Generic Sevco / Rangers meltdown thread

[CropleyWasGod]

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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.

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.

[Ozyhibby]

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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.

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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[Treadstone]

Grant Russell on Twitter :

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

Big issues.

[PatHead]

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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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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!

[Bostonhibby]

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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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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.

[Treadstone]

Why weren't we in FIFA 16 ?

Rangers AGM. I sh*t you not.

[Jim44]

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

[Moulin Yarns]

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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 RIP

[jacomo]

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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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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?

[JeMeSouviens]

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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?

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.

[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.

[Ozyhibby]

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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?

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


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[Bostonhibby]

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

"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.

[Ozyhibby]

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Why weren't we in FIFA 16 ?

Rangers AGM. I sh*t you not.

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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[jacomo]

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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.

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?

[Ozyhibby]

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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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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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[ehf]

[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?

[greenginger]

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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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They can't walk away from the Rangers Retail deal

The football club can be pre-packed in admin. or liquidated again 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.

[Billy McKirdy]

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

A minutes applause please

[Jim44]

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

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

[Ozyhibby]

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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 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.

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


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[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.

[Leithenhibby]

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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.

As transparent as a brick window, methinks.

Is this normal practice?

[Jim44]

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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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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?

[steakbake]

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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?

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.

[Ozyhibby]

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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?

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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[Jim44]

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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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Thanks. I don't know why I thought that the percentage of profits was an arrangement made long before the £5m loan.

[CropleyWasGod]

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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.

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.

[Treadstone]

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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.

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.

[Kojock]

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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.

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.