Have Rangers* Spent Over £32 Million Since June 2012?

There was a meeting of “influential” Rangers fans on Thursday with the senior officials of Rangers*.

(*More precisely of the company which owns the company which owns the assets and business which make up Rangers Football Club).

I want to mention two points arising from it – the first being one which has been subject of much heated debate ever since the Green takeover, and the second, which will be in the follow up post, a strong candidate for “Joke of the Year” if it had been delivered at the Edinburgh Festival. (Right up there with Tim Vine’s one-liner from a couple of years ago – “Crime in multi-storey car parks? That is wrong on so many levels!”)

Ever since the share issue in December there has been speculation about the amount of money remaining in the coffers of Rangers International Football Club PLC. Talk of imminent insolvency has continued despite the PLC’s efforts to disparage them. Until the PLC accounts appear there will not be a definitive answer and even then that will only reveal an historic snapshot.

Why is this important?

Obviously the amount of money (or access to money) which a business has is vital – money is the lifeblood of any commercial organisation.

Rangers have made a virtue out of what most businesses would treat as a huge negative – the absence of any credit facilities.

This is especially so in a business such as football, where the seasonal nature of the income means that most money comes into the coffers in a short period in the summer by way of prize money for the previous season’s achievements, transfer fees and season ticket income.

Most businesses which operate in a highly seasonal environment have some form of credit arrangement – whether by factoring, overdraft or advance ticket sales (such as the infamous Craig Whyte/Ticketus deal).

Operating without any credit facilities means that the funds available to Rangers will go through a “boom and bust” cycle – so far for RIFC the peaks at which the bank account has been overflowing have been at the point of (a) the season ticket sales before season 2012-2013; (b) the funds realised by the share issue in December 2012; and (c) season tickets sales for the campaign just started.

Analysis of the Rangers financial position by various writers, bloggers and commenters (and of course based on limited information) has suggested that the ongoing losses and expenditure (because of course losses and expenditure are not synonymous) are such a drain on the funds that they could run out before the season ends.

One of the main themes which has been raised related to the share issue.

Rangers announced that £22 million had been raised. There have been regular suggestions (denied by Rangers) that, whilst the share issue may well have raised that amount, the majority of it was not in the form of cash, but in “paper”. Thus, with the reduced liquidity provided by bonds or loan notes, the amount of cash available to meet the bills was alleged to have been some way from what the top line figure raised actually was.

The speculation about this has prompted vigorous rebuttal (although also without the provision of clear evidence) from Rangers and its fans. As RIFC declared to the Stock Exchange that they had raised £22 million in cash, I am happy to accept that, but not everyone has. Suggestions that Rangers could run out of money were seen as malicious speculation by “Rangers haters”. After all, went the response, how could Rangers run out of money – well over 30,000 season tickets sold last year – £22 million raised in the share issue – well over 30,000 season tickets sold this year.

However the last few weeks have seen some mainstream sources too raise questions about the finances of RIFC. Neil Patey, accountancy expert from Ernst and Young, was quoted by the BBC website on August 2 saying:-

“It’s slightly unusual that they are using money raised from the IPO for working capital. Usually, money raised from the IPO is used to fund things like buying over new companies and not working capital.

“Unusually, they are using the money from the IPO to fund their losses until such time as they return to the top flight and are able to tap into that prize money and money from a return to European football.

“If you don’t keep a prudent cost control, you could spend the £22m and run out of money before getting to the top division.”

As Mr Patey was seen during the financial crises for Rangers in 2012 by some as more sympathetic to their situation, his criticism of the position might be more telling for its fans.

Dave King too, former Rangers director, spoke about fears of re-entry into administration. (Strictly of course it would be a first administration for RIFC PLC, or for The Rangers Football Club Ltd, because Rangers Football Club PLC which went into administration last year has now been liquidated.)

Against that background, what happened on Thursday night?

There was a prompt reaction to the meeting by three of the fans’ groups represented at it, and the following joint statement was issued by the Rangers Supporters Association, Assembly and Trust:-

In response to this evening’s fans meeting at Ibrox.

We are extremely concerned to learn that there is only £10m left in club funds after the IPO and season ticket monies have gone into the club and will be seeking more detailed answers from the club’s Board. We will seek to convene a follow-up meeting as soon as possible.

We welcome the news that Craig Mather will convene a Board meeting within seven days to consider the future of Charles Green.

