graeme_p Posted May 25, 2014 Share Posted May 25, 2014 Were any figures confirmed for the number of season tickets sold ? 0 Quote Link to comment Share on other sites More sharing options...
flyingrodent Posted May 25, 2014 Share Posted May 25, 2014 (edited) Were any figures confirmed for the number of season tickets sold ? Not yet, but we do have indications that it isn't any where near as many as hoped for... New crisis for Rangers over season ticket sales as questions asked about club's ability to repay short-term loans http://www.dailyrecord.co.uk/sport/football/football-news/new-crisis-rangers-over-season-3604574 TERMS agreed by the Ibrox club in February state that it must repay shareholder George Letham £1.5 million as soon as that total has been raised through season ticket sales - but the businessman is yet to receive a reply from chief executive Graham Wallace. RANGERS face a fresh crisis after it emerged they may not have raised enough money from season ticket sales to pay off the short-term loans they took out to keep the wolf from the door. The under-fire board borrowed £1.5million in February on the promise the cash would be paid back the instant ticket sales hit that figure. However, by close of business on Friday night, shareholder George Letham – who took over the £1m share of the debt from Laxey Partners in March – had not received a penny. MailSport understands the wealthy businessman has been waiting more than a week for a response from chief executive Graham Wallace to an email questioning how many tickets HAD been sold. Fans group the Sons of Struth kept up the pressure on the Ibrox regime with a postcard protest yesterday at the Ibrox ticket office. And it’s clear the organised boycott of season books by the Union of Fans, allied to a wider distrust of the board, is biting home. The club have been offering season tickets for six weeks, with renewals closing a week ago and the general public now being allowed to buy. But the terms of the Inter Creditor Agreement, signed in February binding Letham and club chairman Sandy Easdale together, state Rangers must settle the debt the minute they have enough cleared funds to do so. Letham took on the sum from Laxey Partners after outrage at the hedge fund’s terms that would have earned them a whopping £150,000 in interest or shares over six months. In an announcement to the Stock Exchange, the club claimed all other terms of the existing agreement with Laxey would remain. Which means that Section 6.1 stands. It states: “The borrower shall repay the Easdale debt and the Laxey debt on such Business Day as the Company has received cleared funds in an amount equal to or exceeding the aggregate principal amount of all then outstanding loans from: 6.1.1 the sale of season ticket monies for the 2014-15 football season or 6.1.2 a placing or rights issue or other form of debt or equity fundraising of the company or any member of the Rangers group, or whichever is first to occur and in any event no later than September 1 2015.” The club have been coy over how many tickets have been sold but estimates put the figure at about 14,000. However because credit company First Data withdrew their facility, the club had to give fans a chance to pay up their season books in four instalments. Therefore, they will only have taken in a quarter of the cash from the fans who have chosen that option. It’s believed they would need the full amount to have been paid for at least 5000 tickets to meet the terms. Either way, the number is less important than the actual income. Contractually, when the target of £1.5m is hit, the money MUST go straight to Letham and Easdale, leaving the club with the same liquidity problem they had when they took the loans in the first place. A Rangers spokesman said: “The loans will be repaid in accordance with the terms of the agreement in a timely and proper manner. We are in regular dialogue with Mr Letham and Mr Easdale.” Edited May 25, 2014 by flyingrodent 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted May 25, 2014 Share Posted May 25, 2014 Were any figures confirmed for the number of season tickets sold ? There won't be any official confirmation because Wallace and his cronies are afraid to admit to the success of the 'boycott'. For all their bluster and bravado the unwillingness of the Rangers chief executive and board to be open about their affairs is indicative of the shit state they are in. It's a case of damned if they do and damned if they don't. 0 Quote Link to comment Share on other sites More sharing options...
Fife Saint Posted May 25, 2014 Share Posted May 25, 2014 So they queued up and held red cards at an empty building with the business operators sunning themselves in Benidorm? What was the point of that? 0 Quote Link to comment Share on other sites More sharing options...
