jhunter 0 Posted January 4, 2015 Share Posted January 4, 2015 a cash warning may well get shares suspended. what is this GS? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted January 4, 2015 Share Posted January 4, 2015 what is this GS? if they say the club is going to fail or may well fail they may get shares suspended. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted January 4, 2015 Share Posted January 4, 2015 what is this GS? http://www.dailyrecord.co.uk/sport/football/keith-jackson-time-nears-mike-4919126 Jan 04, 2015 22:30 By Keith Jackson IBROX club edging nearer to another financial disaster as cash-flow situation sends board into a panic. SOMEWHERE beside a swimming pool in the Caribbean, Mike Ashley has a decision to make. And he’s not just agonising between a pina colada or a pint of sex on the beach. The Newcastle United owner might be sunning himself 4500 miles away from the old Ibrox curiosity shop but, even so, he remains positioned in the eye of the storm which continues to lash this battered club. And which, this morning, threatens to blow it back into the most desolate state even despite the recent warm breeze of good news that has brought the likes of Dave King, Douglas Park and last night American money man Robert Sarver into the developing picture. Much has been made of last week’s stock market manoeuvres that first saw wealthy fans Park, George Letham and George Taylor snap up a 19 per cent holding and then King follow them in for 15 per cent. These were the first really meaningful moves by long-standing and high net-worth supporters of the club to do something practical about solving the issues that have been relentlessly ravaging Rangers for the best part of four years now. Both parties insist they were acting independently but, even so, by buying up huge bundles of shares between them they completely blindsided a Rangers board which, with chairman David Somers at its helm, continues to operate in an ocean of bewilderment and is now sailing dangerously close to another financial disaster. The cold truth is they have just a few days left now to avoid the next iceberg. The arrival on the scene of Sarver – owner of NBA outfit Phoenix Suns – is another possible lifeline for Rangers not least because he has already held discussions with Park’s consortium and sees them as allies in any potential power struggle against the current regime. But even though all this has provided a few rare shafts of light and hope for the Rangers support there is no escaping the fact their club remains in a desperately dark place. The ship is holed below the water line and the cash-flow situation inside Ibrox is now so critical that Somers and his board are in a state of panic. They need significant sums of money in emergency loans and they need it yesterday. In the past few days they have chosen to cash in on their most talented asset by selling Lewis Macleod to Brentford for a fraction of what the youngster’s market value is likely to reach. And they have also been railing against the authorities for withholding £250k to cover the cost of Lord Nimmo Smith’s probe into the use of EBTs. This appears a fairly paltry amount but the way the Rangers board has reacted to it being withheld suggests their financial situation is more dire than many imagined. If it is true the loss of such a figure could place an “intolerable strain” on the club’s cash flow then it underlines the ineptitude of those running Rangers and the urgent nature of this cash crisis. Which is where Ashley comes in. The Sports Direct magnate is a notoriously hard man to second guess but if he does have a plan for Rangers – and he surely must – then the next few days may finally see him show his hand. With his right-hand man Derek Llambias already in joint charge of the club’s affairs as CEO, Ashley will know pretty much to the penny the full extent of the damage below the surface as well as the urgency of the situation. He will understand, for example, that if Rangers are to be spared the pain and ignominy of a new insolvency event fresh loans will be required immediately. The question now is, does Ashley have any intention of bailing them out? There has been radio silence from the Londoner ever since he was blocked by the SFA from increasing his stake to 29.9 per cent and underwriting the release of 40m new shares. If Big Mike has taken enough of a huff he might be inclined to let Rangers dangle over the precipice just to stick two fingers up at Hampden’s sixth floor. Not only does he have the cash to keep the club alive but crucially, despite all the recent activity on the stock exchange and the fact his current 8.92 per cent holding is dwarfed by that of King and Park, he also has control of the board. If King, Park’s group or even Sarver was to offer a loan this morning Ashley still has the muscle to have it turned down and also to provide the money himself in order to tighten his grip on the club’s throat. However, any fanciful notions that Ashley might be ready to throw multi-millions into this basketcase in order to buy Rangers a place in the Champions League appear to have been torpedoed by the recent sale of Macleod. So again the question must be asked, what is Ashley’s end game here? Of course, it is not outwith the realms of possibility that administration could also be proposed as an escape route out of this mess. But with so many sources of potential funding now available to them the board might struggle to justify the legality of such a move. A far more elegant and logical solution could yet be found but that would depend on Ashley accepting that he has been usurped by the men who have made it their collective aim to drive him out of the club. If he calculates that the sheer weight of shares is now against him – and that his board could not possibly survive a shareholders’ vote at an EGM – it might make more sense for him to strike a deal now with any or all of those parties driving the revolt against his regime. That way he could protect his much-cherished merchandising contracts with the club while agreeing to step to one side and allow the new men to take control knowing also that a united support is likely to re-engage with the club and buy more of his shirts. This would seem the logical step for Ashley and the best possible outcome for Rangers. But since when was logic and best practice applied to this particular club? Pour yourself another one Mike. There’s some serious thinking to be done with your drinking. 0 Quote Link to post Share on other sites More sharing options...
