ian1964 10,413 Posted August 30, 2014 Share Posted August 30, 2014 Dave King and Mike Ashley in frame to save Rangers after board beg for £4million to stave off collapse. IBROX directors admit they need a cash injection to keep the club afloat with rival tycoons King and Ashley thought to be most likely source of emergency funding. THE Rangers board have sent out the begging bowl again and admitted they have only a fortnight to save their club. Now it appears to be a straight fight between Dave King and Sports Direct tycoon Mike Ashley to restore the cash-strapped Ibrox outfit to their former glories. Rangers admitted in a statement to the Stock Exchange they need to raise £4million by the middle of September or the lights could go out again on Edmiston Drive. Even then, the money would only see them through the next couple of months as they have to repay debts of £1.5million to Sandy Easdale and wealthy fan George Letham, and will need further, more significant investment to see out the season. Rangers admitted: “The open offer is not underwritten. If the aggregate level of subscription is less than 15,000,000 new ordinary shares, the open offer will not proceed. “Should this occur, the company will be unable to pay its creditors as they fall due and the future of the company will be uncertain. The directors will immediately have to seek emergency financing which may or may not be available.” The Light Blues legions have reacted with horror to the prospect of another administration at their club and have called on the board to back down and enter into formal discussions with King. Newcastle United owner Ashley is also believed to be considering his options but that would not sit easily with the SFA, even though they gave him backing to invest in the first place under former chairman Charles Green. King remains willing to invest £30million but he has been kept at arm’s length by the board, not least because he wants to dump them all and start again. City sources claim the South African tycoon refused to become involved with the plea for funds because the board refused to supply him with the financial information that would have made it possible for him to underwrite it. King declined to comment last night but the Union of Fans have demanded he be brought to the table to safeguard the long term future. Spokesman Chris Graham said: “They now hang the threat of a second *administration over the heads of both fans and shareholders when they remain fully aware that funding can be brought in from outside. “If this board would finally start to do their job properly, there can be no threat of administration. A £30million funding package has been available for at least the past seven months and remains available. “Chief executive Graham Wallace and the other board members have known for at least nine months that significant levels of investment were required, not only to see out the current season but also to invest properly in the club.” Ashley holds around nine per cent of Rangers and the SFA allowed him to invest alongside Green, even though he also owns Newcastle United. UEFA rules prohibit two clubs with a shared owner from competing in the same competition – such as the Europa League. It’s understood the SFA were uneasy about Ashley’s dual shareholding but took the decision it was better to *safeguard the financial future of one of the major players in the Scottish game. They were comforted Ashley would seek no day-to-day involvement in the club and his shareholding would remain below a 10 per cent threshhold. But that could all change and the SFA could find themselves rejecting Ashley’s involvement and potentially signing a death warrant for Rangers. It’s understood they would rather deal with King, even though he still has issues to resolve with the SFA around his own controversial business past. Graham said: “The board apparently remain willing to allow Mike Ashley to significantly raise his stake in the club despite not having established whether this will fall foul of either the SFA or UEFA. “Will this board deliver Rangers into the hands of those who care about it or to Mike Ashley, who will run it for his own benefit? “We do not want Mike Ashley calling the shots at Rangers and we would hope the SFA would take a dim view of any attempt by the board to deliver the club to him, given the clear dual ownership issue.” The Union of Fans also acccused the Rangers board of financial incompetence for leading the club to the financial brink and say the £4m raised will solve nothing. Graham said: “The stark reality is that not a single penny of this £4m, if raised, will be used to improve the club in terms of infrastructure or investment. “It will be used to repay loans, to pay fees and to pay bills. Nothing else. “Fans and shareholders should not be blackmailed into servicing this board. They are doing everything in their power to keep those who care about the club from having any control over its destiny.” http://www.dailyrecord.co.uk/sport/football/football-news/dave-king-mike-ashley-frame-4132352 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,245 Posted August 30, 2014 Share Posted August 30, 2014 A couple of points. Who are the creditors the board speaks of. Are they refering to Letham and Easdale, who - at least as it came over the last time - could also be paid in shares (and why not?) or would gain security over ACP and/or Edmiston House (at least for the time being)? Won't we be able to pay our entire bills ... which would probably lead to admin 2? The other thing, regarding Ashley. I'm not exactly sure why the ownership of Newacstle United is a priority problem for some when it comes to his investment. He said that he wanted to sell the Magpies, but no-one matched his 100m at the time. What he plans right now with them is anyone's guess. In an ideal world, we might be back in Europe at the start of next season, should we win the Scottish Cup in 2015. If all the paperwork holds up to that. It is anyone's guess whether a) Newcastle will join us there, b) the Magpies are still owned by Ashley, c) his interest/influence in Rangers FC is significant, d) whether he'll still be at Rangers by that time ... for starters. Whether he's any worse a capitalist than King or those at Ibrox right now, who can say that for sure? That King is one of ours does not make him a better capitalist IMHO ... and his actions since 2013 have cooled my admiration for him as a Bear - no matter what the board or Green placed between him and the club. On a related note, beyond the Clyde things are apparently far from rosy either, according to their tribal leader: We have lost millions over the period in terms of Rangers not being here and the way Scottish football is at the moment – the league does not have a sponsor and we do not have Rangers, so in order to keep our numbers up in the last two years we have given £4m back to the season-ticket holders with the £100 discount. Two years ago that sounded slightly different. 0 Quote Link to post Share on other sites More sharing options...
