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.

[calameo code=000390171586f6fbaa2ba lang=en page=122 hidelinks=1 width=100% height=500]
Click Here for Comments >

About Author


  1. EKBhoy:



    I don’t dispute that at all, whichever side of the fence you stand on the other side is full of hypotheticals so it all comes down to rolling the dice.



    Do you feel lucky. If I was betting my country on it, I wouldn’t touch any dice.




    The Times…



    Chief executives of companies based in Scotland are moving their business bank accounts out of the country because of fears over the independence referendum, MPs have been told.



    The claim was made by ‘Ronald MacDonald’, professor of economics at Glasgow University at a hearing by Westminster’s Scottish affairs select committee in Edinburgh .



    Sources in the Scottish government scoffed at the claim.




    Thatstill makes me cry to this day. Barbarity andthatscumbag and his kindred lied and cheated to avoid his crime. evenwhen in jail they defended him.

  3. scotlands shame on

    I just wonder, when financial institutions pack up an head south, when interest rates rise makin mortgages dearer, when taxes go up reducing our pay, when prices in shops go up, when the bribes of free prescriptions, oap bus fares an higher education disappear as can no longer fund them will everyone still say ah well least we gave it a go an tried it least we aren’t governed by Tories. Will be especially ironic lf labour in power at westminster by then.


    People accuse Tories of bribing Scotland with more power, we’ve been gettin blackmailed by snp for yrs. Kit makes some great points in his article, has anyone from yes ever addressed one of them?


    Ah feck it lets just put braveheart on nite b4 the election, fist pump shout freedom an everything will be fine. Last one out turn lights out.

  4. timbhoy in spain on

    Morning fellow Tims.


    So far 1412 members have pledged £ 29,985 to the new Sevco share issue.


    Not much to go now.About £ 3,970,015.00


    Hope all you Bhoys have made your pledges.

  5. May I ask a political question….?



    If the Yes vote does win, what next?


    I mean what will happen next and when would independence actually take effect?




    I can’t help but feel that Westminster only gave the OK to the Yes/No vote because they were absolutely certain that a Yes outcome could never, ever happen.


    Now that it might actually happen, does anyone else think that Westminster might renege on the deal?



    Unfortunately, the one absolute outcome is that Scotland is a deeply divided country. No matter how the vote pans out, roughly half the nation will be unhappy about it.

  6. Kitalba – quite intested in how they calculated 40 million non Scots with accounts at Scottish banks.

  7. Aye it’s Celtic, Celtic, that’s the team for me



    Celtic, Celtic onto Vic-tor-ee



    Hail Hail

  8. scotlands shame on

    Can’t believe in kit s detailed article an first reply to it is actually “don’t listen to the financial experts”


    wow. Just wow. You do realise financial experts are different to footy experts an actually know what they’re talkin bout. You point they are self serving an only lookin after own interests. Then if yes was best option they would want that. They aren’t against it because they’re no voters, they’re against it because financially it doesn’t make sense for them. Too many blinkers on an just hoping everything ok an an unwillingNess to listen to opposing point of view. Very worried for my children’s future

  9. Neil Lennon & McCartney



    08:14 on 8 September, 2014



    ernie lynch


    07:57 on 8 September, 2014



    ‘The tune possibly came from The Merry Month of May, but do you dispute who wrote the lyrics?’






    I don’t think that’s in dispute. But I don’t think Behan was claiming that Dylan had stolen his lyrics.


    kitalba.Today, Standard Life, a pensions and savings giant woven into the fabric of Edinburgh, became the first major company to warn it may move part of its multi-billion pound operations to England if there is a yes vote.



    kit ,palomino know your history.STANDARD LIFE were the only company in Britain who refused to pay compensation for miselling of endowment policies!!!!!!! fact not guesswork.they still owe me £41/2 k sterling. I live in England and don’t get to vote.

  11. Yesterday I got to see my all time hero Paul McStay play again in his beloved hoops.



    “Celtic Football Club is the fans”.



