SFM – The Next Steps

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SFM – The Next Steps

As we all know, this site emerged from the ashes of RTC. The wish of the original administrator of the site, one which I wholeheartedly share, was to keep together the wonderful community RTC had built, in terms of both personnel and spirit. There are still many individuals around who were also part of RTC, and regrettably many who are no longer with us. The RTC spirit however, that of a cross-party football site where issues can be discussed in a respectful and insightful manner remains. The “wisdom of the crowd” phenomenon is also with us to perhaps an even greater extent than before, and consequently SFM’s credentials as a formidable alternative to the print media have grown.

In recent times, many contributors have expressed frustration that we are pretty much a talking shop and little else; characterised as “a lot of gum bashing and no teeth”. I think that is fair comment up to a point, but then again our aim – up to now – has been to simply present an alternative view – a view that has increasingly become the fan view as opposed to the industry view (the industry being made up of club officials, players, and press).

In fact the way I see it personally, SFM has evolved to a point where it has become the watchdog (monitor if you will) of an industry which is subject to very little oversight. The Rangers situation will eventually be done with (no laughing at the back please), and like everything else will be consigned to history (albeit more than one). The same self-interest and lack of regard for sporting integrity though will still remain, and the need for oversight will remain also.

Having arrived at those conclusions,  we have two alternatives; the first is to remain as we are (which is not a bad place to be), and the second is that SFM has to expand its role.

In recent weeks, the mods have met to discuss this, and we think that we ought to give the latter option a try. As to how we want to achieve that, and we have come up with a skeleton plan as follows;

1. We need to move into the area of gathering news content as well as commenting on what appears elsewhere;

2. We should act as a cross-club portal to get good fan site content from all clubs to a wider audience;

3. We need to highlight the positives in the game as well as the negatives;

4. We should become an actively campaigning body, aligning with fan groups to lobby for the changes we think important.

 In order to achieve these objectives, more time will need to be spent on communication like podcasts, adding news content, expanding membership and building links with other fan groups. Time will also need to be spent  setting up features, attending press conferences etc. Later in the year, one of the mods will have much more time on his hands to help achieve this.

Podcasts, premium content, labour, organisation and all of the above costs money, and ultimately a subscription based model backed by sponsorship seems to be our best way of achieving that. In order to give us a head start, we will in the next few months be putting together a business-plan and a pitch for Crowd Funding investment.

This is not to say that our existing model has been a failure. We have successfully managed to keep ourselves afloat through the ad-hoc generosity of people in our community, although the inability to keep the podcasts going has been a bit frustrating. Finding income streams which are more solid will allow us to respond to events more quickly (for example mounting an ad campaign to respond to some event or other, or buying new equipment), and hopefully achieve all of our objectives – and build a bigger audience base for our message.

Of course a move of this nature will require that, in the interests of transparency, anonymity of SFM will have to be set aside. That will not affect any of our contributors, and our practice of using (sometimes) imaginative names on the blog will remain. However, for crowd funding to be successful, we will require to have a board in place, and there is no hiding place from Companies House. The make up of the board is also crucial, and in addition to consideration of blog members for that role, we will be looking to have respected people from without.

I imagine there may be a consequent subtle effect on moderation policy to take into account.

The reason I have made this post is to keep the community up to speed with events. Although we have decided to move forward to see if we can get support for our business plan, that plan is by no means finished. As I said earlier, the “wisdom of crowds” has made our community unique and given it its credibility. There’s a lot more wisdom out there we hope to tap into before we go ahead with our initiative.

We already had someone in mind for chairman of the new board, but events have conspired tragically to rob us of that – and had the effect of postponing this announcement. However we would like to hear suggestions for suitable outside candidates for board and committee places.

We also want to hear from you if you have a suggestion to be added to our wish list of SFM function above – or even if you think it is a mistake to embark on this course.

This is a very big move for SFM, so we don’t want to rush into anything. We need to listen to what you folks have to say, because if the merging SFM is not considered a better SFM by our community there is very little point in looking to fund it.

About the author

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Trisidium administrator

Trisidium is a Dunblane businessman with a keen interest in Scottish Football. He is a Celtic fan, although the demands of modern-day parenting have seen him less at games and more as a taxi service for his kids.

3,023 Comments so far

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coineanachantaighePosted on11:06 pm - Jun 9, 2015


justshatered says:
Member: (133 comments)
June 9, 2015 at 11:01 pm
================

I believe there is a story (don’t know how true) that at the end of the game when players were shaking hands, Bobby Moore asked Billy McNeil and John Grieg what they were doing for their holidays. He was taken aback at the answers – one still to play in the European Cup Final, the other in the Cup-winners Cup final.

EDIT: it pays to check facts first. I see that McNeil didn’t play in that game. Though Gemmel, Wallace and Lennox did, so I suppose it could have been one of them. Or of course just one of these stories that becomes a myth – because it encapsulates something important that happened.

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Palacio67Posted on11:07 pm - Jun 9, 2015


Well Done once Again John,have you had a replay from the one sent a week/2 weeks back?

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ianagain

ianagainPosted on11:07 pm - Jun 9, 2015


This is hilarious but French
http://www.hat-trick.fr/jai-vecu-un-rangers-motherwell/

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Palacio67Posted on11:59 pm - Jun 9, 2015


http://t.co/gIbYOEodGM

Ashley speaks out..

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ZilchPosted on1:04 am - Jun 10, 2015


So, in a stunning continuation of form, Mr King’s big plan is to spend even more Other People’s Money in pursuit of the Rightful Return… blah blah blah.

As the Ibrox summer panto season gets underway, why is it that I can’t help wondering what PL is thinking over at Celtic Park? A penny for the thoughts of any of the other club chairpersons for that matter.

You see, the greatest danger that DK presents to my club (and all the rest of our clubs) is not on the football pitch. Oh dear god no…

The danger he presents is the temptation for our clubs to facilitate a second reincarnation when this one careers off the straight and narrow, as looks ever more likely with each and every move the RRM make.

Perhaps Mr King is under the impression that Rangers are like one of the big banks – “too big to fail”. Given recent history, maybe he feels comfortable knowing that he can crash the bus and his club will come out barely scathed.

In fact, looking as objectively as I can at the lack of a coherent business plan, and trying to follow all of the analysis on here (which is, as usual, simply miles ahead of anything in the MSM – it really is an education) – can I be forgiven for wondering if King either has, or is working on, some sort of Get Out of Jail Free card?

Is it possible that our Association and the clubs it represents have learned the wrong lesson from the last time?

Maybe they think their mistake last time, was to be influenced by the fans at all?

Maybe they have think that with DK and MA, they have a better class of chancer who will keep schtum about any secret deals?

DK is basically saying that you can stick Financial Fair Play where the sun don’t shine – does that not warrant a response from someone?

I admit it. The farce over at Ibrox is pretty comical and there are times when it is easy to get lost in the schadenfreude.

However, when all of the rational analysis says the ship is sinking but the rats are not going over the side – you have to wonder why?

It is sad to say, but my faith that my own club, and the rest of the association, would put sporting integrity before narrow financial self-interest, is at an all time low.

Ordinary folk know corruption when they see it. We are not stupid.

Corruption in football is clearly rife at the international level.

Our national association is highly suspect (to put it as mildly as I can).

A further episode of facilitating a bankrupt Rangers must not be tolerated.

If they cannot survive playing to the same rules as everyone else – they must be allowed to die.

