Sir Minty Moonbeams and bankrupt rangers

Sceala Philosopher Location: Glasgow

Old BBC reports of the bedtime stories of Minty Moonbeams great business deal.
Wednesday, 8 March 2006
Rangers reveal £48m retail deal
Rangers have agreed a 10-year licence agreement with sports retailer JJB Sports worth a minimum of £48m.
The Glasgow club will receive an initial payment of £18m on 7 June, when they launch their new Umbro home kit.
A guaranteed minimum annual royalty of £3m will be received by Rangers in each year of the licence.
Rangers chairman David Murray said: "It will allow for the reduction of the club's debt and enable further investment to be made in the team."
Murray, who had promised a major announcement once his side were out of the Champions League, said the club's facilities would also benefit.

But there is sure to be job losses, with the present Rangers Shop chain, which employs 200 people, likely to close.
The arrangement capitalises on our strong current retail trading position
Sir Minty Moonbeams
David Murray
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Sir Minty Moonbeams and bankrupt rangers
Rangers say they "will now enter into a period of consultation with the affected staff".

The agreement will allow JJB, who already have tie-ins with Wigan Athletic and Everton, to retail all Rangers' branded sports and leisurewear in their 439 stores across the UK.
As well as the guaranteed £3m royalties each year, Rangers will also be given additional payments when certain levels of turnover are met by the sports company.
"The arrangement capitalises on our strong current retail trading position and will enhance future revenue streams through greater availability and continuity of the quality and range of Rangers product," added Murray.

Rangers announced net debts of £23.1m in the summer and will, of course, lose the revenue their club shops were generating.
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Sir Minty Moonbeams and bankrupt rangers & some short time later in the land of make believe
JJB Sports has announced a first half pre-tax loss of £400,000.
JJB announced plans earlier this year to close 72 of its 410 stores
The high street sports retailer saw profits slump 103% from £11.2m for the same time last year.
Non-executive board member and former Next Chief Executive David Jones described the current climate as 'the worst retail recession he had ever known.'
Chairman Roger Lane-Smith said: "Our results are significantly below those achieved in the same period last year.
"We remain very cautious about the outlook for retail given the background of a weakening economy."
The Wigan based company also announced that it has taken the decision not to pay an interim dividend.

This is the worst retail recession I have ever known.
Former Next Chief Executive David Jones

The UK's seconds biggest sports retailer announced plans earlier this year to close 72 of its 410 stores as it began a major restructuring operation, that included shutting unprofitable outlets and focusing on its health clubs range.
Confidence and spending on the high street has been falling given the current economic climate, but this week JJB's rival JD Sports bucked the retail gloom by announcing a 71% increase in profits.

Deloitte has raised 'going concern' issues about JJB Sports' interim statement.
The firm stated in its review of its client's interim figures that there were material uncertainties about the company's ability to continue as a going concern.
These included the availability of its banking facilities given 'actual and projected covenant breaches'; its ability to repay its bridging loan; and the achievability of its forecasts.
JJB said it 'refutes on advice' the allegation that it is currently in breach of the £15m covenant, reported the Daily Telegraph.
JJB Sports' PR advisers were unavailable at the time of writing.

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Sir Minty Moonbeams and bankrupt rangers
Minty admits Rangers are broke, but insists Gazza will save us.
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