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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Bada,
It was neebs till very recently.
This season is the first I think.
Jude
Hope you mean Balotelli and no me. Haha :))
thomthethim for oscar ok
22:02 on 27 January, 2015
That would suggest he is free to play again.
Keep the Faith!
Hail Hail!
Thomthetim,
Legia are filing a complaint as we speak :))
D D
Mmmmmmmmmm?
D D
0)
cowiebhoy
22:00 on 27 January, 2015
Oh and on top of the £5 million he gave them, he gave them another £5 million, interest free but he has a full house until he gets that back. If they don’t pay it back, he’ll call them…:)
What’s not to like.
Keep the Faith!
Hail Hail!
We have been told by ex Celtic legends that we have beliefs about statement of facts. That we are akin to psychopaths, that the league should be manipulated for Sevco’s benefit and that Sevco have been punished enough.
All four of them have been paid hush money and the board are calling in favours. Is Henk too smart to play their game or are the memories of Dunfermline a few days after Seville fresher for him than MON and Lenny
No tims left.
Our lack of interest in justice and appetite for reviving the Old Firm before sorting out the rest of what is wrong with Scottish football is repugnant and the ultimate betrayal. The custodians are parasites using Celtic to further their own aims hence hun games over CL. I wish they would find another vehichle for ther dormant fantasies and sell the club to those that matter.
How anyone can enjoy a hun game at the expense of what has been sacrificed is beyond me. I dont wish you a good time because you are part of the problem. I do hope you are safe and some of the smarter kids can see that we dont whore our principles and hopes for profits. Sadly that is a forlorn cause nowadays me thinks.
g g h
Wd have loved to have saw big Niall in the Hoops!!!!
They aint goat that other 5 yet, from want I read ?
It is available, only under further due diligence :-)
Diligence and orcs in same sentence
Hmmmmmm
There are so many things more important than Money.
I said on these pages, as the Financial Crisis was hitting, that the Board should have dropped the prices a Lot (and really appreciate the Support) to maintain the very high season books.
The Board have a lot of making up to do, IMO.
Every Celtic supporter is = after all.
I continue to make mistakes, I hope the Board realise that the Celtic supporter is not there to be fleeced but would Donate even more now than ever, if they treated every Customer like he should be treated.
Criminalised for watching a game of fitba?
Video celts on twitter saying Tonevs ban is up.
http://videocelts.com/2015/01/blogs/latest-news/tonev-makes-celtic-return
Hx2
cowiebhoy
22:16 on 27 January, 2015
That’s it, diligent to the last.
Until we meet again….
Keep the Faith!
Hail Hail!
Cowiebhoy
22:16 on
27 January, 2015
Working on an analysis of the MA deal at mo, but need some more info re RRL, b4 I publish, so maybe Thursday
But basically Big Mike got it carved up. What a mover and shaker and the MSM still do smoke and mirrors and confuse our newly blessed zombies :-)
HH
CRC
Apologies BT
Never noticed that :-)
Awe_Naw_No_Annoni_Oan_Anaw_Noo
22:14 on
27 January, 2015,
OK, I’m expecting you and Mags outside Hampden with ‘Down With This Sort of Thing’ banners on Sunday.
-:)))
P.S.
Want a lift over?
CRC
Remember the bit aboot advertising/sponsorship being paid to RRL, therefor he gets another 75% of any deals from 2016 :-)
Cowiebhoy
I’ll let you off this time. 8))
Caltontongues
My dad was interviewed for CNN at Motherwell game too, should be a laugh. He told the guy from CNN the truth about thems dieing
Jude
Yes, I thought he was a great player.
Would have knocked lumps out of the hun defence
delaneys dunky
22:03 on 27 January, 2015
Jude
Hope you mean Balotelli and no me. Haha :))
———
Nae letting off fireworks in your en suite then. Ya rocket! Get it?!?!
BoomBoomCSC
HH jamesgang
John Barnes was a disaster as a Celtic manager.
A fact universally acknowledged by the footballing world, hence his failure to get any other managerial jobs other than an ill-fated spell as manager of the Jamaica national team.
We had his insistence that his 4-2-2-2 formation was set in stone and right for every game.
There was the money thrown down the drain on players that contributed next to nothing.
