Who Is Conning Whom?

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“Take away non-reoccurring expenditure like stadium repairs and Sports Direct …

Comment on Who Is Conning Whom? by jockybhoy.

“Take away non-reoccurring expenditure like stadium repairs and Sports Direct compensation and add historical retail profits plus some extra football prize money” – so take away actual costs and add hypothetical revenue and hey presto the books will balance!

With financial acumen like that, you should be on the NewGers board!

Recent Comments by jockybhoy

The Vice Closes
After these distressed assets, only of use to a football team, actively playing in a professional league, were bought, there were immediately revalued:
“Revaluation increase on land and buildings is put at £33.98 million in total, though the club also notes if those properties were to be sold at that value the tax bill would be £7.8 million.
…Finance director Brian Stockbridge said: “A revaluation process was undertaken during the period; Ibrox stadium and Murray Park were revalued at £40 million, and intangibles (brand and er history? JB) were valued at £19 million on acquisition.”
Administrators of the oldco Rangers, Duff & Phelps, sold the “intangible” assets to Green’s consortium for £1.” Source: http://www.insider.co.uk/company-results-forecasts/rangers-report-7m-operating-loss-9872346

Arguably the fact that it was sold to a football team who could make use of the facilities there was a greater value than £4.5m that wasn’t realised, but that may be being churlish.
What we do know is that all the assets of worth were bought for £5.5m and that included everything, property, brand, history, fixtures and fittings, seemingly playing contracts (people are assets too – I’ve been sold in my time! JB) as well as prize money apparently owed to the previous entity…
For the full breakdown I refer you to the sadly missed Paul McConville site: https://www.google.co.uk/amp/s/scotslawthoughts.wordpress.com/2012/08/25/for-sevcos-5-5m-it-bought-all-rangers-players-fixed-assets-goodwill-and-2-67m-prize-money/amp/
its clear the assets were hugely undervalued when sold. 


The Lost Voice of the Armageddon Virus
Hasn’t Chris Sutton also said Alves is going to Ibrox? He probably was tipped off by someone and obviously King’s statement was well crafted. Annual PR overdrive.
Remember what they say “loose lips sell tix”


THAT Debate, and the Beauty of Hindsight
IIRC if a loan is received to a company doesn’t it appear on both sides of the balance sheet? As cash in the assets but as a liability in loans liable? Now the interest would make the liability higher than the loan under normal circumstances but if the loan is interest free it’d just be equivalent. Why would anyone do this? As has been said the requirement is for short term cash, the presence of longer term liabilities is apparently of little consequence. Unfortunately, as we know, these liabilities add up over time, until the straw breaks the camel’s back…
I am sure my fellow Essex boy EBC can steer me right on this.

BTW these lessons apparently unlearned down Ibrox (and indeed Hampden) way…


THAT Debate, and the Beauty of Hindsight
I wonder how much will be due to NewGers players in terms of bonuses for qualifying for Europe? If they do fall at an early hurdle in the Europa League then that may leave them further out of pocket, given costs incurred and low prize money…


THAT Debate, and the Beauty of Hindsight
Do we no have a funny handshake smiley?


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