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Hi guys, Just wanted to spread the word about a Scottish football evening in Glasgow! I'm interning at Ringwood Publishing, a company that exclusively sells books on Scottish culture and football. We’re hosting an evening on Thursday 12th May, where Alex Gordon, Alan Ness, and Sandy Jamieson will be discussing the impact and importance of football in Scottish culture and literature. More details here, if you’re interested: http://ringwoodpublishing.com/scottish-football-fact-fiction-and-faction-a-ringwood-football-evening/ It’ll be a great night – lots of discussion, drink, and debate! Tickets are £5 at the door, and all of Ringwood’s football books will be for sale on the night, including stuff from all the speakers. Hope to see some of you there.
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Folks, We're looking for some provisional names and numbers for the Gersnet Prediction League ahead of the start of the new season. The winner at the end of the season will get the sought after 'GPL Champion' custom forum rank won by Whosthedado last season and a wee prize as well. So, if you fancy your chances at predicting the results of our games in the SPFL Championship and our games in Cup competitions, then please put your name down by posting "I'm in" (or something like that) on the thread here. Cheers! PS - The exact competition format and rules will be announced within the next week to 10 ten days, but might well follow follow the excellent system put in place and run by Bluebear54 last season. -
http://www.bbc.co.uk/sport/0/football/30674489 -
Thought it might be a good idea to start a thread where we actually list who owns what as disclosed to the LSE , or at least those over 1% . River& Mercantile- 5.77% ,http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12205385.html Kieran Prior- 1.35% ,http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12205407.html Dave King - 14.75% ,http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12202893.html (Not including possible rumoured further purchase from R&M ). George Leatham -4.05% , http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12202893.html George Taylor -9.3%, http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12202187.html Douglas Park?-6.14%, http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12201386.html BNP Parabis - 5% ,http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12107289.html Richard Hughes -3% ,http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/11834364.html Mike Ashley ,8.92%,http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12104057.html Sandy Easdale, 5.21% total inc proxies 26.15%,http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12093157.html Please feel free to add when the rest are released
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http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12241662.html
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http://www.dailyrecord.co.uk/sport/football/rangers-boardroom-battle-dave-king-5100588 DAVE KING will outline his vision for the future tomorrow as the Battle for the Blue Room gathers pace. King has called a press conference in Glasgow city centre where he is set to confront the challenges facing the club, now under the grip of Sports Direct tycoon Mike Ashley.
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WOULD-BE Rangers saviour Dave King held court in Glasgow earlier today as he outlined his vision for the future of the crisis club. He sat alongside John Gilligan and Paul Murray, the men he hopes will join him on a new-look Rangers board before the end of the month. King is convinced he has won more than 50 per cent shareholder approval to remove the current incumbents, with Rangers expected to confirm the date of the general meeting by Friday. King, Murray and Gilligan answered questions for an hour from daily newspaper reporters at the offices of PR company Level Five. We publish part one of the full question and answer session below - all 4,000 words of it. Are you going to win the EGM? Dave King: “Yes. We have enough support. I am absolutely certain we have more than 50 percent even if every single shareholder votes, which is unlikely. We are well over 50 percent. We will win.” There has been a history of flip-flopping by institutional investors – are you certain there are no surprises coming? DK: “It has happened previously. Well, in some senses it has and it hasn't. Previously - and Paul (Murray) may be better able to answer than me because he was more directly involved - you can get a sense from institutional investors they are supporting you and then you interpret that as they will vote for you. However, when it comes to the vote their view is: ‘we’re not active supporters therefore we’re not voting, so we’re kinda with you intellectually and mentally and we agree with you but we’re not willing to vote’. “That has been taken out of the mix. The key event was the removal, the very non-strategic removal, by the board or the powers-that-be behind the board, of Norman Crighton. That was the single biggest tactical error that the board made because once he was gone the institutions said: ‘Look, that’s enough now, this is not being run on a proper basis’. That was the basis for the Three Bears being able to acquire their shares from Laxey and it was the basis for me acquiring shares. That became a turning point and if you look at it now, really other than River & Mercantile there is no real institution in there. So I feel very, very strong and solid about the current shareholder mix. If that hadn't happened I would have been in the same situation perhaps Paul was in (previously), where I certainly wouldn't have called the meeting with the same level of confidence.” No date has been called yet, do you expect them to stall or trip you up? DK: “I don’t expect it. It could still happen. The reason I don’t expect is that they have had almost 21 days and if there were any concerns about the technical aspect, whether the Is were dotted and the Ts were crossed, I would have thought I would have had some communication by now. It’s almost three weeks. I have had no indication of the board at all that there are any concerns with the requisition itself, therefore I