It really is that simple.

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The Rangers nil? Who missed the penalty?Posted on4:57 am - Jun 10, 2015


ianagain says:
Member: (550 comments)
June 8, 2015 at 11:11 pm

So whose these:

Gers fans buying from this lot

ONLINE TICKET SALES / TICKET AREA
Welcome to the ticket area (“Ticket Area”) of the official website of The Rangers Football Club (the “Club”). The Ticket Area is operated by IRIS Ticketing on behalf of the Club.
– – – – – – – – – – – – – – – – – – – – – – – – –

Iris Ticketing are one of the creditors who were stiffed last time – to the tune to £37,210.42. Very surprised that they’re risking getting burned again.

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upthehoopsPosted on7:11 am - Jun 10, 2015


I see Stewart Regan having a go at the Irish FA this morning. He is not alone in having a go at them but for me it would be nice if the Irish FA pointed out they don’t try to gerrymander their leagues, or introduce ad-hoc rules on player registration. Personally if I were Regan I would consider whether people may publicly raise these issues before I criticised others.

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dom16

dom16Posted on7:20 am - Jun 10, 2015


Oh dear. Poor Chris Jack has been on the sauce again in his latest breathless piece on matters sevco

“Kings ransom on the line” headline. Not one mention of king actually putting any money in. Essence seems to be that rangers need to spend lots and lots of money and expect losses so they can “get to where they want to be- premiership champions and competing in Europe – will take time and investment” no sh@t Chris
http://www.heraldscotland.com/mobile/sport/football/cash-is-king-in-rangers-rebuilding-job.128527631

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Cluster One

Cluster OnePosted on7:23 am - Jun 10, 2015


The Johannesburg-based businessman – back in Glasgow to launch a five per-cent increase in the club’s season-ticket prices – had previously stated it could take £30million to put the club back on an even keel with Celtic.

Now he claims the spread of that cash will have to be front-loaded to ensure the club do not let another 12 months fritter away.
A bit of Craig whyte “front loaded” in that piece.

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Corrupt official

Corrupt officialPosted on7:31 am - Jun 10, 2015


There is a range of ST prices for last season posted by fans here. They range from £297 to £749. An idea of percentage numbers for juveniles and concessions, along with a seating plan would be needed to form a reasonable guesstimate, but DCK may not be too wide of the mark.

http://forum.rangersmedia.co.uk/index.php?showtopic=284049&page=2

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wottpiPosted on8:35 am - Jun 10, 2015


While the man who would be King ducks and dives the Sports Direct Emperor strides the steady path of consistency.

Where is your money Mr King, Who is your NOMAD?

Meanwhile Ashley reminds King there is no such thing as free lunch or indeed free capital – more fun ahead.

I appreciate the onerous contracts thing must be a bit of a mess but surely if you have the money you would want this beast of your back.

The trouble is however that this beast knows exactly how to play the game of getting what is wants from failing and under performing businesses. Everything negotiated will be above board, water tight with a win-win result for SD regardless of which way any negotiations go.

As discussed the only downside for Ashley is potentially the negative publicity of getting the blame for a club going under. Mind you SDM didn’t seem to care too much or get that negative press when he helped pushed Airdie over the edge for the sake of £30k- It was just business.

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Danish PastryPosted on8:36 am - Jun 10, 2015


Palacio67 says:
Member: (9 comments)
June 9, 2015 at 11:59 pm
http://t.co/gIbYOEodGM

Ashley speaks out..
———-

The subhead has it as a £9m loan. Is that a typo or are there hidden loans now being called in? I suppose it’s a typo.

Some real good stories this week what with Ogilvie gone and safe-standing finally being given the, ahem, green light. It’ll be summer fitba next and proper distribution/marketing of broacast rights. Onwards and upwards.

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wottpiPosted on9:27 am - Jun 10, 2015


While the cause is noble and worthy you couldn’t make it up re McCoist’s first outing in the press for some time.

http://www.eveningtimes.co.uk/mobile/news/ally-mccoist-opens-new-hospice-garden-209765n.128512024

I note that as he is still the Rangers manager until December he continues to wear the offishul broon brouges.
😛

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The Cat NR1

The Cat NR1Posted on9:47 am - Jun 10, 2015


The Cat NR1 says:
Member: (447 comments)
June 9, 2015 at 12:01 am

From what I’ve read of today’s King’s Speech, we will be looking at Third Rangers fairly soon.

Absolutely nothing that I’ve read suggests there is even a rudimentary short term budget in place at Ibrox, and there is not even the suggestion of a medium or long term financial strategy.

Neil Doncaster would approve, but can you imagine Leanne Dempster, Anne Budge or Peter Lawwell trying to run their respective clubs in such a way?

When David McNally become CE down here in NR1 after our old mate Mr Doncaster’s reign of destruction had finished, he presented the board with a seven year plan that was fully costed and budgeted and was designed to take the club from the third tier and on the brink of administration back to the EPL after a long absence. The plan was successful. I see none of that in today’s vision for the future.

The RIFC PLC group made off the radar losses even during the bears’ most gullible phase under :mrgreen:
With limited access to funding and the entire TRFC structure needing a proper overhaul rather than superficial redecoration, it seems that the whole enterprise is a hostage to fickle supporters’ results-based fortune. If Ibrox is full, then they will crawl along losing money. If not, the losses will be eye watering due the uncontrolled cost base.

A recipe for disaster and eventual administration by the looks of it.

I wonder if Neil Patey agrees? :irony:
===============================================
Well, I wasn’t expecting such a quick response to what was supposed to be a rhetorical (and tongue in cheek) comment.

It appears that the answer is yes, he does agree. 😀

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Resin_lab_dogPosted on9:51 am - Jun 10, 2015


wottpi says:
Member: (641 comments)
June 10, 2015 at 8:35 am

___________________________________________

Ashely’s business model is mercilessly milking the remaining drops of value locked up in once great brands that are well past their use by dates, by merciless cost cutting, ruthless exploitation, heavy discounting and minimal investment, and maximisation of margins.

“Rangers” fits his MO perfectly.
Everything he has done up to now makes perfect sense when viewed in these terms, so long as the RFC brand is delivering cash his way.
And it will continue to exist as long as it does so.
Then its curtains.
Football? – a side show to Mike. Any expenditure that way is probably coming out of his ‘marketing’ budget.

Club? Company?
Nope. “Rangers” is now a “brand” that’s a wee bit past it but not yet deid. Like Slazenger. Like Karrimor. A label to temporarily increase the perceived value and trading margins on 3rd rate schmutter. Nothing more.

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The Cat NR1

The Cat NR1Posted on9:56 am - Jun 10, 2015


Palacio67 says:
Member: (9 comments)
June 9, 2015 at 11:59 pm

http://t.co/gIbYOEodGM

Ashley speaks out..
===========================
From the above linked Daily Mirror article
“The Sports Direct founder owns a near 9% stake in the crisis hit club.”

Surely, someone will point out that he owns a near 9% stake in the holding company that owns the company that runs the club (crisis hit or not)?

Owning 9% of the club implies that “the club” is something tangible rather than the accepted ethereal intangible eternal thingy as championed by The Clumpany and parodied by the MSM :slamb: (or is it the other way around :irony: ?).

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paddy malarkey

paddy malarkeyPosted on9:58 am - Jun 10, 2015


wottpi says:
Member: (641 comments)

June 10, 2015 at 9:27 am

Nice one, Ally . Hasn’t lost his sense of humour .

