Search the Community
Showing results for tags 'funding'.
-
http://www.bbc.co.uk/sport/0/football/30674489 -
Worthington Group are who effectively "own" Craig Whyte and Aidan Earley's claim on the RIFC assets. Also of note is the fact that the Liquidator appointed to Whyte's BVI based Liberty Capital sold Liberty Capitals holding in Worthington Group at 58p in a delayed notification trade one day before the shares were suspended. Wonder who the Liquidator is actually working on behalf of? http://ftalphaville.ft.com/2015/01/13/2085432/a-worthington-tale/?
-
http://www.heraldscotland.com/sport/football/king-maps-out-plan-for-the-future.117959899 The suspicion is that if the existing directors are unable to muster the votes required to hold on to power by conventional means they will attempt to do so unconventionally. The savage personal attack on King contained in the statement to the AIM Stock Exchange on Friday underlined what many had long suspected; the power battle at Rangers is going to be a dirty one. Nevertheless, King and his associates are already looking further ahead and formulating plans which they believe will enable the Glasgow club to return to the forefront of Scottish football if they do take control. Appointing a permanent replacement for Ally McCoist by bringing in a manager who can rebuild the side and secure on-field success is at the top of their list of priorities. Luring Rangers stalwarts back into the club to work behind-the-scenes in a variety of roles is also seen as important so the identity of the institution can be restored. The fact no fewer than 12 members of the first team squad are out of contract in the summer is seen as an opportunity to substantially reduce a crippling wage bill that Charles Green, Brian Stockbridge and Craig Mather are largely to blame for. "There is obviously an opportunity to have contracts terminated," said King. "We have to make some fairly significant changes to the footballing side. But before that it is critical that we get the right manager in because we are bringing a manager into a team that is obviously not equipped to compete in the Premier League and is really struggling. "You would have thought that when Rangers were demoted they would have fairly comfortably come through the lower leagues into the Premiership and then maybe struggled for a season or two. "But right now we are struggling to get out of the Championship. Given the need to balance budgets and just be more sensible about the way the money is spent, we are going to have to get a manager who has the capacity to identify and manage players. "So I would imagine that the single most important decision will be identifying the right manager, who has all of these qualities. It really is someone who is more of a coach." King revealed he would be willing to pay compensation to another club for their manager if the best candidate they identify is in employment. He said: "If it was within reason, then paying compensation would be considered. I think everyone would accept that Rangers have to completely rebuild the squad. So the manager's role is so critical. "One wouldn't easily take the second choice when a little bit of money would have got you your first choice. I think we have just got to get it right. There's too much money being spent around it that is key to that individual to not get that appointment right." McCoist is currently on gardening leave while he serves out his 12-month notice period and could theoretically return in some capacity if King, Paul Murray and John Gilligan are appointed directors. But King said: "My understanding is that Ally has expressed no interest in coming back even with regime change. The indications I've had from those who have spoken to him more recently than I have is that he thinks he is done and he really doesn't see himself as part of the future." John Greig, Sandy Jardine and Walter Smith have all worked behind the scenes at Ibrox in a number of different roles in recent years and King would like to see a return to the days when Rangers men were involved in the running of the club. Greig declined to take to the pitch along with the other members of the European Cup-Winners' Cup winning team when the Govan Stand was renamed in honour of his former team-mate Jardine back in August. King said: "For me personally somebody like John Greig would be very important. I spoke to John when I was over here in November - just phoned him up and asked him how he was doing. "There are individuals who are not welcome - because they are not supportive of the existing regime. But what we would like to do is connect with the past. "Despite the difficult times, the history hasn't been lost. We already have Richard Gough showing support and to have people like John Grieg and Graeme Souness is going to be very, very important." The Glasgow-born financier, who once ploughed £20 million of his personal fortune into his boyhood heroes, is hopeful there will be no nasty surprises lurking in the books if he does take over. He said: "I think the circumstances of the club are such that there is a limit to how bad it can be. I can't imagine there will be a huge amount of creditors building up. I can't imagine that anyone has been lending money that we don't know about. "The stadium we know hasn't been used as security. "So while I think there will be some surprises, I think they might run into a couple of million, I don't think we are going to find a hole of £15 million to £20 million."
