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. Rob ya maddie, cmon then, I will be ootside my grannies hoose at eleven. Yir a chicken if you don’t show.

  2. 67Heaven ... I am Neil Lennon ....The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors on




    12:32 on 22 December, 2014



    Think it might be something to do with those who want king the tax dodger back ….hehe

  3. Not been on much recently due to work commitments, but if this morning’s anything to go by I’ll be visiting less frequently in the future.



    Playground nonsense



    Thanks to Bada Bing for the Rearrangers AGM updates very amusing.

  4. That awkward moment………



    when the announcement of a casino, a floating pitch and a retractable roof doesn’t quell all the booing!!!!!!!!!!



    The gift that keeps on giving just can’t stop keeping on giving!

  5. Anyway


    Dundee United played the same game everyone plays against us back 4 with 5 in front of them and a lone striker, only thing is that them and Aberdeen who do the same thing have that better class of player than the rest of the league and they get the breaks and the luck.



    Let’s face it we gave them a football lesson yesterday and the ball didn’t bounce our way it happens, if they where that good then they would advance further in the European stage but They are not and they don’t, still top of the league and laughing at the moaners, it’s great watching Celtic.

  6. twentyfirstofmaynineteenseventynine



    12:30 on 22 December, 2014





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







    Ok, drinks are on me ;-)

  7. Got a quote for some work by a lovely guy who just suffers from dreadful taste in football clubs (old and new).



    His quote was £1,900 but reduced to £1,888 as a “Celtic discount” for me.



    In return, next time I quote any work for him at £2,024 I promise to reduce it to £2,012 to return the favour.

  8. Ray Winstone's Big Disembodied Heid on

    Stairheed. I’ll give it a go, but not on a stairheed as that would give you an unfair advantage.



    Choice of weapons between snowballs and Tunnocks Teacakes.



    As my namesake would say….. ” Where’s yer tool?”

  9. Pogmathonyahun aka Laird of the Smiles on



    12:40 on


    22 December, 2014



    mortician, undertaker or zombie!!!!,




    CB, my profession gets enough bad press without the zombie insults if you please.


    Come 2pm here it’ll be aff oot and back hame.

  10. Neil canamalar Lennon hunskelper extrordinaire



    I posted earlier this morning about my reservations regarding Efe’s usefulness to the team and I see its led to a bit of a spate.



    Can I expand……



    Efe Ambrose still doesn’t understand you head a ball with your forehead and not the top of your head. For a defender its pretty basic stuff. His other shortcomings include an inability to read a game which is why he’s continually playing catch-up football, no left foot (hence his air-shot when defending the first goal yesterday).



    He is a committed player and always gives his best, unfortunately, his best isn’t good enough in my humble opinion.



    BTW, I do agree with you when you assert our defence is cruelly exposed too often, tactics and undermanned midfield contribute to defenders lapses, but allowing for this I still contend Efe is a liability.

  11. Pogmathonyahun @12:24



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


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




    I’ll have you know that the Rangers Gazebo was provided on generous rental terms by the firm Greens of Normandy. It was erected by the latest addition to the Rangers groundstaff, their new Head Gardener, Ally, who knows how to construct a damage proof flat pack four by four.

  12. 67Heaven ... I am Neil Lennon ....The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors on

    This McDowell decision is hilarious ……play-offs my erchie

  13. Turkeybhoy,



    Where to start.



    It’s all very well discussing the results and the merits and demerits of players. Of course we will never agree on that as we all have our favourites and can’t see past them.



    But this issue with sevco is by far the most serious issue to face not just sevco but celtic probably since our own brush with insolvency and even then, depending on the outcome of this it could be the biggest blow to celtic in their history.



    Collusion with sevco and by association the SFA, SPL etc is far bigger than just a game of football. I won’t go on about scottish sectarianism but that is what lies beneath all of this. Celtics collusion with the 5 way agreement is akin to complete betrayal of a support which has been victimesed and subject to cheating for well over a century. This represents a singular betrayal that few would find hard to accept.



    And it clearly happenned. We can also clearly see celtic trying to soften up its support. I wondered at whether celtics abuse of its own support was in preparation of drowning out dissenting voices to allow the betrayal to occur unquestioned.



    Sadly I believe this site is helping that deception. It cries look over at the Huns demise, isn’t it awful and great. But under its breath it says don’t ask too many questions closer to home.



    You see I believe the celtic board genuinely believe they are doing the right thing. But the right thing for them is just about the money. If you want another sign of that look at the cognitive dissonance around celtics charitable ethos while refusing to pay the living wage.



    Do as I say. Not as I do?



    For us as a support to ignore these matters or turn a blind eye is hun like. It’s wrong. However horrible we need to face up to this. Otherwise we are all living a lie and we are being told to get to the back of the bus again.



    Thr is no issue facing us more important than this.



    Celtics silence isn’t some master stroke. They are terrified of being asked the wrong question at the wrong time. The media won’t do it. They don’t want this to come out.



    So here we are, it’s down to us Internet bampots to drag the truth out into the light.



    So perhaps you will forgive me for going on. It is pretty important after all.

