Someone is Letting Rangers Down

[nvager]

It was one thing recently for the Old Firm to drop out of the Deloitte Top-20 List for Europe’s richest football clubs: when you consider the Milans, Real Madrids and Manchester Uniteds of this world, what right do either Rangers or Celtic have to be permanently hobnobbing with the elite? Within the Scottish context, though, I was still shocked by the poor financial health of Rangers, given their most recent set of accounts issued in recent days.

It was alarming, even given their Champions League exit in August, to note that Rangers’ turnover amounted to a feeble £21 million – almost £13 million down on the previous year and just 44 per cent of Celtic’s equivalent figure.

Even worse were the ancillary figures in their interim report. Rangers made a pretax loss of £2.7 million, down £6 million on 2007, and their retained loss was £4 million, a decline of £6.2 million on the previous year.

It appears that Rangers are on course this season for a total income-from-trading of around £42 million to £43 million, way below the target the Ibrox hierarchy should be hitting in this day and age. Or, put it another way, the amount of business that Rangers will generate in the present financial year will be less than Celtic posted for their first six months.

Sir David Murray recently rebuked “the amateur economists” who had been poring over Rangers’ figures and picking holes. In one sense he is on sure ground: his business track record stands as a testament to his financial bravado and risk-taking. But Murray, surely, will deplore the fact that Rangers are falling so far behind Celtic in almost every area off the park.

Compared with Rangers’ six-month £4 million loss, Celtic have just posted an £8 million profit, and are making millions more than Rangers from their commercial affairs. The Old Firm were never meant to be as unequal as this.

Even worse now is that old, dreaded subject of Murray and Rangers: debt. Four years ago, Murray, scolded by coverage of Rangers’ near £80 million net debt, vowed to wipe out the Ibrox overload and proceeded to chip away at it. Ultimately, it took the absorption of the Rangers debt by Murray’s umbrella company, Murray International Holdings, to fix the problem, but, nonetheless, fixed in that sense it was. But look at it now. Rangers tried and failed to sell a principal playing asset during January, and now we know why. Their figures to December 31 have set alarm bells ringing again, and the Ibrox debt is once more estimated to be somewhere between £25 million and £30 million and rising. Again, the contrast with Celtic will pain those Rangers fans who crave the day when their club are back on a healthy footing. Celtic have just announced that their debt is less than £1 million, which means that, over the next two years, they will be in a far healthier position to enhance their team.

Given all this, when you recall the August day that Rangers sold Carlos Cuéllar to Aston Villa for £8 million, it all makes more sense now. Rangers will not have received all of that money up front, but their loss-making would have looked even worse had Cuéllar not been sacrificed. It is putting it too strongly to say that Rangers are back in a financial mess, but their financial performance is deeply unimpressive.

The question is, who is to blame? Many Rangers fans are asking: why is their club being run so much worse than Celtic? Is Murray to blame? Is Martin Bain, the club’s chief executive, at fault? Is it Andrew Dickson, Rangers’ head of football administration and Bain’s right-hand man? Someone is certainly falling below standards inside Ibrox.

Murray cites the Champions League as if it is a cureall. He was at it again on Friday, claiming that “the importance of qualifying for the Champions League” was underpinned by Rangers’ poor financial figures. The Champions League, however, should not be the be-all and end-all of their commercial worth.

Given that qualifying for Europe’s elite club tournament has been an erratic business in recent years, Rangers should have a business formula in place that preserves them when they are not in Europe. Right now, evidently, that formula has escaped the Board.

[IamthatIam]

Disturbing reading. Maybe give Fred Goodwin a shout? See if he can do any better than Bain and Co.

[Bluedell]

"the current debt situation at Rangers, which is estimated to be in the region of £23million" - Graham Spiers 27/2/09

"net debt is now estimated to be around £25million" - Graham Spiers 28/2/09

"the Ibrox debt is once more estimated to be somewhere between £25 million and £30 million and rising." - Graham Spiers 2/3/09

Make up your mind, Graham.

Compared with Rangers’ six-month £4 million loss, Celtic have just posted an £8 million profit, and are making millions more than Rangers from their commercial affairs.

That's not true, Spiers. Telling lies, again!

[Bluepeter9]

Celtics turnover will be higher because of they still have there own retail channel - plus the champions league - that accounts for about £20M of turnover between the two. However the profit is what counts and that is where the CL wins out. There is NO doubt if Celtic are turning a profit and we are not, and this continues they MUST be financially stronger than us, but as far as I am concerned doing it on the park is what counts and financially stronger than us r not there is litttle between the actual teams.