If the Board reflect mood of the room at this evening’s fans meeting then Mr Green will be stripped of his consultancy role, the overwhelming majority of fans representatives clearly agreed with Craig Mather’s description of his behaviour as “morally and ethically reprehensible”. His utterances regarding Ally McCoist and Walter Smith were horrifying.

We are glad that Mr Mather has committed to talking to Jim McColl and his colleagues. The issues facing the club are very clear and urgent – with goodwill they can be resolved without resort to an EGM.

Let’s look at a few figures therefore. (The Stock Market statement on the interim accounts can be read in full here.)

Income (All figures in millions of pounds sterling)

Gate Receipts + Hospitality for 7 months to 31/12/12 (interim accounts)  6.4

Share Capital Issued to 31/12/12 (interim accounts to include IPO)            30.8

Estimated Income from Gate Receipts and Hospitality from 1/1/13            1.0

Estimated Season Ticket Income Received for Season 2013-2014                6.0

Total                                                                                                                            42.2

Less balance of funds remaining                                                                           10.0

Net Spending from June 2012 to July 2013                                                        32.2

Indeed, reading from the very comprehensive summary of the meeting which can be read in full here, it was stated by Mr Stockbridge that the £10 million figure INCLUDED £1.5 million from Sports Direct! On that basis the spend is in fact over £33.5 million.

I appreciate that these figures are very “rough and ready” and there are some elements of capital expenditure (including the £5.5 million purchase price) and non-recurring costs, such as those of the IPO, but, nonetheless it is a large amount of money, especially where there the PLC needs to go from now through till the end of the coming season, with only the limited income from ongoing games and without the safety net of a credit facility.

Can it possibly be correct that, in just over a year, over £32 million has been spent?

Well that would still be a significant reduction from what costs were running at when Craig Whyte took over!

However it remains a vast sum and would mean one of two things, based of course on the statements by Mr Stockbridge being accurate and the figures reported in the accounts being correct (as I am sure they are.)

1                     Money is still being spent as if it is going out of fashion and it could run out before the end of the season, and if so, leading to administration and a further “insolvency event”.

2                     The “Rangers haters” were actually correct and not all of the IPO proceeds were in the form of cash and so, bizarrely, this is a good thing for RIFC as there are other assets still available to it and the “cash crunch” is far less likely than if only £10 million is left.

If the first applies then there are various possibilities, all with differing degrees of likelihood, which include the following:

  • Rangers is being run just now solely with the intention of getting the PLC to the point where the “tied in” shareholders can sell their shares which were acquired by most of them for 1p per share.
  • Rangers is being run just now in a profligate manner to ensure that customers are willing to stump up for season tickets, with the intention of administration with resultant debt write off and “rescue” by “real Rangers men”.
  • Rangers will plug its funding gap (if there is one) by agreeing a credit facility with banks or other financial institutions. (A cynical friend of mine suggested, entirely incorrectly, I am sure, that the reason for there being no “external” debt was that the Directors knew insolvency was coming and being seen to borrow money which they knew could not be re-paid could be very problematic for them.)
  • Rangers will undertake a further issue of shares to the public and the financial world. As the shares are presently at less than half peak value, and at 60% of the IPO price, I suspect that financial institutions might be more reluctant to invest than before, although that would open up the share sale, perhaps exclusively, to fans, both as individuals and as directors of businesses.
  • Rangers will take further action to cut costs or increase income.
  • Rangers will have finely tuned its figures to enable it to remain solvent without any of the above situations arising.

I have no doubts that the real answer is a combination of the last two possibilities as it would clearly be, at best, “inappropriate” to run a business intending the first two, and there has been no suggestion of options 3 or 4.

Mr Stockbridge is an astute businessman and a fine fellow to be Finance Director, so I am sure that, at the re-convened meeting with the supporters’ groups he will be able to reassure them that the financial future for Rangers is bright!

Posted by Paul McConville

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87 Comments

Filed under Administration, Rangers, Unfounded Speculation

87 responses to “Have Rangers* Spent Over £32 Million Since June 2012?

  1. josephmcgrath112001809

    Surely a big club like Rangers could not run out of money? Has anything like that happenned before?

  2. cam

    There is of course another possibility.
    The entire Rangers board could all be unwell and therefore not responsible for their actions.
    This opens up a possible mitigation of circumstances under Companies Act 1989 Section 3a paragraph 4(ii).
    By taking a doctors note to Hampden in a psychedelic VW camper van,Craig Mather(a very handsome fellow),could pull off the swindle of the century.
    What’s that you say?,,,,its been done before?,,,bugger!

