printer Posted November 4, 2015 Share Posted November 4, 2015 I haven't seen the latest accounts but the highlights make interesting reading. The turnover has dramatically fallen but is this due to less loans being taken on (do loans count as turnover?) Turnover will be down primarily because season ticket sales and crowds generally being lower, I'm guessing (not having seen the financial statements or done any actual analysis). 0 Quote Link to comment Share on other sites More sharing options...
The DA Posted November 4, 2015 Share Posted November 4, 2015 Following on from some recent events, here's an update on the broad-brush position, as I understand it. (It was suggested to me in another context that "an Ashley loan" might be a useful way of viewing things. In the notes below, 1AL = £5m. I have said before that I don't think claiming to know details to several significant digits serves much purposes, so this is "one stage broader-brush" than I was using previously.) 1. Accounts published Predicted shortfall of 0.5AL this season. Going concern statement by board appears to indicate "delight" that funding is now secured. Auditors emphasis of matter on the going concern basis of the accounts, defers to directors' statement. That's similar to previous years, except for the "delight" part. I don't know who that's supposed to convince, but it probably doesn't matter too much. The auditors do not, of course, claim to have satisfied themselves that funds are in place or will definitely be provided when available: they just say that the basis is justified by the board through their statement. So again, on getting through the next year, you pays your money and you takes your choice. The 0.5AL predicted shortfall is the average of the £2-3m shortfall range that appeared in a press article recently. It would be foolish to believe the figure in that article wasn't provided by the board (directly or indirectly). From the recent statement about director-supplied funding, the at-bank and burn-rate positions are reasonably clear: there is about 1AL prior to taking additional loans around now, and the burn-rate in excess of non-ST, non-loan, non-rights issue (etc.) income is very close to 1AL/4 months. Debt before new loans is about 2AL. Projected debt at start of 2016 STs sales period is around 4AL. 2. BTC appeal in favour of HMRC Seems like a big deal to many on both sides; but there is no effect that I can see on Rangers finances. 3. EBT fine tribunal Apparently due to report soon. Although this will no doubt cause much BRALT frothing, the total exposure is a mere 0.08AL. No significant effect on finances and equivalent to under 2 weeks of burn rate. Summary Although there has been a lot of gossip and ammo for points-scoring, I don't think that recent events have materially affected the financial position of Rangers, or even what we know about that position. They are 2AL in debt and need to take that to about 4AL to get through to ST sales in 2016. The predicted shortfall for the current season is clearly very far out. I don't know why that figure has been given, but it will certainly be revised as it is palpably out by miles. Perhaps that increase in shortfall will be spun to be linked to some events that have yet to unfold, but as of today, the number given is so far out as to "not even be wrong", and is easily checked from the available data. 4. There's also the possibility of another 1AL to cover Green's court bill. 0 Quote Link to comment Share on other sites More sharing options...
The_Kincardine Posted November 4, 2015 Share Posted November 4, 2015 4. There's also the possibility of another 1AL to cover Green's court bill. There isn't. 0 Quote Link to comment Share on other sites More sharing options...
MONKMAN Posted November 4, 2015 Share Posted November 4, 2015 Skint. 0 Quote Link to comment Share on other sites More sharing options...
The DA Posted November 4, 2015 Share Posted November 4, 2015 There isn't. Your info from the same source as the EBT appeal? 0 Quote Link to comment Share on other sites More sharing options...
The_Kincardine Posted November 4, 2015 Share Posted November 4, 2015 Your info from the same source as the EBT appeal? Just common sense 0 Quote Link to comment Share on other sites More sharing options...
The DA Posted November 4, 2015 Share Posted November 4, 2015 Just common sense Your auditors allow for the possibility. Mr C Green legal fees In early October 2015, a claim was lodged at the Court of Session in Edinburgh for declarator that, in brief, RIFC plc should meet any reasonable professional costs and expenses incurred by Charles Green in respect of his defence of criminal proceedings commenced against him by Her Majesty’s Advocate. These costs and expenses, whilst almost impossible to quantify at this time, could run to several hundred thousand pounds. The claim is being defended. 0 Quote Link to comment Share on other sites More sharing options...
The_Kincardine Posted November 4, 2015 Share Posted November 4, 2015 4. There's also the possibility of another 1AL to cover Green's court bill. There isn't. Your info from the same source as the EBT appeal? Your auditors allow for the possibility. OK so it's tedious as f**k to constantly correct The Diddies but such is one's burden. Shuggy's new unit of measure is that 1AL=£5M. I really wish you could learn to read. 0 Quote Link to comment Share on other sites More sharing options...
