Paolo Posted April 14, 2014 Share Posted April 14, 2014 It is rather like MPs slagging off each other over expenses. "You are more dishonest than me". Link to comment Share on other sites More sharing options...
Footballfirst Posted April 14, 2014 Share Posted April 14, 2014 32Red's share price is down 7% today. http://www.lse.co.uk/ShareTrades.asp?shareprice=TTR&share=32red Does someone think that the new sponsorship deal announced today is not a good investment? Link to comment Share on other sites More sharing options...
Paolo Posted April 14, 2014 Share Posted April 14, 2014 32Red's share price is down 7% today. http://www.lse.co.uk/ShareTrades.asp?shareprice=TTR&share=32red Does someone think that the new sponsorship deal announced today is not a good investment? They'd be as well sticking their money on 32 red, both the company, and the fans. Link to comment Share on other sites More sharing options...
Jambo66 Posted April 14, 2014 Share Posted April 14, 2014 I suspect that as soon as Sevco are far enough ahead of Dunfermline to guarantee the 1st Division, they will announce a pre-pack administration. They will be in and out of administration in a matter of days and free of debt. Existing player contracts will be torn up and renegotiated. Of course, the football club will no longer own any assets, but unless someone appears who can fund the current situation, this looks like their only option. The risk is that they end up with a team that simply isn't good enough to win promotion next season. They need 4 points to guarantee the 1st Division, so I suspect we will find out one way or the other next week. Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted April 14, 2014 Share Posted April 14, 2014 (edited) That was my point Farin. If they owe anything to HMRC they'd be goosed. Cleared up now that they don't. Where did this debt of ?16m come from by the way? You can't be telling me that after having ?20m in the bank from the shares that they have cleared the lot and a ?16m loan? Jambo66, how far are Rangers in front and how many games left? Edited April 14, 2014 by Ezio Auditore da Firenze Link to comment Share on other sites More sharing options...
Jambof3tornado Posted April 14, 2014 Share Posted April 14, 2014 Rumoured to be just ?350k p.a . Lol re negotiable on entry into the top flight. Link to comment Share on other sites More sharing options...
Mysterion Posted April 14, 2014 Share Posted April 14, 2014 Rumoured to be just ?350k p.a . Lol No chance it's as low as that. I haven't seen anything printed but somewhere suggested 4.2mill over 4 or 5 years. Hopefully 32Red have a cancelation clause! Link to comment Share on other sites More sharing options...
Dalstonjambo Posted April 14, 2014 Share Posted April 14, 2014 32Red's share price is down 7% today. http://www.lse.co.uk...TTR&share=32red Does someone think that the new sponsorship deal announced today is not a good investment? It's down 40% since January. Not the sign of a booming company Link to comment Share on other sites More sharing options...
Footballfirst Posted April 14, 2014 Share Posted April 14, 2014 That was my point Farin. If they owe anything to HMRC they'd be goosed. Cleared up now that they don't. Where did this debt of ?16m come from by the way? You can't be telling me that after having ?20m in the bank from the shares that they have cleared the lot and a ?16m loan? The way that RIFC set up the IPO meant that all the money came into RIFC. Over the first 6 months they "loaned" the proceeds of the IPO to TRFC. The balance of the internal debt between TRFC and RIFC stood at ?16.1M at 30/06/13. I don't know specifically why they loaned the money in this way, but I suspect that it was always an insurance policy for the RIFC investors to have first call on TRFC's assets (Ibrox and Murray Park) if everything went tits up. However, I do know why RIFC was set up as it was. It was simply to allow the initial investors to claim Enterprise and Venture Capital tax allowances on their stakes in a start-up company. Link to comment Share on other sites More sharing options...
