simplythebest 0 Posted March 23, 2015 Share Posted March 23, 2015 Patience isn't always the best policy as we've learned the difficult way 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 23, 2015 Share Posted March 23, 2015 This was the original deal as far as the record reported it. What the Mike Ashley deal REALLY means: He’s got control of the lot – and all for just £2million 13:13, 27 January 2015 Opinion by GaryRalston THE Sports Direct tycoon now owns security over Murray Park, Albion Car Park, Edmiston House, copyright of the badge and 75 per cent of retail – suddenly the puzzle of last year has become a whole lot clearer. MIKE ASHLEY’S iron grip on Ibrox has just tightened to the extent it could strangle hopes of a rebirth under new owners. It seems the only revenue stream in the district he doesn’t control is the turnover from the chip shop on the Copland Road. For the total sum of £5million he now holds all the club’s crown jewels in his big, Cockney hands, with the exception of Ibrox Stadium. He may have decided to let that be - for now - but still holds security over Murray Park, the Albion Car Park, Edmiston House and the copyright of the club’s trademarks, including the badge. He can also appoint two directors to the board, safeguarding the position of Derek Llambias and Barry Leach. Crucially, Ashley has also negotiated an additional 26 per cent in Rangers Retail Limited, taking Sports Direct’s total stake in the subsidiary company to 75 per cent. In effect, he can now do whatever he likes with the club’s retail wing - including renegotiating contracts, already weighed heavily in his favour, to boost the coffers of Sports Direct still further. Rangers Retail Limited will also benefit from the sale of shirt sponsorship from 2017, swelling an already bloated bottom line. Oh, and while he’s at it, Ashley has ensured Rangers’ share of the £1.6m dividend due from the current retail contract, around £800,000, will be repaid to Sports Direct for the privilege of shutting unprofitable Rangers Shops. Douglas Park The £5m Ashley has pledged, ahead of Thursday’s payday, will be used to repay the £3m loan he forwarded the club late last year. Basically, for an additional £2m, the Newcastle United owner has seized control over Murray Park, registered trade marks, an additional 26 per cent of the retail joint venture and control of shirt sponsorship deals from 2017. Ashley has also set aside an additional £5m in loans which, if the status quo remains, will surely be drawn upon before the first crocus pops its head above the grass on the roundabout at Edmiston Drive in spring. At the forthcoming general meeting Dave King and the Three Bears are expected to gather enough support from the rank and file to overthrow the current board and replace it with men in whom fans will have greater trust. They can repay the loans and undo much of Ashley’s dealings on Black Tuesday, but a long-term equity solution still requires 75 per cent shareholder approval. The Easdales represent a proxy vote greater than 25 per cent - suddenly, the future of the club as a fan friendly enterprise could be in the hands of the bus bosses from Greenock. They voted against resolution nine at the recent agm, which would have removed the need for such a large percentage of stockholder approval. Many scratched their heads in bemusement at their move that cold, December afternoon. Now? It’s all beginning to make perfect sense. 0 Quote Link to post Share on other sites More sharing options...
elfideldo 406 Posted March 23, 2015 Share Posted March 23, 2015 When are the boycotters returning to help finances. There was lots of talk of seven sell outs after the EGM, so far the crowds had failed to return. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted March 23, 2015 Share Posted March 23, 2015 i would expect Saturday to be an improvement now that the football is also getting better. 0 Quote Link to post Share on other sites More sharing options...
trublusince1982 243 Posted March 23, 2015 Share Posted March 23, 2015 Because they want to put in equity and re-finance the business. Direct funding into the club can only be done in the proper manner. Expect the rights issue for the un-issued shares to happen shortly. Then the real work will begin. if you can do a loan for £1.5m over a year whats stopping ten mil over 25years? 0 Quote Link to post Share on other sites More sharing options...
craig 5,195 Posted March 23, 2015 Share Posted March 23, 2015 if you can do a loan for £1.5m over a year whats stopping ten mil over 25years? Why loan 10 mill for 25 years when they could put the same 10 mill in actual EQUITY rather than DEBT once they have a rights or share issue ? It is fairly clear what they have said. This is a short term loan until they can get a share issue done which will allow them to put unencumbered equity into the Club. In order to complete the Prospectus for any share issue they will want to know all the gory details of the onerous contracts and TRUE financial situation at the Club so that it can be included in the Prospectus. 0 Quote Link to post Share on other sites More sharing options...
Dragonfly Trumpeter 50 Posted March 23, 2015 Share Posted March 23, 2015 if you can do a loan for £1.5m over a year whats stopping ten mil over 25years? They could but they do not want to lend the club money at all. They want to put in equity. That needs to be done in the correct manner and takes time. This loan was only given because funds were needed now. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted March 23, 2015 Share Posted March 23, 2015 Why loan 10 mill for 25 years when they could put the same 10 mill in actual EQUITY rather than DEBT once they have a rights or share issue ? It is fairly clear what they have said. This is a short term loan until they can get a share issue done which will allow them to put unencumbered equity into the Club. In order to complete the Prospectus for any share issue they will want to know all the gory details of the onerous contracts and TRUE financial situation at the Club so that it can be included in the Prospectus. £10 million isn't going to be enough by a long way. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 23, 2015 Share Posted March 23, 2015 Quite funny watching the greenites trying to find something to have a go at kingco about. Just as well they aren't taking interest or security. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 23, 2015 Share Posted March 23, 2015 (edited) Maybe Paul Murray should demand120 days Edited March 23, 2015 by the gunslinger 0 Quote Link to post Share on other sites More sharing options...
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