Another excellent article by the Lawman

[crucible 0]

I know this has been commented on but I was just looking through the accounts there and noticed something so thought I would go back to it.**During the meeting a week past on Thursday, Scott Murdoch said, and I quote:

 

“Im no mathematician but let me just read a piece out of the Annual Rangers accounts, ah yes it’s a horrible picture of Brian Stockbridge but eh basically….(some turnover figures)….the overall staff costs, this when Brian Stockbridge was the CFO, the Financial Director in all of this, the overall staff costs were £17.9 million quid, of which importantly, the player salaries are only £7.8m. So, roughly £10m was Directors remuneration and bonuses and payments at that time in this last 13 months and that’s FACT”

 

Now, immediately following this, there were many of us who pointed out it was a lie straight away as he had clearly forgotten about all the staff needed to run an operation the size of Rangers but there were counter arguments that these people are paid peanuts and we should forget all about them.

 

It only struck me when reading the accounts again just how wrong he actually was.

 

Lets take a look:

 

http://www.rangers.c...lReport2013.pdf

 

Page 34 – Item 7. Directors Emoluments

 

Brian Stockbridge - £409k

Charles Green - £933k

Malcolm Murray - £52k

Craig Mather - £59k

Walter Smith - £50k

Ian Hart - £28k

Bryan Smart – £28k

Phillip Cartmel - £29k

James Easdale - £0

 

Total pay including, salaries, fees, severance payments, bonus, Benefits in Kind was £1.589m

 

Now lets add Imran Ahmad in who wasn’t a Director as stated by Mr Murdoch but was probably in the firing line.**He took home £303k

 

Finally, there were a number of Related Party transactions which although im not sure where they appeared, I will include them as “Directors pay” for this exercise.**Total = £394k

 

So in total the “Directors remuneration, bonuses and other payments” totalled £2.6m, NOT £10m which also includes a non director and I have added “On costs” as well to the total.

 

Before anyone asks, the £7.8m was “first team playing squad” and therefore did not include all the coaching staff, of which we know the first team coaches and manager alone took around £1.5m, and all the youth players.**If the “category” was called Football Staff, the figure would have been in excess of £11m.

 

Add to this the £2.6m Directors package, NOT £10 MILLION SCOTT, and that leaves about £4m for the 150 non playing staff.

 

Mr Murdoch most definitely got one vital thing 100% spot on though.**He is certainly no mathematician.

 

When will the lying stop ?

[calscot 0]

While I agree with some of the thrust of this post, I wouldn't mind seeing some of the working for the arithmetic.

 

Where is the number that is added to 7.8+1.5 to give 11?

 

Pay for 150 staff, many of whom are part time, some on minimum wage and some only work match days, works out at £4m? Not sure if that adds up.

 

Thing is, £2.6m and about 13.5% of turnover for the directors of a company who made a loss of about 73% of turnover is verging on criminal, even if it's not as bad as £10m (based on 19.1m of turnover and 14m of loss).

[der Berliner 3,843]

Maybe that staff figure also includes stewarding and policing costs? Haven't double-checked the accounts for that.

[Darthter 542]

Where is the number that is added to 7.8+1.5 to give 11?

 

The £11m figure includes 1st team playing staff (known cost - £7.8m), 1st team coaches/manager (known cost - £1.5m), Youth/reserve playing squads (unknown cost), youth reserve coaching staff (Unknown cost) & may also included other staff directly associated with the playing side of things ie physio's, doctors etc....

[chilledbear 16]

I noticed Ally complaining that they have still not cut his wages. You would think this would have been done poste haste.

 

As if they want Ally etc. to be on the books picking up a large wage.

[ian1964 10,761]

I noticed Ally complaining that they have still not cut his wages. You would think this would have been done poste haste.

 

As if they want Ally etc. to be on the books picking up a large wage.

 

 

Meanwhile, McCoist will meet with Rangers finance director Brian Stockbridge this week to finalise his much-publicised pay cut.

 

McCoist revealed at the weekend that the changeover of chief executive at the Ibrox club had prevented him from signing a new contract.

