The Rangers soap opera goes on and on.

[Hagar the Horrible]

13 minutes ago, Deevers said:

Have they not got some pretty hefty financial obligations to meet in the next few months?  

Fag packet accountancy firm here...granted.  but using a bit of artistic licence:

They have secured a loan with brutal consequencies, of £5.2m  which would have taken months to sort out

 

yet the accounst from 30th June published late December, states that they are a going concern based on soft loans £4m from NOAL with the first tranche due November?

 

so lie 1....they must have started getting this loan before November?

 

they also stated they need an estimated £.3.2m for next season

 

but the first £4m was based on a loan with no repayments, so now they have £5.2m loan with a repayment plan, still leaving £2m shortfall plus interest for next season? 

 

£7.2m is about 20,000 season tickets, and with around 32,000 season tickets need sold to keep the lights on at Ibrox, thats 52,000 people every week even before 1p is spent on players wages.

 

Lie 2 they stated they have agreed to extend their loan facilities untill July 2019 via NOAL

Lie 3 they stated they had the assets to continue as a going concern, well half of that is now held under security of the Close Brothers, what next Ibrox and MP?

Lie 4:  the financial support commited more than covers the projected shortfall this season and beyond, except they have gone to close Brothers

 

I am beggining to think this King bloke is a bit of a liar

[milky_26]

10 minutes ago, Hagar the Horrible said:

Fag packet accountancy firm here...granted.  but using a bit of artistic licence:

They have secured a loan with brutal consequencies, of £5.2m  which would have taken months to sort out

 

yet the accounst from 30th June published late December, states that they are a going concern based on soft loans £4m from NOAL with the first tranche due November?

 

so lie 1....they must have started getting this loan before November?

 

they also stated they need an estimated £.3.2m for next season

 

but the first £4m was based on a loan with no repayments, so now they have £5.2m loan with a repayment plan, still leaving £2m shortfall plus interest for next season? 

 

£7.2m is about 20,000 season tickets, and with around 32,000 season tickets need sold to keep the lights on at Ibrox, thats 52,000 people every week even before 1p is spent on players wages.

 

Lie 2 they stated they have agreed to extend their loan facilities untill July 2019 via NOAL

Lie 3 they stated they had the assets to continue as a going concern, well half of that is now held under security of the Close Brothers, what next Ibrox and MP?

Lie 4:  the financial support commited more than covers the projected shortfall this season and beyond, except they have gone to close Brothers

 

I am beggining to think this King bloke is a bit of a liar

can they actually use murray park as security? is there not some agreement/deal with sport scotland or scottish rugby?

[Brave Hearts]

14 minutes ago, Hagar the Horrible said:

Fag packet accountancy firm here...granted.  but using a bit of artistic licence:

They have secured a loan with brutal consequencies, of £5.2m  which would have taken months to sort out

 

yet the accounst from 30th June published late December, states that they are a going concern based on soft loans £4m from NOAL with the first tranche due November?

 

so lie 1....they must have started getting this loan before November?

 

they also stated they need an estimated £.3.2m for next season

 

but the first £4m was based on a loan with no repayments, so now they have £5.2m loan with a repayment plan, still leaving £2m shortfall plus interest for next season? 

 

£7.2m is about 20,000 season tickets, and with around 32,000 season tickets need sold to keep the lights on at Ibrox, thats 52,000 people every week even before 1p is spent on players wages.

 

Lie 2 they stated they have agreed to extend their loan facilities untill July 2019 via NOAL

Lie 3 they stated they had the assets to continue as a going concern, well half of that is now held under security of the Close Brothers, what next Ibrox and MP?

Lie 4:  the financial support commited more than covers the projected shortfall this season and beyond, except they have gone to close Brothers

 

I am beggining to think this King bloke is a bit of a liar

 

He is the main man in a movie called The Lying King with its theme song of Circle of Lies.........

