The Rangers soap opera goes on and on.

[JackLadd]

If it isn't underwritten then it is effectively worthless regards being a revenue stream, not that £6m is going to make any impact on anything. They already owe £4m for the secured loan. I think this is a mixture of King trying to dilute his holding and pay off Close Bros. Desperate stuff. 

Edited May 7, 2018 by JackLadd

[Jamdub]

41 minutes ago, Footballfirst said:

https://stv.tv/sport/football/1414365-dave-king-share-issue-to-provide-rangers-with-6m/

 

The Lying King does what he does best and continues to lie through his gritted teeth, while our wonderful football organisation continue to bury their heads in the sand, everything is ok here, while the numpties pony up with their season ticket money to prevent this basket case of a football club going under again and support their messiah Gerrard,, while they continue to pish money up against the wall and their crumbling stadium continues to fall apart, but, they 'arra peepul' ...

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Gizmo]

41 minutes ago, DETTY29 said:

So no major American Sports company,  Red Bull or Chinese investments today then.

All wishful thinking from sad sacks on twitter who honestly believe their are 100s of billionaire white knights just waiting to chuck millions at them. The rotund, mendacious Traynor is too thick to grasp that his aggressive PR puff articles published by the tribute act's cheerleaders have never assisted their cause one bit. 

Absolutely hilarious.

Gerard must be off his head taking this gig. 

[Boris]

The only thing that I can think of rgeards King and the share stuff is that the TOP applies to one company and this share to another?

 

I.e. the club and the holding company?  Or do things not work like that?

[Jeff]

So originally it was rumoured that Gerrard's budget was 30mil, then 20mil, now 6mil from a share issue...

 

I reckon there will be a lot of free agents and loan signings incoming

[buzzbomb1958]

5 minutes ago, Jeff said:

So originally it was rumoured that Gerrard's budget was 30mil, then 20mil, now 6mil from a share issue...

 

I reckon there will be a lot of free agents and loan signings incoming

They have more debt than 6 mil they haven't paid for this season's loan deals yet ,season ticket money will be swallowed up again and they will limp through another season .Sevco will become a Liverpool feeder team how the mighty have fallen,thank goodness we have learned to live within our means

[Gizmo]

9 minutes ago, Jeff said:

So originally it was rumoured that Gerrard's budget was 30mil, then 20mil, now 6mil from a share issue...

 

I reckon there will be a lot of free agents and loan signings incoming

After costs and paying off the loan sharks, probably enough to buy some Liverpool loan players a tank of petrol for the trip up to Govan. 

[Clerry Jambo]

https://www.bbc.co.uk/sport/football/44030906

[The Gasman]

2 hours ago, Jeff said:

So originally it was rumoured that Gerrard's budget was 30mil, then 20mil, now 6mil from a share issue...

 

I reckon there will be a lot of free agents and loan signings incoming

 

£6m will not even cover the cost of the contracts of Gerrard and his back room team, never mind any signings.

[jambo1961]

Its like Jam today with Rangers

 

Give SG a 4yr deal but only enough for 1yr in finance and see what pans out

 

An other Rangers share issue, how many is that ?? the fans will be fuming

[Don Dan]

58 minutes ago, Clerry Jambo said:

https://www.bbc.co.uk/sport/football/44030906

 

Headline says it all. Expects!! 

 

L

 

 

Rangers: Chairman Dave King expects club to raise £6m in share issue

 

[The Gasman]

I’d be very surprised if the TOP will just sit back doing nothing, while King tries to sell even more shares through a rights issue, before he has complied with their rulings about making an offer for the existing shares.

Edited May 7, 2018 by The Gasman

[buzzbomb1958]

7 minutes ago, The Gasman said:

I’d be very surprised if the TOP will just sit back doing nothing, while King tries to sell even more shares through a rights issue, before he has complied with their rulings about making an offer for the existing shares.

Seems to me this is just fleecing shareholders and people who buy more shares,maybe that's the reason for 2directors resigning because their shares will be diluted ,more like a Ponzi scheme

[Jerah Jambo]

4 hours ago, Footballfirst said:

All the £6m will do is to meets the funding needs for the club over the next couple of years at most.  Gerrard and McAllister won't come cheap either.

 

I'm no financial expert but will the issue of new shares not dilute the holding of original shareholders, in particular Club 1872 who's aim I thought was to buy up as many shares as possible with the intention of getting them a seat on the board ?

[Don Dan]

Here’s a scenario. No legal offer per TOP. Share issue goes ahead and King gets stung with having to increase his offer. 

