“Newcastle’s Ashley ready to buy Ibrox share” – A Study in Succulent Lamb

Chris McLaughlin is the BBC Scotland Senior Football Reporter. This piece is not intended to be critical only of him, but of the wider issues known by the phrase “succulent lamb”.

Succulent Lamb Shanks

It seems that the media are still willing to churn out stories about the Rangers Football Club, apparently without any checks at all as to whether the story makes any sense.

We can treat the following story from the BBC website yesterday as a case study.

The headline is “Rangers: Newcastle’s Mike Ashley ready to buy Ibrox share”.

The article itself reads, in part as follows:-

“Rangers will be able to borrow as many as nine Newcastle players in a deal that will see Magpies owner Mike Ashley buy a share in the Ibrox club.

The Scottish FA is set ratify the move on the condition Ashley owns no more than 10% of Rangers and has no personal role in running the club.

Ashley’s Sports Direct firm will then take over Rangers’ replica kit merchandising operation.

Negotiations are under way with JJB Sports to end their retailing contract.

JJB Sports and Rangers entered a 10-year merchandising contract in 2006, when the Glasgow club received an initial payment of £18m with a guaranteed minimum annual royalty of £3m.

Any Newcastle players switching to Rangers on loan would need to do so before the end of this month, when a year-long signing embargo comes into place for the Scottish Division Three club.”

Mike Ashley indicates how many millions he will invest in the Rangers Football Club

Now, what could be wrong with that? One of the most powerful men in English football is prepared to come to the aid of the stricken Glasgow giant, to make an investment, to create commercial tie-ins and to provide them with players. As Mr McCoist has said, he is dreadfully short of players just now.

The Rangers FC Playing Squad

After all, as I pointed out yesterday, of the 16 players kitted out for the Peterhead match, only nine of them were full internationals, one had played at B international level, and two more had under-age caps. Four of the sixteen-man squad had never played an international match of any type!

Let’s ignore the fact that only two of the Peterhead squad had done so, for a combined total of five full, under 21 and under 20 appearances.

Clearly Mr McCoist feels that this squad, plus the seven other players listed on the official website as first team players, but who were not a part of the sixteen man group dressed to play at Peterhead, is not enough in terms of numbers and quality to cope with the rigours of this season in SFL3 and, one assumes, the period till January 2014 when the registration embargo comes to a close.

Mr McLaughlin’s piece does not include any quotes from Mr McCoist about the size of his squad, but I have seen little or no sign of any journalist questioning the view from Ibrox that the Rangers FC has been left bereft of players, with them being one injury away from Messrs McDowall, McCoist and possibly Mr Green having to don a strip to make up the numbers.

Ally McCoist prepares to address his drastically reduced squad of Rangers FC players

“Rangers will be able to borrow up to nine Newcastle players”

I will preface my comments here by saying that I am relying on the version of the SFL Rules available online, and it is possible that the relevant rule has been altered, perhaps at the SFL AGM in May 2012. I have seen no reference to such an alteration, but if it has, then I am sure the helpful lady at the SFL will let me know.

The relevant rules on “loans” or “temporary transfers” are as follows:-

“123.2 Temporary transfers of registration for players on loan from one club to another shall be subject to the following terms and conditions:

123.2.1 Temporary transfers shall not be permitted after the last day of January in each year.

123.2.4 Temporary transfers will only be for a defined period and subject to the condition of such transfer having the player’s consent, prior to the registration of such transfer with the League.

123.2.5 The Board shall not during a season approve more than four temporary transfers to any one club at any one time. Of these, no more than one such transfer at any one time shall involve a player who has reached the age of 21 years on 1st January of the appropriate year. The maximum number of temporary transfers allowed to any club in a season shall not exceed five, of which not more than two shall involve players who have reached the age of 21 years on 1st January of the appropriate year.

123.2.6 Temporary transfers will be for the full period from one Registration Window until up to and including the day prior to the commencement of the next Registration Window except in the case of a goalkeeper, whose agreement may contain a recall clause which may only be implemented in exceptional circumstances, and with the approval of the Board.

123.2.12 The Board shall determine the Rules concerning Emergency Temporary Transfers from time to time.”

Rule 123.2.5 seems important here. The power rests with the SFL Board. The rules permit no more than four loans at any one time. Of the four, only one can be of a player aged 21 or older.

In a season, the most loans a team can have is five.

The Rangers FC cannot register new players after the end of the present transfer window.

How therefore will they register “up to nine” players in the remaining period?

Rule 123.2.12 gives the SFL Board the right to make up the rules for “emergency temporary transfers” as it goes along. Is it an emergency where the reason their member is limited, as it claims, in the players it can sign is as a result of disciplinary measures?

If the SFL Board agrees to allow the Rangers FC to sign nine players on loan from an English Premier League club, how is that fair to the rest of the teams in SFL3?

Ally McCoist choosing his nine loan players from Newcastle United

“The SFA is set to Ratify the Move”

Presumably the move for Mr Ashley to acquire a shareholding in Rangers is what is being “ratified” by the SFA. After all, it is the SFL which deals with loans to SFL clubs.

Is it Mr Ashley who is buying the shares personally? Is it Sports Direct? Is it Newcastle United? Is it a holding company, parent company or newly formed subsidiary company?

In the spirit of clarity and transparency, perhaps we should be told. Maybe Mr Ashley’s sources refused to tell Mr McLaughlin, as I am sure he would have asked.

The Relevant Rule in the SFA Handbook is Rule 13.

Rule 13.6 tells the SFA Board what it is to take into account in deciding whether or not to permit the rule against dual interests in clubs to be broken.

“In considering whether to give any such consent as may be required by this Article 13, the Board shall have regard to the need to promote and safeguard the interests and public profile of Association Football, its players, spectators and others concerned with the game and shall have regard also to these Articles, the rules and regulations of the Scottish FA and to the constitution and rules of those bodies of which the Scottish FA is in membership and, accordingly, any such consent shall be subject to such conditions as the Board shall consider appropriate in all the circumstances.”

Does permitting Mr Ashley to have a role in the Rangers FC “promote and safeguard the interests and public profile of Association Football, its players, spectators and others concerned with the game”? Or does it simply promote the business interests of both parties?

Has the SFA Board granted written permission prior to the transfer of shares?

Under Rule 21 of the SFL Rules, the SFL Board too needs to consent to a “dual interest”. Has that permission been sought and granted?

“Negotiations are under way with JJB Sports to end their retailing contract.”

JJB had a contract with the Rangers Football Club PLC (in administration) now RFC 2012 PLC (still in administration).

There are three main possibilities regarding the contract when all the assets and business of Rangers was sold to Sevco Scotland.

1                    Sevco Scotland Ltd agreed to continue the JJB contract on the same terms as those in place between JJB and Rangers FC PLC.

2                    Sevco Scotland agreed to conti9nue a business relationship with JJB but on new terms to be agreed.

3                    Sevco Scotland pointed out to JJB that the party with which it had contracted was on its way to liquidation and that Sevco Scotland had nothing to do with JJB and it could sell Rangers FC jerseys and merchandise to anyone it wanted, and the only party against whom JJB had a remedy was RFC PLC (in administration).