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The Cat NR1

The Cat NR1Posted on10:12 am - Jun 10, 2015


y4rmy says:
Member: (64 comments)
June 6, 2015 at 10:25 am

BREAKING NEWS!!!
Chairman of company attends EGM of company of which he is Chairman.
========================
Has The King left the country following his address to the nation, to enable him to jet in for Friday’s EGM (at 10.30am FFS, what happened to the drama of High Noon?)?

The SMSM should look up the definition of fly by night, as every reference to someone connected with Ibrox jetting in brings that phrase to mind, for some reason.

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John ClarkPosted on10:17 am - Jun 10, 2015


upthehoops says:
Member: (726 comments)
June 10, 2015 at 7:11 am
‘I see Stewart Regan having a go at the Irish FA this morning…’
__________
Yes. And just what are we supposed to make of an idiot who says in one breath ” I’ve always worked under the assumption if you haven’t got anything positive to say then don’t say anything-keep your mouth shut” and then proceeds to mount an attack on his counter-part in the FAI?
Delaney at least could plausibly argue that he was defending his national side: we all know which ‘side’ Regan and Co were defending with their now infamous ‘Armageddon’ pronouncements and 5-way deals with charlatans and Administrators ( btw, what’s the latest on the charges against these latter?)and less than open and frank provision of relevant information to their own internal ‘judicial commission’.
Regan needs to be brought down for being a harmful, pestilential boil on the arse of Scottish Football governance, as well as being, in my opinion, a hypocritical deflector of enquiries into his own administration. As well as something of a gardener-type dog-whistler before an important match for the Scotland support.
Bad, and very bad, cess to him.

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Allyjambo

AllyjamboPosted on10:22 am - Jun 10, 2015


wottpi says:
Member: (641 comments)
June 10, 2015 at 9:27 am

While the cause is noble and worthy you couldn’t make it up re McCoist’s first outing in the press for some time.

http://www.eveningtimes.co.uk/mobile/news/ally-mccoist-opens-new-hospice-garden-209765n.128512024

I note that as he is still the Rangers manager until December he continues to wear the offishul broon brouges.
?
_________________________

Some on here will remember, I’m sure, the BBC programme, “Gardeners’ World”. I wonder if that’s the world this once superstar footballer now inhabits? A true-blue, with green :mrgreen: fingers 😉

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Allyjambo

AllyjamboPosted on10:34 am - Jun 10, 2015


John Clark says:
Member: (891 comments)
June 10, 2015 at 10:17 am

‘ …As well as something of a gardener-type dog-whistler before an important match for the Scotland support.’
_______________________________

And that’s a very important point, John. I’m not suggesting this fixture has any more potential for bad behaviour from the fans than any other, but when the CEO of the SFA is introducing bad feeling for our opponents, nothing good can come of it. What’s more, how can anyone involved with bringing a team from Qatar to our shores for a ‘friendly’ (so totally unnecessary) dare to be critical of the actions of a neighbouring FA? Looking at it from here he appears to be adding another protective squirrel to events nearer home.

He is, of course, taking hypocrisy to a new level; level5, in fact!

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coineanachantaighePosted on10:45 am - Jun 10, 2015


Danish Pastry says:
Blog Writer: (1229 comments)
June 10, 2015 at 8:36 am
=======================================

http://www.bbc.co.uk/sport/0/football/33028189

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jean7brodie

jean7brodiePosted on10:47 am - Jun 10, 2015


wottpi says:
Member: (641 comments)
June 10, 2015 at 9:27 am

While the cause is noble and worthy you couldn’t make it up re McCoist’s first outing in the press for some time.

http://www.eveningtimes.co.uk/mobile/news/ally-mccoist-opens-new-hospice-garden-209765n.128512024

I note that as he is still the Rangers manager until December he continues to wear the offishul broon brouges.
?
_________________________

wottpi
the easiest way to remember the spelling of “brogues” is that it rhymes with
“rogues” 😆

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mcfcPosted on10:59 am - Jun 10, 2015


If the rumoured Ashley statement is true, then it would seem that his view is that he’s done his share to keep the plane in the air – and took security only to avoid being shafted – but now it’s the turn of the New Regime to take some responsibility. Is he being matter of fact or is he tugging the New Regime’s tail for a bit of fun, to see them squirm as payback for embarrassing his men, I’d go for the latter. We know from Barca’s analysis that King does not have the kind of readies to tell Ashley to take a hike – so Ashley’s withdrawal of credit facilities will definitely cause the New Regime difficulties – as it seems they are already flying on fuel vapours – and hoping for 45,000 ST sales pdq and cheap transfers and renegotiating holistically and overturning unfair contracts. That’s not a business plan, that’s a letter to Santa.

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Methilhill Stroller

Methilhill StrollerPosted on11:00 am - Jun 10, 2015


Danish Pastry says:
Blog Writer: (1229 comments)

June 10, 2015 at 8:36 am

Funny you should mention summer football because the BBC have done exactly that today on their website.

“Nine of the 12 Premiership teams were among the 27 of the country’s 42 senior clubs who said they would be in favour of examining the possibility. Only seven clubs said such a move would not interest them, with eight not offering a view. The questions posed to all clubs were:

•Are you in favour of considering a move to summer football?
•What would you consider to be the strongest arguments in favour of such a move or retaining the status quo?

While no strict definition was applied to the term “summer football” and several clubs expressed interest in different dates, the overall response indicates an appetite for change.

Not all clubs wanted their stance on the matter to be made public, but Dundee United, Hamilton, Kilmarnock and St Johnstone were among nine top-flight clubs keen to examine the issue further. Only one unnamed Premiership club was opposed to changing the calendar, while two did not reply.

Scottish Football Supporters’ Association added its backing to a summer switch, saying: “Filling stadiums will never happen if we continue to play matches in the coldest and wettest months of the year.”

Supporters Direct Scotland is also in favour, suggesting the following benefits for a March to November season:

•Savings for clubs through lighting
•Friendlier conditions to attract more supporters
•Potential for more lucrative TV deals

However, SPFL chief executive Neil Doncaster warned that “there are all sorts of complexities that need to be taken into account” before a summer switch could be implemented.

“There are two key constraints,” he told BBC Scotland.

“One of is the international calendar given to us by UEFA and FIFA, which means there is a whole range of dates that are simply not available.

“Typically, those midweek dates are ones we would quite like, when the weather is better.

“The other constraint is the number of games we ask our teams to play.”

With top-flight teams playing 38 league games a season, taking part in two domestic cups and some with European commitments, Doncaster said major restructuring would be needed before a summer switch could be considered.

He also posed the question: “Do we want to be playing games at a time when a World Cup or European Championship is going on?

The positives?
Gain media commercial revenues due to the league stretching over a less competitive sport market period. Major commercial and sponsorship opportunities for the same reasons. (Hamilton)

Provides competitive advantage to Scottish teams in Europe having played 20+ games prior to entry into first qualifying round of Europa League and 25+ for Champions League entrants. (Dundee Utd)

Better weather, better pitches and not competing against English football on TV every week would help clubs deliver better crowds. (Kilmarnock)

Bad weather and heavy usage of under-soil heating affects pitches badly, fans have little money in January and this would allow injured players more recuperation time. (St Mirren)”

Interesting article and at least the BBC (shock, horror) talked to the clubs. All very well Doncaster making comments but surely SPFL/SFA should be approaching clubs themselves? From the sounds of Doncaster’s response it seems they have not broached the subject because it comes under the “too difficult” banner. It wouldn’t necessarily change the number of games the clubs play and what do other nations (Scandinavia and African nations for example do when the World Cup clashes with their leagues?). Also if the World Cup is in a different time zone why shouldn’t games be played, especially if we are not there! And if we are you do what the likes of South Africa do and postpone the league for the period of the WC or Africa Nations Cup. Just because it might make you do some work it doesn’t make it wrong Mr. Doncaster. I am just surprised that in mentioning major restructuring you didn’t say it would help a certain team?

