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 The Rangers bleeds money
Topic Originator: OzPar  
Date:   Sat 2 Nov 10:26

The neverending lunacy that is "The Rangers" will need a financial injection of £10 million in investment before the end of the season after the club announced an annual loss of £11.3 million.

The loss for the year was down from £14.3 million in the previous campaign, but the Ibrox outfit said it needs fresh funding to see the team through the term.

The annual report of the Rangers International Football Club plc showed a 63 per cent increase in turnover to a total of £53.2 million but operating expenses also rose by around £20 million to £58.2 million.

“At the time of preparation, the forecast identified that the group would require £10 million by way of debt or equity funding by the end of season 2019/2020 in order to meet its liabilities as they fall due," the annual report said.

The first tranche of funding is required from investors in November 2019, this month.

However, the report added ominously that the final amount required is dependent "on future football performance, European football participation and player trading amongst other factors.”



Post Edited (Sat 02 Nov 10:27)
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 Re: The Rangers bleeds money
Topic Originator: Mr Mac  
Date:   Sat 2 Nov 12:22

My favourite quote regarding the report is
"The financial year under review was again a positive one," said chairman Dave King.

Totally deluded.

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 Re: The Rangers bleeds money
Topic Originator: MDCCCLXXXV  
Date:   Sat 2 Nov 12:28

They have upped their income, but is that only because they aren't paying Mike Ashley strip money?

East End Park is a symbol of all that is DAFC.
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 Re: The Rangers bleeds money
Topic Originator: BlackLight  
Date:   Sat 2 Nov 14:33


It's odd that the reincarnation is repeating the same mistakes that lead to the death of Rangers.

It's insane that the fans are being duped into paying over the odds for shares in zombie Rangers. Someone should go to jail, but they won't.
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 Re: The Rangers bleeds money
Topic Originator: MDCCCLXXXV  
Date:   Sat 2 Nov 18:13

Go to jail, do not pass go, do not collect £10m.

East End Park is a symbol of all that is DAFC.
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 Re: The Rangers bleeds money
Topic Originator: jake89  
Date:   Sat 2 Nov 18:31

They'll make a tidy sum when Morelos goes. He's been making noises in the press about interest from elsewhere and wanting to move to a more competitive league.
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 Re: The Rangers bleeds money
Topic Originator: londonparsfan  
Date:   Sat 2 Nov 20:39

Quote:

Mr Mac, Sat 2 Nov 12:22

My favourite quote regarding the report is
"The financial year under review was again a positive one," said chairman Dave King.

Totally deluded.


He's not, he knows exactly what he's saying and doing. Anyone that believes that on the other hand especially when it comes to the next share issue...
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 Re: The Rangers bleeds money
Topic Originator: EEP  
Date:   Sat 2 Nov 20:54

Morales to be sold in Jan to balance the books? I don’t see any other option.
I was taken back when they signed Kent was it for 5m?
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 Re: The Rangers bleeds money
Topic Originator: TAFKA_Super_Petrie  
Date:   Sat 2 Nov 21:02

Wage bill must be huge as well, really big squad particularly midfield.

---------------------------------------------------------------


"People always talk about Ronaldinho and magic, but I didn't see him today. I saw Henrik Larsson; that's where the magic was."
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 Re: The Rangers bleeds money
Topic Originator: londonparsfan  
Date:   Sat 2 Nov 21:15

Quote:

MDCCCLXXXV, Sat 2 Nov 12:28

They have upped their income, but is that only because they aren't paying Mike Ashley strip money?


I think European football has a big bump up on revenue.
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 Re: The Rangers bleeds money
Topic Originator: Indiapar  
Date:   Sat 2 Nov 21:19

Football is dying on its feet in Scotlanf. Fresh ideas needed.
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 Re: The Rangers bleeds money
Topic Originator: wee eck  
Date:   Sat 2 Nov 22:09

So you keep telling us.
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 Re: The Rangers bleeds money
Topic Originator: Indiapar  
Date:   Sat 2 Nov 22:17

The people who run football in Scotland appear to have their heads in tge sand. The game is about more than Rangers and Celtic. For all the issues that Dunfermline have been through at least we are not having to borrow money to stay afloat.
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 Re: The Rangers bleeds money
Topic Originator: Livingston Par  
Date:   Sat 2 Nov 23:00

Hope they go bust again
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 Re: The Rangers bleeds money
Topic Originator: parsfan  
Date:   Sat 2 Nov 23:19

Quote:

Livingston Par, Sat 2 Nov 23:00

Hope they go bust again


Again? Do you mean "as well"?