Maybe this is in fact an example of Mr Green doing “the right thing” by trying to reach a financial accommodation with a creditor. It couldn’t be the case, could it, that Sevco Scotland agreed to take on the contract after their purchase and are now trying to get out of it as a result of Mr Ashley’s interest? That would be bad business indeed.

Sadly the BBC piece fails to mention what “contract” Rangers FC are trying to end with JJB.


As I said, I do not intend this piece to be a slight to Mr McLaughlin personally but rather as a critique of the unquestioning press coverage which has bedevilled this saga since long before the name “Craig Whyte” was ever mentioned at Ibrox.

Chris McLaughlin of BBC Scotland

The Rangers FC still retains the remarkable ability to have stories which, after a few minutes checking seem highly dubious at best, accepted and published with no questions asked.

Till that situation changes, there will still be scepticism about the bona fides of much of the press, and whether those doubts are well founded or not is not the issue. Does it matter if the media are incompetent, corrupt or, as I have heard from people in journalism, so pressed for time and to produce stories that it cannot research possible articles but forced into “churnalism”?

I do not believe that the media in Scotland is incompetent or corrupt. However it is clear that, when dealing with the national game, the standards of the product still leave a lot to be desired .


Posted by Paul McConville




Filed under BBC, Press, Rangers, SFA, SFL

74 responses to ““Newcastle’s Ashley ready to buy Ibrox share” – A Study in Succulent Lamb

  1. Araminta Moonbeam QC

    A great post, Paul. Yet more evidence that very little ‘reporting’ on this topic stands up to any serious scrutiny. Some of the Beeb sports reporters (see also Al Lamont) have been poor throughout and clearly nothing has changed.

    All this ‘reporting’ i.e. unthinkingly/unquestioningly parroting whatever PR line is coming out of Ibrox that particular day, is what led us into this mess. Thank goodness the BBC are giving more prominence to the likes of Stuart Cosgrove and Jim Spence in their radio coverage. At least they have the intellectual capacity to ask probing questions when needed.

    All of this hype, when pared back to the underlying statements from Green, amounts to little more than ‘I hope Mike Ashley is going to give me a few quid (to keep trading)’ and the underlying hope that people will be suckered into buying season tickets by hollow promises. Charles seems to ‘have hope’ quite frequently. How he hoped for a CVA, admission to the SPL, admission to SFL1…..all came to nothing.

    • John Pollock

      Thank goodness the BBC are giving more prominence to the likes of Stuart Cosgrove and Jim Spence in their radio coverage. Couldn’t agree more.

      • Thomas

        I enjoy Cosgroves inteligence, witt and knowledge. He’s fresh air to planet fitba even his digs at Celtic are taken as they come from a true fitba man.
        I like him! I may even buy an Northern Soul album!

    • Andy


      Investment is where you invest money for ownership of all or part of something, in the hope that you will shoet or long term make a decent profitable return…this is what fergus mccann did, however if you fail you then you lose potentialy all or some of your investment…and if dont think people will walk away from investments without their money then see the current world recession, it happens on far larger scale worldwide everyday!! The key point being here that its the investors risk.

      A loan is debt the company takes as a burden that needs ro be repaid, the liability sits on th balance sheet until repaid and is likely to rewuire to be managed thus reducing current working capital..key point here is the club is liable in the event of failure.

      Green wants a return on his investment which im fine with as to get it he has to have success on the park, good investors sell at the oppurtune moment, i.e. the pt where they can get maximum return, which wld likely be 5 to 6 years down the line if he can get rangers straight back into europe…

      25000 season tickets already covers the wages, you need to understand that rangers have much reduced expenditure through wages/debt mgmt and income from what i can see is sufficient, particulary if investors do come on board.

      As for mccoist, he deserves a break for what he has been through and despite the blip against peterhead shld be able to get through third div comfortably, but he does need to deliver in league and scottish cup as well especialy with team being put together…well see its taken nl a few years to lern european lessons and now he seems to hav cracked that, mccoist may need the same time to develop, remember nl was gifted his only title!! At very least if he is not up to the job as manager i wld always want him at the club in some role…we shall wait and see on that one..

      • “Green wants a return on his investment”
        This a surely the most naive of comments. Has Green made any investment? Green needs to get the money back from the investors, and it is not clear who they all are. But Zeus Capital is providing investment, and as we have learned from blogs, Octopus are a major investor in Zeus. “Ticketus investors want a return on their investment” might be a more accurate statement.

      • John Pollock

        Gifted his only title? Then again why should I care if you are happy to let McCoist drag you even further into the gutter, if that is possible?

  2. Great post as always Paul. Chick’s business plan obviously included taking in £8M or so from selling the big name players such as Naismith, McGregor etc. When that plan was Tupe’d out of the water, he needed another source of cash to keep Sevco afloat. So watch out next for Sports Direct Stadium, Govan. So now Sevco are a feeder club as well as s tribute team…

  3. Glazert Tim

    It does seem at first glance at least, that we are slowly returning to ‘churnalism’ once more, as if everything was settled and it was business as usual.

    I’m sure many readers will be aware of the old party gimmick of generating your own stage name for the purposes of starring in an adult film. Put plainly, generating your own scud/pornstar name.

    This will be especially familiar to a certain financial advisor to the club formerly known and still known as Rangers.

    You basically pick the name of your first pet and your mother’s maiden name e.g Frisky McLeod, Dusty McLean etc etc.

    This however seems to be a common method for generating Rangers news stories in Scotland too. The way it works is, take an aspect of the team, pick a well known (preferably wealthy) businessman and an item, desire, player or achievement straight from the wet dream fantasies of a dyed in the wool eejit like Leggo and make a headline.

    Eg. Bill Gates in Rangers Finance Option
    Eg. Rangers in Ronaldo Signing Move
    Eg. Bob The Builder Unveils Ibrox Super Casino Plans.
    Eg. Rangers Entry to SPL Essential to Delivery of New AIDS Vaccine Research.
    Eg. Celtic Unchallenged By Rangers in SPL Will Lower House Prices In Milngavie

    Lets all have a go and see how many appear in the Record over the next fortnight.

  4. Andy

    The reporting is pretty dreadful to be fair…it would be ridiculous for newcastle to lend anymore than even 3 players to another team, linked by default, and would probably want them to go to a higher level than div 3 scotland in any case…As with respect to the team, I suspect we probably need 3 or 4 more players to see us through 2 seasons and challenge for cups, if we accept that yesterday was hopefully a ‘blip’.

    Regardless of that, the article headline is probably all that needed to be written and the rest has been filled with stuff that almost seems to have been simply made up..

    And finally with regards his investment, at the end of the day if Rangers do get back up to the Spl quickly enough within means, evening turning a profit, and do eventually make it back to the Spl, then it is a great bit of business to acquire 10% of the club for a couple of million and boost your own core business…..I dont think any of us Rangers fans are expecting him to pump money in, as we have seen with Newcastle he simply doesnt do that. But he is an excellent business man and one that can help ensure the brand grows.

