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.
[calameo code=0003901718eccc6101c78 lang=en page=46 hidelinks=1 width=100% height=500]
954 Comments- Pages:
- «
- 1
- ...
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- ...
- 26
- »
CultsBhoy
13:22 on 22 December, 2014
Go on indulge me somebody – it is Christmas after all…
————-
From deadclubmedia
“So to reiterate, Ally isnt walking away, he is just moving on to support us in a different way”.
Congratulations Bawsman.
16 ROADS
Many more on here to fit that bill,bud.
You getting geared up for a wee celebration of Admin Day year three?
Or Valentines Day as the huns call it?
I’m looking forward to this,and the OSC breakfast in the morning.
Btw,my Dad has swung a day release. There may be trouble ahead…
Auldheid
12:51 on 22 December, 2014
I disagree on this. Llambias and Somers will present MASH as the only show in town to ensure survival. SFA, in a corner and with CO in that corner, will agree to MASH taking control to 29.9% and cash injection. SFA will be told that MASH will sell NUFC in 2016 to focus on Sevco, that will be enough for the blazers to come back onside. Mash will inject enough cash meantime to control and exploit for forseeable future and a couple of million for players therefore some form of plan will be needed to ensure SPL return of Sevco if play off position is not acheived.
If play off is acheived then the match officials and SFA will take care of passage into SPL.
This is back to all good SFA men must come to the aid of the establishment club.
Burghbhoy
I the wake of the LNS decision on no sporting advantage, I wrote to PL who reiterated his surprise at no sporting advantage being gained from them paying players via ebt’s. He also said it was up to the SPL as it was them who had asked LNS to look at this.Shortly after leagues were reconstructed and the SPL and SFL merged to form the SPFL, convenient or what
NL was doing a press conference soon after and was asked about this decision, he looked angry and said they had got off with this but it was up to the SPL to challenge the decision,moral of the story always expect the unexpected, this mob, old and new can invert logic when needed.
If you want to know what despair, utter despair, looks like have a look at the McMurdo blog. (You know, the guy who said a few days ago that Rangers had to pay top wages because otherwise they’d just be another small club.) The penny has maybe dropped – this afternoon’s comment on the AGM ends as follows:
“Me? I can’t be bothered trying to work it out anymore.”
bournesouprecipe
13:43 on
22 December, 2014
********Very strong Sevconian Language warning***********
Hilarious
————–
It certainly was.
Ahhh, the dignity of it all…
dessybhoy,
Is lawwell saying Celtic did not have any representation at the SFA ?
BSR @1343
Also love the fact that the marquee is positioned just out of projectile range from the Bears.
Oops SPL even
Neil
He said it was the SPL who had asked for this enquiry and up to the SPL board to take it further
Need to go into the game on the 1st against the zombies very disciplined. They can only win but scoring first and shutting up shop and disrupting the game. Ronnie will have to be well briefed on what to expect from them from the Mitbs and the press.
They have a few decent looking young players and perhaps Boydd could have an impact in the game.
But it is a no win situation for us if we win we are expected too if we lose carnage.
Looksalotlikecheguevara
I admit to real concern about the playoffs. Particularly over two legs.
But…
It is looking increasingly likely that the huns will have to play against the 4th placed team twice.
Then the second placed team twice.
Then the Spl team twice.
That’s six games. Against fresh teams each time.
I don’t think they’ll make half that. I very much doubt mibbery will compensate for a tired ageing side with few options.
Having said that,I rate McDowell. I wish he had stayed with us.
Superb, could we have a better start to xmas than sally slithering into the garden, and the sevco gangster bosses telling their hopeless fans to GTF….sheer magic.
The scathing contempt for the gormless sevco fans, was truly wonderful.
I can just imagine how incensed the moronic bigots are feeling, and I must say, its fantastic.
I hope they are greetin in to their buckfast right now.
Cheers sevco, you have really made my xmas….right now, im eating a luxury mince pie, and will be dragging on something herbal/medicinal just for the hell of it.
Hee, Hee
bobby murdoch’s curled-up winklepickers
13:44 on 22 December, 2014
———————————-
Looking forward to it chief.
Never understand how anyone who drinks Tennents lager can claim that an Ulster Fry is full of additives!! :p
Laters.
HH.
Caberfeigh
“perhaps Boydd could have an impact in the game”.
—
That will be a first :))))))))))))
Dessybhoy
Thanks for your response .
Really poor from Mr Lawwell.
Are we not a member club and therefore at the time a member of the SPL and now SPFL?
Surely it is not out with our remit as a member club to question the LNS enquiry?
A cop out response to u from PL
Tamrabam,
What a fine post.
