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CASH gates will be in operation at tonight's Youth Cup final at St Mirren Park. Gordon Durie's under-20 side will face Hearts with the Youth Cup trophy at stake and you can back the side tonight in Paisley. The youths are aiming for success in the first final appearance for the club in three years. Tickets for the match, which kicks off at 7.30pm, and will go to extra-time and penalties if necessary, will be available at turnstiles this evening. Priced are £5 for adults and £2 for over-65s, under-16s and full-time students. http://rangers.co.uk/news/academy-news/item/6954-cash-gates-at-youth-final

starting just now. after 2-0 defeat v Portugal last week, it will be a tough ask for the young Scots.

https://twitter.com/BBCAlLamont/status/465794873812353024/photo/1

........No it's time for Dave King to step up and pay. KEITH believes it's time for Ibrox investor King to put his money where his mouth is with the club's Murray Park training ground under threat. IF Dave King is serious about rescuing Rangers then he had better get a move on. In fact, come to think of it, he may have procrastinated too long 
already because this basket case 
of a business is staring its next disaster dead in the eye. Very soon someone will have to blink and before you know it this club could find itself minus a training ground if it’s not careful. In five days from now the curtain will come down on season ticket renewals and when it does,
bedraggled chief executive Graham Wallace might as well sound the emergency klaxon because unless there is a late stampede between now and Friday, Rangers will be right back on the brink. Raising money against Murray Park might then become almost inevitable, assuming insolvency is to be avoided as Wallace so bullishly insists it will be. It was interesting to note that the current board made no comment at all about the security of their Auchenhowie HQ when categorising Ibrox as ‘sacrosanct’ the other day. The truth is Wallace was busy discussing the merits or otherwise of raising funds against Murray Park with former financial director Brian Stockbridge at the turn of the year. Stockbridge wanted to push the button back then but Wallace at least had enough sense to resist. However, Wallace also made it clear that such a scenario might need to be revisited at a later date and if the season ticket revenue really is about to be obliterated then that date might well be now. Also, given the enormous scale of Rangers financial requirements, there would seem little point in simply raising a couple of million quid in the form a secured loan – like the deal Wallace brokered with those nice hedge fund folk from Laxey Partners just to keep the floodlights on till the end of winter. A full-blown sale and leaseback would certainly bring in significantly more money but at what price to a club which continues to be robbed of its soul from the inside? Which brings us back to the man who would be King and his plotting in South Africa. King has lent his name to the Union of Fans’ plan to starve the club of its biggest single source of revenue but he’s done so from a distance, almost half-heartedly, while this club’s supporters have been busy whipping themselves up into a state of high doh. That King did not attend the launch of this scheme in person, nor even make sure that his recently- recruited wingman Richard Gough was there to deputise, sent out more muddled messages to these fans who want nothing more than a leader in whom they can place their trust along with their cash. But then this is the Rangers civil war we are talking about. If there is a way to mishandle public relations then you can bet your last blue pound someone in this abomination will find it – even though you can barely move for gurus spinning furiously for one camp or the other. King says his attempted coup is not in any way reliant on public opinion, which is probably just as well because he hasn’t done enough to win over the rump of the fans. The vast majority want to believe in him but need to see tangible proof of his intentions. If Friday’s final tally of sold season tickets is as low as many are predicting then this will be an
indication of how little these fans trust the characters inside their own boardroom rather than a show of faith in the man who wishes to topple them. It would also leave the board with a couple of options – selling off the family silver or engage immediately with King, who is ready to talk. So far, King has done nothing much more than kick up a stink by issuing sporadic flurries of statements, most of which have told us nothing we did not already know. He has been heavy on promises – talking boldly of blowing £30million worth of his children’s inheritance – but feathery light on substance. So if he is serious about acting – and for the record I’m sure he is – then right about now would seem like an appropriate moment for him to start digging deep. King has made clear his reluctance to line the pockets of the very
shareholders he blames for making such a mess of the club. While this is an admirable position, the more time passes, the less realistic it appears. And all the while, Rangers fans are wrestling with their own consciences and fretting over whether or not to hold their club to ransom. King could remove all that
confusion and guilt from their
shoulders at a stroke by ploughing some of his own millions into the very account that has been set up for their season ticket cash. If those who run the club will not accept his money then why would any individual feel the least bit bad about hanging on to their own £400? Better still though, King should rethink his strategy and find out exactly how much it would cost to make those shadowy investors lurking behind the likes of Margarita Blue Pitch Holdings and Margarita disappear once and for all. Ultimately, this is what will be required if Rangers are ever to be properly ‘cleansed’ and now Friday’s iceberg is approaching, maybe those lucky enough to have stuffed their pockets with penny shares might realise it’s time to abandon ship. Even if they sold now for as little as 20p a share they’d still make mind-boggling returns on their investments. The thought of making them rich might make King’s skin crawl but, even so, this would seem like a price worth paying. He could always ask Fergus McCann who had to perform a similar U-turn when bringing down the Kelly and White dynasty across the city. A deal could even be structured that would allow King to be given some of the money back, much like the £2.5m Ann Budge has just had to pony up to make sure Hearts are a 
Lithuanian-free zone. King could do any of the above and instantly cement his status as a genuine hero among the club’s rank and file. The longer he waits though the more time is running out for his club.