    The mocking from the green side of the city of potential investors is amusing to me, as investing in Rangers just now is a quite genuine good bit of business on the cheap if you are willing to wait 5-7 years for your pay day, in fact I would be bold enough to say that you will have a much better chance of making money out of football by investing in Rangers just now, than Man Utd. There is huge potential for growth and increase turnover on a company with no debt, against a company riddled with debt who are only seeking investment to remove some of that burden..

    • Thomas

      Hugh Adams. “Rangers are not a global club, that is a myth”.

    • John Pollock

      So that’s a months wages covered Andy, then what? As for your claims of being debt free..how so? Servco are amassing more debt every second of their existence due to ridiculously high wages and lack of season ticket sales. Do you think you can sell more replica tops in the 3rd division? Ally must stay;)

      • Andy

        Where can rangers get debt from….no bank would offer facilities, you clearly have little idea of how investment works…i.e. u put x smount in at th start and hope to comeout with more at the end, so current expenditure is being funded from initial investment, and the poor 25,000+ season ticket sales that hav yet to go public…There is a distinct difference between investing and loaning money!!

        The top earners at the club all left so the monthly bill is nowhere near as much. Rangers problems in the past where bcos they couldnt afford to manage debt, now thats gone, the club can spend wot it gets in on wages etc.

        The top earners left at the club will be fone by end of transfer window and replaced with free transfers at around 7k a week which u can get sixteen players on for jst short of 6m a year, which is more than affordable!!!

        Your clearly to single minded to spot the investment oppurtinity that exists, but i guess thats why ppl like mike ashley are where they are!!

      • ecojon


        I honestly don’t think there’s any difference between investing and loaning money – both have to be serviced in cash terms or you lose the facility. The only caveat I would add that if you have a rich supporter they might give money without bothering about a return on capital but as you have found none seem to exist at present.

        What is important here is whether Green is here for the long term and I would define that at approx five years or for the sfort terms and I would define that at less than a year.

        Without going into all the detail it seems to me that what I have seen and heard is that Green is not at Ibrox for the long-term and I firmly believe he is running a hand-to-mouth operation financially trying to get to a successful AIM Flotation which is the end of the rainbow for him.

        Personally I don’t think he’ll make it and even if he does I recjon he’s more likely to pick up a crock of sh*t rather than gold.

        No matter how we argue about this the answer will come out in the wash – the big problem for Rangers and Scottish Football is that if there is a second collapse then I don’t think there will be enough pieces left to resurrect Rangers. I honestly fear that situation but I cannot, at this moment, see a different ending.

      • gopaul

        >Where can rangers get debt from….

        Invent it – offer contracts to players that are unaffordable… thats a debt created and needs no bank to be involved, if payments at £10k per week only need £10k this week in season ticket money to fill that whole, but the contract ammount is not debt on club…. !!!!

        no bank, no overdraft – but in 1 contract i just invented £520k debt per year from 1 player… simplex.

        no multiply that by 20 players and we have £5 mill of debt already , day 1

      • gopaul

        >but the contract ammount is not debt on club

        should ready, NOW

        but the contract ammount is now debt on club

        hate spell checkers..!

      • @Andy, the debt is to the 25,000 unsecured creditors in the form of season ticket sales, the £500k+ liaility undertaken for rangers FC.com which I understand is unpaid and growing and numerous other liailities that remain unpaid. There is no such thing as a debt free club if you take fixed assets out of the equation which offsets the operating liabilities on the balance sheet.

    • Jim Hone

      The 5.5million used to acquire the assets is debt – it is a loan and has to be repaid with interest in 3 years. Sevco Scotland (The Rangers 2012) wil be in administration before Christmas.

  5. Allyjambo Taxpayer

    There’s two messages in that PR spiel from Sevco, “I’m bringing in more money from a big investor so everythings fine” and “if you buy more season tickets, your money will be spent on this ‘Newcastle 9’, not to fund my scheme(s).”

    I notice the deal with JJB Sports was £18m up front with £3m per year, so, with 4 years left on the deal, I’m pretty sure JJB will want 40% of the £18m back before they agree to ‘walk away’! Unless, of course, as Paul mentions, they aren’t really Rangers, whenever it suits the agenda!

  6. If Mr McL had taken the time, not very much, he could have certainly have confirmed the “quote” carried on Daily Record website from Mr green that mr A is not pledging untold millions but if fact supporting the club by providing, The quote is below ;

    When asked whether the Sports Direct magnate will invest in the club, Green said: “Hopefully, yes.”

    However, he refused to reveal who the other potential investors were, adding: “Talks are ongoing so it would be premature to name them.”

    Green admitted he does not expect Ashley to plough huge amounts of money into the club.

    He said: “I don’t think Mike needs to throw money in. That’s not the model that is sustainable for any football club and certainly not Rangers.

    “What Mike will do, subject to the agreements going through, is bring the might of Sports Direct and that in itself will bring £5-10million a year from merchandise into the club.

    “That is far, far more worthwhile than Mike individually signing a cheque because that’s not the right way to run
    football clubs.”

    If this is correct, and we have no reason to doubt the words of the daily ranger then it does make far greater sense than that being touted by Mr McL at the BBC, maybe he missed the lamb and only got the “pudding or left overs”.

    Just more of the same from MSM they should know by now that no one believes anything that they write or say. We all check the information before making our own opinions and thanks to Paul and many others like him we will continue to do so on this and other truthful and investigative blogs and websites.

    Its gonna be a long hot summer and longer colder winter for the MSM…………..

  7. Good stuff Paul. Please clarify something for me though

    “123.2.1 Temporary transfers shall not be permitted after the last day of January in each year.”

    Has my calendar gone wonky or are we not already well past the last day of January of this year, or is the “each year” referring to the football season?

    Right then, time for the pub. I’ll away and share my new knowledge with some Sevco supporting friends.

    Thanks again for doing all the spadework Paul, I couldn’t educate the ignorant without your invaluable assistance.

  8. Thomas

    Thank you Paul, I thought I was going ‘coco pops’ at the latest Sevco antics, its not just me then.
    Think I’ll pap an onion string round my neck and call the local police sgt a biggot, and see where I get with that!

  9. Back on 14th June, the day of the sale of Rangers to the Green consortium, Charlie announced that one of his investors was ‘Glenmuir, the ronowned Scottish clothing company’.

    It was indicated that, as part of the deal, they would get merchandising rights to the strips.

    Now, presumably, if the Mike Ashley report is true, we will have TWO ‘exclusive’ merchandising deals – perhaps one for newco Rangers strips and the other for ‘memorabilia’ (or ‘in memoriam’) oldco strips, complete with stars?

    • ecojon

      Glenmuir – which ceased to be a Scottish company and is now part of the Bolton-based Ruia Group. Interestingly I think the factory retained in Lanark might do the logo stitching on the golfwear that they too.

      Their stuff is too pricey for the football replica market and I never ever saw them doing any football kit which I suspect may be more suited to the sweat-shops of Asia.

      But perhaps I am wrong and Mr Green might give us some assurances on the matter. I’m sure if Ashley comes on-board and enterprising Scottish journo could sniff-out his factories abroad and run a ruler over them and see what the workers think.

