This morning’s stock market announcement that Rangers International received a £5m emergency loan from our pal Mike Ashley, with terms agreed (pending diligence) on a further £5m available if needed, will see the club through the next week.
£3m of that £5m will go straight back to Ashley, to repay the loans he issued the club last year, leaving £2m, which will cover this week’s wages, with little left over (last year’s average monthly expenses was £2.75m).
The club can sell players this week, but as that is unlikely to generate significant funds, it looks like additional funding will be needed before next month’s wages – and significantly – before the proposed EGM.
In return for what is little more than an additional three week’s money, Ashley gets a floating charge over ALL the club’s assets. Despite how many headlines portray this story, that includes Ibrox Stadium.
Issuing a floating charge over assets is a normal piece of business for a football club, but this is not a normal football club. Floating charges are usually issued to banks, not predatory retailers, and they are seldom issued when the club is weeks away from running out of money.
A fixed charge has been granted over Murray Park, Edmiston House, Albion Car Park and, crucially, the club’s trademarks. In the event of a default, all these assets become the property of Sports Direct.
For reasons which are hard to fathom, Ibrox became some totem not to be tampered with, allowing Ashley to grab hold of enormous assets with relatively little concern. Should they default, consider this:
You want to sell tickets with ‘your’ crest or badge, pay me. You want to sell programmes, own a web site, do a shirt deal with someone else in the future, display the crest on the stadium wall, pay me.
The fact that Ibrox is subject to a floating, not fixed, charge, means that in theory the board could grant someone else a fixed charge over that asset, if they act before the floating charge becomes actionable. However, with Ashley now able to load the board with another two appointments, that possibility is not credible. If you have the floating charge, and you have the board, you don’t need a fixed charge.
There are other kicks to the nether regions. The club has given Sports Direct another 26% of Rangers Retail, bringing their total holding to 76%, for the duration of the initial loan. This is not hugely significant, but it could be in lieu of fees and interest, which are not being charged.
More interestingly for a club completing short-term funding requirements, they have agreed to pass their shirt sponsorship proceeds to Rangers Retail from 2017, until all these borrowings are repaid. With all the other rights Ashley is likely to assume in the coming months, this seems unnecessary. He has the board, has inserted the conditions he wants in these loans and has the fixed and floating charges required to do pretty much anything. Apart from rubbing people’s faces in the faeces, this additional ‘benefit’ appears superfluous.
What’s the takeaway message in all of this?
Despite the press briefings which were slavishly reported as news earlier this month, Ashley is not about to roll over, no matter how ample his frame. He doesn’t care about anything you care about. He cannot be bribed, blackmailed or coerced. He will react badly to people trying to manipulate him. Very badly.
He has control of the boardroom and Rangers International will need him before he needs it, and before any EGM is held. This is his new baseline, the next round of ‘assistance’ will tighten his grip on the all-important income streams.
It’s an impossible situation for the fans. Learn to live with the guy you’ve failed to box into a corner, while he exacts compensation for the trouble he’s been put to, or continue to resent him.
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BT,
I don’t think so. Funny that ;)
Blantyretim…cheers mate…
BT
You and I know, and the SMSM know that Tommy and Tosh only deal in the truth. They will never be asked!
Tontine Tim
I mind Lou Macari scoring at the Huns end during a game at Hampden 72-3 and celebrating his goal. Nothing was done. Mind you most of them had left as we gave them the runaround that day- big Greig scored in the last minute and we all cheered him as they were all gone by then.
Jimbo67
Jumbo
Ian young made 16 league appearances 65/66
Does Tommy Boyd and Tosh McKinlay, ever explain to the fans why, PL only brings in puppet-managers?
Aye….
Has it always been 10 appearances for a medal?
Cheers.
…oot.
Tontine Tim – I think Stan got booked for it as well.
