pete 2,511 Posted February 19, 2015 Share Posted February 19, 2015 "NEWCASTLE owner Mike Ashley now owns the Rangers' retail operation and has a security over many of the club's precious trademarks, it has emerged. Fresh financial papers for Rangers Retail reveal that from January 27, the Sports Direct founder and owner has been the "ultimate controlling party" of Rangers Retail, which handles the club's merchandising and stores. It confirms the switch has been made from the previous controllers, the club holding company The Rangers International Football Club plc. The accounts reveal that while Rangers Retail turnover quadrupled from £1.2 million in the year to April 2013 to £4.8m in the year to April 2013, profits only doubled from £434,312 to £877,662. That is because the costs of the sales soared by eight times that of the previous year from £546,656 to £4.2m. It is understood most of that money has gone to Sports Direct as Rangers Retail is buying Rangers merchandise, including replica kits, gifts, polo shirts and track suits from the Ashley-controlled firm for use in club outlets. Sports Direct confirmed to the Herald that Rangers Retail has provided over £3.8m to Sports Direct in the year through such sales. Notes filed over Rangers Retail with Companies House reveal: "This transfer in ownership is a result of a loan issued by Sports Direct.com Retail Limited to The Rangers International Football Club plc initially for £5 million." Mr Ashley's control over retail and trademarks comes as a by-product of his £10m emergency loan to Rangers made last month. New documents have come to light that show that a host of Rangers and club-related trademarks and logos including the famous RFC Scroll crest and the Ready logo are being held by Mr Ashley and Sports Direct as security against that loan which is payable on demand. Details provided by the board to the Rangers Fans Board reveal that Mr Ashley gave up the stadium naming rights he bought for £1 in 2012 in favour of 25 per cent of the Ibrox advertising rights. When Rangers Retail, a joint venture with Sports Direct, was confirmed by the club under then chief executive Charles Green in August 2012, it was promoted as enabling Rangers "to once again control its retail operation and give supporters the chance to buy direct from the club and in doing so, continue to invest in its future". Rangers Retail run the club's entire retail operation, including the Rangers Megastore, and hold the rights under licence to the club's famous crests. When details of the Ashley loan first emerged, the RIFC board admitted it was forced to pay Sports Direct £1.6m, its share of a Rangers Retail dividend, over the "cessation of onerous leases" in relation to the closure of club shops. Under the previous 10-year retail agreement with JJB struck by Sir David Murray in 2006, Rangers accepted an initial £18m from the sports firm, while it was also guaranteed a minimum royalty fee of £3m per year until 2016. As a result, JJB held exclusive rights to design, develop, source and retail merchandise associated with the club. It has been confirmed that Mr Ashley has been called to give evidence before the Scottish Affairs Committee regarding the role Sports Direct played in the treatment of workers at its fashion chain USC". http://www.heraldscotland.com/news/h...dema.118843843 Did Mr Leach not say that the trademark crests and Badges were not a part of the deal. 0 Quote Link to post Share on other sites More sharing options...
Oleg_Mcnoleg 50 Posted February 19, 2015 Share Posted February 19, 2015 Confirmation of exactly what we all thought would happen. 0 Quote Link to post Share on other sites More sharing options...
JTP 0 Posted February 19, 2015 Share Posted February 19, 2015 I'd spend my last pound funding the RFFF again if we used it all fighting these onerous contracts in every court in the country. Fraud. Fraud. Fraud. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 4,013 Posted February 19, 2015 Share Posted February 19, 2015 Notes filed over Rangers Retail with Companies House reveal: "This transfer in ownership is a result of a loan issued by Sports Direct.com Retail Limited to The Rangers International Football Club plc initially for £5 million." Wasn't that already implied when the first news about the 10m loan came up? Where it was also stated that all rights (e.g. director seats) and securities SD holds over us will be gone once the loan is being repaid? If there#s more to it, conflict of interest between Llambias and Ashley et al should make a court case against these deals a formality, one would assume. 0 Quote Link to post Share on other sites More sharing options...
Ser Barristan Selmy 222 Posted February 19, 2015 Share Posted February 19, 2015 Unfortunately, Ashley's involvement is going to hinder our development massively for years to come. He is one of the most toxic, debilitating characters to ever get involved with us and Scottish football. He has control of areas that are imperative to our redevelopment and the club has just continued to get more and more destroyed with his involvement. 0 Quote Link to post Share on other sites More sharing options...
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