Cost of trying to manipulate Ashley clear

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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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558 Comments

  1. Delaneys Dunky on

    BT

     

     

    You and I know, and the SMSM know that Tommy and Tosh only deal in the truth. They will never be asked!

  2. 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

  3. Celticrollercoaster supporting Shay,our bhoy wonder along the way on

    ***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

  4. 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

  5. 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

  6. ** 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

  7. 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.

  8. 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.

  9. 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.

  10. blantyretim is praying for the Knox family on

    Surely to god that man can’t be given another job?

     

    He shouldn’t be in his current position

     

     

    Disgraceful

  11. 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

  12. glendalystonsils on

    I can only get page one of the blog. Every page after that is a blank screen.

     

    What’s happenin,!

  13. blantyretim is praying for the Knox family on

    Nada

     

    Shameless utterly shameless but enough about me.

     

     

     

    Getting on fine big man,

  14. 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.

  15. blantyretim is praying for the Knox family on

    Anyone coming or going to hump dump by train on Sunday had better make new plans

     

    Engineering works planned and buses being used

  16. 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!

  17. 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

  18. KKD was a truely brilliant player but mibbes not the sharpest knife in the drawer.

     

     

    RDhandlesitwellCSC