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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My friends in Celtic,
Lets collectively get a grip.
All players who want to give their all and play for Celtic are welcome at Celtic park no matter if they are black, white, pink, blue, brown, green, purple, red, yellow and even orange.
To even contemplate anything else does us a disservice.
HH.
@STVGrant Sevco are on dire financial straits and bomber asking about his freebie on Saturday #couldn’tmakeitup #priorities
Morning,all.
Quick catch-up in order,so I’ll join in the fun shortly-yer warned,haha!
Just a wee addendum to a reply I made to THE EXILED TIM last night about Kenny Burns.
I forgot to state-as I thought it was a given-that prior to joining up with Brian Clough,he was little more than a journeyman striker at a poor club.
And well-known for thuggish behaviour on and off the pitch.
Oversight on my part and happy to set the record straight. If he wants to sue me,at least one well-known poster on here will back my assertions!
Ally turned up at Ibrox today thinking there was an episode of The Great British Bake Off taking place.
!!Bada Bing!!
11:29 on
22 December, 2014
@STVGrant Sevco are on dire financial straits and bomber asking about his freebie on Saturday #couldn’tmakeitup #priorities
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Ironic from the MSM!!
HH
Celtic40me why I was simply ensuring you saw my response.
West end of East end. I have been going to games for around 37 years. Never in all that time, even during the Kelly years, have I felt such a disconnect between those who run the club and the support. Never has there been such a threat to our future that Lawwells collusion.
It’s horrific. But it’s better to face up to the truth than pretend it’s not happening.
What do we do next? I dunno yet. But it’s time our board felt the consequences of their actions and inactions……
@MattLindsayET: Brown refers to the Easdale brothers as “the two stooges”. Receives standing ovation.
Loving this sevco pain….burn in hell you cheating bigots…..Ha Ha Ha
HH
Greenpinata –
To be fair, nobody has mentioned the colour of a player’s skin, except Canamalar, who shamefully equated criticism of Efe’s performances with racism.
jungle jim hot smoked
11:12 on 22 December, 2014
TonyDonnelly67
I don`t know if the post being referred too was one by HT criticising you for sexist comments re Jeanette Findlay. He said Jungle Jim was even worse for , I think, supporting you. I do not recall supporting sexist comments but that is another matter.
JJ
I haven’t a clue what that’s about, seems like another one of his Leigh Griffiths accusations, not sure, I’m sure he will clear it up but, seems it was early Sun. Morning, so a few libations may have been involved and he is now doing a Charlie Nicholas ;)
@MattLindsayET: Brown refers to the Easdale brothers as “the two stooges”. Receives standing ovation.
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Sounds like Bomber is asking for a cement overcoat this Christmas?
Green man and Peter got an extra 100k on his bonus whist presiding over dwindling crowds, team decline etc….
Tony we all know you have read HTs post. Stroppy being a silly wee bhoy and face up to it.
Did you attend the supporters forum?
Grant Russell@STVGrantThe practice question for the voting machines is: “I agree Rangers should play at Ibrox”. No word on the outcome. #rangersagm
NegAnon2
I know TD67/Tam fae Canada will be upset, when I say that his pal “Big Peter” is a total chancer…and should be sacked.
And that’s me being kind:)
HH
Funny.
https://twitter.com/Kenny__Stewart/status/546993442552049664/photo/1
Some of the players who we were told were crap.well I seen a few of them .and I always thought they were decent.but as soon the hun media started on them being not good .them players were finished at Celtic.and the sad thing about it we all fell for the hun media.and by some on here who are sevco supporters.yesterday’s result was a bad day at the office.we have to move on.
Tom..,
I never raised it, as usual lies and hatred from our resident arse
Canamalar –
Oh yes you did.
Some well over the top stick for a Celtic player on here today, i didn’t think Efe played well and posted it too,but some need to calm down a wee touch.The worst ever Celtic CB? How long have you got? Ambrose wouldn’t make the top 20.
#Scottmarshall
timbhoy2
Do you honestly think that our support are that gullible ?
NegAnon2,
Hearts, Hibs & Sevco are three of the biggest attractions to visit CP.
Would it be fair to say we should expect smaller attendances ? And how would you address this more efficiently than our current custodians. ?
HH.
Neil…
You really are a sad individual, if your last insinuation was directed at me, I will be in Glasgow in the 19th of February, we could meet up and discuss the matter face to face.
Tom..,
Your interpretations are as unique as you, a miracle you are, however, bamboo raised the issue of African players, now I know you will be pedantic like the arse you are but for most people African players are generally black.
What I did raise is that regardless of denial, people your age group are more intolerant of race and the more obvious racial differences the easier the target for intolerance whether you like to admit that or not, a bit like your intolerance of the Irish.
21-5..,
Ha ha ha ha cardboard gangster eh ha ha ha, you no likey clown sling yer hook hun
Don’t know about anyone else…but my xmas is turning out great, the sevco pain and stupidity is a fantastic festive tonic….who needs drink, when you have halfwits like sevco to laugh at.
Cheered me right up.
Its the best pantomime for years,…The Kings Theatre cant compete for entertainment value, sally slithers away while Ra Bomber askes ra questchins.
Love it….Yo Ho Ho, merry xmas sevco.
HH
I see we have some internet hard men on board today. In the season of good will to all men too. Tsk.
Rafael Scheidt was never an international player….I know he won three caps for Brazil in 1999 shortly prior to his transfer to us……these games were friendlies and rumours later surfaced that Brazilian based players at that time were being handed caps in return for sweeteners from their clubs wanting to sell them to European clubs for large transfer fees.
Canamaliar –
My intolerance of race?
My intolerance of the Irish?
Now you’re just making it up as you go along. Sure sign of lost argument
Heard it all now.
neganon2
11:37 on 22 December, 2014
Tony we all know you have read HTs post. Stroppy being a silly wee bhoy and face up to it.
Did you attend the supporters forum?
Yes I attended a supporters forum meeting at Celtic Park when my brother was over from Canada, both of us attended it, there a people with that?
Tom..,
Is the Irish fight for freedom part of our heritage and culture ?
Somers: “Found a lot of onerous and dodgy contracts”. #rangersagm
I’ll be iin the Tavern on Shettleston Road at 4pm.
Tom..,
Was the Celtic football club founded on political principals ?
Tontine Tim
11:51 on
22 December, 2014
Rafael Scheidt was never an international player….I know he won three caps for Brazil in 1999 shortly prior to his transfer to us……
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Ergo, he was an international player regardless of the reasons for his caps.
Somers: “with a number of contracts we’ve just said ‘sod you, we will see you in court’. Can I say that?” #rangersagm
Canamaliar –
I’m not even going to dignify that comment. I’ll just leave it there for all to see.
Anyone else notice the missing roof on that AGM video ……. Did it cave in with the winds, or is it being replaced / fixed….