expect that by the deadline on Friday they will announce the general meeting. “I have had no communication in fact whatsoever, directly or indirectly, with any of the board members at all since the requisition. There was just a request from (NOMAD) Paul Shackleton yesterday. He phoned me, and he asked if I was willing to negotiate a compromise and he made an attempt to suggest what he thought might be a way forward without calling a general meeting. But the alternative was far from being acceptable.” What was his compromise? DK: “It was about the existing four directors remaining and me getting a couple of appointments and a couple of independents, and ‘given that Llambias and Leach are really independents the board would be balanced’. It was really, quite frankly, a nonsense, a nonsense suggestion. It would just have created further impasse. We have had enough uncertainty I think. We really have to go forward with a different structure.” Did that phone call indicate they are hugely concerned? DK: “Well yeah. I said: ‘Look if you want to save the money you know what to do to save money. You have had long enough to look at the shareholders’ register, you know you’re going to lose, therefore I think the right thing for the board to do is make the appointments and resign, that’s the way to save the money, we don’t have to have the general meeting where it will cost £50,000-£60,000-£70,000, whatever, that’s money the club doesn't have to spend and the outcome I believe is a foregone conclusion’. So that is what I would hope they would do on Friday. I would be surprised if they would do it but I think it could be a responsible thing to do.” http://www.dailyrecord.co.uk/sport/football/football-news/part-one-every-question-every-5106662
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“The dark eleventh hour Draws on and sees us sold To every evil power We fought against of old. Rebellion, rapine hate Oppression, wrong and greed Are loosed to rule our fate” I don’t think regular readers of this blog would describe me as what the media refer to as a “pop-pom cheerleader” of the various factions vying for control of our club. I’ve never seen the attraction nor sense of writing a blog to further the endeavours of rich businessmen who can afford their own PR machines. I’ve been highly critical of Dave King’s strategy to gain control of our club, and I stand by such criticism to this day. When I wrote my open letter to him, I envisaged King riding in like the 7th cavalry, scooping up shares to gain control of our club. Thereby uniting a fractured support, and thus enabling us to get behind our club where together we could build a stable future for her. What we got of course was something completely different which has only served to exacerbate such fractures. Furthermore, contrary to some reports, Mike Ashley is not the devil incarnate. He is a powerful, ruthless and opportunistic businessman who appears to maximise to his full potential, the misfortune and weakness of others. Sentiment does not appear to come into it – just ask the employees of USC. http://www.independent.co.uk/news/business/analysis-and-features/mike-ashley-wields-his-iron-fist-once-more-at-usc-9994171.html Alarmingly, our football club appears to be the latest victim of Mr Ashley’s growing business empire and he has been assisted in this to the full by a thoroughly incompetent, self-serving and shambolic Rangers board. Having comprehensively failed to balance the housekeeping budget they have then compounded the problem by rejecting all offers of outside investment thus leaving our club on the equivalent of a life support machine – relying on short term cash infusions where only the good grace and will of the donors prevented us from going under, as this shambles of a board failed to meet the repayments within the agreed time period. While the Man who would be King issued sound bite statements to the press, Ashley continued to increase his powerbase within our club, but of course every power grab carried a considerable financial caveat. Our retail, our historical assets, even our very trademark were considered fair game. Where there were dissenting voices within our boardroom, people who dared to highlight that such deals were not in the best interests of our club – Ashley eradicated them. Messrs Wallace, Nash & Crighton – RIP. A number of leaked e-mails demonstrated that the remnants of the Rangers board appeared to be more concerned about preserving their places on the board rather than pursuing the best financial deal for the club. http://www.telegraph.co.uk/sport/football/teams/rangers/11247379/Sandy-Easdales-true-role-in-Rangers-takeover-talks-thrown-into-question-by-release-of-emails.html Further confirmation of this was provided courtesy of Colin Kingsnorth of Laxey, who clearly felt it was appropriate to call time on this acquiescing of power to the Ashley Empire. http://www1.skysports.com/football/news/11788/9626770/scottish-championship-laxey-partners-sell-rangers-shares The consequence of course, is that we now have a Rangers board dominated by Ashley men. These are the same men who control the destiny of our retail, our historical assets (with the exception of Ibrox – for now) our very trademark. I will ask you a simple question. When it comes to a crucial vote in our boardroom whose interests will these men move to protect – Rangers or Sports Direct? The situation is beyond dire but it is still salvageable. Dave King has called for an EGM which will present us with the opportunity to replace the current board. I’m not being melodramatic when I say the destiny and future of our club is in the hand of shareholders. Furthermore I will not mislead you. I’m convinced Dave King does not have the financial muscle which the Ashley Empire has at its disposal. If we vote to remove the current board and replace it with a Dave King one, I believe our club will be on its knees for a longer period. But I’d much rather be on my knees under my own strength, striving and aspiring to restore this club to its former glory with every part of the body working together to achieve that aim, than be on my knees bended in servitude and reliant on the quick fix solutions of others at a cost which threaten to take away my very soul, my very heritage and my identity, What answer from the North? A resounding “Thanks, but No thanks Mr Ashley”
