On the Old Club vs New Club (OCNC) debate, the SFA’s silence has been arguably the most damaging factor with respect to the future of the game. Of course people get frustrated when there is a deliberate policy of silence on the part of the SFA which results in the endless cycle of arguments being trotted out again and again with no resolution or closure possible.
The irony (it’s only irony if you assume that the SFA have gone to great lengths to create the conditions for the unbroken history status of the new club) is that the mealy-mouthed attitude they have adopted has actually polarised opinion in a far more serious and irreconcilable way than had they just made a clear statement when Sevco were handed SFA membership. A bit of leadership, with a decision either way at that time would have spiked a lot of OCNC guns very early on, but as history shows, they were afraid of a backlash from wherever it came.
I am now convinced that Scottish Football has passed the Event Horizon and is broken beyond the possibility of any repair that might have taken it back to its pre-2010 condition. Rangers fans will never – no matter what any eventual pronouncement from Hampden may be – accept that their next trophy will be their first. The trouble is that no-one else – again despite anything from Hampden – will cast them as anything else other than a new club who were given a free passage into the higher echelons of the game. Furthermore, they will forever force that down the throats of Rangers fans whenever and wherever they play. A recipe for discord, threats of violence, actual violence, and a general ramping up of the sectarian gas that we had all hoped, only a year or so ago, was to be set to an all-time low peep.
There is a saying in politics that we get the government we deserve. It works both ways though, and the SFA will get the audience it deserves. In actual fact it is the one it has actively sought over the last couple of years, for they have tacitly (and even perhaps explicitly) admitted that Scottish Football is a dish best served garnished with sectarianism. They have effectively told us that without it, the game cannot flourish, and they stick to that fallacy even although the empirical evidence of the past year indicates otherwise.
That belief is an intellectual black-hole they have now thrust the game into. They have effectively said that only two clubs actually matter in Scottish football. The crazy thing is that to put their plans into action they have successfully persuaded enough of the other clubs to jump into the chasm and hence vote themselves into irrelevance and permanent semi-obscurity.
That belief is also shared by the majority in the MSM, who despite their lofty, self-righteous and ostensibly anti-sectarian stance, have done everything they can to stir the hornet’s nest in the interests of greater sales.
Act as an unpaid wing of a PR company, check nothing, ask nothing, help to create unrest, and then tut-tut away indignantly like Monty Python Pepperpots when people take them to task.
Consequently the victims of all the wrongdoing (creditors and clubs) walk away without any redress or compensation for the loss of income and opportunity (and history) – stripped of any pride and dignity since they do so in the full knowledge of what has happened. But even as they wipe away the sand kicked in their faces, those clubs still insist on the loyalty of their own fanbases, the same fans whose trust they have betrayed with their meek acceptance of the new, old order.
The kinder interpretation of the impotence of the clubs is that they want to avoid the hassle and move on, the more cynical view that they are interested only in money, not people. In either case, sporting integrity, in the words of Lord Traynor of Winhall (Airdrie, not Vermont), is “crap”.
The question is; which constituency of 21st century Scotland subscribes to that 17th century paradigm?
Sadly, this massive hoax, this gigantic insult to our collective intelligence, is working. Many will leave the game – many already have in view of the spineless absence of intervention from their own clubs – but many, many more will stay and support the charade.
If you doubt my prediction, ask yourself how many tickets will be unsold the first time the New Rangers play Celtic at Parkhead? That my friends will be final imprimatur of authenticity on just exactly who New Rangers are, no matter the proclamations of both sides of the OCNC argument.
Why are the smsm even ”interested” ?
If TRFC go under. . .there will be another one along in 5 minutes anyway . . .
Another ”new-co”, so what’s the big deal with this one.
We saw with the last (Old-Co) one – the build up to administration, the actual administration, some of the better players walking away, the TUPE, the realisation that you can be a Newco and use the same name, same strips, same website, same logos, buy the history, keep the good bits of the history you buy, ditch the bad bits of the history you don’t want, get plenty of help from the SFA, the SMSM, also the european clubs association, ditch all your DEBT, but still have everybody agree that it is the same ”club”.
