Generic Sevco / Rangers meltdown thread

[Ozyhibby]

http://m.bbc.co.uk/sport/football/34921891?utm_source=twitterfeed&utm_medium=twitter

Does anyone believe this? [emoji3]


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[southsider]

http://m.bbc.co.uk/sport/football/34921891?utm_source=twitterfeed&utm_medium=twitter

Does anyone believe this? [emoji3]


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So the SFA passed King F & P and never met him ? Says it all really.

[Deansy]

Problem for the SFA is that everyone is watching now and they are aware that people may ask questions. They will have to not only be whiter than white but to be seen so.

Wonder who will take the bullet for the SFA with a nice payoff?

I'm rather hoping that, once all the court-cases are done, our game gets a complete overhaul of the governing-body with NO-ONE left over from the current shower of corrupt, bent, incompetent s*um !!

Replaced by a mixture of honest football-people (ex-players/managers), business-people and some room left for fan-representation - maybe wishful thinking but ideally people who want to do the job for the good of the game and NOT the current job-requisite which is - 'What's in it for me ??'

[Hibs Class]

http://m.bbc.co.uk/sport/football/34921891?utm_source=twitterfeed&utm_medium=twitter

Does anyone believe this? [emoji3]


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DCK probably does - he has the look of someone who has been a stranger to the truth for so long that he may genuinely believe what he's saying and therefore would be amazed to learn that others didn't. Glib and shameless is probably right.

[CropleyWasGod]

So the SFA passed King F & P and never met him ? Says it all really.

That's not what he said :greengrin

He was meeting the SPFL.

[Keith_M]

D(i)CK probably does - he has the look of someone who has been a stranger to the truth for so long that he may genuinely believe what he's saying and therefore would be amazed to learn that others didn't. Glib and shameless is probably right.


Fixed that for you

[Jack]

It's been noted that when the Lying King is jailed the time he spends behind bars will count against his tax free days in the UK.

Does he make any money in the UK?

[Kavinho]

http://m.bbc.co.uk/sport/football/34921891?utm_source=twitterfeed&utm_medium=twitter

Does anyone believe this? [emoji3]


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Glib and Shameless Lie, I'd "posit" (seems to be the annoying word of the moment)


Far more likely a debrief on a recent court decision by Lady Wolfe.
I'd wager..

[JeMeSouviens]

It's been noted that when the Lying King is jailed the time he spends behind bars will count against his tax free days in the UK.

Does he make any money in the UK?

Doesn't matter where it's earned. If he's resident here, HMRC will want some.

[Spike Mandela]

http://m.bbc.co.uk/sport/football/34921891?utm_source=twitterfeed&utm_medium=twitter

Does anyone believe this? [emoji3]


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I'm sure King, the SFA and the SPFL will be getting their stories straight and no doubt making good use of shredders.

[Kato]

I'm sure King, the SFA and the SPFL will be getting their stories straight and no doubt making good use of shredders.

Yeah, the "I'm just here to say hello" line sounds glib and shameless given what is going on.

[jacomo]

Hope the BBC reporter hangs around for a wee word with Neil Doncaster when he leaves the office.

[steakbake]

It will have been for some kind of shifty purpose, almost guaranteed. We'll never know. The fact that people are suspicious says a lot about the way footie is run.

[Jim44]

The thread on FF questioned the dickhead reporter asking awkward questions of Lying King, till someone said it was Richard Wilson, an ally of Sevco. Cue embarrassing backtracking.

[Ozyhibby]

http://www.dailyrecord.co.uk/sport/football/football-news/mike-ashley-aims-new-blast-6899984

Statement from MASH


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[ehf]

I often hear from business people who have seen their business fail words to the effect that they tried to hang on too long thinking an upturn was just around the corner and they should have gone to the wall earlier as looking back on it, it was never going to work.

Wonder when they will reach that point as every time they get past one benchmark another two (court cases or dodgy businessmen) appear.

I am struggling to see how they get out of this and how they can generate the income they need to survive without income from merchandising, jersey sponsorship and eventual repayment of loans. Not to mention investing in the new players they need.

Not going to lose sleep over it though.

In the "normal" business world, the dilemma for directors of a company which is teetering on the brink of insolvency is the risk of being found liable for "wrongful trading" if they carry on when the company has no reasonable propspect of paying its debts as they fall due, in which case the directors can be made personally liable for the debts. That won't worry most of the shysters on the Sevco board but I would imagine Stewart Robertson and one or two others will not be getting much sleep at the moment...

[Mr White]

In the "normal" business world, the dilemma for directors of a company which is teetering on the brink of insolvency is the risk of being found liable for "wrongful trading" if they carry on when the company has no reasonable propspect of paying its debts as they fall due, in which case the directors can be made personally liable for the debts. That won't worry most of the shysters on the Sevco board but I would imagine Stewart Robertson and one or two others will not be getting much sleep at the moment...

Fly with crows and lay down with dogs and you'll get shot full of fleas :cb

[Ozyhibby]

http://www.prnewswire.co.uk/news-releases/response-of-mash-holdings-limited-to-a-notice-to-shareholders-made-on-behalf-of-rangers-international-football-club-plc-the-company-on-monday-23rd-november-2015-at-1500-relating-to-the-annual-general-meeting-agm-of-the-c-553762691.html

For those who don't read the Record


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[Scorrie]

It's been noted that when the Lying King is jailed the time he spends behind bars will count against his tax free days in the UK.

Does he make any money in the UK?

He might make a few quid sewing mail bags....

[CropleyWasGod]

Ozy !

Just been thinking about Court cases. Did the Charlotte Fakes guy have his day in Court?

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[Geo_1875]

In the "normal" business world, the dilemma for directors of a company which is teetering on the brink of insolvency is the risk of being found liable for "wrongful trading" if they carry on when the company has no reasonable propspect of paying its debts as they fall due, in which case the directors can be made personally liable for the debts. That won't worry most of the shysters on the Sevco board but I would imagine Stewart Robertson and one or two others will not be getting much sleep at the moment...

Why should they worry. The yams got away with trading while insolvent by declaring they were almost self-sufficient.

[Ozyhibby]

Ozy !

Just been thinking about Court cases. Did the Charlotte Fakes guy have his day in Court?

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He has been charged but no trial date I think. He is said to be a witness in the Sevco 7 trial so maybe they have to wait for that first?


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[Ozyhibby]

Why should they worry. The yams got away with trading while insolvent by declaring they were almost self-sufficient.

Everybody gets away with that as most companies who go bust have been trading while insolvent to some extent.


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[Ozyhibby]

Barry flaunting his lack of intelligence. [emoji3]
http://www.dailyrecord.co.uk/sport/football/football-news/barry-ferguson-fear-ibrox-war-6785032


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[Carheenlea]

This thread is plentiful in posts, but of few posters. I'm sure I'm not alone in occasionally looking in then clicking out none the wiser to what is going on - at least the small band of hardy contributors appear to have some grasp of it all!

[Eyrie]

It's the thought of a megalomaniac sending a bomber to Russia that worries me.

You need to learn to stop worrying and love the Bomber.


It's a strange love though.

[Deansy]

Barry flaunting his lack of intelligence. [emoji3]
http://www.dailyrecord.co.uk/sport/football/football-news/barry-ferguson-fear-ibrox-war-6785032


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Bazza -

'If it’s not the tax case then it’s the ongoing battle between Mike Ashley (http://www.dailyrecord.co.uk/all-about/mike-ashley) and Dave King (http://www.dailyrecord.co.uk/all-about/dave-king) – a fight which is now making the Sports Direct boss look ridiculous'

Yeah, Ashley's the one looking ridiculous, Baz - you're STILL the intellectual, thinking man's footballer you always were .............

[greenginger]

It will have been for some kind of shifty purpose, almost guaranteed. We'll never know. The fact that people are suspicious says a lot about the way footie is run.


Just realised tomorrow is last Thursday of the month, pay day at the Big Hoose.

They have only had one home game since last payday, against Alloa.

What's the chances the Lying King was at SPFL offices to explain some of the wage packets will be somewhat light, but its just a temporary glitch in their system.

[fat freddy]

This thread is plentiful in posts, but of few posters. I'm sure I'm not alone in occasionally looking in then clicking out none the wiser to what is going on - at least the small band of hardy contributors appear to have some grasp of it all!
Quality over Quantity... I, a mere novice in financial affairs, tune in every day, the links are always very informative and the input from the regulars is sufficient to keep me updated on all the latest developments. No need for comments from the likes of me, I just enjoy the show as I'm sure many other do. It's utterly compelling. I seldom watch telly or read papers anymore, my wife has left me, my kids ignore me, my boss wonders what I do all day. If only they knew what we all know...Keep up the good work Lads

[Spike Mandela]

Barry flaunting his lack of intelligence. [emoji3]
http://www.dailyrecord.co.uk/sport/football/football-news/barry-ferguson-fear-ibrox-war-6785032


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The heroic Mr King could of course pay back Ashley to get him out of Rangers hair, in fact Bazza why don't you take the lead and pay back the tax you evaded from Her Majesty's revenue and customs.

Rangers don't do paying back.

[jacomo]

Barry flaunting his lack of intelligence. [emoji3]
http://www.dailyrecord.co.uk/sport/football/football-news/barry-ferguson-fear-ibrox-war-6785032


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Oh dear.

Here's the questions you need to ask, Baz.

Why did Dave King set out to publicly humiliate Ashley by lining up votes against him at an AGM and getting his men chucked off the board?

Why does he not pay Ashley back his £5m loan?

Why did he tell fans to boycott Rangers Retail when he knows full well that all he need do to improve the deal is pay back that £5m?

King has played power games with Ashley in public, refuses to pay back a loan, and is wondering why the big guy is p***ed off?

[leither17]

Quality over Quantity... I, a mere novice in financial affairs, tune in every day, the links are always very informative and the input from the regulars is sufficient to keep me updated on all the latest developments. No need for comments from the likes of me, I just enjoy the show as I'm sure many other do. It's utterly compelling. I seldom watch telly or read papers anymore, my wife has left me, my kids ignore me, my boss wonders what I do all day. If only they knew what we all know...Keep up the good work Lads

Exactly where I am too you learn plenty from this thread

[Ozyhibby]

For balance.......and cause it's funny. [emoji3]
http://wp.me/p6pBEY-1l


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[Treadstone]

For balance.......and cause it's funny. [emoji3]
http://wp.me/p6pBEY-1l


Fair play. The prose is spot on.(on the Phil piss take)

[Jack]

Just realised tomorrow is last Thursday of the month, pay day at the Big Hoose.

They have only had one home game since last payday, against Alloa.

What's the chances the Lying King was at SPFL offices to explain some of the wage packets will be somewhat light, but its just a temporary glitch in their system.

I'm sure those on the payroll won't mind so long as those at ibroke get paid.

They don't have a game for a couple of weeks so that will save on referees bills.

[God Petrie]

Fair play. The prose is spot on.(on the Phil piss take)

Seemed like absolute rambling drivel to me.

He may as well have written "Dave King may be dodgy but Ashley is also dodgy because zero hour contracts, Dave King said Ashley could lose squillions so it must be true, were still going to win the SPL next year. We arra peepul. no popery"

[O'Rourke3]

Seemed like absolute rambling drivel to me.

He may as well have written "Dave King may be dodgy but Ashley is also dodgy because zero hour contracts, Dave King said Ashley could lose squillions so it must be true, were still going to win the SPL next year. We arra peepul. no popery"
Should that not read no pot pourri?

Sent via the bushes @ EM

[brog]

Am I understanding the last paragraph correctly in saying that, albeit rumors at this stage, greens plea for legal fees will be paid? so any money raised by rangers form loans, as hinted in the evening times, may come form the supporters (500k) would instantly be siphoned off to green and his legal team? and obviously if they decide to not provide some funding, it will need to come from somewhere within the current rangers set up? if so it all seems very pleasing :greengrin


Barry flaunting his lack of intelligence. [emoji3]
http://www.dailyrecord.co.uk/sport/football/football-news/barry-ferguson-fear-ibrox-war-6785032


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Thats a 3 week old article, not that it really changes anything! The Ferguson brothers, Scotland's answer to Jedward!

