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Offline Azteca1903

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It's Friday after all.

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The amount Rangers owe to creditors due within the next year has increased by nearly £3.5m to £29m, according to the Scottish champions' half-yearly report.

Most of that is believed to be owed to Lloyds Banking Group, but Rangers insist that their net debt has fallen while refusing to say by how much.

The club suffered a drop in pre-tax profit from £13m to £9m during the six months to 31 December.

Turnover for the six-month period decreased by £4.1m to £33.7m.

Rangers say that was because of fewer home games for the Glasgow club in the Scottish Premier League.

There was also a 4.9% decline in the number of season tickets sold, together with a reduction in sponsorship income.

Rangers chairman Alastair Johnston said the current economic downturn and the disruption to fixtures due to extreme weather conditions in December had added to the club's financial problems.

But he took the opportunity to criticise the club's banker, Lloyds Banking Group, for making manager Walter Smith more difficult than necessary.

"While we appreciate the support of the Lloyds Banking Group through the Bank of Scotland in extending our credit arrangement and recognising the progress that has been made in developing a template for collaboration, certain provisions imposed on the club continue to compromise, in our opinion, management's ability to conduct its role with maximum efficiency," Johnston said in his statement.


"Having said that, as has been widely reported, the majority shareholder is currently engaged in ongoing discussion with a view to selling its equity interest in the cub.

"The outcome of this process could change the role that the bank will play in going forward in its financial structure."

Johnston was making reference to an ongoing takeover bid by Scottish tycoon Craig Whyte, who this week appeared to move closer to a buy-out of Sir David Murray's shares.

"We are all acutely aware of the distractions off the park but can assure all stakeholders that our objective of adding the SPL trophy to the Co-operative Insurance Cup and providing Walter Smith with a fitting finale is resolute," said the chairman.

"The strength of the club is in its collective and unyielding support to achieve footballing success."

Indeed, despite Smith being restricted in his movements in the transfer market, player costs have remained around the same thanks to the addition of Nikica Jelavic, Vladimir Weiss and James Beattie.

The latest figures also show that Rangers' gained more from the sale of Danny Wilson to Liverpool and Thomson to Middlesbrough than they did the previous year for Barry Ferguson to Birmingham City and Charlie Adam to Blackpool.

"Net operating expenses at £21.1m are in line with last year, with base salary costs at similar levels and reduced matchday costs offset by higher maintenance expenditure and provisions for doubtful debts," explained Johnston.

"The increase in amortisation of player registrations reflects the additions of Jelavic, Weiss and Beattie to the squad, whilst the gain on disposal of player registrations of £3.7m includes Wilson and Thomson compared to the lower gains for Ferguson and Adam in the prior year."

Johnston also acknowledged the investigation by Her Majesty's Revenue and Customs over a tax issue relating to offshore payments to players and the Murray Group Management Limited Remuneration Trust.

"I would emphasise that no allegations have been made to suggest any illegal activity and tax vehicles of this type have been used by a number of companies throughout the country," he added.

"We continue to vigorously contest HMRC's challenge on the taxation treatment of the trust and, in doing so, continue to receive reassuring opinion from tax, accounting and legal specialists."

http://news.bbc.co.uk/sport1/hi/football/12932160.stm

Online wee toon red

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"While we appreciate the support of the Lloyds Banking Group through the Bank of Scotland in extending our credit arrangement and recognising the progress that has been made in developing a template for collaboration, certain provisions imposed on the club continue to compromise, in our opinion, management's ability to conduct its role with maximum efficiency," Johnston said in his statement.

So, even though the bank have allowed Rangers to extend their overdraft or at least the period of time they can have the overdraft so that they can continue to lose money as a club, the bank are still at fault for not giving the old cunt Smith more cash to spunk away on players?

Fuck right off you shower of wankers.
Can you blame the man for going out of his mind temporarily?

Offline Azteca1903

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Interesting that since I posted that link, the title of the article has changed from something along the lines of 'Rangers announce increseased debt' to 'Rangers chairman admits club could go out of business'.

Offline manc_don

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Interesting that since I posted that link, the title of the article has changed from something along the lines of 'Rangers announce increseased debt' to 'Rangers chairman admits club could go out of business'.

Well, here's hoping :D  :thumbsup:

Offline capitalsharpie

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Cheered my day right up that did.  :wave:

Offline Slim

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Hope these fuckers go down.

I had one of their scum fans accuse me of breaking Durrant's ankle tonight.

Upon finding out I supported Aberdeen he attempted to shake my hand and said:

"ach no hard feelings, you only broke Durrant's ankle."
"eh? me personally?"
"well aye, yer all at it"

 ???

Offline tom_widdows

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Ever wonder where their hordes would disappear to if they did vanish?

Would Firhill suddenly be sold out every week?
I'm a man, and as a man I crave disappointment.

That's why I support Aberdeen Football Club & Scotland.

Offline caledonia

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Ever wonder where their hordes would disappear to if they did vanish?

Would Firhill suddenly be sold out every week?

Why most of the glory hunters come from other areas of scotland

Online BobbyBiscuit

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Hope these fuckers go down.

I had one of their scum fans accuse me of breaking Durrant's ankle tonight.

