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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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954 Comments

  1. Pogmathonyahun aka Laird of the Smiles on

    David Somers should be safe as long as he doesn’t ask for decking in front of the Gazebo.

  2. McDowall Rangers manager to the end of the season

     

     

    Deary me didnt see that one coming, no money for Mullet or Butcher?

     

     

    Hilarious.

  3. Auldheid. Now we need a concordat to ensure that rangers (sic) play by the same rules as everyone else.

     

     

    Doesn’t that sound like the most hollow thing ever?

  4. To Paul and the gang who do a brilliant job on the promotion of things we hold dear.

     

     

    I was the lucky winner of the raffle, the prizes pitched up today all in one piece and looking great.

     

     

    Many thanks guys.

     

     

    Hail X 2

  5. The McDowall appointment might be a wee call out by the new club board. After the pieman called them out with his long term resignation, them appointing his assistant tests whether McDowall resigns to show solidarity with his big pal, and thereby cuts a wage that the board wants rid of, or if he keeps on going and through that slaps the pieman in the coupon.

  6. neganon2

     

     

    12:50 on 22 December, 2014

     

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

     

     

    In what capacity did you attend the supporters forum?

     

    no no no, it’s a time out here, you ask a question, I answer it, and I did, now I’ve asked you a question so now you answer, that’s the way it goes in the real world, so once again what was the problem with my brother and I attending that meeting? It’s a simple question, why the hesitation in answering it?

  7. 16 roads - Celtic über alles... on

    It’s up to Ronny to instruct the players how and where to play.

     

     

    If he doesn’t rate Emilio then I’m afraid that he doesn’t know anything about football.

     

     

    There was no problem with any of our defenders last season when Lenny was in charge.

     

     

    This is a waste of time trying to change people’s minds on here.

     

     

    There just is no reasoning with some people.

     

     

    Hopefully the players don’t read CQN.

     

     

    HH.

  8. Joe Filippis Haircut on

    Can Mc Dowall be any worse than super fat salary ? when you saw rangers games on TV it was always McDowall who was doing the coaching on the side line while super fat salary was just standing with his arms folded. H.H.

  9. Neil canamalar Lennon hunskelper extrordinaire on

    neganon2,

     

    It is the most hollow thing ever but it won’t stop us trying

  10. 16 roads - Celtic über alles... on

    Has the evil kitman bigot exited the scene yet?

     

     

    Like something out of a horror film that cnut is.

     

     

    HH.

  11. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    MOONBEAMSWETDREAMS. 1302

     

     

    Ffs,where were you and yer advice when needed all those years ago?

     

     

    Still,I’ll phone my bud and tell him the good news.

     

     

    I shoooor hope I get to him before he nips down to the 24-hour garage for her Christmas present.

  12. BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS,

     

     

    I agree,and I am only mentioning Neganons posts for the simple reason,yes,he has many points that quite a few will share,including me.Its just the sheer repetition of the same points tends to numb the reader into a state of numbness.

     

    Once,just once I await him to write,how well we played,who played well,who did not.

     

    Posts relating to the team on the park,not the team sitting in the stand.

     

    As I said,I read every post,I have the time.There are times I am a HC,other times,a MS,but I have an open mind on the blog.Never would I “Scroll bye”as some do.

     

    Hail Hail.

  13. Joe Filippis Haircut on

    16 roads you may well be right about changing peoples minds on CQN.However I must be honest as I dont rate Izzy I was quite happy to read the article.H.H.

  14. Auldheid

     

     

    We shouldn’t have to tread lightly with the board , softly softly, trying to eek out a wee bit of information from them here and there and be grateful a few supporters are invited to talk to them.

     

    I really respect you and what you do.

     

    You do want the truth outed.

     

    However, I cannot understand why the board do not represent the views of the majority ( IMO) of our support.

     

    Guys I know ain’t going to the football not because they know we have been cheated , because we as a club have done absolutely sod all about it and I’m angry about that

  15. Carrigan@ 12.49

     

     

    I agree

     

     

    The system demands so much forward movement by the full backs that we rarely get back to 3 at the back far less 4.

     

     

    I would certainly describe it as a 2,x,x system.

     

     

    When our keeper has the ball, the CBs immediately switch to wide positions 30 yards apart and they rarely get back together again. We have relied on the energy of a non-specialist Defensive midfielder like Brown or Johansen to cover the gaps or have used Nir Biton whose tackling is not really of CB standard.

     

     

    Ronny’s system has not yet worked. It is much better than the shambles it was around the time of the Legia match but it is not yet working as it is supposed to even though our fitness levels have definitely improved.

     

     

    Will it ever work?

     

     

    Well, many have serious doubts. I have been on here long enough saying that I like the pragmatic managers like Strachan and Lennon who adapted the system to the players. But I was in a minority on here as many were saying they stayed away because of the quality of the football and the paucity of the football ambition.

     

     

    Well, Ronny’s approach is brave and ambitious. I still have fears that it won’t work for us just as the purer passing football philosophies of Kenny Shiels and John Hughes did not “work” for Kilmarnock & Morton and Falkirk, Hibs, Livi, Hartlepools and ICT respectively.