[CropleyWasGod]

He has been charged but no trial date I think. He is said to be a witness in the Sevco 7 trial so maybe they have to wait for that first?


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Cheers.

His story may well be worth a series all of its own. :greengrin

[PatHead]

Barry flaunting his lack of intelligence. [emoji3]
http://www.dailyrecord.co.uk/sport/football/football-news/barry-ferguson-fear-ibrox-war-6785032


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I said a few days ago that there was a slight change in the MSM whilst they work out who will be running the place next year at this time. Douglas (ireland) Park is holding the carving knife just now. Depends on who is at the table.

[livi hibs 1875]

Guys please answer a question . Real Madrid are in 750 million in debt on the president set here by rankers sevco or who ever they are , why can't they or anyone else just go into administration lose the debt buy the history the ground the ....bla bla bla.......... and then just start all over again , everyone knows the answer ,so why is it the sevconians think it's ok ?,that's before all the tax case and all the rest of it.

[CropleyWasGod]

Guys please answer a question . Real Madrid are in 750 million in debt on the president set here by rankers sevco or who ever they are , why can't they or anyone else just go into administration lose the debt buy the history the ground the ....bla bla bla.......... and then just start all over again , everyone knows the answer so why is the sevconians think it's ok ,that's before all the tax case and all the rest of it.

What is the answer?

[jgl07]

The thread on FF questioned the dickhead reporter asking awkward questions of Lying King, till someone said it was Richard Wilson, an ally of Sevco. Cue embarrassing backtracking.
Richard Wilson: I don't belieeeve it!

[monktonharp]

Page 1066, on this thread. we could start a tapestry about the rise and fall of fitba' teams.

[jacomo]

Page 1066, on this thread. we could start a tapestry about the rise and fall of fitba' teams.

Good spot.

What fate will befall the King? It's been an epic saga but I feel the latest would be conquering hero might be close to defeat.

[steakbake]

Just realised tomorrow is last Thursday of the month, pay day at the Big Hoose.

They have only had one home game since last payday, against Alloa.

What's the chances the Lying King was at SPFL offices to explain some of the wage packets will be somewhat light, but its just a temporary glitch in their system.

That was one thought: "see that penalty for not paying players? When precisely does that kick in? Like exactly - at what point does it become relevant?"

[monktonharp]

Good spot.

What fate will befall the King? It's been an epic saga but I feel the latest would be conquering hero might be close to defeat.Every Dynasty has it's sell by date.:agree:

[Jim44]

Richard Wilson: I don't belieeeve it!

Well they have got one foot in the grave after all. :greengrin

[Deansy]

It's going to be very interesting when, not if, everything goes t**s-up for the Hun and the Mongol-hordes who, right until the very end by the sounds of them, realise everything they've NOT been told by the likes of the r*tard, the sun, Weegie herald, BBC, etc becomes FACT !!!!. Right now, reading the likes of 'mong-media', they are CONVINCED King is going to prevail - exciting times ahead for all concerned with the SMSM !!

The Hun are my favourites to win my newest fan-trophy in Scottish Football - the DCIF Cup ..... Dumbest xxxxx In Football :wink:

[sparky]

Good spot.

What fate will befall the King? It's been an epic saga but I feel the latest would be conquering hero might be close to defeat.

King better keep an eye on the 'wee arrae peepul'.

[Hibrandenburg]

Page 1066, on this thread. we could start a tapestry about the rise and fall of fitba' teams.

Wow I'm back in 799. How's things in 1066, have they gone bust yet?

[Hibee87]

Good spot.

What fate will befall the King? It's been an epic saga but I feel the latest would be conquering hero might be close to defeat.

I think the King may end up with something fatal to his eye :greengrin

[Springbank]

King better keep an eye on the 'wee arrae peepul'.

Eye Ready

would make a good motto that

[brog]

Exactly where I am too you learn plenty from this thread


Page 1066, on this thread. we could start a tapestry about the rise and fall of fitba' teams.

It would be terrible if they went t*ts up on p 1690!

[Ozyhibby]

http://www.onfieldsofgreen.com/friends-like-these/


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[greenginger]

I see the confirmation that Douglas Park has rejoined the Board is now on the Companies House web site.

Interestingly, he has only rejoined the RIFC Board , and not the football club board as well.

I wonder if his return is more to do with keeping an eye on his loan than commitment to the Gers

[Ozyhibby]

It would be terrible if they went t*ts up on p 1690!

They won't last that long unless the post rate goes through the roof in the next couple of months. The only way that would happen is if there are loads of court cases to cove......ah I see. Could happen.


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[Treadstone]

http://www.onfieldsofgreen.com/friends-like-these/


Bomber Broon and green jelly. FFS!

[brog]

I see the confirmation that Douglas Park has rejoined the Board is now on the Companies House web site.

Interestingly, he has only rejoined the RIFC Board , and not the football club board as well.

I wonder if his return is more to do with keeping an eye on his loan than commitment to the Gers

I said as much a while back. Only real question is, is it his official loan to Sevco or his unofficial one to DK that he's worried about!

[Ozyhibby]

https://johnjamessite.wordpress.com/2015/11/26/the-taming-of-the-shrewd/


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[CropleyWasGod]

https://johnjamessite.wordpress.com/2015/11/26/the-taming-of-the-shrewd/


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Not sure about JJ's version of yesterday's meeting.

However, DK's body language in that clip is not of one who has just had a cosy chat. I'm no expert, but it looked like that of a man who has just had a shock.

[JeMeSouviens]

Not sure about JJ's version of yesterday's meeting.

However, DK's body language in that clip is not of one who has just had a cosy chat. I'm no expert, but it looked like that of a man who has just had a shock.

Tbh, JJ & DK's versions of the meeting are equally implausible but it is the SPFL so who knows?

[Famous Fiver]

If Dave King did get his cage rattled at SPFL yesterday he was pretty glib and shameless in his description of the meeting to the media afterwards.

More grist to the JJ and PMcG mills?

[Libby Hibby]

Not sure about JJ's version of yesterday's meeting.

However, DK's body language in that clip is not of one who has just had a cosy chat. I'm no expert, but it looked like that of a man who has just had a shock.

Why doubt JJ? His version of events to date have been pretty on the button...it's the failings of the SMSM to even report what is going on behind the scenes that will come home to roost in due course and they'll act as if it is all a surprise and that they had no idea of the impending problems despite the majority of fans from all clubs knowing what's really going on

[steakbake]

If Dave King did get his cage rattled at SPFL yesterday he was pretty glib and shameless in his description of the meeting to the media afterwards.

More grist to the JJ and PMcG mills?

After rumours, grist is my favourite thing to find in any mill.

Looking at JJ's information there, I did think it a bit odd that Wilson was on hand and asked two quite specific questions.

There is no honour among thieves. I posit :wink: that JJ might not be far off with his information and the SPFL are starting to get a bit spooked that if Ashley takes King apart in public, the chair might very well be kicked from under them, too.

[Ozyhibby]

Not sure about JJ's version of yesterday's meeting.

However, DK's body language in that clip is not of one who has just had a cosy chat. I'm no expert, but it looked like that of a man who has just had a shock.

DK looked very rattled in that clip. For such a practised liar who looked very unsure of himself.


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[Moulin Yarns]

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34932541



(http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34932541)BOOOOOOOOO!!

[jacomo]

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34932541



(http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34932541)BOOOOOOOOO!!

Disappointing.

[scoopyboy]

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34932541



(http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34932541)BOOOOOOOOO!!

Chuckles will appeal the decision.

[Libby Hibby]

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34932541



(http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34932541)BOOOOOOOOO!!

So, they now have a court ruling that they are a new club, hilarious

[jacomo]

Why doubt JJ? His version of events to date have been pretty on the button...it's the failings of the SMSM to even report what is going on behind the scenes that will come home to roost in due course and they'll act as if it is all a surprise and that they had no idea of the impending problems despite the majority of fans from all clubs knowing what's really going on

JJ claims he's a Rangers fan and I just don't buy it.

I can't see Neil Doncaster laying down the law to anyone either.

But it does seem plausible that the SPFL reminded King about the outstanding fine and costs, and tipped off the journo about the meeting.

I imagine they will try to settle that bill today or tomorrow, now they've had good news about Chuckie's legal fees, and proclaim at the AGM that any threat of title stripping has now been dealt with decisively.

Neil Doncaster might put out a statement to that effect too.

[southern hibby]

Don't know much about law, however this is a guess here.
If an appeal is applied for and it takes let's say 2-3 months to go through. Then if The Rangers have set any money aside for this they will have to keep it to one side just invade they loose the appeal.

If this is the case then that means they may have to sell and not have this money that they have put aside available to them in the transfer window if indeed they do have it.

So this could be a very very good outcome for us. Let's just hope he appeals so more money is tied up in legal fees.

GGTTH

[CropleyWasGod]

Don't know much about law, however this is a guess here.
If an appeal is applied for and it takes let's say 2-3 months to go through. Then if The Rangers have set any money aside for this they will have to keep it to one side just invade they loose the appeal.

If this is the case then that means they may have to sell and not have this money that they have put aside available to them in the transfer window if indeed they do have it.

So this could be a very very good outcome for us. Let's just hope he appeals so more money is tied up in legal fees.

GGTTH

It's a fair point.

However, I don't think that they DID have the money set aside. For me, if they had lost this case, December would have been extremely difficult for them, and might have started a few dominoes tumbling.

If CG appeals, they still won't (can't?) set aside the potential loss. They will (or will have to) play French-cricket with their bills until that appeal is settled.

On the costs, I am not sure if any order was made by the Court. Does CG have to pick up the tab on this one?

[CropleyWasGod]

This is what has been published.

http://www.scotland-judiciary.org.uk/25/1521/Charles-Alexander-Green-v-Rangers-International-Football-Club-plc

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[CropleyWasGod]

Why doubt JJ? His version of events to date have been pretty on the button...it's the failings of the SMSM to even report what is going on behind the scenes that will come home to roost in due course and they'll act as if it is all a surprise and that they had no idea of the impending problems despite the majority of fans from all clubs knowing what's really going on

He got today's one wrong.

Allied to that, some of his business-related posits have been bluster based on very little knowledge of how things actually work. Any time I try to clarify, or pull him up about them, my posts are "moderated".

I'm not saying that he has no insider knowledge... I can't know that...but his way of going about things is, at times, akin to the much maligned Level 5 and the likes.

[monktonharp]

This is what has been published.

http://www.scotland-judiciary.org.uk/25/1521/Charles-Alexander-Green-v-Rangers-International-Football-Club-plc

Sent from my GT-I9505 using Tapatalkhe must appeal that, surely? clause 8 or whatever, looks as if he is due some sort of payment, does it not?:confused:

[Ozyhibby]

This is what has been published.

http://www.scotland-judiciary.org.uk/25/1521/Charles-Alexander-Green-v-Rangers-International-Football-Club-plc

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I'm rather disappointed by that. Doesn't change much in that they are still fast running out of cash but it might have speeded things up.
Still, on to the next one. [emoji3]


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[CropleyWasGod]

he must appeal that, surely? clause 8 or whatever, looks as if he is due some sort of payment, does it not?:confused:

On the face of it, yeah.

However, the judgement will doubtless be very complex, and we ain't going to see that for a while.

[Ozyhibby]

On the face of it, yeah.

However, the judgement will doubtless be very complex, and we ain't going to see that for a while.

Funny thing is, it's in Sevco's interest to defend him because it's them who own the assets he procured for them, allegedly fraudulently. If he loses, they lose.
The only reason they don't want to pay is because of cash flow.


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[JeMeSouviens]

On the face of it, yeah.

