John Findlay Posted January 14, 2018 Share Posted January 14, 2018 Only two pages to go until armageddon. Link to comment Share on other sites More sharing options...
redjambo Posted January 14, 2018 Share Posted January 14, 2018 2 hours ago, tntjambo said: King has no money simple as that his hands are tied till the season ticket bounty comes in. If I could stake my house on one fact relating to this issue being incorrect, this would probably be it. Link to comment Share on other sites More sharing options...
wavydavy Posted January 14, 2018 Share Posted January 14, 2018 (edited) 2 hours ago, tntjambo said: King has no money simple as that his hands are tied till the season ticket bounty comes in. He has got money he just prefers using other people's. Edited January 14, 2018 by wavydavy Link to comment Share on other sites More sharing options...
jock _turd Posted January 14, 2018 Share Posted January 14, 2018 2 hours ago, tntjambo said: King has no money simple as that his hands are tied till the season ticket bounty comes in. Really ? I had no idea that he could possible access that money for his own personal use. No the fact is this man does have money... but he is trying to give the impression that he does not. The truth is, in my opinion anyway, the man is a cheap spiv nothing more and nothing less. However to have this second rate shyster as the figurehead of your football club must be for the ordinary fans as well as his associates on the board of directors a true embarrassment ... the fact that the SFA knowingly let him get to that position is an embarrassment to the game of football in Scotland. Link to comment Share on other sites More sharing options...
AllyjamboDerbyshire Posted January 14, 2018 Share Posted January 14, 2018 3 hours ago, wavydavy said: His get out was supposed to be that his money was held in trust and he could not access it although the judge told him that if he managed to access it to buy into Rangers in the first place then he could do it again to comply with the court ruling. I know what he claimed, but any appeal must show the decision to uphold the TOP ruling was wrong on a point of law, and until we know what that point of law may be, we don't know what chance it has of being successful. In the end, though, unless for some strange reason a successful appeal makes the original TOP order invalid, and that was not what was being ruled on in court so is unlikely to be affected by the appeal, the only difference a successful appeal makes is to relieve King of the threat of contempt of court charges, with possible jail time. It would not remove the TOP order to make the offer, nor the cold shoulder if he doesn't. King isn't appealing to save TRFC or RIFC from the effect of the TOP, he is only there trying to save his own skin, and regardless of the result, whatever the effect the cold shoulder might have on the club, the fallout is not removed. Link to comment Share on other sites More sharing options...
RobNox Posted January 14, 2018 Share Posted January 14, 2018 7 hours ago, AllyjamboDerbyshire said: I know what he claimed, but any appeal must show the decision to uphold the TOP ruling was wrong on a point of law, and until we know what that point of law may be, we don't know what chance it has of being successful. In the end, though, unless for some strange reason a successful appeal makes the original TOP order invalid, and that was not what was being ruled on in court so is unlikely to be affected by the appeal, the only difference a successful appeal makes is to relieve King of the threat of contempt of court charges, with possible jail time. It would not remove the TOP order to make the offer, nor the cold shoulder if he doesn't. King isn't appealing to save TRFC or RIFC from the effect of the TOP, he is only there trying to save his own skin, and regardless of the result, whatever the effect the cold shoulder might have on the club, the fallout is not removed. He may have no valid grounds for appeal, but was instead hoping to delay things by requesting leave for appeal. I believe the hearing on Friday was instigated by the TOP, who wanted to ensure that the hearing to consider King's grounds for appeal took place as quickly as possible. King was probably hoping that hearing would take place a lot later than 28th Feb. Link to comment Share on other sites More sharing options...
cjwye Posted January 14, 2018 Share Posted January 14, 2018 The Rangers are making loads of good signings. Seems fishy to me with talk of admin. What’s the bets they do their signing business and then get a pre pack? Link to comment Share on other sites More sharing options...
RobNox Posted January 14, 2018 Share Posted January 14, 2018 4 minutes ago, cjwye said: The Rangers are making loads of good signings. Seems fishy to me with talk of admin. What’s the bets they do their signing business and then get a pre pack? It wouldn't help them, as they would still have to honour any footballing debts in order to retain their SFA licence after they emerged from administration. It's the same as happened to us after we came out of admin, we still had to honour our outstanding footballing debts, which we did fairly quickly thanks to the funding that had been provided by FOH. Link to comment Share on other sites More sharing options...