Edited May 7, 2018 by Dannie Boy

[Armageddon]

So SevCo will raise £6M from a share issue AND The Lying King needs £6M to buy the rest of these shares.

 

Coincidence that!

[Victorian]

Turns out King hasn't given Gerrard a "precise figure" of the coming transfer budget.     Probably just said it would be whatever is found down the back of boardroom sofa.   At least he didn't have to waste a lie on him.     

Edited May 7, 2018 by Victorian

[davieholt]

1 hour ago, The Gasman said:

I’d be very surprised if the TOP will just sit back doing nothing, while King tries to sell even more shares through a rights issue, before he has complied with their rulings about making an offer for the existing shares.

 

I'd have thought it was quite an astute move on Kings part to get the rights issue away before he has to hoover up unwanted shares at the behest of the TOP. That way he avoids taking up the rights himself (though why anyone who intends to sell to DK would take up the rights first is a complete mystery)

[Footballfirst]

A BBC article provides a little more information about what is going on, in particular about running the club at a deficit and the UEFA licensing issue 

 

If I could speculate for a moment. I suspect Rangers have been told that they must be able to fund £6m deficit before the end of June in order to comply with UEFA monitoring requirements.

 

https://www.bbc.co.uk/sport/football/44030906

Quote

“I said that would require an extension of the offer because I can’t get the money into the UK, open a bank account and get the various KYC (know your customer) things you have to do with the banks to make the deadline, and they didn’t grant the extension. So that is where we are now.

“I have gone back to them and I said I will take that under review. It makes no difference to the funding or ownership of the football club.

“I said, ‘let’s accept the Takeover Panel will not be resolved in the next couple of weeks, let’s go ahead with the rights issue as it is with the restrictions I have in participating’.”

And King says he will increase his personal investment in the club.

“I have to do that, I have already done that, in advance of next season,” he said. “Because we continue to run at a deficit, deliberately, we have to satisfy the licensing authorities, the SFA, Uefa, that you have sufficient funds to fund your deficit.

“So we have had to give cash guarantees in advance of next season. So whether we raised money in a rights issue or not, we are in for the money, I am in for the money, I am underpinning the cash. The club is fully funded for next season.”

 

Edited May 7, 2018 by Footballfirst

[John Findlay]

I can sèe Gerrard resigning before next season starts when, The penny finally drops that King is a lying crook.

[DVB]

“The current loans are to be converted to equity”.

 

Is this as well as the £6 million of cash  they expect to raise or is the £6 million just an accounting journal to reclassify the loans as share capital and no new cash will be raised.

 

Then there is not complying with the TOP because King supposedly doesn’t have a UK bank account. 

 

All from a Glib and shameless liar.

 

[fabienleclerq]

Facebook(I know) has s few huns saying David Murray getting involved again!! Can you imagine...

[davieholt]

1 minute ago, John Findlay said:

I can sèe Gerrard resigning before next season starts when, The penny finally drops that King is a lying crook.

 

 

Doesn't matter. The season ticket money will be in by then.

[Hagar the Horrible]

1 hour ago, Footballfirst said:

A BBC article provides a little more information about what is going on, in particular about running the club at a deficit and the UEFA licensing issue 

 

If I could speculate for a moment. I suspect Rangers have been told that they must be able to fund £6m deficit before the end of June in order to comply with UEFA monitoring requirements.

 

https://www.bbc.co.uk/sport/football/44030906

 

Just lie after lie, you don't need to open an account as the escrow accounts are all ready in place by third parties and usually a lawyers account, to my recollection we have those in Scotland.  Also Sevco still have the Metro bank?  also he has clearly done some delaying tactics which he has confirmed TOP have said NO WAY Jose!   and its also clear SARS have been blocking the transfer assuming he has the money?  He could be lying again. and if it is SARS? then how is he going to supplement the shortfall in funds IF SARS are blocking it. More lies.   Again lets confirm TOP has said no extension and he has said he will take it under review, how magnanimous of him.  I am sure the City guys will be saying AYE RIGHT!

 

And King says he will increase his personal investment in the club.  With what?  again SARS according to him wont allow him to move money?

 

“I have to do that, I have already done that,"  so what is it DAVE?  to do or done?  how did he satisfy the authorities, is it the same mechanism he used to pass the FPP test,  its like an online porn channel?  are you over 18??   err yes.

 

So we have had to give cash guarantees in advance of next season, so its a guarantee not already done that then...clarified

 

"So whether we raised money in a rights issue or not"  so this rights issue is just to cover the shortfall ?

