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. timbhoy in spain on

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


    Must admit I’ve thought MA will come along at the last minute to save them but for 4 mill


    he will want everything.


    He don’t do nothing for nothing.

  2. Neganon,



    The poster claimed salmond wouldn’t say it.



    Salmond said live on TV it’s not about him or any party.



    Whether you believe it or not is your prerogative but he said it nonetheless.

  3. kevjungle is a celtic fan who will be sold no ‘pup’ by no ‘bored’.



    10:54 on 8 September, 2014


    lennon’s passion



    10:17 on 8 September, 2014



    Phil tweeting Mike Ashley will save Huns this week




    Thee most important post of this thread – ignored by


    stuck-up smug yins!!!


    Don’t say yeez wurny telt!



    Bye – zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz


    Was working for a lawyer with 2 well known clients (CG)the other day and he told me that Ashley was going to buy Murray park


    Don’t know if he’s going to lease it back

  4. Bawsman



    10:57 on 8 September, 2014






    This is the best article I have read on the debate





    Good article. The following paragraph is what folk down here in London need to get their head round if they are to understand what is pushing so many people towards the Yes camp:



    “The big argument is that Scotland does not need to be permanently yoked to English Toryism’s infatuation with a libertarianism that denies obligations to society and each other, has abandoned justice and equity in its public policy positions and is the author of the great “cashing out” of the past 30 years. All our utilities, five million council houses, many of our great companies and swaths of real estate in our cities have been cashed out in the name of market forces, of liberalisation, of being open for business and wealth generation. What has been created is predator capitalism, massive inequality and a society organised to benefit the top 1%. The country needs to build, innovate and reinvent social partnership. Independent Scotland can strike out in this direction.”



    At the moment too many here don’t see what’s wrong with the above picture.

  5. scotlands shame


    10:57 on


    8 September, 2014



    The only truthful answer to all those questions is – nobody knows. Except the £6bn set up costs one, that was comprehensively blown out the water, although I think the Yes figure of £250M(if I recall correctly) is too low.



    To answer a couple, not with any hard fact, because there are none in most cases just possibilities and probabilities – on both sides.



    On prices, both Tesco and Morrison’s have recently dismissed claims of prices rises put about by the No campaign. Think of it this way, if you’re in the Borders and the Tesco over the border is cheaper, you’ll go there so it makes no sense for the Scottish one to be more expensive and that filters up the country.



    Taxes I can only answer for myself but if taxes are to rise but it’s clearly for the protection of social services and all they entail then I’m totally happy with that I can miss 1,2 or 3p in the pound.



    You’re right to be thinking about your family and I think it’s fair to ask why are we not Better Together already.



    Good luck coming to your decision and whatever happens, you’ve made the right choice for you and nobody can, or should criticise you for it.

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

    geordie munro



    His whole campaign should be plastered with this premise not just an odd sound bite.

  7. Keeping The Faith on

    I’d say Salmond is worth trusting more than any of the paid unionists on here .



    It’s not an election it’s a referendum.



    I have never voted SNP, was a maybe now a definite YES.

  8. For those who think that a Currency Union is unworkable or unique – Ireland had one with the UK until 1978…



    aorstát pound[edit]


    Main article: Irish Free State § Currency


    From continuing to use sterling after independence (1922), the new Irish Free State brought in its own currency from 1928.[4] The new Saorstát (Free State) pound was defined by the 1927 Act to have exactly the same weight and fineness of gold as was the sovereign at the time, having the effect of making the new currency pegged at 1:1 with sterling. De facto rather than de jure, parity with sterling was maintained for another fifty years. As with sterling, the £sd system was used, with the Irish names punt (plural: puint), scilling (plural: scillingí) and pingin (plural: pinginí). Distinctive coins and notes were introduced, the coins from 1928 (in 7 denominations: ¼d farthing, ½d halfpenny, 1d penny, 3d thruppence, 6d sixpence, 1s shilling, 2s florin, 2½s half crown and in 1966 a 10s coin) – all with the same dimensions as their British counterparts. However, the pound sterling continued generally to be accepted on a one-for-one basis everywhere, whereas the Irish currency was not generally accepted in the United Kingdom.



    Irish pound[edit]


    From 1938, the means of tender was referred to as the Irish pound, after the Constitution of Ireland changed the state’s name. The Currency Act, 1927, Adaptation Order, 1938 was the actual mechanism by which change took place.





    Decimalisation of the currency was discussed during the 1960s. When the British government decided to decimalise its currency, the Irish government followed suit. The legislative basis for decimalisation in the Republic was the Decimal Currency Act, 1969. The number of pence in the Irish pound was redefined from 240 to 100, with the penny symbol changing from “d” to “p”. The pound itself was not revalued by this act and therefore pound banknotes were unaffected, although the 10 shilling note was replaced by the 50p coin. The new 5 pence coin correlated with the old 1 shilling coin, and the new 10 pence coin correlated with the old 2 shilling coin. New coins were issued of the same dimensions and materials as the corresponding new British coins. The Decimal Currency Act, 1970 made additional provisions for the changeover not related with the issue of coins.



