Good Afternoon.
Announcing outstanding financial successes for Rangers PLC the then Chairman of the club opened his Chairman’s report in the annual financial statements with the following words:
“Last summer I explained that the Club, after many years of significant investment in our playing squad
and more recently in our state of the art facility at Murray Park, had embarked on a three year business
plan to stabilise and improve the Club’s finances. The plan also recognised the need to react to the
challenging economic conditions facing football clubs around the world.
Following a trend over a number of years of increasing year on year losses, I am pleased to report that
in the first year of this plan we have made important progress by reversing this trend. Our trading loss
for last year of £11.2m reflects a £7.9m improvement versus the £19.1m loss for the previous year and
although it will take more time to completely reach our goals, this is a key milestone. We also intend to
make significant further progress by the end of the current financial year. This improvement is the
consequence of having a solid strategy and the commitment and energy to implement the changes it requires”
Later on in the same statement the chairman would add:
“Another key part of our plan is associated with the Rangers brand and our Retail Division goes from strength to strength. Our financial results this year have been significantly enhanced by an outstanding performance in merchandising Rangers products, in particular replica kit, which makes our Retail Division one of the most successful in Europe.”
In the same set of financial reports, the CEO would report:
“To further strengthen Rangers hospitality portfolio, a new dedicated sponsor’s lounge was unveiled this season. The Carling Lounge is a first for the Club and was developed in conjunction with our new sponsor, Carling. ”
and
“Our innovative events programme continues to grow and this year saw a record number of official events including the highly successful annual Hall of Fame Awards Ceremony, Player of the Year and 50 Championships Gala Dinner, all of which catered for up to 1000 guests.
At Rangers, we continually develop our portfolio of products and as a key area of income for the Club, we evaluate the market for new revenue opportunities on an ongoing basis in order to exceed our existing and potential customer expectations and needs.
Demand for season tickets reached an all time high last season with a record 42,508 season ticket holders in comparison with the previous season`s figure of 40,320. Over 36,000 of these season ticket holders renewed for this season – a record number.
For the new season, we are delighted to welcome brewing giant, Carling on board as our Official Club sponsor. Carling is one of the UK’s leading consumer brands with a proven track record in football sponsorship.
The Club also continues to work with a number of multinational blue chip brands such as National Car Rental, Sony Playstation 2, Bank of Scotland and Coca-Cola. This year, we will also experience the evolution of the Honda deal via Hyndland Honda and welcome the mobile communications giant T-Mobile to our ranks.”.
The year was 2003 and in the previous 24 months Rangers Football Club, owned and operated as a private fiefdom by Sir David Murray, had made operational losses of some £30 million.
Yes – 30 MILLION POUNDS.
Of course the chairman’s report for 2003 was written by John F Mclelland CBE and the CEO was one Martin Bain Esq.
As Mr Mclelland clearly stated, by 2003 the club already had a trend of increasing year on year losses covering a number of years and was losing annual sums which stretched into millions, if not tens of millions, of pounds.
However, the acquisition of Rangers Football Club was absolutely vital to David Murray’s personal business growth, and his complete control of the club as his own private business key was more important than any other business decision he had made before buying Rangers or since.
When he persuaded Gavin Masterton to finance 100% of the purchase price of the club, Murray had his finest business moment.
By getting control of Rangers, Murray was able to offer entertainment, hospitality, seeming privilege and bestow favour on others in a way that was hitherto undreamed of, and he bestowed that largesse on any number of “existing and potential clients” and contacts – be they the clients and contacts related to Rangers Football Club or the existing and potential clients of David Murray, his businesses, his banks, or anyone in any field that he chose to court for the purposes of potential business.
His business.
It wasn’t only journalists who benefited from the succulent lamb treatment.
Accountants,lawyers, surveyors, broadcasters, football officials, people in industry and construction, utilities, financiers and other areas of business were all invited inside the sacred House of Murray and given access to the great man of business “and owner of Rangers” while attending the “record number of official (hospitality) events”.
Twelve months on from when John McLelland made those statements in the 2003 accounts, David Murray was back in the chair at Ibrox and he presented the 2004 financials.
In the intervening 12 months Rangers had gained an additional £10 million from Champions League income and had received £8.6 million in transfer fees from the sale of Messrs Ferguson, Amoruso and McCann. Not only that, the Rangers board had managed to reduce the club’s wage bill by £5 million. Taking all three figures together comes to some £23.6 million in extra income or savings.
Yet, the accounts for 2004 showed that the club made an operational loss of almost £6 million and overall debt had risen by an additional £7 million to £97.4 million.
However, the 2004 accounts were also interesting for another reason.
Rangers PLC had introduced payments “to employees trusts” into their accounts for the first time in 2001 and in that year they had paid £1million into those trusts. Just three years later, the trust payments recorded in the accounts had risen to £7.3 million per annum — or to put it another way to 25% of the annual wage bill though no one in Scottish Football asked any questions about that!
By the following year, the chairman announced that the 2004 operational loss had in fact been £10.4million but that the good news was that the 2005 operational loss was only £7.8 million. However Rangers were able to post a profit before taxation if they included the money obtained from transfers (£8.4 million) and the inclusion of an extraordinary profit of £14,999,999 made on buying back the shares of a subsidiary company for £1 which they had previously sold for £15 million.
All of which added up to a whopping great profit of ……… £12.4 million!
I will leave you to do the maths on 2005.
Oh and of course these accounts included the detail that 3000 Rangers fans had joined David Murray in participating in the November ’94 share issue where the club managed to raise £51,430,995 in fresh capital most of which was provided by Mr Murray… sorry I mean MIH ….. sorry that should read Bank of Scotland …… or their shareholders……. or should that be the public purse?
The notable items in the 2006 accounts included the announcement of a ten year deal with JJB Sports to take over the merchandising operation of the club and increased revenue from an extended run in the Champion’s League. However, the profit before tax was declared at only£0.1 million in comparison to the £12.4 million of the year before but then again that £12.4 million had included player sales of £8.4 million and the £15 million sweety bonus from the repurchase of ones own former subsidiary shares for £1.
Jumping to 2008 Rangers saw a record year in terms of turnover which had risen to £64.5 million which enabled the company to record a profit on ordinary activities before taxation of £6.57 million although it should be pointed out that wages and bonuses were up at 77% of turnover and that a big factor in the Rangers income stream was corporate hospitality and the top line of income was shown as “gate receipts and hospitality”.
However, 2009 saw a calamitous set of figures. Whilst Alastair Johnston tried to put a brave chairman’s face on it, the year saw an operating loss of £17.325 million which was softened only by player disposals leading to a loss before taxation of a mere £14.085 million.
Fortunately Sir David did not have to report these figures as he chose to stand down as chairman in August and so Johnston stepped in and announced that he was deeply honoured to do so.
