The SFA surprised many by refusing Mike Ashley permission to buy up to 29.9% of a second club. As I said earlier in the week, don’t get too hung up on this one. Ashley could play The Offshore Game, like the anonymised Blue Pitch or Margarita, or he could just do what he’s already done, ignore the SFA and underwrite the share issue anyway. What would the SFA do?
Well, they could impose the ultimate sanction, but that’s unlikely. They could impose a heavy point penalty, enough to ensure the club are not promoted this season, and refuse to register signings of players older than 21-years.
It’s perhaps more likely that Ashley will loan the money required in return for whatever assets are left. Oldco went out of business a few months after they were sold to a liquidation expert. The path newco will follow down the lavvy will be different. Like any other squeezed business, they will redeem assets, sell the training fields, and the stadium, before putting themselves into the hands of a liquidator.
As for long-term financial viability, does anyone think this looks likely?
Sale starts today on CQNBookstore, fill your boots!
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Weefra
Night and god bless you both ( and the chickens )
Dena
I will try my best to be there
Cowiebhoy
20 mins from Ek to parkheads normal in the car … 10 mins from cambuslang
Weefra mind and take oaf yur ONESIE before yur cot.
Awerabest PJ
Beat bhoy, Hugh used to work for chef, Keith flood hence peaches being the theme tune when flood had his telly show.
Oops, that is the more theatrical video!
What time is it? Post watershed surely??
Supposed to be the TOTP’s one!!
Honest!
Flood should be floyd
Cowiebhoy.
I seen Lennybhoy and Blantyre tim’s posts but thought you would
get it from Paul so i will send it to cqnpredictor and sort something
out by email but knowing kids if there like mine it may all change
again.
H.H Mick
P.S. Jan 11 is the date of our own Bobby Geddes fundraiser day.
Dena 29/ Cowiebhoy
Many thanks , I’m the baldy guy wi the Celtic scarf on!!
Dallas
Didn’t know that.
Probably helped Shug get a job in the kitchen then, when he was inside for a spell.
EmbraMike, but not yet as much as the Hun thickens.
Brilliant Melbourne Mick
Thanks
And very very best of luck on your fundraiser for Bobby
Lit 5 candles at Christmas Vigil for all CQN petitions, Bobby Geddes being 1 of them – incidentally last 5 spaces on the candle rack :-)
Hail Hail
Burghbhoy
22:45 on
26 December, 2014
Dena 29/ Cowiebhoy
Many thanks , I’m the baldy guy wi the Celtic scarf on!!
great you’ll fit right in
HH
Burghbhoy
Does Teuchter speak wae a Canadian twang :-)
Ma faemly’s been there 30 year, and it’s like a light switch changing
Hail Hail
PS Doc will be the other Baldy, or Embramike
CowieBhoy, bus tomorrow?
Reference the discussion on Kelvin Wilson.
“Kelvin Wilson was rubbish first season, better second season”.
Some fans on this great blog see players as robots imo.
Kelvin arrived having been frozen out of first team football for 6 months by hun Davies because he was going to Celtic on a Bosman.
He was now playing for a club that has to win every week to avoid criticism.
He had personal problems.
Anyone who thinks these issues does not have an effect on performance is misguided.
On a similar theme anyone who thinks that players who have come in for a lot of flak this season( ie Ambrose, Matthews, Van Dijk and Izzy) who wants rid because not good enough and not because of the system we are playing is also misguided.
Change our two centre backs for Terry, and Cahill and their reputations would nosedive.
Don’t feck wi the Baldies!
melbourne mick and cowiebhoy:
You now have each other’s e-mail addys.
Keep the Faith!
Hail Hail!
Cowiebhoy/Lennybhoy
Mail sent.
Av’e surrendered and got a rub with the magic sponge
( soaked in auchentoshan ) so off oot to show the wee
fella what a holy goalie i am.
H.H Mick
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
22:34 on
26 December, 2014
£6.5m investment offered to Rangers,eh?
Who the hell want’s a corner flag??
