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blueyonderbill

Accounts out this morning

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I see Furry is encouraging his followers to read Charlotte Fakes

You actually couldn't make this up

Seriously? Well it seems chris does have an agenda after all....the accounts are out and not as bad as many were telling us they would be so the go to move now is to promote CF's wow.....a twitter account that actively tries to damage rangers and he is promoting it? Seriously?

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Let's hope Neil makes a better job of reading the accounts than he did of reading the iIPO, otherwise he wouldn't have been surprised.

Neil Patey, accountancy expert from Ernst and Young, was quoted by the BBC website on August 2 saying:-

“It’s slightly unusual that they are using money raised from the IPO for working capital. Usually, money raised from the IPO is used to fund things like buying over new companies and not working capital.

“Unusually, they are using the money from the IPO to fund their losses until such time as they return to the top flight and are able to tap into that prize money and money from a return to European football.

“If you don’t keep a prudent cost control, you could spend the £22m and run out of money before getting to the top division.”

The bit you highlighted is true so not really sure re your point. (tu)

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He must have missed something that was out in the open.

The Company plans to use the money raised from the Placing to improve the

infrastructure of the Club. In particular, the Directors have identified:

• 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.

In addition, should the Company receive funds from the Offer, the Directors have

identified other potential investments that would go beyond the Group’s strategy

in the next 12 months, but which could further enhance revenue opportunities.

In particular, the Directors have identified:

• further upgrades to Ibrox Stadium (approximately £3.5 million); and

• other identified projects which could result in additional review

generating activities (approximately £2.0 million).

Additionally, cash could also be used to provide the Directors with additional

flexibility to opportunistically consider appropriate investment opportunities

as and when they arise.

I know it says it would be used in there. It doesn't stop it being unusual for it to be used for working capital.

He is not saying he is surprised, only that it is unusual. Which it is.

I do agree with you though, it was a comment he didn't need to make. Makes it sound like it is a bad thing, where its just a mechanism we are using given we are in an unusual circumstance.

For once we seem to agree on something. Surely can't last. ;)

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I know it says it would be used in there. It doesn't stop it being unusual for it to be used for working capital.

He is not saying he is surprised, only that it is unusual. Which it is.

I do agree with you though, it was a comment he didn't need to make. Makes it sound like it is a bad thing, where its just a mechanism we are using given we are in an unusual circumstance.

For once we seem to agree on something. Surely can't last. ;)

I may have to buy a new hat, but nae kissin.. :000000082:

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The bit you highlighted is true so not really sure re your point. (tu)

think its more the point that it is highlighted as unusual when we were told pre IPO that it was going to be used for that, it does seem like more scaremongering

the way i see it, the board chose to pay big right away and get back to the top division ASAP with as little fuss as possible, they possibly thought as well that having a much better team on paper would make it a more attractive proposition on matchdays for sponsors and fans, they could have spent little, tuned back all the costs at the club right away and got back up but through a harder route

either way as you say costs need cut, think mather said that as well and if we are all honest there are plenty of cost cutting places at ibrox the now, thats where the current board will earn their crust

this time next season will see RM go into meltdown if the other side are still vying for a place on the board :lol:

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Somewhat depressing that responses to the accounts still fall along 'party lines'. Alongside all of the other amateur Finance Directors on here, I take something of an inexpert view on it.

Overall the major loss is roughly in line with expectations pre-Newco around the amount of funding that would be required for a startup. We do have issues around the TUPE transfers of a number of staff (playing and non-playing) who fit outside of our wage structure. We also have a substantial overhead on general staff required to run a business of our scale which will be a drain until we return to maximises domestic revenues.

The facts are that removing non-recurring costs still leaves us with a loss situation, this gap should be the focus: what commercial increases do we expect in this year; and what cost reductions do we expect. Therefore the key questions for the AGM should be on the forward business plan over the next few years and any additional funding requirements.

Also, for any dissenting groups, the question should be on their alternative plans, nothing else.

In general, without studying in depth, I am relatively comfortable with this overall position, but happy and keen to continue observing closely.