However, the judgement will doubtless be very complex, and we ain't going to see that for a while.

I think it'll be along the lines of this:

http://www.compromiseuk.co.uk/how-far-can-Indemnity-settlement-agreement-expected-go.php

Coulson was cited by the Huns' lawyer. Although the case mentioned in the article is in E&W, not Scotland.

[JeMeSouviens]

Meanwhile, ex-Old Hun Ronald de Boer is being touted across the press as saying it wasn't his EBT that made him choose Rangers:


I was offered the same money by Manchester United as Rangers but I was afraid for my knee at that time.

Rangers gave me a four-year deal and Manchester United offered three years.

Aye, very good Ronald, and how exactly did Rangers manage to offer you the same money as Man U? By defrauding the taxpayer. :rolleyes:

The real question is would he have signed for the Huns anyway if the money had been well short of that offered by Man U? Obviously nobody from our super diligent, impartial press corps thought of that one. :rolleyes:

[Bostonhibby]

Meanwhile, ex-Old Hun Ronald de Boer is being touted across the press as saying it wasn't his EBT that made him choose Rangers:



Aye, very good Ronald, and how exactly did Rangers manage to offer you the same money as Man U? By defrauding the taxpayer. :rolleyes:

The real question is would he have signed for the Huns anyway if the money had been well short of that offered by Man U? Obviously nobody from our super diligent, impartial press corps thought of that one. :rolleyes:
Must be the Orange connection then. He always had a bit of a sun tan but I never saw him as a die hard orange man. Just shows how wrong you can be. Wasn't about money at all. He had a Scott Allen type love affair with the team formerly known as Glasgow rangers and there's no one else for him

[JimBHibees]

Meanwhile, ex-Old Hun Ronald de Boer is being touted across the press as saying it wasn't his EBT that made him choose Rangers:



Aye, very good Ronald, and how exactly did Rangers manage to offer you the same money as Man U? By defrauding the taxpayer. :rolleyes:

The real question is would he have signed for the Huns anyway if the money had been well short of that offered by Man U? Obviously nobody from our super diligent, impartial press corps thought of that one. :rolleyes:

All together now.

One's called Ronald, One's called Frank
one misses penalties the other ones a tank. :greengrin

[JimBHibees]

Meanwhile, ex-Old Hun Ronald de Boer is being touted across the press as saying it wasn't his EBT that made him choose Rangers:



Aye, very good Ronald, and how exactly did Rangers manage to offer you the same money as Man U? By defrauding the taxpayer. :rolleyes:

The real question is would he have signed for the Huns anyway if the money had been well short of that offered by Man U? Obviously nobody from our super diligent, impartial press corps thought of that one. :rolleyes:

Yep not sure that helps Rangers cae that EBT's didnt get players they couldnt normally get.

I had the option of Man United and Rangers and chose Rangers. :clown:

[steakbake]

I'm rather disappointed by that. Doesn't change much in that they are still fast running out of cash but it might have speeded things up.
Still, on to the next one. [emoji3]


Sent from my iPhone using Tapatalk

One down, six to go. This would have been delightful because of the financial bomb it would have dropped, but still plenty of excitement to come.

[Brunswickbill]

A bluenose came to my golf club this afternoon looking for a free round of golf. He said that he had been told that Gers don't have to pay green fees.:greengrin:greengrin

[ACLeith]

A bluenose came to my golf club this afternoon looking for a free round of golf. He said that he had been told that Gers don't have to pay green fees.:greengrin:greengrin

👍👍

[bingo70]

"@MikeAshIey: I am sending my first tweet to let the Rangers supporters know that in the coming months, I will be exposing the truth about David King."

Sure it's bollocks but quite a funny prospect.

[HUTCHYHIBBY]

"@MikeAshIey: I am sending my first tweet to let the Rangers supporters know that in the coming months, I will be exposing the truth about David King."

Sure it's bollocks but quite a funny prospect.

Get on with it Mike!

[Since90+2]

"@MikeAshIey: I am sending my first tweet to let the Rangers supporters know that in the coming months, I will be exposing the truth about David King."

Sure it's bollocks but quite a funny prospect.

Mike Ashley is one of Britain's most secretive businessmen. He is not likely to have a Twitter account or put out message like that , unfortunate as it is.

[bingo70]

Mike Ashley is one of Britain's most secretive business men. He is not likely to have a Twitter account or put out message like that , unfortunate as it is.

I'm sure you're right but if he was one of the countries most secretive businessmen I'm not convinced I'd have heard of him and he'd have made lower profile investments than Newcastle and Rangers.

[Since90+2]

I'm sure you're right but if he was one of the countries most secretive businessmen I'm not convinced I'd have heard of him and he'd have made lower profile investments than Newcastle and Rangers.

He is one of the most secretive , in terms of public statements and appearence or social media , which is different from the investments he chooses to make.

Anyone who seriously thinks he would put out a tweet like that has no understanding of the way he operates.

[Mr White]

I'm sure you're right but if he was one of the countries most secretive businessmen I'm not convinced I'd have heard of him and he'd have made lower profile investments than Newcastle and Rangers.

He never gives interviews. Very few media people have even met him. What's more likely: he's changed tack to take to twitter now.... or someone in Glasgow opens a fake twitter account pretending to be him. My money would be on option b.

[cabbageandribs1875]

were KPMG the administrators for the yamboids ? although they are in Belfast will the Edinburgh branch be crooks as well, that bald yin looked well dodgy iirc :greengrin


http://www.bbc.co.uk/news/uk-northern-ireland-34931675

Four partners at the Belfast office of KPMG have been arrested in connection with suspected tax evasion.

HMRC officials visited the global accountancy firm's city centre office on Wednesday and detained the men.
They are Jon D'Arcy, Eamonn Donaghy, Arthur O'Brien and Paul Hollway, the firm's most senior staff in Northern Ireland.

[Ozyhibby]

were KPMG the administrators for the yamboids ? although they are in Belfast will the Edinburgh branch be crooks as well, that bald yin looked well dodgy iirc :greengrin


http://www.bbc.co.uk/news/uk-northern-ireland-34931675

Four partners at the Belfast office of KPMG have been arrested in connection with suspected tax evasion.

HMRC officials visited the global accountancy firm's city centre office on Wednesday and detained the men.
They are Jon D'Arcy, Eamonn Donaghy, Arthur O'Brien and Paul Hollway, the firm's most senior staff in Northern Ireland.

BDO fixed the Yams admin


Sent from my iPhone using Tapatalk

[greenginger]

were KPMG the administrators for the yamboids ? although they are in Belfast will the Edinburgh branch be crooks as well, that bald yin looked well dodgy iirc :greengrin


http://www.bbc.co.uk/news/uk-northern-ireland-34931675

Four partners at the Belfast office of KPMG have been arrested in connection with suspected tax evasion.

HMRC officials visited the global accountancy firm's city centre office on Wednesday and detained the men.
They are Jon D'Arcy, Eamonn Donaghy, Arthur O'Brien and Paul Hollway, the firm's most senior staff in Northern Ireland.


Hearts appointed KPMG as their administrators.
http://www.heraldscotland.com/news/13109849.Hearts_become_latest_Scottish_football_cl ub_to_enter_administration/


Ukio Bankas as secured creditor went to court and got BDO appointed. Saved their F'n bacon. :greengrin

[Radium]

Grant Russell ‏@STVGrant (https://twitter.com/STVGrant) 5m5 minutes ago (https://twitter.com/STVGrant/status/670188870152151040)
Decision of Rangers to repay Sports Direct taken at board meeting last night. King says it took one hour to raise commitments to fund.

from agm feeds

[Treadstone]

Plant questions in early. First question Sons of Struth:

"How can we give the club money but not Sports Direct ?"

[MrSmith]

Plant questions in early. First question Sons of Struth:

"How can we give the club money but not Sports Direct ?"


Struth Mate! Are they bloody bonkers?

in best Aussie accent ...

[Kato]

Grant Russell ‏@STVGrant 2m2 minutes ago
King: Once SD loan paid off, we will be one of strongest clubs in world with regards to financial position.



Journos spotted taking huge doses of salt straight after King said this.

[Kato]

Grant Russell ‏@STVGrant 4m4 minutes ago
Q: On Ashley, does he still have option on naming rights for Ibrox? King says no.


Should he be answering that one?

[NAE NOOKIE]

Grant Russell ‏@STVGrant 2m2 minutes ago
King: Once SD loan paid off, we will be one of strongest clubs in world with regards to financial position.


Journos spotted taking huge doses of salt straight after King said this.

:faf:

[MrSmith]

Grant Russell ‏@STVGrant 2m2 minutes ago
King: Once SD loan paid off, we will be one of strongest clubs in world with regards to financial position.



Journos spotted taking huge doses of salt straight after King said this.

OMG! how many more lies can they tell? They are so delusional and this playground game King is playing, is completely unbelievable in that the hordes swallow it!! I suppose they don't wanna know the truth.

[jacomo]

Who is stumping up the cash to pay the £5m SD loan then?

Presumably they are borrowing from other shareholders - but even if they are paying interest it will be better for them as they will get more from Rangers Retail.

[steakbake]

Grant Russell ‏@STVGrant 2m2 minutes ago
King: Once SD loan paid off, we will be one of strongest clubs in world with regards to financial position.



Journos spotted taking huge doses of salt straight after King said this.

Salted lamb?

[O'Rourke3]

If they are able to pay the loan back - apart from a bigger share of merchandising, does any of the assets currently owned by Big Mike revert back to the Club or the business that owns the club? If not, how do they get a loan from Gringots to get that stuff back - as I can't see any lender(even Wonga)allowing them to borrow.

[PatHead]

Can't understand why they didn't raise the money to pay off Ashley months ago if it was that easy.

[Ozyhibby]

If they are able to pay the loan back - apart from a bigger share of merchandising, does any of the assets currently owned by Big Mike revert back to the Club or the business that owns the club? If not, how do they get a loan from Gringots to get that stuff back - as I can't see any lender(even Wonga)allowing them to borrow.

Yes. The securities revert back to Sevco and ownership of the intellectual property is transferred back as well. Their share of Rangers retail's income reverts back to them as well (50%) but control over decision making stays with SD.



Sent from my iPhone using Tapatalk

[Ozyhibby]

Can't understand why they didn't raise the money to pay off Ashley months ago if it was that easy.

They thought they could negotiate a better deal then but now they just want him to stop the lawsuits.
They can also hand in their 7 year notice now.


Sent from my iPhone using Tapatalk

[jacomo]

They thought they could negotiate a better deal then but now they just want him to stop the lawsuits.
They can also hand in their 7 year notice now.


Sent from my iPhone using Tapatalk

7 years! Oof!

[CropleyWasGod]

If they are able to pay the loan back - apart from a bigger share of merchandising, does any of the assets currently owned by Big Mike revert back to the Club or the business that owns the club? If not, how do they get a loan from Gringots to get that stuff back - as I can't see any lender(even Wonga)allowing them to borrow.

To be clear, the physical assets were never owned by MA. He "only" had security over them, in case the loan wasn't paid.

If the loan is repaid (if), the securities will be released.

[Ozyhibby]

To be clear, the physical assets were never owned by MA. He "only" had security over them, in case the loan wasn't paid.

If the loan is repaid (if), the securities will be released.

The IP was owned by Ashley though. That transfers back.
This is good news for Sevconians. If someone is putting in £5m then they will find the funding for the rest of the season.
I'm wondering if King was told at Hampden yesterday that Ashley had to be called of the SFA or Sevco would feel the consequences?


Sent from my iPhone using Tapatalk

[Treadstone]

Grant Russell on Twitter :

Q. Why has wifi been switched off ?
A. It doesn't work.

Big issues.

[PatHead]

They thought they could negotiate a better deal then but now they just want him to stop the lawsuits.
They can also hand in their 7 year notice now.


