Frankie 8,552 Posted November 12, 2009 Author Share Posted November 12, 2009 Another couple of observations is that the new chairman is going to fully brief the supporters regarding the status-quo at the club AGM and it seems they've acted pretty strongly on the JJB deal. Also interesting was that they claim Carling are interested in continuing their relationship with the club but, as expected, their shirt sponsorship won't be renewed next summer. No mention of Umbro which puzzles me. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted November 12, 2009 Share Posted November 12, 2009 RM article on the accounts by 'Boss' - So what was all the fuss about? And why the need for a Florida billionaire to miraculously appear on announcement day? The Accounts released today have no surprises in them. None. About the most excited I could get was when I noticed the venerable Martin’s emoluments had fallen to a mere Ã?£468,000 (from Ã?£668,000); I have no idea how he is going to survive on such a pittance. Is he still vastly overpaid as some would argue? Well across in the Britland Commonwealth Village, another CEO earned Ã?£671,000 (up from Ã?£514,000). I so, so hope that included a bonus for recruiting the 4th choice new manager! Which CEO’s club won the league? Our turnover plummeted to Ã?£40m. Almost everything that could go wrong did go wrong: kicked out by Kaunas; Setanta collapse; falling revenue streams (it’s the economy, stupid!) from ticketing, hospitality, sponsorship, advertising et al; another Ã?£600k costs re shop closures; and Kris Boyd refusing to leave in January. Okay, maybe that was a good thing given his goals helped us win the league. Did I tell you that we won the league? That we are the Champions. Does anything else matter much to Joe Punter? Probably not. The loss for the year was Ã?£12.7m which is hardly surprising given the fall in turnover. Many of the expenses reduced, especially staff costs which were down by about Ã?£4m. Not quite as good as it might seem, though, because the previous year included about Ã?£8m in bonuses (ouch) mostly due to our UEFA run. So underlying wages actually increased, but hardly surprising given the new recruits in summer 2008. The appalling bonus system from 2008 has been renegotiated with the players and, hopefully, outlandish bonus payments will not recur. The loss would have been Ã?£6.2m worse if it wasn’t for the profits made on the sale of Cousin and Cuellar. Remember that when we buy a player, the transfer fee is written off over the period of the contract. Ã?£4m fee, 4 year contract, Ã?£1m written off each year. Easy. (To save any confusion, this does not include wages, as some ‘stockbroker’ posted elsewhere, which are simply charged each year as they are paid.) The Ã?£6.2m profit represented the amount we sold these players for over and above what their transfer fees had been written down to. The loss would also have been worse, by Ã?£1.4m, if we had not been able to ‘sell’ the tax relief on our loss to another MIH company. It seems that it’s not all doom and gloom for big Dave. At least one of his companies made enough profits to use up the tax relief on our losses, however I guess that is but a small concern for him right now. Boredom alert - I have to say the wording in the tax note is rubbish; that’s what happens when you let tax experts meddle with accounts. Net debt was Ã?£31m at 30 June 2009, up about Ã?£10m from last year, as predicted. This is obviously as a result of us making a loss. For the avoidance of doubt, and I’m fed up repeating this, particularly to silence-abusers, the Ã?£50m share issue from a few years ago is not, ever repayable; it’s not part of our debt and never will be. The Ã?£31m net debt is basically made up of a Ã?£20m loan (repayable at Ã?£1m a year), Ã?£5m of other finance (mostly what punters would think of as HPs), and a Ã?£6m overdraft. Here’s the (vaguely) interesting bit. We owe Ã?£26m of our net debt to the bank and we have Ã?£35m facilities in place (Ã?£20m loan and Ã?£15m revolving credit facility, an overdraft in easy-speak). So we only had Ã?£9m of unused credit at 30 June. It usually takes the best part of Ã?£15m to fund us (wages, overheads etc) from June through to April, before the next season’s ticket money starts to come in. So at least some of the CL money must have been received or be due soon otherwise we would run out of money. Oh, and the rest of the Hutton money seems to have been received. The next question that keeps rearing its head is: what will the net debt be at 30 June 2010? All we can be certain of is that it will be lower than at present. All else being equal, and with no player sales or purchases, I’d go for the best part of Ã?