His first signing will surely be Nick Walsh.Quote:
Originally Posted by heretoday
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His first signing will surely be Nick Walsh.Quote:
Originally Posted by heretoday
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Apparently Gerard was told that Ryan was going to have a word with him at Hampden so S#at himself and decided to get out of the country.
Fantastic :top marksQuote:
Originally Posted by EI255
Financially in the grubber again; no manager or backroom staff; ageing team that is struggling for form.
Bring on the semi-final :flag:
It doesn't do apostrophe's very well.Quote:
Originally Posted by Iain G
Who ever you are, what ever you are, what ever God you believe in, for this post you will forever be a legend in the legions of Sevco piss-takes. My hat doffs itself to you in admiration of your comic genius.Quote:
Originally Posted by EI255
11 out of 10 for that. Superb.👏👏👏Quote:
Originally Posted by EI255
A question about Van Bronkhorst and Gattusso.
Did either benefit from the EBT additional letters?
If so will Hector go after them if they work in the UK?
Think they both did.Quote:
Originally Posted by Moulin Yarns
It's irrelevant where someone lives. If HMRC think they have a case against them, they can pursue them.Quote:
Originally Posted by Moulin Yarns
Gattuso was relatively unknown up and coming player with Perugia then in Italy’s 3rd tier, so probably was not on any kind of big salary or dodged much tax when he came to Scotland. Amuses me that he only stayed one season and the hun hordes seem to think they were instrumental in his future World Cup winning career! He’s proved to be a decent manager for a while at Milan though, it would be a coup for them. Still think John Terry is a good shout :faf:Quote:
Originally Posted by JimBHibees
They should go for Dean Smith..hope they don't though
I'd rather they went for Delia SmithQuote:
Originally Posted by Is It On....
Yes, give it to John Terry. Someone who is easy to dislike.Quote:
Originally Posted by hibsbollah
Attachment 25272There’s a wee updated video of the BT interview doing the rounds and I can’t seem to post it on here. It’s absolutely comedy gold. I can’t stop watching it :faf::faf::faf::faf: This is a screenshot I’ve grabbed
At least now he will be able to talk to his pals at the BBC.Quote:
Originally Posted by greenlex
Haha! Yes!Quote:
Originally Posted by h1bs4life
Here it is.Quote:
Originally Posted by greenlex
https://twitter.com/FarvaRangers/sta...cGMucWGfg&s=19
New movie coming Three Billboards outside Ibrox.
https://www.glasgowtimes.co.uk/sport/19711849.rangers-replace-ibrox-sign-steven-gerrards-move-aston-villa/
:thumbsup::thumbsup: Love it.Quote:
Originally Posted by 007
Have been laughing at that video all day. No doubt video of the year 2021.
Seething and devastated :lolrangers:Quote:
Originally Posted by gbhibby
Warning over Rangers as a going concern:
AUDITORS have raised a ‘going concern’ warning over Rangers FC as it emerged the club has accumulated nearly £80m in losses since the Dave King regime change six years ago. http://www.heraldscotland.com/news/homenews/19715270.auditors-going-concern-warning-rangers-fc-cumulative-losses-reach-nearly-80m-six-years/?ref=appshr
I was just reading that Villa have spent £250 million over the last 4 seasons. I can’t find a total for Rangers, (a lot of their players were frees so they spent more in wages than in transfer fees) but it’s much much less than that.Quote:
Originally Posted by Brightside
There are still some deluded huns trying to say they are a bigger club than Villa though…
Quote:
Originally Posted by FilipinoHibs
"This Article Is Only Available To Subscribers"
Quote:
Originally Posted by Keith_M
AUDITORS have raised a “going concern” warning over Rangers FC as it emerged the club has accumulated nearly £80 million in losses since the Dave King regime change six years ago.
The “material uncertainty” warning came as the club confirmed a loan facility with an unidentified high street bank for the first time since Mr King wrested control of the club from Sports Direct supremo and former Newcastle United owner Mike Ashley.
The concern comes because the precise level of funding required for the club going forward was not clear.
