John Findlay Posted March 22, 2017 Share Posted March 22, 2017 William McCormick will be declared bankrupt shortly? That's how it goes defending them? Link to comment Share on other sites More sharing options...
Drewboy Posted March 23, 2017 Share Posted March 23, 2017 Unaudited account released this morning! https://rangers.co.uk/news/headlines/financial-review-2/ Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
...a bit disco Posted March 23, 2017 Share Posted March 23, 2017 Unaudited account released this morning! https://rangers.co.uk/news/headlines/financial-review-2/ Sent from my iPhone using Tapatalk 'Reliance is still placed on shareholders to fund the shortfall that is required during the current rebuilding phase. Whilst additional funds are available if required by the Club, no further funding from investors is anticipated in the balance of this financial year to June 2017 due to the team?s football performance and progression to the William Hill Scottish Cup semi-finals.' Link to comment Share on other sites More sharing options...
Homme Posted March 23, 2017 Share Posted March 23, 2017 So living off the cup runs then. Link to comment Share on other sites More sharing options...
The Treasurer Posted March 23, 2017 Share Posted March 23, 2017 So living off the cup runs then. How fortunate that they have been so "lucky" with being drawn at home so often lately Link to comment Share on other sites More sharing options...
Mysterion Posted March 23, 2017 Share Posted March 23, 2017 So up to e/o December they claim a 300k profit. At the time of publication they are stating "no further loans" from shareholders required between now and July. They don't Indicate any loans made during Jan-March. Rumours were rife that a top up was necessary. I think there are still a lot of questions to be asked about their sustainability - they clearly make a lot of money but need luck on their side to generate the ??? to maintain an expensive team that draws in fans. Link to comment Share on other sites More sharing options...
Seymour M Hersh Posted March 23, 2017 Share Posted March 23, 2017 How fortunate that they have been so "lucky" with being drawn at home so often lately GFA's critical assistance plan working well then. Link to comment Share on other sites More sharing options...
Paolo Posted March 23, 2017 Share Posted March 23, 2017 So living off the cup runs then. Just like a certain team from Edinburgh. Link to comment Share on other sites More sharing options...
Don Dan Posted March 23, 2017 Share Posted March 23, 2017 "anticipated"!! I may or may not need a loan. External factors like Warburton may trigger a loan requirement. FF will have a better take on the numbers. Link to comment Share on other sites More sharing options...
VALDOS Posted March 23, 2017 Share Posted March 23, 2017 All in things probably not half as bad as people were expecting. Link to comment Share on other sites More sharing options...
132goals1958 Posted March 23, 2017 Share Posted March 23, 2017 Two immediate observations ---- Un-Audited, and the absence of a balance sheet which would tell us much more of their financial health or otherwise. Link to comment Share on other sites More sharing options...
Unknown user Posted March 23, 2017 Share Posted March 23, 2017 All in things probably not half as bad as people were expecting. Hard to know really, I think it's probably not half as bad as many were hoping certainly. This rebuilding stage must be half a decade long so far though! At least they've been behaving and don't have any expensive lawsuits hanging over their head, that would be terrible for them Link to comment Share on other sites More sharing options...
maroonlegions Posted March 23, 2017 Share Posted March 23, 2017 Two immediate observations ---- Un-Audited, and the absence of a balance sheet which would tell us much more of their financial health or otherwise. All on a "need to know" basis. This reeks of a hidden realisation that they are entering "shire creek" without a viable financial paddle. Link to comment Share on other sites More sharing options...
Lincon Premier Posted March 23, 2017 Share Posted March 23, 2017 The accounts don't mention the upcoming court cases. MA will demand a huge amount for breaking the contract. Where will the cash come from? Warburton and co will demand their wages paid in full plus compensation. Where will the money come from? The Lying King doesn't have the cash for shares and may well leave. How does that impact on the other directors who are already in deep. They are struggling from season ticket to season ticket and the " loans" will need to be addressed at some point. I would suggest that should anything happen to any of the soft loan suppliers, their estates would want repaid. ( Not wising any ill on anyone! ) Link to comment Share on other sites More sharing options...