Blue Moon 1,113 Posted January 4, 2015 Share Posted January 4, 2015 (edited) From the Telegraph http://www.telegraph.co.uk/sport/football/teams/rangers/11324834/Rangers-board-to-lose-power-unless-Mike-Ashley-steps-in-to-save-diThe Rangers board will be swept out of power this week unless Mike Ashley saves the directors who helped him bid for complete control at Ibrox in October. The Telegraph understands that the club’s finances are in such a poor state that a major Stock Exchange statement is expected imminently but that an offer of immediate investment will be made by former Rangers director, Dave King, and the Three Bears consortium who, between them, bought up 35 per cent of the club’s equity last week. King and the Three Bears – wealthy Rangers supporters, Douglas Park, George Letham and George Taylor – are now believed to command sufficient support from small shareholders plus the proxy votes of other investors to such an extent that if a general meeting were to be held they would not only win, but do so comfortably. Financially, however, the club is now running on fumes and the process by which shareholders’ meetings can be requisitioned – up to seven weeks – is out of the question. Ashley is the only possible alternative for a board which has been deserted and vilified by fans. The crucial question is how much Ashley cares about running clubs in England and Scotland - his ownership of Newcastle United and influence at Ibrox has already triggered a Scottish Football Association disciplinary complaint - or if his basic position is to protect the Sports Direct contracts by which Rangers’ merchandise is sold through his retail chain. The Bears’ consortium and King take the pragmatic view that Ashley’s contracts are locked in through a five-year deal. They are prepared to make it clear that they can live with his commercial interests at Ibrox but will not countenance the continued tenure of the existing directors. The plc board chairman, David Somers, is particularly tainted in the eyes of the fans after a much-derided performance at the annual meeting on Dec 22. That debacle was followed by the Telegraph’s publication of a leaked email in which he begged Ashley’s lawyer to save his position by ensuring that the Newcastle owner would secure boardroom control at Ibrox. Sandy Easdale, Rangers’ football board chairman and his brother, James – a plc director – are also disliked by many supporters, whose displeasure has been channelled through the formation of groups whose declared aim is the removal of the existing regime. A fresh and intriguing twist is the emergence of a takeover attempt by Robert Sarver, the owner of the Phoenix Suns basketball team. Sarver wants to own European football clubs – in the plural – and was alerted to the situation at Ibrox by the former Rangers, Leeds United, Aberdeen and Scotland defender, David Robertson, now head coach of Phoenix FC. Sarver has served notice to the club’s advisers of an £18 million bid to be made through a fresh share issue which would give him control, but which is now unlikely because of the share purchases made last week by King and the Three Bears. Again, the Telegraph can disclose that Ashley’s manoeuvring had the unintended consequence of directing Sarver towards King and the Bears grouping. The American was initially introduced to the former non-executive director Norman Crighton, who was the final casualty of Ashley’s steamrollering of boardroom opponents. Crighton was dislodged earlier in the month and, when he was invited to help Sarver gain traction with Rangers, directed him to King, Letham, Taylor and Park. They spoke to his advisers before Christmas and did not reveal their intention to form an alternative power bloc to Ashley and the Easdales. However, the King/Bears alliance views Sarver as a like-minded potential partner in their attempt to stabilise the club and bring tens of thousands of disenchanted fans back on board. Either way, it has become clear over the weekend that Ashley must choose between boardroom supporters who are discredited in the eyes of Rangers fans – many of whom currently refuse to walk through the doors of any Sports Direct outlet – or accept the ascendancy of a fresh regime who can restore the crowds to Ibrox and, perhaps, profits to his tills.rectors.html Edited January 4, 2015 by Blue Moon 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted January 4, 2015 Share Posted January 4, 2015 From The Telegraph. The Rangers board will be swept out of power this week unless Mike Ashley saves the directors who helped him bid for complete control at Ibrox in October. The Telegraph understands that the club’s finances are in such a poor state that a major Stock Exchange statement is expected imminently