It has emerged that the club has posted £77.25m in losses cumulatively over the years since Mr King and his Three Bears group of investors wrested control of Rangers from Sport Direct’s Mike Ashley in 2015.
That came three years after the club’s business under businessman Craig Whyte’s stewardship went into administration nine months after he took a majority shareholding for £1 while agreeing to take on millions in debt.
In the latest financial year, ending in June 2021, the club registered a loss of £24.15m – the highest annual deficit since businessman Charles Green and his Sevco consortium bought the assets of the club business in liquidation nine years ago for £5.5m. That is a rise of £6.6m on the previous year.
Last year’s £17.4m loss had itself gone up £6.3m from the previous year amid what the club called the “economic storm” of the Covid-19 crisis.
The only year since the club’s liquidated business was bought by Sevco that it turned a profit was in the 13 months to June 2013, when it was £1.192m in the black. Three years later, the club’s losses were at £3.3m.
According to a Rangers International Football Club plc (RIFC) board statement, it was forecast the club would require £7.5m by way of debt or equity funding by the end of season 2021/22 in order to meet its liabilities as they fall due with further funding of £0.4m required by the end of season 2022/23.
The first tranche of funding is required from investors before the end of this year.
But directors say the final amount required is dependent on future football performance, European football participation and player sales among other factors.
£5.25m loan
THE club has already sanctioned a sevenyear £5.25m loan facility provided by a lending group of shareholders including club vice-chairman John Bennett and non-executive directors Julian Wolhardt and Alastair Johnston. Interest was being charged at 6 per cent per year from July 31 and the cash injection is secured against the club’s Edmiston House, formerly home to Rangers FC’s Social Club and ticket office.
An agreement has been reached with club chairman Douglas Park and Mr Bennett where they will provide additional loan facilities as necessary to meet shortfalls.
In the club’s last financial year, some £21m in loans was pumped in by investors which was used as working capital.
The club also received £3.2m of public money allocated by Scottish ministers, as part of the Premiership Division Support Fund on an interest-free basis repayable over a period of 20 years.
The club believes the loan is considered to be “below market rate”.
The interest-free loans were given to 11 Premiership clubs last season to help mitigate the financial impact of matches being played behind closed doors.
And the Ibrox club topped the table when it came to clubs claiming emergency Covid loans from the Scottish Government.
But the club has also converted some £26m of shareholder loans into shares in the club while in the process diluting the value to others holding equity.
As of June 2021, there were loans with investors amounting to £10.3m and other commercial loans of £1.9m, while the company also has lease agreements totalling £1.7m.
The auditors have stated that the financial situation means there is a going concern uncertainty – something acknowledged by the board of the Scottish Premiership champions.
Auditor Greig McKnight for Azets Audit Services said there was a “material uncertainty related to going concern”, saying the precise level of funding required going forward was uncertain. The auditor said that in order to continue operations for the next 12 months, RIFC is dependent upon raising additional finance to cover projected cash shortfalls in seasons 2021/22 and 2022/23.
“The precise level of funding required is uncertain as it is inherently dependent on a number of key variables ...,” he said.
“The risk that key cash flows are not achieved as forecast, along with the absence of a binding debt facility for any shortfalls, indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern.”
‘Optimism’
DETAILS of the club’s financial position came as Steven Gerrard departed the Ibrox club to become the manager of Aston Villa in the English Premier League, having guided the club to a 55th Scottish Premiership title last season, finishing the league campaign undefeated. One fans group source said there remains cautious optimism about the future despite the club’s financial position and Mr Gerrard’s move.
“If we have people in the boardroom willing to put in the money, then I would hope that we would be okay. But I do wonder what will happen if that money is not there for any reason,” he said. “We don’t have the backing of any billionaire.
“What the supporters want is success on the pitch, and that has been delivered, but there is always that nagging question in the back of the mind about the price paid for success, that led the club into administration last time round. I just hope it never gets to that stage.
It comes as concern surfaced that a £5m loan from former chairman Mr King – still Rangers’ biggest single shareholder – has cost the club £832,000 in interest payments.
