DK open letter to Board

[buster. 5,093]

1 minute ago, CammyF said:

 

I believe King is trying to be a thorn in the boards side so they'll buy his shares to get rid of him. 

 

However, he has raised legitimate questions and concerns. 

 

Don't think the board can continue to ignore him or the wider fan base. 

Doing what you believe is in the best interests of the club may for whatever reason drift from the 'best course'...... or those critical may simply be (partially) wrong, and/or limited in 'vision' of a bigger picture/relevant details.

 

I am fully convinced the current incumbents want the best for the club. American PE firms or the like taking over, would IMO, end badly for the club.

 

[CammyF 7,886]

9 minutes ago, buster. said:

Doing what you believe is in the best interests of the club may for whatever reason drift from the 'best course'...... or those critical may simply be (partially) wrong, and/or limited in 'vision' of a bigger picture/relevant details.

 

I am fully convinced the current incumbents want the best for the club. American PE firms or the like taking over, would IMO, end badly for the club.

 

They maybe partially or completely wrong but when the board don't communicate than its easy to "jump to the wrong conclusion". 

 

Communication is key - radio or dignified silence was David Murrays tactic and so was sending the "stromtroopers" to have a word with those pesky desenters. The current board haven't lowered themselves to that level, but remaining silent isn't the best course of action. 

 

Didn't we hire a PR guru? What's he up to? Certainly not public relations that's for sure. 

Edited September 9, 2022 by CammyF

[buster. 5,093]

15 minutes ago, CammyF said:

They maybe partially or completely wrong but when the board don't communicate than its easy to "jump to the wrong conclusion". 

 

Communication is key - radio or dignified silence was David Murrays tactic and so was sending the "stromtroopers" to have a word with those pesky desenters. The current board haven't lowered themselves to that level, but remaining silent isn't the best course of action. 

 

Didn't we hire a PR guru? What's he up to? Certainly not public relations that's for sure. 

Communication

I mentioned a vacum in my first post. DK is currently filling that vacum.

 

Sir Duped had the media in his pocket, alongside many legends who would use said media, generally on his behalf when required.

 

He also brought Toxic Jack Irvine in when things got rough. The man who seems to have had Criag Whyte's internet history disappeared and would eventually be the 'continuity bridge' between incoming and outgoing spivs.

 

Rangers or Rangers best interests 2012-14 have always had poor/amateur PR. I know from experience re. Spiv era.

 

Irvine was a cnut but good at what he did. Thing is, Sir Duped hired him for Rangers, mainly to protect himself.

Edited September 9, 2022 by buster.

[Bill 13,717]

5 hours ago, Uilleam said:

A focus on competing, and making a big splash, in European football, at the expense of the home market, would make sense, perhaps, if the aim was a disposal. 

 

If only that was a tap you could turn on and off.

 

The truth is that valuation when selling a company is usually based on multiples of EBITDA and, while football clubs cannot follow the usual basis of assessment, cash and debt will always be important factors. So if you're selling you want to be negotiating from as healthy a financial platform as possible. To be clear, I'm talking about valuation here .... any decision to buy Rangers will be made on financial and many other criteria. You might even speculate that a poorly performing company is a better buying prospect since it offers the best opportunity for growth and value improvement. 

 

The more I think about events of the last year, the more I could be convinced that some prominent shareholders are actively looking for an exit. My own experience is that this can take years or could be completed in months. Pure speculation of course, I could be miles wide of the truth, just adding up signs.

[JohnMc 2,708]

When people say Dave King has a point, what point is it he has? How quickly we forget just what a financial basket case of a club we were until very recently. A reminder our last published accounts showed our "pre-tax loss widened from £17.8m to £24.7m (£24.2m after tax), as revenue fell £11.3m (19%) from £59.0m to £47.7m, partly offset by increases in other income, up £1.4m to £3.4m, and profit on player sales, up £1.0m to £1.7m, while expenses were down £2.3m (3%)." Where the fuck do we think the Europa League money has gone? There's no way Dave King doesn't know that either. 

 

We were a club haemorrhaging money until very recently, this shouldn't come as news to any supporter to pays the slightest attention to the club. To say that the board aren't communicating on this is very strange, what exactly is it people expect them to say? We've been told many, many times that the only way the club can function is by either qualifying for the Champion's League or by selling players. This can't come as news to anyone. So, had everyone forgotten this? 

We didn't qualify for the Champion's League last season, even with the Europa League run it's debatable if we'd have gone into the black without the sales of Paterson and Aribo. 

 

Another thing I'm always curious about when this comes up is do supporters expect the directors who have covered these losses for several seasons to write that money off or do we think it's okay for them to get some or all of it back? 

 

I don't think our support are in the remotest way yet ready for the reality of what it takes to run a club like ours in the Scottish league system and not have a sugar daddy pick up the slack. This, this now is reality. Sell our most valuable players, search for bargains to replace them with. That's what we did in the summer, that's what we'll need to do every summer unless the SPFL sign a new, and very different, TV deal with someone. 

