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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Petec 2237-
Barnes time here might have been short but it was 6 months too long for my liking :)
Another example that shows that great players do not necessarily make great managers.
I`m sure Ronny is learning all about the forces of darkness that you have to deal with in Scotland. I heard him being interrogated on the news tonight asking if he felt that the team he was playing on Sunday was “the real Rangers”. Ronny refused to give the journalist the answer that he wanted.
Surely Tonev playing for U20’s does not count towards his ban of 7 first team games.
If that was the case, surely Celtic would simply organise 7 U20 games in quick succession to use up the ban and allow Tonev to be available for first team games.
Delaneys,
you are certainly well known for cruising :-)))
FFS, switching off….
Apologies….
Celticrollercoaster
the MSM still do smoke and mirrors and confuse our newly blessed zombies :-)
==========================
Mr Guidi did that tonight on SSB………
Mentioned something along the lines of , Ashley might do something good for the hordes haahaha………
Also spoke about Ashley making a TV appearance to placate the Bears. Maybe he could do something along the lines of
https://www.youtube.com/watch?v=p058ChEu3tM
the glorious balance sheet
22:51 on 27 January, 2015
Petec 2237-
Barnes time here might have been short but it was 6 months too long for my liking :)
Another example that shows that great players do not necessarily make great managers.
I`m sure Ronny is learning all about the forces of darkness that you have to deal with in Scotland. I heard him being interrogated on the news tonight asking if he felt that the team he was playing on Sunday was “the real Rangers”. Ronny refused to give the journalist the answer that he wanted.
_______________________________________________________
I watched the link, Ronny is really up for it. He is the Celtic Manager, I want him to be hungry to score a lot of goals.
I want Aberdeen and Dundee Utd to be as strong as possible if they Ever make it back, Payback.
I might not even get to watch the game, it all depends on the wee mans fitba, I will be wanting them done by 10 goals, although I will settle for 1-0, binary finary.
Gordy
Haha. That was an og. :)
Delaneys,
too good to miss mate,sorry
The Sesame Street explanation on CNN there….
1888-1988-1998
2008 the Crash killed the Hun, yeah they stumbled on for a bit, the Crash killed them.
What happens in 2018?
I hope CQN keeps helping Everyone they can.
BIG-CUP-WINNERS
22:55 on
27 January, 2015
Firstly, Good evening!
Secondly, have you sent me your home address yet re Kano quiz night winners? Your holding up the rest :-)
As you know, Big MA does not do public speaking. Guidi is a MSM spiv and idiot!. Sometimes I really worry that these guys actually believe what they say!
Look at Newcastle, they hate Big MA and sell out at week in, week out
Big MA sports direct ker-ching!
HH
CRC
Am I the only one dreading Sunday. …the whole place has gone loopy. It’s a football match…no more , no less. I, for one will be absent from media till about 5pm Sunday.
If anyone is legally minded, try this for a set of interesting definitions
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12227853.html
BRTH 2314-
I liked the last paragraph. Finally a statement from Ibrox which acknowledges the existence of onerous contracts. But which claims that Sports Direct were the victims of the onerous agreement and that The Rangers/ Sevco 5088/ whatever they`re called were the beneficiaries of the onerous agreement.
You really couldn`t make it up.
Post above should read fifth last paragraph.
I’ve never been a hippie or a fan of hippies – so much time, effort and intellect spent in denying the obvious. So of course my favourite moment in Woodstock has got nothing to do with music at all – it is when the heavens open and the chant goes up from the loyal punters ‘No rain, no rain, no rain’. Perhaps that is why I love Chris Graham’s twitter account so much.
Buy a shirt.
Buy a share.
The Gods of Rain are watching our every move.
We are the Gods of Rain.
We are the People.
BCW
U got give him 5* for that performance. He reminds me of the Great Soprendo piff paff poof as he goes thru ur pockets!!
Off to bed.
Just seen that Kenny Dalglish is promoting 666bet.
