GLASGOW, SCOTLAND - OCTOBER 03: Sir Alex Ferguson and Douglas Park during a UEFA Europa League Matchday Two League Phase match between Rangers and Olympique Lyonnais at Ibrox Stadium, on October 03, 2024, in Glasgow, Scotland. (Photo by Craig Williamson/SNS Group via Getty Images)
While Phil Clement clings on to his contract what is left of the Ibrox board will have to show face to shareholders at Thursday’s AGM.
There will be no CEO there to answer questions while Tory peer Malky Offord will hide in the background letting Caretaker Chairman John Gilligan amuse the audience with stories and anecdotes from a staunch lifetime as a right good bluenose.
As ever with AGMs there will be 45 minutes to an hour of tedious business to get through as a variety of issues are voted through with three of the four biggest blocks of shares held by current and former Directors before the Q and A session opens up.
There will be a few elderly bears bearing their heart and soul over a life time of misery watching Celtic dominate every decade outside of the nineties.
Some criticism is expected of Phil Clement, a hero at last year’s AGM which will almost certainly allow the fundamental issues crippling the club from being aired.
Andy McKeller is a regular podcaster and an accountant, he understands the issues that mean that there will be no January spending spree to Stoap Selik whether it is Clement or anyone else in the manager’s seat.
Coming up to the AGM and it’s fair to say we have big issues.
– we lost £17.2m from a record turnover
– cash balance decreased
– transfer fee instalments due in decreased
– transfer fee instalments due out increased
– debt increased
– we are now repaying both SD & Elite— Andy McKellar (@AMcKellar89) December 2, 2024
Cont…
– after the y/e we committed to £3.85m on the Copland Stand
– the above doesn’t include costs of renting Hampden, lost revenue etc
– we then had another net player spend of circa £12.5m
– as part of above we received £810k for 5 players (on of which we bought for €4m— Andy McKellar (@AMcKellar89) December 2, 2024
Our situation reads very much like:
How do you turn things around without money? And how do you make money without first turning things around?
— Andy McKellar (@AMcKellar89) December 2, 2024
It will take some hard decisions to address those issues with incoming CEO Paddy Stewart facing all of them and more when he slips into a blazer and brogues on 16th December.
If the questions aren’t asked the problems aren’t going to disappear.
Loans from John Bennett and Douglas Park are currently keeping the club afloat, it seems highly unlikely that they will be supplying further funds forcing Stewart into deep austerity to make the club sustainable and in a position to repay the interest bearing loans.
If only they could go back to the good auld days of the Bank of Scotland printing money off to Rangers like it was going out of fashion,well in Rangers case then out of business.
Bankrupt,liquidation BOOM!.
Remember that shite with Murray for every fiver Celtic spend we will spend a tenner,now they don’t even have tenbob.
You could describe what happens next for Sevco as “belt tightening”, but if they have a belt, it’ll get sold, as will the trousers and they’ll be sitting in Sauchiehall Street wrapped in a blanket begging.
You love to see it.
Tae quote a MAGNIFICENT line fae Only Fools & Horses Rodney declares ” At school we used to do Cross Cancelling Equations. So We are Traders with no money to buy goods, We are Traders with no goods to sell therefore we have to try & make money out of NOTHING BAWAHAHAHAHAHA!!
Tae quote a MAGNIFICENT line fae Only Fools & Horses Rodney declares ” At school we used to do Cross Cancelling Equations. So We are Traders with no money to buy goods, We are Traders with no goods to sell therefore we have to try & make money out of NOTHING BAWAHAHAHAHAHA!!
The more you think about it, and the state of RIFC financials…
the more believable it is to consider that the new CEO is only at ibrox for a fixed term
of e.g. 2 years – just to turn things around and get out quick?
That means brutal cutbacks across the board and significant price increases for the bears – for everything!
Stewart is going to be the main villain at ibrox as he tries to head towards breakeven,
and a well deserved bonus if he actually achieves that?
Success on the pitch might have to wait a while longer though… 🙂
They are the gift that keeps on giving…Or Comedy Gold as they’re known in our house.
As someone born in the 40’s, who had to endure certain areas of “second class citizenship” when growing up…I wish nothing but the worst for this group of self-entitled “peepul”…The WASP days are over…Bad days are ahead.
As the song goes ,
THERE MAYBE TROUBLE AHEAD .
Talk about chickens coming home to roost.
lovin it .