  10. John Pollock

    Andy please explain “Rangers problems in the past where bcos they couldnt afford to manage debt, now thats gone, the club can spend wot it gets in on wages etc” ? Was that a typo mate? “The top earners left at the club will be fone by end of transfer window and replaced with free transfers at around 7k a week which u can get sixteen players on for jst short of 6m a year, which is more than affordable!!! I suspect that very few of the top earners left at the club are on 7k per week, so why punt players on say, 6k a week and replace them with players on more? Even with the so called top earners off the payroll, anyone can see that the figures just don’t add up, hence my comments about debt. A fool could see that the current signing policy is unsustainable in the 3rd division. The time will come when Green will simply be unable to honor the payroll in my opinion. Also, have you considered the potential cost of offloading current playing staff if no one wants them? They have contracts after all! Any way as a bear, what do think of McCoist Andy? Out of two European competitions in quick succession, pumped out of the cup by Falkirk, squandered a 15 point lead, played off the park by Killie in front of 50k in your hour of need and now he can’t even cut it in the 3rd division. He talked of being nervous before the cup & league games because he is terrified of being found out. I feel sorry for Green being lumbered with this fraud because the fans cant see by this we don’t do walking away nonsense. For a one football fan to another, whats your honest opinion on your manager?

    • John

      On the subject of McCoist, did you notice his coupon at Brechin? He looked positivly embarrassed to be there.

    • Andy

      @ john pollock

      We have lost 24 players of those included were below:

      Davis – £28,000 per week
      Mcgregor – £26,000 per week
      Whittaker – £20,000 per week
      Naismith – £18,000 per week
      Lafferty – £18,000 per week

      Wages at those Levels and size of squad of before would have been unmanageable….the fact is the squad is greatly reduced and were going to add maybe 10 players tops whilst probably losing two or three more, and even they would likely be high earners such as bocanegra, edu etc. So with respect to affordability the club I think from what I can see is being properly managed… If I am proven wrong then I will of course eat humble pie.

      But, investors and season ticket money would appear to cover costs comfortably, why should a club that has a large turnover not buy the best player they can get if they can afford it regardless of what league they are in?

      McCoist, I do worry that he needs to get back to the football and forget what’s happend, the collapse mid-season last year was unacceptable but forgiveable as he clearly was still learning and couldnt cope with loss of naismith, the european results are probably on the same lines, better managers than him have failed to qualify in the past…I would love it all to come together for him, I really would but whilst he seems to have no trouble raising the squad for the ‘big games’, getting them up for the run of the mill does seem to be a problem and this is concerning….Right now, I think he has a lot to learn and very quickly, as he was deprived of a proper football education last year, for me he has a year to do so. Though no matter what happens I always want him at the club in some form, not everyone is cut out to be a manager as with John Greig, it doesnt stop them being one of our football legends!!

      • John Pollock

        There’s no argument about whether Ally was a legend on the park Andy, that’s a statement of fact. I like many other Celtic fans have always held him up in some form of begrudged esteem, however, his recent conduct has turned me right off the man. As for “he seems to have no trouble raising the squad for the ‘big games’” , which big games are you referring to? Ok he won against us at ibrox when the league was all but won but I cant think of any other “big game wins”? Its also rather a weak argument to blame the loss of Naismith surely? I also think you are getting well ahead of yourself with predictions of financial harmony at the club as there is simply no hard facts to back that up with plenty to the contrary! That said its clear you love your club so good luck mate;)

  11. John Pollock

    Sorry Andy I see what you meant now about wages.

  12. Ernesider


    “The top earners left at the club will be gone by end of transfer window and replaced with free transfers at around 7k a week which u can get sixteen players on for just short of 6m a year, which is more than affordable!!!”

    I can see the phone at Ibrox being busy tomorrow if many Football Agents read this blog.

  13. Project Walliams

    Naysayers the lot of you!
    Wait till Gattuso turns out against Annan Athletic.
    Succulent Lambs to the slaughter

  14. John Burns

    SFL Rule 115.2 states:-

    “A club shall be permitted to register, at any one time, up to a maximum of 22 players, who have reached the age of 21 years on 1st January of the appropriate year. The maximum number of 22 players includes players registered by means of a temporary transfer. Additional players may be registered by a club, however such players must be under 21 years of age on 1st January of the appropriate year.”

    Does anyone one know exactly how many players Sevco have registered at this moment in time?

    My reading, is as Paul says, Newcastle could loan players – a maximum of five under 21 years old.

    However I do not think that any such deal is on the table – it is purely ‘paper-talk’ designed to hide the fact that Ashley wants to replace JJB in the sale of merchandise – BS pure and simple. (wonder who the other two billionaires are?)

    I wish the FTT and the SPL enquiries would report soon, after which we can stop discussing the business of these ‘peepell’

  15. geddy Lee

    It would seem the rules prevent FC Sevcovia borrowing any players at this juncture.

    Would Newcastle seriously risk having their fringe players being kicked up and down a part time league?
    I doubt it, andf I’m sure the manager would react with horror at such a suggestion.

    Surely FC Sevcovia don’t need any more players to get out of Division 3.With 9 full internationals still on the books,
    asking for help from England is frankly humiliating.

    Mr Mclaughlin can join the ranks of Scottish sports journalists outed as not fit for purpose. Hopefully it will wipe that stupid smile off his face.

    As for McCoist, not only is it plain to see he can’t come to terms with playing in the 3rd Division, but his incredible lack of tactical awareness it going to make the task much harder than it should otherwise be.

    Sadly for Green, he has helped raise McCoist to the status of a saint in the eyes of the deluded Sevcovian faithful.

    An extraordinary achievement that will come back to haunt him.

  16. Kevin mc sherry

    Charles Green is in the middle of operating a mafia style “bustout” scheme. Everyday it becomes more obvious.
    As soon as the share issue is concluded he and his investors will be out the door with the vast majority of the cash. Leaving behind an unsustainable club, saddled with players it cant afford and the wrong end of front loaded cash deals such as the sports direct connection.

  17. Cassandra

    Looks like newcos wage bill is set to drop shortly, just heard on the radio that Juventas have tabled a bid for Lee McCulloch.

    Need to invest in a new hearing aid, turns out the bid was from Fray Bentos.

  18. geddy Lee

    The drop in wages will help , but it has to be wayed against the huge drop in revenues, and the costs of any half decent signings. It’s the running costs of the stadium and training facilities that will cause problems in the long term.

  19. charliedon

    @andy at 9.20am

    I actually agree with some of what you say.
    What would worry me (which happily it doesn’t), is the signing policy. McCoist (or Green) seems to be targeting quite senior professionals, some getting nearer the end of their careers. Sadly, they obviously don’t think the younger players are up to competing in div 3. These players will have to see him through the period of transfer ban and possibly beyond. The wages on offer are still excellent by Scottish standards and you risk getting journeymen with little ambition, just looking for a last nice earner.
    To me, it might be a further indictator of Green’s short termism. Get a few decent players in, a few decent results, get the fans onside, get the flotation done and get out. In this respect I agree with ecojon.
    If you’re left with an ageing team of has-beens in 2 years time, with a large investment required for new players, it’s the least of Charlie boy’s concerns.