Phage Posted January 14, 2018 Share Posted January 14, 2018 If King can rack up enough footballing debts he starts to make a CVA + footballing debts + other pre-pack admin cost unappealling to the 3bears, AJ and DM. Staving off the immediate threat of admin/pre-pack being forced by internal debts being called in by directors who want rid of him. Right now he is fighting to hold onto power. And i hope he sticks around for a long time. So the way I see the signings is a buy now, pay later deal. This achieves two goals bumps up costs to hostile takeover agents. Improves the team to fight for 2nd and the holy trail of Euro group stage dosh. Putting myself in Kings shoes, i would be hoping to reduce costs, Alves/Pena etc. Sell a few players for decent money and survive until season ticket money. Dodgy loans, invoice financing, other peoples money, share issue, Club 18-30.... whatever it takes to get to season ticket money. That buys him a few months and a crack at Euro dosh. Unfortunately its doomed to fail. Reports players had to buy their own tickets home from Florida suggests major cashflow problems. King cant put money in due to SA currency controls and his penniless claim in court. Even if he could... he is smart enough to know any millions put into the club vanishes never to be seen again. TOP looms large and I am hoping and praying he holds on until the cold shoulder is dished out. Would be fascinating to see the destruction to the club and other directors reactions. The cold shoulder would certainly lead to admin. Liquidation becomes more likely and The Rangers brand post 2nd admin/liquidation gets even more toxic. Hang on King... stick in there. Dont worry about the TOP either, it'll be fine :-) Link to comment Share on other sites More sharing options...
Unknown user Posted January 17, 2018 Share Posted January 17, 2018 Kris Boyd had been slagging the way rangers are doing business in the paper, and for me that can mean only one thing - the rangers establishment have turned on King and the campaign has started. Link to comment Share on other sites More sharing options...
Beast Boy Posted January 17, 2018 Share Posted January 17, 2018 36 minutes ago, Smithee said: Kris Boyd had been slagging the way rangers are doing business in the paper, and for me that can mean only one thing - the rangers establishment have turned on King and the campaign has started. ? Agreed. Link to comment Share on other sites More sharing options...
redjambo Posted January 17, 2018 Share Posted January 17, 2018 2 hours ago, Smithee said: Kris Boyd had been slagging the way rangers are doing business in the paper, and for me that can mean only one thing - the rangers establishment have turned on King and the campaign has started. Indeed. It's not the fact that Boyd has been criticizing Rangers that is the news here. It's the fact that the media published that criticism. Good call, Smithee. Link to comment Share on other sites More sharing options...
Cisco1914 Posted January 17, 2018 Share Posted January 17, 2018 7 hours ago, Smithee said: Kris Boyd had been slagging the way rangers are doing business in the paper, and for me that can mean only one thing - the rangers establishment have turned on King and the campaign has started. Fair point Smithee,Its taken them a while to figure him out. Let's hope he's there for few years yet though. Link to comment Share on other sites More sharing options...
Allowayjambo1874 Posted January 17, 2018 Share Posted January 17, 2018 If king were to sell shares to bring the total shareholding held by him and the 3 bears down to 29% does all this go away? Link to comment Share on other sites More sharing options...
Deevers Posted January 17, 2018 Share Posted January 17, 2018 1 minute ago, Allowayjambo1874 said: If king were to sell shares to bring the total shareholding held by him and the 3 bears down to 29% does all this go away? No I don't think so. He's made his move and now he must live with the consequences. All this "Leave to Appeal" malarkey can only be playing for time. His fellow directors who have supplied these soft loans must be bricking it. Link to comment Share on other sites More sharing options...