HootennanyCSC
Rangers takeover stunner: Motor mogul Douglas Park leads £6.5m investment plan to rescue stricken Ibrox club
26 December 2014 10:00 PM Gary Ralston
PARK, George Letham and George Taylor offer to underwrite new share issue in bid to regain control from Sports Direct tycoon Mike Ashley
George Taylor, Douglas Park and George Letham Getty Images/Ross McDairmant
George Taylor, Douglas Park and George Letham
MOTOR group mogul Douglas Park has stepped forward to lead a £6.5 million investment plan in crisis club Rangers by the Three Bears.
Park has joined forces with wealthy Rangers fans George Letham and George Taylor with an offer to underwrite a new shares issue in the club.
Record Sport understands the SFA are well aware of the move and the emergence of a credible alternative source of funding for the troubled Ibrox giant.
It’s believed the arrival on the scene of the would-be saviours was a factor in the decision of the powerful SFA board to block a further power grab by Mike Ashley earlier this week.
The news offers a glimmer of hope to Rangers fans who have seen their favourites dragged from pillar to post in recent years by a board frequently accused of not having the club’s best interests at heart.
Mike Ashley and Derek Llambias together at Newcastle
Mike Ashley and Derek Llambias together at Newcastle
The credentials of Letham, who stepped forward to loan Rangers £1 million at minimal interest last season, and Hong Kong based Taylor, who snapped up 3.2 per cent of club shares in November , is impeccable among the Light Blues legions.
Park is also a figure to be respected – founder of the successful Park’s Motor Group, the Sunday Times Rich List declared his personal wealth at £78 million when he first emerged as part of the Blue Knights consortium almost three years ago.
Significantly, the latest move is independent of Dave King , who was blocked by the board from investing £16m in favour of Ashley’s £2 million loan, handed to the club in October and increased by £1 million just a month later.
King has never taken his investment off the table and it seems, finally, a group of investors with strong links as supporters of the club are emerging to challenge the current unpopular order.
The Three Bears emailed an offer of £6.5m to purchase all of the 40,739,000 new shares in the equity issue which was outlined in resolutions eight and nine of last week’s stormy AGM at Ibrox.
Chairman David Somers, who is facing calls to quit over his role in decision to knock back investment from King, was contacted by the consortium, along with nomad WH Ireland and the company’s legal advisors.
Ibrox chairman David Somers and Dave King
Ibrox chairman David Somers and Dave King
They were emailed immediately after the AGM ended, but before the resolution results were announced later on Monday afternoon to the Stock Exchange.
Suprisingly, the Easdale brothers and Ashley voted against resolution nine, which would have opened up the company to investment from non-shareholders, even though they proposed it in the first place.
Observers viewed that as an attempt by the board to keep any fresh investment in-house but, legally, it is highly likely the new group could still underwrite a new share offering.
The Rangers board admit they will run out of funds in the new year and are currently looking at options for future funding.
That includes further loans or a new share issue, which the SFA have effectively closed this week to investment from Newcastle United owner Ashley under their dual interest rules.
SFA block Mike Ashley from increasing shareholding in Rangers
If the board push ahead with a new share issue and the Three Bears snap them all up they will own around 30 per cent of the club, with their offer to the club also including a request for two seats on the board in return for their finance.
A spokesman for the group said: “We find it disturbing that Resolution nine, which would have made it possible to issue shares for cash to new shareholders, failed to gain approval.
“Everyone knows the company is in dire need of fresh and significant investment and yet shareholders represented on the board decided to vote against investment from new shareholders.
“Presumably, they believed the SFA would clear the way for Mike Ashley to increase his holding but we now know that this was not approved. The SFA would have been aware there is a credible alternative and we would like to make sure the fans are aware of that, too.
In Pictures: 2014 Rangers AGM
VIEW GALLERY
“Our offer was based on Resolution nine being passed, but this was blocked. However, as existing shareholders we still believe it should be possible for us to gain a significant holding and are ready to invest in a new share issue.
“Our money is in place, proof of funding has been shown to the chairman and the company’s nomad. We are trying our best to do what is right for Rangers and the supporters.
“Why on earth would anyone not want a hugely successful businessman like Douglas Park involved?”
Rangers fans have given an overwhelmingly positive response to the prospect of investment from the wealthy backers.
