The first Old Firm derby in almost three years is back on course to be played on a weekend now that a possible TV fixture conflict has been resolved. BBC Scotland has the right to show one of the Scottish League Cup semi‑finals and an option on the other but were understood to be concerned about the chance that the Celtic v Rangers tie might collide with the Premier League fixture between Chelsea and Manchester City. However, Chelsea will now meet Manchester City at 5.30pm on the evening of Saturday Jan 31 with Arsenal v Aston Villa at 1.30pm on Feb 1 and Southampton’s meeting with Swansea at 4pm the same day. Both Scottish League Cup semi-finals are listed by the Scottish Professional Football League for 3pm kick-offs on Jan 31, but the most likely scenario is now for Dundee United v Aberdeen to be played on the Saturday and the Old Firm derby to be staged on Feb 1. Meanwhile, as predicted by Telegraph Sport, Rangers are set to announce redundancies among the club’s support staff as the plc board seeks to reduce ongoing losses. The Telegraph revealed that Rangers’ accounts for the year to June 30 will show a loss in the region of £8 million and, although that is down from the £14.3 million deficit itemised in the previous year’s accounts, posted in October 2013, the financial position has been adversely affected by the drop in revenue caused by a fans’ boycott of season tickets, sales of which decreased by around 50 per cent. Last season’s turnover of £19.1 million consisted largely of gate receipts and corporate hospitality income and although Rangers now play in the more attractive environment of the Scottish Championship, the club has endured repeated alarms about its ability to meet the monthly wage bill. It was because of this that the Rangers plc board last week reversed the policy of asking for fixture postponements because of the call-up of players for international duty. Ally McCoist’s position is to have his squad at maximum strength as the team pursues a return to the top tier of Scottish football and the manager wanted this Saturday’s meeting with Alloa Athletic postponed because he has three players absent – Lewis Macleod, Bilel Mohsni and Arnold Peralta. However, the board overruled him because of the need to secure immediate income from a home gate. However, even a decent crowd for the Alloa game would not remedy the need to bolster cash flow over the festive period. In addition, there is also the need to assure the club’s auditors, Deloitte, that the business can proceed as a going concern. As the Telegraph has revealed, Deloitte were uneasy about the assurances made to them last year, especially since those were largely dependent on the continuation of season ticket sales at previous levels. A cash injection was required to ensure that November’s salaries would be paid and that was secured by the plc board’s acceptance of a £2 million soft loan from Mike Ashley, in a deal which gave the Newcastle United owner and Sports Direct retail magnate two seats on the plc board and effective control of the club’s finances. Ashley promptly asked Derek Llambias, formerly his managing director at St James Park, to examine the Ibrox operation. Ranger’s ongoing need for cash was emphasised by Ashley’s latest intervention with a further interest-free and short-term advance of £1 million. A statement to the Stock Exchange read: “The Board of Rangers announces that MASH Holdings Limited has agreed to increase the £2 million credit facility (the Facility) announced on Oct 27 with The Rangers Football Club Limited. “MASH shall make available the additional sum of £1 million for drawdown by the company on Nov 26, 2014. All other terms remain the same. “During the autumn, the club has suffered from lower than expected match attendance which has exacerbated the financial condition of the business. The directors have begun a cost cutting exercise, but further working capital in addition to the Facility will be needed before the end of the year.” The need to address the shortfall in turnover by wooing supporters back to Ibrox was behind Ashley’s decision to give up the naming rights to the stadium, which he acquired for £1, to establish what a club statement called “a more normalised arrangement”. David Somers, the acting executive chairman, said: “This agreement has been concluded to demonstrate the importance both parties place on our relationship. The Rangers Board welcomes this visible demonstration of the Sports Direct support and long term commitment to Rangers.”
Posted on: Thu, 13 Nov 2014 01:11:40 +0000
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