Back Page of The Sun - Gers £22m Is Gone

[WadeWilson 4,670]

Given that Rangers spend about £50M a season in SPL years and we had a start up first year that figure isn't too bad.

[Blue corn flakes 1,282]

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[scarkev 3,540]

Right I've just stood in morrisons and read this....this actual article itself in tone and content is very different from the sensationalised headline....I know the doom mongers will continue to get all hysterical but the itemised description provided by bawsburst from the prospectus almost matches the sun's breakdown (alleged) perfectly....once again a bit if patience is required here lads....the accounts will be published soon!

[Ace 3,557]

What seems to be glossed over here is the Season Ticket money for 2012/2013, that money (somewhere in the region of £8-10m) would got against normal day-to-day expenditure, including salaries for staff etc

Yes, according to the figures in the Sun, it appears that the IPO money was used as general working capital ... so what's happened to the ST money for last season then?

We haven't burned through £22m, we've burned through over £30m in less than a year ... to clarify £30MILLION ..... in less than a year !!

[Chesh 28]

i see there is no mention of the normal week in week out income from merchindising and ticket sales ect ect.

We were told only £10million in the bank last week, this shows no different and they have taken their own spin on that to say the first money we have spent must be the IPO money.

Havent read the article but thats my trhought

[toolongawake 1,224]

Back page of the Sun.....you'd get a more accurate account of the news scrolled on the back of a public toilet door

[Big Al 55 9,327]

Back page of the Sun.....you'd get a more accurate account of the news scrolled on the back of a public toilet door

Maybe someone from the Sun found Stockbridge's fag packet.

[Ace 3,557]

I mentioned in another thread about season tickets/match tickets, not sure if you will able to clarify the situation on them.

I've read various figures branded about in regards to match sales and season tickets being around that 8-10 million, do you believe that's low? In the accounts to December 2013 it states we brought in 6.4 million from ticket sales.

If you do an average of £300 against the 38,000 season tickets that give a value of £11.4 million without taking into account normal match sales and cup match sales. Just seems a low figure to me.

£8-10m is a generally accepted figure from what I have seen elsewhere, if its too low then that makes the situation even worse.

Of course, there is match day revenue but the discourse is about how much we spent going from Div3 to Div2 (League 1).

If the figures in the Sun are to be believed, then you can extrapolate the IPO money is gone, the ST cash for 2012/2013 is gone, all that is left is the majority of cash raised from ST sales for 2013/2014.

Of course, what we need to see is a set if (audited) accounts, I have no idea what set are to be issued but something is coming middle Sept & hopefully this will provide a definitive picture if what cash, we had, how we spent it, what we have left & a cost base to assess if it will last

[ger4life_1872 29,940]

Stockbridge claims in the article too have paid the electric bill out of his own pocket last year , Malcolm Murray made the same claim a few months ago , were these separate bills or is someone lying ?

[Mor3los_1 3,672]

Prospectus:

The prospectus says we could potentially spend ALL of it on investments and working capital yet this is only coming to a head now? Guessing nobody paid attention to it at the time!

[cushynumber 25,178]

The prospectus says we could potentially spend ALL of it on investments and working capital yet this is only coming to a head now? Guessing nobody paid attention to it at the time!

I guess the assumption was that this would be over a protracted period of time, as required, with some transparency - not as fast as we possibly could, quietly.

[One_Jay 1]

Stockbridge trying to put things right, considering some of the fans have been against him since the meeting with the Fans.

We have no reason to suspect at the moment that Stockbridge is doing a bad job, it is himself and the CEO who i am sure works out the budgets for everything.

Personally i do not have any reason to think Stockbridge was or is lying and he did apoilgise for the Murray tape, which he did not leak out in his words. Just doing the dirty work for others.

But like others have said, people need to calm down and wait until we see the accounts, which should be out at the end of this month and was brought forward from the original date, which i reckon was to put peoples minds at rest!

[teddybear4life1690 44]

Not saying it's correct or justified, but if it's true I think it can be explained ;

500k to pay off Goian

500k to pay off Bocanegra

2million for Ed House

1million for Albion car park

However much it was in outlay to bring the security in house

However much it was in outlay to bring catering in house

1million on WiFi installed in stadium

A guess 1million for the new screens?

