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

[cushynumber 25,178]

If your skint, does it matter exactly what you spent it on? Surely the lessons are that you shouldn't have that level of expenditure in the first place as it was obviously going to lead to problems?

[OLE SUPER WILBERT 2,475]

He's a highly intelligent, articulate man and a credit to himself and Rangers.

Gay.

[KingKirk 25,720]

What does it say in the paper lads? We could have still the 10million left like the club says. but we have spent 22milion.. The media would always pick up the negative point before the positive.. Not saying having only 10million left is great but its not as bad as they make out.

[Ronald de Bear 44]

His only agenda is to get the blazer and on to the board.

You're so far out of things in general it's actually frightening.

[minstral 5,375]

All I'm saying is that all these "leaks" have come around since Charles Green came back...

Might have known that Green would get the blame,

[bombaybadboy08 15,660]

D'art has been calling for the club to come out and lay it all on the line. We're not going to get that and I'm absolutely fucking gutted for the guys who have again stumped up the 3 and 400 quids to keep this club afloat. Lied to and shat on once again.

I can dismiss some as paper talk when one paper runs a pathetic report. When all start reporting the exact same thing it's usually true.

Richard Wilson was reporting this months back, no danger we would have sold that amount of season tickets if most fans believed it to be the truth.

I hope 1st_Jan_1994 is correct and it can be explained but that's a huge whack of money gone, the £10million is swelled with season ticket sales.

Are we signing SPL players because we can afford it or are we spending outwith our means just to get that season ticket dosh in?

[RFC55 109,421]

What does it say in the paper lads? We could have still the 10million left like the club says. but we have spent 22milion.. The media would always pick up the negative point before the positive.. Not saying having only 10million left is great but its not as bad as they make out.

If we have say 12 million quid once sponsor money goes in, I'm almost certain our bills are over 1 million a month were going to run out of money.

The 10 million is like having 1500 in your bank but 1600 is due out

[Polo 1,435]

I know we need fresh investment but 10 million in the bank is still a healthy chunk of change to have... especially as we have trimmed the wage bill, have Puma money still to get, possible stadium sponsor, TV money, sponsorship cash and match day revenue.

I'm just saying that when we finally see the books most of that 22 million will easily be explained away as drastic as it sounds .... we've done a lot behind the scenes good and bad

They weren't going to sit with £20m in the bank and save it for a rainy day. It's been ages since I saw the offer document for the share issue but it will almost certainly have set out some of the areas the cash raised would be ear-marked for.

It's understandable for fans to get pissed off at bonus payments / pay offs but it was always going to be spent one way or another.

[Gillete 1,338]

I'm a worried shareholder

I haven't a clue what's going on but this EGM. (If it goes ahead)

What happens from now. ?

Is there a deadline for it and who sets it ?

Do I get a vote to remove people etc if its an EGM?

Do the club lay out more money for an EGM?

[Ronald de Bear 44]

how the hell is chris graham going to get on the board ? Come on you need to stop this nonsense, its killing us

Well said mate.

Certain members of this forum aren't happy unless they're gunning someone down.

Chris Graham takes enough shite from the other mob and doesn't need this from his own.

[simplythebest 11,453]

Richard Wilson was reporting this months back, no danger we would have sold that amount of season tickets if most fans believed it to be the truth.

I hope 1st_Jan_1994 is correct and it can be explained but that's a huge whack of money gone, the £10million is swelled with season ticket sales.

Are we signing SPL players because we can afford it or are we spending outwith our means just to get that season ticket dosh in?

Even if it can be explained I still feel it's mismanagement to have spent that much already.

[StrongbowLoyal. 36]

He's a highly intelligent, articulate man and a credit to himself and Rangers.

Right ye are Chris!!!!

[BEARGER 339]

3400 x £350 = £11900000 Taking £350 as average ST, it could be more. If we have only £10M left then its obvious we have spent all the IPO money.

When are the fans going to wake up and realise that we have a board and coaching staff that are taking us to the cleaners? All of then need to be removed, roll on the egm.

[RFC55 109,421]

Richard Wilson was reporting this months back, no danger we would have sold that amount of season tickets if most fans believed it to be the truth.

I hope 1st_Jan_1994 is correct and it can be explained but that's a huge whack of money gone, the £10million is swelled with season ticket sales.

Are we signing SPL players because we can afford it or are we spending outwith our means just to get that season ticket dosh in?

