History, Neighbours and Made Up News

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Interesting times ahead.  Both JJ and PMG say their sources indicate …

Comment on History, Neighbours and Made Up News by Tincks.

Interesting times ahead.  Both JJ and PMG say their sources indicate TRFC are now desperately short of the folding stuff.  Just a disagreement over timing.  JJ reckons they will be running on empty at the end of October and PMG says end of December.  Either way things aren’t good.  If JJ is right then they don’t even get to the AGM.

Both also mention Brian Kennedy back on the scene kicking the tyres and possibly speaking to Mike Ashley.  Derek Lambias will certainly know the true running costs of Auchenhowie and what is in the Ibrox Condition Report.

BK seems to be a serious businessman, I’ve seen estimates of his net worth up to £350m, but whatever the true figure his wealth seems to be based on serial (legitimate) successful businesses.  I don’t see him putting a penny into TRFC without doing proper due diligence of the kind carried out by Bill Miller in 2012.  And I can’t imagine he won’t find a whole host of familiar problems.

Wikipedia says BK was born in Edinburgh and previously looked at buying Hibs.  Is there any truth in this?  Does he have an emotional connection to any team, Rangers or otherwise?

The problem for Rangers is that each time they find themselves in this hole it is that little bit deeper than the time before.  The only way someone reputable is going to take over is by buying for a pound and running on a break-even sustainable basis

In the sort term I think we can expect:
1.  Joey Barton to be dismissed for “gross misconduct” and no pay-off.  JB will sue, but good luck with that matey.
2.  The Blame Game will start.  Negative press stories will start to circulate about Mark Warburton.  Don’t want the fans turning on the chancers in the Blue Room. 

So we are left with three options:
1.  DCK pulls a rabbit from a hat
2.  BK or A N Other legitimate operator comes in to run things on a sustainable basis
3.  There is an insolvency event mid season.  Possibly with a pre-pack CVA lined up.  Points deduction will be on the basis of a first insolvency event whilst everyone continues to insist that ………… (Insert your own punchline)

Place your bets now. 

Tincks Also Commented

History, Neighbours and Made Up News
PMG reporting that the distress flares may shortly be shooting up into the Govan sky.  Whilst exact details and timings may be open to question it seems clear that a pinch point is coming and that a very big rabbit needs produced from a very magic hat pretty damned soon.

How long can this saga go on?


History, Neighbours and Made Up News
Here is a classic compare and contrast essay question.

Compare and contrast the treatment of TRFC and Durham County Cricket Club by their respective governing bodies.

Background.

Durham CCC has for a number of years overspent and lived beyond its means.  Culminating in hitting the financial wall this summer.  The governing body the England and Wales Cricket Board in wanting to see the Club survive has offered financial assistance by means of advancing the annual support payment given to all clubs several months early.

As a result DCCC kept a team on the field that they could not afford as opposed to cutting players loose or ceasing to trade.

Consequently the governing body has met and decided that DCCC received an unfair sporting advantage and have been relegated with Hampshire reprieved. 

Durham will start next season in Div 2 on -48 points with further penalties in the one day and 20/20  competitions.  A salary cap has been imposed to be reviewed annually until 2020.  In return for their support the governing body want Durham to be managed sustainably and receive no sporting advantage.

Full story here if interested

https://www.theguardian.com/sport/2016/oct/03/durham-relegated-financial-struggles


History, Neighbours and Made Up News
Shug,

Fine words from you and fine deeds from your good lady.

As for the low life graffiti artist(s).  Words fail me.  Why does football have to be despoiled by such tedious morons?

Tincks


Recent Comments by Tincks

Enough is enough
Link to Ranger’s accounts.  

Click to access Rangers-Reports-and-Accounts-2017.pdf

Need to dig out last years accounts to double check but I am almost certain that the £6.7m loss is well in excess of the shortfall which was highlighted/anticipated in last years going concern.  


Time to Ditch the Geek Show
upthehoops October 27, 2017 at 16:15   
Phil Macgiollabhain saying the Ibrox board have discussed going into Administration with no decision yet made. I know many on here have questioned why they would do that given there is no external debt, but as Phil says it would be a way of getting Pedro’s expensive duds of the books.  Would Administration mean the soft loans would have to be written off to pennies in the pound though?
———————————————————————————-

Being a loss making business without a credit line from a bank is sustainable for so long as someone is prepared to cover those losses.  Once that support stops then some form of insolvency event is inevitable.

If persons have put that money in on an unsecured basis and the business can’t be made profitable then they are never, ever, going to get their money back.

So, there may come a day when writing off that money, (which has effectively been lost anyway), in order to get hold of a restructured business, (via a CVA), shorn of as much of its cost base as possible, might seem the least worst option.


Time to Ditch the Geek Show
JC,

It’s the almost desperate pathological need of both the English and Scottish FA’s to protect their own that is so striking to me.

The twist for the Scottish FA being that there is a particular immortal “Club” that they include as one of their own.  


Time to Ditch the Geek Show
A bit off topic but I’ve put a link below to the BBC’s coverage of the parliamentary hearing into mismanagement of racism allegations by the English FA.

But I am struck that a group of parliamentarians could take information that is in the public domain and so decide to hold  a hearing to see if the leadership of the FA is up to the job.  

What an extraordinary idea! 

http://www.bbc.co.uk/sport/live/41663009

If anyone has the time to read Eniola Aluko’s evidence (from 14.30) I can recommend it very highly.  Her clarity and eloquence in taking apart the FA, knowing that she is surely ending her international career in it’s prime can only be admired.  

“Gasps as Aluko tells MPs FA boss Glenn told her that if she made statement that FA was not institutionally racist, her payment would be made”


Time to Ditch the Geek Show
Many thanks as ever to SFM’s dynamic duo of court reporters.  Caped Crusader JC and Boy Wonder EJ.

JC – Good points re Lord B’s role and deliberations in yours of 10.09

In all the on line chatter re the case what caught my eye the most was a series of tweets by James Doleman.  To paraphrase, James was saying that he had read Alasdair Lamont’s tweets from Thursday and JD was cautioning that his gut instinct was that Lord B might end up siding with DCK in this matter.  

JD was very careful to add caveats but was effectively saying that there might be an outcome to this case that many might find surprising. 


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