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In days of old when football was football and only a few anoraks could tell you the names of the club board, the idea of an Old Firm game playing a supporting role in a day of sport would have the wee men in white coats heading in your direction. However that is how I am viewing this Sunday's mouth-watering line-up, and it is a sign of how much trouble our beloved club is in that it has come to this at all. The reality of a league cup semi final against our greatest rivals at Hampden would normally have me all fired up for weeks, and I cannot remember ever going into a domestic semi-final or final without the confidence that our heroes will emerge victorious. Indeed in any other time I would be eyeing up this fixture as the first course in another possible treble, and at the very least the chance to deny that other mob their chance of a treble. This Sunday we have the England v Australia ODI cricket final from Perth, WA, which starts in the wee small hours of Sunday morning. While England will be rightfully underdogs against the home team, this cricketing equivalent of an OF match will have plenty of spice and aggression and entertainment. At the time where that match is reaching boiling point, we then move to Melbourne for the Australian Open tennis final between our own Andy Murray and (probably) Novak Djokovic. These two have played 4 Grand Slam finals between them, each winning two each, and this could be an absolute belter of a match and one I am looking forward to immensely. Of course if Stan Wawrinka wins the SF (at time of writing it is a close match in the 4th set) it pits the defending champion against Murray, who has reached the Oz Open on 3 previous occassions, only to come up short each time against Djokovic and Federer. Then we have the football with our own match at 1.30, and a potentially attractive match between two good footballing sides in Southampton and Swansea at 4pm, and a double header from Spain involving Sevilla v Espanyol & a good looking clash between Barca & 6th placed Villarreal. By the time we have all had our football fix for the day, the biggest sporting event in the USA takes over with the Superbowl, this year between the New England Patriots and the Seattle Seahawks in what promises to be a clash between the best attacking (or offense in USA lingo) team (New England) and the best defence (Seattle), with all the razzmatazz and colour this event brings. When the Vince Lombardi trophy is handed out around 3am, it will signal the end of a near 24 hours of non-stop sporting action for tv viewers, with 3 cup finals, a semi-final, and some good league action along the way. I for one cant wait for it all to start, and I just hope above all hope that what would, in any other era, be the main event for me at 1.30 in the south side of my home town amongst these global events attracting the best part of a billion viewers, and is on Sunday a bit part story, doesnt spoil this day of all sporting days. So come on England, Murray, Rangers for a treble that would have me positively gushing and have me remembering the 1st of February 2015 as a unique day when all that is good with the world was put right. -
http://www.scottishfa.co.uk/scottish_fa_news.cfm?page=1961&newsCategoryID=3&newsID=14129
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We are f----d. 27 January 2015 Rangers International Football Club plc ("Rangers" or the "Company") £10m Credit Facility and associated transfer of 26% of Rangers Retail Limited The Board of Rangers announces that Rangers Football Club Limited ("the Club") has entered in to agreements with independent.co.uk/news/business/news/sports-direct-stops-20000-staff-taking-other-work-by-using-zero-hour-contracts-9661746.html Retail Limited and associated companies ("SD"), to provide a long term on-going credit facility of up to £10m (the "Facility"). The Company's financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress. There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options. The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad. The Facility is structured in two separate interest free tranches. GBP 5million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014. All rights and security associated with the MASH facility will be cancelled. The Club will transfer 26% of the share capital in Rangers Retail Limited ("RRL") to SD for the duration of the Facility (the "Transfer"), which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility. The Facility is to be secured by (1) a floating charge over the Club's assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club's registered trademarks. None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security. SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies. If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26% of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease. The second tranche of GBP5 million, which repayable 5 years after drawdown, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down. The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL. RRL will declare a dividend of a total of GBP 1,610,000 prior to the Transfer. The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team. RRL is a joint venture between the Club and SD whose business is selling merchandise both on-line and in stores. In the period ending 27 April 2014, RRL made a profit before tax of GBP 1,172,893. SD is a Related Party under the AIM Rules and accordingly the Facility is a Related Party Transaction pursuant to AIM Rule 13. The Independent Directors, consider, having consulted with WH Ireland its nominated adviser, that the terms of the Facility are fair and reasonable insofar as shareholders of the Company are concerned. The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company. Commenting on the Facility, David Somers said: " The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future. This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course. In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile. We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition. The Board now calls upon all shareholders to rally together to achieve this goal."