The Gasman Posted January 18, 2018 Share Posted January 18, 2018 On 14/01/2018 at 09:08, wavydavy said: He will no doubt have taken legal advice on this before embarking on taking this route. Desperate people do desperate things. The man has no shame so he is well suited to that mob. He has previous for not having taken legal advice (or not believed the legal advice given, and ignored it) when he expected to be able to move the players he wanted to, from the old Rangers to the new one - and found he couldn’t force them, and that they were free to walk away and sign for another club. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 7, 2018 Share Posted February 7, 2018 (edited) Time to bump this thread. According to newspaper reports this evening (Sun, ET, Herald, Scotsman) it appears that Rangers has obtained a "banking" credit facility, not with a high street bank, but with Close Brothers. Stewart Robertson describes it as being used for working capital, but Close Brothers don't do overdrafts to my knowledge. They specialise in asset and invoice financing though. A subsidiary, Close Leasing, provided (secured) funding to the Oldco for the refurbishment of fast food outlets. I believe that the Newco carried on the leases (still secured on the equipment purchased), which are now paid off, but at least there was a relationship there. Whatever deal they have done it will not be cheap. It could be that King has arranged this in lieu of the intended NOAL funding. It also raises the spectre of a possible Ticketus type arrangement that could be secured on future ST sales, or perhaps future transfer sales to China. Edit: The Record describes it as an overdraft that will be secured on Edmiston House and the Albion Car Park. I recall a fair bit of furore when Ashley secured some of his lending on those assets. Edited February 7, 2018 by Footballfirst Link to comment Share on other sites More sharing options...
Don Dan Posted February 7, 2018 Share Posted February 7, 2018 https://www.closebrothers.com/what-we-do-overview Link to comment Share on other sites More sharing options...
...a bit disco Posted February 7, 2018 Share Posted February 7, 2018 Close Brothers Group plc Reviews (45) • Bad Link to comment Share on other sites More sharing options...
Footballfirst Posted February 7, 2018 Share Posted February 7, 2018 From the Record article The overdraft will be secured against Edmiston House and the Albion car park and is in addition to the £7 million King promised auditors he’d underwrite for any losses in the current financial year. The facility will be used to bolster the club’s finances at a time of the year when clubs are traditionally stretched and it also comes ahead of the start next week of a £3 million refurb of the Ibrox fabric. Link to comment Share on other sites More sharing options...
...a bit disco Posted February 7, 2018 Share Posted February 7, 2018 6 minutes ago, Footballfirst said: From the Record article The overdraft will be secured against Edmiston House and the Albion car park and is in addition to the £7 million King promised auditors he’d underwrite for any losses in the current financial year. The facility will be used to bolster the club’s finances at a time of the year when clubs are traditionally stretched and it also comes ahead of the start next week of a £3 million refurb of the Ibrox fabric. £3 million? That's a lot of money for carpets and curtains. Link to comment Share on other sites More sharing options...
Mikey1874 Posted February 7, 2018 Share Posted February 7, 2018 Is not taking the (possibly genuine) £7 million from China part of the fantasy or rather promoting that Rangers' finances are healthy? Link to comment Share on other sites More sharing options...
Footballfirst Posted February 7, 2018 Share Posted February 7, 2018 1 minute ago, ...a bit disco said: £3 million? That's a lot of money for carpets and curtains. Padded seats? LOL Link to comment Share on other sites More sharing options...
...a bit disco Posted February 7, 2018 Share Posted February 7, 2018 Just now, Footballfirst said: Padded seats? LOL Already got them here. Link to comment Share on other sites More sharing options...
Deevers Posted February 7, 2018 Share Posted February 7, 2018 More debt just to create the facade that it's still a going concern. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 7, 2018 Share Posted February 7, 2018 2 minutes ago, Mikey1874 said: Is not taking the (possibly genuine) £7 million from China part of the fantasy or rather promoting that Rangers' finances are healthy? The China syndrome meltdown has apparently cooled somewhat. Alfredo Morelos is now off a list of transfer targets for Beijing Rehne, according to a report. The Express claims their interest has cooled in the Rangers striker. Chinese Super League side Beijing had an offer of around £8million rejected by the Ibrox club last month. Now it is being reported they have moved on to other targets and are unlikely to come back in for Morelos. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 7, 2018 Share Posted February 7, 2018 1 minute ago, Deevers said: More debt just to create the facade that it's still a going concern. ...... and FFP compliant? Link to comment Share on other sites More sharing options...
Deevers Posted February 7, 2018 Share Posted February 7, 2018 9 minutes ago, Footballfirst said: ...... and FFP compliant? Exactly. I'm afraid that they are being run by a latter day Wilkens Macawber constantly believing that something will turn up. All smacks of some of the stuff that went on in the previous entity before it all went tits up. Link to comment Share on other sites More sharing options...
