Jammy T Posted April 25, 2014 Share Posted April 25, 2014 I have no sympathy for the club but considering we've been in a (somehow much less farcical) similar situation you've got to feel for the fans. You see - I dont They are part of the problem. Whether all of them are typical fat slavering bigots is one thing, but I dont think any of them really have any humility about their place in Scottish football and that they might simply not be able to challenge Celtic again any time soon, and that despite the amount of fans they have they are going to need to grow organically again I dont know of any Rangers fan that doesnt have some sort of sense of entitlement. Until Rangers fans accept that they are now a medium sized club and need to live within their means I wont feel sorry for any of them. Link to comment Share on other sites More sharing options...
Hearts007 Posted April 25, 2014 Share Posted April 25, 2014 over 70 mill spent on a company that was previously liquidated,they should all hang their heads in shame, a fair number of them want fat sally and c/o out and Daly to start with Link to comment Share on other sites More sharing options...
Cairneyhill Jambo Posted April 25, 2014 Share Posted April 25, 2014 Fat Sally "?67m quid, ?67m fecking quid for a scarf." Link to comment Share on other sites More sharing options...
upgotheheads Posted April 25, 2014 Share Posted April 25, 2014 ?20M-?30M required over 3 years Not able to balance the books before 2015/16 Will issue up to 43.2M shares to existing shareholders (first) to cover any shortfall from ST sales. (would raise approx ?10M at today's prices) "A current example of the difficulty being faced by the Club, and which will regrettably impact upon supporters, is that for next season supporters will now be unable to pay for their season tickets by credit or debit card. The Club's merchant acquirer, which processes credit and debit card transactions, has advised that it would require extensive security, including standard security to be granted over Ibrox Stadium and an insurance policy at considerable cost to the Club, to protect itself against any potential liability arising from passing on monies from season ticket purchases ahead of next season's matches." Something they can't do of course because they don't own the stadium anymore. Link to comment Share on other sites More sharing options...
connlach Posted April 25, 2014 Share Posted April 25, 2014 "As previously stated, the Board has no intention of granting security over Ibrox and therefore has regrettably decided that for the current season ticket renewal process it will proceed with direct payment only to the Club by way of bank transfer, cash or cheque payment. Any supporters who are on the automatic renewal scheme will not have their tickets renewed automatically and will also require to renew their seats individually" Looks like its going to be big business for Wonga. Also interesting to see they are not proceeding with automatic renewals so this rules out direct debit from the bank as well. They thought this was a way to get round supporters but that door has now been shut. Link to comment Share on other sites More sharing options...
tazhearts Posted April 25, 2014 Share Posted April 25, 2014 (edited) Some amazing contradictions in their "review"... "?2 million was invested in capital purchases that were non essential and have not generated incremental income. In particular the purchase of Stadium Wi-Fi, LED displays and Jumbo Screens used cash that could have been retained to sustain current operations." Then later in the document as part of their strategic masterplan to get them out the sh#t.... Re-connecting effectively to our Local and Global Fan Base "Improving the Match Day Experience ? A rolling investment programme to improve the match day experience and refresh Ibrox Stadium to return it to a best-in-class venue will be implemented." Edited April 25, 2014 by tazhearts Link to comment Share on other sites More sharing options...
Socrates Posted April 25, 2014 Share Posted April 25, 2014 I think the most alarming statement relates to them no longer being able to use credit or debit cards to pay for season ticket sales or merchandise. The companies providing these services were so worried about the health of the business they would only do this is they could be given security over assets! This is the key point imo. Link to comment Share on other sites More sharing options...
Footballfirst Posted April 25, 2014 Share Posted April 25, 2014 would that then constitute a football debt which would remain as part of the deal to stay in the SPFL ? Not the full amount - e.g John Sutton was due to receive ?20K as his share of the "footballing creditors" debt after being made redundant. That would have included unpaid wages between 1st-19th June 2013 in addition to statutory redundancy payments. Link to comment Share on other sites More sharing options...
8skacel8 Posted April 25, 2014 Share Posted April 25, 2014 Did we not have problems with debit/credit card payments before we went in to admin? Link to comment Share on other sites More sharing options...
tazhearts Posted April 25, 2014 Share Posted April 25, 2014 Repeated use of "best in class" throughout the report. Is this the new business buzz word to replace "best practice" etc etc? Link to comment Share on other sites More sharing options...