In 2010, the income stream jumped from £39.7 million to over £56 million with the result that the club showed a profit before taxation of £4.209 million.
However, by that time the corporate hospitality ticket that was Rangers Football Club was done for as a result of matters that had nothing to do with events on the football field in the main.
First, the emergence of the Fergus McCann run Celtic had brought a real business and sporting challenge. This was something that Murray had not previously faced in the football business.
Second,the Bank of Scotland had gone bust and Lloyds could not and would not allow Murray to continually borrow vast sums of money on the basis of revalued assets and outrageous hospitality.
Third, the UEFA fair play rules came into being and demanded that clubs at least act on a semblance of proper corporate governance and fiscal propriety.
Lastly,Her Majesty’s Revenue and Customs tightened up the law on the use of EBT’s which meant that Rangers could no longer afford to buy in the players that brought almost guaranteed success against domestic opposition.
On average, since 2002 Rangers PLC had lost between £7 million – £8 million per year – or roughly £650,000 per month if you like – yet for the better part of a decade David Murray had been able to persuade the Bank of Scotland that this was a business that was worthy of ever greater financial support or that he himself and his MIH business was of such value that the Banks should support him in supporting the Ibrox club whilst operating in this fashion.
Of course, had Murray’s Rangers paid tax on all player remunerations then the losses would have been far larger.
Meanwhile, all the other clubs in Scottish football who banked with the Bank of Scotland faced funding cuts and demands for repayment with the bank publicly proclaiming that it was overexposed to the football market in Scotland.
But no one asked any questions about why the bank should act one way with Murray’s club but another way with all others. No one in football, no one in the media and no one from the world of business.
Looking back,it is hard to imagine a business which has been run on such a consistent loss making basis being allowed to continue by either its owners or by its bankers. However, a successful and funded Rangers was so important to the Murray group that David Murray was clearly willing to lose millions year after year to keep the Gala dinners and corporate hospitality going.
Rangers were Murray’s big PR vehicle and the club was essentially used by him to open the doors which would allow him to make more money elsewhere on a personal basis and if it meant Rangers cutting every corner and accumulating massive losses, unsustainable losses, then so be it.
Today, the new regime at Ibrox run the current business in a way which clocks up the same colossal annual losses whilst the club competes outwith Scotland’s top division. Each day we hear that the wage bill is unsustainable, that the playing staff are overpaid, that the stadium needs massive investment and that the fans are opposed to the stadium itself being mortgaged and the club being in hawk to lenders.
Yet, in the Murray era the Stadium was revalued time and time again and its revaluation was used as the justification for ever greater borrowing on the Rangers accounts. The playing staff were massively overpaid and financially assisted by the EBT’s and most years the Chairman’s annual statement announced huge losses despite regular claims of record season ticket sales, record hospitality income, European income, shirt sponsorship and the outsourcing of all merchandising to JJB sports instead of Sports Direct.
The comparison between the old business and the current one is clear for all to see.
It should be noted, that since the days of Murray, no major banking institution has agreed to provide the Ibrox business with any banking facilities. Not under Whyte, not under Green, not under anyone.
Yet few ask why that should be.
The destruction of the old Rangers business led those in charge of Scottish football to announce that Armageddon was on the horizon if it had not actually arrived, yet today virtually all Scottish clubs are in a better financial and business state than back in the bad old days of the Bank of Scotland financed SPL. Some have succumbed to insolvency, and others have simply cut their cloth, changed their structure, sought, and in some cases attracted, new owners and moved on in terms of business.
In general, Scottish Football has cleaned house at club level.
Now, David Murray has “cleaned house” in that MIH has bitten the dust and walked down insolvency road.
What is interesting is that the Murray brand still has that capacity to get out a good PR message when it needs to. Despite the MIH pension fund being short of money for some inexplicable reason, last week it was announced that the family controlled Murray Estates had approached those in charge of MIH and had agreed to buy some key MIH assets for something in the region of £13.9 million.
The assets concerned are land banks which at some point will be zoned for planning and which will undoubtedly bring the Murray family considerable profit in the future, with some of those assets already looking as if they will produce a return sooner rather than later.
However, what is not commented upon in the mainstream press is the fact that Murray Estates had the ability to pay £13.9 Million for anything at all and that having that amount of money to spend the Murray camp has chosen not to buy any football club down Govan way.
Perhaps, it has been realised that a football club which loses millions of pounds each year is not such a shrewd investment and that the Murray family money would be better spent elsewhere?
Perhaps, it has been realised that the culture of wining, dining, partying and entertaining to the most lavish and extravagant extent will not result in the banks opening their vaults any more?
Perhaps, it has been realised that the Rangers brand has been so badly damaged over the years that it is no longer the key to the golden door in terms of business, finance and banking and that running a football club in 2015 involves a discipline and a set of skills that David Murray and his team do not have experience of?
What is clear, is that the Murray years at Ibrox were not good for the average Rangers fan in the long term and that when you have a football club – any football club – being run for the private benefit of one rich individual, or group of individuals, then the feelings and passions of the ordinary fan will as often as not be forgotten when that individual or his group choose to move on once they have decided that they no longer wish to play with their toy football club.
David Murray did not make money directly out of Rangers Football Club. He used it as a key to open other doors for him and to get him a seat at other tables and into a different type of “club” altogether. He did not run the club in a day to day fashion that was designed to bring stability and prolonged financial, or playing, success to the club. its investors and its fans. He did not preside over Ibrox during a period of sustained financial gain.
Mike Ashley will not subsidise 2015 version of Rangers to anything like the same extent that the Bank of Scotland did in the 90’s and naughties.
However, Ashley, like Murray, will use his control of the Rangers brand to open doors for him elsewhere in the sports retail market, and he will use the Rangers contract with Sports Direct to make a handsome profit. He will also control all the advertising revenue just as he does at Newcastle. In short, Mr Ashley is only interested in The Rangers with a view to using it as a stepping stone to achieve other things elsewhere.
However, don’t take my word for any of this, take the opinion of someone who knows.
Mr Dave King is quoted today as saying the following about the current board of Directors who are in charge of the current Ibrox holding company.
“History will judge this board as one of the worst the club has ever had. There is not one individual who puts the club above personal interest.”
That is an interesting observation from a man who became a non executive director of the old Rangers holding company in 2000 and who had a front row pew for every set of accounts and all the financial statements referred to above.
Whether or not Mr King is a glib and shameless liar is a matter of South African judicial opinion. Whether or not he can spot someone who puts their own self interest ahead of the interests of Rangers Football Club and the supporters of the club is a matter that should be discussed over some fine wine, some succulent lamb and whatever postprandial entertainment you care to imagine.
I wonder if he has ever read the accounts of Rangers PLC and compared them to the corresponding accounts of MIH for the same period?