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe is ruled by chance and indifference
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 Re: The Rangers bleeds money
Topic Originator: Livingston Par  
Date:   Sat 2 Nov 23:32

Whatever way you want to say it. It’s Rangers mk 2...same ground, same name, same colours, same fans, same horrible bigoted songs
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 Re: The Rangers bleeds money
Topic Originator: sadindiefreak  
Date:   Sun 3 Nov 00:19

Quote:

EEP, Sat 2 Nov 20:54

Morales to be sold in Jan to balance the books? I don’t see any other option.
I was taken back when they signed Kent was it for 5m?


Kent was £6.5m with another £1m add ons.
So will cost 7.5m in the end.
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 Re: The Rangers bleeds money
Topic Originator: General Zod  
Date:   Sun 3 Nov 05:42

Rangers and their mutant fans have somehow become even more intolerable since their initial demise a few years back. I still struggle to comprehend how they’ve managed that? Scotland’s shame indeed.
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 Re: The Rangers bleeds money
Topic Originator: DBP  
Date:   Sun 3 Nov 07:58

Saw morales was linked with aston villa!?!?

Post Edited (Sun 03 Nov 07:59)
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 Re: The Rangers bleeds money
Topic Originator: jwd1103  
Date:   Sun 3 Nov 20:30

They're all in to stop 10 in a row at 8 in a row ie this season.

Reading analyses of these accounts on other sites there's also a need to find £26m in the next year to pay tranches of transfer fees for players they've already signed. This is a club/company/clumpany/ whatever this unique entity in world football may be , trading while insolvent. What say the SFA ? As usual SFA. No other club would get away with this.
The statement that they NEED european qualification money breaches FPP rules - yet the SFA do nothing. Why ? Because they say they do what the clubs want... which means all other clubs, including ours, are ok with this. Remember our club,which went through a completely different form of administration (but the same as other clubs, Hearts, Motherwell, Livingston etc) from old Rangers, can see what's going on & do nothing, along with every other club, is astonishing. Huge losses every year in their 7 year life. They are holed below the water line , all aboard Sevco 2 . Get your insight on,Scottish Football from sources that are not bought and paid for. Try scottish football monitor, sitonfence, philmacgiollabhain.
Remember the Daily Record saying Craig White was an off the scale Billionaire...yeah how did that work out...Sevco have to sell at least Morellos and also Tavernier in the next transfer window to balance the books.
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 Re: The Rangers bleeds money
Topic Originator: renegade master  
Date:   Sun 3 Nov 22:15

I know a company working in Ibrox at the moment doing a large project, they have insisted on weekly payments on a Friday afternoon for the weeks work.
No payment and they don't turn up on the Monday. They work one week on one week off. Can you guess which weeks they get paid?

They were the only company to take on the work despite asking a good few, but they took it with that deal or no deal.
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 Re: The Rangers bleeds money
Topic Originator: jake89  
Date:   Sun 3 Nov 23:24

Is it exterminators, RM? If so, it's typically only once a fortnight that they need to clear Ibrox out.
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 Re: The Rangers bleeds money
Topic Originator: USMac  
Date:   Mon 4 Nov 18:31

Why would Sevco want to balance the books? Debts are irrelevant if you can find fresh funding.
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 Re: The Rangers bleeds money
Topic Originator: DulochConvert  
Date:   Mon 4 Nov 19:16

Are they not subject to FIFA financial control to be able to complete? Wouldn’t that be a reason to balance the books?
Interesting that these doesn’t include the 7m to Liverpool which was paid just after the year end, nor the potential 8m that is most likely to be due come the January court case. Can’t see Morales coming close to setting these additions let alone fixing the negative running costs or servicing there dept. The New New Rangers 2021 coming to a Seaside Ground near you soon!
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 Re: The Rangers bleeds money
Topic Originator: renegade master  
Date:   Mon 4 Nov 19:38

Spending will have been based on one thing alone this season!
Stopping Celtic doing 9 in a row.
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 Re: The Rangers bleeds money
Topic Originator: vasco  
Date:   Tue 5 Nov 18:12

It will be pretty funny if they go down the liquidation tubes like the previous Ibrox club. The trouble though is that the new rules in the SPFL will now allow Rangers III straight into the premiership and their moronic fans will immediately be coming out with the same drivel like going for 55 and Rangers then, now and forever.
Rangers died and the Pars survived.
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 Re: The Rangers bleeds money
Topic Originator: Lambo1885  
Date:   Wed 6 Nov 08:47

"The trouble though is that the new rules in the SPFL will now allow Rangers III straight into the premiership "

What are the new rules?
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 Re: The Rangers bleeds money
Topic Originator: wetherby  
Date:   Wed 6 Nov 11:07

interesting comparison with the punishments handed put to Saracens Rugby Club.
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 Re: The Rangers bleeds money
Topic Originator: Connor560  
Date:   Wed 6 Nov 15:24

The Below is a tweet from Martin van Kruip who worked for UEFA.