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Statement from the bears due at 6pm (approx) keep the faith guys please, from FF
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Grant Russell @STVGrant 17s18 seconds ago None of the 55 games Steve Simonsen is accused of betting on were Rangers matches. Chris Jack @Chris_Jack89 47s48 seconds ago Rangers keeper Steve Simonsen issued with a notice of complaint for breaching SFA gambling rules. Has until 29/1 to respond. Hearing 12/2
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I see Rangers First are at over 4k members now, as are the RST The example of Hearts having over 8k members paying in every month was often held up as something we should be quite easily topping with the size of our support Well now we have matched it, and will overtake it at the current rate of sign ups, quite an achievement considering its not backed by the club the way Hearts is I think as the schemes grow, and the numbers look more impressive, people who were not sure will be more likely to say "this could actually work" and sign up Its just a shame in typical Rangers fan fashion its split into 2 factions.. if it was one scheme sitting at 8k and rising steadily every day things would look very rosy for fan ownership imo Any chance of the 2 merging?
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THINK Friday night’s scenes at Ibrox were bad? Well, you ain’t seen NOTHING yet! Rangers fans have had to put up with plenty in the last three years. But giving up the title rights to Ibrox and Murray Park would be a step too far. The aggro after the Hearts game was totally unacceptable. But sell the rights to the stadium and the training ground and the Rangers board will see some real social unrest. Don’t get me wrong — what happened at Ibrox on Friday was out of order. There were a couple of staff I know at Argyle House who were injured when fans stormed the place. That’s completely unacceptable. The fans are right to be unhappy but there’s ways and means of showing it and what went on the other night is taking it too far. It was live on BT and people all over the country saw it. You can argue a lot of the kids who were involved in what went on looked so young they wouldn’t remember who played for the Rangers team of the 90s — me included. Leaving that aside, it wasn’t a proud night for the club. But people have their breaking points. And the majority of fans feel the way I do — that giving up the rights to Ibrox and Murray Park would be suicide. That’s not just because they’d be going to Mike Ashley. Giving them to anyone would be wrong. If Mike Ashley’s going to be around — and everything at the moment suggests he is — why can’t he work alongside Dave King? Like most people, I feel as if there’s something we’re not being told about what’s going on. The club have had three offers from various people, none of which asked for Ibrox to be put up as security, and have knocked them all back. Why? Dave King wants to call an EGM which would see most of the current board removed. There have been suggestions both Dave and Paul Murray’s backgrounds would be a problem. But if that’s the case, and the well-being of the club is the key, why couldn’t Douglas Park be the frontman? If they were to present a united front and take charge, they could pay Ashley’s loan off and all he’d have would be the rights to merchandising. David Somers told the Rangers AGM last month he had not been prepared to use Ibrox as security — but now it’s a great option for a £10million loan. Ashley’s been clever in all of this but that doesn’t disguise what the repercussions would be if he called in his loan. The downward spiral would continue and the club would be looking at a second administration. Fans are already voting with their feet — which, in this of all weeks, is a real shame. I’m desperate to go to Ibrox on Sunday for Fernando Ricksen’s benefit game. It should be a great warm-up to the Old Firm game next week. It’s an amazing cause for an amazing man who’s dear to the hearts of Rangers fans. It’s a fantastic opportunity for older fans to see the likes of Arthur Numan, Marco Negri and Jorg Albertz in action and for younger ones to see names they’ve maybe only seen on TV. I’d love there to be a full house at the game — just as I’d love to see the likes of Ally McCoist and Richard Gough being there. I take the point that it’s not about the nine-in-a-row team and that neither of them played with Fernando. But neither did I. I’m sure the Rangers fans would love to see two guys who are genuine legends being back at the club. It will also give fans a rare chance to see Marco in action. I thought he got a rough ride from people. They thought because he didn’t celebrate his goals wildly that he was a bit of a loner. That was harsh. He had a different personality, sure. But he’s a smashing lad and I’m looking forward to seeing him. http://www.cfclatest.com/2013/01/20/andy-goram-you-think-fridays-scenes-were-bad/
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The Union of Fans is calling on Rangers fans to stage a "mass demonstration" outside Ibrox 45 minutes before kick-off tomorrow night.
