SteveC 150 Posted September 7, 2014 Share Posted September 7, 2014 (edited) "A turbulent week at Ibrox has put the club's future once again at risk. RANGERS face an instant SPFL disciplinary investigation if they fail to pay their players and coaching staff at the end of the month, it was revealed last night. Former director Imran Ahmad’s court victory on Friday, freezing £620,000 of the club’s dwindling £1.2million cash reserves, leaves the beleaguered Gers board struggling to make payroll. Now, if they default, rules introduced two years ago on the back of Hearts’ problems leave them no wriggle room. The potential punishments only apply to the club defaulting on its football wages, not an administrative salaries they have. However with their staff due their cash in the bank on September 25, the last Thursday of the month, sources believe they could be cutting it neat with a monthly burden of around £700,000 to meet. Regulations E17 and E19, introduced by the old SPL and carried into the new SPFL rulebook, cover any breaches of remuneration to players, coaches and management. Any default will be hit by an instant registration embargo. They will also then be subject to disciplinary procedures, which allow the governing body sanctions ranging from a slap on the wrist to docked points to exclusion from the league. The Ibrox club’s hopes of avoiding that scenario now rest with the success of their forthcoming £4m share offer, although from that figure, they’ll have to deduct a six-figure sum for costs plus £1m to cover the loan given to them by businessman George Letham. Director Sandy Easdale claimed in our sister paper the Daily Record in midweek that he wouldn’t be calling in the £500,000 he had lent. However Mailsport understands Letham, who has already given the club one extension on the terms he agreed, which saw his loan fall due from season ticket money, is adamant he’ll now take what he is due because he would rather have his cash back than be left with the car park his money is secured against. Rangers also no longer have any regular retail income following their decision to outsource that branch of their business to Mike Ashley’s Sports Direct, a move revealed earlier this week when 51 staff from their stores were TUPE’d acros to the the billionaire’s company payroll. It’s believed that although SFA rules prevent the Newcastle United owner extending his shareholding in the club, he could yet bail them out with loan payments to tide them through the coming months. The potential cost of those, both financially and to the club’s powerbase, is still unclear." http://www.dailyrecord.co.uk/sport/football/football-news/revealed-rangers-face-immediate-spfl-4177789? Comment: I realize it may be scaremongering and "the Mailsport understands" sounds almost like "We hope...". It is all so familiar, sadly, this kind of communique Edited September 7, 2014 by SteveC To add comment 0 Quote Link to post Share on other sites More sharing options...
Super Cooper 0 Posted September 7, 2014 Share Posted September 7, 2014 We don't make any money from merchandising at all? By comparison Celtic rake in an average £15m per season from merchandising. Albeit it costs them between £10m-£12m to operate in such a way. Still plenty profit every year though. 0 Quote Link to post Share on other sites More sharing options...
pmu 0 Posted September 7, 2014 Share Posted September 7, 2014 It could be the end game being played out. If not enough customers are willing to pay for a product something will have to give. 0 Quote Link to post Share on other sites More sharing options...
SteveC 150 Posted September 7, 2014 Author Share Posted September 7, 2014 It could be the end game being played out. If not enough customers are willing to pay for a product something will have to give. Even if they are the same thing will 'give' a month later if the proceeds from their payments are continually stolen by the so called custodians f the club 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted September 7, 2014 Share Posted September 7, 2014 Only 1 Home game in the next 5 League fixtures. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted September 7, 2014 Share Posted September 7, 2014 (edited) It's not been a good week, that's for sure, but I'm still trying to get my head around the sequence of events and what's really been going on. It was rumoured that Mike Ashley picked up Sandy Easdale in a helicopter at McGill's buses HQ on Wednesday 27th August. Assuming that's true, then where did they go and who else did they meet with? What was the meeting for? Is it just a coincidence that the rumoured meeting was the day before the Club's August payroll was due? Were they simply meeting with Ashley to sort out some kind of deal regarding the 'Open Offer' of shares which was announced on the Friday 29th? Or were they so desperate for cash at the end of August that they were hiving off our 51% share of the Rangers Retail deal to Sports Direct for emergency working capital? Maybe both? Then this week we get the news about the Stadium naming rights deal supposedly struck 18 months to 2 years ago between Green & Ashley. What is really going on? Yet again we're being kept in the dark and not only that, but if these Sports Direct deals are true, then why has there been no announcements about them to the London Stock Exchange? If they're hiding retail or commercial deals from shareholders surely the company could get suspended from the market (or worse?)? Edited September 7, 2014 by Zappa typo 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted September 7, 2014 Share Posted September 7, 2014 The 'unbudgeted liability' that was revealed during the proceedings in the High Court appears to have largely gone under the radar. That could be for any amount. 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted September 7, 2014 Share Posted September 7, 2014 The 'unbudgeted liability' that was revealed during the proceedings in the High Court appears to have largely gone under the radar. That could be for any amount. was that not a reference to Imran's action?? 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted September 7, 2014 Share Posted September 7, 2014 was that not a reference to Imran's action?? Don't know, mate, it wasn't expanded upon. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted September 7, 2014 Share Posted September 7, 2014 We don't make any money from merchandising at all? By comparison Celtic rake in an average £15m per season from merchandising. Albeit it costs them between £10m-£12m to operate in such a way. Still plenty profit every year though. "We" make plenty but apparently receive none as the claim of £2.7m not immediately available by the board testifies to. 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.