We have all kind of fans, and when I was younger I felt that the nature (good nature) of the Celtic support was one of the things I could identify with. As an adult, I realise that I cannot defend the actions and views of every Celtic fan, so, I cannot afford to be proud of the community in the way I used to. When you interact on CQN, or elsewhere, with other fans you might start wondering where those good Celtic fans actually are. Then I remember, ‘oh, aye, I’ve never actually met one of those in real life…’
Dunno what my point is, something like; there are too many of us for anyone to get too precious about things.
Great post though, thanks.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
McDowell has no honour. He went to Rangers to try and unsettle us. He has been a coach for years there now and has not proved much. I don;t expect him to be in charge when we play Sevco.
Best scenario for Sevco is McDowell gets the St Mirren job. He is then off the payroll. I can see that happening with a few funny handshakes. I would be shocked if Sevco don;t get Stuart McCall in as gaffer. Done a fair job at Motherwell and ticks the boxes for the fans. Billy Davies is too risky with his off field antics alledgedly with Mr Sheridan. No way most fans will want him in the door. They need fans back and I expect they will get a gaffer to appease the support. In any event after we come out of the transfer window much stronger than we went in I expect us to put at least 3 past them in the first half.
LB
‘one of those…’ refers to the angry voices on your computer.
Badge falls off – the top table.
Burghbhoy
I thought so too,appears no one wants to rock the boat or stand up for the game as a sport, I’m sure they expect people to get on with it and through time it will be forgotten.
The fans were hoping for a marquee signing but not the one they got.
neganon2
13:25 on 22 December, 2014
Tony d there is no problem with you attending with your brother. I look forward yo your answer.
Well to be very honest as a guest, my Brother was over here and had to attend that meeting on behalf of The NAFCSC and that day both of us had some thing to do together and making the meeting would have been tight dropping me off and driving back to Celtic Park for the meeting, so JP said just bring your brother along I’ll put his name down, we got there my name wasent down and my brother said to JP he hadent put my name down, and he said he gave it to his secretary and she must have forgot but no problem just pull a chair over beside him and sit there, so I had my soup, and a sandwich cuppa tea and the meeting started.
With my name not being down then I couldent take any part of the meeting or ask any questions as I am there only as an onlooker, I do know protocol and parliamentary procedure so I asked my brother if he would bring up the attack on our bus at Bridgeton cross and he did.
Now a friend of mine has e mailed me Hamiltontims post (to whom I thank) since the last time you told me I had read it and I hadent, so after the meeting I spoke to JP in camera and he said he would look into it, and to this day we are still in dialogue with it.
Also about the Jeanete Findley thing I’m not sure what he is on about there he goes of track a little some thing about her dad who I don’t know and have never even met the man, but as I say I’m not to sure, if the man has passed on or not, if he has my sincere regrets on that one, have I had a go at her in here? Sure I have many times as have many here on that one I’m still of the same opinion whether she be a man or a woman im not big on the celtic trust, last time I looked that was called opinion.
Then he wanders again on the JF thing saying that some guy he knows was/is going to batter me because he didn’t like what I said about JF and that he stopped him from doing it,? Now that stopped me in my tracks and kind of gob smacked me, all I can say on that is,SEEIOUSLY? I’m saying nothing on that one its out of my hands right now, and that if in any way I’m attacked, or battered, there is a guy in here who will be able to help the police with there inquiries maybe on who the attacker or batterer was, this is a thing that is happening to often in on line blogs and this is not nor has ever been one of thos kind of blogs, thank god.
Neganon you asked, oh as in his reference to me being a snake? I lost that one too.
anybody help, having problems trying to purchase cqn annual
bournesouprecipe – unless badge removed at the behest of the owner of said badge……..
Seen a post on FB about Kano – is it true he’s in intensive care?
My thoughts and prayers are with him and his family.
U
Whither
the cash-strapped
“R*ng*rs set for informal talks with SFA over Mike Ashley influence” | R*ng*rs | STV Sport http://m.stv.tv/sport/football/clubs/r*ng*rs/304438-r*ng*rs-set-for-informal-talks-with-sfa-over-mike-ashley-influence/ …
——-
A.K.A.
A ludge meetin :))))
scrofulous
hillbillies
“Rangers set for informal talks with SFA over Mike Ashley influence” | Rangers | STV Sport http://m.stv.tv/sport/football/clubs/rangers/304438-rangers-set-for-informal-talks-with-sfa-over-mike-ashley-influence/ …
……the day?
‘For the sake of transparency,we should have an AGM every year….’ Mark Hateley
Tony an interesting tale. I didn’t mentionanything about a snake. Can you show me where I did?
Is it true you are friends with Peter Lawwell?
Ulysses…this is correct
leftclicktic
14:12 on 22 December, 2014“Rangers set for informal talks with SFA over Mike Ashley influence” | Rangers | STV Sporthttp://m.stv.tv/sport/football/clubs/rangers/304438-rangers-set-for-informal-talks-with-sfa-over-mike-ashley-influence/ …
Subtext- Ashley will tell the Hampden Amateurs,that he will do what he likes…..