'We WILL sign 3 players', says Bain

[metlika 0]

Good read and good answers from Bain who has improved a lot in the last year.

 

Id really like to see the list (if any) of potential targets WS has at the moment. Id imagine Eagles would have been top of the list so I cant see anyone better than him. I still dont know why we dont look at eastern europe, the likes of the Croatians, Russians, Ukrainians, Bulgarians, Greeks are all technically sound and a lot of them wont be on high wages.

 

Yes, some Swedes, Danes and Norwegians aren't bad either. Croatians are quite expensive now Dinamo Zagreb seem to make a packet each time they sell a player. Most Ukrainian and Russian clubs are minted so that could be tough.

[aweebluesoandso 290]

I totally agree 3 players just isn't enough if we have another injury problem like last year where we just managed to get by what will it be like now?

 

I also find that we are being linked with season pro's who are unlikely to get us a return on the money we pay for them. Not good business sense imo if the bank/club want to look at like that, loans imo shouldn't be looked at either.

 

 

We aren't in the 11th century, Frankie

 

Feels like it at times (financially speaking)

[Frankie 8,148]

 

We aren't in the 11th century, Frankie

 

 

Our budget says otherwise... :box:

[stewarty 1,876]

One thing that stuck out for me, and I may have missed it, if it was stated elsewhere, was Bain's confirmation that we no longer have a deal with Lloyds to reduce our net debt by �£1m per year. Was this not something that Johnson was stating unequiviocally around AGM time?

[Frankie 8,148]

One thing that stuck out for me, and I may have missed it, if it was stated elsewhere, was Bain's confirmation that we no longer have a deal with Lloyds to reduce our net debt by �£1m per year. Was this not something that Johnson was stating unequiviocally around AGM time?

 

Yes that was always the agreement but was reiterated by Johnston who said it would be the case until December this year.

 

Yet more conflicting information which helps no-one.

[bmck 117]

I would imagine if it's no longer the case, the figure will be higher, rather than lower. If there's suddenly a more 'flexible' agreement, it'll be our 'right' to pay our debt more quickly than 1 mill per year.

[Frankie 8,148]

I'd imagine so but it would be good to know exactly how much...

[Bluedell 5,329]

There are 2 elements to our finance from the bank. A loan which is being repaid at �£1m per annum and an overdraft facility.

 

My reading of it is that we are still repaying the loan at �£1m, but the overdraft is subject to the business plan in place which ensures that we will remain within the limits of it in the future. That means that our spending now is done with a view to the worst case scenarios in the future occurring - we lose all of our CL games this season, no European football over the next 4 years and season tickets and attendances fall as well. This could mean that this is severely limiting our current spending, but doesn't mean that the bank are looking at reducing our facilities.

 

It could be that the bank are also looking to reduce our overdraft limit but I don't see that we have enough information to assess the likelihood of that possibility.

[True_Ger_1872 2]

Have to say that i think bain has been a very good servant to Rangers. I think he has been unfairly criticised by sections of the support which is not right! The very fact he has came out and spoken fairly honestly IMO is to be commended as this very rarely happens at our club these days!

 

When he speaks of the player provisions - i think that about �£8-9M was paid last year for this after we announced a interim profit of �£13M, which then brought the debt down to around �£27M. However, in the second half of a season is where football clubs dont make as much money coz the season ticket money has been counted etc and so i think that the debt may be slightly more than that, currently. Will have to wait and see come the next financial results. When are these due out btw?

[Bluedell 5,329]

Have to say that i think bain has been a very good servant to Rangers. I think he has been unfairly criticised by sections of the support which is not right! The very fact he has came out and spoken fairly honestly IMO is to be commended as this very rarely happens at our club these days!

 

When he speaks of the player provisions - i think that about �£8-9M was paid last year for this after we announced a interim profit of �£13M, which then brought the debt down to around �£27M. However, in the second half of a season is where football clubs dont make as much money coz the season ticket money has been counted etc and so i think that the debt may be slightly more than that, currently. Will have to wait and see come the next financial results. When are these due out btw?

 

Much of the criticism of Bain has been fair, although he appears to have stepped up his game when given more autonomy following SDM standing down as Chairman and has spoken very well whenever he gets the chance.

 

As for the debt, although we make less profit in the second half of the year, we do get in a chunk of the season ticket money for the following season prior to the year end. The year end debt should ben lower than the �£27m you mention but that in itself is probably too low as a half year estimate.

 

The accounts normally come out during August, but it was November last year, partly due to the issues with the bank. Who knows when the accounts will be issued this year? It could depend on how successful we are in the transfer market.