Scottish Football needs a strong Arbroath and East Fife.

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bards

bardsPosted on11:21 am - Jun 10, 2015


All this bluff and bluster with regards the £5m SD Loan….why wouldn’t King have bought the whole shooting match for around that amount 3 years ago ? It was in a far better state, decent squad for 4th tier, unencumbered assets, Pre IPO, ‘Debt free’ ™.

I seriously wonder if the whole thing is staged as there have been a number of ‘head scratchers’ throughout this saga and I don’t think that this many people can collectively be that stupid.

Unless of course …. Rangersitis = Stupidity

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wottpiPosted on11:23 am - Jun 10, 2015


mcfc says:
June 10, 2015 at 10:59 am

I note that over on the Bears Den some fans seem to think the loan deal was open ended as described in the official announcement.

It would appear some are discounting the possibility of ‘fine print’ and possible qualifying conditions.

Could be wrong but can’t see Ashley kicking up a stink if he did have a legal agreement to back up his words and actions.

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mcfcPosted on11:24 am - Jun 10, 2015


Thinking more about Ashley’s position – maybe he’s just had enough of all the hassle on such a pissy little project – so let’s keep this very simple, I don’t want to part of your three ring circus freak show anymore – I’m a real business man – with a reputation to think about – you say you have the money – so just pay back my loan – and buy my shares because you’ve made them untradealbe – you keep the mugs buying my Rangers tat and play some football if it matters – I’ll send you a tiny merchandise cheque every now and then or maybe a bill for unsold stuff. And if it all goes tits up, them that’s your business and you can explain it to whoever you like however you like – just keep me out of it or my lawyers will be taking no prisoners.

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TheClumpanyPosted on11:25 am - Jun 10, 2015


Good Morning!

So, everyone’s favourite Football Administrator has left the scene. Here’s my tribute to Campbell Ogilvie.

https://theclumpany.wordpress.com/2015/06/10/farewell-captain-conflicted/

Enjoy the rest of the day!

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mcfcPosted on11:39 am - Jun 10, 2015


wottpi says:
Member: (642 comments)
June 10, 2015 at 11:23 am

========================

Ashley lonaed them money when they were days from administration – the terms are all in him favour – why would he accept anything less – the classic take it or leave it. More dangerous wishful thinking from the bears I fear. Whatever happened to Pavlov’s theory of behavoural conditioning – it may apply to dogs but definitely not to bears – they never learn

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The Cat NR1

The Cat NR1Posted on11:45 am - Jun 10, 2015


ianagain says:
Member: (550 comments)
June 9, 2015 at 11:07 pm

This is hilarious but French
http://www.hat-trick.fr/jai-vecu-un-rangers-motherwell/
====================
Ouch.
That hit the target. Chapeau, Romain.

If only we could read stuff like that in the MSM.
Mind you, the taxpayer would need to pony up big time for the additional policing costs dealing with the ragin’ bears, and NHS costs would soar too, due to having to deal with an epidemic of split sides.

I suspect that Romain Molina has now been added to the legnedary list of haters.

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yourhavingalaugh

yourhavingalaughPosted on11:47 am - Jun 10, 2015


Interesting piece by the Clumpany,re C.Ogilvies Rangers shares,we know he put these into his wife’s name while at Hearts,but what has happened to them since,surely these didn’t just happened to be sold off before the old club headed to Boot Hill .

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y4rmyPosted on11:47 am - Jun 10, 2015


I note that over on the Bears Den some fans seem to think the loan deal was open ended as described in the official announcement.

It would appear some are discounting the possibility of ‘fine print’ and possible qualifying conditions.

Could be wrong but can’t see Ashley kicking up a stink if he did have a legal agreement to back up his words and actions.

Perhaps. I suspect that if the majority of shareholders vote against Resolution 1 on Friday, he will move to ring fence the ST money on Monday and the CoS will decide.
Whatever happens, he will still hold security over everything except Ibrox and has a watertight retail contract (and maybe others). He’s still sitting pretty.

Dave King is pushing the argument that not repaying makes business sense since there is no interest and no repayment date. But he could simply repay it anyway out of his own gazillions and replace it with an unsecured, interest-free soft loan that could be converted into equity at a later date. That’s what the fans want, so why doesn’t he do that?

He’s got the money, hasn’t he? 😕

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Gym TrainerPosted on12:00 pm - Jun 10, 2015


y4rmy says:
June 10, 2015 at 11:47 am
I suspect that if the majority of shareholders vote against Resolution 1 on Friday, he will move to ring fence the ST money on Monday and the CoS will decide.

Why would he wait until Monday? He could do it Friday the instant the vote is taken. Then Goldilocks & Co (Est 2015) can sweat for the whole weekend… For added brilliance he could serve the papers at the EGM.

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Corrupt official

Corrupt officialPosted on12:42 pm - Jun 10, 2015


“Hullo hullo, Is that ISDX?”
“Yes sir, How can I help?”
“We want to join up”
“I see sir, Can you tell me in what size range would your company fit?”
“Oh Aye, We will be top your biggest range”
“Excellent sir, and do you have a Chairman we could liaise with”
“We certainly do…A Mr David Cunningham King”
“Would that be South African based David Cunningham King sir?”
“The very one!, Do you know him?”
“Not personally sir, No, Can you tell me an approximation of the levels of cash reserves you will be bringing to market?”
“Not a farthling Dear, The previous board left an awfy mess and we are still trying to understand it.”
“We do require 12 months working capital is secured sir”
“Ach don’t worry about that dear”
“Hmm. Have you any prior experience of market listings sir”
“Indeed we do! We were on AIM for a wee while, but were expelled…It was the Nomads fault”
“I see, As you have no cash to sustain you, Do you have significant asset values.”
“Yes Dear, Loads of assets, and one of our larger ones is free from floating and fixed charges”
“One of them sir? Phew that’s a relief!”
“Aye hen, That is only under ownership dispute”
Sir, I’m afraid you will need to provide me with something more positive if we are to take this application seriously! Can you give me your projected profits forecast?”
“Certainly!…None!”
Sir have I understood correctly, You have no cash reserves, no unencumbered tangible assets, and you forecast zero profits”
“Not exactly dear….Losses! We project millions of pounds in losses……10’s of millions in fact! It’s not as if we have jumped into this thing blind you know!”
Click click Brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
“Hullo…..Hul-lo-o……..HULLO!…..”

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easyJamboPosted on12:56 pm - Jun 10, 2015


I see that TRFC have lodged a new MR01 (security) at Companies House. The security appears to be a modification on the one held by SportScotland over Auchenhowie. I don’t know if there is anything unusual about it.

A quick scan looks as it is reaffirming TRFC’s obligations to maintain and insure the buildings and the need for SportScotland to agree to any other security on the property (SD?)