***Week 3 Last Man Standing 3 results***
Good Evening fholks
This week 14 teams had the misfortune of liquidating their predictor due to poor footballing judgement. Sounds familiar eh? :-)
Thecelt45 Southampton
Bobby Evans Superstar Southampton
The Little Gentleman In The Black Velvet Waistcoat Southampton
MurdochAuldandHay Southampton
BMCUWP Southampton
gerryfaethebrig Aberdeen
ohits Southampton
Penfold Southampton
bjmac Hamilton
Bayern MunShaun Southampton
Neilbhoy Southampton
Sebo Celt Southampton
Cliftonville Celt Hamilton
Celtic Soul Brother Southampton
But all is not lost for the gallant 14…as you have one last chance to become a “really new better than before” newco!
This currently leaves a grand total of 55 teams solvent and moving onwards to week 4 and towards a prize pot which has increased to just over £600!! Remember:Winner takes all. We will confirm final paypot as soon as a few newcos pay their bills! :-)
The 55ers (sounds topical!)
Black Cat Dundee United
celticrollercoaster Celtic
deccyrollercoaster Arsenal
Leftclicktic Dundee United
The Lurker Dundee United
Kolncelt Dundee United
B-Boy Dundee United
Praecepta Dundee United
16 roads Dundee United
jamabhoy West Ham
Martybhoy59 Celtic
Travel Bhoy West Ham
Smashing Milk Bottles Dundee United
GG Dundee United
Bada Bing Dundee United
Cowiebhoy West Ham
GuyFawkesaforeverhero Celtic
Bognorbhoy West Ham
Setting Free The Bears West Ham
Hamilton Tim Celtic
Paddybhoy1888 Inverness
jamesgang Dundee United
Thommy Bhoy Dundee United
stpatricksbhoy Aston Villa
The Token Tim West Ham
Bognor Hoops Celtic
Greenpinata West Ham
timabhouy Dundee United
skiisalandfill West Ham
joe,joe,John,Bobby, teddy West Ham
Dim Sam Dundee United
Jimmynotpaul Celtic
Beattie Bhoy Dundee United
Geordie Celtic
Sponsored by Cheetah Dundee United
Ticgaz Dundee United
Eurochamps67 West Ham
Delaney’s Dunky Dundee United
Doc Dundee United
Lionsroar67 Dundee United
Gods XI Dundee United
Elharto Dundee United
Wee Biff Dundee United
AndyF Celtic
3mick3 Celtic
Jungle Jim Hot Smoked Dundee United
The Bhoy From The Village West Ham
Catalpa Dundee United
Bhoywonder84 W Ham + D Utd
Billy Bhoy Dundee United
nakasammi Celtic
cosycornerbhoy Dundee United
Fifi84 Dundee United
Johann Murdoch Celtic
Big Cup Winners Dundee United
HH and good luck
CRC
The gift that keeps on given a certain Patrick O’Hara, born 24th August, 1922 in Ballina, County Mayo is the maternal grandfather of Mike Ashley.
Apologies if posted earlier IphoneCSC
Jimbo
Blinking auto correct
Blantyretim
I knew he had played at the start of the season. Didn’t know how many he played- I was only 5!
Is it not the case that players get a medal as of right if they play a certain proportion of the games but if the club thinks they made an important contribution whilst playing only a few games that they can apply for additional medals. Or is that too much like common sense?
Jimbo67
** LAST MAN STANDING 3 – THE WEEK 4 FIXTURES **
So, we now arrive at week 4. If you were unsuccessful in week 3 you still have the chance to pay your way back in. But, going forward, that opportunity will no longer be available. Winners only from now on. And remember, after the next fixtures the chance to pay your way back in is no longer available.
In addition, from now on, if anyone doesn’t get a pick in in time then they will be awarded that week’s Bogey Team. And you don’t need to be Sherlock to work out who that is going to be this week (and possibly in the weeks to come)!!
So here are the week 4 fixtures for those that were successful and for those that are about to buy their way back in. Please remember to get your picks in without the need for a reminder ;-) And remember the basic rule – you can’t pick any team that you’ve chosen previously.
All entries to the usual address – cqnpredictor@gmail.com
Good luck!