     

     

    And yet, because so many fans want to see more ambitious football, I am willing to give the experiment much more time. Neither Red Bull Salzburg or Borrusia Dortmund moved overnight to become good exponents of the high energy pressing game. They had teething troubles along the way and had to recruit and re-build teams as the stars they created were bought from under them. In addition, other teams learn to counter advances and learn from their previous mistakes against pressing teams. Certainly Dortmund are suffering because of this.

     

     

    There was a time around Legia where I thought Ronny would be lucky to last another month as I saw puzzled and confused players. I am no longer seeing that level of shambles but I still see a team that was dismantled and not yet fully put back together yet.

     

     

    It could still end in failure and the early dissenters could be proven to be right but, as the likely alternative is to revert to safety first football, a situation that many on here said they were fed up with, I think we need to give the ambitious and brave Ronny Deila more time and hope that his ambition and bravery does not carry the same meaning as when those words were used by Sir Humphrey to describe Jim Hacker’s po;itical proposals.

  16. 16 Roads

     

     

    Circus of Horrors…Nightmare on Elm Street, Ibrox.

     

     

    That’s the kitmans address:)

     

     

    HH

  17. A thoroughly shameful repost from the last blog,

     

    reading thru here it still has a bit of relevance, scroll on by if you have already read my ramble, if you haven’t already read it, then try to remember we are all the Celtic…

     

    also a lot of talk about bams – Im becoming paranoid :-)

     

     

     

    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

  18. 16 roads - Celtic über alles... on

    joe filippis haircut

     

     

    13:08 on 22 December, 2014

     

     

    —————————————

     

     

    You are entitled to your opinion.

     

     

    I beg to differ though.

     

     

    HH.

  19. Bye the way,Neganon,I know you are a real good Tim.You want what we all want.

     

    I hold everything about Celtic dear,same as you.

     

    Just please try and vary it a bit.

     

    Hail Hail.

  20. BSR –

     

     

    surely time for a ‘compare and contrast’ with our very own Gazebo

     

     

    sadoleJoboCSC

  21. Joe Filippis Haircut (13:05), Celtic’s domination of Scottish football is almost complete.

     

     

    We now have a former Celtic man in charge of Sevco (on the pitch), and with his record of bringing through Youth at CFC, allied to the fact that they can’t afford to buy anyone of any quality, it’ll take little less than a miracle for them EVER to catch us up again.

     

     

    Let’s hope Dundee United and Aberdeen can rise to the challenge and give us some competition in the coming years, or it’ll become som boring that we’ll lose all appeal to prospective new signings and end up slipping into the mire of mediocrity that is the rest of the SPL.

  22. bournesouprecipe

     

     

    13:06 on 22 December, 2014For Sale – only used once

     

    i’ve seen bigger erections at the Eaglesham Summer Fete

     

    #oooeerrmissus

  23. Joe Filippis Haircut on

    16roads. No problem fella you are entitled to your view we all see the game differently. H.H.

  24. 16 roads - Celtic über alles... on

    the green man

     

     

    13:09 on 22 December, 2014

     

    16 Roads

     

     

    Circus of Horrors…Nightmare on Elm Street, Ibrox.

     

     

    That’s the kitmans address:)

     

     

    HH

     

     

    —————————————

     

     

    Pmsl the evil kitman bigot apparently knows where the bodies are buried – he probably buried them!

     

     

    The wee hobgoblin lol

     

     

    :)

     

     

    HH.

  25. Apologies if already posted:

     

     

    “Barry_Bhoy ‏@Barry_Bhoy 2h2 hours ago

     

     

    Away in a gazebo, no cash flow ahead, the little poor zombies will soon be laid dead.”

  26. 16 roads - Celtic über alles... on

    He drives the circus bus as well for the freak show, the evil genuis.

     

     

    HH.

  27. ArranmoreBhoyLXV11 on

    HH

     

     

    Beautiful banter re Sevco agm..incredible pictures…the crest is up then down,…they try act professional..

     

     

    The journos all grovelling turn up…

     

     

    That was first class..

     

     

    Meanwhile Sally is now the groundsman..

     

     

     

    JCGE

  28. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    16 ROADS

     

     

    I disagree that it is a waste of time trying to change people’s minds on here.

     

     

    For the avoidance of doubt,in the near six years I’ve taken advantage of the forum PAUL67 has given us,my goal has not been to affect anyone’s opinion,simply to put my own across.

     

     

    And have a laugh.

     

     

    In that time,I have seen a large number of people move from happyclapping and supporting the board to quite the opposite.

     

     

    Nothing more vehement than a convert. And little more dangerous than someone realising they have been taken advantage of.

     

     

    In that time,I have seen very few converts in the other direction,but many new posters with that opinion-to which they are of course entitled.

     

     

    IMO,the board have forgotten history. They have ignored the strength of feeling of the support. That has happened before. The disconnect then was a game-changer for the better.

     

     

    This time,I really fear it will be for the worse.