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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Didier Agathe away to Ajax was special.
Dallas/Sispini
The GB have only one agenda and that’s to support Celtic in the manner and ethos of the club.
Many clearly disagree with that and that’s fine, however, every song, banner and display is done in what is believed to be the best traditions of the club.
Turkeybhoy ..
Cant argue with that mate the D.United game was dead
let the young team loose.
H.H.
Rail seats would bring back the atmosphere. Celtic doing everything they can. When it is adopted in England we will finally see it here.
Dallas
My cousin went out with Anton for a couple of years. A great guy in many ways.
Shuggiebhoy67
22:45 on 6 September, 2014
Drambowiecelt,Alex Byrne?
____________________
Good man, Shuggiebhoy.
The hugely gifted Alex was one of my all-time favourites & is not widely given his due recognition as one of our greatest ever wingers.
Drambowiecelt he was another one of those who missed out on the good times I think he played over a hundred games in the Hoops,did he not have a brother who played at the same time? or am i thinking of the Brogans?
auldagenevercomesaloneCFC
hrvatski jim
22:09 on 6 September, 2014
Hamilton
Likely that that they did.
OK – this has got me thinking. Which MU players from their 68 European Cup winning team would be worthy of replacing a Lion?
Maybe Charlton would have got into the team but, despite their big names, I think that man for man we had the better players in every position.
Maybe Shay Brennan for Jim Craig?
George Best would have got into any other team but Lennox and Johnstone were irreplaceable on their form that night.
Crerand was good but no Bobby Murdoch.
I will continue to ponder the question.
…………………
Great post but c’mon, Shay Brennan and Tony Dunne were United’s weak links. We simply would have had to find a place for Georhe Best but not on the right wing. We had the best (pardon the pun) right winger in existence playing for us on 25 May 1967. I was at Elland Road in 1970 and spoke to many Leeds fans after that game and they ssid that they had seen Best several times but that was the first time they had seen Jinky in the flesh and that they thought he was the better player.
Right here we are, the smokers have gone outside, the band has played Donegal Danny and I am thinking ” should neganon2 after he forgot the password for his original nomme de plume ‘neganon’ have reinvented himself as “-1neganon”. These questions keep me awake at night.
Where are youse all drinking…. Cause surely those posts require libation.
Hail hail
estadio
Hamilton
Nor would I but it was an interesting point to ponder.
Mothers are so precious. Mine will be 90 on the 18th of this month, the day of the Referendum so that is the big event for me that day.
We took her to Mass in St Augustine’s in Milton tonight and spent some good time with her when we took her back to her care home. It is difficult when she doesn’t really understand everything that is happening but every minute with her is special.
Don’t apologise for talking to your mum.
Shuggie aye 70 odd games for the tic my faither played wae him in gourock
very skilful and a gent.
H.H.
skillful
After several years of working away from Scotland, it is now time for me to return home.
I have been searching for work with no joy for a few weeks, therefore if any of the guys on here have any contacts in the hospitality trade that may be looking for an experienced Hotel manager, Restaurant manager or Area manager please pass on my email address. Would also consider other positions.
Davb1974@hotmail.com
Thanks in advance
Hamiltontim
18:19 on
6 September, 2014
Macjay
Your earlier comment about the GB was typical. From a man who puts nothing into our club it was actually laughable.
———————————————————————————————————————
More nasty personal little jibes from the defenders of the G.B.
Your assumption is wrong.
hrvatski jim
The world is indeed a small place. I was at Mass in St Augustine’s on Wednesday. I know Fr Bryan well and I’ll ask him to keep your mum in his prayers. I know he will.
Hamiltontim, its a pity things never worked out for your cousin and Anton. You would have had a great time at their wedding if they stayed together.
I was told he married Terry Cassidy’s former personal assistant, don’t know if its true or not.
He nearly died when a he was diagnosed as having a blood clot in his, similar to George McLuskey’s younger brother, John. Anto had to chuck it.
ParkheadcumSalford, you mentioned Bobby Evans. My dad liked Bobby Evans as a player but never trusted him as he was continuously picked for Scotland when other top players we had never got a look in. I can’t even mention the Scotland football team to my dad even though things have changed for the better. He detested the SFA selectors in the forties and fifties for picking players not as good as our Scottish players.
Just bak,
jamesgang is not an idiot …….due to me…..
H.H.
Hamiltontim, Anton had a blood clot in his leg.
mickbhoy1888
22:25 on 6 September, 2014,
Ye, you’re probably right that they despise us, even more so now, due to their lack of governance.