Dallas Green Posted March 23, 2017 Share Posted March 23, 2017 I wasnt aware fans being pissed off was an excuse to rip up contacts. Link to comment Share on other sites More sharing options...
Unknown user Posted March 23, 2017 Share Posted March 23, 2017 I wasnt aware fans being pissed off was an excuse to rip up contacts. It's so rangers isn't it? "We request an exception to the law be made m'lud, for the berrs ur raging at the lack of everything going their way." Link to comment Share on other sites More sharing options...
Dallas Green Posted March 23, 2017 Share Posted March 23, 2017 It's so rangers isn't it? "We request an exception to the law be made m'lud, for the berrs ur raging at the lack of everything going their way." It totally is Link to comment Share on other sites More sharing options...
alwaysthereinspirit Posted March 23, 2017 Share Posted March 23, 2017 It's so rangers isn't it? "We request an exception to the law be made m'lud, for the berrs ur raging at the lack of everything going their way." With it being in Scotland and involving Newco. It probably will be excepted by the courts under some crazy precedent. Link to comment Share on other sites More sharing options...
buzzbomb1958 Posted March 23, 2017 Share Posted March 23, 2017 Id like to have heard the promises(lies) told by the lying king to Cashina visa vee how much cas he will get to spend on players next season,going by the accounts it will be much like what the bread man got if not less after they pay their lawyers and Ashley and Warbuton and his backroom squad oh and the soft loans and the taxman oh wait Link to comment Share on other sites More sharing options...
Glamorgan Jambo Posted March 23, 2017 Share Posted March 23, 2017 It would have been great if just one of the reports had reported on what the court hearing was about rather on what they guessed was the unfairness of the retail deal or how 'pure beelin' the fans were about Ashley. My understanding is that this is Ashley/Rangers Retail suing RIFC/TRFC over the removal of the intellectual property rights from merchandise. Yesterday's hearing was about Ashley trying to get the authorisation for Sports Direct to act on behalf of Rangers Retail in this action. This case is being heard under English law. RIFC/TRFC are suing Ashley/Sports Direct and Green and co in a separate action in the Scottish Courts. There was a disclosure hearing a few weeks ago where costs were awarded against RIFC. Finally the clock is well and truly ticking on Dave King making the offer he's been ordered to. Unsurprising there's little coverage of this by the fans with typewriters. Link to comment Share on other sites More sharing options...
Greenbank2 Posted March 23, 2017 Share Posted March 23, 2017 This "statement" is nothing more than a PR stunt to appease the grunts that lap up the guff peddled by the succulent lamb munchers. 2 missing words that blow up the whole myth that this is somehow an organsation in moderate health. CONTINGENT LIABILITY. Link to comment Share on other sites More sharing options...
269miles Posted March 23, 2017 Share Posted March 23, 2017 'Reliance is still placed on shareholders to fund the shortfall that is required during the current rebuilding phase. Whilst additional funds are available if required by the Club, no further funding from investors is anticipated in the balance of this financial year to June 2017 due to the team?s football performance and progression to the William Hill Scottish Cup semi-finals.' They have no cash and are in deeper shit as the seasons pass by. What is this "rebuilding" they talk of ? The team is garbage -jj blog saying something like "warbs" was only ever getting a mickey mouse budget to "rebuild". In the meantime , the stadium is literally falling to bits . And when you think things couldn't get any worse King is now facing ruin because of the recent takeover ruling. Just the costs of the issue will ruin him -never mind the costs of taking up shares on any sellers. Marvellous stuff. And not a word of concern from the Glasgow media. PS how much are Sevco milking from the 1872club ? is there a figure in the accounts ? Link to comment Share on other sites More sharing options...
Lincon Premier Posted March 23, 2017 Share Posted March 23, 2017 Over and above all the other costs and court cases, they STILL have not made any repairs to the roof. Phil three names was claiming Glasgow council were asking for evidence the roof was safe and so far they have not had it. Link to comment Share on other sites More sharing options...