Sent from my iPhone using Tapatalk

That worked well then. A blind man could see there was nothing it it for Ashley if they renegotiated the deal. Assume it was more bluster from King or King has he found money down the side of his couch.

Great leadership. Long live the King!

[Bostonhibby]

The IP was owned by Ashley though. That transfers back.
This is good news for Sevconians. If someone is putting in £5m then they will find the funding for the rest of the season.
I'm wondering if King was told at Hampden yesterday that Ashley had to be called of the SFA or Sevco would feel the consequences?


Sent from my iPhone using Tapatalk

Was just debating this with a Hun I know, and we both concluded this was probably the case. The suits will have put plenty safeguards in place for themselves when they stitched the deal together to ensure Sevco were accommodated when the now defunct glasgow rangers disappeared.

My hun was open enough to say that King should not have to be forced to pay, or arrange payment at the very death - quite a few fellow huns he knows are upset that King never really steps up despite the rhetoric from him. Sadly these are fairly intelligent huns and they are not ever going to be the majority.

[Treadstone]

Why weren't we in FIFA 16 ?

Rangers AGM. I sh*t you not.

[Jim44]

https://pbs.twimg.com/media/CUz4BrAWIAAvnir.jpg. This would make a good caption thread.

[Moulin Yarns]

https://pbs.twimg.com/media/CUz4BrAWIAAvnir.jpg. This would make a good caption thread.

Let's stand for a minutes silence in memory of Glasgow Rangers Football Club RIP

[jacomo]

The IP was owned by Ashley though. That transfers back.
This is good news for Sevconians. If someone is putting in £5m then they will find the funding for the rest of the season.
I'm wondering if King was told at Hampden yesterday that Ashley had to be called of the SFA or Sevco would feel the consequences?

Sent from my iPhone using Tapatalk

Surely the £5m they raised yesterday goes straight to Ashley to pay him back?

They now will get more money from retail, but maybe incurring interest on the new £5m loan?

They haven't found the money to plug the ongoing cash shortfall have they?

[JeMeSouviens]

Surely the £5m they raised yesterday goes straight to Ashley to pay him back?

They now will get more money from retail, but maybe incurring interest on the new £5m loan?

They haven't found the money to plug the ongoing cash shortfall have they?

You would think even King wouldn't announce something like this without actually having the £5m ready to go but then again it is a very glib announcement.

[lapsedhibee]

Grant Russell ‏@STVGrant · 2 hrs2 hours ago
No show of hands/cards for votes at #RangersAGM. All done by filling in poll cards to be posted in ballot boxes.

Grant Russell ‏@STVGrant · 2 hrs2 hours ago
Final results of voting on Rangers' AGM resolutions will be posted after the meeting. #RangersAGM

Maybe call Campbell Ogilvie back in to oversee a smooth count before the results are announced.

[Ozyhibby]

Surely the £5m they raised yesterday goes straight to Ashley to pay him back?

They now will get more money from retail, but maybe incurring interest on the new £5m loan?

They haven't found the money to plug the ongoing cash shortfall have they?

If someone is chipping in the £5m they will make sure it's not about to be lost in admin.


Sent from my iPhone using Tapatalk

[Bostonhibby]

https://pbs.twimg.com/media/CUz4BrAWIAAvnir.jpg. This would make a good caption thread.

"See us? We've goat a big sign and it's pure dead brilliant."

Translates to here's a big picture of the image that we hawked to Mike Ashley.

[Ozyhibby]

Why weren't we in FIFA 16 ?

Rangers AGM. I sh*t you not.

Although probably not asked by a very intelligent Bear it is actually an important question as its believed that Ashley blocked it as he owns the IP.


Sent from my iPhone using Tapatalk

[jacomo]

You would think even King wouldn't announce something like this without actually having the £5m ready to go but then again it is a very glib announcement.

Sorry, I should clearer.

As I understood it, Der Hun owed £5m to Ashley, AND a shortfall in funding of £2.5m to see out the season.

I'll assume he's telling the truth (!) and they've now got £5m to pay back the loan - presumably another loan, but we will find out in due course.

But how about the £2.5m?

[Ozyhibby]

If someone is chipping in the £5m they will make sure it's not about to be lost in admin.


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Although they may be making sure there are no secured assets so they can do a pre pack and walk away from Rangers retail deal.


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[ehf]

[QUOTE=Kato;4512653]
King: Once SD loan paid off, we will be one of strongest clubs in world with regards to financial position.



Feel a bit sorry for Warburton; how is he going to accomodate Messi, Neymar, Suarez, Bale, Ronaldo, Higuan, Cavanni, Aguero, Robben, Lewandowski and Waghorn in the same team?

[greenginger]

Although they may be making sure there are no secured assets so they can do a pre pack and walk away from Rangers retail deal.


Sent from my iPhone using Tapatalk


They can't walk away from the Rangers Retail deal

The football club can be pre-packed in admin. or liquidated again :confused: and the Rangers Retail Ltd company will be unaffected and Ashley held shares will continue to have double the vote of the shares in Rangers Retail Ltd, that the football own.

[Billy McKirdy]

Let's stand for a minutes silence in memory of Glasgow Rangers Football Club RIP

A minutes applause please :greengrin

[Jim44]

https://pbs.twimg.com/media/CUz4BrAWIAAvnir.jpg. This would make a good caption thread.

Warburton "Jesus, we're a man short and nae subs."

[Ozyhibby]

They can't walk away from the Rangers Retail deal

The football club can be pre-packed in admin. or liquidated again :confused: and the Rangers Retail Ltd company will be unaffected and Ashley held shares will continue to have double the vote of the shares in Rangers Retail Ltd, that the football own.

Right enough. I doubt they have admin in mind anyway.


Sent from my iPhone using Tapatalk

[greenginger]

If King has got the £ 5 million to repay Ashley it will be a loan secured by Douglas Park, hence his return to the RIFC Board.

If its bluster I can see King making Ashley an offer of £ 3 million in settlement of the £5 million debt, and when Mike refuses the press will scream Ashley refuses to negotiate the Rangers Chairman.

[Leithenhibby]

Grant Russell ‏@STVGrant · 2 hrs2 hours ago
No show of hands/cards for votes at #RangersAGM. All done by filling in poll cards to be posted in ballot boxes.

Grant Russell ‏@STVGrant · 2 hrs2 hours ago
Final results of voting on Rangers' AGM resolutions will be posted after the meeting. #RangersAGM

Maybe call Campbell Ogilvie back in to oversee a smooth count before the results are announced.

:greengrin


As transparent as a brick window, methinks. :agree:

Is this normal practice?

[Jim44]

If they are able to pay the loan back - apart from a bigger share of merchandising, does any of the assets currently owned by Big Mike revert back to the Club or the business that owns the club? If not, how do they get a loan from Gringots to get that stuff back - as I can't see any lender(even Wonga)allowing them to borrow.


Yes. The securities revert back to Sevco and ownership of the intellectual property is transferred back as well. Their share of Rangers retail's income reverts back to them as well (50%) but control over decision making stays with SD.


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I'm confused. If the loan is repayed, how does a bigger share of mechandising revert back to the club? I thought that Sevco's share of merchandise sales ( about 10%?) was part of an earlier deal with Ashley which presumably still stands.. I thought that the £5m deal included intellectual property etc.. Also, how does control over decision making stay with DS?

[steakbake]

I'm confused. If the loan is repayed, how does a bigger share of mechandising revert back to the club? I thought that Sevco's share of merchandise sales ( about 10%?) was part of an earlier deal with Ashley which presumably still stands.. I thought that the £5m deal included intellectual property etc.. Also, how does control over decision making stay with DS?

Also confused because reportedly, the deal means that MH interest ends after 7 years. So paying the sum begins a 7 year process, if I'm not wrong.

[Ozyhibby]

I'm confused. If the loan is repayed, how does a bigger share of mechandising revert back to the club? I thought that Sevco's share of merchandise sales ( about 10%?) was part of an earlier deal with Ashley which presumably still stands.. I thought that the £5m deal included intellectual property etc.. Also, how does control over decision making stay with DS?

Rangers retail is owned 50/50 by SD and Sevco. However SD's shares have more voting rights so SD control all decision making at RR.
When SD loaned Sevco £5m the percentages for profits went 75/25 in favour of SD until the loan is paid back.
That is not what makes it such a bad deal though. RR only buys merchandise from SD and SD charges them a fortune. The RR profit margins are very small so even though Sevco will now be back to 50%, it's still nowhere near what other clubs get.


That's roughly how it works but I've bound to have made some mistakes in there.
Sent from my iPhone using Tapatalk

[Jim44]

Rangers retail is owned 50/50 by SD and Sevco. However SD's shares have more voting rights so SD control all decision making at RR.
When SD loaned Sevco £5m the percentages for profits went 75/25 in favour of SD until the loan is paid back.
That is not what makes it such a bad deal though. RR only buys merchandise from SD and SD charges them a fortune. The RR profit margins are very small so even though Sevco will now be back to 50%, it's still nowhere near what other clubs get.


That's roughly how it works but I've bound to have made some mistakes in there.
Sent from my iPhone using Tapatalk

Thanks. I don't know why I thought that the percentage of profits was an arrangement made long before the £5m loan.

[CropleyWasGod]

If King has got the £ 5 million to repay Ashley it will be a loan secured by Douglas Park, hence his return to the RIFC Board.

If its bluster I can see King making Ashley an offer of £ 3 million in settlement of the £5 million debt, and when Mike refuses the press will scream Ashley refuses to negotiate the Rangers Chairman.

According to the Twattersphere, via STV, the £5m has been put up by DK, the 3 Bears and John Bennett (who he?).

It's also being suggested, I think mischievously, that MA has the right to refuse the repayment, as RFC are already in breach of its terms. :greengrin

[Treadstone]

Although probably not asked by a very intelligent Bear it is actually an important question as its believed that Ashley blocked it as he owns the IP.


Not sure about that. Question didn't prompt their lawyer with the "we can't answer that for legal reasons" response.
Answer was given as "we don't know" and investigated and still don't know.

[Kojock]

According to the Twattersphere, via STV, the £5m has been put up by DK, the 3 Bears and John Bennett (who he?).

It's also being suggested, I think mischievously, that MA has the right to refuse the repayment, as RFC are already in breach of its terms. :greengrin

I was thinking the same earlier that is there any way MA could refuse to accept the repayment. If there is I think he would go down that route as GASL has peed him off big style. We can but hope.

[Radium]

I was thinking the same earlier that is there any way MA could refuse to accept the repayment. If there is I think he would go down that route as GASL has peed him off big style. We can but hope.

Tweet/ quote below from AGM quoting that they will endeavour to pay back the loan - does suggest it may not be plain sailing. [next quote/ tweet was the 'we raised the money in an hour' rhetoric]


Alasdair Lamont ‏@BBCAlLamont (https://twitter.com/BBCAlLamont) 6h6 hours ago (https://twitter.com/BBCAlLamont/status/670188194411974656)
DK - Last night, board made decision to reverse position on SD loan. We will endeavour to repay loan as long as we can raise money.

[jacomo]

Credit to King, he's got a brass neck and talks a good game.

I imagine the hordes will respond well to his show of defiance and do what they can to shuffle as much cash as possible into the club.

God knows what the people who've stumped up this latest £5m really think, but they seem happy enough to swear allegiance to the King.

[bingo70]

When King first came in did he not make a by deal by saying Ashley's contracts were bull **** and wouldn't be honoured (obviously not in those words). I seem to remember him saying he'd be challenging them as he didn't think they were valid.

If he is now saying they're going to pay him back the £5m is that not a pretty significant climb down?

[CropleyWasGod]

http://sport.stv.tv/football/clubs/rangers/1334017-said-and-done-key-points-from-rangers-annual-general-meeting-2015/

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[Aldo]

According to the Twattersphere, via STV, the £5m has been put up by DK, the 3 Bears and John Bennett (who he?). It's also being suggested, I think mischievously, that MA has the right to refuse the repayment, as RFC are already in breach of its terms. :greengrin

Your last part CWG would be superb if it happened!