    Decimalisation was overseen by the Irish Decimal Currency Board, created on 12 June 1968. It provided changeover information to the public including a pamphlet called Everyone’s Guide to Decimal Currency. The changeover occurred on Decimal Day, 15 February 1971.



    Breaking the link with sterling[edit]


    In the 1970s, the European Monetary System was introduced. Ireland decided to join it in 1978, while the United Kingdom stayed out.[5]



    The European Exchange Rate Mechanism finally broke the one-for-one link that existed between the Irish pound and the pound sterling; by 30 March 1979 an exchange rate was introduced.[6]



    This period also saw the creation of the Currency Centre at Sandyford in 1978 so that banknotes and coinage could be manufactured within the state. Prior to this, banknotes were printed by specialist commercial printers in England, and coins by the British Royal Mint.

  9. Geordie. We, it seems, are all about to gamble our future. You will forgive me that the ego that is salmond says it’s not about him.



    As I stand today I am afraid we are about to make the biggest mistake or our lives.



    We don’t even know the consequences but I am being asked to trust someone who appears to be mostly reviled by the people who are voting yes.



    There has been little to no rationale debate. The campaign appears to be who shouts loudest and the yes campaign have definitely won that fight.



    I have two teenage daughters. Their futures are at stake. And we have no idea what will happen. None.



    And why are we doing it? I I honestly don’t know what the benefits are.



    Is it about a democratic deficit? Well I’m sure I will still feel the same I’m Scotland.



    Is it for financial gain? Well it can’t be because we are all, the uk and Scotland going to be worse off.



    Is it for social justice? Well why did our current scottish government freeze the council tax and not raise taxes under the current powers of the scottish parliament?



    Is it because we hate our neighbours? I don’t see it but I know some do.



    Is it because we have a sense of pride in Scotland. The freedom factor? Well maybe. But is that worth the massive gamble we are about to take.



    I keep hearing project fear etc. but there is lots to be afraid of.



    And I don’t see what we are gaining?

  10. GuyFawkesaforeverhero on






    From the North Stand Celtic end, we wondered about the boy running around with Celtic players passing the ball to him. Good for TJ. He knows how to enjoy himself.



    In our corner, as the players meandered around, the most interactive were Jonnie Gould and the All-star No.17 who were putting themselves into photos as is done nowadays.



    Gooooood morning sir :))




    The huns deserve ashley




    Ashley will only put in when he is getting more out, he is not their saviour IMHO

  12. Elbhoy,



    I think you could be right.



    If I had a quid for every time I’ve heard “i’m voting no. I canny stand that salmond” I’d be able to buy the naming rights to ibrox a million times over.



    But saying it in his closing speech live on TV was about as good as a single audience as he’ll get imo.

  13. Look at the cheek of this guy.



    Some no mark Yank who thinks he knows more about economics than oor Alec.



    He obviously disnae know Alec used to work in a bank, so knows all about this stuff.




    Scots, What the Heck?



    SEPT. 7, 2014




    Paul Krugman




    Next week Scotland will hold a referendum on whether to leave the United Kingdom. And polling suggests that support for independence has surged over the past few months, largely because pro-independence campaigners have managed to reduce the “fear factor” — that is, concern about the economic risks of going it alone. At this point the outcome looks like a tossup.



    Well, I have a message for the Scots: Be afraid, be very afraid. The risks of going it alone are huge. You may think that Scotland can become another Canada, but it’s all too likely that it would end up becoming Spain without the sunshine…………




    …..I find it mind-boggling that Scotland would consider going down this path after all that has happened in the last few years. If Scottish voters really believe that it’s safe to become a country without a currency, they have been badly misled.





  14. Keep the faith. Well enjoy your moment at the ballot box. I hope we enjoy cleaning up the mess afterwards.

  15. Neganon,



    You do realise your posts aren’t like the referees fancy new spray?



    They don’t disappear. I’ve read your last post a hundred times over the last few days. I didn’t need another. ;)



    My point is eck did say it’s not about him. That’s all. If someone had posted that Darling had said he liked to eat bogeys I’d have correct them too.

  16. Neganon2



    I have no idea what form God might take but as I say to declared atheists. “I’m not worried, your not believing in him will never stop him believing in you”



    ( “him” just being a way of shorthand since God could be a him or her or a banana if he wanted to be)

  17. Auldheid



    11:30 on 8 September, 2014






    I have no idea what form God might take but as I say to declared atheists. “I’m not worried, your not believing in him will never stop him believing in you”



    ( “him” just being a way of shorthand since God could be a him or her or a banana if he wanted to be)





    God is a banana? Of course! It all makes sense now. I am at peace…

  18. I thought our resident unionists would be happy today with the pending birth of a new royal but alas no just the usual moaning.



    Big Jessies CSC

  19. GuyFawkesaforeverhero on

    South Of Tunis





    Thanks for sharing your memory of BE. A Celtic rebel? What a surprise.