Jamboelite Posted March 23, 2017 Share Posted March 23, 2017 (edited) After these accounts I can hear the stampede from a regular sympathiser who will use words like "Celtic minded" "clearly not as bad as fantasists hoped" "I've always stated the facts when you all deal in fantasy" "Can we put this thread to bed" There are still alot of questions on the accounts, King, Warburton and the court cases. Edited March 23, 2017 by Jamboelite Link to comment Share on other sites More sharing options...
Mysterion Posted March 23, 2017 Share Posted March 23, 2017 PS how much are Sevco milking from the 1872club ? is there a figure in the accounts ? Don't think they are getting that money yet - was all dependant on share issues as a starting point. Despite best efforts of some (i'm sure there was a move to borrow funds from C1872 or it's previous incarnation) they have used their funds to buy small shareholdings in the interim and are not handing over cash to bail them out. The most recent embarrassment was 3 board members resigning because Craig "Sons of Spoof" Houston applied for a job at Ibrox and failed to disclose this to anyone. Link to comment Share on other sites More sharing options...
corryjambo Posted March 23, 2017 Share Posted March 23, 2017 (edited) After these accounts I can hear the stampede from a regular sympathiser who will use words like "Celtic minded" "clearly not as bad as fantasists hoped" "I've always stated the facts when you all deal in fantasy" "Can we put this thread to bed" There are still alot of questions on the accounts, King, Warburton and the court cases. Hmmmmmmm. I wonder who you're speaking about? I could hazard a guess but that would not be dealing in facts just fantasy. Edited March 23, 2017 by corryjambo Link to comment Share on other sites More sharing options...
Gizmo Posted March 23, 2017 Share Posted March 23, 2017 It's what it doesn't reveal that says it all. They are fighting a variety of legal battles and those will cost them money and resources.They have no banking facilities and this "rebuilding" they speak of - what is it, exactly?Their limited investment in the playing side has been pretty wasteful and will not bring them anywhere near their horrible cousins and they seem to think scraping into Europe will represent some sort of turning point. The "rebuild" appears to completely ignore their crumbling infrastructure too.They seem to believe they are financially on an even keel because they've passed the begging bowl around enough to scrape through to the end of the season, augmented by a statistically implausible run of home Cup ties.Whether adrift or sunk I don't really care, it's been a highly entertaining soap opera watching some of the most self-entitled scumbags suffer. I hope they keep suffering and, if they are to ultimately die again, it is slow and protracted. Link to comment Share on other sites More sharing options...
Footballfirst Posted March 23, 2017 Share Posted March 23, 2017 There is not a lot in the accounts to comment on. The headline figures are much as I expected although there are no notes to explain the figures in more detail. However, the one question I do have is, why did a business apparently close to breaking even require ?2.9M additional funding in October 2016? The requirement for additional funding beyond the ?2.9M provided in October is a positive for them (they were expecting ?3.75M when their full accounts were published) I have to laugh at the PR spin given on the figures as one organisation takes the headline figure from the club and another posts a different reflection from the same set of figures. Daily Record Sport?Verified account @Record_Sport Rangers chairman Dave King takes club into profit for first time since he seized control two years ago http://bit.ly/2o864Hh Douglas Fraser?Verified account @BBCDouglasF Rangers Jul-Dec pre-tax loss ?278k (?333k loss 2015) Costs + income both up with premiership Sports Direct merchandise dispute weighs heavy Link to comment Share on other sites More sharing options...
buzzbomb1958 Posted March 23, 2017 Share Posted March 23, 2017 They are running on empty any other club would be asked to attend a meeting to explain how they will keep the doors open,Their ground is falling to pieces it seems Glasgow council are turning the other cheek fingers crossed no one is hurt in their ground,for a club who took all the season ticket money in that they did I'd be asking questions,but mind you they already let the first Rangers die ,Sevco might go the same way.There is only so much bleeding a sticking plaster can stop Link to comment Share on other sites More sharing options...