Mysterion Posted April 14, 2014 Share Posted April 14, 2014 It's down 40% since January. Not the sign of a booming company Strategy - sponsor a big club in an impoverished area... generate profit from blind loyalty to club and prey on those with gambling habits. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted April 14, 2014 Share Posted April 14, 2014 That was my point Farin. If they owe anything to HMRC they'd be goosed. Cleared up now that they don't. Where did this debt of ?16m come from by the way? You can't be telling me that after having ?20m in the bank from the shares that they have cleared the lot and a ?16m loan? Jambo66, how far are Rangers in front and how many games left? Where did this leap come from? They had ?20m but due to losses that have spent it. they had ?3m left in December, they have borrowed ?1.5m and at a urn rate of ?1.2m per month its about to hit critical mass. They are a not in debt yet, but the money in the bank is running out and they have no credit facilities. Season ticket money will take them to about December then its back to square one. Link to comment Share on other sites More sharing options...
Footballfirst Posted April 14, 2014 Share Posted April 14, 2014 From the RIFC Accounts (at 30/06/13) Amounts due from subsidiary undertakings - 16,163 (?000's) Amounts due to RIFC from The Rangers Football Club Ltd represents the proceeds of the Initial Public Offering less costs incurred in the fundraising. The net funds from this activity have been made available to the subsidiary as working capital. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted April 14, 2014 Share Posted April 14, 2014 Just another point, could have a thread on its own, but I bet we play them as the new years game???? Link to comment Share on other sites More sharing options...
Biffa Bacon Posted April 14, 2014 Share Posted April 14, 2014 The 120 days is a total farce, 4 months ago they determined that a nominal 120 days was necessary to review the situation and produce a report. So after 119 days there is a murky unclear picture and suddenly the mist clears on day 120? Or will everyone know that there is a severe cash flow problem, hence asking the players to take a 15% reduction. The gers fans must button up the back. And as for King, he wants to put in no cash, but still wants to dictate what's to happen. So who does put in the much needed cash? The "loyal" fans and see it disappear down the drain, or some other investors...... now let's think, would institutional investors want a reasonable return for their investment? Or just be happy to prop up an over staffed horrendously managed Company? Link to comment Share on other sites More sharing options...
Dallas Green Posted April 14, 2014 Share Posted April 14, 2014 From the RIFC Accounts (at 30/06/13) Amounts due from subsidiary undertakings - 16,163 (?000's) Amounts due to RIFC from The Rangers Football Club Ltd represents the proceeds of the Initial Public Offering less costs incurred in the fundraising. The net funds from this activity have been made available to the subsidiary as working capital. Just to make this clear. Does that mean Rangers are in debt to RIFC to the tune of ?16 million? Or was it just an amount raised by RIFC to give to rangers? Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted April 14, 2014 Share Posted April 14, 2014 Ah, so the ?16m is part of the ?20m that was in the bank. For a minute there I thought they'd wellied near on ?40m bank cash in 2 years. Link to comment Share on other sites More sharing options...
Footballfirst Posted April 14, 2014 Share Posted April 14, 2014 (edited) Just to make this clear. Does that mean Rangers are in debt to RIFC to the tune of ?16 million? Or was it just an amount raised by RIFC to give to rangers? Yes and Yes again. It was always intended to fund the club (TRFC) from the proceeds of the IPO. What was not made clear at the time of the IPO was that the funds provided would be repayable by TRFC. From the TRFC accounts published last week, there is an undertaking from RIFC that TRFC won't have to pay the money back in the immediate future (although it is ultimately repayable on demand). That was an issue that the auditors raised when they gave a going concern warning for TRFC. It's basically that same undertaking that UBIG gave Hearts, and we all know how that turned out. Edited April 14, 2014 by Footballfirst Link to comment Share on other sites More sharing options...
Paolo Posted April 14, 2014 Share Posted April 14, 2014 Seems Ally Is justifying the twitter abuse. http://bit.ly/1hBeHUg Link to comment Share on other sites More sharing options...
davieholt Posted April 14, 2014 Share Posted April 14, 2014 Fans going ahead with the season ticket trust scheme. http://sport.stv.tv/football/clubs/rangers/271631-rangers-fans-group-press-ahead-with-plan-to-collect-season-ticket-cash/?utm_source=twitterfeed&utm_medium=twitter Link to comment Share on other sites More sharing options...
Toxteth O'Grady Posted April 14, 2014 Share Posted April 14, 2014 This could get interesting, they can hardly have a stand off with the fans Link to comment Share on other sites More sharing options...
