Zappa 0 Posted October 9, 2012 Share Posted October 9, 2012 All the statement will achieve is to give the original article a far wider audience than the article actually merits. What's the full story behind this then? Was the Pritchett article re-published or something? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted October 9, 2012 Share Posted October 9, 2012 What's the full story behind this then? Was the Pritchett article re-published or something? Not as far as I'm aware but all the response did was widen the audience.... http://www.bbc.co.uk/sport/0/football/19891667 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted October 9, 2012 Share Posted October 9, 2012 It appears the article in question is two months old and has had 11,433 views, I wonder how many hits it's had today? 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 9, 2012 Share Posted October 9, 2012 So was the statement really in response to the original article or in response to Pacific Quay? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted October 9, 2012 Share Posted October 9, 2012 So was the statement really in response to the original article or in response to Pacific Quay? The original article but the response gave the BBC the story. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 9, 2012 Share Posted October 9, 2012 The original article but the response gave the BBC the story. It doesn't add up that the club would just now respond to a 2 month old article though, does it? Something must have triggered it? 0 Quote Link to post Share on other sites More sharing options...
54andcounting 0 Posted October 9, 2012 Share Posted October 9, 2012 The defeat to Stirling Albion maybe? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted October 10, 2012 Share Posted October 10, 2012 And now because of Murray's response our enemies delight in revelling in a story that had passed them and almost everyone else by. By GAVIN McCAFFERTY Published on Wednesday 10 October 2012 00:04 RANGERS chairman Malcolm Murray insists his regimeâ??s plan to restore financial fortunes at Ibrox is on course, despite warnings from an advisor to a rival bid to buy the club from administrators. US-based Jon Pritchett, who advised Bill Miller on his offer for the â??oldcoâ? club, wrote in American business magazine Forbes that there was no return possible and stated that â??I donâ??t think the Rangers math worksâ?. Miller was named preferred bidder by administrators in May but withdrew his offer five days later after stepping up his due diligence. The tow-truck tycoon openly planned a â??newcoâ? transaction, which Charles Greenâ??s Sevco Scotland company carried out in a £5.5 million deal after an offer to creditors failed. Pritchett, who is chief executive of investment firm Club9 Sports, wrote that it would be difficult to end the long-standing culture of over-spending within Ibrox, which resulted in the oldco club being consigned to liquidation with debts of up to £130m. Responding in a statement, Murray said: â??The last time Mr Pritchett had sight of any financial information about Rangers was many months ago and, as a result, his article in Forbes Magazine is ill-informed, misleading and scaremongering. â??There is no risk of the club going into administration and any suggestion otherwise is scandalous and appears written to attract headlines. â??Projections Mr Pritchett had sight of have not been relevant since May and from the day I became chairman, I have been committed to ensuring this club lives within its means and never comes to the brink of collapse. We have already secured significant investment in the club from the individuals and organisations who are part of our consortium and the successful IPO (initial public offering) later this month will generate many millions in additional revenue. â??It does not take a genius to work out that costs needed to be cut at the club and this has happened. However, we also have a plan to maximise commercial revenues and develop many areas of the club that historically were under-utilised. It is my understanding that Mr Millerâ??s plans were based purely on cost-cutting and little additional investment in the club.â? Murray added: â??What is also clear from his article is that Mr Pritchett completely underestimated the loyalty and commitment of the Rangers fans. â??In addition to the 36,000 season ticket holders so far this season, the attendances at our home matches have surpassed many of the top clubs in England and Europe. We have a clear plan to rebuild this great club and believe that with solid business practices and the ongoing tremendous support from the fans, this will be achieved.â? Pritchett stated that losses in player-asset values â?? many first-teamers refused to join the new company â?? were exacerbated by contractual obligations. â??Due to the long-standing largess of the club, fully 70 per cent of the fixed salaries and benefits of the employees were insulated from reduction or elimination,â? he wrote. â??Without the ability to significantly reduce overhead expenses, a commercially reasonable turnaround of Rangers FC was not feasible. â??From Bill Millerâ??s perspective, there appeared no possible return on his considerable investment. Upon full inspection, Rangers was not a â??turnaroundâ?? opportunity. It was (and is) an opportunity for someone with great wealth and a love of football and/or Scotland to give away tens and tens of millions of pounds.