The slippery slope, is waxed to the max.
Anyone that promotes 666 is an antichrist….
“Little children, it is the last time: and as ye have heard that antichrist shall come, even now are there many antichrists; whereby we know that it is the last time.”
God Bless all God Fearing people of this World.
CRC
I’ll see you at next home match, Inter, if that’s ok?
Did Kenny Dalglish really call me a psychopath? Nah, canny believe that.
Maybe he meant:
psychoacoustic
psychoacoustics
psychoactive
psychoanalyses
psychoanalysis
psychoanalyst
psychoanalysts
psychoanalytic
psychoanalytical
psychoanalytically
psychoanalyze
psychoanalyzed
psychoanalyzes
psychoanalyzing
psychobabble
psychobabbler
psychobabblers
psychobabbles
psychobiographer
psychobiographers
psychobiographical
psychobiographies
psychobiography
psychobiologic
psychobiological
psychobiologies
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psychobiologists
psychobiology
psychochemical
psychochemicals
psychodrama
psychodramas
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psychogeneses
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psychographs
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psychohistorians
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psychoneurosis
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psychoneurotics
psychopathic
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psychopathics
psychopathies
psychopathologic
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psychopathologies
psychopathologist
psychopathologists
psychopathology
psychopaths
psychopathy
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psychopharmacological
psychopharmacologies
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psychopharmacologists
psychopharmacology
psychophysical
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psychophysicist
psychophysicists
psychophysics
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psychophysiological
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psychophysiologies
psychophysiologist
psychophysiologists
psychophysiology
psychos
psychoses
psychosexual
psychosexualities
psychosexuality
psychosexually
psychosis
psychosocial
psychosocially
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psychosurgeons
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Definitely no psychopath:_)
Ha Ha.
Well done to Ronny D for treating the BBC reporter with the contempt he deserved. Pity more of our ex-players and managers cant learn from this guy who is just in the door and learning his place at Celtic.
Respect to Ronny Deila
WITS oot.
Is it something I said?
It’s gonnay be ten in a row.
Ach, five will do.
MASS.
Maybe six.
Golf is a game for poofs and losers and black pudding specialists.
Pools is even worse than golf and the less said about bowls the better.
Jimmy Forrest to rag doll the huns.
Moon howling aint what it used to be.
Lurkintim furkintim are you wearing a tutu?
Ten, offski to watch Gangs of New York.
Hoops
The raison d’etre of the club that cheated Scotland out of 22 trophies and a billion pounds in a gargantuan effort to bury the memory of the legend that is Jock Stein takes the field against Celtic again on Sunday in the most publicly contrived excuse of corruption in the history of Scottish football.
The longest football history in the world.
And dying in your beds many years from now, would you be willing to trade all the days from Feb 12th 2012 until now for one chance, just one chance to come back here and tell our grandchildren …”I’m sorry my grandchildren..but at the time I preferred to have a big dirty protestant cock up my arse. Itzma culture”
Ask Embdy
Embdy ran away
its late i know, but i am late in tonight , and dont know the mood of the blog.
however,
following recent posts, the stuff i read today about the survivors returning to Auschwitz
made me feel, well i dont know what. what must they have felt, then and now.
remembers this europe when so many want to demonize now the muslim people.
http://www.dailymail.co.uk/news/article-2928081/Almost-impossible-human-mind-comprehend-Hundreds-gather-mark-70th-anniversary-fall-Auschwitz-remember-1-1million-Jews-executed-there.html#ixzz3Q4oFNjFb
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Saint Stivs
01:51 on 28 January, 2015
…That what happens when you have only read one book…
The Koran
The Bible
Stig of the Dump….
i dont know whats happened with you this wee while back Margaret McGill
but,
that response to a post about holocaust survivors was just so low.
Saint Stivs
02:06 on 28 January, 2015
Come on..what has changed? Its not happening now?
off to bed.
keep it lit