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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Delaney’s at half eight.
What the Green Brigader I know tells me is that they were in discussions with John-Paul Taylor who talked to them on behalf of the board. What he told them was that a decision would be made by 31/7 this year re getting back into section 111. No decision was forthcoming.
They had no plans for any tifo or the alleged Yes demonstration for the Maribor game as they did not know if they we to be given tickets together as a group or not.
Some of the Green Brigade have gone to games as individuals but I know there are some of our support who just don’t want them going by the number of posts on here against them which I don’t have a problem with.
Henke’s lob
Proof if any were needed of the existence of the Divine.
God made that goal for Ghod….tho granted Sutton’s lay off header helped too!!!
Goosebumps every time I watch it!
HH jamesgang
cowiebhoy:
Mine
Tommy Burns
Henrik
Lenny
Keep the Faith!
Hail Hail!
And I am a Celtic supporter/fan/paying customer down the years since before we lost to Dunfermiline (managed by John Stein?) in 1961?
No I agree but just cant pick my fav, have got it down to about 20 now :))))
https://www.youtube.com/watch?v=LMt_vCidSsA
Good night all
May only good things come your way
Masty
I was at a lunch with Bobby Charlton a few years ago. Also there were Bobby Lennox and Bobby Shearer.
Charlton paid lip service to Shearer and them eulogised about our Bobby for the rest of the speech.
He made it clear that he thought Lennox was the quickest player he had ever seen.
He also talked about the “friendlies” with Celtic and how MU treated them as serious challenge matches to be played competitively.
I believe that he saw Lennox as a true great. If MU had not had George Best at that time I am sure they would have tried to get Bobby.
Muscat bhoy……
Of course they could kick the can down the road by borrowing like any other team could.
The problem would be the security required( Ibrox)and the interest rates from a Wonga type arrangement as no prime lender would touch them with a barge pole.
ron bacardi
i think you will find not all of those are religious based marches
i get your general point but i think you are being
Leftclick, I’m not. don’t know about CRC.
LennyBhoy, and I missed Tommy Burns and Lenny, and Lambertt!
Above for HT
over general with your words
Lennybhoy
Nae maestro ? Not having that :-)
Hail Hail
muscat_bhoy1264
As long as the ‘surprise’ isn’t that they own all the North Sea oil!!!!!
HT
Have you ever agreed with anyone about anything in your entire life?!?!!
;-)
HH jamesgang
hamiltontim
21:11 on 6 September, 2014
Saw Kenny score from a corner against Murderwell.
Keep the Faith!
Hail Hail!
dallas dallas where the heck is dallas
Don’t really want to get into the GB on here mate as it usually ends badly.
Quick point, there’s hope that there will be a section for the Aberdeen game.
stringer bell:
Coatbridge always has and always will be independent of Airdrie…:)
Keep the Faith!
Hail Hail!
Ron…….
When the O/O Pass ma faithers widae…all I see are snarling faces and growlers
Today up Port Glasgow, I saw happy smiling faces and cheery polis all enjoying
the Parade.
Naepoisoncsc
In my opinion Henke’s best goal was in the final in Seville and Brogan Hogan etc wrote a wonderful piece on it.
HT
Just to narrow it down for you ….I was revering to henke’s best goal !
HH jamesgang
thelurkintim:
Now you have come out the Closet keep on posting.
PS: don’t upset hamiltontim, he’ll set leftclick on you…:)
Keep the Faith!
Hail Hail!
Leftclicktic
A goal at Dens Park is my favourite Larsson goal for us. The technique and execution was sublime.
Jamesgang
Who you talkin’ to!!!! :-)
and I missed Provan, Auld, McLeod, Nicholas, McGarvey, Aitken, and it goes on and on.
For me, my favorite is Paul McStay.
Talented, supremely so, a Tim, a winner, and the most loyal of servants to the Club.
Like I said, a History to be proud of.
thelurkintim
Welcome. Dinnae lurk though.
And/but do watch out for HT. He’s a green n white tiger!
HH jamesgang
Well sed doc, it is a history to b very proud of, with a few exceptions, Biggins anyone?
H.H.
Ps am i the youngest in the room?
H.H.
Hrvatski, I remember Bobby Charlton in a television interview saying that if he and our Bobby were in the same team, they would have broken all sorts of goal scoring records.
If my memory serves me well, messrs Lennox & Charlton only played in the same team once, at Ron Yeats testimonial.
The Westminster panic button has been firmly pressed tonight, hysteria in tomorrow’s rags, clearly they have been mobilised into full propaganda mode to halt the march to independence.
The other sensational news is Rory McIlroy has just 4-putted from 4ft.
Surprised nobody has mentioned wee Shaun’s Howlitzer against Deadclub ……
One of my favourites anyway…..
Shaun Maloney v Rangers – YouTube
http://www.youtube.com/watch?v=e-L2PRK3AUQ
H.T.
When you say you can’t remember Kenny,was that thru drink?
or are you younger than I thought.
I thought you were a Heidy. :):)
H.H.
Lennybhoy
Never mind P, it’s H he should be worried about! :-)
Lurkintim
You’ll enjoy the ride mate. Hail Hail
hrvatski jim
Didn’t Man Utd try to sign Bobby but Big Jock sent them packing?
Roy Croppie, was that a flag set up by Ali G, in da pendence
ron bacardi
21:33 on 6 September, 2014
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
You are right, Ban the lot of them.
SPD 1956
Tomorrow in St Eunans Cathedral Letterkenny we will celebrate the ordination of a family member,Liam Shiels.May Our Lord guide him in his ministry.
Family members are travelling from all parts to join in the celebrations.may I ask you to pray or wish in well in his vocation..
drambowiecelt
21:47 on 6 September, 2014
H.T.
When you say you can’t remember Kenny,was that thru drink?
or are you younger than I thought.
I thought you were a Heidy. :):)
——–
A heidy?????
No sir, have you read my posts??!!
Many years ago I had aspirations to be so but along the road I realised how much I’d miss the fun, fulfilment and enjoyment of my real task.
Viduka was a total mercenary, but he was some footballer never the less.
HH.
fanadpatriot
Prayers will be said at Mass tomorrow. May Our Lady of Peace guide him on his journey.
cowiebhoy
21:40 on 6 September, 2014
Maestro was magic as well as were more great Bhoys…:)
Keep the Faith!
Hail Hail!
fanadpatriot
21:51 on 6 September, 2014
Brilliant, and enjoy the occasion, then onto his first mass
Yes will keep in our prayers
Hail Hail
thelurkintim
Prayers of hope and joy for Father Liam.
;-)
HH jamesgang