[NANOJAMBO]

Any accountancy types on here that can answer this for me ?  If King tells the accountants he will furnish the required readies via NOAL and then tells a court under oath (presumably) that he DOESN'T have the readies then what is the legal requirement (is there one) on the auditors ? They can just sit back and wash their hands ? Shouldn't they be writing to the club to say - given what King has said we can't stand by the accounts - or is it the case the accounts are simply a snapshot at a moment in time ie good then even though based on a (false) promise ? Or is it up to the directors to take action against King (I know, I know) or the shareholders (I know, too dumb for words, most of them). 

[Beast Boy]

Right... can we please play our part in helping them die again by beating them this weekend.

[Unknown user]

1 hour ago, Deevers said:

Have they not got some pretty hefty financial obligations to meet in the next few months?  

Unless they're refinanced then yes, but 30,000+ Season Tickets is a decent wedge in the short term. Comes when that money runs out IMO - see what happens when even Close won't go near

[Footballfirst]

The only draw down from the expected £4m facility, that we know for certain, was £300k in November.

 

It was confirmed in the TRFC annual accounts which were signed off on 24th November.

 

Capital contributions

 

On 22 November 2017, the Company received additional capital contributions of £0.3m from its parent company.

 

 

Edited February 21, 2018 by Footballfirst

[The Gasman]

1 hour ago, NANOJAMBO said:

Any accountancy types on here that can answer this for me ?  If King tells the accountants he will furnish the required readies via NOAL and then tells a court under oath (presumably) that he DOESN'T have the readies then what is the legal requirement (is there one) on the auditors ? They can just sit back and wash their hands ? Shouldn't they be writing to the club to say - given what King has said we can't stand by the accounts - or is it the case the accounts are simply a snapshot at a moment in time ie good then even though based on a (false) promise ? Or is it up to the directors to take action against King (I know, I know) or the shareholders (I know, too dumb for words, most of them). 

 

Directors can be in trouble if they knowingly allow the business to continue to trade whilst insolvent, and I’d guess that one or more of them will be very nervous that they may find themselves accused (rightly or wrongly) of doing exactly that.

 

[world_3]

4 hours ago, Footballfirst said:

The signatory on behalf of Close Leasing is called "Benedict O'Mahoney".  I'm sure that will go down well with the Bears.

 

That's surely too good to be true? 

[Shanks]

This all has a very tickitus feel to it. 

[Lovecraft]

1 minute ago, Longshanks said:

This all has a very tickitus feel to it. 

I don't think Ticketus had their loan secured on property like this one.

 

This will spiral quickly when it all kicks off.

 

 

[Mikey1874]

1 hour ago, Ryder said:

Right... can we please play our part in helping them die again by beating them this weekend.

 

A defeat and a Celtic win would surely end any league challenge and trigger the big money sale to China.

 

It's all a bit unclear. Apart from Rangers spending more than their income. 

[Beast Boy]

14 minutes ago, Mikey1874 said:

 

A defeat and a Celtic win would surely end any league challenge and trigger the big money sale to China.

 

It's all a bit unclear. Apart from Rangers spending more than their income. 

 

Works for me!

[WorldChampions1902]

28 minutes ago, Mikey1874 said:

 

A defeat and a Celtic win would surely end any league challenge and trigger the big money sale to China.

 

It's all a bit unclear. Apart from Rangers spending more than their income. 

Not to mention an Extraordinary General Meeting of the GFA, as they contemplate all necessary rule changes to ensure a smooth return to the top flight for Zombies MK 2, when the inevitable happens.

[Deevers]

2 hours ago, Hagar the Horrible said:

Fag packet accountancy firm here...granted.  but using a bit of artistic licence:

They have secured a loan with brutal consequencies, of £5.2m  which would have taken months to sort out

 

yet the accounst from 30th June published late December, states that they are a going concern based on soft loans £4m from NOAL with the first tranche due November?

 

so lie 1....they must have started getting this loan before November?

 

they also stated they need an estimated £.3.2m for next season

 

but the first £4m was based on a loan with no repayments, so now they have £5.2m loan with a repayment plan, still leaving £2m shortfall plus interest for next season? 

 

£7.2m is about 20,000 season tickets, and with around 32,000 season tickets need sold to keep the lights on at Ibrox, thats 52,000 people every week even before 1p is spent on players wages.

