o Newco Rangers have £1.2m in the bank and the courts have just arrested £620k, leaving circa £600k available. In early September. Football clubs have their cash high water mark in June, after season ticket money arrives, with the low-point coming the month before, so is liquidation just around the corner? Not necessarily.
The club has a couple of significant problems: it’s short of money and has significant monthly outgoings, but it also has assets, and may have buyers for those assets.
Murray Park is an outrageous folly and should be sold immediately. Protests to secure it have been acts of self-harm; swallow your pride and sell. This is a football club in acute danger, pretentions of grandeur, and Murray Park is exactly that, should be shed immediately. Albion car park and the Edmiston House office building are superfluous property assets and could be sold without stopping football operations.
Mike Ashley has an asset Newco want back – stadium naming rights. He could repatriate these rights as a sweetener in a deal to buy Murray Park, Albion and Edmiston. Newco could leaseback the training ground, Sports Direct would be able to build a stonking big tracksuit shop on the Albion site and the club could boast to fans that they negotiated back Ibrox naming rights.
This might sound like a bitter pill but it will keep the lights on a little longer, makes irrefutable sense and is relatively painless. The original Rangers existed for over a century without Murray Park, one of Scotland’s best run topflight football clubs’ Motherwell, train on a school sports field, Newco Rangers could do the same. A little humility right now would be good for them.
There remains a problem: cumulatively, these assets are unlikely to be worth more than the £4m the club hope to raise in their proposed (not underwritten) share issue. This is still not enough to see them through the season. Expenditure for the last season accounts are available, 2012-13, averaged close to £3m per month. The club will need close to £20m between now and season ticket renewal time.
Creditors must be paid or the club will go into administration. To pay creditors, without sufficient income or credit, more assets must be sold, specifically Ibrox.
If they go into administration before selling Ibrox, don’t expect events to follow a similar path to the one Duff & Phelps took when administering Oldco Rangers. Duff & Phelps were appointed by a liquidation specialist with a specific remit. They even tried to sign a player. Newco in administration would follow a more conventional route: redundancies would take place and assets would be sold to pay creditors.
Ibrox is the only significant asset administrators would have to sell. It could generate enough to pay creditors in full and get the club through to the end of the season. Finding a buyer would be the main challenge, but as we all now know, the club can stand or fall, but whoever controls Ibrox can continue to get a rental return from successor club.
An administrator could dismiss the manager and some other highly paid staff, reducing costs to a more manageable level, and pay ordinary creditors in full.
Newco Rangers need to finish in the top four to be in with a chance of promotion, which would be a challenge, but not an insurmountable one with the right manager in place. They could be a top flight club next season.
This is not how fans wanted the Newco to progress but after they were unable to raise more than the £5.5m Charles Green’s consortium put on the table to buy Rangers assets, the future was mapped out.
Costs for police, insurance, electricity, IT, office staff, security and the million other items needed by a football club who occasionally host 50,000 people will be no less than circa £17m p.a – before you employ a footballer.
Newco’s income could rise from the £19m they earned in season 2012-13 (though possibly not this season), but there’s just not enough money to run a football team. Scottish Premiership football would be a chastening experience, the levels of austerity required going forward would be draconian.
Fans can protest that they are watching the same old club all they like, but it’s not going to look anything like the Rangers you or I have ever known – and I knew them under John Greig. And here’s the nub, the most optimistic financial projections are based on Newco selling the same number of tickets Oldco sold. Would a Newco competing alongside St Mirren and Kilmarnock sell any more than the 23,000 season tickets they’ve sold this year?
The long-term financial fundamentals remain unchanged. In 2012 the Blue Knights concluded there was no viable future for football at Ibrox if Rangers were liquidated. Two years later all the evidence reaffirms that position. This is a dead multi-club franchise.
Looking forward to the Maestro Match tomorrow. See you there.
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Tallybhoy, 67Heaven
not my fault, tried to convince her he was a wrongun…..love eh?
H.H.