So. . .What’s the big deal about The Rangers Football Club LTD, or Rangers International Football Club PLC
Or Rangers 1872, or Rangers Football Club LTD.
It’s all the same – the ONE and ONLY Rangers – is it not ?
Live Coverage of RIFC plc AGM on BBC – text comments – reporter Thomas McGuigan, BBC Sport
http://www.bbc.co.uk/sport/0/football/25430000
Plan “b” is a bhoycott soon to be requisionercott. I think that was more threats and intimidation, good luck with that lol.
Live udpates: Rangers boardroom battle comes to a head at AGM – reporter Peter A Smith
http://news.stv.tv/west-central/257443-rangers-boardroom-battle-comes-to-a-head-at-annual-general-meeting/
rantinrobin says: (433)
December 19, 2013 at 10:23 am
As I said the other day – that is their problem.
They are always looking backwards – when they had a chance to create a modern progressive club fit for the 21st Century.
The world is changing around them and they can’t hack it
The AGM of dignity is underway, with chants of ‘scum scum scum’…. 🙄
I have just passed the big hoose on the way to the airport, there was a flurry shareholders scurrying towards the main door or rather the turnstiles next. to the main door,we can’t have the rank and file bear dirtying the marble staircase with their nike air,brogues only on the hallowed entrance to spiritual home of the lesser spotted Glesga bear.
The thing that I noticed was that they all looked like any other football crowd, old, young,business men, old ladies who would not look out of place at a church fete, I never saw any sort of protest of any kind from the brief glimpse I got as I drove by the big hoose.
If that’s representative of what awaits the board then it looks like an easy day ahead for the spivs.
Thomas McGuigan, BBC Sport must be locked in the toilet – not a word yet.
Peter A Smith giving reasonable account of Somers opening comments – apparently lots of audience participation – and Sandy’s on the top table
Somers says “give us the time and the opportunity to win your trust.” #RFCAGM
now that’s a cracker
STV coverage seems to be much more, erm, coverage than BBC.
1038
Peter A Smith@PeterAdamSmith David Somers mentions “corporate governance” and cues laughs in the crowd. He says the last few weeks have been “expensive 10:38 PeterAdamSmith
10:37
Peter A Smith@PeterAdamSmithThe plc board of Rangers are joined by Sandy Easdale as chairman of the ‘football board.’
10:36
Peter A Smith@PeterAdamSmithThe board is introduced. Silence for everyone except McCoist who gets applause and Stockbridge who gets booed again.
Peter A Smith @PeterAdamSmith 3s
Wallace: “Our cost structure is currently too high for the top division, never mind for the lower leagues.” #RFCAGM
Ah well, that’s Wallace getting his P45 for making such a ludicrous statement to ra berrs
Statement to AIM re the AGM
19 December 2013
Rangers International Football Club plc
(“Rangers”, “RIFC” or the “Company”)
Annual General Meeting statement
At the Company’s Annual General Meeting held today, Chief Executive Graham Wallace set out his vision to build a Successful and Sustainable Rangers of which future generations will be proud.
Mr Wallace noted the core values of the Club at the heart of a community whose fans have shown their unwavering loyalty and passion for the Club even when in its darkest hours. He committed to manage and operate the business with integrity, professionalism and strong governance to protect, and to grow, shareholder value.
Mr Wallace will be wholly focussed on, and lead the Executive in, a strategy to:
§ Deliver financial sustainability through Professional leadership, Strong governance, effective management of our football player assets and focus on Youth Development.
§ Develop Best in Class Operational capability across all areas of the Club.
§ Connect effectively to our Local and Global Fan Base.
§ Provide a commitment to our people – building careers and management for the future.
§ Strengthen the Commitment to our Community – creating further opportunities through football.
§ Protect and cherish Ibrox and our other great facilities to maximise business impact and provide a stable base to operate from.
