Frankie 8,186 Posted June 25, 2015 Share Posted June 25, 2015 This story has been doing the rounds for a few weeks - STV picking it up today. http://news.stv.tv/west-central/1323549-sportscotland-will-get-murray-park-sale-cash-before-mike-ashley/ Have fun! Sportscotland have moved to ensure they will be repaid in full first if Rangers' Murray Park training ground is ever sold off by Mike Ashley. The businessman gained security over the facility when he loaned the club £5m in January but the award of a floating charge conflicted with a previous agreement with the government body. Sportscotland, at the time known as the Scottish Sports Council, gave the Rangers oldco £650,000 towards construction costs in the late 1990s. The organisation's funding has no known repayment terms other than that it is able to recoup its money in full if Murray Park is ever sold for non-football purposes. Sportscotland also hold the right to refuse any other security being granted on the property to any other persons, meaning an agreement had to be struck with Rangers and Ashley's Sports Direct company. Documents seen by STV detail that, should the Glasgow club ever default on the terms of its £5m loan to the businessman, Murray Park would fall under the joint ownership of both Ashley and sportscotland. The government department's interest in the building will however, according to the documents, extend only to ensuring they are paid back their £650,000 in full. Any other proceeds from the sale of Murray Park would then go to repaying Sports Direct's £5m, with sportscotland subsequently in line to receive any other money they have loaned Rangers. It is not detailed whether sportscotland have any other monies outstanding from Rangers relating to Murray Park. Ashley would thereafter receive the remaining proceeds of any sale. The three-way document was signed by Rangers director Paul Murray on May 6, with sportscotland chair Louise Martin signing 19 days later. Sports Direct subsequently concluded the agreement when their chief executive Dave Forsey signed on June 12, the day Rangers chairman Dave King was reportedly in London for discussions with the company over their loan to the club. Ashley, who is the founder and now executive deputy chairman of Sports Direct, is not named on the document and does not appear to have given his signature. Rangers' Ashley loan The money given to Rangers by Mike Ashley remains a point of controversy for the club, with the businessman holding security over more than their training ground. Should the board default on the £5m provided earlier this year, Sports Direct would also inherit the club's trademarks and badges, as well as its Albion Car Park and an office block at the club's stadium called Edmiston House. The deal also ensures that 75% of all revenue from the sale of Rangers merchandise, including replica shirts, goes to Ashley's firm. The only property Rangers would continue to own is its Ibrox Stadium, which was excluded from the securities awarded and is not covered by a floating charge Ashley has over the club's assets. Rangers shareholders recently voted against a resolution brought by Ashley to attempt to force the club to immediately repay his money. His loan has no fixed repayment term and is interest free. The club's chairman Dave King has previously stated the board will make the decision on when to repay the money and said he was seeking talks with Sports Direct to find a "more holistic agreement". 0 Quote Link to post Share on other sites More sharing options...
26th of foot 5,859 Posted June 25, 2015 Share Posted June 25, 2015 I have taken my eye off the Sportsscotland ball these last three-four years, but I believe the Heid Bummer is Bridget McConnell(wife of Jack)? Her first decision was to announce Sportscotland's intentions to relocate their offices to Parkhead, at the Velodrome(ra Sellik's future indoor training facility). I wonder if Peter and Bridie meet for morning coffee? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,186 Posted June 25, 2015 Author Share Posted June 25, 2015 I wouldn't worry about this - apparently it's common for SS to incorporate such deals and have similar in place with a range of SPFL clubs in terms of security on any monies they've provided. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,186 Posted June 25, 2015 Author Share Posted June 25, 2015 I have taken my eye off the Sportsscotland ball these last three-four years, but I believe the Heid Bummer is Bridget McConnell(wife of Jack)? Her first decision was to announce Sportscotland's intentions to relocate their offices to Parkhead, at the Velodrome(ra Sellik's future indoor training facility). I wonder if Peter and Bridie meet for morning coffee? Article suggests a Louise Martin now? 0 Quote Link to post Share on other sites More sharing options...
Calgacus 8 Posted June 25, 2015 Share Posted June 25, 2015 I wouldn't worry about this - apparently it's common for SS to incorporate such deals and have similar in place with a range of SPFL clubs in terms of security on any monies they've provided. It's bog standard. 0 Quote Link to post Share on other sites More sharing options...
Calgacus 8 Posted June 25, 2015 Share Posted June 25, 2015 They should have ran the srticle past their legal people first - a security even in a default, doesn't give the holder any ownership rights, it only gives them the right to sell the property to recover the sums due to them. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted June 25, 2015 Share Posted June 25, 2015 Who fed STV this old news and why now ? Would it be to counter the good news about a new Manager and signings. 0 Quote Link to post Share on other sites More sharing options...
onevision 1,454 Posted June 25, 2015 Share Posted June 25, 2015 Who fed STV this old news and why now ? Would it be to counter the good news about a new Manager and signings. What it really means is that they are running short on shite to stir. 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted June 25, 2015 Share Posted June 25, 2015 (edited) STV running with a non story, whilst the largest fraud ever against Dumbartonshire/Glasgow rate and tax payer s is going untold. The Great Lennoxtown Swindle is a disgraceful tale of corruption the Mhedia ignore. Yet people say there is no agenda in the Scottish media. Edited June 25, 2015 by aweebluesoandso 0 Quote Link to post Share on other sites More sharing options...
Calgacus 8 Posted June 25, 2015 Share Posted June 25, 2015 I think it's the opposite...it's to tidy up some of the nonsense that's floating about the internet regarding this security - one poster I read even suggested the security was because King had borrowed the money to buy his shares from sport scotland! 0 Quote Link to post Share on other sites More sharing options...
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