Rangers Football Club 0 Posted March 2, 2012 Share Posted March 2, 2012 UPDATE on discussions on cost-saving at Rangers More... 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 2, 2012 Share Posted March 2, 2012 DUFF and Phelps, the administrators of Rangers Football Club, issued the following statement today. Paul Clark, joint administrator, said: "We appreciate this has been an extremely difficult week for all the staff of Rangers Football Club and the supporters. "As administrators, we had anticipated completing our review of staffing levels and cost structure of the Rangers business this week but the participation of a number of players in international fixtures did interrupt the process. "In short, the Rangers business is trading at a substantial loss and we have no alternative but to fill an approximate £4.5 million shortfall by the end of the season. It is therefore imperative that we find savings of approximately £1 million per month to ensure the ongoing viability of the business. "As has been widely publicised, there have been a number of discussions this week in an effort to achieve the necessary cost reductions. We are determined that all realistic options should be explored and today discussions have been ongoing with Ally McCoist who, in turn, has been speaking to his players and the PFA Scotland. "We would prefer to reach a consensual position but as the day has gone on and tomorrow's very important match against Hearts looms larger, it has been agreed that any final decisions have been postponed until early next week. "On other matters, we can report that we made this week an emergency application to the High Court in London to secure money held in the client account of solicitors, Collyer Bristow, who had acted for the purchaser of the Club in May 2011. We can confirm that following the court hearing Collyer Bristow paid approximately £3.6m to our lawyers, Taylor Wessing, to be held securely by Taylor Wessing until the High Court decides whether or not it is the Club's money. "Collyer Bristow will also disclose to Taylor Wessing details of the payments of funds out of their account on behalf of the Club since May 2011.The High Court in London will hear further representations on the administrators' claim to the money and our request for further information from Collyer Bristow on 8 March 2012. "Since legal proceedings are ongoing we cannot provide further information but this is a positive step in the administrators' investigations into the Club's financial affairs. "Right now, the situation is quite simple - income generated now will help secure the future of Rangers and we encourage supporters, who have shown tremendous backing for the Club throughout this process, to buy tickets for the Hearts game at Ibrox tomorrow and future home matches." 0 Quote Link to post Share on other sites More sharing options...
Ergatrude 0 Posted March 2, 2012 Share Posted March 2, 2012 So if the £3.6m is found to be the clubs money then I'd assume that we only need 900k to secure the team until the end of the season? 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 2, 2012 Share Posted March 2, 2012 So if the £3.6m is found to be the clubs money then I'd assume that we only need 900k to secure the team until the end of the season? It sounds as though the administrators will act on making the necessary cuts before knowing the outcome of the legal proceedings since there's no absolute guarantee that we'll get the £3.6m. 0 Quote Link to post Share on other sites More sharing options...
gisabeer 409 Posted March 2, 2012 Share Posted March 2, 2012 Im no financial expert but it seems to me that the decision to axe staff has been delayed due to the fact that Collyer Bristow has been caught with 3.6 million of our money. On our hands and fucking knees and that cunt whyte is telling us there is no money. If we didnt know he was a charlatan before we certainly know now. Dont be surprised if more money starts to turn up now that whyte has no where to hide. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 2, 2012 Share Posted March 2, 2012 Im no financial expert but it seems to me that the decision to axe staff has been delayed due to the fact that Collyer Bristow has been caught with 3.6 million of our money. On our hands and fucking knees and that cunt whyte is telling us there is no money. If we didnt know he was a charlatan before we certainly know now. Dont be surprised if more money starts to turn up now that whyte has no where to hide. They have found it, but we can't use it till the Court says it is definately ours, at least that's the way I see it. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 2, 2012 Share Posted March 2, 2012 I find this pretty funny really on the one hand we are saying the ticketeus money has nothing to do with us, then on the other hand we are saying"give us their money. Having your cake and eating it springs to mind. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 2, 2012 Share Posted March 2, 2012 I find this pretty funny really on the one hand we are saying the ticketeus money has nothing to do with us, then on the other hand we are saying"give us their money. Having your cake and eating it springs to mind. Absolutely correct pete. The worrying thing is that if the administrators are going after the remainder of the Ticketus money then it appears that they aren't going to contest the Ticketus deal or the way in which the takeover was conducted which I find extremely worrying. I genuinely don't know how we're going to survive without that ticket money for the next three years. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 2, 2012 Share Posted March 2, 2012 Absolutely correct pete. The worrying thing is that if the administrators are going after the remainder of the Ticketus money then it appears that they aren't going to contest the Ticketus deal or the way in which the takeover was conducted which I find extremely worrying. I genuinely don't know how we're going to survive without that ticket money for the next three years. One thing is sure we will need a cash injection from a new owner. Maybe once Whyte gets the reigns back he will present us with the 33 million he promised. Ouch! A flying pig just hit me on the back of the nut. 0 Quote Link to post Share on other sites More sharing options...
gisabeer 409 Posted March 2, 2012 Share Posted March 2, 2012 maybe that was the plan. whyte knew exactly what he was doing all along and rangers acceptance of the rogue money would mean that the club did infact acknowledge the loan. I wouldnt put anything past the devious prick/cunt/bastard. delete where applicable 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.