[CropleyWasGod]

Your last part CWG would be superb if it happened!

I'm sure MA has done the sums already to see if it's commercially sensible :greengrin

[Ronniekirk]

I'm sure MA has done the sums already to see if it's commercially sensible :greengrin

According to google Bennett joined the Board back in March and has 25 years experience as European equities fund manager Said he came from Hendersons if that means anything to you

[Baldy Foghorn]

SPFL have been told by Derhun that title stripping isn't an option......Well we know who runs our game now:rolleyes:

[Baldy Foghorn]

Also thinking of a Woman being on the board.....Hope it's the Budgie

[HoboHarry]

I'm sure MA has done the sums already to see if it's commercially sensible :greengrin
What's the chances that MA built in penalty clauses for late payment?

[Baldy Foghorn]

Q:Has the board had any meetings with the SPFL with regards to title stripping?

Stewart Robertson: There have been very firm conversations with the SPFL. They have been left in no doubt with what our view is on that. I can't really add to that but trust me, we're fighting the fight.

Dave King: I would be happy to say that I think there is absolutely no chance of that ever happening.


Is that from your courtesy meeting the other day Lying King?:hmmm::hmmm::hmmm:

[greenginger]

According to google Bennett joined the Board back in March and has 25 years experience as European equities fund manager Said he came from Hendersons if that means anything to you

Yep, Henderson Asset Management and Henderson Global Fund Managers.

Just checking my portfolio to make sure I ain't got anything with them, before they start over-investing in Sevco. :greengrin

[CropleyWasGod]

Yep, Henderson Asset Management and Henderson Global Fund Managers.

Just checking my portfolio to make sure I ain't got anything with them, before they start over-investing in Sevco. :greengrin
Hendersons Restaurant, Shirley?

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[CropleyWasGod]

What's the chances that MA built in penalty clauses for late payment?
The Huns don't get penalties against them.

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[greenginger]

Hendersons Restaurant, Shirley?

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https://www.henderson.com/ukpi/expert/124/john-bennett

Does that look like the turkey !

[CropleyWasGod]

https://www.henderson.com/ukpi/expert/124/john-bennett

Does that look like the turkey !
Looks a bit of a gobbler, right enough.

However, Hendersons is veggie....

Sent from my GT-I9505 using Tapatalk

[GreenOnions]

Q:Has the board had any meetings with the SPFL with regards to title stripping?

Stewart Robertson: There have been very firm conversations with the SPFL. They have been left in no doubt with what our view is on that. I can't really add to that but trust me, we're fighting the fight.

Dave King: I would be happy to say that I think there is absolutely no chance of that ever happening


Is that from your courtesy meeting the other day Lying King?:hmmm::hmmm::hmmm:

Yes Mr King - but are you actually able to say it or not?

[greenginger]

Mark Warburton now 2nd favorite for the Fulham manager gig. :thumbsup:


http://www.oddschecker.com/football/football-specials/fulham/next-permanent-manager

[cabbageandribs1875]

King said Rangers are recovering from "all manner of malicious attacks" but are now irreversibly on the road to recovery.
"It was our collective belief that kept Rangers alive despite the crimes, the punishment, the abuse, the lies and sometimes the hatred the club has endured," he added.



you would think he is actually describing the vile institution that is sevco...and it's fans

[Smartie]

Mark Warburton now 2nd favorite for the Fulham manager gig. :thumbsup:


http://www.oddschecker.com/football/football-specials/fulham/next-permanent-manager

That would be hilarious…..

[cabbageandribs1875]

Mark Warburton now 2nd favorite for the Fulham manager gig. :thumbsup:


http://www.oddschecker.com/football/football-specials/fulham/next-permanent-manager


if the breadman wants to move on to a bigger club then i'm sure the huns wont stand in his way

[CropleyWasGod]

King said Rangers are recovering from "all manner of malicious attacks" but are now irreversibly on the road to recovery.
"It was our collective belief that kept Rangers alive despite the crimes, the punishment, the abuse, the lies and sometimes the hatred the club has endured," he added.



you would think he is actually describing the vile institution that is sevco...and it's fans

A decent journalist would ask him to expand on those accusations, and provide examples.

[O'Rourke3]

King said Rangers are recovering from "all manner of malicious attacks" but are now irreversibly on the road to recovery.
"It was our collective belief that kept Rangers alive despite the crimes, the punishment, the abuse, the lies and sometimes the hatred the club has endured," he added.



you would think he is actually describing the vile institution that is sevco...and it's fans


A decent journalist would ask him to expand on those accusations, and provide examples.
Even a useless one might think about asking that question.

[Dashing Bob S]

King said Rangers are recovering from "all manner of malicious attacks" but are now irreversibly on the road to recovery.
"It was our collective greed that kept Rangers alive despite the crimes, the punishment, the abuse, the lies and the hatred the club has perpetrated," he added.



you would think he is actually describing the vile institution that is sevco...and it's fans

Fixed that one for the audacious windbag.

[Velma Dinkley]

Dave King seems very keen to not to honour the contracts the club has agreed to. Would he not have known about them before trying to get the club on the cheap? Would he not understand that contracts need to be honoured?

[Brunswickbill]

Links to the video and text of The King’s speech are given below

https://www.youtube.com/watch?v=dHwtfrsN_f4

Link to text

http://rangers.co.uk/news/headlines/full-dave-kings-agm-speech/

I particularly like this bit in the text, “There were individuals on previous Boards who actively contributed to the problems that continue to impact negatively on the business. Thankfully it now appears that justice will be done and those responsible called to account.” He must empathise.

The written statement has no reference to the repayment of the SD loan. The statement by DK s on this issue starts in the video about 8:30. He says:-
“With the ongoing circumstances with Sports Direct the decision was made at the board meeting last night that we should, in fact, endeavour to pay the loan as long as we could raise the funds to do so and I am delighted to say once again the commitment that investors are giving this club it just took me one hour this morning to make phone calls and myself, Douglas Park, George Letham, George Taylor, Paul Murray, and a new investor, John Bennett. It just took me one hour, we’ve got the commitment to the £5M and we’ll be advising SD today that we will repay the loan and start to take control of the retail operations.” Cue applause

The points that spring to my mind are:-
1. The loan from SD and its repayment is one of the biggest issues facing Sevco and has hung over the Sevco board and club for most of this year. It’s an issue that one would have expected to have been considered in detail for some time and for a considered statement to be made at the AGM. Instead we get the written text of King’s speech which contains no reference whatsoever and have King presenting the decision to repay the SD loan in a low key way as if it was a minor peripheral matter. It seems a bit strange that from King’s account the Board would have a chat about this matter on the previous evening and make a total U turn. Also the fact that King had to phone around on the morning of the AGM to get “commitment” to fund the repayment from board members and major shareholders with whom he must surely be in regular touch. Cast in another light one might construe this last minute change of mind and phone calling as a panic measure.

2. I note there is a “commitment” to the payment, we still have to see the cash and the conditions attached. If King has the money that he claims to have why doesn’t he just stump up the cash.

3. Is the last minute decision to repay the loan in any way linked to the impending court case on 9 December, Ashley V King - Contempt of Court for breaching gagging order which is to be heard in the Chancery Court London. I can hear a line of defence “M’lud this is all water under the bridge, the loan has been repaid and the conditions attached to it are therefore a matter of history.”


(https://www.youtube.com/watch?v=dHwtfrsN_f4)

[jacomo]

Q:Has the board had any meetings with the SPFL with regards to title stripping?

Stewart Robertson: There have been very firm conversations with the SPFL. They have been left in no doubt with what our view is on that. I can't really add to that but trust me, we're fighting the fight.

Dave King: I would be happy to say that I think there is absolutely no chance of that ever happening.


Is that from your courtesy meeting the other day Lying King?:hmmm::hmmm::hmmm:

What is their view on that?

That gaining an unfair advantage is ok?

[O'Rourke3]

Dave King seems very keen to not to honour the contracts the club has agreed to. Would he not have known about them before trying to get the club on the cheap? Would he not understand that contracts need to be honoured?

Probably confused by all the old new new old and thought all debts could be attributed to Oldco including the ones racked up by newco, Title and name seemed to work the other way.....

[Deansy]

Grant Russell ‏@STVGrant 2m2 minutes ago
King: Once SD loan paid off, we will be one of strongest clubs in world with regards to financial position.



Journos spotted taking huge doses of salt straight after King said this.

To achieve that would cost millions - an MA will give all that up for a mere £5m ??

[lapsedhibee]

What is their view on that?



Probably the same as Fat Sally's earlier view on the prospect of getting demoted - basically, 'We arra gers and we're no standin for it'.

Let's hope His Glibship is just as disappointed as Fat Sally was when in the end they got demoted. :wink:

[CropleyWasGod]

Links to the video and text of The King’s speech are given below

https://www.youtube.com/watch?v=dHwtfrsN_f4

Link to text

http://rangers.co.uk/news/headlines/full-dave-kings-agm-speech/

I particularly like this bit in the text, “There were individuals on previous Boards who actively contributed to the problems that continue to impact negatively on the business. Thankfully it now appears that justice will be done and those responsible called to account.” He must empathise.

The written statement has no reference to the repayment of the SD loan. The statement by DK s on this issue starts in the video about 8:30. He says:-
“With the ongoing circumstances with Sports Direct the decision was made at the board meeting last night that we should, in fact, endeavour to pay the loan as long as we could raise the funds to do so and I am delighted to say once again the commitment that investors are giving this club it just took me one hour this morning to make phone calls and myself, Douglas Park, George Letham, George Taylor, Paul Murray, and a new investor, John Bennett. It just took me one hour, we’ve got the commitment to the £5M and we’ll be advising SD today that we will repay the loan and start to take control of the retail operations.” Cue applause

The points that spring to my mind are:-
1. The loan from SD and its repayment is one of the biggest issues facing Sevco and has hung over the Sevco board and club for most of this year. It’s an issue that one would have expected to have been considered in detail for some time and for a considered statement to be made at the AGM. Instead we get the written text of King’s speech which contains no reference whatsoever and have King presenting the decision to repay the SD loan in a low key way as if it was a minor peripheral matter. It seems a bit strange that from King’s account the Board would have a chat about this matter on the previous evening and make a total U turn. Also the fact that King had to phone around on the morning of the AGM to get “commitment” to fund the repayment from board members and major shareholders with whom he must surely be in regular touch. Cast in another light one might construe this last minute change of mind and phone calling as a panic measure.

2. I note there is a “commitment” to the payment, we still have to see the cash and the conditions attached. If King has the money that he claims to have why doesn’t he just stump up the cash.

3. Is the last minute decision to repay the loan in any way linked to the impending court case on 9 December, Ashley V King - Contempt of Court for breaching gagging order which is to be heard in the Chancery Court London. I can hear a line of defence “M’lud this is all water under the bridge, the loan has been repaid and the conditions attached to it are therefore a matter of history.”


(https://www.youtube.com/watch?v=dHwtfrsN_f4)

Interesting. I share your cynicism about the "commitment".

Here's another theory for the about-face. No evidence for it, but it's worth a thought.

I go back to what I said about DK's demeanour when he left Hampden the other day. He was, as they say, chastened. Was that because he'd been told "pay your fine, or we'll go for a winding-up order". If that did happen, DK would know what the implications would be:-

1. administration
2. MASH, as secured creditor, get the assets.

The prospect of that would concentrate minds, and wallets.

So, by ridding themselves of the security, they give themselves a better chance of survival if admin happens.

[Barney McGrew]

Interesting. I share your cynicism about the "commitment".

Here's another theory for the about-face. No evidence for it, but it's worth a thought.

I go back to what I said about DK's demeanour when he left Hampden the other day. He was, as they say, chastened. Was that because he'd been told "pay your fine, or we'll go for a winding-up order". If that did happen, DK would know what the implications would be:-

1. administration
2. MASH, as secured creditor, get the assets.

