There’s your dinner! Newco are rubbish and plan to downsize

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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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  1. tim malone will tell

     

     

    11:35 on 22 December, 2014@MattLindsayET: Brown refers to the Easdale brothers as “the two stooges”. Receives standing ovation.——————————————————————————————————————Sounds like Bomber is asking for a cement overcoat this Christmas?

     

    a suicide Bomber?

  2. Derek Llambias says: “Kenny (McDowall) is going to be in charge of the team for the rest of the season – and maybe beyond.”

  3. Paul 67

     

    What do you think is in this founding of the newest team in Scotland by Ashley ?

     

    To me he is not a philanthropist, he is paying the bills and keeping the lights on why? Surely he does not need their merchandise deal, does he intend to take over and run them as a viable concern, and with a combination of honest mistakes and a proper manager, they will be back challenging in a maximum 5 years.

  4. 67Heaven ... I am Neil Lennon ....The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors on

    canamalar lennon hunskelper extrordinaire

     

     

    11:53 on 22 December, 2014

     

     

    Yes…….

  5. pedrocaravanachio67 on

    Does anybody know if they’ve shut the m8….with the car crash happening at ibrokes the noo?

  6. 67Heaven ... I am Neil Lennon ....The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors on

    dessybhoy

     

     

    11:58 on 22 December, 2014

     

     

    He needs another Warehouse…..

  7. 67Heaven ... I am Neil Lennon ....The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors on

    neil canamalar lennon hunskelper extrordinaire

     

     

    11:58 on 22 December, 2014

     

     

    Stope usin my haha’s….

  8. !!Bada Bing!!

     

     

    “Derek Llambias says: “Kenny (McDowall) is going to be in charge of the team for the rest of the season – and maybe beyond”

     

    —————————————————————-

     

     

    First Green and Whyte and now a 10 year Celtic coach as manager. ( caretaker )

     

     

    HH.

  9. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    PEDROCARAVANACHIO67

     

     

    In keeping with their traditional Victorian-era values and traditions,they’ve decided to charge people to see it.

     

     

    Think Bedlam,The Elephant Man,insertownexample,etc.

     

     

    Not to mention the classic Two Men in a Boat,which is shortly gonna turn into Two Shrouds for Two Brothers.

  10. Bhoys thanks for all the hun agm updates fair cheering up an otherwise dull day

     

     

    Keep them coming

     

     

    HH

  11. Strange that the question I’m sure if I was a fan of any club and there where doubts on who owned them I’d be asking that question, who owns the club? Not one zombie seems interested, probably scared of the answer.

  12. GivehimthemoneyPeterCSC on

    Can all the posters bickering with each other go on to the last thread to have their virtual handbag at dawn square go’s and leave the rest of us to enjoy the demise of our ex-rival’s zombie…3 days before christmas and you are acting like a bunch of bairns

  13. End of meeting. One fan having to be physically restrained by stewards as he attempts to get at board. #rangersagm

  14. Neil canamalar Lennon hunskelper extrordinaire on

    67heaven..,

     

    There are many among us who want that written out of our proud traditions and history, people with no connection to Eire who are embarrassed and ashamed that their masters could not keep the Irish in our place as they see it that includes many in our own support.

     

    The problem with being open to all is that the line of offence gets so badly obfuscated traditional supporters are vilified because they celebrate all our heritage and traditions and not just the sanitised version. In my expert opinion if you support Celtic you accept that culture and heritage, not try and oppress it because you don’t agree with it, which is what is happening.

  15. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    Best post of the day-there’s been a few though-might have got lost at the end of the last article.

     

     

    Naturally,I wrote it myself.

     

     

    Naw I didnae! It this one.

     

    ~~~~~~~~~~++~~~~~~~~~~

     

    tamrabam

     

     

    10:35 on 22 December, 2014

     

    Livibhoy

     

    I get the gist of your earlier post, its basically saying that there are many opinions and shades of opinion in the huge Celtic support. Except in a much more rambling version. I thought I might also take a ramble too.

     

     

    As a younger “bam” in the Jungle, Im sure my views, and the views of many fellow jungle bhoys didn’t represent the older main stand punters and vice versa. (A bit like the GB nowadays perhaps.)

     

     

    I went home and away, while the huns won nine in a row. I’m sure a great many others on this site did too. I then enjoyed the rise in our ambition / quality that mirrored the building of our new stadium and fanbase as we changed our club and revelled in the growth and we began to challenge the huns and later under Martin O Neill we went onto overtake them, and then of course the pinnacle of Seville.

     

    For me it was the highest point we reached since our days of living in their shadow.

