Rangers Banter Archive November 19 2014

 

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19 Nov 2014 21:55:06
The CEO of Rangers PLC approached me on the 22nd October 2014 asking whether I would be willing to provide a short term loan to RFC Ltd. He informed me that he had been given a remit by RFC PLC to negotiate terms and to report back to the Board. My lawyers, DLA, proceeded to negotiate terms with RFC lawyers. After much discussion between the parties, the following terms were offered on Friday 24th October 2014.

1/ A £3m facility for a period of 6 months from the date of the drawdown.

2/ 3% annual charge

3/ Fixed security charge over Albion Car Park and Edmiston House

4/ The Board of RFC would endeavour in the future to extend this to security over Murray Park as they were unable to grant such at this time.

5/ Ibrox Stadium to be protected in a Trust or a similar Legal mechanism that would allow this asset to be used solely for RFC in whatever legal entity to play football in perpetuity.

6/ Paul Murray to be appointed to the plc main board for a period of 24 months.

7/ A lightweight floating charge over all assets except Ibrox Stadium

8/ No qualifying floating charge to be granted to any other party.

9/ In the event of administration the lender would have the right to appoint the Administrator.


The loan (of which £1 million pounds had been provided by Mr George Letham) was designed to give the Board of Rangers PLC the time needed to pursue Dave King’s offer and/or a new share issue in order to ensure long term financial security for the business.

Furthermore the appointment of Paul Murray would provide much needed harmony between the Board and the supporters.

I was informed by Mr Somers that the Board had no objections to any of these terms. He later informed me that he had made the decision to go with Mr Ashley’s offer after consultation with the Major Shareholders. This is their prerogative.

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20 Nov 2014 05:19:14
"The CEO of Rangers PLC approached me on the 22nd October 2014 asking whether I would be willing to provide a short term loan to RFC Ltd. "

You too, Mcc? How many loans have they tried to get? :-)

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19 Nov 2014 16:37:13
David king has money to invest the board of summers Eastdale ect will not let him or any other rangers man on the board because they will then find out all the secret deals back backhanders ect they are scared of what we the fans will discover its that plain and simple same reason they won't sack mccoist he will tell all they will not sell to a rangers man they will only keep passing it on to people in there crew 2 opinions left for the fans

1 total boycott can't see that happening cause to many fans have there opinion on way forward for club
when many other clubs fans in similar
situations have come together and forced change all we do is fight and bicker between our selves

2 king Murray letham Kennedy
who ever plus us the fans all come together and start buying shares
no other way cause they will never sell the club to us or king ect if we wer to give them 20 30 million they still wouldn't walk away shares are only way we get a say

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19 Nov 2014 17:15:39
Happy retirement to Peter Lovenkrands, I always liked him at Ibrox and he was a potent weapon as an out and out striker, where he should have always been played. He had pace and scored loads of old firm goals including the double in the 2002 cup final and a screamer against Inter Milan. It was by accident he got used as striker, due to others being injured but it was a happy accident.

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Why can't King do something similar to what he was proposing with the pledges for season ticket money, only this time with shares?He could double whatever the fans were willing to put in maybe.
I'll phone him tomorrow, see what he thinks lol.

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@1 I'm with you, lovenkrands done well for us, and had a knack of scoring in big games

JG

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19 Nov 2014 13:23:38
Kenny McLean to rangers in January? He's a rangers fan and has been linked before.

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It would be good to have someone with a bit of quality in midfield.

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19 Nov 2014 22:06:48
10 redundancies made, more to come and you're talking about new players!!!

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That's right, it's called free speech.

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19 Nov 2014 11:33:14
So King now wants all Rangers fans to boycott Ibrox and starve the Board of money. He has retaliated against Somers' version of why his bid was rejected and has basically said Somers was lying and Easdale blocked the bid. Why can't he get his cheque book out and make the corrupt Board, or what is left of it, an offer they can't refuse? If he is a true Bear he'd do that.

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19 Nov 2014 12:27:24
@ op Was thinking along the same lines, the way I see it if the fans continue to boycott, mike ashley will keep proping the club up with loans secured against assets until he owns everything and then every would be saviour king or whoever would have to pay well over the odds to get the club so a decent offer to certain shareholders now maybe just secure there shares to get control of the club.
r. f

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Same game plan as ever for King. Hoping to drive the club into liquidation to give himself a shot at getting it on the cheap, which of course there is no guarantee he will do. A very dangerous game.

