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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Gadetti
One thing lots of us assumed was he would take weeks to get fit. Suppose his U21 appearance for the Swedes dispelled that negative.
Can’t wait to see the new forwards in scoring action.
Snake who has said we are too stupid ECG? I don’t remember anyone saying that?
WEE FRA
19.37 tonight mate,canny work out how to re post
Really getting tired of the Bullying of a great Celtic man in Ernie Lynch. Fact is all the freemasons are voting YES, by and large, all the orange men are voting No, the orange men may be bigots and dangerous to my kind (Irish descendent or Catholics) but the esoteric societies are much more dangerous on a world wide level than the orangemen are. The Rosecurians want a Yes vote so I’m voting NO. MWD like an idiot savan or obsessive autistic repeats his dumb slogan “He’s voting yes” does he not realize that him telling us in each post how he voted is boring and isn’t going to convince any one, especially when all his evidence of how great an independent Scotland is going to be comes from Wings over Scotland and other such nationalists sheer propaganda sites. They are not credible, impartial, independent projections of an independent Scotland far from it they are propagandist tools, wings over Scotland is run by closet NEO NAZIS. All the idiots voting Yes don’t realize as soon as we Vote Yes we will still have a Queen and Still have membership of the EU and NATO with the bank of England dictating our interest rates under what plant is that independence for a starter? All this guff MWD gives about ” the people can change that in an independent Scotland” don’t be daft they can change it but they wont the people of Scotland sadly want a Queen and membership of the EU and NATO, also peoples pensions will lose a lot of money if YES is voted through, public services will be slashed by the SNP who will win a landslide majority if they get independence and Catholic schools will be quickly outlawed within 3-8 years. Their will be no jobs in Scotland only starving people like in a Nazi/Communist/Neo liberal “utopia” and there will be a police state with people being sent to Gulags and Concentration camps signs of this already are the OB act and the named state person for every single child, not just children who are in “at risk families”. Teach your children a god exists? Gulag for you. Or perhaps your a left wing, human centric atheist, teach your children that each person should have the right to decide if they live or die, not a government coming in at 90 and saying “we have no use for you any more, your costing us too much money you have to die” (philisophical marxism/esoteric socialism).
No thanks, if you want a pluralist society where Catholics and people of colour and elderly people over 90 or 100 are treated like human beings, if you want socialism inspired by the philosophies of pre masonic socialism created by MARX as a deception to prevent egalitarianism with his moto “life should only be judged to have value when judge by someone of higher capacties judges it to have value” (i.e. some are more equal than others) then vote NO. Pre masonic socialism was MORE left wing than MARX and it was about every one being truly equal, it was not about destroying society and coming up with nonsense reasons to justify the killing of the weak or those with differing political opinions than the part, it was much more anachronistic and libertarian it was not about telling women they are not allowed to have children at all, it was not about saying “as a Man I judge your oppressed by the patriarchy therefore as a women your word of consent does not matter until such time I as a man say it does and that’s only when no one has children can your consent be given because you are “oppressed” (see how the oppressive masonic corrupted marxist version of socialism oppresses women by denying them the right to have children if they want because it deems it part of the “patriarchy”, just the existence of children in a womens womb who wanted to have it is allegedly oppressing them and does not respect the fact that a women actually biologically often wants to have a child). Pre marxisim socialism was much purer and was about actually helping the poor and not trying to deny people the control over their own decisions. A society to be a collective must also respect the human rights of the individual a society which does not is just a conformist jackbooted esoteric fake socialism, lets be brave and actually read Karl Marx, look at him doing the hidden hand gesture you can google it. Its quite clear he actually hated humanity unlike many pre masonic socialist philosophers that went before him and the odd one since him. Individualistic, interconnectedness, socilaism is the true and noble successor to Marxism and will reclaism socialism from the esotericists and technocrats and give it to the people the non esoteric philosophers intended it to be held by “the people”.
Ronny Rules says “thanks but no thanks, nationalism begins with patriotic music and ends with Auschwitz”
Mwd
As I said to you today .. At CQN corner .. No surprise that none of the ass holes on here never actually appear in person .
Cowards and liars the lot of them
Weefraethetim there are foodbanks in many places in England.
Paul Daniels says he will never set foot in Scotland again if we vote YES.
The orange order, Gideon, Dave, Brown, Darling, UKIP and the Tories now joined by Paul Daniels, yet another own goal for the NO’ers.
TBj does that include me?
McStay.
Anyone remember that opening day of the season at tynecastle.
We stole a point.
The team played really poorly.
Except the maestro.
Running up to hearts players, taking the ball of them, beating them all. On his own.
Some fans of rangers used to really complain to me….’why does the Sunday mail give McStay a nine every week’?…..they used to moan…
But, if you seen him….he was well worth it.
mayanman
Your opinion, which I don’t really mind, but first and foremost, I’m a Scot and proud of it. I’m also pleased you think I make an ostentatious and arrogant show of learning. And there was me thinking I was beginning to show signs of dementia. Whew. KTF.
