Two wrongs and a right


Further to my last post, the first D&P Creditors report …

Comment on Two wrongs and a right by easyJambo.

Further to my last post, the first D&P Creditors report confirms that Rangers paid back £3m to Ticketus in June 2011 and a further £5m in September 2011, which neatly explains the difference between the total paid out by Ticketus and their net exposure.

The D&P report also confirms that Ticketus expected to receive total revenue of £34.7m from the four seasons ST sales. The £34.7m less the £8m received, leaves £26.7m outstanding.  Ticketus’ initial creditor claim amounted to £26.7m which ties in nicely.  The claim has since risen to £27.2m, probably as a result of a claim for legal costs.

easyJambo Also Commented

Two wrongs and a right
Allyjambo 25th January 2016 at 3:07 pm #
I was somewhat surprised to see Phil’s latest claim re unsold stock and onerous leases.

If you go back to the terms of the £5M SD loan, then it made specific provision for payment of the onerous leases.–plc–rfc-/rns/-10m-credit-facility—associated-26–rrl-transfer/201501270701132133D/

RRL will declare a dividend of a total of GBP 1,610,000 prior to the Transfer. The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.

The 2015 Accounts also state:

Other costs incurred
Cost of store closures paid by Rangers Football Club ………………….   (620)

…….and in Note 19 to the accounts – see the attachment which shows that both the unsold stock and onerous leases were paid off in the last financial year, leaving a zero balance on the provisions as at 30 June 2015.


Two wrongs and a right
John Clark 22nd January 2016 at 8:16 pm #
tykebhoy 22nd January 2016 at 8:39 pm #
What have these two Scottish Cup ties got in common?

30 Nov 2013 SC Cup Albion Rovers 1-0 Motherwell
17 March 2014 SC Cup Albion Rovers 0-2 Rangers

Well neither was played at Cliftonhill. They were both played at New Douglas Park.
What is the nearest registered ground to Cliftonhill?  I make it the Excelsior Stadium in Airdrie at 2.36 miles away, while New Douglas Park on the other hand is 7.03 miles away.

SFA discretion indeed.

Two wrongs and a right
One final snippet from the RF accounts is the £7,800 paid to Level5 for media and PR services.
It was probably good value for money given the free advertising and exposure they received from the Record and Herald groups.

Recent Comments by easyJambo

Fergus McCann v David Murray
Given that the blog has reverted to its seemingly inescapable time warp relating to events of 8-10 years ago, it is appropriate to mark the 10th anniversary of an event that set the ball rolling in contributing to
the sale of RFC for £1, its financial collapse and subsequent consequences of administration, 
liquidation, as well as Res 12. 

That event was HMRC's success in the Aberdeen Asset Management FTTT, the decision for which was published on 29 October 2010

RFC, who operated a similar Discounted Option tax avoidance scheme, had actually been presented with a Tax assessment as early as September 2007, which they appealed.  Their appeal was put on hold pending the outcome of the AAM case. Following the decision, HMRC issued RFC with a new offer to settle the following month.

The rest, as they say, is history and "in the past it must remain".  No matter how many times the blog returns to the events of 8-10 years ago, no-one in the football authorities or in the SMSM is listening, nor are they likely to change their mind now.

I believe that it is now time to move on. Not to forget what happened, but to move on all the same.

That is what I plan to do.

Fergus McCann v David Murray
bect67 26th October 2020 at 20:05

Probably an unfair question, but could you venture an opinion (for the less financially astute members of our community e.g. me!) as to what the comparable returns for TRFC might look like – assuming, in a break from their 8-year old tradition (?) that these be ‘unpockled’?


You are correct. It is an unfair question mail, but we should get sight of the accounts in the next month or so.

We know they had a forecast £10m shortfall in last year’s accounts. That was almost certainly reduced by their unbudgeted extra EL revenue.  We also know that DK provided a £5m loan facility. We can also state with some certainty that Park, Letham and Taylor plus Gibson provided additional funding which has since been converted to equity in the recent share issue.

They will show a loss, albeit that it will have been covered by the loans/share issue. How much is still outstanding is anyone’s guess.   

They have operated with year on year losses, but despite the doom mongers forecasts they have found a way to remain afloat and grow their business, improving the strength of their squad and on-field performances year on year.

They may forecast further shortfalls for this current year, perhaps with yet another share issue, but there is nothing to suggest that their business plan is failing.  Indeed, they appear to be getting stronger on and off the park.  Their new merchandising deal appears to be working and bringing in additional revenue (I don’t know if SD walked away, with or without cash, or declined to make a matching offer).  They have also sold out their 46,500 ST allocation, meaning that their match day revenue will be as high as it can be in the circumstances.

Covid restrictions will still impact them, but I do think that they are in as good a shape as most other Premiership clubs to come out the other side relatively unscathed. 

Fergus McCann v David Murray
The fall in Celtic’s revenue is across all areas.

Football Operations down £7.5m
Merchandising down £3m
Multimedia and other Commercial activities down £2.7m

This current season could be even more challenging with the increased liabilities and reduced income. The club has also increased its revolving credit facility from £2m to £13m (still unused) just in case.

Fergus McCann v David Murray
Current liabilities  2020 2019 

Trade and other payables     20,744     13,957

Lease liabilities    604       –

Borrowings  1,364     1,364

Provisions    5,942      3,479

Deferred income    21,275    25,614

Totals                    49,929     44,414

Looking at the above figures I was trying to work out the ongoing liabilities for deferred wages.  I don’t know if it will be included in the £6.8m increase in Trade and Other Payables, or in the £2.5m increase in Provisions.

The drop in deferred income suggests a fall of £4.2m in Season Ticket revenue.

Fergus McCann v David Murray
The previous post should read "cash in the bank down"

About the author