Gerrybhoy67. It is correct. There was info from a friend of one of the organisers too that said every player was paid £1000 to play plus hotel and travel expenses. The stadium has to be paid for too as well as policing and security. It remains to be seen if the players will donate their fee. He also said that the guy was left to do all the arranging himself and its only been the last month to six weeks the club and charity foundation have had anything to do with it.
Iceman, you nailed it on Tom English, who is now best ignored IMO, as is the SMSM in general… if you can’t beat ’em, ignore ’em! At the same time, if you can beat ’em… hats off to all those who contributed to the Celtic advert yesterday – a great initiative
4424me says:
January 26, 2015 at 4:55 pm
6 0 Rate This
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Will the guy who took over Corsica’s mantle be keeping a close eye on this. A reminder of previous goings on involving the RCF https://alzipratu.wordpress.com/
Neil Lennon adopting the Martin O Neil view of Rangers on the STV news
Kilgore Trout says:
January 26, 2015 at 4:30 pm
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What happened to Jim Spence-especially the way that the BBC management handled-it was a cautionary tale for all at Pacific Quay IMO.
Those of you who are allergic to SSB (it’s all that streams here on iOS devices, and credit to them for that) it’s pretty much as though there’s ONE semi-final. Pundits sound as though they’ve been at a boys-only academy for 3 years and have been granted permission to attend a mixed party at the weekend (apologies to any lassies if that sounds sexist, it not meant to be).
DJ wants Celtic to distance themselves from these ‘ad’ fans, or ‘fan’.
This match interests me even less than the last and irrelevant Scotland v England stooshie — and that takes some doing. Good week to engage in the Australian Open tennis. Mon Andy! (He’s playing like a man who’s found another level of sporting excellence. Completely inspiring. If there’s a player in the current field who deserves a title, it’s Andy, after his many near-misses. Playing a hugely talented young Aussie the morra. Big test.)
Does anyone know why rangers FC do not feature on the UEFA teams page. If you google uefa and rangers fc, the page is there minus the domestic and history tabs. If you go to the teams tab and select teams starting with R they are not there ?
Phil Mac’s latest, claiming that “Mr Ashley is really the only show in town” for meeting payroll this week
http://www.philmacgiollabhain.ie/ambition-off-the-radar/
howiemac says:
January 26, 2015 at 6:37 pm
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I have no indication that the Three Bears or Mr King will contribute to this pressing bill.
Re Tom English. I have just looked at his Twitter timeline and note he has taken the ridiculing line rather than something more objective. I really can’t see why it’s so hard for him or any hack to acknowledge the truth while at the same time pointing out fans of the Ibrox club will always see it as an unbroken emotional bond. Why so many of them are trying to present the legally binding truth as some object of ridicule is beyond me. I note also Tom is another one who has plenty of Celtic supporting mates who don’t care about the OC/NC debate. How strange that is – they wouldn’t be other journalists who need to peddle a line ordered from on high in order to keep the wolf from the door, would they?
Time to get the CV’s tidied up…..(another advert in the Herald!)
Any takers?
The Herald & Times Group operates some of Scotland’s best-loved media brands, reaching more than three million adults every month via our market-leading print titles and web sites.
We are looking for an experienced editor to lead and coordinate sports coverage for The Herald, Evening Times, Sunday Herald and The National plus heraldscotland.com and eveningtimes.co.uk.
This challenging new role will appeal to senior journalists with proven sports writing expertise, excellent sports news judgement and particularly strong management and interpersonal skills.
The successful applicant will ensure sports coverage meets the requirements of the title editors while making most effective use of the sports reporting team to the overall benefit of the Herald & Times Group.
The role requires flair, story ideas and angles, picture suggestions and strong writing ability. Ideally, the successful candidate will have senior contacts in the Scottish sports community.
The objective of the role is to mastermind a sports file which is both unique and compelling for the different audiences of our multiple platforms, including social media.
Personal qualities will include strong influencing and diplomatic skills and resilience combined with decisiveness in leading the sports reporting team while balancing the priorities of the group’s senior editorial executives.
The post requires the successful applicant to work five days a week, spread flexibly across weekdays and weekends depending on the needs of the business.
To apply please submit a current CV and covering letter confirming why you are the ideal candidate.
Tincks
Just to clarify the instance I quoted was from 4 years ago and it was made difficult but amusing as I look back on it by being in my caravan with a very poor Internet connection and trying to get the redraft out. It was on the 4th attempt the two parties got together on the phone and reached agreement.
However in reminding me of the instance you have brought out an important difference between then and the ad redrafting.
In the historic event the 2 parties were representative of particular constituencies with mandates so they had that to consider.
For the advert there was only getting it right and broadband so whilst it took a bit of effort it had a different feel to the process. I’ll need to think more about that factor but I think that what it tells me is whoever is involved cannot be too precious about their own agenda and be prepared to be persuaded by the points being raised to change their minds in the interest of the wider objective.
On the general point about giving TSFM a stronger voice there are lessons being learned from the pursuit of Resolution 12 and the misleading of LNS that I have discussed with TSFM.
It is not quite time to put them out there as both are still drilling away but by end of Feb enough progress should be made to provide a narrative that will inform the way ahead.
On Tom English I can understand him being afraid to act on the LNS material sent to him ( as I do the other 12 journalists) but if what it means for the LNS Commission comes to fruition his Tweets will come back to haunt him as his credibility will be zilch.
Tincks says:
January 26, 2015 at 4:36 pm
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Proactive TSFM ?
If TSFM wanted to take a more proactive role, personally I think the first step would be to act as a fact checker for non-Scottish media. It is noticeable that as the Sevco Saga story spreads outside Scotland a number of untruths have become received wisdom to journalists who have no axe to grind but do not have time to do research from year zero eg “demoted”, “relegated“, “out of administration” etc
It would be good to co-ordinate emails to journalists to politely note that their research based on MSM output is not entirely correct – if only to indicate that there is a second side to the story. The Celtic statement sets a good standard of cool, dispassionate, legally unchallengeable statement of fact. For example, we could formulate a standard email on the more common non-facts and send it to editors and journalist that use it, then collect them together at TSFM in a fact bank (wiki) to allow more extensive, fact based research e.g. “Relegated or Demoted”
Dear Rachel [Savage]
I note that in your article “Mike Ashley is tightening his grip around Rangers”, 19th December 2014, Management Today http://www.managementtoday.co.uk/go/news/article/1327238/mike-ashley-tightening-grip-around-rangers/ you refer to “clubs did vote to relegate Rangers from the Premier League to the fourth tier of Scottish football”. This is often said, but is factually incorrect and I’m afraid it has a hint of “Wikipedia research” about it, because:
1) There was no mechanism then or since for clubs to vote to relegate or demote a club from the Scottish Premier League (SPL) to Division Three of the Scottish Football League (SFL). Further, there was no specific punishment then or since that the Scottish Football Association (SFA), SPL or SFL could apply to achieve such relegation or demotion. (read more – link to TSFM “fact bank”)
2) The SPL club “Rangers” that went into administration on Valentine’s Day 2012 (2011/2012 season) is not the same club that was admitted by the SFL to play in Division Three as “The Rangers” in the 2012/2013 season. (read more)
3) The two clubs, “Rangers” and “The Rangers”, co-existed for a period in 2012, each with its own SFA membership and each being a party to the Five Way Agreement along with the SFA, SPL and SFL. (read more)
4) The colloquial dropping of the “The” from “The Rangers” often causes confusion between the two clubs, which some see as an intentional consequence of such similar naming.