Dallas Green Posted April 14, 2014 Share Posted April 14, 2014 Yes and Yes again. It was always intended to fund the club (TRFC) from the proceeds of the IPO. What was not made clear at the time of the IPO was that the funds provided would be repayable by TRFC. From the TRFC accounts published last week, there is an undertaking from RIFC that TRFC won't have to pay the money back in the immediate future (although it is ultimately repayable on demand). That was an issue that the auditors raised when they gave a going concern warning for TRFC. It's basically that same undertaking that UBIG gave Hearts, and we all know how that turned out. Cheers for that Link to comment Share on other sites More sharing options...
The Comedian Posted April 14, 2014 Share Posted April 14, 2014 This could get interesting, they can hardly have a stand off with the fans Blame fans/King for death of club. Get out of Dodge. Link to comment Share on other sites More sharing options...
Jambo66 Posted April 14, 2014 Share Posted April 14, 2014 That was my point Farin. If they owe anything to HMRC they'd be goosed. Cleared up now that they don't. Where did this debt of ?16m come from by the way? You can't be telling me that after having ?20m in the bank from the shares that they have cleared the lot and a ?16m loan? Jambo66, how far are Rangers in front and how many games left? They are 31 points clear of Dunfermline who have 3 games left. Link to comment Share on other sites More sharing options...
CJGJ Posted April 14, 2014 Share Posted April 14, 2014 from bbc.. update on stv story A coalition of supporters' groups is pressing ahead with plans to withhold season ticket money amid disagreement on Rangers' financial future. The Union of Fans wants fans to pay into a trust fund instead set up by former director Dave King and former club captain Richard Gough. It says the money will be released once the fans are given security of Ibrox Stadium and the club's training ground. The UoF claims talks with the club's board have broken down. http://www.bbc.co.uk/sport/0/football/27027619 Link to comment Share on other sites More sharing options...
The People's Chimp Posted April 14, 2014 Share Posted April 14, 2014 Seems Ally Is justifying the twitter abuse. http://bit.ly/1hBeHUg Why is his 11 year old son on twitter? Link to comment Share on other sites More sharing options...
Paolo Posted April 14, 2014 Share Posted April 14, 2014 Why is his 11 year old son on twitter? Not to get abuse from brain dead SevCo fans, anyway. Link to comment Share on other sites More sharing options...
The People's Chimp Posted April 14, 2014 Share Posted April 14, 2014 (edited) Not to get abuse from brain dead SevCo fans, anyway. True. But it is a pretty adult forum and the perils of social media are well documented. I just pray that Jamie Hamill's son isn't on kickback. Edited April 14, 2014 by The People's Chimp Link to comment Share on other sites More sharing options...
Paolo Posted April 14, 2014 Share Posted April 14, 2014 True. But it is a pretty adult forum and the perils of social media are well documented. They are. If you tweet, slagging someone off, you should expect stick back. An 11 year old should not get abuse, though, from I assume, adults, because his dad made a made a mistake in a football match. Neither should the dad, unless he has instigated it. Link to comment Share on other sites More sharing options...
Chrambo Posted April 14, 2014 Share Posted April 14, 2014 True. But it is a pretty adult forum and the perils of social media are well documented. I just pray that Jamie Hamill's son isn't on kickback. Can you imagine the tweets..poor laddie Link to comment Share on other sites More sharing options...
kingdannyb Posted April 14, 2014 Share Posted April 14, 2014 The Rangers Union thing has said tonight that they're going ahead with their and King's plan to ringfence ST funds. If it actually happens Sevco will have no choice but to go into administration. It would be truly astonishing if the fans themselves are the ones to kill off their own club. On a side but relevant note, I see that AFC Wimbledon are only one league below MK Dons... Link to comment Share on other sites More sharing options...
kingdannyb Posted April 14, 2014 Share Posted April 14, 2014 Sorry, didn't see the previous posts. But here is an odd quote from the Rangers Fans Union; "We do not consider that there is any prospect of this action forcing the club into administration. It would be a gross dereliction of directors? duties for this board to allow that to happen when substantial investment is on offer to them and when they can ensure they receive all season ticket money by securing Ibrox and Auchenhowie in favour of season ticket holder." IMO fans v spivs = admin2 Link to comment Share on other sites More sharing options...
kingdannyb Posted April 14, 2014 Share Posted April 14, 2014 (edited) double post Edited April 14, 2014 by kingdannyb Link to comment Share on other sites More sharing options...