[nieto24]

dsnt matter that it was spiers that said it the fact is most of that is true

and i cant figure out why !! As we had the debt down to 10 million after murray

undertook the majority of the debt since then we have had our best ever

season ( in terms of european revenue ) champs league money and

the uefa cup money plus 9 million for Hutton and 8 million for Cuellar

[GeneralCartmanLee]

Celtics turnover will be higher because of they still have there own retail channel - plus the champions league - that accounts for about £20M of turnover between the two. However the profit is what counts and that is where the CL wins out. There is NO doubt if Celtic are turning a profit and we are not, and this continues they MUST be financially stronger than us, but as far as I am concerned doing it on the park is what counts and financially stronger than us r not there is litttle between the actual teams.

Spot on, a truth conveniently ignored by this idiot

We should be doing better but the comparison is ridiculous.....

Speirs isn’t qualified to dissect our finances…stick to what you know graham…whatever that is…..

[SuperRangers]

I really dont know why people continue posting this bitter Rhats articles.

[WaltersGotStyle]

I really dont know why people continue posting this bitter Rhats articles.

But in this case... its an article that should worry us! We cant hide our heads in the sand... we have no direction as a club and I for one am extremely worried about where our club could be heading

[Boab]

Nvager, quite a chunk of people won't enter the thread as it says G Spiers in the sub title!

[Tumshie]

"the current debt situation at Rangers, which is estimated to be in the region of £23million" - Graham Spiers 27/2/09

"net debt is now estimated to be around £25million" - Graham Spiers 28/2/09

"the Ibrox debt is once more estimated to be somewhere between £25 million and £30 million and rising." - Graham Spiers 2/3/09

Make up your mind, Graham.

Compared with Rangers’ six-month £4 million loss, Celtic have just posted an £8 million profit, and are making millions more than Rangers from their commercial affairs.

That's not true, Spiers. Telling lies, again!

I think it is mate unfortunatley. the tims have got control of their retail side of things. how many times have you been on holiday in the past 2 or 3 years and seen that shite in airports all over Europe. not a Rangers top to be had at all. it's a fuckin joke

[GeneralCartmanLee]

"the current debt situation at Rangers, which is estimated to be in the region of £23million" - Graham Spiers 27/2/09

"net debt is now estimated to be around £25million" - Graham Spiers 28/2/09

"the Ibrox debt is once more estimated to be somewhere between £25 million and £30 million and rising." - Graham Spiers 2/3/09

Make up your mind, Graham.

Compared with Rangers’ six-month £4 million loss, Celtic have just posted an £8 million profit, and are making millions more than Rangers from their commercial affairs.

That's not true, Spiers. Telling lies, again!

I think it is mate unfortunatley. the tims have got control of their retail side of things. how many times have you been on holiday in the past 2 or 3 years and seen that shite in airports all over Europe. not a Rangers top to be had at all. it's a fuckin joke

I think Bluedell is talking profit, not shirts on backs, retail wise we make a good profit which will more than comaore with them

[Bluedell]

"the current debt situation at Rangers, which is estimated to be in the region of £23million" - Graham Spiers 27/2/09

"net debt is now estimated to be around £25million" - Graham Spiers 28/2/09

"the Ibrox debt is once more estimated to be somewhere between £25 million and £30 million and rising." - Graham Spiers 2/3/09

Make up your mind, Graham.

Compared with Rangers’ six-month £4 million loss, Celtic have just posted an £8 million profit, and are making millions more than Rangers from their commercial affairs.

That's not true, Spiers. Telling lies, again!

I think it is mate unfortunatley. the tims have got control of their retail side of things. how many times have you been on holiday in the past 2 or 3 years and seen that shite in airports all over Europe. not a Rangers top to be had at all. it's a fuckin joke

I think Bluedell is talking profit, not shirts on backs, retail wise we make a good profit which will more than comaore with them

Correct. I don't see anything in either set of accounts that suggests that they are making millions more than us commercially.

[CanadianBacon]

In the large scale scheme of things this suggestion might not mean much, but for me it would be a start on the long road to financial recovery........sack Bain and save ourselves some £500k per year (and counting) and let Murray do the job himself, for surely it is in his best interests to get the club he's desperate to sell onto a sure financial footing whilst at the same time cutting out some of the dead wood (Bain).

The bonus ball for Murray in all of this is that most of the support would let out a cheer at the fall from grace of the sunbed kid.

I know will.