â? http://www.scotsman.com/sport/football/sfl-division-three/club9-chief-sparks-fury-at-ibrox-over-cash-claims-1-2566564 'Rangers in peril' claim rubbished by chairman Murray as scaremongering By BRIAN MARJORIBANKS PUBLISHED: 23:11, 9 October 2012 | UPDATED: 23:11, 9 October 2012 Comments (0) Share Rangers chairman Malcolm Murray angrily hit out at what he insisted were 'scandalous' claims that the Ibrox club could face administration for the second time this year. The dire warning was made in an article for respected business publication Forbes Magazine by John Pritchett, CEO of Chicago-based investment firm Club 9 Sports, which acted on behalf of US businessman Bill Miller in his short-lived bid to take over troubled Rangers in May. Revealing that Miller had come â??within an eyelashâ?? of buying the club, Pritchett claimed his friend had walked away because the â??numbers did not add upâ?? and warned that was still the case at Ibrox â?? alleging Rangers would face fresh financial peril unless current Ibrox chief executive Charles Green oversaw a drastic programme of downsizing and cuts at the club. Pritchett said: â??Upon full inspection, Rangers was not a â??turnaroundâ? opportunity. It was (and is) an opportunity for someone with great wealth and a love of football and/or Scotland to give away tens and tens of millions of pounds â?¦ until bold action is taken, the future for Rangers remains in serious jeopardy.â?? Tennessee truck tycoon Miller withdrew his offer for the Ibrox club a week after being named preferred bidder amid a hostile reaction to his takeover attempt by Rangers fans, with one banner at Ibrox reading: â??Truck Off Miller â?? Yanks No Thanksâ?? being unfurled at Ibrox. But Pritchett said the deal breaker was always that the numbers at Ibrox just did not stack up. â??Revenues were in a freefall,â?? he recalled. â??The most important revenue stream to Rangers, season tickets, was projected to be down by 20 per cent. The club expected to lose nearly £10million in 2012/13. â??Cash-flow from sponsorships was minimal and the administrators had already pulled out the cash from player wages, kit sponsorship and future payments due the club from the sale of several players â??Worse, because the administrators had to make a deal to cut player wages to keep the club afloat, the new owner of Rangers would lose a substantial portion of asset value.â?? Pritchett estimated that Greenâ??s consortium, which bought the club and assets for £5.5m and transferred them to a newco, saved £3m in wage cuts but lost up to £15m as highly-rated stars like Steven Naismith and Allan McGregor were able to leave without a transfer fee. The American business expert also warned that Rangers must â??cut the fat from every department and rebuild an organisation that values every pound and demands a return on any and all expensesâ??. Rangers have sold a remarkable 36,000 season tickets since Green took charge, however, while he has also taken back control of club merchandising from JJB Sport and there are plans to float on the stock exchange later this month. Furious chairman Murray last night accused Pritchett of ignorance of current goings on at Ibrox and vowed Rangers would never go to the wall again under current ownership. He said: â??The last time Mr Pritchett had sight of any financial information about Rangers was many months ago and, as a result, his article in Forbes Magazine is ill-informed, misleading and scaremongering. â??For the avoidance of doubt, there is no risk of the club going into administration and any suggestion otherwise is scandalous and appears written to attract headlines. Projections Mr Pritchett had sight of have not been relevant since May and, from the day I became chairman, I have been committed to ensuring this club lives within its means and never again comes to the brink of collapse. â??We have already secured significant investment in the club from the individuals and organisations who are part of our consortium and the successful Initial Public Offering later this month will generate many millions in additional revenue. â??It does not take a genius to work out that costs needed to be cut at the club and this has happened, with the first-team wage bill being reduced significantly. â??However, we also have a plan to maximise commercial revenues and develop many areas of the club that, historically, were under utilised. â??It is my understanding that Mr Millerâ??s plans were based purely on cost-cutting and little additional investment in the club. â??What is also clear from his article is that Mr Pritchett completely underestimated the loyalty and commitment of the Rangers fans. In addition to the 36,000 season-ticket holders so far this season, the attendances at our home matches have surpassed many of the top clubs in England and the rest of Europe. â??We have a clear plan to rebuild this great club and believe that, with solid business practices and the ongoing tremendous support from the fans, this will be achieved.