Im glad he is employed so he doesn't make the available list for future Rangers manager. Worst Scotland manager of all time! Even though Locke wasn't great and Im no fan it does seem a bit harsh on him. Sounds a bit like 'thanks for getting us through the season when nobody else would but jog on"

GEORGIOS Samaras struck a 
discordant note on a day of 
celebration for Celtic when he claimed he has been forced out of the club. The Greek international was in tears on the Celtic Park pitch yesterday after scoring the second goal in a 3-1 win for the champions against Dundee United before they received the Premiership trophy. It was widely anticipated beforehand that it would be Samaras’ last appearance for Celtic following months of speculation over whether he would sign a new contract when his existing deal expires next month. But, in a startling interview during the post-match celebrations, Samaras insisted he had wanted to stay at the club all along and was only departing because of Celtic chief executive Peter Lawwell’s failure to offer him a new deal. “I’m leaving, that’s for sure, but it was not my decision,” Samaras told BBC Scotland. “I never had an offer from the club. I never had an offer from Peter Lawwell. I’ve been seven years at the club and I’d have loved to stay. I had a chat with the manager. He would have loved me to stay and I was happy to stay, but me and the gaffer don’t make the decisions – there are people higher up. I’ve not spoken to any other club. I was waiting to the end to see if they offered me anything, but that is the end. “We are the champions and that’s what counts in the end. I am very happy for my team-mates and the coaching staff and wish them all the best.” The 29-year-old joined Celtic, initially on loan, from Manchester City in January 2008. He scored 74 goals in 252 appearances for the club, winning seven major honours. Although he often divided opinion among the Celtic support, he was highly valued by Celtic manager Neil Lennon and was often especially effective in the Champions League where he scored ten goals. Samaras appeared as a second-half substitute against United, receiving a warm ovation from the home fans. He scored his 11th goal of the season from the penalty spot after regular spot-kick taker Kris Commons handed him the ball. Lennon, clearly unaware of Samaras’ comments when he conducted his own post-match media conference, indicated he felt the player was leaving through his own choosing. “I’d imagine his mind is made up,” he said. “I wouldn’t have thought there would be any negotiations. If there are any to be done, it would be between his advisor and Peter. He’s going to join up with the Greek World Cup squad pretty soon, so I don’t know if I’ll have a chance to see him or not. It was a nice touch from Kris to give Sami the opportunity to say goodbye properly. I don’t think it’s any big secret now that it doesn’t look like he is going to be here next season. So if he does go, he goes with the best wishes of the backroom team and the players.” http://www.scotsman.com/sport/football/spfl/georgios-samaras-claims-celtic-forced-him-out-1-3407308

Ok, so it's silly season again! Post the latest transfer rumours in here please! OUT: Emilson Cribari - Out of contract. Andy Little - Out of contract. Signed for English League One side Preston North End. Chris Hegarty - Contract terminated by mutual consent - signed immediately for Linfield. Charlie Telfer - Contract extension rejected - signed immediately for Dundee Utd. Ross Perry - Contract terminated by mutual consent. Scott Gallacher - Contract terminated by mutual consent - signed for Hearts. IN: Kenny Miller - signed 1 year deal (with optional 1 year extension) on 4 June 2014. Darren McGregor - signed 1 year deal (with optional 1 year extension) on 11 June 2014. Kris Boyd - signed 1 year deal on 27 June 2014. Marius Zaliukas - signed 2 year deal on 11 July 2014 Lee Robinson - signed 1 year deal on 25 August 2014

Lorenzo Amoruso urges Rangers supporters to put their trust in Dave King to oust Ibrox board Sunday 11 May 2014, by Stewart Fisher LORENZO Amoruso last night became the latest former Rangers player to call for supporters to back Dave King and Richard Gough's plan to boycott season tickets and place the money in a trust instead as a means of forcing major boardroom change. The Italian has emerged as a fierce critic of the current hierarchy and feels that placing funds in Ibrox 1972 Ltd, the vehicle introduced by King and already being used by supporters groups' the Union Bears and the Blue Order for pooling their funds, is the only mechanism for bringing about change. "Too many people have been touching the heart of the club who don't deserve to be so close," said Amoruso. "They have ripped out the soul of the club. It's so frustrating for people like me who were running, chasing after every ball, spitting blood sometimes and going through so many operations. " I didn't do all that to see this situation develop. We want to see better people control the club, people who really care about Rangers. "I didn't really encounter Dave King much when I was a player because he was in South Africa a lot, but I met him," said Amoruso, who was in Glasgow this week. "He was a director but not involved in the way David Murray was. But he is a Rangers man and he is putting himself out there and he deserves credit and support. He has been there before for the benefit of the club. "This is a crucial period because season ticket holders have a week left before deciding whether to renew and from those I've spoken to I don't think there is a feeling that supporters want to renew and I think that is the best solution. "It's hard to believe I am asking for the stadium to be empty. But if that is what it is going to take to get this board out then that's the way it has to be. There are easier ways to solve this problem but some people don't want to listen. That's why we must take a hardline approach. I'm sorry, this board just has to go." http://www.heraldscotland.com/sport/football/lorenzo-amoruso-urges-rangers-supporters-to-put-their-trust-in-dave-king-to-oust-ibro.24190175