£25m. Remember, even with CL money we are only just profitable. (It will be Ã?£18k higher as a result of UEFA’s fine, but at least today has allowed us to continue laughing at the somewhat distraught ‘discredited journalist’. Better luck next time, smelly.) Sell a few players and the net debt could be under Ã?£20m. Get a new sugar daddy and it could be nil. Also of interest to beancounters and geeks (Is there a difference? – Ed) is that the auditors have signed a clean audit report. This means there absolutely must be agreement in place with the bank to provide the facilities that we are projected to need for at least 12 months from today. So despite Lloyds Banking Group spitting the dummy they’ve had to step back from the brink and sign off the facilities we need, at least short term. The dreadful PR suffered by Lloyds so far (thanks Walter, you played a blinder!) is nothing to what would ensue if they don’t continue to play ball. Finally, and here I lose the rest of you stragglers, Rangers’ company profit and loss account (as opposed to the group profit and loss account) has been credited with Ã?£15m, being a loan from a subsidiary that has been waived. Yet another stockbroker called me up confused about this. If I recall correctly, this finally allows Rangers Media Investments Limited to die a peaceful death. You remember ntl? You remember we screwed them for Ã?£15m? Well this is just paper-tidying-up. So for the last one of you standing that’s not fallen asleep yet, am I surprised with the accounts? No. Am I happy with the accounts? No. Do I think there really was a need to deflect using a Florida billionaire? No. But ask me whether I’ve been impressed with Alastair Johnston? Yes, so far he’s talked a good game. A very good game. And the shiny, new, defender-of-the-faith Martin is worth the money. Almost. http://home.rangersmedia.co.uk/index.php/articles-mainmenu-2/1-club/1172-rangers-accounts-euro-flop-kaunus-against-us 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted November 13, 2009 Share Posted November 13, 2009 Yeah, I'm just taking it for granted right now as money in the bank so to speak... A couple of wins against Stuttgart and Seville would add another �£1million! If we win it we get near 20million. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,612 Posted November 13, 2009 Share Posted November 13, 2009 RM article on the accounts by 'Boss' - (To save any confusion, this does not include wages, as some ââ?¬Ë?stockbrokerââ?¬â?¢ posted elsewhere, which are simply charged each year as they are paid.) Boss can't resist his wee dig at Brock Stoker. 0 Quote Link to post Share on other sites More sharing options...
Tannochsidebear 2,405 Posted November 13, 2009 Share Posted November 13, 2009 When does CL money get paid? The money gets paid at the end of the group stages. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted November 13, 2009 Share Posted November 13, 2009 Boss can't resist his wee dig at Brock Stoker. Having read Brock Stoker's article on FF earlier than that one from Boss I clocked it straight away. I thought Boss's article was a good one FWIW. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,612 Posted November 13, 2009 Share Posted November 13, 2009 Having read Brock Stoker's article on FF earlier than that one from Boss I clocked it straight away. I thought Boss's article was a good one FWIW. FFS. Don't say that. It'll just get him more big-headed. :fish: 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted November 13, 2009 Share Posted November 13, 2009 The money gets paid at the end of the group stages. Is it not the case that only the group stage money gets paid after the group stages & that the TV money which is a considerable amount (somewhere between �£5m & �£8m) doesn't get payed out until after the tournament?? 0 Quote Link to post Share on other sites More sharing options...
boss 0 Posted November 13, 2009 Share Posted November 13, 2009 FFS. Don't say that. It'll just get him more big-headed. :fish: That's impossible. P.S. I do hope I've contributed sufficiently to the debate now. :box: 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted November 13, 2009 Share Posted November 13, 2009 Who is Brock Stoker ? 0 Quote Link to post Share on other sites More sharing options...
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