Douglas Park - Your Mission, Should You Choose To Accept It

[kevinthomson8 0]

frankie how do u know park is interested

[wabashcannonball 0]

One of the most telling aspects of this whole sorry saga is that we have had more perceived Armageddons than Hollywood, yet the dark knight still has not been been dislodged from his lofty position......the danger is that he will return stronger, despite all that has been written and uttered of his demise into oblivion, ignore and dismiss him at our peril.

[Tannochsidebear 2,316]

One of the most telling aspects of this whole sorry saga is that we have had more perceived Armageddons than Hollywood, yet the dark knight still has not been been dislodged from his lofty position......the danger is that he will return stronger, despite all that has been written and uttered of his demise into oblivion, ignore and dismiss him at our peril.

 

I knew if I stuck around long enough I could finally agree with you on something Wabash

 

For all we are hearing that he will never return this time for sure, I remember all too well what happened last time after McClelland had tidied up the books for him to come back and f*ck things up all over again.

[pete 2,499]

One of the most telling aspects of this whole sorry saga is that we have had more perceived Armageddons than Hollywood, yet the dark knight still has not been been dislodged from his lofty position......the danger is that he will return stronger, despite all that has been written and uttered of his demise into oblivion, ignore and dismiss him at our peril.

 

I just don't understand why it is not known exactly what the asking price is to take over at Rangers. Is it buying out the debt or is it buying the debt + Murray's shares. Surely this information should be available somewhere if the club is really up for sale.

[williamh 0]

Surely if Sdm is in such a bad state with mih he cannot afford to turn down reasonable offers or are lloyds running them as well

[pete 2,499]

Surely if Sdm is in such a bad state with mih he cannot afford to turn down reasonable offers or are lloyds running them as well

 

To be honest and it is only my opinion as i am no financial expert, Lloyds would be easier to deal with than Murray wanting top price for his shares.

[wabashcannonball 0]

The process of reaching a resolution with respect to the extension of the

bank's credit facility involved the merging of two distinctly different

business plans, one promoted by Murray and acceptable to Lloyds Bank and the

other prepared by the Rangers Board and senior management team. As every

businessman would know in dealing with banks, one has to present a "sustainable

business plan" but the devil in this regard is the view one takes on the

ambitions of the Club as compared to the objectives of the bank in protecting

its credit exposure. As you would suspect, there was rigorous debate that

ensued as to the ingredients that would be incorporated into the financial plan

on which, given the circumstances, we all eventually agreed.

For example, the Board requested tolerance for payments that we still owed on

players that we acquired one or two years ago, which amounted to about �£9

million at the end of June 2009. There was no flexibility on that issue

although we have indeed paid off �£7 million against that debt in the last five

months. On the other hand, the bank agreed to make no demand, despite media

speculation to the contrary, for Rangers to manage its business plan to allow

for any expedited repayment of the Club's debt. In fact, as set out in our

financial statements at June 30 the bank has agreed that the Club's only

obligation is to operate within a credit facility that reduces by �£1 million

per year.

++++++++++++++++++++++++++++++++++++++++++

The thing I would like to know is to what extent the business plan of MIH ( I take it that is what AJ means rather than SDM, when he refers to Murray) was accepted and if it prevailed over the clubs boards input to a greater extent. It would appear Park or anyone else are going to be in for very hard negotiations, as opposed to the easy give away presented by piss poor hacks.

 

http://www.istockanalyst.com/article/viewiStockNews/articleid/3691409

 

http://www.guardian.co.uk/football/2009/jun/03/english-premier-league-debt

Edited February 20, 2010 by wabashcannonball

[Zappa 0]

With a lot of Rangers fans worrying about the MIH debt situation, I can't help but wonder what sort of debt levels Douglas Park's main holding company (think it's Parks of Hamilton Ltd) has in comparison to it's assets. Obviously the Park family will have some personal wealth as well, but I can't for the life of me see how DP could be wealthy enough to underwrite the future of our club. Obviously, as part of a consortium it may be possible, but another question I'd like to ask is why Douglas Park? Other than being a fan himself, what would make him a good choice as a potential consortium leader, nevermind owner of the club?

[Zappa 0]

FWIW, I think if DP or anyone else with an interest had the finances to buy the club, they'd have done it already. The future of the club could be even more uncertain than it is at the moment if it's bought by a cash-strapped consortium.

[chilledbear 16]

One things for sure whoever becomes the new owner, consortium or individual, they will not be using their own money.