Statement from the #Rangers Union of Fans:

[Zappa 0]

10k didn't renew for this season. same the season before according to chuck.

 

Best taken with a pinch of salt if it came from that lying muppet.

[simplythebest 0]

Best taken with a pinch of salt if it came from that lying muppet.

Any excuse for a dig at him eh

[the gunslinger 3,366]

rather brings it on himself though.

[Zappa 0]

IIRC, the actual figures were reported to be approx 36k STs sold this season and approx 38k last season.

[bluebear54 0]

There's no reason why we can't have a Custodian Trust, with the sole purpose of safeguarding major assets like Ibrox, Auchenhowie etc for future generations.

I'm thinking of something totally divorced from the politics with one sole purpose.

[BrahimHemdani 1]

yet it's very similar from an accounting standpoint.

 

It's not similar at all; and that's precisely the point.

 

A loan is a debt that has to be repaid at some point in time, whether it's an overdraft that the bank can call in at any time, a 6-month loan from shareholders or a fixed longer term loan; the lender takes security against the possiblity that the loan will not be repaid.

 

Season Ticket money is a payment you make to allow you to watch games at Ibrox; it is not repayable by the club, even if you don't attend any games. Therefore it is not regarded as "prepaid" in accounting terms, it is simply "Income"; so there is absolutely no reason why the directors would grant any form of security in return for ST money.

 

If you want to buy a ST you get to see all the games; if you don't you don't unless you buy tickets on a game by game basis.

 

That said I still think there will be a compromise.

[TheTinMan99 0]

It's not similar at all; and that's precisely the point.

 

A loan is a debt that has to be repaid at some point in time, whether it's an overdraft that the bank can call in at any time, a 6-month loan from shareholders or a fixed longer term loan; the lender takes security against the possiblity that the loan will not be repaid.

 

Season Ticket money is a payment you make to allow you to watch games at Ibrox; it is not repayable by the club, even if you don't attend any games. Therefore it is not regarded as "prepaid" in accounting terms, it is simply "Income"; so there is absolutely no reason why the directors would grant any form of security in return for ST money.

 

If you want to buy a ST you get to see all the games; if you don't you don't unless you buy tickets on a game by game basis.

 

That said I still think there will be a compromise.

 

A failure to complete our fixtures would be the equivalent of not paying a loan back. Not sure why you and others are so against securing our assets against this. Am I missing something?

[simplythebest 0]

A failure to complete our fixtures would be the equivalent of not paying a loan back. Not sure why you and others are so against securing our assets against this. Am I missing something?

 

If we don't complete our fixtures we become creditors, although that didn't even happen during the administration season.

 

Righty or wrongly I don't anticipate us not completing our fixtures.

[Hildy 0]

If we want to safeguard Ibrox, we have to take ownership of the club and everything to do with it.

 

If the stadium ended up being owned by Dave King/ a trust/ a fan group or whatever, but the club itself belonged to untrusted ownership, what would happen to Ibrox if Rangers found another place to play, in all probability, Hampden Park?

 

The stadium needs to be properly maintained and the expense involved might make the idea of 'losing' it appealing to a board with no emotional attachment to it.

 

If 'we' own Ibrox but Rangers play elsewhere, would we stump up enough cash every year to properly maintain it if the prospect of returning to it was remote?

 

It seems like an unlikely scenario, but who predicted administration, liquidation and a tumble down the divisions a few years ago?

 

If we want to ensure Ibrox remains as Rangers' home, the club must be bought - not the stadium in isolation. Ideas where fans own the pitch, the ground, the training ground etc are pointless unless we can be sure that the club will remain as a constant user of them.

 

If the club isn't owned by the fans, there is no point in the fans owning Ibrox.

[BrahimHemdani 1]

A failure to complete our fixtures would be the equivalent of not paying a loan back. Not sure why you and others are so against securing our assets against this. Am I missing something?

 

That's not going to happen so it's irrelevant.

 

What is it the assets would be secured against?

 

If the ST money is now to be paid when it falls due, rather than drip fed as previously suggested, there is nothing to secure against and no reason for the club to do so anyway.

 

Even if ST money was a loan which it isn't; it isn't a big enough amount of money to grant security of £50 odd million worth of assets and it would be imprudent of the directors to do so. Whilst they say that they have no present intention of granting security against these assets that does not rule out such a possibility in the future.

 

If you and 3,000 or 30,000 others bought season tickets for one of Mr Easdale's bus lines would you expect him to grant you security over his bus garage becuase you may or may not like the way he runs his buses?

 

Hildy is spot on; the fans owning the Club and the ground with it is one thing and I am all in favour of that; but the present proposal is foolhardy because it has created "material uncertainty" about the Club's ability to trade as a going concern.