July 30th - Bournemouth v Rangers pre season friendly http://www.bournemouth.vitalfootball.co.uk/article.asp?a=358560 …

Don't think we've had a discussion on Boyd before. Certainly haven't had on whether I have been pro-Boyd. Long time posters on here will know I was his biggest critic. However this season I think we've seen a different player and I cant believe I would ever say that if we are being linked with him Id like him to return - mainly due to the position we are in. I still think he is a poor 'footballer' as such but he is a good poacher / scorer. 18 goals this season has kept Kilmarnock in the league until the final day and I wouldn't bet against him scoring today against Hibs. Looking at some of his goals from highlights and pictures I think we have got a guy who has matured late and realised what being a professional is all about. Ive no doubt his ventures in England, Turkey and USA (all of which were poor) has developed the 'person' Kris Boyd. I thought we wouldn't see him play again but to be edging towards a Scotland call up shows the hard work he has put in and he also looks far more fitter and stronger. Perhaps he thought he had made it when he came to Ibrox first time around and being part of Fergusons gang made him feel untouchable. If we was still a top flight team challenging for titles this wouldn't even be a thread but if we ever needed someone WANTING to prove his worth and banging the goals in the championship it might be Boyd now. If Ally could only find some tactical knowledge then playing Templeton, Macleod, Shiels and Law in creative positions then Boyd would score 20+ goals in the championship. But then again if Ally had tactical knowledge we maybe wouldn't need Boyd as Clark, Little and Daly may have got high tallys this season also and we'd be happy with them going into next season. I reserve the rights to retract this statement.

Due to overwhelming demand we're delighted to announce an additional Tour on Saturday 14th June. Our Tour on Sunday 15th June which is Father's Day is completely sold out. Please note that Tour Gift Vouchers for Dad are available. Tour details are as follows. Join us on a journey of discovery back to 1872 when The Rangers were just the dream of a group of young kids who gathered on Fleshers Haugh. They had no ball, no football kit and used a bush on the green as a changing room. Their Club, which they nurtured, was to become the world?s most successful and it all happened on the streets of Glasgow. Our journey takes us to the area of Fleshers Haugh where The Rangers played their first ever match, we also visit Glassford Street, Union Street, Berkeley Street, Burnbank, Kinning Park, Craigton Cemetery and many other places of interest before finishing off our day with a tour of our magnificent Ibrox Stadium. During our journey we have a 30 minute break at the West of Scotland Cricket Ground in Partick which was the scene of the Rangers first ever Scottish Cup Final in 1877. It gives everyone a chance to unwind, grab a beer or soft drink and a bite to eat at a beautiful and historical setting. Adults : £20.00 Children (under 16) and Senior Citizens £15. Group discounts are available upon request. To reserve your seat just send an email to : thegallantpioneers@googlemail.com For further information phone : 0790 2855536 An insight into our research can be found here on our website. http://www.thegallantpioneers.co.uk/

Hi there, first post, great site. I read lots of blogs etc and this is the best one in Scotland by a distance. If Rangers FC cannot continue as a going concern, in the event of the Dave King faction starving the board out, what happens? How does Rangers International deal with this?