The loan from the 66-year-old South Africa-based executive, who stood down last year, came with an interest rate of 16%.
Past loans agreed with directors of the club including Mr King were set up interest free with the intention of converting them to shares in the club at a later date.
It came after Mike Ashley, who in 2015 had a near=9% share in Rangers, gave the
club money to help them remain solvent – but this came with a string of conditions which also included the right to shares in the Rangers Retail merchandise company, which meant he had control.
Merchandise
MR King said at the time that it was an “expensive so-called ‘interest-free’ loan” and that too much of the profits” from the merchandising were are “going to parties outside the club”.
After the Three Bears took control in 2015, Mr King said he had paid back a £5m emergency loan in full to Mr Ashley’s Sports Direct after it emerged security over the funding was being held over Murray Park, Albion car park as well as the club’s precious trademarks including the famous RFC scroll crest and the Ready logo.
Mr King was one of the leading figures in the Three Bears takeover when Rangers were in the Championship, the second tier of Scottish football, following the effects of financial implosion of the club in 2012. Before he took charge at Rangers, Mr King said he was prepared to stump up the £50m needed to compete with Celtic at the top of Scottish football, stating: “I actually believe whatever I invest in Rangers I will never get back. But I am happy to do it.”
Mr King’s loan, which was agreed two years ago with his South African-based Laird Investments (Proprietary) Limited, was repaid last month along with the interest payments.
The club said in announcing the repayment of the loan: “Replacing this high-interest, short-term borrowing with a long-term, lower-coupon structured facility provides significant benefit for the club.”
When Mr King stepped down as chairman of Rangers at the end of 2019 after four-and-a-half years at the helm, it left questions over how the club will be funded in the future – as his £5m loan emerged.
At that point, the Castlemilk-born Rangers fan’s Laird Investments company was quoted as providing loan facilities to meet a predicted shortfall in funding for that financial year “and further amounts that may be required”.
Last week, Mr King moved to set the record straight after “confusion” over what he called the “club’s recent incorrect statement” that a loan plus interest was repaid to “Dave King” which came after he said he was committed to any funding being on an unsecured and interest-free basis.
He said there were concerns that it appeared his loan had previously been unreported and had somehow compromised Rangers’ present financial position.
Interest rates
HE made clear that the original loan was provided by Laird, “a company in my family trust structure”, shortly before he stepped down as Rangers chairman and had to be approved by South African authorities. And he said that the South African authorities would not allow the loan to be made without it attracting a market-related interest rate.
Next bit
“I explained at the [2019] AGM that my regret at interest being paid was that it went completely against the undertakings given by me and my fellow directors (at regime change) not to take director fees and not to receive interest or take security for loans provided to the club,” he said.
“The hardened position of the SA authorities to investment in the club reinforced the timing of my decision to step down.
“I had achieved my personal objective of removing the club from its state of crisis and it had become in the best interest of the club to be guided by individuals in the UK who, I thought, were capable of taking the club forward in a normalised manner (Covid had not yet happened) and who were willing and able to continue to provide any funds that might be required on an unsecured and interest free basis – and thereby honouring the commitment that we collectively made to supporters and shareholders.“At the club’s request, the Laird loan that I disclosed was only payable after two years.
“The payment, including agreed interest, had been recognised in all cash forecasting throughout the prior two years and consequently had no impact whatsoever on the club’s anticipated financial position.”
Loan extension
MR King said he was approached to consider an extension of the loan period to assist with the future funding of the club but said that it was too late to get approval from the South African authorities to extend the upcoming due date.
He said he was happy to give a new loan, but that it would have to be on an interest basis “as required by the authorities”.
But Mr King said the club did not take him up on his offer.
The present chairman, Mr Park, has said the board acknowledged the current uncertainty over the level of additional funds that will be required and a lack of a binding debt facility indicates that a “material uncertainty exists which may cast doubt over Rangers International Football Club plc’s ability to continue as a going concern”.
But Mr Park has said that having secured the offer of further loan funding the directors believed that there is a “reasonable expectation” that the company will at all times have adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the board continued to adopt a “going concern basis”.
