Generic Sevco / Rangers meltdown thread

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:

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Originally Posted by jacomoseven

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.

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

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Originally Posted by monktonharp

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

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

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Originally Posted by jacomoseven

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.

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

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Originally Posted by sparky

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

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Eye Ready

would make a good motto that

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Originally Posted by leither#1

Exactly where I am too you learn plenty from this thread

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Originally Posted by monktonharp

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

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

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


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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

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Originally Posted by brog

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

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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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Originally Posted by Ozyhibby

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

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Bomber Broon and green jelly. FFS!

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Originally Posted by 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

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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!

https://johnjamessite.wordpress.com/...of-the-shrewd/


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Originally Posted by Ozyhibby

https://johnjamessite.wordpress.com/...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.

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Originally Posted by CropleyWasGod

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.

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

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?

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Originally Posted by CropleyWasGod

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.

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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

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Originally Posted by 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?

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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.

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Originally Posted by CropleyWasGod

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.

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


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



BOOOOOOOOO!!

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Originally Posted by Golden Fleece

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



BOOOOOOOOO!!

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Disappointing.

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Originally Posted by Golden Fleece

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



BOOOOOOOOO!!

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Chuckles will appeal the decision.

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Originally Posted by Golden Fleece

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



BOOOOOOOOO!!

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

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Originally Posted by Libby Hibby

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

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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.

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

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Originally Posted by 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

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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?

This is what has been published.

http://www.scotland-judiciary.org.uk...tball-Club-plc

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Originally Posted by Libby Hibby

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

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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.

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Originally Posted by CropleyWasGod

This is what has been published.

http://www.scotland-judiciary.org.uk...tball-Club-plc

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

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Originally Posted by CropleyWasGod

This is what has been published.

http://www.scotland-judiciary.org.uk...tball-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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Originally Posted by monktonharp

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

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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.

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Originally Posted by CropleyWasGod

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.

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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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Quote:

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Originally Posted by CropleyWasGod

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.

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

http://www.compromiseuk.co.uk/how-fa...xpected-go.php

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

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:

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Originally Posted by The **** that didn't miss the penalty

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.

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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:

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Originally Posted by 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:



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:

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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

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Originally Posted by 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:



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:

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All together now.

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

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Originally Posted by 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:



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:

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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:

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Originally Posted by Ozyhibby

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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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.

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

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Originally Posted by 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

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👍👍

"@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.

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Originally Posted by 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.

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Get on with it Mike!

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Originally Posted by 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.

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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.

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Originally Posted by SunnyLeith

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.

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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.

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Originally Posted by bingo70

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.

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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.

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Originally Posted by bingo70

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.

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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.

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.

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Originally Posted by 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.

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BDO fixed the Yams admin


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Quote:

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Originally Posted by 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.

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Hearts appointed KPMG as their administrators.
http://www.heraldscotland.com/news/1...dministration/


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

Grant Russell ‏@STVGrant 5m5 minutes ago
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

Plant questions in early. First question Sons of Struth:

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

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Originally Posted by Treadstone

Plant questions in early. First question Sons of Struth:

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

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Struth Mate! Are they bloody bonkers?

in best Aussie accent ...

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.

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?

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Originally Posted by 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.

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:faf:

Quote:

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Originally Posted by 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.

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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.

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.

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Originally Posted by 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.

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Salted lamb?

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.

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

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Originally Posted by 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.

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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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Quote:

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Originally Posted by PatHead

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

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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.


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Quote:

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Originally Posted by Ozyhibby

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.


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7 years! Oof!

Quote:

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Originally Posted by 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.

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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.

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Originally Posted by CropleyWasGod

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.

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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?


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Grant Russell on Twitter :

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

Big issues.

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Originally Posted by Ozyhibby

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.


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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!

Quote:

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Originally Posted by Ozyhibby

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?


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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.

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.

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Originally Posted by Jim44

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

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

Quote:

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Originally Posted by Ozyhibby

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?

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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?

Quote:

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Originally Posted by jacomoseven

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?

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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.

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.

Quote:

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Originally Posted by jacomoseven

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?

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


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Quote:

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Originally Posted by Jim44

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

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"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.

Quote:

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Originally Posted by Treadstone

Why weren't we in FIFA 16 ?

Rangers AGM. I sh*t you not.

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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.


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Quote:

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Originally Posted by JeMeSouviens

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.

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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?

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Originally Posted by 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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[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?

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Originally Posted by Ozyhibby

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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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.

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Originally Posted by Golden Fleece

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

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A minutes applause please :greengrin

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Originally Posted by Jim44

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

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

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Originally Posted by greenginger

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.

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


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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.

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Originally Posted by 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.

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:greengrin


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

Is this normal practice?

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Originally Posted by 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.

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Originally Posted by Ozyhibby

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?

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Originally Posted by Jim44

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?

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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.

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Originally Posted by Jim44

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?

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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.
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Originally Posted by Ozyhibby

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.
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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.

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Originally Posted by 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.

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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

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Originally Posted by Ozyhibby

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.

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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.

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Originally Posted by CropleyWasGod

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

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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.

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Originally Posted by Kojock

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.

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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 6h6 hours ago
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.

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.

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?

http://sport.stv.tv/football/clubs/r...-meeting-2015/

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Originally Posted by CropleyWasGod

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

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Your last part CWG would be superb if it happened!

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Originally Posted by Aldo

Your last part CWG would be superb if it happened!

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

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Originally Posted by CropleyWasGod

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

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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

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