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The Rangers soap opera goes on and on.


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1 hour ago, upgotheheads said:

"Rangers might even say 'we won't come and play at Rugby Park any more'. And that would be a big loss financially for Kilmarnock and that would be Rangers paying them back for what they're doing to them."

 

Eh?. and this guy had an executive roll with the SFA! 

 

This guy wears a hairpiece and went bankrupt seems about right for an ex SFA chief.

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14 minutes ago, Diadora Van Basten said:

I have no doubt that Gordon Smith and his ilk used their influence to reinstate Sevco into the league as Rangers.

 

With a bit of help from Campbell Ogilvie.

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So, Big Mike gave Sevco a doing in court yesterday, I can see an application for money being ring fenced as Robertson admitted they don't have the funds to settle the case. Zombies better get renewing to pay these damages. 

 

And.. Sevco 5088 awarded pre trial costs vs Sevco Scotland tells you there is some serious shit coming down the newco pipe. Contingent liability my dear Sevconians. That's why your motley mob cannot raise a dime in the city.

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20 minutes ago, JackLadd said:

So, Big Mike gave Sevco a doing in court yesterday, I can see an application for money being ring fenced as Robertson admitted they don't have the funds to settle the case. Zombies better get renewing to pay these damages. 

 

And.. Sevco 5088 awarded pre trial costs vs Sevco Scotland tells you there is some serious shit coming down the newco pipe. Contingent liability my dear Sevconians. That's why your motley mob cannot raise a dime in the city.

got a link to that?

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3 hours ago, upgotheheads said:

"Rangers might even say 'we won't come and play at Rugby Park any more'. And that would be a big loss financially for Kilmarnock and that would be Rangers paying them back for what they're doing to them."

 

Eh?. and this guy had an executive roll with the SFA! 

 

 

Incredible isn't it! He no doubt got an EBT through a proxy or something...

 

I guess Rangers are concerned that their away allocation cuts is becoming a growing tend as other clubs realise they are there for the taking on the pitch.

 

Hopefully we join the club again limiting the OF to two sections of the Roseburn. Even if we don't sell out, I don't care if there is a small financial cost.

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132goals1958
1 hour ago, JackLadd said:

So, Big Mike gave Sevco a doing in court yesterday, I can see an application for money being ring fenced as Robertson admitted they don't have the funds to settle the case. Zombies better get renewing to pay these damages. 

 

And.. Sevco 5088 awarded pre trial costs vs Sevco Scotland tells you there is some serious shit coming down the newco pipe. Contingent liability my dear Sevconians. That's why your motley mob cannot raise a dime in the city.

 

 

And that is one of the many reasons their interim accounts was restricted to the six months P& l. Look forward to the full audited year end version which I suspect might be qualified

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3 hours ago, Boof said:

 

Surely you meant this...
 

 

 

How's it going mate?

Not bad at all thanks! Looking forward to La Villa Strangiato next week in Bannerman's (and in both Wolverhampton and Hull the nights before!) 

Will you be down here anytime soon? Need to catch up and drink some beer!

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Footballfirst
1 hour ago, milky_26 said:

got a link to that?

 

The "contingent liability" has been in the Rangers accounts for several years. (this is from the 2018 accounts)

 

Independent Investigation
On 15 April 2013, the Board of RIFC plc announced that it was commissioning an independent examination and report
relating to allegations made by Craig Whyte, the previous owner of Rangers Football Club plc, concerning RIFC’s
then Chief Executive and Commercial Director.

:

:

On 28 May 2013, a further letter before claim was sent to (inter alia) The Rangers Football Club Limited and Rangers
International Football Club plc on behalf of Craig Whyte, Aidan Earley and (purportedly) Sevco 5088 Limited. The
Board is of the view that the claims set out in the letter before claim are entirely unsubstantiated based on legal
advice received to date by the Board and the outcome of the Investigation. This letter is now 64 months old and
despite press reports no further correspondence or information in respect of this matter has been received in that
time.

