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


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. Neil,


    He’s not very good, my opinion, you tried to play the racist card and it never worked, as I said, I will be in the Tavern on the 19th of Feb @ 4pm.

  2. Neganon 2


    You still haven’t got back to me on the question, what was the problem with my brother and I being at the fans forum meeting, once again I will ask, what was the problem,?





    I think the blog is mature enough to deal with many different opinions. I have no problem with mineshafters,happyclappers, middleoftheroaders,nor even the occasional green hun.



    I enjoy reading NEGANON’s stuff by and large-and yours,btw. As I enjoy reading posts of a similar nature.



    Unfortunately the team does not get an improved result via our post-match analysis. And our post-match analysis on here is becoming so so predictable when we lose.



    IMO,there is a lack of criticism from too many happyclappers. And a lack of constructive criticism from the mineshafters.



    Unless we can sort this out,and start reading more worthwhile comment on here instead of petty point-scoring,the blog will still be well worth the effort,but not worth a candle in the scheme of things.



    Our views are becoming irrelevant because of infighting. Divide and rule,it’s the future I tell yeeeez!!!!

  4. GlassTwoThirdsFull on

    Spot on once again, Paul. The board seems to have figured out that spending more than you earn is a no-goer.


    The MSM still don’t get it though. They still think that Rangers (sic) back (sic) in the top league will mean they are back to where they were pre-admin. No concept at all of how artificial that status was or of how all their success was built on debt.


    Be a while before the penny drops with that lot.


    And how competitive might they be living within their means? Well, try to remember what the old club was like when they were last in that position (if you are old enough!).

  5. Neil canamalar Lennon hunskelper extrordinaire on



    “No very good” hardly covers the abuse you gave a Celtic player.


    Enjoy your beer in the tavern

  6. I just drove past the toilet block.



    Loadsa cars all around.



    Bigger attendance than Saturday.



    Must be costing them having the lighs on.

  7. Pogmathonyahun aka Laird of the Smiles on

    Does anybody know what the world record attendance at the ole AGM is?


    I also hope that is not the CQN gazebo on loan ;-)

  8. weebobbycollins @ 11 26 .



    The Greyhound ?



    Yes ———– a few times .



    My big sis saw Bob Marley / The Wailers there . I didnt.

  9. pogmathonyahun-The Sevco Gazebo was being weighed down at either side ,by water dispensing machines.No laughing at the back……



  10. Pogmathonyahun aka Laird of the Smiles on

    I’ve come into work today, total waste of my time, to say there is more life in Sevco than there is in here would be an understatement!!

  11. Interesting discussions post yesterdays match.



    Efe had a difficuly 90 minutes and made a mistake. Virgil had a terrible 90 minutes and showed a lazyness and struck me at times as a defender whose priority was based around him having the ball. He switched off when he didn’t have the ball. Not good for a defender.



    A number of issues with VVD. Does he think he is too good for the league? Does the lack of competition cause him to switch off? Is his mind already elsewhere?



    Hard to say.



    I see similar behaviour in John Guidetti.



    Has ‘What it means to play for Celtic’ changed in the last few years since ‘Rangers’ perished?



    Before, you had to win every game. You had large crowds providing an intensity and pressure. You had 4 massive games in the schedule, one always round the corner.



    Now, I am not advocating Sevco being helped back to provide the above.



    I do wonder if it affects players mentally tho.

  12. twentyfirstofmaynineteenseventynine on




    I’ll see you in the Tavern on 19th of Feb, I’m suing you for your lazy adaptation of my moniker




  13. Hello again all you young rebels.



    Well, almost recovered now after another weekend with the


    peninsula celts, what a sight walking down the main street of


    the little seaside town of Mornington 30 degs and seeing all


    those hooped jerseys sitting outside downing their beers, irish


    band playing all the reb songs what more could an auld Celt


    want, well a victory would have been nice but hey ho we’ve


    been beat before and we’ll be beat again.


    On the downside so sad to hear Kano is poor again and we


    have one of our own seriously ill here in Oz a great Celtic man


    Bobby Geddes who has Motor neurons disease, Bobby has


    three young kids and being the main breadwinner of the family


    they were struggling financially but as per usual the Celtic fans


    here have jumped into action our club have organised a fund


    raising day and donations have already been received from


    the Sidney Celtic club and the Perth Celts so any of you lurking


    bhoys from Victoria would like a great day out get along to the


    Bay hotel social Celts in Mornington Jan 11. 2.0 clock start, we


    have live music and ex celt Jamie Smith as guest this family need


    our help


    H.H Mick

  14. Neganon2



    You are bang on correct sir.



