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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zbyszek
Good morning Sir
70 years on. And we witness the rise of the fascist voice across Europe again. Ukraine in particular. A nation that provided more than its fair share of camp guards.
*I had a family member who was a POW for the duration of the war….he kept escaping and getting caught so he eventually ended up in a concentration camp…not a death camp but one for political prisoners and ones like himself…..the last escape he met up with Tito’s men who handed him over to the Yanks….he went with them to help liberate the death camps and almost joined up with the GI’s, who grilled him for 3 days, but the Brits demanded his return to them….he never spoke about it until 30+ years later over a bottle of the Famous Grouse he would tell me his stories…..he never hated the Germans and in fact as a nation liked them……he did however hate the Ukrainians’ as he said they were more Nazi than the Nazis.
James Gang
Fair enough but the analogy was here’s two things I don’t get. It wasn’t here’s two things that are the same.
hugh bonkle fae dallas
16:52 on 27 January, 2015
Natknow and the huddle. Appears to only do it when I try to access CQN?
——–
Same for me mate. Windows PC in work, and iPhone. Only the CQN site affected, and OK on this iPad. Weird cyberSevcoAttack?
HH
BGFC
MickTT
13:16 on
27 January, 2015
Sir Patrick was Scotland’s youngest chief constable when appointed to the top post at Strathclyde in 1977.
Roman Catholic……
*yep he also rode at the head of the tangerine walk in the Vale of Leven as his role as CI…his daughters went tae Notre Dame Convent School in Dumbarton.
My mother had an uncle who was a sergeant in Bridgeton….his beat included walking round the track at CP and when he wisnae doing that he was standing on the terracing watching the bhoys.
“However, he never, almost single handed, won seven of our nine.”
Thomthetim,
I think what burgas is trying to say is he almost single handedly won the 7th of the 9 titles.
As has been said the advert did not speak for all Celtic supporters, likewise the opinions of Martin o’neill Neil Lennon Kenny Dalglish and Gordon Strachan are not the opinions of all the Celtic supporters, however it is annoying to hear their comments on this subject when it is in my opinion capable of causing a serious split within the support.
baroch obampot
hail hail
Ronnie Deila…well done on BBC…
sorry
Barrach Obampot
17-56
hail hail
Jude 2005…never heard mate…
Tontine Tim
I know that Pat Hamill’s sons went to St Aloysius- his family was neighbours of family friends of mine from Bearsden.
My uncle Hugh – who married my mum’s wee sister and my auntie Mary in 1959- was a constable who joined the CID in the mid-60s- pounded the beat in Larkhall.
Unlike say the big banks, the BBC or at least some of the shipyards the polis was a beacon ecumenism in darker days.
Jimbo67
The Token Tim…
from earlier…..
All good on THE Rebel frontline here matey, we have a Paradise of sorts, thanks for asking.
I hope you get a break from your globetrotting soon, great to see you contributing to this Dear Green Place.
If your extensive travels should bring you over this way we’d love to show you around.
HH
geordie munro
18:36 on 27 January, 2015
“However, he never, almost single handed, won seven of our nine.”
Thomthetim,
I think what burgas is trying to say is he almost single handedly won the 7th of the 9 titles.
*****
Ah, that makes more sense.
Ronny gets the sevco inquisition on bbc, and gives them a massive GIRUY.
Well done Ronny. The real deal.
Should have said ‘relative beacon’
Jimbo67
What did Ronny say ?
HH
Anyone got a link to Ronny interview on BBC?
http://www.philmacgiollabhain.ie/slow-lingering-near-death/#more-5785
The herald ad has definitely touched a raw nerve with the klan, seems to be the stock question on any interview regarding the Glasgow derby, or, anything really.
Wonder if they’ll ask thon big weather girl. Careful now!
Here is a list I would like to see.
Which players got 1 to 9 medals ?
In ither news……………
Drowning man “accepts” life-belt………..
Oh aye.
chick must surely be dusting down his “cash-injection” quotes……..
BB,
Delicious. For a while there the Lying King and the 3 Bears had me worried. Needlessly it turns out as the show goes on.
the exiled tim
19:11 on 27 January, 2015
What did Ronny say ?
Interviewer immediately hits Ronny with ” are they or aren’t they? Ronny replies “not for me to say”
During 9 in a row obviously.
Stivs
Bobby Lennox would be a shout ?
So how people are having issues logging on through Internet Explorer or chrome, I can only log on with my phone
What’s it all about. …..Alfie
SAINT STIVS
Off the top of my head,McNeill,Johnstone and Lennox.
St Stivs
Big Billy, Jinky and wee Bobby. I think Jim Brogan played in all 9 seasons but not enough games to get a medal in first two seasons.
Jimbo67
Hope all the ex managers and ex players watched RD tonight….all they had to say was what Ronnie said….guys been here 10 mins handles it well…..makes me wonder…..
bgx
Have the media asked Tommy Boyd or Tosh Mckinley?
Aye the NINES are easy.
But think how many players took part in 1 season .
What I meant was any player who took part in any season who won a medal and can legit say I was part of cel tics nine in a row.
Any sup rise ones.
Some chooky said earlier that – “Kenny was as good a footballer as Larsson and McStay, and arguably better.”
Eh?…arguably?
FMM!
IMHO…no disrespect to the Lisbon Lions but…King Kenny Dalglish was the best player…ever…to play for Glasgow Celtic.
Best that I seen anyway.
Indeed…I’d say that KKD…is the best player…ever…to play in British football.
Blantyretim….i now have no doubt they know who to ask….imo they knew who to ask during the referendum aswell…
Joe Filippis Haircut
13:46 on
27 January, 2015
Well so much for being a sporting occasion the police telling the Celtic players not to over celebrate if they score on Sunday.
* I watched a game where they scored into the Celtic end and both durranty and hatelyay slid behind the goal between the Celtic end and the stand in celebration.
A blind eye will be turned.So much for equality in this wee bigoted country. H.H.
*a blind eye was turned then as nuthin…I repeat nuthin was said or done.
Yet when Stan inadvertently ran behind their goal at the bigot dome a carton of juice was thrown at him….again nuthin was said or done.
Why have Celtic’s kow-towing ‘bored’ no banned the media yet?
Can you hear the sheep go baaa….?
bgx
I can confirm that also
St Stivs
Good question.
Stevie Murray. Willie O’Neill, Ian Young? Dunno if John Divers got a medal for 65-6 but know he played that season. Maybe Paul Wilson who came on as a sub a helluva lot on season 9.
Jimbo67