WhiteRoseKillie Posted May 25, 2014 Share Posted May 25, 2014 i forgot about the letham 1.5m loan, that's some of this answered over where the st money goes it seems blatantly obvious this sum has not been reached through season ticket sales, the rangers supporters have been taking some flack for so called inactivity or useless protests etc, seem the so called experts on here are wrong, this protest is working and starving the spivs of cash. of course no one will have the cojones to apologise And there is the rangers/reality problem in a nutshell. A few short months ago, this money was needed to keep the lights on. Now, red cards, spivs and "gie's oor club back"* are the most important thing - not to the ones who are owed a not-insubstantial sum, they're not. Sorry, berrz, no sugar-daddies (or even splenda-daddies) around atm. *"back"! An even more inappropriate use of the word than wee Bendy's battle-cry. 0 Quote Link to comment Share on other sites More sharing options...
somecallmetim Posted May 25, 2014 Share Posted May 25, 2014 If you want your club "back" why don't you buy it? You might have heard of the concept, you pay for the thing you want rather than stamp your feet and demand to be given it. Just a thought. 0 Quote Link to comment Share on other sites More sharing options...
WhiteRoseKillie Posted May 25, 2014 Share Posted May 25, 2014 tis not for sale there would need to be someone with a large amount of shares at the club willing to sell first Aye. it's a shame right enough - pity the "global family" didn't chip in with pennies each when there was a chance to buy the club. Instead, they let it die, while waiting for a white knight to rescue "their" club without having to expend any of their money or energy doing a damned thing about it. And now the dollies are getting thrown again. Fúck 'em. Spoilt children. 0 Quote Link to comment Share on other sites More sharing options...
Bloomogganners Posted May 25, 2014 Share Posted May 25, 2014 2. Significant Accounting Policies Basis of accounting This condensed set of financial statements has been prepared in accordance with accounting policies consistent with International Financial Reporting Standards (IFRSs), as adopted by the European Union. Other than the Group's property which has been revalued, the financial information has been prepared on the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for the assets. The principal accounting policies adopted are set out below. Going concern The Directors are required to prepare the half yearly financial report on the going concern basis unless it is inappropriate to presume that the Group will continue in business. In satisfaction of this responsibility the Directors have considered the Group's ability to meet its liabilities as they fall due. The Group meets its day to day working capital requirements through existing cash facilities, loan facilities and finance leases. Management information tools including budgets and cash flow forecasts are used to monitor and manage current and future liquidity. The Directors acknowledge that there is a level of uncertainty in the general economic environment which may impact the trading position of its customers and suppliers. The Directors have undertaken a recent and thorough review of the Group's forecasts and the associated risks. These forecasts extend for a period beyond one year from the date of approval of these financial statements. The extent of this review reflected the current economic environment, the Club's current and projected trading and position in Scottish football. The forecasts make key assumptions, based on information available to the Directors, around: • Season ticket sales - the biggest single source of income. The critical assumptions made are o the timing of season ticket renewals in line with the Club's historic experience before the turbulent events of recent seasons; o Progressive increases in season ticket prices as the club moves towards the Scottish Premiership, while still remaining below those when the Club was previously in the SPL; o Modest increases in season ticket numbers for 2014/15 and beyond; and o Sensitivity analysis has been applied to the volume and timing of the season ticket income received, and under these more pessimistic assumptions the Group would continue to operate with positive cash balances. • Matchday income, which is projected to grow steadily as the Club progresses through the Scottish League structure. • Increased sponsorship and other commercial income reflecting customer confidence returning, increased hospitality demand and new commercial offerings that build on the power of the brand and the strong and loyal fan and customer base. • The timing and value of dividends and cash received from Rangers Retail Limited, a subsidiary undertaking. • Further cost management measures to reflect the Group's operations returning to a more stable operating environment. • The forecast cash flows do not assume any amounts generated