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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Niall quinn said coutinho cut through the celtic defence during the first half commentary
D D
ME 2!!
Vmhan-hoop you are well my cliquey friend?
HH
CRC
garygillespieshamstring
21:18 on 27 January, 2015
Niall quinn said coutinho cut through the celtic defence during the first half commentary
Aye, but big Virgil sorted him.
celticrollercoaster supporting shay,our bhoy wonder along the way
21:23 on 27 January, 2015
There are no cliques in da house…:)
Keep the Faith!
Hail Hail!
setting free the bears for Res. 12 & Oscar Knox
21:17 on
27 January, 2015
So, james gang, you think that winning captains IS a psychopath, then? :-)
================
SFTB
Jamesgang has been watching Thursday CQN 5s when the normally mild mannered WC explodes into an incredible hulkish green after nobody passes to him and then runs riot! :-)
HH
CRC
Thanks for the links to the BBC interview. Love Ronny even more ;-)
Embdy been keepin count of how many games Tonev has served of his ban?
Well well… Spoke to an old neighbour today, sevconian, decent guy.
Said that Ronny Deila faces his biggest game on Sunday against a Championship team WITH ZERO HISTORY.
He said he refused to insult his own intelligence with the same club crap.
g g h
When did he say that??
Evening Joe,
Ronnie done very well proud of him.
I am sure I read Mr Tonev has one more game to serve.
Extra time at chelski
Jude
Wasnt really watching the time at that point.
He then corrected himself.
Dont know if the chelsea back lot were showing sieve like tendencies at the time or if his mind was elsewhere.
winning captains
19:59 on 27 January, 2015
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.
——–
Hi Winning Captains – thanks.
Thought those pesky Buns had hired out some North Koren ninja hackers with some crowd funding to do us in.
But then again, the aren’t very big on co-ordinated action, are they?
HH
BGFC
Jude
30 mins extra for Mario to do his ex gaffer. :)
jobo baldie
21:29 on 27 January, 2015
His last match was against Ross County, he’s available this weekend.
Keep the Faith!
Hail Hail!
They said on SSB last week that Tonev would be able to play this Sunday.
Is it only 5 subs allowed on bench on Sunday? 7 for league games….
Good Evening everyone
Hiv a missed anything :-)
Thanks to Lennybhoy, I’ve now caught up
Posted on TSFM.
sickofitall says:
January 27, 2015 at 9:35 pm
This is an extract from the SPFL criteria for clubs to be a member. If what Phil has written is true, that there is a rental payment for Ipox, then the SPFL must know who the rent is paid to. The more this excuse of a football team lingers on the more corruption in the Scottish game will become apparent. SPFL and SFA have only one agenda and tht is to have Sevco playimg in the top league one way or the other.
D4.3 a Club participating in the League must:-
D4.3.1. itself, or through a subsidiary or holding company of such Club, own its Registered Ground; or
D4.3.2. have such other rights of occupation or tenure in its Registered Ground as may be approved by the Board;
D4.4 any ground which a Club or the Candidate Club registers or is deemed to have registered as its Registered Ground, must, by not later than 31st March preceding any Season and for the whole of that Season
Tonev still has one game left I believe.
Woulda been free if thh game v St Johnston was played.
Could be wrong though
Lucas should have gone as chelski score
cowiebhoy
21:43 on 27 January, 2015
You heard about the the club that borrowed £5 million and gave £3 million straight back to the guy that gave them the £5 million to start with…:)
Keep the Faith!
Hail Hail!
7 bada.
HH
geordie munro
21:45 on 27 January, 2015
He’s available to play now mate.
Keep the Faith!
Hail Hail!
Joe Filippis Haircut
17:46 on
27 January, 2015
I notice KD getting a wee bit stick from a poster this afternoon for giving us John Barnes as a manager for me that is unfair. John Barnes was doing ok up and until Henk. broke his leg if that had happened halfway through MONS first season would he have done as well ? We lost our World class striker and results went to pot not surprisingly and John Barnes was canned. H.H.
*to be fair to JB he won the manager of the month award for December then we went off tae Portugal for the winter break…..something happened over there for the players to down tools on their return……a 1-1 tie with kilmasonic followed by a 2-3 loss tae the jambos at home after being 2 up and then ICT.
