davieholt Posted February 20, 2014 Share Posted February 20, 2014 Wondering if this cash boost is a strategic move to guarantee a level of control should they go under. Are they increasing debts to various shareholders in order to have a majority vote and prevent HMRC being able to dictate to them if/when they go bust. This is unlikely if the Scotsman is correct in saying that, in fact, the 'loans' would be converted to shares. In that event they wouldn't be creditors in the CVA sense. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 20, 2014 Share Posted February 20, 2014 Loan discussions confirmed in a statement to AIM this morning. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11870616 Rangers International Football Club plc ("Rangers", "RIFC" or the "Company") Statement re. Press Speculation The Board of Rangers notes the press articles this morning and confirms that it is holding discussions with two major shareholders with a view to arranging a loan of up to ?1.5m to provide working capital for the Company. Documentation and terms have not been finalised, and a further announcement will be made when appropriate. Link to comment Share on other sites More sharing options...
Mysterion Posted February 20, 2014 Share Posted February 20, 2014 This is unlikely if the Scotsman is correct in saying that, in fact, the 'loans' would be converted to shares. In that event they wouldn't be creditors in the CVA sense. Aye - aware that it's a loan to be converted to shares - i was more thinking if the conversion had not taken place before an insolvency event. Link to comment Share on other sites More sharing options...
kingantti1874 Posted February 20, 2014 Share Posted February 20, 2014 Makes perfect sense, why would the Laxie's and Easdales let rangers slip into administration, lower the share price and make the club vulnerable to takeover when all they need is ?1.5 m to tide them over until the season ticket money flows in again... They will try and flog the high earners in the summer Link to comment Share on other sites More sharing options...
I.T.K Posted February 20, 2014 Share Posted February 20, 2014 Makes perfect sense, why would the Laxie's and Easdales let rangers slip into administration, lower the share price and make the club vulnerable to takeover when all they need is ?1.5 m to tide them over until the season ticket money flows in again... They will try and flog the high earners in the summer The same high earners they wanted to flog during the last transfer window? Link to comment Share on other sites More sharing options...
Skivingatwork Posted February 20, 2014 Share Posted February 20, 2014 So less that 2 weeks ago the CEO releases a statement saying that talk of an impending insolvency event is "ill-informed" and wide of the mark, yet here we are 10 days later and they need an immediate cash injection of ?1.5m or they can't pay this months wages. Hmmmm Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 20, 2014 Share Posted February 20, 2014 Makes perfect sense, why would the Laxie's and Easdales let rangers slip into administration, lower the share price and make the club vulnerable to takeover when all they need is ?1.5 m to tide them over until the season ticket money flows in again... They will try and flog the high earners in the summer Except these high earners who are under contract are in no hurry to go elsewhere as no one else will be daft enough to pay them similar. Anyway, from a purely selfish point of view, let them hobble on like this. Link to comment Share on other sites More sharing options...
richboy Posted February 20, 2014 Share Posted February 20, 2014 I find it hilarious that they are having to borrow ?1.5m just to keep the lights on. Although if they are struggling this badly, next season in the championship could be a laugh, especially if they take a points deduction Link to comment Share on other sites More sharing options...
1874robbo Posted February 20, 2014 Share Posted February 20, 2014 So less that 2 weeks ago the CEO releases a statement saying that talk of an impending insolvency event is "ill-informed" and wide of the mark, yet here we are 10 days later and they need an immediate cash injection of ?1.5m or they can't pay this months wages. Hmmmm Sounds a bit like our previous boards statements. Link to comment Share on other sites More sharing options...
doctor jambo Posted February 20, 2014 Share Posted February 20, 2014 It is a fabulous mess really is it not. All the money raised wasted, club dry, players not taking pay cuts, fights. court cases and now loans from shareholders Link to comment Share on other sites More sharing options...
