Don Dan Posted March 27, 2014 Share Posted March 27, 2014 'We also note Mr Somers statement about fan engagement but, since announcing the trust, we have had no contact from the board. Given the obvious and urgent need for investment, we would once again urge the board to accept Dave King?s offer of ?30m so that both the fans and the club can move forward in harmony.?' So say the Union of Fan(nie)s. Must have missed Kingys concrete 30 million offer? Is he allowed to shift that amount of money out of SA I thought there were limits? Link to comment Share on other sites More sharing options...
Cardiac Rucksack Posted March 27, 2014 Share Posted March 27, 2014 The Huns on that forum aren't financially savvy Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted March 27, 2014 Share Posted March 27, 2014 They had ?3.5m in the bank in December so ran out of bank cash about a month ago. Where are they paying this months wages from as they've probably, given the timescale, pished the lot of that loan already. Link to comment Share on other sites More sharing options...
Bauld Posted March 27, 2014 Share Posted March 27, 2014 Basically what we are reading here is that if they do not get fresh investment over the summer to the tune of 20 million plus they are going to be no threat next season because they are going to have to shift there wage bill. Link to comment Share on other sites More sharing options...
Don Dan Posted March 27, 2014 Share Posted March 27, 2014 Yes. For S.A companies it's Sar 500million, almost ?30Million as it happens. Coincidence ?. But don't worry these 2 have a plan. Thanks. Maybe Fat Salary got a plan to use it to spend big as well. Link to comment Share on other sites More sharing options...
Munch Posted March 27, 2014 Share Posted March 27, 2014 orcs season ticket money is wanted by the spivs asap suculent lamb and fine wine are required Link to comment Share on other sites More sharing options...
Hearts007 Posted March 27, 2014 Share Posted March 27, 2014 how king can be allowed anywhere near a club with his convictions is beyond a joke Link to comment Share on other sites More sharing options...
rudi Posted March 27, 2014 Share Posted March 27, 2014 how king can be allowed anywhere near a club with his convictions is beyond a joke Howzaten? Link to comment Share on other sites More sharing options...
JamboSean Posted March 27, 2014 Share Posted March 27, 2014 I wonder what mankind could have achieved if it hadn't wasted its time on shite photoshop pics. Link to comment Share on other sites More sharing options...
Hearts007 Posted March 27, 2014 Share Posted March 27, 2014 Howzaten? fit and proper? Link to comment Share on other sites More sharing options...
Munch Posted March 27, 2014 Share Posted March 27, 2014 spivs v orcs who wins ? Link to comment Share on other sites More sharing options...
rudi Posted March 27, 2014 Share Posted March 27, 2014 fit and proper? Do go on. Link to comment Share on other sites More sharing options...
Hearts007 Posted March 27, 2014 Share Posted March 27, 2014 Do go on. naw ya ken the script Link to comment Share on other sites More sharing options...
Riccarton3 Posted March 27, 2014 Share Posted March 27, 2014 (edited) Is there not some bloke trying to buy Leeds that is being blocked because of previous tax fraud? Different league, different standards? Edited March 27, 2014 by Riccarton3 Link to comment Share on other sites More sharing options...
Hearts007 Posted March 27, 2014 Share Posted March 27, 2014 Due to his criminal convictions yes. But this is the corrupt Sfa we're talking about here, so I wouldn't discount it tbh. yep,the five away agreement gers signed to remain in the league,well part of that agreement was to pay the sfanearly ?900,000,does anyone know if all or part or none of this has been paid yet? Link to comment Share on other sites More sharing options...
rudi Posted March 27, 2014 Share Posted March 27, 2014 naw ya ken the script He can invest as much money as he wants into them as long as he doesn't hold any kind of directorship position IF he doesn't meet the criteria of the fit and proper person ruling. Link to comment Share on other sites More sharing options...
Riccarton3 Posted March 27, 2014 Share Posted March 27, 2014 I just can't imagine this guy being deemed fit and proper anywhere in Scotland. Link to comment Share on other sites More sharing options...
brownkg Posted March 27, 2014 Share Posted March 27, 2014 He can invest as much money as he wants into them as long as he doesn't hold any kind of directorship position IF he doesn't meet the criteria of the fit and proper person ruling. If all his money is in Sa then see above . If he has some secret funds elsewhere well then for 1 SA authorites may take a dim view and 2 surely it is as much as the spivs will let him NB huge rash assumption that he both has the money and is willing to invest it rather than just playing to the gallery Link to comment Share on other sites More sharing options...
