The Immortality Project – or – Death and Denial – Guest Post by Humble Pie
Death has a tendency to put everything else into perspective.
My family recently suffered a bereavement. It wasn’t a sudden death but it was still far too quick and far too soon for any of us to get our heads around. As our loved one’s illness progressed, each of us, in our own way, began to prepare for the inevitable. In the end, whilst it was not unexpected, it was nevertheless very traumatic, for everyone concerned.
Grief is a strange and often debilitating set of emotions. Even now, a few months on, when the intense sadness and tears have given way (mostly) to disbelief, we still find it hard to fully comprehend what has happened. We might never completely ‘come to terms’ with that fact, however, we do accept that it DID happen, much as we all wish that it hadn’t.
Many of you will be familiar with the Kubler-Ross model of the five stages of grief; Denial, Anger, Bargaining, Depression and Acceptance. Well, I am aware of having experienced each of these stages over the last year, as well as a couple of others which I wasn’t prepared for (a lot of personal reflection, a little guilt and a not insignificant amount of pain).
It seems to me that the Rangers supporters have been purposefully ensnared in an interminable cycle of the first two stages of KR; alternating between the denial of the death of Rangers and anger at what they feel has been done to their beloved club then back again to denial. This, as any first year psychology student will tell you, is a very unhealthy state of mind which, if not addressed, can quickly lead to physiological and behavioural problems.
At its lowest level, for example, people throughout the ages have continued to set places at the dinner table for their long-dead loved ones. They know in their hearts that the person has died but are comforted by the familiarity of doing the same things that they have always done. However, in extreme cases people have even kept and maintained the actual cadavers of the deceased, dressed them, talked to them and watched TV with them, in a state of absolute denial.
In archaeology, accepting and recognising the inevitability of death through conducting ceremonial burial services is considered to be one of the very first signs of a civilised people. You see, grief is a uniquely human and cathartic process i.e. it can produce ‘a feeling of being cleansed emotionally, spiritually, or psychologically as a result of an intense emotional experience’.
In short, grief is ultimately a good thing which leads you through a series of natural psychological steps towards acknowledgement of an unalterable situation, allowing you to take stock, re-evaluate and start to move on with your own life in a positive way.
That is what should have happened with the fans of the old Rangers.
Instead, this ‘never-ending cycle of the undead’ was positively encouraged by those many unscrupulous individuals who saw a way of making a fast buck from maintaining the ‘Then, Now and Forever’ illusion. Worse still, this resurrection fantasy is being facilitated by the very people whom we have entrusted to stop this kind of thing from happening in the first place. If only the SFA or the MSM had told them the truth, they might have had a chance to actually face up to the situation.
Unfortunately, these two bodies were so complicit in Rangers demise, so right up to their necks in the brown smelly stuff, that they were too afraid to face the inevitable anger which would have rightly come their way. So, they made up grim fairy tales to feed to the bereaved souls about non-existent ‘holding companies’, the ethereal ‘club’ which transcends death and by suggesting that it is ‘all a matter of opinion’.
Ernest Becker, in his 1973 Pulitzer Prize winning book ‘The Denial of Death’, posits that “human civilization is no more than an elaborate, symbolic defence mechanism against the knowledge of our own mortality”. This fear of death acts as an emotional and intellectual response to our basic survival instincts.
‘By embarking on what Becker refers to as an ‘immortality project’, in which a person creates or becomes part of something which they feel will last forever, the person feels they too have become part of something eternal; something that will never die, compared to their physical body that will die one day’. When this ‘immortality project’ is threatened it leads inevitably to fear, depression, loss of identity and sense of purpose.
In that case, the initial reaction of the fans to the imminent demise of Rangers was entirely predictable and understandable. “No way, this can’t happen to us, we are the people”. However, as soon as the full realisation of their club’s inexorable slide into liquidation began to sink in, came the expected anger. But towards whom should their righteous wrath be directed?
“Who did this to us, who are these people?” they cried. “Not I”, said Sir Murray of the Mint, “for I was duped”, “Nor I”, said President Ogilvie, “for it was never my role”. “Nor I”, said Mr Smith, “for I never knew nothing or nothing”. “Not us”, squealed the media monkeys in unison, “for that’s what we were told”, “Nor us”, said the SPL “it was nothing to do with us”.
“Who then?, we demand to know who these people are”, howled the horrified hordes. “T’was the Whyte knight”, they all concurred, “he alone caused this calamity”. “And the bampots”, sneered the slimy slug. “And the taxman”, puffed the pundits. “And the unseen hand of Mr Lawwell”, whispered the bilious bears from the safety of their den.
There were even those who tried to warn them, not least Hugh Adam, Phil Mac and RTC but they didn’t want to know. Even when their very own Messrs Green and Traynor spelt out, in no uncertain terms, that liquidation meant the death of their club, still they chose wilful ignorance. The MSM, with access to the same information, encouraged them to keep their heads firmly ensconced, ostrich stylee, on the banks of that ironically blue and white river in Egypt. Which just goes to show ‘you can lead a lamb to knowledge but you can’t make it think’
The point though is that the Rangers fans have heard the truth and once you have heard something you cannot unhear it. Even if you reject it, even if you deny it, it gnaws away at the back of your mind, infecting your subconscious.
