From Today's Herald

[rbr 1,247]

http://www.heraldscotland.com/murray-faces-108m-hit-if-rangers-buyer-refuses-to-take-on-club-s-debt-1.1020769

 

 

Sir David Murray stands to take a hit of �£108 million if he sells his 92% stake in Rangers FC to a buyer willing only to take on the clubâ��s estimated �£30m debt.

 

Latest accounts for Murray Sports, the vehicle used by the former Rangers chairman for his football holding, show the accumulated interest on loan notes payable to Murray Group Holdings in the event of a takeover of Rangers has risen from �£44m to almost �£48m, on top of the �£60.6m loan.

 

Meanwhile, another �£4.5m has been added to the write-off in the value of Murray Sportsâ�� holding in Rangers.

 

Already standing at �£41.2m, it rose last year to �£45.7m, because the Rangers share price fell from 52p to 40p during the year.

 

Rangers shares, traded among some 9,000 fans and quoted on the PLUS market, were at 42.5p yesterday, giving Rangers a market value of �£46m.

 

Back in 1997, when billionaire Joe Lewis bought into the club, it was valued at �£160m with Murray at that time plotting a flotation. Lewis sold back to Murray in 2004.

 

In February, the football club reported a half-year profit of �£13m but did not reveal the size of its debt to Lloyds Banking Group, which has been linked with the installation of director Donald Muir on to the clubâ��s board.

 

In early March, London property developer Andrew Ellis said he was considering making an offer for the club.

 

But a fortnight ago engineering tycoon Jim McColl disappointed fans by ruling out financial backing for an alternative supporter-based buy-out of Rangers.

 

Florida-based developer Graham Duffy, whose offer to back a supporter buy-out was revealed by The Herald last December, said this week: ââ?¬Å?As far as I am aware I am the only individual who has produced a business plan in favour of the supporters.ââ?¬Â

 

 

 

Dont know if this is actually relevant or just a rehash of old news , clever bears please comment

[Frankie 8,145]

I think Bluedell is on holiday but hopefully Craig can enlighten us as to the relevance...

[wabashcannonball 0]

Bluedell's opinion is quite clear on the matter. http://www.gersnetonline.co.uk/vb/showpost.php?p=187053&postcount=45

 

http://www.gersnetonline.co.uk/vb/showpost.php?p=187050&postcount=43

 

ETA,,, the figures are from MIH accounts of 2004, nothing has been hidden from anyone. Murray Sports have no recent accounts, it is believed they were liquidated and the debt absorbed by the parent company MIH.

 

Loan notes 52,958 52,958 - -

Other debtors 224 289 - -

Prepayments and accrued income - 10 - -

Deferred tax asset (note 16) ––1–,–4–4–3– –––1–,9–4–5– ––––––––- ––––––––-

–5–4–,–6–2–5– ––5–5–,2–0–2– ––––––––- ––––––––-

1–2–9–,–9–7–3– –1–1–6–,5–6–0– ––1–0–,–1–5–4– –––––8–4–7–

The loan notes were issued by Murray Sports Limited, a related party by virtue of common control. The loan notes are due for payment in the

event of a sale of all or substantially all of the shares, assets or businesses of RFC Investment Holdings Limited and/or subsidiaries. Interest

is payable at commercial rates, only in the event that Murray Sports Limited has sufficient accumulated distributable profits. In the year to 31

January 2003 a provision against the loan notes of �£7,645,000 was made.

Edited April 15, 2010 by wabashcannonball

[26th of foot 5,827]

I think Bluedell is on holiday but hopefully Craig can enlighten us as to the relevance...

 

Get the Pussy back NOW, we demand and are most deserving of our resident Bean Counter's analysis.

 

Imagine going off on holibags when the club's future hangs by a balance!

[Frankie 8,145]

Yip, it is disgraceful 26th...

 

I will call him later and demand he returns - volcanic ash laden skies or not!

[26th of foot 5,827]

Yip, it is disgraceful 26th...

 

I will call him later and demand he returns - volcanic ash laden skies or not!

 

Trust me, I'm a Vulcanologist; ash is only a problem on one Wednesday a year. I have never understood why folks allow clergy to extinguish their fags on their foreheads!

[rbr 1,247]

Trust me, I'm a Vulcanologist; ash is only a problem on one Wednesday a year. I have never understood why folks allow clergy to extinguish their fags on their foreheads!

 

absolute class:fish::fish:

[Frankie 8,145]

Trust me, I'm a Vulcanologist; ash is only a problem on one Wednesday a year. I have never understood why folks allow clergy to extinguish their fags on their foreheads!

 

Illogical Mr Spock...

[Zappa 0]

Either it's an awful attempt at journalism (highly likely) or there's something extremely strange about the way these two sentences in the quote below are linked. It's written as if it's suggesting that McColl was Ellis's financial backer, but I've got a feeling that's not what was intended and that it is indeed just a sloppy piece of writing.

 

In early March, London property developer Andrew Ellis said he was considering making an offer for the club.

 

But a fortnight ago engineering tycoon Jim McColl disappointed fans by ruling out financial backing for an alternative supporter-based buy-out of Rangers.

[calscot 0]

Poor writing IMO.