    • Andy


      There is potential for that, though I would still maintain that Charles would earn more if he were to hang around long term, but if he does get out quick then so be it, I can only hope that the rest of the investors left owning the club would be of the calibre of Mike Ashley. (As someone pointed out Green has invested very little, so if he can meet his targets sooner then of course he will be out, as for his investors, I beleive as investors, that they will recognise their return is better served longer term). Whether Green is here to steer the project isn’t of great importance as there are others up to the task.

      I do agree, there is little doubt the standard of player we have signed has been pretty decent (peterhead result apart they are decent players) and the problem with that is, as you say we may have acquired some journey men, certainly they thought it was a case of just turning up on saturday.. The logic behind this move should be that he uses the expierenced players to help guide young ones and develop them, with perhaps 5/6 split young to old split in starting line ups this way in 4-5 years time we have expierenced sellable assets, but this doesnt appear to be the case with only a couple of the young guns making the starting line up, which I do agree is greatly concerning.

      The other logic is that we sign these players romp up the league, and then when we get back buy another team and were right back where we started, with an attitude of spending to win rather than developing a team to win, yes we will always need to sign some expierenced players but if ever a time Rangers had a chance to follow Man Utd early model and build a team from youngsters then the time was now…Sadly, I doubt that will happen.

  20. geddy Lee


    the party line apparrently is that with the revamp of the leauges (?) next season, FC Sevcovia will be back in the “Big time”. McCoist also apparently fancies his chances in the Cups (Gasp) and will need these superstars to beat Celtic.

    Marvellous stuff gleamed from the “Bear’s Den ” site, where the delusion has taken on frightning proportions.

    Today’s main hate figures are a hack called “Bill Leckie” and poor old Andy Walker for his apparently hate filled biased commentry against the mighty Peterhead.

    That place should be compulsory reading for all physcollogy students, not to mention the Police, who should have really closed it down by now.

  21. Andy August 13, 2012 at 9:20 am
    We have lost 24 players of those included were below…
    I looked at Sevco’s players on their own website and they currently list 19 first team (before the recent 3 arrivals) and a further 23 players (I think) over the age of 17. That makes 42 professional (or semi-pro) players currently under contract (excluding the recent 3).

    No wonder What Was Rangers were in trouble, based on your 24 departures, they had 66 players on their books!

    As an aside – if those players join on say a 3 year contract, under a transfer ban, is it impossible for Sevco to sell them? Even if they decide to release them, surely the players will be due their contractual payments (no sniggering) as per these contracts.

  22. JimBhoy

    @Andy, I believe Rangers have around 200 staff members inc players, that’s a sizeable bill and I would expect a lot of their previous service providers will be looking for cash up front.

    IMHO Green will sell anything he can short term just to have the club survive ’til he gets his piece of the pie. This is not only my opinion but the opinion of a lot of bloggers who interact on this site… However there have also been a lot of men close to Ibrox, closer to the real action past and present who have come out and publically stated they do not trust Green. I like your optimism but I think it is naive at best.

    If the manager does not get promotion his £500k will be taken off the wage bill for sure (if the club even survive a season). He will be replaced. I would honestly wager TRFC not winning promotion either through administration or for footballing reasons. Every club they come up against will be putting in a cup final performance and every player with ambition will be busting a gut knowing they are in the shop window (on the telly).

    The way TRFC is starting out again is pretty much what lead to their downfall, spending more than they can afford and much more than they need in the SFL. Green’s open wallet policy in Aug is basically a carrot to get anxious fans to put in money up front nothing more, he knows it is a gamble and a bad short term plan if /when things go horribly wrong.

    There was a great opportunity to promote the club’s youth with some journeymen pro’s and to build a solid team maybe taking a couple of seasons to get out of their league but doing so with financial prudence. The current plan seems to be one of rush and panic…

    On a strictly speaking footballing note, Goian is a plank, I saw better under 18 centre backs at a tournament at Glasgow Green yesterday.

    • Andy


      I’ll stick with the optimisim in the meantime, perhaps it is naive but I would rather hope that all works out well than waste time worrying in case we have another ‘whyte’…he who worries suffers twice etc…I genuinely beleive that the aim is to get Rangers back in business and running at a self sustained, potentialy profitable manner because this is what provides the best return for investors, be it ticketus in some way shape or form or anyone else….whether it all works out is where we could come undone, how much appetite investors have for further investment etc..but I’ll cross that bridge if we ever come to it…

      From football side – Goin, agreed if we can get rid of him we should and have young ross perry in beside the expierenced brazilian.

      And I am disappointed we haven’t decided to go down the youth policy as I said in previous post, this should have been the model we were working to, the current philosphy seems to be born out of fear of failure, rather than investing confidence in youth that will ultimately lead to growth.


      Players that have left since the start of last season:

      Jelavic30, naismith18, whittaker18, mcgregor26, davis28, aluko2, wylde2, lafferty18, kerkar1, bedoya2, weir2, papac10, fleck1, healy2, ortiz2, mckay2, bartley1, mcmillan1, mervin celik1, bendiksen1, mcable1, ness4….

      I do apologise that was only 22, however you can most likely add Edu, bocanegra and potentialy goin to that.

      Players in, Black7, Sheils5, Kyle2, Sandaza7, Cribari7.

      I’ve done some math, next to each player is a measure of probable weekly salary, I have been more prudent on the top half as to emphasise my point:

      OFF the wage Bill – £8.9m

      ON the wage Bill – £1.4m

      Net Gain – £7.5m

      Rangers costs are down incredible amounts and with season ticket sales still high and still £250-400, the operating costs can be met through ticket sales, revenue streams, sponsorship, tv, shirt sales etc.

      To say Rangers is not a viable business is fairly misguided as if this was the case then Celtic would not be a viable business, and they clearly are, one sale of a player and their debt is almost gone…although clearly the bank wants that to happen first before they buy anyone it’s still a strong position.

      Green so far has, reduced costs, gathered some investment and acheived ticket sales he would have hoped for. We have lost a lot of baggage through liquidation (and I’m not saying that was right, and I would have liked to have seen everyone paid, but this happens in business sometimes) and now have a blank canvas. For example if you could stop paying all your mortgage, car loans etc, and you have a new bank account for wages from which all you have to pay for is gas/elec, council tax, food….so your left with x amount at the end, obviously this is more than what you normally have so you spend to make what you have better, but before you can you, unfortunately you get a wage decrease, so when you had planned on getting a 50 inch 3D tv, instead whilst you still have extra money it’s not as much as planned so you get the 40 inch plasma instead, which is why we are signing the likes of black etc, whereas had Green got all his wishes, still in SPL etc I suspect we would have been aiming somewhat higher than that…

      Sorry for drawn out analogy but hope it makes sense 🙂

      • John Pollock

        Andy how do you know ticket sales etc will cover running costs when everyone and their granny see it differently?

