boss

Not quite that easy - depends on current levels of expenditure, commercial deals, player sales etc. Also, GW will have a clearer idea than any of us to what extent the institutions would support further funding.

If (and it's a big if) 28,000 are sold remember that prices increased by 20% so that's the equivalent income of 33,600 at last year's prices. So very little change in income from year to year despite the boycott.

If (and it's a big if) 28,000 are sold remember that prices increased by 20% so that's the equivalent income of 33,600 at last year's prices. So very little change in income from year to year despite the boycott.

Thank you Boss and to all others who have helped in the last 27 pages to explain today's published accounts to your average me and wee pal Joe.
Truly appreciated!

Primarily the accounts mean:
- we are not going bust any time soon
- we have enough money for the foreseeable future
- we are on course to break even this year or next
- and we own Ibrox and Auchenhowie

Primarily the accounts mean:
- we are not going bust any time soon
- we have enough money for the foreseeable future
- we are on course to break even this year or next
- and we own Ibrox and Auchenhowie

That's wrong. The auditors are satisfied that we are a going concern for the foreseeable future.

£14m loss is never a good thing. But if you focus on what the numbers actually mean then things look a good deal better than they did 12 months ago.

Basically much as expected, we are not going bust by Christmas, more detail provided than ever before, doommongers were talking nonsense, and looks like we are on course to break even this year.
More later...

Only 6 months amortisation for which will be charged in this year's accounts so would have minimal effect. Return to base and await instructions.

Basically much as expected, we are not going bust by Christmas, more detail provided than ever before, doommongers were talking nonsense, and looks like we are on course to break even this year.
More later...

Interim accounts for 6 months to 31 December 2013 will be issued around February which will help us see the current picture.

There is more detail in the accounts in general than we have ever seen before. So much for a lack of transparency.

They are not perfect but they don’t make as bad a reading as I envisioned though I have to admit the negative goodwill of approx £20M is a complete mystery to me.



A few comments from the FD caught my eye in a positive way:

· The business strategy remains for the Club to keep Ibrox Stadium and Murray Park free from any kind of security over bank debt. These assets will continue to remain under the full ownership of the Club
· Significant savings have been made but it has to be remembered that Rangers exists because it plays football and it has to be successful. Without an adequate squad and good players that would not be achievable. As in any football club the largest cost is wages but these outgoings cannot be addressed overnight. The overall staff costs for the Club have been reduced from £30.0m to £17.9m. It will be reduced further for next season and non-playing staff numbers have decreased by 15.
· Whilst an operating loss of £14m was made on a turnover of £19.1m in the period, it will not be repeated this season


In no way are we out of the woods though. Keeping player wages in check while continuing to rise through the leagues will be a great challenge and further cuts to non-playing staff appears to be required. Negative goodwill can also surely not be continually accrued at £20M a year.



However, I have to point out that the first point above is a great finger in the eye to everyone on the Internet who were absolutely sure that sale and leaseback of the stadium was the only viable way forward in order to keep us going to xmas.

When you add up, Football debt, IPO expenses, Investigation expenses, acquisition expenses, Charles Greens money, Ahmads money, set up loans and our managers justified pay cut, the non recurring expenses are close to £6m.
Turnover should be higher given that we will have a full 12 months sponsorship from Puma, Blackthorn and Sports Direct as some of these deals were done as late as March 2013. The £14m gap could easily be down to £4m this season and as Boss has said, we can be working towards that being £0 for 2014-15
I said it wouldnt be easy reading these as there is a lot of shite in them that wont repeat itself but by taking the step of declaring the amount of matchday money included in our cash balance allows us to look ahead and clearly see that Dave King, the RST and all the other doom mongers who said we would be bust by xmas are looking like a total bunch of wanks.
I see the RST are out peddling dhim like nonsense because they simply cannot handle the truth of what the accounts show.
To summarise my view though:
1) Nothing I really didnt expect.
2) Healthy cash position explained.
3) Clear cost reduction opportunities.
4) Certain directors took the piss but in the main, they are now gone.
5) No wonder our manager is volunteering a pay cut. He should be embarrassed.
6) Auditors have signed off as a going concern (This is what Whyte failed to get auditors to do months before we went into admin)
7) There is no way we will run out of money this season.
8) Still a lot of work to be done on other costs and the jury is still out for me if we have the right people to do it.
9) Paul Murray can fukk off

I didn't doubt that happening for a second mate.I was waiting on Boss, he is my man in the know when it comes to financial matters.
If he is telling me we are not going bust, we own Ibrox and are solvent for the forseable future then I am happy at that.

Primarily the accounts mean:
- we are not going bust any time soon
- we have enough money for the foreseeable future
- we are on course to break even this year or next
- and we own Ibrox and Auchenhowie

Nonsense. If that was the case, the auditors couldn't have signed off these accounts.

Yes, we can continue for the foreseeable future and certainly way beyond season ticket renewal date.

Primarily the accounts mean:
- we are not going bust any time soon
- we have enough money for the foreseeable future
- we are on course to break even this year or next
- and we own Ibrox and Auchenhowie

Yes, we can continue for the foreseeable future and certainly way beyond season ticket renewal date.

Basically much as expected, we are not going bust by Christmas, more detail provided than ever before, doommongers were talking nonsense, and looks like we are on course to break even this year.
More later...

Basically much as expected, we are not going bust by Christmas, more detail provided than ever before, doommongers were talking nonsense, and looks like we are on course to break even this year.
More later...

Only 6 months amortisation for which will be charged in this year's accounts so would have minimal effect. Return to base and await instructions.

Yes, we can continue for the foreseeable future and certainly way beyond season ticket renewal date.