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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Roy C
Brilliant links last night and extremely poignant comments tonight.
ht,
A comparative young lad.
I’ll crack the jokes pal..;-)
ryecatcher,
Maybe she has that bit of venom in her, like most of us do, at least she had the balls( pardon the pun) to make fun of her own.
Sometimes, I laugh at things I know I shouldn’t and feel a bit guilty about it, then again I have been in the company of people with ailments that joke about their condition and tell me to lighten up.
There’s no point picking holes or moping, best to get on with it and have a laugh and deal with it, that’s what I have been told in the past.HH
drambowiecelt
My memory of the Helsinki game is of the GB chanting to the rest of the ground in a sort of competition to get them all singing, as you said the kids loved it
coloured ribbon
00:12 on 7 September, 2014
ht,
A comparative young lad.
I’ll crack the jokes pal..;-)
——
You’ve got a face like a London Underground map :-)
KK
” I am never too proud to take a profit”
Shamefully, I agree. My biggest profit in recent years was on Karagandy in the away leg. Ht, ft, and to win both halves.
In contrast, I lost a 4 figure sum some years ago betting Barca to beat us. I didn’t know whether to hug or punch David Marshall!!
Brilliant wee Commodores choon for the Moonhowling Nightshift
Commodores – Nightshift – YouTube
http://www.youtube.com/watch?v=FrkEDe6Ljqs
TCR,
is he a friend of Stevie,would have expected a text from him if I had known the bhoy
hamiltontim
thanks mhate. I cant believe from such a position of strength we are alienating a vibrant sectiion of our support that we should be encouraging and building upon.
stopclosing sectionsCSC
I’m a relative youngster in comparison to most on here
Eternal Optimism Delusion CSC!!!!!!!
HH jamesgang
Tricoloured ribbon
That could be a fair description .
Gordy,
Think ice cream van..
Rye that should be Night Moves
Mr Seger.
H.H.
Roy C
I try to post facts on here (doesn’t always work) regarding the GB as opposed to opinions.
I’d love a survey of those who’re critical of them.
My first question.
What have the GB sung that you disagree with?
My second question.
Have you ever sung the same song at a Celtic game?
TCR
would the initials be BM,a good bhoy from the Faifley,
Night Night Timland. Cot time for me. KTF.
Weefra HH praying to Wee Oscar.
Fanadpatriot,
I know him.
He was on the altar with Fr.McGavigan at Mass in St.Brigid’s in Derry a few weeks ago.
There was another recently ordained priest from Portaferry there too.Fr McGrattan.
They are all good friends.I will remember him in my prayers.
Ryecatcher
Joan tivers was a Jew. Palestinians and Arabs from neighbouring Arab countries have sworn to wipe out the state of Israel. Did you expect her to say anything else. Read back posts on CQN pertaining to Orange Walks, Orange Lodges and Orange Order. Some of us were alive during the 70s when the PLO terrorised the world with hijackings of aeroplanes and the murder of innocent passengers. The murder of the Israeli team members at the Munich Olympics turned a lot of people against what the Palestinians were trying to achieve.
hamiltontim
00:09 on 7 September, 2014
————————————–
Hindsight is a wonderful thing HT, but sure at the time it wasn’t obvious that Paulo was a mercenary.
Some of the greatest Celtic songs ever as well… if the balls in the net and it’s not Jorge Caddete, it’s Di Canio.
Or is it because of his politics?
If he was a facist, he was a facist.
None of us knew his political leanings at the time.
HH.
Joan Rivers even.
Just pickin up on the GB discussions.. Now in my 60’s, I think, (and hope) I’m wiser now than when in my younger days, and I hope I can see things without prejudice or bias. I’ve looked carefully at the GB issues and the comments and remarks made against them and, despite disagreeing with some of their displays and protests, I believe if they were represented by proper legal council, there would not be one charge against them that would stand up in court. Yes, many of their displays are not football related, and certainly not Celtic FC related, but are they breaking the law?? I don’t think so. I think we are being led too much by rag newspapers who have their own agenda against them, or our Club, and use that to have a public go at discrediting us.