    How can we laugh at Sevco and the contempt their support are treated with by their board when our board tell us nothing and say nothing on matters that are important to us?



    I fear we are being treated with the same contempt as they are

  15. Pogmathonyahun aka Laird of the Smiles on

    Bada Bing!!


    12:28 on


    22 December, 2014





    Things must be bad when they can’t even afford to hire a Ludge for their AGM.

  16. Paul67



    Was the reception given to TRFC AGM the sound of the penny dropping?






    For sheer unadulterated idiocy the mindset at play over Ibrox way makes Dumb and Dumber look like mensa material.



    Oh and Celtic cannot wait for their return. Literally cannot wait, there is a football club to run.

  17. I seem to have been missed off the Christmas fight match up list and am worried that I might not make it through to the next round without an opponent. So if anyone hasn’t been paired up can you please call me out, or just post some abuse towards me, so we can get a fight going. Looking forward to hearing from you, ya bam.

  18. Joe Filippis Haircut on

    The bears that are attending the new Rangers AGM are the shareholders and they are not a happy bunch.It makes me wonder who in there right mind be it individuals or Institutions will buy into a new share offering.Although Mike Ashley is hovering and we dont know what his long term aims are It looks bleak for them at the moment. H.H.

  19. Posters on this blog , I assume, have the best interests of Celtic at heart ( apart from a few Hunterlopers)



    Posters on this blog have shown their generosity when answering appeals to help those who need assistance



    Posters on this blog have shown their generosity of spirit and compassion when personal tragedy enters into the lives of our cyber community.



    However the blog occasionally scrapes along the bottom when some feel the right to stick the boot in to our own players with no attempt at analysis, merely dismissing them as something that you would scrape off your shoe.



    It does this blog no service and no favours



    I have no problem with criticism , however it should carry some analysis and should also consider if other players failings are exposing one individual for unfair ridicule



    We once stood in the Jungle and sang …. “Over and Over”



    a few here need to remember the final two lines



    “When you need supporting you will always know


    We’ll be right there with you every where you go”



    If you can not sing that song, and mean it ,there’s an AGM across the river that may be more suited to you.




    The Onlooker




  20. Neil canamalar Lennon hunskelper extrordinaire on



    Why should it ?


    Every time they pull on that jersey they owe us their best effort regardless of the opposition.


    There should be no one safe from the chop however that is not how managers see it, favs will always play no matter their form.

  21. Pogmathonyahun aka Laird of the Smiles on

    “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”



    Choosing his words carefully here by trying to infer that the are still the oldco whilst also being a newco.

  22. We have a new hero.



    Please stand up Mr. David Somers. Your utter contempt for Sevco shareholders and supporters was brilliant and long overdue.



    Safe home now sir, and remember to check underneath your car every time you go out, and ask Police Scotland to install one of those panic alarms in your home.


    Thanks for a great day today.




  23. Pogmathonyahun aka Laird of the Smiles




    12:29 on 22 December, 2014




    I’ve come into work today, total waste of my time, to say there is more life in Sevco than there is in here would be an understatement




    mortician, undertaker or zombie!!!!,

  24. Burgh hoy



    There have been two Supporters Forums now where questions raised by supporters by various means have been addressed .



    The second forum expanded the range of supporters invited following criticism the first was not inclusive enough.



    Now you might not like the answers or believe the answers but to say that the Board say nothing is simply inaccurate.



    I’ll go further it makes the job of folk who try to encourage Celtic to be more hoping a harder one because posts like yours beg the question “what is the point? No matter what steps we take they are dismissed”.



    In being so negative those who are create the very conditions you complain about.

  25. 67Heaven ... I am Neil Lennon ....The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors on




    12:03 on 22 December, 2014



    The only thing Michael is interested in is Sports Direct, not Sports Derelict………he’s already trying to sell Newcastle fgs……don’t think he is daft enough to replace it with sevco, the joke of world football

  26. Stairheedrammy



    Who you calling a bam ya bam and make sure you


    put yir commas in the right place next time ye post.


    H.H Mick

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