Hagar the Horrible Posted March 26, 2014 Share Posted March 26, 2014 Crazy business plan. Celtic wage bill 2013 = ?33M (wages to turnover 68%). So, Celtic brought in about ?50M. Guessing ?10M champs league. So, leaves ?40M from STs, tv, sponsorship, transfers. Gers have less STs, plus Celtic speculate in the transfer market. Can't see how gers business model can work. What happens if Celtic get to champs league 50% of the time? He'll even Celtics model looks ropy..! Celtic also have banking facilities, Sevco don't, they need to find the cash up front. King thinks that a convicted tax cheat can get banking facilities. Green might be a spiv but has not broken any laws and he cant get banking for sevco. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted March 26, 2014 Share Posted March 26, 2014 Celtic also have banking facilities, Sevco don't, they need to find the cash up front. King thinks that a convicted tax cheat can get banking facilities. Green might be a spiv but has not broken any laws and he cant get banking for sevco. This is all true but the average Orc has the brain the size of a pea and can't or won't understand this. Link to comment Share on other sites More sharing options...
Jambof3tornado Posted March 26, 2014 Share Posted March 26, 2014 This is all true but the average Orc has the brain the size of a pea and can't or won't understand this. what an offensive thing to say. peas have feelings too you know! Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted March 26, 2014 Share Posted March 26, 2014 Anyhoo, Keith Jackson twittering that Sevco accounts will be produced tomorrow, I though this would have gone in hand to hand with the 120 day review. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted March 26, 2014 Share Posted March 26, 2014 KJ also stating that while Celtic to clinch title Rangers to announce massive losses Link to comment Share on other sites More sharing options...
djf Posted March 26, 2014 Share Posted March 26, 2014 To think that all it would have taken is a group of honest men running the club to a break even figure. They would have romped through the bottom two leagues and been able to invest in youth whilst giving them a chance to develop. In the Scottish Championship they could have bulked up the squad with a few signings without breaking the bank. Thank goodness for the spivs and speculators, the reckless spenders who felt the club had to be seen as a big club rather than being confident in their own identity (I know), thank goodness for the fans gullibility in lapping this up with little scrutiny and thank goodness there seems to be a real power struggle continuing with another speculator wanting on board to grab his share of the limelight and of course, power. At this moment in time the current owners are best for us given we will be competitors next season..........If the new man comes to power then before it all goes belly up his money may well buy them promotion...........the longer term future may spell disaster but the near future is what we are talking about. Good post. To think they could be looking at the Championship with a nucleus of 22-24 year olds that they had developed and who had 2 seasons already playing together. Instead they have...... Link to comment Share on other sites More sharing options...
Mr Rabbit Posted March 26, 2014 Share Posted March 26, 2014 Link to comment Share on other sites More sharing options...
Footballfirst Posted March 27, 2014 Share Posted March 27, 2014 (edited) Interims out this morning 27 March 2014 Embargoed for 07:00 Rangers International Football Club plc ("Rangers", or the "Company") Interim Results Rangers International Football Club plc (AIM:RFC), the holding company for the 'Rangers Football Club Limited ("Club")', is pleased to announce interim results for the six month period to 31 December 2013. Highlights · Season ticket sales of approximately 36,000 for the 2013/14 season · Average home league attendance of over 40,000 during the period; seventh highest ranking UK football attendance · Revenue of ?13.2m up by 38% (?9.5m for the 7 months ended 31 December 2012) o strong increase in sales from Sports Direct Retail partnership · Operating expenses of ?16.8m (?16.6m for the 7 months ended 31 December 2012) · Reduced loss before tax, excluding non-recurring items of ?3.5m (?7.2m for the 7 months ended 31 December 2012) · Cash of ?3.5m as at 31 December 2013 (?21.2m at 31 December 2012) http://rangers.g3dhosting.com/regulatory_news_article/375 Edited March 27, 2014 by Footballfirst Link to comment Share on other sites More sharing options...
