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My concern would be regarding what the repayment terms are on the new debt. Admittedly we cant afford ANY new debt.... but if you assumed we could actually service what we have.... but then just look at what SDM did with his properties - if we granted security over Ibrox and MP to Ashley for the 10 mill loan and the loan repayment had to take place in a year we would be absolutely screwed because we know we cant pay that. If it were over a 20 year period or whatever then we could potentially repay it depending on league we are in and the custodians we have.

 

My suspicion is that they grant security over Ibrox and MP for a short term loan that they (and Ashley) KNOW we wont be able to repay - their tidy little way of selling MP to Ashley (even though he wouldn't be guaranteed to own the assets as they would be auctioned off and he wouldn't necessarily win that auction - though he clearly has the funds to outbid most people who would show an interest).

 

One of the unbelievable things is that as far we know, the £3m we already owe Ashley is to be repaid by (or in) April, so unless the terms of that loan are altered, then the board would be giving him security over Ibrox & MP for a new loan which would be partially swallowed up by the repayment of the existing £3m debt to him.

 

No wonder Newcastle are sponsored by Wonga! :(

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Of course, you would expect that e.g. merchandise sale is one way to cover part of the repayment of debt/loans. Now, if the one who is giving the loan is the same guy who rapes this very income stream, even the most "hard of thinking" director would know that there is hardly any way to repay that loan unless it runs for about 5 years? Not to mention conflict of interest, doing the best for the company etc.. Of course, you do wonder how quickly the money is actually required and which of the two alternatives will be faster.

 

5 years ? get real dB. With the merchandising deal as it is we wouldn't be able to repay that 10 million loan in 50 years. We are still spewing cash OUT the door and that is without a new loan in place.

 

We already know that the money is required post-haste as the Board have said it already.

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5 years ? get real dB. With the merchandising deal as it is we wouldn't be able to repay that 10 million loan in 50 years. We are still spewing cash OUT the door and that is without a new loan in place.

 

We already know that the money is required post-haste as the Board have said it already.

 

I would expect that ST sales will rise sharply once the good guys take over and that certain merchandise deals will be challenged soon after.

Edited by der Berliner
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It was just a conversation via telephone, but when I heard Sarver speaking on Sky Sports News after his 2nd bid got rejected, I really liked what the guy had to say for himself, he sounded genuine. But, the pessimist that has grown inside me in recent Rangers times knows that sounding genuine and being genuine are very different things. I hope he is involved in some form after the EGM, all being well that it goes the good guys way.

Edited by Laudbertz
I don't spellz so proper.
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