Big Rangers Administration/Liquidation Thread - All chat here!

[kildog]

Rangers cheated, then they died.

The current tenants at Ibrox don't seem to be very good.
[emoji38]

[bennett]

Tanks n shit.

 

Sports Direct boss Mike Ashley will have to pay half the Scottish FA's legal bill for his failed bid to reverse their decision to fine him for breaching dual ownership rules.

Judge Lord Brodie ruled at Court of Session that the businessman needs to pay 50% of the footballing governing body's costs.

He made the decision following a short hearing at court in Edinburgh on Friday morning.

 

Lord Brodie said the exact circumstances of the case meant Mr Ashley should not have to pay all of the costs incurred in the case. 

The judge also ruled Mr Ashley should have to pay an additional fee to SFA to meet the cost of specialist legal advice which they had to take from a solicitor who specialised in sports law.

[Stag Nation]

2 hours ago, bennett said:

T

 

The judge also ruled Mr Ashley should have to pay an additional fee to SFA to meet the cost of specialist legal advice which they had to take from a solicitor who specialised in sports law.

This means that the SFA normally employ legal advisors who don't specialise in.sports law. Why does this not surprise me?

[weirdcal]

This means that the SFA normally employ legal advisors who don't specialise in.sports law. Why does this not surprise me?

Cause its company law they have needed of late...

[bennett]

2 hours ago, Elbhoy said:

Just as well he has another 6 years of easy money from u idiots then.

Hiya densboy.

[muirkirk nil]

Sevco accounts out   http://www.dailyrecord.co.uk/sport/football/football-news/rangers-half-losses-33million-announce-9147515

18:15, 28 OCT 2016 UPDATED 18:21, 28 OCT 2016
BY GARY RALSTON
DAVE KING revealed turnover increased to £22.2 million to the year ending June 2016, an increase of almost £6 million on the 12 months previously.

RANGERS have halved their losses to £3.3 million as Dave King’s board continue their re-building of the Ibrox club.

The Light Blues’ chairman revealed turnover increased to £22.2 million to the year ending June 2016, an increase of almost £6 million on the 12 months previously.

The Rangers wage bill for the current campaign is up 60 per cent at £10.3 million - and King has vowed to make further funds available to make his club competitive again.

However, King conceded Rangers will continue to require investor support to bankroll the business until it reaches break even or even profitability.

Wealthy shareholders, principally the Johannesburg-based businessman and motoring tycoon Douglas Park, forwarded the club £2.9 million this month and have promised another £850,000 in March to see it through to the end of the season.

King again admitted the club’s retail partnership with Sports Direct, which netted Rangers just £100,000 in the last 12 months, is hampering its financial recovery.

However, King insists there is no long term threat to the future of the club as additional funding from existing shareholders has been promised, including those player transfers.

King said: “Further funding may be required during the 2017/18 season, the quantum of which is dependent on future football performance and European football participation.

“The board of directors has received undertakings from certain investors that they will provide financial support to the group and have satisfied themselves as to the validity of these undertakings and that the individuals have the means and authority to provide such funding as and when it is required.

“The directors have supported the management team each time the transfer windows open and currently Rangers have 11 new players despite my previous statements that we only anticipated five to seven additions.

“Understandably, it can take time for the new additions to mould into a team and react to the elevated challenge of playing in the Premiership.

“This club cannot stand still or lose ground and the board will continue to back the manager and his team. Plans are being put in place to continue the recruitment process to meet the greater challenges that lie ahead.”

Turnover was up on the back of increased average attendances from 34,000 to 44,000 last season and season ticket income rose by £3.2 million on the back of sales of more than 42,000.

Hospitality sales rose by almost £1 million and match ticket sales by £500,00, with the club also banking £1.1 million from its run to the Scottish Cup final and success in the Petrofac Cup.

Rangers have also invested heavily in new staff behind the scenes at Ibrox, while a programme of improvements has also been undertaken on the stadium after years of neglect.

King added: “The ultimate aim continues to be to regain our position as Scotland’s top club and one of the top clubs in Europe.

“A vast amount of time and resources have been tied up in dealing with the Sports Direct debacle. It remains our hope and belief that a solution to the issues we have with Sports Direct can be found and that this club will once again have a significantly profitable retail arm.