    I was also reminded of the wonder that is Lubo Moravcik.



    In my opinion the most naturally gifted footballer I’ve seen in a Celtic jersey.





    I suspect from the above you would vote yes.



    If so,you and I can have an imaginary vote each,which will cancel the other out.






    I feel better already!

  13. Tim Tanium



    08:40 on 8 September, 2014



    Nationalists, full of ardent intensity, and incapable of understanding how any decent person could disagree with them.






    What could possibly go wrong with that?

  14. A few days off. Just me and the Bhoy before my wife finishes up for 3 weeks and we finally go our belated holidays to Yorkshire. Caravan and a visit to family. It may be the last holiday we have down south as British citizens. I have occasionally commented on independence. I am voting yes but my wife isn’t – at the moment for a fervent no voter she is now being swayed. We managed to catch the Scotland game last night and as some of you will be aware she is an ardent Hibernian supporter which sort of makes me have a leaning to the green side of Edinburgh. She is however a Scotland fan first and foremost. She loves the national side she would take a World Cup win for Scotland before a Scottish cup win for Hibs. I find that hard to understand because she takes a lot of ‘banter’ from her friends and work colleagues. That is her choice and it’s unlikely either will happen anytime soon if ever.


    The Scotland national team was once a love of my life. As a young kid I went to watch Scotland with my father. Everytime Scotland played at Hampden we were there. He would not however take me to England matches he would go alone. I wanted Scotland to win games and qualify for world cups and European championships. Unfortunately I fell out of love with the national team before I went to secondary school. The pro Rangers fans in the national sides support just became too much for me. I was more than happy to encourage every player. Others at Hampden were and my fanaticism for Celtic was growing by the years and it got to the stage where Celtic were way more important than anything else and Scotland became a side show I no longer enjoyed. We qualified for a number of tournaments after the 1990 World Cup and I enjoyed watching Scotland but the support was not as fervent as it should be. As we watched the match last night I was jumping around the living room when Anya scored that lovely goal. I think my love of the national team has returned. It may be short lived. It may have been the sense of occasion because it was the world champions. It may just be that the whole independence debate has raised a bit more of a nationalism in me, I suspect though as a passionate football supporter that I am now watching a football team.


    For the first time in 20 years Scotland is not a side show or occasional embarrassment. Scotland have a hugely respected manager. Scotland have a group of players who want to play for their nation. They may not all be natural scots but they all give 100% for that jersey.


    I looked on Scotland for 20 or even 30 years as a vehicle for Rangers. If they were going well their players would be withdrawn. If they were struggling Scotland could be used as a vehicle to gain some confidence in their players in a big game. If a player needed sold they could be capped and given praise in the media and inflate their sale value. I didn’t ever feel it was a football team it was an elite club for use when required. A procession of weak and down right useless managers were bullied by the media and certain club managers would be able to manipulate the selection for their own gains. Also the use of the Scotland job as a platform for various managers to get a plum job through very limited levels of success bailing out at the right time when their stock was high. As a Scotsman this led me to being exasperated and losing interest in a national team that was not giving their all for the nation they played for.


    Gordon Strachan divided the support at times during his spell at Celtic Park. I tend to think that time will be kind to Gordon and his time will be looked at fondly. He may not have had us playing the most flowing attractive football but from a 2nd division Scottish side to top champions league sides Celtic competed. He didn’t always get it right but 99% of the time we competed and that is what I am seeing with Scotland.


    There is no agenda with Gordon. He just loves his nation and he is a very good football manager. Unlike is predecessor Gordon has the right experience. Scotland create chances and look dangerous. Gordon has stuck with two unfashionable and in some quarters unfancied centre backs who have been his main stays in the first 11 when fit. Scotland have pace and look dangerous. It’s a shame Scott Brown wasn’t fit as it looked like the Scotland team would have just maybe had the edge to get a result. I enjoyed what I seen. I felt proud to watch my national side compete. They may not always win but Gordon is his own man and he will not be manipulated in the normal way other Scotland managers have. Scotland may just make it this time to a major tournament. I for one will be delighted.