-
Another record for Deadline Day? Five players to boost the squad, are you a happy Bear?
-
The Sun saying he has been banned because he joined RF. Someone asking if Foster has joined yet.
-
Rangers International Football Club plc - Is it breaching the Companies Act? Is its Nomad a cretin or worse? http://www.shareprophets.com/views/10306/rangers-international-football-club-plc-is-it-breaching-the-companies-act-is-its-nomad-a-cretin-or-worse -
http://www.scottishfa.co.uk/scottish_fa_news.cfm?page=1961&newsCategoryID=3&newsID=14129
-
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."
-
Statement from the bears due at 6pm (approx) keep the faith guys please, from FF
-
If loans are given by Ashley Ibrox will not be used as security -Sky Sports News.
-
Peralta is gone.
-
http://www.dailyrecord.co.uk/sport/football/football-news/jack-irvine-paul-murrays-more-5015233? THE Easdales have launched an astonishing attack on Paul Murray, mocking the former Rangers director and questioning his commitment to the club. A statement released by Jack Irvine, family adviser to the Ibrox club’s major shareholders, hits back at Murray for speaking out against the current regime in today’s Record Sport and savages him for being part of the board when former chairman David Murray sold the club to Craig Whyte for £1. Irvine said: “ So like an episode of The Living Dead, Paul Murray emerges from his borders lair having vowed never to return. He says he expects a smear campaign against himself and Dave King and in the same breath compares the Rangers board to Gerald Ratner. Hypocritical? You decide. “If Mr Murray and Mr King ever do get anywhere near the club they are welcome to carry out a robust financial investigation. The Easdale brothers have never taken a penny from the club and nor have they claimed any expenses. “One begins to wonder if we are not dealing with Paul McKenna as opposed to Paul Murray who appears to have hypnotised himself and his cohorts into obliterating the memory fact that they sold their beloved club for one pound. Rangers men? You decide.” In fact, former Deutsche Bank executive Murray launched an eleventh hour bid to persuade former David Murray against the Whyte deal. Forecasting the liquidation crisis which just over a year later brought the Glasgow giants to their knees, he said at the time: "In my opinion, Craig Whyte has not adequately demonstrated what his strategy is for managing and funding a negative outcome on this matter."
-
This whole crew are the worst thing that has ever happened to Rangers. -
The day I take lessons from Easdale on what is and isn't in the best interests of Rangers, there'll be proper fiscal responsibility in Ibrox. Can it be that even after everything he doesn't grasp how detested he is? He lost his right to tell fans what is in Rangers best interests when he started hocking the club off to Mike Ashley. http://www.bbc.co.uk/news/uk-scotland-glasgow-west-30922826 Rangers director Sandy Easdale has said police are investigating threats made against him amid the ongoing and acrimonious battle for the Ibrox club. Officers are believed to be monitoring his home after internet posts allegedly urged fans to attack his house in a bid to remove him from the club. Mr Easdale, 47, said he had also received threats by email and letter. Last week, several hundred fans protested outside Ibrox stadium against the current Rangers board. In a statement released to the BBC, Mr Easdale said: "I have received several threats that are now in the hands of the authorities and I am confident that Police Scotland will get to the bottom of this. 'Violence and intimidation' "I appreciate that feelings are running high but I would like to make an appeal for calm. "This sort of behaviour is not in the best interests of the club, its shareholders or its true supporters." Mr Easdale said members of the Rangers board had been "subjected to an unprecedented level of abuse". "People are entitled to air their views but I hope that all parties will agree that violence and intimidation are unacceptable," he said. "All I want to see is the best possible outcome for Rangers." Police Scotland said it did not comment on operational details. Various fans groups have voiced opposition to the Rangers board for some time amid ongoing financial problems. It is understood that the club cannot pay this month's wage bill and needs immediate funding. A £10m loan has been offered by Mike Ashley, the owner of Sports Direct and Newcastle United, who holds an 8.92% stake in Rangers International Football Club - the football club's holding company. In return, Mr Ashley wants security over Ibrox stadium and its Murray Park training complex - a move that has enraged some fans who say the stadium should never be in danger of being taken away from the club's control. About 600 supporters demonstrated before and after the club's abandoned Championship game against Hearts on Friday. Following reports of disturbances, police arrested one man and said they expected to make more arrests after studying CCTV footage.
