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The Rangers buying lower division titles, living way beyond their means and mismanaging their finances (again) tells you everything you need to know about that small minded club. We don't need or want clubs like that in Scotland. Maybe they can apply to join the Iceland League.Quote:
Originally Posted by offshorehibby
My preference would complete obliteration. Never to be seen again. But that's just me. :-)Quote:
Originally Posted by Onion
Don't think its just you:wink:Quote:
Originally Posted by green glory
This news is absolutely laughable. What on earth are these people up to?Quote:
Originally Posted by offshorehibby
Less than 2 years on from going out of business and the club is having to borrow money just to meet its commitments through until the end of the season. What a joke.
Me 3Quote:
Originally Posted by TrinityHibs
Quote:
Originally Posted by offshorehibby
You would have thought they would have learned their lesson.Clearly they are struggling again.
If they cant get it right in the lower leagues then they haven't got a hope back in the premier league
Quite unbelievable that most of that IPO money has basically been frittered away. It's not the players wage bill that has done it though as the wages to turnover ratio is healthy. It's the boardroom spivs and various Directors 'wetting their beaks" on their way out the door that's done it.Quote:
Originally Posted by jacomoseven
Stupid people, stupid club with ideas way above it's station right now.
Not unbelievable at all. Anyone could see what was happening. The titles don't come cheap you know.
Quote:
Originally Posted by AndyM_1875
Think i will go place a nice wee double.....admin 2 at ibrox and death at pbs. Will give all winnings to K F K. What a day that would be.
I don't see how £1.5million will help them in the long term? Surely the wages this month and the general up keep of Castle Greyskull etc will amount to a figure close to that of which they are borrowing.Quote:
Originally Posted by offshorehibby
Perhaps CWG etc could help me here but could they use this money to fulfill an insolvency process and cut costs this way?
http://www.scotsman.com/sport/footba...acel-1-3313053
'It is expected that the loans will not be repaid'
Wow - same arrangement as their famous 'EBT' scheme !!
And still the media will pander to these low-life, cheating filth - like their 'Wee Team' at the PBS, they've existed the last 30 years with money outwith their capabilities.
Post of the week.Quote:
Originally Posted by andrew70
My guess is that's exactly what's happening.
Not the same arrangement at all.Quote:
Originally Posted by Deansy
It is expected that the loans will not be repaid and instead converted into shares That's a fairly common situation, and there's nothing illegal about it.
I am surprised that they need the cash now. I reckoned they had enough to keep them going for the rest of the season.Quote:
Originally Posted by andrew70
That said, it does sound like they are buying time to enable them to source some long-term cash elsewhere, or (as has been suggested) to do a sale-and-lease-back deal.
Is it ridiculous CWG to suggest this money is to actually fund an insolvency event?..............Quote:
Originally Posted by CropleyWasGod
http://www.philmacgiollabhain.ie/blown-off-course/
In general, I doubt the board admitting they have been seeking outside finance or indeed financial help in return for shares will help to appease the Rangers fans. Their ST's will be due to go on sale soon, I'd imagine with a huge increase(my bro is one of them and has been paying a low amount since their demotion). If they had cash to last til the end of season would it not have been better to wait and sell the STs etc?Quote:
Originally Posted by CropleyWasGod
I think there must be a more serious problem...or maybe that's just me wishing....
Is there a set formula for working out how many shares they will get for their £ 1.5 million.Quote:
Originally Posted by CropleyWasGod
Could this be a way of the Easedales getting overall control. Penny shares, 1.5 million x 100 is a lot of shares.
Quote:
Originally Posted by Seveno
Do you mean to pay off the debt? AFAIK, they actually aren't in any debt yet.
Administration doesn't necessarily mean a change of ownership. Companies can quite legally go into Admin, make a deal with creditors, then come back out again. It doesn't always have to end in the Big L or a case like Hearts.
I'm confused by the phrase "fund an insolvency event".Quote:
Originally Posted by Spike Mandela
That, to me, would mean the money put up for a CVA. It doesn't sound like that is what is happening here.
If anything, they are DELAYING an insolvency event. Even that sounds a daft idea to me....if insolvency is inevitable, why put cash in now?
Sent from my GT-I9100 using Tapatalk
There is not.Quote:
Originally Posted by greenginger
I wonder if the deal is put cash I now in exchange for x, y and z if there is a subsequent insolvency event.Quote:
Originally Posted by CropleyWasGod
This is not an EBT.Quote:
Originally Posted by Deansy
Is there another possibility? Income in the championship will be higher. Provided they get promoted again next season income will rise again in the premier. Could Wallace's business review be sufficiently far advanced to have persuaded the Easdales and Laxey that the cuts that will be made will allow them to stop further losses from next season and all that is needed is a relatively small sum to see them through a possible absence of cash in the next month or two?
Maybe I'm just being pessimistic and they are truly near the end.
Anyone else get the email asking to complete a survey on how to take the the rangers forward worth completing,serious mischief potential
Scotland's shame once again being required to public explain its humiliating lack of funds. I see Chief Exec Graham Wallace even came out with "there is no threat of people walking away" in his statement. You've borrowed that line from another prick, ye prick. Shameless organization; I despise that club much more than I do Hearts.
Indeed. It sounds like Phil is howling at the moon.... Again.Quote:
Originally Posted by CropleyWasGod
The Easdale brothers & one of the Institutional investors are getting shares/share options worth £1.5m. The money they pay is going to the club. They're not going into Administration.
£1.5m though.:confused: Ain't gonna last long is it?Quote:
Originally Posted by AndyM_1875
Guess it depends if any Directors leave! :greengrinQuote:
Originally Posted by Spike Mandela
For me, it's about buying time until they can get something more substantial, and longer term, arranged.Quote:
Originally Posted by Spike Mandela
If one can believe Phil Magubbin, they are having trouble getting finance from anyone, and this latest move bears that out.
Phil is a pr... But he has been spot on again regarding the new Rangers. They have run out of cash almost to the week that he predicted.
That's the only reasonable explanation.... otherwise, WTF would one put in more money?Quote:
Originally Posted by Weststandwanab
Nah, he was bumping his gums about Admin2 as early as last September saying it was "imminent".Quote:
Originally Posted by Ozyhibby
Guys a roaster.