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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Cliftonville Celt….
I take your point mate.
Should have said ROI and not Ireland
There is interest in Scottish fitba in the North but certainly very little enthusiasm for it in the free state.
BRTH
That post of your dad’s. Send it in as something to print and frame for a room in the to be built Celtic Museum. Or as a slow rolling scroll on a screen.
A room full of stories like that capture the mood, history and ethos of Celtic.
If the museum committee is not formed yet get on it. It’s not as if you have anything else you can write about.
http://www.celticfc.net/news/6621
roy croppie
20:53 on 6 September, 2014
https://pbs.twimg.com/media/Bw3cdxFCAAABvAD.jpg:large
needs no other comment but I bet their favourite fitba manager loves pies…
——-
Tooooo funny!
I blame the schools!
;-))))
HH jamesgang
These two ole deers haudin up the traffic….get aff the fekn road!
http://time.com/3282912/golden-gate-deer-san-francisco/?
Frank McAvennie was a phenomenal striker.
Also. Seen George Connelly, he would have been a superstar for us
B.T. Ha… good luck…………..
Iv’e got it all to come Oct/Nov time if I let them remove L4/L5 discs
Swally Freeeeeeeeeeeeeeee.
H.H.
Thanks Sips
Been lurkin a few weeks, Ernie’s ok if u ignore the political sheet of bull.
Jamesgang
Guess crimpoline clown suits might be ok, as long as they wear the noses ;-)
H.H.
Good evening fellow timalloys!!
If anyone is at a loose end, hit youtube and type in kevin bridges interviews frankie boyle.good laugh
Had a smashing wee session in the smws with natknow this afternoon after dropping the young.prince of carmyllie of at uni.
Natknow, your a top bloke and i hope we can have a proper whisky frenzy in the near future. Great to see you bruv.
Staying at gleneagles tonight as a wee early 25th aniversary treat for mrs acgr. After plying her with champers she looks like she has an evil plan for me that doesnt involve celtic.
She must be obeyed. She must be obeyed………….offski ootski.
Enjoy the game tomorrow all you lucky tims visiting paradise.
Hail Hail Celtic men and wummin.
Hamiltontim, I took it as three favourite Celtic players we have seen playing.
Comfortable Collective & Canamlar, points taken re the northern neds.
When they go into admin, putting aside the whole new club; old club; 1st or 2nd admin argument, were the rules not changed last year so if a club goes into admin for 2nd time it is a 1/3 of their prev years points total they are deducted. Pretty sure they got over 100 pts last year, would be funny if they got relegated.
Most successful top level career for a Celtic / ex Celtic player…….King Kenny
Best ever player in a Celtic shirt?…..Tough call between Henke and Jinky , as Kenny became world class after Celtic……Henke and Jinky were world class at Celtic.
TheLurkinTim
Welcome aboard.
Bobby lennox (tail end of his career but a lifetime of memories)
Henke
Daniel Fergus /paul mcstay /Tommy Burns
Just cant and wont pick between them they are what Celtic is for me
Apparently I saw Kenny playing for Celtic several times but don’t remember it.
Ironically one of the first games I recall was the Jock Stein testimonial when he made his return to Parkhead.
So my best three would be
Lubo
Henke
Maestro
I missed Twists Sat Yankee today emdae know how it got on?
thanks.
H.H.
Leftclicktic
You’ve just thrown a spanner by mentioning Bobby Lennox!!!!!
drambowiecelt
21:11 on 6 September, 2014
Bet all 4, none of them were placed.
H.T. Thanks ….one Sat they will cruise it and you will recoup big time:):)
H.H.
Just seen the Tommy Gemmell/Helmut Haller clip on twitter again :)))
Lefty, great shout
I also loved Lenny, stood up for us as both a player and manager, TBJ gave me a brilliant picture the other week, standing up to some right ugly B’s during a game :-)
Wee Jinky’s and Bobby’s joint testimonial, who was there ?
Still got the programme somewhere
Still struggling with No3 though
HT
I remember Kenny scoring form aboot 30 yards at Tannadice, thought it was best goal I had seen for years, until Henrik chips some keeper :-)
Hail Hail
Think it was bobby Charlton who said bobby lennox was his favourite player.
Ah the buzzbomb fae Saltcoats. Love him. :))
Best 3 players I have seen in a Celtic jersey: Bobby Murdoch, George Connolly & Danny McGrain.
Favourite 3 players: Charlie Gallagher, Joe McBride & Kenny Dalglish.
Oh, and if Kev J’s aboot, Murdo’s in the 4 – 2 game 1979, that would be in top 3 goals
drambowiecelt
I’m hoping my daughters don’t check their piggy banks :-)
Leftclicktic
To be brutally honest every1, with a few recent exception, who put on the HOOPS are all special heroes…….B’stards livin my dream ;-)). Pick any 3 you’ll get an argument.
ta for welcome
H.H.
Hamiltontim
21:13 on 6 September, 2014
Leftclicktic
You’ve just thrown a spanner by mentioning Bobby Lennox!!!!!
——
Even when I see clips or hear him talk about The Celtic i’m in awe of the wee mhan
https://www.youtube.com/watch?v=Q4vYNaRqSKQ
Larsson.
No other words needed.
Ok Jinky.
Thats it.
Other than McStay
And McStay
and Dalglish,
The thing isn’t picking one, its when do you stop picking favourites!
Then we can go back in history to those we never saw, but have heard the stories coming down from Grandfathers and Fathers.
Tully, McGrory, Gallagher, Thompson, Maley.
That is a history to be proud of.
Remember standing in the Jungle wanting Murdo to knock the ball into a corner and kill some time……..
He did……..right into the top corner !!
Ah memories…..
► 2:30► 2:30
http://www.youtube.com/watch?v=H64BOxqZh6Y
3 Jan 2012 – Uploaded by Barry Celtic
Celtic 4-2 Rangers – 10 Men Won The League … Celtic v Rangers – Champagne Charlie’s …
67Heaven,20:55 Don`t disagree with any of those points.Broad church we certainly are!
quonno,20.58 Unfortunately, followers of Judaism and Islam think their`s is the true religion as well,therefore,conflict has long ensued
H.T. Ha……..
I got scolded for laying a bet for awe the weans couple weeks ago
“Twistysatyankee” lol………….Bad Granda.
H.H.
Doc
You or CRC going to game tomorrow via CQN corner?
I know this might sound like a silly possibility, but could Sevco borrow themselves out of trouble? A lot of other clubs have similar car crashes of a balance sheet, however a manageable level of debt in football is a lot more elastic than in the real world. That is what I’m wondering about, rationally speaking, there should not be any Rangers left, why is it still there? I think this story has a few more surprises left. Just hoping Super Ally will give us lots more to cheer about this season like the 2-1 defeat by Hearts.
Cowiebhoy
I know I’m probably in a minority of one but I still don’t think the chip in the 6-2 game is Henke’s best goal in the hoops.
There should be ban on any religious based marches – orange, catholic, unionist, republican. Forget about supposed rights to ‘march’, just an excuse used by bigots on each side