The Rangers soap opera goes on and on.

[i wish jj was my dad]

Sevco can get rid of a few players quite easily by waiting till the close season, 14 of the current squad of 23 players contracts expire in May or June 2015. But Wallace, Macleod, Peralta all have contracts that don't expire till 2017 though..

 

They are going to make Nov payroll but will struggle to make Dec one without more external funding from Ashley prob. The Sfa seem more worried that the franchise survive rather than implementing any possible sanctions re Ashleys involvement imo. His people have prob already spelled it out to them just how bad a position sevco are in financially & it's only Ashley's emergency loans that's keeping the franchise from declaring admin at the moment..

 

The franchise is only 2½ years old & already it's ?19 million in debt, quite a shocking state of affairs for a newco tbh.. They absolutely have to get bums on seats at the debt dome or this is bound to fail, either the fans admit ashley is their best hope of survival with him taking his cut, or they continue to stay away/boycott & starve the franchise of the funds they so desperately crave..

 

Ashley really could sink them if they don't play ball with him, will their watp attitude allow them to see sense though?..

 

This is in in a nutshell. It goes way beyond 'giving them the benefit of the doubt' as some would have it. It just underlines the desperation to get the bad guys back no matter what the cost.

 

I wonder how the authorities would have treated Hearts if we'd been taken over by a bunch of spivs and behaved just as recklessly we had under the previous regime? They weren't exactly very sympathetic to Livingston and I'd wager they would be the same with us.

[Mr Nobody]

If MA is purely in it to make a buck there will surely be a point in time in the coming months when the income from retail etc does not equate to the amount he has to put in to keep it running. Even if Rangers get promoted this year and qualified for Europe the year after you would be looking at funding of $30m to get them to that point at their current outlay.

 

Unlikely to satisfy UEFA FFP restrictions anyway.

 

 

[CJGJ]

If MA is purely in it to make a buck there will surely be a point in time in the coming months when the income from retail etc does not equate to the amount he has to put in to keep it running. Even if Rangers get promoted this year and qualified for Europe the year after you would be looking at funding of $30m to get them to that point at their current outlay.

 

Unlikely to satisfy UEFA FFP restrictions anyway.

Ashley has his money secured against assets so will not lose out in any outcome.

 

The club is taking a gamble to acheive promotion to the premier league..... at seasons end they can cull the playing staff but more importantly will hope for a large increase in season ticket sales for 2015/16 season as well as increased crowds and other related income........of course all of this is based upon promotion...................without promotion things may get more interesting.

 

Lets be clear though Ashley has covered his investment no matter the outcome.

[pettigrewsstylist]

We somehow still managed to get accounts signed off as a going concern, albeit with massive caveats. Sevco haven't as yet.

 

And theres the crux, this will get messy i reckon. Im guessing this last 1M was because they couldnt even pay the wages this month, ,,,what next?

[I P Knightley]

 

 

 

Just as we predicted, despite others on this very thread saying "Mike Ashley has saved Rangers"!!

 

I prefer "preserved" to "saved".

[chuck berrys hairline]

How about HMFC offer 850k for Macleod with a further fee of 10% of any other sale within the next 3 seasons ?

Yes we can afford it

 

Don't get the Macleod love in on here, I think hes pish tbh.

Why isn't there a bond and security over future fixtures when they're living on monthly loans. Livingstons Lawyers should be keeping an eye on the goings on at ibrox.

[chuck berrys hairline]

How about HMFC offer 850k for Macleod with a further fee of 10% of any other sale within the next 3 seasons ?

Yes we can afford it

 

Don't get the Macleod love in on here, I think hes pish tbh.

Why isn't there a bond and security over future fixtures when they're living on monthly loans. Livingstons Lawyers should be keeping an eye on the goings on at ibrox.

[Deevers]

I expect to see further loans by Ashley secured against the real estate through there. It's what then happens after that as they'll need fresh money to pay of all of these loans or...................!

