Rangers takeover: Deal agreed in principle

[Uilleam 6,220]

24 minutes ago, buster. said:

John Bennett has talked about this facility? Do you have a link, please?

 

I just had a brief scan of document and couldn't see an interest rate. I did read about the payments of transfer receivables. 

 

@Bluedell Do you know if there is an  interest rate attached to this facility or is it an agreed payment (transfer receivables) in return for a cash loan?

John Bennett quoted verbatim in the Super Soaraway

 

According to documents lodged to Companies House, two parties, 'FCT' and 'PC', owe Rangers money.

It is likely FCT and PC refer to FC Twente and Parma Calcio, two clubs that Rangers have done business with in recent years.

Gers sold Antonio Colak to Serie A side Parma for around £2.5m in 2023 and Eredivisie outfit Twente purchased Sam Lammers for a similar amount last summer.

Transfer fees are usually paid in instalments than in full however, and it's understood Rangers are still waiting for these instalments to be paid.

 

Neither Twente or Parma are believed to late or overdue with their instalments.

But Rangers have taken this action to receive funds now, with interest to be paid on the loan going forward.

 

The future fees that were due from Twente and Parma will now be paid to Macquarie rather than Rangers as part of the agreement.

In turn, Macquarie will give the Ibrox club an immediate injection of cash.

In normal circumstances, current shareholders could have stepped in and fronted up money of their own whilst the club waited for the instalments to be paid.

But with a potential takeover of the Ibrox club by the San Francisco 49ers agreed in principle - and with several of the Rangers board ready to sell up before the end of the current Premiership season - it is reasonable to expect that they would be unwilling to part with more of their own cash.

What the move does signal is a change in stance from what ex-chairman John Bennett said in 2021 on the topic of interest rates offered by banks such as Macquarie.

He said: "We have had numerous approaches, including in November. It is so interesting, they come to you and it could be equity, it could be family offices, it could be banks such as MacQuarie Bank and they are active in the football space. They can't touch our terms," he said.

"What I have been saying and a number of us have been saying is 'Ok, those are interesting approaches'. I can tell you that one of them was at 13 per cent per annum.

"We're not paying that. We are no longer paying nine, we are no longer paying eight, six is the new benchmark.

 

"If those providers can come in and beat that at two levels - a lower coupon, because six is the new benchmark, and we have driven the cost of funding down to six.

"I think that is one of the lowest numbers in the whole of football in Britain for loans. But also on security. I can assure you they want a whole lot more security and a higher coupon."

 

https://www.thescottishsun.co.uk/sport/14472837/rangers-loan-future-transfer-fees-what-it-means-finances/?utm_medium=Social&utm_campaign=ScottishSunSportTwitter&utm_source=Twitter#Echobox=1741733679

[Bluedell 5,928]

57 minutes ago, buster. said:

John Bennett has talked about this facility? Do you have a link, please?

 

I just had a brief scan of document and couldn't see an interest rate. I did read about the payments of transfer receivables. 

 

@Bluedell Do you know if there is an  interest rate attached to this facility or is it an agreed payment (transfer receivables) in return for a cash loan?

I haven't seen any documents, so unaware of what they say and they still haven't been published by Companies House. It seems that Uilleam's 6% refers to a 2021 interview when base rates were 0.25% so won't necessarily be what we are now paying, given the increase in base rates since then.

[buster. 5,457]

49 minutes ago, Uilleam said:

John Bennett quoted verbatim in the Super Soaraway

 

According to documents lodged to Companies House, two parties, 'FCT' and 'PC', owe Rangers money.

It is likely FCT and PC refer to FC Twente and Parma Calcio, two clubs that Rangers have done business with in recent years.

Gers sold Antonio Colak to Serie A side Parma for around £2.5m in 2023 and Eredivisie outfit Twente purchased Sam Lammers for a similar amount last summer.

Transfer fees are usually paid in instalments than in full however, and it's understood Rangers are still waiting for these instalments to be paid.

 

Neither Twente or Parma are believed to late or overdue with their instalments.

But Rangers have taken this action to receive funds now, with interest to be paid on the loan going forward.

 

The future fees that were due from Twente and Parma will now be paid to Macquarie rather than Rangers as part of the agreement.

In turn, Macquarie will give the Ibrox club an immediate injection of cash.

In normal circumstances, current shareholders could have stepped in and fronted up money of their own whilst the club waited for the instalments to be paid.

But with a potential takeover of the Ibrox club by the San Francisco 49ers agreed in principle - and with several of the Rangers board ready to sell up before the end of the current Premiership season - it is reasonable to expect that they would be unwilling to part with more of their own cash.

What the move does signal is a change in stance from what ex-chairman John Bennett said in 2021 on the topic of interest rates offered by banks such as Macquarie.

He said: "We have had numerous approaches, including in November. It is so interesting, they come to you and it could be equity, it could be family offices, it could be banks such as MacQuarie Bank and they are active in the football space. They can't touch our terms," he said.

"What I have been saying and a number of us have been saying is 'Ok, those are interesting approaches'. I can tell you that one of them was at 13 per cent per annum.

"We're not paying that. We are no longer paying nine, we are no longer paying eight, six is the new benchmark.

 

"If those providers can come in and beat that at two levels - a lower coupon, because six is the new benchmark, and we have driven the cost of funding down to six.

"I think that is one of the lowest numbers in the whole of football in Britain for loans. But also on security. I can assure you they want a whole lot more security and a higher coupon."

 

https://www.thescottishsun.co.uk/sport/14472837/rangers-loan-future-transfer-fees-what-it-means-finances/?utm_medium=Social&utm_campaign=ScottishSunSportTwitter&utm_source=Twitter#Echobox=1741733679

Thanks but as Bluedell says. That interview is from 2021.....

 

...and besides, it seems to me that he is talking about the rate that his to loan to Rangers was charged at.

Edited 4 hours ago by buster.

[buster. 5,457]

3 hours ago, Bluedell said:

I haven't seen any documents, so unaware of what they say and they still haven't been published by Companies House. It seems that Uilleam's 6% refers to a 2021 interview when base rates were 0.25% so won't necessarily be what we are now paying, given the increase in base rates since then.

Thanks Bluedell !

 

I think he is referring to the 6% that his loan to Rangers was charged at.

 

https://find-and-update.company-information.service.gov.uk/company/SC425159/filing-history

Edited 56 minutes ago by buster.

[compo 7,681]

I've read that the takeover will be done and dusted by May roll on May that's what I say .

[Uilleam 6,220]

3 hours ago, buster. said:

Thanks but as Bluedell says. That interview is from 2021.....

 

...and besides, it seems to me that he is talking about the rate that his to loan to Rangers was charged at.

It reads to me that 6% is the price at which the Club would do business. 

 

We'll find out, presumably. When/if we do, it will be purely of historic interest, and of little practical import.