OnlyOneAmoruso 0 Posted January 14, 2010 Share Posted January 14, 2010 Rangers fans chief David Edgar today urged the Lloyds Banking Group to name their price for the debt-ridden Ibrox club. It has been reported that an Ã?£18million rescue package tabled by a four-man consortium ââ?¬â?? led by South African-based tycoon Dave King and current non-executive board member Paul Murray ââ?¬â?? has been thrown out by the clubââ?¬â?¢s bankers. Sport Times understands King has been in discussions with the bank for the past few weeks and feels itââ?¬â?¢s time to make a move ââ?¬â?? with the backing of Murray, and at least two other wealthy businessmen who have yet to be named. The intention is to buy the debt of the bank at the best price possible, and then generate working capital to be thurst into the Ibrox coffers immediately. The SPL champions are Ã?£31m in debt to Lloyds and Supporters Trust spokesman Edgar has challenged the bankers to come clean and reveal their intentions are for their club ââ?¬â?? and how much it will take for interested parties to take control. Edgar said today: ââ?¬Å?The Rangers supporters want the club to move into new ownership as quickly as possible and hopefully that will happen sooner rather than later. ââ?¬Å?The bank obviously have a figure in mind and I donââ?¬â?¢t think there is any harm whatsoever in coming out publicly and stating what they are looking for. Iââ?¬â?¢m sure every Rangers supporter would be excited to learn a bid was finally made for the club and theyââ?¬â?¢ll also be disappointed that it was rejected. ââ?¬Å?We want the club in new ownership as quickly as possible. ââ?¬Å?The financial state of Scottish football at this moment in time, plus the money that would be required to get Rangers back to the level which would be expected, means it isnââ?¬â?¢t exactly a profit making company.ââ?¬Â Turnaround specialist Donald Muir, who was appointed to the Rangers board back in October at the behest of the Murray Group, is believed to be also actively seeking new buyers and club sources say a prospectus is being prepared to try and tempt any interested parties to make a move. Chairman Alastair Johnston has also been trying to bring investors to the table and has a close relationship with King ââ?¬â?? who pumped Ã?£20m into the club ten years ago. But Muir has had no contact with King and his consortium. http://www.eveningtimes.co.uk/sport/...price-1.998624 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted January 14, 2010 Share Posted January 14, 2010 Not surprised it was kicked out - sounds to me like they offered 18M for 31M of debt, and with Rangers a reasonably safe going concern it seems better for the bank to sit back and wait for the money to be repaid on schedule. They need to make it more worth the bank's while. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,270 Posted January 14, 2010 Share Posted January 14, 2010 I dont know exactly what the debt situation is at present but having shipped out over 10 players , getting just under �£2million in transfer fees , C/L money we cannot be too far off mid 20 ,s surely , so 18 cannot be too far off the mark , also 21 million of the31 total was getting paid back as a term loan over the same number of years , surely there is no great hurry to pay all the det off 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted January 14, 2010 Share Posted January 14, 2010 It's about time that whoever is pulling the strings let it be known what the asking price is. There's obviously a lot of work going on behind the scenes and nobody seems to know what is being asked for. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted January 14, 2010 Share Posted January 14, 2010 I dont know exactly what the debt situation is at present but having shipped out over 10 players , getting just under �£2million in transfer fees , C/L money we cannot be too far off mid 20 ,s surely , so 18 cannot be too far off the mark , also 21 million of the31 total was getting paid back as a term loan over the same number of years , surely there is no great hurry to pay all the det off I don't think all the CL cash has been received, and probably not all the transfer income has been received. we have still had to pay off some outstanding transfers as well. I doubt it's as low as �£18m, but it should still be lower than the June debt. Although �£20m is a term loan, the bank obviously want it paid off sooner than the stated terms given their procrastination over the business plan.. What is not clear is what the offer of �£18m covered and who gets what. 0 Quote Link to post Share on other sites More sharing options...
OnlyOneAmoruso 0 Posted January 14, 2010 Author Share Posted January 14, 2010 Not surprised it was kicked out - sounds to me like they offered 18M for 31M of debt, and with Rangers a reasonably safe going concern it seems better for the bank to sit back and wait for the money to be repaid on schedule. They need to make it more worth the bank's while. The key in this is that they have offered 60p for every �£1 of debt. Lloyds have accepted this for other businesses, so why not Rangers? 0 Quote Link to post Share on other sites More sharing options...
OnlyOneAmoruso 0 Posted January 14, 2010 Author Share Posted January 14, 2010 I don't think all the CL cash has been received, and probably not all the transfer income has been received. we have still had to pay off some outstanding transfers as well. I doubt it's as low as �£18m, but it should still be lower than the June debt. Although �£20m is a term loan, the bank obviously want it paid off sooner than the stated terms given their procrastination over the business plan.. What is not clear is what the offer of �£18m covered and who gets what. I'm sure we paid �£7m debts owed to other clubs over the summer. I'd like to know more about the emboldended part. Hopefully this will be forthcoming. 0 Quote Link to post Share on other sites More sharing options...
Danny 0 Posted January 14, 2010 Share Posted January 14, 2010 I wish articles like this wouldn't label Edgar as the 'fans chief'. He's the RST spokesman who speaks for a few thousand paying members. Or do I have my facts wrong? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,665 Posted January 14, 2010 Share Posted January 14, 2010 Fans' chief doesn't bother me - only the pedantic (with respect) would be annoyed at the press using such a term... In terms of what David says, I agree with him in that the bank and/or MIH need to be clear in what they want and the same goes for anyone interested in buying the club. Have they performed due diligence yet or is that not overly important given King and Murray are directors? 0 Quote Link to post Share on other sites More sharing options...
rbr 1,270 Posted January 14, 2010 Share Posted January 14, 2010 I'm sure we paid �£7m debts owed to other clubs over the summer. I'd like to know more about the emboldended part. Hopefully this will be forthcoming. You are spot on AJ stated this at the AGM , whether his came from the C/l money is not clear yet , but we are not in as bad a debt situation as some would make out , possibly we are cash flow wise but that's another story 0 Quote Link to post Share on other sites More sharing options...
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