[Mr Nobody]

 

Ashley has his money secured against assets so will not lose out in any outcome.

 

The club is taking a gamble to acheive promotion to the premier league..... at seasons end they can cull the playing staff but more importantly will hope for a large increase in season ticket sales for 2015/16 season as well as increased crowds and other related income........of course all of this is based upon promotion...................without promotion things may get more interesting.

 

Lets be clear though Ashley has covered his investment no matter the outcome.

assuming they get promoted and then sell out every game and with extra TV money etc. does that even come close to covering the current shortfall in the curent year let alone being able to repay the loans?

 

Yes, these loans are secured against assets but what about the next loan in December and January. How much are the assets worth

 

[Feeno]

What sort of self respecting Hearts fan would be cheerleading for a title rival? ffs

[DETTY29]

To date, the biggest 'package' offered is ?16m by King with a share dilution and only ?8m of that 'evidenced'.

 

There is only so much more Ashley can lend.

[jack D and coke]

Couple of my mates' comments appear on Facebook pages and they're still coming out with this "get us back to where we belong WATP" pish!

Just

[tartofmidlothian]

 

Lets be clear though Ashley has covered his investment no matter the outcome.

 

That's what I'm intrigued by, how has he covered it? It seems he's set up healthy revenue streams through retail, but if he has to lend 10m or whatever to get them through the season, how does he get that back quickly? Or if he puts them into admin to rebuild, is any of the property then handed over to him? Are Murray Park etc now in his name?

[Deevers]

 

 

 

That's what I'm intrigued by, how has he covered it? It seems he's set up healthy revenue streams through retail, but if he has to lend 10m or whatever to get them through the season, how does he get that back quickly? Or if he puts them into admin to rebuild, is any of the property then handed over to him? Are Murray Park etc now in his name?

Sure it's going to a case of the more he lends, the more of the real estate" is going to be secured against the loans. If they then can't repay the loans, then he owns the "real estate" lock stock and barrel. I wonder if that is actually his game plan.

[I.T.K]

To date, the biggest 'package' offered is ?16m by King with a share dilution and only ?8m of that 'evidenced'.

 

There is only so much more Ashley can lend.

 

IMO He can keep going for some time. He rumored to worth ?3.75 billion so a 3 million secured loan wont even register.

[Jambo-Jimbo]

IMO I just can't see Ashley throwing the kind of money around that Rangers need.

Right they need about another ?6-7m just to see out this season.

Then they will have to replace at least 14 players for next season and if they want to compete with Celtic that will cost lets say ?10m.

To get to the group stage of the Champions League that could cost another ?10-20m at least, probably more.

So over the next 2 seasons Ashley would have to spend somewhere around ?30-40m and that's just the playing side and all this with no guarantee that they will get into the riches of the Champions League nor that the crowds would return or buy the merchandise.

 

Much better to loan small amounts secured on whatever assets there is, until such time as there is no more family silver to sell, then when it's all yours.............................

I can see that by the time this is all done Rangers will be lucky to own 2 blades of grass at Ibrox and even then will have to pay Ashley rent on them.

[DETTY29]

IMO He can keep going for some time. He rumored to worth ?3.75 billion so a 3 million secured loan wont even register.

He lends against the businesses ability to drive up Sports Direct revenues, but also repay the loans back.

 

That is completely different to a rich mans write off vanity project.

[Tasavallan]

Are Murray Park etc now in his name?

Not yet but I'd be surprised if they were not in his sights as sureties.and then wait for RIFC to default on loan repayments.

 

Ashley is a shrewd businessman not a benevolent benefactor.

[hawaii]

What will Ally do if "Wee Stevie" gets his jotters??

[Samster]

On a slightly different tack, when the small Basque club SD Eibar won the Spanish Segunda Division last seasons they had to demonstrate that they had the necessary funding in place before they could be promoted to the Primera Division. They had to raise capital (over ?2M) through a Second Equity Offering (SEO) before the end of July otherwise face relegation to the 3rd tier. They managed to reach their target with days to spare..