Jamboelite Posted March 23, 2017 Share Posted March 23, 2017 It's what it doesn't reveal that says it all. They are fighting a variety of legal battles and those will cost them money and resources. They have no banking facilities and this "rebuilding" they speak of - what is it, exactly? Their limited investment in the playing side has been pretty wasteful and will not bring them anywhere near their horrible cousins and they seem to think scraping into Europe will represent some sort of turning point. The "rebuild" appears to completely ignore their crumbling infrastructure too. They seem to believe they are financially on an even keel because they've passed the begging bowl around enough to scrape through to the end of the season, augmented by a statistically implausible run of home Cup ties. Whether adrift or sunk I don't really care, it's been a highly entertaining soap opera watching some of the most self-entitled scumbags suffer. I hope they keep suffering and, if they are to ultimately die again, it is slow and protracted. Yup as far as i can see they have turned a ?300k deficit into a ?500k profit and most of this is off the back of the increased revenue being in the Premiership and the cup run. Doesnt really say we're back. Link to comment Share on other sites More sharing options...
Mister Dee Posted March 23, 2017 Share Posted March 23, 2017 Is this the same lot, that let their Club die? Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted March 23, 2017 Share Posted March 23, 2017 They are running on empty any other club would be asked to attend a meeting to explain how they will keep the doors open,Their ground is falling to pieces it seems Glasgow council are turning the other cheek fingers crossed no one is hurt in their ground,for a club who took all the season ticket money in that they did I'd be asking questions,but mind you they already let the first Rangers die ,Sevco might go the same way.There is only so much bleeding a sticking plaster can stopExamples of these instances of "any other club" please? Scottish football finances were in the toilet for the past decade. Link to comment Share on other sites More sharing options...
Diadora Van Basten Posted March 23, 2017 Share Posted March 23, 2017 (edited) I can remember the pieman posting a profit for the six months of the season. It's the second half which includes the off season that clubs lose money. Also I am always wary of reports that mention an "operating profit" as invariably when you read the accounts they have made a net loss. These accounts are pretty much the same as the previous year loss wise but the turnover is much improved. Edited March 23, 2017 by Diadora Van Basten Link to comment Share on other sites More sharing options...
buzzbomb1958 Posted March 23, 2017 Share Posted March 23, 2017 Examples of these instances of "any other club" please? Scottish football finances were in the toilet for the past decade.Most clubs are now cutting their cloth to suit ,but Sevco still think they rule the world ,trying to keep up with the other arsecheek who have now left them in their wake,no lessons have been learned.For the foreseeable future Sellicks resources will win the league,but Sevco still think they are entitledas I say no lessons have been leared Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted March 23, 2017 Share Posted March 23, 2017 Most clubs are now cutting their cloth to suit ,but Sevco still think they rule the world ,trying to keep up with the other arsecheek who have now left them in their wake,no lessons have been learned.For the foreseeable future Sellicks resources will win the league,but Sevco still think they are entitledas I say no lessons have been learedSo they're not running things well? Good. What rules are they breaking? Link to comment Share on other sites More sharing options...
Unknown user Posted March 23, 2017 Share Posted March 23, 2017 Yup as far as i can see they have turned a ?300k deficit into a ?500k profit and most of this is off the back of the increased revenue being in the Premiership and the cup run. Doesnt really say we're back. 500k profit - but they needed 2.9 million of external funding. Hmmmm. Link to comment Share on other sites More sharing options...
buzzbomb1958 Posted March 23, 2017 Share Posted March 23, 2017 So they're not running things well? Good. What rules are they breaking?That's what everyone said about ebts and playing while insolvent,don't worry it will all come out in the wash Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted March 23, 2017 Share Posted March 23, 2017 That's what everyone said about ebts and playing while insolvent,don't worry it will all come out in the washThe rule breaking and insolvency were two separate things. MIM could have been the biggest steel business in the world and Rangers the richest club on the planet but the cheating with EBTs and side letters would still have been there. Link to comment Share on other sites More sharing options...
buzzbomb1958 Posted March 23, 2017 Share Posted March 23, 2017 They stole and cheated their way to titles and so did most of their players who were bribed to sign for them,I know they won't be stripped of the titles but I do hope everyone who benefitted from the tax dodge has to pay every penny back,if it leaves them skint I won't shed a tear Link to comment Share on other sites More sharing options...
