Rangers Announce Secure Loan - £1.5m. Repayable by 1st Sept

[Super Cooper 0]

This is heartbreaking , and really worrying that this new board are happy to go along with it

 

New board, same puppet masters.

[TheTinMan99 0]

Shameless bastards. Nothing much else to say.

[True_Ger_1872 2]

One needs to wonder what lengths the Investment Committee went to in order to get this level of cash into the club? From the sounds of it - i don't imagine they did a lot of work in the background to try and find alternative sources of cash.

 

It does also, maybe, explain the rather strange decision switch of Laxey in the run up to the AGM. If they backed the board, was it possible that they would have been able to 'secure' this business in a slightly more straight forward manner given the make-up of the board??

 

The Easdale influence here is also worrying - i have always been stuck to provide any reasoning / proof as to what they offer or bring to the table which has led me to question the institutional investors faith in them. I think there is something strange here going on...

 

Worrying times indeed.

[the gunslinger 3,366]

Anyone want to bet we need to borrow even more next year at an even greater cost. We are being run for the benefit oof the spivs.

[Zappa 0]

One needs to wonder what lengths the Investment Committee went to in order to get this level of cash into the club? From the sounds of it - i don't imagine they did a lot of work in the background to try and find alternative sources of cash.

 

It does also, maybe, explain the rather strange decision switch of Laxey in the run up to the AGM. If they backed the board, was it possible that they would have been able to 'secure' this business in a slightly more straight forward manner given the make-up of the board??

 

The Chairman of the Investment Committee is Norman Crighton, who if I'm not mistaken has himself admitted to being a Laxey representative in our boardroom. He said as much at the AGM did he not?

[26th of foot 6,114]

It's the Law of Diminishing Returns.

 

Increasing lack of trust will see diminished season ticket renewals.

 

Less monies accrued will see the need for a further injection of capital(crisis loan) in December of next season.

 

Bigger loan over longer period at higher annual rate of interest perpetuates a bigger problem for the following season.

 

The club loses an asset and one of the few remaining income streams(Albion car park). I seem to remember the Casino scam several years past saw Glasgow City Council award planning permission for development of the Albion and the demolished Hinchelwood estate. The Albion will be worth several times more, with planning consent.

 

See Rangers, see Leeds United.

[BrahimHemdani 1]

It says that the Easdale facility is fee and interest free.

 

Thanks and I read it twice as well; obviously too early in the morning for me.

 

I've deleted the post.

[ian1964 10,761]

Fans’ anger at Ibrox loan deal

 

FURIOUS Rangers fans today demanded financial transparency about the future of the Ibrox club.

 

Supporters supremo Drew Robertonsaid fans are “extremely concerned” after it was revealed a £1.5million loan has been secured against Edmiston House, a three-storey building behind the Copland Road stand, and Albion car park.

Rangers today confirmed a deal to borrow the cash from football board chairman Sandy Easdale and investment group Laxey Partners.

Easdale has stepped in to offer up a £500,000 sum on a no-fee and no-interest basis, while Laxey Partners will lend the club £1million.

Both loans are repayable by September 1.

And Laxey Partners, the club’s single-biggest shareholder with an 11.64% stake, stand to make a £150,000 profit on their part of the deal.

Mr Roberton, Rangers Supporters’ Association chief, said: “I find this latest move very strange. If the money is coming from existing investors, why does it have to be secured against Edmiston House and Albion car park?

“I could understand if the money was coming from a bank, but these are investors who are meant to have the club’s interest at heart.

“It is extremely concerning. I sincerely hope Rangers repay the loan by September 1 and retain the car park and Edmiston House.”

Isle of Man-based hedge fund Laxey Partners may opt to take repayment in the form of fresh shares, but that would require shareholder backing at an AGM.

The money loaned to Rangers will now tide them over until season-ticket

renewal fees start arriving at the end of the season.

A club statement said: “The board of Rangers is pleased to announce that it has entered into two secured short-term credit facilities for an aggregate of up to £1.5m.”

 

http://www.eveningtimes.co.uk/news/u/rangers-have-struck-15m-loan-deal.1393232037

[stewarty 2,060]

I now await the spin about Sandy Easdale's apparent philanthropy.

[26th of foot 6,114]

James and Sandy - Brothers in Altruism!

 

The missing chapter in Robert Tressell's 'Ragged Trousered Philanthropists'.