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Sergio Garcia

The Rangers soap opera goes on and on.

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jambovambo
Posted (edited)
7 minutes ago, Kid Creole said:

 

best thing I have read all day  :greggy:

Ah haven’t seen the great man for a while ...

 

or even ...

 

:Alex:

Edited by jambovambo

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jambovambo
19 minutes ago, jambovambo said:

Ah haven’t seen the great man for a while ...

 

or even ...

 

:Alex:

Boo ... what happened to the :alex: ?

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Cruyff Turn

At this rate, Newco won’t be around to see Celtic win 10 in a row, nevermind be able to stop it.

 

Didn’t they make a 14million loss last season?

 

They are apparently spending more than they are earning.

 

They now owe Ashley a probable 8 figure sum, plus legal costs. 

 

They are are dependent on loans from board members.

 

And rumours that the taxman is pursuing them. 

 

It’s not looking good for Mark II is it? 

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Spellczech

Milikovich just keeps getting better and better and better Haha!!!

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The Mighty Thor

They've always got the kids inheritance to fall back on. 

 

 

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CJGJ

Anything up with Mike ?

 

https://www.bbc.co.uk/news/business-49124375

 

There is confusion surrounding the release of results from Mike Ashley's Sports Direct, after the firm failed to publish them early on Friday morning.

In a statement, Sports Direct said it was "still finalising" the results, but anticipated publishing them on Friday.

It is extremely unusual for results to be delayed in this way, and one analyst called events "an utter shambles".

The full-year results have already been delayed once - originally they were due to be reported on 18 July.

At the time, Sports Direct blamed the delay on uncertainty over the future trading performance of the House of Fraser chain, which it bought last year, as well as increased scrutiny of its auditor Grant Thornton. It also indicated that it might not achieve its profits forecast.

'Disregard for shareholders'

In a short statement released on Friday at midday, Sports Direct said: "We are currently still finalising our preliminary results and will update you again at 14:00."

The firm had earlier apologised after delaying the release of its results and cancelling an investor presentation at the last minute.

Neil Wilson, chief market analyst for Markets.com, said the events were "a total and utter shambles" that "betrays a number of problems at the business after [Mr] Ashley embarked on his rather random acquisition spree."

"Above all it betrays a total disregard for shareholders," he said.

Analysis

By Simon Gompertz, BBC personal finance reporter

"We've stop being surprised by Sports Direct," said an exasperated investor outside its cancelled results presentation just off Oxford Street this morning.

Delaying the figures once is an embarrassment. Putting them off again is being described as a shambles.

Bewildered journalists, investors and City analysts were left to speculate about the reasons.

That's not good for a company engaged in one of the most challenging tasks on the High Street, breathing new life into House of Fraser.

One investor's view is that Sports Direct's head office is "run on a shoestring" so that handling the House of Fraser situation was always likely to be rocky.


UK-listed companies normally publish their results at or close to 07:00, before the London markets open at 08:00.

Sports Direct shares fell in early trading on the London stock market before recovering.

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Jeff
6 minutes ago, CJGJ said:

Anything up with Mike ?

 

https://www.bbc.co.uk/news/business-49124375

 

There is confusion surrounding the release of results from Mike Ashley's Sports Direct, after the firm failed to publish them early on Friday morning.

In a statement, Sports Direct said it was "still finalising" the results, but anticipated publishing them on Friday.

It is extremely unusual for results to be delayed in this way, and one analyst called events "an utter shambles".

The full-year results have already been delayed once - originally they were due to be reported on 18 July.

At the time, Sports Direct blamed the delay on uncertainty over the future trading performance of the House of Fraser chain, which it bought last year, as well as increased scrutiny of its auditor Grant Thornton. It also indicated that it might not achieve its profits forecast.

'Disregard for shareholders'

In a short statement released on Friday at midday, Sports Direct said: "We are currently still finalising our preliminary results and will update you again at 14:00."

The firm had earlier apologised after delaying the release of its results and cancelling an investor presentation at the last minute.

Neil Wilson, chief market analyst for Markets.com, said the events were "a total and utter shambles" that "betrays a number of problems at the business after [Mr] Ashley embarked on his rather random acquisition spree."

"Above all it betrays a total disregard for shareholders," he said.