Rick Grimes Posted April 25, 2014 Share Posted April 25, 2014 Fat Sally "?67m quid, ?67m fecking quid for a scarf." Two scarfs and a runner's up scarf, surely? Link to comment Share on other sites More sharing options...
Footballfirst Posted April 25, 2014 Share Posted April 25, 2014 (edited) Share Price: 22.50 Bid: 22.00 Ask: 23.00 Change: -3.50 (-13.46%) Still going down (last trade at 21p) Edited April 25, 2014 by Footballfirst Link to comment Share on other sites More sharing options...
tazhearts Posted April 25, 2014 Share Posted April 25, 2014 "The Club acquired a number of players in Summer 2013 that, based on financial forecasts, it should have known that it could not afford." Their solution.... "Strengthen the Playing Squad - Funds will be made available on a targeted and phased basis over future transfer windows, starting in Summer 2014, in preparation for the Championship Season but also looking at future seasons with a more structured and planned approach." Link to comment Share on other sites More sharing options...
Rudolf's Mate Posted April 25, 2014 Share Posted April 25, 2014 (edited) I think the most alarming statement relates to them no longer being able to use credit or debit cards to pay for season ticket sales or merchandise. The companies providing these services were so worried about the health of the business they would only do this is they could be given security over assets! Whenever we heard of our customers merchants suspending these services we immediately tried to get any monies owed to us in plus a deposit to cover 3 months billing. If they refused we cut their services! As you've said, this will set the alarm bells ringing for all creditors. Edited April 25, 2014 by Rudolf's Mate Link to comment Share on other sites More sharing options...
tazhearts Posted April 25, 2014 Share Posted April 25, 2014 Summary of Income & Expenditure 29 May 2012 ? 31 December 2013 Other Football Related Payroll Costs - ?5.6 million What can this be? National Insurance, Pensions, Bonuses? Link to comment Share on other sites More sharing options...
tazhearts Posted April 25, 2014 Share Posted April 25, 2014 Between 29 May 2012 and 31 December 2013 they have spent ?25.2 million pounds more than they brought in through normal operations (i.e. excluding their share issue). Link to comment Share on other sites More sharing options...
Cairneyhill Jambo Posted April 25, 2014 Share Posted April 25, 2014 Just had a look over on Follow Follow and its in meltdown. Post of the year from thebluestar Originally Posted by thebluestar Not being funny here but do you think David Murray would be in the fold to come back? Rangers prosptered under him with 9 in a row etc and maybe he can get us out of this mess? Just a thought. Link to comment Share on other sites More sharing options...
Hearts007 Posted April 25, 2014 Share Posted April 25, 2014 Just had a look over on Follow Follow and its in meltdown. Post of the year from thebluestar Originally Posted by thebluestar Not being funny here but do you think David Murray would be in the fold to come back? Rangers prosptered under him with 9 in a row etc and maybe he can get us out of this mess? Just a thought. Link to comment Share on other sites More sharing options...
colinmaroon Posted April 25, 2014 Share Posted April 25, 2014 Just had a look over on Follow Follow and its in meltdown. Post of the year from thebluestar Originally Posted by thebluestar Not being funny here but do you think David Murray would be in the fold to come back? Rangers prosptered under him with 9 in a row etc and maybe he can get us out of this mess? Just a thought. The Blue Delusion!!! It really makes you wonder if democracy is such a great thing. Link to comment Share on other sites More sharing options...
The Mighty Thor Posted April 25, 2014 Share Posted April 25, 2014 It's the office staff that will be made redundant today I feel sorry for. As for Sleeket & his massive salary ?. Hang your head in shame.. Did fat salary ever take the pay cut. In the constant lol-athon that is der Hun one forgets the detail Link to comment Share on other sites More sharing options...
Munch Posted April 25, 2014 Share Posted April 25, 2014 [quote nam e=tazhearts' timestamp='1398427105' post='4160452] Between 29 May 2012 and 31 December 2013 they have spent ?25.2 million pounds more than they brought in through normal operations (i.e. excluding their share issue). Spivtastic. Link to comment Share on other sites More sharing options...