-
DAVE KING today insisted he will easily convince both stock market bosses and football chiefs that he IS fit to run Rangers. The former oldco director has called a general meeting to vote on plans to rout the Ibrox board. He will also ask the shareholders to vote in himself, former Blue Knight Paul Murray and John Gilligan as their replacements. The current regime - David Somers, Derek Llambias, Barry Leach and James Easdale - released a statement to the stock exchange on this morning insisting they would fight King's bid. In a thinly-veiled swipe at the Johannesburg-based businessman, they said: "The AIM rules require that all individuals appointed to the board of an AIM company are suitable to be a director of a UK public company." The Castlemilk-born millionaire was forced to hand the South African Revenue Services a cheque for £44million last year in a bid to stave off a tax investigation. SARS claimed he owned £149million but he was spared jail after accepting liability for 41 lesser charges in relation to income tax laws. Both he and Murray will also have to explain their part in the demise of the club after serving on the board under former owner Craig Whyte, who put the club on the path to liquidation in 2012, if they are eventually appointed as part of the SFA’s "fit and proper" person test. But King told PA: "There are no problems regarding the AIM regulations and the issue with the SFA is simple. Only once a director is appointed is an application made to the SFA by the club. "Both myself and Paul will have to deal with our previous directorship at the time that Craig Whyte got involved. Additionally, I will have to deal with my reasons for staying on the board and trying to impose some level of governance during the Whyte era. "I will also deal with my favourable settlement in South Africa. "These are all issues that the SFA rightly has to address in the same way that the SFA has to review the history of anyone who gets involved with a Scottish football team. "That was all considered by me prior to my application - as was the likelihood that the incumbent board will use the media to try to influence the debate by misrepresentation. "The enthusiasm that this board adopts to 'media management' and its failure to act in the interest of shareholders and other stakeholders is exactly why they should be jettisoned in favour of directors who have the requisite business skills and respect for the tradition of Rangers to take the club forward. "History will judge this board as one of the worst the club has ever had. There is not one individual who puts the club above personal interest." King hit back just hours after the board called on him to drop his general meeting and save the cash-strapped club the expense of hosting it. The board's 7am statement added: "If the notice (issued by King) is valid and is not withdrawn, the directors intend to recommend that shareholders vote against the proposed resolutions." In a second statement, the directors conceded they may have to consider using Ibrox as security on a loan - but insisted any decision would not be "taken lightly". Thousands of fans protested against that possibility before Friday night's abandoned clash with Hearts after it was revealed Newcastle owner Ashley was preparing to have his name added to the title deeds of both the stadium and Murray Park as part of a £10million loan arrangement. The Three Bears - wealthy fans Douglas Park, George Letham and George Taylor - had already announced they would increase their own loan offer of £5million - but would not ask for security on the stadium. The board added: "The directors are pursuing bilateral discussions with two parties who are both stakeholders in Rangers. "These discussions contemplate a significant amount of capital being available to the business on a long-term basis in order to enhance the squad which the directors believe is necessary. "A consequence of funding to this level is that, in reality, it may be necessary to use Ibrox stadium as security; such a decision would not be taken lightly. "No decision has been taken at the current time while discussions are being finalised in good faith. "The advance notice does not mean that security will be given, and the directors are adamant that it will not unfairly advantage the party with whom it was agreed. "The board will conclude a transaction, based on its merits, which it believes is in the best interests of shareholders as a whole in accordance with their fiduciary duty." http://www.dailyrecord.co.uk/sport/football/football-news/dave-king-ill-convince-stock-5005483?utm_source=twitterfeed&utm_medium=twitter
-
The Union of Fans is calling on Rangers fans to stage a "mass demonstration" outside Ibrox 45 minutes before kick-off tomorrow night.