Almost a year ago, I posted the following on TSFM. http://theinternetbampot.wordpress.com/2012/09/ in which I postulated that the SFA were too frightened to say anything which might imply that The Rangers were a new club.
Looking back at that post, I am amazed at how little the landscape has changed.
A year on and it has become apparent that the corporate cancer that destroyed Rangers has continued to metastasize in its new host. Charlotte’s revelations may have shown us that the rabbit hole goes much deeper than we first suspected. However, in my humble opinion, the information provided has only succeeded in ‘poisoning the well’ and deflecting attention from the main culprits in this disaster. Layer upon layer of complexity has been added to an already opaque story and the majority of her utterances appear designed to engage the more enquiring minds on this forum and consume their excess mental energy.
I know that some people are bored with this ‘debate’ but, to my mind, the single most important step for the redemption of Scottish football is the fan’s acceptance that The Rangers, who currently ply their trade in the SPFL First Division, are a new club. Once they have accepted that then everything else that they perceive has happened to them will begin to make sense. They will see that rather than everyone having a fly kick at them when they were down, most were actually trying to help them. It will also dawn on them that the very people who have been telling them that there is an anti-Rangers conspiracy against them are actually the same ones who are screwing them over.
Rangers were not relegated to div 3, The Rangers applied as a new club and were granted entry into the bottom tier of Scottish football. They are not banned from European competition, merely ineligible as a new club without the requisite financial ‘history’. Any reference to ‘rulings’ from ECA, ASA, the BBC Trust and any internal or so-called ‘independent’ enquiries are completely irrelevant, as none of these bodies are the final arbiter in this case. Scots Law is clear that there is no distinction between club and company after incorporation, when the company dies the club dies with it. That is not a matter of opinion, it is a matter of fact.
Sooner or later The Rangers fans are going to realise this fact and when they do, there will be hell to pay. Until they do, their new club can never become truly cleansed. Only then can they move on and only then can they join together with fans of other clubs to root out the real cancer at the heart of Scottish football. That’s why the MSM and the SFA are still petrified to say anything. In the meantime the real creators of this disaster are sneakily positioning themselves further and further away from the scene of the crime.
I am sure the majority of us would happily accept a new Rangers, cleansed of its financial, emotional and supremacist baggage. A club that all decent Rangers fans could support without feeling any guilt about Rangers downfall or that they were being taken for mugs. The prospect of a new dawn in Scottish football, where sporting integrity took primacy and clubs lived within their means was very real. However, as usual the SFA couldn’t miss an opportunity to miss an opportunity.
The truth is that Scottish football is in the state it is in, not because Rangers died but because those with the power and mandate to effect the prognosis sat back and did nothing. I am sure that they believe that ‘time heals all wounds’ and that the longer this injustice is allowed to stand the more likely it will be accepted by the man in the street. No doubt the authorities feel it is in the national interest to ‘let sleeping dogs lie’. However I cannot accept this. I believe that it is vital that we are able to face up to reality so we can move on for the benefit of all football supporters.
Scottish football is at a crossroads right now, I think we all feel it. Rampant corruption has become so mainstream that many of our fellow supporters have began to accept this as the norm. However, it just doesn’t sit right with me and I suspect that many regular contributors and readers of this blog feel likewise.
We have quite lost our way and we live in a society which spends vast amounts of money paying people like Jack Irvine to ensure that we stay lost. The mainstream media treat us like little imbeciles and demand that we conform to their assumed ‘professional superiority’. The PR machine plays up to our stereotypes and feeds our fantasies while the poorest people pay to swallow their poisonous propaganda and relentless trivia.
So what can we do ? Clearly, battering out a few blog posts and strongly worded letters to the various authorities involved has been rewarded by the square root of FA.
How can we make this an opportunity for growth rather than contributing to the destruction of Scottish football ? It is not good enough to tear down a system unless we have a better system to replace it. However, I believe that it is not the system itself which is broken. It is that those charged with administering the system are hopelessly corrupted, hugely conflicted and unable to apply their rules without fear or favour.
By their incapacity and inaction (wilful or otherwise) the SFA have facilitated a motley crew of various spivs, chancers and con-artists to glean the last few meagre pickings from the bones of the emaciated loyal supporters of this new club purporting to be the once mighty Rangers. They have permitted these ne’er-do-wells to collectively appropriate many tens of millions of pounds from the Rangers fans, the creditors and the public purse. They have already allowed this corporate malignancy to spread to a new host, ‘The Rangers’, and the absence of ‘moral hazard’ makes it more likely that the disease will continue to spread.
Benjamin Franklin once said, “‘Nothing can be said to be certain, except death and taxes.”
Someone else once said, “The wages of sin are death, but by the time taxes are taken out, it’s just sort of a tired feeling.”
I sense that we are all beginning to get tired of this. It is time to stand together, all football fans, face the facts and direct our anger against the officers of the SFA who have allowed this sham to develop into a catastrophe.
I have no doubt that my humble opinions expressed here will raise the ire of many deluded souls. However, I am comfortable in the knowledge that the only people who get mad at you for speaking the truth are those that are living a lie.
RIP Big Man.
fergusslayedtheblues says:
September 30, 2013 at 8:43 pm
I don’t know, I’m beginning to wonder if some enterprising PR agency, isn’t telling its clients, if you want to bump your profile in a particular demographic, say you want to join the Ranger’s board – its not as if you’ll ever have to actually drink from the poisoned chalice – but you’ll get a guaranteed bump in customers!
fergusslayedtheblues says:
September 30, 2013 at 8:43 pm
1 0 Rate This
Who are these peepil ,I demand to know .
