Generic Sevco / Rangers meltdown thread

[sh00byd00]

Regardless of the ins and outs of it all, I don't think Rangers could afford £5m, so whether it's £5m or £10m is irrelevant.

[Billy Whizz]

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Regardless of the ins and outs of it all, I don't think Rangers could afford £5m, so whether it's £5m or £10m is irrelevant.

I agree, but I don't think King and Co would have gone this far, if they didn't have some solutions to the cash flow problems.
Maybe Crops can help, if they release the 12 out of contract players, and sell a shed load of season tickets, does this considerably help their position?
Can't believe the new directors won't have a plan?

[HFC 0-7]

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Regardless of the ins and outs of it all, I don't think Rangers could afford £5m, so whether it's £5m or £10m is irrelevant.

Possibly, but if King wants in he would rather want in before the debt is 10 million!!!! He will want to get control before the rest of that loan is drawn down. Its not irrelevant.

[Bostonhibby]

To quote David Somers:-

He said in a statement: "I have worked in the City of London, the world's greatest financial centre for decades and enjoyed considerable success.

"When I was approached about the chairmanship of Rangers, friends warned me that the world of football has different rules and codes of behaviour.

"I now know that is a gross understatement.

"I am a non-confrontational man and have always tried to bring harmony to boardrooms and with stakeholders.

"At the risk of antagonising my army of critics, I would point out that Rangers managed to pay its bills and avoid going under during my tenure"


Someone who pays the bills and is non - confrontational? FFS not the rangers minded at all. They really need to go continue down the Murray, Whyte Green route, and thankfully it seems they want to.

Jeez, paying your way? whatever next.

[stokesmessiah]

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Pretty sure it's "only" £5m. The second £5m hasn't been drawn down yet.

Did they not take out a couple of other loans with him prior to the above???

[Bostonhibby]

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Did they not take out a couple of other loans with him prior to the above???

£5m of the £10m initially borrowed this time around was used to repay an earlier £5m debt to Ashley himself so if they took the £5m for ongoing operating costs the debt associated to this one is £10m(?) I am having trouble keeping up - borrow borrow borrow, its all happening too quickly.

[CropleyWasGod]

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I agree, but I don't think King and Co would have gone this far, if they didn't have some solutions to the cash flow problems.
Maybe Crops can help, if they release the 12 out of contract players, and sell a shed load of season tickets, does this considerably help their position?
Can't believe the new directors won't have a plan?

The Board did ask the question "what is the financial plan?" which has gone unanswered, along with the questions about the legal aspects of DK joining the Board.

Both of these, IMO, seem to fall under the category of "we're not interested. We just want the current Board out". That doesn't seem to be much of a business plan.....

However, I also don't believe that no financial planning has been done. One of their plans, which DK has already alluded to, will be refusal to pay back the MA loan in the short-term.... which will give them time to organise a proper share or rights issue, and to organise their defence in Court when MA comes calling for his cash.

[Spike Mandela]

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The Board did ask the question "what is the financial plan?" which has gone unanswered, along with the questions about the legal aspects of DK joining the Board.

Both of these, IMO, seem to fall under the category of "we're not interested. We just want the current Board out". That doesn't seem to be much of a business plan.....

However, I also don't believe that no financial planning has been done. One of their plans, which DK has already alluded to, will be refusal to pay back the MA loan in the short-term.... which will give them time to organise a proper share or rights issue, and to organise their defence in Court when MA comes calling for his cash.

Couldn't Ashley just call in the loan and get a winding up order issued?

If it gets messy I wonder if Newcastle will recall their 5 players as well.

[Bostonhibby]

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Couldn't Ashley just call in the loan and get a winding up order issued?

If it gets messy I wonder if Newcastle will recall their 5 players as well.

Please no! Don't think they are adding much, not keen on being there / injured/not very good/cost money?

[Ozyhibby]

The 5 loan players are a great way of Mike Ashley putting New Rangers in more debt to him and it doesn't cost him a penny.

[Ozyhibby]

https://pbs.twimg.com/media/B_DA0wUXIAEsjsK.jpg

How do King and Murray get round this?

[CropleyWasGod]

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Couldn't Ashley just call in the loan and get a winding up order issued?

If it gets messy I wonder if Newcastle will recall their 5 players as well.

It would depend on the wording of the agreement, but the likelihood is that DK would resist the order, appeal against it in Court... a date would be set for the hearing.... etc etc... all of which would buy him time.

[mim]

I am wondering if Ashley and King have come to an understanding here.
With Somers and Easdale gone, we are left with Ashley place men and King about to take over on Friday.
Does noone else think these two might be working together?

[Ozyhibby]

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I am wondering if Ashley and King have come to an understanding here.
With Somers and Easdale gone, we are left with Ashley place men and King about to take over on Friday.
Does noone else think these two might be working together?

I don't think so although it may suit Ashley to let King run the show so long as his commercial interests are protected. These type of people are well capable of holding their nose so long as they are making money.

[Bostonhibby]

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I am wondering if Ashley and King have come to an understanding here.
With Somers and Easdale gone, we are left with Ashley place men and King about to take over on Friday.
Does noone else think these two might be working together?

Anything is possible in the rangers roadshow, so yes. In fact if Ashley cant currently own the mess on SFA rules at least, and doesn't want to have a fight with them at the moment he could actually be using Dodgy Dave as his front - Dave gets to wear the badge and once again put up very little new money - assuming they get past the UK company law issue of not having convicted criminals on your board / owning you. They will walk the SFA F&PP test as they don't apply it to "big" teams.

