ian1964 10,780 Posted April 1, 2011 Share Posted April 1, 2011 -------------------------------------------------------------------------------- STV Twitter - "Suggestion coming from a briefing at Ibrox that Rangers are disputing their own interim figures. More when we get it." 0 Quote Link to post Share on other sites More sharing options...
Stimpy 0 Posted April 1, 2011 Share Posted April 1, 2011 Twitter: @STVGrant: Suggestion coming from a briefing at Ibrox that Rangers are disputing their own interim figures. More when we get it. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,780 Posted April 1, 2011 Share Posted April 1, 2011 In the last hour from STV............ "Rangers Chairman Alastair Johnston has criticised the club’s bankers for restricting Walter Smith’s quest for success in his final season as Rangers manager. In a statement the Ibrox chief has outlined his concerns and says he wants the role of Lloyds Banking Group to change. He said: “We appreciate the support of the Lloyds Banking Group through the Bank of Scotland in extending our credit arrangement and recognising the progress that has been made in developing a template for collaboration, certain provisions imposed on the Club continue to compromise, in our opinion, management's ability to conduct its role with maximum efficiency. “Having said that, as has been widely reported the majority shareholder is currently engaged in ongoing discussion with a view to selling its equity interest in the Club. “The outcome of this process could change the role that the Bank will play in going forward in its financial structure.” Johnston was making reference to the ongoing takeover bid by Scottish tycoon Craig Whyte, who this week appeared to move closer to a buy-out of Sir David Murray's shares. He added: "We are all acutely aware of the distractions off the park, but can assure all stakeholders that our objective of adding the SPL trophy to the Co-operative Insurance Cup and providing Walter Smith with a fitting finale is resolute. "The strength of the club is in its collective and unyielding support to achieve footballing success. I thank you for your commitment and passion as we challenge for another title." Johnston also acknowledged the investigation by Her Majesty's Revenue and Customs over a tax issue, which relates to offshore payments to players. He said: "Distinctly separate from the Discounted Option Scheme, and in touching on HMRC's enquiry into the Murray Group Management Limited Remuneration Trust, I would emphasise that no allegations have been made to suggest any illegal activity, and tax vehicles of this type have been used by a number of companies throughout the country. "We continue to vigorously contest HMRC's challenge on the taxation treatment of the Trust and in doing so continue to receive reassuring opinion from tax, accounting and legal specialists." Johnston concluded: "The club has been actively involved in current discussions regarding the restructuring of Scottish football, and in particular the Scottish Premier League. "However, there are no conclusions as yet to an agreed structure, but we hope that a consensus can be reached to revitalise the game in this country and its standing in European football." Rangers have announced a retained profit of Ã?£11.9million for the six months to December 31, thanks to their participation in the Champions League group stages. Interim results for the Scottish champions also revealed that turnover for the six-month period decreased by Ã?£4.1million to Ã?£33.7million due to a reduction in their number of home games in the Clydesdale Bank Premier League. Net operating expenses at Ã?£21.1million were in line with last year, while the figures confirmed a 4.9% decline in the number of season tickets sold." 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,682 Posted April 1, 2011 Author Share Posted April 1, 2011 From our friend at RM Boss... Rangers released their interim results today for the six months to 31 December 2010. As I mentioned yesterday, new PLUS-quoted Rules means that we have more information available than we have been used to in the interims. However, there is no requirement to disclose the ââ?¬Å?net debtââ?¬Â figure ââ?¬â?? the headline number that was Ã?£27m at 30 June 2010. But enough information has been published to place the ââ?¬Å?net debtââ?¬Â at under Ã?£19m, and perhaps as low as Ã?£18m. So donââ?¬â?¢t be fooled by the pathetic reporting today, including by the BBC, about Rangersââ?¬â?¢ debt increasing from Ã?£27m to Ã?£29m. These football journalists, who can barely operate a calculator, are comparing apples and oranges, Scottish bananas and German bananas, Champions and Vice-champions. Our ââ?¬Å?net debtââ?¬Â in these interims would have been disclosed as follows: - Bank loan Ã?£19m (letââ?¬â?¢s be prudent and assume the Ã?£1m repayment is at the year end) - PLUS finance lease creditors Ã?£4m - PLUS other loans Ã?£0.7m (or less; some might have been paid back) - LESS bank account in credit Ã?£5.2m - EQUALS Ã?£18.5m For most folk, this is the end of the article ââ?¬â?? under Ã?£19m ââ?¬Å?net debtââ?¬Â ââ?¬â?? and donââ?¬â?¢t let the media tell you otherwise. If anyone really wants to understand why the debt figures quoted by the press are so different from the ââ?¬Å?net debtââ?¬Â, I give a fuller explanation below. So why have ââ?¬Å?Creditorsââ?¬Â in the interims increased to Ã?£29m. Well firstly, this number includes season ticket money that is deferred until each match is played. Three less home games compared to last year means about Ã?£3m more in ââ?¬Å?Creditorsââ?¬Â. But this does not represent debt in any ordinary sense of the word ââ?¬â?? it is basically the other side of the accounting treatment for the sales having decreased because home games have yet to be played. Secondly, long term creditors have decreased by Ã?£2m which the journos have failed to notice. This is probably in respect of player transfer fees, maybe bank loan repayments, and lease creditors. Thirdly, there has been a provision made for a tax settlement of Ã?£2.8m including interest. This appears in ââ?¬Å?Creditorsââ?¬Â but not in ââ?¬Å?net debtââ?¬Â. Fourthly, the timing of CL money from UEFA and in respect of payments for player sales and purchases is likely to make up the difference. For instance, our ââ?¬Å?debtorsââ?¬Â (money owed to us) has increased by Ã?£3m ââ?¬â?? had this been received by 31 December, our ââ?¬Å?net debtââ?¬Â would have decreased by a further Ã?£3m but our ââ?¬Å?creditorsââ?¬Â would not have changed. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted April 1, 2011 Share Posted April 1, 2011 (edited) Frankie, I will take a look at the interim results and get you something over the weekend, does that work ? EDIT : Thanks boss, no need for me to analyse now Edited April 1, 2011 by craig 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,682 Posted April 1, 2011 Author Share Posted April 1, 2011 Frankie, I will take a look at the interim results and get you something over the weekend, does that work ? Boss has provided his analysis mate but if you see anything different to make it worth your while I'd be much obliged as ever... 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,716 Posted April 1, 2011 Share Posted April 1, 2011 Good to see that Boss and I agree with our estimates of net debt. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,270 Posted April 1, 2011 Share Posted April 1, 2011 Good to see that Boss and I agree with our estimates of net debt. Your name has appeared on a few sites awaiting your views , your are now unofficially the man , the internet community holds its breath until the man known as bluedell says , profit or loss ......lol 0 Quote Link to post Share on other sites More sharing options...
boss 0 Posted April 1, 2011 Share Posted April 1, 2011 Good to see that Boss and I agree with our estimates of net debt. I disagree with your estimate of �£2m loss for the year, though. Were you having a bad morning? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,716 Posted April 1, 2011 Share Posted April 1, 2011 (edited) I disagree with your estimate of �£2m loss for the year, though. Were you having a bad morning? No doubt. Very busy. I didn't sit down and do a detailed review of the number of home games included in turnover year on year. What's your estimate? Edited April 1, 2011 by Bluedell 0 Quote Link to post Share on other sites More sharing options...
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