      • I think many are disappointed that rather than sticking their big 50″ 3D tv on ebay to get something back when they knew their debts were unsustainable, thereby cutting losses and paying other debtors some of what they owed, What Was Rangers actually went and ordered Sky3d HD for every room in the house, maxed their credit cards and even ran a tab at their local pub with no intent of paying it off.

        To use your analogy, even now when they are living in a bed-sit on the wrong side of the tracks, they still want the luxury of have a 40″ screen plasma TV, that they can’t afford. And THAT is the actual point…

        This was my point – I wasn’t neccessarily decrying your post about the 20-whatever players who have left, but that there were 42 (now 45) players over the age of 17, with professional contracts (of some sort) STILL ON THEIR BOOKS.

        Sevco don’t NEED to get extra bodies, but they WANT better players. It’s not a neccessity to survive in the SFL3, but they want to spend their way out of trouble, having defaulted on previous huge debts.

        Going back to your analogy, which struck a chord, I would LOVE to get rid of all my debt – it wasn’t my fault, it was mostly down to the mismanagement of finances by (and indeed settlement with) my ex-wife, in various formats (horses ffs! And I’m not talking betting…) – haven’t I been punished enough? No, as it turns out, like Rangers I am legally responsible for the debts incurred in my name and I can’t escape them without consequence. End of.

  23. Andy

    @john pollock

    Because I am looking at simple math,

    Lets look at some numbers, and I’ll keep it conservative:

    Lets say 25,000 season tickets at average of £300.00 = £7.5m

    Then in addition to that normal ticket sales (say extra avg 5,000 a game for 18 games a season, we already know there will be more games) = £1.4m

    Sponsorship, tv etc, again conservative = £1m

    Shirt Sales, estimate maybe 40,000 = £0.5m this is a guess on profit

    Car Park/Match day food sales = £1m

    Initial funds from investors (say Zeus etc only paid in what they have paid for assets, even though it’s clear there is several more million in the pot, and we only get 3 additional investors) = £6m

    Income = £16.4m

    Players Wages = Lets say 10 on 7k, 2 big earners left on 10k, 5 on 5k, and lets say were even paying our youth £2k a week. So 30 players = £8.2m

    Other Staff = Say 170, average wage over company of £20k per annum, assuming quite a lot will be on minimum wage and some will be on very handsome salaries = £3.4m

    Other Costs = Upkeep of Ibrox (some of this will be in staff cost anyway), murray park, rates, accountants, electricity, etc etc. (I have no idea what this figure may be but based on above conservative numbers we are left to cover these costs with £5.8m

    There is a problem obviously if Green does not get investors, but I am still confident he will as it is a long term good bit of business to add to an investors portfolio…unfortunately the price we will have to pay is that all money coming into the club won’t neccasrily be spent on the team and at times we may have to forgo signing players in order to keep investors happy, similar to arsenals predicament….that however will be for another day..

    The reason I beleive the majority of posters on this page see it differently is, either they want it to be different and so convince themselves that Green has put together a plan to screw us over for a couple mill in his back pocket or two they still feel there is some conspiracy going on with whyte etc…I read this blog because the articles whilst somewhat celtic sided are still informative, and I quite enjoy the camaraderie on here without it being dragged to the depths you find on RM or TC….

    • John Pollock

      Yep and its good to discuss this with fans who don’t revert to the WATP card at every turn. My views about the finances are not based on the fact I am a Celtic fan Andy, and that I don’t like rangers, which I wont deny, but 18 months of studying the facts. I personally have never thought Green was out to screw your club over Andy. I think the guy saw an opportunity to make a fast buck, which is fine, but his plan just backfired spectacularly with the well rehearsed chain of events that followed. That said, I still think your figures are just too neat mate;)

    • ecojon


      It’s always very difficult to work-out costs in a situation like this as things have changed so much from previously. But one thing I don’t actually see is the ‘dividend’ payable to investors. I would assume that the premium would be high as it is a risky investment and not being made by Rangers People.

      It also might be the case that the investors can withdraw their capital subject to certain conditions which could have a major effect on finances.

      Another cash-flow type of problem is created when the ST are paid for in 3/4 instalments although from memory it is a fairly restricted period. I also and this is from memory think that CW ran up an approx £10 million tax and VAT bill in a year – although I don’t know how much of that might have been in penalties – but have you really taken that into effect and the £1.5 million due on rates for Murray Park and Ibrox.

      The problem is that a brand new stadium would cost relative ‘buttons’ to run but Ibrox mainly through old design and age will cost a foirtune I would reckon.

      But I have to confess that I reckon Green is in it for the short term and that’s what his business history appears to point to. I really can’t see him wanting to hang about for years at Rangers earning buttons by his standards.

      And then where is the money reserve to buy real players for the SPL – if that isn’t saved on a yearly basis then it’s back to borrowing and we all know where that leads and I include Celtic in that.

      • Andy

        Perhaps, but he is isn’t going to get close to his £50m valuation if he sells now…I don’t know about Green, if he goes quick or long term it doesnt really matter, what matters is the investors he leaves in charge of Rangers after he is gone….if 50% of that is fans then great, doubtful though that is. Green can go when he wants, who he leaves behind is whats important to me!!

        My calculations are at best an educated guess, but does leave just short of £6m for costs such as rates etc, which may not be enough Im not sure, I haven’t studied Rangers accounts for a while obviously, and the current set-up will be far different in structure to the over complicated past of MIH… Or at least I hope so. Hopefully not as bad whytes scribbles on a cigarette packet though 🙂 Dividends won’t be earnt for a number of years, but as an investor, you are looking at a. an expected increase valuation in your shares and b. moderate dividends should the club post reasonable profit, from which is not likely to be much if any until back in Europe at some stage.

        I do think the strategy is risky with regards players at the moment, as the current squad wouldn’t be able to compete for the title in the SPL, which we all know will be the demand of most Gers fans, rightly or wrongly myself included, it’s simply what I’ve been brought up on. And we may not have money in the pot when it comes to strengthening but that is a worry for another day.


        I have said many times that I wasn’t happy with the result of liquidation, but it happens and that is one of the unfortunate consequences. It’s not fair, it’s not right, but were in a recession and it happens every day.

        Do you constantly blog about the TRILLIONS of unpaid tax currently being held offshore by the countries richest? Or the £500m bung by vodafone etc….yet these companies still trade at massive profits and don’t pay what they owe!! I can’t actually be bothered writing about it as what simply happend is the business failed, if I could go back and change it then I would but 1. I can’t time travel and 2. I don’t have a spare £150m so it isn’t really worth talking about..

    • TheBlackKnight TBK

      Andy on August 13, 2012 at 2:55 pm

      Andy, apologies, but you highlight the major flaw in all of this. You are running at a loss. A major one at that.

      Your outline figures show income = £16.4M and outgoings = £17.4M

      A loss of £1M

      Add to that (you know that technical stuff easy to forget) Tax NIC/ PAYE, Corporation Tax & VAT (let’s say generously only 20%) working deficit of £4-5M

      We haven’t even started on liabilities, insurances then you have an average of £50k per home match for security and policing.

      This is not an investment………. I’m out!

