ian1964 10,411 Posted May 22, 2015 Share Posted May 22, 2015 New Rangers chairman Dave King declares Ibrox club's finances are the envy of world football DAVE KING was today appointed Rangers chairman - and insisted the Glasgow institution's financial position was the envy of football clubs across the globe. King finally took up his position at a Gers board meeting at Ibrox as a result of being passed as a "fit and proper" person by the SFA on Tuesday. The wealthy South Africa-based businessman has vowed to bankroll the rebuilding of his boyhood heroes to the tune of tens of millions of pounds. The SPFL Championship club is operating at a loss and director Paul Murray has confirmed they have needed to agree a £1.5million loan with King for working capital. The Light Blues also owe Mike Ashley £5 million - and the Sports Direct tycoon has security over all of their assets bar the stadium as a result. In addition, they currently aren't a listed company after being booted off the AIM Stock Exchange last month for failing to find a nomad to replace WH Ireland. But King, who revealed that contact had been made with several potential new backers, is confident Rangers are an extremely attractive proposition to investors. He said: "Rangers are in an incredibly strong financial position. It has got shareholders who can fund it, it has got virtually no debt. "How many clubs in the world don't have debt? Our balance sheet is incredibly strong for any football club in the world. "We have really just got a little cash squeeze where, for the first time, Rangers have got people who are coming in to bridge that gap. "So if I look at Rangers financially, we are one of the strongest clubs in the world financially. "How many clubs are sitting with £5 million of interest-free debt and that is all they've got? "We've got the fans, we've got the season ticket money, we've got the stadium, everything all paid for. "There's not many clubs in that position. We're incredibly strong financially at the moment." Asked if there were other parties, other than himself or the Three Bears, who were willing to put cash in, King added: "Paul has spoken to a few. "I think we're in a fortunate position right now where we can be a little bit more careful about who we bring in. "There are people who are interested in investing in the club. But right now I think we are covered with existing people we've got. We are covered for the next couple of years. "As we go forward, it would be very disappointing if we're talking in five years time and the club is still requiring me and The Three Bears to put money in." Rangers are hoping to be listed on the ISDX and Murray is hopeful King being passed as fit and proper and being appointed chairman will assist their bid. He said: "I think it's an important step. Obviously we will have to issue a prospectus to have the club listed on the stock exchange and that will look at all the directors who are involved. "The fact that Dave was proposed to be involved and has been passed is obviously good news and a big step forward with regards to that process." http://www.eveningtimes.co.uk/rangers/new-rangers-chairman-dave-king-declares-ibrox-clubs-finances-are-the-207686n.126826008 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 22, 2015 Share Posted May 22, 2015 How is rangers first doing does anyone know. Will they be able to buy in significantly going forward. 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted May 22, 2015 Share Posted May 22, 2015 McCoist has bled our club dry for too long. He didn't even save us to start with, that honour belongs to the most evil and despised Charles Green. Drivel. green was given the club by people now facing fraud charges. 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted May 22, 2015 Share Posted May 22, 2015 FRIDAY, 22 MAY 2015 21:00King Appointed Chairman WRITTEN BY RANGERS FOOTBALL CLUB RANGERS International Football Club PLC is pleased to announce that Dave King has been appointed Chairman of the Board. Mr King takes over from Paul Murray, who was appointed Interim Chairman when a new Board was formed after the General Meeting of March 6. Mr King had to wait until the Scottish FA’s Fit and Proper process cleared him to become a Director and when that clearance arrived on Tuesday (May 19) afternoon Mr King, along with his colleagues on the Board, immediately began the task of restructuring Rangers. After having been installed as Chairman at a Board meeting today he said: "It has taken much longer than any of us had anticipated to bring about Board changes but we have achieved that and I am deeply honoured to become the Club’s Chairman. "This is a privileged position and I do not accept it lightly. Our Club is a massive one, a great Club and it is my intention to make sure Rangers will now move forward with confidence and great optimism. "It might be some time before we are able to shelve some of the appalling things that this Club has been subjected to. It is important to remember the events of recent years to ensure that they are not repeated but it is equally important not to dwell on them. Rangers has to build towards a brighter future and none of us should be in any doubt that a lot of hard work will be required. "Our main focus is firmly on the future and we have to prepare for that through an intelligent funding strategy. Greater detail will be revealed very soon after our interest in the SPFL play-offs has been concluded. "We have to settle on the correct team management structure and we must make sure the new players who come here are capable and worthy of wearing Rangers jerseys because this is a huge Club. One only has to look at the media interest and coverage generated by Rangers to see that. It is now up to the Board to make choices and decisions that will drive the Club forward to success on and off the field. "The supporters might not always agree with the decisions made but every fan can be assured Rangers best interests will be to the fore at all times. Their needs will also be recognised because they have played a big part in ensuring our survival. "I would like to take this opportunity to thank Paul Murray who had no hesitation in stepping forward at a difficult time just after the General Meeting in early March. He has worked extremely hard to deal with the myriad problems that he inherited and Rangers should be grateful to Paul for his support and determination to help force change. "Finally, I would like to say that I will do my best to protect the interests of this club and restore its values and traditions. It has been a long struggle but the unity demonstrated throughout should make us stronger and more determined than ever to succeed." http://www.rangers.co.uk/news/headlines/item/9346-king-appointed-chairman 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted May 22, 2015 Share Posted May 22, 2015 (edited) Loan Agreement RANGERS International Football Club PLC is pleased to announce that it has entered into a loan agreement with New Oasis Asset Limited for facilities totalling £1.5m. This money is available to be used for group purposes. As is the case in the arrangements agreed in March with Douglas Park, George Letham and George Taylor for a similar amount no interest or fees are to be charged in respect of the facilities. This loan, with New Oasis Asset Limited, the vehicle through which Dave King holds his interest in the Company, is being provided on an unsecured basis. These loans will provide the Company with time to deliver a longer-term funding strategy and the parties providing these loans to the Company have advised that they intend to convert them to equity when the opportunity arises. http://www.rangers.co.uk/news/headlines/item/9345 Edited May 22, 2015 by chilledbear 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,411 Posted May 22, 2015 Share Posted May 22, 2015 I fully anticipate and expect that now we can,as a club, move forward and think we will see the start of our recovery,later than we would have hoped for!,progressing quite rapidly. What league we will be playing in next season will,IMO,determine what immediate investment will occur. It has already been said and I agree with that I will never again fully trust any person on the board,which is wise and a harsh lesson learned by all over the past few years, but I do think we have proper people on the board now who will strive to do their best for Rangers FC and I am happy to give them the chance to prove that,whilst being wary of everything they do and say. Is this the real beginning of our recovery?,aye!. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted May 22, 2015 Share Posted May 22, 2015 Ally should get every penny his contract entitles him to like any worker. He should probably reinvest it but that's up to him. An unusually inciteful comment if you don't mind me saying. Then both parties can walk away completely satisfied. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 22, 2015 Share Posted May 22, 2015 I'll unusual you 0 Quote Link to post Share on other sites More sharing options...
barca72 440 Posted May 22, 2015 Share Posted May 22, 2015 An unusually inciteful comment if you don't mind me saying. Then both parties can walk away completely satisfied. Do you mean inciteful as in starting a riot, or insightful as in GS sussing a compromise for Ally to save the legend status? 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted May 23, 2015 Share Posted May 23, 2015 Rangers FC @RangersFC · May 22 VIDEO: Paul Murray Dave King spoke to the media from the Blue Room at Ibrox yesterday. Watch the conference in full: https://youtu.be/6GzLqS-t0FQ 0 Quote Link to post Share on other sites More sharing options...
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