25 Apr 2014

Want a Rangers season ticket? That’ll be cash or cheques only

The Rangers financial statement makes for interesting reading today in a number of areas. Another share issue looks to be more on the cards in the coming months and it will be cash or cheques only for fans wanting to buy season tickets.


The company admits very public campaigns for fans to “refrain or delay purchasing tickets” has been a key factor in this decision, though the primary factor – as the board candidly admits – is lack of financial confidence in the club:

“A current example of the difficulty being faced by the club, and which will regrettably impact upon supporters, is that for next season supporters will now be unable to pay for their season tickets by credit or debit card.

“The club’s merchant acquirer, which processes credit and debit card transactions, has advised that it would require extensive security, including standard security to be granted over Ibrox stadium and an insurance policy at considerable cost to the club, to protect itself against any potential liability arising from passing on monies from season ticket purchases ahead of next season’s matches.


“The board believes that one of the major factors influencing the merchant acquirer to change its terms was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets.

“As previously stated, the board has no intention of granting security over Ibrox and therefore has regrettably decided that for the current season ticket renewal process it will proceed with direct payment only to the club by way of bank transfer, cash or cheque payment.

“Any supporters who are on the automatic renewal scheme will not have their tickets renewed automatically and will also require to renew their seats individually.

“The club recognises that this will inconvenience a significant number of supporters, however in the board’s opinion, the demands placed upon the club by the merchant acquirer are not in the best interests of Rangers.”

That apart, the board is scathing about the way Ibrox finances have been “managed” in the club’s recent past: “The club’s financial position was precarious as it had mismanaged almost all of its cash reserves following administration.

“The cash position today requires careful monitoring but will improve with the sale of season tickets, improved commercial relationships, the planned injection of further capital and cost management initiatives identified by the review.

“The club raised £70.7m through ticket sales, commercial revenues and share issue proceeds between May 2012 and December 2013, and spent this relatively quickly, and in some areas liberally, with only £3.5m of this cash remaining at 31 December 2013.

“The board considers that the perfect opportunity to rebuild Rangers immediately post administration in a progressive, stable manner with a solid financial base has been completely missed through a series of
ill-defined, short term focused decisions with little advance recognition of medium or longer term requirements.”

Well you can’t criticise them for not facing up to the post-admin profligacy….

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