For me, we need to ignore the ‘anti GB’ publicity and enjoy the colour and atmosphere they bring. Without them, there is very little excitement around our stadium.
Wee choon from the best band of all time………
Any style of music…….they had every tool in the box
The Clash – The Card Cheat – YouTube
http://www.youtube.com/watch?v=kZQOZC_ELBg
Roan Jivers.
HT
I watched how they were treated; I spoke to them; I challenged the police verbally; I wrote to the police; I entered into correspondence with my MSP and Celtic about the OBA.
Last week I returned my seaon ticket.
needssortedCSC
For Drambowie Celt…..enjoy
Bob Seger- Night Moves – YouTube
http://www.youtube.com/watch?v=_mRFWQoXq4c
HT
TCR gets you papped aff transport wi his rebel songs. :))
Macjay you may well be right just as you may well be wrong
You have your issues with the Green Brigade, fair enough.
We all have our differences on matters relating to our team but as long as we continue our support of the players wearing the hoops , that’s the important thing.
hamiltontim
00:14 on 7 September, 2014
coloured ribbon
00:12 on 7 September, 2014
ht,
A comparative young lad.
I’ll crack the jokes pal..;-)
——
You’ve got a face like a London Underground map :-)
……..
Throw in the French Metro and the Glesca subway why dontcha? :-)
Hamiltontim
00:02 on
7 September, 2014
You completely miss the point or choose to ignore it.
I found the following comments insulting and completely unacceptable .
You apparently don`t.
And you call my response “ignorant and inaccurate” while making no comment about the gob/bowel movement description.
Blatant double standards.
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.
————————————————
AndyR53
“Yes, many of their displays are not football related, and certainly not Celtic FC related, but are they breaking the law??”
————–
My last post tonight on this mate.
Ironically, in contemporary Scotland some of their displays have been deemed illegal and unlawful.
However, in the opinion of the GB, every display and song is related to the ethos of our club or current legislation deemed at criminalising the Celtic support.
I must admit, I miss what the GB brought to Celtic Park….the last game of the season against hertz, reckon there was only about a hundred of them.
The GB started…Glasgows green and white, back and forward the chant came…magic.
I was in the number 7 that day and even the suits joined in.
PL, open your eyes, let the young ones sing and enrich a carnival atmosphere…you know it’s what’s needed.
roy croppie
00:28 on 7 September, 2014
HT
I watched how they were treated; I spoke to them; I challenged the police verbally; I wrote to the police; I entered into correspondence with my MSP and Celtic about the OBA.
Last week I returned my seaon ticket.
needssortedCSC
——
Seriously mate?
delaneys dunky
00:30 on 7 September, 2014
HT
TCR gets you papped aff transport wi his rebel songs. :))
……….
Is thon wee Zombie ticket inspector still cutting aboot.?
He said he had a complaint from somebody.
Must have been from a HMRC official…
Rye
Card Cheat. What lyrics? Immense. Thanks
Sips is right.
End of….
Ghood night.
HH jamesgang
Think Paradise might be missing these Bhoys……..
► 14:04► 14:04
http://www.youtube.com/watch?v=GuId4B0uY30
1 May 2012 – Uploaded by fourgreen88
green brigade v huns 29-4-12 part 1. fourgreen88 …. Celtic V Rangers Flashpoints by …
Dallas Dallas where the heck is Dallas
00:31 on
7 September, 2014
Fine.
Tony D. cops it from all sides.
That was the principal issue.Not the G.B.
Cheers.
….PFayr supports WeeOscar
18:39 on 6 September, 2014
Sevco charade continues …..cancelling a Petrofac cup game against lowly East Fife because of international call ups
Cause that’s what big clubs do ….embarrassing
============================
Just reading back. Been mooching around the lowly results tody – hate international breaks – and was wondering where they were. Thought the game would be tomorrow.
The tragedy of them. Hahahahahahaaaa.