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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drambowiecelt
I’m the Heidie of Scotland and NI. But only for a wee charity!!!!
HH jamesgang
macjay1 for Neil Lennon
15:26 on
6 September, 2014
The Celtic Way
15:11 on
6 September, 2014
Tony Donnelly has a student season card, but he never uses it because he`s in with the Green Brigade, in their section. He was once offered a seat in the directors box, but he declined as he hates them all. He is always going on about how they are out their depth at running a football club. He started the latter day `sack the board` movement. He also invented lateral movement. His gob is constantly having a bowel movement. Hope this clears it up for you.
——————————————————————————————————————
This sadly ,may well be an accurate representation of the standards of the Green Brigade.
Nasty bullying and spiteful.
———————————————————————————————————————-
Dallas Dallas
” may well be” Did you miss that part?
That`s what I wrote.I stand by it.
————————————————————————————————————-
Hamilton
Thanks for the apology.
In one way you`re right.
Tony D. doesn`t need my assistance
Twists,
I was at Hamilton with a group of 13 the night Mr Maynard won,
only a couple of bookies were betting on the away meetings,
what a doing they took and what a night we had,
will try your suggested bet tomorrow,cheers
HT
Tee hee. Hell mend them!!!!
HH jamesgang
People hate her Sips cause she was a freak like Jackson……….aholes
H.H.
thelurkintim
Thank you. I think. ??
HH jamesgang
Turkey bhoy – correct re the atmosphere. Euro games pre GB had huge starts support wise then a long settling down period unless we got an early goal or we were swapping goals with Juve.
The GB kept it going for 90 mins.
Sitting in a hotel near Manchester airport.
Sky News worrying about polls rather than Poles!
Love it!
HH jamesgang
oops apologies to Isabella Lind.
Sipsini…..
We will agree to differ mate…….vile woman she was…..yer auld da was bang on!!
Joan Rivers: ‘Palestinians deserve to be dead’ – People – News – The …
http://www.independent.co.uk › News › People
8 Aug 2014 – Joan Rivers is known for her scathing sharp tongue, and yet her take on … When told by a TMZ reporter than almost 2,000 Palestinians have …
I mentioned after Maribor that we really missed the cohesion that the GB provided.
Felt the crowd were as disjointed as the team.
HH jamesgang
Watched Ct. Phillips ( not Mark) movie tonight, was not expecting it but it was good. Hanks played a blinder as ever.
C’mon, your gettin older JamesG!
AgentsRUsCSC
Ref Green Brigade
Were they not at murrayfield v helsinki?
Met Anton Rogan a couple of times.Lovely down to earth lad.
Think he’s an Andytown man if memory serves me right.
sipsini…….
I had the same situation …..Wae Beryl Reid.:)
H.H.
macjay1 for neil lennon
23:29 on 6 September, 2014
Would you care to answer my question mate?
Martim1980 – thanks for the info I will check it out!
martim1980
23:22 on 6 September, 2014
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
Gordy
The way I look at is that for 2 x £5 ew singles and a fiver ew dbl, I lose £30, or get my stake back and perhaps a small profit for one win, make a good profit for 2 places or I win a holiday for 2 winners. 30 bucks for the chance of a week in the sun? I’ll take my chances and expect to lose my dough.
themaestro72
Yes they were.
thelurkintim,
If it’s funny you laugh, by god she walked on a thin line at times, still, I thought she was hilarious . HH
thelurkintim
100%confusedCSC
I get older every day mhate.
Inexorably so!!!!
HH jamesgang
Just before I go to bed, Willie Fernie would have sailed in to any future Celtic side as would have Bobby Collins. Sooper dooper footballers. :-)) Awrite, i’m an auld git, but I seen them playing, most on here didn’t. Sad. :-)))) KTF.
Weefra HH praying to Wee Oscar.
A player doesn’t necessarily have to be a great footballer to be a great Celt.
Shouldn’t really have mentioned Viduka and Di Canio earlier fs.
HH.
Sipsini
You’ve never nutted a mutant, but
Have you ever nutted a wall, window, an inanimate object ( burst head, no matter what) n dun it ;-))))))
Just a brief visit, saw earlier posts equating Irish Republicans and Orangemen as either side of the sectarian coin. Anyone who knows anything about Irish History will know that this is not true, its the same as saying that Celtic & The Deid Club were equally sectarian. Republicanism took root in Ireland with The United Irishmen and the 1798 Rebellion. The 3 main leaders were Wolfe Tone, Henry Joy McCracken and Lord Edward Fitzgerald all Protestants. Throughout the struggles for the next 200 years, from Robert Emmet, Thomas Davis, Charles Stuart Parnell and I could quote countless more Protestant Irishmen led and inspired us. They are our heroes, they were Protestants so why would we hate someone for being a Protestant. When you hear The West’s Awake or a Nation once Again, remember they were written by a Protestant, Thomas Davis. Just wanted to get that off my chest before I say my prayers and hit the leaba. Goodnight All & God Bless ye.l.
VVD.
Was talking to a footballer today ( by text) who owns horses with a trainer I know. He said that an Arsenal contact told him VVD has said he’ll be allowed to sign in Jan for £8m. Bullshit? Perhaps , but he seemed to think it was already agreed.
WeeFra
Who??? :-)
16 Roads
Viduka was a fantastic talent as was Di Canio.
I’d have preferred that the latter had never worn the hoops.
Weefra
How you doing?
Need a hug pal!
HH jamesgang
Ref Green Brigade
If they don’t get to sit together do they still go?
Had a couple of “merry youngsters” jumping about around me in section 112 v maribor
Wee Fra …wullie fernie…
The forgotten position…..A genius INSIDE RIGHT.
and naw yer naw and auld git. lol
H.H.
themaestro72
23:43 on 6 September, 2014
They go as individuals. What gave you the impression the ‘merry youngsters’ were members?
TCR – You are seldom wrong sure lol
Anto indeed is from up the road, I think that he was a St.Paul’s man.
Apparently when he was back home, he turned out for them, even though he was a Celtic player!!
A professional footballer playing Gaelic on the fly eh?
You wouldn’t get away with that these days.
HH.
TCR
How you doin Bankiebhoy in Doire?,
Looks like I’m in the minority here,but this woman really was a classless,vulgar piece of trash.
Maybe she’ll get to meet some of the Palestinians who ‘deserved to die’ sooner than she thought.
Good Riddance……
Joan Rivers: Palestinians deserve to die, they started this war | Mail …
► 2:19► 2:19
http://www.dailymail.co.uk/…/Joan-Rivers-Palestinians-deser...
Joan Rivers: Palestinians deserve to die, they started this war. The controversial comedian …
so i was in dumbarton today.
mrs h with her random , i need to go there to this shop.
i like the town, i like the people that i know there.
small town authentic.
couple of things that you learn every day, and the blue plaques are magic.
the BURTON shop magnificent ediface, like a hundered others still standing, 1837
the Duke of argyle house, from 1640s. obviously built over, but interesting.
and, all around the town and the drive in and out. YES banners in the windows all over,
burton shop 1937.
Jamesgang….
Could ye hug the neighbours wife big man iv’e got a bad back the noo.
swiningcsc.