24 Jul 2024 13:07:38
Calgari looking at Dessers. 1 year loan with a 4 million obligation to buy. Not sure if that helps us or not.
On another note. My mate is an accountant and he says he has looked at the club's accounts. The amount of money we are paying Vennets company for interest on loans is staggering. That's the word he used - staggering!
24 Jul 2024 13:38:06
Of course it helps.
24 Jul 2024 13:43:59
Think it’s 6 percent we pay on the loan and we have about 5 years left to pay maybe around 7 million left of the £13 million loan he gave us
Not sure about the overdraft facility he also gave us of £10 million
Maybe some else can clarify.
24 Jul 2024 14:05:08
We are like any business so must pay our debts but did Bennett not fund the ed house project?
24 Jul 2024 14:07:45
If it moves his wages on, and there's a definite obligation to buy (much like we have with Cortes) then I'd go for it myself. We're led to believe there's transfer funds already available, so this structure should be for us if we can bring in a replacement.
24 Jul 2024 14:14:24
6 percent considering the relationship we have with banks isn't staggering.
But let's be honest he's going to make a fortune off us if we don't get rid.
24 Jul 2024 14:20:55
So if we have 7 million left on loan and 10 nillion on overdraft. He is currently getting over 1 million a year?
24 Jul 2024 14:57:46
6% is lower than any bank, so certainly doesn't sound staggering to me.
24 Jul 2024 14:58:40
6% very decent. Dave king took 20%.
24 Jul 2024 15:00:41
One Walter ed house was in the main funded by selling land next to Albion car park for housing
Due to delays because of Covid he stated he would make available 10 million to cover completion
My understanding is we as a club never drew down on that facility
Gaza is that fact u r stating
Rdb surely if we get rid of Bennett he would want his money back.
24 Jul 2024 15:18:36
At 6% it is still a soft loan! The terms will be significantly more relaxed than rangers would get from a Bank and that assumes that we would be entertained in the first place.
Bennett isn't the problem as far as I am concerned. It is those that preceded him and in particular Park, Wilson and Park, (the Chief Scout), and I'm not so sure that we were well served by either of the two previous CEOS!
I fear that there were a few surprises waiting for Bennett when he took over as Executive Chairman earlier this month in what is a significantly different role from being a Non Exec.
While it is disappointing that he hasn't communicated properly with the support we really don't know the magnitude of potential problems that he has identified.
I have said it repeatedly, we need new blood in the Board room and we need change on and off the park. Rumours of new investment have dried up, and while July and August is never a good time because of holidays in the City, that is also worrying for me, although I am led to believe that there is light at the end of the tunnel, at least with potential new investment later in the year from current shareholders.
John might be in a position to add more on this latter comment.
24 Jul 2024 15:25:11
The mob we have running the show must be the most expensive ties and blazers in sport . Mainly in it for themselves and wouldn't risk 2 bob of their own money unless they were assured of a personal profit. all grifters.
24 Jul 2024 15:28:06
I've also been told several times that directors taking hefty sums of money out of club cannot back it up with info so I've never mentioned it until now.
These guys always have money in mind and are not rangers fans in the wY we are rangers fans.
24 Jul 2024 15:56:15
A good post Berkshire.
24 Jul 2024 15:58:08
RFC so be clear are they party to releasing fraudulent accounts,
How many want them to leave now taken all the loans with them.
24 Jul 2024 16:01:08
Cheers John regarding fans who want Bennett gone that wouldn't make a diff to the loan he gave the club I'd imagine there's an agreement that rangers may back regardless if he's here or not also we remember how bad things were when king and others took over but they let fans know and all in all we all accepted it and helped asmuch as we could so could Bennett not come out and tell us if there's problems he's inherited? We all want a successful rangers but it feels like we are looking for people to blame whether that's the players or the board and I think if we were more informed most would be more unde5standing.
24 Jul 2024 16:14:49
These imposters won't let a real monied investor in, the situation is as bad as when Murray and the proven criminal Joe Lewis were involved, Lewis a guy who messed up 4 or 5 clubs but Murray still thought he was genuine . All of these types in it for themselves and they keep on proving it throughout the game .
24 Jul 2024 16:25:46
No Walter makes a massive difference, he leaves, loan is immediately repayable.
