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.
Final comment this morning then I really must do some work!
Just had a quick scan on the RFC reports in the main papers. Surely there are two simple facts from the accounts that burn brighter than any other.
RFC losing up to 2m per month. That can’t be good! (Whether it is largely Mr Greens fault or anyone else is immaterial)
RFC losing up to 2m per month of cash that isn’t actually there’s but are borrowing said cash on unknown terms from a holding company, the ownership of which isn’t entirely clear. Call this a shot in the dark but that can’t be good either!
Everything else is just flannel and padding.
The big hoose will stay open. But it’ll stay open specifically on someone (as yet unknown’s) terms
I’m grateful to stephensanph for highlighting that any average monthly loss from last fiscal year – whether £1.1m or £0.6m or anywhere in between – is irrelevant when most of the forthcoming year’s cash is already in the bank come 1st July 2013 and that has to see the Ibrox club throughout the season with outgoings of around £2.6m per month.
Being very generous, maybe on average £600k comes in every month, leaving that £11m opening balance depleting at around £2m per month.
Difficult.
ecobhoy says:
October 2, 2013 at 10:26 am
I cant think why anyone would expect anything other than “deep silence”. They are liquidating a PLC and carrying out an investigation into what happened, who was responsible and whether any criminal acts took place. They will also be considering whether any individuals or businesses can be held responsible for the amounts outstanding to the creditors.
HMRC will not be letting this go and they will be working with BDO to get to the bottom of it. That might take some time, could be years, but I don’t expect either to just forget about it. particularly as the UTT has still to rule. HMRC are currently out about £20m, it could be an awful lot more.
There was no ‘shock horror’ reaction to the Report and Accounts and little market reaction either, mainly due, I think, because we had already been made aware, at the Q&A session in early August, that the bank balance was, then, £10m, so £11.2m is just about what would be expected. I get the impression that many/the majority of bears see this as a positive, and that things were better than expected (the McMurdo blog 😆 ). As for the Bocanegra and Goian settlements, I suspect they form part of the £2m+ Trade creditors (who else would give them credit?) and will have been paid by now, so another million or so gone. If my memory is correct the settlement was for the final year of their contract, due to begin on 1st July, so, if you want as rosy a picture as possible in the most critical part of your balance sheet, why not arrange for part of the agreement to defer payment until after the 30th? Pretty much standard practice, I’d suspect, and no skin off the players’, or their agents’, noses. It was such a high profile event, and crucial in their attempt to cut costs, that I’d have expected specific mention in the report if it had been completely settled. But no expert so perhaps wrong in this.
While RIFC have a cash balance of £11.2m, as at 30 June, TRFC are shown as owing them £16m+. What’s more, in the balance sheet, non current assets are shown as ‘Investment in subsidiaries’ which I suspect will be TRFC, of £13m+. Does this mean that TRFC owe RIFC nearly £30m, as this is the figure (£29.458m) given as Net Assets? Would this be the base figure, before adding on brand etc, that any prospective new owner of TRFC would have to be thinking about?
wottpi says:
October 2, 2013 at 10:46 am
It is clear that some input of cash will be required at some point. However as discussed the other day with the right people in charge I reckon there will be enough Rangers men out there willing to put in a few million that would be required to get them to the end of the season.
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I think McColl has knocked that one on the head. He sees clearly that by putting a few million in, with the current set-up, all he would be doing is handing over his cash to Green & Co. So if the current Board win at the AGM, I don’t think any “Rangers Men” will be giving their money away.
If McColl’s faction wins at the AGM, what I foresee is a genuine cost cutting effort. I can’t believe that McColl is going to sanction the continuation of all these mega salaries and bonuses for basically doing nothing. Hoever McColl risks being the most unpopular man in Govan if he goes down that road. Cost cutting is not the “Rangers way”.
The problem is that in terms of shareholder value, the best solution is to get rid of the money pit known as TRFC, which has already swallowed £16m, and retain the properties in the PLC. That would surely get the votes of the institutions and any other shareholders even vaguely interested in getting their money back. I’m sure the Blue Knights can acquire TRFC without the properties for precisely what it is worth- zero. The trouble is that they then have to find £25 million to keep it going for a couple of years.
If the current Board think they are about to lose at the AGM, they could pre-empt matters by putting TRFC into Admin straight away, extract the properties in satisfaction of the debt, and leave the Blue Knights to pick the bones out of that. Well that’s what I would do, but then I’m not infected with Rangersitis. Funny thing is, I don’t think the current Board are, either.
torrejohnbhoy(@johnbhoy1958) says:
October 2, 2013 at 10:28 am
Is it possible that the difference between the reported average attendances last year, and the figures in the accounts, is the difference between the number of people sitting in seats and the number who paid to do it.
Long Time Lurker says:
October 2, 2013 at 6:48 am
A big what if…Sevco sell and lease back Ibrox and Murray Park and raise £30 – £50 Million.
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Ah!….the mysteries of accountancy and high finance.
Dead Rangers assets sold to sevco for £5mill 12 months ago can now be used to raise £30-£50mill.
Is it just a magic trick?…
I’m sure some magician can explain how it’s done.
Perhaps it’s a secret.
Private Eye just arrived. Planet Football…..
Companies House informed local Labour MP Bob Ainsworth on 30 Aug that it had passed to its “prosecution team” the failing to file accounts by three companies involved in owning Coventry City.
Was it mentioned how much of a pay cut McCoist was taking? Cos if he was left with 50p it would be 50p too much.