 

http://www.eveningtimes.co.uk/rangers/mccoist-worried-about-supporters-threat-to-boycott-144882n.22897874

[bossy 0]

With all the claims, counter claims and different numbers flying around, what we really need is an independent audit of the club.

 

Of course, we have already had one but the only numbers we see are the ones released by management. So maybe management need to 'open the kimono' and give us some real visibility to what is going on. That way, we would not need to speculate any more.

 

In any event, to a certain extent it is academic. You don't have to be a genius to know that Rangers are going to have to find some more investment sometime next year. And who is going to invest when such a large number of the paying customers - i.e. the support - are clearly very unhappy with the Board and the management?

 

The current Board may win the votes at the upcoming AGM. But it could be a pyrrhic victory if they cannot work out how to bring the support back onside. No matter what the OP suggests, Stockbridge is damaged goods and I am betting he will be gone by next summer. The best thing for all concerned is a compromise between the current Board and the requisitioners, a couple of them on the Board and a supporters rep. as well. Then we have a basis to shed some light on the finances, to bring in new investment and to create the stability we need to move the club forward.

[aweebluesoandso 290]

Stockbridge is or was on £409k? we really are getting taken to the cleaners.

[Frankie 8,674]

Stockbridge is or was on £409k? we really are getting taken to the cleaners.

 

Assuming that includes his bonus.

[plgsarmy 111]

I know this has been commented on but I was just looking through the accounts there and noticed something so thought I would go back to it.**During the meeting a week past on Thursday, Scott Murdoch said, and I quote:

 

“Im no mathematician but let me just read a piece out of the Annual Rangers accounts, ah yes it’s a horrible picture of Brian Stockbridge but eh basically….(some turnover figures)….the overall staff costs, this when Brian Stockbridge was the CFO, the Financial Director in all of this, the overall staff costs were £17.9 million quid, of which importantly, the player salaries are only £7.8m. So, roughly £10m was Directors remuneration and bonuses and payments at that time in this last 13 months and that’s FACT”

 

Now, immediately following this, there were many of us who pointed out it was a lie straight away as he had clearly forgotten about all the staff needed to run an operation the size of Rangers but there were counter arguments that these people are paid peanuts and we should forget all about them.

 

It only struck me when reading the accounts again just how wrong he actually was.

 

Lets take a look:

 

http://www.rangers.c...lReport2013.pdf

 

Page 34 – Item 7. Directors Emoluments

 

Brian Stockbridge - £409k

Charles Green - £933k

Malcolm Murray - £52k

Craig Mather - £59k

Walter Smith - £50k

Ian Hart - £28k

Bryan Smart – £28k

Phillip Cartmel - £29k

James Easdale - £0

 

Total pay including, salaries, fees, severance payments, bonus, Benefits in Kind was £1.589m

 

Now lets add Imran Ahmad in who wasn’t a Director as stated by Mr Murdoch but was probably in the firing line.**He took home £303k

 

Finally, there were a number of Related Party transactions which although im not sure where they appeared, I will include them as “Directors pay” for this exercise.**Total = £394k

 

So in total the “Directors remuneration, bonuses and other payments” totalled £2.6m, NOT £10m which also includes a non director and I have added “On costs” as well to the total.

 

Before anyone asks, the £7.8m was “first team playing squad” and therefore did not include all the coaching staff, of which we know the first team coaches and manager alone took around £1.5m, and all the youth players.**If the “category” was called Football Staff, the figure would have been in excess of £11m.

 

Add to this the £2.6m Directors package, NOT £10 MILLION SCOTT, and that leaves about £4m for the 150 non playing staff.

 

Mr Murdoch most definitely got one vital thing 100% spot on though.**He is certainly no mathematician.

 

When will the lying stop ?

 

It's not my recollection of what was said although I haven't watched it again and I'm only going by my own memory of the night. I thought the point he made was that non-footballing staff costs exceeded footballing staff costs and that this was very unusual for a football club. He then blamed the fact that some of the excessive salaries were to blame but I'm not sure he claimed that this was exclusively directors fees. I could be wrong.