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melbournedee

melbournedeePosted on1:06 pm - Jun 10, 2015


Looks like some of the “thinking” Bears are finally seeing the reality of their club’s future under King:

https://rangerssupportersloyal.wordpress.com/2015/06/10/wake-up-call/

Even if we disregard the potential pain that Mike Ashley may inflict in the coming days, I get the feeling that a number of problems lie ahead for the new Ibrox regime.

1) New manager unlikely to inspire fans. Can’t see Warburton/McInnes accepting the position. McCall likely to remain as time runs out.

2) Growing scepticism of King/Murray vision (non-vision) and lack of substance will see season ticket sales under 30,000

3) Late start to season ticket sales and slow uptake will limit potential signing targets to journeyman Scottish Premiership level. McCall may deliver a couple of reasonable targets from south of the border but nothing that will meet the promised quality of Celtic/Aberdeen challengers.

4) No loans players from NUFC!

5) Without a stock exchange listing/nomad, share issue is dead in the water. Rights issue uptake wouldn’t raise more than last time i.e. £3 million.

6) SFA/SPFL should be demanding a proper funding plan be presented.

7) Have seen the suggestion that if King doesn’t repay Ashley’s £5 million, Sports Direct could either buy out Ranger’s remaining 25% for 50% of annual profit or dilute Ranger’s holding with a new share issue in Rangers Retail, which Ranger’s couldn’t afford to subscribe to.

Interesting times ahead.

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SmugasPosted on1:07 pm - Jun 10, 2015


Purely in infantile mode, and noting that one premiership club did not respond to the BBC survey I have to ask the question…They did send them to the correct 12 premiership clubs didn’t they? 😈

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tykebhoy

tykebhoyPosted on1:12 pm - Jun 10, 2015


Easy, we could do with an expert but it reads to me as though they are locking the stable door after the horse has bolted or found a loophole in the SD security on MP. It is ticked as a “negative pledge” which suggests it can’t be overridden and the wording of the document also says Rangers FC (SIC) shall not without the written consent of sportscotland create a security over it 😕

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Broadswordcallingdannybhoy

BroadswordcallingdannybhoyPosted on1:21 pm - Jun 10, 2015


St Broadsword’s Third Letter to the Fallopians:
Chapter 6 verse 9:

David, King of the Glibbites and ruler of the Second Kingdom of Broxy, being unable to smote the mighty ogre of Castle New, had to build a third Kingdom of Broxy. Being smart of ass and mendacious of witness, he made sure that the packs of press pointed their blaming fingers towards the ogre. They were given lamb and they saw that it was succulent.

Shalom

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bards

bardsPosted on1:22 pm - Jun 10, 2015


Something that has been intriguing me for quite some time has been the amount of times that we are subjected to the “getting back to where we belong” mantra. It got me wondering what might be fuelling this perceived god-given right. I’ve also read DCK saying things along the lines of “I watched rangers dominating when I was a boy”. How old is he now, 60 ? Born in 1955, he would have witnessed a maximum of 10 league championship wins between then and 1987/88 and that includes Rangers wins when he was 0, 1, 3, 5, 7 & 8. I don’t know about any of you guys but I can only remember individual cup wins when I was that age. By comparison during that same 33 year period Celtic had 15 wins. The first of which was when DCK was around 10 years old…and that was the first of Celtic’s NIAR. So, as a boy, the only domination he would have witnessed was indeed Celtic’s NIAR, from the age of 10-18. And we all know that those ages are where it all starts to hit home and for sure would form some of our most vivid memories.

I conclude that the ‘Tax payer funded’ 90’s, where the old Ibrox team dominated, are really what DCK and most Bears believe is their benchmark and right. The old Rangers did also have a period of domination in the 1920’s but I’m confident there are very few people still alive who witnessed that.

Of course this benchmark has no basis in reality and in fact is a weight around their necks by which they will struggle to recover…..again !!!

Another case of this perceived ‘belonging’ is DCK’s statement that they expect to win 55% of titles within a very short space of time.

Entitled Delusionment or what ?

Reference : http://en.wikipedia.org/wiki/List_of_Scottish_football_champions

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nickmcguinnessPosted on1:24 pm - Jun 10, 2015


EasyJambo and tykebhoy,

Looks like Paul Murray has signed a form in May confirming that no security or floating charge can be granted over Murray Park without the prior consent of SportScotland . . .
Four months after the company gave Mike Ashley security over Murray Park, Edmiston House and the Albion Car Park.
I can see this getting nasty.
Welching on loans, a lying crook in charge, warnings that any investment is unlikely to make a profit.
Yup, I can just see the institutional investors queueing up to put more dosh into this car crash..
Now is the summer of their discontent (and discount tents).

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SmugasPosted on1:28 pm - Jun 10, 2015


Melbourne Dee

Ref your Number 6.

So what are their options?

Hold ’em? What, and just hope 7m of STs gets them through 12m of costs? OK to be fair its worked up until now right enough.

Fold ’em? It’ll be pure Armageddon byraway. Not going to happen any time soon unless rich people are playing ‘who’s got the biggest’ games but I doubt they’ll have the appetite to actually carry out the threat. Of course we increasingly doubt King’s got the stake to play the game in the first place!

Walk away? Well interestingly this is their best chance with the conflicted one now gone to at least place some ultimatums. Still need to be careful though that they’re not the ones holding the ‘event’ parcel when the fuse runs out.

Run? Well CO’s done that at least if later than any of us would have preferred. This is now their mess, and in Div 1 entirely of their making despite several ‘low fuel’ warnings along the glorious journey. On the basis the level of disruption is proportional to the league in which they are taking part one would assume the issue of reconstruction can now only be a brogue lace width away.

On your toes everyone.

And apologies if, like me, you’re now whistling Kenny Rogers all afternoon!

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SmugasPosted on1:32 pm - Jun 10, 2015


nickmcguiness,

Would SportScotland not giving permission void the actual security? Or simply land the grantor in it (more)?

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andygraham.66Posted on1:56 pm - Jun 10, 2015


MASH statement o clock

As you will know MASH has requisitioned a general meeting of shareholders of Rangers International Football Club Plc (Rangers Plc) to be held as it considers that there are various matters that are of importance both to Rangers Plc and its group companies and to its shareholders, that should be discussed with the new Board of Rangers PLC (the New Board). Some of those matters are clear from the various questions set out in the Notice of General Meeting dated 26 May 2015, but MASH thought that it would be helpful, after consulting with Sports Direct, to provide some further background and context as follows:

MASH was surprised and concerned as to the speed with which, following the general meeting held on 6 March 2015, Rangers Plc was delisted from AIM.

MASH had relied upon Mr. David King’s various public statements that that there was a NOMAD willing to come in to act for Rangers Plc (subject to the customary checks). Clearly, at some stage in the NOMAD appointment process, it became clear to the New Board that the potential NOMAD was not satisfied with its investigations of Rangers Plc.

The key question is when exactly did this happen and what steps did the New Board take as part of normal contingency planning to consider alternative NOMADs and engage with the AIM Regulator so as to ensure that the AIM listing was preserved?

Crucially, did the New Board leave it all to the very last minute and were then left with no viable alternative? The consequence of what happened is that Rangers Plc no longer has a public listing, nor is it subject to the AIM regulatory rules which is all the more important in circumstances where the new Chairman of the New Board has, as is a matter of public record, been prosecuted for and admitted liability in respect of various criminal offences in South Africa, resulting in the payment then of approximately £44 million to cover liabilities and fines in South Africa.