Hearts007 Posted March 27, 2014 Share Posted March 27, 2014 (edited) He can invest as much money as he wants into them as long as he doesn't hold any kind of directorship position IF he doesn't meet the criteria of the fit and proper person ruling. yeah but cant see why he is willing to cough up millions when he will never get his hands on them if the sfa stick to the rules Edited March 27, 2014 by hearts007 Link to comment Share on other sites More sharing options...
rudi Posted March 27, 2014 Share Posted March 27, 2014 If all his money is in Sa then see above . If he has some secret funds elsewhere well then for 1 SA authorites may take a dim view and 2 surely it is as much as the spivs will let him NB huge rash assumption that he both has the money and is willing to invest it rather than just playing to the gallery matters not a jot, the SFA can do SFA about him until he tries to become a director, IF he doesn't meet their criteria, so until such time it's pointless getting all in a lather about it, even then it's really not worth bothering about if the truth be told. Link to comment Share on other sites More sharing options...
Chrambo Posted March 27, 2014 Share Posted March 27, 2014 Basically what we are reading here is that if they do not get fresh investment over the summer to the tune of 20 million plus they are going to be no threat next season because they are going to have to shift there wage bill. Hopefully they get the money to last them till next season. Link to comment Share on other sites More sharing options...
jamboruss Posted March 27, 2014 Share Posted March 27, 2014 I just can't imagine this guy being deemed fit and proper anywhere in Scotland. Govan Link to comment Share on other sites More sharing options...
brownkg Posted March 27, 2014 Share Posted March 27, 2014 matters not a jot, the SFA can do SFA about him until he tries to become a director, IF he doesn't meet their criteria, so until such time it's pointless getting all in a lather about it, even then it's really not worth bothering about if the truth be told. You misunderstand my point . I was doubting he has the willing or wherewithal to put his hand in his pocket Link to comment Share on other sites More sharing options...
Riccarton3 Posted March 27, 2014 Share Posted March 27, 2014 (edited) But he is the main man. The only guy with 50 million ready to invest for next to no return. The fans are asking the board to let him invest. This is now. Current. Is he going to do it? Give it to the Board? Edited March 27, 2014 by Riccarton3 Link to comment Share on other sites More sharing options...
Chrambo Posted March 27, 2014 Share Posted March 27, 2014 Govan Leith Link to comment Share on other sites More sharing options...
Munch Posted March 28, 2014 Share Posted March 28, 2014 The club is stagnating under ineffective leadership. Rangers are in crisis. Excluding the cash tied up in Rangers Retail we were down to ?1.8m in the bank at 31 December. I am struggling to see how we will have enough cash beyond April. Our cash burn rate is c ?1m per month until the season ticket money comes in so even after the loans of ?1.5m and a possible dividend from Rangers Retail, we must be very close to running out of cash in May. We need investment urgently. The three key indicators of performance are Cash Balance, Revenue and Operating Costs. 1/ The Cash Balance is ?3.5m. The cash balance is disappointingly low. To have shown a significant improvement this would really have needed to be in the ?5-?6m region. It?s obvious the current Board are just hanging on for season ticket revenues, hence the need for the recently negotiated loans. It should also be noted that ?1,669,000 relating to Rangers Retail Limited (joint venture with Sports Direct) is not immediately available to the club. 2/ Revenue. Revenues excluding the Sports Direct income are down despite the club playing in a higher league. The revenue is ?13.2m, of this ?4.8m is from the Sports Direct deal, leaving ?8.4m. Comparative figures for last year were ?9.5m less ?0.9m from Sports Direct leaving a figure of ?8.6m. 3/ Operating Costs. Operating costs have not been reduced. This years headline figure is ?16.8m, but ?3m of that is Sports Direct leaving a figure of ?13.8m. Divide that by six and the monthly operating costs are ?2.3m. Comparative figures for last year - ?16.6m for the 7 months the half-yearly report covered, minus ?0.4m from Sports Direct leaves ?16.2m, divide by 7 and the figure for last year was ?2.3m WHY SPORTS DIRECT MATTER It is important to strip out the Sports Direct money as that gives a distorted picture of how the