Night Terror says:
October 1, 2013 at 2:56 pm
That is an unusually unconstructive post from you, ecobhoy. You seem to not be curious as to the most accurate estimate of the Ibrox club’s current cash burn.
It seems reasonable to assume that the current cash burn is less than the £1.1m per month figure, unless I’m totally misunderstanding these accounts – and I confess I am neither an accountant nor blessed with the time right now to read them properly.
______________________________________________________________________________________
Company Chief Executive asks accountant what the accounts will say.
Accountant replies…”What do you want them to say”?
That’s all you need to know about accountancy.
An example.
Ibrox was valued at between £100mill and £150mill in the years leading up to Rangers liquidation.
Ibrox and Murray Park combined were sold to sevco for £5mill.
Carntyne says:
October 2, 2013 at 11:42 am
Who then made a £20m “profit” by valuing them at £25m.
Oh and apparently they didn’t actually pay anything for them, it seems it was a loan which has now been repaid.
neepheid says:
October 2, 2013 at 11:24 am
Hear what you say and agree that if the current board remain then it is most probably curtains with sale and lease back etc etc.
McColl may not be willing to stump up just now but I wouldn’t be surprised if he has a change of heart and perhaps Dave King and others come riding in with a saddles of money to keep the institution alive.
Yes cost cutting will be required but with the right men in charge other like minded people may just come forward this time to try and save ‘the club’ once again.
However I agree the price and conditions will have to be right being such men didn’t make money by pissing it all up against a wall.
Chris (Fury) Graham has had a Rangers supporting Chartered Accountant break down the accounts if anyone would like a read.
http://www.therangersstandard.co.uk/index.php/articles/current-affairs/288-an-analysis-of-the-rangers-accounts
stevensanph says:
October 2, 2013 at 1:35 am
52 0 Rate
…. Revenue – 8m season tickets, but 13.2m gate receipts. That means 5.2m over 18 games on walk in’s/hospitality, or 288k a game. (too high in my …)
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Bravo Steven.
Weren’t free tickets a bit of a constant theme last year too? Of course, maybe the actual number of them was blown out of proportion. Did any charity sponsor match-day events in a ‘worthy cause’ perhaps?
PS neepheid, I agree with what you say at 10.34
neepheid says:
And the collective response of our clubs? Another 2 years in post for the esteemed Ogilvie, plus huge pay rises to Regan and Doncaster for “a job well done”. Can there be a more corrupt football set-up anywhere in the world? I truly feel that all the money that I have pumped into Scottish football over a lifetime was obtained from me by deception and under a false prospectus. In my simplicity I thought I was watching a clean sport. I wasn’t.
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Agree 100%. I used to love going back to Edinburgh so I could go down to Easter Road and catch up on what the Hibees were up to.
I’ve just planned a trip back in December. Didn’t even check the fixtures. It seems we’re at home to Partick Thistle. Not even considering going. The recent omnishambles and the obvious corruption of scottish football has killed the game for me.
Be very surprised if I’m on my own here in the ex-pat community.
No disrespect to Hibs fans or to PTFC meant here, BTW.
stevensanph says:
October 2, 2013 at 1:35 am
52 0 Rate
…. Revenue – 8m season tickets, but 13.2m gate receipts. That means 5.2m over 18 games on walk in’s/hospitality, or 288k a game. (too high in my …)
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Hmm, anyone else thinking a football club would be an ideal opportunity to launder dirty money?
@Barcabhoy1 to @STVGrant on twitter:
“Grant, STV last night incorrectly stated that the Rangers loss of £14 million included non recurring items. Stockbridge stated that in an interview, but the accounts completely contradict that. What are your thoughts”
11:55am – 2 Oct 13
.
Well we all know that Green has left Ibrox and at most is a shareholder holding less than 3% of the issued share capital. So all’s well that ends well! Is it?
Strangely Green is still shown at Companies House as a director of Sevco 5088 Ltd – that’s right the company that had the exclusive right to purchase the business and assets of Rangers from D&P and paid the administrators £200k for the privilege.
And RIFC Plc has stated that Sevco 5088 Lts is a subsidiary company – so why hasn’t Green been removed as a director of it and why hasn’t RIFC Plc ensured that the overdue Annual Return for the company due in April 2013 hasn’t been filed to Companies House?
Then there is Rangers Retail Ltd – the joint venture with SportsDirect. Why is Green still a director of this company?
And Garrion Security Services Ltd – why is Green still a director in that? Has he really gone or are there some things that he still needs to tidy-up?
Only two numbers matter in the accounts
Income £19 million, expenditure £33 million Everything else is essentially window dressing
It is very difficult to see where they can make significant improvements in income and significant reductions in expenditure
The football club is an unsustainable business, and their arrogance will ensure that this will continue
The bears will not countenance down sizing and living within their means, as this will mean TRFC will be uncompetitive
It really is catch 22, and at some point RIFC will call a halt, and that is when the fun will really begin
eddie rice says:
October 2, 2013 at 12:11 pm
I’d thought that more likely down Gorgie way but steven’s fag packet calculation has did have me wondering too.
A lot of posters are talking about admin once the cash runs out. Is there really any benefit for the spivs in putting them into admin? Any external debt is likely to be small and limited to mainly HMRC 😯
Admin would mean a loss of control and not inconsiderable cost. I think the sale (£1 ?) of the football club/company (to anyone who will pay the rent on Ibrokes) without the costs and hassles of admin is much more likely.
Goldstein says:
October 2, 2013 at 12:28 pm
………………………………………
Goldstein you write well, very well indeed.