As for the GB, it was maybe more down to jealousy…ie. the huns had organised a banner with a bus on it, only to be one upped by the GB who got wind of said banner.
The Scotland’s shame with the arrow pointing to the scum, need I go on?
Give the bhoys a break.HH
HT
Does Anton know your Outing him
Or did I read wrong
:>)
23:02 on
6 September, 2014
Dallas
My cousin went out with Anton for a couple of years. A great guy in many ways.
macjay1 for neil lennon
23:13 on 6 September, 2014
Hamiltontim
18:19 on
6 September, 2014
Macjay
Your earlier comment about the GB was typical. From a man who puts nothing into our club it was actually laughable.
———————————————————————————————————————
More nasty personal little jibes from the defenders of the G.B.
Your assumption is wrong.
———-
Apologies if I got it wrong macjay.
When was the last time you got up at 5am to travel to Dingwall or Inverness or Aberdeen to pay in and then vocally support Celtic?
Macjay, your description of the Green Brigade earlier, was way over the top.
I don’t have a problem with you not liking them but to describe them like that was out of order.
I will leave it at that.
Kilbowie… correct and I like your name:):)
H.H.
thelurkintim
I promise I am!
But quite a clever idiot.
T’is the CQN way
HH jamesgang
Jamesgang……You A Heidy??
H.H
jc2
It took me a second to work that out.
Then I laughed :-)
TOSB
Aye – would still have had Jim Craig with the bonus that he would win you Quizball after the game.
OK – next thought. Why did Rangers never win Quizball?
Sorry. ….stupid question.
SolentDave
Celtic advertised about hospitality open days recent and stated they were looking for experience.
Not sure any of the roles reach you level.
But with the F+B operation they have on, match hospitality, bars, number 7 restaurant, Banqueting and Events(including weddings) and I recently saw they were advertising business conferencing, it might be worth E-mailing to see what they have going, or just sending your CV.
Incidentally that side of the business has expanded gradually over the years, Celtic offer mostly everything that most 4*+ hotels do in Glasgow, only so long before there’s rooms aswell?
We’ll see, good luck
HH
Ps continuity CSC………has missed the boat ;-)
pps did i tell you my bro-in-laws surname is Dallas?
shameismeCSC
kilbowie kelt will vote yes
22:46 on 6 September, 2014
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.
…………………………
After your post last year I researched the Fanad patriots. Very brave men. They showed that tyrants like Lord Leitrim would always have to look over their shoulder and couldn’t rely on the Establishment to cover up their crimes. The people held them to account.
drambowiecelt
Had I stayed in teaching I probably would have been by now! Though working with HT would have kept me on ma toes!!!!!
Instead I took the Mr Benn approach to professional development.
Ie I’m a multi career numptie!!!!
HH jamesgang
Nags
Mr Maynard and Ereyna both run tomorrow. Both unfancied in the betting at 11/1 and 10/1. Both making returns after a break. Both running ok at home. Difficult to call in the sense that if they won it wouldn’t be a great surprise as they are both capable. Ereyna was poor last run but she was up against the colts, tomorrow is a mares event. Mr maynard just took the huff last time but is better than his last run ( we know that cos we coined it in when he swooshed home in June.
My advice?
Small ew singles and an ew double might just pay off, but won’t see you poverty stricken if it goes pear shaped.
Win dbl pays 131/1 and place dbl is almost 10/1.
Brendan Powell rides both and knows both well.
You decide!
Jamesgang uch I cannae find a Heidy.
H.H.
Watching a re-run of Joan Rivers, she was a funny woman and crossed all the barriers.
First time I saw her on telly my da switched over and said she had a foul mouth, reckon he taped it to watch later.
drambowiecelt
Give it two mins :-)
Ure a multi …wat jamesgang
bright lights
H.H.
Jamesgang
They gave me a promoted post. By God are they regretting it :-)
emeraldbee\o/ still proud to be an internet bampot
22:32 on 6 September, 2014
—————————————————–
I understand.
It seems to have worked out for the best in the end though,all things considered. :)
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dallas dallas where the heck is dallas
22:52 on 6 September, 2014
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Anton still likes a wee punt as far as I know and he is still Celtic daft.
Think he had his legs broken 3 or 4 times, played the oul Gaelic football as well.
I have an old picture of Anton along with my wee cousin Michael, who tragically died young .Taken in the old Corpus Christi youth club, Ballymurphy.
Our wee Michael wearing his Centenary tracksuit.
There are some things that money just can’t buy.
PricelessCSC.
HH.