New Loan Offer Made to Rangers

[TheWee BlueDevil 0]

he's on the rst board i think. i fear for the poor chap.

If that is true mate he will be well and truly demonised by the usual suspects in the usual places.

Good luck to him though.

[forlanssister 3,050]

How long till rumors and innuendo about Mr Letham start appearing in certain blogs and forums?

 

Oh it already has an idiot straight from central casting dropping this gem.....

 

Got a feeling Letham has shot himself in the foot and doesn't want to loan the money in the first place.

Does he have a million quid to part with? Or will King have to lend it to him as a face saving exercise.

Providing this happens at all that is.

[RANGERRAB 3,257]

It's the fact we needed a loan in the first place we should be worried about.

[TheWee BlueDevil 0]

It's the fact we needed a loan in the first place we should be worried about.

You would think that wouldn't you?

 

Not so in Rangers forum land though.

 

All is just great, isn't it?

[RANGERRAB 3,257]

You would think that wouldn't you?

 

Not so in Rangers forum land though.

 

All is just great, isn't it?

 

Our CEO told us at the turn of the year we were ok short to medium term then the players got asked to consider a wage cut which they subsequently refused. Then this loan got announced and rather than discuss it's terms and who we get it from we should be discussing why we need it. I'm prepared to give GW his '120 day business review' but he really does need to pull several rabbits out of hats at the end of it to gain any credibility as I see it.

I fully understand all businesses borrow(such as our chums from the east end with their tens of millions from the basket case co-op bank) but I think we were all a bit shocked to be borrowing so soon after being told all was well.

[D'Artagnan 173]

Well considerable kudos to Mr Letham, and a considerable victory I would suggest for fan power.

 

However, none of that detracts from the fact that on the 21st January Wallace in an interview with The Scotsman newspaper stated :

 

Without putting a number on it there is sufficient cash in the bank. Come April we’d be confident that the club will have sufficient cash in the bank in order to maintain our operations.

 

The apparent haste for the money which TRS article highlighted now appears to be no longer an issue. Which leaves me wondering whether this cash injection was in the event of an unfavourable result in the Imran court case ?

 

Either way it appears to be an Epic Fail all round from the board whatever the reasons.

[TheWee BlueDevil 0]

Deleted due to brain fart.

[forlanssister 3,050]

Rangers are considering a new £1m loan deal which would see the controversial arrangement with Laxey Partners scrapped.

 

Rangers supporter and businessman George Letham is reported to have told the Ibrox club that he is "happy to replace the Laxey loan, on condition that it is cancelled, with no penalty".

 

The club is now considering Mr Letham's improved offer and STV News understands that Colin Kingsnorth of Laxey Partners has said that the company would be prepared to cancel the loan were a better offer to be put forward.

 

A Rangers spokesman said: "The board have now received Mr Letham’s offer and are now considering it."

 

Mr Letham told The Rangers Standard that he was prepared to accept just £75,000 in interest — half of the £150,000 amount agreed with Laxey Partners.

 

He said: "It is my intention to convert this interest into shares as I have no wish to take cash out of the club. If the club are unable to convert the interest to shares, then any cash sum I received from the loan would be reinvested into the club via a future share issue to further the cause of fan ownership.

 

"My only motivation in this is to ensure that the club is secure, has as much involvement as possible from those who care about it and that its vital assets remain available to it at all times. I am making this offer public in the hope that a degree of transparency can be brought to this process for the fans and hope that the board will give my offer due consideration."

 

The club has accepted a £1.5m loan from investors Sandy Easdale and Laxey Partners.

 

The loan is secured against the club's Edmiston House and Albion car park facilities, while Laxey stand to make a £150,000 profit in either cash or shares by the time their £1m is repaid according to terms criticised as "wildly generous" by supporters group the Union of Fans.

 

Shareholder and former Blue Knight John Bennett had earlier raised concerns about the loan deal.

 

He said: "To carve up a loan secured on fixed property and put a 15% loan over 6 months, annualised 30% interest rate, is unacceptable.

 

"It seems to be a bridge loan until the season ticket money comes in, and Laxey walks off with 15%. It’s super-cheap terms for Laxey and it has the option to turn into very cheap equity for them in a short period of time."

Rangers' accounts for the 13 months up to June 2013 showed a £14.4m loss, with monthly staff costs of around £1.38m.

 

Nice to see that John Bennett isn't scared to stick his colours to the mast despite the best efforts of some.

[TheTinMan99 0]

Hmmmm. I do wonder if this was the plan all along. Pretend to tap Laxey and Easdale. Outraged rich fan steps in with better offer. Million pounds to piss away, with a possible bumping in the post. I wouldn't trust them with a million of my dough, no matter how rich I was. I hope I'm just being too cynical, but nothing would surprise me.

 

Whatever the fuck is going on, or whatever transpires in the coming days/weeks, it's without doubt a never ending pantomime, played out in public on a daily basis. Wallace's credibility is crumbling around his ears. It's not all his fault, but he's not doing a great job of steadying the ship. The fact his head is not being universally called for, is an indication of how used to it we all are. He's either a liar, or a buffoon. My guess is a mixture of both.

[andy steel 0]

Even by the board's standards, that would be a super dumb plan!

 

Re. the request for Mr Letham to come across with the readies that day - I didn't see that as expressing chronic cash flow issues at Rangers as much as trying to put an obstacle in his way he couldn't possible overcome.