 

The SFA have been noticeable by their silence.

 

..

 

And if i recall correctly from articles at that time they were a local club, well run, totally solvent. Having to raise that cash actually actually put their future in jeopardy which was utter madness.

[Hagar the Horrible]

Ashely will be the biggest creditor in an administration event, he will hold all the cards, and could end up owning the full bhuna for next to nothing

[Jambo-Jimbo]

What will Ally do if "Wee Stevie" gets his jotters??

 

"Wee Stevie"

[Turkishcap]

Ashely will be the biggest creditor in an administration event, he will hold all the cards, and could end up owning the full bhuna for next to nothing

 

Coming together nicely then

[kingantti1874]

Ashely will be the biggest creditor in an administration event, he will hold all the cards, and could end up owning the full bhuna for next to nothing

 

If Ashley wants admin- why does he keep providing money to keep them ticking along..

 

It makes no sense whatsoever

[Rudolf]

If Ashley wants admin- why does he keep providing money to keep them ticking along..

 

It makes no sense whatsoever

 

Getting all his ducks in a row maybe?

 

Who knows, I wouldn't try to second guess him, he seems a pretty shrewd character.

[maroonlegions]

Getting all his ducks in a row maybe?

 

Who knows, I wouldn't try to second guess him, he seems a pretty shrewd character.

 

Feeding or fatting up the pig before the slaughter.

[Mister Dee]

 

 

If Ashley wants admin- why does he keep providing money to keep them ticking along..

 

It makes no sense whatsoever

Is he waiting to get security over Murray park etc?

[I.T.K]

He lends against the businesses ability to drive up Sports Direct revenues, but also repay the loans back.

 

That is completely different to a rich mans write off vanity project.

 

True dat. Rangers will run out of assets to secure loans against before Ashley runs out of cash.

[Hagar the Horrible]

The one man I feel sorry for in all this mess is wee Stevie, The guy has been playing football manager for real all these years and now due to be thrown onto the scrap heap with his PS2. However if he had been playing with FM2013 instead of FM09 perhaps Boyd and Miller would be out of a job?

 

 

[I P Knightley]

The one man I feel sorry for in all this mess is wee Stevie, The guy has been playing football manager for real all these years and now due to be thrown onto the scrap heap with his PS2. However if he had been playing with FM2013 instead of FM09 perhaps Boyd and Miller would be out of a job?

 

Have we had confirmation that Wee Stevie's head's on the block?

 

Could he do a job for Robbie/Craig/Ann?

[Deevers]

 

 

If Ashley wants admin- why does he keep providing money to keep them ticking along..

 

It makes no sense whatsoever

 

 

I still wonder if Charles Green has a hand in all of this. Who's companies have the onerous contracts for many of the ancillary stuff at both Murray Park and Ibrox? If that is the case it's in his and his associates best interests to keep the sinking ship afloat, just in order that more and more can be squeezed out of it. As for Ashley - he can't go wrong with the assets being secured against his loans. Strikes me that they are going to stumble along until they eventually do run out of money and there are no assets left to secure against.

Edited November 13, 2014 by Deevers

[Strachsuit]

I still wonder if Charles Green has a hand in all of this. Who's companies have the onerous contracts for many of the ancillary stuff at both Murray Park and Ibrox? If that is the case it's in his and his associates best interests to keep the sinking ship afloat, just in order that more and more can be squeezed out of it. As for Ashley - he can't go wrong with the assets being secured against his loans. Strikes me that they are going to stumble along until they eventually do run out of money and there are no assets left to secure against.

 

I think it's an absolute certainty that Chuck Green is still involved. He and Ashley are probably a lot closer than most think!

[Horatio Caine]

IMO He can keep going for some time. He rumored to worth ?3.75 billion so a 3 million secured loan wont even register.