In the short term the strategic focus for the next 120 days will be to:
§ Complete a detailed Business Review looking at all areas of club operations and organisation, developing and implementing required actions
§ Re-engage with the wider Supporter Base to carry out a review of how club engagement with the various fans groups works, and to assess if there is a better way to capture the true democratic view of ALL fans
§ Re-energise and motivate the Staff – to ensure they are truly proud to be part of the Club.
§ Develop and implement a Football Player Asset Strategy to take in First team squad, Youth Development and Succession Planning.
§ Refocus our Commercial growth agenda to drive short term financial impacts in conjunction with finalising the club’s brand positioning.
On the need for future financial investment, Mr Wallace stated “It is reasonable to assume that in order to take the club back to competing at the top levels domestically and in Europe that this will be the case. However, this funding will only be sought once we have completed a robust business planning process that will allow us to engage with shareholders and potential investors from the platform of a well thought out strategic plan.”
-Ends-
m.c.f.c. says: (58)
December 19, 2013 at 10:46 am
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Thomas McGuigan, BBC Sport must be locked in the toilet – not a word yet.
Peter A Smith giving reasonable account of Somers opening comments – apparently lots of audience participation – and Sandy’s on the top table
==================================================
I take it you are meaning
. . . Sandy Bryson 😯
wottpi says: (1334)
December 19, 2013 at 10:41 am
Floating…just, in a Rangers world of introspection,complacency,anger and arrogance.Gone,gone,gone………………………….
Was that a new chairman? I must be psychic, wheres that bookies slip. 😮
From the requisitioners top secret strategy paper.
Plan B. – see Plan A.
Has there ever been a less inspiring name for a group than ‘requisitioners’. No offence to those who raise requisitions, I have raised the odd purchase requisition myself when the paper clips are running low, it just neverfelt heroic.
TheCoplandRoad.org @CoplandRoadorg 2m
£19m revenue, £18m wage bill. FD will outline one off costs later in meeting.
Help we’re skint
TheCoplandRoad.org @CoplandRoadorg 2m
Club needs to attract fresh investment. We shouldn’t pretend that isn’t the case.
Wallace: “One-off costs after the IPO totalled about £10m… We still have short term profitability challenges.” #RFCAGM
Can someone go and check on Thomas McGuigan, BBC Sport
Either he left his phone in the curry house or that bear vindaloo was a misjudgement of the highest order – as a Rangers man might say.
Ally gets his whistle out again. He just can’t help himself.
Peter A Smith@PeterAdamSmithMcCoist: “Young players stayed to win the third division when older, more experienced players headed for the hills” #RFCAGM
Peter A Smith@PeterAdamSmithMcCoist singles out Lee McCulloch and Lee Wallace for praise for standing by Rangers during “dark times.” #RFCAGM
wottpi says: (1335)
December 19, 2013 at 11:10 am
Ally gets his whistle out again. He just can’t help himself.
===============================================================================
But they love it – the snake charmer and the snake oil salesmen – the perfect partnership
TheCoplandRoad.org @CoplandRoadorg 1m
You, the fans, are our inspiration.
Ally trying to get them to part wi’ more cash mair like
Early days, but I feel that “short term profitability challenges” is a catch phrase of the very highest rank, and one that we’ll be quoting in years to come.
Nice body swerve from a man not unacquainted with pies
Peter A Smith@PeterAdamSmith
Somers says the board has no intention of selling Ibrox but can’t make guarantees for other boards in future. #RFCAGM
Thursday December 19, 2013 11:28
Peter A Smith@PeterAdamSmith
Second question from John Wallace asks for a legally binding guarantee Ibrox will never be sold and leased back. #RFCAGM
Peter A Smith@PeterAdamSmith Somers says the board has no intention of selling Ibrox but can’t make guarantees for other boards in future.
=====================
What does that mean? The board of a company is a continuous body, membership might change, but it’s always the same board. I think Somers is laying the groundwork for sale and leaseback- never say never, and all that sort of stuff.
Good Morning,
I find myself wandering on to these pages this morning and strangely drawn to the Tim Buckley penned “Song to the Siren” with its haunting warning of inevitable impending doom on the seas of love
Now my foolish boat is leaning
Broken lovelorn on your rocks,
For you sing, ‘touch me not, touch me not, come back tomorrow:
O my heart, o my heart shies from the sorrow'”
and later
Should I stand amid the breakers?