  3. fisiani

    You can fool some of the people some of the time but you can fool all of the Rangers fans all of the time. Green and co paid 5 million and want to sell their penny shares and then head for the doors. They will be financed to leave by the mugs who have paid for season tickets for games that will never take place and the investors who were fleeced. There will be tears and gnashing of teeth. Rangers mark 3 will try to gain admission to the SPFL in Jan 14.

    • Doc

      Maybe it’s the cynic in me, wouldn’t it be a coincidence if admin Mark II happened just after the locked-in shares were sold.

  4. lordmac

    the only way rangers can now survive is if the go burst again and assets sold to Mr MC coll he would be able to lease the park back out to rangers
    he would work out a fee they should pay each year something like £3million per year, rangers would then be able to just use there TV money
    and season ticket money, and sell raffle tickets to run the football side just like the way any Junior team work with this all done the only need a committee no need for directors

  5. cam

    Finally we see Paul acknowledging the existence of the lesser spotted, green throated Rangers “haters”.
    This Sunday confession, that dark forces are at work, is the first step for all the Celtic bloggers to repent,be forgiven and be permitted to rejoin civilized society.
    Well done Paul,your soul must be joyous this fine day,ring the bells and rejoice.

    • Eastside

      People hate those who are destroying the sport they love. If you took your head out the sand for a minute you would notice that the anger of fans across Scotland is not just aimed at Rangers or its Tribute Act, it is just as vehemently aimed at the football governing bodies and the SMSM who are just as guilty of purposefully harming the game. Fans invest time, money and raw emotion into the sport they love so will rightly feel animosity towards those who repetitively and knowingly damage their game.

    • portpower

      LEE WALLACE has opened his heart on the personal and professional integrity that made him stay and lead Rangers’ revival on the way back to the big time.

    • alfredthepict

      Cam
      Time to grow up son !

  6. cam

    Right, a few hours kip and up in time for the joke(it had better be good).

  7. i read somewhere that ali mcoist got his “shares” as both a payment that was owed to him from before rangers went bust and were liquidated
    and also to entice hime to buy into the Sevco way forward, by purchasing the assets, starting a new club called
    . . .The rangers football club LTD
    then have ali as manager of the new club, but be able to pretend to be the same club…in order to get the “fans” to believe that it is indeed the same rangers, so the “fans” will put their money into the “venture”,
    whilst at the same time, chico verde, was telling the institutional investors of his plan and how pretending to be the same rangers would be believed by the mugs, so if the institutional investors wanted “In” on the [failsafe]
    scam, then all they had to do was put in £1-2 million and wait for the payback ASAP.

    all we hear is – the fans deserve this…the fans deserve that…

    the Sevco fans deserve nothing. it is only a football team we are dealing with here.
    all the “fans” had to do was start another team and call it
    a name with “rangers” in the title and it would have been their Rangers.

    the fact that chico verde beat the fans to it and is now fleecing them, is the fans’ own fault for being the modern equivelant to the followers of the
    “pied piper”…but where will he lead them…?

  8. …the overwhelming majority of fans representatives clearly agreed with Craig Mather’s description of his (Green’s) behaviour as “morally and ethically reprehensible”.
    ———————————————————————————————-

    Imagine anyone connected with Sevco pointing the finger at others morals or integrity!

    Brass neck just about covers it.

  9. mick

    Great read Paul and explains the situ well but what about bdo in all this and d & ps and all the other suits associated with it .it all together has stunned Scottish business forever surely after all this the whole insolvency laws needed tighted to protect creditors and small shareholders it’s the first time laymen people have had a climpse of how these people operate and it is well shocking am still scratching my head wondering why it’s not been declared as a phoniex due to whyte planting green as sevco 5088 also we have still not seen the deeds and don’t forget the the floated company is 1 of many it’s to me a crooked deal and give scots business community a bad name shocking is putting it mildly

  10. Gobsmacked

    Revenue Commissioners normally demand a Bond in cases where there has been an associated default. Can we assume that the Taxpayers are not exposed. Perhaps the issue is that they are trying to run a Company within the rules. A cynic would suggest crashing the Company and taking a 15 point hit, therefore no damage. Creditors beware !! Let’s all accept that this would be the fault of everyone but those associated with Rangers. Football Authorities must then immediately award the New New Rangers the 1st Division Title and The Scottish Cup by way of apology. A new quote of “we don’t do walking away ………. We swagger”. A wise man would have the properties in a Holding Company ensuring that the Trading Company Creditors could not go after the Assets. Anyway there is nothing to suggest that Mr Green and his cohorts would be so unscrupulous 😉

    • Ed Paisley

      I said it a while ago @Gobsmacked, if SEVCO fails owing the taxpayer another huge amount the shit will hit the fan and this time it will take more than a Lord Cullen or Nimmo Smith whitewash to calm the waters.