     

     

    I was a part of the celts for (any loose) change, and I stood outside the main stand and urged fellow fans to bhoycott and to speak out against the main board, a great many fellow Celtic fans swore at us and told us to GTF, called us huns etc. but honestly since these same fhans were going thru the gates into Celtic Park, I had absolutely no doubt in my mind that these folks were also good Celtic fans, albeit with a different viewpoint. In fact in those days when our attendances had dropped to 18,000 I had no doubt that these guys were not just fans they were also amongst the die hard Celtic fans, like myself who remained during the hungry years.

     

    I have no doubt they too just wanted success for the greens but had differing thoughts about how to achieve that success. (ironically after calling for fans to sack the board, I then ran around to the Celtic end at five to three and went in to watch the match!) Even when the supporters associations and affiliations agreed to support a bhoycott, 12,000 celtic fans (and a fox) still attended the match.

     

     

    Nowadays the malcontents of that bygone era could be the mineshafters. Me personally, I like to think that the modern day internet bampots are the malcontents of a previous era. Just like the sack the board days, we still all have different opinions.( if we all had the same point of view we would all just read the official Celticfc.net and be done with it and believe every word from the Celtic View was gospel. I often think some do!)

     

    But just like the guys who entered the old main stand when the malcontents urged a bhoycott, we are all tims at heart and we all want to bring the BIG cup back to paradise once again.

     

     

    There are happy clappers who hate the Green Brigade, and Mineshafters who love them.

     

    There are happy clappers who love Ronny and Happy clappers who don’t.

     

    There are mineshafters who go home and away and mineshafters who have their own reasons for not attending.

     

    There are happy clappers and mineshafters who both have stood strong against the MSM and SFA too

     

    And don’t forget the PC handwringers amongst us either ! And all of the shades of green in between.

     

    So, it’s important when responding to blog messages that you disagree with, to remember to debate the merits of the point and not the perceived merits of the poster himself.

     

    If there were no disagreements and if we only heard the opinion of the Celtic View itself, we might still be under the old board, or maybe playing in Cambuslang. The current sevco situation is a good example of what happens when dissent is not allowed, and only the clumpany line is followed. It is only thru continual improvement and development that we can grow again to be a club who will truly challenge at the highest level.

     

     

    So a massive cyber “Hail Hail” to the Celtic, and merry Christmas to the Tims all over the world, and this year in particular remember the words to that famous song.. “and tonight thank ghod its them instead of us”

     

    Viva the malcontents

     

    Viva the bampots

     

     

    ~~~~~~~~~~++~~~~~~~~~

     

     

    TAMRABAM,take a bow!!!!

     

     

    HH

  16. Neganon,

     

    You are the biggest bore on here.I make a point to read every post(unlike some,who do not read those,who dont agree with them),but its getting to the stage its just a waste of time reading yours,because its the same every time.

     

    Win ,lose,or draw,its the same tirade.Yes,I know you have your views,we have all heard them.You are not enlightening us further,and you are entitled to them,but,FFS,please change the record.

     

    I agree with some of your points,I am sure many do.Leave it there please.

     

    Hail Hail

  17. Neil canamalar Lennon hunskelper extrordinaire on

    67heaven..,

     

    I’m sure you got them ha ha has from an argument you had with me a long long time ago, think back :)

  18. givehimthemoneypetercsc

     

     

    12:06 on 22 December, 2014

     

    Can all the posters bickering with each other go on to the last thread to have their virtual handbag at dawn square go’s and leave the rest of us to enjoy the demise of our ex-rival’s zombie…3 days before christmas and you are acting like a bunch of bairns

     

    ———————————————————————————————————————–

     

    It isnae ma fault, he started it! ;-)

  19. Tony just like you are scared on answers. Ah the irony.

     

     

    Is your, ahem, brother called tam perchance Tony?

  20. hi hi’s= third Lanark

     

    ha ha’s= sevco

     

    ho ho ho’s= celtic, the jolly green giant (of Scottish fitba) …..tis the season to be jolly !!!

  21. traditionalist88 on

    End of meeting. One fan having to be physically restrained by stewards as he attempts to get at board. #rangersagm

  22. Neil canamalar Lennon hunskelper extrordinaire on

    21-5….,

     

    You came on here slaughtering a Celtic player without reason bar ‘he is the worst Celtic player in your 45 years supporting someone’ you were invited to elaborate and show your reasoning and did not, Nuff said.

  23. Hugh Bonkle fae Dallas on

    Can’t believe the stick Efe is taking. It was far from his best game but he got no assistance from his central defensive partner, who played Ciftci onside at the first. VVD should have matched up with Ciftci as Efe was struggling instead he was still trying to be the Dutch Beckenbauer. Yet he’s received virtually no criticism.

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