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. Ellbhoy I have been pointing out the latent sectarianism in scottish society for ages. But I am now told I am playing the orange card. Bizarre but then again they are just shouting frrreeeeeedooooommmm in my face.

  2. Tallybhoy


    George Connelly was one of my favourites but given that he cut short his career, I felt I couldn’t put him up alongside the greats but he certainly would be in the next group. He was being rightly being touted as the next Franz Beckenbaur.




  3. timbhoy in spain on

    Ginger,I think you’ll find the British Isles covers Ireland as well whether we like it or not & I know fine it’s not accepted in Southern Ireland.


    I’m just stating the facts.

  4. 67Heaven … I am Neil Lennon ….The angels are with Wee Oscar in Heaven.. Ibrox belongs to the creditors



    Should have stated the source, The Daily Mash………..



    Little bit of humour never goes wrong, I assumed that people would realise it was a joke……….

  5. timbhoy in spain @ 10 06 .



    Passports ? .



    See the end of Chapter 7 of the White Paper on Scottish Independence .



    I have decided to have three .. The cognitive activity required to remember where I have planked them for safe keeping should help keep dementia away.

  6. Hamilton Tim



    Liike you I attended topay homage to my favourite ever Celt. A true Celtic legend and gentleman. I was disappointed however by the turnout from our support for Paul McStay as well as supporting the founding charitable principles of our club. It appears we are defiantely an evolving entity. The more and more we evolve the more and the club is distancing itself from the man who adorns the entrance to our stadium.



    It was a great day yesterday but I am sadened by what our club is becoming. Just another club.



    MWD says AYE (it’s funny this wee strap line annoys so many :-))))))

  7. Ireland (The Island of) is part of the geographical feature known as ‘The British Isles’.



    Ireland (The Republic of) is not part of the political entity known as ‘The United Kingdom of Great Britain and Northern Ireland’.

  8. Timbhoy in Spain



    Separate countries have separate passports so no issue for iScotland to have its own passport. There will probably be a bi-lateral to allow your UK one to used till it runs out.



    Plenty of people in the British Isles have 2 passports(or a choice), UK or Irish, Australian, Indian etc



    2 passports are handy if you have one sent away for a visa and you need to travel. Also good if you have been somewhere that others don’t like to see stamped there(e.g., Israel stamp and then going to Jordan)





    Agree that Eire, Southern Ireland and Republic of Ireland are misnomers(latter one is a football team) – just Ireland, but note that the British Isles is a geographical term for our shared archipeligo not political.

  9. scotlands shame


    09:21 on


    8 September, 2014



    Sorry I missed you questions, what were they? Both Ernie and Neganon should be able to testify to that fact that you won’t get abuse from me, and I’ll at least attempt to answer the questions, even if they/you disagree with my interpretation of source material.

  10. What shift pattern do the “Ernie Lynch” guys work to.


    Suspect one person does midnight to 4.00am then the clocks off and the next one does the 4.00am to 8.00am shift. Maybe then a dayshift and an evening shift after that.


    How much do you guys get paid?



    Quantum says YES.

  11. timbhoy in spain on

    Re passports,thanks for all the replies guys.


    Much clearer now.


    Actually I think I might be able to have three of them myself.

  12. Gene's a Bhoy's name on

    WGS can take a lot of credit for last nights performance. With a fair referee, who knows.



    Thought Charlie played well until his stupid 2nd yellow where the ref displayed that he did in fact know the rules.



    looks like we are in for a sustained period of ‘spot the football post’.

  13. mayanman



    Tragic what happened to George Connelly, but for me he is up there with the very best.



    Best passer of a ball along with Bobby M and Charlie Gallagher imo.



    …and who can forget his goal against them in the 1969 SC final as a 20 year old?!




  14. More from the Daily Mash




    Salmond still not sure what he means by ‘independence’








    First Minister of Scotland Alex Salmond at the Foreign Press Association, London, Britain – 16 Jan 2013



    SNP leader Alex Salmond has admitted he has never been entirely sure what he means when he says ‘independence’.



    Scotland’s first minister revealed he has always thought of independence as a ‘play within a play… within a dream’.