........and tells how boss kept his wife's miscarriage from him. HUGHES admitted his relationship with Big Jock was strained as he unveiled his autobiography at their spiritual home of Celtic Park. JOCK STEIN is a legend to Celtic and Scotland fans. The former boss is held in reverence at Celtic Park and his statue towers over the stadium’s main approach. But one of Stein’s own players, John Hughes, has launched a bitter attack on the dugout giant. Hughes claims: * Stein kept news of Yogi’s wife’s miscarriage a secret from him. * Forced him out of Celtic at the peak of his career. * Responded to the striker’s pay rise request by threatening to cut his wages. Hughes yesterday opened up about the legendary gaffer as he unveiled his autobiography at their spiritual home of Celtic Park. There are plenty of golden memories from his time at the club he still holds close to his heart after netting 116 goals in 255 appearances for the Hoops. But he admits his relationship with Big Jock was strained. Hughes said: “He was a fox. We were on a post-season tour to America in 1966 and my first wife Mary was pregnant at the time. I used to phone home every five or six days. “Then I bumped into the sports reporter Ken Gallacher one morning and he said, ‘Sorry to hear your news’. I didn’t know what he was talking about and he was the one who told me Mary had had a miscarriage four days earlier. “Jock knew but he hadn’t told me so make your own mind up about that.” In the book he talks in depth about the secret, saying: “I met up with Jock to confront him about it and he didn’t even blink. He replied, ‘Ach, what could you do about it anyway? You’re here and she’s there’. “I was stunned, speechless. I waited for my head to clear before I said, ‘You knew and you didn’t think it was right to me let me know? My wife losing a baby? Didn’t you think that was important?’ “He said, ‘Oh sort it out when you get home’. It was such a flippant throwaway remark. “I glared at him before saying, ‘Listen boss that’s ridiculous. You’re bang out of order’. I could see it wasn’t any of his concern.” Hughes claims it wasn’t the only time he was kept in the dark by the manager. He is aggrieved about his exit from Celtic in 1971 and claims Stein railroaded him into signing for Crystal Palace. He added: “I’m a Celtic guy and didn’t want to leave Celtic. “Ken Gallacher had asked why I signed for Crystal Palace when Everton and Sheffield Wednesday were in for me as well. But I didn’t know, Jock didn’t tell me. “I was negotiating with the Crystal Palace chairman and Jock came in and took me outside. He said, ‘You get in there and f*****g sign or I’ll sit you in the stand for nine months’. So that was that. “It would never happen nowadays as you’ve got agents and some sort of say. With Jock you didn’t have a say. “Don’t get me wrong, I had some great times under him. When he came I played most of the time. It was only latterly things went wrong.” Hughes reckons missing a chance in the 1970 European Cup Final loss to Feyenoord prompted his departure. But he feels Celtic would have won that trophy for the second time in three years if Big Jock hadn’t been complacent about facing the Dutch side. He said: “I missed a chance in the game and feel that is one of the reasons why Stein got rid of me. Why else would he have done it? I was 28 and the sixth highest scorer in the club’s history. “Three months later I got a bad knee injury and never played again. “Jock thought we’d won the trophy after we’d beaten Leeds in the semi-final. We didn’t think that but he did and the atmosphere permeates down from the top. “He thought it’ll be a doddle – we only need to turn up.” Injury had ruled Hughes out of Celtic’s European Cup-winning team of 1967 but he bounced back to form the next season. His stock was high and he was convinced he deserved a pay rise – but Big Jock’s response left him stunned. Yogi said: “I’d had a good season so I went to ask Jock for a wage rise. He said, ‘I know how you feel – you’ve had a terrific season. But I think, just to keep your feet on the ground, we should cut your wages’. “I’d just scored for Scotland against England at Hampden and there I was wondering how I could get back to what I’d been earning when I walked into his office.” Stein died in September 1985 after suffering a heart attack at Cardiff’s Ninian Park seconds after Scotland had drawn 1-1 with Wales to book a World Cup qualifying play-off. Hughes though didn’t go to pay his last respects. He said: “I didn’t go to his funeral. I would have been a hypocrite if I had gone. “He got rid of me when I was in my prime and three months later I was finished at 28. People say to me, ‘Are you bitter?’ Yes. “In the book we’ve tried not to comment. We’ve told people what happened and left them to make their own minds up. “I think I’m the seventh highest goalscorer but had I stayed until I was 32 and kept scoring at the same rate I’d have been third.” http://www.dailyrecord.co.uk/sport/football/football-news/john-hughes-lifts-lid-run-ins-3515962