Rangers Union of Fans ridicule claims that Mike Ashley is an Ibrox saviour
Chris Graham of the Union of Fans has now called on the board to accept their offer and restore much needed stability off the park to help the performance of the team on it.
He said: “This is the first piece of good news we’ve had in a while and the only concern remains is the board still have to deal with the offer and accept it.
“They have been given proof of funds and the idea they would turn down the chance of investment in the club is bizarre but, with these directors, you never know.
Brian Kennedy’s bid was snubbed.
“There are no sensible grounds to reject this offer, but they’ve already done it with Dave King and Brian Kennedy , so who knows what they’ll do?
“We’ve said all along the issues to be confronted by the board revolve around finance and trust.
“Mike Ashley can clearly solve the financial issues in the short term, but the fans don’t trust him. The new investors can provide finance and, in return, the supporters know they are people they can trust.
“We want to attend an AGM next year and look on a top table that includes Rangers fans or people who are working for the good of the club.
“It’s becoming increasingly difficult for the current directors to keep knocking back good offers from those with the best interests of Rangers at heart, rather than those who seek to sink the club further into debt and cause problems in the relationship with fans.
“We need to be in a position again where the club is run by a board that inspires confidence in supporters to fill the ground every week, buy season tickets and club merchandise and support Rangers to the full.
“It’s up to the board to create this environment. It’s time to operate in the best interests of Rangers.”
Sid, agree with that, we expect a lot from players when they arrive with us, most need a time to settle, few hit the ground running.
Awe_Naw, that’s a novel!
Beatbhoy, its an insult to the name hugh that horrible get, dallas, is called it.
Doc, no idea, drop me a note in morning
Lennybhoy & Melbourne Mick
Thanks to both
I will copy Laura in message, her hotmail email address, although I know she is heading to the Sydney Opera House today
Johnbhoy if Lurking, she has been in contact with your Bhoy :-)
Hail Hail
Anyway, back on track tomorrow, Hoops!
Enjoyed the musical reminiscences, Dallas ‘n’ Natknow.
Off to put a password on the iPad incase the boss lady tries to use it tomorrow and finds Jean Jacques and the boys accompanying the ‘dancers’!!
cowiebhoy
22:42 on 26 December, 2014
Thousands of roasters in Coatbridge…:)
melbourne mick I am assuming you are MR that sent me the e-mail, if so you now have cowiebhoy’s e-mail and can respond directly to him?
Keep the Faith!
Hail Hail!
6.5 million of new investment from existing shareholders who are outside the magic circle at Ibrox.
If must be terrible for masons to be forced outside a secret organisation.
If the controlling shareholders can vote against outside investment you can be damn sure they will choose alternative investment to the 6.5 million letham et al version. They want 2 seats on the board? Eh can’t see it.
The SFA knew about this? Is that not against stock market rules?
Dallas Dallas / Beatbhoy –
Hard for me to pick a favourite Stranglers LP. Grew up listening to them and still have them all on vinyl.
Doc @ 22:50
EmbraMike, but not yet as much as the Hun thickens.
:-) Catch you @ ra Coarner HH
Goodnight Timland early start in the morning
one more sleep
Hail Hail
Rangers in crisis – Douglas Park has spoken to director Dave King, but admits takeover is ‘impossible’ because of tax investigation
Darrell King
Wednesday 28 April 2010
Douglas Park, the businessman who has interests in several car franchises and a coach company, last night confirmed he has spoken with Dave King, the South Africa-based millionaire Rangers director who remains interested in taking over the club.
Park told The Herald there was a “real willingness” from several individuals who want to help the Ibrox club out of their financial plight.
However, with the revelation that an HM Revenue and Customs investigation is ongoing into payments Rangers made into players’ offshore trusts over the past decade, Park conceded there would have to be certain conditions agreed with Rangers’ owners, Murray International, and the club’s bankers, Lloyds, before any deal could be done. The SPL champions’ debts are still hovering around the £30m mark, and the HMRC investigation could lead to a tax bill — the exact amount yet unknown — having to be met if the club is found to have a case to answer.