Stockbridge 200k bonus

Mather 300k bonus

Green 300k pay-off

5million in footballing debts

200k for Green and Whyte investigation

That's around 12 million right there (possibly 13 depending on how much it cost to bring security and catering in house by cancelling the existing contracts) that's before you even get started on the months we were losing 1million per month for other costs which have now been cut.

According to reports we've 40 grand a week off the wage bill alone from Alexander, Goian and Bocanegra - so maybe next set of accounts will read promising with all that in mind? plus we have got Puma money to get

You also need to remember that there was something like 10 million in start-up costs after Green's initial 5.5 million purchase. To help with these start-up costs I'm sure people such as Ahmed and others put up their money and got paid back (with generous interest apparently) so you need to take that into account of the 22million share money.

I've not bothered mentioning staff and player wages as the season book money would offset the 300k a year for Mather, 200k a year for Stockbridge, the 15 grand a week for Wallace and Jig and the 1.75 million a year for McCoist, Durrant and McDowell.

Maybe there's a lot above I've got wrong?

I just think when we see the books we will be informed and minds put at rest a bit and realise that predictions and incomes when it comes to revenue will be quite encouraging.

The money mentioned in the sun was of the share issue money all gone....... what they have not mentioned is the season ticket money from last season, could that have been what the ten million in the bank was for? If the answer to that is yes then with this season ticket money, shirt sponser etc then we should be fine finacially. How ever if the answe is no its not then where has last season ticket money gone???

[AlBear. 8,499]

So...can we sum this up as media sensationalism and a few knee-jerk hysterics?

[Right_To_Censor 1,951]

Please tell me this is all one big nightmare and that its not as bad as they say, i mean theres just no way way we blew all the funds for last season and this season? We cant be that stupid surely?

[cushynumber 25,178]

who audits our accounts?

[AlBear. 8,499]

Please tell me this is all one big nightmare and that its not as bad as they say, i mean theres just no way way we blew all the funds for last season and this season? We cant be that stupid surely?

It's all one big nightmare and it's not as bad as they say...

[Right_To_Censor 1,951]

It's all one big nightmare and it's not as bad as they say...

thank god for that, now i can go back to watching dexter with out the fear of my club going into administration

[One_Jay 1]

who audits our accounts?

Deloittes done our Interim Results. (I am sure they have another frim now though)

[cushynumber 25,178]

Deloittes done our Interim Results. (I am sure they have another frim now though)

and they have to sign them off.....correct?

[ZZed 4,510]

Is this the same Sun that is renowned for it’s forensic examination of the facts. Please don’t tell this to the people of Liverpool. I think I will wait on a creditable source such as the accounts.

[simplythebest 11,453]

I don't like the Sun or their history much at all but Stockbridge himself spoke to them

[gogzy 31,195]

£10.3M sounds a lot for staff wages. Any way that can be broken down?

7m for player wages.

3m for management/boardroom/other staff?

Just a guess, and with mather saying the playing staff wages have came down, all we need is for the management and board members wages re-assessed.

[bunter 0]

How can Stockbridge be factoring in Wages and General running costs into where the £22m has gone? We're not going to have a share issue every year are we? So how do we pay these costs this year? He says there's £10m in the bank yet the wages and general costs are nearly £13m? And this is only for 8 fucking months! Am i missing something? Even with boca/goian etc off the wage bill that's only about £1.5m saved. I dont get it.

[Shuggy 1,308]

7m for player wages.

3m for management/boardroom/other staff?

Just a guess, and with mather saying the playing staff wages have came down, all we need is for the management and board members wages re-assessed.

The 7 month results were;

Financial Highlights

· Revenue of £9.5m

· Operating expenses of £16.6m

· Loss before non-recurring items and finance costs of £7.0m

· Profit before tax £9.5m driven by non-recurring release of negative goodwill of £20.5m

· Investment in football personnel of £1.6m in line with strategy

· Finance leases of £1.9m at 31 December 2012

· Cash of £21.2m as at 31 December 2012

· Undertaking of debts of former Rangers Football Club plc of £2.8m (£251,000 remains to be paid in accordance with the terms agreed)

The top two numbers are the ones to watch. Revenue should be proportionally up I reckon and operational costs should be proportionally down.

Also note there was cash of £21.2M in the bank as of 31/12/12 which suggests the stated number of "over £10M" last week means Rangers have gone thru £10M in cash in 6 months on operational and one-off costs? (that assumes this does not include 2013-2014 ST money)