richboy Posted February 20, 2014 Share Posted February 20, 2014 It is a fabulous mess really is it not. All the money raised wasted, club dry, players not taking pay cuts, fights. court cases and now loans from shareholders but but but 22million from the IPO! Link to comment Share on other sites More sharing options...
kingantti1874 Posted February 20, 2014 Share Posted February 20, 2014 Except these high earners who are under contract are in no hurry to go elsewhere as no one else will be daft enough to pay them similar. Anyway, from a purely selfish point of view, let them hobble on like this. Of course... I just doubt that they will go into admin that's all. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted February 20, 2014 Share Posted February 20, 2014 So they are lending themselves ?1.5m to pay their own bonuses. This will delay Admin2 which makes it better for us. On another point Sevco5088, which was setup to buy Rangers oldco and assets from D&P, and turned out to be owned by Green, Whyte and Earley, and the SFA did not see this as a smoking gun. Sevco Scotland got the Name Rangers and the Licence and claimed it all, Sevco Scotland not RIFC are running out of money fast, I wonder if Sevco5088 own the stadium and Sevco Scotland own the name, this could be how the spivs protect their assets when they enter admin2, just a guess, there is something not right with any of this. Ibrox needs ?ms spent on it. Unless the spivs and IPO investors are willing to just give the club away to King post admin, and King is willing to have a cull of playing staff and get Bonuses under control he still has to invest a bucket load just to sort out this basket case. BUt can anybody see the Spivs not doing a sale lease back prior to admin????? Link to comment Share on other sites More sharing options...
Munch Posted February 20, 2014 Share Posted February 20, 2014 http://sport.bt.com/sportfootball/football/scottishfootball/scottishpremierleague/rangers-close-to-securing-loan-S11363877947879 Link to comment Share on other sites More sharing options...
Footballfirst Posted February 20, 2014 Share Posted February 20, 2014 (edited) From the last set of accounts "At June 30 2013, the Club had ?11.2 million cash at bank, with only ?4.5m of this representing season ticket renewals." Taking the ?4.5M aside, that leaves ?6.7M that has gone in under 8 months and shows a cash burn rate of around ?850K a month. The ?1.5M cash injection may give then a couple of months breathing space, but it doesn't address the fundamental problem that their spending is far in excess of their income and until that is addressed then they will either need further financial doping or take the hit of an insolvency event and restructure that way. Statement 7th February THE Club has received many calls in recent days from fans, shareholders and other interested parties with regard to the contents of an Irish-based internet blog which has published numerous allegations about the business affairs of Rangers Football Club. The Club wishes to make clear that these allegations are totally inaccurate and that the Chief Executive and Board of Directors are fully focussed on the restructuring and rebuilding of Rangers Football Club as previously announced. The Club has decided to make this statement as unchallenged, ill-informed and inaccurate comments are damaging to the reputation of Rangers Football Club. Graham Wallace Chief Executive Officer Statement 20th February THE Board of Rangers notes the press articles this morning and confirms that it is holding discussions with two major shareholders with a view to arranging a loan of up to ?1.5m to provide working capital for the Company. Edited February 20, 2014 by Footballfirst Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted February 20, 2014 Share Posted February 20, 2014 This make the credibility of Wallace be in question does it not. Link to comment Share on other sites More sharing options...
Footballfirst Posted February 20, 2014 Share Posted February 20, 2014 (edited) If yesterday's PMGB blog was correct, then the club has now "borrowed" ?4M (?2.5M credit facility and ?1.5M shareholder loans) to keep them afloat. However, the SMSM will continue to portray this, with a positive spin, as only a ?1.5M investment and also a good piece of business by demonstrating that the shareholders have confidence in the longer term future of the club. e.g the Daily Record describing it as a "?1.5M Windfall" Edited February 20, 2014 by Footballfirst Link to comment Share on other sites More sharing options...
