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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Paddy. An eloquent response.
Dearie me
If you vote no…………..we still have everything the no camp are trying to tell you that by voting yes won’t be a good thing.
Well blow me down, feckin desperados or what.
HH
TBB at 22.27
Good post & a similar conclusion to one I have previously drawn
Ryecatcher
I think it was you who said you would like Gordon Strachan back at CP one day as manager, but you didn’t think it would happen.
I think it will happen, not before 2018 WC, but I think he will be back, maybe as a Director of Football, or maybe as a non exec director …just my opinion
Ernie
The Nats are as bad as the the others. The only difference is that they have given us an opportunity to perhaps, mibbe, possibly upset the status quo and go off in a slightly different path.
That to me is worth a Yes vote.
But I salute your indefatigably
Guys they are looking for a reaction. No matter how many points you score, they will ignore and persevere. Rancour is their objective.
It’s like playing a puggy you can’t win; unless you walk away.
Quebec isn’t a nation
not even gonny try and correct that typo
Cap fits .. Wear it .. Or man up
Neg
I never accused you of being a hun. I believe you are working for media house.
Ernie lynch – as a scot living in Ireland the answer would be, broadly, yes. The irish have never en masse voted for a left of centre govt. You could write a thesis on the reasons why.
Not your best shot there buddy.
Keep trying. Only two weeks and you can down tools!
I’d be happy if Scotland was controlled directly from the Vatican.
I’m working for media house????????
Whit!!!!!!
Bizarre.
I work for an insurance company.
Brilliant so I have been a deep plant on this site for over 10 years????????
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.
Once again I thank you.
Check out pope francis tweets, makes more sense than anybody.
Yeeeeeeeeeeeeeeereeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeees
ernie lynch
23:10 on
7 September, 2014
Are we a more socialist thinking nation? Well you could perhaps gauge that from the last election results:
Labour (let’s pretend they still have socialist aspirations) – 41 Seats.
Lib Dem (prior to losing their spine, probably the most social caring party policy wise) – 11 Seats
SNP (historically not left, but have seen a gap and exploited it) – 6 Seat
Conservative (right of centre) – 1 seat
On that result I would say that our electorate do lean more to the left.
Britannia Insurance ? :-)
TET sorry don’t understand?
RobertTressell
23:16 on 7 September, 2014
‘Ernie lynch – as a scot living in Ireland the answer would be, broadly, yes. The irish have never en masse voted for a left of centre govt. You could write a thesis on the reasons why.’
####
There’s no logical connection between those two sentences.
And it’s the break in that logical connection that makes my point.
No paddy. A large Dutch owned insurer with a uk arm in Edinburgh….
ernie lynch
23:17
Go back and read your posts from about 3 months ago ya muppet.
BTW how’s your wife? Are you talking to your brother yet?
Big cup winners,
Loved mcAvennie too.
Still feel bad, I booed him off the park, his last game because he was moving down to London for some burd.
papa
I have a grandson who works full time as an apprentice tyre fitter. He works from 0800-1700 six days a week, mon till sat. He is 18 yrs old and earns £120 per week. Gospel truth. This is the Tory Britain all the non nationalists are quite happy to live with. Not for me, I want the best for my family, and that seems to be a divorce from the haemorrhage of money that WM is.
Weefra HH praying for Wee Oscar.
NegAnon2
Good luck to you pal :-)
No no voter needs to explicitly use the phrases too wee, too poor and too stupid.
It all boils down to the same thing.
Neg
If you spout the same language.
If you try to agitate a Celtic site.
You are Media House like.
Are you Jack Irvine?
eddieinkirkmichael
23:21 on 7 September, 2014
‘Go back and read your posts from about 3 months ago ya muppet.’
###
Refresh my memory.
Snake I wonder why that clip is so short………
Taking quotes out of context etc. part of the cyber Nat campaign. I’m surprised at you.
I think theres definately more compassion in Scots and Scotland,if Scotland isnt more socialist then its whole psyche,character,who we are and how we were brought up is a lie.
Everybody likes money,its human nature but I think Scotland and the Scottish would do its best to help those in need and be true to itself,if its not then bridge,come to it,cross.
My opinion mind.
Delaneys, man how did you do it? You worked it out.
Oh dear………….
Neg
” A large Dutch owned insurer with a uk arm in Edinburgh….”
and what nationality is the rest of their body.
PS
I really wanted to play the orange card there, but thought, no! no! no! lol :) por cierto
eddieinkirkmichael,
I probably shouldn’t ask but why do you regularly ask Ernie about his wife and whether he talks to his brother
ernie lynch
23:22
Now that would be an idea
The Battered Bunnet@22:27
“PF
How’s tricks?
With few exceptions, we’re all pretty much anonymous on here. I say pretty much, in fact I know many of the posters personally, as you do too, and anonymity is a relative state.
