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

[ayrshireger 523]

Anyone got a coy of the paper or the article yet, the sun charges you on iPad now a quid a month. Cunts

Not got a copy, but here is the backpage.

[minstral 5,375]

What?! The same Walter who sat back during Murray's reign and never said a word.

The same Walter who came back to the Club to provide clarity but ended up leaving in an even bigger cloud of smoke.

Walter decided to leave, it's no his job to tell us what's going on now. If he was going to speak about the situation he should have already done so.

But as i am always getting told, that Walter would tell the fans what is going on.

[RFC55 110,653]

So if we sack the board and bring in mini and a few others to replace Greenco, does anyone have any idea what minico are gonna do to sustain us and secure further investment?

Are JM and DK gonna invest the millions that seem to be needed?

Genuine questions and not just a dig BTW, because in all of this, all the back and forth, all the in fighting, all the backstabbing and leaking have they ever said what they can do to make Rangers better financially?

Because if thy get rid or greenco, who are costing maybe 3m?...according to the math on here, that's only gonna last another 3 months. Obviously assuming PM and FB are gonna work for free and not take a wage, if they take a wage that eats into the 3m a wee bit too.

Gogzy I don't see that as a dig and believe it or not I was going to start a thread about how Murray or anyone for that matter could come in and make it better for us.

I genuinely think its not a change of board we need but a big cash investment (again) but I'd be interested to hear what TLM or forlanssister think about it

[OLE SUPER WILBERT 2,475]

And that is why i think it is lies.

You think Stockbridge lied?

[RFC55 110,653]

And that is why i think it is lies.

Well it's quotes from Stockbridge mate

[weejoseph 2,773]

In what way?

Didn't we have to pay a lease on it every year?

[forlanssister 157]

Do we not use Ibrox?

postage etc there must be a hell of a lot of letters to send out then

It was more cost effective to hire the Armadillo, They had to build and take away a stage in the main stand and install and remove lifts etc.

In what way?

The cost of the leasing deal with the bank subsidiary was quite erroneous and had many years to run (iirc).

[cushynumber 25,178]

If this turns out to be true about running loses often, then it just makes the decisions to sign Foster, Smith and give new deals to the likes of Cole/Mitchell even more baffling....

not if you are on 100% bonus to win the division it doesn't.

[BlueSuedeSambas 54,893]

What a fucking shambles.

Too many people have been running with this sort of story now for it not be have some element of truth to it.

[blue No11 235]

Yes. Also, takes weeks to produce any financial statements.

Im sure they could leak one,everything else gets leaked when it suits them. I still think we could get a simple financial statement pretty quick. One click of a button on my laptop and I always know where my business is at through our accounts package.

[JM1872 3,776]

I fear we may be up the shitter again. Words fail me.

The first 7 months of trading saw us rack up £16.6m in expenditure and that was just the first 7 months of the financial year. We had revenue of only £9m for the same period resulting in a £7m operating loss. With the directors ridiculous salaries, which they should be shot for, and the unnecessary wage bill of £7m for the players alone and other stuff our costs for this year will be way beyond the £20m mark.

What the board seem to have done is splashed money clearing up the mess. Whyte mortgaged off everything he could which deprived us of income whereas Green & co. appear to have restructured everything. They've spent £2.8m repaying football debts, they've spent probably £2m on the contracts that were mortgaged off, they've spent £750k on Ally's contract, they've spent god knows how much on directors salaries - probably over £2m when you add it up with bonuses etc, they've spent round £2m+ on releasing Boca, Goian and Sandaza when it would have been wiser to sell them, they've spent £1m on the investigation into Green's conduct, they've spent money on WiFi, the big screens and god knows what else. Add all that up, including Albion and Edmiston House at £2-£3m, annual wage bill of £7m and somewhere around £3m in total for the management and coaching staff, the cost of operating Ibrox and Murray Park etc you're looking at possibly even reaching £30m in costs after revenue is taken in.

That is staggering.

This is Stockbridge's statement in the interim results following the IPO, I've put in bold the points to note and keep well remembered ahead of the latest set of accounts:

It was clear from Rangers' league status this season there would be a resultant impact on turnover at the Club. It was essential, therefore, that costs were substantially reduced and this was achieved. Operational costs have been reduced to £15.7m for the reporting period, compared with approximate previous costs of similar periods of £22m in the then Rangers Football Club plc (now in liquidation).

Reductions in costs have been largely achieved through the review of commercial contracts and a reduction in player payroll costs. Overall operational costs are expected to continue to decline as further cost saving initiatives and efficiencies take effect. Work continues on further enhancements to the quality and sustainability of revenue streams.

Overall, we have achieved these operational changes whilst retaining the fabric and structure of the Club which is necessary given the scale of our operations. I am glad to report that, as of the date of this announcement, only £251,000 remains to be paid in relation to the £2.8m of football debts we undertook to pay in the SFA licensing agreement, and these amounts are not due to be paid until October 2013. The Company has reported a profit of £9.5m which should be viewed in the context of recognising a negative goodwill credit of £20.5m. The Company is expected to report an operating loss at year end in accordance with the business plan and broader growth strategy.

A revaluation process was undertaken during the period; Ibrox stadium and Murray Park were revalued at £40m, and intangibles were valued at £19m on acquisition.

