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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Personally I want the GB back in Paradise and the sooner the better.
HH
utlr
hamiltontim
they were drunk, singing and happy and called everyone boring bas##
Would have been good in a crowd
Hamilton Tim
From the Di Canio , Viduka , Hooijdonk era had an enormous liking for Cadete. Thought he was a marvellous player. Gutted when he went.
ryecatcher,
She cracked jokes about everything including her own, if you can’t handle it switch over.
HT
A real footballing genius, the only one before KOK. Hope you and Minx are sooper dooperly well. :-))
jamesgang
It was suggested by our mutual friend from Swindon that I was your BITCH!!! Because of all these hugs you fire our to me. Mrsweefra is hoping it’s true. Hahahaha How you wee mhan? :-)))
drambowie
Yes indeed, an absolute genius. :-)) KTF all of you my friends.
Weefra HH praying to Wee Oscar.
I despise how sky news talk about migrants like they’re alien beasts.
Last Person sitting with a pint. That’ll be me.
‘And why aren’t the French doing more…..what more can the Brits do?’
Farage-tastic
HH jamesgang
Hamiltontim
23:37 on
6 September, 2014
macjay1 for neil lennon
23:29 on 6 September, 2014
Would you care to answer my question mate?
——————————————————————————————————————
Is your question of any relevance whatsoever?
Is it of more relevance than the comment I objected to?
It`s just a semantic version of “ma father`s bigger than your father.”
In reality,you know the answer.
Which is why you asked the question.
The answer is: I live in Sydney.
Ergo,no.
You ignore,however, the nasty little jibe directed at Tony D.
What are your priorities?
Principles or a wee personal ” victory “?
Sipsini….
She wasn’t joking about Palestinians mate……
She meant every hate filled word.
Watch it and see.
Haven’t refreshed, but are you awe_naw…………dammit, was lookin forward 2 …….ohhhh fuk, watever, .. …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
….
.
..
….
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ADD/RSS CSC
..
.
16 roads – Celtic über alles…
23:28 on
6 September, 2014
————-
the cententary strip and tracksuit were so brilliant.
god bless your cousin/
themaestro72
23:49 on 6 September, 2014
hamiltontim
they were drunk, singing and happy and called everyone boring bas##
Would have been good in a crowd
——-
No bother mate.
Ps most members are 25+, don’t drink excessively before the football and don’t criticise other supporters for not singing.
For people travelling to gave v Salzburg, via the easyJet flights to Munich.
I know quite a few people here have mentioned it.
On arrival at Munich, remember to buy a bayern ticket.
This ticket allows you to travel on the Regional train (meridian) all the way to Salzburg from München Hbf (Central station) or München Ost (East) and is valid until 3am the next day, so if you are travelling straight to the game it will include your transit from the airport to the city.
At the ticket vending machine in Munich airport, select special tickets, select bayern ticket, enter the number if people in your group (up to 5 people can travel on the ticket- price for three people for example is 31 euro, effectively about ten euro each. Price without a bayern ticket for 3 people (everyone just buying their own single fare) about €35 each.
A saving of over €70 euros, which could be used for beer for example
Each person must enter their name on the ticket.
You can also buy a bayern ticket at the counter (but remember in germany it’s around €2 dearer)
Solent Dave
No worries, few front house jobs listed here too
http://www.caterer.com/JobSeeking/Glasgow_l2032_t1.html
again good luck
HH
Weefra
He can kiss our collective erse!!!!
Best thing to do …. I’ll hug the Swindon bassa when I next see him!!!!
HH pal!
Jamesgang
hamiltontim
23:42 on 6 September, 2014
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You are more than likely correct HT,but he was some footballer as well.
Sometimes I am guilty of having a hun mentality as far as Celtic are concerned – like if Satan himself turned out for Celtic, and was doing a wee bit of damage – I’d be cheering the tunt on.
It’s wrong, and I know that’s it’s wrong.
It’s always about the principles though, and that’s what makes our club different, good people like yerself, big Lefty and the rest.
HH.
When I was at engineering college, I met up with a fan of deadco. He was the double spit of a player who played with them at the time. His hairstyle was a duplicate. His nickname was the name of said player. We went on holiday together. He used to sing the praises of aforementioned player. Decent guy who idolised the man. I was a bit jealous if I’m honest. I liked the player too.
Life was sweet for my mate. Even when his hero departed the bears, he sung his praises.
Until…….oh Alfie , Alfie, signed for the hoops.