DG_HMFC Posted April 25, 2014 Share Posted April 25, 2014 How can McCoist possibly have dosh to spend in the summer? Madness!!! Link to comment Share on other sites More sharing options...
My son's a Jambo Posted April 25, 2014 Share Posted April 25, 2014 How can McCoist possibly have dosh to spend in the summer? Madness!!! It's like a bad poker player trying to recover his losses with one more big bet. Link to comment Share on other sites More sharing options...
269miles Posted April 25, 2014 Share Posted April 25, 2014 Posted on TSFM - From Paul Brennan A statement to the stock market by Rangers International today confirmed that they are not a sustainable business, have no bank credit facilities and are unable to accept debit or credit cards for season ticket purchases. These revelations contravene SFA licence requirements, which would need to be met if the club wanted to participate in Scottish football in season 2014-15. Before attaining a licence for the forthcoming season a club must demonstrate that is has the finance available to complete its commitments. Newco Rangers have confirmed they are currently unable to meet this requirement. Does anyone here know if the bit about Sevco contravening SFA licencing requirements is true ? Link to comment Share on other sites More sharing options...
colinmaroon Posted April 25, 2014 Share Posted April 25, 2014 I can, and I can imagine his lips were moving as he did so. Lots of slavering and lip licking!!! Link to comment Share on other sites More sharing options...
ERJEAN51 Posted April 25, 2014 Share Posted April 25, 2014 Can anyone please bring me up to speed with this? Sounds like what we all thought was going to happen is now starting to happen? Basically, the 120 day review has resulted in an 8 page pdf highlighting Rangers current woes. They need to sell shedloads of season tickets to avoid needing emergency funding, from where who knows. The main problem is that people cannot buy season tickets by credit/debit card as the processing company wants to use Ibrox as a security. They can't of course as it is still in the balance as to who owns Ibrox. Which was the contingency liability in their accounts that Deloitte's insisted had to be their as to not to dupe financing institutions. They will need to do another share issue in the coming months, which at the minute the share price is dropping spectacularly. Basically this, but in three years they will win the SPL. Link to comment Share on other sites More sharing options...
scottish_chicP Posted April 25, 2014 Share Posted April 25, 2014 Did fat salary ever take the pay cut. In the constant lol-athon that is der Hun one forgets the detail According to one of the Rangers supporting Laywers at my work (he is actually ok!) this never happened! Link to comment Share on other sites More sharing options...
Diadora Van Basten Posted April 25, 2014 Share Posted April 25, 2014 (edited) Some amazing contradictions in their "review"... "?2 million was invested in capital purchases that were non essential and have not generated incremental income. In particular the purchase of Stadium Wi-Fi, LED displays and Jumbo Screens used cash that could have been retained to sustain current operations." Then later in the document as part of their strategic masterplan to get them out the sh#t.... Re-connecting effectively to our Local and Global Fan Base "Improving the Match Day Experience ? A rolling investment programme to improve the match day experience and refresh Ibrox Stadium to return it to a best-in-class venue will be implemented." If a psychiatrist read that statement he would see various parts of the statement that appear to have been written by a schizophrenic. Edited April 25, 2014 by Sandi Link to comment Share on other sites More sharing options...
269miles Posted April 25, 2014 Share Posted April 25, 2014 Did fat salary ever take the pay cut. In the constant lol-athon that is der Hun one forgets the detail He took a pay cut in the first season of Sevco but......got it all back in the form of a bonus, IIRC. He also publicly supported the players in their refusal to accept 15% wage cuts a few months ago , presumably because he knew he'd then be asked to take a big cut too. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted April 25, 2014 Share Posted April 25, 2014 They are entitled to being competitive in Europe on the basis of spending ?70 on 2 lower league titles? They are not even competitive in the Ramsdens cup. They are going to make redundancies and outsource, while at the same time spend big on a chief operations officer and a commercial officer. They are going to cut money on silly things like wifi while at the same time spend big on making Ibrox a best in class venue. They are going to spend big to ensure they bread their own youngsters to boost the first team playing squad, while investing big to ensure the first team will win the championship. They want to spend spend spend to save money while winning everything. I seriously doubt they will survive the close season and the spivs know it, they need the season ticket money to get them to the autumn when a share issue will raise enough money to get them to the end of the season. Link to comment Share on other sites More sharing options...