doctor jambo Posted February 20, 2014 Share Posted February 20, 2014 So in twelve months that have gone from debt free with cash in the bank to the tune of millions, to being ?4 million down and counting. Honestly?. Without being funny they would have been cheaper BUYING every club in their division and shutting them down one by one. Gives me great hope for next season Link to comment Share on other sites More sharing options...
kingdannyb Posted February 20, 2014 Share Posted February 20, 2014 (edited) If their Admin II does happen, I'm assuming this loan will see the Easdales as secured creditors and they'll be the first to get their cash back, therefore this investment is only temporary and is to save face by allowing them to survive til the end of the season. I'm also assuming that come Liquidation II the new SPFL rules will allow Third Rangers to go into any league the board sees fit, avoiding the need for a new club to go into SPFL 2 and instead they'll be allowed to swan into the Championship debt free. There's no-one left to stop these cheats. Apart from Whytey boy... Edited February 20, 2014 by kingdannyb Link to comment Share on other sites More sharing options...
davieholt Posted February 20, 2014 Share Posted February 20, 2014 I thought I read somewhere that the movement of directors in the various companies implied that Whyteboy had been bought off ? Link to comment Share on other sites More sharing options...
Skivingatwork Posted February 20, 2014 Share Posted February 20, 2014 Rather than using the phrase 'windfall' the succulent lamb record journalists should be printing a broken Sevco crest with 2012 - 2014 RIP. Link to comment Share on other sites More sharing options...
I.T.K Posted February 20, 2014 Share Posted February 20, 2014 (edited) I would be interested to get to get the terms of the Loan/ Investment/ windfall. I wonder where it sit's on the Wonga scale? Edited February 20, 2014 by I.T.K Link to comment Share on other sites More sharing options...
Footballfirst Posted February 20, 2014 Share Posted February 20, 2014 I thought I read somewhere that the movement of directors in the various companies implied that Whyteboy had been bought off ? If Whyte allows the proposed strike-off of SEVCO 5088 to proceed, then I would take that as a sign that he has received some sort of pay-off. However he has anything up to three months before the strike-off is executed. Link to comment Share on other sites More sharing options...
richboy Posted February 20, 2014 Share Posted February 20, 2014 Why don't we help them by filling out some of their new survey for them? www.surveymonkey.com/s/ReadyToListen At our recent AGM I outlined our intention to undertake a comprehensive review of the entire Club and I am pleased to report that we are making excellent progress with this. A key element of looking at how the Club operates and engages is to understand what is important to you, the Rangers supporters. If we can obtain your constructive input and suggestions then we can develop a comprehensive insight into what is needed to address the areas that are important to the fans. We are in the process of rebuilding how your Club operates and based on feedback from many of you, it is clear that there is a need for professional business management, honest conversation, transparency and greater communication to allow us to move forward together. Your Club Executive and Board is wholly open minded on how we can work together for the better development of Rangers. The Club, and you the supporters, have continued to be tested in recent months as we work on developing the long term strategy for rebuilding the Club. We need you to know that by working together, we have the ability to position your Club for a stable, successful and sustainable future. We hope that you will engage with the Club and talk to us openly. We value your input and we are Ready to Listen. To start us on this journey together, I would ask if you could take a few minutes to complete this short survey which will give you the opportunity to commence the process of sharing your thoughts and opinions with us. We will consolidate all input received and use this as the basis upon which to move our wider supporter engagement initiatives forward. Please click here to start survey. Thank you for your support. Graham Wallace Chief Executive Officer Rangers Football Club Link to comment Share on other sites More sharing options...
graygo Posted February 20, 2014 Share Posted February 20, 2014 Why don't we help them by filling out some of their new survey for them? For the same reason I wouldn't wan't a supporter of Hibs, Celtic, Rangers or any other team taking part in a survey on our club. Seems a very Celtic thing to do to me. Link to comment Share on other sites More sharing options...
itsnomarooned Posted February 20, 2014 Share Posted February 20, 2014 Well as interesting as this news is I still can't help but feel that when everything plays out they'll be just fine and none of this will have any longer term impact on them - tossers! Is it just me that still finds it amusing that on the Scotlsman site I need to click on the "SPFL Lower Divisions" tab to see these stories. And finally ....... what does MSMS stand for? Link to comment Share on other sites More sharing options...