  11. the magic number of Ibrox, can you guess what it is.

    SDM offered this amount to HMRC to make the Big tax case go away.

    it’s what it costs to operate Murray Park for a year

    it’s the amount of money the fans were going to spend buying shares,

    It’s the amount of money Green promised Ally for a War Chest.

    It’s the amount of money left in the bank.

    it’s how much SDM would have spent if Celtic spent £5m

    Funny enough,It is the amount of money Green claim today in the Daily Record that he could raise tomorrow for Rangers, he goes onto say, the club does not need it

    http://www.dailyrecord.co.uk/news/scottish-news/former-rangers-chief-charles-green-2150998

    He ( Green ) added: “I could raise £10million for Rangers tomorrow but the club don’t need it.”

  12. One of Charlie best put downs so far, he has come back fighting,

    “Dave King can come as well. I’ve got respect for Dave because he wrote a £20million cheque for the club and all he got was a blazer and a tie.”

    • Maggie

      @coatbrigbhoy
      I’m confused cb,who’s on who’s side in the battle of the Spivs?
      One minute Mather’s saying that Chico’s immoral and unethical,and he’s holding a board meeting to get rid of him.( after winning the vote to bring him back!!!!!! ) Then we have Chico in the DR article saying he can’t allow Mather to be removed by the Murray / Mc Coll consortium as he’s invested £1 million in Sevco.Dear God…honour among thieves indeed.It’s like the Godfather part 2,who can follow the machinations of the principal characters.I think it may all be over bar the shouting.
      I am very excited about Chico’s presidential debate idea though,can you imagine the comedy gold which will be unleashed,priceless.Good luck getting STV or BBC to foot the bill for that comedy roadshow Chico.

      • @Maggie
        McColl’s mouthpiece Murray is now claiming Mather Promised to remove Green from his new job, no promises were made, but the spin keeps on,

        The Ibrox Godfather
        Michael: My credit good enough to buy you out?

        Moe Greene: Buy me out?

        [Ally laughs nervously]

        Michael: The Club,The hotel, the casino. The Trueblue Family wants to buy you out.

        Moe Greene: The Trueblue Family wants to buy me out?
        No, I buy you out, you don’t buy me out.

        Michael: Your club loses money, maybe we can do better.

        Moe Greene: You think I’m skimmin off the top, Mike?

        Michael: [Michael shakes his head] You’re unlucky.

        Moe Greene: You goddamn Bluenoses you really make me laugh. I do you a favor and take over the assets when you’re having a bad time, and now you’re gonna try and push me out! .

        Green will sleep with the fish’s if he’s not careful.

      • Eastside

        Every man for himself.

  13. Mac Tomas

    Two questions cam……. Was Phil Mac correct in his prediction, that the club previous to the one you now blindly follow follow, would be liquidated?
    & when your current Ghost club enters administration will they be deducted the regular 15 points for a clubs “first” insolvency event, or 30 for it’s second? …. Such Fun…..!

    • Maggie

      @Mac Tomas
      Come on Mac,they’re the same club after all,so it’s a 30 point deduction.
      I’ve totally made “such fun” HAPPEN Mac,even the “camster’s” using it now.You’re such plagiarists. 🙂
      Ok, I plagiarised it from the mother in the Miranda sitcom,but I think I’m safe enough.I don’t think Miranda Hart reads this blog,though you never know. 🙂

  14. Budweiser

    Ally could always cut his pie consumption in half – every little helps !

    • come, come, Sir that’s excessive, the club is ONLY losing £1m a month, i am sure if Ally reduced his lunch expenses by 25% the CRISIS would pass.