http://vanguardbears.co.uk/ Evidence-Based Mathematics Written by: Ulster Loyal Wednesday, 7th May 2014 Much has been said and written about the finances of Britain's most successful sporting institution, Rangers Football Club. Speculation over the possibility of a second administration or likely direction of the share price has dominated Rangers based conversations in many a pub and many an internet forum. Not all of these conversations are helpful when they are presented in public, through various media, with no factual substance. They can subsequently cause unnecessary, widespread alarm and subject the club to destabilising influences, such as supporter boycotts and police investigations. The preferred way forward for all supporters should be to thoughtfully and objectively use the available information in Rangers' financial accounts to present a factual representation of our club's current business operations and forecast it's likely success going forward. Mathematics can help us to analyse the prospect of a company entering bankruptcy. On 25th December 2013, the following report was prepared, and posted on the Vanguard Bears forum, regarding the likelihood of Rangers going bankrupt: --- START OF ANALYISIS --- Rangers International Football Club (RIFC) has an Altman Z2-Score of 2.25; a statistical bankruptcy meter generated from a set of balance sheet ratios. Q – Are liquid assets a significant proportion of the assets? A – RISK •Testing: Working Capital/Total Assets > 0.2375 •RIFC Details: Working Capital/Total Assets = 0.018 Q – Do reinvested earnings make up a significant portion of the assets? A – SAFE •Testing: Retained Earnings/Total Assets > -0.1355 •RIFC Details: Retained Earnings/Total Assets = 0.34 Q – Are the assets relatively productive in terms of earnings? A – SAFE •Testing: Earnings Before Interest and Taxes/Total Assets > -0.082 •RIFC Details: Earnings Before Interest and Taxes/Total Assets = 0.019 Q – Does firm value compare favourably to its liabilities? A – RISK •Testing: Market Value of Equity/Book Value of Total Liabilities > 1.439 •RIFC Details: Market Value of Equity/Book Value of Total Liabilities = 0.89 Regarding the Altman Z2-Score: •Greater than 3.00 = good financial health. •Less than 1.80 = a company is in the distress zone and is in serious financial trouble; the distress zone is 80-90% accurate in predicting bankruptcy. •Rangers' score of 2.25 indicates it is not entirely safe from financial distress and investors should be cautious. --- END OF ANALYSIS --- The problem with supporters warning of the imminent arrival of another financial collapse at Rangers is that they have no statistical analysis to give credibility to their claims. When the share price was at around 33p, it was my opinion, reached using mathematical evidence, that the likely intrinsic value of Rangers was closer to 25.67p. I made similar comments in October 2013 when the share price was around 43p. The following analysis regarding an estimate of the true share price valuation of RIFC was also carried out in December: --- START OF ANALYSIS --- a) Discounted Cash Flow Valuation Method (forward looking growth model): 0p per share; 100% overvalued (due to negative cash flows that are not forecast to increase in the next 8 years). This is based on the following inputs: •The company's sustainable cash flow is -£12.61m (taken as the average between latest free cash flow (-£18.9m) and 3 year average free cash flow (which includes 2 years of £0 due to not having data for those years, making this valuation input more unreliable)) •Expected growth rate of cash flow of 0% for the next 8 years (3 year average cash flow growth, 5 year average cash flow growth, year 1 forecast earnings per share growth and year 2 forecast earnings per share growth are normally added as an input here but that data is not available for Rangers at this stage, making this valuation input more unreliable) •The company should settle into a long term growth rate of 3% (if we don't have reliable forecasts, we default to normal inflation levels and that is what we've done here) •Investors require a return of 15% for the risk they are taking (due to being a small cap company, 9% would be applicable to large cap companies) b) Earnings Power Value Valuation Method (zero growth model based on current earnings): 25.67p per share; 23.4% overvalued. This is based on the following inputs: •Sustainable level of revenue is £19.11m (latest revenue; 3 year average revenue and 12 month rolling forecast revenue is normally included but we don't have these inputs for RIFC, making this valuation input more unreliable) •Across the economic cycle, the operating margin in 7.8% (we normally take an average of a 5-10 year operating margin and a trailing 12 month operating margin but we don't have that data for RIFC, making this valuation input more unreliable) •On average the company see £0m of 'exceptionals' (we normally deduct the long term average of non-recurring charges but we don't have this data for RIFC, making this valuation input more unreliable) •15% of historic selling, general and administrative expense has funded growth (typically 15% to 50% of this is added back to a company's Earnings Power Value to make up for the fact some of that expenditure went towards funding growth as opposed to maintaining the existing asset base; Earnings Power Value only takes into account current earnings and is a zero growth model; we don't have enough data for RIFC on this value so we assume the minimum standard of 15%) •Each year, the company spends -£2.48m on maintenance capital expenditure (capex) (maintenance capex can be calculated by subtracting growth capex from total capex; again, we don't have long term forecasts for this based on historical figures so we are largely estimating these on limited results from the previous earnings report) •Investors require a return of 15% for the risk they are taking (due to being a small cap company, 9% would be applicable to large cap companies) c) "Relative to Sector" Valuation Method: 92.51p per share; 176.2% undervalued Based on the following inputs: When we compare RIFC to the Hotels and Entertainment services sector, we have the following valuation ratios for RIFC: •Price To Book Value: 0.39 • Price To Tangible Book Value: 0.57 • Enterprise Value To Earnings Before Interest, Tax, Depreciation and Amortisation: 3.14 • Enterprise Value To Operating Profit: 8.38 • Enterprise Value To Sales: 0.66 By comparison, we have the following corresponding valuation ratios for companies in the Hotels and Entertainment Services sector: •Price To Book Value: 1.95 • Price To Tangible Book Value: 2.19 • Enterprise Value To Earnings Before Interest, Tax, Depreciation and Amortisation: 12.7 • Enterprise Value To Operating Profit: 18.3 • Enterprise Value To Sales: 2.10 The Relative To Sector Valuation Method compares RIFC's valuation against the median multiples of the company's sector peer group. d) Net Current Asset Value Valuation Method: 0p per share; 100% overvalued Based on the following inputs: The company's current assets (long term assets are not included) are £16.5m • Cash And Short Term Investments (trailing 12 months) £11.2m •Total Receivables, Net £5.23m •Total Inventory £0.085m •Other Current Assets £0.000m The company's total liabilities are £24.7m • Total Current Liabilities £15.1m •Minority Interests £0.25m •Deferred Tax £7.82m •Total Long Term Debt £0.96m •Total Other Liabilities £0.52m The shares outstanding are 65,095,856m e) Net Working Capital Valuation Method: 0p per share; 100% overvalued Based on the following inputs: •The company's Cash and Short Term Investments are £11.2m • The company's Inventory is £0.085m • The company's Receivables are £5.23m • The company's Total Liabilities are £24.7m • The Shares Outstanding are 65,095,856m f) Tangible Book Value Valuation Method: 59.1p; 76.4% undervalued •The company's Book Value (total assets minus liabilities) is £56.9m • The company's Intangible Assets are £18.4m • The company's Goodwill is £0.000m • The Shares Outstanding are 65,095,856m --- END OF ANALYSIS --- The following commentary from the 10th of January 2014 further explained the information provided on the 25th of December 2013. --- START OF COMMENTARY --- "As you can see there are only three valuation methods that assign a value greater than 0p to Rangers; Earnings Power Value, Tangible Book Value and Relative To Sector. There are only two valuation methods that assign a share price that is higher than the current level of 28.5p. However, investors likely won't use these methods to value Rangers, and inform their investing decisions, for the following reasons, thus eliminating any mathematical reason to think that the current share price is cheap, based on an objective analysis of the company's financial results: Relative To Sector is an unreliable valuation because it compares Rangers to the Hotels and Entertainment Services sector, based on how the stock is classified by the stock market. It would be better to only compare Rangers to other football clubs but there is a shortage of listed football clubs and the sample size would be too small to draw any conclusions. The Tangible Book Value method is good at valuing the club's assets. However, value of assets is very different to the value of the business. If the assets are not generating sufficient income to make a profit, then investors lose confidence in the ability of those assets to generate future growth and profitable cash flows. As a result, the business is worth less to those that may seek to invest in it. If the company is liquidated due to large debts, the investors likely won't see the value of the assets they invested in because shareholders are below creditors in the capital structure of a business. Therefore, an investor does not invest on the basis of the book value of the assets of a company but rather the ability of those assets to generate a return on investment. Now, the only method left that assigns a value to Rangers, and would be a realistic evaluation of the club's true worth as a business, in the opinion of investors (which is largely what dictates the share price), is the Earnings Power Value method. This valuation metric values the club based on current earnings and assumes no growth in the company (which can't be measured anyway due to negative cash flows). It is a realistic valuation because it makes no assumptions about future growth, which can be inaccurate, and is only an analysis of the present situation. According to the Earnings Power Value method, Rangers is valued at 25.67p. Therefore, the current share price of 28.5p is close to being a fair valuation of Rangers. Rather than speculating on boardroom battles and their subsequent effect on the share price, I have simply looked at the value of the business from an objective, mathematical view. In the long term, a company's share price will converge with its Intrinsic Value. It's just mathematics and market forces. The downwards movement in the share price of Rangers comes as no surprise to me." ---END OF COMMENTARY--- The best way to comment on the financial situation at Rangers is by working with the facts, not by letting unfounded allegations cloud your judgement. History will show us which commentary - evidence based mathematics here on Vanguard Bears or the agenda-driven, emotional rhetoric from power-seeking, self-proclaimed fans' representatives - proved to be an accurate account of the financial picture at Rangers. It is now the 7th of May 2014 - Rangers is still operating and the share price is 23.00p.