Should I lie with death my bride?
There is nothing really to comment on with regard to the inaugural AGM taking place at Ibrox today, as the verbiage from the requisitioners will prove to be no more than hot air of gigantic barrage balloon proportions. Some fans will belatedly throw their weight behind the Murrays and their crew but at the end of the day the Bus men will win the day and drive off in the only vehicle that matters at Ibrox along with the title deeds and all.
However, yesterday saw an event of potentially seismic proportions the significance of which has yet again been lost on the MSM and many who have now come to view the so called “Ibrox shenanigans” as a relentless spectator sport or form of entertainment.
The news that Mr Craig Whyte had lost his appeal against the earlier judgement in favour of Ticketus comes as no great surprise. I doubt if the decision even ranks as a surprise to the effervescent Mr Whyte who will now have to deal with the almost newborn news that he owes Ticketus a tad over £18 Million plus considerable expenses.
Of Course Mr Whyte– the erstwhile Motherwell Born Billionaire of the Govan Parish — does not have anything like 18 Million Bucks in either cash or realiseable assets and so he cannot hope to settle the Ticketus claim with a flick of the pen and a bank draft.
He is well aware that in the absence of such money he faces bankruptcy — he knows it– and Ticketus know it.
However, unlike his name sake Walter, who has to react on the hoof to everything that befalls him on breaking bad, Craigy boy has made some provision for the doomsday scenario of Ticketus appointing a trustee in Bankruptcy to his estate.
You see the truth is that Craig Whyte’s business and asset empire is best described as a sort of Brigadoon. It comes with its own very real but legendary Scottish Castle complete with lands and all that, but it also has within its folds the stuff of real legend,perhaps myth, but with just the vague hint of reality.
That creature is his fabled claim to Sevco Scotland Ltd, and in turn its right to be deemed the true owner of all things Blue, having been spirited away in the night from Craigy boy by “all lies” Green– now currently resident in his horsey ranch in France.
Craig does not have the wherewithal to pursue his claim, but a trustee acting principally on behalf of Ticketus — who were always due to be repaid from the advance selling of the Ibrox seats — may well be in a far stronger position to press home Craig’s Letter before claim case– and indeed might even be obliged to pursue the case.
You can see the situation where some well respected firm of English Insolvency practitioners come up with some pretty hefty legal bods clutching some weighty legal opinions on the Green/Whyte/ Sevco affair and dump in a big court action and slap some legal diligence on the prize assets in dispute. They will point to the accounts of RIFC where the claim is referred to as an unknown potential liability thus demonstrating that notwithstanding what Pinsent Mason have said in the past, the claim is one to be taken seriously.
Of course this will not matter to Paul Murray, Malcolm Murray and so on as they will have been shown the door by the existing board and will therefore have dodged a bullet in having to deal with Ticketus coming over the horizon as they surely will.
Paul and Malcolm should take note of a lesson from their late lamented uncle Chic … who was a master at his craft and for whom, correct timing was everything.
Meantime, I wonder if the bus men have as yet cast their eyes out to sea and hear the song of the Siren calling to them as they steer the “foolish boat” towards the rocks?
If they are suddenly met with a perfect wave of claims from Ticketus, Neil Alexander and even the SPL looking for their £250,000 as mooted a few weeks ago I can hear Bryan Jackson or Frank Blin calling out to the board with their sunken boat like the proverbial siren ” Swim to me, swim to me — let me enfold you!” — and swim towards an insolvency event they will.
Song to the Siren was actually written in 1967 but was first publicly performed during the final episode of The Monkees TV show which aired on March 25, 1968– perhaps with some weird reference to Davy Jones’ locker.
Could the Ticketus Judgement yesterday just be the tip of the iceberg poking its head above the water?