    Strachan may just have won me back over. I am proud to watch my national team again.


    Will I go back to Hampden? Maybe. I will leave that to young LB to decide when the time is right.


    On a side note Charlie Mulgrew played well last night. A rasper chopped off, a bad injury for Goetze and a daft red card. A few slices of bad luck that if they just swung the other way could have been a great night for Charlie. I have been a tad critical of Charlie in Europe of lacking a bit of pace but you can see the benefits of the champions league. One thing is clear that the champions league is better than international football. Gordon knows that and that is why McGregor was drafted into the squad. Charlie wasn’t out of place and neither will any other Celtic player. Our players may just have extra matches this season with the national side and I will be cheering them on a bit more than I have done in decades.


    Good luck Scotland!





    miselling.=misselling.so the wife says and she is always……….beat lays alane… am tellin ma mammy.

  16. Back in for a couple a minutes…..






    08:41 on 8 September, 2014



    Political Quick News still in full boring swing.




    Agreed and, know what? I blame the Celtic ‘bored’!!!


    I will make a guess that, the Green Brigade have been ‘un’-officially banned until the referendum pi#h is all finished.


    I don’t think the ‘bored’ wanted to take the chance of the GB, displaying green & white ‘YES’ placards inside CP. imho


    Ye see…the ‘bored’ urny political.


    That’s why they kow-tow to the poppy-pish. imho


    That’s why they had a war-mongering cabinet minister on board. imho


    That’s why Brian Wilson – who’s only contribution to Celtic was to write an ass-licking book after the Centenary year and, is a good speaker at the Celtic graves. Has he ever been ‘rebellious’ about anything?


    Have any of the ‘bored’ ever been ‘rebellious’ about anything?


    Have they fluck. imho


    The ‘bored’ are copyright – Thatchers children. imho


    When they washed their hands of the Green Brigades ‘foodbank’ campaign, they should have been emptied the next day. imho


    The Dons fans ‘LNS’ banner should have embarrassed the Celtic ‘support into ‘dealing’ with the ‘bored’ but, sadly…Celtic’s ‘support’ have also turned into sheep. That’s a shame.


    Also, sadly…far too many of todays Celtic ‘support’ have adopted the sneering / arrogant stances of the fans of a team who they stupidly – think died. imho


    Again, sadly…it’ll take the return of the cheating / mibbery assisted huns to bring out the ‘rebels’ within the Celtic ‘support’ or, worryingly…has that ship sailed?


    Every rebel needs a tyrant – CSC


    Off oot…canny be bothered anymore…lifes too short, bye.





    My top three in my lifetime-age does have its good points would have Jimmy Johnstone and George Connelly too.



    Utterly marvellous footballers.

  18. Mea Culpa



    08:50 on 8 September, 2014



    ‘May I ask a political question….?



    If the Yes vote does win, what next?’








    The huns get bailed out would be my guess.



    Exceptional circumstances and all that.

  19. HT



    What do you mean by talking about Celtic???



    This is a political blog!!



    keep up man!










    the time to vote yes was 50 years ago when there was plenty of oil.the yes and no voters were outvoted by the canny be bothered .FACT.



    hope if it’s a yes vote you get to organise the party.would you say





  21. scotlands shame on

    Bye bye? Not welcome in own country for having diff opinion an voicing genuine concerns that haven’t been addressed? Hadn’t realised we were living in 30s Germany. Thanks turkeybhoy.

  22. Those economists and Financial experts did real well with the GFC. I don’t mean predicting it I mean talking the money off hard working people and collecting huge bonuses despite everyone else suffering there incompetence. Trust what they say. Not a chance.