Top 3 too many brilliant players to only make a top 3 but jinky lubo & Danny must be there
Shuggie, Who are you referring to when you use the term “You All”.
Shifty…,
I think you’ll find they have a problem understanding Christianity, hence their belief it s another religon
My top three would be Danny, Tommy twists Tommy turns Tommy Burns and Paul.
It was difficult not to include Henrik, Lubo and hunskelper supreme, Alan Thompson
If we were ten – twenty years older, our top three would be even more difficult to chose from.
All the lions, Kenny Dalglish, Davie Hay, George Connelly, Charlie Tully, Wullie Fernie, the Wee barra Bobby Collins to name but a few.
thelurkintim
I know.
Wummin, eh?
KTF n HH!!
Correct me if im wrong, but once the OO registered with the Electoral Comission the are banned by Law from marching in uniform. Yes?
H.H.
Brogan Rogan I love that piece your father wrote. I really enjoyed reading it. May he rest in peace.
newradbhoy
19:35 on
6 September, 2014
Sorry to get on to the Indy vote.
I’ve just found out that if anyone from Britain emigrated to another country.
They are allowed a vote.
So how come us expats living in englandshire don’t get a vote on our homeland?
What was your source.
Have heard of this applying to Westminster General Elections. Not so sure about regional assembly elections or referendum.
As a YES VOTER I consider that the biggest defect in referendum is that it does not extend to every resident of UK.
We would then see how keen everyone who apparently nowloves us would be to get rid of subsidy junky whingeing Jocks.rid of
Is it the best 3 Celtic players you’ve seen or your favourite 3?
neil canamalar lennon hunskelper extrordinaire
20:07 on 6 September, 2014
So independence will undermine the pound but stupid Salmond wants to keep it, doh
——
Or to put it another way…..instead of the uk telling the big scary stories for poor wee scotland …… mibbees they are bricking themselves about an oil-free rUK!
HH jamesgang
Cowiebhoy
1. Jinky
2. Henrik
3. Paul must stay
I’m looking forward to welcoming Paul back tomorrow too… Will you be in your usual seat ;)
Favourite Celtic player – Henke
Favourite Celtic servant – maestro
Celtic’s Saint – Tommy
HH jamesgang
https://pbs.twimg.com/media/Bw2eMjcIEAAfd3j.jpg:large
They could put their jumpers down here
HH
Henrik
Danny
Lubo
Shuggie,
have you not read the posts explaining the difference between the orange order MARCHES and republican PARADES?. THE ORANGE ORDER is totally founded on hatred of roman catholics.
I loved watching Paul McStay, total class.
HH
But I, m guessing you already knew that.
thelurkintim
20:44 on 6 September, 2014
Correct me if im wrong, but once the OO registered with the Electoral Comission the are banned by Law from marching in uniform. Yes?
H.H.
——
Does crimpelene breeks count as uniform?
Or just sho!te dress sense?
;-)
HH jamesgang
67Heaven … I am Neil Lennon ….The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors
20:08 on
6 September, 2014
the_huddle
19:39 on 6 September, 2014
Republican marches are the Irish diaspora descendants commemorating their forefathers’ struggle for independence / against barbaric oppression / resistance…..and the orangitang walk is a march of hatred of another religion (bigotry & sectarianism) …… and, just to further satisfy their lust for hatred, they include the Irish and Celtic in their repertoire of vile hatred… ……
I imagine that there are many diaspora descendants who would not be seen dead near a Republican March.
Also Irish Nationalist and Irish Republicans are not necessarily the same thing.
B.T Just catching up…………. Speedy recovery mate.
If yer on the ole Gabpentin I believe you can have erm……
A wee swally.
H.H.
James…,
Just think it must be the stupidest move he could possibly make, probably better linking the Scottish pound with Scandinavian currency if the arse is going to fall out of the UK pound, no ?
delaneys dunky
20:38 on 6 September, 2014
VP
You and I are symmetrical. :))
—–
Is that a nice way of saying plump?
DoesMyBumLookBigInThisCelticTapCSC
;-)))
Aff oot. Hotel dinner for 1. Guinness for 5!