Don Dan Posted February 7, 2018 Share Posted February 7, 2018 36 minutes ago, Footballfirst said: From the Record article The overdraft will be secured against Edmiston House and the Albion car park and is in addition to the £7 million King promised auditors he’d underwrite for any losses in the current financial year. The facility will be used to bolster the club’s finances at a time of the year when clubs are traditionally stretched and it also comes ahead of the start next week of a £3 million refurb of the Ibrox fabric. King going to underwrite the £7m he skint though according to his lawyer!! Link to comment Share on other sites More sharing options...
EC_Hearts Posted February 7, 2018 Share Posted February 7, 2018 I recently had dealings with Close Brothers relating to a car PCP deal through a leasing company. Original deal on the table was with a zero deposit, leasing company sent through the papers for signature and the £0 deposit had suddenly jumped to £1800. Close Brothers decided to alter the deal without telling me (or the leasing company). At this point following "The Rangers" example I walked away. I can only hope they maintain their sharp business practices with their new customer. Link to comment Share on other sites More sharing options...
John Findlay Posted February 7, 2018 Share Posted February 7, 2018 I get the impression the Close brothers are legal loan sharks. Link to comment Share on other sites More sharing options...
Don Dan Posted February 7, 2018 Share Posted February 7, 2018 Link to comment Share on other sites More sharing options...
sadj Posted February 8, 2018 Share Posted February 8, 2018 3 hours ago, Footballfirst said: The China syndrome meltdown has apparently cooled somewhat. Alfredo Morelos is now off a list of transfer targets for Beijing Rehne, according to a report. The Express claims their interest has cooled in the Rangers striker. Chinese Super League side Beijing had an offer of around £8million rejected by the Ibrox club last month. Now it is being reported they have moved on to other targets and are unlikely to come back in for Morelos. I am absolutely shocked that after the end of the window and no english clubs coming in for him and him “demanding” a pay rise due to the link that it has suddenly just been dropped. Never saw that coming at all! Link to comment Share on other sites More sharing options...
sadj Posted February 8, 2018 Share Posted February 8, 2018 3 hours ago, Dannie Boy said: King going to underwrite the £7m he skint though according to his lawyer!! Surely this is something that has to be taken to task? Link to comment Share on other sites More sharing options...
sadj Posted February 8, 2018 Share Posted February 8, 2018 https://uk.trustpilot.com/review/www.closebrothers.com Wow just wow! Love the first review 5star then if you look at the guy he only gives 1 star reviews to every other company. Looks like the kind of company you go to if no one else will touch you and you are happy to risk the roof over your head to get something you can’t afford ? Link to comment Share on other sites More sharing options...
Lovecraft Posted February 8, 2018 Share Posted February 8, 2018 18 minutes ago, sadj said: https://uk.trustpilot.com/review/www.closebrothers.com Wow just wow! Love the first review 5star then if you look at the guy he only gives 1 star reviews to every other company. Looks like the kind of company you go to if no one else will touch you and you are happy to risk the roof over your head to get something you can’t afford ? Was about to post the exact same thing. If this is true, they really are ****ed. Link to comment Share on other sites More sharing options...
sadj Posted February 8, 2018 Share Posted February 8, 2018 1 minute ago, Lovecraft said: Was about to post the exact same thing. If this is true, they really are ****ed. Yeah without being any sort of financial genius it seems like they are on the edge of a precipice clinging on by that last finger....There are so many variables in football that if they are relying on something like the sale of a player to survive they are playing a very dangerous game again. Link to comment Share on other sites More sharing options...
jamboz Posted February 8, 2018 Share Posted February 8, 2018 So what about the cold shoulder etc. didn’t king appeal, when does that get finalised? Bet he wishes he took the 7 million allegedly offered. Link to comment Share on other sites More sharing options...