“This is a priority and we are determined to achieve an outcome whereby Rangers is treated with the appropriate levels of respect and value that were absent when the original deals were entered into.

“Despite the difficulty with our retail activities the overall indicators are encouraging. We are witnessing an improvement in trading and I am confident we are moving steadily towards the robust, sustainable business model I have always stressed we need to achieve.”

[Sting777]

“The board of directors has received undertakings from certain investors that they will provide financial support to the group and have satisfied themselves as to the validity of these undertakings and that the individuals have the means and authority to provide such funding as and when it is required.

 

When are the Sevconians gonna ask when Dodgy Dave is going to put his £30,000,000 in, rather than get it from "certain investors" at probably sky high interest rates. Don't know how the guy gets such an easy ride from the frothing masses at Ibrokes!

 

[bennett]

Just now, Sting777 said:

“The board of directors has received undertakings from certain investors that they will provide financial support to the group and have satisfied themselves as to the validity of these undertakings and that the individuals have the means and authority to provide such funding as and when it is required.

 

When are the Sevconians gonna ask when Dodgy Dave is going to put his £30,000,000 in, rather than get it from "certain investors" at probably sky high interest rates. Don't know how the guy gets such an easy ride from the frothing masses at Ibrokes!

 

I'll ask him the next time I'm over in south Africa, any other questions that you'd like me to ask?

[WhiteRoseKillie]

A quantum! I've missed them!

[dave.j]

King said: “Further funding may be required during the 2017/18 season, the quantum of which is dependent on future football performance and European football participation."

 

 

 

Sounds familiar.

[aDONisSheep]

Note 33 is worth a look.  Post balance sheet (i.e. during the summer) BrandRangers spent £3m building this unstoppable football machine we're all in awe of.

 

Money well spent imho (stop laughing at the back)!

 

Yours

aDONis

[Njord]

 

Almost £4m in the shitter

 

The non water bill will save them lol.

 

 

Utterly fucked company so they are.

[Njord]

http://rangers.co.uk/wp/wp-content/uploads/2016/10/Rangers-Reports-and-Accounts-2016.pdf

 

 

Accounts ^^^

[Cerberus]

So how many million will be put in Warbsies Warchest?

[Sting777]

8 hours ago, bennett said:

I'll ask him the next time I'm over in south Africa, any other questions that you'd like me to ask?

Why don't you ask him the next time he is at Ibrokes.....though you might have a very long wait, similar to the wait for him to invest his £30,000,000....lol. As usual, the frothing masses have been led up the garden path by a spiv? Nothing new there then!

[WhiteRoseKillie]

The main reason the Horde still support dodgy Dave is that, even in their dim and foggy brains, they acknowledge that it's him or fùck all. There simply aren't any more white knights queuing up to keep their fantasy alive. Mainly because there isn't all that much money to siphon from the gullible.

[NewBlue]

'The RIFC Group maintains cash to fund the daily cash requirements of its business. The Group does not have access

to any further banking facilities.

There are interest-free, unsecured loans with investors amounting to £10.025 million, whilst the Group also has a finance

lease agreement totalling £0.1 million.'

10 Million in debt and they say they might need another 4 to get through another season - what an absolute shambles.

[Dons_1988]

The numbers aren't bad at all to be fair.

10m in debt wouldn't even be that bad on lender debt but it's interest free and unsecured so they are fine.

The losses are reducing year on year as revenues increase.

Sorry to break that to you.

[bennett]

9 hours ago, Njord said:

http://rangers.co.uk/wp/wp-content/uploads/2016/10/Rangers-Reports-and-Accounts-2016.pdf

 

 

Accounts ^^^

A kunt^

 

[Thistle_do_nicely]

Any mention in the accounts how eye-bleedingly huge Jo£y Barton's signing fee was?

Think the losses aren't too bad tbf and going in the right direction but there's going to be a plateau in revenue eventually (with CL money a pipedream these days) and I don't think they've got anything like the same sort of high-value player registrations Celtic have. Tierney and Dembele combined in todays market could easily end up going for £20m+ in the summer, plus there's Simunovic and others.