The prospect of that would concentrate minds, and wallets.

So, by ridding themselves of the security, they give themselves a better chance of survival if admin happens.

So would that then mean the guys putting up the £5m to repay the loan could do so on the same terms i.e. become a secured creditor instead? If that is the case then it would make sense for them to own the security if they were intending on heading for admin in the near future....

[grunt]

Was that because he'd been told "pay your fine, or we'll go for a winding-up order". Have they paid the fine as well as the loan?

[CropleyWasGod]

So would that then mean the guys putting up the £5m to repay the loan could do so on the same terms i.e. become a secured creditor instead? If that is the case then it would make sense for them to own the security if they were intending on heading for admin in the near future....

Yeah, that would make sense.

The 3 Bears already have (?) £3.5m in loans, so by rolling them all up, it would be a nice wee insurance policy against the ravages of admin.

(It might even allow them to pick up the assets and start again. After all, Green bought them for £5.5m. :rolleyes:)

[CropleyWasGod]

Have they paid the fine as well as the loan?

They've paid nowt so far. :greengrin

The fine hasn't been mentioned. I just raised it to posit a scenario whereby the fine might be the catalyst for some hard thinking.

[Brunswickbill]

Interesting. I share your cynicism about the "commitment".

Here's another theory for the about-face. No evidence for it, but it's worth a thought.

I go back to what I said about DK's demeanour when he left Hampden the other day. He was, as they say, chastened. Was that because he'd been told "pay your fine, or we'll go for a winding-up order". If that did happen, DK would know what the implications would be:-

1. administration
2. MASH, as secured creditor, get the assets.

The prospect of that would concentrate minds, and wallets.

So, by ridding themselves of the security, they give themselves a better chance of survival if admin happens.

Another possibility is that the decision on Green's case made the important peepul willing to put up some cash which would go to get MA of their backs rather than paying for Green's lawyers. Which could have led to a late decision being reached. Also maybe SFA/SPFL have panicked at being halued into court and want MA pacified by giving him his cash and that was what was laid out to King at their meeting. Dunno.

[grunt]

The 3 Bears already have (?) £3.5m in loans, so by rolling them all up, it would be a nice wee insurance policy against the ravages of admin.
Is that allowed?


The timing, as to when the security is taken by the lender, is crucial.
Should the loan have already been advanced and then the security subsequently taken, this leaves such security potentially open to attack by any subsequent liquidator under the Insolvency Act 1985. The basis of attack is that the granting of security may be considered to be a preference. It is therefore vital to ensure that the security is taken before or at the same time as the loan is provided to the company.


http://www.foxwilliams.com/news/882

[grunt]

The fine hasn't been mentioned. I just raised it to posit a scenario whereby the fine might be the catalyst for some hard thinking.
:grr:

[CropleyWasGod]

Is that allowed?



http://www.foxwilliams.com/news/882

Bloody lawyers. :greengrin

They could still secure the new £5m though, couldn't they?

And....repay the original £3.5m, and borrow a new £3.5m the following day. :confused:

[Hibby70]

Think we've found who's behind the JohnJames blog.

[CropleyWasGod]

Another possibility is that the decision on Green's case made the important peepul willing to put up some cash which would go to get MA of their backs rather than paying for Green's lawyers. Which could have led to a late decision being reached. Also maybe SFA/SPFL have panicked at being halued into court and want MA pacified by giving him his cash and that was what was laid out to King at their meeting. Dunno.

That's all plausible. too.

We won't know until JJ comes along and posits (sorry, Grunt :greengrin) the real story.

[Ozyhibby]

They've paid nowt so far. :greengrin

The fine hasn't been mentioned. I just raised it to posit a scenario whereby the fine might be the catalyst for some hard thinking.

I'm with you. I can't see any way that the visit to Hampden and the decision to pay back the loan are unconnected.
When he left Hampden, Dave King looked like he had just been told about a death in the family.


Sent from my iPhone using Tapatalk

[CropleyWasGod]

I'm with you. I can't see any way that the visit to Hampden and the decision to pay back the loan are unconnected.
When he left Hampden, Dave King looked like he had just been told about a death in the family.


Sent from my iPhone using Tapatalk

Keep at it on the Court diary.

If there's a winding up application in the name of the SPFL................:greengrin

[Ozyhibby]

Keep at it on the Court diary.

If there's a winding up application in the name of the SPFL................:greengrin

Not exactly a court date but BDO or Murray group have to submit their appeal by Wednesday. If they don't then that process is finished and the call for a full investigation will grow a lot louder.


Sent from my iPhone using Tapatalk

[Colr]

http://www.scotsman.com/sport/football/teams/rangers/warburton-to-get-30m-to-fund-rangers-euro-ambitions-1-3961070

Wel, not really. What he says is someone else might invest in the club in 12 months time but who and why is not certain. Say the £5m loan is being repaid, though but not when.

Do supporters really buy this snake oil?

[grunt]

http://www.scotsman.com/sport/football/teams/rangers/warburton-to-get-30m-to-fund-rangers-euro-ambitions-1-3961070

Wel, not really. What he says is someone else might invest in the club in 12 months time but who and why is not certain. Say the £5m loan is being repaid, though but not when.

Do supporters really buy this snake oil?Newspapers eh?

How do they get from "... he still feels that £30 million may be needed to produce the quality of squad he desires" to "Warburton to get £30m to fund Rangers’ Euro ambitions"?

Every now and then King, possibly inadvertently, says something completely true, "promotion this season is essential".

I so hope we can do our bit to thwart that ambition.

[Brunswickbill]

https://johnjamessite.wordpress.com/2015/11/27/more-thoughts-on-agm/


(https://johnjamessite.wordpress.com/2015/11/27/more-thoughts-on-agm/)

[Liberal Hibby]

http://www.scotsman.com/sport/football/teams/rangers/warburton-to-get-30m-to-fund-rangers-euro-ambitions-1-3961070

Wel, not really. What he says is someone else might invest in the club in 12 months time but who and why is not certain. Say the £5m loan is being repaid, though but not when.

Do supporters really buy this snake oil?

That article slso suggests (for the first time?) That they have also raised the £2.5m needed to make the end of the season.

The fact the soft loans are going to be converted to equity also suggests they're planning a share issue. So no new white knights just the unwashed hoarded digging into their Christmas funds or giro cheques...

[CropleyWasGod]

https://johnjamessite.wordpress.com/2015/11/27/more-thoughts-on-agm/


(https://johnjamessite.wordpress.com/2015/11/27/more-thoughts-on-agm/)
Also taking the view that the SPFL meeting was significant.

Sent from my GT-I9505 using Tapatalk

[greenginger]

Newspapers eh?

How do they get from "... he still feels that £30 million may be needed to produce the quality of squad he desires" to "Warburton to get £30m to fund Rangers’ Euro ambitions"?

Every now and then King, possibly inadvertently, says something completely true, "promotion this season is essential".

I so hope we can do our bit to thwart that ambition.


And no analysis of King's claim to have the strongest balance sheet of any club in the world.

Easy to have a strong balance sheet if your property assets are valued at £41 million ( purchase price £ 5 m. ) and Brand values of £16 million ( purchase price £ 1.00 ). Balance sheets don't pay the bills.

When I was looking back at their account I notice in post balance sheet events, " the group have contracted the purchase of 5 players. The sums payable including agents costs amount to £ 671,000. "

By saying " payable " rather than " paid " suggests to me the transfer fees were still due when the accounts were signed last month, although I stand to be corrected.

[Smartie]

So…….. the plan is to convert the soft loans they are going to receive to pay of the £5m for the SD loan and (presumably) the £2.5m needed to get to the end of the season into equity (i.e. shares in the club) at an unspecified later date.

Do I have that right?

So the ball is back in Ashley's court then?

Will he accept the repayment of the loan?

More importantly, presumably the conversion to equity will dilute his shareholding - will he be happy about that and is there anything he can do about it?

[brog]

That article slso suggests (for the first time?) That they have also raised the £2.5m needed to make the end of the season.

The fact the soft loans are going to be converted to equity also suggests they're planning a share issue. So no new white knights just the unwashed hoarded digging into their Christmas funds or giro cheques...

I think John J mentioned they now had the soft loan a couple of weeks ago, he repeats it in his article today. IIRC I commented on it at the time but it seems to have slipped below the Hibs Net radar. FWIW I think JJ's blog today is spot on. Douglas Park etc are now in the position where in order to protect their investments they have to keep on providing & hope there's a profit to be made in the future. They also have to keep on propping King up because his downfall could result in the collapse of the whole house of cards. Short term this spoils our fun, long term the longer Glib & Shameless remains at the helm the better it is for us.

[Ozyhibby]

How did the votes go at the AGM yesterday? Not seen that anywhere yet?


Sent from my iPhone using Tapatalk

[greenginger]

How did the votes go at the AGM yesterday? Not seen that anywhere yet?


Sent from my iPhone using Tapatalk

It was done by a card count rather than a show of hands.

Don't know who does the counting !

Announcement at a later date.

[jacomo]

The AGM is surely final proof that King won't be putting anything like £30m into the club.

His bragging about only needing an hour to raise £5m rather overlooks the fact that, if he was true to his word, such ringing round begging for loans wouldn't have been necessary.

Whether he ever had the £30m or not I don't know. But the 'over-investment' promise did its job and got him the top job.

[grunt]

And no analysis of King's claim to have the strongest balance sheet of any club in the world. Easy to have a strong balance sheet if your property assets are valued at £41 million ( purchase price £ 5 m. ) and Brand values of £16 million ( purchase price £ 1.00 ). Balance sheets don't pay the bills..Indeed. Someone called Peter Clark on Twitter this morning said, "The "no debt" line is peddled like a badge of honour, when it should be a source of deepest mortification, given the past." I concur.

[Jim44]

It was done by a card count rather than a show of hands.

Don't know who does the counting !

Announcement at a later date.

:rolleyes: :hmmm:

[CropleyWasGod]

I think John J mentioned they now had the soft loan a couple of weeks ago, he repeats it in his article today. IIRC I commented on it at the time but it seems to have slipped below the Hibs Net radar. FWIW I think JJ's blog today is spot on. Douglas Park etc are now in the position where in order to protect their investments they have to keep on providing & hope there's a profit to be made in the future. They also have to keep on propping King up because his downfall could result in the collapse of the whole house of cards. Short term this spoils our fun, long term the longer Glib & Shameless remains at the helm the better it is for us.
Can't help thinking that, if they did have the £2.5m, they would have been shouting about it.

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[brog]

There's a nag called "The Orange Rogue", honest, running at Newcastle, 1.30 today. I suspect King may be punting the £5m on it as its the only chance he'll have of getting £30m!

[grunt]

There's an article in the Record (I know) which claims to set out RIFC defence in the case brought by Ashley about them breaching the confidentiality agreement relating to the retail contract.

I'll link to it, but in case you don't want to read the link, I've also copied it below.

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-claim-knew-nothing-confidentiality-6915178


Rangers claim they knew nothing about confidentiality agreement until Mike Ashley produced it 10 days before general meeting

RANGERS have laid bare Mike Ashley’s iron grip on the club in their court defence against the Sports Direct boss.
The Ibrox side have asked the High Court in London to overturn a gagging order obtained by the Newcastle United owner almost six months ago. Ashley has accused Rangers (http://www.dailyrecord.co.uk/sport/football/football-news/rangers-give-celtic-ultimate-beamer-6912605) chairman Dave King of breaching the order, which forbids the club revealing details of controversial contracts signed by the former board and his sports empire. Ashley is seeking damages over an interview with Sky Sports presenter Jim White in July. If found guilty of contempt of court, King could face prison. The case is expected to be heard on December 9 and Rangers (http://www.dailyrecord.co.uk/sport/football/football-news/rangers-give-celtic-ultimate-beamer-6912605) are also expected to seek to strip Ashley of his gagging powers.