Thomas McGuigan, BBC Sport missing in action – need to send in Orla Guerin and Lyse Doucet to extract him
paulsatim says: (664)
December 19, 2013 at 10:08 am
Couple of shots from outside Ibrokes this morning,
http://i40.tinypic.com/2u7r8rk.jpg
Is an asset holder the same as a shareholder?
————————————-
Is that Craig White in the background?
Sevco share price down again, 33.50 pence a go. Takes market cap down to £21.8 million. Soon I’ll be able to afford them at this rate.
From Peter Smith’s tweets.
Stockbridge asked again about cost of fundraising. Reveals “financial advising cost £2.5m”. Crowd very angry.
Crowd angry at response to Q about identity of Blue Pitch & Margarita Holdings. Somers trying to explain why they remain anonymous.
I assume Craig Whyte is at the AGM with his amazing recording device so we can hear every word later.
They’re asking whether Ibrox will never be sold, but isn’t Ibrox owned by the Holding company? So it’s not the sale of the stadium they should worry about – it’s the sale of TRFC Ltd. RIFC can pledge not to sell the stadium, then just cut the footballing arm of the business loose.
Peter A Smith @PeterAdamSmith 3s
Wallace: “Our cost structure is currently too high for the top division, never mind for the lower leagues.”
———————————————–
So there we have it. The Bears HAVE NOW BEEN TOLD.
Reach the top division and talks of war chests and so on can be countered by the board saying ‘we told you publicly in 2013 that costs in the top division would have to be cut.’
The first time this sounded like an off the cuff quip – second time it sounds like he rehearsed it in front of a mirror with Jack visible over his shoulder – no sorry – that’s wrong – Jack’s no visible in mirrors.
Peter A Smith@PeterAdamSmith
Somers says “We wouldn’t know Charles Green or Craig Whyte if we met them in the street.” #RFCAGM
m.c.f.c. says: (63)
December 19, 2013 at 11:38 am
Always feel sorry for Orla as she seems to get sent to all the hell holes. I always think she deserves a break now and again by getting a wee stint at an After the Oscars party or something.
I assume she is as hard as nails but even Ibrokes may be too much for her. 🙂
Madbhoy24941 says: (338)
December 19, 2013 at 11:41 am
5 0 i
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paulsatim says: (664)
December 19, 2013 at 10:08 am
Couple of shots from outside Ibrokes this morning,
http://i40.tinypic.com/2u7r8rk.jpg
Is an asset holder the same as a shareholder?
————————————-
Is that Craig White in the background?
_____________________________
Aye, spotted that as well. I took it to be a clever wee photoshop job. Either that the doppleganger needs a change of image.
Peter A Smith @PeterAdamSmith 4m
Somers says “We wouldn’t know Charles Green or Craig Whyte if we met them in the street.”
==============================
Is that the royal we rather than the collective board? Certainly Stockbridge would recognise Green- unless Charles has had some radical cosmetic surgery done recently.
wottpi says: (1336)
December 19, 2013 at 12:02 pm
Always feel sorry for Orla as she seems to get sent to all the hell holes. I always think she deserves a break now and again by getting a wee stint at an After the Oscars party or something.
==============================================================================
She’d probably get bored and start a fight to have something to report on
only joking Orla 🙂
wottpi says: (1337)
December 19, 2013 at 12:05 pm
Madbhoy24941 says: (338)
December 19, 2013 at 11:41 am
LOL, well spotted!!
neepheid says: (936)
December 19, 2013 at 12:05 pm
==============================================
Beat me to it.
Has Somers been sleep walking since he was offered the role as Chairman. Has he done any research at all re past events. If not why not.
Him or Malcolm Murray, some choice.
Madbhoy24941 says: (338)
December 19, 2013 at 11:41 am
5 0 Rate This
paulsatim says: (664)
December 19, 2013 at 10:08 am
Couple of shots from outside Ibrokes this morning,
http://i40.tinypic.com/2u7r8rk.jpg
Is an asset holder the same as a shareholder?
————————————-
Is that Craig White in the background?
——–
Spooky, second from the right … 😀
We might get a recording later of him dropping a number 2.