An admin member on here told me that Wilson is well worth taking at face value this was when this shite came out at first. I didn't believe it as it seemed to go away again. They are now all picking up on it.

J is right in what he's saying but how are we going to find enough money to pay all our bills etc? That's financial mismanagement and its a fucking scandal from all at boardroom level

[Zappa 358]

Surely to god they won't allow this to go as far as an egm mate? Surely?

It's difficult to say mate. It might depend on whether Green can get investors to believe more of his bullshit this week, but they'd be barking mad to give him any more backing. Either way, they've only got a week to make the requested boardroom changes or it goes to an EGM 21 days from the 19th.

[Albertz 78 918]

If your skint, does it matter exactly what you spent it on? Surely the lessons are that you shouldn't have that level of expenditure in the first place as it was obviously going to lead to problems?

True but our wage bill which is by far the biggest expenditure is only £7m per year that includes paye/nic on wages as well.

Are all the other outgoings over £20m per year every year? doubtful to say the least.

[gogzy 31,195]

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.

Add on the 7m wage bill, plus the management teams wage bill plus the actual wages that CG, and BS and other board members earned.

Lawyers fees, agent fees, any sign of fees for the 8 new signings as well.

If the money has been well spent ( some wages and bonuses aside), and we won't have those outlays again, it's probably nowhere near as bad as is being made out.

[minstral 5,375]

Strange how the press are correct this time, yet we are always calling them bullshiters when it suits.

[1st_Jan_1994 4,868]

You should be on the f*&king stage.....

Aye sweeping it

I'm no saying everythings rosey or putting my head in the sand I'm just saying, if true, its possible how this cash can be explained away - rightly or wrongly.

This year finances was always going to be a sore one - even Neil Patey said that himself

[RFC55 109,421]

Charles Green salary = £360,000

Brian Stockbridge salary = £200,000

Imran Ahmad salary = £350,000

Total salary = £910,000

All on 100% bonus schemes

Source : IPO document

Brian Stockbridge confirmed on Thursday night that the bonus was for winning Division 3 and NOT for promotion from the SFL

Salary = £910,000

Bonus = 100%

Bonus = £910,000

That post is from Thelawman.

That's where near on 2 million pound was skunked and probably the same if not more for the management teams wage and bonus and that's near on 4 million possibly just over.

So that's us down to 18 million.

I didn't think ipo money was to be used for running costs?

[elephants stoned 2,994]

Love him or hate him Fury is irrelevant to this discussion, what is relevant is whether or not Rangers has enough money to get through the season and if not how can we get money in? I am warming more and more to Kings new share issue idea but the current board must be got rid off otherwise nobody will trust them, I don't want the blazer chasers in either there must be a half way house between the current incompetent board and the incompetent wannabes like Mini ect.

[forlanssister 157]

I'm a worried shareholder

I haven't a clue what's going on but this EGM. (If it goes ahead)

What happens from now. ?

Depends on a number of factors.

Is there a deadline for it and who sets it ?

They have 21 days from it's issue to decide to hold one or not and then a further 21 days notice of the date (iirc)

Do I get a vote to remove people etc if its an EGM?

Yes.

Do the club lay out more money for an EGM?

£60-80k is the cost being bandied about.

[Gillete 1,338]

Right

We have a reported £12m and people think we will run out of cash before Christmas FFS

When Walter was manager , we had a much bigger wage bill etc and we were lowering /servicing the debt no problem (outwith tax case) so how can we not do it with less expenditure ?

We got pumped out of Europe so we never made much from that

[simplythebest 11,453]

Charles Green salary = £360,000

Brian Stockbridge salary = £200,000

Imran Ahmad salary = £350,000

Total salary = £910,000

All on 100% bonus schemes

Source : IPO document

Brian Stockbridge confirmed on Thursday night that the bonus was for winning Division 3 and NOT for promotion from the SFL

Salary = £910,000

Bonus = 100%

Bonus = £910,000

That post is from Thelawman.

That's where near on 2 million pound was skunked and probably the same if not more for the management teams wage and bonus and that's near on 4 million possibly just over.

So that's us down to 18 million.

I didn't think ipo money was to be used for running costs?

I think they did say some would be used for general working capital purposes.

[RFC55 109,421]

Strange how the press are correct this time, yet we are always calling them bullshiters when it suits.

No minstral. Usually one paper running a story and only one can be dismissed, when they all pick up on it and our own financial director admits it basically then it's highly unlikely to be false