No really ,where are they getting these saviors from they change every week
————-
The two new names seem to have a professional background … certainly going to be quite an October meeting, if it takes place.
Sky now running with the story, the one from Saturday. This may force the Scottish press to mention it now.
johnnymanc says:
September 30, 2013 at 8:30 pm
Well said pal 😀
andygraham.66 says:
September 30, 2013 at 8:52 pm
To be fair the Scottish press have begun to cover it
http://www.scotsman.com/news/scotland/top-stories/soldiers-accused-of-sectarian-singing-at-ibrox-1-3118541
Thanks for the info lads ,
I will send the goons round ASAP .
Oh sorry it’s not me that does that ,anyone got Greggs in Govans number.
That said I think M Bentine is the only one left
fergusslayedtheblues says:
September 30, 2013 at 9:04 pm
Dear old Michael would fit right in….
https://www.youtube.com/watch?v=UGrOIu80Nro
Scapaflow
😆 😆 😆
oof oot noo
byeeeeee
General question, does anyone know if there has ever been a critical biography of Bill Struth?
fergusslayedtheblues says:
September 30, 2013 at 8:43 pm
Who are these peepil ,I demand to know
——————————————————–
Wasn’t Scott Murdoch linked with the “Blue Knights”
Deja vu time again…..
arabest1 says:
September 30, 2013 at 9:17 pm
There’s been a couple of hagiographys which would put a medieval lives of the saints to shame, but as far as I know there has been no serious treatment of that particular subject
wottpi says:
September 30, 2013 at 7:45 pm
5 0 Rate This
I see out old pal Steerpike is entertaining watchers of Paul McConville’s site.
Here is a crakcer the where the IPO money went
“However projections rarely go to plan, and Rangers were forced to spend IPO money on many unplanned items, this does not mean they planned to deviate from the plan, the plan would have earned them more money.”
+++++++++++++++++++++++=
The money has all gone on working capital, and has been barely sufficient to see them through 12 months. So there was never any genuine plan to spend significant sums on anything else. I think the prospectus was materially misleading in that respect, just my opinion, of course.
I believe the Board now acknowledge that all the IPO money has gone, which leaves them with just current income to meet their eye watering running expenses. It just never added up, it was clear to anyone from the day the interim accounts were published that the money would run out around Christmas. There have been “unexpected” extra expenses, of course- mainly legal and accountancy fees, and pay-offs to departing Board members. So maybe my Christmas forecast was a bit generous.
As regards the accounts/AGM, I will be surprised if the AGM goes ahead in October. If it doesn’t go ahead as promised, then that is the end game. That would mean that the accounts either haven’t got a clean audit report as a going concern, or the results are simply too disastrous to publish. If the accounts/AGM are postponed, we will see an implosion at Ibrox, as the factions go to war over the scraps.
Lots of squirrels running around right now, some big ones in uniform, but the real story is cash flow. The only way to sort out negative cash flow for a loss-making business is a big bag of fresh new cash. No sensible person would pump more cash in at this stage, why would they? Much better to let it all go pop and then pick up the pieces. Of course the pieces won’t include Ibrox, Murray (Moses?) Park or any other real estate. The original investors will be hanging on to the property assets come what may.
So the cruel truth for the likes of Steerpike is this- the only plan related to the IPO was to get as much money in as fast as possible, and then extract it as quietly as possible, via fees, commission, remuneration, bonuses and compensation, while maybe lining the peepil up for another pre-Christmas cash call. To these marginal city types (aka spivs), the bears really are the gift that keeps on giving. I honestly think that they just can’t believe their luck. It will be interesting to see how much more money they can screw out of this.
That’s what I figured Scapa. How about a chapter…or an essay? 😆
Off topical joke time… Did you know that you had to be under 5ft to be in the Irish army? It’s true, they even have a song about it… altogether now, “Soldiers are wee.”
No offence meant, just trying to lighten the mood. har, har.
neepheid says:
September 30, 2013 at 9:31 pm
…
Agreed, nh, the line below was always going to be the ‘get-out clause’ for RIFC not to deliver the main IPO objectives;
“The Company plans to use the money raised from the Placing to improve the infrastructure of the Club.
In particular, the Directors have identified:
…
• general working capital purposes…”
==============================
And do you think that this is the final pay day for Charlie, Ahmad and a few others ?
Does the publicity around RIFC / TRFC mean that their spivery will now come to an abrupt end – due to their significantly raised profiles in the media ? […or the jail ?]
Danish Pastry says:
September 30, 2013 at 8:51 pm
“….The two new names seem to have a professional background…”
___________________
Loch Lomond Golf Club, SC 370195, reg.office 16 Charlotte Square, Edinburgh ,
previously Loch Lomond Members Ltd,
previously DMWS (reg office Charlotte square).
Director appointed 10/02/11, William Scott Murdoch.
Is Charlotte Square the only feckin address for companies to use? 😀
arabest1 says:
September 30, 2013 at 9:17 pm
2 0 Rate This
General question, does anyone know if there has ever been a critical biography of Bill Struth?
