They've been a target of his before - maybe proof to the sevconian hordes that big Mike doesn't do walking away?Quote:
Originally Posted by greenginger
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They've been a target of his before - maybe proof to the sevconian hordes that big Mike doesn't do walking away?Quote:
Originally Posted by greenginger
http://www.bbc.co.uk/sport/0/football/30989922
Ashley taking the p*** out of football authorities.
Their lawyers need more time to build their case. :confused:
Indeed. They're having kittens over on FF. There's a thread about a Stock Market statement saying Ashley has loaned a further £10M. Part of it will repay his first loan. He gets an even bigger hold on the club with two more board members or directors ( is that the same thing). Two more fingers up to the SFA.Quote:
Originally Posted by greenginger
Sports Direct have loaned the money. Legally that might be significant as opposed to Ashley directly.
BUt the upshot is that Rangers have given over security on Murray park, Edminston House and the car park as well as basically handing some of their shirt sponsorship deal and most of their Retail Revenue over.
As deals go, it's Wonga level economics.
Does this loan mean administration is unlikely for them this season?
Probably. I say that on the basis that there is some relief expressed that, in the short term anyway, a points the deduction will be avoided. Frankly, I think at the very least, the circus at Ibrox should be charged with bringing the game into disrepute. Talk about Ashley flaunting the rules, he seems to be making the rules. The SFA should be ashamed of themselves, the way he is swatting them aside.Quote:
Originally Posted by bingo70
Think it buys them more time so no imminent administration Note the article refers to hopefully a further announcement soon about an injection of further permanent working capital which would allow them to buy players . Thats my concern that somehow they get funding that allows them to change manager and bring in a few players Of course they are maybe just saying that so there isn't an outcry from fans about Ashley lending them more money at this point .But next source of funding will be interesting .Quote:
Originally Posted by bingo70
SFA in discussions with his lawyers re procedural hearing so no doubt they will be working on ways to legally get round obstacles in his way to exert more power over club
Does this close the door now on the three bears continuing to invest ?
Cropley was God s view needed me thinks
They should have enough money to see them to the summer at which point they will release all the 7 grand a week brigade. A new manager will come in and Ashley will hand him the remit of building a younger cheaper team to get out of the Championship. Llambias has a rep as a cost cutter at Newcastle so that certainly seems a likely scenario.Quote:
Originally Posted by Ronniekirk
Doesn't necessarily close the door on anyone investing. But whoever comes in will have to work with Ashley as he has the whip hand and basically now is Rangers Retail which may have been his plan all along.
Quote:
Originally Posted by bingo70
Yep, unless the SFA/SPFL turn up with the rule books, the Ashley agreement , and grow a pair. Then send Ashley, homeward to think again.
I think you are safe to conclude administration for them is unlikely.
Nothing less than what I expected. The latest in a series of short-term loans to enable them to organise the share issue.Quote:
Originally Posted by Ronniekirk
There's a lot of comment on Twitter and the likes, which I haven't seen confirmed anywhere else, eg:-
The £10m is to partly pay the £3m already lent. £5m is suspended, pending "due diligence". It's secured against Murray Park. It is secured by a floating charge over all of the assets.
If the first claim is correct, they certainly don't have enough to last the season yet.
Looking at the AIMS Market there still seems to be a healthy trade in Rangers shares now at 30 pence.
Is there still a chance King and the real Rangers men can empty Ashley at a general meeting vote ?
Ashley seems determined to own the entire High St.Quote:
Originally Posted by Ronniekirk
That is how it was reported on the BBC. I see parallels with Hearts (we owe it to ourselves!)Quote:
Originally Posted by CropleyWasGod
:greengrin
I'll give you £5m to pay me my £3m, and the £2m is for the day to day running of the club (a couple of months!)