 

Lie 2 they stated they have agreed to extend their loan facilities untill July 2019 via NOAL

Lie 3 they stated they had the assets to continue as a going concern, well half of that is now held under security of the Close Brothers, what next Ibrox and MP?

Lie 4:  the financial support commited more than covers the projected shortfall this season and beyond, except they have gone to close Brothers

 

I am beggining to think this King bloke is a bit of a liar

This next wedge of season ticket money is going to have to be pretty elastic to cover all the bases that they are hoping to cover with it. Seems to me that with the debts due shortly, players wages, overheads, tax, and now the eye watering rates of interest having to be forked out for this latest loan Armageddon for them is not too far off.  I understand that they are still paying up signing on fees for some of their acquisitions on a monthly basis.  If the court case goes against them King and co are going to have to pony up a huge amount to cover that. It's like car crash TV watching all of this develop.

[NANOJAMBO]

20 minutes ago, WorldChampions1902 said:

Not to mention an Extraordinary General Meeting of the GFA, as they contemplate all necessary rule changes to ensure a smooth return to the top flight for Zombies MK 2, when the inevitable happens.

Let's hope Lawell (via the current SPFL putsch) is about to close that door. 

[Justin Z]

4 minutes ago, NANOJAMBO said:

Let's hope Lawell (via the current SPFL putsch) is about to close that door. 

 

The continued existence of Rangers in whatever form is Lawell's greatest guarantor of continued income. The only reason Celtic voted no on The Rangers 2.0 entering in the top flight in the first place was because their fans threatened a boycott.

[NANOJAMBO]

9 minutes ago, Justin Z said:

 

The continued existence of Rangers in whatever form is Lawell's greatest guarantor of continued income. The only reason Celtic voted no on The Rangers 2.0 entering in the top flight in the first place was because their fans threatened a boycott.

Maybe , but unfortunately for him a lot of Celtic fans think differently. It's the fans that forced the club to act on Res 12 after Celtic did their best to let it wither on the vine.  Celtic's income from Champs League dwarfs anything they get from Scottish football. They are Scottish football now. But we digress. 

[Justin Z]

While that's true, they're not guaranteed a place in the Champions League group stages.

[Footballfirst]

1 hour ago, world_3 said:

 

That's surely too good to be true? 

 

[N Lincs Jambo]

3 minutes ago, Footballfirst said:

 

 

How long is it since the Hun Hordes last trashed Manchester FF?

[Footballfirst]

1 minute ago, N Lincs Jambo said:

 

How long is it since the Hun Hordes last trashed Manchester FF?

 

Less than 3 months to the 10th anniversary - 14 May 2008

[N Lincs Jambo]

Just now, Footballfirst said:

 

Less than 3 months to the 10th anniversary - 14 May 2008

 

The good people of Manchester will be looking forward to that then.

[sadj]

2 hours ago, The Gasman said:

 

Directors can be in trouble if they knowingly allow the business to continue to trade whilst insolvent, and I’d guess that one or more of them will be very nervous that they may find themselves accused (rightly or wrongly) of doing exactly that.

 

Trading standards can investigate that and its also a form of fraud. I only know this from a client we had that we didnt trust and asked appropriate questions of both TS and Police scotland.

[Gizmo]

3 hours ago, Ryder said:

Right... can we please play our part in helping them die again by beating them this weekend.

I'd love it, Keegan-style, if everyone upped their game and pumped them down and out of the euro places. I know it won't happen but they are absolutely pinning all their hopes on a European run to stave off bankruptcy particularly after their cheerleaders in the press failed to tempt anyone into paying anything for Morelos. 

Course, they shouldn't be in Europe with those dodgy, unsigned-off accounts but when did the SFA every say no to that scummy club. 

[Rods]

I am getting the feeling this is a fake.

 

No way can this be legit, Benedict O'Mahoney lol

[...a bit disco]

2 minutes ago, farin said:

 

 

That new new floating charge is an eye opener, shades of 2011. They’ve tied up a basket of assets in case of any eventuality now. They must see them as a really high risk client.