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End of the day the accounts are no where near as bad as some would want us to believe and probably as I would have expected, over time with better sponsorship deals etc and less one-off costs then the figures will improve and this will leave us in a much stronger financial position and ensure we live within our means. As I mentioned the only gripe I have is the non-playing wage bill, I would also like to emphasise I don't mean the day to day member of staff who works in the offices, cleans the toilets etc these people will be on a normal wage, but the focus should be on the directors and they should be asked to take a wage cut, but at the same time they should not be sacked for the wages they are on. Also at this moment in time as far as I'm concerned they are our better option for taking us forward rather than the current alternative.

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Somewhat depressing that responses to the accounts still fall along 'party lines'. Alongside all of the other amateur Finance Directors on here, I take something of an inexpert view on it.

Overall the major loss is roughly in line with expectations pre-Newco around the amount of funding that would be required for a startup. We do have issues around the TUPE transfers of a number of staff (playing and non-playing) who fit outside of our wage structure. We also have a substantial overhead on general staff required to run a business of our scale which will be a drain until we return to maximises domestic revenues.

The facts are that removing non-recurring costs still leaves us with a loss situation, this gap should be the focus: what commercial increases do we expect in this year; and what cost reductions do we expect. Therefore the key questions for the AGM should be on the forward business plan over the next few years and any additional funding requirements.

Also, for any dissenting groups, the question should be on their alternative plans, nothing else.

In general, without studying in depth, I am relatively comfortable with this overall position, but happy and keen to continue observing closely.

Really like this post.

Think you are a little more positive than me, but really agree on most of it.

Slightly worried about how we bridge the gap and was hoping to see a breakout of future revenue projections to judge if it was realistic. disappointed this was not detailed.

You are spot on that this is what needs to be communicated at the AGM or before. Murrays mob also have to do this. The one with the best plan should get the backing.

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It's all about The Rangers

Great move by the board releasing the accounts today

Yellow teeth must be beeling

Yes nice timing now we need is for Barcelona not to cheat tonight and blow the lurgan bottler and the jimmy saville playbhoy band out the fcukin water

It's all about The Rangers

Great move by the board releasing the accounts today

Yellow teeth must be beeling

Yes perfect timing now all we need is Barcelona not to cheat tonight and blow the lurgan bottler and the jimmy savile playbhoy band out the fcukin water !

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Seeing alot of posts earlier saying that it looked like there was a £8-10 million black hole in the income but reading the accounts page 41 lists £8,156,000 of season ticket sales as deferred income. I'm assuming that this is not included in income calculations for accounting purposes but as it says will be available to the club throughout this season.

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£2m+ per month to operate, inside a league that generates nothing near that. How can that be acceptable?

Why are so many RM members happy that McCoist has accepted to take a wage cut? Do you think he might have gained more respect had he did it some time earlier than a month before the figures were made official?

Are we to believe that in the 13 month period, Craig Mather has earned £58,557 for his two roles?

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Still in wait and see mode, but things looking better than what a lot of people on here were saying. Accounts out earlier than most expected and the AGM set for the 24th. All in all we appear to be in better shape than some expected. A lot still to do though.

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Serious question, as I am no accountant: I assume that the negative goodwill of £20m is not annually recurring?

Correct, it's a one-off.

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Forgive me for sounding stupid but what actually is negative goodwill?

It's something along the lines of when the price paid for a company's net assets is less than what those assets are actually worth is called a negative goodwill.

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It's something along the lines of when the price paid for a company's net assets is less than what those assets are actually worth is called a negative goodwill.

Thank you, mate.

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£2m+ per month to operate, inside a league that generates nothing near that. How can that be acceptable?

its not really, 2mill+ per month next years accounts will show wildly different running costs and incomes

on another note, just listening to BS there regarding the accounts, we barely earned a penny last season in retail because JJB went tits up, if we earn anywhere near the JJB money per year again with Sports Direct that another 3mill extra we can look at by next years accounts

thought BS spoke very well, very clear and concise explanations

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£2m+ per month to operate, inside a league that generates nothing near that. How can that be acceptable?

Why are so many RM members happy that McCoist has accepted to take a wage cut? Do you think he might have gained more respect had he did it some time earlier than a month before the figures were made official?

Are we to believe that in the 13 month period, Craig Mather has earned £58,557 for his two roles?

Here's another one who survives on here against all the odds

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