CJGJ Posted March 24, 2017 Share Posted March 24, 2017 http://www.dailyrecord.co.uk/sport/football/football-news/rangers-chief-dave-king-slams-10088174 The Ibrox supremo also revealed that that the on-going, unrelenting battle with Sports Direct owner Mike Ashley is taking up much of his time - but last month?s furore over the ex-manager Warburton continues to rile him. s adamant Warburton, assistant David Weir and head of recruitment Frank McParland resigned after an approach to the club asking them to waive compensation should another team come for them - only for them to return to the table asking for the resignation to be ripped up But the Ibrox board refused to do so and the trio were finished at Rangers, only to reappear 10 days ago as the Nottingham Forest management - the club that Rangers believe they wanted to join all along. King said: ?The case really is what Rangers now do. It certainly appears to me that what you have got now is an engineered outcome, to the benefit of Nottingham Forest. ?I was approached directly when they were in negotiations with Forest to ask if Rangers would waive compensation, and that was the first I was aware that they were even talking to Forest. Rangers owner Dave King leaves Ibrox yesterday after meeting Pedro Caixinha (Photo: Steve Welsh) ?My response is what I am saying today, that we would not waive the compensation because if the management team does walk out, and we have to replace them, we might have to pay compensation. ?They have all ended up at Nottingham Forest without us getting compensation ? and we?ve had to pay compensation. That?s exactly where I didn?t want to be. ?They resigned, we accepted the resignation, they then decided to un-resign. ?We said you can?t un-resign, and they have all ended up at Nottingham Forest. I think one can join the dots quite clearly. ?I?m now going to have a legal discussion. On the face of it, whether it?s Forest or the management team, it?s a possibility. ?I would have been surprised if Mark didn?t end up at Nottingham Forest. My disappointment is the way it was handled resulted ? as matters stand at the moment ? in Rangers not getting compensation, which normally we would have been entitled to.? Read More Rangers chairman Dave King takes club into profit for first time since he seized control two years ago Dave King and Mark Warburton King believes Warburton wasn?t cut out for the intensity of managing in Glasgow and added: ?In an environment like Glasgow, having a thin skin is not an advantage. ?It?s a tough environment and if you are thin-skinned it is not going to be easy to adjust to that. ?But the fact is it?s part of the Glasgow deal. When there is a lot going wrong on the park, the media is going to be all over you. You have to be up for that. ?Mark Warburton?s temperament is different. It?s not a criticism, but he is a little bit thin-skinned.? Addressing complaints from Rangers fans that King isn?t hands on enough because he rarely comes to Scotland, the chairman said: ?I?m not going to leave South Africa, that?s for sure. ?I don?t think it?s an issue. Personally I think it?s an advantage me not being here. ?The only disadvantage of me not being available on a regular basis would be in the corporate hospitality side of things. Ideally you would have the chairman at games, meeting everyone and talking to them. That would be a perfect world. Dave King leaves Ibrox yesterday (Photo: Steve Welsh) ?You?ll remember from interviews I did initially on the regime change, I said I did not want to get involved at Rangers, I did not want to invest in Rangers. My position remains the same. If anyone wants to come in and do the job better then they can come in. ?But I?m left in a situation that, despite attempts from different rescue operations, I became the one who had to come in and do it. ?Did I want to do it? No, I absolutely didn?t want to. ?Have there been times when I wished I hadn?t done it? No. ?But have I had any fun or enjoyment from being involved in Rangers these past two years? Not much. ?If you added it all together it would only come to about ten hours ? and that was probably all after the semi-final last season. The whole ten hours were all squashed together. ?There is nothing fun about what I?m doing. There?s litigation, being sued by Sports Direct and having people trying to put me in jail. What is fun about that? Read More Rangers and Sports Direct hit the High Court in battle over merchandise deal Sports Direct founder Mike Ashley at its headquarters in Derbyshire (Photo: PA) ?I now spend a huge amount on things like litigation, and there?s no fun in litigating with Mike Ashley. There?s nothing fun about that at all, nothing enjoyable or satisfying about it. but I have to do it. ?Anyway, I didn?t do it for fun. I did it because I felt at that time there was no one else willing to step into the breach. ?I travel to Scotland more often than I?d like to. People say I?m absent, but I?m here far more often than I?d like to be. ?Sometimes I fly into London for one day to meet on litigation and fly home the same evening. ?It?s actually taking up more of my time than I?d like, and it?s not fun, but I signed up to do it. ?Let?s put it this way, if it was a condition of me being involved in Rangers that I had to relocate to Scotland, I?d be single because my wife would divorce me as she certainly wouldn?t come here.? King insists millions has been ploughed into Rangers And on the issue of ploughing his money into the club, King added: ?You can?t say we have spent nothing. More than half of the ?30m has been spent already. ?I have a responsibility, I am the chairman of a company and that company has many shareholders. The focus is always on the supporters because they are the key constituent and they are the one we all pay attention to. ?But as a company I don?t have the right to say ?Let?s borrow ?100m?. I have to go to the other shareholders and they would say ?We don?t want you to do that?. Why would they want that?? Link to comment Share on other sites More sharing options...