 

"I am underpinning the cash"  not if you cannot get it out of SA you lying barsteward?

 

"The club is fully funded for next season.”   not if you don't raise the funds, and how is this possible?

 

“I said, ‘let’s accept the Takeover Panel will not be resolved in the next couple of weeks, let’s go ahead with the rights issue as it is with the restrictions I have in participating’.”  How the feck is this even possible?  also the TOP might be resolved, by a court order or jail or a massive fine? and/or cold shouldering?

 

But where is Stevie G's war chest?  It does not exist,  too easy a time by the media, nobody pulling him up and just call him a liar

 

Stevie get out of dodge while you can

 

 

[Toxteth O'Grady]

So King annouces there will be more shares - that devalues the existing shares - therefore more people will want him to buy their shares at 20p as required by the Take over Panel. Effectively he will have to fork out more money. The more he has to use up buying 20p shares the less he can spend on the team 

[jambovambo]

1 hour ago, John Findlay said:

I can sèe Gerrard resigning before next season starts when, The penny finally drops that King is a lying crook.

Twitter :

 

”Ladbrokes have refused to give me any odds at all on Steven Gerrard still being Rangers manager at the START of the season!!! Oh dear, oh dear! ”

[buzzbomb1958]

15 minutes ago, jambovambo said:

Twitter :

 

”Ladbrokes have refused to give me any odds at all on Steven Gerrard still being Rangers manager at the START of the season!!! Oh dear, oh dear! ”

Could be the start of their second demise,if Gerrard has an agent he should tell him to change his mind and drop them like a hot tattie

[jambovambo]

No wonder John James has to hide himself. His latest suggests Gerrard, Rooney etc all connected to ... unpleasant people. 

[Lav64]

If you can't even open a UK bank account, you're that sketchy, how can you own a football club?! 

 

Makes a mockery of what is already a farce.

[Unknown user]

4 minutes ago, Lav64 said:

If you can't even open a UK bank account, you're that sketchy, how can you own a football club?! 

 

Makes a mockery of what is already a farce.

It's such bullshit, he could have 11 million in a UK based lawyer's escrow account within hours if he wanted to. 

 

[Jambo-Jimbo]

40 minutes ago, jambovambo said:

No wonder John James has to hide himself. His latest suggests Gerrard, Rooney etc all connected to ... unpleasant people. 

 

https://news.sky.com/story/man-murdered-on-merseyside-was-mob-fixer-who-stopped-gangster-terrorising-gerrard-11361489

 

 

[jambovambo]

Crikey

[Big Slim Stylee]

1 hour ago, Smithee said:

It's such bullshit, he could have 11 million in a UK based lawyer's escrow account within hours if he wanted to. 

 

 

Its beyond belief. A photo ID and and a lecky bill wherever you are in the world seems to do it I’ve found ?

[Footballfirst]

Lots more rhetoric from KIng in this DR article which provides a better insight that we have had from the snippets released earlier in the day.

 

https://www.dailyrecord.co.uk/sport/football/football-news/dave-king-qa-full-rangers-12497577

[RENE]

6 hours ago, Clerry Jambo said:

https://www.bbc.co.uk/sport/football/44030906

Can 't believe he actually says that the club runs at a deficit DELIBERATELY.....

 

[Don Dan]

“Back to the Takeover Panel: Didn’t they tell you initially to escrow the money in the UK?”

 

Kings explanation is bullshit. It’s obvious TOP woukd want the funds in a place they could control it. Funds located in SA are not controllable. 

Edited May 7, 2018 by Dannie Boy

[Footballfirst]

The full Q&A is frightening in the way is exposes King's delusional thinking.

 

How not to run a football club.

 

When will Rangers return to profitability?

Not in the foreseeable future, because we are not going to run it to make a profit in the foreseeable future. I would expect us only to start making a profit when we are back playing Champions League. Until that point, I think we are going to have to continue funding the deficit every single year.

[Gizmo]

11 minutes ago, Dannie Boy said:

“Back to the Takeover Panel: Didn’t they tell you initially to escrow the money in the UK?”

 

Kings explanation is bullshit. It’s obvious TOP woukd want the funds in a place they could control it. Funds located in SA are not controllable. 

Just about everything he says is bullshit. Look at how he goes on and on and on, if he was comfortable with what he was saying, he wouldn't keep embellishing or repeating the same point.

Telling everyone they don't want money (re Morelos) and banging on about a secured loan as if it's an overdraft facility and normalises Rangers?