Revenue from retail sales in the seven month period was disappointing, mainly due to the financial position of JJB Sports and a lack of stock. New retail and manufacturing arrangements are now in place with Sports Direct, Puma and Blackthorn Cider which will generate enhanced retail revenues. However, the impact of this is likely to be felt in the next financial year, ending 30 June 2014, due to slippages in delivery times. It is likely that the first shipment of shirts will occur after the current year end which will have a negative impact on sales for the year ending 30 June 2013. However, in the next year retail sales will be improved as two major kit launches will occur in the same year. We are particularly pleased that match day revenues have exceeded expectations.

The Club continues to progress with legal action against players of the Rangers Football Club plc who objected to the transfer of their contracts to Rangers Football Club Ltd. Further details of this action will be communicated in due course.

We have embarked on a programme of infrastructure improvements at Ibrox. Initial investment has been made in groundskeeping equipment and expenditure on LEDs and stadium jumbotrons is underway. The Club has also acquired the Albion car park and Edmiston House which will be redeveloped to improve the match day experience for supporters and both these acquisitions are expected to produce near term returns on investment through future revenues.

The raising of £22.2m capital is an excellent outcome from the flotation of the Company on AIM and the funds, along with the £13m of other share capital provide the Club with a sound financial footing going forward. It is essential, however, that the Club does not over-extend itself in future as such an approach is unsustainable, regardless of the playing environment. (Bit of a funny statement that)

The priority for the Company to date has been to stabilise the business and put in place solid financial foundations for the future. This work will continue and investors and supporters can have confidence in the development of operations as the Club progresses with its core business of playing football.

Brian Stockbridge

Finance Director

4 March 2013

With all that said, and what was said at the fans meeting, we will soon see if the truth has been spoken. I sincerely hope they carried out a lot of maths work before excessive purchases and they know deep inside that this was going to happen and it won't affect the club.

One way to look at it is from now until January we will bring in around £10m+ as well as more money from Puma etc, as well as the new kits which have just launched. However, costs do need to be severely cut if we cannot raise our revenue but as the days and weeks roll on it is increasingly likely we require new investment already which makes me extremely angry. Either Mr. Green better get out there and seek that investment ASAP or him and his cronies can fuck off for good.

[minstral 5,375]

You think Stockbridge lied?

So tell me why if true was Ally allowed to sigh all the new players. If true all the board and manager should be chased out of Ibrox, if they allowed players to be signed, knowing that we were in money trouble. I still do not believe the story.

[cushynumber 25,178]

But as i am always getting told, that Walter would tell the fans what is going on.

Walter has been party to it, then realised where it's heading, quits and tells everybody to back the guy who will recapitalization the club. You couldn't make it up.

[gogzy 31,195]

Gogzy I don't see that as a dig and believe it or not I was going to start a thread about how Murray or anyone for that matter could come in and make it better for us.

I genuinely think its not a change of board we need but a big cash investment (again) but I'd be interested to hear what TLM or forlanssister think about it

I'd love for both the current, and possible board to show us how they intend to sustain us and take us forward.

Instead of all the fighting pish, tell us what your plans are and let us make a real desision, not one based on mudslinging, and leaks and backroom wrangles.

[Zappa 358]

But as i am always getting told, that Walter would tell the fans what is going on.

As I said to nvager earlier, Walter's side of the boardroom (Malcolm Murray, Phil Cartmell & Walter) would appear to have been leaking info out for the fans via the press for months. That's why Richard Wilson, Keith Jackson and others have known for months and months that the IPO cash was running out fast and have been writing about it. People will say why were they leaking via the press, but as directors there's no other way without breaking rules.

[RFC55 110,653]

So tell me why if true was Ally allowed to sigh all the new players. If true all the board and manager should be chased out of Ibrox, if they allowed players to be signed, knowing that we were in money trouble. I still do not believe the story.

It's quotes from Stockbridge mate

[simplythebest 11,453]

Paul Murray's plans have generally involved putting us into debt.

[OLE SUPER WILBERT 2,475]

So tell me why if true was Ally allowed to sigh all the new players. If true all the board and manager should be chased out of Ibrox, if they allowed players to be signed, knowing that we were in money trouble. I still do not believe the story.

Why would Stockbridge lie?

[Paisleybear1872 136]

That protest on Saturday is looking tame now, eh.

[RFC55 110,653]

Was just searching for some stuff there and found this article from March on STV website. We only made £8 million from season ticket sales, anybody else find that a bit low?

I'd say its quite low mate yes

[bombaybadboy08 15,660]

I zoomed in on that back page, Stockbridge has given them a breakdown of where the money has went to ease our fears.

'We aren't running in the red'

That's all that's on the back page, the good shit must be inside.

[FernandoR20 2,133]

The Shottish Shun thelling lhies

[RFC55 110,653]

That protest on Saturday is looking tame now, eh.

Yip cunts should have been left hanging from the rafters

[Ronald de Bear 44]

Stockbridge has to go !

[Der Hammer of Der Gods 421]

Jesus christ is this garbage ever going to end. dunfermline were in admin what was on the back pages? rangers. hearts are in admin and could go bust what's on the back pages ? rangers what does jim traynor do for his wages I thought he was going to do something about these halfwits.