THOSE Rangers supporters who have so far not renewed their season tickets for next season are currently facing some stark choices. Do they pledge their cash to Ibrox 1972 Ltd, the company launched by the Union of Fans group this week, and hope security will be granted over the stadium? Or do they give their money direct to the club as usual and book their seats for home games in the SPFL Championship in the 2014/15 campaign? Alternatively, they can sit back and see how the stand-off develops during the summer months before deciding how to proceed. What the Light Blues fans do, and in what sort of numbers, will determine the short-term future of the troubled Glasgow club. There is certainly backing for the scheme to withhold cash in the company that has former director Dave King and club legend Richard Gough as trustees. That is despite the fact the Rangers board stated once again this week that it "has no intention of granting security over Ibrox to anybody". Many fans were alarmed when it emerged that both Edmiston House and the Albion car parking facilities had been used as security for two loans of £1.5million earlier this year. And there are serious fears that institutional investors, who have seen the share price tumble since the IPO in 2012, may seek to maximise the club's assets in future. George Thomson, a law student from Paisley who has been a season ticket holder for 10 years, is one of those who will be putting his money into Ibrox 1972 Ltd. He said: "I think there comes a point where you have to say: 'Enough is enough.' "And this, for me, is that point. I will be withholding my season ticket money from the club. "I am unhappy at how the club is being run and have no faith in this board. I think we need change at the top in order to move on as a club and I would like to see Dave King involved. "He is a Rangers fan and has money that he is prepared to invest that could make a real difference to us. How many of the current directors or investors can say that?" Yet, there are also many supporters who are unsettled by the path being taken by King and the Union of Fans and the implications it may have for Rangers. David Somers, the club chairman, has stated there would be a serious doubt over the Govan club's ability to continue as a going concern if fans withheld their cash. James Clark-Dick, a retired quantity surveyor from Uddingston who has been a season ticket holder at Ibrox for nearly 30 years, is against the plan. He will be renewing the three season tickets he has in the Copland Road Stand - he attends every home game with his wife and daughter - and believes he is in a "silent majority". He feels that withholding money from Rangers in the coming weeks could actually help to bring about the eventuality that King and the Union of Fans are hoping to avoid. "Withholding season ticket money from the club this summer until security is granted over Ibrox seems like a ludicrous idea to me," he said. "I don't think it is the right way to go. "My worry is that if you push the shareholders enough then that (utilising the club assets) is just exactly what they might do. It might be what they have to do." The 63-year-old feels there are many Rangers fans like him whose views are not being represented by the supporters' organisations which comprise the Union of Fans. "I have met and spoken to Chris Graham (the Union of Fans spokesman) on a few occasions in the past and he came across well," he said. "But Chris and others like him are described as fans' representatives. Well, I am a fan and I don't have a representative." Given the gross mismanagement of previous regimes at Rangers, Mr Clark-Dick admitted he was "cautious" about the current custodians of the club. However, he also has serious misgivings about South Africa-based businessman King getting involved and the company that he has set up. He said: "I'm not pro-board and I'm not anti-board. I'm neither. I'm pro-Rangers. And I don't think this idea to withhold season ticket money is a great idea. "If it hadn't been for this campaign then I think we would have been all right. And apart from this season ticket fund, I don't know what plan Dave King has for the club. "Everybody has criticised the Rangers review. But what more did people expect? You are only ever going to get the bare bones of a business plan in a review. "I have been a shareholder for 30 years. The last batch of shares I bought were the fourth lot I have acquired. And the review is the most information I have had out of Rangers during that time. "They detailed exactly where the £67million went. They showed that £26m was used up in one-off costs. "That is the most clarity we have had." What the future holds for Rangers, though, will remain shrouded in uncertainty until it emerges how many supporters have renewed season tickets and how many have withheld. At the moment, it is too close to call. http://www.eveningtimes.co.uk/rangers/rangers-fans-divided-by-loyalties-162650n.24161559

