The Rangers Money Troubles

[down-the-slope]

Admins - feel free to merge into mega Admin Thread...

Looking like they are in trouble again and ST sales must be poor if this is how they are proceeding....



Rangers: Ibrox club to launch share issue in bid to raise £8m


Rangers are to launch a new share issue in a bid to raise in the region of £8m.
The Ibrox board met institutional investors in London on Tuesday, with the new issue to take place before the end of August.
Rangers chairman Graham Wallace recently told fans that the Ibrox club was "in a good place" financially.
The BBC understands that a minimum of £7m is needed to cover a cash shortfall at the newly-promoted Scottish Championship outfit.
Major shareholders Laxey Partners and Sandy Easdale, chairman of the football board, have both indicated they will buy more shares.
The Union of Fans - a collective of Rangers supporters groups - has urged people to withhold season-ticket money in protest against the board's running of the club.
It led to question marks over the ability of the club to meet the sales figures required for next season.
However, Wallace insisted Rangers are "in a good place" despite concerns over the club's finances.
The chairman's 120-day business review set out the club's intention to raise fresh equity in the autumn, win promotion from the Championship at the first attempt next season, before adding a Scottish title and being competitive in Europe by 2017.
The club's interim accounts revealed losses of £3.5m for the six months to 31 December and "going concern" status was only granted on the basis of predicted rises in season-ticket prices and sales.
The board have had to seek emergency funding in recent months.

[Smartie]

Yet they're still wading in and outdoing the Yams for wages for Darren McGregor.

They'll never learn.

Hell mend them.

[Keith_M]

This quote is hidden because you are ignoring this member. Show Quote

....
The club's interim accounts revealed losses of £3.5m for the six months to 31 December and "going concern" status was only granted on the basis of predicted rises in season-ticket prices and sales.
The board have had to seek emergency funding in recent months.

So it turns out they actually weren't a going concern, meaning Ahmad should have won his court case.

[down-the-slope]

This quote is hidden because you are ignoring this member. Show Quote

So it turns out they actually weren't a going concern, meaning Ahmad should have won his court case.

I must admit to know knowing all the details - but it seemed to me he had a good case even with info in public domain - let alone what he would know having been an insider..... maybe rolled up trousers in the Chambers

[Aldo]

Yet the are still able to afford the like of Daly, Law, Wallace, Black, Shiels and the like.

They won't and never will learn their lesson. I hope it goes tits up for them again!!

[Keith_M]

This quote is hidden because you are ignoring this member. Show Quote

Yet the are still able to afford the like of Daly, Law, Wallace, Black, Shiels and the like.

They won't and never will learn their lesson. I hope it goes tits up for them again!!

Even more shocking is that they still pay McCoist over 10k per week.

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

Even more shocking is that they still pay McCoist over 10k per week.

Crazy isn't it. They've got a £7. Million quid short fall yet they are still continuing to pay staff big bucks.

I wonder what their current debt is?? Bet it's a fair whack!!

[down-the-slope]

Ouch


Ayr chairman hits out at Rangers spending
Lachlan Cameron has criticised the amount of money spent by Rangers to progress through the lower leagues of Scottish football. His comments come as Rangers chief executive Graham Wallace said Ally McCoist’s budget will not be altered as they bid to win promotion to the top flight of Scottish football.
He said: “ The system is broke, as it stands, it’s clubs like us who play by the rules - who are being penalised while those who go bust and screw taxpayers flourish.”

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

Ouch Ayr chairman hits out at Rangers spending Lachlan Cameron has criticised the amount of money spent by Rangers to progress through the lower leagues of Scottish football. His comments come as Rangers chief executive Graham Wallace said Ally McCoist’s budget will not be altered as they bid to win promotion to the top flight of Scottish football. He said: “ The system is broke, as it stands, it’s clubs like us who play by the rules - who are being penalised while those who go bust and screw taxpayers flourish.”

Sounds very familiar doesn't it. Whilst others live within their means they spend what they don't have and don't care a hoot.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Crazy isn't it. They've got a £7. Million quid short fall yet they are still continuing to pay staff big bucks.

I wonder what their current debt is?? Bet it's a fair whack!!

TBF, it's probably not. They haven't been able to get any decent loans or overdrafts in place, which is partly why they're in the bother they're in.

If they do have debt, it will be to suppliers. I doubt that HMRC will give them much slack when it comes to their own debt.

[Hibs7]

This quote is hidden because you are ignoring this member. Show Quote

Ouch


Ayr chairman hits out at Rangers spending
Lachlan Cameron has criticised the amount of money spent by Rangers to progress through the lower leagues of Scottish football. His comments come as Rangers chief executive Graham Wallace said Ally McCoist’s budget will not be altered as they bid to win promotion to the top flight of Scottish football.
He said: “ The system is broke, as it stands, it’s clubs like us who play by the rules - who are being penalised while those who go bust and screw taxpayers flourish.”