24 Jul 2024 16:28:04
Gazza re loan debts are u referring to last years accounts fro December 23 agm or to year en 30 June 24.
24 Jul 2024 16:40:02
The interest we pay is available in the company accounts.
It also states any director loans and states the rates.
24 Jul 2024 17:21:01
It was last accounts he was refering to. He also said he can see why it is a closed rank operation we have in the board room. These guys are putting money in but the money they are making on the back of it is astronomical.
I just wonder if these guys also buy season tickets? My reading and understanding is. We are a massive institition of loyal fans who pay year after year. We do not get 6% for 20 million pounds worth of season tickets every year so why should they?
We are all fans and we all give to the club. Why is it ok for the select few to take take take and the humble fan just pay, pay, pay?
24 Jul 2024 17:33:00
Lets do the math
13 million loan and 10 mill overdraft at 6 points
Year 1: 1.38 million in interest
Year 2, 2 million paid pack and a further 1.26 million in interest
Year 3 2 million paid back and 1.14 million in interest
Year 4 2 nillion paid back and 1.02 million interest
Year 5 2 million paid back and 900k in interest
Year 6 2 million paid back and 780k in interest
Year 7 3 million paid back and 600k interest. Left now with 10 million overdraft
So he has made around 9 million for the 13 million loan. No wonder they all want to lend us money with they returns.
24 Jul 2024 17:40:29
When the blazers put in money it is loans. When us fans pump in money it is called what I ask?
Money to pay their loans?
We as fans put in more than what they do. Fact!
24 Jul 2024 17:47:00
So John, Bennett effectively holding the club to ransom stay we pay back over time go we pay him back immediately if that's the case it's win win Bennett.
24 Jul 2024 17:47:09
Did they not say at time a chunk of bassey fee was going there
More smoke and mirror stuff by them.
24 Jul 2024 17:49:49
Exactly bee,
24 Jul 2024 18:24:34
One Walter bizarre u think he should wait for his money.
24 Jul 2024 18:37:53
I know we all want clarity on what has been happening but there could be a plethora of reasons why Bennett is unable to communicate in detail on the current situation at the Club.
As I have said, he is just in the door. He has a duty to thoroughly investigate anything he has found since putting his feet under the Chairman's desk and until we hear from him it is only guesswork and with guesswork comes conspiracy theories, and of course the usual contingent from Glasgow's East End!
We simply don't know, all we do know is the problems with the Stand, the fact that a number of first team players have moved on and in some cases left a gap that we are struggling to fill not to mention the numerous players that we would all like to see moved on.
I know that none of this helps but come next weekend if we have suddenly managed to get rid of a number of players and we have brought in even two or three better players to replace them. If that happens then chances are that Bennett's lack of communication will suddenly disappear into the background, that is, until we lose our first game!
We need new blood, we need new investment but for the time being we just need to remain patient.
24 Jul 2024 18:43:38
No John if hrs loaned thr club hrs got an agreement to get paid back at 6% int but u said if he goes he gets paid back immediately so we don't have that amount to pay back in full I'm. basing that on your post.
24 Jul 2024 18:46:33
John at no point dud I say he should wait for his money you must read the full post before commenting but ty for the info as pointed out Mr Bennett earned around 9m for his loan, not bad eh.
24 Jul 2024 18:47:57
Gazza à great post and expertly broken down.
24 Jul 2024 19:01:09
One Walter and u believe that, so we r paying him nearly 70 % on the loan, not the 6% in the accounts.
24 Jul 2024 19:36:08
One Walter stig, go read page 58 of 64 in 22/23 annual accounts.
I think you will see how it breaks down.
24 jul 2024 21:14:42
gazza, you pay for a season ticket, to watch football at ibrox, just like you pay to go to the cinema
you expect a cut of the money leo di caprio gets?
you are paying for a ticket to allow you to enter the stadium and be entertained, exactly like every other entertainment complex. Why would you think anyone giving a loan should have the same criteria as someone who bought a season ticket?
bb please, enough of the old board mate.
24 Jul 2024 22:53:56
John to be clear did you not heavily back this board and bisgrove saying was a great appointment
Clearly he wasn't and they are not Great!, ?.
24 Jul 2024 22:33:39
An accountant with a very low code of ethics telling you all that about a clients affairs?