Good results last night see's Hibs slip into the play off spot. If Kilmarnock get a draw at Easter Road on Saturday then Hibs will be in the play off. If Hibs go down then its a wet dream for Doncaster and Co, how jammy can they get! Rangers v Hearts 4 times, Rangers v Hibs 4 times, Edinburgh derby 4 times. A top flight league of 18 is a must.

It is still 0-0 after 30odd minutes, Twitter feed here Starting line-up: Kelly Pascazio - Halkett - Gasparotto - Sinnamon Crawford - Hutton - Murdoch - Telfer Gallagher - Burrows Subs: Simonsen, Gibson, Stoney, Dykes, Ramsay, Roberts, Finnie

Andy Little ‏@AndyLittle_7 26s It has been the best 8 yrs of my life. Being a Ranger has been an honour + I'll be one 'til the day I die. Thank you to all at the club.

LEE WALLACE has reiterated his desire to remain at Rangers for as long as possible after winning the two main awards at the club’s end of season dinner last night. The Light Blues vice-captain was named as both Player of the Year and the Players’ Player of the Year at the ceremony in the Hilton Glasgow. Wallace has been in excellent form once again this term and his accolades yesterday follow his PFA Scotland League One Player of the Year gong last week. The 26-year-old has maintained ever since the club was voted out of the top flight of Scottish football two years ago that he wanted to stay at Ibrox and help it rise again. In January two bids for him from Nottingham Forest were rejected and the former Hearts star was delighted with that as it allowed him to stay focused on his objective. Now he’s looking forward to life in the Championship next season as Gers prepare for the third and hopefully final instalment of their journey back to a place among the elite. Wallace said: “I knew some of the boys at Rangers when I first came into the club and they always spoke about the bug you get here. “It didn’t take me very long to get that. I maybe didn’t grow up as a supporter but I certainly knew all about Rangers and I know all about them now. “I know what the club means to the fans and what the traditions and history of the club mean to people as well. “It was part of my plan that I wanted to stay here and I want to do that for a very long time and be part of a unique part of the club’s history. “We’re in uncharted waters just now as a club and it’s a big aim of mine to become successful with Rangers because that’s what we’re about as a club. “I’m really enjoying things and I’m ready for any challenge we face. We knew that coming up from the Third Division, League One might be a bit harder this year. “We expect another step up next year and the Championship is probably going to be a bit more of a challenge with the type of opposition we’ll have. “It’s a league we are certainly ready to go and win and dominate. We are Rangers and that’s exactly the situation we want. “We will go into it looking to improve and to get back to the big time, where we should be playing our football.” Wallace admits that after playing 48 games in 2013/14 and failing to win just seven of them, Rangers need time to rest, recharge and galvanise themselves for next campaign. But he’s in no doubt that when they return for pre-season training on June 25 they’ll kick off an attempt to win a third consecutive promotion which will ultimately be successful. Wallace added: “Getting back to the top is a massive motivation for us and it’s strange because at the moment, we do need to get away and have a break mentally and physically. “At the same time, when we’re nearing the last week or so of the holidays we’ll start itching to play again and we’ll be ready for it. “I’ll not be any different because we’ll know we’re a season away from where we should be playing our football. “The manager is going to bring in a bit of help and we will get back up next year. We’ll be ready to go again after a good break. “There won’t be any easy games but we’ll thrive on that. When I played in the team at first there were never really any easy games anyway. “We know it will be a bit more competitive but that’s the challenge we face. We’re getting to the better, more enjoyable times now. “We are Rangers and we’ll go out there and do what we’re expected to do. That’s win games of football.” http://www.rangers.co.uk/news/headlines/item/6918-this-is-where-i-belong?

