The Reqs the facts (from RM)

[crucible 0]

The Reqs the facts. http://www.rangersmedia.co.uk/requisitioners-the-facts/

[j1mgg 0]

Please use above link

Edited December 11, 2013 by j1mgg

[Calgacus 8]

In the interests of balance will the current incumbents business history be subject to the same scrutiny. It would be interesting to know why Wallace (if he is so good) left Manchester City, where do the Easdales get their money and who else has BS been filming? It would also be useful to know how all these investment firms expect to make money out of a Scottish Football Club.

[andy steel 0]

<testily>

 

There's a good reason people use Gersnet and not RM. If anyone wants to read RM posts, could they please log onto RangersMedia?

[Bluedell 5,624]

have taken a number of pieces I wrote and I have now removed ALL OPINIONS and left in only the true facts, all of which can be found at the various sources used. The one exception to this is the calculation of debt as at May 2011 which is explained below.

 

1) PM on 28th November: “A football club is judged by the success on the pitch though they have to do it on a sustainable basis so if you look at the 2 main things that happened during that 4 year period I was on the Board, and I can’t claim credit for any other period, but, first of all it is a matter of public record the debt was £35 million when I joined the Board and it was 14 when I left the Board”

 

Paul Murray joined the club in September 2007, a few weeks after the annual audited accounts for the year ending 30th June 2007 were published. These accounts are “a matter of public record” as stated by Paul. In these figures we owed Lloyds Bank £22m which was a long term loan paid at the rate of £1m per year. We had £11m in the bank. We owed £5.5m on other loans and leases. Our Net Debt therefore was £16.5m. NOT £35m

 

 

I really can't be bothered going through the whole of this but I state the following just based on this small part of it:

 

1. Our net debt at 30/6/07 was £16.5m, but it was not that when PM joined the club on 20/9/07

2. It was almost 12 weeks since the year end when PM joined the board and not just "a few weeks"

3. PM is quoted as referring about "debt" and not "net debt" so the OP is comparing apples and oranges.

4. From memory (and I stand to be corrected on this) between the year end and PM joining the board we signed McCulloch, Whittaker, Cuellar, Cousin and Naismith and signed some other players on freebies as well. All of this would have an impact on the debt level when PM joined the club.

 

Also just because PM met the new directors, it doesn't mean there was an meaningful engagement.

 

It's another mud-slinging exercise for the sake of it, and and the author yet again shows a lack of objectivity. As I've said before, PM may well have his weaknesses but you aren't going to find out from this.

 

And I'm saying that as someone who voted against his election in the RST poll.

[der Berliner 3,743]

Throughout this Requisitioners stuff, McColl apart, none of the people that I know from previous regimes fill me with any great confidence. That is balanced with the unknown (to me) entities that inhabit the boardroom right now.

 

I do vividly remember Martin Bain saying quite a few years ago that Rangers (at the time) did not take any European income for granted and it was not placed within the budget plans. I would assume that philosophy went out of the window once the credit crunch hit SDM's empire.

Just for comparison, and I would have to check the exact season, but the Yahoos made a meagre 180k profit during their non-European season (a couple of years back), despite seven Old Firm games. The year before they made a sizeable loss, the year after profits sprang due to Europe. Had they not been saved by their (by their standards) exceptional performance in Europe last season, I would reckon that the first season of the Interval would have hit them quite hard. You wonder what this season's CL money will do to their books.

Right now, and we have to be clear about this, our club (which is still quite a sizeable institution) needs to be run by and with the means available to it. You would hope that after the AGM any unnecessary leakage is being plugged for good, no matter who's responsibility it is. That is my only concern now, not the name of the chap who does it.

[Darthter 542]

3. PM is quoted as referring about "debt" and not "net debt" so the OP is comparing apples and oranges.

 

Is PM clear on what figures he's quoting???

Also does anyone have the non-net figures to hand???

[j1mgg 0]

In the interests of balance will the current incumbents business history be subject to the same scrutiny. It would be interesting to know why Wallace (if he is so good) left Manchester City, where do the Easdales get their money and who else has BS been filming? It would also be useful to know how all these investment firms expect to make money out of a Scottish Football Club.

 

I am sure someone can do that if they want. I think it is good to get some facts based on the people that wanted voted in aswell. No point voting in people that are worse than the current, and this helps people have an insight.

[Bluedell 5,624]

Is PM clear on what figures he's quoting???

Also does anyone have the non-net figures to hand???

 

I don't know, but none of the debt figures when he joined the board were available. At the end of the previous financial year the debt figure stood at 27.5m. As I've said there were numerous player purchaes but we don't know the timing of these so it's impossible to calculate what the figures were when he joined. There would also be the usual inflows and outflows. It's not beyond the realms of possibility that he stated the debt figures correctly.

[crucible 0]

Boss posted a succinct appraisal, PM never reduced any debt the bank and their place man did.