 

At that time in 2013, the chief exec was Charles Green and the Commercial Director was Imran Ahmad. However the action  heard in court earlier in the week was Sevco 5088 against Green and Ahmad personally rather than the Newco. It relates to the "switcheroo", when it is alleged that the assets were transferred to Sevco Scotland (now TRFCL) at Green's (and Ahmad?) request, thus shafting Sevco 5088 (and Whyte?) in the process. The claim is for £5.1m.

 

With regard to Sports Direct, I'm only aware of JJ and PMGB suggesting that TRFC got a doing in court. Probably best to wait the few weeks until the judge makes his decision known before going down that road.

Edited by Footballfirst
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kirkierobroy

Ah, well, as The Herald's Chris Jack s their 'main Rangers writer' no doubt he'll be on top of all this and report it as it comes in. I mean, it can't be a Sevco PR job with lashings of succulent lab, surely.

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  • 4 weeks later...

Why is it taking so long for the judge to announce the verdict on the Sports Direct vs Rangers case??

 

 I hope the delay means it’s very bad financial news for Rangers!!

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Footballfirst
45 minutes ago, Jambo-Fox said:

Why is it taking so long for the judge to announce the verdict on the Sports Direct vs Rangers case??

 

 I hope the delay means it’s very bad financial news for Rangers!!

I don't know about that case although there was another hearing in London earlier this week. However, another case has resurfaced with Rafat Rizvi claiming that Rangers still owes him money from the financing of the Newco.

 

https://www.eveningtimes.co.uk/news/17640844.convicted-criminal-rafat-rizvis-200k-claim-over-services-provided-by-rangers-set-for-courtroom/?ref=mrb&lp=6

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SuperstarSteve

Can't find a thread regarding Flanagan but as he's a rangers player i thought I'd put it here. 

 

How the hell has he got let off with that elbow? Somebody really needs to sort the SFA/SPFL/CO out, corrupt at every possible turn. 

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10 minutes ago, SuperstarSteve said:

Can't find a thread regarding Flanagan but as he's a rangers player i thought I'd put it here. 

 

How the hell has he got let off with that elbow? Somebody really needs to sort the SFA/SPFL/CO out, corrupt at every possible turn. 

Absolutely appalling decision. The SFA have absolutely no backbone whatsoever when dealing with the Old Firm and only exist to appease them.

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...a bit disco
Just now, Glib and Shameless Crier said:

 

:wow:

 

 

Machinations mate.

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Footballfirst

Now how much has Rangers been offered for Morelos?  Start at 35 seconds into the interview.

 
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grumpyespana

Well it should be in the daily Ranger tomorrow not lol. 

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2 minutes ago, ...a bit disco said:

 

Machinations mate.

 

:jjyay:

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Footballfirst
4 minutes ago, ...a bit disco said:

 

Machinations mate.

 

That company has been dormant for over a year.  It effectively stopped trading when Ashley to King that he would have to stump up £3m to get out of the old retail agreement.

 

Rangers subsequently broke the contractual terms of the new agreement and that dispute is still going through the court system.

Edited by Footballfirst
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Rangers Retail Ltd dissolved ... I wonder if

this is another Dave King dodge to avoid paying damages to Sports Direct...

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2 minutes ago, Jambo-Fox said:

Rangers Retail Ltd dissolved ... I wonder if

this is another Dave King dodge to avoid paying damages to Sports Direct...

 

2 minutes ago, Footballfirst said:

 

That company has been dormant for over a year.  It effectively stopped trading when Ashley to King that he would have to stump up £3m to get out of the old retail agreement.

 

Rangers subsequently broke the contractual terms of the new agreement and that dispute is still going through the court system.

Guessing this is a ploy as above to avoid Sports Direct cancel contract claim they don’t exist. From personal experience there is too many links to the continuation of a company to be able to get away with that. 

 

 

5 minutes ago, Footballfirst said:

Now how much has Rangers been offered for Morelos?  Start at 35 seconds into the interview.