LeylandJambo Posted April 14, 2014 Share Posted April 14, 2014 And so where are they getting the "significant investment" from? King? (highly unlikely) or Red32? Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted April 14, 2014 Share Posted April 14, 2014 (edited) Shit's about to get real Edited April 14, 2014 by Ezio Auditore da Firenze Link to comment Share on other sites More sharing options...
Riccarton3 Posted April 14, 2014 Share Posted April 14, 2014 Sorry, didn't see the previous posts. But here is an odd quote from the Rangers Fans Union; "We do not consider that there is any prospect of this action forcing the club into administration. It would be a gross dereliction of directors? duties for this board to allow that to happen when substantial investment is on offer to them and when they can ensure they receive all season ticket money by securing Ibrox and Auchenhowie in favour of season ticket holder." Don't they mean the fans' investment via season ticket sales? In other words, the board will not let admin happen because the board will agree to the fans terms. IMO fans v spivs = admin2 Link to comment Share on other sites More sharing options...
Footballfirst Posted April 14, 2014 Share Posted April 14, 2014 (edited) Phil Mac being as cryptic as ever. Anything from a share sale/purchase to administration. Phil MacGiollaBhain @Pmacgiollabhain · Those nice people at Daniel Stewart (RIFC?s NOMAD) have just notified the AIM of an impending announcement. followed by: Phil MacGiollaBhain @Pmacgiollabhain · I am hearing that today Super Ally's representatives approached Sevco for a "Do Walking Away" deal. However,they left empty handed... Edited April 14, 2014 by Footballfirst Link to comment Share on other sites More sharing options...
Deevers Posted April 14, 2014 Share Posted April 14, 2014 Wonder who their Administrators will be this time? Link to comment Share on other sites More sharing options...
Jamboelite Posted April 14, 2014 Share Posted April 14, 2014 (edited) Its like a train crash in slow motion, we can all see it coming yet not one person appears to be shouting 'jump' from the fans or the media. Instead every story on us is doom and gloom yet compared to them we look like Citeh. I find it incredible how complacent everyone is on this. They are totally f......... Edited April 14, 2014 by Jamboelite Link to comment Share on other sites More sharing options...
269miles Posted April 14, 2014 Share Posted April 14, 2014 from bbc.. update on stv story A coalition of supporters' groups is pressing ahead with plans to withhold season ticket money amid disagreement on Rangers' financial future. The Union of Fans wants fans to pay into a trust fund instead set up by former director Dave King and former club captain Richard Gough. It says the money will be released once the fans are given security of Ibrox Stadium and the club's training ground. The UoF claims talks with the club's board have broken down. http://www.bbc.co.uk...otball/27027619 OK, I think I see how this is panning out. King has no clout or influence whatsoever. He has no money - or if he does, just like everyone who's been at Ibrox for the last 25 years , he has no intention of putting his money at risk (assuming he could get it out of S Africa - which seems very improbable).But if he can set up this bank account and get the mugs to pay THEIR money into it then King suddenly does have clout and influence. The man's a genius. Link to comment Share on other sites More sharing options...
alwaysthereinspirit Posted April 14, 2014 Share Posted April 14, 2014 Is it popcorn or pop corn? Link to comment Share on other sites More sharing options...
