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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Surely, it be better if they bulldozed Ipox, and built a car park and shops.
At least youd be able to park, then nip across to the Rangers Heritage Chippy, just next to the Sports Direct Jumble Sale.
Everyone is happy, the sevco fans get to park their cars and get chips, and Glasgow gets a financial boost.
Cant be bad.
Happy Xmas sevco, I haven’t laughed so much for a long time.
HH
16 Roads@12.54
Agree re/Emilio, up until recently, was not at his best after coming back from a long term injury. Throw into the mix Adam Matthews not up to speed after the horror tackle from “the thug” Lasley( did you ever see him put it about against the old Rangers?) and to all intents and purposes the near career ending tackle on Kayal( let’s face it he hasn’t been the same player since) by Elbows. Guidetti has also not been the same after the tackle/stamp he was subjected to in the Buddies match.
Common denominator for last three, all horror tackles not a red amongst them. The moral of the story is that players need time to recover from the assaults they will be subjected to for having the temerity to wear the green and white shirt of the famous Glasgow Celtic with the compliance of the hurting MIBs.
Perspective required Bhoys.
HH
GazebosRUs
Like I say Geordie Bhoy it was “shameful”
bournesouprecipe
12:45 on
22 December, 2014
Several arrests reported from the ole Sevco AGM mainly for loitering within tent.
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Ha Ha Superb.
Go on indulge me somebody – it is Christmas after all…
Some reposts from Hollow Hollow would be nice…I don’t have the know how to access Hun sites or I’d do it myself….
joe filippis haircut
13:15 on 22 December, 2014
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That’s alright. Thanks for the considered response.
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Bobby M – you are a credit to the Celtic Football Club, and to this sacred place.
God bless you fine fellow.
HH.
16 Roads
Kitman had a walk on part in Carry on Screaming, and played the lead role in Rumpelstiltskin.
Im sure its him.
HH
gearoid1998
Nice one.
But the moral to the story is the opposition are getting away with it. Our players are not protected, just wait and see what happens when we play the new club in the semis.
Auldheid & Neganon
a domestic FFP? Lets be honest Ashley`s team will tie the blazers in knots at any meeting. The die is cast, they will survive, any attempt to make them pay for previous sins is a waste of time. Any FFP deal will have more hidden corners than a maze, allowing Ashley to do as he pleases with the Orcs. He will get them back in the SPL, bin the current kit deal to be replaced with one of his own, appoint a suitably cheap Hun friendly manager, play the Orange card and milk them of their money via season tickets and kit. That’s always been the plan…..only the idiots cannot see it.
Tony d there is no problem with you attending with your brother. I look forward yo your answer.
gearoid1998
13:19 on 22 December, 2014
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Agree one million %.
I couldn’t have written that any better myself.
Slainte.
HH.
Beeb reporting on Sevco getting slightly better – no mentions of demotion or relegation this time. Although they do refer to the liquidation of “the former company that ran the club”.
They don’t actually say what this company was called though…..
Tamrabam,
When it’s good its worth it :)
The Kit Man has returned.
http://youtu.be/R2co_we7TgI
Does chief villain (or hero) SDM ever get a mention at the Aggro General Meeting?
the green man
13:23 on 22 December, 2014
16 Roads
Kitman had a walk on part in Carry on Screaming, and played the lead role in Rumpelstiltskin.
Im sure its him.
HH
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It is the kitman, it’s gotta be him.
Jaysus mate that is scary lol
We haven’t heard or seen the last of the evil genuis, because he is not of this earth the wee ghoul could be immortal.
HH.
Ignore STAIRHEIDRAMMY.
he is well known for starting fights on the top floor of the shared vestibule common landing of the tenement abode.
tonydonnelly67
13:28 on 22 December, 2014
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Hahaha! Cracker! :D
HH.
The BBC`s take on Sevco:
“Rangers went into administration in 2012 and the subsequent liquidation of the former company that ran the club resulted in the Ibrox side playing in the fourth tier of Scottish football.”
