Darthter 542 Posted April 11, 2014 Share Posted April 11, 2014 Seriously why borrow and increase the mess? It will already take the monies from circa 7000 season tickets to settle the Easdale and Letham loans, Small point here....The deal with Easdale/Letham has been described as a credit facility, rather than an out & out loan.....how much of the credit facility has the club actually used to date??? It may actually turn out that they don't use any of it,....then again, they may need all of, then of course your point stands. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted April 11, 2014 Share Posted April 11, 2014 Small point here....The deal with Easdale/Letham has been described as a credit facility, rather than an out & out loan.....how much of the credit facility has the club actually used to date??? It may actually turn out that they don't use any of it,....then again, they may need all of, then of course your point stands. You're right that they described them as a 'credit facilities', but considering the 'facilities' are secured against property owned by the Club, then they have the hallmarks of secured loans. Regarding your second point about whether or not the facilities have been used or will even be required in full. You wouldn't enter into a SECURED credit/loan deal for a million quid with a premium payment of £150k if you didn't need the million quid, would you? It would be gross mismanagement. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted April 11, 2014 Share Posted April 11, 2014 You're right that they described them as a 'credit facilities', but considering the 'facilities' are secured against property owned by the Club, then they have the hallmarks of secured loans. Regarding your second point about whether or not the facilities have been used or will even be required in full. You wouldn't enter into a SECURED credit/loan deal for a million quid with a premium payment of £150k if you didn't need the million quid, would you? It would be gross mismanagement. Darthter is right though. They only become secured loans in the event that the facility is drawn upon. They can have all the hallmarks of secured loans, still doesnt make them such.... at least not until the facility is actually used. As for your second point, you are most definitely wrong Zappa. My company here in Bermuda has equity of over $5 billion and cash over well into the hundreds of millions of $.... we still have a credit facility though..... there are very often valid reasons for having credit facilities which are not related to the actual NEED for them.... 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted April 11, 2014 Share Posted April 11, 2014 Darthter is right though. They only become secured loans in the event that the facility is drawn upon. They can have all the hallmarks of secured loans, still doesnt make them such.... at least not until the facility is actually used. As for your second point, you are most definitely wrong Zappa. My company here in Bermuda has equity of over $5 billion and cash over well into the hundreds of millions of $.... we still have a credit facility though..... there are very often valid reasons for having credit facilities which are not related to the actual NEED for them.... Why don't you buy Rangers; I'm sure that once the players are all partied out they could do with some R&R in the Caribbean 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted April 11, 2014 Share Posted April 11, 2014 Why don't you buy Rangers; I'm sure that once the players are all partied out they could do with some R&R in the Caribbean I wish BH. We could buy Rangers multiple times over... sadly they arent in our business model 0 Quote Link to post Share on other sites More sharing options...
TheTinMan99 0 Posted April 11, 2014 Share Posted April 11, 2014 As for your second point, you are most definitely wrong Zappa. My company here in Bermuda has equity of over $5 billion and cash over well into the hundreds of millions of $.... we still have a credit facility though..... there are very often valid reasons for having credit facilities which are not related to the actual NEED for them.... I'm sure there is, but I don't think that's the case with us. Trying to dock the players wages by 15% would suggest that we do need, and have used these credit facilities. A cursory glance at the accounts would also suggest that the credit facility will be used in full by the time any significant book money is in. I known you're just making a point, but it's kinda moot in this case I think. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted April 11, 2014 Share Posted April 11, 2014 Darthter is right though. They only become secured loans in the event that the facility is drawn upon. They can have all the hallmarks of secured loans, still doesnt make them such.... at least not until the facility is actually used. As for your second point, you are most definitely wrong Zappa. My company here in Bermuda has equity of over $5 billion and cash over well into the hundreds of millions of $.... we still have a credit facility though..... there are very often valid reasons for having credit facilities which are not related to the actual NEED for them.... Absolutely Craig (regarding them only becoming secured loans in the event of the facility being drawn upon), but as I'm sure you know, these are not normal credit facilities. The Laxey facility appeared to have been agreed with a £150k premium payment regardless of whether or not the full £1m was drawn down, so my point was that it would be gross mismanagement to agree to such a deal if the full amount wasn't required. 0 Quote Link to post Share on other sites More sharing options...
Calgacus 8 Posted April 11, 2014 Share Posted April 11, 2014 I wish BH. We could buy Rangers multiple times over... sadly they arent in our business model Your mission should you choose to accept it is to get them to change that business model! 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted April 11, 2014 Share Posted April 11, 2014 Your mission should you choose to accept it is to get them to change that business model! You beat me to it! The Bermuda Rangers, got a bit of a ring to it, dontcha think. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted April 12, 2014 Share Posted April 12, 2014 Well my season ticket renewal package was waiting for me when I got home last night. It's £471 (inc the £10 fee) compared with £379 (inc the fee) for the last two seasons; so that's exactly 24.3% increase inc the fee, 25% increase ex the fee. I don't think this is unreasonable given: no increase last year, the rise in the leagues and the obvious fact that we need to increase revenue from all sources. However, it is still 17% less than 2012. This means that a 20% increase next year would take it back to where it was the last time we were in the SPL; so I expect that or perhaps 25%, which would take it just 4% above where it was 4 years earlier, again very reasonable. The deadline for opting out of auto renewal is "before Monday 28 April" so I guess that means midnight on the 27th or before the ticket office opens for business on the 28th. In other words 17 days from receipt of the documents. My decision and I would suggest that of most others is not based on the outcome of the current review of the business affairs of the club or my opinion of the directors (which is by no means all good I hasten to add); nor has it ever been based on any previous review or my opinion about the financial performance of the Club or the team on the field. It is based on my loyalty to the Club built up over 57 years. Therefore it will not take me 17 days, 17 hours or even 17 seconds to make this decision. By coincidence I also received my Mastercard statement last night. This includes tickets for 3 Rangers games. By another coincidence it is also due for payment by the 28th of April, by which time I have to decide to pay the minimum, the full amount or somewhere in between (no prizes for guessing what I always do). Unlike paying for a ST however, where I don't know what I'm going to see other than 18 football matches of varying quality with varying personnel; with the exception of today's game I have already "enjoyed" the other matches, the petrol is half used in the tank in my car, the oil is in the engine, the duty free has been drunk, the new toilet roll holder is in the bathroom and I have started to use the note pads I bought bfrom WH Smith. I have truly had an "interest free" loan for up to 50 days, paid for by those who want my custom. When I pay in full, I will be paying for all these goods and services, I will not be lending these compnaies any money; nor will I be asking Sainsbury's for security in case the toilet roll holder rusts. 0 Quote Link to post Share on other sites More sharing options...
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