[covenanter]

The Bhoy in Corduroy is sick in the head, his latest is his latest fantasy.

Here are a couple of things he has said and repeated a few times on Radio Snyde this last year :

1. Everything won by Rangers in the 60s and 70s is devalued. All respected commentators on the Scottish game admit that Rangers had considerable assistance from officials.

Incredably, Big DJ who won all the vast majority of his medals in this period, sits beside him in the same studio and takes this pish?

2. I grew up a Rangers supporter, attending Ibrox, standing in the same spot in the away end of the ground, even when Celtic were visiting. I continued to wear my Rangers colours amid the Celtic support without interference.

He references a New Year game at Ibrox around '75, I believe he was talking about our 3-0 victory. I attended this game, it was all ticket as were all old firm games after the Ibrox Disaster. Thus, he is telling us he purposedly bought tickets(he attended with his old man) for the Yahoo end and stood in his usual spot, replete in Rangers favours. Seriously, this is serious fantasy, the police would have arrested him. The only reason he indulges and articulates such fantasy is to promote supposed Yahoo tolerence.

As stated, the Botanical Truth Fairy is sick in the head, reality is a stranger to him.

[CanadianBacon]

The Bhoy in Corduroy is sick in the head, his latest is his latest fantasy.

Here are a couple of things he has said and repeated a few times on Radio Snyde this last year :

1. Everything won by Rangers in the 60s and 70s is devalued. All respected commentators on the Scottish game admit that Rangers had considerable assistance from officials.

Incredably, Big DJ who won all the vast majority of his medals in this period, sits beside him in the same studio and takes this pish?

2. I grew up a Rangers supporter, attending Ibrox, standing in the same spot in the away end of the ground, even when Celtic were visiting. I continued to wear my Rangers colours amid the Celtic support without interference.

He references a New Year game at Ibrox around '75, I believe he was talking about our 3-0 victory. I attended this game, it was all ticket as were all old firm games after the Ibrox Disaster. Thus, he is telling us he purposedly bought tickets(he attended with his old man) for the Yahoo end and stood in his usual spot, replete in Rangers favours. Seriously, this is serious fantasy, the police would have arrested him. The only reason he indulges and articulates such fantasy is to promote supposed Yahoo tolerence.

As stated, the Botanical Truth Fairy is sick in the head, reality is a stranger to him.

Reality may well be a stranger to him but so are relationships with the opposite gender.............allegedly!!

[covenanter]

The Bhoy in Corduroy is sick in the head, his latest is his latest fantasy.

Here are a couple of things he has said and repeated a few times on Radio Snyde this last year :

1. Everything won by Rangers in the 60s and 70s is devalued. All respected commentators on the Scottish game admit that Rangers had considerable assistance from officials.

Incredably, Big DJ who won all the vast majority of his medals in this period, sits beside him in the same studio and takes this pish?

2. I grew up a Rangers supporter, attending Ibrox, standing in the same spot in the away end of the ground, even when Celtic were visiting. I continued to wear my Rangers colours amid the Celtic support without interference.

He references a New Year game at Ibrox around '75, I believe he was talking about our 3-0 victory. I attended this game, it was all ticket as were all old firm games after the Ibrox Disaster. Thus, he is telling us he purposedly bought tickets(he attended with his old man) for the Yahoo end and stood in his usual spot, replete in Rangers favours. Seriously, this is serious fantasy, the police would have arrested him. The only reason he indulges and articulates such fantasy is to promote supposed Yahoo tolerence.

As stated, the Botanical Truth Fairy is sick in the head, reality is a stranger to him.

Reality may well be a stranger to him but so are relationships with the opposite gender.............allegedly!!

[covenanter]

The Bhoy in Corduroy is sick in the head, his latest is his latest fantasy.

Here are a couple of things he has said and repeated a few times on Radio Snyde this last year :

1. Everything won by Rangers in the 60s and 70s is devalued. All respected commentators on the Scottish game admit that Rangers had considerable assistance from officials.

Incredably, Big DJ who won all the vast majority of his medals in this period, sits beside him in the same studio and takes this pish?

2. I grew up a Rangers supporter, attending Ibrox, standing in the same spot in the away end of the ground, even when Celtic were visiting. I continued to wear my Rangers colours amid the Celtic support without interference.

He references a New Year game at Ibrox around '75, I believe he was talking about our 3-0 victory. I attended this game, it was all ticket as were all old firm games after the Ibrox Disaster. Thus, he is telling us he purposedly bought tickets(he attended with his old man) for the Yahoo end and stood in his usual spot, replete in Rangers favours. Seriously, this is serious fantasy, the police would have arrested him. The only reason he indulges and articulates such fantasy is to promote supposed Yahoo tolerence.