Weefra HH praying to Wee Oscar.
neganon
Answer the question.
Weefra HH praying to Wee Oscar.
monteblanco
22:54 on 7 September, 2014
‘;Every day is a school day
What I learnt today on CQN……..’
Well what I’ve learned is that nats think we’re not capable of running Scotland on our own.
And that’s why we need to have a currency union, be members of the EU and NATO, and have the queen as head of state.
I mean, could they not have at least let us have Shir Shean instead of the queen?
Or maybe Mary Doll.
####
Neganon2,
you replied to a comment I made earlier regarding the bullying of Ernie,
at no point did I mention you so how do you get that anyone that I feel
disagrees with me is a smart ass,indeed do you know how I am going to vote cause right now I dont
Delanys dunky. Media house? Oh am I a Hun then?
This Iindy vote is too close, so one thing is certain, both parties will need to poll together after it because a split nation goes nowhere .
RBS the Scottish Bank that’s majority owned by the British Government after a Yes vote will continue although it’s HQ may move south,
What’s going to happen when quantitive easing is stopped after a Yes vote, in my opinion this is just stoking up more national debt which is one of the many reasons we should vote Yes.
Posted this earlier which I found very interesting on finance and currency.
https://www.youtube.com/watch?v=MQt4_h_r238
i wish that aiden mcgeady was scottish.
touch paper lit.
mayanman
Anyhoos, you going to the Aberdeen next saturday? :-)
Weefra HH praying to Wee Oscar.
I would be slightly embarrassed if Scotland were to go down in history as the first nation to reject independence.
Ok ghordybhoy my apologies.
Your shout how you vote.
Paddy Gallagher. Is that how the residents of Quebec felt?
Prestonpans Scotland is going to be utterly divided on the 19th.
WeefratheTim my freind.
As I have posted before, Labour Man all my days, where are all these Socialist Scolars you speak of,unless there is a Magi’cian in Muppetland( Hollyrood ) and borrowing from Westminster, would not be much better.No matter who come’s through its just another lot joining the Gravy Train, and you and I will be still using wur size10 shovel.
Awerabest PJ
RonnyRules
23:00
Where to start, oh dear
Can someone please point me in the direction of any No voter on here who has said that Scotland/ the Scots are too wee, too poor, too stupid or too anything to run Scotland.
I thank you.
NegAnon2
23:06 on
7 September, 2014
Yip if you continue those thoughts………………
Neg
Only you know the answer to your own rhetorical question.
ernie lynch
23:03
You speaking to your brother yet?
How’s the wife?
Weefra was it the foodbanks question?
I have answered. Tell me is there a foodbanks in bearskin or morning side?
Neg anon2
Johann Lamont – https://www.youtube.com/watch?v=nBH55ZeZU4w
We are not genetically programmed in Scotland to make political decisions.
Too wee
Too poor and literally
Too stupid
Never felt anybody from Quebec – don’t know.
saint stivs
23:03 on 7 September, 2014
i wish that aiden mcgeady was scottish.
touch paper lit.
————-
So do I, pal, and Messi too – but they urnae.
Bummer :-(
HH
BGFC
OnlyPeeWithWhatGodGaveYouCFC
Oh, I’ll tell you a tale of peace and love
Whack fol the diddle o the die do day
Of a land that reigns all lands above
Whack fol the diddle o the die do day
May peace and plenty be her share
Who kept our homes from want and care
Oh, God bless England is our prayer
Whack fol the diddle o the die do day
Whack fol the diddle o the die do day
So we say “hip hooray”
Come and listen while we pray
Whack fol the diddle o the die do day.
tictaewin
Paul is a living legend. We watched 2 or 3 absolutely great Celts today: Lubo, Stan and Frankie Bhoy. The latter was a personal favourite of mine.
But Paul was a Celt like Danny and Henrik, totally unselfish, passionate and gave their all in the Hoops.
Yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeees
Ah Delaneys. So you think I am a Hun then? Just like wee Tony Donnelly who equally won’t answer the question directly.
Am I a Hun because I voted no? Or because I don’t agree with you? Or because it makes it easier for your brain?
Are you a season ticket holder at CP?
NegAnon2
23:05 on
7 September, 2014
Paddy Gallagher. Is that how the residents of Quebec felt?
**
Paddy Gallagher
23:08 on
7 September, 2014
Never felt anybody from Quebec – don’t know
And here’s another thing.
See all you guys who assert that the Scots are more socialist or more left leaning or more humane or whatever and a separate Scotland would reflect this.
Do you think the Scots are more socialist, left leaning, humane or whatever than the Irish? (by which I mean the Republic. I’m not talking about the Ulster Scots)