Papers lodged by Rangers (http://www.dailyrecord.co.uk/sport/football/football-news/rangers-give-celtic-ultimate-beamer-6912605) secretary James Blair state the arguments for overturning the confidentiality agreement drawn up with Sports Direct, former Light Blues chairman David Somers and influential shareholder Sandy Easdale. The Record has accessed the papers, which reveal the club’s anger as King hosted yesterday’s AGM at the Clyde Auditorium.

Rangers claim:
● Records relating to the original confidentiality agreement signed by Somers and Easdale don’t exist
● Somers sought no legal advice from the club, no meetings were in his Rangers diary and he had no authority to sign a confidentiality agreement
● Easdale was acting as leader of a shareholding bloc and not a company representative when he agreed to the deal.
Central to the case is a Record article in May in which we revealed there is a seven-year notice period in retail contracts between Rangers and Sports Direct.

Rangers categorically deny leaking any such info and we would never reveal our sources.

But the Ibrox defence papers reveal that not only does the seven-year notice period exist, but it can only be activated once Rangers pay off a £5million loan from Ashley’s company MASH Limited. The loan was drawn down by the old board shortly before they lost control of the club earlier this year – to the disgust of fans who claimed there were other options. Allegations of failings by the old board will come as no surprise to Rangers supporters – and nor will Ashley’s attempts to keep his dealings with the club under wraps. Blair said: “The former board owed duties to Rangers including a duty to keep proper records of their business dealings. “Notwithstanding that duty, records of certain dealings relied upon by Sports Direct International do not exist and matters that might otherwise be admitted or denied are the subject of non-admissions.”

Blair said Rangers were unaware of a signed confidentiality agreement with Sports Direct until they were presented with it by Ashley’s solicitors on June 2 this year – 10 days before the club’s general meeting and nine months after it was drawn up. Blair added: “Rangers are unable to locate any document explaining why Mr Somers signed it and what was said on behalf of SDI to induce him to do so.
“If it was signed at any meeting on September 5, 2014, Rangers do not believe the attendees attended as company representatives.
“It was a meeting of key shareholders arranged to discuss issues impacting on them as shareholders and to review how, as shareholders, they would proceed. “There is no record of the meeting at Rangers and there was no reporting back from it to Rangers. Rangers’ chief executive and finance director were not present. “The meeting is not in Mr Somers’s diary. “Mr Easdale clearly attended in his capacity as leader of a shareholding bloc and signed the undertaking personally. “As far as Rangers are aware, Mr Somers did not take advice from in-house counsel or any lawyer retained by Rangers about whether it should be signed. “Nor do Rangers believe Mr Somers asked for or was given authority to sign the undertaking on behalf of Rangers.”

Ashley applied for gagging orders against the current Rangers board ahead of the club’s general meeting on June 12. He feared directors would lift the lid off controversial contracts agreed with Sports Direct by the former board. In their defence, Rangers insist the applications were unnecessary as King would only have discussed issues in the public domain such as annual accounts – including “how little revenue came to the club from Rangers Retail Limited”. Ashley also acted to gag the board in light of the Record story revealing the existence of the seven-year notice period to terminate his retail contracts. But the Rangers defence papers add: “While this was true until about January 2015, once Rangers had drawn down under the Facility Agreement they were unable to give notice at all without repaying the sums borrowed. Rangers consider that provision to be onerous and one that should not have been entered into. “Had they wanted to stoke up hostility for Mr Ashley, they could have provided this information to the Daily Record. “The fact this information is not in the article is evidence that Rangers were not responsible for any disclosure made.”

Rangers also insist the confidentiality clause has already been breached several times by sources close to Ashley – including Easdale – rendering it invalid. They list seven occasions when newspaper outlets and bloggers have quoted details of dealings and meetings between Sports Direct and Rangers which the club say couldn’t have come from them.

King is refusing to back down in his war with billionaire Ashley, who is also embroiled in action with the SFA after they granted King “fit and proper status” to lead Rangers.

And for completeness, here's JJ's take on it. https://johnjamessite.wordpress.com/2015/11/28/kings-bluff/

[greenginger]

if the breadman wants to move on to a bigger club then i'm sure the huns wont stand in his way


Gary Rowat , the Birmingham manager, was favorite but its announced he is staying where he is.


http://www.skysports.com/football/news/11694/10081292/gary-rowett-to-remain-as-birmingham-manager-after-fulham-interest


By my reckoning that makes Warburton bookies favourite for the Fulham job.

Funny how it does not seem to warrant a single word in the Scottish football press.

[greenlex]

The Hun hoards ain't swelling the coffers today. Piss poor crowd at greyskull for a semi albeit the petrofeck

[PatHead]

Not really had a chance to digest what has happened over the last couple of days due to ill health.

A couple of things still confuse me.

1. Why do the other directors keep King (and Paul Murray) on board?

They could say to King that he is making too many of the wrong headlines. Have a sabbatical and come back once everything is sorted out. Whether he ever makes it back, well who knows. Basically he is bad news and I can't understand why they want to share a room with a con man.

2. What did the SPFL and SFA say to King?

By the look on his face I think they told him he would cease to be fit and proper unless he got the The Rangers off the front pages and started getting them sorted. They were fed up with his lies and bluster.

3. Why do the press keep punting The Rangers as having money when everyone knows they don't have any?

I know it sells papers but it is hell of a boring.

[PatHead]

The Hun hoards ain't swelling the coffers today. Piss poor crowd at greyskull for a semi albeit the petrofeck

Looks about a 75,000 sell out to me

[CropleyWasGod]

Looks about a 75,000 sell out to me
According to the Scotsman, in an interview with Jim McInally, Rangers are playing Peterhead in the final.

No point in turning up to watch a game where the result isn't in doubt [emoji48]

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[lapsedhibee]

3. Why do the press keep punting The Rangers as having money when everyone knows they don't have any?

I know it sells papers but it is hell of a boring.
Today's i quoting you as knowing little about football, though, so at least some of the press is getting it right. :wink:

[emerald green]

I read an article in the paper today which basically says that Dave King made a dramatic u-turn at the newco AGM by announcing that a controversial £5m loan was being repaid to Mike Ashley's Sports Direct.

It says the money to do so has been raised by "regular investors" George Letham, George Taylor and Douglas Park - the 3 bears - as well as King and director John Bennett. They have also provided a "soft loan" of £2.5m needed for running costs for the remainder of the season.

[PatHead]

According to the Scotsman, in an interview with Jim McInally, Rangers are playing Peterhead in the final.

No point in turning up to watch a game where the result isn't in doubt [emoji48]

Sent from my GT-I9505 using Tapatalk

Last desperate act of the Scotsman to appeal to the The Rangers support. Wonder which is in a worse state?

[PatHead]

Today's i quoting you as knowing little about football, though, so at least some of the press is getting it right. :wink:

eh?

[CropleyWasGod]

I read an article in the paper today which basically says that Dave King made a dramatic u-turn at the newco AGM by announcing that a controversial £5m loan was being repaid to Mike Ashley's Sports Direct.

It says the money to do so has been raised by "regular investors" George Letham, George Taylor and Douglas Park - the 3 bears - as well as King and director John Bennett. They have also provided a "soft loan" of £2.5m needed for running costs for the remainder of the season.
Which paper?

Most credible reports have him quoted as "endeavouring" to repay the loan. That's different from actually repaying it.

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[lapsedhibee]

eh?

Scottish i does a roundup of fans' forums on a Saturday and you're today's chosen quotee:

"Jason Cummings and James Keatings have attracted a lot of the attention up front but it has been overlooked how well our defence has done. I was indifferent to keeper Mark Oxley but he and the defence have shown how little I know about football!" Pathead (hibs.net)

It's in the paper so it must be true.

[Smartie]

Not really had a chance to digest what has happened over the last couple of days due to ill health.

A couple of things still confuse me.

1. Why do the other directors keep King (and Paul Murray) on board?

They could say to King that he is making too many of the wrong headlines. Have a sabbatical and come back once everything is sorted out. Whether he ever makes it back, well who knows. Basically he is bad news and I can't understand why they want to share a room with a con man.

2. What did the SPFL and SFA say to King?

By the look on his face I think they told him he would cease to be fit and proper unless he got the The Rangers off the front pages and started getting them sorted. They were fed up with his lies and bluster.

3. Why do the press keep punting The Rangers as having money when everyone knows they don't have any?

I know it sells papers but it is hell of a boring.

Does anyone really know how much money Rangers have though?

The media and King would have us believe everything is fine and they have money.

PMcG and JJ assure us the opposite is true.

Remember how bad it looked for Hearts thoughout their turmoil and ultimately it turned out ok for them.

I don't know what to believe. I know what I want to believe but that is a different matter.

[JeMeSouviens]

Does anyone really know how much money Rangers have though?

The media and King would have us believe everything is fine and they have money.

PMcG and JJ assure us the opposite is true.

Remember how bad it looked for Hearts thoughout their turmoil and ultimately it turned out ok for them.

I don't know what to believe. I know what I want to believe but that is a different matter.

Their club, sorry company, or is it club? Whatever, the institution has **** all money, as acknowledged by everyone including the New Huns themselves. What's in doubt is how much money their main shareholders have, have available to spend (King) and are willing to spend (3 bears).

[bighairyfaeleith]

Scottish i does a roundup of fans' forums on a Saturday and you're today's chosen quotee:

"Jason Cummings and James Keatings have attracted a lot of the attention up front but it has been overlooked how well our defence has done. I was indifferent to keeper Mark Oxley but he and the defence have shown how little I know about football!" Pathead (hibs.net)

It's in the paper so it must be true.

It is true, not just football either to be fair:greengrin

[Dashing Bob S]

Does anyone really know how much money Rangers have though?

The media and King would have us believe everything is fine and they have money.

PMcG and JJ assure us the opposite is true.

Remember how bad it looked for Hearts thoughout their turmoil and ultimately it turned out ok for them.

I don't know what to believe. I know what I want to believe but that is a different matter.

I think the crux of the matter is that Rangers, as a club, don't have the money. If they did, none of these problems, by definition, would exist.

I think the major players who are supposed to be Rangers stakeholders; King, the three huns, etc, DO HAVE ENOUGH IN SOME COMBINATION to see them through the current difficulties. (5m to Ashley, 2.5m to get to the end of the season.) However, they are playing a game of brinkmanship with each other, as nobody wants to put their hand in their pocket. The reason they don't want to do this is that the ownership, control and finances of the club are in a mess, and anybody writing cheques (justifiably) feels they could could be the ones lumbered into putting their hand in their pockets forever.

None of those people want to do that. They have gotten involved in this shabby enterprise in order to make money from the club, not risk their own (limited) wealth.

Rangers are a victim of their own bigoted and vainglorious culture; as a club they are set up to attract arrogant, pompous no-marks, and sleazy self-aggrandising opportunists. Whyte to Green to King, the picture just gets increasingly bleaker for them. As they grow more desperate, it's inevitable that the Daily Record are preparing yet another love-in feature on the latest "true blue white knight, with off the charts wealth, who is watching developments closely."

I think some flimsy deal will be brokered between King and the three Huns, perhaps with (yet another) outside investor coming in to save the day, but they are surely running out of rich mugs, and are now so synonymous with dodgy dealings, that this is almost certain to involve punitive Ashley-style caveats that mire them in deeper in the long term.

The fact is that Rangers are caught between a rock and a hard place. The global financial landscape has changed since their ETB splurging; no big Arab, Russian or American multinational money is going to invest in Scottish football, and at the other end of the scale their fan psyche is too much of the follow follow mentality to seriously mount a supporters ownership bid. The middle investor they are looking for -the rich businessman who loves Rangers and has the wealth to restore them to where they want to be- probably just doesn't exit anymore. All they are left with is a bunch of self-interested charlatans, none of whom want to be holding the financial baby, and will argue and hustle with each other in increasing rancour until one breaks and signs on the dotted line.