Poseidon Posted February 20, 2014 Share Posted February 20, 2014 SMSM is Scottish Mainstream Media I think? Link to comment Share on other sites More sharing options...
Jammy T Posted February 20, 2014 Share Posted February 20, 2014 As I see it the Rangers hokey cokey with administration will be a quick in and out job. The spivs are spivs for a reason. The only issues I see are whether Craig Whyte makes any assets challenge (which may be irrelevant to any administration process) Anything is thrown up as regards the Administration/Liquidation Mark I in the London court case And if so, if the BTC finds in favour of HMRC what the consequences of that are. I do think it is rather wishful thinking to assume that Sevco will receive anything other than some small flesh wounds (if any) if they go bust. Link to comment Share on other sites More sharing options...
Feeno Posted February 20, 2014 Share Posted February 20, 2014 If the authorities shoe horn a voodoo lquidated rangers into any of the divisions other than the bottom tier. We should burn the ******* place down, burn it all down Link to comment Share on other sites More sharing options...
Rudy T Posted February 20, 2014 Share Posted February 20, 2014 Seems to me the entire Rangers plan revolves around having enough cash (by whatever means) to get back to the top league and qualifying for Europe in season one and regaining the lost income from the wilderness years........a very risky plan I suggest. Link to comment Share on other sites More sharing options...
trotter Posted February 20, 2014 Share Posted February 20, 2014 Scottish Murray Sycophantic Media... Link to comment Share on other sites More sharing options...
tartofmidlothian Posted February 20, 2014 Share Posted February 20, 2014 So what's the most realistic best case scenario for us in all this? I'm thinking they might avoid admin but they'll have to go through next season living within their means, which means their wage bill won't be stupidly higher than ours and it'll be something like a level playing field when some of the really high earners go. Either McCoist will have to manage his way out of the division or he'll insist on burning money and they'll be back in this position in a year's time. Either would be good news for us IMO. Link to comment Share on other sites More sharing options...
kingantti1874 Posted February 20, 2014 Share Posted February 20, 2014 Nothing's gonna happen Link to comment Share on other sites More sharing options...
john brownlee Posted February 20, 2014 Share Posted February 20, 2014 it stank from day one and it still stinks like a rotten corpse Link to comment Share on other sites More sharing options...
Guest oldcastlerock2012 Posted February 20, 2014 Share Posted February 20, 2014 This is all good news for us. They can't afford to pay the players they've got and noone wants to buy any of them. They also can't afford to buy anyone. They can't raise funds from fans because the fans don't trust the spivs in charge. If we can sign several experienced players I'd fancy us to challenge them next season. They are demoralised as a club, unlike us, and will find it a shock to come up against a bigger team again. Link to comment Share on other sites More sharing options...
colinmaroon Posted February 20, 2014 Share Posted February 20, 2014 So what's the most realistic best case scenario for us in all this? I'm thinking they might avoid admin but they'll have to go through next season living within their means, which means their wage bill won't be stupidly higher than ours and it'll be something like a level playing field when some of the really high earners go. Either McCoist will have to manage his way out of the division or he'll insist on burning money and they'll be back in this position in a year's time. Either would be good news for us IMO. I wish! Der Hun don't know what a level playing field is. Link to comment Share on other sites More sharing options...