Francis Albert Posted April 25, 2014 Share Posted April 25, 2014 Repeated use of "best in class" throughout the report. Is this the new business buzz word to replace "best practice" etc etc? I suppose it helpfully leaves open the question of what class you are best in. Best in the remedial class perhaps? Link to comment Share on other sites More sharing options...
The Mighty Thor Posted April 25, 2014 Share Posted April 25, 2014 According to one of the Rangers supporting Laywers at my work (he is actually ok!) this never happened! Wasn't sure either way as there was plenty noise around it at the time then it went very quiet. What a delightful pickle the stickies find themselves in. Link to comment Share on other sites More sharing options...
altyjambo Posted April 25, 2014 Share Posted April 25, 2014 Did we not have problems with debit/credit card payments before we went in to admin? Only after we'd gone into administration. The administrators would have given assurances in relation to services being paid for, TRFC can't do that to the merchant's satisfaction, and I presume that if they went bust, a Rangers ST holder could claim the service he'd paid for by credit card wasn't delivered and the card company becomes liable. Link to comment Share on other sites More sharing options...
The Mighty Thor Posted April 25, 2014 Share Posted April 25, 2014 Summary of Income & Expenditure 29 May 2012 ? 31 December 2013 Other Football Related Payroll Costs - ?5.6 million What can this be? National Insurance, Pensions, Bonuses? ?5.6 million? why does that number ring a bell? Is that not rather close to the price paid for TTFKARFC? You don't think the spivs have taken the ?5.6m out in cash as well as holding the large majority of shares? Shurely not Link to comment Share on other sites More sharing options...
tartofmidlothian Posted April 25, 2014 Share Posted April 25, 2014 I have no sympathy for the club but considering we've been in a (somehow much less farcical) similar situation you've got to feel for the fans. Have to agree. A lot of the hubris for me was worked off last time, it's only the likes of McCoist still talking of 30m war chests that's truly embarrassing. Although to be fair, their current woes are hugely beneficial to one club over any other right now. And that's us. Link to comment Share on other sites More sharing options...
269miles Posted April 25, 2014 Share Posted April 25, 2014 They are entitled to being competitive in Europe on the basis of spending ?70 on 2 lower league titles? They are not even competitive in the Ramsdens cup. They are going to make redundancies and outsource, while at the same time spend big on a chief operations officer and a commercial officer. They are going to cut money on silly things like wifi while at the same time spend big on making Ibrox a best in class venue. They are going to spend big to ensure they bread their own youngsters to boost the first team playing squad, while investing big to ensure the first team will win the championship. They want to spend spend spend to save money while winning everything. I seriously doubt they will survive the close season and the spivs know it, they need the season ticket money to get them to the autumn when a share issue will raise enough money to get them to the end of the season. In the meantime Ticketmaster are having a "cake & karma party" while Reagan and Doncaster review their disaster planning strategy aka "Armageddon". And we wonder why Scottish football struggles to attract sponsorship. Link to comment Share on other sites More sharing options...
Chief Wiggum Posted April 25, 2014 Share Posted April 25, 2014 There are a few decent rangers fans who are no doubt suffering right now, i fear for the existence of any club at Ibrox now. There is the WATP lot to whom i say 'GIRFUY', whose arrogance has known no bounds over the years. What i'll say is that no football fan should ever believe a word that comes out of the board or the owners mouths, we know this better than most!! I fear total meltdown but even this 120 review is taking the pi55 out of the fans, 120 days for this????? nonsense, its hardly a multinational company with a number of separate businesses.... this could have been done in weeks. Link to comment Share on other sites More sharing options...
tartofmidlothian Posted April 25, 2014 Share Posted April 25, 2014 "As previously stated, the Board has no intention of granting security over Ibrox and therefore has regrettably decided that for the current season ticket renewal process it will proceed with direct payment only to the Club by way of bank transfer, cash or cheque payment. Any supporters who are on the automatic renewal scheme will not have their tickets renewed automatically and will also require to renew their seats individually" Looks like its going to be big business for Wonga. Also interesting to see they are not proceeding with automatic renewals so this rules out direct debit from the bank as well. They thought this was a way to get round supporters but that door has now been shut. I hate that corporate small print "we'll renew unless you tell us otherwise" bullshit at the best of times. If it's being used here to head off fans before they can object to renewing, the above news is highly amusing. Link to comment Share on other sites More sharing options...