The Rangers board, in its latest overview, states: “When the current board and investors wrestled back control of our club in 2015, it saw before it a 10-year recovery project.
“Today, we consider that prognosis to be accurate.”
It's not a warning. It's drawing attention to the fact that the accounts have been drawn up on a Going Concern basis. The auditors conclude that that is appropriate.Quote:
Originally Posted by FilipinoHibs
It's a statement that has been made in every set of accounts for the past few years.
It says:-
We draw attention to information in note 1 in the financial statements concerning the Group’s ability to continue as a going
concern. In order to continue operations for the next 12 months the Group is dependent upon raising additional finance
to cover projected cash shortfalls in season 2021/22 and 2022/23. The precise level of funding required is uncertain as it is
inherently dependent on a number of key variables, including the achievement of forecast football performance and player
trading. As stated in note 1 the risk that key cash flows are not achieved as forecast, along with the absence of a binding
debt facility for any shortfalls, indicate that a material uncertainty exists that may cast significant doubt on the Group’s
ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Why do so many grown adults have cardboard cut outs of a football manager in their house?
Their business model seems that they need to qualify for the champions league group stage to offset their trading position each year. This is a risky strategy as Celtic have more money in the bank. They seem to be relying on borrowings each year, and recently offered shares for sale to raise funds. They will make money from the Europa league each game at home making in the Region of £2m in ticket sales plus prize money. Qualify for champions league they will probably wash their face not relying on borrowings each year, but it is still a risky strategy.
They have plenty assets now to sell at least one player in JanuaryQuote:
Originally Posted by gbhibby
Do you think they will get the money they expect to get for them?Quote:
Originally Posted by Billy Whizz
They've already had £3-4m for Gerrard that they didn't budget for. That's half of their cash requirements wiped out already.Quote:
Originally Posted by gbhibby
Agreed but that just makes the hole less deep. Selling their prize assets (ahem) in January will only weaken them in term of winning the title.Quote:
Originally Posted by CropleyWasGod
Will they get this paid in a oner though?Quote:
Originally Posted by CropleyWasGod
They might have to use some of that for compensation for a new managerQuote:
Originally Posted by CropleyWasGod
Not if it's GvB 😁Quote:
Originally Posted by Scorrie
Agree Crops that's a bonus for them. Do you think if any big transfer money comes in it will be spent on players or used to repay loans made to the club?Quote:
Originally Posted by CropleyWasGod
True! That could be why they want him. Cheaper!Quote:
Originally Posted by CropleyWasGod
Idiots never learn.
Stretched themselves to the limit to stop Celtic getting ten-in-a-row, which was achieved; but now it's more austerity. They need to watch every penny; the Gerrard compensation will be a massive relief to them.
The glib and shameless one charging them 16% on a loan is very satisfying.
They have no real friends and in a few cases they may well have gone through some form of ceremony or made commitments with their recyclable friend/partner.Quote:
Originally Posted by Pretty Boy
Sent from my SM-A750FN using Tapatalk
Quote:
Originally Posted by green day
Cheers
:aok:
Rupert Pupkin huns.Quote:
Originally Posted by Pretty Boy
Sent from my SM-A405FN using Tapatalk
It's like the Alan Partridge episode with his 'biggest fan'.Quote:
Originally Posted by Kato
"You're a mentalist" :greengrin
Rangers are being financed by a group of directors who know that they will never get their money back. There is a limit to how much they will be willing to write off. They stopped ten a row. They or their children will be back in a few years to stop the next ten in a row.
Imagine living next door to this lot. Weird behaviour from adults. A strange bunch.
https://twitter.com/triviatim/status...965000202?s=24
WTF have I just watched.Quote:
Originally Posted by The Rebel
X2Quote:
Originally Posted by gbhibby
Crap ending. Thought at very least they were going to set it on fire.Quote:
Originally Posted by The Rebel
There was £5.5m repaid to said directors during the year, with a further £7.4m converted to equity. The balance due to directors (3 of them) at the end of the year was £5.25m, for which there is a repayment plan over 7 years.Quote:
Originally Posted by FilipinoHibs
They are old timers, too, not some daft kids. In all seriousness, it makes you wonder about society.Quote:
Originally Posted by The Rebel
Quote:
Originally Posted by Hibernia&Alba
:agree:
I feel sorry for all the offspring of this lot. Being raised by morons is a less than ideal start in life.
