THAT Debate, and the Beauty of Hindsight

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I say this with apologies to bean counters, wherever they …

Comment on THAT Debate, and the Beauty of Hindsight by Homunculus.

I say this with apologies to bean counters, wherever they hail from. I fully appreciate it is overly simplistic.

The Rangers interim results exist to serve on purpose, plausible misdirection. Put simply, the last audited accounts show a substantial loss, compared to the turnover which generated that loss. The interim figures imply that the business was breaking even, though a quick look at them shows that it isn’t real. 

The important point is that the final results will show another loss. That’s just the way it works, unless there is significant net income from player trading in January which is reflected in the second part of the financial year. Celtic showed a profit at the half year, they will show a profit at the end of the year, it will be less. Rangers claimed to be in profit at the half year (in “Unaudited Trading Results”). They will show a loss at the years end.

This is taken from that report 

The net impact of these factors is that the operating result improved, from a loss of £0.5m in thecomparative period, to a profit of £0.3m. The Club is well on its way to achieving a sustainable business model while continuing to invest in infrastructure and the player squad.
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’sfootball performance and progression to the William Hill Scottish Cup semi-finals.

The same will happen this year, the end of year results will not be as good as the half year and will result in a further loss.

If you need to borrow a load of money just to pay bills as they fall due then you are running at a loss.

Homunculus Also Commented

THAT Debate, and the Beauty of Hindsight
From that video, can I just point something out.

The club doesn’t pay VAT or PAYE, it hands it over.

VAT and PAYE are collected from customers and employees. So what he is actually saying is that he spent money that wasn’t his, to finance a football club.

That is not the same as being unable to pay tax. 


THAT Debate, and the Beauty of Hindsight
EASYJAMBO
MAY 13, 2017 at 11:24

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EJ my reading of it is that Whyte was negotiating to do the deal from late 2010.

It was completed in early May 2011.

The first load of Ticketus money was paid on 9th May 2011, after Whyte had taken over. That deal was with Rangers. 

It included the money already negotiated prior to Whyte buying the shares, and the money Whyte used to partly fund the deal.

The entire deal was with Rangers, because that was who was selling the tickets, whether Murray owned the shares or Whyte doesn’t really matter. It was basically a roll up of the season ticket sales already agreed (with Murray) plus the additional ones being sold (agreed with Whyte).

It was basically all the same deal, between Ticketus and Rangers. 

It’s really surprising how little Rangers knew about it. 


THAT Debate, and the Beauty of Hindsight
From Lord Hodge, way back when.

It is probably worth noting it was Rangers doing the deals with Ticketus, even after Whyte took over. 

I believe it is false to think of Rangers / Ticketus and Whyte / Ticketus deals. They were the same thing.

Ticketus operates a business of buying and selling tickets for, among others, sporting events. The two contracts with Ticketus, which I discuss below, in summary involve the sale by Rangers to Ticketus of season tickets and an agency arrangement by which Ticketus is to receive the income flow from the sale of the season tickets. On or about 9 May 2011 Ticketus paid £20,300,912 for the first tranche of the season tickets which covered the seasons 2011-2012, 2012-2013 and 2013-2014. On or about 21 September 2011 Ticketus paid a further £5,075,213 for the second tranche of season tickets, which covered the seasons 2013-2014 and 2014-2015. I am informed that the expected income flow from the sale of the season tickets is likely to represent about 60% of the cash flow of Rangers in those seasons.


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