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Stuart McCall has thrown his support behind the Three Bears, the group owning a near 19 per cent stake in Rangers headed by businessman and Rangers fan Douglas Park. The former Ibrox midfielder has called for Rangers people to be back at the helm of the stricken ship, believing that the departure of legendary figures have left a gaping hole at the heart of the club. “I don’t know any of these gentlemen [the Three Bears], but if you believe what you read, they have Rangers at heart,” said McCall yesterday “I’m not saying that, just because you have Rangers at heart, you are going to be successful and the club is going to make money. But you do know that, whatever they are doing, they are doing it for the right reasons. “They are not in there saying: ‘we can earn this and we can get out’. What you want are people that the club matters to and will do their best for the club, not for themselves as individuals. If it is The Three Bears, if it is Dave King, if it is anyone else, you would rather have people who bother about the club and it’s not just about money-making. “Rangers don’t necessarily need an ex-player as their manager,” he added. “But what they need is someone at the club who doesn’t just have business sense, but is actually doing it for the love of the club – because they’ve got ties to the club.” McCall believes that the departure of three stalwarts who have cut their ties with Rangers – John Greig, Ally McCoist and Walter Smith – sums up the state of the Ibrox club. The Scotland coach was at Ibrox for the abandoned game against Hearts on Friday night in his role as a summariser for BT Sport and watched with anguish afterwards as passions ran high among supporters angered by the board’s conduct. With advanced notices of loan securities against Ibrox and Murray Park having been lodged at the Register of Scotland last week in the name of Mike Ashley’s Sports Direct retail company, fans now fear losing ownership of the club’s stadium. However, it is the emotional heart of the club being ripped out that McCall struggles to accept. Greig, voted Greatest Ever Ranger in 1999, resigned as a director in 2011 in protest at Craig Whyte’s running of the club. Departed manager McCoist, who was put on gardening leave after tendering his resignation, has decided to watch other teams rather than Rangers in recent weeks. Nine-in-a-row manager Smith, meanwhile, confirmed last week he has no intention of ever returning to Ibrox in an official capacity. McCall, who played for Rangers for seven years and had been linked with a return as manager, despairs at the quality of characters who have felt compelled to end their official association with the club. The 50-year-old offered the assessment that few clubs, including Manchester United, could withstand such blows without some very searching question being asked. “John Greig stayed away, which for me is hard to get my head round,” said McCall. “Walter left the board and, again, alarm bells started ringing. If Walter is walking away it must be bad. Obviously the great Sandy Jardine passed away. And now ’Coisty is away. That would be like Bobby Charlton at Man United saying: “You know what? I’ve had enough of the club. Then Sir Alex Ferguson departing because something was going on – and then Ryan Giggs leaving. If that happened at Man United, imagine how everyone would react. “Yes, football is a business now. But is there anybody at Rangers actually doing it for the sake of the club? Or are they just in to make a few quid then disappear into the night?” McCall was speaking at a Scottish Football Association event to publicise the start of the selection process for year four of the regional performance school programme. Since resigning as Motherwell manager late last year the Scotland coach has been linked with the Rangers manager’s post, currently occupied on an interim basis by Kenny McDowall. However, he sounded unconvinced by those in charge at boardroom level at the club, and questioned Ashley’s involvement. “Mr Ashley has got what, eight-and-a-half or nine per cent of the club?” McCall said. “Yet he seems to be the one making all the decisions – appointing a chief exec and a finance director etc. Obviously I’ve got a lot of friends and family who are Rangers supporters – and they can’t understand how this can be the case. The catalyst for everything now is the fact that Ibrox was going to be put up as security against loans. Supporters see other people wanting to offer money and ask why Ashley is the best option.” http://www.scotsman.com/sport/football/spfl-lower-divisions/stuart-mccall-backs-three-bears-rangers-bid-1-3665193
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http://sport.stv.tv/football/clubs/rangers/306606-mike-ashley-posts-intent-to-take-out-security-over-rangers-ibrox-stadium/