from player sales. The current and future financial position of the Group, its cash flow and liquidity position have been reviewed by the directors. The forecasts show positive cash balances throughout the twelve month period from the date of approval of these financial statements. After applying what the directors consider to be reasonable downside scenarios to the key assumptions underpinning the forecasts, the Directors are satisfied that the Group would continue to operate within the existing cash balances, working capital facilities and contracted finance lease arrangements, and therefore the Group is able to meet its liabilities as they become due. The Directors are aware of recent public comment suggesting fans defer, withhold or ring fence their season ticket monies. These comments are particularly unhelpful as they have the potential to destabilise and damage the Club - if this were to happen, it would force the Club to operate in a manner different from every other Football Club, where the receipt of season ticket monies in advance of games taking place is an established and accepted part of the normal working capital cycle of a Football Club. The projections the Directors have prepared show that the Group is able to operate with positive cash balances throughout the twelve month period from the date of approval of these financial statements under a normal season ticket renewal cycle. In the event that the receipt of season ticket monies was delayed, or only made available to the Group under a "pay as they play" approach, the Directors would require to seek alternative short term sources of finance to bridge the period between normal season ticket renewal and the season ticket funds being received by the Group. While the Directors believe that this would be possible given the significant unencumbered asset base of the Group, they are firmly of the belief that this would not be in the best interests of the Group's long term success. These conditions result in the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern and therefore that the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, after making the enquiries and considering the uncertainties referred to above the directors have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing this report. 0 Quote Link to comment Share on other sites More sharing options...
Bloomogganners Posted May 25, 2014 Share Posted May 25, 2014 When did this chance exist? From day it entered administration till Green got in there. 0 Quote Link to comment Share on other sites More sharing options...
Bloomogganners Posted May 25, 2014 Share Posted May 25, 2014 It was a stich up, Green was always going to get in there, unless everything CF posted was a fake and all these meetings never took place, one thing we did not have was neutral administrators. He would have run a mile had fans been organised and put the funding in place, can't blame him for your fans failure at the time. 0 Quote Link to comment Share on other sites More sharing options...
muttonhumper Posted May 25, 2014 Share Posted May 25, 2014 Big turnout. I do believe they are saved.... Want the club back? Here. You'll need this. 0 Quote Link to comment Share on other sites More sharing options...
Bing (2) Posted May 25, 2014 Share Posted May 25, 2014 It was a stich up, Green was always going to get in there, unless everything CF posted was a fake and all these meetings never took place, one thing we did not have was neutral administrators. Charlotte Fakes ? :D Next you will be quoting the disgraced provo lawyer 0 Quote Link to comment Share on other sites More sharing options...
Bing (2) Posted May 25, 2014 Share Posted May 25, 2014 Another non story from obsessed Charlotte. From what I am hearing Thomson (winding up order in 10 days ) is not going to touch Fakeover with a barge pole, seemingly all the material is illegal, non admissible and falls foul of levison. anyway when does Charlotte reveal something worthwhile?, so far its all pretty weak. ETA to add, even the Scottish Rangers Football monitor refused all the stuff Charlotte had when they were offered it, must be toxic. Repeat, Tedi bigging up Charlotte :D 0 Quote Link to comment Share on other sites More sharing options...
WhiteRoseKillie Posted May 25, 2014 Share Posted May 25, 2014 Maybe the fans could have done something when.. Well, maybe they could have done something sometime, instead of laughing off any concerns about their financial stability as "chonspiracies and 'tic wet dreams", bickering among their various fan groups as to who were the better "rangers men", and wrapping themselves in that lovely warm 54WATP comfort blanket. But they didn't. So rangers died. So sad, never mind. 0 Quote Link to comment Share on other sites More sharing options...
BossHogg Posted May 25, 2014 Share Posted May 25, 2014 Right, so you think everything CF as come out with is true or false? eh...yes. 0 Quote Link to comment Share on other sites More sharing options...