Deevers Posted February 20, 2014 Share Posted February 20, 2014 Nothing's gonna happen Just yet! Link to comment Share on other sites More sharing options...
hmfcalum Posted February 20, 2014 Share Posted February 20, 2014 Loan discussions confirmed in a statement to AIM this morning. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11870616 Rangers International Football Club plc ("Rangers", "RIFC" or the "Company") Statement re. Press Speculation The Board of Rangers notes the press articles this morning and confirms that it is holding discussions with two major shareholders with a view to arranging a loan of up to ?1.5m to provide working capital for the Company. Documentation and terms have not been finalised, and a further announcement will be made when appropriate. Any idea what effect this statement has had on an already shaky share price..? Link to comment Share on other sites More sharing options...
Footballfirst Posted February 20, 2014 Share Posted February 20, 2014 Any idea what effect this statement has had on an already shaky share price..? Unaffected today in little trading. Link to comment Share on other sites More sharing options...
kingantti1874 Posted February 20, 2014 Share Posted February 20, 2014 Just yet! Ever, it makes No sense - the spivs will keep their prize cow alive and milk it for the next 50 years... They aren't going to disappear that's for sure but they also will never be the same Link to comment Share on other sites More sharing options...
Francis Albert Posted February 20, 2014 Share Posted February 20, 2014 Nothing's gonna happen ... as some were saying 1111 pages ago. Link to comment Share on other sites More sharing options...
kingantti1874 Posted February 20, 2014 Share Posted February 20, 2014 ... as some were saying 1111 pages ago. At that point it made no sense to risk trying to save the club, at this point - it makes no sense not to IMO..their fans will be fleeced for the rest of time Link to comment Share on other sites More sharing options...
Munch Posted February 20, 2014 Share Posted February 20, 2014 so all this fuss to generate a 1.5 million pound loan to survive another 6 weeks so where is Sallys 30 million war chest coming from ? Link to comment Share on other sites More sharing options...
Guest Bilel Mohsni Posted February 20, 2014 Share Posted February 20, 2014 so all this fuss to generate a 1.5 million pound loan to survive another 6 weeks so where is Sallys 30 million war chest coming from ? Where's that Mike Ashley chap in all of this? Is he not creeping around in the background still? Link to comment Share on other sites More sharing options...
Benny Factor Posted February 20, 2014 Share Posted February 20, 2014 Where's that Mike Ashley chap in all of this? Is he not creeping around in the background still? Would he not be classed in with the spivs? Link to comment Share on other sites More sharing options...
...a bit disco Posted February 20, 2014 Share Posted February 20, 2014 Where's that Mike Ashley chap in all of this? Is he not creeping around in the background still? Why aye man! Mike Ashley. His lack of shame makes him a perfect candidate for the upper echelons of Ibrox. Link to comment Share on other sites More sharing options...
Guest Bilel Mohsni Posted February 20, 2014 Share Posted February 20, 2014 I know it's wrong but those pictures actually make me like the guy a bit more. Link to comment Share on other sites More sharing options...
tartofmidlothian Posted February 20, 2014 Share Posted February 20, 2014 Why aye man! Mike Ashley. His lack of shame makes him a perfect candidate for the upper echelons of Ibrox. What the ****? Looks like a Toon man, right enough. Link to comment Share on other sites More sharing options...
niblick1874 Posted February 20, 2014 Share Posted February 20, 2014 (edited) The SFA will tell us that the way that the rangers did what they did with the help of the new rule change was not wrong because them was the rules, however, they will make sure that the rules are fixed so it can't happen again. Hey, It's done now and for the good of Scottish football we must move on. The only way out of this is to tell them very loudly, and from the top of the highest mountain we can find, that we know what they are going to do (and how the MSM will spin it),and we will be ready to jump on them from a great hight before they can say corruption. Edited February 20, 2014 by niblick1874 Link to comment Share on other sites More sharing options...
The Comedian Posted February 20, 2014 Share Posted February 20, 2014 Arf! Listening to Clyde 1, the patter is they'll be fine once the SEESUN TIKIT MUNNEY comes in. Spivs gonna spiv. They'll be fleeced time and time again. Link to comment Share on other sites More sharing options...
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