    He said: “Well, it’s a concept, it’s an idea, it’s a thing.



    “In my mind I see it as a tree in the shape of Scotland. Does that make sense?”



    Salmond said the idea of independence involving things like a currency and a central bank, was ‘very left brain’, adding: “How would you even do that?”



    He said: “I think once independence is here I’ll have a much better idea of what it is.



    “Any other questions?”



    Depressingly close to the truth……………

  15. GuyFawkesaforeverhero on






    Yes, it was an enjoyable game at Celtic Park yesterday.



    I commend the English players Rio, Neville, Scholes, Barton, Morris who all played to the spirit of the occasion and didn’t impose themselves on our oldies.



    Lubo mixed it with them effortlessly during the first half and his little show-boat back to Tosh lit up the week-end for me.



    Bobby Evans is a mystery Celt I’d loved to have seen play. Why did he seem to live outside the Celtic family in his later years?

  16. timbhoy in spain on

    Tallybhoy,do you remember the night George was introduced to the crowd for the 1st time ?


    Think it was a European Cup tie & he did keepie up the whole way round the track without the ball touching the ground once.



  17. Ellboy



    A bit of long term thinking and examination of motives in there.



    I’m for union not The Union. I’m against disunity because it’s effects are always negative as long as disunity exists



    Once this is over I think it will take some time to emotionally recover from whatever decision is taken and restore any sense of unity and recognition of dependence on each other.



    One possible beneficial effect though is a recognition that dependency is a two way street called interdependence and those in England come to realise they are as dependent on us as we are on them.



    From that unity might be achieved.

  18. Quantum. Belittling people with a different point of view is the equivalent of sticking your fingers in you ears and singing loudly.

  19. Coolmore Mafia



    I think suggesting that Scotland out-tactic-ed Germany is taking it too far. Gordon made the team harder to beat and relaxed the pattern to allow for a bit more offensive work once we went behind. We still relied on the excellent David Marshall and some brave blocking to keep the score down.



    In the end, we got 0 points for all of our good play. We got exactly the same scoreline as the hapless Bertie Vogts got back in 2004 (the one where he outed Christian Dailly live on radio as the guy shouting F***ing Cheats” at them). Germany were one of only 2 home teams to win out of the 8 Euro ties last night so Scotland’s campaign has got off to a bad start where it matters, on the points board. Ireland’s result in Georgia will be difficult to match and someone else may get luckier in Germany than we were.



    I really hope wee Gordon does improve this team and I will be cheering them on, even against the Ireland team, but we need to become a winning team now, not just a hard-to-beat team. It is a difficult trick to achieve. Let’s hope the wee man can do it.



    It will be interesting to see, if the matches are played in Warsaw, which team’s fans, Scotland or Ireland, will get the more hostile backlash from Polish Legia supporters?

  20. timbhoy in spain



    I think the match you refer to was against Dinamo Kiev in the ECWC IN 65/66.



    George was about 16 and entertained the crowd with his amazing skill.



    He wisnae shy then!



    If you havent already, read his bio – ‘Celtic’s lost legend.’




  21. My number one Celtic player I have watched would probably be Lubo, a fantastic player.


    I would have loved to have seen folk like Bobby Murdoch, George Connelly, Charlie Gallagher et al.



    The constant political posts on here are not having a positive effect on CelticQuickNews in my opinion. Like Auldheid posted earlier, we all have to live together after the 18th, regardless of the outcome. I don’t go to a football blog as the best source of how to vote in a referendum on independence.



    Here’s one of Auldheid’s posts from earlier;



    “One of the arguments put to me was independence will leave a legacy for our children. My response was I have left mine an appreciation of ethics, decency and civility, after that they have enough gifts of their own to make their own legacy.



    I love this extract from Kahlil Gibran’s The Prophet about



    Children that says just that.



    And a woman who held a babe against her bosom said, “Speak to us of Children.”



    And he said:



    Your children are not your children.



    They are the sons and daughters of Life’s longing for itself.



    They come through you but not from you,



    And though they are with you, yet they belong not to you.



    You may give them your love but not your thoughts.



    For they have their own thoughts.