    • Maggie

      @Budweiser
      🙂 I see Sally’s offering to take a wage cut,for the good of the club of course.Good of the club my ar….eh foot.
      He know the bears are revolting ( sorry,couldn’t resist ) On Mc Murdo’s blog last week every single comment was of the Sally,great guy,rotten manager,too highly paid variety.I see this as a sop to the hordes,along with yesterday’s plea to give him and his new signings a chance.
      He knows he’ll never get another high profile job in football and he’s now too tainted with the Rangers / Sevco poison to ever be on telly again,so he’s clinging on for dear life to the sinking ship. 🙂

    • Budweiser Come on half of the pie consumption is not an insignificant amount
      He could sponsor the football league they’re in for the next 10 years at the very least

  15. Budweiser

    Green’s comments about Ally and smiddy were ‘ horrifying ‘? Why ? Because they were true?

  16. Monti

    Just £150,000,000 debt to be paid back & all will be well again.

  17. The Hidden Fortress

    When people swim with sharks, terrible things are liable to occur. I wouldn’t lie to you…http://www.independent.co.uk/news/world/europe/men-in-sweden-warned-after-sighting-of-testicleeating-fish-8755664.html

  18. Raymilland

    Fat man:

    “I’d hope if it was on the horizon (administration) there would be an early warning system this time. Not like the last time when we got 24 hours’ notice.

    “So if someone said to me your wage bill is too high or your staff is too high, then that’s fine I can react to that. But until that comes it’s not my gig.”

    £750,000 plus bonuses for a fourth tier manager should have set off a few ‘alarm bells’.

    ===========================================================
    gig

    Noun
    A light two-wheeled carriage pulled by one horse.
    A live performance by or engagement for a musician or group playing popular music.
    A harpoon like device used for catching fish or frogs.

    Verb
    Travel in a gig.
    Perform a gig or gigs.
    Catch fish or frogs using such a device.
    ===========================================================

    ‘Gone fishing’ Ally? You soon will be.

  19. portpower

    @Paul.
    The.

  20. Cluster one

    Happy Christmas

  21. Monti

    @Cam
    If the the rangers go into administration will it be 10 points or 25 points deduction?
    You know don’t you?

  22. Maggie

    @Paul Mc
    I’m going for the ” write off and rescue by real Rangers’ men” option above.
    Bhoys,remember you heard it here first,no stealing my thunder btw,I’m onto you all. 🙂

  23. portpower

    Is the joke something to do with auxlang?

  24. Bigden1972

    Paul, who are these “real Rangers men” we keep hearing of..? To my knowledge, NO rangers man of any profile was willing to part with hard cash when this club first entered administration and subsequently became available to buy for a mere £5.5 million pounds..!! Jim Mccoll keeps being mentioned as a possible contender for a takeover, but seems reluctant to part with any of his “Billions”…..why is that? Is it because the problems at this basket case run much deeper than it appears..?? I think we know the answer to that one. A crumbling stadium, upkeep on a seperate training facility in the countryside they dont need any more, a board of directors hellbent on forcing thier own agenda to the detriment of the club / company, a playing staff wage bill that would choke a horse…??? The list is endless…..unlike the amount of life left in this pathetic excuse for a football club..!! The end is nigh………

  25. Ed Paisley

    With respect to Mr Stockbridge, being a good businessman, and someone able to sniff out a quick buck are not necessarily the same thing.
    What we haven’t really looked at are the costs associated with the IPO. I remember that they were estimated at £2m in the IPO, and then the Orlit Enterprises issue cropped up – suggesting that Chico paid this company controlled by one of his former associates, £800k for introductions to far east investors that yielded next to nothing. What other costs were there?

    Ally has now re-iterated Stockbridge’s comment at the recent shareholder meeting – the club is no longer incurring operating losses i.e. the club is in a sustainable financial position where routine income exceeds costs.
    What’s the panic then?
    The club has enough cash to see them through this season.
    They will also get through the second tier without the need for a fresh injection of revenue because SB prices will go up 35% and that will allow them to expand players wage bill.
    Just before they get into SPL, there will be a new public offering of shares, on the basis of costs being rigorously controlled.
    Bobs your uncle! As long as Stocky isn’t speaking with a forked tongue.

  26. portpower

    “Rangers haters”. That’s me.

  27. Paddy Malarkey

    Didn’t Mr Green and his consortium buy the assets with an £8.5 million bond to be paid back(by the club ?)over a five tear period ?

    • No, that was the CVA plan.