As for MON look how he faired after Henke moved on….black sunday comes tae mind.
Oh and we won the League Cup when KD was in charge.
Well Ghuys and Ghirls.. was thinkin, ‘What a last 2 days since our published Statement of Fact, its been’.. Thought it would have been interesting to review the events and see what was been prompted by the stirring of the hornets nest.
The pathetic attempt to turn the facts against us by those who benefited from EBT’s, hiding in the shadows of Fernado Ricksons testimonial would have been laughable if not so serious. No denials! Just the embarrassed reply of “They’re pathetic”. No surprise there then.
The response from the Scottish media was swift and direct.. Wheeling out anyone, past or present, who had associations with rangers 1872, repeating over and over again.. “We’re the same, always have been, always will be.” How many printed pictures of the 2 Club crests, not side by side, but rangers 1872 overlaid on top of ours. No surprise there then.
How any times can you get the words ‘old firm’ into as any sentences and paragraphs as possible? you only have to read or listen to that rubbish. No offer of an alternative fact file. No surprise there then.
The spin put on our former Manager, NFL’s statement that he says.. “Its the ‘old firm’.. when he clearly didn’t. No surprise there then.
The back page banner headline and inside back pages stating ‘They are still the same entity’ by KD.. No surprise there then.
So despite them coming at us with all their guns blazing, they have not fired one shot that has landed on target or caused the slightest bit of damage. Why?? Because they cannot.
Let us not forget those who have taken sides against us on this.
Hail Hail.. God Bless all Celtic Supporters.
Sftb
CRC
I’d better say WC IS NOT a psychopath- just in case he is!
Ref the ronny interview, they obviously play more cricket in Norway than I’d realised cos he played the cr&ppy wee question with a lovely straight bat.
Bedtime. Up at 4.30 again tomorrow.
HH jamesgang
Lenny are you sure neebs?
I’m counting only 6 games played since his appeal announcement (16th Dec)
Unlessssss… He’s banned for the rescheduled st Johnston game??
Confused dot com :)
John Barnes associated his failings in Celtic with racism. Ghod considered him a grade A asshole. That is why he has done nothing since hanging up his boots. John Barnes can GTF.
HH
102 mins to book Costa? Should have been red carded twice
D D
Waste of space!!
Tontine Tim
21:49 on 27 January, 2015
Joe Filippis Haircut
17:46 on
27 January, 2015
I notice KD getting a wee bit stick from a poster this afternoon for giving us John Barnes as a manager for me that is unfair. John Barnes was doing ok up and until Henk. broke his leg if that had happened halfway through MONS first season would he have done as well ? We lost our World class striker and results went to pot not surprisingly and John Barnes was canned. H.H.
*to be fair to JB he won the manager of the month award for December then we went off tae Portugal for the winter break…..something happened over there for the players to down tools on their return……a 1-1 tie with kilmasonic followed by a 2-3 loss tae the jambos at home after being 2 up and then ICT.
As for MON look how he faired after Henke moved on….black sunday comes tae mind.
Oh and we won the League Cup when KD was in charge.
_____________________________________________________
It bugs me that we fall for the “we must Win everything instantly”. I’d have loved to see things through with Barnes at the helm.
GM-ta, i thought it was 5 subs in cup ties.
Lennybhoy
Now I’m quite good at Arithmatic
My sums work out
He gave them £5m
Got his initial £3m loan back – which the 5 now covers in same terms
Plus @ 75% of RRL, he got £1.2m of the £1.6m payment
In other words he has actually only spent £800k, and now owns the full shebang
No a bad deal eh, sounds aboot right for a 2nd tier team with only 3 years history :-)
Hail Hail
These players are getting obscene amounts of Money and this is corrupting their Minds, unless they are Grounded by a Real Belief.
Ronny Deila will be bringing through Celtic Kids.
I’d hate to have been John Barnes, the Manager, having to deal with people like Viduka.
Tonev played for the U20 s in. 0-0 draw tonight.
Does that count as a game?
’tis the same as using my Barclaycard to pay off my Visa bill ;-)
Not that I have either, you understand.
Sleep well folks. Just 5 more till we qualify for Ronny’s first final.
geordie munro
21:54 on 27 January, 2015
Could be wrong as well but pretty sure mate. Too tired to work it out.
Keep the Faith!
Hail Hail!