 

 

Free million oorO which is obvs £9million ??

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132goals1958
35 minutes ago, Jambo-Fox said:

Rangers Retail Ltd dissolved ... I wonder if

this is another Dave King dodge to avoid paying damages to Sports Direct...

 

 

Well they are legally obliged to notify interested parties and the Registrar will  publish in the gazette. providing an opportunity for anyone to justify any cause why dissolution should not go ahead.

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Footballfirst
46 minutes ago, sadj said:

Guessing this is a ploy as above to avoid Sports Direct cancel contract claim they don’t exist. From personal experience there is too many links to the continuation of a company to be able to get away with that.

 

No ploy on this occasion RRL was wound up as part of the agreement that ended the old retail contract. £3m to Ashley, plus another £2m for his shares in RIFC.

 

TRFC will be hoping that the judge is lenient about the level of damages awarded to SDI for TRFC breaking the terms of the new "matching" agreement. That decision should be made public in the next few days or weeks.

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  • 2 weeks later...
jambovambo
2 minutes ago, Footballfirst said:

Rangers penchant for a court room battle remains undiminished.

 

Now being sued for £1.1m. Surely they haven't broken another binding contract.

 

https://www.dailyrecord.co.uk/news/scottish-news/rangers-being-sued-11m-after-16229023

Honestly that is particularly embarrassing ...

 

But even the concept of charging fans to store their loved ones' ashes in some wall thing … good grief.

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Explains letting Lafferty and Dorrans go.

 

I thought the memorial had all been agreed. Maybe there is another side to this though. 

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The Real Maroonblood

Any sign of them going into administration or liquidation yet?

More chance that hell will freeze over first.

 

 

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doctor jambo
56 minutes ago, jambovambo said:

Honestly that is particularly embarrassing ...

 

But even the concept of charging fans to store their loved ones' ashes in some wall thing … good grief.

Hope they kept a drawer in the wall for the remains of the old club- maybe fill it with the ashes of the burnt side letters

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1 hour ago, Lfhearts said:

Your logic is flawed Mikey why keep them if on decent money and not playing.

 

Stop taking threads off topic.  ;) 

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My prediction is that if he goes anywhere, it will be for an undisclosed fee 

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1 hour ago, jambovambo said:

https://twitter.com/Record_Sport/status/1134452449446703104

 

"Alfredo Morelos 'set' for Newcastle as Rafa Benitez eyes £20m deal for Rangers striker"

Funny that Morelos has just signed to a new agent, who just so happens to have close ties to Newcastle. Also funny that the story is in The Daily Record, the paper level5 control. Sure that has nothing to do with this genuine story. 

 

When Morelos goes, it’ll be undisclosed and most likely China. 

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Forever Hearts
12 minutes ago, buzzbomb1958 said:

He's only worth about 3mill if that

He really isn't. 

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2 minutes ago, farin said:

 

General Meeting called, converting the remaining loans to shares. This should bring the Concert Party over 50% mark & trigger TOP requirement of an offer for remaining shares. Dodgy Dave trying get round that requirement. ?

 

 

https://media.rangers.co.uk/uploads/2019/05/Circular-FINAL21561323_1.pdf

 

 

Wooosh that goes , flying over my head. Can you simplify it even more for us simpletons

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Just now, farin said:

 

 

They basically want to convert the remaining circa £14m in loans into shares. But as this would trigger a take over bid they want to bypass that with a vote. 

F.F. will prob post up a more detailed summary once he reads the pdf. 

