SS-18 ICBM Posted October 30, 2012 Share Posted October 30, 2012 Aye you have a wet dream moment about it Bendy. Rangers have set the bar for any team going into liquidation to do a "Rangers newco" keeping all their history n aw that best way to ditch the debt and carry on ! you know what I mean Scotland's Shame haven't realised the fact of the matter yet, the fact being that if their corrupt club was permitted to continue as though nothing happened, every club/company (not just sports) in Scotland and perhaps UK would do the same as they have done resulting for certain in a bankrupt Scotland and perhaps UK (for the workers and unemployed but not the wealthy) with the knock on effect being all non-essential public services closing down and 100s of 1000s of redundancies if not millions. It could easily effect the benefit system too which so many of them and their families depend upon today no less than others to survive. Orcs = Stupid b*****ds. 0 Quote Link to comment Share on other sites More sharing options...
hellbhoy Posted October 30, 2012 Share Posted October 30, 2012 He's not been to a game in two years !! Diehard bheggar Even more astounding is that every ragers fan on here has a season ticket and goes to all the away games as well as the cup games 0 Quote Link to comment Share on other sites More sharing options...
wunfellaff Posted October 30, 2012 Share Posted October 30, 2012 So is this you admitting your "greatest ever ranger" is a criminal? Well his statue was not used in the manner it was commisioned for 0 Quote Link to comment Share on other sites More sharing options...
~~~ Posted October 30, 2012 Share Posted October 30, 2012 I can't help but wonder if you are actually a genuine moron or just a complete p***k. My guess is both. Wasn't your "greatest ever ranger" a member of the board for many years? So, just like the fans he sat back and did nothing while the club he claimed to love died. What was it you done again to help save the club? Nothing? Paying back the creditors yet since you are now debt free? 0 Quote Link to comment Share on other sites More sharing options...
SS-18 ICBM Posted October 30, 2012 Share Posted October 30, 2012 Even more astounding is that every ragers fan on here has a season ticket and goes to all the away games as well as the cup games They have been taking Jackanory lessons from their fake messiahs for too long, the funniest part is that they are thick enough to think that anyone on here apart from them actually believes their pish. 0 Quote Link to comment Share on other sites More sharing options...
~~~ Posted October 30, 2012 Share Posted October 30, 2012 He's not been to a game in two years !! Diehard bheggar Really I haven't? Must have been someone else gong in my place Anyways, I know how much you love to drag Celtic into your own clubs embarrassments, But don't you wonder why Mr.Rangers and the fans sat back and done nothing to stop the club from dying? If I was a rangers fan, is have a red face for allowing that to happen without so much as a whimper You did try and save the club, didn't you? 0 Quote Link to comment Share on other sites More sharing options...
hellbhoy Posted October 30, 2012 Share Posted October 30, 2012 Wasn't your "greatest ever ranger" a member of the board for many years? So, just like the fans he sat back and did nothing while the club he claimed to love died. What was it you done again to help save the club? Nothing? Paying back the creditors yet since you are now debt free? Yip they started debt free by paying off all the footballing debts from the oldco which means they were born into debt first 0 Quote Link to comment Share on other sites More sharing options...
Claymores Posted October 30, 2012 Share Posted October 30, 2012 I can't help but wonder if you are actually a genuine moron or just a complete p***k. My guess is both. Where is BZ Bear Bendy? We're awaiting his sage views again, 0 Quote Link to comment Share on other sites More sharing options...
Claymores Posted October 30, 2012 Share Posted October 30, 2012 (edited) Nope ! You just don't go , gives you more time to think all things Rangers . How many Euros are you in for Mason? The impending floater I mean? I know that some mates from Aachen, Duess, Wiesbaden, Frankfurt Krefeld and Duisburg have all committed the maximum to Chas for a laugh in multis (that's beyond my personal £160k commitment). They await their prospectuses. I've almost floated Chuckie Cheese for you. Edited October 30, 2012 by Claymores 0 Quote Link to comment Share on other sites More sharing options...
hellbhoy Posted October 30, 2012 Share Posted October 30, 2012 How many Euros are you in for Mason? The impending floater I mean? I know that some mates from Aachen, Duess, Wiesbaden, Frankfurt and Duisburg have all committed the maximum to Chas for a laugh. (that's beyond my £160k commitment)They await their prospectuses If Chucky gets more actual cash than Minty's floatation I'll be fucking amazed we all know they orcs are mean fuckers. 0 Quote Link to comment Share on other sites More sharing options...