The DA Posted November 4, 2015 Share Posted November 4, 2015 Oh, I imagine Green could easily run up a 5M tab. 0 Quote Link to comment Share on other sites More sharing options...
mythstoliveby Posted November 4, 2015 Share Posted November 4, 2015 OK so it's tedious as f**k to constantly correct The Diddies but such is one's burden. Shuggy's new unit of measure is that 1AL=£5M. I really wish you could learn to read. No, now - don't get upset. I know you're suffering a bit of cognitive dissonance such now, but hang in there...... 0 Quote Link to comment Share on other sites More sharing options...
printer Posted November 4, 2015 Share Posted November 4, 2015 OK so it's tedious as f**k to constantly correct The Diddies but such is one's burden. Don't pretend you don't enjoy it. 0 Quote Link to comment Share on other sites More sharing options...
The_Kincardine Posted November 4, 2015 Share Posted November 4, 2015 Don't pretend you don't enjoy it. It's a duty rather than a delight 0 Quote Link to comment Share on other sites More sharing options...
The DA Posted November 4, 2015 Share Posted November 4, 2015 It's a duty rather than a delight Duty? Isn't that a kind of tax? 0 Quote Link to comment Share on other sites More sharing options...
The_Kincardine Posted November 4, 2015 Share Posted November 4, 2015 (edited) Duty? Isn't that a kind of tax? Yup.....as in you tax my patience whenever you try and be smart but I feel a duty to reply. Edited November 4, 2015 by The_Kincardine 0 Quote Link to comment Share on other sites More sharing options...
Buzz Killington Posted November 4, 2015 Share Posted November 4, 2015 (edited) How much do you get for winning the Premiership these days? If the answer could be in AL that would be splendid. edit to answer for myself Premiership: Winners £2.68m; 2nd £1.92m; so approx 0.536AL for 1st or 0.384AL So they will still need ALs in the Premiership unless they qualify for the group stages of CL or EL. Edited November 4, 2015 by Buzz Killington 0 Quote Link to comment Share on other sites More sharing options...
WhiteRoseKillie Posted November 4, 2015 Share Posted November 4, 2015 (edited) How much do you get for winning the Premiership these days? If the answer could be in AL that would be splendid. edit to answer for myself Premiership: Winners £2.68m; 2nd £1.92m; so approx 0.536AL for 1st or 0.384AL So they will still need ALs in the Premiership unless they qualify for the group stages of CL or EL. And there's the problem. Without cash in reserve*, there is simply no way they will ever get to the CL group stages. There is no way, in fact, they will ever challenge for the Scottish title (most Premiership Diddies get the occasional game in the EL preliminary rounds, which often cost the club to fulfil), unless they divert some income to the Officials' Fund. Right. Royally. Fucked. Although I reckon they may finally get that elusive Challenge Cup this year - IF they're still trading come Final Day. *Maybe if they'd used young players and loan signings in the seaside leagues? Or got a manager who didn't do as much damage to the balance sheet as he did to the pie stocks? Ah, hindsight, you paragon of clarity! Edited November 4, 2015 by WhiteRoseKillie 0 Quote Link to comment Share on other sites More sharing options...
akredz Posted November 4, 2015 Share Posted November 4, 2015 Where's MRF-BUFF-OON with his handy insights into how well off Sevco apparently are ? 0 Quote Link to comment Share on other sites More sharing options...
Rovers_Lad Posted November 4, 2015 Share Posted November 4, 2015 Duty? Isn't that a kind of tax? Yep something your club didn,t bother about 0 Quote Link to comment Share on other sites More sharing options...
The_Kincardine Posted November 4, 2015 Share Posted November 4, 2015 Where's MRF-BUFF-OON with his handy insights into how well off Sevco apparently are ? No need. We've had Norman's 4 paragraphs of shame. His ignorance sums up the general view of the diddies who post about Rangers. 0 Quote Link to comment Share on other sites More sharing options...
mythstoliveby Posted November 4, 2015 Share Posted November 4, 2015 No need. We've had Norman's 4 paragraphs of shame. His ignorance sums up the general view of the diddies who post about Rangers. Self-deprecation. Excellent. 0 Quote Link to comment Share on other sites More sharing options...
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