The report by the public administrators appointed to manage Rangers' insolvency proceedings makes painful reading.
Stuff you pray everyday not to experience at your club.
Compare these 'background' points, on p. 13:
4.3 The Football Club was founded in 1872 and incorporated as the Company in 1899. It is one of the most successful and renowned football clubs in the world. The Club plays in the SPL and has been a member of the SPL since its formation.
4.4 The Club has won 54 league titles, more top flight national titles than any other football club in the world. The Club has also won the Scottish League Cup 27 times and the Scottish Cup 33 times.
4.5 The Club has qualified for the UEFA Champions League 15 times since the inception of the competition in 1992. The Club was runner up in the 2008 UEFA Cup Final and won the European Cup Winners‟ Cup in 1972.
4.6 The Club plays its home matches at Ibrox Stadium which is a 51,082 all-seater stadium in Glasgow and the Playing Staff train at Murray Park located in the outskirts of Glasgow.
To this state of affairs, on p. 15:
5.21 It became apparent that in the absence of a significant introduction of working capital or an agreement with HMRC the Company would be unable to meet its liabilities as they fell due, and the Company could not avoid formal insolvency proceedings.
Not to mention the reality check provided through the hard data in the annexes.
Moral of the story: learn from the experience of others. Do not spend beyond your means.
Full report: http://www.rangers.co.uk/staticFiles/fe/a8/0,,5~174334,00.pdf
Stuff you pray everyday not to experience at your club.
Compare these 'background' points, on p. 13:
4.3 The Football Club was founded in 1872 and incorporated as the Company in 1899. It is one of the most successful and renowned football clubs in the world. The Club plays in the SPL and has been a member of the SPL since its formation.
4.4 The Club has won 54 league titles, more top flight national titles than any other football club in the world. The Club has also won the Scottish League Cup 27 times and the Scottish Cup 33 times.
4.5 The Club has qualified for the UEFA Champions League 15 times since the inception of the competition in 1992. The Club was runner up in the 2008 UEFA Cup Final and won the European Cup Winners‟ Cup in 1972.
4.6 The Club plays its home matches at Ibrox Stadium which is a 51,082 all-seater stadium in Glasgow and the Playing Staff train at Murray Park located in the outskirts of Glasgow.
To this state of affairs, on p. 15:
5.21 It became apparent that in the absence of a significant introduction of working capital or an agreement with HMRC the Company would be unable to meet its liabilities as they fell due, and the Company could not avoid formal insolvency proceedings.
Not to mention the reality check provided through the hard data in the annexes.
Moral of the story: learn from the experience of others. Do not spend beyond your means.
Full report: http://www.rangers.co.uk/staticFiles/fe/a8/0,,5~174334,00.pdf
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