Rafael Scheidt, Oliver Tebily, Stephane Bonnes, Eyal Berkovic at £5.75 million, Dimitri Kharine, who hung around for 3 years and played about 2 hours of football in that time, Ian Wright, brought in at the age of 37 or thereabouts because he was Barnesy`s mate and Fernando de Ornelas.
He failed to get the best out of players already at the club, such as Johan Mjallby. He spent millions on flat track bullies that were great at hammering cannon fodder like Aberdeen at home but that crumbled weakly when faced with Rangers. There was no spirit to his team, all style, no substance.
The only decent signing he made was Stilian Petrov but even then Stan was left isolated and lonely off the pitch and played out of position on it. Hopeless man management. I`m sure I remember Stan being played at right back at Ibrox.
He might not have been helped by long term injuries to Larsson, Lambert and Marc Rieper`s retirement but overall Barnes was a complete disaster for our club. We`re very lucky that Martin O`Neill was able to clean up his mess. Barnes could have set us back years otherwise.
BY,
It’s on now, probably cut to 2mins, that Franny can gibber:-)))
SOAL/Jamesgang
You two in the Waterloo for lunch
today?
‘Just can’t get enough’belting oot
the jukebox.
As far as I can see, Tonev`s ban MUST be over otherwise he would not have been able to play tonight. Disappointed I didn`t know the game was being played at Gayfield. I live only five minutes walk away. Damn!
Goodnight all,
JJ
CT
I’ve been sent upstairs as American horror stories on TV
Blinkin 14 year olds and her Milan tickets arrived today
Night all. Night wee Oscar my hero. God bless x x
the glorious balance sheet
22:31 on 27 January, 2015
John Barnes was a disaster as a Celtic manager.
A fact universally acknowledged by the footballing world, hence his failure to get any other managerial jobs other than an ill-fated spell as manager of the Jamaica national team.
We had his insistence that his 4-2-2-2 formation was set in stone and right for every game.
There was the money thrown down the drain on players that contributed next to nothing.
Rafael Scheidt, Oliver Tebily, Stephane Bonnes, Eyal Berkovic at £5.75 million, Dimitri Kharine, who hung around for 3 years and played about 2 hours of football in that time, Ian Wright, brought in at the age of 37 or thereabouts because he was Barnesy`s mate and Fernando de Ornelas.
He failed to get the best out of players already at the club, such as Johan Mjallby. He spent millions on flat track bullies that were great at hammering cannon fodder like Aberdeen at home but that crumbled weakly when faced with Rangers. There was no spirit to his team, all style, no substance.
The only decent signing he made was Stilian Petrov but even then Stan was left isolated and lonely off the pitch and played out of position on it. Hopeless man management. I`m sure I remember Stan being played at right back at Ibrox.
He might not have been helped by long term injuries to Larsson, Lambert and Marc Rieper`s retirement but overall Barnes was a complete disaster for our club. We`re very lucky that Martin O`Neill was able to clean up his mess. Barnes could have set us back years otherwise.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
His Time at Celtic was short. ;)
I’ve noticed that you need to deal with the Demonic in Scotland before you can play the way, you want to play.
Nothing new under the Sun. I hope Ronny is Strong and God Sent.
2-2-3-2-1
Ronny laid down the Law straight away for me. That will be the Difference between Winning and Losing.
Bt
Is that being shown tonight?
VP
Nice try with the auld favourite song trick!
You may fool the naive Young lad who is SOAL with that loaded question, but not me!
We only go to macho pubs. And always will sensible Tims as chaperones!
;-)
‘Love’ – in a manly yet slightly awkward sense!
HH jamesgang
GGH started at 10.30
Hope Tonev shows summitt when he is able to play cos he looks like a useless fart so far to me!!!
Vespers time!!
Bt
Thanks
Got it on now.
Jude
Here’s a matter of deep philosophy to ponder at vespers. Can a fart ever be useless?
Mmmmmm.
Night. ;-)
HH jsmesgang
BT, It’s on tomorrow, Thursday and Friday.
jamesgang
22:43 on 27 January, 2015
Jude
Here’s a matter of deep philosophy to ponder at vespers. Can a fart ever be useless?
Mmmmmm.
Night. ;-)
HH jsmesgang
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Conversely, disregarding the symbology…….
How can a fart possibly have any use? ;))
Jamesgang
I am well known in this area for cruising around in my chauffeur driven limo, handing out £20 notes to random strangers. :))