In this complex world of subterfuge and bluff and double bluff and red and grey squirrels aplenty I have 3 simple questions for you.
1 Are you being paid to write for us?
2 Who is paying?
3 Why?
Goldstein says:
October 2, 2013 at 12:28 pm
On that score, Eco, I can assure you I have a reasonable clear measure of your contribution stretching back into last year, right up to now and your most recent contributions, including your response to the armed forces display of bigotry on Saturday. I know you apologised for it in your own way but how you could respond to that shameless debacle at Ibrox by pointing a finger of accusation at sections of the Celtic support, as you did, is something that I am not sure we will ever be able to forgive or forget.
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There are major differences between you and I in that I have been publicly posting on this site and elsewhere for quite some time. You have suddenly appeared with a crafted sales pitch which you appear to hope others will buy-into after apparently well over a year of lurking. Timing of course in PR is everything.
Anyone who has followed my posting here, especially fellow Celtic supporters, I am sure would agree that I have no problem in challenging some of the Parkhead shibboleths and now and again I come under strenuously voiced counter-arguments. Hey that’s what the site is about and healthy debate helps build understanding and consensus in lots of cases.
I have no monopoly on wisdom – far from it – and have learnt much from fellow-posters on here and have often changed or moderated my position having engaged in debate with them and recognising value in their viewpoint.
I have no wish to cross TSFM boundaries on this matter but you are being very economical with your use of ‘facts’ wrt to my post on the Armed Services celebration at Ibrox and just for the record I don’t regard what I said originally was wrong based on the evidence I used which I clearly defined in my original post. Because of the arguments advanced by others I checked further and realised that I had made a flaw in my basic reasoning and I admitted that. I don’t actually see that as an ‘apology’ but more proof of an open mind in that further evidence caused me to realise my error.
You might see that as a weakness – I don’t. As to your promise or possibly threat that: ‘ I am not sure we will ever be able to forgive or forget’.
Strange that turn of phrase which smacks more of the Blue Camp IMO than the extremely broad church that I have always found to exist at Parkhead and within the wider Celtic support.
You also state you have: ‘A reasonable clear measure’ of my posting ‘stretching back into last year, right up to now and your most recent contributions’. That is another difference between you and I because my views are out there but no one knows anything about you other than your recent post much of which IMO was fatally flawed.
But it’s nice to know that all of my posts are of such interest to you and possibly others.
Goldstein …..
The key reason right now is that it is essentially unusable; you can do nothing with it.
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It has been stated on here almost literally hundreds of times that you don’t need to publish Charlotte’s info, but simply to use it to ask questions.
blu says:
October 2, 2013 at 12:44 pm
eddie rice says:
October 2, 2013 at 12:11 pm
stevensanph says:
October 2, 2013 at 1:35 am
52 0 Rate
…. Revenue – 8m season tickets, but 13.2m gate receipts. That means 5.2m over 18 games on walk in’s/hospitality, or 288k a game. (too high in my …)
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Hmm, anyone else thinking a football club would be an ideal opportunity to launder dirty money?
I’d thought that more likely down Gorgie way but steven’s fag packet calculation has did have me wondering too.
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For years now it has been alleged that taxi firms have been used as money laundering machines in Scotland. To suggest that TRFC could be used as such in the full gaze of the SMSM is taking this too far.
😉
campsiejoe says:
October 2, 2013 at 12:43 pm
Joe.
I have thought about potential increases to income. If the season ticket prices were cut by one third then realistically they can be increased by 50% to get back to their level. That would add around £4m net of VAT (assuming the £8m was also net, which I take it to be). They should be able to maintain levels at that price, but not in the championship, which is next season’s likely league for Rangers if they are about.
So more realistically, probably something like £2m for next season. Where else will money come from in that league, a bit more sponsorship perhaps, bit more prize money, bit more TV money. Even if we were to say that would be another £2m it still makes it only £4m or so. A total income of say £23m, with spend of £31m, based on this years figures.
So we are looking at savings of say £8m just to get to around the break even mark. That would require massive cost cutting.
It simply doesn’t work, so the money will have to come from somewhere. That’s assuming Rangers can even get though this season. Well if anyone wants a Rangers still playing in Scottish football.
andydfc says:
October 2, 2013 at 12:44 pm
Even if someone bought the club for £1 they would need to come up with the running costs.
Currently that’s £30m a year or so. Realistically they could probably cut that back, but how far, say £25m required for the first year. That’s getting the first year rent free.
I suppose they could float the Ltd Co they bought on the stock exchange and have an IPO. That could bring in … oh about £22m.
Though to be fair those can be expensive as well. The RIFC one seems to have cost about £14m.
Just wondering – does anyone have the actual or rough date of Charlotte’s first tweet?
Tif Finn says:
October 2, 2013 at 1:15 pm
It doesn’t matter how you cut the cake, there just isn’t enough to go round
Whullie says:
October 2, 2013 at 12:23 am
Is this “someone” monitoring his/her/their activity then running to court?
If so, is it likely that there is a friendly, “helpful” judge/sheriff waiting to assist? It seems to happen so quickly.
Is it CF’s wish to remain incognito that results in the apparent lack of any challenge to the removal of the expose’s?
As EB alludes to. IF “someone” takes the time and spends the funds on legals to have this stuff removed, it must be hurtful to that “someone.”
Lastly. Could that “someone” be identified from court records? Even if it is a legal firm, ties could possibly be established. I, for one, would be interested to know who is “running to the teacher” here.
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I have a little experience of this type of thing.