      • Andy

        Where am I running at a loss, okay I may have made a mistake on the calculator but what I said was there was £5.8m left in the pot to cover thigns such as PAYE etc, and that I had no idea if that would be enough or not….so there is £4.8m.

      • TheBlackKnight

        Andy your figures are incorrect then? We all make mistakes. Easily done.

        Is it a A mistake however? In your response you state :

        “but what I said was there was £5.8m left in the pot to cover thigns such as PAYE etc”

        With respect, no you did not! You said:

        “Other Costs = Upkeep of Ibrox (some of this will be in staff cost anyway), murray park, rates, accountants, electricity, etc etc. (I have no idea what this figure may be but based on above conservative numbers we are left to cover these costs with £5.8m”

        This to my mind tell half the story. The ‘heavy costs’ have not yet been considered in your sums or at the very least in your miscalculation you have under provided for them.

        The running costs of Ibrox/ Rangers 1873 were discussed in detail on RTC.

        Duff and Phelps the Administrators, a regulated and ‘professional’ expert in such matters, put the running costs at somewhere between £3.5M-£4M per calendar month. That equates to somewhere in the region of £42 – £48M per annum. Running costs. NOT turnover!

        kindly pointed out to you so you can’t be accused of revisionism. Like I said……. this is not an investable project……… I’m OUT!

        regards TBK

    • Stuart

      Andy, Some of your estimates are over optimistic.

      You estimate “Lets say 25,000 season tickets at average of £300.00 = £7.5m”. Accepting your figures, these tickets include VAT at 20%, so of the £7.5m you estimate, 1.25m goes to HMRC (no wind up intended). Rangers keep only £6.25m.

      I assume that the figures quoted in the media for players wages are their basic wages. Appearance money, bonuses and Employers NI will be on top. I would have thought that the 10 players estimated at £7k will actually cost Rangers something more like £10k per week in practice. The 2 on £5k will cost in the region of £7.5k. This adds about another £1.75m to the wage bill for these 12 players.

  24. @ Andy.
    “why should a club that has a large turnover not buy the best player they can get if they can afford it regardless of what league they are in?”

    If lessons are to be learned from the past, I would have thought that the financial plan would be to have a ‘sufficiently strong’ team to basically guarantee winning each SFL Division, building year-on-year, whilst getting some cash put in the bank to enable this, I appreciate of course the signing ban till Jan 2014 when Rangers would expect to be in Division 2.

    The other aspect to remember is the commitment given to the SFA in order to obtain a licence that they would repay the not insubstantial football debts, which the SFA will, no doubt, keep a close eye on.

    • Andy


      I beleive all football debts have now been settled from this mornings reports.

      Perhaps we shouldn’t be signing Spl standard players but then again, perhaps were just hedging our bets…i.e. why take the risk with signing a first division player, when you can all but guarentee it with an Spl player..

      • Ernesider

        Andy – Lest we forget

        CRAIG Whyte has left a £140million debt mountain at Rangers, with 276 victims owed cash.

        They range from the taxman, who could be owed £93million, to the corner shop near Ibrox, owed £567.45.

        The club’s unsecured creditors , owed more than £55million, also include more than 6000 loyal fans who bought £7.7million worth of debenture seats at Ibrox – only to be robbed of their investments when the club plunged into administration.

        Ticketus, at £26,700,000, are owed more than anyone apart from HMRC.

        More than £5.5million is owed to “trade creditors” – ranging from giants such as Coca-Cola to a picture framer in Bearsden and a lady called Susan Thomson who runs a face-painting business. She is owed £40.

        Rangers owe Strathclyde Police £51,882 and the Scottish Ambulance Service £8438.

        And they owe more than £3.3million to other clubs in Scotland, England and Europe. Celtic are owed £40,337, Hearts £800,000, Dunfermline £88,370, Dundee United £65,981 and Caley Thistle £39,805.

        Daily Record 6th April 2012

        “We handed £500,00 to the SFA last Thursday to clear up all the fines and to pay what we owed the clubs.”

        Daily Record August 13th 2012

        I suppose it’a start?

      • Ernesider


        Chucky said:

        “They are not even my debts but I’ve paid them anyway as we want to put this behind us and rise again.”

        Now we all know that is duplicitous double talk. He paid because he was forced to.

  25. charliedon


    I suppose you have to try and be optimistic Andy. But you have to remember that Rangers were running at a frightening loss before administration, and that was in the SPL. Wages and expediture required drastic reduction even against SPL level income. Most observers reckoned you would have had to rely on young players with corresponding modest wage levels to remain solvent in div 3. I was certsinly amazed when players were immediately being brought in at 5-7k pw wages.
    I remember at the very outset Charles Green stating quite unequivocably that he was there only for the short term and for less than one year. However at that stage I’m sure he had received assurances he would be in the SPL or, at the very least div 1. He has since had to constantly revise his strategy for each knockback. His original statement seems now to have been forgotten but I don’t imagine for one second that he is now in it for the long run.
    And – in the SPL, he would have been aiming higher than Ian Black – a Scottish international squad player? What were you expecting – Ronaldo??

  26. Andy


    I am trying to be optimistic and cautious as well, I am not 100% convinced by Charles Green, and whilst I beleive it serves him best long term now anyway, he may be in and out quicker than I had envisaged, but again he isn’t the important figure here, who the end investors are is, be it fans, zeus, ticketus….We may also have a problem with McCoist as a manager but I have my fingers crossed he makes it.

    The immediate finances though if my estimations are to go by are fairly sound. Starting from scratch makes it a whole load easier, I beleive 2 of those in Dragons Den have been declared bankrupt in past, yet the chance to start again allowed them to be very successful business men.

    Its very much back to basics accounting when this happens. For instance I have recently started my own business last year, and whilst not up and running yet, it is very simple in terms of forecasting etc as you don’t even have scope to think about debt, loans etc. All my calcs are based on having enough money to operate and any shortfall would have to be covered by me (the investor), which obviously is of no use to Green so it would make sense that he would be doubly sure that he has money in the bank to cover everything.

    We had players of Davis, Naismith, McGregor, Jelavic standard and I would expect we would have been going for something similar…

  27. JimBhoy

    @Andy I do not think there will be any stability at TRFC until Green and his cohorts are out and there is a proper business plan put in play that shows financial prudence and not short-termism… Look at the business history behind Green and some of the men he associates with… A real history of failed businesses and dodgy dealings. Go to the leggoland site if you need reminding (and a laugh). I envisage a tough few months ahead especially as the novelty value wears off and the punters get sick of the product on the park or the continued uncertainties.

  28. Glazert Tim

    Just turned on the TV tonight to gaze upon the fizzer of Rahman ‘Budweiser’ at STV.

    A cursory mention of the Hibs Hearts draw, no VT from memory as I walked between rooms followed by full coverage of a new but woeful Third Division team playing v Peterhead. Then and only then did we get SPL game coverage and VT.