Week 4 Fixtures – all 15.00 kick offs unless stated
Friday 30 January
Partick Thistle v St Mirren (19:45)
Saturday 31 January
Dundee v Hamilton
Inverness v Ross County
Motherwell v St Johnstone
Dundee Utd v Aberdeen (League Cup)
Manchester United v Leicester
Chelsea v Manchester City (17:30)
Sunday 1 February
Celtic v The Rangers (13:30) (League Cup)
Southampton v Swansea (16:00)
WEEK 4 BOGEY TEAM – “THE RANGERS”
Jobo
leftclicktic
14:00 on
27 January, 2015
rt rev david hay
13:55 on 27 January, 2015
unfortunate we have to play this mob to reach a cup final.
I really hoped they wouldn’t make it to this day again.
*and they cheated there to get to this day including being classed as a seeded team for the 3rd round draw prior to their game against ICT….that and the Leith soup taker’s team lying down tae them…..as well as former linfield’s goalies team doing the same thing.
Wee wakaso is gonna be away a while longer. Ghana qualify for next stages of Africa cup.
Hugh Bonkle,
My Dad was having the same issue logging into CQN – on Internet Explorer – and asked me to have a look at it.
I noticed that the url address was missing the www. Prefix ?
As soon as I added this to the url address bar it worked fine!!!!
Weird thing was that his favourite no longer worked either – kept doing the same – so I needed to re-save the favourite and delete the old one.
That seems to have fixed it for him at least!!!
Cheers,
BJM.
Aprons being ironed as we speak …
The Evening Times @TheEveningTimes 10m10 minutes ago
SFA president Campbell Ogilvie bids for Uefa position | Evening Times http://www.eveningtimes.co.uk/sport/spfl/sfa-president-campbell-ogilvie-bids-for-uefa-position-195613n.117135385 …
Big Georges Fan Club – Hail, Hail, Wee Oscar
I spoke to Paul earlier about this as I was getting lots of queries. Apparently there was a server upgrade issue today which has now been resolved. This has prevented some people getting access to CQN while others seem to be okay. Should be back to normal shortly.
Not sure Jimbo
I had the Celtic companion book beside me
“Impeach Grimmond McCrummoch”.
Managed to log in eventually thought the site had been hacked
Think I’l log back out as Jobo & CRC have just reminded me that I am a now a newco 3 timer
Need to tap Uncle Mike methinks :)
Surely to god that man can’t be given another job?
He shouldn’t be in his current position
Disgraceful
Blantyretim
i think when Alan Sneddon joined Hibs and won league medals with two clubs in the same season the rule was you autonatcally got a medal if you started a third plus one of the games you got one autimatically. Later it included games where a player came on which meant Andy Thom got a medal in 97/8. But I could be wrong
Jimbo67
Any links to RD interview on BBC?
I’ve had problems getting on CQN this week and just reading back a bit so have others.
You have to use…
http://www.celticquicknews.co.uk
as,
http://www.celticquicknews.com
isn’t working at the moment.
Hope this helps.
BT-Looks like all football governing bodies are corrupt, hope, you are well.
I can only get page one of the blog. Every page after that is a blank screen.
What’s happenin,!
That fixed it!
Nada
Shameless utterly shameless but enough about me.
Getting on fine big man,
Oh and Good article Paul67,
A guy in my work summed it up brilliantly today, when he made the comment that Mash was acting like he is playing Monopoly, trading certain things to get even stronger, I thought that was bang on.
I’d also love a link to Ronny’s interview if anyone can get that on the blog.
Anyone coming or going to hump dump by train on Sunday had better make new plans
Engineering works planned and buses being used
Bada nada
It’s all the same to me
southside
Magic, thanks :)
HH
petec
DNS problems at Paul’s hosting company today mate. He reckons it’s not everyone that’s having problems.
Had texts from cowiebhoy and fourgreenfields earlier, they couldn’t and can’t still get on as far as I know.
Keep the Faith!
Hail Hail!
KD…one of Celtic’s best ever players….loved him as a player.
But…I think his mask has slipped a wee bit.
Thems are really desperate….They know they are hated.
HH
KKD was a truely brilliant player but mibbes not the sharpest knife in the drawer.
RDhandlesitwellCSC