business is doing. It?s important to remember that Rangers and Sports Direct are on a 50/50 profit share but that its all Rangers capital which is employed in the venture. Assuming a 100% mark up on the retail sales it would take a turnover of roughly ?5million for Rangers to obtain ?1million after tax from that deal. ?1,669,000 relating to Rangers Retail Limited is noted in the accounts as not being immediately available to the club. Therefore the effective cash balance is just under ?2million. WHAT DOES IT ALL MEAN? It means that the club is struggling very badly. Without the loans from George Letham and Sandy Easdale the bills would stop being paid around Easter - even now the club is essentially existing hand to mouth and the current Board are reduced to threatening season ticket holders that without their cash the club will go into administration. THE PROBLEM The problem is that the current Board are the servants of the same block of shareholders who supported the disastrous polices of Charles Green. These figures show that they have failed utterly to cope with the challenges facing the club. Some of them may only have been elected at the AGM but their group has been in charge for a long time and they are responsible. TRYING TO HOLD US TO RANSOM Quotes from Sandy Easdale, Graham Wallace and David Somers all point to season ticket money being crucial - the implied threat is that if it is with-held the club goes into crisis. But then if the current Board resigned and was replaced by one we have faith in then the season ticket money will flood in. THE SOLUTION? Change. Change in the Board, change in policy, and change in the sage register. We need a huge injection of cash and Dave King is the only credible source of it. Other sources may exist but a majority of fans have no faith in any new investor brought in by the current Board - their agenda will be suspect. Dave King is one of us and has already lost ?20m investing in the club but he is prepared to do more. Link to comment Share on other sites More sharing options...
2NaFish Posted March 28, 2014 Share Posted March 28, 2014 it was all going so well until the solution. 'he's wan o us' Link to comment Share on other sites More sharing options...
scott_jambo Posted March 28, 2014 Share Posted March 28, 2014 People concerning themselves with Rangers today. Link to comment Share on other sites More sharing options...
...a bit disco Posted March 28, 2014 Share Posted March 28, 2014 People concerning themselves with Rangers today. Imagine that, eh? Musseburgh v Armadale, David Moyes, baseball caps, Michael Gove rapping, video games of yesteryear, etc. Today of all days. Link to comment Share on other sites More sharing options...
Notts1874 Posted March 28, 2014 Share Posted March 28, 2014 People concerning themselves with Rangers today. Very much this. Issues a lot closer to home than them I'm afraid folks. Link to comment Share on other sites More sharing options...
...a bit disco Posted March 28, 2014 Share Posted March 28, 2014 Very much this. Issues a lot closer to home than them I'm afraid folks. A situation we don't even have all the facts about and we can influence in no way? True, a very frustating day but the world moves on. Link to comment Share on other sites More sharing options...
Riccarton3 Posted March 28, 2014 Share Posted March 28, 2014 I like the rangers story. Far more clarity. And straightforward. Link to comment Share on other sites More sharing options...
Jamboelite Posted March 28, 2014 Share Posted March 28, 2014 (edited) People concerning themselves with Rangers today. So we can only post on the one topic to which no one has a clue what is happening aye very good. Edited March 28, 2014 by Jamboelite Link to comment Share on other sites More sharing options...
Der Kaiser Posted March 28, 2014 Share Posted March 28, 2014 So we can't talk about The Rangers on a The Rangers thread because there is news about us. Link to comment Share on other sites More sharing options...
hearts151 Posted March 28, 2014 Share Posted March 28, 2014 So we can't talk about The Rangers on a The Rangers thread because there is news about us. Haha. Is it just me or does your brain actually make you hear a faint okay when you watch that gif? Link to comment Share on other sites More sharing options...
trotter Posted March 28, 2014 Share Posted March 28, 2014 Haha. Is it just me or does your brain actually make you hear a faint okay when you watch that gif? My brain makes me think she's saying 'Yes Graeme, put it anywhere you like'. But each to their own... Link to comment Share on other sites More sharing options...
