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I'm all for caution but I think your concern is over the top. The shares issue is clearly turning existing loans into shares ahead of the 'sale', I really don't think it's anymore than that. The loan is for cashflow, we've relied on directors providing money at this time of the season in the past, we can't now, so we've borrowed. It's not ideal, but it's not criminal. I really think describing our current board as 'crooks's is really unfair. They've made mistakes, no doubt, but there is no comparison to Whyte, none at all.

Base + 1.5%, which is fairly reasonable.

Something to also consider is that many businesses operate on the basis of invoice discounting and this is considered a very normal practice, even among well established and thriving businesses. This is where a business sells its sales invoices (future income) to a lender at a discounted rate, and then lender then advances them the cash immediately to help manage cash flow. The Macquarrie loan arrangement is therefore just a variation on this theme. As was ticketus. There are many clubs in the UK who use the same lender. What we do need to guard against is bottom feeders like Whyte using such instruments to manipulate outcomes that are clearly not in the club's interest. So I don't blame fans for being worried when these arrangements come to light, but on this occasion it looks like normal practice.

John Bennett quoted verbatim in the Super Soaraway According to documents lodged to Companies House, two parties, 'FCT' and 'PC', owe Rangers money. It is likely FCT and PC refer to FC Twente and Parma Calcio, two clubs that Rangers have done business with in recent years. Gers sold Antonio Colak to Serie A side Parma for around £2.5m in 2023 and Eredivisie outfit Twente purchased Sam Lammers for a similar amount last summer. Transfer fees are usually paid in instalments than in full however, and it's understood Rangers are still waiting for these instalments to be paid. Neither Twente or Parma are believed to late or overdue with their instalments. But Rangers have taken this action to receive funds now, with interest to be paid on the loan going forward. The future fees that were due from Twente and Parma will now be paid to Macquarie rather than Rangers as part of the agreement. In turn, Macquarie will give the Ibrox club an immediate injection of cash. In normal circumstances, current shareholders could have stepped in and fronted up money of their own whilst the club waited for the instalments to be paid. But with a potential takeover of the Ibrox club by the San Francisco 49ers agreed in principle - and with several of the Rangers board ready to sell up before the end of the current Premiership season - it is reasonable to expect that they would be unwilling to part with more of their own cash. What the move does signal is a change in stance from what ex-chairman John Bennett said in 2021 on the topic of interest rates offered by banks such as Macquarie. He said: "We have had numerous approaches, including in November. It is so interesting, they come to you and it could be equity, it could be family offices, it could be banks such as MacQuarie Bank and they are active in the football space. They can't touch our terms," he said. "What I have been saying and a number of us have been saying is 'Ok, those are interesting approaches'. I can tell you that one of them was at 13 per cent per annum. "We're not paying that. We are no longer paying nine, we are no longer paying eight, six is the new benchmark. "If those providers can come in and beat that at two levels - a lower coupon, because six is the new benchmark, and we have driven the cost of funding down to six. "I think that is one of the lowest numbers in the whole of football in Britain for loans. But also on security. I can assure you they want a whole lot more security and a higher coupon." https://www.thescottishsun.co.uk/sport/14472837/rangers-loan-future-transfer-fees-what-it-means-finances/?utm_medium=Social&utm_campaign=ScottishSunSportTwitter&utm_source=Twitter#Echobox=1741733679

It seems that most, if not all, transfers, nowadays, are done on the drip - in instalments of an agreed amount, over an agreed timescale. A Club may borrow against anticipated future income, from transfer deals which have already been done. This looks like the situation at Ibrox.

Looks like an article forced out there to maintain a positive vibe amongst the fans after the need to revert to a high interest bank facility. Regarding cashflow. If we go through tomorrow against Fenerbache, it would mean an extra home tie and 2.5M euros participation money for quarter finals. Would plug a good bit of the hole from missing out on CL play off round cash.

It's a cash flow issue, surely. In days gone by, Rangers, and other Clubs, would borrow during the season from outfits like TicketUs, secured against future season ticket sales. Perhaps this avenue is closed due to the cantraips of Wealth off the Radar Man. So, the Club borrows from Macquarie, and assigns future transfer income -instalments outstanding on, say, Lammers, and Colak, and any others- to the lender. It doesn't seem to be much more significant than an overdraft. We might wonder why the Club is not using future season ticket income as security. Perhaps transfer monies already owed is seen as less risk in a time of change, as 'money in the bank', and with less risk, less interest. I have posted this without consulting East End Financial Wizardry Ltd, and thus I could be wrong and total pillage and destruction could be imminent.

If the loans are relating to transfers that have already taken place and we're just using them for short term finance until we receive part of the fees due then it's purely timing. We were due £12m in transfer fees 8 months ago, and some of that will not have been received yet.

How is it run by crooks and who cares if shares are being diluted if it's reducing the debt of the club?

Shares being diluted every other week and now we are taking loans on future transfer money , the club really is a basket case ran by crooks , just like when Whyte destroyed us. Its a never ending downward spiral.

I haven't seen any documents, so unaware of what they say and they still haven't been published by Companies House. It seems that Uilleam's 6% refers to a 2021 interview when base rates were 0.25% so won't necessarily be what we are now paying, given the increase in base rates since then.

