Warning from Blue Knights comes home to roost


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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  1. Was amazed watching back to some 80s footage of that game and similar, complete with Archie McPherson commentary.



    The maestro slides in with a 2 footed challenge that takes EVERYTHING. Today you’d be on sky sports for a week with ‘that tackle’






    Magnificent tackle by McStay screeches old Archie Mc!



    HH jamesgang

  2. THE POT STILL – Hope Street.


    If you want to get away from mind numbing and blaring pop music, the Pot Still in Hope St is worth a wee visit.


    With a selection of well looked after real ales and 650 (at last count) Malt whiskeys to choose from, the Murphy family will make you very welcome.


    The father Brian (who owned the Arlington Bar in Woodlands Road for many years) is a passionate follower of the Hoops and was, up to the last couple of years, to be found at all the away games in Europe!


    Hail! Hail!



  3. tonydonnelly67


    Phil mac was saying that they dont even know the half of what big haunds was up to when he had free reign in their,:))))


    how good is that thought :)))))

  4. mike in toronto on




    Just saw Gregory Porter a few weeks ago at the jazz festival …. quite a good show …. Be Good has probably been the song I have played most often the last few years …



    I’m showing my age, but do you ever listen to Johnny Hartman? One of my favourite singers…



    next week, Paolo Nutini is in Toronto, then to celebrate my brother’s 50th birthday, he and I are heading down to New York to see Justin Currie at a little club in Brooklyn…so a good couple of weeks for music….

  5. Nye Bevans' rebel soldier on



    16:32 on


    6 September, 2014



    Spot on mate,anyone who thinks the hun will be


    gone soon is living in cloud cuckoo land.




  6. eddieinkirkmichael on

    @rupertmurdoch: London Times will shock Britain and more with reliable new poll on Scottish independence. If right on 18 th vote everything up for grabs

  7. eddieinkirkmichael on

    @rupertmurdoch: Scottish poll reflects world-wide disillusion with political leaders and old establishments leaving openings for libertarians and far left.

  8. Thinking there were maybe 100000 Tims at Love Street this wonderful day,judging by the amount of people who claim to have been there…..lol







    ► 5:27► 5:27




    27 Feb 2009 – Uploaded by jmyjnstn67


    The league clincher in ’86 while Hearts were being beaten by Dundee thanks to 2 goals from …

  9. bournesouprecipe on

    mike in toronto



    I like Porter’s latest album, I also like Johnny Hartman



    Nutini has got it.

  10. mike in toronto



    The Johnny Hartman stuff with John Coltrane is peerless in my opinion..



    A wee bit of Mark Murphy goes down a treat as well, I was Sunday afternoon Dingwalls boy many moons ago!

  11. jamesgang


    Hopefully bud.





    Nawwwwww i wisnae in the dance halls way they auld yin from the other day,


    I discovered early you could get drunk for the price of some of the dancing entrance fee :))) sorted or so i thought :))))))


    Till later all





    Charlie said a lot………….all of it (almost) true:



    I’ve started to catch Rangers-itis. What I do see now is an opportunity to finish it and take it back to greatness. I won’t leave before Champions League music’s playing at Ibrox. But I’ve already changed my mind once, so it may be I end up changing my mind until we win it (the Champions League).”



    “I’m a Yorkshireman. I’ve got big hands – God gave them to me so I can grab a lot of money. However, this is not a dodgy Charles Green scheme.”



    “I got death threats. There were lots of threats. I have had visits from Strathclyde Police who were treating the threats seriously. They explained how the staff should look for strange packages and how I should make checks myself, including my car.”

  13. BCW



    Nae wonder, cats and water don’t mix. Our cat will no ever let you lift her. :-))



    Weefra HH praying to Wee Oscar.

  14. if sevco go under, what changes? they died, claimed they survived and will probably do so again.



    if second sevco materialises we’ll still see them celebrating >140 years. in that respect, the bears should relax, chill. no need to get upset everything will remain as it always has been.



    we’ll no doubt see the hacks claiming what is about to happen isn’t happening and then, in months to come, didn’t happen.



    we, on the other hand, need to turn things around. we can’t have a 2nd mowbray and ronny needs to get this team moving. the hacks will gleefully tell us what is happening and remind us what happened.





    Yeah , I know mate, but the cat had to be washed this particular day. Funny looking back.

  16. Hearing of serious disorder in Castlemilk at the moment. Cop chopper has been overhead for about an hour now, wife phoned to tell me that a Hibs walk was ambushed by “about 500 Orange marchers” on Castlemilk Drive. Probably a bit of an exaggeration of the numbers, but serious bother nonetheless!






    End London rule. YES

  17. mike in toronto on

    My favourite singer of all time is probably Nat King Cole …. one of my oldest friend’s use to live a few doors down from Oscar Peterson … when he was in town, we could sit in my friend’s garden and hear him playing and singing (he sounded very much like NKC) …I was a poor student at the time, so it was a treat!



    saw mark murphy about 10 years ago … he seemed like a cool old guy, but his voice was shot …

  18. Dallas Dallas where the heck is Dallas on

    Brogan, thank you for that uplifting story about your dear, departed father. He sounds like he was a fine man.



    Talking of St Margaret’s Hopsice, I was talking to the Hospice chairman for a short time last week. He’s very proud of the job all staff do at the hospice. The never ending fundrasing required, they receive some assistance from the NHS, and drive to reach their targets, is incredible.



    Are you part of the McGinley family who had the removal & coal businesses?

  19. I was at Love St.Got bit and head butted off of a horse queing up outside.It was won of my willa wont days,but as it turns out its always I cannot no day,What a fkn day that was

  20. 67Heaven ... I am Neil Lennon ....The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors on




    Looks like Justice and Truth will finally have their day …… the wages of smsm / murray et al the succulent bams trying to ride roughshod over The Famous Glasgow Celtic …… was never going to happen …… we resisted/ persisted and survived ‘their’ efforts to wipe us off the face of the earth …… OUR DAY HAS COME……….BIGTIME…..!!!!!!!!

  21. Dallas Dallas where the heck is Dallas on

    Starry Plough, I glanced through your post at 16 50 and I saw the names Mark and Dingwall in it. I thought how can that odious & repugnant git’s name be mentioned on here.



    Thankfully, it wasn’t about him at all, phew.

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