SS-18 ICBM Posted October 30, 2012 Share Posted October 30, 2012 (edited) Of Assets and Liabilities TSFM Much has been written on this blog, and previously on RangersTaxCase.com regarding the assets and liabilities of the former Rangers football club – however little has been done to look at the rest of the SPL and Scottish Football as a whole. Was it just Rangers making ridiculous 'asset' valuations or is there other clubs in real danger of following RFC to the grave? Before we get started a quick explanation on the figures. They were all taken from the latest accounts as appearing on Duedil.com, so some are from 2010's figures. I have also 'tidied' them up a little so that they are easily understandable, removing things such as minor stock holdings. The big story in the Rangers case was how over valued their 'assets' were, and especially the freehold property. To remind you Rangers Balance sheet in 2010 was as below: While on paper the net assets look very healthy, we all now know that the 130m of Fixed assets was in fact worth just 5.5m in the real world. If we change that 130m to the real life figure their balance sheet would have looked like this… So, how do the rest of the SPL compare? This is a list of 'fixed assets' for each club as noted in their last accounts. Predictably, Celtic lead the way, but a quick scout through the notes reveals the freehold properties are valued at 45m. Dundee prop up the table, but with no freehold properties to their name, this is not so surprising. One thing to note is the difference in value of the assets held by Aberdeen and Kilmarnock compared to clubs like Dundee Utd and St.Johnstone – this is important when we look at their balance sheets. As you can see above, I have broken the balance sheet down into a few categories. We have the fixed assets we just discussed, followed by the cash in bank. Next is the debtors (money owed to the club within the next year) and then the creditors (money the club owes to others within the next year). A crude calculation gives us the Net Current assets or liabilities. A red number means that club owes more money in the next 12 months than they have in the bank, or are owed. We then move on to long term creditors (money that is owed but not immediately – more than 1 year away) which will constitute loans from banks, or from shareholders. In the case of Hearts, who have the highest amount of long term debt in the SPL, 98% of this debt is owed to the parent company UAB, controlled by Romanov. This debt attracts a further 4.5% interest a year, while UAB also hold a floating charge over the clubs assets. The final column gives us the Net assets or liabilities, taking into account the fixed assets of the company. As we saw earlier, Rangers had posted Net assets of 70m, only achieved by their ridiculous freehold property valuation. Are Hearts and Aberdeen doing the same? In the case of Hearts they include in their fixed assets 159,000 worth of 'Memorabilia'… in addition to 15m of freehold property, while Aberdeen state in their accounts that the valuation of Pittodrie is a 'rebuild' value rather than a likely realistic sale price. By declaring such high values on their balance sheets though, it produces a net asset figure, rather than a large liability that, in reality, is the case. Kilmarnock and Hibs to a lesser extent would also see their figures turn red with asset valuations downgraded. What is heartening to see though, is two clubs with net current assets, in St.Johnstone and Motherwell. Saints were rescued from near bankruptcy in the 80's by Geoff Brown and have lived within their means ever since. Motherwell likewise have been in financial trouble in recent times, but the club appears to have stabilized and is now living within their means on and off the park. If another insolvency event hits an SPL club, the MSM will blame it on the demise of Rangers. What can be clearly seen here though is the damage was done years ago to clubs like Hearts, Dundee Utd and Aberdeen – it will be a battle to get back to the kind of financial position that clubs such as St.Johnstone currently enjoy. However, the message that Saints are currently sending out is that its possible to have a competitive team without breaking the bank, as long as others aren't artificially inflating wage demands. The accounts I used to get the above figures are downloadable here: I was unable to find for Inverness – if anyone can find please let me know and I can add them to the table. When time permits I will extend this to include SFL clubs as well. Ibrox and it's dependency on UEFA money in general and CL money in particular goes way back to 2007/08 when SDM brought Walter Smith back and those in the know in the game i.e the SFA knew Rangers situation and rather than step in covered it up.http://en.wikipedia.org/wiki/Campbell_Ogilvie http://en.wikipedia.org/wiki/Gordon_Smith_(footballer_born_September_1954) In 2006 Rangers published debt was £6M and EBT contributions had peaked at £9.19M. Within a year there was a dramatic reversal with debt rising to £16.5M and EBT contributions almost halving to £4,998,000. Its as if the EBT bill had either arrived or was known to be on its way. In 2008 debt was up to £21.6M and EBTs down again to £2.29M and in 2009 debt peaked at £31M with EBTs flattening at £2.3M. What pushed the debt up was the transfers in totalling £29M in 2007/08 plus wages of course, offset to a degree by £19M from 3 player sales for good money. The players brought in at huge expense then won three titles on the trot which brought in CL money and allowed the debt to come down to the £17/£18M that Lloyds then recovered when CW stepped in. The point is that without CL money the debt would have continued to rise and Lloyds would have insisted that players be sold, so the whole survival business model was predicated on access to CL money from 2007. Given the lengths the SFA went to save them after administration I am more convinced than ever that Rangers should not have been granted a UEFA licence to play in the 2011 competition because of unpaid tax (the known wee tax bill) but the Gods of football finally got tired and intervened, in the shape of Malmo and Maribor. Had Rangers qualified CW could have gone back to the Ticketus well for advances on the CL money to keep the club afloat as it was paying wages it did not have the money in the bank to pay. As it was they lost and as CW said himself last night, with no money coming in, the only way he could keep them going was to hold on to the tax and NI due and use that to pay wages of players that should never have been recruited in 2007/08 in the first place. Had Smith's transfer spend of £29m gone to servicing the then small £6m debt and the core tax bill of £24M at that time, Rangers would never have gone to the wall. I am convinced BDO will tell this tale eventually and it will be part of the historic facts of their Downfall story rather than rumour or conjecture. The men guilty of crimes against Rangers AND Scottish football are SDM and Walter Smith along with every Rangers supporter who gloried in their financial stupidity. . Edited October 30, 2012 by SS-18 ICBM 0 Quote Link to comment Share on other sites More sharing options...