 

Has club 1872 offered an opinion on this yet?. 

 

They have.

 

And I quote "Feckin' Declan tarrier. WATP, no surrender."

[Jamdub]

Oh Brother Benedict for the good of Scottish football, can we please bring this to a CLOSE along with your other brothers. 

[Rods]

I have settled my early misgivings and now think it is legit. 

 

Did Craig Whyte not pull the same trick? That ended well.

 

All a bit councendental not so long ago Reagan left the building perhaps he did not fancy the stress again.

[Beast Boy]

41 minutes ago, Gizmo said:

I'd love it, Keegan-style, if everyone upped their game and pumped them down and out of the euro places. I know it won't happen but they are absolutely pinning all their hopes on a European run to stave off bankruptcy particularly after their cheerleaders in the press failed to tempt anyone into paying anything for Morelos. 

Course, they shouldn't be in Europe with those dodgy, unsigned-off accounts but when did the SFA every say no to that scummy club. 

 

[busby1985]

I said when he left that there was more to Regan walking away than just failing to get MoN. There is obviously something brewing in the back ground at Ibrox. I don’t understand how they’ve been allowed to assemble the squad they have given the financial state of the club. They’ve assembled the 2nd best squad in Scotland over January and can’t afford any of the players they’ve brought in. Crazy that it’s allowed to happen, especially after what happened the last time. 

[Geoff Kilpatrick]

6 hours ago, Smithee said:

The can is kicked down the road to next winter by the Close guys. For now they have short term cash flow sorted and will be selling STs soon. 

Halfway through the season, when the ST money's gone and the new lot's not in yet, that's when they'll be wearing brown trousers to work I reckon, bit anyone expecting an imminent event will be disappointed I reckon

Indeed. They also want to have a rights issue to milk even more money out of the Orcs. However, they need to sort out that pesky takeover panel first of all.

[inspector]

1 hour ago, sadj said:

Trading standards can investigate that and its also a form of fraud. I only know this from a client we had that we didnt trust and asked appropriate questions of both TS and Police scotland.

Not a TS function. 

[tntjambo]

Its strange the msm are not all over this.

[Deevers]

6 minutes ago, tntjambo said:

Its strange the msm are not all over this.

Not really - as far as Sevco are concerned they only report what Fatty Traynor tells them to. 

[Tommy Brown]

49 minutes ago, Deevers said:

Not really - as far as Sevco are concerned they only report what Fatty Traynor tells them to. 

 

Exactly, as was reported. the club has taken another massive step towards financial stability.

 

move along, nothing to see.

[Beast Boy]

50 minutes ago, Tommy Brown said:

 

Exactly, as was reported. the club has taken another massive step towards financial stability.

 

move along, nothing to see.

 

Deals will be getting done behind closed doors at Hampden as we speak.

[Hagar the Horrible]

The reality is they have by their own accounts a £6.5m shortfall for just last season, yet another £4m shortfall we know for this and an estimated £3.2m predicted ...all reported as fact

 

also reported as fact is their medium term plan over the next 5 years to become stable is to qualify for Europe, their admission that 2 failures would kill that plan is telling.

 

They also state that their salary for all paid staff “full time” including playing staff is £16.5m

 

So why not just have a playing staff budget reduced by £6.5m and they would break even?  Except they need to over the score just to compete with Aberdeen, Hearts, Hibs, St J Killie and Motherwell.  A £4m playing budget is just as big as everybody else. They are paying guys who are worth £1k per week  £10k per week, I bet they would still sign for Rangers over any of the other teams on exactly the same deal?

 

They made a big song and dance over getting the security back and full ownership of the Wee Hoose, yet it is a dilapidated ruin now sitting empty, they are not using it themselves nor renting it out, which proves there just is no money for inward investment nor for the upkeep of this property, so how bad is the big hoose?

 

Under normal circumstances their plan to keep with the tried and failed plan to speculate to accumulate is not all that bad, provided the debt and overdraft could be properly managed, except there are being kept afloat by soft director loans which now appear to have dried up, and with no overdraft or banking facilities?  And don’t even go down the NO-NOMAD fiasco, the city wont touch them.  So now they have gone down the desperate last gasp salon institutions who have their pension books and wait for them at the post office!

