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Players refuse 15% wage cut?


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The IPO is long gone we are running on generated income, I always felt that we should have went with the planned increase in the ST prices, a further share issue is available but the share price needs to recover to make that workable, the biggest problem is restoring confidence in Rangers to allow this to happen.

I will buy again regardless mate but we shouldnt be anywhere near our current position.. Many wont invest due to people pishing our money up the walls.. We will always relay on incoming money to run us however if most of that can be banked then great. at the moment whatever comes in, is going straight back out.

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CM and CG said we are losing about 1million a month. Stockbridge said at the fans meeting that in April we will be down to 1million in the bank

Stockbridge said "worst case scenario" we would be down to 1million, also that figure was without taking into account sales in merchandise, which nobody can foretell. You cannot dispute facts, but you can, as you did, take some words out of a sentence and use them as fact. Either use the whole sentence or look a fool.

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When did renewals start last year?

Not got a clue, May or June.

Also new strips should be out by the summer, and the ST price will go up. We'll reduce costs in the next few months and we'll be laughing. We should never have got to this stage in the first place though. It's the previous board/CEO's fault for that. The wages we're paying are scandalous.

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Just heard that donut paterson on Sky there , could hardly make out what he was saying ,although the word "Proposal " was mentioned a few times . So does this mean the players weren't actually asked to take a pay cut , it was only proposed to them .they said no ,so the board will now look at other avenues of saving money.

Got this off the Sky web

Rangers players have rejected a proposal from the club's board to cut their pay 15% in an attempt to reduce outgoings.

Despite on-field success - Rangers currently hold a 17 point lead at the top of League One - the club remains in a perilous financial position after announcing a £14.4m loss in the 13-month period up to July.

Rangers' chief executive Graham Wallace has undertaken a review of the club's finances with the former Manchester City director calling in consultant Phillip Nash to assist him in trying to overhaul the Ibrox club's finances.

The annual wage bill for the playing staff at the club is thought to be between £6million to £7m a year.

Sky sources understand manager Ally McCoist had been informed in advance by Wallace that cuts to his playing staff would be necessary.

The suggestion that the club's players would be asked if they would take a pay cut appears to hve been raised in a meeting between Wallace, McCoist and club captain Lee McCulloch on Wednesday.

Wallace admitted at the club's AGM last month the League One outfit's cost base was too high, "even for a top-flight club".

And a Rangers spokesman said: "The manager and chief executive continue to examine ways as to how Rangers can live within their means."

Last week, McCoist saw his reported £850,000 annual wages halved after agreeing to a pay cut last year, while finance director Brian Stockbridge handed back a £200,000 bonus awarded to him after Rangers won the Third Division last season.

Uncertainty surrounding the club's finances saw around three million shares worth an estimated £750,000 traded in the club on Tuesday.

Richard Hughes, co-founder of Zeus Capital, sold 2m of his shares to Guernsey-based hedge fund group Damille Investments Ltd.

The Herald reported on Thursday that the sale of the shares - which give Damille a 3% stake in the club - have netted Hughes an estimated profit of £500,000.

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It's one thing after another.

I'm concerned that this information makes it to the press. As far as I'm aware, there are no official quotes on the request/proposal.

I genuinely believe that there are grim times ahead for us; total mediocracy.

It pains me to say it, but Celtic's business model puts ours to shame. I'm embarrassed by it.

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Just heard that donut paterson on Sky there , could hardly make out what he was saying ,although the word "Proposal " was mentioned a few times . So does this mean the players weren't actually asked to take a pay cut , it was only proposed to them .they said no ,so the board will now look at other avenues of saving money.

Got this off the Sky web

Rangers players have rejected a proposal from the club's board to cut their pay 15% in an attempt to reduce outgoings.

Despite on-field success - Rangers currently hold a 17 point lead at the top of League One - the club remains in a perilous financial position after announcing a £14.4m loss in the 13-month period up to July.

Rangers' chief executive Graham Wallace has undertaken a review of the club's finances with the former Manchester City director calling in consultant Phillip Nash to assist him in trying to overhaul the Ibrox club's finances.

The annual wage bill for the playing staff at the club is thought to be between £6million to £7m a year.

Sky sources understand manager Ally McCoist had been informed in advance by Wallace that cuts to his playing staff would be necessary.

The suggestion that the club's players would be asked if they would take a pay cut appears to hve been raised in a meeting between Wallace, McCoist and club captain Lee McCulloch on Wednesday.

Wallace admitted at the club's AGM last month the League One outfit's cost base was too high, "even for a top-flight club".

And a Rangers spokesman said: "The manager and chief executive continue to examine ways as to how Rangers can live within their means."

Last week, McCoist saw his reported £850,000 annual wages halved after agreeing to a pay cut last year, while finance director Brian Stockbridge handed back a £200,000 bonus awarded to him after Rangers won the Third Division last season.

Uncertainty surrounding the club's finances saw around three million shares worth an estimated £750,000 traded in the club on Tuesday.

Richard Hughes, co-founder of Zeus Capital, sold 2m of his shares to Guernsey-based hedge fund group Damille Investments Ltd.

The Herald reported on Thursday that the sale of the shares - which give Damille a 3% stake in the club - have netted Hughes an estimated profit of £500,000.

Nobody was officially asked for a pay cut. Not yet anyway.

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Oh no they didn't!

The losing £1m a month myth comes from working the average of what we've spent since the IPO, but it fails to take into account one off costs, of which there were a lot.

Stockbridge did say that, luckily the summer is when we see ST money come in eh?

Yes ST money came in but we should be looking to get into a position were most of our biggest revenue should be getting banked.. The way things are running atm.. We have very little saved at this level that is poor..

