SteveC 150 Posted May 17, 2015 Share Posted May 17, 2015 Are new Ibrox board biding their time with cash? As sure as bears do their business in the woods . . . Matthew Lindsay Chief Football Writer Sunday 17 May 2015 BARRY LEACH'S claim the members of The Three Bears consortium had, as he so eloquently put it, "s*** themselves" when they were told Rangers may accept their investment offer in January, was quickly dismissed. George Letham, Douglas Park and George Taylor jointly rubbished the finance director's remark in one of the many statements released by the various factions during the interminable struggle for power at Ibrox. "We improved our offer on three separate occasions," they said. Letham, Park and Taylor certainly had no hesitation providing an interest-free and unsecured loan of £1.5 million for working capital after Dave King and his associates had taken control at an extraordinary general meeting at the start of March. Mike Ashley, who was handed security over the Albion Car Park, Edmiston House, Murray Park and the registered trademarks and given another 25 per cent of Rangers Retail Ltd in return for a £5m credit facility in January, wasn't quite so benevolent. Yet, the failure of further significant funding, or even of any sort of plan for the future, to materialise in the weeks since the change of regime has been a source of frustration for Rangers supporters. The revelation last week that Ashley had requisitioned another general meeting in an attempt to have his money returned was met with bemusement by many fans. Surely £5m would be a small price to pay to reclaim the club's assets? Just give the man his money for pity's sake. The cash is there, isn't it? King had appeared relaxed about the prospect of immediately squaring up with the billionaire after ousting his representatives Leach and Derek Llambias. "We're kind of expecting that," the major shareholder said. "But the funds are there to pay him." There is no legal requirement to repay the Newcastle United owner at the moment. However, the line peddled by the members of the former board that their would-be successors weren't prepared to part with the sums needed to propel Rangers forward hasn't, so far at least, been disproved. The complex situation John Gilligan, King and Paul Murray inherited has been largely responsible for the delay. The new directors and their professional advisors have been forensically examining the club's accounts and contracts in the weeks since taking charge. Given that criminal convictions and custodial sentences could result from the actions of some of those involved at the club in the last four years, that undertaking will have been far from straightforward. Negotiations with Sports Direct, whose Derbyshire headquarters were last week visited by police in relation to ongoing investigations into the Rangers takeover, about their commercial agreements have also been entered into. Those, too, promise to be protracted. Knowing what league Rangers will be playing in next season is also important. If it is to be the Premiership - and holding Queen of the South yesterday kept alive that possibility - it will increase revenue and make the club a more attractive proposition to potential business partners. The delisting of Rangers International Football Club plc from the AIM Stock Exchange last month after officials failed to enlist a nominated advisor to replace WH Ireland - due to what they described as the "failings in corporate governance of those who previously controlled the company" - hasn't helped. Elsewhere, whether King, the Johannesburg-based businessman who was found guilty of 41 tax-related offences in South Africa in 2013, can be appointed chairman is pivotal. The Scot is attempting to prove to the SFA board he satisfies their "fit and proper person" guidelines. He has complied with all of the governing body's requests. The wait for evidence from the South African Revenue Service has held up the outcome. That ruling will, irrespective of whether it is favourable or not, determine on what basis both King and the club can proceed. A decision is expected this week and supporters will hear in detail from the man who holds a 15 per cent stake in the company when it comes. http://www.heraldscotland.com/sport/opinion/are-new-ibrox-board-biding-their-time-with-cash-as-sure-as-bears-do-their-business-in-.126298520? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 17, 2015 Share Posted May 17, 2015 Must be a slow news day. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,247 Posted May 17, 2015 Share Posted May 17, 2015 How your meant to be eating curry right now , splitter 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 17, 2015 Share Posted May 17, 2015 How your meant to be eating curry right now , splitter Sorry mate. Hydraulic line blew off my car on way to match. Was pretty lucky I was in a car park when it happened. Lost my clutch completely and while I'm no expert I think breaks were next. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,247 Posted May 17, 2015 Share Posted May 17, 2015 Ouch , missed a cracking curry lol 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 17, 2015 Share Posted May 17, 2015 Ouch , missed a cracking curry lol gutted mate. could be worse broke down next to a pub so saw the bulk of the match while waiting on the a a and it was just a hose that fell off. So was free to fix. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,247 Posted May 17, 2015 Share Posted May 17, 2015 All's well that ends well then lol 0 Quote Link to post Share on other sites More sharing options...
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