Nonsense. My kids are doing just fine....Quote:
Originally Posted by jacomo
:greengrin
Rangers forums are just he same regarding Gerrard. Grown men who last week addressed him as 'Mr Gerrard' (the dignity), 'the gaffer' (the inanity) and Stevie G (the man love), are now calling him a snake, a rat, a liar. They are like teenagers dumped by their first girlfriend: "I never liked her anyhoo." It's uncomfortable reading, coming from adults.Quote:
Originally Posted by jacomo
In fairness to that lot it’s clear they’re just pissing about. Some of the other cardboard cut out videos where they’re being deadly serious are far more disturbing.Quote:
Originally Posted by The Rebel
To be a hun is disturbingQuote:
Originally Posted by lord bunberry
:greengrin
Very true :greengrinQuote:
Originally Posted by A Hi-Bee
https://news.stv.tv/west-central/sco...le-sponsorship
Anybody think that this is a huge coincidence??
I’d be wanting the money upfrontQuote:
Originally Posted by Moulin Yarns
I was thinking more along the lines of, Park's sponsored the women's league and the Rangers don't have to wear the Cinch logosQuote:
Originally Posted by Billy Whizz
There's no cash, it's converted into Sevco equity!Quote:
Originally Posted by Billy Whizz
No. 27 is a big lass!!😁
Not a big enough penalty for that sort of overspending in my view, but better than nothing.....and a lot better than anything (given we seem to have nothing) that we have in SPFL
Reading have been deducted six points by the English Football League for breaching financial rules.
The EFL determined the Royals lost £57.8m between 2017 and 2021 - the EFL's limit for that period is £39m.
A further six-point deduction is suspended until the end of next season, provided they comply with a business plan which includes player spending.
Be interesting to see if Gerrard makes an appearance at the memorial service in Glasgow for Walter Smith and if he does what kind of reception he receives. Not expecting a standing ovation or indeed a stand up fist fight as it’s not the time nor place but you know what I mean.
Been told by a Sticky Bun workmate that a load of them are planning on turning Sunday into an Orange Fest, allegedly as a tribute to their new Dutch Manager.
Is this a wind-up, or has anybody else heard the same?
:dunno:
Perfect time to beat them. Genuinely due one against themQuote:
Originally Posted by Keith_M
[QUOTE=Keith_M;6751655]Been told by a Sticky Bun workmate that a load of them are planning on turning Sunday into an Orange Fest, allegedly as a tribute to their new Dutch Manager.
Is this a wind-up, or has anybody else heard the same?
Yeah, gers fans round my way are all digging out the orange gear for Sunday.
Quote:
Originally Posted by Renfrew_Hibby
Cheers.
It sounded ridiculous but at the same time unsurprising. Their bigotry is just so transparent.
https://youtu.be/YV8zGNe7EbgQuote:
Originally Posted by Keith_M
Do they look and sound like this.
[QUOTE=Keith_M;6751655]Been told by a Sticky Bun workmate that a load of them are planning on turning Sunday into an Orange Fest, allegedly as a tribute to their new Dutch Manager.
Is this a wind-up, or has anybody else heard the same?
I’ll be amazed if we notice the difference from a ‘normal’ game against them. Ibrox must be the only place in the world you can be in three different periods - caveman, 1690s and today.
[QUOTE=Logie Green;6751674]https://youtu.be/LCuRgRgk4IoQuote:
Originally Posted by Keith_M
Watch out for this thing on Sunday
Can we sing on Sunday
When the hibs went up to win the Scottish cup you were here
You can stick your F****** Tango up your ar**.Quote:
Originally Posted by Nicho87
Inspired by Greta Thumberg.