I am sure Mather said it in the half term accounts.. and CG said so on talksport with keys n gray

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Stockbridge said "worst case scenario" we would be down to 1million, also that figure was without taking into account sales in merchandise, which nobody can foretell. You cannot dispute facts, but you can, as you did, take some words out of a sentence and use them as fact. Either use the whole sentence or look a fool.

Must be sailing close to the wind then with all the cuts taking place.. We need to live within our means or shit will hit the fan.. We cant roll on like this at this level

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Must be sailing close to the wind then with all the cuts taking place.. We need to live within our means or shit will hit the fan.. We cant roll on like this at this level

We were told at the AGM costs would have to come down, it's hardly an earth shaking surprise. Let's just let Wallace get on with doing his job.

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My apologies, think the lateness was to allow monies to be put into this year's accounts though.

This years accounts started on 1st July. Cash received for season tickets is shown as cash in hand on the old accounts but as an accrual to be released in the new season.

Other than 2012/13 we have always had a deadline day prior to the end of the financial year. This is to massage the cash in hand balance which makes the books look better than they actually are.

Same with the other mob and probably every club to be honest. (tu)

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We were told at the AGM costs would have to come down, it's hardly an earth shaking surprise. Let's just let Wallace get on with doing his job.

Am chuffed the cost are coming down should be a 50% reduction for players and a rule set down that we no longer offer 30+ age players mega 2-3 year deals.. should be 6-year deals only at a maximum of 3k

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Oh no they didn't!

The losing £1m a month myth comes from working the average of what we've spent since the IPO, but it fails to take into account one off costs, of which there were a lot.

Stockbridge did say that, luckily the summer is when we see ST money come in eh?

Sorry, but I think you are wrong.

The only relevant published figures are the audited annual accounts covering the 13 month period to 30 June 2013. The total revenue during this period was £19.1m and the total operating expenses were £33.6m. These figures EXCLUDE non-recurring expenses totalling £4.261m such as football debts, investigations, IPO expenses, etc.. These are noted and itemised in the accounts on Page 33 (note 5).

The operating expenses in the accounts itemise staff costs at £17.9m covering 50 players (totalling £7.8m noted in the accounts or 43% of revenue - they forgot to include total staff costs being 93.7% of revenue!) '146 others' and another 80 part time employees. The next highest cost items was 'Other operating Charges' at £13.3m. As I have noted before here, this does not appear to be broken down anywhere in the accounts but presumably covers such items as admin, heat, light, plant, machinery, consumables, security, cost of catering, cost of merchandise, etc..

Given that the operating loss of £14.3m for 13 months is clearly stated in the accounts and is EXCLUSIVE of one-off (non recurring) costs, then saying we are losing £1m a month is far from being a myth (based on the available evidence).

I do accept that costs may have been reduced since last June, but our player numbers have also increased and guys like Daly will not be earning peanuts. The cash-flow may soon be helped by new season ticket sales and others have mentioned additional income from merchandise but last year's accounts include £1.6m revenue from this (although relevant costs are not itemised).

As I have said before, the real problem is the huge non-playing overhead inherited from our time in the SPL - we still have top level expenses but don't have the income to match it (TV revenue, European money, etc.).

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Sorry, but I think you are wrong.

The only relevant published figures are the audited annual accounts covering the 13 month period to 30 June 2013. The total revenue during this period was £19.1m and the total operating expenses were £33.6m. These figures EXCLUDE non-recurring expenses totalling £4.261m such as football debts, investigations, IPO expenses, etc.. These are noted and itemised in the accounts on Page 33 (note 5).

The operating expenses in the accounts itemise staff costs at £17.9m covering 50 players (totalling £7.8m noted in the accounts or 43% of revenue - they forgot to include total staff costs being 93.7% of revenue!) '146 others' and another 80 part time employees. The next highest cost items was 'Other operating Charges' at £13.3m. As I have noted before here, this does not appear to be broken down anywhere in the accounts but presumably covers such items as admin, heat, light, plant, machinery, consumables, security, cost of catering, cost of merchandise, etc..

Given that the operating loss of £14.3m for 13 months is clearly stated in the accounts and is EXCLUSIVE of one-off (non recurring) costs, then saying we are losing £1m a month is far from being a myth (based on the available evidence).

I do accept that costs may have been reduced since last June, but our player numbers have also increased and guys like Daly will not be earning peanuts. The cash-flow may soon be helped by new season ticket sales and others have mentioned additional income from merchandise but last year's accounts include £1.6m revenue from this (although relevant costs are not itemised).

As I have said before, the real problem is the huge non-playing overhead inherited from our time in the SPL - we still have top level expenses but don't have the income to match it (TV revenue, European money, etc.).

The Albion, EH and stadium improvements were included in accounts. All one off costs. All of which nearly cost £5m.

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The Albion, EH and stadium improvements were included in accounts. All one off costs. All of which nearly cost £5m.

I see £5.4m additions to property, plant & equipment on the balance sheet but I don't think these costs would have been included as operating expenses (in the same way that the IPO cash was not included in the revenue).

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Let's not forget the one off legal fees, the one off fees to terminate contracts and the one off bonuses handed out to the board at the time. We are not losing £1m a month.

I agree with this.. someone did a simple calculation of loss and divided it by 12 = 1 mill pr month!

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Let's not forget the one off legal fees, the one off fees to terminate contracts and the one off bonuses handed out to the board at the time. We are not losing £1m a month.

Legal fees are not itemised, but Directors emoluments are listed at £1.6m (including the £200k bonus for BS).

You seem confident we are not losing £1m a month, but the figures show we were up to June 2013 and I can't see too much that has changed since then.

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