 

Does that rate as `off the radar wealth`?

 

There's really nothing new is there?

[Feeno]

I think it's an absolute certainty that Chuck Green is still involved. He and Ashley are probably a lot closer than most think!

 

You can't see Mike Ashley having much use for Charles Green to be fair. Charles Green needed him in the first instance but surely Mike Ashley wouldnae want that Schyster anywhere near his own dealings.

[Hagar the Horrible]

 

 

 

Have we had confirmation that Wee Stevie's head's on the block?

 

Could he do a job for Robbie/Craig/Ann?

 

No but guys like Wee Stevie the unsung heroes behind the scenes are always the first to get the bullet as a thank you for the hard work so the fat cats like McCost-loads gets to keep his job. I see wee Stevie as a kind of 3angers version of that Stoke City kit man they made a TV drama out of?

 

 

WE are ALL WEE STEVIE!

 

And in the wise words of my grandad apart from get me my slippers ya wee shite was When Elephants fight the grass gets trampled! So when it all boils down to 100 wee Stevies will go to preserve 1 fatso!!!

 

WE should offer him a job with an upgrade to FM14 on a PS4

[Jambo-Jimbo]

I still wonder if Charles Green has a hand in all of this. Who's companies have the onerous contracts for many of the ancillary stuff at both Murray Park and Ibrox? If that is the case it's in his and his associates best interests to keep the sinking ship afloat, just in order that more and more can be squeezed out of it. As for Ashley - he can't go wrong with the assets being secured against his loans. Strikes me that they are going to stumble along until they eventually do run out of money and there are no assets left to secure against.

 

Pretty much my take as well. Sell off the family silver until nothing is left then put it into admin, but first make sure your contracts are all bulletproof as are the assets.

Sell the club for a nominal amount to rich supporters (King, Letham, Murray and others etc) after all the club costs a fortune to run, you then rent back Ibrox, Murray Park to the club whilst you hold all the contracts for all the merchandise, badge, name, everything. The club's only income is from season tickets, tv money, prize money, transfers, sponsorship etc, the new club would go on and provide you with a few ?m in rent every year and every penny in merchandise, you then therefore go on milking the cash cow forever with no further input of money from yourself.

[The Gasman]

Ashely will be the biggest creditor in an administration event, he will hold all the cards, and could end up owning the full bhuna for next to nothing

 

The biggest creditor will be RIFC, the holding company that the football club are due ?16,000,000 to, and as such they will control any admin event, not Mike Ashley.

 

Also, I'd like to know what the profit on Rangers merchandise sales will be in the run up to Christmas - possibly method in MA's madness, for keeping them afloat for the next five weeks..?

 

At that point he has them over a barrel, and can either demand the remaining assets (?1brokes and Murray Park) for keeping them afloat till the season end, or sit back and watch, knowing his current investment is safely secured against assets, and so he can't loose.

[Footballfirst]

I notice that the European Commission threw out the claim of State Aid against Celtic. That won't please the Bears much.

 

http://www.scribd.co...3738#fullscreen

Edited November 13, 2014 by Footballfirst

[lost in space]

The biggest creditor will be RIFC, the holding company that the football club are due ?16,000,000 to, and as such they will control any admin event, not Mike Ashley.

 

Also, I'd like to know what the profit on Rangers merchandise sales will be in the run up to Christmas - possibly method in MA's madness, for keeping them afloat for the next five weeks..?

 

At that point he has them over a barrel, and can either demand the remaining assets (?1brokes and Murray Park) for keeping them afloat till the season end, or sit back and watch, knowing his current investment is safely secured against assets, and so he can't loose.

I still dont see an Admin for them (mind you I didnt see the last one coming either!).

Surely with the 3 Million they can still -

1 get accounts signed off (albeit with a large caveat)

2 call the agm

3 have yet another share issue which will see them to the end of the season - and increased money if promotion is achieved\end of some onerous player contracts.