 

If they had balanced the books and broke even, then the banks by now would have given them a bit of slack over an overdraft, getting rid of King might help too?  Oh and go for a model like ours, they might be able to compete with Celtic?

[Armageddon]

Jim Traynor is the most disgusting individual in Scottish Football.

[Beast Boy]

10 minutes ago, Armageddon said:

Jim Traynor is the most disgusting individual in Scottish Football.

 

Yet our national broadcaster paid him our license fees for decades.

[trotter]

On 2/21/2018 at 17:06, Hagar the Horrible said:

Rangers big problem right now, is money movement, not necessarlity what is needed to be spent,  King/NOAL  stated they would fund the shortfall with directors loans in the accounts, but instead of that they went to Close Brothers for a loan with terms that would violate the Geneva Convention?  WHY?  Also the directors of Sevco have a duty to the shareholders before fans fancilful wishes, so they should have accepted the £7m offer for Morelos and keep the company as a going concern...WHY turn that down?

 

I think NOAL/King renaged on that tranche and are going through a very expensive legal process just to delay the enforced TOP shareoffer, untill King searches under every couch he has for enough lose change to cover the £11m to put into a lawers account, however he might get most of that back If nobody takes up the offer?, and then they can continue on.  But what if?  he has to call back in those loans to cover the £11m?????  Lots and lots of what ifs?  But its clear the Close Brothers deal is because NOAL failed to cover the shortfall

 

Then the Morelos deal that never really was?   I think that was the most pathetic example of grandstanding to show the world they are still functioning and winning?  A bit like a heavy weight boxer who has been battered for most of the 12 rounds, his legs have visualy gone but still sticks the arm up in the air at the bell to show the crowd and the judges that he thinks he has won?  and when the 3 judges annouce it was unanamous with 3 x 118/110 score!  he demands a rematch.....Its sad really...time for King to hang up the gloves

 

It was exactly the same thing when they were in Division 3 and asked to have their game postponed for a Scotland game. The reason being that they had Lee Wallace in the squad. Still desperate to show that they are relevant. 

[niblick1874]

1 hour ago, Hagar the Horrible said:

 

 

They made a big song and dance over getting the security back and full ownership of the Wee Hoose, yet it is a dilapidated ruin now sitting empty, they are not using it themselves nor renting it out, which proves there just is no money for inward investment nor for the upkeep of this property, SO HOW BAD IS THE BIG HOOS?

 

 

 

For the attention of the MSM.

 

I hope you lot are all over this because from where I am sitting I am seeing corruption and lies everywhere involving some people that have to do with this. 

 

You can take your it slipped through the cracks and shove it.

 

Turn a blind eye, misinform, or out and out lie on this and you will be responsible along with the rest of the scum. Remember that.

 

  

[NANOJAMBO]

5 hours ago, Ryder said:

 

Deals will be getting done behind closed doors at Hampden as we speak.

Being cynical that's exactly what I thought when I saw the Hampden news. How on earth the SFA can afford this (or would consider even taking on the risk) is beyond me. 

[tntjambo]

1 hour ago, niblick1874 said:

 

For the attention of the MSM.

 

I hope you lot are all over this because from where I am sitting I am seeing corruption and lies everywhere involving some people that have to do with this. 

 

You can take your it slipped through the cracks and shove it.

 

Turn a blind eye, misinform, or out and out lie on this and you will be responsible along with the rest of the scum. Remember that.

 

  

 

This lot are to busy spinning the 11 million bid for Morelos making them out to be in no need for the cash LOL

[WageThief]

7 hours ago, Hagar the Horrible said:

If they had balanced the books and broke even, then the banks by now would have given them a bit of slack over an overdraft, getting rid of King might help too?  Oh and go for a model like ours, they might be able to compete with Celtic?