Footballfirst Posted March 27, 2014 Share Posted March 27, 2014 From the accounts Emphasis of matter ? Going concern In arriving at our review conclusion, which is not qualified, we have considered the adequacy of the disclosures in note 2 to the condensed set of financial statements in the half yearly report for the six months ending 31 December 2013 concerning the Company?s ability to continue as a going concern. The Company has made key assumptions in relation to the timing of season ticket monies, the volume and pricing of season ticket sales, increase in matchday income and sponsorship, the timing and value of dividends from Rangers Retail Limited and further cost reductions. This condition relating to the timing of receipt of season ticket monies, along with the details provided in note 2 to the condensed set of financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the Company?s ability to continue as a going concern and therefore that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern. Link to comment Share on other sites More sharing options...
Paulie Walnut Posted March 27, 2014 Share Posted March 27, 2014 (edited) From the accounts Emphasis of matter ? Going concern In arriving at our review conclusion, which is not qualified, we have considered the adequacy of the disclosures in note 2 to the condensed set of financial statements in the half yearly report for the six months ending 31 December 2013 concerning the Company?s ability to continue as a going concern. The Company has made key assumptions in relation to the timing of season ticket monies, the volume and pricing of season ticket sales, increase in matchday income and sponsorship, the timing and value of dividends from Rangers Retail Limited and further cost reductions. This condition relating to the timing of receipt of season ticket monies, along with the details provided in note 2 to the condensed set of financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the Company?s ability to continue as a going concern and therefore that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern. Excellent reading basically they are burst and have hidden it from the proper account by trimming them. Unless they sell loads of season tickets, increase attendances and sponsorship they will cease to exist. Edited March 27, 2014 by Al McFly Link to comment Share on other sites More sharing options...
SUTOL Posted March 27, 2014 Share Posted March 27, 2014 Tick tock. Link to comment Share on other sites More sharing options...
kingdannyb Posted March 27, 2014 Share Posted March 27, 2014 Tick tock Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted March 27, 2014 Share Posted March 27, 2014 Stunned about the material uncertainty. Stunned. Link to comment Share on other sites More sharing options...
Footballfirst Posted March 27, 2014 Share Posted March 27, 2014 I?d guess that on the surface, that the numbers don?t look quite as bad as feared. (approx. ?600K per month loss), but I suspect that there are a few nuggets to be found e.g. Income from Retail looks fairly healthy at ?4,750M, up from ?941K however costs for Retail have gone up to ?3M from ?400K Their ?3.475M cash balance isn?t quite what it seems either ?Included within cash balances is ?1,669,000 relating to Rangers Retail Limited, which is not immediately available as working capital to the Group as a whole.? The ?3.5M Operating loss was only achieved after a tax credit of ?813K was included, so the Operating loss can be judged as ?4.3M (or ?700K a month) A key number to watch is the cash burn rate Dec 2012 - Cash at Bank ?21.2M June 2013 - ?11.2M (down ?10M) Dec 2013 - ?3.475M (down ?7.7M) Link to comment Share on other sites More sharing options...
scott_jambo Posted March 27, 2014 Share Posted March 27, 2014 They seem like they'll be Ok tbh. Link to comment Share on other sites More sharing options...
Don Dan Posted March 27, 2014 Share Posted March 27, 2014 The cash burn rate would mean they've no money left. They could possibly be trading against the rules! Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted March 27, 2014 Share Posted March 27, 2014 They seem like they'll be Ok tbh. Of course. Dave King will bankrupt himself and the Tims will be put back in their box. Link to comment Share on other sites More sharing options...
We_are_the_Hearts Posted March 27, 2014 Share Posted March 27, 2014 Here was me thinking it was only your average thick arrogant zombie that thinks they will be ok. With that cash burn rate and so much indecision about ST sales time is ticking for them. Link to comment Share on other sites More sharing options...
We_are_the_Hearts Posted March 27, 2014 Share Posted March 27, 2014 Nothing new there. But suggesting a 3.5 million balance in Dec, but in reality it's now nearly April though. S.tkt price hike on the way & severe budget slashing to survive the only option now or ask the tax criminal for that 30 million as a loan... Keyword "Going concern" .. hence the need for the ?1.5m loan.................the spivs would have expected ST sales to be commencing soon. The Easdales probably delivering a horses head to Dave Kings bedroom as we speak. Link to comment Share on other sites More sharing options...
hughesie27 Posted March 27, 2014 Share Posted March 27, 2014 Looking forward to winning the Chaampionship next year. Link to comment Share on other sites More sharing options...