I hope this does not appear too pedantic, but I think you’ll agree that some subtleties are lost by the use of the “relegated” shorthand by sources that you may have relied upon for research.
It would be factually correct to say that “Rangers” entered administration on 14th Feb 2012 and subsequently entered liquidation after HMRC blocked a CVA as majority creditors. “The Rangers” club was established by Sevco Scotland Ltd (later The Rangers Football Club Ltd) which bought assets from the administrator (Duff & Phelps) for £5.5 million including the stadium, training ground, intellectual property and “the history”. The football authorities agreed that “The Rangers” should be allowed to play in the same strip, with the same badges as “Rangers”.
If you have any questions I’ll do my best to answer them – just email me at ….
kind regards
TSFM Fact Checker
Anyone up for a bit of cool, dispassionate, lawyer-proof, proactive fact checking/correcting for the world’s media, assuming TSFM is OK with the idea.
Having previously made the mistake of believing in Tom English, I now have to agree. He’s taken the line of least resistance.
Just like all of the other ‘reporters’.
Such a shame Tom.
You had looked like a Journalist.
That’s no more.
You’re just a reporter, like the rest of the guys who recycle press releases for the back pages of the cheapest tabloids, peddling popular untruths to the masses.
Not unpopular truths. That takes real constitution.
You must be pleased when you look in the mirror.
As a neutral in the upcoming game involving a couple of the Glasgow teams…
One wonders the level of chutzpah that the Celtic support will go to with their (surely guaranteed) tifo, this time.
There can be little doubt that there will be one.
The only question is which aspect of “The Gift That Keeps On Giving” will the tifo focus on ?
We’ve had the Four horsemen of the apocolypse, of course.
Who knows…
Maybe a sarcasm laden ‘welcome’ to the new club ?
Gerry McCulloch on SSB said Celtic supporters don’t accept LNS because they believe he did not have all the facts!
He did not elaborate but he knows.
First green shoots of the truth coming out.
Like neutralaxis above I have found Tom English to be one of the more Rangersceptic scribes. I’ve been trying hard to find an explanation for his tweets but to no avail.
Tom is absolutely right in one thing. For it is indeed totally laughable that a group of fans representing a widely held point of view should have to resort to buying space to allow that view to be expressed in a national newspaper.
I expect much much more from someone as intelligent and articulate as Tom, particularly when he is in the pay of a national broadcaster with very tight guidelines on balance.
Allyjambo,Ecobhoy,iceman…just outstanding posts today .i know it has been said but again … thank you for very enjoyable reading !
I won’t watch the match on Sunday …and I hope to God there are no casualties but if there are ..Ogilvie Regan Doncaster and the full list of craven comedians in the media will have blood on their hands the lot of them for having created this horrible schism
Auldheid says:
January 26, 2015 at 7:15 pm
5 0 Rate This
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After today’s performance Tom will have a very soft landing on ‘zilch’ as there’s only a very little drop from his 26 January position. Sad really, I’m sure we are many who saw Tom, because he was an outsider, as a potential for unbiased, objective, straight-as-an-arrow comment.
Pity Stuart Cosgrove is on an extended Sri Lankan break.
Btw, tonight’s host on SSB was at times respectfully gracious to the ‘ad’ and its originators. Credit where credit is due.
Glass half full folks.
Derek Johnstone was asked on SSB who neutrals would opt for to win on Sunday…………. He said most would opt for Celtic to win 😉 but if they were staunch ‘rangers’ they’d opt for ‘rangers’ ?????? Confused or what can someone please explain to him the meaning of neutral 😳
@Auldheid, sorry, I’m multi-tasking as a cook and nurse here, so my last post, for what it was, took about 45 minutes to complete (!). You have already complimented Gerry McCulloch. Didn’t see that. He impressed me annaw.
Re comments on Tom English……
I see a marked difference in his style from his “Scotland in Sunday” days to his role now at the Beeb.
He has either contracted BBC Scotland Sport-itis or Rangersitis….which are, of corse, akin to each other these days. ( thank God for Richard Gordon. How has he survived so long?)
Whatever a great shame and another churnalist in English bites the dust.
If the Daily Record can run polls, so can we.
Poll for today
Thumbs up , Tom English is a sports reporter
Thumbs down,Tom English is a sports journalist
Brenda
It’s the phenomenon of “either for em or agin em”
If you really want some fun get the respondent to answer one of the following:
1/. I don’t really mind, my own teams fortunes are more important to me.
2/. Are they playing?
3/. Who?
I’m not sure what’s more laughable…
Tom English pretending to be a Journalist or Tom English being paid to pretend to be a journalist…
Just accept what you are Tom…a paid lacky to do and say as you are told!
Is it Sunday yet?
PhilMacGiollaBhain @ 6:27 pm
“What happened to Jim Spence-especially the way that the BBC management handled-it was a cautionary tale for all at Pacific Quay IMO.”
If commenting negatively against one particular team/club/whatever is not encouraged then perhaps some of them could curb their enthusiasm for doing so to others at every opportunity.
For the avoidance of doubt ( © acknowledged) Mr Spence is not among those implicitly criticised above!
Far from it. Wish there was many more like him.
yourhavingalaugh says:
January 26, 2015 at 8:44 pm
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If the Daily Record can run polls, so can we.
Poll for today
Thumbs up , Tom English is a sports reporter
Thumbs down,Tom English is a sports journalist
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x None of the above
Danish Pastry says:
January 26, 2015 at 6:34 pm
31 0 Rate This
Those of you who are allergic to SSB (it’s all that streams here on iOS devices, and credit to them for that
===================================
Have you tried this DP?
http://www.surfmusic.de/country/uk.html Use the links in the “listen live ” column, NOT the link in “radio station” column
An interesting post from Rangers Media. Poster seems very sure of the accuracy of his post. Ashley playing hardball?
If Ashley was bothered…
If he actually attended the game at Hampden, he might generate some positive PR with the TRFC fans.
[Blazer and brogues optional, but a TRFC scarf could indicate oncoming ‘Rangersitis’ to the bears.]
&
He could also use the game as cover to have in/formal discussions with the Hampden blazers.