Rangers Retail Limited Joint Venture (Rangers Retail): Whilst the contractual arrangements relating to the Rangers Retail joint venture are covered by confidentiality provisions, there are some matters that are non-confidential:

1. At the relevant time, it would not have made commercial sense for RFC to finance its own retail operation, nor did it have all the necessary retailing expertise to do so. It recognised that its expertise should lie in the running of a football club, not in the running of a retail organisation.

2. RFC chose to partner with the most successful sports retailer in the UK market. Sports Direct has proven retail prowess, significant buying power and a far reaching distribution network.

3. Prior to entering into the Sports Direct joint venture, it is understood that RFC had entered into a 10 year joint venture with JJB Sports as its retail partner.

4. RFC benefits not only from goods and merchandise sold in the Ibrox Megastore and online, but also from sales of Rangers goods and merchandise sold in Sports Direct retail stores and on the Sports Direct website

Sports Direct notes from the recent voting advice statement issued by the new Board on 3 June 2015 that the New Board are saying that there has been: “a continued and dramatic reduction in income generated by retail operations”.

Sports Direct is of the opinion that there is no basis for this statement whatsoever, and invites the New Board (subject to complying with confidentiality obligations) to explain in detail the facts behind this statement.

Sports Direct remains of the view that profits can be increased at Rangers Retail through more focused budgeting and ordering of products and that the historic profitability of Rangers Retail has been badly affected by the over ordering of products in the past and the opening of additional retail stores outside of the Ibrox Stadium.

In Sports Direct’s experience, the ordering of products should reflect the football league in which RFC operates and standalone stores outside of the main stadium are rarely profitable.

It should not be forgotten that at the end of the day, Sports Direct is not a bank, it is a supportive business partner and it entered into £10 million loan facility with RFC on the basis of providing much needed financial support at the relevant time.

As has previously been announced, this loan facility was entered into together with other contractual documents to bolster that joint venture relationship, but it was always drawn on the basis, at least as far as Sports Direct is concerned, of being a short term loan facility that RFC would be incentivised to repay and restore its shareholding in Rangers Retail back to what it had previously been.

That is why if, nevertheless the New Board and the shareholders of Rangers Plc believe that the current shareholding in Rangers Retail of 75% Sports Direct and 25% RFC is too generous to Sports Direct, then the solution is simple.

RFC is fully entitled at any time to repay the current £5 million loan to Sports Direct and revert back to the prior shareholding in Rangers Retail of 51% RFC and 49% Sports Direct.

This would also result in the release of security over: (i) the Rangers’ brands owned by RFC; (ii) the Murray Park training ground; (iii) the Albion Street car park; and (iv) Edmiston House; and also release RFC from the current restrictions preventing it from being able to provide security over the Ibrox stadium without the prior consent of Sports Direct

.This point goes to the heart of the proposed Sports Direct resolution, RFC has the ability to equalise the profit arrangements at Rangers Retail and release itself from security provisions; that is entirely a decision for RFC to take.

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the taxman cometh

the taxman comethPosted on2:07 pm - Jun 10, 2015


Interesting wording:
“This would also result in the release of security over: (i) the Rangers’ brands owned by RFC”

What brands are still owned by RFC Ltd – just the scroll crest?

IP office confirmed that SD owns all the rest

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joburgt1mPosted on2:07 pm - Jun 10, 2015


bards says:
Member: (15 comments)
June 10, 2015 at 1:22 pm

Dave King left Scotland for SA in 1976 aged 22. From the age of say 13 until he left, Rangers won the league twice.

If he watched Rangers dominate he must have playing subbuteo by himself.

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scapaflow

scapaflowPosted on2:10 pm - Jun 10, 2015


Smugas,

Ogilvie didn’t run, the most heavily conflicted football administrator, since Blatter, was allowed to finish his term, by the clubs, who unanimously granted him a second term.

What’s been striking about Ogilvie’s departure, has been the compete absence of breathless, fawning, professional obituaries of the World’s Greatest Football Administrator, in the press.

If one were of a cynical frame of mind, one might conclude that Ogilvie is being set up as the fall guy, the footballing Blofeldt, who held the Scottish Footballing authorities prisoner, while he rampaged his way through the rule book.

I am sure many would find such a narrative comforting, but, it would necessitate believing that, Regan, Doncaster, Petrie, Lawwell et al were reduced to sycophantic loons, capable only of saying “Great CO”, and “Super” in the Great Man’s presence.

Now,I would find that impossible to swallow, but, I would not be in the least surprised if they tried it.

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Danish PastryPosted on2:19 pm - Jun 10, 2015


The last line of this paragraph from the Mash/Ashley/SD statement is a new one to challenge my Winnie-the-Pooh brain. So SD have a say in security over Ibrox? Jings.

This would also result in the release of security over: (i) the Rangers’ brands owned by RFC; (ii) the Murray Park training ground; (iii) the Albion Street car park; and (iv) Edmiston House; and also release RFC from the current restrictions preventing it from being able to provide security over the Ibrox stadium without the prior consent of Sports Direct.

PS @Methihill my mention summer of fitba was just random, but what a good article. Certainly worth a try for many of the reasons given. Even countries with summer football do include a 2-3 week rest period at the height of the holiday season.

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neepheid

neepheidPosted on2:49 pm - Jun 10, 2015


easyJambo says:
Member: (644 comments)
June 10, 2015 at 12:56 pm
I see that TRFC have lodged a new MR01 (security) at Companies House. The security appears to be a modification on the one held by SportScotland over Auchenhowie. I don’t know if there is anything unusual about it.

A quick scan looks as it is reaffirming TRFC’s obligations to maintain and insure the buildings and the need for SportScotland to agree to any other security on the property (SD?)
=========================

But what property does this charge relate to? The property is described as “The subjects known as the Training Centre Youth Academy”. Is that a separate property from the main complex at Murray (or Moses) Park? I wouldn’t say that the description fits with the whole Auchenhowie facility, but I have no idea of the layout, since strangely, I’ve never been there.

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Resin_lab_dogPosted on2:49 pm - Jun 10, 2015


melbournedee says:
Member: (43 comments)
June 10, 2015 at 1:06 pm

7) Have seen the suggestion that if King doesn’t repay Ashley’s £5 million, Sports Direct could either buy out Ranger’s remaining 25% for 50% of annual profit or dilute Ranger’s holding with a new share issue in Rangers Retail, which Ranger’s couldn’t afford to subscribe to.

______________________________________________________

That’s a doozy.
Wonder if he’ll pass a resolution to disavow their voting rights as well?
Sauce for the goose is sauce for the gander, after all. No doubt this is exactly what DCK was planning w.r.t. MASH RIFC holding.

I can see a situation where DCK gets MASH’s RIFC shares in exchange for SD getting the entirety of RRL.

Thereby King gets free of Ashley, but the price is literally selling the badge and the shirt off their backs.

Couldn’t happen to a nicer person Mr. King.

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The Cat NR1

The Cat NR1Posted on2:55 pm - Jun 10, 2015


bards says:
Member: (15 comments)
June 10, 2015 at 1:22 pm

Another case of this perceived ‘belonging’ is DCK’s statement that they expect to win 55% of titles within a very short space of time.
==================================================
The previous boards managed to win 66.67% of titles in their first three years in the SFL/SPFL, so DK is dampening down the expectations a wee bit. :irony:

To win 55% of titles would take 9 years, as that is the earliest that that percentage could be achieved (by rounding down 5/9), or 20 years to get the exact percentage (11/20). Neither of those timescales seems like a very short space of time.

