forlanssister 3,050 Posted February 20, 2014 Share Posted February 20, 2014 OK I couldn't read the small print; so again it depends on the price at which they are granted those shares. This is the Ahmad, Hughes loans all over again, It is pure unadulterated spivvery at it's finest. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 20, 2014 Share Posted February 20, 2014 A Director like Easdale should be lending the Club money at zero interest or at 0+RPI% at the most, like Anne Budge. Anything else just shows him in his true colours. It's a disgrace an absolute disgrace. 0 Quote Link to post Share on other sites More sharing options...
TheTinMan99 0 Posted February 20, 2014 Share Posted February 20, 2014 Never saw this one coming........ Two seasons worth of ticket money, £20m odd share issue, potless in 18 months, and back in debt to glorified loan sharks. Laughable, if it wasn't so tragically predictable. How many more rapings will the club get before people finally say enough is enough? Giving money to support Rangers is now aiding and abetting it's continued pillaging. There comes a time when loyalty crosses over into stupidity. That time came and went a long time ago. I wish King would call their bluff and offer them a £2m interest free loan, to be payed back over 20 years. Once they knock it back, even this boards most ardent of supporters would see it's not even about being short of cash. It's all about the power and control of the assets/boardroom/contracts. Fucking sickening. 0 Quote Link to post Share on other sites More sharing options...
barca72 440 Posted February 20, 2014 Share Posted February 20, 2014 I've expanded the picture and the small print says that "Sportsmail understands ... ", so right there it is not yet a done deal. It continues by saying that the Easdales and Laxey Partners are in discussions at the moment. It continues saying that City of London sources say that the loan should be paid back in 12 months by shares rather than cash. If the story is true, then that should mean about 4-5 million shares ( approx 30p/ share ). Why is it bad that current shareholders invest more money in the club? 0 Quote Link to post Share on other sites More sharing options...
franker 1 Posted February 20, 2014 Share Posted February 20, 2014 King should have offered an interest free loan and played Irvine at his own game and leaked his offer. In this long running game of poker it would have given him an edge within the wider support in his attempts to take control of the club. Never saw this one coming........ Two seasons worth of ticket money, £20m odd share issue, potless in 18 months, and back in debt to glorified loan sharks. Laughable, if it wasn't so tragically predictable. How many more rapings will the club get before people finally say enough is enough? Giving money to support Rangers is now aiding and abetting it's continued pillaging. There comes a time when loyalty crosses over into stupidity. That time came and went a long time ago. I wish King would call their bluff and offer them a £2m interest free loan, to be payed back over 20 years. Once they knock it back, even this boards most ardent of supporters would see it's not even about being short of cash. It's all about the power and control of the assets/boardroom/contracts. Fucking sickening. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,136 Posted February 20, 2014 Share Posted February 20, 2014 Clearly we don't know enough of the detail yet but it seems those worried about the club's short term viability were correct. At the end of the day, a large part of supporting Rangers nowadays is trust and via these unclear loans that trust will be eroded unless the reasons why and how are given openly to other shareholders. 0 Quote Link to post Share on other sites More sharing options...
Super Cooper 0 Posted February 20, 2014 Share Posted February 20, 2014 So does this mean our revenue next season which should be used for our future will now we needed to cover historic debt? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,136 Posted February 20, 2014 Share Posted February 20, 2014 So does this mean our revenue next season which should be used for our future will now we needed to cover historic debt? Not enough information. I'm sure Bill will be blogging soon to give us the detail. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 20, 2014 Share Posted February 20, 2014 I've expanded the picture and the small print says that "Sportsmail understands ... ", so right there it is not yet a done deal. It continues by saying that the Easdales and Laxey Partners are in discussions at the moment. It continues saying that City of London sources say that the loan should be paid back in 12 months by shares rather than cash.If the story is true, then that should mean about 4-5 million shares ( approx 30p/ share ). Why is it bad that current shareholders invest more money in the club? I must admit that that is how I read it at first (without being able to expand the article), i.e. debt for equity on the whole of loan, rather than just the interest on the loan; but deleted that part of my earier post after FS seemed certain that it was shares in lieu of interest/arrangement fees. If it IS debt for equity on the whole of the loan then of course, they stand to make a killing if the share price continues its current upward trend, 100% gain is not out of the question; but equally they could lose it all. Either way a Director charging his own Club an arrangement fee (assuming there is one) is just scandalous, never mind whatever rate of interest. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,136 Posted February 20, 2014 Share Posted February 20, 2014 From the Scottish Sun: By ANDY DEVLIN Published: 7 hrs ago RANGERS backers have coughed up a £1.5million crisis loan - one week ahead of pay day. The cash will be handed to chief executive Graham Wallace by the Easdale brothers and Laxey partners. It?s quashed speculation that Ibrox players and backroom staff wouldn't be paid on time this month. The loan will be paid back in shares next year. Rangers say the funds will help tide them over to the end of the season. And they have hailed the latest windfall as a vote of confidence in Wallace. But others will view the acceptance of a loan as proof that the club's financial crisis is growing. The failure to agree a package of pay cuts with their title-chasing players last month has meant dwindling cash reserves. Gers chiefs have continually denied they have hit crisis point and a city source last night insisted that the wage bill WOULD have been met even without this latest cash injection. The source said: 'It is categorically not the case that wages might not have been paid. 'There are plenty of people determined to undermine the position of Rangers. But the board remain determined to drive the club forward. 'This is a belt-and-braces loan designed to bolster the club's finances before season ticket renewal money is due. 'The board are meeting and talking with potential new investors each day. This is a vote of confidence for Graham Wallace and the job he is doing.' SunSport understands that Wallace and directors Norman Crighton and Sandy Easdale were all involved in high-powered talks in London yesterday. The trio have already met with existing shareholders and plan to talk to new potential investors in the next 24 hours. The deal to loan Gers around £1.5m was still to be signed off last night. However, the club hope to bank the cash in the next 48 hours. 0 Quote Link to post Share on other sites More sharing options...
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