TheCoplandRoad.org @CoplandRoadorg 2m Crighton states Laxey suggested him to the NOMAD for a board position.
——————————————————————————————————————————————-
And Laxey seem to have been on Greens speed dial.
Here we go again!!
The AGM closes with a rendition of Peggy Lee’s – Is That All Thwre Is ?
Is that all there is, is that all there is
If that’s all there is my friends, then let’s keep dancing
Let’s break out the booze and have a ball
If that’s all there is
Has Green sold Laxey a Pup ?
TheCoplandRoad.org @CoplandRoadorg 2m Crighton states Laxey suggested him to the NOMAD for a board position.
So Crighton is Laxey’s man and Laxey are Green’s mates – but have they got what they thought Green was selling them – or something quite different. This is not really their kind of gig. Their MO is more to muscle lightweight, no-name execs of low-key property companies. This is much more complex with far from certain outcomes – so will we see Laxey spring into action as Activist Shareholders or will we see them quietly off-load and move on to minimize their downside and opportunity costs.
Who would possibly buy 11% to become the biggest single shareholder – Hi Dave, how’s things, yeah – a bit chilly here but should turn out nice later . .. .. .
What an absolute hoot!
I now have visions of that Peggy Lee tune blaring out whilst the glitter ball is slowly lowered and switched on…whilst the room lights are lowered…Stockbridge and Somers take the floor hand in hand to start the dancing…..whilst Paul and Malcolm Murray enter/shuffle into the room believing the AGM starts at 11.30am? only to find Ronnie and Reggie at the door asking to see their invites..
m.c.f.c. says: (68)
December 19, 2013 at 12:27 pm
Who would possibly buy 11% to become the biggest single shareholder – Hi Dave, how’s things, yeah – a bit chilly here but should turn out nice later . .. .. .
————————————————————————————————————————————–
Ah but you forget that ‘the mechanic’ Keiron Prior put out notice he would be in the market for buying in the near future.
Famous song says: (37)
December 19, 2013 at 11:26 am
Early days, but I feel that “short term profitability challenges” is a catch phrase of the very highest rank, and one that we’ll be quoting in years to come.
=================================================
Was there not some other club down Govan way with similar “short term profitability challenges” in the recent past? How did that turn out?
Scottish Football needs a strong Arbroath.
iamacant says: (376)
December 19, 2013 at 10:50 am
Peter A Smith @PeterAdamSmith 3s
Wallace: “Our cost structure is currently too high for the top division, never mind for the lower leagues.”
=========================
And somewhere off in the distance Neil Doncaster writes “Note to self – rejig leagues to fit RFC cost structure”
wottpi says: (1339)
December 19, 2013 at 12:33 pm
Ah but you forget that ‘the mechanic’ Keiron Prior put out notice he would be in the market for buying in the near future.
============================================================================
Well – after that sterling AGM – they are three for a pound – so Keiran can double down on the ones he bought around 60p.
Sounds like t’rangers spivs want another 4 months to suck the last of the loot out of the ailing giant… Obviously after that point they will have a business plan to sell to the fans just as new SBs are up for sale and according to some sources they will double in price to keep the club going… Tugging on the heart strings of the support looks like continuing… Buy in at whatever cost or your club will die.. Be interesting to see what the warring fans factions do now..
So if Graham Wallace is the man with the track record in running football clubs then it is clear that austerity is required to overcome “short term profitability challenges”.
Therefore Ally must be on his last months full salary as an immediate cut should be sorted by Jan 2014.
High earners need to be punted for whatever cash is available.
Was Ally’s praise and a mention for Wallace and McCulloch a heads up that both will be heading off the pay role?
Wallace sold and the loyal McCulloch retires job done and gets a coaching/scouting role on lower salary.
Templeton not getting a game so sell him for whatever they can get. Same with Shiels and a few others.
m.c.f.c. says: (69)
December 19, 2013 at 12:44 pm
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wottpi says: (1339)
December 19, 2013 at 12:33 pm
Ah but you forget that ‘the mechanic’ Keiron Prior put out notice he would be in the market for buying in the near future.