Edited September 9, 2022 by JohnMc

[ascender 352]

Of course King knows exactly what he's doing. He's doing it for his own best interests, but playing to the room and also taking advantage of the open goal the board have given him.

[Uilleam 5,919]

14 minutes ago, Bill said:

If only that was a tap you could turn on and off.

You'd want it turned on, and not off,  but I take your point.

 

 

 

[Bill 13,717]

1 hour ago, JohnMc said:

When people say Dave King has a point, what point is it he has? How quickly we forget just what a financial basket case of a club we were until very recently. A reminder our last published accounts showed our "pre-tax loss widened from £17.8m to £24.7m (£24.2m after tax), as revenue fell £11.3m (19%) from £59.0m to £47.7m, partly offset by increases in other income, up £1.4m to £3.4m, and profit on player sales, up £1.0m to £1.7m, while expenses were down £2.3m (3%)." Where the fuck do we think the Europa League money has gone? There's no way Dave King doesn't know that either. 

 

We were a club haemorrhaging money until very recently, this shouldn't come as news to any supporter to pays the slightest attention to the club. To say that the board aren't communicating on this is very strange, what exactly is it people expect them to say? We've been told many, many times that the only way the club can function is by either qualifying for the Champion's League or by selling players. This can't come as news to anyone. So, had everyone forgotten this? 

We didn't qualify for the Champion's League last season, even with the Europa League run it's debatable if we'd have gone into the black without the sales of Paterson and Aribo. 

 

Another thing I'm always curious about when this comes up is do supporters expect the directors who have covered these losses for several seasons to write that money off or do we think it's okay for them to get some or all of it back? 

 

I don't think our support are in the remotest way yet ready for the reality of what it takes to run a club like ours in the Scottish league system and not have a sugar daddy pick up the slack. This, this now is reality. Sell our most valuable players, search for bargains to replace them with. That's what we did in the summer, that's what we'll need to do every summer unless the SPFL sign a new, and very different, TV deal with someone. 

That really needed saying. Far too many fans are living in La La Land.

Edited September 9, 2022 by Bill

[CammyF 7,886]

31 minutes ago, Bill said:

That really needed saying. Far too many fans are living in La La Land.

If La La Land is in West Lothian then maybe that's true. 

 

2 hours ago, JohnMc said:

When people say Dave King has a point, what point is it he has? How quickly we forget just what a financial basket case of a club we were until very recently. A reminder our last published accounts showed our "pre-tax loss widened from £17.8m to £24.7m (£24.2m after tax), as revenue fell £11.3m (19%) from £59.0m to £47.7m, partly offset by increases in other income, up £1.4m to £3.4m, and profit on player sales, up £1.0m to £1.7m, while expenses were down £2.3m (3%)." Where the fuck do we think the Europa League money has gone? There's no way Dave King doesn't know that either. 

 

We were a club haemorrhaging money until very recently, this shouldn't come as news to any supporter to pays the slightest attention to the club. To say that the board aren't communicating on this is very strange, what exactly is it people expect them to say? We've been told many, many times that the only way the club can function is by either qualifying for the Champion's League or by selling players. This can't come as news to anyone. So, had everyone forgotten this? 

We didn't qualify for the Champion's League last season, even with the Europa League run it's debatable if we'd have gone into the black without the sales of Paterson and Aribo. 

 

Another thing I'm always curious about when this comes up is do supporters expect the directors who have covered these losses for several seasons to write that money off or do we think it's okay for them to get some or all of it back? 

 

I don't think our support are in the remotest way yet ready for the reality of what it takes to run a club like ours in the Scottish league system and not have a sugar daddy pick up the slack. This, this now is reality. Sell our most valuable players, search for bargains to replace them with. That's what we did in the summer, that's what we'll need to do every summer unless the SPFL sign a new, and very different, TV deal with someone. 

He has several points ;

 

- Board communication with fans is horrendous. 

 

- Serveral areas of the club have been neglected for too long ; ticketing, catering, disabled access, pricing, MyGers, customer service etc.

 

- we were told that money fr9m players sales would be reinvested in the squad. This hasn't happened. 

 

- Gio said on Tuesday that there was "no money in bank", yet UEFA deposited £14M into out bank the previous Friday. And that's not taking into consideration of the money from players sales, EL run and record season ticket sales. 

 

The board staying silent doesn't help it hinders.

 

 

 

 

[buster. 5,093]

1 hour ago, CammyF said:

 

 

- we were told that money fr9m players sales would be reinvested in the squad. This hasn't happened. 

 

- Gio said on Tuesday that there was "no money in bank", yet UEFA deposited £14M into out bank the previous Friday. 

A substantial chunk of money was reinvested. The issue is that it isn't giving much short term value.

 

A player trading model is supposed to create a surplus, not break even.

 

What Gio says on finances in a post match interview shouldn't be taken too seriously IMO.

 

Perhaps he should have been told not to broach the subject in any detail because it'll nearly always pose more questions than provide answers that you can be sure about.

 

On financial details, we'll have to wait for the accounts (including notes post year end).