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19 Nov 2014 14:23:40
Exactly Nav a very dangerous game as even if he does pick the club up on the cheap and ashley owns all the assets secured against failure to pay back loans theirs no danger he would be able to buy them back as cheaply as they were picked up.
r. f

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Blackmail simple as that. Blackmail

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King always makes offers that he knows they can't accept does not won't to put his hand in his pocket

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I will say again he should never ever give in to blackmail. do you not get it plod is coming to get them anyway

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Why do you want King to waste money paying these robbers off?? have they not had enough ?
Give them no more, why waste money that will be desperately needed in the months/years to come.
They will only be toppled if they are "starved out" of the food they love,,,, money, ours.
Unfortunatly a large amount of our support want to keep feeding them this. . .

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19 Nov 2014 19:42:30
But ALLY if ashley keeps proping them up with loans until he owns all the assets and his plans for Rangers are not what we are wanting then what will the would be saviours do then as I'm. sure it would cost a lot more to buy assets back than it would cost to buy major shareholders out now.
r. f

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R. f mr ashley will never let another party gain control that's the other worry. We are stuck behind a massive boulder and a very hard place. The robbers will keep robbing no matter what. unless you offer them over mmmm the odds say 25 million just a figure but prob what MA got plans to take in years to come. just for starters. When King says starve its his polite way of saying bring the lot tumbling down i'm afraid.

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King has tried and tried to sort this mess out so in don't think we can question his commitment on that part. It seems lost on many people here that the current board are only interested in protecting their cash cow. They can't afford to have king, Murray, letham or Kennedy near rangers or their whole scam will become public knowledge and stopped.

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Northger, take yer king size blinkers off and tell me exactly how king has tried to sort this out?

JG

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King and his consortium made a 16 million offer unless my blinkers are that big I imagined it. He also advised everyone to stop lining the pockets of the board. In setting up his consortium and talking to the board. He has done so at his cost flying back and fore to South Africa, down to london to speak to investors, into glasgow. Just because he hasn't been daft enough to hand over his money with no conditions attached doesn't mean he hasn't tried. Take it your blinkered to the absolutely fantastic board we have in place at the moment, but that's up to you. Hope you happy with what they have done to our club

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19 Nov 2014 07:40:05
Scotland banter really. Sad that no Gers players in the Scotland team but that is a sign of the times. At least young McLeod was on the bench. I think this friendly was unnecessary and I'm sure Strachan wouldn't really have wanted to play it. The win over Ireland was great. Last night there was little fizz or get up and go. Again I thought Robertson impressed and Naismith never stopped running but Martin (Derby) looked out of his depth. Only Whittaker and Russell when he came on looked OK other than that.

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Just a tenuous link to OP, watched the game on ITV England and guess who was a pundit? none other than Super Ally!! heres hoping that with the board over-ruling him on the Alloa game & the possible resumption of his TV career he will find himself too busy for Rangers.

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Yes youngwinston1, let's hope Sue Barker invites him back to A Question of Sport!

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Whittaker ok. are you at the wind up he was an absolute disaster, slow, poor passing, positionally all over the place. The game turned in England's favour when Brown went off, we had no desire or energy in cm after that. Naismith ran about but did nothing, suppose that was more than Martin did to be fair. Stevie May did well when he came on.

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@3

He must be on the wind up Whittaker was awful. Can't defend and gave the ball away too often

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19 Nov 2014 07:22:14
10 redundancies announced, no playing or coaching staff involved, more cuts to follow.

Is it just me but this won't help 10 admin staff on a couple of hundred quid a week (feel so sorry for anyone being made unemployed hope they all find something soon). If they sack another 10 non playing/coaching staff say they will save 5k a week with the 20 poor sods that lose their jobs to pay a already very rich player who is on that a week and most being over 30 and no sell on value what so ever. We will need to bite the bullet and cut very deep in playing/coaching staff ( i've always said we have 55+ players and prob 20 coaching posts that's ok if we were getting into CL every year or 2 ) Just off the bat miller and boyd must be taking the best part of £15k a week, that's 60 admin staff. Bite the bullet or we will be in admin before x-mas

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Usual start to lay-offs. Get rid of the people who actually graft (and go that extra yard because they care). Save a few pennies then come Christmas blow the savings on a club party for the ones already well ( and over) paid. Of course, state its in the club budget. Well why not scrap the perks, free tickets, parties, press goodies and give-a-ways and retain people. ?

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19 Nov 2014 09:54:12
Would probably cost more in redundency payments to lay off playing staff if indeed they are on the extremely high wages that's been said on here.
r. f

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What a bloody shambles, honest ones go first,, merry Christmas folks and thanks for your mmmmm loyalty. We will repay you by????? not giving a "jot" about you.
Wonder if Ally went into board and said he would take another couple hundred thousand wage decrease to stop these poor workers getting their "lot "because if the ten where on £20,000 that covers it. Although they most likely be on less come to think of it.

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