The Gasman Posted March 24, 2017 Share Posted March 24, 2017 That article reads (to me) like King might just be preparing the ground work prior to jumping ship.... When's the deadline for him having to offer to buy out the other shareholders..? Link to comment Share on other sites More sharing options...
Toxteth O'Grady Posted March 24, 2017 Share Posted March 24, 2017 That article reads (to me) like King might just be preparing the ground work prior to jumping ship.... When's the deadline for him having to offer to buy out the other shareholders..? I agree, it sounds like he wants out. Link to comment Share on other sites More sharing options...
Jambothump Posted March 24, 2017 Share Posted March 24, 2017 Wish I hadney done this, goany let me go now please . I love the entertainment Sevco provide, still won't be sorry when they hopefully, finally die. I may live long enough, to see the other erse cheek wither and die then too. Link to comment Share on other sites More sharing options...
Clerry Jambo Posted March 24, 2017 Share Posted March 24, 2017 http://www.heraldscotland.com/sport/football/15178367.Rangers_Q_A__Dave_King_talks_football__finance_his_Ibrox_investment_and_being_the_boss_abroad/ Link to comment Share on other sites More sharing options...
Doc Rob Posted March 24, 2017 Share Posted March 24, 2017 AB paid ?2.5m for Hearts as part of a 10p-in-the-pound CVA package. This wasn't the case for Sevco, whose CVA was rejected. Ibrox and Murray Park were deliberately sold for a fraction of their worth to keep them out of the hands of the creditors - rather like the CEO of a failing company selling himself his company car for ?50 before the axe falls. Link to comment Share on other sites More sharing options...
Don Dan Posted March 24, 2017 Share Posted March 24, 2017 ?They resigned, we accepted the resignation, they then decided to un-resign." So Dave you'll have the resignation letters which will part of your defence? Link to comment Share on other sites More sharing options...
davieholt Posted March 24, 2017 Share Posted March 24, 2017 Much as though I want the breadman to win a court case and push sevco further into the mire, something just doesn't smell right. The rapidity with which he and his team got the Forrest gig makes me suspect that there had been words behind closed doors which left the club in little doubt that they were leaving (the word resignation may or may not have been used). While I believe nothing that comes out of King's mouth, I suspect that it's not a black and white issue. Link to comment Share on other sites More sharing options...
buzzbomb1958 Posted March 24, 2017 Share Posted March 24, 2017 What's ra rezignashun letturz? Link to comment Share on other sites More sharing options...
Drumelzier Posted March 24, 2017 Share Posted March 24, 2017 "..resigned after an approach to the club asking them to waive compensation should another team come for them - only for them to return to the table asking for the resignation to be ripped up". Seems to be saying that there was something in writing but I feel he's just talking figuratively. Link to comment Share on other sites More sharing options...
Lincon Premier Posted March 24, 2017 Share Posted March 24, 2017 I did not want to invest in Rangers. My position remains the same. If anyone wants to come in and do the job better then they can come in. Kingspeak for I am getting out asap. The 12 April is about right as I recall for the shares and he has no money and the board will not sub him anymore. Link to comment Share on other sites More sharing options...
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