+++++++++++++++++++++++++++
Just what you’ve been waiting for- and only 10 days to go ! 🙄
http://www.amazon.co.uk/dp/0755365410
john clarke says:
September 30, 2013 at 9:50 pm
0 0 Rate This
Danish Pastry says:
September 30, 2013 at 8:51 pm
“….The two new names seem to have a professional background…”
___________________
Loch Lomond Golf Club, SC 370195, reg.office 16 Charlotte Square, Edinburgh ,
previously Loch Lomond Members Ltd,
previously DMWS (reg office Charlotte square).
Director appointed 10/02/11, William Scott Murdoch.
Is Charlotte Square the only feckin address for companies to use?
——-
Appairently, unless they’re fakes, of course 🙂
john clarke says:
September 30, 2013 at 9:50 pm
1 0 Rate This
Danish Pastry says:
September 30, 2013 at 8:51 pm
“….The two new names seem to have a professional background…”
___________________
Loch Lomond Golf Club, SC 370195, reg.office 16 Charlotte Square, Edinburgh ,
previously Loch Lomond Members Ltd,
previously DMWS (reg office Charlotte square).
Director appointed 10/02/11, William Scott Murdoch.
Is Charlotte Square the only feckin address for companies to use?
====================================================
Erm…
Mr Clarke, don’t you mean – CLUBS – not companies !
StevieBC says:
September 30, 2013 at 9:48 pm
And do you think that this is the final pay day for Charlie, Ahmad and a few others ?
Does the publicity around RIFC / TRFC mean that their spivery will now come to an abrupt end – due to their significantly raised profiles in the media ? […or the jail ?]
+++++++++++++++
These people will walk away once they have squeezed every last halfpenny out of the deal. Their big pay day comes once they have ditched the loss-making football business (TRFC) and are left with a nice clean simple property company,already listed on AIM, with rent coming in for Ibrox from whoever is willing to bankroll TRFC, maybe a golf club/sports club at Murray Park, what’s not to like? Come December they can sell their shares if they want to, then off to their next target.
As regards jail, forget it. I’m pretty sure that nobody is going to jail on this one, they can all take too many down with them. I was about to mention our esteemed judiciary, but I won’t- poor old TSFM’s got enough on his plate tonight without me adding to his troubles.
The publication of the accounts is the thing that seems to stir the most emotion in the sevcovian breast. Why are they not more than happy to produce them, triumphantly trouncing their detractors and proving their business acumen in the face of their critics?
Is it because:
There is so much money in the sevco accounts, it’s taking pure ages to count it?
Or
All the bangers & mash is in copper coin and that’s just brutal by the way to add up?
Or
They’re so successful, it’s like Microsoft or apple down Edminston Dv and, no way! are they going to let on how they did it!
Or
The accounts will make George Soros and Warren Buffet look like total losers!
Or
The shares are worth more as bog roll
Or
CW is picking up money like a man with eight arms
Or
Ian Black has put the profit on his coupon
Or
CW is the man behind the curtain
Or
Sandy and Jack have asked the NOMAD for ‘a word’
Or
Jack has hurt his back moving mirrors and the smoke’s playing havoc with his asthma.
johnnymanc says:
September 30, 2013 at 8:30 pm
———————————————————————————–
Just as a follow up to my earlier point about the events of saturday attracting MSM coverage, if any new found sleuths are looking for answers from the authorities re Sevco’s affairs how is it that the Brand New all singing all dancing SPFL website can state that their member club ‘Ranger’s were formed in 1872? that club is not a member of any organisation as it is currently being wound up. The club in division one was formed in 2012, nothing in the world is clearer than that. So much of the current and future animosity towards the representatives of this organisation is due to the cowardice of the scottish authorities and press in stating the truth which also explains the cowardice of the scottish MSM in covering saturday’s events. There is a major story here if you want it
neepheid says:
September 30, 2013 at 9:53 pm
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0
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Quantcast
arabest1 says:
September 30, 2013 at 9:17 pm
2 0 Rate This
General question, does anyone know if there has ever been a critical biography of Bill Struth?
+++++++++++++++++++++++++++
Just what you’ve been waiting for- and only 10 days to go ! 🙄
http://www.amazon.co.uk/dp/0755365410
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
And the co-author of the above literary classic is named David Mason.
You couldn’t make it up !!
neepheid says:
September 30, 2013 at 9:31 pm
================================
I wonder if the collective group of spivs ever have a right laugh together at just how easy it has been to pull the wool over the eyes of the bears. Even better if Craigy Whyte is among them at the time telling them ‘I told you it would be a doddle…everyone okay for Champagne?’
upthehoops says:
September 30, 2013 at 10:28 pm
3 0 Rate This
neepheid says:
September 30, 2013 at 9:31 pm
================================
I wonder if the collective group of spivs
&&&&&&&&
Would that not be a ‘cludgie’ of spivs?
http://m.imgur.com/iXFQNeW
Charlotte update
Again, from the always excellent Cartuja, http://t.co/chDQw3ay0K
😆 😆
Sale and lease back raised again…
Scott Murdoch – an ex-Blue Knight – to be appointed as a Non Executive Director. Murdoch is presently a director at Loch Lomond Golf Club. My information is that Murdoch’s skills as a property expert will see him being given the specific task of bringing in further financing of Rangers by carrying out a sale and lease back of Ibrox.
http://billmcmurdo.wordpress.com/category/football-2/
Paul Brennan @CQN 5m
@rossejhendry @SirBartin @clancyc06 @AMcKellar89 @Eddiek62 @RetroScot Sale&leaseb is worst option for club but it’s an annuity for spivs
Expand Reply Retweet Favorite More
Bring on the Barca @SirBartin 3m
@CQN @rossejhendry @clancyc06 @AMcKellar89 @Eddiek62 @RetroScot It’s their pension plan
Expand
Paul Brennan @CQN 35s
@SirBartin @rossejhendry @clancyc06 @AMcKellar89 @Eddiek62 @RetroScot SpivA sells to SpivB who sells to pension fund a year later.