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Rangers board in crisis talks after emergency £500,000 loan Roddy Forsyth explains the ongoing power struggle at Rangers between Mike Ashley, Dave King and the Three Bears, and Phoenix Suns owner Robert Sarver Email Ibrox - Rangers power struggle takes new twist after Mike Ashley loses key ally in his quest for Ibrox boardroom coup Battleground: The battle for power at Ibrox took a new twist on new year's eve Photo: PA Roddy Forsyth By Roddy Forsyth11:19AM GMT 05 Jan 2015Comments27 Comments In a day of high drama at Ibrox the Rangers board is negotiating under severe pressure to save the club from financial meltdown for the second time in three years. The plc directors are frantically trying to strike a deal with the investor alliance of Dave King – a former Rangers director – and the Three Bears consortium, who last week scooped up available shares in an audacious raid. The astonishing development followed Telegraph Sport’s disclosure last night that the unpopular Ibrox regime had reached a crisis, which was confirmed today when the club’s board announced to the Stock Exchange that they had accepted an emergency loan of £500,000 from its football chairman, Sandy Easdale, to stay afloat for another few days. The Telegraph had revealed that a major announcement to the LSE was imminent, in respect of Rangers’ parlous economic situation. The trigger was a bill from HMRC for payment of National Insurance, under threat of a petition by the tax authority for the club to be placed into administration if the account was not settled immediately. Easdale’s loan is secured on the fee – believed to be £1 million - obtained from Brentford for the transfer of the highly rated 20-year-old midfielder, Lewis Macleod. When Rangers confirmed MacLeod’s sale to the Stock Exchange on Friday, the announcement said that the proceeds would “be used for immediate working capital”. The announcement of Easdale’s loan stated that the £500,000 would “be used by the Company for general working capital purposes over the next few days”. The statement added that the loan had been offered and accepted “on a fee and interest free basis and it will be secured against the income from the sale of player announced on 2 January 2015”. Related Articles Rangers board to lose power unless Mike Ashley steps in to save directors Rangers board to lose power unless Ashley steps in 04 Jan 2015 Rangers' squad could be decimated in January 01 Jan 2015 Rangers supporters’ group urges fans to displace Ashley 03 Jan 2015 Ashley's plan to own Rangers hits buffers 02 Jan 2015 Even as the Rangers board sought an agreement to avoid the club's collapse, however, a statement from Sandy Easdale's PR advisor, Jack Irvine, brought a sharp retort from King. Commenting on Easdale's secured funding deal, Irvine said: "Once again Sandy has stepped up to the plate with this half million pound loan from his own pocket. Whilst we welcomed the recent share purchases by Dave King and Douglas Park and his consortium, this unfortunately did not put any funds into the club. "Sandy was the only option for this cash injection at such short notice. The Easdale family remain totally committed to achieving a satisfactory financial future for Rangers and they hope all parties can work together in the future with that common goal."Given that Sandy Easdale rejected new funds and was a chief architect in getting the club into this mess, lending a small amount of money is the minimum he should have done. As part restitution he should make the £500,000 a donation rather than a loan." King retorted angrily and told Telegraph Sport: " The situation whereby a short-term loan of working capital is secured on recently obtained and desperately needed working capital is not only designed to stave off immediate administration, but also to keep the club afloat while the directors try to salvage what they can before surrendering to what now looks like an inevitable takeover by the fan-friendly axis of King and the Three Bears. However, three possibilities are in play. One – currently looking the least likely - is that Mike Ashley will come to the board’s rescue, having secured control over the appointment of two directors in return for £3 million of emergency funding in October. However, the Newcastle United owner had previously tried to negotiate with the Scottish Football Association to increase his stake at Ibrox from 8.92% to 29.9% but was refused by the governing body, who insisted that he should comply with his written undertaking not to go above 10%. The second option is an £18 million takeover offer from Robert Sarver, owner of Phoenix Suns basketball club. That offer was also notified to the Stock Exchange at the start of business this morning. Again, Telegraph Sport led the way in revealing that there had been conversations between Sarver’s advisers and those connected with the Three Bears consortium of wealthy shareholders, who have bought a substantial tranche of Rangers shares, as has the former Ibrox director, Dave King. Rangers’ second Stock Exchange statement today read: “The Company notes recent press speculation and confirms that it has received an approach from Robert Sarver (or a vehicle to be established and controlled by him) ("Mr Sarver") that may or may not lead to an offer being made for the Company. “There can be no certainty that an offer will be made, nor as to the terms on which an offer may be made. A further announcement is expected shortly.” Takeover rules mean that Sarver has until 5pm on February 2 to confirm or withdraw his offer, which is worth £18 million and designed to give him complete control of the club’s equity. Again, there are difficulties with this proposal. As the Telegraph disclosed, Sarver has an interest in investing in European football clubs, as opposed to a strategy based solely on a single outfit such as Rangers. A full