[CropleyWasGod]

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https://pbs.twimg.com/media/B_DA0wUXIAEsjsK.jpg

How do King and Murray get round this?

The question has been asked by the current Board, and ignored.

[greenginger]

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https://pbs.twimg.com/media/B_DA0wUXIAEsjsK.jpg

How do King and Murray get round this?

Revert to their original name Sevco Scotland ( Football Club ) Ltd.

I'm sure ra peepul will be happy !

[Deansy]

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I agree, but I don't think King and Co would have gone this far, if they didn't have some solutions to the cash flow problems.
Maybe Crops can help, if they release the 12 out of contract players, and sell a shed load of season tickets, does this considerably help their position?
Can't believe the new directors won't have a plan?

I have no doubt King will employ the same 'solutions' he used in S.Africa - except here the MSM won't question where he's getting the money from. Everything will be done under an umbrella of a 'return to their traditions' to get as many of the truly brain-dead on his side ASAP !!

[cabbageandribs1875]

Support for Dave King’s resolutions now at 48.758%
This is not an exact science but at the moment he was arrived at the figure of 48.758% - but crucially this does not include either the shares of River & Mercantile or those fans who have not yet proxied their shares through fan groups.Some of those may not vote or vote in favour of the current regime.So, whilst some are already celebrating we need to keep the pressure on.




kin boooo

[HFC 0-7]

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£5m of the £10m initially borrowed this time around was used to repay an earlier £5m debt to Ashley himself so if they took the £5m for ongoing operating costs the debt associated to this one is £10m(?) I am having trouble keeping up - borrow borrow borrow, its all happening too quickly.

I think they had a debt of 2 million to Ashley, they then got a loan of 5 million to pay off the 2 million and have a further 3 as working capital. there is also a further 5 million that hasn't been draw down yet.

[jacomo]

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I don't think so although it may suit Ashley to let King run the show so long as his commercial interests are protected. These type of people are well capable of holding their nose so long as they are making money.

Ashley inscrutable as ever, but you might well be right. Does he want to run The Rangers, or does he just want to protect his merchandising revenues? I know he tried to see if he could increase his stake beyond 10%, but that was when the company looked in imminent danger of collapse.

If DK does have the money to finance his fantasy coronation, Ashley might let him get on with it. Pure speculation mind!

[Bostonhibby]

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I think they had a debt of 2 million to Ashley, they then got a loan of 5 million to pay off the 2 million and have a further 3 as working capital. there is also a further 5 million that hasn't been draw down yet.

Cheers, and I thought yamenomics was hard enough to follow.

[Stonewall]

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Ashley inscrutable as ever, but you might well be right. Does he want to run The Rangers, or does he just want to protect his merchandising revenues? I know he tried to see if he could increase his stake beyond 10%, but that was when the company looked in imminent danger of collapse.

If DK does have the money to finance his fantasy coronation, Ashley might let him get on with it. Pure speculation mind!

I think you may well be right. Ashley's motivation in involving himself with Rangers has never been clarified but your reasoning is plausible.

[AndyM_1875]

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I think you may well be right. Ashley's motivation in involving himself with Rangers has never been clarified but your reasoning is plausible.

It's dangerous to second guess Ashley. The only thing we can say is he is all about his business, Sports Direct. He has Rangers merchandising rights and he'll either drive the last penny out of that as it stands or he'll agree to work with King for a longer term plan.

King has been pretty neutral towards him and probably with good reason as going hostile to him would be a very bad idea.

Plenty more episodes of this continuing soap opera to go.

[BH Hibs]

Andy Goram spouting the usual pish. For the sake of Scottish football you have to let Dave King in. Has anyone asked the rest of Scottish football coz I'm sure we would say stuff The Rangers

[worcesterhibby]

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It's dangerous to second guess Ashley. The only thing we can say is he is all about his business, Sports Direct. He has Rangers merchandising rights and he'll either drive the last penny out of that as it stands or he'll agree to work with King for a longer term plan.

King has been pretty neutral towards him and probably with good reason as going hostile to him would be a very bad idea.

Plenty more episodes of this continuing soap opera to go.

I really don't think it's just about the money. Ashley likes power..money gives him power…Ashley likes calling the shots..the money lets him call the shots..it's all intertwined in supporting his massive ego/appetite for power games.

[Bostonhibby]

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Andy Goram spouting the usual pish. For the sake of Scottish football you have to let Dave King in. Has anyone asked the rest of Scottish football coz I'm sure we would say stuff The Rangers

Never been the sharpest tool in the drawer so hopefully not too many, who might have one eye on the financial value of their holding and company law, will be relying on his inexpert advice.

[WillowbraeHibby]

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Andy Goram spouting the usual pish. For the sake of Scottish football you have to let Dave King in. Has anyone asked the rest of Scottish football coz I'm sure we would say stuff The Rangers

I for one do not care a jot for that lot doon Ibrox way... Never see or hear of them again would not bother me one iota...

[southsider]

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Andy Goram spouting the usual pish. For the sake of Scottish football you have to let Dave King in. Has anyone asked the rest of Scottish football coz I'm sure we would say stuff The Rangers

The SFA's f &p test is the least of King's worries It is a criminal offence for a director of a liquidated company (ie Rangers) to try to become a director of a similar named company (ie The Rangers), within a 5 year period. Punishments include jail time

[CropleyWasGod]

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The SFA's f &p test is the least of King's worries It is a criminal offence for a director of a liquidated company (ie Rangers) to try to become a director of a similar named company (ie The Rangers), within a 5 year period. Punishments include jail time

Being pedantic, "trying to be" is not an offence. "Being" is.