LOCH LOMOND MEMBERS LIMITED (2011-01-26)
DMWS 924 LIMITED (2010-03-04)
DM?
Flocculent Apoidea says:
September 30, 2013 at 11:29 pm
Address also Charlotte Square
Flocculent Apoidea says:
September 30, 2013 at 11:29 pm
2 0 Rate This
LOCH LOMOND MEMBERS LIMITED (2011-01-26)
DMWS 924 LIMITED (2010-03-04)
DM?
Dixon Minto
Is this the golf club referred to in @MeejaHoose tweets 14th and 16th Sep?
Flocculent Apoidea says:
September 30, 2013 at 11:29 pm
3 0 Rate This
LOCH LOMOND MEMBERS LIMITED (2011-01-26)
DMWS 924 LIMITED (2010-03-04)
DM?
~~~~~~~~~~~
http://www.dicksonminto.com/
paulsatim says:
September 30, 2013 at 11:23 pm
2 0 Rate This
Again, from the always excellent Cartuja, http://t.co/chDQw3ay0K
……………..
Ok guys…hands up…who has sent an email enquiry on the stadium to rent…and has any one had a reply yet?
In Scotland, DM has recently advised on deals involving Clyde Blowers, Wood Mackenzie, Macdonald Hotels, Motherwell Bridge, Weir Pumps, Scottish Power and many others.
~~~~~~~~~~
Clyde Blowers…Weir Pumps…?
Neepheid
September 30, 2013 at 9:31 pm
So the cruel truth for the likes of Steerpike is this- the only plan related to the IPO was to get as much money in as fast as possible, and then extract it as quietly as possible, via fees, commission, remuneration, bonuses and compensation, while maybe lining the peepil up for another pre-Christmas cash call. To these marginal city types (aka spivs), the bears really are the gift that keeps on giving. I honestly think that they just can’t believe their luck. It will be interesting to see how much more money they can screw out of this.
*****************
I think Charles and the boys all could not believe their luck when Neil Doncaster started off about shedding debt and remaining the same club. Up to then, everyone including Sir Walter, Goram, Gough, Hately, Traynor and Charles himself – all acknowledged the end of their club. Neil and Stuart gave them an opening – a guaranteed SPL place for a debt free club. Bampots put the brake on that. Never mind Charles, how about SFL1 with only a year out of the SPL – so again, Regan threatened them all (as Clyde and Raith among others all disclosed) but to no avail. SFL chairman did the needful and said bottom of SFL3.
The other ones who then scuppered the plan were the players – Charles supposed they would all stay with the club no matter what – and aided by Ally with his threats tried to keep them onboard so all could then be sold to earn some money. But thankfully they saw sense and did the right thing for their careers
At this point even Charles must have wondered if his big hands would ever see the money.
However it was here when we took our eye off the ball – we all agreed a new club starting at bottom was proper and we all assumed with no baggage starting all over again with their cloth cut accordingly.
However Neil and Stuart had made promises – if Charles was in SPL or SFL, you can bet he would not have cared tuppence for buying some history – but in SFL3, that was all he had. Neil and Stuart aided by The Conflicted One enabled him to get the crowds in.
However – Neil and Stuart thought Charles and Cambell were doing it for the good of the Scottish game and ensure the fabric of Scottish society (copyright Salmond) had a place to vent their spleens every week.
Neil and Stuart have been duped though – now they can see that they have a monster car crash coming – and this time in order to have RFC version Mk3 start up, we should ensure that everyone recognizes the new club for what it is before they get any chance to start. Otherwise Spartans should be given a chance – Annan seems to have been able to come into the league and make a contribution – as have Inverness and Ross County especially. So why not Spartans – we know what an undiluted TRFC Mk 3 will be like.
Let’s not make the same mistake twice and allow them to do any more 5 way agreement secret deals! Keep the eye on the ball – and avoid the squirrels!
Nice bit of coverage of women’s football on THAT radio show last night. Excellent representative from Glasgow City talking up the professionalism of what is an amatuer sport. Scotzine editor was on too. Keevins and Guidi make their own, unique contributions to the subject. Keevins quite unashamed about the fact that commercialism drives the ‘reporting’ and ‘journalism’ he’s involved in. All in all a good listen though, so credit to Clyde for at least giving the subject air time. It starts at 44min and 43sec into the podcast …
http://www.rangers.co.uk/news/headlines/item/5195-rangers-announce-annual-results
Lord Wobbly says:
October 1, 2013 at 7:20 am
2 0 Rate This
——–
Not a document for the faint-hearted 😮
http://www.rangers.co.uk/images/staticcontent/documents/AnnualReport2013.pdf
‘The group’. . . Got the stadium valued at £65.000.000, but decided to show it on the balance sheet
. . .as worth only £42,000,000 ?