equity bid would take time to implement, even if it found favour with the majority of investors. When King placed an offer of £16 million in October – the deal rejected by the Rangers plc board in favour of Ashley’s short term fix of loans – it was in the form of a debt and equity mix that would have lent the club sufficient money to keep it going through the takeover process. Another problem for Sarver is that, taken together, the recent share purchases by King and the Three Bears – Douglas Park, George Letham and George Taylor – constitute a little over 34% of Rangers’ stock. They have been pledged support by other disenchanted investors and have also been allocated proxy votes. The King/Three Bears axis know that they can now call upon sufficient support to outdistance the Ashley/Easdale camp by a significant margin. Having got themselves into such a favourable position they are not inclined to stand aside for Sarver although they have, as would be expected, let it be known that they will happily have him on board as a like-minded investor. This is well short of Sarver’s original intent of attaining complete control of Rangers before looking elsewhere to acquire other football interests. One obvious objection to that as a long-term strategy is that it would infringe the same dual-ownership regulations that have prompted a disciplinary complaint against Ashley by the SFA. In any case, time is now the pressing enemy of all the contending parties. If the club runs out of cash and is forced to enter administration for the second time in three years Rangers will be consigned to a fourth successive season in the lower leagues – a prospect feared by the Scottish football authorities as well as other clubs who would benefit financially from their return to the top tier, as a consequence of better sponsorship and broadcast deals than are currently available. Rangers are again teetering on the edge of a financial precipice as the principal personalities jostle on the brink to establish who will be thrust over to the rocks below - and who will be left standing to inherit whatever remains of this once immensely proud and respected club.
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The Second Official Semi-Annual Gersnet Dinner (with Special Guest Star Dave Smith) will be held at Malaga Tapas, 213-215 St Andrew's Rd, Glasgow G41 1PD http://malagatapas.co.uk/ at 5.30pm on Saturday, 6 December 2014 (subject to alteration if the Rangers v Cowdenbeath fixture is moved). Rangers Hall of Fame Legend, Dave Smith, who played in our second and third Cup Winners Cup Finals, has kindly agreed to give a short talk on THE ROAD FROM NUREMBERG TO BARCELONA and will answer questions thereafter. (Edit 21/11/2014. Now that we have exceeded 20 persons we will have private use of the new café next door to the original restaurant. The owner, Cristobal has obtained a special licence for the event.) All the other arrangements will be the same as last time. The price of the dinner itself will remain at £18.00. However, in order to cover the cost of Dave’s dinner, the final price will be £19.50. The sharp mathematicians amongst you will note that this is based on a “minimum” of 12 people attending i.e. the same as last time. If we get less than 12, then those present will have to make up the difference; if more than 12, then the balance will go into the drinks kitty. The dinner price really only covers the standard Malaga Tapas deal, which is for 3 tapas per person and a dessert of your choice; however, in our case it will include a primer plato of meats and bread and choice of paellas after the tapas. Again, as last time there will be at least 6 different tapas, x3 per person and three different paellas. If anyone has any particular favourites on the menu http://malagatapas.co.uk/menu/ please post and Cristobal will do his best to oblige. I don’t think anyone will go hungry. To quote GS “Never seen so much food as was at Malaga” Deposit & Payment Whilst it would be easier if everyone paid the full amount up front, I am happy to take a £10 deposit p/p by the end of this month and the balance whenever it suits before the event. For those who were there last time, the bank details are the same. Newcomers pleased PM me and I will supply the bank details. When making any payments please use your Gersnet nom de plume as a reference and PM me a confirmation with your full name and a contact telephone number. (I lost most of the details I had when my phone went into sick bay.) I am very confident that with your support we will build on the success of the first dinner. -
Going to keep this quick , All the very best to all gersnetters , heres to a royal blue 2015 , and absent friends
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BRENTFORD are ready to spark a January transfer scramble for Rangers star Lewis Macleod. SunSport understands the Championship side are poised to make a £1million move for the Ibrox kid. And that could see a host of English clubs enter the bidding for the Scotland squad member. Macleod has caught the eye of Championship promotion hopefuls Bees. Rangers legend David Weir is No 2 there and is fully aware of the 20-year-old’s potential. But several other English clubs, including Premier League strugglers Burnley, are keen on the midfielder. Blackburn were also set to make a bid before being hit with a transfer ban.