  29. charliedon


    I’m glad you say you enjoy this site. I’m a newcomer myself and also appreciate that the majority of contributors are putting forward reasoned debate and are fairly respectful of others and their opinions. Of course, it’s not really a football forum although the intricacies of the Rangers situation lends itself well to the nature of the blog.
    I recognise you’re trying hard to enter the debate in that spirit but, Andy, I really have to again take you to task on your last post.
    You say that, had you been in the SPL, your team would have been looking at players of Jelavic standard. Good grief, it’s just this sort of thing that got Rangers into this mess in the first place! It’s this arrogance that turns people against Rangers. You couldn’t afford Jelavic last time around when you were grossly overspending and you STILL HAVEN’T PAID FOR HIM!!
    Now, for a moment, put yourself in the place of, for example, the cornershop owner, still owed £500+ by Rangers. All over again he hears big talk about big name players coming in on big wages but the fact he’s still owed his money never rates a mention.
    Rangers fans rant on about how everyone hates them. In the main people just want to see fair play. There has been very little sign of contrition or apology from Rangers for the mess created. If there had been, people would be more forgiving.
    Now I realise that newco Rangers are playing football and will need to compete again at some point but immediately once again talking about players of Jelavic standard is madness. And Rangers fans wonder why people get angry?

    • Andy


      Yes we as a club are arrogant, I can’t deny it, I can see it and to an extent have been apart of it as I have been brought up through the 9 in a rown and Advocaat Era, then Mcleish and Smith, success, high standard of player is just what I have been accustomed to, being the best team more often than not isn’t something that we have just wanted it’s what we have expected. Now I totally agree that this isn’t a justifiable stance and obviously it is one that breeds anger in other teams supporters as clearly due to mismanagment it was not an affordable model….though having said that had there not been a recession then HBOS would probably still be writing David Murray blank cheques and we wouldn’t be having this conversation and nobody would even know who Whyte was!!

      But I am just a fan, I have tried to put some estimated justification without getting bogged down in detail to the operational numbers but seem to have every tom, dick and harry scruitinise them as if they were published accounts – At the end of the day I beleive financially we will be okay with a clean slate, if people disagree then fine.

      As a fan, I am just observing what I think would have happend had we stayed in the SPL, and given Greens rhetoric and signing policy for the 3rd division it would appear that the standard of player aimed for would have been pretty high!! Obviously as a Rangers fan I would have been pleased with this, and too hell with what teams of other supporters think…Thats football though, if you have the best team then you don’t really care what people think about it because you get the privilege of saying were the best!

      All the small businesses etc that have lost money through this, yes it’s a disgrace but at very least they have still got the trade…if some people had got their way Rangers would be gone for good, and with that these small businessess which, not you personally, but from others is somewhat hypocritial to say down with Rangers then have a go at the money lost for small businessess. Rangers are still there and hopefully these guys are getting the business again and no doubt will be demanding payment upfront from now so whilst it doesn’t right the wrongs of the unpaid invoices, at least they will not suffer beyond that. Rangers fans have so far turned out in good numbers and hopefully the small businesses around Ibrox continue to prosper from that income. I am all for these guys doing well, but they won’t be the first company to write off a bad debt, in fact in my job today we have written off 42k this morning. It happens to almost every business at some point.

      Should the IT company that goes bust leaving unpaid creditors, and then reforms not buy the latest/best computers and software they can afford to help there business grow?

      • ecojon


        I believe from your figures that you expect to have a comfortable surplus of £5.8 million a year under the current Rangers scenario.

        But let me undernote what Mr Green presented in his sales pitch to investors if the CVA didn’t come though – this is his projection and he may have been under just a little pressure to dress it up as it was for shareholders.


        Alternative Deal Structure
        – In the very unlikely event a CVA is not agreed by creditors, the holding company will buy the same assets from Rangers plc for £5.5m – Rangers would potentially be precluded from European competition for up to 3 years
        -Advantages to alternative scenario:
        – Salaries could be reduced by c. £7m as there would be less requirement to retain star players
        -Anticipated pre tax profits of £2m every year for the next 3 years
        – Less pressure on working capital


        That’s not a lot of cash to build and SPL team capable of winning in Europe.

  30. John Burns

    Glazert Tim – yeah agree with you – it is no surprise. I have monitored STV Sport since the start of the Rangers/Sevco debacle on 14 February this year – it is always Rangers,Rangers,Rangers – indeed many months ago I christened him “Raman Bhardwaj Rangers” – inevitably the first word out of his mouth is either Rangers, Ally McCoist or Ibrox..

    On another matter, namely the Ian Black call-up and Houston’s mealy-mouthed “taken out of context” excuse – Has Levin been ‘got at’, and if so, who by?

    • lawheid


      Kind of agree with you John – that’s the MSM for you – all talk and no substance.

      With the Iain Black call-up – why would Craig Levein state that he won’t pick Lee Wallace because he plays in the 3rd division but yet still pick Ian Black, despite him ALSO playing in the 3rd division along with Lee Wallace?

      Craig Levein is the personifaction of the Scottish footballing authorities –
      gutless, spineless, clueless, self-centred, arrogant, incompetent, apathetic, speaks mince.

      As for Mike Ashley – this deal between Ashley and Green is fishy to say the least, just like Green’s claim that he’s settle all the club’s debts.

      Been reading the blog for several weeks now and I have a few questions that I got on my mind that needs settling –

      1. Why haven’t newco Rangers not been handed any points penalties for being a newco? I’m sure I heard/read something that if Rangers or any team for that matter were to become a newco, there would be some automatic points penalty applied.

      2. Who owns the assets – does CG own the whole lot, including the pitch?

      3. Have D&P completed their administration duties? If not, why not?

      4. Who can the AT judge or make judgement on?

      5. Does the AT need to wait till after D&P done their job to then commence proceedings?

      6. Are the newco Rangers not in violation of insolvency laws?

      7. Is Brian Kennedy still interested in acquiring a stake in TRFC?

      BTW, great blog Paul!

  31. martin c

    I’ve just had one of these what if moments?

    Sevco have SFA membership based on old Rangers PLC (ia) accounts. Therefore as a Quasi football entity separate from the legal entity, could sevco apply to UEFA for a European licence should they win the Scottish cup,

    Post one years Sevco accounts to make up for missing year?

  32. Michael

    Andy @ various times

    “The immediate finances though if my estimations are to go by are fairly sound”

    What are your estimations? How much is it costing to run The Rangers on a weekly basis? Include in your estimate salaries, cost of running Ibrox, cost of running Murray Park, cost of travel, cost of catering, cost of anything else. What is the income on a weekly basis? Include in your estimation ticket money, catering income, income from broadcasting (tv, radio, internet), all other income. Is the income greater or less than the costs?

  33. geddy Lee

    Andy, any idea if Tickitus still have the right to a large portion of the Season ticket money?

    I’m sure you agree they are hardly going to simply right it off.

    Oh and remember to factor in boring facts like paying tax and rates etc before deciding how much is “in the kitty”.

  34. Pingback: And this Week’s Succulent Lamb Prize Goes to…”GERS THREATEN TO SNUB SPL”. | Random Thoughts Re Scots Law by Paul McConville

  35. Pingback: Ally McCoist’s Managerial Foibles, the “Hinge Factor” and Rangers’ Downfall | Random Thoughts Re Scots Law by Paul McConville

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