In all probability all that happened was Field Waterhouse Fisher simply sent an email to the hosting organisation with a request/threat to take the documents down and these requests were obliged. It is very unikely that this has been anywhere near a judge or court or clerk of court etc
campsiejoe says:
October 2, 2013 at 1:21 pm
Exactly the same problem as the previous club had.
They simply chose to believe that they were a bigger entity than they actually were. This seems to be part of the traditions which transferred over with the fans.
They had the opportunity to make a good clean fresh start, realistically looking at the business and building it in a sustainable manner. They chose not to.
MoreCelticParanoia says:
October 2, 2013 at 1:23 pm
Certainly not within a couple of hours, at night.
ecobhoy says:
October 2, 2013 at 1:10 pm
I have no wish to cross TSFM boundaries on this matter but you are being very economical with your use of ‘facts’ wrt to my post on the Armed Services celebration at Ibrox and just for the record I don’t regard what I said originally was wrong based on the evidence I used which I clearly defined in my original post. Because of the arguments advanced by others I checked further and realised that I had made a flaw in my basic reasoning and I admitted that. I don’t actually see that as an ‘apology’ but more proof of an open mind in that further evidence caused me to realise my error.
+++++++++++++++
Well said, Ecobhoy.
I have had differences with you in the past, but I have always found you willing and able to change your view if you can be shown to have got it wrong- rarely, of course. As well as totally polite (even in the face of some of my rantings). I read your posts on “armed forces day” both here and on another forum, and I must say that like you, I got it wrong initially but then viewed the evidence and changed my mind. Being willing to change your mind is seen by some personality types as a weakness (the “Rangers Way” is a subset of this mindset, in my opinion). It is, in fact, a strength.
Keep an open mind, keep looking at the evidence, keep analysing it, and the truth will surely come out eventually. Even through the dense fog of PR.
That’s not a pop at you, Goldstein, by the way. I would love to see your detailed analysis of CF’s posting history. I’ve had my own doubts about CF from day one, but then I’m usually wrong.
Tif Finn says:
October 2, 2013 at 1:28 pm
Green, prompted no doubt by others, realised that to maximise the revenue from the punters, he had to get them onside, and the best way to do that was to feed their sense of supremacy and entitlement, in short the WATP mentality
Had he tried to sell them an economically viable club, they would have deserted in their droves
Bottom Line at Rangers is really quite simple . Look at 3 categories
1 Operating profit and loss column
This shows a £14.36 million loss, however we should add interest charges of £244k to get a more complete picture. That makes £14.6 million loss.
2 Non Recurring costs
This is £4.26 million and relates mostly to the cost of raising repaying Oldco football debts, as well as IPO costs and investigation costs into links between Green and Whyte
The reality is the loss for 2013 is 1. and 2. combined. Which is £18.8 million
3 The smoke and mirrors release of negative goodwill to income. This is a nonsensical accounting line item. Income should not include the internal view of how great a bargain Charlie got from D&P. It is not a cash generating item, and although this isn’t a uniquely Rangers phenomenon, it should be a balance sheet item, not a P&L one, although it is allowed under Accounting practice.
So , in the real world Rangers lost nearly £19 million in the year to June 2013. Moving forward the loss runs at over £14 million a year. Rangers therefore have to bring a lot of cost free new revenue in, or look to run a much smaller operation.
My problem though, if I was a Rangers supporter, would be I wouldn’t believe a word coming from Brian Stockbridge. He contradicts himself at every turn, and has a track record of making idiotic non substantiated claims
campsiejoe says:
October 2, 2013 at 1:38 pm
Exactly.
Bearing in mind that initially he sold a few hundred season tickets and things looked disastrous. He then did a few things.
1, Adopted the WATP mentality.
2, Talked about others being bigoted against Rangers
3, Went on the attack against others and in particular the footballing authorities and broadcasters.
4, Got Ally McCoist’s endorsement.
This was all purely business, to sell those tickets and the shares which came a bit later.
It’s a pity he’s gone, I was looking forward to comparing the accounts.
Barcabhoy says:
October 2, 2013 at 1:41 pm
I can’t understand why the Auditors allowed goodwill to be included in the accounts
I have always been under the impression that goodwill could only apply to the purchase of a viable business, and not to a collection of purchased assets
Can anyone remember what sandazas contract increase was each year of his contract. If all the new guys are on similar contracts how much do you think playing costs will increase? just a thought 😯
Three things:
If the value of the properties is just £6.5m (based on a % of turnover) there is actually very little scope for a sale & lease-back. A sale at full value – even if rent-free for a year – would cover less than three months of running costs.
It seems to me that voluntary liquidation of RIFC would make more financial sense for the investors.
If Sevco 5088 are not part of “Group”, this shifts the onus firmly on CG to defend his claims against CW.
Is this an attempt to isolate/demonize CG in the same way as CW? They are telling us that the current board are “clean”; but are not vouching for those who have already left. This statement seems to be a preparation for something like…
“You can’t punish the club for the actions of a rogue businessman. Have we (the people) not been punished enough?”
What Richard Wilson put in his paper.
http://www.eveningtimes.co.uk/rangers/question-time-on-rangers-accounts-138068n.22315330
HirsutePursuit says:
October 2, 2013 at 1:49 pm
On the last part.
Do you mean like “It wasn’t Rangers who failed to remit VAT, PAYE and NI to HMRC (in other words stole it) it was Craig Whyte”. That sort of sophistry.
ecobhoy says:
October 2, 2013 at 1:21 pm
1 0 Rate This
Just wondering – does anyone have the actual or rough date of Charlotte’s first tweet?