Rangers officials have appealed privately to UEFA against the 10,000 seat closure, fearing that the resultant drop in ticket revenue could cause the Club to enter administration.

C'mon Ye Pars!
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 Re: The Rangers bleeds money
Topic Originator: eastendalloapar  
Date:   Wed 6 Nov 15:37

I would doubt that but as a well known shop said every little extra helps.

matt forsyth
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 Re: The Rangers bleeds money
Topic Originator: Playup_Pompey  
Date:   Wed 6 Nov 16:49

"The Below is a tweet from Martin van Kruip who worked for UEFA."

you believe he worked for Uefa when you look at his tweet history?

As Ghandi once announced, never believe everything you read on the internet.

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 Re: The Rangers bleeds money
Topic Originator: AdamAntsParsStripe  
Date:   Wed 6 Nov 16:50

Quote:

Connor560, Wed 6 Nov 15:24

The Below is a tweet from Martin van Kruip who worked for UEFA.


Rangers officials have appealed privately to UEFA against the 10,000 seat closure, fearing that the resultant drop in ticket revenue could cause the Club to enter administration.


That is a troll tweet from a Celtic fan if ever I saw one lol

If you only turn up to moan then do it elsewhere
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 Re: The Rangers bleeds money
Topic Originator: vasco  
Date:   Wed 6 Nov 22:35

To answer Lambo, my understanding is that if a Premiership club experiences an insolvency event, they lose whatever points - I can't remember how many but it's more if there's been another event in the past 5 years. However they can continue as a club, just change the ownership, if someone chooses to buy in. Effectively turning each club into a franchise. So if the club after points deduction is still not relegated they stay in the league they were in.
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 Re: The Rangers bleeds money
Topic Originator: renegade master  
Date:   Wed 6 Nov 22:50

So achieve a position where a point deduction will not lead to relegation, enter admin, dismiss those on a contract you don't want at the same time the "new owner" honours/issues contracts to keep staff and carry on as per...........
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 Re: The Rangers bleeds money
Topic Originator: OzPar  
Date:   Wed 6 Nov 23:42

That is quite unbelievable. It is depressing to think that the Scottish football authorities have seen fit to lessen sanctions rather than toughen them against financially irresponsible clubs.

I am not a fan of the “too big to fail” philosophy. It only encourages further abuse, as we have seen with the large banks post the financial crisis... and with disturbing regularity, from a succession of directors of The Rangers.
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 Re: The Rangers bleeds money
Topic Originator: DulochConvert  
Date:   Wed 6 Nov 23:57

I have hope in humanity, The New New Rangers would be voteted back to Western League. Personally I would be happy they kept there titles, previous 2nd, 1st and championship they earned it (well out paying everyone with money they don’t have, but hell thats the Rangers style)
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 Re: The Rangers bleeds money
Topic Originator: Stanza  
Date:   Thu 7 Nov 01:07

The SPFL Rules set out the arrangements for points deduction and can be read here. See Sections E1-E16 on pp 44-47.
https://spfl.co.uk/admin/filemanager/images/shares/pdfs/067_324__rulesofthespflasat19_january_2018_1518083042.pdf

The deductions are 15 points in the season of the Insolvency Event and 5 points in the following season.

If the Insolvency Event is within 5 years of the previous one, the points deductions are increased to 25 points and 15 points.

_________________

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http://www.easyfundraising.org.uk/causes/parsalive
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 Re: The Rangers bleeds money
Topic Originator: OzPar  
Date:   Thu 7 Nov 01:55

I can't help but think that it is still not enough, Stanza.
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 Re: The Rangers bleeds money
Topic Originator: Playup_Pompey  
Date:   Thu 7 Nov 11:30

how long between livi's financial events that resulted in demotion to L2?

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 Re: The Rangers bleeds money
Topic Originator: Stanza  
Date:   Thu 7 Nov 12:57

"I can't help but think that it is still not enough, Stanza."

Bear in mind that the rules are written so that they apply to all 42 clubs in the SPFL and to all four divisions.

For most clubs in most seasons, a 15/25 point reduction would mean relegation or at least a dramatic tumble down the table and/or missing out on promotion.

_________________

Support Pars United (costs you nothing) when you shop online with 3100 retailers and insurance firms etc, including Argos, Amazon, John Lewis, Tesco, LV=, O2 etc.
http://www.easyfundraising.org.uk/causes/parsalive
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