Haha……..ya never seen a more distraught man.
Twists………OOFT When tragedy struck ha ha .
H.H.
hamiltontim
Cheers for that, not got a clue apart from that they bring a great atmosphere to the game.
Don’t agree with what they do at times but I miss them, find myself looking at their corner when the football is not so good.
There were those who scoffed when I told these hallowed pages more than 6 months ago that the YES vote was massively over-priced at odds between 5/1 & 4/1.
Today Ladbokes stood alone at 5/2.
Not for long they didn’t !!
Best price now among the High Street giants is 2/1.
Too late the penny is dropping.
DD,
Aye things are good pal.I heard a good Celtic fan from Clydebank passed away yesterday.
I’ve only had one text message from the bro in law and despite trying tonight to get confirmation I haven’t heard anything further.If it is indeed true,I am absolutely shocked.
Perhaps Gordybhoy might know if he’s about as the fella is from his neck of the woods.
I worry when fans like the GB are turned away and the padded seats in the north stand sit empty.
hh
KK
Gut feel is it will still be No. Narrow, but No.
macjay1 for neil lennon
23:52 on 6 September, 2014
I take nothing to do with the poster you mentioned. That’s for one reason, the betterment of the blog.
You’re comments were ignorant and inaccurate.
You don’t like the GB, that’s fine mate. However, to use the language you did when some of their members commit to Celtic in a manner that you don’t was extremely poor.
I genuinely don’t mean it to be offensive macjay but while you’re in Australia they’re singing their lungs out for Celtic.
Ps I know of the commitment you make to get up in the middle of the night repeatedly to watch the hoops and I’m in awe of it. Please display the same respect to those of us who travel to watch Celtic at great inconvenience home and away.
jamesgang
No less than I would have expected from you. BRILLIANT. He will be deeeeeelighted. :-)))
See ya next saturday, hopefully. KTF.
Weefra HH praying to Wee Oscar.
http://youtu.be/Q2aha4uEpEQ
this is me singing with Delaneys Dunky and TCR behind me
practising their dance moves before heading down to the Oasis
in Clydebank
saint stivs
23:53 on 6 September, 2014
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The ultimate Celtic pluck, and Celtic always had the best pluck!!
I went to France when I was in primary school, on of those children of the war things – and I begged the wee cousin – please lendis yer Centenary tracksuit for ma holiday, and the wee man lent me it.
Still have pictures of me wearing that same tracksuit in France!!
Best times.
HH.
Kilbowie Kelt
Just on and back out,a busy few days ahead,thank you for your thoughts.TAL.
TCR,sorry mucker just seen your post,
haven’t heard any news about anyone,
not spoke to Stephen for a few weeks
I say, GET THE GB BACK. IMHO of course. KTF.
Weefra HH praying to Wee Oscar.
Hey Moonhowlers…..Sunday morning is here……..
Great song about Sunday mornings…….
► 4:30► 4:30
http://www.youtube.com/watch?v=dQiZ-ElseyM
31 Jan 2010 – Uploaded by VideosdeElian
Easy: Know it sounds funny But I just can’t stand the pain Girl I’m leaving you tomorrow Seems …
Right pals.
Cot time,6 as my huggy pal would say.
Yours aye, forever in Celtic.
Keep the Faith fhriends.
HH jamesgang
themaestro72… cheers for that,not got aclue apart from they bring a great atmosphere to the game.
Nail on the head mate. One game I managed to get awe the weans to a game
they were mesmerised by the drummer bhoy ha ha .The game passed them by
and on the way home they swapped chants COYBIG etc.
SINGLIKEYEMEANITCSC
Celtic Charity and politics…trace our roots
bring back the GB
hh
Fanadpatriot,
Is Liam Shiels a small,black haired lad?
16 Roads
Not at all mate it’s all about opinions. I’m a relative youngster in comparison to most on here but I think that in many ways I think I’m more of a traditionalist than them.
Personally, despite his footballing abilities I’d have preferred that I never saw him at Parkhead.
BRTH
Loved it, please collect as much o yur fathers things n take them to an/ Historical Society, Museum – tell all histories
;-)
Twists & turns,
I am not daft enough to be worrying about the vagaries of the ballot box.
It is time for me to step aside with a free bet & a few quid of ‘expenses’.
I am never too proud to take a profit.
As Wee Joe Boni used to say,.. ‘ Small fish are sweet.’
Gordy,
I don’t want to post his name just in case Stephen is wrong.
That would be very unlikely though.