Footballfirst Posted March 27, 2014 Share Posted March 27, 2014 A pretty accurate anaolgy Kevin the Accountant ?@KALAccountants 6m Green cut the throat. Stockbridge held back the paramedics. Wallace administering CPR while King lets air out ambulance tyres Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted March 27, 2014 Share Posted March 27, 2014 My good the figures are horrendous, its basically saying that the bring in ?13.2m per year and the spent ?28.4m of which ?.5m is non-recurring. Even if the double the price of season tickets they still fall short. Without a massive increase in TV money and playing CL football every year, then they are a busted flush, a dod with fleas. they had 3.5m in the bank last December, by that burn rate, they must be running on fumes now. They need to bring in ?32m each year, Season tickets etc bring in ?13.2. Even once they sell all the season ticket money that will buy them 6 months max. So not only will they need Dave Kings ?30m they must be in the CL every single year. Oh and I nearly forgot, all of this is before tax......oooops Link to comment Share on other sites More sharing options...
CJGJ Posted March 27, 2014 Share Posted March 27, 2014 The so called review that is taking place clearly has to indicate one of two things 1.Cut costs drastically....this they can do but with obvious implications re playing squad etc 2.Bring in more income...more difficult given they have 36,000 season ticket holders already and TV/Commercial deals in place for the next few years at an already agreed rate. So it's either sugar daddy time or new share issue diluting the current owners power...........and of course the fans at this point in the season/year have real power to force change if they refuse to renew the season tickets............will they risk the survival of the club and do just that ? Link to comment Share on other sites More sharing options...
Diadora Van Basten Posted March 27, 2014 Share Posted March 27, 2014 I predict they will run out of money on 23 January 2015 Link to comment Share on other sites More sharing options...
Tommy Brown Posted March 27, 2014 Share Posted March 27, 2014 Interested in how the MSM will report all this. Please move on nothing to see (I suspect). They needed a payday on loan because they were already running on fumes and the MSM only report about signing targets (unbelievable) Link to comment Share on other sites More sharing options...
Fozzyonthefence Posted March 27, 2014 Share Posted March 27, 2014 So, any experts - are they trading while insolvent? Or because they still have some cash left (presumably under the mattress as they have no banking facilities?) does this mean they're not insolvent yet? Link to comment Share on other sites More sharing options...
CJGJ Posted March 27, 2014 Share Posted March 27, 2014 So, any experts - are they trading while insolvent? Or because they still have some cash left (presumably under the mattress as they have no banking facilities?) does this mean they're not insolvent yet? They are not trading as insolvent at this time.. they have funding to last until the seasons end. Where does this banking facilities rubbish come from...they do have facilities......they might not be able to borrow but they have banking facilities. Link to comment Share on other sites More sharing options...
Samster Posted March 27, 2014 Share Posted March 27, 2014 They are not trading as insolvent at this time.. they have funding to last until the seasons end. Where does this banking facilities rubbish come from...they do have facilities......they might not be able to borrow but they have banking facilities. They have basic facilities by which to pay people (suppliers, staff) but I don't think they have full facilities like an overdraft or the ability to borrow. Link to comment Share on other sites More sharing options...
alwaysthereinspirit Posted March 27, 2014 Share Posted March 27, 2014 Who'll be the first "Jambo" to come on here and defend this latest financial statement? Oops to late. Link to comment Share on other sites More sharing options...
We_are_the_Hearts Posted March 27, 2014 Share Posted March 27, 2014 Who'll be the first "Jambo" to come on here and defend this latest financial statement? Oops to late. Jambo/ Diet Hun Link to comment Share on other sites More sharing options...