Claymores Posted October 30, 2012 Share Posted October 30, 2012 If Chucky gets more actual cash than Minty's floatation I'll be fucking amazed we all know they orcs are mean fuckers. He told us there is £21 mill committed so that's an easy £11 mill in his back pocket no bother even if we only give half - I took an excerpt of that bit of the radio interview as a soundbite and relayed it to his 'investors from Germany' - they all fell about laughing! More seriously is Chuckie or the Mysterons promising to underwrite the disaster waiting to happen? 0 Quote Link to comment Share on other sites More sharing options...
SS-18 ICBM Posted October 30, 2012 Share Posted October 30, 2012 (edited) He told us there is £21 mill committed so that's an easy £11 mill in his back pocket no bother even if we only give half - I took an excerpt of that bit of the radio interview as a soundbite and relayed it to his 'investors from Germany' - they all fell about laughing! More seriously is Chuckie or the Mysterons promising to underwrite the disaster waiting to happen? Behind closed doors, when he is not being a media whore, and without his fake persona, Chucky looks extremely concerned about that question. Edited October 30, 2012 by SS-18 ICBM 0 Quote Link to comment Share on other sites More sharing options...
bennett Posted October 30, 2012 Share Posted October 30, 2012 If Chucky gets more actual cash than Minty's floatation I'll be fucking amazed we all know they orcs are mean fuckers. A bit of a no win situation here, nice to see you covering all bases as they say. 0 Quote Link to comment Share on other sites More sharing options...
bennett Posted October 30, 2012 Share Posted October 30, 2012 4000 at the piggery tonight ! See the usual suspects in here haven't made the game again ! Still working away boys ? Jesus H christ thats :lol: :lol: :lol: :lol: :lol: 0 Quote Link to comment Share on other sites More sharing options...
Bairnforever1992 Posted October 30, 2012 Share Posted October 30, 2012 A bit of a no win situation here, nice to see you covering all bases as they say. Unlike legendary Craig Whyte sold Minty moonbeams for £1. 0 Quote Link to comment Share on other sites More sharing options...
bennett Posted October 30, 2012 Share Posted October 30, 2012 Unlike legendary Craig Whyte sold Minty moonbeams for £1. Aye ok 0 Quote Link to comment Share on other sites More sharing options...
Claymores Posted October 30, 2012 Share Posted October 30, 2012 A bit of a no win situation here, nice to see you covering all bases as they say. I respect that you're not wasting your childrens' inheritance on it Benny the Ball. Do you think it will even go ahead? If he has only got £21 mill committed, I know or am responible for getting £1m committed, guess KDS have done many millions, What Chucky Cheese has said is quite contradictory - he's flush, doesn't need the money and Cevco is rising in value - exactly the time you don't have a floater. 0 Quote Link to comment Share on other sites More sharing options...
hellbhoy Posted October 30, 2012 Share Posted October 30, 2012 Jesus H christ thats :lol: :lol: :lol: :lol: :lol: You'll need to add another 10K But rest assured Benny next Wednesday Parkhead will hold the largest attendance in Scotland for the whole season about 60,000 fans will be there and that's 10K more than Ibrokes have got so far this season 0 Quote Link to comment Share on other sites More sharing options...
hellbhoy Posted October 30, 2012 Share Posted October 30, 2012 A bit of a no win situation here, nice to see you covering all bases as they say. ? ! ? did you read my post correctly ? I'll bet Green has all his bases covered when it goes tits up over the water in Govan 0 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.