As stated, the Botanical Truth Fairy is sick in the head, reality is a stranger to him.

Reality may well be a stranger to him but so are relationships with the opposite gender.............allegedly!!

My favourite Bhoy in Corduroy moment remains the end of Scotsport, when he fingered his own organ. A medley of Elton John melodies lifted, culminating in his interpretation of 'Song for (wan) Ghuy'. A match made in heaven, sheer train crash TV, Spiers and aching embarrassment.

[Youllneverwinaway]

Might be a simplistic view but we spent £17 million in the summer and brought in £9 million. timmy spent £5 million and brought in £2 million. There is £5 million of difference right away before you even talk about the £10 to £12 million Champions League money. The figures have no reflection on retail and marketting in my view. Would have been better entitled "The importance of the Champions League" Article for articles sake.

[CanadianBacon]

Covenanter wrote:

"My favourite Bhoy in Corduroy moment remains the end of Scotsport, when he fingered his own organ. A medley of Elton John melodies lifted, culminating in his interpretation of 'Song for (wan) Ghuy'. A match made in heaven, sheer train crash TV, Spiers and aching embarrassment."

I too witnessed that train crash moment. I waited, breath bated, for a quick rendition of one of his own works, "An Ode To Matt McGroan", written, no doubt, at the feet as the bhold Matt who lay resplendent (fat surely?) on the couch whilst the Truth Fairy fed him grapes and told him how wonderful he (Matt) was.

It's as clear as Billy Crystal.

[ross1873]

why do keep listening to this arsehole he knows hee-haw about football and even less about finance.

[nieto24]

did he honesltly say that gers trophies from 60s and 70

were devalued?? in front of big DJ you imagines someone saying

that abt smeltic in front of Provan he would have lamped him

[Danny]

*notes 'G Spiers' and promptly ignores entire article.*

[Jimfanciesthedude]

while i know that spiers is a lying wee but theres no hiding from the fact that celtic are far better at managing their finances than us,

we are on our knees due to the fact that we have only had 5 champions league adventures since advocaat came here

whereas the tims have had what? 7-8

so stick an extra 40 million in the bank say for them

plus they havent repaired their team 4 times in the last 5 seasons, wee chesney fixed some of speccys mistakes and due to him winning the league, has only made minor adjustments to the timmy brigade

whereas mcleish TWICE, PLG and Smith have all had to drastically change our playing squad, wich means more pay-offs and higher wages to tempt players to come to the runners-up in scotland

and lastly

as much as he's a trumpet, liarwell no doubt has got a business brain about him and has budgeted a certain figure ffrom euro adventures, and i bet its a hell of a lot lower than the wad he gets from champions league, he probs budgets a uefa cup last 16 run,

whereas murray and bain sit there every tax year and say "right if we get champions league money, that 10 mill paid towards the players wages etc"

someone at ibrox must be held accountable for the last 6 disasterous years OFF THE PARK, plain and simple

[Youllneverwinaway]

while i know that spiers is a lying wee but theres no hiding from the fact that celtic are far better at managing their finances than us,

we are on our knees due to the fact that we have only had 5 champions league adventures since advocaat came here

whereas the tims have had what? 7-8

so stick an extra 40 million in the bank say for them

plus they havent repaired their team 4 times in the last 5 seasons, wee chesney fixed some of speccys mistakes and due to him winning the league, has only made minor adjustments to the timmy brigade

whereas mcleish TWICE, PLG and Smith have all had to drastically change our playing squad, wich means more pay-offs and higher wages to tempt players to come to the runners-up in scotland

and lastly

as much as he's a trumpet, liarwell no doubt has got a business brain about him and has budgeted a certain figure ffrom euro adventures, and i bet its a hell of a lot lower than the wad he gets from champions league, he probs budgets a uefa cup last 16 run,

whereas murray and bain sit there every tax year and say "right if we get champions league money, that 10 mill paid towards the players wages etc"

someone at ibrox must be held accountable for the last 6 disasterous years OFF THE PARK, plain and simple

Do you realise that post is a total contradiction of itself mate. The £30 million behind Timmy in finances is down to 6 disasterous years ON THE PARK as it is the difference between being in and out of the Champions League.

[Boab]

*notes 'G Spiers' and promptly ignores entire article.*

Doubt you'd be the only one.

Poor Nvager for being so punctual.