You'd be frightened to go out of the house.Quote:
Originally Posted by The Rebel
[QUOTE=Logie Green;6751674]Let’s be thankful they kept Remembrance Sunday to a fortnight not a month or we’d be throwing that in as well.Quote:
Originally Posted by Keith_M
Apparently Van Bronkhurst's first choice for his second in command has turned him down.
His name?
John Paul van Gastel
I wonder why he said no
:hmmm:
O Bless him 😁Quote:
Originally Posted by Keith_M
Catechismic!Quote:
Originally Posted by Keith_M
I wonder if Van Bronkhurst will forgive him.Quote:
Originally Posted by Keith_M
Heard he was an expert on crosses.Quote:
Originally Posted by Keith_M
The equity is going to end up worthless.Converting debt to equity is sign a company is in trouble and creditors accept it as a long shot they might get something back. Romanov converted a lot of his loans to equity. Of course not his money in the first place but the parent bank's that went under.Quote:
Originally Posted by CropleyWasGod
You'd think if they win the league and therefore get the automatic Champions League group stage place that they be able to pay back a good chunk of that debt.Quote:
Originally Posted by FilipinoHibs
I think Champions League football is worth around 12 million so they'll be fine financially if they win the league. Probably 5050 if they do though.Quote:
Originally Posted by 007
I thought groups stages = £30m - £40m, could be wrong though.Quote:
Originally Posted by Since90+2
It can also be a sign of confidence in a company's long term prospects,as well as making it more attractive to an external lender.Quote:
Originally Posted by FilipinoHibs
I think qualification is worth around £12 million then it's 2.5 million for each group win. Although you wouldn't expect them to win many games at that level. I'm not sure if that money includes gate receipts though or if it's purely TV rights and prize money for qualifying.Quote:
Originally Posted by 007
Either way I think it's safe to say if they win the league they will be pretty safe financially.
In your opinion Crops what do you think of their long term prospects. The model seems to be based on getting into the Champions league group stage which is not guaranteed as Celtics financial position is better than theirs. If Celtic or somebody else wins the league they have a funding gap that needs to be filled.Quote:
Originally Posted by CropleyWasGod
Their model, thus far, has been built on getting into the latter stages of the EL regularly. That was their stated aim a few years ago, and many scoffed at that. But they achieved that, which is IMO Gerrard's most important contribution to their recovery.Quote:
Originally Posted by gbhibby
They still have short term problems, and the Ashley thing to be resolved. But they are in a better position than they were a year ago, which is no bad thing.
CL money next season would probably steady the ship completely, as long as they don't go daft with the money.
Exactly, this is what irritates me about that lot, their debt in real terms was not £30m.....it was nearer £50-60m. They repaid fraction of their debts and built a £20m stand within a couple of years.Quote:
Originally Posted by FilipinoHibs
Parasites, always will be.
That have a tradition of restraint, so here's hoping....Quote:
Originally Posted by CropleyWasGod
Sent from my SM-G965F using Tapatalk
Rangers fans' tears and snotters coming up on Superscoreboard now.
https://planetradio.co.uk/clyde/show...perscoreboard/
Quote:
Originally Posted by 007
The whole web site is painted orange!
Best hour spent in a while listening to the Rangers turmoil...3-1 to Hibs at Half-time, game over hahaQuote:
Originally Posted by 007
How do we know it's orange?Quote:
Originally Posted by Keith_M
They could well have had another digestive system setback.
Sent from my SM-A750FN using Tapatalk
£85 million (or whatever it is) in losses over 5 years just to get pumped by us at Hampden again. GIRFUY’s
They fume so much its only a matter of time before they spontaneously combust.
Sent from my SM-A405FN using Tapatalk
They don't do irony. Protesting to UEFA about racism, those anti-bigotry crusaders -
https://www.followfollow.com/forum/t...-ibrox.185876/
I see they've banned Sutton again.
Surely BT need to grow a pair and do the whole broadcast from Celtc Park, repeatedly explaining that Sevco have refused to ensure the safety of their pundits.
Time for another statement. This ones a belter. :greengrin
https://www.rangers.co.uk/article/cl...OapPEuFLzcFpQo