â?? Read more: http://www.dailymail.co.uk/sport/football/article-2215352/Rangers-peril-claim-rubbished-Malcolm-Murray-scaremongering.html#ixzz28qpeBbzD 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted October 10, 2012 Share Posted October 10, 2012 The Telegraph. Rangers chairman Malcolm Murray hits out while Rudi Skacel returns to Hearts Rangers chairman Malcolm Murray insists his regimeâ??s plan to restore financial fortunes at Ibrox is on course despite warnings from an advisor to a rival bid to buy the club from administrators. US-based Jon Pritchett, who advised Bill Miller on his offer for the â??oldcoâ?? club, wrote in American business magazine Forbes that there was no return possible and stated that â??I donâ??t think the Rangers math worksâ?. Miller was named preferred bidder by administrators in May but withdrew his offer five days later after stepping up his due diligence. The tow-truck tycoon openly planned a â??newcoâ?? transaction, which Charles Greenâ??s Sevco Scotland company eventually carried out in a £5.5 million deal after an offer to creditors failed. Pritchett, who is chief executive of investment firm Club 9 Sports, wrote that it would be difficult to end the long-standing culture of over-spending within Ibrox, which resulted in the oldco club being consigned to liquidation with debts of up to £130 million. Responding in a statement, Murray said: â??The last time Mr Pritchett had sight of any financial information about Rangers was many months ago and, as a result, his article... is ill-informed, misleading and scaremongering. For the avoidance of doubt, there is no risk of the club going into administration and any suggestion otherwise is scandalous and appears written to attract headlines. â??Projections Mr Pritchett had sight of have not been relevant since May and from the day I became chairman, I have been committed to ensuring this club lives within its means and never again comes to the brink of collapse. â??We have already secured significant investment in the club from the individuals and organisations who are part of our consortium and the successful IPO (initial public offering) later this month will generate many millions in additional revenue. â??It does not take a genius to work out that costs needed to be cut at the club and this has happened, with the first-team wage bill being reduced significantly. â??However, we also have a plan to maximise commercial revenues and develop many areas of the club that historically were under-utilised. â??It is my understanding that Mr Millerâ??s plans were based purely on cost-cutting and little additional investment in the club.â? Murray added: â??What is also clear from his article is that Mr Pritchett completely underestimated the loyalty and commitment of the Rangers fans. â??In addition to the 36,000 season ticket holders so far this season, the attendances at our home matches have surpassed many of the top clubs in England and the rest of Europe. â??We have a clear plan to rebuild this great club and believe that with solid business practices and the ongoing tremendous support from the fans, this will be achieved.â? Pritchett stated in his article that losses in player-asset values - many first-team stars refused to join the new company - were exacerbated by contractual obligations. â??Due to the long-standing largess of the club, fully 70 per cent of the fixed salaries and benefits of the employees were insulated from reduction or elimination,â? he wrote. â??Without the ability to significantly reduce overhead expenses, a commercially reasonable turnaround of Rangers FC was not feasible. â??From Bill Millerâ??s perspective, there appeared no possible return on his considerable investment. â??Upon full inspection, Rangers was not a â??turnaroundâ?? opportunity. It was (and is) an opportunity for someone with great wealth and a love of football and/or Scotland to give away tens and tens of millions of pounds.â? Double Scottish Cup winner Rudi Skacel is back training with Hearts. The Edinburgh club revealed that the Czech midfielder, who scored 18 goals for them last season, had accepted an offer to use the training facilities at Riccarton. A Hearts spokesperson said: â??As with Craig Gordon in the summer, when we heard that Rudi was back home in Edinburgh and looking for a place to train, we were only too happy to offer the use of the academy to him. He has been keeping in shape in Prague and wanted to keep things ticking over during his time in Edinburgh.â? Skacel ended his second spell at Tynecastle in May in the same way as his first, by scoring in a cup final win. There have been persistent rumours that the free agent will join for a third time but manager John McGlynn warned supporters last month not to get their hopes too high. http://www.telegraph.co.uk/sport/football/teams/rangers/9596889/Rangers-chairman-Malcolm-Murray-hits-out-while-Rudi-Skacel-returns-to-Hearts.html 0 Quote Link to post Share on other sites More sharing options...
54andcounting 0 Posted October 10, 2012 Share Posted October 10, 2012 If you go down to the woods today... 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.