If he was bothered of course. 🙄
If the above is correct, it is surprising that the SFA would choose to keep that under wraps. Also shocking that the anti-Ashley lobby in the MSM would not be spinning that for all it’s worth.
On balance, I call bullshit …
paulsatim says:
January 26, 2015 at 9:26 pm
1 0 Rate This
Danish Pastry says:
January 26, 2015 at 6:34 pm
31 0 Rate This
Those of you who are allergic to SSB (it’s all that streams here on iOS devices, and credit to them for that
===================================
Have you tried this DP?
http://www.surfmusic.de/country/uk.html Use the links in the “listen live ” column, NOT the link in “radio station” column
———
Cheers Paul. BBC Scotland splits into AM & FM streams. The FM streams ok but Sportsound seems to be on the elusive AM stream. I had a link to a BBC Scotland page with an old embedded player, but they do not link to it openly. Odd. But I’ll certainly try this one. Thanks.
Re Ashley holding a metaphorical gun to SFA head. I don’t think he is into MAD (mutual assured destruction). TRFC will be worth nothing to him if FIFA or UEFA regard a court decision as political interference and pull the plug on the SFA. Even if that’s a no go what use to Ashley is shutting down Scottish football. TRFC would die and I suspect the boycott of SD by genuine football fans not just with allegiances to Scottish clubs would actually be felt
It’s only Monday and already we have had a number of former Parkhead and Ibrox ‘celebs’ trotted out to give their tuppenceworth on the forthcoming Glasgow derby cup-tie. Yesterday it was the turn of the RFC veterans. On this evening’s STV sports slot we had Raman Bhardwaj travelling all the way down to Bolton with a camera crew to interview Neil Lennon. This was the leading item and, surprise – surprise, Lenny was slobbering with anticipation over this ‘Old Firm’ game as he kept calling it. Having echoed the sentiments of his old Northern Irish mentor, Lennon will now be put on speed dial by the SMSM. There are another five days to go, so I presume that we can expect a procession of great names on our screens each evening to re-enforce the myth. Where’s Tony Mowberry these days?
I see that today’s Daily Record is hanging its hat on the ‘legal’ decision of that august Law Lord Nimmo-Smith in the OC/NC debate. At least tax tribunals have some standing in law – SPL panels certainly do not. If Keith Jackson is so desperate for clarity, perhaps he should apply to appear on ITV’s ‘Judge Rinder’ show. This judicial joker dispenses quite a lot of common sense as well as humour and I’m sure he would send Radar Jacko away with a flea in his ear.
isn’t taking sfa to court fine with them anyway??
Today is Monday. Payday Thursday. No security on Ibrox to borrow money to pay bill. Apparently RRM don’t actually have the readies to hand to give the club. Just how strong a hand has Ashley got here? Only lender available, and the bears hate him. Waiting to see just what he takes as security to tide them over. Or perhaps he will walk away and the gates will be locked on Friday. Now that would be rather jolly.
What’s this all about then?
keith jackson @tedermeatballs · 57m 57 minutes ago
So, the Rangers/ashley circus rolls into where else but the house of commons tomorrow? Ach, why wouldn’t it?
Ashley will pay this month’s wages and take Murray Park for it. He hasn’t invested this much effort to walk away now.
It’s a game of chess and he’s taking them one piece at a time.
I very much doubt figures will be released, but – based on RCF & Sevco’s own historic figures – the Ricksen game should have raised c£345k excl donations & dinner (if there was one). Costs should be c£125k (which would be deducted by Sevco and include £20k per team for player fees, travel, etc). So beneficiaries would have received c£220k (if there was a dinner that should add £60-70k). Sevco used a 3% tolerance.
Instead of shooting the messenger again, Sevconians might like to ask the pertinent people some searching questions this time.
The reaction to the Celtic fans advert reminded me of this:
First they ignore you, then they laugh at you, then they fight you, then you win.
Mahatma Gandhi
paulsatim says:
January 26, 2015 at 11:00 pm
Brian Donhoe, taking a break from imaginary submarines, and persecuting travelling people, is going to discuss Ashley’s fit & proper status with respect to Rangers. Presumably, in his capacity as a member of the Westminster Rangers supporters club!
Auldheid,
Trying to PM you but your message box is full
I see the Record’s roll-call of leading Scottish legal luminaries lengthens with a ‘same club’ pronouncement from none other than boyhood Rangers fan Lord Dalglish of Mebbeesayemebbesnaw.
They never tire of divide and rule do they.
http://www.inbrief.co.uk/football-law/football-clubs-administration-insolvent.htm
What is meant by Administration?
Administration is an alternative to liquidation for a business and in essence it is a way of rescuing a business. This is a much more attractive option for a football club than liquidation as it enables the club to stay in existence much to the pleasure of the fans and players.
The hostility over old club new club isn’t ever going to be resolved. it might , and hopefully will , dissipate over time . however , as someone who has not waded into this , but is trying to understand the position from both sides, maybe I can try and summarise.
From my perspective the Rangers support are perfectly entitled to feel this is the same club. They may , as a support, have been guilty of not questioning the methods employed by David Murray as he forced their club down a road with an inevitable disastrous outcome. However most supporters don’t question success. they don’t want involved in the murky world of football finance, and overwhelmingly most are completely unqualified to comment, or understand what happens below the surface.
So naivety and lack of an MBA could be the ‘crimes’ the Rangers support are guilty of, however the support have also been victims of the actions of David Murray, Alistair Johnston, John McLelland , Dave King, Paul Murray and the rest of the board members who sanctioned the lunatic strategy.
We all like to think we would have acted and spoken out if the boards of our own clubs would have behaved like David Murray’s Rangers. Realistically that wouldn’t have happened in large numbers , as most fans of all clubs aren’t qualified to understand the issues.
So , we should have some sympathy for Rangers fans for being the victim of a horrendous owner like Murray and be careful not to overclaim what “we” would have done differently in similar circumstances.
On the other hand there were other victims of Murray. These were the fans of all the clubs who competed against Rangers under his ownership.
Take a comparison with Celtic , when there was serious financial trouble pre Fergus.
Celtic didn’t liquidate – the club paid every supplier in full
Celtic didn’t borrow money it had no hope of repaying – all bank borrowing have been fully satisfied and are currently completely up to date
Celtic didn’t engage in dodgy and illegal tax schemes – the club fulfilled it’s responsibilities as a leader in the community and complied with the law of the land.
The cost to Celtic, and to just about every other club in Scotland was that we had less money to spend on players than we would have had if we had engaged in tax scams, shafted suppliers, reneged on bank debt and failed to pay PAYE , NI and VAT
When Celtic , and Hibs and Aberdeen and Dundee Utd and St Mirren and most other clubs improved their stadiums , they did it with bank loans they subsequently repaid or through business deals that they honoured.