HH jamesgang
https://pbs.twimg.com/media/Bw3cdxFCAAABvAD.jpg:large
needs no other comment but I bet their favourite fitba manager loves pies…
just changin’ the oul’ sujet……..
Sarah’s Beeny’s on CH Phwoar.
;)
HH
thelurkintim,
No one puts a tim in the corner as the late Patrick Swayze once said.
Welcome to Ernies political blog…;)
Just a wee thing here, I have never! Ever been to a republican March, been to hundreds of republican parsdes though,
Sorry, any one group which registers with the Electoral Commission is banned from marching in uniform?
Tallybhoy, can still laff in his face everytime i see him since they died & remind him that the players who legally walked away ( without penalty ) did so cause they were no longer contracted to a liquidated entity.
H.H.
I was a little too young to fully appreciate Jinky and Bobby M but always loved Paul Mc who carried a poor Celtic team.
I remember a wonderful family holiday in Count Claire perhaps 24 years ago where I was so keen to find out if Paul was staying or going, no internet then so just the radio.
Interesting that the poll in the Sunday Times tomorrow apparently shows a 2 point lead for the YES vote. This will send shock waves through the corridors of Westminster
shuggiebhoy67
20:37 on 6 September, 2014
You’re right, but try telling THEM that ……. We don’t have anti-Protestant marches….in fact a good percentage of our people are Protestant……and I have no detestation of ‘anything’ Protestant ….. I’m actually convinced the oo have lost all cognisance of what Protestantism actually is….they certainly don’t see it as a branch of Christianity…..if you check, I think you’ll find the Church of Scotland are getting fed up altogether with the oo …….the majority of them don’t go anywhere near a Church
jamesgang
20:48 on
6 September, 2014
neil canamalar lennon hunskelper extrordinaire
20:07 on 6 September, 2014
So independence will undermine the pound but stupid Salmond wants to keep it, doh
——
Or to put it another way…..instead of the uk telling the big scary stories for poor wee scotland …… mibbees they are bricking themselves about an oil-free rUK!
HH jamesgang
As Basil Fawlty would put it. For God Sake don’t mention the oil.
Mind you a couple of weeks ago a poster told me that rUK would frack itself out of that particular dilemma. That is of course if middle England ninbies allow it.
Drambowie celt
ill give it another few days thanks mate…
corkcelt, eh?,Christians of course!
there are more than 2000 denominations of Christianity!
Discuss;))
Jinky
Henrik
Kenny
1/The Brush
2/Henrik
3/Daniel Fergus.
H.H.
Shuggiebhoy67
20:56 on
6 September, 2014
corkcelt, eh?,Christians of course!
there are more than 2000 denominations of Christianity!
Discuss;))
And guess what, each and every one of them is the true religion.
neil canamalar lennon hunskelper extrordinaire
You got kids mhate?
Remember the first for hours when you take the first born back from the hospital and you and the mrs kinda look at each other wondering ‘what the’ do we do now….uncharted territory but you just find a way.
Breaking up a union after 300+ years will be like that and then some.
Wee Eck in his onesie with his post pregnancy tum and David Cameron the reluctant Faither feeling ill at ease in the cooncil flat wondering if those wee hoodlums downstairs really would look after his Audi A6 as they’d promised…..oh why had he ever had that quickie at the office party!!!???!!!
Truth is I don’t think anyone can say for certain what will happen after the vote. Whichever way it goes….
HH jamesgang
Ok 3 you’ve seen playing in the Hoops
TBJ, no, trying oot the main stand, seen your note earlier, no, was not offered that deal, was offered main stand, offered 1 seat directly behind my own, but nothing for daughter no.1
d d, still thinking .:-) I did love wee Johnie Doyle in the day, Tommy Burns ? Jinky ? KD ? Frankie Bhoy ? Henrik ? Struggling to make my mind up, there is others, seen Pat Stanton playing for one season with us, whit a player, same with Marc Rieper, could go on
Hail Hail
Newco have money in the bank?