    I hope Joe Miller’s former Celtic player organisation is doing what it can to find players from the 50’s, 40’s etc. who remain with us and could benefit from a re-connection.

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

    For the 100% Yes voters..



    Can you give me three things that you are 100% sure will improve our lives as an independent country?

  21. Westminster at it’s very best on BBC Parliament just now.



    The ‘on the run’ enquiry, reconcilliation ground out through gritted teeth

  22. Sftb,



    I’m getting weird looks for looking at my phone and pisn myself laughing.



    Eejit :)

  23. weet weet weet(GBWO) on

    Bobby Evans eventually left Celtic in 1960 to play for Chelsea in England. At the end of the 1959-60 season when re-contracting time came round Bobby asked to be put on the transfer list. The directors reluctantly agreed to his wish. He was quoted in the Evening Times as saying:-


    “I have been very happy at Parkhead but I still think I can stay in top class football for another five years and a new club might well give me a new lease of life”


    “The Celtic policy is the wise one of bringing more and more youth into the team and with young Billy McNeill coming along so well it gives me the chance to make a move.”



    Thus signalled the end of an era at Celtic of a set of player, marked generally by underachievement. Granted the players should be held as culpable as much as the management in many ways, but it’s still disheartening to see that a player of Bobby Evan’s quality at the age of 32 not leaving with more honours to his name. However, he still did have a fine record of achievements and medals which all should look on very proudly. The league & cup double from 1953-54 is something any player would cherish.



    By the end of his days at Celtic he had played 549 times for Celtic and scored 11 goals (includes Regional League competition matches from the war period). Sadly, his parting was poorly handled by the board (not something that was to be an uncommon event in Celtic’s history). The board had agreed to buy Evans a house but inserted a clause obliging them to do so only “should he finish his career with Celtic”. Evans made his dissatisfaction public in the Daily Express newspaper, saying he had been cheated by the board, and he handed in a transfer request. It was regrettable that this was how it ended, especially after such long loyal service to the club.



    A faithful servant to Celtic for 16 years Bobby Evans loss was a sad departure, but he had his reasons and left with the following attack on the powers that be at Celtic and their meddling:


    “He [i.e. the Celtic Captain] has no decisions to take about team changes or tactical changes. The answers to these problems come from the directors’ box [i.e. chairman Bob Kelly] to the track – and are passed to the field by the trainer.”




  24. Davidopoulos



    If God is a banana then I’m in serious trouble!



    Banoffi Pie is my favourite desert!



    In the words of Homer Simpson “Hmmmmmmmmmmmmm Sacrilicious”

  25. the long wait is over on

    setting free the bears for Res. 12 & Oscar Knox but saying no to CQN racists





    11:30 on



    8 September, 2014





    Darling likes to eat bogeys.





    As a matter of interest are we talking about his own or those of others?



    A very significant political point – could be a vote swinger.



    I think the electorate should be told.

  26. moonbeams wd…



    I gave up going to friendlies (even if on ST) and/or charity matches many years ago.



    I have no time for them at all finding them boring, self indulgent and, in the case where ‘celebrities’ are involved, quite off putting.






    I do often make a contribution to the charities involved which I think is the more important thing.



    I’m probably in an ancient minority being uncomfortable with public and promoted alms giving.




  27. Scotlands Shame



    It certainly upset some eejit last night (can’t even remember the numpty’s nome de blog) who felt the need to write paragraph after paragraph character assaanating me because off my wee strap line. I’m happy with that though. Not surte the poster is a regular on here though as I don’t come on as often as I used to an engage for long periods. But it was a hilarious post though. I could sense their fear and hear tehir squeking bum. lol



    MWD says AYE

  28. For those inclined to give Salmond the benefit of the doubt and accept his various assurances about the various undecided and contentious issues around independence..



    Just a wee reminder about whether he would be standing for leadership of the SNP when John Swinney stood down.




    “If nominated, I would decline. If drafted, I will defer and, if elected, I will resign.”



    Guess what happened next.

  29. Carrigan


    11:33 on


    8 September, 2014


    I thought our resident unionists would be happy today with the pending birth of a new royal but alas no just the usual moaning.






    What a great and convincing arguement you put forward for your cause.



    How many Catholics in the SNP Cabinet?

  30. cavansam \o/



    11:39 on 8 September, 2014






    If God is a banana then I’m in serious trouble!



    Banoffi Pie is my favourite desert!



    In the words of Homer Simpson “Hmmmmmmmmmmmmm Sacrilicious”





    I nearly made banoffee pie at the weekend – saved from hell by laziness….or was it sloth? Dun dun duuuuuunnnnnn

  31. Davidpopulous





    See. It worked. :)



    Change your perception of God and enjoy a peace/pie filled life.



    (Folk with banana allergy can pick their own fruit, no not pick, select, you don’t have to go into a field to change your mind. Just leave the door open).



    You don’t get this on FF.