I P Knightley Posted April 25, 2014 Share Posted April 25, 2014 The authority given to the Board at the AGM in December 2013 to enable the Company to allot up to 43,400,000 new ordinary shares of 1p each in the capital of the Company on a pre-emptive basis to existing shareholders has not been exercised to date. In the event that season ticket sales over the forthcoming weeks are materially less than anticipated then the Company may seek to use this pre-emptive authority which can offer a cost effective and efficient method of raising capital. wow Wow indeed. "We have been trading below expectations so, instead of looking at our operating costs or other operational issues to close the gap, we'll go cap in hand to the stock market to plug the operating losses." That is utterly ridiculous and no rational stock investor would look at it - other than for the biggest laugh of the month. If they raise any magic beans on the back of that logic, they'll deserve everything they get. 43.4M shares works out at two thirds of the current shares on issue. Dilution of today's share price of 25p would mean that it would drop to 15p. In order to make the share sale attractive, they would really have to offer them at around 10p. That would raise ?4.34M less expenses. Not quite that low if the investors believed that their investment would yield future benefits. They'd have to offer at a price significantly below today's 25p to allow for fluctuations between now and issue date. Post-issue, the price should be no worse than a wiegthed average of pre-issue price and the rights issue price. If price stays at 25p and the rights issue is at 18p, the ex-rights price will be between those two numbers. If, for any reason, the actual price dropped below 18p, the rights issue will fail. Link to comment Share on other sites More sharing options...
stevie1874 Posted April 25, 2014 Share Posted April 25, 2014 Maybe they should organise a Foundation of Rangers. Joking aside if I was a rangers supporter this would be the only way to go to get rid of people milking the club dry and fighting over the assets. Start afresh and ground share with Queens park, live within their means and let the vultures fight over ibrox and Murray park. I'm sure the Sfa would support this if only to rid themselves of the embarrassment of what went on before. Liquidation again seems drastic but it would be the only way the supporters could be truly sure that the club is being run by people with the clubs interest at heart. Oh and forget about competing with Celtic for many years. Link to comment Share on other sites More sharing options...
Francis Albert Posted April 25, 2014 Share Posted April 25, 2014 Down 3.5p to 22p today already. If 18p is a floor it doesn't look a very secure one. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted April 25, 2014 Share Posted April 25, 2014 Not forgetting they spent ?2.6m on the Edmiston House and the car park, they need to also payback ?1.5m by August 31st or lose ?1.1m on a property deal inside 12 months, This is like a tired old boxer desperately holding out for the bell in the 10th, he is already well down on points, but somehow want to go the distance. His own corner should throw in the towel, and even the ref wants to stop it, but is enjoying the car crash too much. Basically the legs have gone and they are punch drunk, and its only the ropes holding them up. A good corner should protect you from yourself. Link to comment Share on other sites More sharing options...
graygo Posted April 25, 2014 Share Posted April 25, 2014 Man the lifeboats Link to comment Share on other sites More sharing options...
Francis Albert Posted April 25, 2014 Share Posted April 25, 2014 (edited) Joking aside if I was a rangers supporter this would be the only way to go to get rid of people milking the club dry and fighting over the assets. Start afresh and ground share with Queens park, live within their means and let the vultures fight over ibrox and Murray park. I'm sure the Sfa would support this if only to rid themselves of the embarrassment of what went on before. Liquidation again seems drastic but it would be the only way the supporters could be truly sure that the club is being run by people with the clubs interest at heart. Oh and forget about competing with Celtic for many years. I wasn't joking. In retrospect the fact that no-one was interested in buying us post- (or pre-) administration was a blessing. The Rangers fans are stuck with all these squabbling spivs still anxious to screw some more money out of them. It's a shame (and a small part of me even means it!) It is surprising though that some serious fans movement hasn't emerged to do what they can to fight the spivs (eg by boycotting ST sales). The mindset still seems to be to hope some big money people come along and give them "what they deserve". Edited April 25, 2014 by Francis Albert Link to comment Share on other sites More sharing options...
bobskeldon Posted April 25, 2014 Share Posted April 25, 2014 According to the BBC! "One caveat to the new payment arrangement will be that customers' money will not be protected in the event of the business going bust" Link to comment Share on other sites More sharing options...