    You may house their bodies but not their souls,



    For their souls dwell in the house of tomorrow, which you cannot visit, not even in your dreams.



    You may strive to be like them, but seek not to make them like you.



    For life goes not backward nor tarries with yesterday.



    You are the bows from which your children as living arrows are sent forth.



    The archer sees the mark upon the path of the infinite, and He bends you with His might that His arrows may go swift and far.



    Let your bending in the archer’s hand be for gladness;



    For even as he loves the arrow that flies, so He loves also the bow that is stable.”



    CelticQuickNews please, with a side order of cheese on toast (with a pineapple ring on it as well)

  22. Yes a sickener we have no points, and the republic winning away was a sore one also-hopefully both will make it at the expense of Poland.

  23. Ekbhoy,




    We eck has stated it’s not about him or a party. It’s about independence.



    Just saying likes.

  24. Tallybhoy



    We have had quite a few “lost geniuses” like George Connolly.



    Dunky McKay left before he could enjoy the fruits of the Stein revolution.



    Brian McLaughlin R.I.P., was as exciting a talent as Kenny Dalglish until Willie McVie removed part of his ability to express that talent.



    To a lesser extent, John Kennedy and Charlie Grant were prevented from reaching their full talent. And there were other tragedies like George McCluskey’s wee brother not being allowed to develop as he should have.

  25. Ellboy - I am Neil Lennon, YNWA. on




    I to hope you’re right and if as you suggest there becomes a greater appreciation from both sides of the border then this referendum will have been worthwhile.

  26. Weeminger thank you. I think everyone seems fed up with politics and after my conversation with you I’ll leave politics alone as it doesn’t seem worth it, many (not you just want to scream their point at you not consider any alternatives then get abusive)


    I know there are no definites but is there a likelihood interest rates Will rise, what bout taxes, what bout prices in shops, i keep hearing Norway compared Will prices head that way. What bout the free things we get now that rest of UK get, how Will we fund them? I hear talk of 6 billion set up costs, how do we fund them? What are the true costs esp in admin of independence. Has Scot govt got any confirmation from financial institutions mainly in Edinburgh about their intentions should there be a yes vote. I know 3 people in this industry been told they will need to relocate down south or lose job in yes vote, major company who hasn’t went public on this, what have Scot govt done bout this, what are contingencies?Im sure i Will be rubbished on here as project fear an scare mounger but just genuine questions an concerns i have. Doesn’t affect me personally but what bout the towns relying on mod who wud become ghost towns. I want policy, options, no guarantees but here’s what we think will happen here are the contingencies.


    I’ve received a lot of abuse tho so last of politics from me .

  27. GuyFawkesaforeverhero.



    Bobby Evans ? .



    I watched him when I was 7 /8/ 9 / 10 . What does a wean know ?. I know that I liked him . I also know that my father thought that Bobby Evans often carried the team. . My father was firmly of the belief that Bobby Evans got the cold shoulder in consequence of his criticism re Bob Kellys influence re team matters..



    Long time ago

  28. Mwd except to say that tag line doesn’t upset me at all an come the day if i end up a no it still won’t be a cause of upset. We live in a democracy, i believe you have looked into it an think its the right option, wud never get upset or angry at anyone takin that position. Unfortunately folk like turkeybhoy don’t like freedom of speech an only allowed to post if agree with their post. I think he expects me to click my heels together an salute him! Smiley face!

  29. Moonbeams WD. Wee Oscar’s our Bhoy and Kano’s our mhan.


    10:29 on


    8 September, 2014



    Yesterday was an additional financial burden on Celtic supporters at a time when many are having to fork out for League Cup and EL tickets.



    I do know what you’re saying though, it was sad to see the entire upper tier of the ground closed for such an occasion, raising money for those in need.






    10:39 on


    8 September, 2014



    Completely agree, it was great to watch the likes of Lubo, Scholes and Zola on a park at the same time.



    Personally the classiest touch of the day came from Tommy Johnson. He spent about 15 minutes trying to persuade the wee ball boy to take his strip and come on in his place. Eventually the wee guy gave in, took Tommy’s strip and played the last minute or so at left back. Not only that but he got to keep Tommy’s strip!!!



    A wonderful gesture.