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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I seen on the telly tonight that Bertie Auld was supporting the better together campaign
Any Lisbon Lions backing the Yes campaign
jamesgang
Sometimes you take things for granted……………. like horses queuing outside Love St
loved this one by thommo
https://www.youtube.com/watch?v=qoYJfvgrSfA
Shuggiebhoy67…Finish this for me…..
Haffey.McKay Kennedy
Crearand McNeil Clark
Gallagher Fernie Hughes Chalmers And …………………
H.H.
voguepunter
22:14 on 6 September, 2014
The next time stop and I will join you for that Beer mate.
Keep the Faith!
Hail Hail!
boabyevans- that was enjoyable, reminded me of that game at Ibrox in Mar 2012, never seen so many coffins going to a football match.
BSR
You have the advantage over me!
My wee iPhone screen didn’t allow me to see your artistic masterpiece!
I assumed it was a pictorial message saying jamesgang is an erse!!!
HH jamesgang
dallas dallas where the heck is dallas
22:10 on 6 September, 2014
Whit a memory, fantastic.
Wee Jinky throwing boots into the jungle on his lap of honour, canny mind Bobby doing it ?
Hail Hail
sipsini
22:10 on 6 September, 2014
Huns despise Celtic Supporters across the board
muscat_bhoy1264
22:00 on 6 September, 2014
Good point…
mickbhoy1888
22:25 on 6 September, 2014
Remember the young bhoys murdered for wearing Celtic strips. …. !!
jamesgang
Au contraire, surreal line of the day that was.
Fair chuffed for my bhoy tonight who kept a clean sheet for BSC Glasgow against the mighty EKFC in the lowland league. One great save on 85 mins was the catalyst for Broomhill to score the winner in 88 mins.
C’mon the hoops I love the Glasgow Celtic
Oh oh see the yes vote @51% Independence here we come
Hail Hail PB1888
ShuggieBhoy 67,
I think you must be just a wee bit older than me. I agree that Dunky Mackay was a great player, as was Bobby Evans. When the ole memory banks start up, there are so many. To me, Charlie Gallagher was the best CELTIC football player I have seen. He could pass sublimely and what a shot. If he had the dig of Berite Auld, he would have been one of the best players ever. Sheer class.
BSR
But it was in response to another post!
I was intended farce! Honest!!!!
HH jamesgang
Milliband to put guards on the border.
That’ll never happen.
More chance of me being Miss World than you bring PM!
Erse!
HH jamesgang
Jeezo CQN is on speed tnite
And im tryin tae catch up fae 7.00 this morn lol
H.H.
I’ll b honest, watchin the youtube hunskelpers video tonight, and the one from the eighties…….its amazin how many great players we had……no i wont list them…
we are definitely downsizin, but we are still the TIC!!!!
RD has his work cut out, but all i can say is give them all chance……..till Krimbo at least , see where we are
H.H & KTF ( from an atheist no less ;-) )
Ps am doing this from a sheety fone with tiny screen, so if am slow blame it on it ;-)
jamesgang
I know it was in reply to dixedeans, and you were mildly pulling his lariat.
HH
16 roads – Celtic über alles…
22:11 on 6 September, 2014
In terms of intelligence in a football sense, the Maestro was without equal.
16 Roads – don’t know your age group,but I wonder if you are familiar with the term ‘Yopper’.? It was a rather disparaging, shortened version of Youth Opportunity, a system that allowed young people to leave school early, before the official leaving age, IF they had a job/apprenticeship to go to.
Our Paul was a Yopper with Celtic. Big Billy fought tooth and nail to get him in to Celtic Park early as a ‘Yopper’ from Holy Cross HS. I had mixed feelings at the time – I was sure I could have got him his Higher Geography and not just his O-Grade! He wisnae a daft boy at all, just football daft.
Carol King on BBC 4
Brilliant songstress.
paddybhoy1888
22:27 on 6 September, 2014
Chuffed for your Bhoy, good to end on a positive note.
Until we meet again…
Keep the Faith!
Hail Hail!
BSR
Not so much pulling his leg/ hoof. Just love it when I get a vision of mentol stuff when I read posts!!!
Sky pundits wetting themselves ref the polls. Blow the whistle ref!!!
HH jamesgang
There was some great testimonials over the years between Celtic and England’s finest club.
When the great Matt Busby was in charge he always entertained the away fans with a Republican flute band (possibly from Carfin). This went on til at least 1991 (Bryan Robson’s).
I wasn’t at Sparky’s or Choccy’s so I can’t say if there was one at these games.
