pete 2,499 Posted November 27, 2015 Share Posted November 27, 2015 It is our collective belief that kept Rangers alive despite the crimes, the punishments, the abuse, the lies and, sometimes, even hatred that the Club has endured. No club has been made to suffer as this one has but we are here today and we will be here tomorrow and every day after that. And because of our belief, Rangers WILL emerge stronger than ever. That is pure rhetoric of course. 0 Quote Link to post Share on other sites More sharing options...
Ser Barristan Selmy 222 Posted November 27, 2015 Share Posted November 27, 2015 I think we were self-harming. Ashely was in a no lose situation as 5mill does not mean a lot to him. We had to get back the retail rights to improve cash-flow. My opinion and not based on knowledge. The quicker we can limit any power he has the better. I don't want us owing him a penny. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,442 Posted November 27, 2015 Share Posted November 27, 2015 The quicker we can limit any power he has the better. I don't want us owing him a penny. Come to think about it DK never said he wouldn't pay the loan back,only that he didn't think it a priority. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted November 27, 2015 Share Posted November 27, 2015 Thinking about it further, Ashely making himself chairman of the retail board may have been the damaging blow. It meant King and Murray(I think) were sitting listening and deciding nothing. Again just an opinion. 0 Quote Link to post Share on other sites More sharing options...
Davie P 4 Posted November 27, 2015 Share Posted November 27, 2015 Have the votes been counted and what was the outcome? 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,442 Posted November 27, 2015 Share Posted November 27, 2015 The Cashley loan deal: In a lengthy 7am statement to the Stock Exchange, the board said: "The Board of Rangers announces that Rangers Football Club Limited has entered in to agreements with SportsDirect.com Retail Limited and associated companies, to provide a long term on-going credit facility of up to £10m. "The Company's financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress. "There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options. "The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad. "The Facility is structured in two separate interest free tranches. £5million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014. "All rights and security associated with the MASH facility will be cancelled. "The Club will transfer 26 per cent of the share capital in Rangers Retail Limited to SD for the duration of the Facility, which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility. "The Facility is to be secured by (1) a floating charge over the Club's assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club's registered trademarks. "None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security. "SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies. "If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26 per cent of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease. "The second tranche of £5million, which repayable five years after drawn down, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down. "The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL. "RRL will declare a dividend of a total of £1,610,000 prior to the Transfer. "The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team. "The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company." Chairman David Somers said: "The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future. "This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course. "In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile. "We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition. "The Board now calls upon all shareholders to rally together to achieve this goal." http://www.telegraph.co.uk/sport/football/teams/rangers/11371283/Mike-Ashley-tightens-grip-on-Rangers-with-10m-loan.html 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted November 27, 2015 Share Posted November 27, 2015 (edited) This is a cut and paste from FF, some poster retrieved it from the Telegraph, hopefully some of the more financial astute members here can gleam some information from it?a Edit, beaten to it lol Edited November 27, 2015 by aweebluesoandso 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,281 Posted November 27, 2015 Share Posted November 27, 2015 That is pure rhetoric of course. As was Struth's statement, or the what's in the text of the Marseillaise and Flower of Scotland and the like. But it keeps people going, believing and at times sastisfied. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,281 Posted November 27, 2015 Share Posted November 27, 2015 Help me out here, why are people asking if Ashley will 'accept' the repayment? Wasn't he or his SD lackeys quoted as saying they want their money back half a year ago? 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,442 Posted November 27, 2015 Share Posted November 27, 2015 That is pure rhetoric of course. The fans want/need to hear this 0 Quote Link to post Share on other sites More sharing options...
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