  23. Don’t want to get involved in the debate, as I’m big enough and ugly enough to make my own decision.


    Just lovin the tizzy the naysayers are getting themselves in after the wee surge in the polls for the ayes.


    Love the smell of panic in the morning.


    Smells like…………victory.

  24. KevJungle is a Celtic fan who will be sold NO ‘pup’ by NO ‘bored’.



    You are like somone who doesn’t vote then complains about the government.



    Not worth listening to.




    08:59 on 8 September, 2014




    ‘kit ,palomino know your history.STANDARD LIFE were the only company in Britain who refused to pay compensation for miselling of endowment policies!!!!!!! fact not guesswork.they still owe me £41/2 k sterling. I live in England and don’t get to vote.’







    So you were missold something?



    You bought into something because you were told it would perform in a certain way and it didn’t work out the way you were told it would work out?



    And you have no way of putting things right or any recourse against those who sold you a pup?



    You’re up the creek without a paddle.



    That’s all very well and I’m sure you have our sympathies.



    But I can’t see what any of that has to do with the referendum.



    Nope, can’t see any connection at all, at all.

  26. Bawsman



    09:14 on 8 September, 2014



    KevJungle is a Celtic fan who will be sold NO ‘pup’ by NO ‘bored’.



    You are like somone who doesn’t vote then complains about the government.



    Not worth listening to.




    Ah didny know ye could hear me?


    Oh, I’ll be voting this time or the 1st


    time in my life – so there.


    Keep scrolling past – thanks.


    ernie lynch



    you missed the point pal ,not for the first time I might add.



    the only co.not to pay compensation.other policies I had came up short but were made good , by other companies.so there




  28. You con your idiots, I’ll con mine, Salmond tells Miliband




    ALEX Salmond has told Ed Miliband to ‘button it’ after the Labour leader tried to expose his epic scam.



    Scotland’s first minister insisted he was working a sweet little number and that Miliband was making it hard for an honest thief to earn some scratch.



    Salmond said: “I’m in the middle of the greatest long-grift of my life and this guy tries to queer my action.



    “I thought we had a code. You see a guy doing a thing and you back off and find your own cheese.”



    Salmond’s grift involves promising everyone in Scotland a non-existent oil field and selling them a health service they already own.



    He added: “Give a guy some elbow room. I’ve been working these piss-monkeys for years.”



    Salmond then put his arm around Miliband’s shoulder and told him to go back to scamming English idiots with the no-cuts fandango.

  29. scotlands shame on

    I can’t afford to move my family elsewhere an think will be less able after yes vote. Genuinely shocked at reply. By definition of family born into more inclined to vote yes than no. As a single man in 20s wud have voted yes. Now in 30s a little more risk averse an need some basic info to convince me yes. I asked the questions above a few posts ago. If suitable answers had been given i wud be yes voter. Every time I’ve asked I’ve received abuse an veiled threats from entrenched yes voters. My starting point was closer to yes than no yet nobody has addressed the basic concerns i have an worried bout my kids future. Don’t think that’s something i deserve abuse for.

  30. Jim Anderton left NZ labour forming his own progressive party with was left of labour. Ironically he created a new bank while in power. All the major banks , Aussie, said it works fail and was not viable. Jim wanted a peoples bank to break the monopoly. Still going, success story. The big banks have a huge vested interest in pulling the wool over.




    Sympathies for your issues with Standard Life but to say they refused to pay out for miss-selling of endowment mortgages is simply untrue.



    I got money back from them a few years back, still had a shortfall on my mortgage but lucky enough to be able to pay it off at the end of the term.




    09:19 on 8 September, 2014



    ‘ernie lynch



    you missed the point pal ,not for the first time I might add.



    the only co.not to pay compensation.other policies I had came up short but were made good , by other companies.so there ‘







    Oh dear.



    I think I may now have an inkling as to why you were so unfortunate with your choice of investments.





    I’ve said that I am not against the concept of independence but that now is not the time.



    Like you,I reckon we missed the boat.