Always remember Bobby Charlton was a great fan of Bobby Lennox.
I remember an English final between United & the Scousers and the old Jungle going nuts when United took the lead. Liverpool were never that liked until the HD match in ’89.
Cowie, Bobby didn’t throw his boots in. It could have been as he was still on our books and Desmond White might have charged him for them. He did his usual and scored goals in 76/77 season.
Hamiltontim, my favourite Henke goal was our first in 3 3 game v the blue brotherhood in 2002. Great first touch with his right foot then swivelled onto his left and skelped it past Klos.
Delaney’s, the boss and her deputy are watching the fix factor and can’t get to see it. However, I have sky plussed it for 3am this morning.
Sipsini, just like I was when 14, I couldn’t wait to get into the Jungle, so my son is desparate to see us play & be close to the Green Brigade at games. He sees the German fan groups in the Bundesliga highlights and can’t understand why we don’t have it here as it adds to the enjoyment and spectacle of a match.
If the board are as big supporters of the team as we are told why can’t a deal be made to get a match day rocking with the group involved, as the players would appreciate the unconditional backing they would get.
Drambowiecelt,Alex Byrne?
‘A heinous octopus with lots of tentacles’
Sky news pundit speaks of Isis but we know he thinks the same applies to the Yes Campaigners!
You can take my life but you’ll never take my tentacles CSC!!!
HH jamesgang
Fanad Patriot,
Good Luck to yourself & all the Shiels clan on their special day at St.Eunan’s.
It would be nice to think that there actually is a Heaven & that Old Neil is there in your midst, surrounded by his comrades from that fateful day in April 1878, when they struck such a blow against a hated tyrant.
Best Wishes to Father Liam.
quonno
What a really pessimistic guy.Were they not put into admin before,”It will never happen”says the Quonnos of this world.
They went into Liquidation.”It will never happen”,says the Quonnos followers,
Celtic will never get the UEFA decision on the Legia,farce,/////////.?????No chance say the Quonno followers.
“They will get the Imran verdict”says Quonnos resolute followers,
Keep going,you know the one about the monkey and the typewriter.
Gold star 10 glad you enjoyed the link , can’t wait till they hopefully cease to exist for good
Reading back….the only two players from the 68 Man Utd team who would have got into the Lisbon side were Best and Charlton. Both World class.
Brennan possibly.
Shuggie….The bold uncle Akker naw many would have got that your the man lol.
H.H.
The McStay Clan
https://twitter.com/FoundationCFC/status/508357089916649472/photo/1
Ghuys ‘ Ghals
a big thanx to tallybhoy, 67heaven, shuggbhoy67, sipsini, Jamesgang, leftclictic, lennybhoy, hamiltontim, ryecatcher, mickbhoy1888 & everone else that makes CQN what it is for their welcome.
Will see about no lurkin in future ;-))
HAIL HAIL CFC FOREVER
16 roads, totally agree about Anton. Never our greatest player but more than made up for that with his great character & guts.
My favourite goal we scored against the sticky buns was Anton’s in the three nil game the week after the St Patrick’s day massacre. It was a very scrappy goal scored with his right foot at the hordes’ end. Marvellous considering all the grief he got from them and some of us.
I was working on the Fylde coast when Anton played at Blackpool. Two guys I worked with, not Celtic fans, met him in a casino in St Annes one night. They started slagging him but Anton gave out as good as he got by the end of the night, they were all on first name terms and had a great time.
Anton asked them if they went to any Blackpool games and they said yes. He fixed them up with complimentary tickets for the league cup game v City the following week.
They went to the ticket office expecting to be told there’s no tickets for them but Anton was good to his word and their comps were there.
FFS Lawell,bring back the GB to Celtic Park.The place is a morgue without them.
Sick of hearing these fans”Younger than me”who keep telling us”The atmosphere was there before the GB”.Maybe in the Jungle days it was,but if you are telling me the atmosphere has been good at CP
hrvatski jim
22:09 on 6 September, 2014
Apologies I was on the phone to my mammy. Amazing that roughly 50 years ago she was voted within the top 10 most beautiful girls in Glasgow!! I think my da must have conducted the survey!!
I’m too young for the Lions but obviously have seen many if their games by virtue of recordings.
Being a Tim I’ve never spent much time watching Man Utd’s team of ’68. I’ve no idea who would replace who in either of the teams but I’m aware of the talents of Best, Charlton et al.
I will say that I’ve never met a Celtic supporter who would swap anyone from the Lions team.
has been the same,you are havering.
Bring back the thunder.Bring back the GB.