That helped , thanks Farin ?? I’ll wait for FF to explain in more detail. Wonder if converting the loans means they’ll be able to show a profit or similar to try snd get bank credit to push debt up to get closer to Celtic

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132goals1958
1 minute ago, sadj said:

That helped , thanks Farin ?? I’ll wait for FF to explain in more detail. Wonder if converting the loans means they’ll be able to show a profit or similar to try snd get bank credit to push debt up to get closer to Celtic

 

Converting the loans strengthens the balance sheet as it reduces their long term liabilities. They were probably all soft loans anyhow so from a cash perspective nothing really changes although borrowing may be a bit easier The key indicator is the  net current asset position which in recent times has been less than healthy. Can only hope that big Mike is still lurking in the background and triggers a dent in their accounts where they have made no provisions 

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Footballfirst
53 minutes ago, farin said:

 

General Meeting called, converting the remaining loans to shares. This should bring the Concert Party over 50% mark & trigger TOP requirement of an offer for remaining shares. Dodgy Dave trying get round that requirement. ?

 

 

https://media.rangers.co.uk/uploads/2019/05/Circular-FINAL21561323_1.pdf

 

 

I'll have a look at the details of latest Debt for Equity swap later together with any implications, but King had previously advised at the TOP hearing that a share issue was planned for July this year. The GM date fits in with that plan.

 

On a skim read, it looks as if the bulk of the outstanding loans (£14m) are being converted.

 

Such a debt conversion would have have taken the Concert Party back into TOP territory, but it seems that they have already been in contact with TOP and have been given permission to proceed if the non CP shareholders agree to it at a General Meeting.  (that is what is described as the "whitewash resolution").

Edited by Footballfirst
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Footballfirst
1 hour ago, farin said:

 

 

They basically want to convert the remaining circa £14m in loans into shares. But as this would trigger a take over bid they want to bypass that with a vote. 

F.F. will prob post up a more detailed summary once he reads the pdf. 

 

Their last full year accounts (to June 2018) showed loans of £23.425m outstanding.

 

The September 2018 share issue converted around £11.63m of those loans

 

The proposed conversion will convert a further £14.165m, £13.365m of which will be accounted for by  the Concert Party and Directors interests (King, Taylor, Letham, Park, Scott)

 

The two conversions are greater that the 2018 balance of loans by approx £2.4m, which would suggest that they have borrowed at least that amount over the last year, but there is currently no indication of the balance of loans provided by other shareholders, such as Julian Wolhardt (Borita Investments and New Trace Ltd), so the borrowing requirement may have been greater. Their last accounts suggested that they needed £4m this year and will need a further £3.6m next season.

 

 

Edited by Footballfirst
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John Findlay
3 minutes ago, farin said:

 

Club 1872’s shareholding will be diluted surely. They’ve been taken for mugs by king. 

Scottish football full stop have been taken for Mugs by Dave(the spiv) King.

Edited by John Findlay
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Footballfirst
15 minutes ago, farin said:

 

Club 1872’s shareholding will be diluted surely. They’ve been taken for mugs by king. 

 

They will be diluted from 9.5% to 6.2%.  They did at one point hold 10.7%, but were diluted to 9.5% last September despite spending £1m on new shares in that share issue.

Edited by Footballfirst
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They are still in hock to Close Brothers for a few million, are they not?  Anyone know when that loan is die for repayment?

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Footballfirst
5 minutes ago, RobNox said:

They are still in hock to Close Brothers for a few million, are they not?  Anyone know when that loan is die for repayment?

Yes, but if last year is anything to go by they used it as short term funding until the ST money came in, so the debt was cleared by then end of the financial year.

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2 minutes ago, Footballfirst said:

Yes, but if last year is anything to go by they used it as short term funding until the ST money came in, so the debt was cleared by then end of the financial year.

 

So assuming they have made use of the loan facility again, that means they'll use a chunk of next seasons ST money to clear off the debt, so in effect have already spent a chunk of next season's revenues.

 

They have the worst wages to turnover ration in the league, and I'm not sure if the figures quoted would have fully accounted for the hefty wages for Defoe and Davis since January.

 

They were fortunate enough to make Europa League group stages last season, and looks like they will need to do the same again next season otherwise they will have a big gap to plug.  I guess a lot depends on whether or not they are able to find some sucker club willing to pay well over the odds for Morelos.

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