Richard Wilson: Rangers Are Running Out Of Money

[Ace 3,556]

We have £10m in the bank, that's a fact confirmed by Brian Stockbridge.

We had £22m from IPO, add approx £8m from ST sales that is £30m, which means we have burned through £20m of the IPO money in under a year.

If we are spending £20m of cash to keep the club going when we aren't even spending on buying players & have slashed our wage bill by over 50% from pre-admin days ..... how far will £10m get us with no other real income sources?

[dan_ger 1,454]

I think that is too simplistic, the points he's making.

Not if the club is running out of money. It would be fine to spend big if it was sustainable investment.

[Creampuff 22,628]

£10m absolutely lasts us past Christmas, especially during the season when the money comes in the gates.

If we were in any real trouble we would have sold Wallace this Summer.

[RWB-RANGER2 0]

Is it really do you and your kerrydale accountants have some facts do you or are you jumping on the hysteria bandwagon?

Not jumping on any "hysteria bandwagon" m8 there are no facts and that's what's worrying.

[elephants stoned 2,994]

don't agree at all. Richard Wilson has been the best of the lot in his reporting of Rangers.

The stand out in the article for me was this :

"King is one of several wealthy Rangers supporters approached in recent weeks by a London broker claiming to be able to sell 6.4m shares, with an asking price of 50p. King believes that a more true reflection of their worth, taking into account the club's financial position, is a net asset value closer to 25p.

He would like to lead a group of fan investors who will provide funds for the club in return for new shares being issued, which would dilute the stock held by the current shareholders but provide fresh capital"

who's selling ?...............would that be Green's.consortium ?.........and for 50p when I presume prospective buyers would be interested at 25p............maybe a deal can be struck for 30 to 35 p

I've given King a lot of stick in the past but I would be happy if he did what it says in that paragraph and diluted the original share holding but brought in more money to Ibrox. I'm starting to think we might not have the luxury of being fussy over who puts money into Rangers anymore

[scarkev 3,540]

Not jumping on any "hysteria bandwagon" m8 there are no facts and that's what's worrying.

How can something be worrying if there are no facts? You are being led by innuendo and assumption! The accounts are to be published by the end of the month, these kind of articles are nothing more than scaremongering and muck raking to help drive the share price down....once the accounts are out we will have something to discuss until then all this hysteria is just pointless!

[dan_ger 1,454]

I'd be surprised if we are really in dire financial trouble at the moment. I do think if the numbers currently being banded about are correct then it can't carry on or we will be in trouble again. Something needs to change in the name of long term sustainability.

[HG5 11,077]

£10m absolutely lasts us past Christmas, especially during the season when the money comes in the gates.

If we were in any real trouble we would have sold Wallace this Summer.

And still could!

Would like to hang on if at all possible, but if it came to the crunch....

[sassaaaa 11,406]

I'd be surprised if we are really in dire financial trouble at the moment. I do think if the numbers currently being banded about are correct then it can't carry on or we will be in trouble again. Something needs to change in the name of long term sustainability.

That should have happened as soon as Whyte was gone .

Instead we got a load of shyster suits brought in who are emptying the bank account .........

[JM1872 3,705]

In relation to the over £10m comment, we would need to lose £2.5m a month to run out by December imo.

One thing is for sure, we don't have enough money to last the season.

[Devil_Maverick 23]

Usual scare tactics from that ridiculous rag, only aimed at scaring our fans and affecting the share price. We should get our legal forensics team to investigate damaging lies like this. So much income still to come into our club such as Blackthorn sponsorship etc.....

[dan_ger 1,454]

Usual scare tactics from that ridiculous rag, only aimed at scaring our fans and affecting the share price. We should get our legal forensics team to investigate damaging lies like this. So much income still to come into our club such as Blackthorn sponsorship etc.....

What has that go to do with wasting the money that has already been put into the club by investors?

[Devil_Maverick 23]

What has that go to do with wasting the money that has already been put into the club by investors?