-
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12218547.html
-
EGM requisition has been delivered to Ibrox within the last couple of minutes. Statement klaxon to follow no doubt.
-
http://sport.stv.tv/football/clubs/rangers/306606-mike-ashley-posts-intent-to-take-out-security-over-rangers-ibrox-stadium/
-
...as they hold advanced talks with club bosses. Jan 12, 2015 07:32 By Keith Jackson RECORD SPORT understands the Lanarkshire-based businessman and his allies are on the brink of agreeing a deal in return for two seats on the board. DOUGLAS PARK and his consortium were locked in advanced talks with the Rangers hierarchy last night as they edged closer to winning the battle for control of Ibrox. Record Sport understands the Lanarkshire-based businessman and his allies, George Letham and George Taylor, are on the brink of agreeing a deal to plough over £6million of emergency money into the club to spare it from insolvency – in return for two seats on the board. An announcement is expected early this week as the current regime scrambles to secure fresh funding. And last night, with Park and his group on the cusp of forcing their way into a position of power, directors James and Sandy Easdale appeared to pave the way for their imminent arrival by insisting they will be welcomed into the boardroom. In a statement the Easdale family adviser Jack Irvine said: “Sandy and James repeat again that they will willingly work with Douglas Park’s group for the benefit of the club.” Between them, Park, Letham and Taylor already have control of 20 per cent of the troubled Ibrox club’s shares. They are pushing for regime change and plan to invest further in a new share issue but realise the club’s cash flow position is critical and needs to be addressed immediately. In fact, Hong Kong-based banker Taylor believes, in the longer term, Rangers fans should eventually have control over their own club. The Morgan Stanley managing director has now signed up to a life-time membership with fan-ownership group Rangers First and said last night: “My hope is that direct fan ownership would become the biggest individual owner of the club.” Rangers First director Ricki Neill said: “With our monthly contributors donating amounts from £5 upwards, Rangers First have the income to buy an increasing number of shares every month. “The more members we get to join Rangers First the faster we grow and the bigger our shareholding becomes. “We also have the Club 1872 membership – which George Taylor has recently joined. “This costs £500 and was designed originally to help us reach our target in as short a period as possible. “George Taylor is one of many true Rangers fans that have joined Club 1872 and we look forward to meeting up with him in the near future.” Phoenix Knight Robert Sarver has also offered Rangers a crisis loan based on the condition that he underwrites a share issue to the tune of £20m and buys control of the club. But, crucially, the American’s plan needs the support of 75 per cent of the club’s current shareholders for it to get off the ground and so is viewed as a non-starter. This has left Park in the driving seat although the board are refusing to engage in similar talks with like-minded Rangers supporter Dave King, the club’s biggest single shareholder with a 15 per cent stake. As the crisis deepens, the South African-based businessman is expected by many to call for an egm later this week in a bid to rout the current board at a shareholders’ vote. Newcastle owner Mike Ashley, meanwhile, may yet be prepared to make a rival offer after previously handing over £3m to keep the club afloat through November and December. A close source said last night: “The cash situation remains critical and because of this a decision had been expected over the weekend. “The club is now days away from running out of money completely so there is an urgent necessity to get this funding in place. “However, the talks with the Douglas Park group are at a very advanced stage and it is expected that an announcement will be made soon.” http://www.dailyrecord.co.uk/sport/football/football-news/rangers-boardroom-battle-douglas-park-4962945 -
Demonstration outside Ibrox: Rangers v Raith Rovers Sunday 8th February (Scottish Cup) We are looking at a demonstration outside Ibrox for Sunday 8th February prior to the home match against Raith Rovers in the Scottish Cup. The reasons for this are that we feel that today’s news of using Ibrox as security is a watershed moment. This is where a line in the sand must be drawn. We would hope that all supporters and supporters group could agree with the sentiment behind this and would give their support and endorsement to it. This is not about boycotts, dividing the support, or anything other than an act to show how important Ibrox is to Rangers and our support. The demonstration is specifically about using Ibrox as security for a loan funding for anyone. We feel Ibrox should be asset locked away for the supporters. We are holding a meeting on Monday night to discuss this and if you want to attend (as a representative for an organisation, supporters club, or as an individual) then please contact us at info@thelouden.co.uk or message us. This is a positive action to show how much we care. We all love our club – lets show it. The Louden Tavern
-
Radio Scotland - McLaughlin. Also conjecture that Ashlay will sell to ParkCo.