Mark_Mywords Posted February 8, 2018 Share Posted February 8, 2018 Overdraft my arse. Sounds more like a loan to me. Desperate stuff! Link to comment Share on other sites More sharing options...
buzzbomb1958 Posted February 8, 2018 Share Posted February 8, 2018 Funny how last week a story comes out about a 7mill bid from cloud Cuckoo land and then they are selling the family car parks etc ,smoke and mirrors ,this looks like they are trying to stave off administration by borrowing from a Bright House institution popcorn time again tick tock Link to comment Share on other sites More sharing options...
Jambo dans les Pyrenees Posted February 8, 2018 Share Posted February 8, 2018 5 hours ago, Footballfirst said: From the Record article The overdraft will be secured against Edmiston House and the Albion car park and is in addition to the £7 million King promised auditors he’d underwrite for any losses in the current financial year. The facility will be used to bolster the club’s finances at a time of the year when clubs are traditionally stretched and it also comes ahead of the start next week of a £3 million refurb of the Ibrox fabric. “Hi Dave King here. Just for the avoidance of doubt should any worldwide government authority be listening in to this call I have no money. So, I’d like an, erm, hmm...overdraft, an overdraft, yes that’s right let’s call it an overdraft. Wearrrapeople.” Link to comment Share on other sites More sharing options...
the jambo poet Posted February 8, 2018 Share Posted February 8, 2018 it's history repeating itself folks.....strap in..... It's gonna be an even better roller coaster than last time. We still haven't figured out who owns what from the first time around lol Wonder if Regan's departure had anything to do with this. If he wasn't pushed he's maybe thought aw naw...no this again. We might secure a wee place in Europe on the back of this. Maybe Levein has been tapping up Morelles...might get him for nowt. Link to comment Share on other sites More sharing options...
Deevers Posted February 8, 2018 Share Posted February 8, 2018 6 hours ago, sadj said: Surely this is something that has to be taken to task? Love the wording that King has "promised" to "underwrite" the 7 million. I wonder if that is written into a legally binding document or is it just a "glib promise". Link to comment Share on other sites More sharing options...
kingdannyb Posted February 8, 2018 Share Posted February 8, 2018 “As trite as it sounds, the money is almost incidental. it’s about someone having belief in the club and the way it is being run as we move forward and normalise operations." Tick-tock ..... Link to comment Share on other sites More sharing options...
DETTY29 Posted February 8, 2018 Share Posted February 8, 2018 6 hours ago, farin said: It didn't end well the last time they were involved. So the RRM who pledged to cut all ties with onerous contractors, end up doing business with exact same companies sourced by previous non RRM boards. Link to comment Share on other sites More sharing options...
...a bit disco Posted February 8, 2018 Share Posted February 8, 2018 Nothing to see here. A poster will be along shortly to say we're all gullible morons and Rangers are on the up & up. Link to comment Share on other sites More sharing options...
Boris Posted February 8, 2018 Share Posted February 8, 2018 Going back to Dave King and the appeal against the Court of Session and Take over Panel... According to https://johnjamessite.com/2018/02/07/beware-the-ides-of-march/ , King was to lodge his grounds for appeal yesterday. Did he? Link to comment Share on other sites More sharing options...
Van Wilder Posted February 8, 2018 Share Posted February 8, 2018 Popcorn at the ready everyone.... Link to comment Share on other sites More sharing options...
Strachsuit Posted February 8, 2018 Share Posted February 8, 2018 I look forward to hearing from CJGJ on this matter. No doubt we are all frothing at the mouth for no reason and these sort of agreements with loan sharks are commonplace at football clubs the world over... In the real world, this is a dangerous game that King is playing. The amazing thing is the Orcs turning a blind eye to all of this. Securing funds against assets and potentially future revenues is exactly what they castigated Craig Whyte and Big Mike for. Yet King does it and not a peep. Astonishing. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted February 8, 2018 Share Posted February 8, 2018 Its still all smoke and mirrors, it was just background chatter about the Morelos deal, no actual offer was submitted to be rejected, this is just they go about their business, and the media either are that stupid to swallow it up, or worse too cowardly to question it??? Its like the Naismith deal, it was all white noise, Kilmarnock tried but the pitch was a factor and we came in with a real offer, Naismith admitted he could have held out to see wjat Sevco would offer, but nothing? If Sevco wanted him, they could have just at least asked for talks and it would have delayed our deal? Just smoke and mirrors. Link to comment Share on other sites More sharing options...
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