Security is over Murray PArk and all the retail arm, and future sales of replica shirts (3 years) if I heard it right. Does any of that sound familiar? :wink:
It looks to me that the first tranche of the new loan will take them up to around the date of the prospective gm and I suspect that's deliberate. At that point other investors will have the choice of backing Ashley or immediately repaying this loan and finding other short-term finance to keep the business going. I reckon it depends how much King and rrm have available in ready cash.Quote:
Originally Posted by greenginger
No floating charge?Quote:
Originally Posted by Golden Fleece
OOPs, yes, over all assets. :greengrinQuote:
Originally Posted by CropleyWasGod
Ha..... do the Loyal know that yet? :cbQuote:
Originally Posted by Golden Fleece
Quote:
Originally Posted by Golden Fleece
so the security isnt on Ibroke but it sort of is?Quote:
Originally Posted by CropleyWasGod
:confused:
The main security is on MP and those other things, and that may be enough to cover the debt.Quote:
Originally Posted by Just Alf
However, if it isn't, the balance of the debt can be repaid by part of the proceeds of the sale of the other assets, including Ibrox.
So rangers are borrowing money from Ashley, partly payback Ashley.... hahahahahahahahahahaha :top marks:top marks:top marks
Can they not come to some kind of arrangement whereby they have a security on ticket money for the next few years? Surely with all the big games they get that would work?
:stirrer:
Where will the money for the costs of (another) share issue come from?Quote:
Originally Posted by CropleyWasGod
Who will underwrite it?
How does raising capital from a share issue negate the fact that The Rangers constantly spend more than they bring in?
Love this line: “None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security."
Of course it is still possible that someone has an 'option' on the stadium, say Sevco 5088, and for that reason they cannot offer it as security even if they wanted to... So, it's possible to both own something, but not be able to offer it as security, as I understand it.
But I still don't see how this new Clumpany is going to trade its way out of this hole. It was not set up to succeed, by Green and his gang... IMHO
1 and 2.... that is what the arm-wrestling and cock-showing is about. To work out who can, and would, underwrite it.Quote:
Originally Posted by Cropley10
As for 3.... one would assume (not a good word to use in RFC's case :greengrin) that a new regime, with sensible financial controls, would use that share money wisely. Run properly, it is potentially a very profitable business.
Totally agree CWG.Quote:
Originally Posted by CropleyWasGod
Another share offer will definitely happen but it'll be interesting to see how Ashley plays this now.
Will he look to make peace with the "Rangers Men" forcing the EGM or does he attempt to blow them away and take the club over lock, stock and barrel after perhaps selling Newcastle?
If Llambias or whoever is in charge in June hires a competent manager(Billy Davies, Stuart McCall) who is then set a properly realistic salary budget (all the 7k a week brigade will be away) and stops hiring players with no resale value (29 and over) then Rangers will probably have a relatively stress free run towards promotion to the Premiership starting 2016/2017.
From what I can see, the good news is that this "10million" loan won't make any difference to Rangers ability to put a better team in the park this season. £5million is being held back and £3million immediately goes to Ashley to re-pay his previous loan. It seems that Rangers Retail (which ashley basically owns now) is also about to declare a dividend of £1.6 million, which will also go to ashley…so in effect he seems to be giving them £5million (with the possibility of a further £5million at some point in the future) and taking back £4.6million straight away !!
So Rangers just pawned their training ground, Registered trademarks and "other properties" for the sake of £400,000 which will last them about 2 weeks !!
Almost true, but the club are getting £2m, not £400k :)Quote:
Originally Posted by worcesterhibby
Yes but only because they were already giving Ashley the £1.6million from the Club merchandise anyway, whether or not he had loaned them this latest cash…in effect it's still money that Rangers should be earning, but is heading for Ashley's bank account. Or have I mis-understood the Dividend bit ?Quote:
Originally Posted by CropleyWasGod
As I understand it, it's Rangers Retail (a separate company, not the club) which is paying the dividend in order to repay him "something" that he was owed.Quote:
Originally Posted by worcesterhibby
The £10m loan is for the club only, and they have use of £2m of it just now.
As a complete outsider to the world of finance, it seems to me that one day, surely, TRFC will run out of stepping stones - no?Quote:
Originally Posted by CropleyWasGod