Upon finding out I supported Aberdeen he attempted to shake my hand and said:

"ach no hard feelings, you only broke Durrant's ankle."
"eh? me personally?"
"well aye, yer all at it"

 ???

Should have said

"aye, well extremely hard feelings over McMaster, Snelders and Leighton."
It's not about escaping. It's about getting out with a bit of dignity.
If you're in it, don't fucking moan about it, make it yours and leave a mark

Offline Stewart

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Should have said

"aye, well extremely hard feelings over McMaster, Snelders and Leighton."

I once had a hun tell me that they tried to get the ref to let us bring Esson on in the Scottish Cup final.  :-\

Online BobbyBiscuit

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RANGERS fans are set to be hammered with a three-match Euro ban for singing sectarian songs.

Last night Ibrox chiefs were also bracing themselves for a "heavy" fine which could be as much as s100,000.

And there are now also fears that UEFA's determination to clamp down on Rangers' bigots could further delay, if not derail entirely, Craig Whyte's s25 million buy-out.

UEFA have told Rangers to expect the penalties because of sectarian songs and chants which the governing body claim were belted out during the Europa League match against PSV in Eindhoven on March 10.

The Ibrox club have until next Thursday to submit their defence - the hearing will be held in Nyon two weeks later - if they are to have any chance of avoiding a FOURTH European sanction.

But a UEFA source, who confirmed Gers had been pulled up again, also said it was unlikely the club could escape punishment.

Rangers only discovered they were in trouble yesterday and when contacted by Record Sport, beleaguered chief executive Martin Bain spoke of his "utter dismay".

But he stressed the Ibrox club would be defending their position "vigorously".

Rangers will try once again to convince UEFA they have done all they can to rid themselves of the bigots but it is almost certain all their fans will be banned from the next three away matches in Europe.

The club were fined s13,000 for discriminatory chanting and s9,000 for an attack on Villarreal's team bus in 2006.

UEFA also demanded they pay s8,280 after a UEFA Cup tie against Osasuna in March 2007 with the Spanish club receiving a s31,000 fine because of poor organisation.

Then, in November 2009, the club were fined s18,000 after a Champions League match against Unirea Urziceni in Romania. Again the home side were also fined (s7,200) for poor organisation.

A UEFA spokesman said last night: "For this kind of behaviour and the number of offences which is repeated the fine could be heavy - as much as 150,000 Swiss francs."

Bain said: "We are utterly dismayed to be informed by UEFA that they are to take disciplinary action. We will defend the club's position vigorously.

"UEFA have made clear in any previous disciplinary hearings that sanctions have been mitigated by the extensive work the club does to tackle sectarianism.

"We are not saying there is not a problem but we are saying that for many years we have made strenuous attempts to address it. We do, however, believe it is absurd to think only Rangers supporters sing offensive or sectarian songs. We are left to conclude there is a disproportionate focus on us.

"It has also become clear there are people who have been determined to undermine our club at any cost and have constantly lobbied for action against Rangers."

Rangers can point to their Euro record this season which will show five trips with no arrests for sectarian or discriminatory behaviour. They will also point out that they've been given a clean bill of health all season from delegates and security officers who have been specifically briefed by UEFA to look out for sectarian singing.

It is also believed they have letters from Greater Manchester Police and the British Vice Consul in Valencia praising behaviour.

The club will also question UEFA over whether or not they act on reports submitted by people other than official delegates and police but stress they won't be attempting to say they aren't tracked around Europe by morons.


This deranged and also dangerous element have refused to believe UEFA were prepared to take more serious action but they are now about to experience that reality.

The man trying to buy Rangers from David Murray will also have been given a reality check. Last week Whyte discovered there was an outstanding tax bill of almost s3m and now he finds the club he wants to own is in big bother with UEFA.

Should Whyte say, "no thanks" the consequences for Rangers could be much more serious than anything UEFA might throw at them.

It's not about escaping. It's about getting out with a bit of dignity.
If you're in it, don't fucking moan about it, make it yours and leave a mark

Offline Harcus

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It is also believed they have letters from Greater Manchester Police and the British Vice Consul in Valencia praising behaviour.

 :-\

Usual bollocks from Bain.


Offline glasgow sheep

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but stress they won't be attempting to say they aren't tracked around Europe by morons.
:lolabove: :lolabove:

leith_red

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:-\

Usual bollocks from Bain.

I think they did behave well in Manchester (this time).  Mainly because they were bused in from Wigan to Old Trafford, and bused staright back out again, without being allowed anywhere near the city centre.

Offline Harcus

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Oh aye, I forgot they returned to the scene of their crime this season.

Offline manc_don

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  • Hi Chris.
The takeover has hit a snag :D

Offline Azteca1903

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The takeover has hit a snag :D

Whyte found some letters from HMRC stuffed under the boardroom carpet?

Offline glasgow sheep

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Whyte found some letters from HMRC stuffed under the boardroom carpet?

Apparently he wants the deal to go through now but the current board want to wait till the end of the season....all a bit strange. Looking for an exit strategy?  :thumbsup:

Offline Tyrant

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Why would the board not do as he wants if they want to sell the club? ???

Offline manc_don

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  • Hi Chris.
Why would the board not do as he wants if they want to sell the club? ???

Not sure how these things work, but would their share price go up if they win the league? Other than that I can't see a reason why they'd want to hold onto the club ???