      • portpower

        Yet dumb & bumber took them into liquidation. Yet 1 hour before rangers1872 became a new club wally was pleading an offer. The offer was refused and he wished the new club all the best. Then fleeced the new club. Scotlands` finest………………………..

        • Portpower
          What balls they have got you could not believe it but once a thief always a thief as they say they were cheating bastards but I never thought I’d see them steal from the hand that was feeding them and they are big hands

  28. Raymilland

    ‘What We’ve Got Here Is Failure To Communicate’

    Who’s in charge of communications at Ibrox?

    Some men you just can’t reach 😉

  29. Monti

    Oh what a gift a gift tae gie us,
    Craig Whyte gave their money to ticketus,
    Then came Green a headline dream
    an Arthur Daley type or so it would seem,
    now there’s Mather the latest saviour
    How long will he last, no one can say
    Not even Walter
    Coz he’s walked away.

  30. Zorro

    I’m loving Chucks idea of a US Presidential debate, where does he get them from. Roll up Roll up. Ps is Chuck and George Dubaya ever been seen in the same room together?

  31. portpower

    Dave King. Why is it every time he gets his picture taken he looks as if he`s just come out of a toilet with a glory hole.

  32. cam

    C’mon Paul,,,i’ve got socialising,,,give me the big build up joke!

    Here’s one to annoy some touchy souls meantime.

    A zoo acquires, at great expense, a very large female gorilla of a particularly rare species. Right from the outset she is very bad tempered and very difficult to handle. The zoo’s vet, after examination, boldly announces that her problem is that she’s in heat. If she was to be mated she would become docile and adjust to her new surroundings. But what to do?

    There are no males of her species available and the other male gorillas are terrified of her.

    Whereupon, the zoo administrators remember that one of their zoo-keepers, an Irishman called O’Monti, who is responsible for cleaning animals’ cages, is a large man and notorious for his abilities with the opposite sex.

    Perhaps they could persuade him to placate the gorilla. So they approach O’Monti with a proposition. Would he be willing to do nature’s best with the gorilla for £1000

    O’Monti asks for the night to think things over and on the following day, says that he’ll accept the offer on three conditions:

    “Firstly, there’s to be no kissing.

    “Secondly, I want any offspring to be raised knowing all our glorious Celtic history”

    The zoo administrators quickly agree to these conditions. “But what about the third?” they ask.

    “Well,” says O’Monti, “you’ve got to give me some time to come up with the £1000

  33. Pingback: Ally McCoist – Moving to the Edinburgh Festival? | Random Thoughts Re Scots Law by Paul McConville

  34. cam

    Well played Hearts,that fighting spirit shall be required.
    If wee Fenlon ate pies he might be getting slagged,,,just a thought.

  35. Raymilland

    There’s only one Dave King

    The truth will yet be found

  36. portpower

    Lennon acknowledges Celtic’s unique, unbroken history.

  37. Well said Bennybhoy
    As I have never seen a sevco fan before ah don’t bother aboot it as they all say lying cheating bastards when they got caught
    HAIL HAIL I hope you’re the BENNYBHOY I USED TO WORK WITH
    I must get his phone number again god bless

  38. robertg

    Even for somebody in the hinterland of accountancy like myself, this isn’t that difficult.

    Sevco’s income seems to be about £18m from season tickets, sponsorship etc. or £1.5m a month. They have been reported as losing c.£1m a month. That means their costs are about £2.5m a month. Most of the costs are cash costs – money actually goes out the door; there aren’t big items like depreciation which is an accounting concept which tried to match the cost of something to the period you are using it.

    Effectively that means they are probably burning through somewhere between £2m and £2.5m a month. As Paul explains, the money pretty much comes in in one go between May and July. There will be odd bits and pieces but fundamentally what they have will need to do them, unless they raise significant funds elsewhere or slash the costs.

    £2.5m a month for 14 months = £35m, so they may have done some trimming, taking an impressive 10% out of the costs to get to £32m. Actually, I think their cash in is higher than the £42m Paul quotes (probably due to sponsorship revenue).

    Answer – yes it is absolutely feasible they have spent £32m in 14 months. More worrying if they have £10m in the bank is that they will run out of cash around Christmas unless they rustle (or maybe hustle) up some access to cash between now and then.

    As I said in a previous post, if any of the Rangers Men who seem to monitor the blog are thinking about having their Christmas night out at Ibrox, pay the deposit on your credit card. That way you might get it back if they have gone bust again.

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