I’m just waiting for the accountancy bods on here to put it into laymans terms….
SheepShaggaExpat says:
October 1, 2013 at 7:55 am
1 0 Rate This
I’m just waiting for the accountancy bods on here to put it into laymans terms…
~~~~~~~~~~~~
Fluffy
SheepShaggaExpat says:
October 1, 2013 at 7:55 am
1 0 Rate This
I’m just waiting for the accountancy bods on here to put it into laymans terms….
————-
Indeed. I started at the back. Some cracking salaries/remunerations on show. Ally £825,000, Green upward of £1m; Walter S. £50,000, but no doubt well spent.
Maybe I am wrong….but this annual return has no auditors stamp of approval?
It looks a sthough this has been put together by the directors…who as a footnote suggest they are hopeful they can appoint Deloitte in the future?
Anyone?
“Investigation expenses [£599,000] relate to professional fees incurred by the Group after the Board committed to an independent investigation following legal claims made by Craig Whyte and Aidan Earley.”
❗
Paulmac2 says:
October 1, 2013 at 8:17 am
1 0 Rate This
Maybe I am wrong….but this annual return has no auditors stamp of approval?
It looks a sthough this has been put together by the directors…who as a footnote suggest they are hopeful they can appoint Deloitte in the future?
Anyone?
————
Isn’t there a signature by someone from Deloitte about the half-way point? (p. 28 of the PDF)
I’m confused with the ‘Squirrel Logic Theory’!
Was Saturdays Bearmachtfest the squirrel to cover the accounts being published or were the accounts the squirrel to cover for the fallout of said Bearmachtfest?
Ooohh too many squirrels!!
Paulmac2 says:
October 1, 2013 at 8:17 am
2 0 Rate This
Maybe I am wrong….but this annual return has no auditors stamp of approval?
It looks a sthough this has been put together by the directors…who as a footnote suggest they are hopeful they can appoint Deloitte in the future?
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The audit report is at page 20/21. The accounts of a company this size are normally produced by the company’s in-house finance people. The auditors then carry out their own checks. That is perfectly normal practice.
A few things jump immediately out at me. They are trumpeting the Players’ wages ratio at 43% of turnover, but Staff Costs are actually 17,943k. That’s not far off 95% of turnover, so around half the staff costs are non-footballing. Not cleaners and canteen staff I’d guess.
Next is the £1.8m loan received and repaid with £152k interest. Who was it from and what was the loan period? Why was it required?
Quick thoughts on an initial read of accounts – no reference to Imran claim – has it been settled pre accounts signoff? Deloittes have seen the novation paperwork dated June 2012 re the transfer of assets, all the 2013/14 season ticket money is in this set of accounts – debtors of £2.4m, income in advance of £8m, should be quite easy to put together a simple cashflow for 2013/14 to see if they run out of cash
Is it safe to come back yet? 😯
Those results in short, officially according to Ibrox:
I think we could spend a lot of wasted time looking at the figures and trying to make some sense of the detail, but they appear to be confused when trying to account the number of years they have been in existence, exaggerating this by a factor of 140.
spartacusthethird says:
October 1, 2013 at 8:29 am
1 0 Rate
… Ooohh too many squirrels!!
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The accounts are definitely red squirrels.
The only way to sort out negative cash flow for a loss-making business is a big bag of fresh new cash.
With respect neepheid, think the only way to sort out a business with a negative cash flow is to change the structure of the business. Either cut costs (which they haven’t done, markedly at least) or increase revenue (which they haven’t done) – getting another cash injection (which they haven’t done) would only paper over the yawning chasm that is NewGers business model.
Other than an insane billionairethe NewGers project is doomed to penury, ignominy and failure. In other news, the Remembrance Sunday debacle was repeated last weekend…. And now a squirrel on a Union Jack skateboard.
I notice that they have buried yet another change of NOMAD within their recent flurry of announcements. This should really be scaring the living bejaysus out of the AIM institutional investors. ❗ ❗ ❗
http://m.londonstockexchange.com/exchange/mobile/news/detail.html?announcementId=11726708
Rangers International Football Club plc
(“Rangers” or the “Company”)
Notice under section 338 of the Companies Act 2006
The Board of Rangers confirms that it has received a notice dated 27 September 2013 from certain minority shareholders (“Notifying Shareholders”) under section 338 of the Companies Act 2006 requesting the Company to circulate certain resolutions to shareholders for inclusion in the business at the forthcoming Annual General Meeting of the Company (the “Notice”). The Notice puts forward resolutions for the appointment of Malcolm Murray, Paul Murray, Scott Murdoch and Alex Wilson as directors of the Company.
Whilst the Board has requested the Notifying Shareholders to authenticate their signatures on the Notice and their shareholdings as required under section 338 of the Companies Act 2006 in order to validate the Notice, the Board notes that the Notice has been received by certain of the minority shareholders who were involved with the Requisition, the receipt of which by the Company was announced by the Company on 2 August 2013.
The Board further notes that on 12 September 2013 the Company announced that the Requisitioners had agreed the withdrawal of the Requisition including their proposal for the appointment of directors on the condition only that the Company convened and held its Annual General Meeting no later than 31 October 2013. The Board notes that no variation or amendment to the terms of the withdrawal of the Requisition has been discussed or agreed with the Requisitioners.
