Podcast Episode 5 – Hibs Takeover ?

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THE beleaguered Rangers board was plunged into a fresh financial …

Comment on Podcast Episode 5 – Hibs Takeover ? by sickofitall.

THE beleaguered Rangers board was plunged into a fresh financial crisis on Friday when former director Imran Ahmad won a court order to freeze £620,000 of the club’s dwindling cash reserves.

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SNS GroupA turbulent week at Ibrox has put the club’s future once again at risk.
RANGERS face an instant SPFL disciplinary investigation if they fail to pay their players and coaching staff at the end of the month, it was revealed last night.

Former director Imran Ahmad’s court victory on Friday, freezing £620,000 of the club’s dwindling £1.2million cash reserves, leaves the beleaguered Gers board struggling to make payroll.

Now, if they default, rules introduced two years ago on the back of Hearts’ problems leave them no wriggle room.

The potential punishments only apply to the club defaulting on its football wages, not an administrative salaries they have.

However with their staff due their cash in the bank on September 25, the last Thursday of the month, sources believe they could be cutting it neat with a monthly burden of around £700,000 to meet.

Regulations E17 and E19, introduced by the old SPL and carried into the new SPFL rulebook, cover any breaches of remuneration to players, coaches and management.

Any default will be hit by an instant registration embargo.

They will also then be subject to disciplinary procedures, which allow the governing body sanctions ranging from a slap on the wrist to docked points to exclusion from the league.

The Ibrox club’s hopes of avoiding that scenario now rest with the success of their forthcoming £4m share offer, although from that figure, they’ll have to deduct a six-figure sum for costs plus £1m to cover the loan given to them by businessman George Letham.

Director Sandy Easdale claimed in our sister paper the Daily Record in midweek that he wouldn’t be calling in the £500,000 he had lent.

However Mailsport understands Letham, who has already given the club one extension on the terms he agreed, which saw his loan fall due from season ticket money, is adamant he’ll now take what he is due because he would rather have his cash back than be left with the car park his money is secured against.

Rangers also no longer have any regular retail income following their decision to outsource that branch of their business to Mike Ashley’s Sports Direct, a move revealed earlier this week when 51 staff from their stores were TUPE’d acros to the the billionaire’s company payroll.

It’s believed that although SFA rules prevent the Newcastle United owner extending his shareholding in the club, he could yet bail them out with loan payments to tide them through the coming months. The potential cost of those, both financially and to the club’s powerbase, is still unclear.

sickofitall Also Commented

Podcast Episode 5 – Hibs Takeover ?
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Podcast Episode 5 – Hibs Takeover ?
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Recent Comments by sickofitall

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