Has it been wasted though? Remember lot of Oldco debts were settled out of our goodwill. I will await until I see the next set of accounts, I don't buy into numbers and figures being bandit about.

[AlCapone 7,678]

34,000 season tickets, sounds like our fans already invested big. Still some major money mis management going on behind the scenes... It's worrying!!!!

How do you know mis management s going on?

[Devil_Maverick 23]

If we were in Grave danger like some people are suggesting, do you not think Walter would have spoken out?? The situation might not be ideal, but to suggest we are fast running out of money, that's ridiculous

[bawsburst 1,381]

Is that reject a CVA king after D&P chased him and his claim for £20 million.

Is that king the glib and shameless liar as branded by Judge Southwood, after king admitted lying to SARS continually.

Is that king who has over 300 criminal charges yet to answer and people have the neck to question Charlies propliety.

[scarkev 3,540]

What has that go to do with wasting the money that has already been put into the club by investors?

How do you know it has been wasted? Have you seem the accounts? How do you know the money hasn't been spent on sustainable long term developments? (All contracts are now in house, 2 shops, Edminton house, Albion car park, developments to Murray park etc?)

[JTP 221]

Of that £10M in the bank this includes season ticket money plus £1.5M from sports direct. And our financial director COULDN'T distinguish what was season ticket icome or what was IPO cash (utter bollocks).

Reality is there can't be much if anything of the IPO cash left at all but I better not say that on here as good old Chuck is all for us isn't he and wouldn't fleece us would he.

Head out the fucking sand guys.

[Turnberry18 3,204]

Not if the club is running out of money. It would be fine to spend big if it was sustainable investment.

The spending has to be looked at, so I agree with him in that sense. However, I have my suspicions about doing this to amass money for the future. The state of the game here is such that many clubs, including Rangers, cannot project profits and spending in a way that would coherently gear the club to a policy we should have for three or four years down the road.

[Devil_Maverick 23]

How do you know it has been wasted? Have you seem the accounts? How do you know the money hasn't been spent on sustainable long term developments? (All contracts are now in house, 2 shops, Edminton house, Albion car park, developments to Murray park etc?)

Great Point - You are glass half full man like me!

[bawsburst 1,381]

How do you know it has been wasted? Have you seem the accounts? How do you know the money hasn't been spent on sustainable long term developments? (All contracts are now in house, 2 shops, Edminton house, Albion car park, developments to Murray park etc?)

There are those who think Auchenhowie and Ibrox run on fresh air rather than the millions it costs to run them.

[AlBear. 8,499]

Great Point - You are glass half full man like me!

[dan_ger 1,454]

How do you know it has been wasted? Have you seem the accounts? How do you know the money hasn't been spent on sustainable long term developments? (All contracts are now in house, 2 shops, Edminton house, Albion car park, developments to Murray park etc?)

I don't know but that is what the article is about, is it not?

There is a large group of investors moving to cut the Green consortium's strangle hold over the finances. A move that should set alarm bells ringing about the way the club is currently being run. EGM's don't get called for shits and giggles.

[TheWee BlueDevil 222]

for Richard Wilson see peter smith see young Christopher graham see mark dingwall see paul murray

they are one in the same

Oh ffs! Here he goes again.

Do me a favour would you? List those people who are not involved in your agenda/blazer chasing conspiracy theory. It would save a lot of time and typing for you in future posts. All you will need to say is "Everyone is up to no good apart from Tom, Dick and Harry" and hey presto your done.

[scarkev 3,540]

I don't know but that is what the article is about, is it not?

There is a large group of investors moving to cut the Green consortium's strangle hold over the finances. A move that should set alarm bells ringing about the way the club is currently being run. EGM's don't get called for shits and giggles.

Ok so we have established you don't know....how do you know Richard Wilson or dave king do? The point I'm making is until such times we see the accounts all of this is just assumption and hysteria!