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
- ...
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- »
Cathedral View –
Thanks for that. I was thinking purely of employment contracts.
cathedral view
11:48 on 23 December, 2014
I believe the onerous contracts at Mordor refer to corporate agreements for marketing/retail/catering/trademarks etc.
I’ve no idea how to go about such a thing but it has been reported the spivs have managed to carve up the income streams in such a way to make them secure even in Administration.
These are the contracts the Directors are now taking about reneging on and seeing how they stand up in court.
_________________________
You may not be far off the mark there, and these would be the ones that Big Mick would be after.
bournesouprecipe –
The BBC reported it as being successful.
tom mclaughlin
I’m not sure Tom, I’m waiting on some info, soon as I know I’ll post it.
Mick Cashley already has 2 of these contracts, sure I read that recently
Gary67. I will leave cqn to its now single minded view of the world. We used to debate and discuss. But now those who question are called Huns.
In 5 or 6 years when you are called paranoid for the honest mistakes, just try to remember where your enemies really are.
The Boring Trolls.
Good name for a band perhaps but bad for the blog.
There is no letting up it seems.
Neganon –
If you want a fight, go elsewhere. Don’t get upset because nobody is biting.
I will never debate with you and I have already explained why.
Tom Mc
Indeed. Scandalously reported on tea time news last night that it was still one of the options, and not the opposite of having been defeated in a vote.
Mustn’t grumble, though because propaganda helped kill the original club, and they are hell bent on aiding Sevco to oblivion.
It’s official. I start work on January 5th. Really looking forward to it, after I enjoy a good Christmas and New Year first.
Neganon2,
I enjoy you slapping them about the head, they can’t beat you so they can only do what they are used to doing, inventing bloggers to support their lies and abusing anyone who questions their lies.
Keep up the good fight
neganon2
Willie Wallace mentioned that his registration was delayed after signing for Celtic in December 66 and this meant he had to sit out the European Cup Quarter Finals. Another honest mistake – the SFA must have been sick when we won the Big Cup.
Tom McLaughlin
Congrats on the job , will make the festive fortnight much sweeter especially when the Tic net another 3 points on the road to 4iar
James f @1147
I think you misunderstand.
Ally literally is on gardening leave.
He’s been out planting rows of potatoes behind the goals.
Hopefully it’ll give him something to lift in May :)
NegAnon2
11:55 on
23 December, 2014
Don’t do that. There’s just less topics to debate at the moment. I’ve noticed most of the people that don’t mind a robust debate are posting less just now. Myself included.
For me it seems like there’s quite a lot of stuff where we’re awaiting the next stage to be revealed so that questions are answered.
On today’s story about Izzy. I’d say it’s total guff. RD wouldn’t be offloading a player that he plays every game and where we clearly have no back-up in place. RD seems to be happy that the team are starting to play to his liking and how much of that is through Izzy? Loads.
If I was to hazard a guess as to how a story like that would arise, it’s that we’ve taken a look at another LB and somebody has put 2 + 2 together getting 5. We have no real cover there, so looking at another is no sign that Izzy is for the off.
Neganon2
IMO most bloggers on here are sleepwalking.
Your views on most matters are too much close to the truth for some to handle.
Keep your head up bud.
There has to be a place for alternative views.
Otherwise the blog becomes as lazy as the journalists it despises
Geordie Munro,
The old ones are the … er …
NegAnon 2. There is much of what you post that I dont agree with but now and again you do make sense.Dont let some folk drive you away just because they dont agree with your point of view the posters who are having a go at you are the exact same posters who are happy to continue to press there views on CQN. We are all Celtic supporters but we are a broad church and there is room for everyone so keep posting fella and telling it like you see it. H.H.
ExSlaemuirBhoy –
Thanks.
Have enjoyed a 6-months sabbatical since I returned from Oz in June.
Decided it was time to make myself useful again.
Looking forward to Celtic Park on Saturday.
Hail Hail.
Successful, amicable, meaningful talks held today between SFA and Sevco on the way forward?
YouReadItHereFirst CSC
Gordon j….
….old? :)
Neganon2
You are one of the posters Whose comments I enjoy reading, ( although not the personal 1 – 1 debates, which lasts for weeks :-)), might not always agree with all you say, but I do with agree with Lot of it on Our Club, and how it’s run
Keep us aware of the many pitfalls
Hail Hail
Geordie Munro,
Think I was in primary school when I first heard that one.
Along with the one about drinking tea out of mugs … because they don’t have any cups.
Good afternoon all.
Terrible news from Glasgow yesterday, tragic for those involved, and for those who witnessed the event.
They are all in my thoughts today.
Gordon j
Probably.
But I wasn’t arguing. I was answering ;)
Welcome back to any North Korean Celts who have been unable to post in the last couple of days
You haven’t missed much ………usual Shoite being posted
Neganon
I’ve pointed out to you before that I find it troll like the way that sometimes you come on here with a ‘right who wants a fight attitude’. I understand that that is probably just in your make up and mostly it’s not done as any deliberate attempt to offend anyone.
You would be a massive loss to CQN if you decided to chuck it.
The SFA are faced with simple choice, either grow a pair and tell MA to GTF or simply resign from office.
You laid your cards on the table with the way you acquiesced to CG, MA knows full well that you are pathetic, spineless individuals who can’t bear the thought of Scottish football without some form of rangers.
You are unfit for office. Please step aside now before there is nothing left of the game you are supposed to promote and safeguard.
I read a few days ago that Rony was considering trying to move Izzi on as I see it he is a weak link in our deffence often caught upfield and unable to get back.I know some think his upfield forays are good but I dont share that view he does get into nice positions to make a cross but so often his crosses are poor.So if Rony wants to replace him I can see why H.H.
JFH
If Izzy goes forward it’s up to someone else to cover for him. That’s the problem. Need a good solid DM.
Joe Filippis Haircut
12:29 on
23 December, 2014
I don’t buy it. Do you not think he’d have tried another option by now if that was his thinking? As far as I can see it’s all mischief making by our wonderful MSM.
NegAnon2 (and also Auldheid from yesterday)-
I enjoy your contributions to this site. There should always be a place for your contrasting opinions on this blog in my view.
Healthy debate is to be encouraged, not shouted down. The ability to debate, to question things and to actively try and fix problems ourselves – as Auldheid and others are doing with Resolution 12 – is what sets us apart from the huns. We don`t delude ourselves that we are perfect, that we arra peepul, or that we deserve to have rich benefactors paying our way while we sit back and lap up the glory.
As Celtic fans we are all among friends on this site. Keep talking, or rather keep posting – that’s what I say.
GlassTwoThirdsFull. There is some merit to what you say but what is the point of him going up field and most of the time wasting the cross.He would be better working on improving his crossing and until he improves that he should hold back from rushing up the park every chance he gets. H.H.
People believe, what they want to believe even when it’s in SMSM
Two responses to a variation of the trolling theme.
Weeminger. I am only a supporter and I clearly see Izzy is in my opinion a poor defender I am sure Rony seen it before me.As they say there is no smoke without fire. H.H.
I would say though in criticism of Izzy that one assist from the way he plays probably isn’t quite good enough. Stokes has 11 though (as well as his goals) so if you think of them as a partnership, as they seem to be then that’s not bad.
Post of the day from CQN scrooge Mickbhoy.
I see Rony is giving us a 5 or 6 out of ten for season so far
Canny disagree with that :-)
Mind you would Not score us as high for European exploits ( whit was that about not disagreeing :-) )
Hail Hail