Off Topic Pointless point-scoring thread

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Financial troubles at Ibrox laid bare as Rangers report pre-tax operating loss of £3.5 million

RANGERS made a pre-tax operating loss of £3.5million in the seven months to the end of last year, the club have announced to the Stock Exchange.

The club reported that the loss, excluding non-recurring items, was an improvement of just over 50 per cent on the same period in 2012.

In a statement, the club revealed they had £3.5million cash reserves on December 31, down from £21.2million 12 months earlier, when they had just taken in £22million through a share issue.

<laugh>.
 
The club reported that the loss, excluding non-recurring items, was an improvement of just over 50 per cent on the same period in 2012.

When you've lost most of your money then you lose 50 per cent of what you've got left it's hardly a cause for celebration. It's like being cured of cancer and being told you've got AIDS.
 
RANGERS chairman David Somers has admitted that "material uncertainty" over season ticket income may cast doubt about the club's ability to continue as a going concern, as the Ibrox outfit announced its cash reserves fell by more than £17.5million last year.

Rangers announced a loss of £3.7million in the seven months up to the end of 2013, an improvement of 50 per cent on the same period 12 months earlier.

But they had just £3.5million cash on December 31, despite bringing in £22million in an initial public offering (IPO) share issue just over a year earlier.

http://www.dailyrecord.co.uk/sport/football/football-news/fears-future-ibrox-chairman-david-3290753
 
Lest we forget:

[h=1]RANGERS owner Charles Green last night insisted the Ibrox club would be in a stronger financial position than Celtic in a year.[/h]The battered and bruised club began life as a newco with an edgy extra-time 2-1 Ramsdens Cup win at Brechin but the new chief executive was bullish about the club&#8217;s future and claimed within 12 months their balance sheet would be stronger than the SPL champions. Green said: &#8220;If you look at the balance sheets at the end of next season you should see the strength of the two companies.

&#8220;We are in the Third Division and Celtic are in the SPL and what I&#8217;d like you to do is promise me at the end of this season, when all the games are played, examine the balance sheets of the clubs and tell me which one is the strongest? &#8220;Then let&#8217;s see who has got the strongest balance sheet.
&#8220;We&#8217;ve not got the debt that any of these clubs have and on the last day of the season I would really enjoy some clever financial analyst looking at the balance sheets and debt-to-equity ratio of every club in Scotland.&#8221;

Green revealed he will jet to London today to start the process of bringing £20-30million investment into the club by floating them on the stock exchange. He said: &#8220;We said we would raise between £20million and £30m but the reason we couldn&#8217;t put the season tickets on sale was the same reason we couldn&#8217;t go out and raise further money until we knew we had a football club that was going to be allowed to ply its trade.

&#8220;That&#8217;s why we got that signed off on Friday and we have a meeting at 8.45am on Monday so we are hardly letting the grass grow under our feet.
&#8220;This is the start of the process on Monday when we go to London to start the meeting with stockbrokers. &#8220;That is when the fans can take up ownership. They can buy into the club.&#8221;

Green, who revealed the newco will change their name to &#8220;The Rangers Football Club&#8221; this week, said he had no intention of cashing in on Ibrox or Murray Park. The chief executive said: &#8220;Ibrox and Murray Park are owned by Sevco who will be changing its name to The Rangers Football Club.
&#8220;All the assets are owned by the company and nobody is trying to do anything with the assets. Ibrox and Murray Park won&#8217;t be sold.&#8221;
 
King of the Fleggers Willie Frazer claims he was sent death threats over Christmas

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spoof? <whistle>

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Lest we forget:

[h=1]RANGERS owner Charles Green last night insisted the Ibrox club would be in a stronger financial position than Celtic in a year.[/h]The battered and bruised club began life as a newco with an edgy extra-time 2-1 Ramsdens Cup win at Brechin but the new chief executive was bullish about the club&#8217;s future and claimed within 12 months their balance sheet would be stronger than the SPL champions. Green said: &#8220;If you look at the balance sheets at the end of next season you should see the strength of the two companies.