Jambo1956 Posted March 28, 2014 Share Posted March 28, 2014 People concerning themselves with Rangers today. So why are you on this thread? Link to comment Share on other sites More sharing options...
BRAVEHEART1874 Posted March 28, 2014 Share Posted March 28, 2014 So why are you on this thread? Link to comment Share on other sites More sharing options...
BRAVEHEART1874 Posted March 28, 2014 Share Posted March 28, 2014 So why are you on this thread? Link to comment Share on other sites More sharing options...
Munch Posted March 28, 2014 Share Posted March 28, 2014 best not to mention them on here it seems to upset some posters i wonder why ? Link to comment Share on other sites More sharing options...
tartofmidlothian Posted March 28, 2014 Share Posted March 28, 2014 People concerning themselves with Rangers today. It's not like they'll be our main opposition for promotion next season or that their possible financial implosion could be a huge factor in our immediate future eh? Oh no wait. Link to comment Share on other sites More sharing options...
kingdannyb Posted March 29, 2014 Share Posted March 29, 2014 (edited) A couple of quotes from today's McCoist interview in the Scotsman. What a fat idiot: ?I?ll be honest with you, I?ve looked at the interim accounts but I?ve not had a lot of time to digest them. I have been concentrating on the football and will continue to do so. We now have a board and a chief executive more than capable of handling the other side of things.? ?Where the investment comes from, we will have to wait and see. In the meantime it?s good everybody agrees investment is needed. We lost millions when we lost the players we did after administration two years ago. To get back to the standard of where we were, investment is needed." Interpretation; I'm too thick to understand numbers and Sevco cannot exist without a sugar daddy. Edited March 29, 2014 by kingdannyb Link to comment Share on other sites More sharing options...
DETTY29 Posted March 29, 2014 Share Posted March 29, 2014 Hasthe United Fans Group or whatever they are called asked King to prove where he is getting the investment from and how he is getting it into the UK? I'm sure the Sun and Record have too? Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted March 29, 2014 Share Posted March 29, 2014 Hasthe United Fans Group or whatever they are called asked King to prove where he is getting the investment from and how he is getting it into the UK? I'm sure the Sun and Record have too? It is off the radar! Link to comment Share on other sites More sharing options...
Jabba Posted March 29, 2014 Share Posted March 29, 2014 It is off the radar! Clarification at last Link to comment Share on other sites More sharing options...
Jabba Posted March 29, 2014 Share Posted March 29, 2014 (edited) DP Edited March 29, 2014 by Jabba Link to comment Share on other sites More sharing options...
djf Posted March 29, 2014 Share Posted March 29, 2014 Why don't the Union of Fans ask DK to place his 30 million in a trust to prove his commitment. Since he's definitely going to do it, no bother, **** yer inheritance kids, I can't see why he would have an issue with this? Link to comment Share on other sites More sharing options...
DETTY29 Posted March 29, 2014 Share Posted March 29, 2014 Why don't the Union of Fans ask DK to place his 30 million in a trust to prove his commitment. Since he's definitely going to do it, no bother, **** yer inheritance kids, I can't see why he would have an issue with this? Exactly. Thats what he has asked supporters to do with their season ticket money. Link to comment Share on other sites More sharing options...
Jammy T Posted March 29, 2014 Share Posted March 29, 2014 FFS - McCoist harping back to the players that walked when they went bust and losing money as a result. What a cretin the guy is. As an aside - on non payment of wages. How does anyone ever know? Couldn't sevco gag the players? Would anyone go running to the SPFL? How would they know if players wages weren't paid? Link to comment Share on other sites More sharing options...
Gigolo-Aunt Posted March 29, 2014 Share Posted March 29, 2014 FFS - McCoist harping back to the players that walked when they went bust and losing money as a result. What a cretin the guy is. As an aside - on non payment of wages. How does anyone ever know? Couldn't sevco gag the players? Would anyone go running to the SPFL? How would they know if players wages weren't paid? If Rangers never paid players at any stage, it would have made the papers. It would have been one of the biggest stories of the year for an industry that is ailing. Link to comment Share on other sites More sharing options...
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