Will there be a pie chart set up on their website to monitor progress, or will it be left to the SMSM to keep tabs on it?

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yourhavingalaugh

yourhavingalaughPosted on2:57 pm - Jun 10, 2015


Andygraham.66
Going by what’s in the statement,I fear for anyone taking a seat in the Gazebo on Friday,if anyone is found to being economical with the truth,even in the slightest ,the games up,no amount of mega money talk from the stage will gloss over anyone being found telling porkies ,Houston we may have a problem.

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andygraham.66Posted on3:00 pm - Jun 10, 2015


Would that be Craig Houston :slamb:

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neepheid

neepheidPosted on3:02 pm - Jun 10, 2015


The Rangers nil? Who missed the penalty? says:
Member: (60 comments)
June 10, 2015 at 4:57 am

Iris Ticketing are one of the creditors who were stiffed last time – to the tune to £37,210.42. Very surprised that they’re risking getting burned again.

===============================
I wonder if the face painter is ready for another gig?

Seriously, though, this Iris Ticketing company will have fully factored in the risks of dealing with this crew. So either some security has been produced, either by the club (though hard to imagine what) or its directors personally, or they have insured the risk and passed the premium on via higher charges. I’m surprised that wasn’t done last year, since lack of card facilities must have lost a lot more in lost sales than any increased charges by the ticketing company would have cost.

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stevoPosted on3:04 pm - Jun 10, 2015


Perhaps Dundee United’s spokesperson could explain why, if switching to summer football would give Scotland a competitive advantage in European club competitions, there isn’t a single summer football country in the top 20 of the UEFA rankings.

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mcfcPosted on3:11 pm - Jun 10, 2015


Danish Pastry says:
Blog Writer: (1230 comments)
June 10, 2015 at 2:19 pm

=======================================================

I think that is just Ashley being careful and professional. he wanted to ensure he is the biggest creditor in case of administration – so didn’t want anyone to have security over Ibrox making them a bigger creditor – but didn’t want to repeat the bad vibes of the £1 naming rights by taking security on Ibrox himself – assuming that is possible by anyone other than the current onerous contractors. One can assume Ashley knows details of anything affecting Ibrox via L&L – without passing comment on any existing securities or tricky onerous contracts in his loan agreement. But the EGM question about the terms of the three bear loan(s) may suggest that the New Regime may have given them some security after all – against Ibrox – which is a bit naughty – and may be why Ashley considers them in default of his £5mil loan – as well as the two outstanding places on the board.

The whole Ashley statement strikes me as what an old boss would call “unbearably reasonable” – usually preparation for court action – if Ashley does not get sensible answers on Friday, it’s : “ M’lud, RIFC are in default of terms, they have been obstructive in discussions, and advised shareholders to vote against repayment which they have now done – we therefore have severe doubts as to the RIFC board’s sincerity and fear that administration is an imminent danger given the poor quality of the business plan in place. We ask you therefore to ring fence the full £5mil amount from trading income (ST sales) until this matter can be resolved. Mr King, Chairman, has stated repeatedly that he is able to inject sufficient additional funds to cover this eventuallity without jeopardizing the financial stability of the company”

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Danish PastryPosted on3:21 pm - Jun 10, 2015


Oops, slight correction regarding summer football thingy I mentioned.

Things do change. I have previously been looking at years with Euros or World Cups, for example in WC year 2014 the Swedes had a league break from 6 June – 7 July (Mr Doncaster take note) but according to the current fixture lists Finland Norway & Sweden play more or less right through from April to the end of October (full-on summer fitba). The Danes, though, finished on 7 June and start the 2015-16 season on 17 July.

As you were.

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easyJamboPosted on3:25 pm - Jun 10, 2015


There are still some contradictions in the Mash statement.

“it was always drawn on the basis, at least as far as Sports Direct is concerned, of being a short term loan facility that RFC would be incentivised to repay”

Contrast that with the AIM notice of the loan facility on 27th January:

“Rangers Football Club Limited (“the Club”) has entered in to agreements with SportsDirect.com Retail Limited and associated companies (“SD”), to provide a long term on-going credit facility of up to £10m”

So is it a long term or a short term facility?

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neepheid

neepheidPosted on3:31 pm - Jun 10, 2015


“Rangers fans, including ourselves, do not want Ibrox given over as security to anyone. The very notion is abhorrent to us and that it is even being considered
mcfc says:
Member: (1357 comments)
June 10, 2015 at 3:11 pm

But the EGM question about the terms of the three bear loan(s) may suggest that the New Regime may have given them some security after all – against Ibrox – which is a bit naughty – and may be why Ashley considers them in default of his £5mil loan – as well as the two outstanding places on the board.

==========================

If the Three Bears have taken any security over Ibrox, then look forward to messy bloodstains on the carpet of the Blue Room before Friday is out.

Here is a quote from a spokesman for the Three Bears, dated 15/1/2015

http://www.heraldscotland.com/news/home-news/ashley-seeks-ibrox-and-murray-park-as-loan-security.1421322043

“Rangers fans, including ourselves, do not want Ibrox given over as security to anyone. The very notion is abhorrent to us and that it is even being considered suggests at best a lack of understanding of what Ibrox represents and at worst a callous disrespect.

“There is absolutely no need for Ibrox to be used as security when there are people ready and committed to offer more than adequate funding while at the same time protecting the stadium.”

They wouldn’t, would they?

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Danish PastryPosted on3:34 pm - Jun 10, 2015


mcfc says:
Member: (1357 comments)
June 10, 2015 at 3:11 pm
———–

Thanks. I can see that he (MA) might be gearing up for a bit of ringfencing. And why not, didn’t directors of oldco Rangers succeed with that?

The thing that I can’t grasp is how you can prevent someone from taking security over something (Ibrox) that you (MA) don’t own. King was pretty emphatic the other day about the ‘club’ owning everything. But I did say I have a W-t-P brain when it comes to these things 🙂

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mcfcPosted on3:44 pm - Jun 10, 2015


easyJambo says:
Member: (645 comments)
June 10, 2015 at 3:25 pm

There are still some contradictions in the Mash statement.

“it was always drawn on the basis, at least as far as Sports Direct is concerned, of being a short term loan facility that RFC would be incentivised to repay”

Contrast that with the AIM notice of the loan facility on 27th January:

“Rangers Football Club Limited (“the Club”) has entered in to agreements with SportsDirect.com Retail Limited and associated companies (“SD”), to provide a long term on-going credit facility of up to £10m”

So is it a long term or a short term facility?

=================================================

I think the new statement is certainly different but defensible. SD: “We made the loan – interest free – but taking an extra 26% of retail revenue – on the understanding that other funding was being arranged and would be available imminently – (Exhibit 1, 2, 3, emails and letters between L&L and MASH/SD). We felt this cost to RIFC would ensure that the loan would be repaid before the launch of new merchandise for the 2105/2016 season and the accompanying retail revenue surge (Exhibit 4). We agreed to the loan being described as a long term facility to assist RIFC create the impression of stability for presentational purposes (exhibit 5, 6). Since a different board have now recommended that the loan not be repaid in the foreseeable future and the shareholders have voted their agreement, we must consider these informal assurances void. The fact that the loan is in default on two counts must now come into consideration. The loan agreement stipulates repayment in full plus 10% interest APR within 30 days of notification of breach. Notification has been issued today and delivered in person by a legal representative of MASH/SD”

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Danish PastryPosted on3:46 pm - Jun 10, 2015


easyJambo says:
Member: (645 comments)
June 10, 2015 at 3:25 pm

There are still some contradictions….
————-

I thought the loans were a bit open-ended too. On the other hand, couldn’t the actual offer of available credit be long-term, though the actual loans be short-term? They did want the first £3m paid off in the short term from the next £5m loan.

