Ser Barristan Selmy 222 Posted March 23, 2015 Share Posted March 23, 2015 I really hope the new regime have proper plans in place so we can stop living hand to mouth for once. 0 Quote Link to post Share on other sites More sharing options...
Dragonfly Trumpeter 50 Posted March 23, 2015 Share Posted March 23, 2015 (edited) Hard to see how £1.5m replacing £5.0m will see us through till 31/12/2015, even with ST money coming up. The end of December would not be a good time to have to find £1.5m if the loan were still to be outstanding at that time. Could this be used to replace part or all of the first tranche of the £5m (even if it says "working capital")? Looks more like "good faith money" to me than any significant contribution to our ongong financial propblems. Or perhaps it's the amount we need to get us through till the ST money starts to come in. One assumes also (that unlike Hibs) Rangers will want to know what divison we are playing in before pricing the ST's. It is probably as simple as it is self explanatory. To provide the Company with time to deliver a longer term funding solution. Pay this month's salary run and have the rights issue for the unissued 41m shares. Then have a proper sort out when the wigs have bailed. No interest or fees though. Poor show by RIFC director's standards, as the heroic Lamb + Leech showed. If only they were still there. Edited March 23, 2015 by Dragonfly Trumpeter 0 Quote Link to post Share on other sites More sharing options...
Little General 80 Posted March 23, 2015 Share Posted March 23, 2015 The important thing is that Ashley's loan is not being drawn down, does this mean he doesn't get new board members appointed? 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 23, 2015 Share Posted March 23, 2015 The important thing is that Ashley's loan is not being drawn down, does this mean he doesn't get new board members appointed? I think he can based on the first 5 mill. 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted March 23, 2015 Share Posted March 23, 2015 Rangers FC @RangersFC 4m4 minutes ago Club Statement: http://rng.rs/1CRafgq 0 Quote Link to post Share on other sites More sharing options...
JTP 0 Posted March 23, 2015 Share Posted March 23, 2015 So who is Roddy Watt and Newgate, is that our new NOMAD's? 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 23, 2015 Share Posted March 23, 2015 The important thing is that Ashley's loan is not being drawn down, does this mean he doesn't get new board members appointed? Sorry I gave wrong info I think. The Record has this: The move also means Ashley will now not be able to appoint anyone on to the new board that swept into power during the egm earlier this month. 0 Quote Link to post Share on other sites More sharing options...
Little General 80 Posted March 23, 2015 Share Posted March 23, 2015 (edited) THE Board of Rangers International Football Club PLC has accepted loans totalling £1.5m from Douglas Park, George Letham and George Taylor. The funds are unsecured, interest free and no fees are payable. The Board is delighted with this show of support. The group has stepped in as the full extent of the financial damage caused by every regime over the last four years becomes clear. However, Rangers interim Chairman Paul Murray wishes to assure fans their Club will recover fully despite those years of gross mismanagement. Mr Murray, who has been studying various contracts closely since he and fellow Directors John Gilligan, Douglas Park and John Bennett gained control on March 6, said: “Many of the people who have occupied the Ibrox Boardroom during that period should be ashamed of themselves for the parts they played in dragging this great institution towards near financial ruin. “It is actually difficult to look closely at the Club's finances and understand the rationale behind some of the decisions taken. “Let me give just two examples of the recklessness displayed by those who were removed from office just more than two weeks ago. One is the amount - in the region of £300,000 - spent on a needless General Meeting and the other is the signing of five Newcastle loan players without medicals. “This is simply appalling.” The investment from the trio, who have become known as the Three Bears, secures the immediate future and will allow the new Board to continue their damage analysis before putting together their medium to long-term funding package. “We hope to present this package in the coming weeks but I want to thank George, Douglas and George who continue to demonstrate their commitment to the Club,” Mr Murray added. The acting Chairman also pointed out that Dave King will be given the opportunity to invest in the Club in the weeks ahead. “He is not doing so at the moment,” Mr Murray pointed out “because, as we have said, we respect the processes of the SFA and must wait until they have completed their review of Dave's status before he can fully participate in the future of the Club. “After that we will be inviting him to invest alongside the gentlemen who have just provided today's facility and others who are also willing to invest. “We can and we will rebuild the Club and this £1.5m investment is Stage One of the process.” It can also be revealed that Rangers will not now be progressing the drawdown of the second tranche of the Sports Direct facility. Mr Murray was emphatic when he said: "We have already made it clear we are happy to engage with Sports Direct but the Board has decided against drawing down the second £5m tranche of Sports Direct's £10m loan. “We are still in the process of reviewing all of the contractual relationships that Sports Direct has with the Club and we hope to conclude this review very shortly.” http://www.rangers.co.uk/news/headlines/item/8887-club-statement Edited March 23, 2015 by Little General 0 Quote Link to post Share on other sites More sharing options...
Little General 80 Posted March 23, 2015 Share Posted March 23, 2015 £300,000 on an EGM? scandalous! 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted March 23, 2015 Share Posted March 23, 2015 When you think about say 5000 punters paying 30 quid for a live concert, that's half the price of the GM - and at least half of that is pure profit. So how can it cost 4 times as much with a free venue and the only set up being a table a few chairs and a microphone connected to the existing PA? Did over 3000 turn up? That number would make it £100 a head, and probably as expensive as staging a match which includes paying the players. It's just unbelievable that it couldn't be done for a sixth of that at most - even that sounds like someone hasn't a clue how to organise it. How much did the march on Ibrox cost with a few thousand listening to the speakers there for half an hour? A couple of hundred quid? 0 Quote Link to post Share on other sites More sharing options...
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