Analysis

By Simon Gompertz, BBC personal finance reporter

"We've stop being surprised by Sports Direct," said an exasperated investor outside its cancelled results presentation just off Oxford Street this morning.

Delaying the figures once is an embarrassment. Putting them off again is being described as a shambles.

Bewildered journalists, investors and City analysts were left to speculate about the reasons.

That's not good for a company engaged in one of the most challenging tasks on the High Street, breathing new life into House of Fraser.

One investor's view is that Sports Direct's head office is "run on a shoestring" so that handling the House of Fraser situation was always likely to be rocky.


UK-listed companies normally publish their results at or close to 07:00, before the London markets open at 08:00.

Sports Direct shares fell in early trading on the London stock market before recovering.

 

Ashley is probably just trying to find the cheapest printing company

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Feeno

needs to add the figure Rangers are going to be due him.

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sadj
16 hours ago, Spellczech said:

Milikovich just keeps getting better and better and better Haha!!!

Milkingthemvich 

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CJGJ
Posted (edited)

Sometimes Mike not so magic it seems

 

Difficult times but underlying performance okay though still down

Sports Direct says it regrets rescuing House of Fraser in its much-delayed results, which revealed a €674m (£605m) tax bill from Belgium authorities.

The firm, which bought the department store out of administration a year ago, said: "If we had the gift of hindsight we might have made a different decision in August 2018."

It described problems at House of Fraser as "nothing short of terminal".

It added it was in talks with Belgium officials to resolve the tax bill.

The full-year results had been due to be published on 15 July but were delayed until 26 July, in part, because of uncertainty over the future trading performance of House of Fraser.

Those results had been expected to be published on Friday morning, but were subject to continuous delays throughout the day.

It has now emerged that Sports Direct, which is majority-owned and run by billionaire Mike Ashley, was hit by the tax bill by Belgian authorities on 25 July.

The company said the request for back taxes is linked to the way its goods are moved throughout the European Union and are taxed in Belgium.

Meanwhile, it also said that its chief financial officer of two years, Jon Kempster, is stepping down and will be succeeded by his deputy, Chris Wootton.

Commenting on House of Fraser, Neil Wilson, chief market analyst at Markets.com, said: "It's a House of horrors, more like."

He said Sports Direct had "every reason to regret buying House of Fraser now".

"It's such a shame as there were such high hopes," he added.

Mr Ashley had vowed to turn House of Fraser into the "Harrods of the High Street" when he bought the department store chain out of administration for £90m last August

Analysis

By Simon Gompertz, BBC personal finance reporter

With the benefit of hindsight, buying House of Fraser looks to Mike Ashley like buying a millstone and tying it around his own neck.

He paid £90m to the administrators and has seen his Sports Direct profits reduced by £51m since then. That's been the cost of keeping House of Fraser going.

Now a cull of the stores is about to start. There are still 54. Not many have gone while he tested which ones had a future.

Some carried on losing money even after he had bullied the landlords into charging zero rent.

Mr Ashley warned that there is going to be "a lot of store closures" in the coming months, with smaller outlets in smaller towns most at risk.

When I asked him if that mean most House of Fraser would be shut down, he answered "no" but it is clear that thousands of jobs could be in danger.

Presentational grey line

However, on Friday he said: "In the short-term you can't justify it. It's like buying a broken down car at the roadside - you have to get it to the garage to fix it."

But he said: "Long-term, we'd like to think we are hopeful of where we are going."

Shop closures

Before House of Fraser went into administration last year - it was planning to shut 31 of its 59 stores. Sports Direct said it could close some stores - but didn't say how many.

It said: "There are still a number of stores which are currently paying zero rent and that are still unprofitable, and unfortunately this is not sustainable.

"We are continuing to review the longer-term portfolio and would expect the number of retained stores to reduce in the next 12 months."

Sports Direct said that it is working hard to turn House of Fraser around, but said "it will not be easy".

"On a scale out of five, with one being very bad and five being very good, House of Fraser is a one," the company added.

For the year to 28 April, underlying profits at Sports Direct dropped by 6% to £287.8m.

However, taking out House of Fraser, Sports Direct's income rose by 10.9%.

Total full-year sales grew by 10.2% to £3.7bn.

 

 

Edited by CJGJ

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RobNox
19 minutes ago, CJGJ said:

Sometimes Mike not so magic it seems

 

Difficult times but underlying performance okay though still down

Sports Direct says it regrets rescuing House of Fraser in its much-delayed results, which revealed a €674m (£605m) tax bill from Belgium authorities.