+++++++++++++
According to my records, this is the first appearance of Charlotte. That’s a post on this forum, by the way.
Charlotte Fakeovers (@CharlotteFakes) says:
May 11, 2013 at 8:23 pm
0 0 Rate This
Project Charlotte(s)
Not sure if this has ever been published before, but it’s handy to start at the beginning.
Arsenal shares were never going to last, housing at Murray Park and an incredible 70,000 capacity within Ibrox due to terracing, to name but a few plans.
The Chris Akers and Andrew Ellis show now begins.
http://www.scribd.com/doc/140717722/Project-Charlotte-Business-Report-May-2010
_______________________________________________________________________
Sent: 28 May 2010 13:22
Subject: Rangers FC -Business Report; Financial Projections (to 30 June
2011); Disposal Structure; Shareholder Structure;
Gentlemen
Please find attached the comprehensive pack of information on RFC and all
the necessary information required to make a Final evaluation/assessment of
the proposed transaction. Andrew Ellis and I have now verbally agreed the
Final terms of the takeover deal with Sir David Murray and his financial
advisors as well as with Lloyds Banking Group the incumbent debt provider.
To summarise we have until Friday 11th June 2010 to make available £25.5m
(c.US$38m) to acquire up to 100% of the Equity of RFC for £5.5m and the
simultaneous retirement of £20m of the £27.5m net debt in the Company,
leaving £7.5m debt in place out of a new £10m overdraft facility which will
be assigned as part of the transaction. In fact we are confident that we can
persuade Lloyds to stay in for a total of £10m until 31/12/2010 before
refinancing with ANOther Bank(s).
The cashflow profile of the Club (absent of any material net transfer
expenditure) shows that a £10m overdraft facility will be sufficient hereon,
albeit we would ideally look to give the Rangers Manager Walter Smith an
additional £5m towards the Transfer pot in the current close season transfer
window.
In my opinion this is without doubt THE best deal in European Football right
now (if not ever~) and if Andrew and I via RFC Holdings (Guernsey) Limited
do not conclude the takeover in the next 2-3 weeks then Sir David Murray
(who owns 85.4% of the Equity) will take RFC off the market. There are NO
other bidders and we have Agreed terms which will now need to be formally
documented in the next few days.
We have lined up Astaire as Nomad to advise our SPV, RFC Holdings
(Guernsey) Limited; Olswang to act as Legal advisors alongside Bartholomew
Harte and Saffery Champness acting as our Accountants.
Andrew, myself and David Gilmour are available this weekend to meet or
discuss this transaction in more detail should that be of interest.
Kind regards
Chris
_________________________________________________________________
Long Time Lurker says:
October 2, 2013 at 6:48 am
A big what if…Sevco sell and lease back Ibrox and Murray Park and raise £30 – £50 Million.
________________________________________________________________________________
Heres the thing, lets say TRFC Ltd did sell of teh stadium/MP/Albion/Edmiston
And lets say they got…oh, £16M for them – enough to pay the money that is owed to RIFC PLC by a “subsidiary”
How would it affect the balance sheet? Isn’t the stadium alone on at £25M? (or is that all the properties?)
the end game would mean they would have the same maintenance costs for teh properties, an additional rent to pay and their balance sheet would take a hammering as their main asset had gone (along with a smaller debt)
In years to come, should they become credit worthy, they would literally have NOTHING to secure even a modest loan/overdraft against
Ultimately, an increased cost base – no credit facilities – a life hawking tickets to “ticketus” to ensure smooth cashflow
Or am I wrong?
manandboy says:
October 2, 2013 at 1:52 pm
There is no could, it will happen
It may take a while longer, but it will
This is an interesting short piece from follow follow. I think anyone should be able to click the link and see it as it is an article rather than from the forums. .
http://www.followfollow.com/news/tmnw/rangers_financial_results_fall_well_short_of_board_expectations_808849/index.shtml
Rangers financial results fall well short of Board expectations
By Leather Jacketed CA
Updated Wednesday, 2nd October 2013
Views: 1182
Performance and expectations may not coincide.
As an intellectual exercise I have just looked out the IPO document prepared by Cenkos when fundraising to measure it against Finance Director Brian Stockbridge’s assertion that performance was in line with expectation. Note these forecasts were dated 29 October 2012.
I have compared the forecasts in the Cenkos document circulated as part of the fundraising process with the club accounts just issued.
For the period to 30th June 2013:
Forecast Sales £32.2m v Actual Sales £19.1m
Forecast Operating Costs £31.5m v Actual Operating Costs £32.0m
Forecast Operating Loss £1.1m v Actual Operating Loss £14.4m
Forecast Closing Net Cash £22.7m v Actual Net Cash £11.2m
I also examined the profit forecast circulated by Mr Stockbridge on 21 January 2013 with the December Management Accounts.
He forecast an Operating Loss of £6.8m compared to the actual loss of £14.4m, so the published results are not remotely in line with previously expressed expectations.
Tif Finn says:
October 2, 2013 at 2:04 pm
Good work, Tif Finn and, err, FollowFollow.
Tif Finn says:
October 2, 2013 at 2:04 pm
http://www.followfollow.com/news/tmnw/rangers_financial_results_fall_well_short_of_board_expectations_808849
Ouch!
I understand BDO are about to issue some very interesting facts and figures, which will not make it to the MSM pages. We may have to rely on the English Press corps and sites like this one for the details.