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http://www.telegraph.co.uk/sport/football/teams/rangers/11312941/Rangers-chairman-David-Somers-could-face-probe-by-Stock-Market-regulators-for-his-role-in-Mike-Ashley-bid.html Rangers chairman David Somers could face probe by Stock Market regulators for his role in Mike Ashley bid David Somers feared a successful rival bid by David King would mean the end of his chairmanship and also ensure the departure of the Easdale brothers Stock Market regulators have been asked to investigate the conduct of Rangers chairman David Somers during the battle for control at Ibrox between Mike Ashley and Dave King. The move follows the Telegraph’s disclosure of an email from Somers to Mike Ashley’s representative, Justin Barnes, over the proposed terms of a Sports Direct contract which the Rangers chairman feared would tip his fellow directors into supporting a takeover bid by King, a former Ibrox director. In the email, Somers expressed his fears that a successful bid by King would mean the end of his chairmanship and would also ensure the departure of Sandy Easdale, the Rangers football board chairman, and his brother, James Easdale, a Rangers plc director. Somers also threatened to vote for a Stock Exchange announcement to the effect that Rangers would terminate the Sports Direct contracts by which the club’s merchandise is sold through Ashley’s retail chain. In response to the Telegraph’s revelations, King told BBC Scotland: "His actions could be considered a breach of the Companies Act. It would seem from the email that Somers didn't like Ashley's initial proposal, yet that was the option the board finally went for. "It also seems that Somers was prepared to threaten to cancel Rangers' retail agreement with Sports Direct to prompt Ashley to provide an alternative that would protect the positions of himself and the Easdales. Ashley owns less than 10 per cent of the shares, but now seems to control the club.” King – who is based in South Africa - assembled a consortium which proposed a £16 million debt and equity takeover deal. This was rejected by the Ibrox board after Ashley refused to meet King during his visit to the UK in October. Somers has stated that, although King claimed that his consortium had eight members, not all of their identities were disclosed to the Rangers directors. Somers has also insisted that, finally, the choice for a board whose club was close to running out of cash was to accept the offer of a loan from either Ashley or Sale Sharks owner Brian Kennedy. In the event, the chairman has said, the vote went in Ashley’s favour because the Newcastle United owner offered better terms. However, the Telegraph understands that the contents of the email between Somers and Barnes has perturbed the Scottish Football Association, which announced on Wednesday that it had rejected Ashley’s proposal to increase his Rangers shareholding to 29.9 per cent, which would give him almost total control of the beleaguered club. The request was made in person by Derek Llambias, Ashley’s lieutenant, who was appointed as Rangers’ chief executive last Friday – days after disciplinary charges were brought by the SFA stating that the billionaire businessman had exceeded the terms of an undertaking limiting his influence at Ibrox. The SFA’s refusal has cast serious doubt over the viability of a share issue due to be launched by Rangers in order to raise £8 million needed to meet the club’s financial needs for the next year. Had the SFA agreed to Ashley’s request, he would have underwritten the equity issue but it is now unclear how it will go ahead, if indeed it does go ahead. There are also questions to be answered about why votes were cast by board members against their own proposal, at Rangers’ annual general meeting on Monday, for an open share issue, rather than one principally confined to existing investors, such as Ashley. Meanwhile, one Rangers shareholder has written to the AiM investigations office, as well as the club’s LSE nominated adviser (NOMAD) and Ian Davidson, the MP whose constituency includes Ibrox, asking them to probe Somers’ conduct. The shareholder wrote: “On Tuesday 23rd December, the Telegraph newspaper online carried a story by journalist Roddy Forsyth, regarding an e-mail sent by the Rangers International Football Club Chairman David Somers to members of the board and surprisingly non-members, including a representative of Sports Direct - Justin Barnes. “The e-mail not only indicated the Chairman’s preference for investment by Mike Ashley of Sports Direct, it actively encouraged this investment, in order, it seems, to secure the Chairman’s position and that of other board members and strangely enough a non-member (one Sandy Easdale), who seems to be party to PLC Board internal communications and - if the e-mail is to be read correctly - acting as a shadow director. “A major concern for shareholders such as myself is, does activity such as this construe a “Concert Party” arrangement between board and non-board members with regards to overall boardroom influence?” The shareholder goes on to ask if Somers’ email is in breach of AiM and corporate governance practice and if it triggered a legal threat from Ashley to the Rangers chairman and/or other directors. The Telegraph understands that other Rangers shareholders are prepared to add their complaints to that already lodged with the financial regulators. All of which compounds the stormy backdrop against which caretaker manager Kenny McDowall – who was ordered by Llambias to take charge of the team after Ally McCoist was placed on gardening leave – must prepare the Rangers players for a tough fixture against Hibernian at Easter Road on Saturday. Rangers have lost twice to Hearts and once to Hibs and Queen of the South, their principal rivals for promotion to the Scottish Premiership. They now trail Hearts by 12 points and currently they look set, at best, for the Scottish Championship play-offs – with 12 Ibrox players out of contract at the end of the season.