&#8220;We are in the Third Division and Celtic are in the SPL and what I&#8217;d like you to do is promise me at the end of this season, when all the games are played, examine the balance sheets of the clubs and tell me which one is the strongest? &#8220;Then let&#8217;s see who has got the strongest balance sheet.
&#8220;We&#8217;ve not got the debt that any of these clubs have and on the last day of the season I would really enjoy some clever financial analyst looking at the balance sheets and debt-to-equity ratio of every club in Scotland.&#8221;

Green revealed he will jet to London today to start the process of bringing £20-30million investment into the club by floating them on the stock exchange. He said: &#8220;We said we would raise between £20million and £30m but the reason we couldn&#8217;t put the season tickets on sale was the same reason we couldn&#8217;t go out and raise further money until we knew we had a football club that was going to be allowed to ply its trade.

&#8220;That&#8217;s why we got that signed off on Friday and we have a meeting at 8.45am on Monday so we are hardly letting the grass grow under our feet.
&#8220;This is the start of the process on Monday when we go to London to start the meeting with stockbrokers. &#8220;That is when the fans can take up ownership. They can buy into the club.&#8221;

Green, who revealed the newco will change their name to &#8220;The Rangers Football Club&#8221; this week, said he had no intention of cashing in on Ibrox or Murray Park. The chief executive said: &#8220;Ibrox and Murray Park are owned by Sevco who will be changing its name to The Rangers Football Club.
&#8220;All the assets are owned by the company and nobody is trying to do anything with the assets. Ibrox and Murray Park won&#8217;t be sold.&#8221;

<laugh> it's strange how quickly you forget these gems
 
RANGERS TO FIGHT DOCUMENT RELEASE

Rangers insist they will continue to fight a bid by former commercial director Imran Ahmad to have two secret contracts handed over to him - because they fear
the deals might be leaked on-line.

Ahmad is suing the Ibrox outfit for a £500,000 bonus he claims he is due for helping to set up £10million agreements with sportswear giants Puma and retailer
Sports Direct.

But the League One champions are fighting the action and claim the contracts should stay private because they are commercially sensitive.

Ahmad was sacked last April after he was accused of leaking confidential club documents on a supporters' forum - a claim he denies.

He argues he is due five per cent of any contracts he negotiated during his time as commercial director and has presented a letter from former chief executive Charles Green backing his claim.

At the Court of Session in Edinburgh, Ahmad was successful in his bid to gain access to a number of documents.

Rangers were ordered to hand over files relating to the purchase of the Albion car park - which Ahmad claims to have negotiated - financial projections for the Puma and Sports Direct deals as well as accounts for the period covered by Ahmad's employment at Ibrox.

Emails sent to and from the former Zeus Capital managing director's account will be given to a third-party commissioner to "sift" through before relevant messages are then passed to Ahmad's legal team.

However, both parties will have to return to court on May 13 to argue over whether the Puma and Sport Direct deals should be released.

Alan Summers QC, representing Rangers, told Lord Woolman: "The pursuer was dismissed from his employment with the defenders because his employers allege that he put material that was confidential and damaging to his employers onto the web."

He added: "There is an unnatural fascination with all things Rangers and there is a market for information that relates to it and its internal workings."

But Ahmad's counsel, Kenny McBrearty QC, dismissed those fears.

"The concern of the defenders relating to the release of these documents is that the pursuer will then put them into the public domain," he said. "That is a suspicion and a suspicion only."

Rangers claim that if the details of their kit deal with Puma are made public, it will put them at a "serious disadvantage" when trying to negotiate with other suppliers once it ends.

A full four-day hearing will take place in either November of this year or February 2015 - with Green expected to be called as a witness.

Ahmad has already lodged a letter from Green - who he claims was authorised to approve the bonus - dated April 5 last year which appears to show the Yorkshire businessman sanctioning the payment.

It reads: "Dear Immy, now that the Puma and Sports Direct deals are complete, I can confirm that your bonus for 2013 will be not less than £500,000."

At previous hearing, Sommers claimed the letter was "contractually inept, linguistically obscure, stylistically informal and essentially unlawful".