  14. Stairheedrammy… Melbourne Mick is a big choob.. he thinks he’s hard cos he’s 12,000 miles away.. I’m yer man furra roshambo…. Tavern, 4pm, 19 Feb ? We’ll be on the undercard of 21-5-79 V Neil Canamalar then 21-5-79 V twentyfirstofmaynineteenseventynine then Tony Donnelly V an emty hoose and Neganon2 V Celtic






    (PS – Melbourne Mick – Great work on the fundraiser for Bobby mate)

  15. 16 roads - Celtic über alles... on

    Effe Ambrose is a good footballer. He was brilliant in his first season at the club.



    Granted, Effe is prone to the odd lapse in concentration, but sure who isn’t?



    Support and encourage the player and his form will improve once again.



    The more stick and criticism that he receives,his form and confidence will suffer.



    It doesn’t take a genuis to realise this.



    Same as Adam Matthews, wee James, JG etc.



    They didn’t all just turn into bad players in the space of a few weeks.



    Some of them are not long back after bad injuries.



    I have every faith in our players, they are good footballers.




  16. Effe was spooked yesterday and who would’nt. Every body keeps going on about our 4231 setup, aye right.



    We play most of the game 244 or 226, Effe and Virg have to cover the right flank and left flank and through the middle, against certain teams that is impossible.



    Saying all that if our thick headed forwards would just make the right choices it wopuld make life a lot easier for our 2 defenders.



    442 diamond for me with Leigh and Stefan up front.





  17. And Tony of you wish to persist with this charade then fine.



    In what capacity did you attend the supporters forum?

  18. I’ll predict outcome of Ashley meeting with SFA.



    They will both agree that the only future for TRFC is that they live within their means.



    The way to do that will be for TRFC to sign up to domestic FFP and given statements at AGM and AIM I think Ashley will have no problem with that.



    Protects him and any investment he makes to keep TRFC alive.



    After that it’s about playing the game to the same rules as everyone else and making sure they do.



    That requires a concordat between SFA and all the clubs,which includes accountability, that their supporters will accept to put the game back on an even keel.

  19. Just added



    bournesouprecipe V comedy


    Neganon2 V Turkeybhoy


    Ernie Lynch V Scotland


    Robcfc V Melbourne Mick V Ray Winstone’s Big Disembodied Heid (Fur trying tae steal my action)

  20. twentyfirstofmaynineteenseventynine on




    I’m bringing my hauners !






    belter mate, pmsl




  21. Auldheid



    I’m aware of the 2 meetings you refer to.


    What have they achieved ?


    I certainly wasn’t invited.


    Why is Celtic TV not used more to give us the club view?


    I want public statements from the club on important matters .


    The club statement on the LNS enquiry said Celtic FC were surprised !!!!!


    I thought that was a pre cursor to a fully measured statement disputing the findings…. But no. Not a peep.


    You may know of things happening behind the scenes but IMO The Hun has got away with cheating us for years , they have got away with the same club myth and our club has bent over and took it.


    We have said nothing absolutely hee haw and that is a mistake we will end up paying for big time

  22. 16 roads - Celtic über alles... on

    Remember that wee Emilio was virtually written off on here, just because he put in a few dodgy performances after his return from a serious injury.



    Thank God the wee legend had the strength of mind and character to silence the critics, and prove them wrong.




  23. GlassTwoThirdsFull on

    Pogmathonyahun aka Laird of the Smiles 12:37


    “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




    He should have said Rangers Football Clubs!





    Reminds me of a comment one of my mates down here made when his missus told him he wisnae going on our latest Cardiff jolly.



    Women-can’t live with them,can’t shoot them!





    12:25 on 22 December, 2014





    Haha….you failed the test….you know too much about their history :-)





    I’ve had to know their ins and outs,bud. Won me many an argument in the hostile territory I call home.



    Know your enemy,know their weakness. Twist the knife.

  26. Pogmathonyahun aka Laird of the Smiles on

    The McDowall option is obviously the cheapest one. They need to pay the gardener for the next 12 months and obviously went to the backroom staff and asked who would do the gig without a payrise or maybe even asked who would take the job and a paycut at the same time.


    I predict the pieman will see out his contract before taking that job in England – Kew Gardens I believe.

  27. Joe Filippis Haircut on

    I read an article on news now Celtic that we are trying to replace Izzi as Rony doesnt rate him as going forward he is wasteful with four out his five crosses end up going out for a throw in. Also he is defensively poor I thought Rony hadnt noticed these things but is good if it is right that he does see it and wants to change it.H.H.


    setting free the bears for res. 12 & oscar knox



    12:48 on 22 December, 2014


    Pogmathonyahun @12:24



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


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



    I’ll have you know that the Rangers Gazebo was provided on generous rental terms by the firm Greens of Normandy. It was erected by the latest addition to the Rangers groundstaff, their new Head Gardener, Ally, who knows how to construct a damage proof flat pack four by four.





    If Sally had been there,Greens of Normandy would have been replaced by Blacks of Greenock.



    And that’s only for his suit!

  29. pedrocaravanachio67 on




    Apparently there was a transit at the back of the Gazibo for a swift getaway….boy you should have seen that VANGO!!

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