And one probably will. But it won't be the end of this saga. They are a club who are currently designed for failure and divisiveness. Best thing they could do is start (yet) again.

[PatHead]

Scottish i does a roundup of fans' forums on a Saturday and you're today's chosen quotee:

"Jason Cummings and James Keatings have attracted a lot of the attention up front but it has been overlooked how well our defence has done. I was indifferent to keeper Mark Oxley but he and the defence have shown how little I know about football!" Pathead (hibs.net)

It's in the paper so it must be true.

Gosh. Stardom at last!

[Brunswickbill]

Can't help thinking that, if they did have the £2.5m, they would have been shouting about it.

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Probably inferring this from annual account that said they would need £2.5m of debt or equity funding by the end of the season to meet liabilities with an initial tranche required in December. With statement that major shareholders had previously said that they would meet this funding being interpreted as a loan.

[CropleyWasGod]

Probably inferring this from annual account that said they would need £2.5m of debt or equity funding by the end of the season to meet liabilities with an initial tranche required in December. With statement that major shareholders had previously said that they would meet this funding being interpreted as a loan.



Yeah, but do they actually have it?

From saying, a few weeks ago, that they needed it......given the negative PR they've been getting, it would make sense to shout if they actually get it.

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[gorgie greens]

Indeed. Someone called Peter Clark on Twitter this morning said, "The "no debt" line is peddled like a badge of honour, when it should be a source of deepest mortification, given the past." I concur.

I would imagine there line of credit would be non existent and borrowing very hard to come by

[Argylehibby]

It was done by a card count rather than a show of hands.

Don't know who does the counting !

Announcement at a later date.

Usually done by their registrars, the company that looks after their share register. It will be independent from the club anyway. No idea how many attended the meeting and that will impact on the poll count but the usual timescale is that result is announced on the same day as the meeting.

[Ozyhibby]

http://www.philmacgiollabhain.ie/skepticism-of-the-powerful-should-not-be-a-foreign-concept/


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[CropleyWasGod]

http://www.philmacgiollabhain.ie/skepticism-of-the-powerful-should-not-be-a-foreign-concept/


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He's clearly not looked at the STV interview with DK where the source and nature of the new loan was disclosed.

On the flip side, he shares my intrigue as to whether the £2.5 m has been raised.

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[Ozyhibby]

He's clearly not looked at the STV interview with DK where the source and nature of the new loan was disclosed.

On the flip side, he shares my intrigue as to whether the £2.5 m has been raised.

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I'm more curious as to what brought on the change of heart. I doubt it was as trivial as withdrawal of his f&p status.


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[CropleyWasGod]

I'm more curious as to what brought on the change of heart. I doubt it was as trivial as withdrawal of his f&p status.


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Yeah I saw that had been suggested. I think I'm right in saying that Doncaster has no control over that.

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[HoboHarry]

Yeah I saw that had been suggested. I think I'm right in saying that Doncaster has no control over that.

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His fit and proper status has been revoked? Or am I misunderstanding?

[CropleyWasGod]

His fit and proper status has been revoked? Or am I misunderstanding?
Nope.

But it's been suggested in some quarters that DK was told by Doncaster during the week that the status was under threat. That's bunkum IMO, since it's the SFAs call, not the SPFL.

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[PatHead]

Yeah I saw that had been suggested. I think I'm right in saying that Doncaster has no control over that.

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Dave King is all about image. Losing F&P status would be very important to him as he has **** all else left and whilst SPFL could not do that I am sure they will have had discussions about the situation with the SFA.

[PatHead]

Setting their sights quite low nowadays according to the papers today.

"Rangers striker Martyn Waghorn is dreaming of lifting the Petrofac Training Cup at Hampden this season,"

[HoboHarry]

That makes it interesting then. I for one am doubtful that any consortium has "donated" 7.5 million. Will be fascinating to see what happens if the loan is not repayed.

[LancashireHibby]

Scottish i does a roundup of fans' forums on a Saturday and you're today's chosen quotee:

"Jason Cummings and James Keatings have attracted a lot of the attention up front but it has been overlooked how well our defence has done. I was indifferent to keeper Mark Oxley but he and the defence have shown how little I know about football!" Pathead (hibs.net)

It's in the paper so it must be true.
English version has quotes from Kickback and Rangers, Celtic, Kilmarnock, Hamilton and Inverness forums but no fame down here for you I'm afraid PatHead.

[CropleyWasGod]

That makes it interesting then. I for one am doubtful that any consortium has "donated" 7.5 million. Will be fascinating to see what happens if the loan is not repayed.
Still playing with the notion that MA may prefer it not to be repaid :)

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[HoboHarry]

Still playing with the notion that MA may prefer it not to be repaid :)

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That could be true but I'm hung up on the concept that after months of struggle the GASL was able to rustle up 5M in one hour. I'm calling B######t.

[Ozyhibby]

Dave King is all about image. Losing F&P status would be very important to him as he has **** all else left and whilst SPFL could not do that I am sure they will have had discussions about the situation with the SFA.

It may be important to Dave King but I doubt it would be enough to make anyone part with £5m.
There was a gun than that at their head but how big was it and who's finger was on the trigger.


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[jacomo]

That makes it interesting then. I for one am doubtful that any consortium has "donated" 7.5 million. Will be fascinating to see what happens if the loan is not repayed.

Of course they haven't.

Will be interesting if it turns out security over assets has been transferred to named individuals rather than back to the club. The King will no doubt explain such a scenario away as being perfectly normal.

[gorgie greens]

Way out of my head a lot of this but the part in Phils blog about MA going for the nuclear ,Would he be able to sell the assets he is holding as s securities if he rejects the £5 million very late loan payment ,enjoying this as much as the yams scenario but hopefully with a much happier ending .

[PatHead]

It may be important to Dave King but I doubt it would be enough to make anyone part with £5m.
There was a gun than that at their head but how big was it and who's finger was on the trigger.


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I've said before and will say it again.

Why do they not just get rid of the Glib one? What have they got to hide that King is a distraction from or what does he know?

Why on earth would you choose to have a crook on your board?

If they want outside investment who would he attract? SDM?

[HoboHarry]

Of course they haven't.

Will be interesting if it turns out security over assets has been transferred to named individuals rather than back to the club. The King will no doubt explain such a scenario away as being perfectly normal.

I doubt that will come up. I just can't see the money being there

[CropleyWasGod]

Way out of my head a lot of this but the part in Phils blog about MA going for the nuclear ,Would he be able to sell the assets he is holding as s securities if he rejects the £5 million very late loan payment ,enjoying this as much as the yams scenario but hopefully with a much happier ending .
The physical assets are not his to sell. They still belong to RFC, albeit he has security over them. Think mortgage and house....you own the house, even if you don't pay the mortgage for a few months.
If they go pop, he may well take the assets over though.

He does own the Intellectual Property, at least while the loan remains unpaid, although I don't know if there are any restrictions on his ability to sell. TBH, I can't see why he would sell at the moment.

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[CropleyWasGod]

Of course they haven't.

Will be interesting if it turns out security over assets has been transferred to named individuals rather than back to the club. The King will no doubt explain such a scenario away as being perfectly normal.
Taking security might be the price the 3 Bears are charging for the alleged loans. Think they'd be daft not to.

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[Brunswickbill]

I've said before and will say it again.

Why do they not just get rid of the Glib one? What have they got to hide that King is a distraction from or what does he know?

Why on earth would you choose to have a crook on your board?

If they want outside investment who would he attract? SDM?

Probably better from the board's postion to have him in the tent and p*ss*ng out than outside p*ss*ng in. Also he has a large personal following among the blue horde. There's certainly more to the decision on the loan repayment than King let on. His statement on paying back the £5m was a throwaway at the end of his speech belying the importance of the issue for Sevco. The term "glib" sprung to my mind. Where did I hear that before?

[Skol]

Still playing with the notion that MA may prefer it not to be repaid :)

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How could MA refuse to accept re-payment, unless there is some timebound or penalty clauses, surely if they are due £5m and pony it up then thats it sorted. IF he doenst accept can rangers not walk away and say tough, we tried to pay you, you didnae want it

[PatHead]

English version has quotes from Kickback and Rangers, Celtic, Kilmarnock, Hamilton and Inverness forums but no fame down here for you I'm afraid PatHead.

Probably knew I voted YES. :greengrin

Can't have everyone know I know nothing.

[CropleyWasGod]

How could MA refuse to accept re-payment, unless there is some timebound or penalty clauses, surely if they are due £5m and pony it up then thats it sorted. IF he doenst accept can rangers not walk away and say tough, we tried to pay you, you didnae want it
They're in default on the loan, as it should have been paid a while back. So.... the terms no longer apply and, as you say, there may...will....be penalty clauses.

DK will know that, of course. We don't, and I'm speculating that one of them could be the right to keep the jerseys :)

Further to that, it may be in MA's interests to keep the loan unpaid.

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[Moulin Yarns]

Setting their sights quite low nowadays according to the papers today.

"Rangers striker Martyn Waghorn is dreaming of lifting the Petrofac Training Cup at Hampden this season,"

None of the previous challenge cup final has been held at hampden, it's a competition for smaller clubs.

[southern hibby]

Total guess here but I think they want to pay the loan and probably will. My guess is they are making sure they don't loose anything that is secured when they go back into admin again ( not got any proof just a gut feeling). Also my guess would be either when they are definitely getting a play off place if they loose 25 points or at the end of the season.

As someone else has guessed probably secure everything against their names so that nothing can and will be flogged by any company called in to deal with admin / liquidation .

[Just Alf]

The physical assets are not his to sell. They still belong to RFC, albeit he has security over them. Think mortgage and house....you own the house, even if you don't pay the mortgage for a few months.
If they go pop, he may well take the assets over though.

He does own the Intellectual Property, at least while the loan remains unpaid, although I don't know if there are any restrictions on his ability to sell. TBH, I can't see why he would sell at the moment.

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the above got me thinking .... If any part of the Sevco company could be pulled out and called the "Club" it would be that? ... Or put it another way, any future "new" club could never BE a "Rangers team" without it? :cb

I think!

PS thanks to you and the rest, OZ etc for your contributions to this thread, enjoyable reading! :aok:

[CropleyWasGod]

Total guess here but I think they want to pay the loan and probably will. My guess is they are making sure they don't loose anything that is secured when they go back into admin again ( not got any proof just a gut feeling). Also my guess would be either when they are definitely getting a play off place if they loose 25 points or at the end of the season.

As someone else has guessed probably secure everything against their names so that nothing can and will be flogged by any company called in to deal with admin / liquidation .
I was suggesting that the new security would be in the names of the directors. It couldn't be in the name of the club.

That would protect the individuals, not the club.

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[O'Rourke3]

Setting their sights quite low nowadays according to the papers today.

"Rangers striker Martyn Waghorn is dreaming of lifting the Petrofac Training Cup at Hampden this season,"


None of the previous challenge cup final has been held at hampden, it's a competition for smaller clubs.

Not bad though, club 3 years old and never failed to get to the semis. Any chance this is back at ER?

[brog]

I've said before and will say it again.

Why do they not just get rid of the Glib one? What have they got to hide that King is a distraction from or what does he know?

Why on earth would you choose to have a crook on your board?

If they want outside investment who would he attract? SDM?

It's a good question & brings me to a further question for Oz/CWG etc. If it was found that DK had not actually put any money into the club but instead had been funded by one or other of his fellow directors, let's say Douglas Park, would that raise questions about true ownership of shareholdings & ownership of the club/business whatever? IIRC, if someone owns 30% of a business then they have to annonce that fact & attempt to buy that business. Am i way out of line here or is that a possibility?

[grunt]

https://johnjamessite.wordpress.com/2015/11/29/ashley-will-not-fix-it-for-king/

JJ saying that Petrie opposed King's F&P status.
Did we know this?