colingwood Posted December 1, 2008 Share Posted December 1, 2008 Picked this up on the Celtic Quick News website. Text given to save you having to log on but you can find it via newsnow site SPL pages. Rangers parent company, Murray International Holdings, have seen debts rise to an eye-watering ?759m to the year ending January 2008 (2007: ?677m), over ?730m of which is payable to the companies bankers. The company paid ?39m in interest in the year, a staggering 58% increase on the previous year, and made a profit of just ?5.072m on a turnover of ?542.386m. A Balance Sheet valuation of ?158m is supported by ?46m of intangible assets, ?17m of which is player registrations and ?29m of goodwill. Trading conditions are likely to have changed since January for the property-to-football group, as the UK lurches towards a recession which has hit the property market more severely than most. ?730m of bank debt will present an interesting challenge as the company's principle bankers, HBOS, merges with the Lloyds TSB Group, which is expected to complete next month.er The football division represents a small part of the group but the company clearly cannot sustain the kind of losses Rangers experienced in previous years without debt, interest payments and profitability all suffering. After the coverage of the non-payment of Hearts wages I wonder how much media attention this will attract? Link to comment Share on other sites More sharing options...
Commander Harris Posted December 1, 2008 Share Posted December 1, 2008 using "Celtic Quick News" as a source on the finances of Rangers is like using hibs.net to find out what's going on at Hearts. Link to comment Share on other sites More sharing options...
marshallschunkychicken Posted December 1, 2008 Share Posted December 1, 2008 using "Celtic Quick News" as a source on the finances of Rangers is like using hibs.net to find out what's going on at Hearts. Correct. That was probably penned by the Glaswegian equivalent of Sirgay. Link to comment Share on other sites More sharing options...
Therapist Posted December 1, 2008 Share Posted December 1, 2008 Timmynomics is not the most reliable of the social sciences. Link to comment Share on other sites More sharing options...
Rabbie_Burns Posted December 1, 2008 Share Posted December 1, 2008 using "Celtic Quick News" as a source on the finances of Rangers is like using hibs.net to find out what's going on at Hearts. Dont you know that some of the finest financial whizz kids and accountancy boffins in the country can be found lurking in there... Link to comment Share on other sites More sharing options...
Mouse Posted December 1, 2008 Share Posted December 1, 2008 After the coverage of the non-payment of Hearts wages I wonder how much media attention this will attract? absolutely none!!! he'll be able to pay off all the debt once he builds their ?700 million stadium with office space, a super casino and ......................... minty moonbeams Link to comment Share on other sites More sharing options...
jambonian Posted December 1, 2008 Share Posted December 1, 2008 This thing about the Hearts players wages was just the papers' way of trying to upset the Hearts' players before one of their beloved comes to town! Who's to say that their wages hadn't been payed into their accounts before we played the week before? That wouldn't have been newsworthy though! Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted December 1, 2008 Share Posted December 1, 2008 Timmynomics is not the most reliable of the social sciences. Ha ha, that's exactly what I was going to post! Link to comment Share on other sites More sharing options...
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