It’s the CQN community thing. I think I must have met a couple of hundred CQNers in my time, some from down the road, some from down under. I’ve never met a CQNer I didn’t immediately like.
I’ve never met Ernie Lynch. Maybe others have, I don’t know.
If you’re looking in tonight Ernie, you don’t seem altogether ‘human’, if you understand me. My impression is (such impression being given and obtained equally) that your CQN persona is a deliberate fabrication.
To my mind, “Ernie Lynch” is, and has been from the off, an agendised caricature. The character is invented, but the agenda has been “pedalled” for a long time. Whether that’s the intention of an individual riding solo, or of something more coordinated, I have no idea of telling.
It comes across pretty much as an invention though, and like the telephone and the pneumatic tyre, it can’t be bullied, only used for the purpose intended.
No harm mind.
TBB”
I generated some adverse comment (surprise, surprise!) the other night for suggesting that our opinions should be based on some observable behaviour and recurrent pattern.
I was pulled up for not giving sufficient space to interpretation, impression, speculation, whimsy and, I think, poetry. I felt like Bishop Berkely being kicked by Samuel Johnson as it seemed I had, inadvertantly, made an argument for reductionism or behaviourism. But I said “based upon” not “exclusively made up of” so I did not feel guilty of the fault for which I was being attacked.
Your argument above gives me an opportunity to point out again the problems of basing opinions about others on impressions (it seems), interpretation (to my mind) and whimsy (such impression being given and obtained equally) without any observable behaviour, apart from written words, to go on.
Here we have a person you have not met but whose words you have read. You have sat down and formed an impression, speculated a character and, whimsically imagined that he has given you this information just as much as you have imagined it. And yet, you have spoiled the purity of this mechanism by stating that “I have no idea of telling”.
Why not?
Why not use the same mechanism you started with and just invent your idea? And then tell yourself that ernie had made you believe it? because that is how the rest of it reads.
If I were to sit down and imagine what The Battered Bunnet was like before I had met him, I could have invented and attributed any set of characteristics that my mind could dream up. If I had been opposed to his views on certain subjects, I could attribute all such bad characteristics as I could dream up. We do this to Rangers fans- Have you seen a handsome hun? We do it to refs and polismen- “wee ex-prefects who like to lord it over everybody” and we can diminish, stereotype or de-humanise anyone who thinks or acts differently to our beliefs.
Now I suspect, or hope, that some of your post was tongue-in-cheek. Otherwise, I’d have to buy into a view that referendum fever is unhinging a few fairly reasonable individuals and leading them into flights of fancy that they would dismiss when they had their rational heid on.
Now, using the scientific method towards your hypothesis, that ernie was not a poster of contrary view(s) but a troll, paid agent, agendiser, robot, or software virus, you would have to ask yourself the question of “what would prove this hypothesis wrong”
If ernie was only here to disrupt the natural Tim Tendency to Vote Yes (a tendency much exaggerated IMO), then why was he here on CQN before the referendum started? Why did he talk of Celtic at all, unlike Billy Bhoy 05, who was almost exclusively political from the off? (not that I am disbelieving at all that he was not a Celtic man). Is ernie’s agenda wider than the referendum (you do not speculate much on that point)? If so, how come No voters like ernie and Neg Anon and PF are largely on the mineshaft end of Celtic Board matters, whereas RWE and myself are in the same place politically but not with regard to Celtic Board politics? How come ernie is the only one who is agendised, out of all of us?
If I apply Occam’s Razor to what little we know about people, I can only reach the conclusion that there are other posters who hold honestly held contrary views to mine, despite us all supporting the same team.
Now, it is more than ok to dislike these posters (I have named the people that I think have a wind-up role on CQN and who have no consistency of position or, even, poster name). I would not defend everyone in our support either. But, all I can discern about ernie, from his writings, is that he is left wing, grumpy, cutting and funny, but uses the “I don’t suffer fools gladly” cover for expressing rudeness. That’s about as far as I can take it.
Do you standby what you have outlined? We have two more weeks of referendum nonsense to go. What will ernie’s agenda be on here, after that?
Snake Plissken
23:21 on 7 September, 2014
Sorry, could you be clearer?
You seem to be suggesting that no one on the no side on here has actually said that Scotland/ the Scots are too wee, poor, stupid or whatever to run Scotland?
Is that what you’re saying?
neg
I have never ever accused you of being anything other than a Scot. I know you never said I did. Just trying to back you up on that. KTF
Weefra HH praying to Wee Oscar.
Ok I’m going to ask the question again that MWD couldn’t answer.
If we are such a left leaning country….
Why did we freeze the council tax? It’s regressive? Why have we never increased taxes when the scottish parliament had the power to do so?
Where we being bribed perchance?
Yes yes yes. Thanks Ernie.