When asked if he had held discussions with King over a potential buy-out, Park would only say: “I have had meetings with Dave King since January, but the contents of our discussions are private. There are people out there with a real willingness to put millions of pounds of their own money into the club to try to address the current situation and return the club to stability. However, unless certain conditions are met, it would be impossible for anything to proceed.
“At the moment, the bank are in total control of the situation as the season-ticket money, and any Champions League money, comes in.”
Rangers are anxious to discover as soon as possible the bank’s plans for the biggest revenue stream into the club, season-ticket monies that annually amount to between £18m and £20m, with sources telling The Herald there are fears this money will be used to attack the overall debt as the wait for a new owner goes on.
Last night, Rangers were guaranteed automatic entry to the Champions League group stages next season after Bayern Munich overcame Lyon 0-4 on aggregate in France.
The German side, along with Barcelona and Inter Milan, who contest the second semi-final tonight, are all guaranteed to play in the 2010/11 group phase courtesy of their domestic league positions and, therefore, an automatic position has been freed up for the champions of Scotland.
This will generate revenue of around £15m for Rangers and, again, answers are being sought from the bank as to what will happen to that money, and how much will be put into the business plan for the season ahead.
Rangers issued a statement last night denying that Champions League income “had already been ring-fenced by the bank to reduce the club’s debt”. However, when our sister paper the Evening Times broke the story yesterday, their suggestion was that senior sources at the club feared the Champions League and season ticket money would be used to address debts, not that it had already been agreed.
The statement added: “Discussions with the bank in relation to the business plan will take place in the coming weeks. The club would also like to reiterate once again that at no time has director Dave King made an offer for the purchase of Rangers.”
Manager Walter Smith has expressed fears since last October over the future of the club, but he will say nothing else on the financial situation, or his own contractual situation, until being informed by the board of what the business plan is.
Smith is almost certainly unwilling to commit to another season at the helm if the club is going to continue downsizing. At the moment, with six players out of contract, Rangers are scheduled to return for pre-season training in July with a squad of 14 first-team players plus two goalkeepers.
Of that number, three are young players in Danny Wilson, John Fleck and Andrew Little, while another is Andrius Velicka who is unlikely to be match-fit for the start of the season after nine months on the sidelines with a knee injury.
They could be open to predators in the transfer market for players such as Madjid Bougherra, Steven Davis and Allan McGregor, with no guarantees that any money from sales will be allowed to fund replacements.
There has been no scouting network in place because of the financial cutbacks over the past six months; while the pre-season tour planned for America, including a money-spinning Old Firm match against Celtic scheduled for Boston on July 21, cannot be confirmed until a management team is in place for next season.
melbourne mick
22:55 on 26 December, 2014
Auchentoshan, nice, have a bottle myself.
cowiebhoy:
It’s johnbay…roastercfc…:)
Keep the Faith!
Hail Hail!
Dallas
Aye, and if any ‘Hugh’ should’ve been locked up it should have been him!
His son doesn’t look as if he’ll disappoint daddy either.
Douglas Park???
What’s the betting the hordes from Snake Mountain(@St Stivs) get free bus passes to attend ? Wee SG Intervention, no?
NowtforNowtCsc
Beatbhoy/natknow, thanks for the stranglers posts.
Sid,very good post.
Good night all and sleep well.
1. Black and White
2. Rattus Norvegicus
3. No More Heroes
4. The Raven
5. 5 minutes live Album
the rest are not worth ralkung about in the above company
HH
Huns and buses
HH
Oh, and according to reports, £6m won’t get them to season book renewal time.
They still can’t afford Ibrox.
They have to move to a smaller stadium. Which one? Hamden at reduced rates from 1994? Imagine the backlash from us, pity Celtic wouldn’t mention it! They should if that happens. Shout about it actually.
They have to downsize, regardless of funds to get them to May.
They are never going to get this flawed project to the level of finance they need to compete.
As a sporting competitor, they are finished.
No Whyte Knight riding to the rescue.
See what I done there:-)
CALTONTONGUES
They’ll be lucky to see as much as a corner flag for their money. All lovely well-intentioned stuff,but pointless if the club continues to haemorrhage cash.
Whoopydo…