Just bizarre to hear this from someone who actually made a lot of money in his dodgy business career. 

[kila]

 

[NANOJAMBO]

1 minute ago, kila said:

 

[Sraman]

It doesn't affect the club at all no, no, it doesn't affect the club because the business is a completely different thing don.t you know. The business, Rangers International Football Club, eh, so it doesn't affect the team no it doesn't affect the team at all.

 

The TOP, they know that I'm never making an offer. They know that. Nothing they can do will hurt me. Bring it on I say. Glasgow Rangers Hell Yeah!

 

Stevie's War chest? If he can get rid of some of the deadwood and save their wages he can replace them. Might pay a transfer fee, might no. Am no tellin', so there.

 

Celtic will crumble as soon as we manage to beat them the (old) Rangers way.

 

Or words to that effect.

 

I only made it just beyond halfway. I'm amazed I lasted that long.

[Big Slim Stylee]

6 hours ago, Dannie Boy said:

 

Headline says it all. Expects!! 

 

L

 

 

Rangers: Chairman Dave King expects club to raise £6m in share issue

 

 

“Hopefully that’ll help us keep the lights on for a bit” said King while idly flicking through Bears Den and thinking “thank **** that’s the sum of human waste I have to convince.”

 

My new favourite: “Maybe when he says no new investment the investers (sic) are already on board.” ?

[Spellczech]

1 hour ago, Footballfirst said:

The full Q&A is frightening in the way is exposes King's delusional thinking.

 

How not to run a football club.

 

When will Rangers return to profitability?

Not in the foreseeable future, because we are not going to run it to make a profit in the foreseeable future. I would expect us only to start making a profit when we are back playing Champions League. Until that point, I think we are going to have to continue funding the deficit every single year.

Who'd not want to invest in such a company? - Bet the shareholders are harassing the posties in Glasgow every day for the next month looking for that Rights Issue request so they can up their investment and maintain their share of future...(ah, I was going to say "profits" there)

[JackLadd]

I liked it that King considered Sevco's "greatest single achievement" was agreeing the secured £3m crisis loan from Close Brothers with the 30% punitive interest attached. What a loon.

[Kiwidoug]

37 minutes ago, Big Slim Stylee said:

 

“Hopefully that’ll help us keep the lights on for a bit” said King while idly flicking through Bears Den and thinking “thank **** that’s the sum of human waste I have to convince.”

 

My new favourite: “Maybe when he says no new investment the investers (sic) are already on board.” ?

I've been having  a look at the Bearsden and you could almost feel sorry for them.  They're still having to deal with the Romanov, green, white speak about debt for equity ad nauseam blah blah which just means "we're skint".

Thank god for Ann Budge and the f o h.

[sadj]

1 hour ago, kila said:

 

????

[dickdangleberry]

There were rumours on RangersMedia (I know, I know) that an embargo was in place to prevent the full content of the Dave King Q&A / press conference coming out until after 11pm.

 

Interestingly, that is exactly what transpired.

 

Seems a (very) strange one. Has he done a runner back to SA?

[jamboz]

So what happened to the ‘cold shoulder ‘? Surely Pinocchio won’t be able to open a bank account or do anything in relation to a new share offer until he complies with the TOP decision?  

 

In his statement he basically says we all know that I won’t be complying with the TOP anytime soon so let’s move on with a share issue. And by the way i’ve squared it all with the TOP and everything is hunky dory.

 

When are the TOP going to issue a statement and act on this?  Makes a mockery of the whole system.  

[dickdangleberry]

(On the TOP): There could be severe sanctions - you could be cold shouldered. Won’t that have an implication on the club, as well as you as chairman?

No. First of all, the assumption is they’d achieve that. I don’t think they will. I have spent a lot of my life with people telling me what they are going to do to me. Twenty years. I’m still here. I wouldn’t assume who is going to win that fight. Secondly, sanctions themselves on me would have no impact on me. I don’t do business in the UK. I don’t deal with any institutions. I don’t have public companies in the UK. I would make no difference to me in practice. I would make a decision whether I was comfortable with it or not. And if it is a question of fighting then I’ll… Sanctions would make no difference to me and it would make no difference to Rangers.

 

 

No intention whatsoever of complying. All the guff about a bank account is complete nonsense!

[Jambo dans les Pyrenees]

I think if King simply answered every FAQ with “we arra peepul” it would make as much sense as his current answers do, and make understanding easier for the hard of thinking morons, eh patrons, who unbelievably still hang on his every word.