MA is to underwrite the share issue and even if there is little uptake from others, he will only dilute all of the shares (including his existing) which is not "game over".

[sinks]

The biggest creditor will be RIFC, the holding company that the football club are due ?16,000,000 to, and as such they will control any admin event, not Mike Ashley.

 

Also, I'd like to know what the profit on Rangers merchandise sales will be in the run up to Christmas - possibly method in MA's madness, for keeping them afloat for the next five weeks..?

 

At that point he has them over a barrel, and can either demand the remaining assets (?1brokes and Murray Park) for keeping them afloat till the season end, or sit back and watch, knowing his current investment is safely secured against assets, and so he can't loose.

Not professing to having a clue as to what is happening there,who actually owns RIFC?

[Tommy Brown]

Have we had confirmation that Wee Stevie's head's on the block?

 

Could he do a job for Robbie/Craig/Ann?

 

We would be as using Romanov's big cabinet full of player profiles, marked ouf three.

I think it was World class, shit and Total Shit.

[We_are_the_Hearts]

We would be as using Romanov's big cabinet full of player profiles, marked ouf three.

I think it was World class, shit and Total Shit.

 

Still not sure if the mad one was serious or taking the piss with that lol...............nothing would surprise me!

[al_hearts65]

The biggest creditor will be RIFC, the holding company that the football club are due ?16,000,000 to, and as such they will control any admin event, not Mike Ashley.

 

Also, I'd like to know what the profit on Rangers merchandise sales will be in the run up to Christmas - possibly method in MA's madness, for keeping them afloat for the next five weeks..?

 

At that point he has them over a barrel, and can either demand the remaining assets (?1brokes and Murray Park) for keeping them afloat till the season end, or sit back and watch, knowing his current investment is safely secured against assets, and so he can't loose.

 

 

As you have said Ashley is a secured creditor so he will have first dibs on everything up to the value of his security, only then do other debts come into play so surely he will be in control especially if he can continue to dilute their percentage of the debt.

[wavydavy]

You can guarantee whatever Mike Ashley does it will be for the financial gain of Mike Ashley.

 

He is just another Green but richer.

[scott_jambo]

Ashley's got enough money in the bank to do whatever he wishes with Rangers.

[The Gasman]

I still dont see an Admin for them (mind you I didnt see the last one coming either!).

Surely with the 3 Million they can still -

1 get accounts signed off (albeit with a large caveat)

2 call the agm

3 have yet another share issue which will see them to the end of the season - and increased money if promotion is achieved\end of some onerous player contracts.

MA is to underwrite the share issue and even if there is little uptake from others, he will only dilute all of the shares (including his existing) which is not "game over".

 

The threat of another administration is very real, though a second liquidation may be less likely, it's not impossible either.

 

The first ?2m that MA gave them seems to have gone, and it seems the additional ?1m was to pay this month's wages, and keep the lights on - they've admitted they'll need more money to reach the year end (only about six weeks away!) over and above this ?3m.

 

In that financial state, it's difficult (impossible?) to see how their accounts could possibly be signed off, even with caveats.

 

Without that set of audited (and signed off) accounts, they cannot call their AGM, and they must call it in the next few days to be able to hold it this year.

 

They cannot have any shares / rights issue unless it's past at an AGM, so where do they get funding for day to day running costs..?

 

Step forward Mike Ashley offering further emergency loans, in return for further securities on even more assets..?

[jambovambo]

http://www.philmacgiollabhain.ie/sevcos-flexible-friend/#more-5281

[Dusk_Till_Dawn]

.

[Brandt]

This 16 million thats owed. What of interest is being paid on it, if any? I know its not to a bank so curious to know whats being added.

[Jambo-Jimbo]

Phil Mac mentioned something about league reconstruction, I'm sure I read somewhere that they couldn't bring it in next season as there would have to be a full season before they could change the league set-up.

 

Anybody know if this is correct or am I just slavering.