SteveC 150 Posted March 7, 2014 Share Posted March 7, 2014 http://m.stv.tv/sport/football/clubs/rangers/266490-rangers-shareholder-loan-deal-to-be-repaid-using-season-ticket-money/ A controversial loan taken out by Rangers from two of its shareholders could be paid back using season ticket money, according to an agreement seen by STV. The agreement appears to show that both facilities shall be repaid either from "the sale of season ticket monies for the 2014/15 season" or "a placing or rights issue or other form of debt or equity fundraising of the company or any member of the Rangers Group, whichever is first to occur." Sandy Easdale and Laxey Partners are listed as the lenders, with Rangers International Football Club plc as the borrower and The Rangers Football Club Limited the chargor. After being contacted by STV, Rangers appeared to contradict the document. A spokesman said: "The loans, if drawn, will be repaid from the operating cash flow of the business at the relevant time. Operating cash flow comprises many sources including commercial partnership income, retail dividends and match ticket income." The Laxey loan is for £1m and is repayable with an interest payment of £150,000. The loan from Mr Easdale is for £500,000. Both are secured against club properties Edmiston House and the Albion Car Park, with both lenders security being on an equal footing. STV understands the joint loan facility has not yet been drawn upon by the club. If used, the amounts borrowed must be repaid by September 1, 2015, according to the document. The Laxey loan has attracted controversy due to its interest rate. Another shareholder, George Letham, has offered the same amount with a repayment of £75,000, which he insists he would reinvest in the club. A collective group of Rangers supporters' organisations, the Union of Fans, have also called upon their fellow fans not to pay their season ticket money for the 2014/15 season directly to the club. Instead the group, together with former director Dave King, want monies to be paid into a trust and only given to the club if assurances are given over finances. The Rangers oldco previously took out loans against season ticket money. Ticketus bought the rights to around 100,000 Ibrox season tickets until 2015 when Craig Whyte was in charge at Ibrox. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted March 7, 2014 Share Posted March 7, 2014 The agreement appears to show that both facilities shall be repaid either from "the sale of season ticket monies for the 2014/15 season" or "a placing or rights issue or other form of debt or equity fundraising of the company or any member of the Rangers Group, whichever is first to occur." At least Dick Turpin wore a mask! 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 7, 2014 Share Posted March 7, 2014 It just gets worse, they hardly hide it now. 0 Quote Link to post Share on other sites More sharing options...
Super Cooper 0 Posted March 7, 2014 Share Posted March 7, 2014 It just gets worse, they hardly hide it now. Aye but we've got to give Wallace a chance mumble mumble mumble...... Sooner these parasites are out the better. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,780 Posted March 7, 2014 Share Posted March 7, 2014 Aye but we've got to give Wallace a chance mumble mumble mumble...... Sooner these parasites are out the better. I really can't believe some fans want to stick with the current board!, what will it take for these guys to realise what is happening with our club FFS! 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 7, 2014 Share Posted March 7, 2014 What kind of company pays twice as much for credit as it has to deliberately? 0 Quote Link to post Share on other sites More sharing options...
TheTinMan99 0 Posted March 8, 2014 Share Posted March 8, 2014 What kind of company pays twice as much for credit as it has to deliberately? The kind of company that pisses away £40m plus to win 2 part time leagues. Oh I forgot, that wisnae them. 0 Quote Link to post Share on other sites More sharing options...
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