Big Rangers Administration/Liquidation Thread - All chat here!

[lithgierose]

Mock the protest.

Mock its characteristically half-assed nature.

Mock where the Newco is headed.

Don't use the *** word.

It's neither pleasant or necessary.

TAX

[dave.j]

A lot of folk on twitter saying Nacho used to do a better job of the guided tour.

[dave.j]

Certainly grown in numbers in the last two years.

[bairney]

So Real Madrid have won their tenth European Cup, but yet fail to display any stars on their jerseys. All other teams in Europe display a star above their crest for each success in winning the premier prize in Europe. I'm perplexed to why The Rangers choose to show five stars above their new crest. Can any bears enlighten me why this is the case?

[MEADOWXI]

So Real Madrid have won their tenth European Cup, but yet fail to display any stars on their jerseys. All other teams in Europe display a star above their crest for each success in winning the premier prize in Europe. I'm perplexed to why The Rangers choose to show five stars above their new crest. Can any bears enlighten me why this is the case?

FFS - The 5stars are simply a stolen nonsense. Traditionally Italian teams have worn one star for every 10titles won in Italy, look at a Milan or Juve shirt to confirm.

The old Rangers stuck them on when they hit 50 titles as a GIRUY from the blue filth to the green filth as they could have 5stars and the other lot only 4.

The green lot have a star for a European cup win, something other clubs sometimes do, dependent on how important their current impotence makes them need to boast about the past.

Even international teams do it. Those just south of Scotland have one for 1966 ( believe the Russian linesman has one on his shirt too ).

The stars will disappear when the green half hit 50 titles and they will both be able to claim an Italian tradition and both have 5stars.

The stars are an old firm point scoring bollocks and should be ignored by anybody not interested in old firm point scoring crap

[MEADOWXI]

Wonderful rant, I didn't know Aberdeen were part of the old firm..

Think they can be covered by reference to former European success......meaning the green half are covered by old firm crap of informationally correct rant and the dwelling on former euro glories whilst currently impotent in Europe.

Your welcome

[Kamenitza]

FFS - The 5stars are simply a stolen nonsense. Traditionally Italian teams have worn one star for every 10titles won in Italy, look at a Milan or Juve shirt to confirm.

The old Rangers stuck them on when they hit 50 titles as a GIRUY from the blue filth to the green filth as they could have 5stars and the other lot only 4.

The green lot have a star for a European cup win, something other clubs sometimes do, dependent on how important their current impotence makes them need to boast about the past.

Even international teams do it. Those just south of Scotland have one for 1966 ( believe the Russian linesman has one on his shirt too ).

The stars will disappear when the green half hit 50 titles and they will both be able to claim an Italian tradition and both have 5stars.

The stars are an old firm point scoring bollocks and should be ignored by anybody not interested in old firm point scoring crap

Instead of one of them having five stars on the front of their jerseys it would be more appropriate if they both had nine on the back of their shorts.

To pander to those who care how they have divvied up the spoils they could have five on one arse cheek and four on the other.

Edit to remove a double other.

Edited May 25, 2014 by Kamenitza

[Romeo]

Wonderful rant, I didn't know Aberdeen were part of the old firm..

Those 2 stars are the amount of times someone in Aberdeen has bought someone else a pint.

[bennett]

Post deleted, how many times will the little bigot get away with it though?

Well AWRA got banned for using the T word, it does make you wonder.

[stonedsailor]

The stars on badges are all shit in this country. Our FA does not award stars to signify anything so Rangers and East Fife are just adding decoration. UEFA award a multiple winners badge and a holders badge to clubs who have reached certain achievents but do not award stars. Celtic and Aberdeen are at it too.

At least Man City are honest about their's. The stars make the badge look continental

[BossHogg]

Well AWRA got banned for using the T word, it does make you wonder.

It's a timspiracy.

[BossHogg]

I will post here so that tedi can red it, do it ted it is better than going back through my history and giving me one for a month old post

Can we send the police round to his house please, he hasn't posted for 5 mins,,,

[graeme_p]

Were any figures confirmed for the number of season tickets sold ?

[flyingrodent]

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

[Granny Danger]

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.

[Fife Saint]

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?

[WhiteRoseKillie]

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.

[somecallmetim]

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.

[WhiteRoseKillie]

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.

[Bloomogganners]

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.