Slowest…Admin….Ever

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A lot has happened in the last week, oh sorry: that is a lie.

The stark reality is that Rangers appear to be ‘playing’ at Administration so far. It is not Rangers fault of course but rather that of the administrators themselves.

I would say that it is the lack of urgency toward admin matters from Duff&Phelps that seems to have allowed a sense of brazen confidence enter the Ibrox fray. Indeed, administration doesn’t really seem that big a deal – OK, so an ineffective COO and Director of football leave but hey-ho, no biggy eh?

In my experience of administration, both in and out of football, the famous Cat Stevens lyric comes to mind, “The First Cut Is the Deepest”. At Ibrox, we seem to be dealing in mere flesh-wounds.

The one question that comes to mind is: where the hell is the cash coming from? For a club with obviously large outgoings there is little in the way of cash coming in. Therefore, quite where the wage bill was settled from is a mystery to me.

Surely, no matter what happens with redundancies there will not be enough cash to fund the wage obligations at the end of March. Again, this is no real major situation. After all, if anything has been learned from the Hearts debacle – you get quite some grace on wage obligations in Scottish Football.

I could be wrong, perhaps some major cuts will be made this week: but I am not holding ones breath.

Another episode to come from the ranks of the Ibrox cauldron this week is the absolute certainty that Craig Whyte managed to loan cash from ’Ticketus’ to buy the club. At this stage, since Sir David Murray has been questioned, Dossiers passed to the Police etc. would it not make sense for someone to ask ‘Ticketus’ quite what they were thinking?

Anyone that runs a business knows that it is almost impossible to extend your business overdraft these days for short term cash-flow without some form of heritable security. No matter your credit rating as a person or as a company. YET, Craig Whyte appears to have been able to ‘mortgage’ future ticket sales to the tune of £24.4 million on a company that he did not even OWN at the time.

Call me cynical but will someone please release the details on where such a loan was secured because as it stands the decision by ‘Ticketus’ looks to be careless, bordering on insane. That is, of course, unless they have some secret security that no one really knows about. That is something that I don’t quite see though. If indeed ‘Ticketus’ come out of this as an unsecured creditor then in the words of my old granny, “Hell mend them….”

Another thing to rear its head this week has been the inclusion of a new website. www.saverangers.com

The website purposes:

Welcome to saveRangers.com. This site was set up in order to allow Rangers fans to register their intent to invest in the club. The three major fans groups – the Association, the Assembly and the Trust are working together and with others to ensure that the club is put back on its feet with stable finances. This site will be used to measure the level of financial support fans would be willing to invest in the club should the time arise.

Followed by:

This site was set up purely to gauge how many fans would be interested in pledging money to save Rangers – we do not actually accept payments.

And Finally:

Registering your details with this site in no way means you are obligated to contribute money. We are just trying to gain a rough idea of how much could potentially be raised

saverangers.com

First of all, I am quite happy to advertise the website for anyone wishing to steak an interest in it.

Personally, I have my grave concerns about the point of such an operation. With all the goodwill in the world, pledging ‘pretend money’ will not achieve anything.

Indeed, the ‘amount you wish to pledge’ section of the website could easily be done away with in my view as it raises utterly unrealistic hopes for those of the ‘easily lead’ persuasion.

Rangers are in administration. The club needs money NOW to achieve any sort of short term, let alone LONG term stability.

We need buckets at the turnstiles, voluntary forfeit of season tickets in exchange for a pay at the gate approach. Reduce the tickets to £10.00 per head and get Ibrox full of 50’000 fans all paying the sum of £10.00 per head as opposed to using their season tickets. Fair enough, we paid up front for them and are entitled to use them – but the club needs cash to survive tomorrow. Again, with all the goodwill in the world ‘pledging’ £500.00 for a future investment in the club is worth absolutely HEE-HAW if there is no club to support.

Finally, good luck with raising the funds for the future – unfortunately I don’t see the conversion rate from ‘registering interest’ to ‘actually paying the dough’ being particularly high. But good luck all the same.

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One Comment on “Slowest…Admin….Ever”

  1. perthlurker Says:

    Hi Garry

    Mmmm i have been thinking the same thing from the other side of the world!

    Is it, in terms of staff that their wages have been paid through to next week but that would increase any entitlements they are due. I suppose it increases overheads to ie insurance, accommodation at away matches, win bonus.

    All a tad strange limboland at the mo with a great blame game background.

    Great blog as usual

    Cheers


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