They thought they could negotiate a better deal then but now they just want him to stop the lawsuits.Quote:
Originally Posted by PatHead
They can also hand in their 7 year notice now.
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They thought they could negotiate a better deal then but now they just want him to stop the lawsuits.Quote:
Originally Posted by PatHead
They can also hand in their 7 year notice now.
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7 years! Oof!Quote:
Originally Posted by 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.Quote:
Originally Posted by O'Rourke3
If the loan is repaid (if), the securities will be released.
The IP was owned by Ashley though. That transfers back.Quote:
Originally Posted by CropleyWasGod
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?
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Grant Russell on Twitter :
Q. Why has wifi been switched off ?
A. It doesn't work.
Big issues.
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.Quote:
Originally Posted by Ozyhibby
Great leadership. Long live the King!
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.Quote:
Originally Posted by Ozyhibby
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.
Why weren't we in FIFA 16 ?
Rangers AGM. I sh*t you not.
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 RIPQuote:
Originally Posted by Jim44
Surely the £5m they raised yesterday goes straight to Ashley to pay him back?Quote:
Originally Posted by Ozyhibby
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.Quote:
Originally Posted by jacomoseven
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.
If someone is chipping in the £5m they will make sure it's not about to be lost in admin.Quote:
Originally Posted by jacomoseven
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"See us? We've goat a big sign and it's pure dead brilliant."Quote:
Originally Posted by Jim44
Translates to here's a big picture of the image that we hawked to Mike Ashley.
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.Quote:
Originally Posted by Treadstone
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Sorry, I should clearer.Quote:
Originally Posted by JeMeSouviens
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?
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.Quote:
Originally Posted by Ozyhibby
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[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?
Quote:
Originally Posted by 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.
A minutes applause please :greengrinQuote:
Originally Posted by Golden Fleece
Warburton "Jesus, we're a man short and nae subs."Quote:
Originally Posted by Jim44
Right enough. I doubt they have admin in mind anyway.Quote:
Originally Posted by greenginger
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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.
:greengrinQuote:
Originally Posted by lapsedhibee
As transparent as a brick window, methinks. :agree:
Is this normal practice?
Quote:
Originally Posted by O'Rourke3
Quote:
Originally Posted by 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?
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.Quote:
Originally Posted by 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.Quote:
Originally Posted by Jim44
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.
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Thanks. I don't know why I thought that the percentage of profits was an arrangement made long before the £5m loan.Quote:
Originally Posted by Ozyhibby
According to the Twattersphere, via STV, the £5m has been put up by DK, the 3 Bears and John Bennett (who he?).Quote:
Originally Posted by greenginger
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