Tif Finn says:
October 2, 2013 at 11:49 am
10 0 i
Rate This
Thanks for the link, that’s the clearest snapshot of the accounts I have read so far.
Main Points for me are:
* Looks like the IPO did raise the stated amount.
* Operating loses of £14m PLUS non recurring costs of £4m
* £11.2 M in the bank Contains the bulk of this seasons ST money.
* Just as well they released all that negative goodwill, other wise these accounts would have been a car crash.
auchinstarry says:
October 2, 2013 at 2:20 pm
2 0 Rate This
I understand BDO are about to issue some very interesting facts and figures, which will not make it to the MSM pages. We may have to rely on the English Press corps and sites like this one for the details.
+++++++++
Can you let us know where BDO will release these details? On their own website maybe?
auchinstarry says:
October 2, 2013 at 2:20 pm
1 0 Rate This
I understand BDO are about to issue some very interesting facts and figures, which will not make it to the MSM pages. We may have to rely on the English Press corps and sites like this one for the details.
——————————-
where will they be issuing these numbers????
I wouldn’t expect MSM to pick them up – but so long as I can see them! Any idea when?
douglas reynholm says:
October 2, 2013 at 2:26 pm
* Looks like the IPO did raise the stated amount.
—————————————————
yeah, there had been a few bouts between PhilMac and someone else (Ecobhoy? hmmm, no idea, can’t recall)
But Phil was stating that they didn’t receive that much – or wasn’t that much in the bank (he didn’t say how much though) and of course, we all expected costs of the UPO to be about 2.5M, but looks like it’s been over double that
So, Phil could have been correct – they didnt’ receive the amount raised. (though i think phil’s argument was that they didn’t raise that amount at all and that it was “promised”)
I honestly can’t remember – but i do remember thinking BOTH of them could have been right in their assertions .
Article by another concerned Bear
http://www.thecoplandroad.org/2013/10/on-brians-interview.html#more%22>http://www.thecoplandroad.org/2013/10/on-brians-interview.html#more
Tif Finn says:
October 2, 2013 at 1:53 pm
========================
Sophistry – yes!
There is a lot of it about.
Rangers Football Club was punished for going into administration by being “relegated” to the 3rd Division – but the Rangers Football Club that was in administration is actually now in the process of liquidation.
Rangers was posthumously found guilty of failing to declare full details of its player contracts – but that was the old er, Rangers. And anyway, there was no sporting advantage, so best to just fine the old club, er company, and eh, just say no more about it.
Rangers failed to pay VAT, PAYE, NICs and everyone else including the local newsagent – but that was the fault of the multi-billionaire businessman, er insolvency expert, er Arfur Daly from Motherwell.
Rangers assets were by contract, due to be purchased by Charles Green’s, er, Craig Whyte’s, Sevco 5088 consortium – but Charles Green, as the sole shareholder & director (allegedly!), “novated” the right to purchase said assets and the Sevco 5088 funding to a new company.
SEVCO 5088 is a subsidiary of RIFC plc – oh! Maybe not?
RIFC plc is a Club – eh no wait, it owns and operates a Club. Oh no, that’s not right either. Yes I know, The Rangers Football Club Ltd, owns & operates a Club? It has always been understood that a Club and its corporate entity (“undertaking”) are separate things. Hasn’t it? 😕
Rangers is currently in rude financial health – 😳 😳 😳 😳 🙄
andydfc says:
October 2, 2013 at 12:44 pm
A lot of posters are talking about admin once the cash runs out. Is there really any benefit for the spivs in putting them into admin? Any external debt is likely to be small and limited to mainly HMRC 😯
Admin would mean a loss of control and not inconsiderable cost. I think the sale (£1 ?) of the football club/company (to anyone who will pay the rent on Ibrokes) without the costs and hassles of admin is much more likely.
==============================================================
I ask myself why would investors be interested in a football club which is high risk and seldom, if ever, pays dividends. Just about every club that floated on public markets has left them for a variety of reasons and Rangers joining AIM went totally against the prevailing trend. I have done a more in-depth post on the background at: http://scotslawthoughts.wordpress.com/2012/07/17/has-green-got-the-right-aim-for-rangers-footballing-share-issues-guest-post-by-ecojon/
There appears to be five distinct groupings in the Ibrox pie as far as I can see and they split into two distinct periods of pre and post IPO.
Pre IPO
1) The original core who put the deal together. 2) The original investors in Sevco 5088 Ltd who may or may not ultimately have become shareholders in TRFCL and could have been debenture holders. 3) The later shareholders in Sevco Scotland Ltd and TRFCL which Sevco Scotland became.
Post IPO
4) Institutional Investors. 5) The Fans.
The fans are the easiest to understand although I still can’t fully understand why the Institutional Investors bought-in.
But the real interesting ones are to be found mainly in 1) and 2). Green and Ahmad appear to have by and largely ‘gone’ although Whyte remains a conundrum. One thing for sure is that if Whyte hasn’t been paid-off in some way then, whether he takes court action or not, then there doesn’t appear enough left in the Rangers kitty to pay him. Obviously we don’t know what, if any, control he has over the property assets.
Richard Hughes of Zeus is also interesting in this grouping as to whether he has punted his 2.2 million shares or not.
And then we have the mystery overseas investors like Norne Anstalt, Putney Holdings, Margarita and Blue Pitch. These are the investors that really interest me and I keep wondering what possible reason could they have for investing in Rangers unless it’s to make money.
Are they really in for the long haul or is it in and out as quickly as possible with as much as possible? And it’t the latter why would they want to be hanging onto a struggling football club which runs at a loss and will for quite some time even if it survives.