============================================================================
Well – after that sterling AGM – they are three for a pound – so Keiran can double down on the ones he bought around 60p.
———–
A financial genius, they say.
First bit of video. A warm welcome to the board:
http://news.stv.tv/west-central/257443-rangers-boardroom-battle-comes-to-a-head-at-annual-general-meeting/
I note that sale and lease back was mentioned but did no-one asked the question about confirmation of who holds the deeds and, if still the Ltd, was the transferring the asset from Ltd to Plc being ruled out by the current board.
easyJambo says: (609)
December 19, 2013 at 11:02 am
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TheCoplandRoad.org @CoplandRoadorg 2m
£19m revenue, £18m wage bill. FD will outline one off costs later in meeting.
Help we’re skint
TheCoplandRoad.org @CoplandRoadorg 2m
Club needs to attract fresh investment. We shouldn’t pretend that isn’t the case.
Wallace: “One-off costs after the IPO totalled about £10m… We still have short term profitability challenges.” #RFCAGM
————————————————-
is this an admission that they are trading whilst insolvent?
wottpi says: (1341)
December 19, 2013 at 1:05 pm
I note that sale and lease back was mentioned but did no-one asked the question about confirmation of who holds the deeds and, if still the Ltd, was the transferring the asset from Ltd to Plc being ruled out by the current board.
=========================
Don’t ask questions you don’t want the answer to!
wottpi says: (1341)
December 19, 2013 at 12:49 pm
So if Graham Wallace is the man with the track record in running football clubs
=======================================================================
How long can he last saying Rangers-hating things like that ? 🙂
Its official – AGM = Damp Squib
no mention of who owns assets
who is beneficial owner of BPH and Pizza Topping
no mention of super salarys pay cut
no mention of BS bonus being returned
no mention of CW’s claim
no mention of how much cash was left, when more would be needed or how they plan to raise it
no mention of stadium renaming
no mention of the deals with puma and blackthorn
no mention of how they would plug the 18M loss of last year
no mention of when the orange strip would be released
not even a protest inside or outside the ground
to be honest, they deserve the shafting coming their way.
Not The Huddle Malcontent says: (1073)
December 19, 2013 at 1:07 pm
TheCoplandRoad.org @CoplandRoadorg 2m
£19m revenue, £18m wage bill. FD will outline one off costs later in meeting.
————————————————-
is this an admission that they are trading whilst insolvent?
————————————————
Never mind the one off costs – what about the £1,000,000 it costs each month to keep the big blue gates open. To my mind this is prove positive they are insolvent to the tune of at least £11,000,000 – unless they have hard evidence of new cash available immediately.
Not The Huddle Malcontent says: (1074)
Think Copland Road tweets said Puma was a 5 year deal.
£19m revenue, £18m wage bill. FD will outline one off costs later in meeting.
EXCUSE ME? Revenues don’t even meet the wage bill? Forget fixed costs, tax (VAT receipts at least), depreciation, rates, utility bills, insurance etc. I know they probably used that as a way of indicated they are not as fecked as the bampots make out, but that should be a 4 truck fire alarm…
jockybhoy says: (294)
December 19, 2013 at 1:20 pm
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£19m revenue, £18m wage bill. FD will outline one off costs later in meeting.
EXCUSE ME? Revenues don’t even meet the wage bill? Forget fixed costs, tax (VAT receipts at least), depreciation, rates, utility bills, insurance etc. I know they probably used that as a way of indicated they are not as fecked as the bampots make out, but that should be a 4 truck fire alarm
====================================
as long as everything else costs less than £1M, they’ll be fine 🙂
hahahahaha
so, should we all start digging out loose change from the back of the sofa, i reckon in a few weeks TSFM could buy RIFC for about £20. What would we do with them???
Wallace: “One-off costs after the IPO totalled about £10m… We still have short term profitability challenges.” #RFCAGM
=========================================================
Did Stockbridge give detail of the one off costs?
£10m to get £22m, suggests more than a risk premium and also remember that £5m was from the flock.
There is more than short term profitability challenge, there is a short. medium and long term Cash crisis..
