Must Read: Rangers admit Derek Llambias Newcastle claims misleading
Nine days ago we brought an outrageous Derek Llambias biography posted on the official Rangers website to your attention (and the rest of the World), which was also sent out as a circular to Rangers shareholders.
The bio making some very ‘interesting’ claims as to what Llambias had achieved in his time at Newcastle United, in fact you could have almost been forgiven for thinking that you were reading about a totally different club…
‘Derek joined Newcastle Football Club in 2007 as Vice Chairman and Managing Director and in his 5 years stewardship he reformed and improved stadium facilities, expanded commercial activities giving N.U.F.C. an increase in turnover from £85 million to £123 million. He took the club which was making significant losses to one of the top 20 most profitable clubs in Europe.’
You can read the article we published HERE pointing out where they might have ‘slightly’ exaggerated Derek Llambias’ achievement.
Now it is once again thanks to Mag reader Dave Jegier for letting us know that a hugely embarrassing admission has been released by Rangers, confirming that the claims were misleading.
Rangers have released the following statement:
“Derek Llambias joined NUFC in 2008. He initially joined as Deputy Chairman and was appointed as Managing Director in June of that year.
“In the financial year ended 30 June 2009 (the first full accounting period after Mr Llambias’ appointment), the turnover of Newcastle United Football Company Limited (“NUFCL”), as recorded in their audited accounts for that period, was £85,681,000.
“Derek Llambias resigned from his post as Managing Director of NUFC in June 2013. The turnover of NUFCL for the financial year 30 June 2013, as recorded in their audited accounts for that period, was £95,879,000.
“The figure of £123 million referred to in the Circular was the projected turnover, as at the time of Derek Llambias’ departure, in the financial year to 30 June 2014.
“In the Deloitte “Football Money League” report for 2011/2012, published in January 2013, Newcastle United were ranked at number 20 in Europe.
“Newcastle United were also ranked at number 20 in the Forbes list of the richest football clubs in the world, published in April 2013. These were the last rankings published during Mr Llambias’ tenure at NUFC. (Although the Club dropped out of the top 20 in both equivalent lists published in 2014, the Deloitte “Football Money League” report for 2013/2014, published in 2015, ranks NUFC at number 19.)
“Newcastle United did appear in the top 20 of both lists at the start of Mr Llambias’ tenure, although dropped out during the intervening period. The Directors believe that is predominantly due to NUFC’s relegation in 2009.
“Neither of the aforementioned reports ranks clubs solely on the basis of profitability. It should be noted that in the year to 30 June 2008, NUFCL made a loss attributable to members of £20,048,000, and a loss of £14,554,000 for the year to 30 June 2009. In the year to 30 June 2013 however, NUFCL made a profit attributable to members of £8,814,000.”
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