The firm, which bought the department store out of administration a year ago, said: "If we had the gift of hindsight we might have made a different decision in August 2018."

It described problems at House of Fraser as "nothing short of terminal".

It added it was in talks with Belgium officials to resolve the tax bill.

The full-year results had been due to be published on 15 July but were delayed until 26 July, in part, because of uncertainty over the future trading performance of House of Fraser.

Those results had been expected to be published on Friday morning, but were subject to continuous delays throughout the day.

It has now emerged that Sports Direct, which is majority-owned and run by billionaire Mike Ashley, was hit by the tax bill by Belgian authorities on 25 July.

The company said the request for back taxes is linked to the way its goods are moved throughout the European Union and are taxed in Belgium.

Meanwhile, it also said that its chief financial officer of two years, Jon Kempster, is stepping down and will be succeeded by his deputy, Chris Wootton.

Commenting on House of Fraser, Neil Wilson, chief market analyst at Markets.com, said: "It's a House of horrors, more like."

He said Sports Direct had "every reason to regret buying House of Fraser now".

"It's such a shame as there were such high hopes," he added.

Mr Ashley had vowed to turn House of Fraser into the "Harrods of the High Street" when he bought the department store chain out of administration for £90m last August

Analysis

By Simon Gompertz, BBC personal finance reporter

With the benefit of hindsight, buying House of Fraser looks to Mike Ashley like buying a millstone and tying it around his own neck.

He paid £90m to the administrators and has seen his Sports Direct profits reduced by £51m since then. That's been the cost of keeping House of Fraser going.

Now a cull of the stores is about to start. There are still 54. Not many have gone while he tested which ones had a future.

Some carried on losing money even after he had bullied the landlords into charging zero rent.

Mr Ashley warned that there is going to be "a lot of store closures" in the coming months, with smaller outlets in smaller towns most at risk.

When I asked him if that mean most House of Fraser would be shut down, he answered "no" but it is clear that thousands of jobs could be in danger.

Presentational grey line

However, on Friday he said: "In the short-term you can't justify it. It's like buying a broken down car at the roadside - you have to get it to the garage to fix it."

But he said: "Long-term, we'd like to think we are hopeful of where we are going."

Shop closures

Before House of Fraser went into administration last year - it was planning to shut 31 of its 59 stores. Sports Direct said it could close some stores - but didn't say how many.

It said: "There are still a number of stores which are currently paying zero rent and that are still unprofitable, and unfortunately this is not sustainable.

"We are continuing to review the longer-term portfolio and would expect the number of retained stores to reduce in the next 12 months."

Sports Direct said that it is working hard to turn House of Fraser around, but said "it will not be easy".

"On a scale out of five, with one being very bad and five being very good, House of Fraser is a one," the company added.

For the year to 28 April, underlying profits at Sports Direct dropped by 6% to £287.8m.

However, taking out House of Fraser, Sports Direct's income rose by 10.9%.

Total full-year sales grew by 10.2% to £3.7bn.

 

 

 

I see their CFO is stepping down, I wonder if that is his decision or if he was made an offer he couldn't refuse!

 

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Mikey1874

Rangers cannot be allowed to steal from Belgian tax payers. 

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Icon of Symmetry
On 25/07/2019 at 16:34, Lfhearts said:

That list is sad and to be copied from a Tim's fans is very sad indeed.

 

Yeah, it’s very Timmy, but still. Anything that causes the horrible Hun vermin misery is fine by me. Hope they go out of business again, and this time it be permanent. Scum.

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jamboy1982

Couple of positive rangers feel good stories dropped in yesterday’s daily ranger. Morelos to ac Milan! And expanding ibrox by 5k seats. 

 

No financial issues here. Everything is rosy 

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jamboy1982
Posted (edited)

dp

Edited by jamboy1982

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The Future's Maroon
On 25/07/2019 at 16:34, Lfhearts said:

That list is sad and to be copied from a Tim's fans is very sad indeed.

 

If you think I visit Celtic forums and copied that from there you are mistaken, it was sent to me via text from a Celtic fan, I found it funny and posted it for others amusement. 👍

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Maple Leaf

This thread is now locked. 

 

See the new thread "The Sevco saga continues ..."

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