The man talks sense .. More teams who abide by the rules financially should come out and speak up. Force the SFA to do something about it !

[Keith_M]

This quote is hidden because you are ignoring this member. Show Quote

Ouch


Ayr chairman hits out at Rangers spending
Lachlan Cameron has criticised the amount of money spent by Rangers to progress through the lower leagues of Scottish football. His comments come as Rangers chief executive Graham Wallace said Ally McCoist’s budget will not be altered as they bid to win promotion to the top flight of Scottish football.
He said: “ The system is broke, as it stands, it’s clubs like us who play by the rules - who are being penalised while those who go bust and screw taxpayers flourish.”

Any chance of a link to the article?

[Keith_M]

This quote is hidden because you are ignoring this member. Show Quote

Crazy isn't it. They've got a £7. Million quid short fall yet they are still continuing to pay staff big bucks.

I wonder what their current debt is?? Bet it's a fair whack!!

I think their problem is more that they know how much their outgoings for the season will be but also know they can't guarantee enough money to cover it.

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

TBF, it's probably not. They haven't been able to get any decent loans or overdrafts in place, which is partly why they're in the bother they're in. If they do have debt, it will be to suppliers. I doubt that HMRC will give them much slack when it comes to their own debt.

Fair dos CWG cheers for that.

Still tho the point of admin was yo allow you to cut your cloth accordingly and live within your means......unless your Der Hun of course.

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

I think their problem is more that they know how much their outgoings for the season will be but also know they can't guarantee enough money to cover it.

And that's part of the problem that got them into the admin/HMRC problem before.

[Keith_M]

This quote is hidden because you are ignoring this member. Show Quote

And that's part of the problem that got them into the admin/HMRC problem before.

Exactly! They've learned nothing.

[EdinMike]

This quote is hidden because you are ignoring this member. Show Quote

Exactly! They've learned nothing.

I hope they crash and burn again. That would be hilarious, if they do will they get the same treatment ?! Or will they have to go right down to the Lowland League ?!

Someone at the SFA would help them out I'm sure...

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

I hope they crash and burn again. That would be hilarious, if they do will they get the same treatment ?! Or will they have to go right down to the Lowland League ?!

Someone at the SFA would help them out I'm sure...

25 point penalty for administration.

[Diclonius]

Being unfairly outspent by another team, yet again. Whoever came up with that saying is wrong: cheats always prosper.

Fed up.

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

25 point penalty for administration.

Same as Livi got. Would they also be relegated??

[SunshineOnLeith]

Slight tangent, but a week or so ago I noticed that the Daily Record was desperate for Hibs fans to do a copycat of The Rangers' fans protest by withholding money etc, to the point of actually stating that's what we were doing in a few articles. This was despite crystal clear quotes from folk leading the main protest groups (none of which I'm involved with) saying that withholding money/hitting the club in the pocket is not and never has been their aim.

Just had a look on their website and they seem to have pulled, or at least edited, stories which mentioned this. Did people complain about the false reporting to get them to change? If so, good work all round.

It's equally possible that I'm just making stuff up though

[Green Man]

This quote is hidden because you are ignoring this member. Show Quote

Yet the are still able to afford the like of Daly, Law, Wallace, Black, Shiels and the like.

They won't and never will learn their lesson. I hope it goes tits up for them again!!

It seems they actually can't afford those players

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

It seems they actually can't afford those players

It indeed appears the case. Thing is we all knew this and so did they but they continued on as normal.

As I've said I hope it goes tits up again!!

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Same as Livi got. Would they also be relegated??

No. The rules have changed since then. That was the SFL. The SPFL rules are in place now.

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

No. The rules have changed since then. That was the SFL. The SPFL rules are in place now.

Ah yes and you've mentioned something similar before I'm sure.

Cheer for that CWG

[Diclonius]

I believe the new SPFL penalty for administration is automatic relegation.

EDIT: No it isn't. They chickened out of it in February.

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

I believe the new SPFL penalty for administration is automatic relegation.

Good good. Let's hope it happens again!!

Edit:- just seen your edit!! Doh!!

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

I believe the new SPFL penalty for administration is automatic relegation.

EDIT: No it isn't. They chickened out of it in February.

It's 15 for a first offence, and 25 for a second within 5 years. Irrespective of whether the owners of the club are the same.

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

It's 15 for a first offence, and 25 for a second within 5 years. Irrespective of whether the owners of the club are the same.

Shame that relegation wasn't included in that as well. May of been more of a deterrent to other but seems not to of bothered der Hun.

[PatHead]

This quote is hidden because you are ignoring this member. Show Quote

TBF, it's probably not. They haven't been able to get any decent loans or overdrafts in place, which is partly why they're in the bother they're in.

If they do have debt, it will be to suppliers. I doubt that HMRC will give them much slack when it comes to their own debt.

Thought they owed a couple of Directors money which is due to be repaid in the Autumn- was there not something about them borrowing money from a lender and directors threw a hissy fit and said they would give the loan at a better rate.