3) Is a bit of a mixture of shareholders with a variety of reasons which are probably too diverse for this post.
So I haven’t got any definite answers but I feel certain the key to the puzzle lies with the mystery shareholders and what their intention is for Rangers and for RIFC Plc which might be two very separate and distinct solutions.
Squirrel season is clearly upon us 🙁
Goldstein says:
“by pointing a finger of accusation at sections of the Celtic support, as you did, is something that I am not sure we will ever be able to forgive or forget.”
Who is the “we” you purport to represent? Oh look, a squirrel! Or maybe a whole bunch of squirrels.
——————————————————————————————————————————————-
Meanwhile, an attempt to produce the most condensed summary of accounts so far:
Sevco: morally bankrupt and soon to be financially bankrupt.
Look. No squirrels!
Many thanks to all the posters who have contributed to stripping away the guff and explaining to us mere mortals what the accounts actually mean 😛
Not The Huddle Malcontent says:
October 2, 2013 at 2:35 pm
douglas reynholm says:
October 2, 2013 at 2:26 pm
* Looks like the IPO did raise the stated amount.
—————————————————
yeah, there had been a few bouts between PhilMac and someone else (Ecobhoy? hmmm, no idea, can’t recall). But Phil was stating that they didn’t receive that much – or wasn’t that much in the bank (he didn’t say how much though) and of course, we all expected costs of the UPO to be about 2.5M, but looks like it’s been over double that
So, Phil could have been correct – they didnt’ receive the amount raised. (though i think phil’s argument was that they didn’t raise that amount at all and that it was “promised”). I honestly can’t remember – but i do remember thinking BOTH of them could have been right in their assertions.
================================================================
I think that Phil and I ended-up in the position that we were both right 😉 and from memory it was more to do with the timing. But with the accounts and the latest CF stuff I think we have had more insight in that we still ended-up right but that the shortfall was caused by enormous expenses for the flotation and then this other possibility of how the original investors were paid, especially if it wasn’t in shares.
If those on the Darkside, who claim it was out of IPO money, then that worsens the amount of net IPO proceeds. I don’t have the ability to see whether there is any kind of audit trail in the accounts that could prove their argument.
But whatever – I have no doubt there was less available from the IPO than was first thought although whether that was because of alleged over-reporting of the sum raised or higher expenditure in the process or even where some of the money went . . . then I think there are still bits of the jigsaw needed to complete that corner of the puzzle.
But maybe Phil will give us an update.
ecobhoy says:
October 2, 2013 at 1:10 pm
Good response Eco, better than the palaver deserved.
Danish Pastry says:
October 2, 2013 at 10:04 am
But my basic problem with Spanish football is with the unresolved doping cases not to mention the shameless financial doping I’ve read about.
******
I thought it was a great point last year made by Andrea Merkel that her Govt and hence German taxpayers were all busy bailing out the Spanish banks – only to see them lend money to the likes of Real Madrid and Malaga etc to make signings they could not and still cannot afford. Her point was German football teams like Bayern and Dortmund are heavily scrutinized for what they spend and borrow as part of the Bundesliga regulations (hence many teams have won the league over the recent years – Stuttgart, Werder Bremen, Wolfsberg as well as Dortmund and Bayern). However in the CL were 2 Spanish teams heavily favoured to win it all subsidized by the Spanish banks funded from German taxes – the same taxpayers who followed their own two teams. Where would be the justice for Real Madrid to win the cup over Bayern, was her point. And I totally agree!
Am sure LNS, Bryson and The Conflicted One would all contend that signing Gareth Bale on the never never and paying Ronaldo money you know you don’t need to worry about, has no sporting advantages whatsoever. Merkel and the rest of the world disagrees!
(Edit to add) Which is also why an all German final was a great outcome for financial fair play!
Goldstein says:
October 2, 2013 at 12:28 pm
For the last 14 months or so the menu has been provided largely by Charlotte Fakes. If you look back at the early releases, most of them gave focus to matters concerning D&P and Charles Green. Many of us gorged on that, it was highly satisfying.
=================================================================
I am intrigued that you appear to place the public appearance of Charlotte Fakes to July/August 2012. As you seem to be a bit of an expert on the lady can you advise what name she previously posted under as she didn’t appear on this forum until May 2013 for a very short period until she started tweeting.
Perhaps you are unaware of the discussions that took place here over the initial CF postings which dealt with many of the issues which you appear to be now offering your views on. A great pity however that, as a lurker apparently at that time, you felt unable to bring your expertise to the table to assist and inform the serious discussion and debate which took place on this board over whether it should carry the CF material or not.
As I say it would be very interesting to know what name she was posting under from July/August 2012 until May 2013 as it might throw a lot of light on her motivation.
Operation Hornet ongoing – hopefully it will reach Charlotte Square soon!
Ian Fraser @Ian_Fraser 1h
Ex BoS executive Lynden Scourfield has been charged with blackmail (on top of 5 existing criminal charges) @cpsuk http://www.thamesvalley.police.uk/newsevents-pressreleases-item.htm?id=264148 …
There’s plenty more to discuss on RIFC / TRFC financials, but thought below was relevant re: SFA, the recent betting scandal and the MSM reporting.
Although the English FA story is about match-fixing allegations, what is rather striking is the fact that the BBC is openly reporting on the FA’s alleged ‘dereliction of duty’ .
…and contrast this with the lack of any critical Scottish MSM reporting on the SFA’s performance over the last 18 months in particular.
