Bluedell

Firstly Murray is the master of spin, and we can't be sure what comes out of the club is the truth. I know a number of things Murray has lied about in the past 2 months, and I wouldn't put it past him not to be 100% truthful about this. Could we have got �£10m? Only if someone was willing to pay it, and perhaps Murray wasn't willing to take the risk in the same way as he wasn't with Hutton. Cuellar and his agent may have agreed to the release clause being taken out for a higher wage. Apparently bain offered him double his wage on Sunday. Why wait until then? I believe Carlos would have stayed for this season if we were still in the CL and only left because we were not in Europe and because Walter had showed no ambition in his signings, and we were obviously a club going nowhere. Saying all of that I do have some sympathy with your view, and I would put much more of the blame of the current situation on Walter and his dismal signing policy overr the summer and his tactics against Kaunus.

One would have thought that the Chairman might have renegotiated the contract in early summer, gaving him a huge wage hike and getting rid of the release clause. ....if there was a release clause.....

Got to admit that I'll not be protesting but I have a bit of sympathy for those who do. It seems that nobody is being held accountable which is obviously very frustrating.

Being serious for a moment, one problem with a protest is that nobody has come up with a viable alternative. It's much more effective if you have a solution.

supporter - a person or thing that supports fan - a Swedish profanity roughly translated as devil Yeah, very helpful. I woul say that a supporter is someone who actually goes to the games. a fan doesn't necessarily attend.

What's the difference?

I'm interested in hearing yours as well, mate.

Out of interest, are you suggesting that the support should sit back and do nothing about the shambles at our club?

Apparently he got a big bonus for the JJB deal.

They actually showed it as �£311,000 plus a pension of �£46K. The previous year's accounts showed the �£527K.

Source ?

I don't believe Cuellar would have been off if we had still been in Europe.

Not sure he would want to come to us now that we are our of Europe.

I don't believe the quote came from him. I'm sure the club came up with it and told him it would be in the club's best interests if he agreed to put his name against it.

Yes, it was �£2m.

I believe that we were in a net debt position during most of the 90s. The only time that we weren't was following the Enic investment. For example in 1994 we had loans of �£8m, and an overdraft of over �£700K The club made losses in 1989, 1992 and 1994. We made a profit of �£43K in 1991 so hardly substantial, and the �£1.2m profit in 1990 was only because of the sale of Albion. I'm not sure what point you are trying to make about us being in profit in the very early 90s, but it doesn't seem overly relevant. Going back to the situation when Murray bought the club, I have looked into it further and the club had an overdraft of �£4.5m at the start of the year and an overdraft of �£7m at the end of the year. I'm not sure where you are getting your information?

That's more in line with my albeit vague recollection of the financial position back then.

It's the fault of both. Rangers didn't need to adopt that policy.

Are you sure about that? How could someone buy a company for �£6m that had �£28m in the bank?

If Murray hadn't put in the �£50m, we would not have been able to spend �£10m+ last season or �£8m this season.

Yes, they are entitled to do it, but it's still ridiculous that they are allowed to do it. Why wouldn't it be discounted upon sale? What possible reason would a buyer have to use this basis of valuation?

I guess we have a youth academy of sorts (although I heard a rumour that funding may be getting cut this season), but would agree with the rest.

Forgot to say that the basis is apparently allowed under new accounting rules, and therefore has to be agreed to by the auditors. It was caried out by independent valuers but I'm sure it was Murray who dictated the method of valuation, when there are other, more realistic methods available.

Yeah second is ridiculous. Sixth or seventh is probably more accurate.

Craig, I agree with RBR. The basis of the revaluation is ridiculous. It's on a replacement cost basis. If I own a house and I can sell it for �£100K, but if it was knocked down and I had to rebuild it, it would cost �£200K, it's crazy that I say I have a house worth �£200K if all I can sell it for is �£100K. Revaluation is fine, as you say, but the the club valued the stadium at the highest possible valuation to allow it to remain solvent from a book point of view. The valuation is meaningless when it comes to assessing the worth of the club, and would be discounted by banks and any potential buyers of the club. I'm no property expert and couldn't say how much it's over-valued by, but I would guess it's a very substantial amount (�£30m?).