Only a month away. Being it Brazil should in theory be the best World Cup but some stadia are not even ready. We are due a good World Cup as the last 2-3 haven't been great. Mexico 86 was the first WC I can remember and is probably the greatest of all time. Italia 90 was good as was France 98. I fancy Argentina to win it. Groups below and Ive put in bold who i think will qualify from groups. Group A Brazil, Croatia, Mexico, Cameroon Group B Spain, Netherlands, Chile, Australia Group C Colombia, Greece, Ivory Coast, Japan Group D Uruguay, Costa Rica, England, Italy Group E Switzerland, Ecuador, France, Honduras Group F Argentina, Bosnia-Hercegovina, Iran, Nigeria Group G Germany, Portugal, Ghana, United States Group H Belgium, Algeria, Russia, South Korea

Following the success of the First Annual Gersnet Dinner it has been suggested that the event be held more frequently than annually and that we should not wait a year for the next one, particularly as several members of the site were unable to attend the first one for a variety of reasons. The new football season kicks-off on the following dates: • Weekend of 26 July - First Round of the Scottish Challenge Cup • Weekend of ‎2 August - First Round of the Scottish League Cup • Weekend of 9 August - SPFL League season starts across all four divisions Leaving aside July as being a bit early (and it would be dependent on a home or away draw in any event), I’ve divided the broad date zones as follows: Early Season - August/September Autumn – October/November Christmas New Year Spring – February/ March End of Season – April/May Please vote for your preference. Note this is just for the NEXT dinner; so voting for Christmas/New Year say, does not preclude one later in the season as well. Once we get an idea of the most popular time of year we can wait till the fixtures are published and TV schedules are known to decide an exact date, time and venue. I’m working on the assumption that most if not all folk will want to stick with after a weekend match. Please post any other comments. Also anyone who wants to take over organising duties step right up.

By mutual consent. Oh dear! Striker Kenny Miller moves on May 4, 2014 VANCOUVER, BC – Vancouver Whitecaps FC announced today that the club has parted ways with striker Kenny Miller. The club and Miller have mutually agreed to a contract termination. “We are thankful for the contributions Kenny made both on and off the pitch during his time in Vancouver,” said Whitecaps FC head coach Carl Robinson. "He has been a great role model, a constant professional, and someone who I consider a very good friend. We wish him and his family all the best.” Miller, 34, joined Whitecaps FC in June 2012 and during his time with the club the native of Edinburgh, Scotland, made 45 appearances in all competitions, registering 13 goals and adding three assists. Conference call audio from head coach Carl Robinson and Kenny Miller will be posted on whitecapsfc.com this afternoon.

Is it 1 game in 3 or 4 years? Perhaps it is as a scout because his career ended years ago.

On Sky Sports just now. Match delayed.

CELTIC and Rangers have been holding secret talks over the possibility of staging the next Old Firm game abroad. The Glasgow giants are considering taking the derby to somewhere such as Dubai in a bid to reduce the chance of crowd trouble after the unacceptable behaviour at last Monday night’s Glasgow Cup Final at Parkhead and incidents at the corresponding youth team fixture last season when it was staged at Partick Thistle’s Firhill. The most recent debacle saw more than 100 seats wrecked and smoke bombs, flares and bangers set off, with the result that it has already been decreed that the next Glasgow Cup Final between the teams will be held behind closed doors. But there will be huge logistical difficulties in moving a senior Old Firm clash – not least getting appropriate approval from the football authorities – even if it is an idea that is being seriously mooted at the highest level. The Glasgow giants are considering taking the derby to somewhere such as Dubai Officials at Parkhead and Ibrox, aghast at the levels of violence at those youth games, are well aware the senior match is – and always has been – a powderkeg. Many so-called Gers fans still blame Celtic, at least in part, for their demotion to the lowest tier of senior Scottish football following the Ibrox club’s financial meltdown. The next Old Firm game in the top flight is still another year or so away, at least, with Rangers having to clamber through a very competitive Championship following successful Third Division and League One campaigns, but Scottish Cup or League Cup clashes before then remain a possibility. It has been suggested by officials that taking the match out of Scotland when it finally comes around could help diffuse tensions. But there is an enormous amount of work still to be done before the embryonic plan becomes a done deal. No one can plan too much without knowing when the game will take place, the SFA and SPFL would have to give permission, the clubs would need to agree, and a host venue would have to be found. If the game went to Dubai or another venue outside Britain and tickets were strictly vetted, it’s hoped the tie would pass off peacefully, although many will insist that such a move would merely postpone potential problems until the next time they meet in Glasgow. From the clubs’ point of view, they’d be able to sell the TV rights for the first Old Firm derby for years for a vast fee and would look at cashing in further with a beam-back to Parkhead and Ibrox. http://www.express.co.uk/sport/football/473767/EXCLUSIVE-Old-Firm-clash-could-be-staged-in-Dubai?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+daily-express-sport-news+%28Daily+Express+%3A%3A+Sport+Feed%29