Pogmathonyahun aka Laird of the Smiles
12:37 on 22 December, 2014
Why would their employees need to draw any distinction when the BBC refer as – “Rangers went into administration in 2012 and the subsequent liquidation of the former company that ran the club resulted in the Ibrox side playing in the fourth tier of Scottish football”
Unbelievable. Cant decide if its Harry Potter like as The liquidation that shall not be named or Oscar Wilde as The liquidation that dare not speak its name! :)
BBC saying it was the Annual Gazebo Meeting.
guernica
People have assumed Van Dijk’s career will go the same way as Wanyama but I have been saying for a while it could just as easily go the same way as Kayal.
His performances in Europe have generally been poor.
He is a very capable footballer going forward against poor teams but he should be judged first and foremost on his defending. There is a reason why he has not been bought by a Premiership club and I don’t think it is because we have been turning down big offers for him.
P’s.
When driving past the toilet block they had a delivery of sports direct billboards being stacked up next to the corner of the colander and main stand.
A Catholic ownership in play now.
Rangers will be turning in their grave.
jmccormick. To do the things you write about Mike Ashley needs to get the bears back onside he needs to fill Ibrox every game.Now we see how hard it is to fill Parkhead at the moment and at Ibrokes a good crowd nowadays is 25,000.With that level of support he will have to pump in his own cash I believe once supporters stop going to matches it is very hard to get them back.I wouldnt be as confident as you that the rangers can get back to the days of full houses on match days. H.H.
Some people think we are Dorian Grey’s portrait of rangers
364 sleeps (© Jobo) till the next Sevco AGM?
jmccormick
If he has to pay £18m for stadium upkeep there ain’t going to much profit made for him to cream off.
Heard the kitman’s maw was a Balrog.
Mr Mike Cashley seems to think he can resurrect a corpse.
He knows the Celtic board have the same idea.
Old Firm gravy train.
They think fans will buy into their despicable schemes.
I think they may be in for a shock.
HH
SSN running with ‘hostile’ Zombie AGM. Looking forward to an afternoon of Hun-on-Hun action; it must be Christmas…
neil canamalar lennon hunskelper extrordinaire
13:34 on 22 December, 2014
Some people think we are Dorian Grey’s portrait of rangers
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How very poetic a thought.
I prefer to think of Them as our old Chucky doll…
Sandman,
I’d rather we not associated with them at all
Maybe the Hun’s will leave the gazebo up for CSI so they can find out where the bodies are buried
HH
gsu
tonydonnelly67
13:04
As I’m sure you are aware Tony/Tam there appears to be a suggestion that you may or may not have been yourself at the meeting ;)
Thought with even the tiniest bit of luck yesterday we could have won 4-2.3 off the woodwork,perfect goal chalked off,couple of good chances missed.Unt,get a lucky deflection to set up Ciftci for the 1st goal,not Efes fault,the ball was by him in a flash from the deflection.
Regards Efe,anyone who reads my posts will know I think he is not a CH.He is a very good footballer,but not there.Unfair to play the boy there.He has these wee rushes of blood to the brain,which makes him erratic.The second goal all started with Efe booting the ball wildly behind for a corner,when it was easier to knock it out for a shy.A real mad moment.Not a mistake as such,just a WTF was that moment.He does them quite regular.
Midfield,I think he could do a great job for us.He can drive forward with the ball,pass,tackle,and is super fit.
Surprised he is not tried there.
Once again RD is faced,as he has been all season with players losing form,after a great start,Mc Gregor,Guidetti,Mulgrew,VVD,players injured,Denayer,Lustig,Forrest Broony.
All make it very difficult to know and trust the players picked.Will take him a while to get to know the REAL team he wants on the park.Very difficult for a new manager,especially at Celtic,where we demand so much.
TD@13.25
Agree. I think we will wipe the floor with the new Huns on the park but I feel that they will get away with some “robust” challenges which could put a few of our players on the sidelines for a while. Hence a real shiver down the spine moment as Mc Lean looked as though he was auditioning for the part of the bigot in the middle yesterday. Let’s face it even if it wasn’t Mc Lean there are plenty of candidates for it.
16Roads@13.23
Oyesyoucouldpantomimecsc.
Nollaig Shona
********Very strong Sevconian Language warning***********
Hilarious