Maybe Rangers fans could take a moment to pause and think how they would feel if they had lost out in competition to a club who cheated them for decades. Walk a mile in our shoes, and tell us we are wrong to feel anger and resentment.
Not at Rangers fans……..we understand the nature of rivalry. The anger and resentment is aimed at David Murray who cheated for years , at Campbell Ogilvie who’s cowardice and silence allowed Murray to cheat our national sport , and at the media who cravenly fluffed Murray’s ego and point blank refused to question his blatant cheating.
LNS had the opportunity to deliver justice . My belief is that the SPL acted in the same cowardly complicit manner as Ogilvie and started out with the verdict they wanted, and worked backwards to ensure LNS delivered the token slap to the club and totally ignored Murray and Ogilvies role in the cheating of the game.
These are the key issues , much more important than whether a club is new or not. Exposing Murray and Ogilvie is worthy of effort , contribution and financial investment.
Thats a much more significant cause than new club / old club in my view
iceman63 says:
January 26, 2015 at 10:55 pm
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Today is Monday. Payday Thursday. No security on Ibrox to borrow money to pay bill. Apparently RRM don’t actually have the readies to hand to give the club. Just how strong a hand has Ashley got here? Only lender available, and the bears hate him. Waiting to see just what he takes as security to tide them over. Or perhaps he will walk away and the gates will be locked on Friday. Now that would be rather jolly.
_________________________________________________
Ashley is shrewd. In Poker terms, his opponent is short stacked and sweating a big blind.
So its a wild hunch, but I reckon there is better than evens that he shrugs, lets them miss the wages deadline, take the points deduction, receive a Winding up petition, and THEN advances his loan.
That would send about the right message and set the tone for relationships going forward I feel. May even focus enough of the bears attention to bring some of them to heel. Will definitely work on the craven MSM and the Doncasters of this world, quicker than you can say ‘volte face’.
Just business.
He’s flushed out the chancers and established that Ibrox is off the field of play to anyone new speculating that TRFC might be worth a punt.
That message will be picked up by any circling Sarvers.
He has sent a message that any 3rd gers trying to come at him via the liquidation route won’t actually have a marble staircase to ascend.
That should give the Murray’s and the King’s pause for reflection.
They are distressed.
And he will set the terms upon which he invests.
Or let them fall over.
Checkmate.
The MSM and RRM don’t know what to do when a real Billionaire shows up.
He didn’t get that money by bandaging up poor injured small furry animals, you know!
The bears will find this out, soon enough.
Just so I’m clear, I have serious doubts about Ashley’s intentions for football, and I think he would have been right at home with the Robber Barons of the 19th Century, but
there are absolutely no grounds for arguing that he is not fit and proper, under the criteria, unlike a certain G&SL currently sunning himself in South Africa
Yerevan says:
January 26, 2015 at 11:56 pm
I have deleted quite a few old ones but it is still registering full. If you contact TSFM he can forward any message or try again later. Thanks.
Barcabhoy says:
January 27, 2015 at 12:29 am
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___________________________________________________
On the other hand there were other victims of Murray. These were the fans of all the clubs who competed against Rangers under his ownership.
–> Absolutely. This is a fact. Unfortunately, it is not a fact that shows throught in the journalistic record of the events as they unfolded.
_______________________________________________
Maybe Rangers fans could take a moment to pause and think how they would feel if they had lost out in competition to a club who cheated them for decades. Walk a mile in our shoes, and tell us we are wrong to feel anger and resentment.
–> But why would they? Why should they? They can pick up any number of papers every day or wathc any broadcast medai and receive a version of events that -while a total fabrication – plays to their fantasy that – by dint iof a glitch in the universe, all is and ever was well, and emerge Bobby Ewing style from the shower, aware of some vague bad dream that was not of their doing, none the wiser, and a justified sense of victimhood at the approbation they are made to suffer, by other fans, envious of their success.
That is why it matters.
TRFC fans need to understand! For their own good!
Barcabhoy says:
January 27, 2015 at 12:29 am
Spot on. The advert imo was but a a symptom of the underlying problem that the game faces in Scotland before it can ever move on and that is the scale of the wrongdoing visited on both supporter groups.
The first as you say are the Rangers fans at the hand of their Board AND SFA compliance through some of Rangers Employees or Ex employees having a role in the SFA, one of whom is still there at the top of the tree.
Then there are the supporters of the rest of Scottish football who feel, whatever LNS has said, cheated by ten years of rule breaking that LNS minimised and worse feel demeaned by the very process set up, and I mean set up, to deliver an unjust result.
All of these wrongdoings need to be recognised and ultimately forgiven, but until they are acknowledge as the huge wrongdoings they are and not minimised, the pain of being lied to then lied to again by the very folk who were supposed to see justice delivered will prevent any healing.
For Rangers supporters they need a Truth and Reconciliation process with SDM and those responsible for delivering them to where they are including SFA place men and media lapdogs.
For the rest of Scottish Football the supporters need the same truth and reconciliation process from the SFA/SPL but also from the old RFC Board members admitting the truth to every club in Scotland.
I wrote about the T & R process here back in March 2011
http://celticunderground.net/nothing-to-see-here-timmy-move-on/
and nothing has changed in terms of acceptance of wrong doing and its scale. In fact the LNS Commission made it worse.
The need for this approach is stronger than ever and somehow or other we need to get it on the agenda because my fear is that after Sunday its need will become more urgent than ever but also more difficult to implement.
(Oh Brian Wilson got a copy of the article and it has been read in interesting circles with interest)
Auldheid,
I’ve forwarded the PM to Big Pink for onward transmission to yourself.
Resin_lab_dog says:
January 27, 2015 at 12:59 am
Ive just posted this on CQN which comes at the issue of truth from a different but topical direction.
23:34 on
26 January, 2015
dalglish in the papers today saying they will always be ranjurs to me…wonder if people will be saying hes inciting violence with statements like that….
===================
XXX
Kenny is as entitled to speak for self as the advert was to speak for those who contributed to its creation.
However what Kenny and the msm guys who put him out there and MoN etc etc clearly fail to appreciate is that they did not pay to watch any of them play. They did not pay for the match tickets, the transport, the pie and Bovril and/or the bevvy.
The players were paid very well by supporters to take part in a game in which they thought all the clubs were playing by the rules. RFC did not from 2000 to 2012 and what they did has been minimised by football authority to avoid the consequences of the full truth being met.
So the feelings of supporters will naturally differ from players and their media buddys who lived off those supporters earnings.
What the advert did was inform the Kenny’s of the world, who according to the snippet I read had not seen the advert , that something seriously wrong took place in Scottish football and fans are angry about it.
Now if Kenny. MoN etc have any sense they will start to ask why and perhaps then they will be able to still speak for self but with an understanding of what created the conditions that required an advert to be placed.
So the show is not over yet. The advert spelt out a truth.
Other truths will follow that will make it impossible to deny or minimise the degree of wrong doing that has happened from 2000 to 2012.