altyjambo Posted March 27, 2014 Share Posted March 27, 2014 My good the figures are horrendous, its basically saying that the bring in ?13.2m per year and the spent ?28.4m of which ?.5m is non-recurring. Even if the double the price of season tickets they still fall short. Without a massive increase in TV money and playing CL football every year, then they are a busted flush, a dod with fleas. they had 3.5m in the bank last December, by that burn rate, they must be running on fumes now. They need to bring in ?32m each year, Season tickets etc bring in ?13.2. Even once they sell all the season ticket money that will buy them 6 months max. So not only will they need Dave Kings ?30m they must be in the CL every single year. Oh and I nearly forgot, all of this is before tax......oooops Not that it changes the overall conclusion, but the ?13m turnover is only for the 6 months to December. Included in that is ?4m relating to retail, which you wouldn't expect to repeat in the second half of the year as clubs dont generally sell many new strips from January to June. The ?28m cash burn is over the 12 month period. They "seem" to be burning ?7.7m in the 6m period, of which ?2m or so isn't to repeat. So its around ?800k per month, If there's a delay in the ST money (and lets assume that's around ?10m) they won't survive. Accounting rules suggest that if the Directors know that they are incurring costs now that they have no reasonable ability to pay, they must go into admin. The definition of that reasonable ability is crucial - the arrival of ?10m in used tenners would be reasonable, hence the ability to carry on for now. Take that away.... Link to comment Share on other sites More sharing options...
SUTOL Posted March 27, 2014 Share Posted March 27, 2014 What liabilities do they have that could be called up/in that they would be unable to pay, so as to be labelled (technically) trading whilst insolvent? Though trading whilst (technically) insolvent isn't an offence in itself, looking to make a gain at others expense/loss is what the trading whilst insolvent rule means. Link to comment Share on other sites More sharing options...
CavySlaveJambo Posted March 27, 2014 Share Posted March 27, 2014 Am I right in thinking that the interim accounts here also include the summer transfer embargo, where as they were freely buying players in the summer transfer window in 2012? Link to comment Share on other sites More sharing options...
brunoatemyhamster Posted March 27, 2014 Share Posted March 27, 2014 Are we up to date with Tempelton / Wallace yet ? Link to comment Share on other sites More sharing options...
scottish_chicP Posted March 27, 2014 Share Posted March 27, 2014 "My guess is that nothing will shut the Hibs fans up. The game is an irrelevance". Response "Disagree with that; all they need to do to shut us up is to beat us, and they almost certainly will." Link to comment Share on other sites More sharing options...
...a bit disco Posted March 27, 2014 Share Posted March 27, 2014 "My guess is that nothing will shut the Hibs fans up. The game is an irrelevance". Response "Disagree with that; all they need to do to shut us up is to beat us, and they almost certainly will." Indeed. Fecking mini-huns! Link to comment Share on other sites More sharing options...
scottish_chicP Posted March 27, 2014 Share Posted March 27, 2014 Ooooops wrong thread Link to comment Share on other sites More sharing options...
trotter Posted March 27, 2014 Share Posted March 27, 2014 From the accounts Emphasis of matter ? Going concern In arriving at our review conclusion, which is not qualified, we have considered the adequacy of the disclosures in note 2 to the condensed set of financial statements in the half yearly report for the six months ending 31 December 2013 concerning the Company?s ability to continue as a going concern. The Company has made key assumptions in relation to the timing of season ticket monies, the volume and pricing of season ticket sales, increase in matchday income and sponsorship, the timing and value of dividends from Rangers Retail Limited and further cost reductions. This condition relating to the timing of receipt of season ticket monies, along with the details provided in note 2 to the condensed set of financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the Company?s ability to continue as a going concern and therefore that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern. A warning to fans to ignore DKs request to ringfence the ST money? Link to comment Share on other sites More sharing options...
Munch Posted March 27, 2014 Share Posted March 27, 2014 will fat salary still get his 30 million war chest ? Link to comment Share on other sites More sharing options...
Footballfirst Posted March 27, 2014 Share Posted March 27, 2014 How to fool a Bear. Link to comment Share on other sites More sharing options...