Jambof3tornado Posted April 14, 2014 Share Posted April 14, 2014 Wonder who their Administrators will be this time? no wonder bdo are in a hurry to tie up our cva!! Link to comment Share on other sites More sharing options...
tartofmidlothian Posted April 14, 2014 Share Posted April 14, 2014 (edited) Phil Mac being as cryptic as ever. Anything from a share sale/purchase to administration. Phil MacGiollaBhain @Pmacgiollabhain · Those nice people at Daniel Stewart (RIFC?s NOMAD) have just notified the AIM of an impending announcement. followed by: Phil MacGiollaBhain @Pmacgiollabhain · I am hearing that today Super Ally's representatives approached Sevco for a "Do Walking Away" deal. However,they left empty handed... If that last statement's true and admin really is imminent, you can see why he'd be keen to agree a payoff soon. Edited April 14, 2014 by tartofmidlothian Link to comment Share on other sites More sharing options...
Footballfirst Posted April 14, 2014 Share Posted April 14, 2014 (edited) It could just be this statement that's been put out on the official site. http://www.rangers.c...s-review-update "THE Board of Rangers Football Club notes the concern of supporters around the timing of release of an update from the Club?s business review ahead of the renewal deadline for season tickets. The Board confirms, in accordance with its previous announcements, that the business review will be completed as planned and an update will be issued to shareholders and supporters on 25th April, ahead of the season ticket renewal deadline as previously indicated." Edited April 14, 2014 by Footballfirst Link to comment Share on other sites More sharing options...
...a bit disco Posted April 14, 2014 Share Posted April 14, 2014 It could just be this statement that's been put out on the official site. http://www.rangers.c...s-review-update "THE Board of Rangers Football Club notes the concern of supporters around the timing of release of an update from the Club?s business review ahead of the renewal deadline for season tickets. The Board confirms, in accordance with its previous announcements, that the business review will be completed as planned and an update will be issued to shareholders and supporters on 25th April, ahead of the season ticket renewal deadline as previously indicated." Basically saying "Look! King's talking shite again! " Link to comment Share on other sites More sharing options...
Angry Haggis Posted April 14, 2014 Share Posted April 14, 2014 And to think we (Hearts fans) are going through the ringer recently. To the majority of decent Rangers fans I do hope they get this mess sorted..at least have a stable club to support without getting bled dry at each turn. The fiscal governance of that organisation is mind boggling. To the non decent Rangers fans...tuff titty chaps. Link to comment Share on other sites More sharing options...
Norm Posted April 14, 2014 Share Posted April 14, 2014 It could just be this statement that's been put out on the official site. http://www.rangers.c...s-review-update "THE Board of Rangers Football Club notes the concern of supporters around the timing of release of an update from the Club?s business review ahead of the renewal deadline for season tickets. The Board confirms, in accordance with its previous announcements, that the business review will be completed as planned and an update will be issued to shareholders and supporters on 25th April, ahead of the season ticket renewal deadline as previously indicated." I fully expect the review to consist of gallons of spin and bullshit which the gullible bears will swallow, staving off administration. Until they don't get promoted next year and the whole house of cards falls down. Link to comment Share on other sites More sharing options...
Deevers Posted April 14, 2014 Share Posted April 14, 2014 I fully expect the review to consist of gallons of spin and bullshit which the gullible bears will swallow, staving off administration. Until they don't get promoted next year and the whole house of cards falls down. they are skint. They won't see next season in their present guise. Unless there us a large dollop of cash pumped in from somewhere an insolvency event of one sort or another seems inevitable Link to comment Share on other sites More sharing options...
Jamboelite Posted April 14, 2014 Share Posted April 14, 2014 I fully expect the review to consist of gallons of spin and bullshit which the gullible bears will swallow, staving off administration. Until they don't get promoted next year and the whole house of cards falls down. I dont think they will make it that far. Link to comment Share on other sites More sharing options...
scott_jambo Posted April 14, 2014 Share Posted April 14, 2014 Union of fandans wanting ra deeds to Mordor & Murray park in exchange for releasing S. Tkt monies.. Deary me, loyal blackmail. Ha ha. Sounds reasonable. It's about time the fans where given a fair say in how things are run. Why should they throw their hard-earned down the drain for others to waste? Link to comment Share on other sites More sharing options...
jamboinglasgow Posted April 14, 2014 Share Posted April 14, 2014 Makes you wonder how many times Ibrox, Murray park and the Albion car park can be use as security at once. Link to comment Share on other sites More sharing options...
Recommended Posts