Noo ma heid’s spinnin wi semantics. Ah better away an lie doon 🙂

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TBKPosted on3:58 pm - Jun 10, 2015


easyJambo at 3:25 pm

“….The ‘Facility’ is structured in two separate interest free tranches. GBP 5million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014. ………. If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26% of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease.

…….There is no specified repayment period for the first tranche of the Facility…….

The second tranche of GBP5 million, which repayable 5 years after drawdown, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down.”

The £10m ‘facility’ was (in its entirety) available over a 5yr period. The fact that the 2nd tranche was not used, means there was no specified repayment period….. Until of course the lender asks for it back (or breach of contract)……
Clear as mud! :mrgreen:

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mcfcPosted on4:00 pm - Jun 10, 2015


Danish Pastry says:
Blog Writer: (1232 comments)
June 10, 2015 at 3:34 pm

The thing that I can’t grasp is how you can prevent someone from taking security over something (Ibrox) that you (MA) don’t own. King was pretty emphatic the other day about the ‘club’ owning everything. But I did say I have a W-t-P brain when it comes to these things 🙂

=========================

It’s pretty reasonable and straightforward – and not even onerous. Ashley to Somers, Llambia & Leach: “You go into administration at the end of the week if I don’t lend you £5mil. You know I am the last person on earth who would consider lending you money under anything like reasonable terms. I could ask for security over Ibrox – but I don’t want that hassle again – you pretend you still own it – that’s fine with me. But I know there are onerous contracts against Ibrox and I know the onerous contractors may want to extend them – and you might agree to that to get some loan-shark cash. I want your assurance – in our loan contract – that you will not modify any existing contract or create any new contract against Ibrox for the duration on my loan. Take it or leave it.”

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redlichtiePosted on4:08 pm - Jun 10, 2015


There has been some comment on SFM that we are seeing deja vu all over again.

What strikes me as another example of the football hacks being totally useless is that the last time this happened they cried that they did not have the financial knowledge required to investigate or question properly.

This time they have again failed to engage their financial colleagues and are leaving their readers in a completely delusional state of mind.

Are there no editors looking at this and saying let’s get an independent financial analysis of all of this? No, not that Patey idiot.

Scottish Football needs some cold water to be thrown on all this wishful thinking from down Govan way.

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mcfcPosted on4:14 pm - Jun 10, 2015


Danish Pastry says:
Blog Writer: (1233 comments)
June 10, 2015 at 3:46 pm
Noo ma heid’s spinnin wi semantics. Ah better away an lie doon

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Danish – all I’d say is there are the high-level public terms announced to make both parties look shrewd and smart – then there are the low level terms that are the nitty gritty of the deal – to be argued over by lawyers. Under the circumstance of the loan, these were written by Ashley’s men for his sole benefit – so assume he can do whatever the hell he likes – whenever he likes. It’s a bit like one of those car hire forms in 3pt grey text on a grey background in Slovakian that you sign but never read.

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TBKPosted on4:35 pm - Jun 10, 2015


“Sports Direct remains of the view that profits can be increased at Rangers Retail through more focused budgeting and ordering of products and that the historic profitability of Rangers Retail has been badly affected by the ***OVER ORDERING*** of products in the past and the opening of additional retail stores outside of the Ibrox Stadium.

In Sports Direct’s experience, the ordering of products should reflect the football league in which RFC operates and standalone stores outside of the main stadium are rarely profitable.”

……. wonder if thats the 500,000 replica shirts Dave King alleges were bought by the 500,000,000 world wide fan base?

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Allyjambo

AllyjamboPosted on4:44 pm - Jun 10, 2015


easyJambo says:
Member: (645 comments)
June 10, 2015 at 3:25 pm

There are still some contradictions in the Mash statement.

“it was always drawn on the basis, at least as far as Sports Direct is concerned, of being a short term loan facility that RFC would be incentivised to repay”

Contrast that with the AIM notice of the loan facility on 27th January:

“Rangers Football Club Limited (“the Club”) has entered in to agreements with SportsDirect.com Retail Limited and associated companies (“SD”), to provide a long term on-going credit facility of up to £10m”

So is it a long term or a short term facility?
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Could the Rangers Football Club (“the Club”) (interesting that they make it clear the limited company and the ‘club’ are one and the same) have been responsible for making that (wrong?) statement to the AIM?

I would assume that this latest statement was released, or at least vetted by, Ashley’s lawyers; he doesn’t have very good lawyers if something so pertinent slipped by them in a statement like this!

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James ForrestPosted on4:49 pm - Jun 10, 2015


http://www.onfieldsofgreen.com/billy-get-your-guns/

Today’s announcement contains more than a few shockers – and slaps – for Dave King and his board.

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easyJamboPosted on4:54 pm - Jun 10, 2015


TBK says: June 10, 2015 at 4:35 pm
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At the time of the furore over the unsold shirts, I seem to recall it being said that Green wanted to order 400,000 shirts but was advised by SD to only order 200,000 at most. In the event only 125,000 were sold, leaving TRFC to foot the bill for the remaining 75,000.

Edit: I’ve found a link to that reference from a VB article regarding an RFB (remember them?) meeting minute.
http://www.vanguardbears.co.uk/article.php?i=37&a=rangers-fan-board-latest-statement

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bfbpuzzledPosted on4:55 pm - Jun 10, 2015


If a security was granted over Murray Park which was void given undertakings to SportScotland then that might be of itself a default event. There is even the possibility of a Bryson event here workin agin the jovial King which would be truly ironic.

The MASH statement look pretty ominous

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wottpiPosted on4:57 pm - Jun 10, 2015


stevo says:
June 10, 2015 at 3:04 pm

Perhaps the question should be how many of the 54 clubs above Celtic in the Uefa club rankings are located above 55 degrees North latitude and play without a major winter break?

Winter weather for football in top ranked Madrid is our summer!!!

http://kassiesa.home.xs4all.nl/bert/uefa/data/method4/trank2015.html

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tykebhoy

tykebhoyPosted on5:15 pm - Jun 10, 2015


wottpi says:
Member: (643 comments)
June 10, 2015 at 4:57 pm
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Not many. Moscow, Kazan and Copenhagen are all 55-56 and St.Petersburg 59. I don’t think any of the other top 100 are any further north than Newcastle (there are another 3 Moscow clubs in that top 100 below Celtic though)

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StevieBC

StevieBCPosted on5:20 pm - Jun 10, 2015


The link below has a photo of Dave King, who I think is smiling.
Or he could be just squinting in the sunlight.
I’m not 100% sure.

But the point is – how long will he be smiling for ?

King has been welcomed with open arms by a generally unquestioning SMSM and support: a bit like the welcome they gave to Whyte.

So how long before there are hordes of angry bears outside Ibrox, demanding King to leave their club and/or chanting ‘Sack The Board’ ?

You know it’s coming…it’s just when ? 🙄

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-target-mark-warburton-talks-5853499

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