When clubs sell players the transfer fee is rarely paid in one go, it's paid in instalments over a period of time agreed by both clubs. That's the 'future transfer fees' this refers too. McQuarie aren't some kind of back street payday loan shop, they're not lending this money without satisfying themselves it's getting paid back. Many, many businesses need finance at different times. There's a seasonality to football, with income coming in the summer and then long periods where there's little income. It would be much better if we didn't need to borrow during periods of low cashflow, but it's also not a sign of impending disaster. I'm certainly not seeing it as a positive, I'm just pointing out that maybe it's not hugely negative either. I certainly think describing the board as shysters is over the top.

I loved the red second shirt simple but smart unlike today's multi-coloured monstrosities

A quote from John Bennett, if short term memory serves. Horse's mouth.

Some legends nearing the end of their careers, up and coming lads like Alex Scott and Maxie Murray in the seconds’ jerseys and a McMillan but not the real McMillan yet.

1955/56 squad

Lammers and Colak are the 2 names I've heard mentioned due to the initials of the clubs on some document. As I said above, there was £12m in transfers fees due last June and part of that was due in over 12 months so there's definitely some cash still to be received on transfers completed.

Best to let the brains trust deal with any loans i just want this deal over the line so the club can rebuild from the shambles we are now in .

Rangers takeover deal timeline revealed after key milestone reached > The Rangers takeover deal has moved a step closer to completion after the key parties received their first tranche of the legal paperwork required to bring about regime change at Ibrox. > And the Rangers Review understands the multi-million-pound transaction is on course to be completed by the end of May as high-level negotiations continue behind the scenes. > Discussions over the blockbuster move started in October and talks remain positive as major players on both sides of the deal look to put pen-to-paper. Paraag Marathe, the chief executive of 49ers Enterprises, and health insurance tycoon Andrew Cavenagh are on the brink of an agreement that will herald in sweeping change around the boardroom table. > Former chairman Dave King told the Rangers Review last month how the deal would be his ‘legacy’ at Ibrox as he prepares to sell his major shareholding in RIFC plc. John Bennett and Barry Scott are also expected to offload their entire shareholdings as part of the agreement. > Several other key figures will sell a percentage of their stock to ensure the American consortium have a controlling interest of 51 per cent in Rangers. It is believed at least two appointments will be made to the Ibrox board once the transfer of power has been finalised. > It is understood that the main players in the deal received the first formal proposals for their consideration at the start of the week. The main paperwork has not yet been finalised but initial documents are now under review. A source has told the Rangers Review that discussions are progressing and it is likely to be signed and sealed within the next couple of months. > That would herald in a new era at Ibrox ahead of the new campaign. Moves to appoint a sporting director are being overseen by Patrick Stewart, the chief executive officer. A host of names have already been linked with the managerial post that will become vacant when Barry Ferguson’s stint as interim draws to a close at the end of the campaign. > The deal with 49ers Enterprises and Cavenagh could be transformative on and off the pitch at Ibrox. Marathe is currently the chairman of Leeds United and he has dismissed suggestions that Rangers could become a feeder club as the Elland Road outfit look to secure their promotion back to the Premier League this term. > “We always have our eyes and ears open, we’re always looking at other opportunities,” Marathe said. “Multi-club from the standpoint of a hierarchy – that’s not really how we’re looking at it. We’re looking at it as almost standalone. > “Leeds United stands alone and if we were to pursue another club, that club would stand alone. Are there benefits to having leadership and ownership of multiple clubs? Absolutely, with what you could share and do on the commercial side, even sometimes on the sporting side. > “But we don’t really look at it and we haven’t contemplated it as one club as a feeder club to another. Each club deserves all of our attention and effort.” https://www.rangersreview.co.uk/news/25000485.rangers-takeover-deal-timeline-revealed-key-milestone-reached/

It looks as if they are in respect of transfers that have already been completed. If so, the cash is guaranteed and the loans are just short term finance until the cash is received.

https://onefootball.com/en/video/rangers-v-fenerbahce-big-match-predictor-2uD2O1Js4oKAifHT4WTfpFWTVc6?utm_source=ios-app&utm_medium=organic-share&utm_campaign=for_you_v0&utm_content=video&utm_id=2uD2O1Js4oKAifHT4WTfpFWTVc6

McTaggart died on 9th March. According his Telegraph obituary he had said he had received many lucrative offers to turn professional which he declined because “I knew I didn’t have many brains and I wanted to keep the brains I had.” Wise man.

Yes. Given there's an agreement in place, only subject to due diligence, it would be normal for the new owners to issue a document to say what needs their approval. It would seem that the loan is significant given it needs to be lodged at Companies House (although it's not been published by them yet).

Barry Ferguson .pdf supposidly the BF squat is new amongst the up and coming managers 🤣

Jose? The coach that was just pumped by Barry Ferguson?

Not for me. I am with Jose on this one......philosophy doesn't matter, it is what you do when the team is on the pitch, ie how you adapt the team to win the game. I am all for that. Gio showed some brilliant flashes of this but not often enough.

So, get good players and you’ll be a good manager. Wow.

Did anyone watch Russell Martin on MNF last night? He speaks well, knows his stuff and has the ability to implement a recognisable style of play. It's remarkable that he had begun his coaching badges at 17-years-old - or, at least thinking about coaching. He studied right the way through his playing career. I suspect parts of our fanbase would be bored with his possession-based style, but I'd seriously consider appointing Martin our next manager.

The share issue is likely to be the tidy up of the balance sheet pre-sale, converting existing investor debt to shares. It'll be done with the knowledge and agreement of the proposed purchasers, and included in the share purchase agreement.