The truth may be painful (see my earlier post with links to Baracbhoy on TSFM) but it is an absolute prerequisite for reconciliation.
A reconciliation that would make Sunday’s game something to look forward to rather than dread but which might become all the more difficult to achieve if matters do get out of hand on Sunday.
More Ashley loans for the mighty Gers. £10m. £5m of which for immediate working capital and £3m to repay existing loans. What one hand gives, the other takes away!
The security for the loans are Murray Park and the club trade marks.
It looks as if everything the club/company could possibly get security against is now out of play in that there is already security in place.
Does this mean that going forward, until the loans are all paid off, the company would find it difficult to raise cash via an IPO? In short, are the only remaining options available to raise cash is (a) improved earnings and (b) more loans?
If so, earning potential must be limited now to people through the gate as merchandise sold makes £££££ for Sports Direct.
It does look as if Mike Ashley has managed to secure future cash flows – no need to buy the club/company if you can control a volume of its earnings?
bigsbee says:
January 26, 2015 at 11:18 pm
56 1 Rate This
The reaction to the Celtic fans advert reminded me of this:
First they ignore you, then they laugh at you, then they fight you, then you win.
Mahatma Gandhi
====================================
The advert has been a resounding success judging by the media reaction. If they truly thought it was laughable, then why react to it at all? What better a way to beat those behind the advert, and those who support it, than to completely ignore it and not even raise the issue. Looks like legally watertight campaigns like this have the ability to get right under their skin. I agree that it is wrong that Celtic fans had to pay to get the message out, but at least a newspaper which was previously part of the same club cabal was willing to accept it. I assume they were not obliged to take it, so I view that as a breakthrough of sorts.
Yet for Celtic fans there is still the burning issue of resolution 12. For all of us there is the withholding of vital evidence from the LNS Inquiry. How good would it be to get similar adverts out there for both those issues, however I do appreciate neither would be so easy to present in such a legally watertight manner. I’m guessing that would be the ‘then they fight you’ part!
I guess a statement from South Africa will be forthcoming today. Can’t wait!
Looks like RR is being tied up like a kipper. A special dividend of £1.6m announced but Rangers share goes back to SD to pay off onerous leases.
easyJambo says:
January 27, 2015 at 7:33 am
There is no need to strip the assets, if you can tie them up with securities, or secure the revenues with onerous contracts. Its really rather clever
I note the in the Scotsman’s article on Dalglish they had the decency to print a footnote that he was speaking at a betting company’s launch of special odds for this weekend game.
Media whore? Mibbies aye, mibbies naw!
2 part loan 5m at a time
First part to pay wages and previous Ashley loan
Second part forth coming
Probably to pay back part of the first part of the loan and more wages
I wonder what % of interest is attached to the loan and how much is actually loaned
I recon only 5m or less And still have to pay back 10m
N
Ashley is amazingly clever. Keep them on life support with each successive tranche of debt after repaying previous money owed to himself the volume of cash is such that every two months they must borrow more. He has now tied up all of the non match day revenue and even future shirt sponsorship. RRM are done. Even if they can get an egm or raise cash for a takeover, Ashley has everything tied up. King can come in now, buy the club and then pay Ashley for time immemorial or he can call another boycott and watch Ashley liquidate the lot.
Choice one austerity Gers with Ashley sucking out the blood and keeping them forever dangling and impoverished, choice two third rangers out of a leased Hampden after starting again.
Permanent incapacity or yet another resurrection.
Don’t mess with Ashley: he always wins.
In fact, if I were in any sort of business, I would not deal with the man at all.
Bottom feeding spivs have been replaced by a top of the food chain Killer Shark.
First its the x-box, then the i-pad, followed by the telly. At some point Mr Ramsden will know there is a good chance of you coming in with your mother’s engagement and wedding rings.
A floating charge over ALL the assets? Does this include player transfers and god forbid the “history”.
Selling the cash from future shirt sponsorship reminds me of the ticketus deal ….look how that worked out
Is there a specific rule regarding Ashley owning more than 10% ?
Barcabhoy says:
January 27, 2015 at 12:29 am
“From my perspective the Rangers support are perfectly entitled to feel this is the same club.”
———–
I share your sentiment but at the same time my concern is where that leads their supporters? If they are the same club, why did they end up in the fourth tier? The MSM spin at the time on “No to Newco” was sporting rivalry motivated this widespread fans movements. I didn’t hear recognition about what was a just outcome for a club that had spent, as you have often rightly pointed out, way beyond it’s means for years to buy success and gone bust in the process. As those on this site well know, many, many fans of all clubs were motivated by the need to preserve the operation of rules in the competition or else endorse a model where a successful model for a football club in Scotland was a spiv operation that took creditors for mugs and continued in the top flight as if this was all as normal as the sun rising and setting. No it wasn’t about rules. Those other fans were out to give the Ibrox club a kicking while it was down.
This MSM willingness to distort what sporting integrity was all about has added to the poison. Instead of good honest analysis that made clear who was responsible for the debacle and why, we have had a myth perpetuated that has fuelled a sense of injustice for many with a mindset only too ready to soak it up.
Now we have the likes of Kenny Dalglish comparing the Celtic supporters who placed the ad to psychopaths! Did he always play the man rather than the ball? Beyond the failure to address the content of the advert, what is arguably more concerning is the sheer irresponsibility of reporting like this. The Scotsman article suggests several former Rangers players accuse those behind the advert of provoking tensions ahead of the semi final in an article where Dalglish compares the fans behind it to psychopaths! What is that doing for calming sentiments in the build up to the game?
So here you have the latest spin. Years of MSM distortion about the motivation behind sporting integrity, the complicity of the football authorities, all building up a sense of injustice for some fans of one club and a sense of anger at, well yes a real injustice for another set of supporters. But if this failure to address the truth that has so further poisoned an already over heated football rivalry leads to a unhealthy situation this Sunday, who will the MSM blame? The ground work is already being prepared.
Yes Auldheid, truth leading to reconciliation is the right way ahead. It’s a pity that for over two years now we’ve been heading in the other direction!
@STVGrant claims to have had sight of “ra deeds” and suggests TRFC own Ibrox.
The news today is that Rangers have accepted a £10M loan from Mike Ashley that means the Newcastle United owner’s company Sports Direct will have 26% of the club’s retail business.
mike ashley 9876
Mike Ashley – Newcastle United owner
The loan is secured against the Murray Park training ground and other assets, but does not include Ibrox, which was Ashley’s initial demand, but Rangers fans protested that possible agreement.
Rangers are in desperate need of funds to keep them going and Mike Ashley is getting agreements from the club in return for the loan, and he is really the man in control of Rangers now although he owns 8.92% of the shares.
The loan is split into two £5M transactions – with the first one being made immediately available to the cash strapped club.