BossHogg Posted May 25, 2014 Share Posted May 25, 2014 Repeat, Tedi bigging up Charlotte :D He's all over the place here its embarrassing. CFs ffs! 0 Quote Link to comment Share on other sites More sharing options...
Bing (2) Posted May 25, 2014 Share Posted May 25, 2014 Right, so you think everything CF as come out with is true or false or are you just going to troll me to death with old posts? Did these meetings between CG and CW take place months before anybody had ever heard of chuckles? Assuredly they took place, and yes it was a stitch up from before day 1. But my sort of point (just finished work and getting napper round the last two days worth of lolz) is that snafu etc think by denying the spivs income they will get ''their club'' back. It is hard to make comparisons, as shoite in the En@lish Leagues like Bolton etc get more financial income Tedi, so I suppose the nearest to what you aspire to compete with is Celtic. They are valued at what? £60M+? Any stock market valuation does NOT include players. So to drive the spivs out, you will need to pony up at least say £40M. Which is roughly what it would take going by the share price 12 months ago. Then, you would need to rebuild the asbestos ridden hovel, and buy a squad of what the Horde would demand as 'Rangers quality'. Say another £30M to compete with Celtic , for one years sake. So denying the spivs more income will lead to what exactly? Them caving in and accepting a few £££ when they have alternatives, such as sale/leaseback (which would end the charade), or being even more (St)ruthless. Which again would finish it. So the voracity of Charlotte is an irrelevance to Rangers, but by damn it is important to the rest of Scottish football, in respect of we need to see how far the corruption of our Governing bodies lies. Now that, is what must be rooted out. Rangers are gone, done and dusted. 0 Quote Link to comment Share on other sites More sharing options...
Bing (2) Posted May 25, 2014 Share Posted May 25, 2014 (edited) Which was my point, yes the Rangers fans did nothing but turn out in large numbers which only suited these crooks but even if someone had come up with an Ann Budge type solution there was no way D & P would have ever accepted it, we could have offered £20M they would have knocked back with some complex reason. Honestly I have no idea what is going to happen next, whatever the end game is, starving them of cash will make it happen sooner, A ST boycott like this was certainly not part of their plan, that much is for sure. And see detail in previous post , £20M wouldn't be enough. Which comes back to Craigy and not chuckles. And if back to Craigy, it isn't a big leap to the pension fund killer. But also, it was the 'myth' of it all. ''Large numbers'' is true, but only because the kiddies prices were about £60/80 a season wasn't it? (plus the freebies given away). It was all about maintaing an illusion. If the prices had remained 'fairly' high (needed to keep in line with the expenditure ), there would have been sub 30,000. Possibly sub 20,000. And that would have declined the second year due to the dross on offer. Tedi, I am only doing this from memory, but the Div 3 season when the Record etc trumpted ''full house'' re season sales, I think the figure of £12M was mooted and splashed as such by the compliant journos. The accounts said however iimr , circa £6M. None of the Horde questioned this, just more of ''Full hoose = WATP'' crap. Edited May 25, 2014 by Bing (2) 0 Quote Link to comment Share on other sites More sharing options...
Bing (2) Posted May 25, 2014 Share Posted May 25, 2014 Gate receipts and hospitality £13.2M, think its safe to say the Rangers fans did turn out and in numbers way above the nonsense that was branded about on here. That was two years Season books Tedi, as Charlie said in advance........... 0 Quote Link to comment Share on other sites More sharing options...
Bing (2) Posted May 25, 2014 Share Posted May 25, 2014 (edited) First year was........ 3. Revenue 7 month period to 31 December 2012 £'000 Gate receipts and hospitality 6,411 Sponsorship and advertising 381 Broadcasting rights 391 Commercial 552 Retail 941 Other operating income 848 9,524 £6.4M.......... Eta, I think it is safe to say Tedi will need to be washing the car for the rest of the day again ........ Edited May 25, 2014 by Bing (2) 0 Quote Link to comment Share on other sites More sharing options...
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