DETTY29 Posted April 25, 2014 Share Posted April 25, 2014 Posted on TSFM - From Paul Brennan A statement to the stock market by Rangers International today confirmed that they are not a sustainable business, have no bank credit facilities and are unable to accept debit or credit cards for season ticket purchases. These revelations contravene SFA licence requirements, which would need to be met if the club wanted to participate in Scottish football in season 2014-15. Before attaining a licence for the forthcoming season a club must demonstrate that is has the finance available to complete its commitments. Newco Rangers have confirmed they are currently unable to meet this requirement. Does anyone here know if the bit about Sevco contravening SFA licencing requirements is true ? That reads to me as more of a generic term faced by all clubs. How the heck did we get a licence last season when initially BDO were only trying to get us to October. Now BDO may have argued we would be out of admin by then as ahead of the last season start, FOH had already been approved preferred creditor status and funding evidenced, subject to CVA approval. I'm assuming Rangers can do similar, because as a plc, they can always say to the SFA, that they will go to the stock market. Also, I'm sure I recall Green saying that more funding would be required to allow Rangers got to the Premiership, to push onto the next stage - so this new proposal is contravening the 5 rumoured 5 way agreement pledges either. Probably one of those rules that isn't worth the paper it's written on. Link to comment Share on other sites More sharing options...
The Mighty Thor Posted April 25, 2014 Share Posted April 25, 2014 Joking aside if I was a rangers supporter this would be the only way to go to get rid of people milking the club dry and fighting over the assets. Start afresh and ground share with Queens park, live within their means and let the vultures fight over ibrox and Murray park. I'm sure the Sfa would support this if only to rid themselves of the embarrassment of what went on before. Liquidation again seems drastic but it would be the only way the supporters could be truly sure that the club is being run by people with the clubs interest at heart. Oh and forget about competing with Celtic for many years. That's a common sense viewpoint, something that's in short supply in your average orc. Unlike being a Hearts supporter (we've been shite for the majority of my 46 years) your average knuckle dragger couldn't live with not being 'ra peepul'. Can you imagine them bumping along in the 3rd division for 3 or 4 years as they re-build? Can you imagine them displaying any kind of patience on a youth system producing the talent? Nah, me neither. they've spunked ?70m on diddies to win a diddy league and to get horsed by Raith in a final. No the orcs want success, they expect it, it's their birth-right. They actually expect a convicted tax fraudster, with 'off the radar' wealth to supply it for them. Feck them. Feck them all. Link to comment Share on other sites More sharing options...
tazhearts Posted April 25, 2014 Share Posted April 25, 2014 Their fans still don't get it though. Their preferred Dave King scheme iinvolves putting theirguaranteed. son ticket money in a trust fund and drip feeding it back to the club. They are demanding more investment in the playing sqaud before they agree to hand over the season ticket money! Their only chance of survival is to run the club like administrators would, drastically cutting the playing staff, players wages, operational costs, non playing staff etc. etc. The arrogance of thinking theirpq only solution is to keep spending until they get back to their rightfull guaranteed European place in two years time is staggering. To think we were all worried about them building up a big war chest as they progressed through the lower leagues using primarily their own home grown players (who in turn would improve and increase in resale value due to their fist team exposure / experience). Link to comment Share on other sites More sharing options...
The Great Khali Posted April 25, 2014 Share Posted April 25, 2014 . Link to comment Share on other sites More sharing options...
XB52 Posted April 25, 2014 Share Posted April 25, 2014 Who wrote this the SNP? This to Sevco fans will be even more disappointing than the white paper or otherwise known as the SNP wish list. Thankfully the White Paper made a lot more sense than this document Link to comment Share on other sites More sharing options...
Recommended Posts