================================================
“The Football Association has been accused of a “dereliction of duty” after failing to question three non-league clubs about suspicious betting activity on a number of games.
Billericay Town, AFC Hornchurch and Chelmsford all came under scrutiny from the FA after bookmakers stopped taking bets on several matches involving the clubs in the Conference South last season.
The FA promised to act and told clubs to “remind players and officials of their responsibilities under the rules”.
But the chairmen of all three Essex clubs have told BBC Sport that none of them have been questioned or even approached.
The former head of the FA’s compliance unit, Graham Bean, said the governing body’s failure to contact the clubs was “disgraceful and a dereliction of duty.
He added: “It is my belief that the FA tend to stick their heads in the sand at suggestions of match-fixing and tend to give a perception that they don’t think it actually exists…”
Partial extract from article http://www.bbc.co.uk/sport/0/football/24363625
Re the ‘Squirrel season’ comments. Beware, because ‘Kite season’ usually follows on here and other blogs.
That’s been a pattern in the past. Just sayin like.
Modern foootball disappoints me.The business aspect,with all its flaws,creates a knock on effect regarding the drizzle down of vast amounts of money.Footballers at the top level are overpaid and subscribe to being petted by their clubs and managers.
Brown lashed out with intent and was rightly ordered off. He is highly paid and as Captain of his Club should know better.There is no excuse for this behaviour.Brown is in an environment where he knows fellow professionals will milk every knock.At his level of earnings ,and given the back up and advice of staff it is unacceptable that he should lash out in the manner he did.
.
CelticResearch @CelticResearch 7m
For background to the Lynden Scourfield case read this by brilliant piece by @Ian_Fraser http://www.ianfraser.org/re-examining-hbos/ … Worth following this story.
MoreCelticParanoia says:
October 2, 2013 at 1:23 pm
Re CF Whullie says:
October 2, 2013 at 12:23 am
Is this “someone” monitoring his/her/their activity then running to court?
What if this was all a front to gain credibility and there never was Police called in and those alleged to have requested to have stuff removed were all part of the campaign to give CF street cred 😉
Goldstein, just answer the question echoboy asked.
Re: Mr Green getting just under a million in salary
I’m Green with envy 🙂 and what will he make or has he made in shares ? Brilliant what a spiv
Tif Finn says:
October 2, 2013 at 11:49 am
Chris (Fury) Graham has had a Rangers supporting Chartered Accountant break down the accounts if anyone would like a read.
http://www.therangersstandard.co.uk/index.php/articles/current-affairs/288-an-analysis-of-the-rangers-accounts
——————————————————————————–
Had a quick glance at this.
2 things struck me:
1.TRFC income was more in the last 6 months of the year than the 1st 7 months(13mnth figs)even though the major income,ST money was received in 1st period.
Where did all this extra income come from?.
2.Although the wages figure of £5.5k per week is an average and may not apply to all of the trialists,if taken as an average it means an extra £2.3m approx on the wage bill.I accept some players may have left but the only 2 big earners I can recall were Goian & Bocanegra.The savings on their salaries is more than wiped out by the increase to play the trialists.
As I see it,at this time there is no sign of any significant increase in income and also no sign of any significant attempt to bring costs under control and close the £18m gap from last year.
You can ask all the questions you want.The only pertinent question needing asked is,
Where is the money coming from to allow this club/company to continue?.
campsiejoe says:
October 2, 2013 at 1:38 pm
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Tif Finn says:
October 2, 2013 at 1:28 pm
Green, prompted no doubt by others, realised that to maximise the revenue from the punters, he had to get them onside, and the best way to do that was to feed their sense of supremacy and entitlement, in short the WATP mentality
Had he tried to sell them an economically viable club, they would have deserted in their droves
————————————————————————————————————————————-
Talking about getting them onside, I can’t help trying to picture a meeting of spivs egging Charlie Green on to try the old orange top trick.
“Go on Charlie, they’ll fall for it, really they will!” Much tittering and guffawing in background, CG replies…” Ee oop lad, ah know they’re gullible, but surely not that bad?”
CG reports back…” Only bloomin worked!” “Ah even promised the daft twats a new one fer t’ future!”
Explosions of laughter, high fives and thigh slapping follows.
“Charlie, Charlie! Tell them we’ll have more money than Timmy in a year’s time.” By this time they’re all splitting their sides, absolutely pissin themselves laughing! CG replies in his best ‘Chewin the fat’ voice… “You’re takin this too far.” …… “Aren’t yer??”
Goldstein
Have I got this correct. Your view is that we are all wasting our time, and very little of any significance has been achieved.
What will happen , will unfold as planned by the Spivs, and there is little or no point in attempting to bring perspective or analysis to the debate
And
Charlotte was a distraction , a plan to take everyone’s eye off the real action
Is that what you’re saying or have I misunderstood ?
Goldstein says:
October 2, 2013 at 3:58 pm
……………………………….
Finloch says:
October 2, 2013 at 12:48 pm
…………………………………………………..
Goldstein you write well, very well indeed.
How about writing succinct answers to my 3 simple questions.
Or should we call in Brenda with her clock?
Please excuse my slowness and/or lack of financial nous.
From the Brian Stockbridge interview:
“he wants to remind us that our player salary to turnover is just 41% and one of the lowest in the industry.”
The figures posted are to June. The signing of NINE players of SPL calibre since that date will surely have an adverse effect on the 41% going forward.
Sandaza off the wage bill would have helped but can anyone see what the pay offs were for the two players who’s contracts were ‘bought out’?