The Rangers Board issued a rather lengthy statement to the stock exchange on Tuesday:
“The Board of Rangers announces that Rangers Football Club Limited 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 (the “Facility”).”
“The Company’s financial condition has been perilous for a number of months exacerbated by lower than expected match attendances.”
“The Directors have implemented a cost cutting program with which they have made significant progress.” “There is however an immediate need for a substantial injection of capital, and the directors have considered a number of options.”
“The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad.”
“The Facility is structured in two separate interest free tranches. £5M 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 October 27 2014. All rights and security associated with the MASH facility will be cancelled.”
“The Club will transfer 26% of the share capital in Rangers Retail Limited (“RRL”) to SD for the duration of the Facility (the “Transfer”), which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility.”
“The Facility is to be secured by a floating charge over the Club’s assets and fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks.”
“None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security.”
“SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies.”
“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.”
“The second tranche of £5M, which repayable 5 years after draw down, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down.”
“The Company has also agreed that from the 2017/18 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL.”
“RRL will declare a dividend of a total of £1,610,000 prior to the Transfer. The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.”
“RRL is a joint venture between the Club and SD whose business is selling merchandise both on-line and in stores. In the period ending April 27 2014, RRL made a profit before tax of £1,172,893.”
“SD is a Related Party under the AIM Rules and accordingly the Facility is a Related Party Transaction pursuant to AIM Rule 13.”
Notice that Mike Ashley is also now able to appoint two Directors to the Board for the duration of the loan, and that gives him even more power at the Scottish club.
There is also a meeting today in Scotland on dual ownership being held by the Scottish FA (SFA) and being conducted by conference call and involves lawyers representing the SFA, Rangers and Mike Ashley.
But it seems it’s just to discuss a time-frame for the next hearing, when Mike Ashley will be expected to attend in person.
What’s Mike Ashley up to with Rangers?
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The news today is that Rangers have accepted a £10M loan from Mike Ashley that means the Newcastle United owner’s company Sports Direct will have 26% of the club’s retail business.
mike ashley 9876
Mike Ashley – Newcastle United owner
The loan is secured against the Murray Park training ground and other assets, but does not include Ibrox, which was Ashley’s initial demand, but Rangers fans protested that possible agreement.
Rangers are in desperate need of funds to keep them going and Mike Ashley is getting agreements from the club in return for the loan, and he is really the man in control of Rangers now although he owns 8.92% of the shares.
The loan is split into two £5M transactions – with the first one being made immediately available to the cash strapped club.
The Rangers Board issued a rather lengthy statement to the stock exchange on Tuesday:
“The Board of Rangers announces that Rangers Football Club Limited 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 (the “Facility”).”
“The Company’s financial condition has been perilous for a number of months exacerbated by lower than expected match attendances.”
“The Directors have implemented a cost cutting program with which they have made significant progress.” “There is however an immediate need for a substantial injection of capital, and the directors have considered a number of options.”
“The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad.”
“The Facility is structured in two separate interest free tranches. £5M 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 October 27 2014. All rights and security associated with the MASH facility will be cancelled.”
“The Club will transfer 26% of the share capital in Rangers Retail Limited (“RRL”) to SD for the duration of the Facility (the “Transfer”), which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility.”
“The Facility is to be secured by a floating charge over the Club’s assets and fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks.”
“None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security.”
“SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies.”
“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.”
“The second tranche of £5M, which repayable 5 years after draw down, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down.”
“The Company has also agreed that from the 2017/18 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL.”
“RRL will declare a dividend of a total of £1,610,000 prior to the Transfer. The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team.”
“RRL is a joint venture between the Club and SD whose business is selling merchandise both on-line and in stores. In the period ending April 27 2014, RRL made a profit before tax of £1,172,893.”
“SD is a Related Party under the AIM Rules and accordingly the Facility is a Related Party Transaction pursuant to AIM Rule 13.”
Notice that Mike Ashley is also now able to appoint two Directors to the Board for the duration of the loan, and that gives him even more power at the Scottish club.
There is also a meeting today in Scotland on dual ownership being held by the Scottish FA (SFA) and being conducted by conference call and involves lawyers representing the SFA, Rangers and Mike Ashley.
But it seems it’s just to discuss a time-frame for the next hearing, when Mike Ashley will be expected to attend in person.
What’s Mike Ashley up to with Rangers?
From NUFC supporters site
(As we can see – there is also a claim in there that TRFC own ibrokes)
Sorry Bears
The SFA blinked
Youre stuffed
GG, Absoloutely !!
At the FTTT hearing guilt was admitted in five cases. Do we have confirmation of which five players this guilt was admitted on behalf of?
Just fancied letting Martin O’Neill and Neil Lennon know who these players were, how many games they played and what effect they had on those games.
It might make it a little more apparent to them how much they were cheated.
From the NUFC site:
Sports Direct already owned 49% of Rangers Retail and as Ecobhoy has pointed out many times they effectively had control due to the voting rights associated with the type of shares they held. 26% takes them to 75% so presumably there is some additional significance to that figure.
The final brush off to the 3 bears?
Its like Rangers fans have been used to watching a Rolls Royce for decades. Even in administration, liquidation and then starting again, they continued to watch a Rolls Royce albeit a battered old Rolls that was on its last legs. It seems now they are doomed to watch this shell of a Rolls for many years to come, serviced and fueled by the MAn the SFA rule should not have control.
There is no money in football clubs but there is money to be made by siphoning off cash streams at the expense of team investment.
http://www.scotsman.com/sport/football/spfl/walter-smith-old-firm-is-what-scots-football-needs-1-3671010
Scottish football needs “Rangers” in the top flight- a shock contribution to the most one-sided debate in world history by Sir Walter in person, for it is he.
Seriously, though, is there not one single personality from the world of Scottish football who believes that Scottish football is better off without “Rangers” in the top flight (or even anywhere else for that matter)? What, not even one voice in the wilderness? Or could it be that there are such people, but our Scottish free and fearless press won’t publish their views?
Ashley Swoop (1)
The Rangers AIM Regulatory Notice states:
I am unsure what ‘permanent capital’ actually means. I doubt it can refer to capital raised by a share offer after all the £22 million raised at the IPO and was it under £4 million at the end of last year could hardly be described as ‘permanent’ having disappeared.
Also interesting that this ‘permanent capital’ appears to be earmarked for: ‘strengthening the playing squad’. Really ❓
A sop to the Bears methinks and the band played: ‘Believe it if you like’.
The RNS also states:
I assume that ‘working capital’ is different from ‘permanent capital’ and therefore can’t be used to strengthen the playing squad.
Esteban says:
January 27, 2015 at 8:49 am
@STVGrant claims to have had sight of “ra deeds” and suggests TRFC own Ibrox.
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Where is that. I don’t see it. And “suggests” tells us nothing.