The Board considers that the Notice, if authenticated, is unlikely to be properly constituted under s338 of the Companies Act 2006. Given the basis upon which the Requisitioners had agreed the withdrawal of the Requisition and as the Notifying Shareholders have not requested to discuss this prior to sending the Notice, the Board currently considers the proposed resolutions to be vexatious. The Board is also concerned that the contents of the proposed resolutions may also be either ineffective or frivolous as any director appointment must comply with the Company’s articles of association and is subject to prior regulatory approval.
The Board further notes that the notice for the Annual General Meeting of the Company to be held on 24 October 2013 had in any event been sent to the Company’s printers for printing on Friday 27 September 2013.
http://m.londonstockexchange.com/exchange/mobile/news/detail.html?announcementId=11726707
1 October 2013
Rangers International Football Club plc
(“Rangers”, the “Company” or “Club”)
Holding in the Company
Rangers announces that it was notified on 30 September 2013 that following a disposal of ordinary shares of 1 pence each in the Company on 10 September 2013 by Charles Green, he no longer has a notifiable interest in the Company’s issued share capital.
Operational Higlights
Significant new sponsorship agreements signed, including Puma, Blackthorn, SportsDirect.com, Coca Cola and LADBROKES
Where the Bears not going to boycott that particular bookmaker being there was some Timmy conspiracy behind the outing of Ian Black
Not The Huddle Malcontent says:
October 1, 2013 at 9:13 am
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http://m.londonstockexchange.com/exchange/mobile/news/detail.html?announcementId=11726707
1 October 2013
“… a disposal of ordinary shares of 1 pence each in the Company on 10 September 2013 by Charles Green, he no longer has a notifiable interest in the Company’s issued share capital.”
————
So he was locked in or he wasn’t locked in? Quite a bit of share activity on September 10, wasn’t that the day an Easdale acquired a great number?
3 Nomads in 9 months.
Now Green walks away whilst other investors are locked in.I’m sure the Panceltica investors won’t be surprised at this.
Were Daniel Stewart not linked to Green through Nova/Orlit?.
I wonder if HMRC/BDO are remotely interested in the fact that assets with now valued on an existing use basis at £42m were effectively sold for under £3m.
Not The Huddle Malcontent says:
October 1, 2013 at 9:11 am
“Board currently considers the proposed resolutions to be vexatious. The Board is also concerned that the contents of the proposed resolutions may also be either ineffective or frivolous…….
…The Board further notes that the notice for the Annual General Meeting of the Company to be held on 24 October 2013 had in any event been sent to the Company’s printers for printing on Friday 27 September 2013.”
—————
So the ‘notifying shareholders’ who want a resolution to put P and M Murray and Murdoch and Wilson on the board couldn’t even get the Notice of their request in within the statutory period. ( i.e not later than 6 weeks weeks before the date of the AGM.)!
Who would have any confidence in shysters who were not even savvy enough to observe a timetable?
Interesting to note our old pal Streetpike over on Paul McConvilles Blog
Steerpike
September 24, 2013 at 10:24 am
Morning coops,
Yep, you try and help Celtic fans not fall into the same trap as Rangers but they just won’t listen, your calculations are spot on, if the sheep killers had knocked Celtic out they were staring at a 12 million loss. Celtic will not have a Wanyama to sell every year to cover these losses, and the return of domestic CL competition gets ever closer.
To put things into context, Rangers are aiming for 30 MILLION operating costs, Celtic’s operating costs are now 60 million plus, something has got to give.
European humiliation is just around the corner, leaving a domestic scene devoid of competition and thrills, 2014 will be interesting at Parkhead, maybe the club should give the fans something else to focus on other than football, what about Irish Republicanism or Catholicism, that will keep them motivated.
Low and behold what are the headline figures for operating costs in todays accounts?
Staff costs 17,943
Other operating charges 13,317
thus £31m
john clarke says:
October 1, 2013 at 9:43 am
I suspect the new ‘Blue Knights’ line up is being announced, even if it is not within the regualtions, so that there are no surprises at the AGM and shareholders know the cut of the opposition’s jib.
The fact that it was announced late yesterday just prior to today’s publishing of accounts and the date of the AGM makes me believe they Blue Knights groups are all ready to go.
Forgive me as I’ve been looking at numbers all day and my mind is a little frazzled as a result, so I’m not on top of the numbers game today… a few beers tonight and i’ll read these accounts properly tomorrow –
BUT, one thing that jumps out at me straight away is 13.2m in gate receipts.
They have season tickets sold at 38k = 8m, with an average attendance of 39k.
13.2 – 8m = 5.2m. Divide that by 18 for approx 300k a match. Divide again by 20quid for number of paying customers each game… Either 14k season ticket holders didn’t go to each game, or there is a LOT of revenue included from this years season ticket sales. The small print i’ve read so far doesn’t clarify either way.
Oh, and a subsidiary (TRFC, cough, cough) owes RIFC 16.1m… I wonder who that is? 🙂
Once again Fag packet figs:
Figures show staff costs of £17.5m approx on turnover of circa £19m,around 93% of turnover.
However,these figs include almost £5m of this seasons ST cash therefore actual turnover for last season is around £14-14.5m.
Staff costs,therefore,were actually around 120% of turnover.
the Annual General Meeting of the Company to be held on 24 October 2013
spartacusthethird says:
October 1, 2013 at 8:29 am
Was Saturdays Bearmachtfest
=====================================
that is superb.