...a bit disco Posted March 27, 2014 Share Posted March 27, 2014 (edited) will fat salary still get his 30 million war chest ? When you look at some of the players they're being linked with then he'll need it. 'Rangers were also linked last night with Manchester United?s 22-year-old striker Federico Macheda, who is currently out on loan at Birmingham City and will be out of contract at Old Trafford this summer. His agent, Giovanni Bia said: There is the possibility of staying in England. But Glasgow Rangers have been persistent and Celtic especially so.?' http://www.scotsman....nings-1-3348186 FFS! Edited March 27, 2014 by ...a bit disco Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted March 27, 2014 Share Posted March 27, 2014 Just to simplify things they received ?13.2m income from ticket sales plus they had a bank balance of ?21.2, total = ?34.4m, as of Dec 13 they had ?3.5m, so they spent ?30.9m, at the current rate of spending taking in season ticket money of ?14m there will be nothing left whatsoever by Christmas, Unless they do another share floatation or a sugar daddy buys them out. Even post Admin who is going to buy them apart from the fans? if they are spending twice as much as they can raise?????? How do they get back to under SDM when they had a turnover of near ?70m that money is just not there anymore? Seriously without a stable business model and not just a spivspin Alex Salmondesque painted picture of a utopian world, Why are the league not asking them for a guarantee that they will be there next season, never mind fulfilling all the fixtures, Will they even make it to the starting line? SPFL/SFA should be involved now. How will the MSM portrait this in tomorrows papers????? Link to comment Share on other sites More sharing options...
Gigolo-Aunt Posted March 27, 2014 Share Posted March 27, 2014 Macheda would be an excellent signing - cant see him heading to Ibrox though. A top end Championship club in England. Link to comment Share on other sites More sharing options...
tartofmidlothian Posted March 27, 2014 Share Posted March 27, 2014 I do feel sympathy for all their decent fans, you know. To have been through this once and been thrown into it again. Almost as much of a shame as the way the media seems to be happy to reprint their press releases with spin attached all over again. I have not one clue why any Hearts fan wants to talk up them or their chances of coming good though. Our main competition next season FFS. Link to comment Share on other sites More sharing options...
djf Posted March 27, 2014 Share Posted March 27, 2014 http://forum.rangersmedia.co.uk/index.php?showtopic=266921&st=20 This is brilliant. Link to comment Share on other sites More sharing options...
Munch Posted March 27, 2014 Share Posted March 27, 2014 Highlights · Season ticket sales of approximately 36,000 for the 2013/14 season · Average home league attendance of over 40,000 during the period; seventh highest ranking UK football attendance · Revenue of ?13.2m up by 38% (?9.5m for the 7 months ended 31 December 2012) o strong increase in sales from Sports Direct Retail partnership · Operating expenses of ?16.8m (?16.6m for the 7 months ended 31 December 2012) · Reduced loss before tax, excluding non-recurring items of ?3.5m (?7.2m for the 7 months ended 31 December 2012) · Cash of ?3.5m as at 31 December 2013 (?21.2m at 31 December 2012) So the bottom line is they have went from having 21.2 million cash in bank to 3.5 million in a year which is a loss of 17.7 million in a year a loss of 1.475 million per month ill bet the 3.5 million has now been spent which would make the need for the loan to tide them over till season ticket money comes flooding in. DK Is trying to starve them by denying them season ticket revenue which if they dont get you can see Admin 2 kicking in pretty soon. Link to comment Share on other sites More sharing options...
SUTOL Posted March 27, 2014 Share Posted March 27, 2014 http://forum.rangers...ic=266921&st=20 This is brilliant. Indeed, "Not great but respectable for our current level" Surely that site is full of Celtic fans on the wind-up! Link to comment Share on other sites More sharing options...
alwaysthereinspirit Posted March 27, 2014 Share Posted March 27, 2014 "You cant go from a 14 million pound loss to a profit unless an Arab comes in" Link to comment Share on other sites More sharing options...
...a bit disco Posted March 27, 2014 Share Posted March 27, 2014 'We also note Mr Somers statement about fan engagement but, since announcing the trust, we have had no contact from the board. Given the obvious and urgent need for investment, we would once again urge the board to accept Dave King?s offer of ?30m so that both the fans and the club can move forward in harmony.?' So say the Union of Fan(nie)s. Must have missed Kingys concrete 30 million offer? Link to comment Share on other sites More sharing options...
CJGJ Posted March 27, 2014 Share Posted March 27, 2014 Who'll be the first "Jambo" to come on here and defend this latest financial statement? Oops to late. I wonder who you mean...so put up or shut up. Link to comment Share on other sites More sharing options...
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