-
...as Trust increases Ibrox stake. The likelihood of a shareholder shoot-out has increased in recent days following the moves by Dave King and the Three Bears - a consortium comprising of Douglas Park, George Letham and George Taylor - that saw them separately snap up significant stakes in the Gers. The shares held between those two groups, supporters and other like-minded individuals and investors could be enough to oust the current board if an extraordinary general meeting is called. And Union of Fans spokesman Chris Graham knows the vote will make or break fans' ambitions of seeing their club wrestled away from the under-fire regime. He told SportTimes: "If it does go down to a vote, this is really the last chance for the club to end up back in the right hands. "It will be a straight battle between Dave King and the Three Bears on one side and the Easdales and Mike Ashley on the other. "There will be floating voters in between. There is only one side that will bring the fans back and if anyone is voting from a financial viewpoint then they really should be backing the Three Bears and King. "I would think the board would show a bit of common sense and it wouldn't get to an EGM but the longer it goes on and the more delays there are, it becomes more likely that is the way it will need to be resolved. "Between King and the Three Bears, they have 35% and they can rely on a reasonable percentage of the fan vote. "We will be doing our best to make sure fans use their shareholding, it could be worth a crucial few per cent. "I think there are enough unattached shareholders there who, having looked at the level of mismanagement and anger from fans, would take the common sense approach and see there is only one option here." While any move by King or the Three Bears to vote off the under-fire board would be welcomed by fans, it would not be the end of Rangers' current crisis. The Light Blues require immediate funding to see them through to the end of the month, and help them fulfil an assurance to the SPFL that they can see out the Championship campaign. Mike Ashley and American businessman Robert Sarver could yet do a deal to provide another quick cash fix to keep the lights on at Ibrox. Graham said: "There is no option now other than some form of short-term loan. "We would be extremely reluctant to see someone like Mike Ashley provide that because we have already see the cost of that in terms of his control of the board and everything else. "The board are not going to get a share issue away quickly enough to deal with the cash issues. "The Sarver bid is frankly a distraction right now. The board can't accept it, it is only the shareholders who can. "Given the determination of the Rangers men to get in there, I don't see why they would step aside to allow him to take up a majority shareholding. They have the means and the will to fund the club." If an EGM is called, the shares held by fans could prove decisive in swinging the vote and toppling the board. And the Rangers Supporters Trust have announced that they have increased their stake to more than 1% with the purchase of another 100,000 shares in RIFC plc. An RST spokesman said: "A recent influx of new members and contributors to Buy Rangers has allowed us to make this purchase and with the continued support of the Rangers community we hope to increase our shareholding further in the near future. "All funds from the sale of Red and Black and Lion Brand shirts have been retained for use in a future share issue. "We will continue to work closely with those pushing for change at Rangers and we would ask fans to visit http://www.therst.co.uk and help us to take back our club." http://www.eveningtimes.co.uk/rangers/fans-fear-egm-is-last-chance-to-rescue-rangers-as-trust-increases-193866n.115833069?
-
............................. -
Just heard that one of them has loaned the club 500,000 pounds to keep things ticking over. Anyone else heard this
