelli/ Guidetti are nothing more than media driven guff.
Canamalar
From BBC website:-
“BBC Scotland correspondent James Shaw
It is a pretty bleak and desolate scene this morning. The Christmas lights in George Square have been turned off. In front of me, as I look down to George Square there is a big metal barrier in place.
That is screening off the crash site and the bin lorry, as far as we know, is still located there.
Those investigations as to how this happened will be carrying on. We think that the bodies of those who have died would have been removed over night.
We believe that the driver had two other people in the cab with him, so presumably they will be very important witnesses in the investigation, which of course will take some time. “
deniabhoy
08:17 on 23 December, 2014Durrant demoted to U20s and Durie promoted. That should help team spirit.
they must be really skint if they can’t pay off the No 3 coaching member….
Morning all.
Still dark, cold and wet down here.
Interesting day in prospect for Scottish football.
Also reports elsewhere that persons were seen jumping from the cab.
No information about at what point in the incident.
Friend of mine saw it first hand and at very close proximity.
Said the wagon was travelling along the pavement at some speed.
He and his family had a very narrow escape but witnessed up close some who didn’t.
The details are not for a public forum.
They are all traumatised by it but grateful that it could so easily have been them but wasn’t.
Dark and dingy this morning – suits the mood
off to Mass
Came home late from work last night to see the news from Glasgow, the thoughts and prayers are with the families of all those involved in this tragedy and with all the people of our great city Glasgow…
I wondered about closing off the scene and the investigation, with the amount of cameras in the vicinity.
To footballing – related matters……..
If any evidence was still required as to how much better a position our club is in – then yesterday’s embarrassing shambles at the dilapidated asbestox was proof-positive.
It’s a privilege to support Celtic and all-told we are in good shape. Not perfect, nothing ever is, but we are at least well-equipped to face the vagaries of modren scoddish fitba’.
I’m grateful for that and grateful that countless Tims who had to suffer the bent decades of hun chicanery can laugh at the unfolding panto.
HH.