I can’t believe that they turn up and ask for time as they are new to the job. what have they been doing since they were appointed?
Just caught the STV short piece on the opening of the AGM and the gentlemen concerned shouting “where’s the money” sounded very angry.
I remember several months back , calculating that the ‘old’ board Green, Ahmed and including Ally that it would take approximately the revenue (season book) for the equivalent of 6 home matches to fund the board room, extraordinary.
So the angry mob should start there.
Thereafter, they should hire someone like Jim McColl to properly structure the operations, re-interview senior managers for the remaining jobs, slash mgt layers by 50%, remove the old boy / handshake brigade and replace with effective staff.
Easy, it will happen (as there is no sugar daddy) , however it will only happen after the ground / training facility is sold off ……
….. terminal decline on the cards , I’d say 80/20 in favour of real long term terminal decline. Once they realise they cannot buy there way out of the problem and they focus on the broken scouting / youth systems , only then will Ally go.
If the cash position is really dire then 31 Dec is a good day to get out some bad news, player sales and the like.
Figures from the AGM that I still can’t get my head round:
Turnover of £19m for the year but £9.6m was for the 1st 6 months and included the ST cash.
By my reckoning TRFC played 10 home games in the second half of the season.With average crowds of say 45k but 38k are ST holders that means a total of circa 70k paying fans.
At around £12 a head,allowing for concessions etc that’s gate receipts of £840k.
I know there will be a bit of merchandising,hospitality etc but do these really add up to something approaching £9m?.
Only my opinion but unless the spivs have included this seasons ST cash of around £8m before VAT(and CG said the accounts would include both seasons ST cash) then I don’t see how the £19m turnover figure was reached,especially in a business that usually makes the bulk of its income in the first half of the year.
Danish Pastry says: (1811)
December 19, 2013 at 1:03 pm
First bit of video. A warm welcome to the board:
http://news.stv.tv/west-central/257443-rangers-boardroom-battle-comes-to-a-head-at-annual-general-meeting/
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Well that was dignified
Petersen Leigh says: (3)
December 19, 2013 at 1:36 pm
Funny though!
Thanks boys and girls,the power has just came back on here and I’ve been trying to speed read the comments in case it goes again.
The tears of laughter are running down my coupon,some of the comments are brilliant,Jim Larkin’s ‘there will be another Sevco along in 5 minutes’ and jockybhoy’s ‘that should be a 4 truck fire alarm’ . Beezers.
Thanks to BRTH I now have a vision of the MBB in court trying to convince everybody he’s been ripped off.
The TV are saying that the results of the voting may not be in until 7 tom. morning,is that to give the spivs time to sell the shares and leg it.?
I hate to bring the more comedic matters down to earth, but do we know if they’ve voted that issuing another sh!tload of 1p shares seemed like a good idea yet?
Just asking.
A shareholding entitlement worth 2.5 x salary! Jings, he gets salary, plus salary equivalent x 2.5, plus (the now handed-back?) £200k bonus. Enough for a chateau in France to add to his wee hoose outside Glasgow.
Bless Twitter and its character limit. Full statement read
BS:yes but haven’t taken it up yet as soon be worth squat
Well, someone has evidently been cheered by today’s AGM and is scoofing up the shares … nearly 70000 bought today, and only a couple of hundred sold!
Phil MacGiollaBhain @Pmacgiollabhain 1h
Could TicketUs be the 10,000lb gorilla that ultimately eats RIFC?
I just had a scenario explained to me by a very clever chap…
CelticChuck5088 @CelticChuck67 15m
Nothing else needs to be said: pic.twitter.com/Kt6h6LZJpo
Matt @monbud 11m
@CelticChuck67 I’ve seen that look before pic.twitter.com/C7EgKEhm1n
I see that jack’s not allowing any board meeting comment on RM. Closer than he thought??
Jum Spence @jum_spence 4h
Thuts sum size ae tull receipt yon Wallace fellay hus! Us thaut Stoackbrudges expunses? #rfcagm pic.twitter.com/nqqWRHXV2e