but that an offer of immediate investment will be made by former Rangers director, Dave King, and the Three Bears consortium who, between them, bought up 35 per cent of the club’s equity last week. King and the Three Bears – wealthy Rangers supporters, Douglas Park, George Letham and George Taylor – are now believed to command sufficient support from small shareholders plus the proxy votes of other investors to such an extent that if a general meeting were to be held they would not only win, but do so comfortably. Financially, however, the club is now running on fumes and the process by which shareholders’ meetings can be requisitioned – up to seven weeks – is out of the question. Ashley is the only possible alternative for a board which has been deserted and vilified by fans. The crucial question is how much Ashley cares about running clubs in England and Scotland - his ownership of Newcastle United and influence at Ibrox has already triggered a Scottish Football Association disciplinary complaint - or if his basic position is to protect the Sports Direct contracts by which Rangers’ merchandise is sold through his retail chain. The Bears’ consortium and King take the pragmatic view that Ashley’s contracts are locked in through a five-year deal. They are prepared to make it clear that they can live with his commercial interests at Ibrox but will not countenance the continued tenure of the existing directors. The plc board chairman, David Somers, is particularly tainted in the eyes of the fans after a much-derided performance at the annual meeting on Dec 22. That debacle was followed by the Telegraph’s publication of a leaked email in which he begged Ashley’s lawyer to save his position by ensuring that the Newcastle owner would secure boardroom control at Ibrox. Sandy Easdale, Rangers’ football board chairman and his brother, James – a plc director – are also disliked by many supporters, whose displeasure has been channelled through the formation of groups whose declared aim is the removal of the existing regime. A fresh and intriguing twist is the emergence of a takeover attempt by Robert Sarver, the owner of the Phoenix Suns basketball team. Sarver wants to own European football clubs – in the plural – and was alerted to the situation at Ibrox by the former Rangers, Leeds United, Aberdeen and Scotland defender, David Robertson, now head coach of Phoenix FC. Sarver has served notice to the club’s advisers of an £18 million bid to be made through a fresh share issue which would give him control, but which is now unlikely because of the share purchases made last week by King and the Three Bears. Again, the Telegraph can disclose that Ashley’s manoeuvring had the unintended consequence of directing Sarver towards King and the Bears grouping. The American was initially introduced to the former non-executive director Norman Crighton, who was the final casualty of Ashley’s steamrollering of boardroom opponents. Crighton was dislodged earlier in the month and, when he was invited to help Sarver gain traction with Rangers, directed him to King, Letham, Taylor and Park. They spoke to his advisers before Christmas and did not reveal their intention to form an alternative power bloc to Ashley and the Easdales. However, the King/Bears alliance views Sarver as a like-minded potential partner in their attempt to stabilise the club and bring tens of thousands of disenchanted fans back on board. Either way, it has become clear over the weekend that Ashley must choose between boardroom supporters who are discredited in the eyes of Rangers fans – many of whom currently refuse to walk through the doors of any Sports Direct outlet – or accept the ascendancy of a fresh regime who can restore the crowds to Ibrox and, perhaps, profits to his tills. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted January 4, 2015 Share Posted January 4, 2015 Steady the Buffs. This is it. 0 Quote Link to post Share on other sites More sharing options...
Siam69 0 Posted January 4, 2015 Share Posted January 4, 2015 Feel a bit better after reading the Telegraph. 0 Quote Link to post Share on other sites More sharing options...
Blue Moon 1,113 Posted January 4, 2015 Share Posted January 4, 2015 I can't take much more of this 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted January 4, 2015 Share Posted January 4, 2015 I wonder if Rangers Retail Ltd have released all possible dividends to TRFC yet........... 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted January 4, 2015 Share Posted January 4, 2015 I wonder if Rangers Retail Ltd have released all possible dividends to TRFC yet........... dividend was due in december. bet we never got it all or much at all. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.