 

 

Yeah, I think the most ridiculous part of the whole shenanigans is that they started in the third division.  Couldn't they have feasibly got promoted to the Premier while.....wait for it.....wait........making a profit??  It's a mad idea, but if you get crowds that are 100 times as much as the other teams in your division and your goal is to try and compete with Celtic who have 50m in the bank - then that might've been a good time to save up some cash.  Instead they paid guys 10k a week to play Cowdenbeath.

 

It doesn't seem to matter who is in charge, they are always run like some shady bank.  The old them used to spend the money they got from Bank of Scotland.  The new version spent their directors money.  Now they are spending money they'll presumably get in the future.  

 

They'll be very very lucky if they can cover it up with a couple of big sales.  They certainly wont cover it up pretending to receive preposterous bids from China.

[Jambo-Jimbo]

1 hour ago, WageThief said:

 

Yeah, I think the most ridiculous part of the whole shenanigans is that they started in the third division.  Couldn't they have feasibly got promoted to the Premier while.....wait for it.....wait........making a profit??  It's a mad idea, but if you get crowds that are 100 times as much as the other teams in your division and your goal is to try and compete with Celtic who have 50m in the bank - then that might've been a good time to save up some cash.  Instead they paid guys 10k a week to play Cowdenbeath.

 

It doesn't seem to matter who is in charge, they are always run like some shady bank.  The old them used to spend the money they got from Bank of Scotland.  The new version spent their directors money.  Now they are spending money they'll presumably get in the future.  

 

They'll be very very lucky if they can cover it up with a couple of big sales.  They certainly wont cover it up pretending to receive preposterous bids from China.

 

IMO they had to keep up the pretence to the knuckle dragging hordes that they were still the same big club and also that they were absolutely cacking it if they had drawn Celtic in a cup and had gotten a real doing from them, besides the orcs just loved it when they put 6 past the likes of Peterhead, made them feel like they were Billy Big Baws again.

[Mikey1874]

2 hours ago, WageThief said:

 

Yeah, I think the most ridiculous part of the whole shenanigans is that they started in the third division.  Couldn't they have feasibly got promoted to the Premier while.....wait for it.....wait........making a profit??  It's a mad idea, but if you get crowds that are 100 times as much as the other teams in your division and your goal is to try and compete with Celtic who have 50m in the bank - then that might've been a good time to save up some cash.  Instead they paid guys 10k a week to play Cowdenbeath.

 

It doesn't seem to matter who is in charge, they are always run like some shady bank.  The old them used to spend the money they got from Bank of Scotland.  The new version spent their directors money.  Now they are spending money they'll presumably get in the future.  

 

They'll be very very lucky if they can cover it up with a couple of big sales.  They certainly wont cover it up pretending to receive preposterous bids from China.

 

No excuse for them. Especially when the boycott ended and they were filling Ibrox each week. 

[Bazzas right boot]

2 hours ago, WageThief said:

 

Yeah, I think the most ridiculous part of the whole shenanigans is that they started in the third division.  Couldn't they have feasibly got promoted to the Premier while.....wait for it.....wait........making a profit??  It's a mad idea, but if you get crowds that are 100 times as much as the other teams in your division and your goal is to try and compete with Celtic who have 50m in the bank - then that might've been a good time to save up some cash.  Instead they paid guys 10k a week to play Cowdenbeath.

 

It doesn't seem to matter who is in charge, they are always run like some shady bank.  The old them used to spend the money they got from Bank of Scotland.  The new version spent their directors money.  Now they are spending money they'll presumably get in the future.  

 

They'll be very very lucky if they can cover it up with a couple of big sales.  They certainly wont cover it up pretending to receive preposterous bids from China.

 

 

With a longer term plan they could have been in great shape.

Blown it big style.

 

Didn't help their cause staying in the championship for two seasons tho.

[Jambo-Jimbo]

10 minutes ago, BigDave'sHeed said:

 

 

With a longer term plan they could have been in great shape.

Blown it big style.

 

Didn't help their cause staying in the championship for two seasons tho.

 

That was a big spanner in the works. ha ha fecking ha.

[Daveandal]

Kaunas and Hearts really have hurt them........ GLORIOUS