Ser Barristan Selmy 222 Posted August 30, 2014 Share Posted August 30, 2014 You don't see the problem in having a potential major shareholder who next year may have to leave or we get chucked out of Europe? 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,245 Posted August 30, 2014 Share Posted August 30, 2014 You don't see the problem in having a potential major shareholder who next year may have to leave or we get chucked out of Europe? What I see is Red Bull Leipzig storming from the regional leagues in Germany up to the top of Bundesliga 2 right now. And I note that there is Red Bull Salzburg playing in the Europa League (and have been of years). I can speculate all day long of what may or may happen should both end up in the same European competition, but that won't come to pass anytime soon and whether it actually will is anyone's guess. So while it is all fine and well debating Red Bulls - essentialy - ownership of these teams, a lot of things can come into play and no-one can say for sure how it will pan out. 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted August 30, 2014 Share Posted August 30, 2014 You don't see the problem in having a potential major shareholder who next year may have to leave or we get chucked out of Europe? Where DB doesn't see a problem or dismisses 'X',...... is probably (given his consistency) our best early warning system to flag up a (potential) problem. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,245 Posted August 30, 2014 Share Posted August 30, 2014 Where DB doesn't see a problem or dismisses 'X',...... is probably (given his consistency) our best early warning system to flag up a (potential) problem. Apart from the heinous nature of the reply - and I leave that to admins to rectify or not - the problem is not dismissed, but it is not one that needs to be portrayed as a major stumbling block for Ashley's investment right now. 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted August 30, 2014 Share Posted August 30, 2014 Apart from the heinous nature of the reply - and I leave that to admins to rectify or not - the problem is not dismissed, but it is not one that needs to be portrayed as a major stumbling block for Ashley's investment right now. My post was based on facts and 'thinking out of the box'. What has been "heinous" regards the well-being of Rangers, has been the agenda of nearly all those you have 'backed' and/or 'defended'. This is a fact and rather calls into question your judgement on such issues and should be brought up of occasion to remind or warn readers. As for Ashely, is this in part, more kite flying from the Blue Pitch side of the table ? I take it Mr.Soros has withdrawn 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted August 30, 2014 Share Posted August 30, 2014 Soros was flying the helicopter that was 'spotted' in Greenock. 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted August 30, 2014 Share Posted August 30, 2014 Soros was flying the helicopter that was 'spotted' in Greenock. So Soros 'swooped" down into the 100M McGills bus yard (nothing now stuffed into the sofas apparently) and flew off with a small-time convicted fraudster who has fronted the proxy group with the likes of Blue Pitch (ready with their 50M) but doesn't get on with Graham 'can't find the 5M button' Wallace. Surprised the ex-con could find time between fending off 80M bids for McGills, 'saving shipyards', considering a bus to Malta or in short, living a land of Toxic Jack inspired make-believe. I wonder if the bespoke Spinning Bullshitter of the dodgy is swimming against the tide and that The Easdales are going to end up with a very public net negative through their involvment with Rangers. 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted August 30, 2014 Share Posted August 30, 2014 So Soros 'swooped" down into the 100M McGills bus yard (nothing now stuffed into the sofas apparently) and flew off with a small-time convicted fraudster who has fronted the proxy group with the likes of Blue Pitch (ready with their 50M) but doesn't get on with Graham 'can't find the 5M button' Wallace. Surprised the ex-con could find time between fending off 80M bids for McGills, 'saving shipyards', considering a bus to Malta or in short, living a land of Toxic Jack inspired make-believe. I wonder if the bespoke Spinning Bullshitter of the dodgy is swimming against the tide and that The Easdales are going to end up with a very public net negative through their involvment with Rangers. It is an amazing story that even the best Hollywood screenwriters couldn't concoct. 0 Quote Link to post Share on other sites More sharing options...
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