Ich sehe was du da gemacht hast 🙂
Speaking of operating costs compare and contract
for 2010
Staff costs (Note 6) 28,133
Other operating charges 13,596
or call it £41.6m (Revenue £56m due to UEFA participation – previous year income was closer to £40m)
2013
Staff costs 17,943
Other operating charges 13,317
or call it £31m (Revenue £19m)
Note that ‘Other operating charges’ remain constant at around £13m
So £10m shaved off staff costs but in 2010 with a larger income they were still in hoc to the bank.
My view has always been that regardless of where you are playing to keep a decent team on the park and deal with a stadium of 40k plus crowds and maintain Murray Park costs a heck of a lot of money.
.
I still believe that they are still walking a tightrope and hoping to hang on until they get back to the top when ticket revenue can increase. However that still may not be enough if they are to live within their means.
I can’t see how they can keep paying the manager the money he is on and sustain such a large squad of players based on the income at present. At best, the squad they have just now it as good as it is going to get for a while.
torrejohnbhoy(@johnbhoy1958) says:
October 1, 2013 at 10:18 am
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However,these figs include almost £5m of this seasons ST cash therefore actual turnover for last season is around £14-14.5m.
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I don’t think that is correct. The turnover figure is adjusted so that ST income is allocated to the correct year. See note 19-
19. DEFERRED INCOME
As at
30 June 2013
£’000
Income deferred less than one year 8,156
Deferred income comprises season tickets, sponsorship, hospitality and other elements of income which have been received in advance and will be
recognised as revenue as the season 2013/14 progresses.
neepheid says:
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I don’t think that is correct. The turnover figure is adjusted so that ST income is allocated to the correct year. See note 19-
===============
But they have accounted it as a liability. Eg, RIFC owe the money. If they owe it back (eg, by giving seats to someone), then they must have received something for it. Included under the Current assets is note 15
Trade receivables above include £2,409,000 in respect of season tickets which are paid by
supporters using a deferred payment plan.
Like I said – I still have a lot to read on this so may be completely wrong…
1. From note 27, the release of negative goodwill, has been included in the cash balance, along with some other intangible revaluation figures. How do estimated revaluation figures transform into cold hard cash??? I see a debit of £7m and I wonder where it went? Did they do a CW and use the IPO money to pay D&P???
2. The figures from the accounts for TRFC seem to be included here. Is this sufficient for the board to get through the AGM, or do they still need complete signed off accounts for TRFC.
stevensanph says:
October 1, 2013 at 10:42 am
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But they have accounted it as a liability. Eg, RIFC owe the money. If they owe it back (eg, by giving seats to someone), then they must have received something for it. Included under the Current assets is note 15
Trade receivables above include £2,409,000 in respect of season tickets which are paid by
supporters using a deferred payment plan.
++++++
To get to the turnover figure, they look at total cash receivable, then deduct any of that which relates to the following period. In this case, all the 2013/2014 ST money will be shown as income in the accounts to 30/6/2014. Most of that money was in the bank at 30/6/2013 and included under cash as an asset, so it is also shown as a liability to balance the books. In other words a lot of the money currently in the bank hasn’;t been earned in the period of the accounts, so effectively it is removed from this year’s accounts and will appear as income in next year’s accounts. Most football clubs take their accounts to 30 June, so that they can show a healthy bank balance, but the accounts have to be adjusted to allocate that income to the correct year.
ptd1978 says:
October 1, 2013 at 10:45 am
1 0 Rate This
1. From note 27, the release of negative goodwill, has been included in the cash balance, along with some other intangible revaluation figures. How do estimated revaluation figures transform into cold hard cash??? I see a debit of £7m and I wonder where it went? Did they do a CW and use the IPO money to pay D&P???
2. The figures from the accounts for TRFC seem to be included here. Is this sufficient for the board to get through the AGM, or do they still need complete signed off accounts for TRFC.
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1. The cash flow statement is in effect removing from the profit figure all the “non cash” accountancy adjustments such as depreciartion, revaluations, etc. The £7m figure goes to the Consolidate Statement of Cash Flow at p27
2. These accounts are consolidated, and include the figures for TRFC. It is the AGM of the PLC- separate accounts for TRFC are not required.
£16.163m
This is shown as a debt to RIFC (quite correctly) and will doubtless be the reason for the sale and leaseback deal that will inevitably come.
However, I wondered at the actual amount handed over. They raised about £22m in the IPO and the general feeling here and elsewhere was that the costs of this fundraising would be about £2-2.5m. This line appears to put the costs at about £6-6.5m??? Or am I being a bit dim this morning?
scottc says:
October 1, 2013 at 11:35 am
Note that whatever the cost of the fundraising the £16m was passed over as ‘working capital’.
Did the prospectus not tell potential investors that the money was mainly to be used for capital improvment projects and investments in properties and projects that would generate future income.
i.e
upgrades to Ibrox stadium (approximately £5.5 million);
• acquisition of land assets adjacent to the stadium (£4.5 million);
• other identified projects which could result in additional revenue
generating activities (approximately £3.0 million); and
• general working capital purposes.
Even if some of the £16m has gone on buying property the fact that the Plc is owed the cash will most likely mean that any properties bought by the ‘club’ along with the assets of Ibrox and MP will revert to the Plc if the brown stuff hits the fan.