BEARGER 1,829 Posted February 7, 2018 Share Posted February 7, 2018 https://www.thescottishsun.co.uk/sport/football/2189539/rangers-banking-facility-dave-king/amp/?__twitter_impression=true HOME BANKER Rangers secure banking facility for first time since Sir David Murray’s reign as chairman Dave King earns major cash boost Gers haven't had a credit facility since their plunge into liquidation so today's development is welcome news for the Ibrox money men BREAKING By Phil Martin 7th February 2018, 6:30 pm RANGERS have received a cash boost after securing a banking facility for the first time since the club emerged from liquidation. Gers haven’t had a credit facility since the money problems that plunged the club into financial turmoil. PA:PRESS ASSOCIATION Dave King has been in control of Rangers for almost two years But the Ibrox outfit have now arranged a lending facility which will allow the club greater financial flexibility. The agreement is with Close Brothers, a merchant banking group. Gers have been relying on soft loans from the club’s directors since Dave King won control at an extraordinary general meeting in March 2015.Chairman King had admitted that the loans were necessary to keep the club running due to the lack of a credit facility. But in a boost to the Gers board, Close Brothers has now agreed to grant the club access to extra cash. That is a facility that hasn’t been available since Sir David Murray sold Gers to Craig Whyte for £1 seven years ago. Shareholders cleared the way for fresh investment in Rangers last November when they backed moves for a new share issue at the club’s AGM. Fans’ group Club 1872 are aiming to raise £1million to buy a greater stake in the club at the share issue as they seek to increase their influence within Ibrox. 1 Quote Link to post Share on other sites More sharing options...
Gonzo79 13,770 Posted February 7, 2018 Share Posted February 7, 2018 Sounds like good news but I await Phil McMadeupname's take on it before rejoicing. Does anyone have a spare tin foil hat? 0 Quote Link to post Share on other sites More sharing options...
compo 6,227 Posted February 7, 2018 Share Posted February 7, 2018 All money is good , 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted February 7, 2018 Share Posted February 7, 2018 We seem to be in bed with close brothers a lot. 0 Quote Link to post Share on other sites More sharing options...
Bill 13,717 Posted February 7, 2018 Share Posted February 7, 2018 Just hope there is no unusual collateral terms. 0 Quote Link to post Share on other sites More sharing options...
BEARGER 1,829 Posted February 7, 2018 Author Share Posted February 7, 2018 http://www.eveningtimes.co.uk/sport/rangers/15945567.amp/?__twitter_impression=true Positive financial steps show a sense of normality is returning to Rangers, says Stewart Robertson 7 February 18 / Christopher Jack, Group Senior Sports Writer / @Chris_Jack89 FOR years, confusion was the new normality and uncertainty was the only predictability at Ibrox as Rangers’ fortunes, on and off the park, fluctuated and supporters were left fearing about the future. The strides taken on the road to recovery have, at times, been followed by steps back but the dark clouds that once hung over the club have dissipated as progress has been made at all levels. It is what happens on a match day that will always be the main priority and concern for Gers fans. But, understandably, there are few supports that take as much interest in finance as well as football, that keep an eye on events in the boardroom as much as the dressing room. Rangers have agreed a banking deal with the Close Brothers Group and Managing Director Stewart Robertson believes it is another sign of the progress that has been made, and that the Light Blues want to make. “We have a turnover of around £30million this year and almost all businesses of that size will have a bank facility that they can use for working capital purposes,” he told SportTimes. “You have a limit but you can dip in and out of it over time. For football clubs, the cash flow is very strong in the summer and not so strong in the winter because, in the summer, you have got season ticket money, SPFL money and a lot of the commercial money comes in in the summer. “That is the same for all clubs and it was the same at Motherwell. You can almost draw the graph perfectly in terms of the way the cashflow would go. “This a real vote of confidence in where we are taking the club and how we are taking the club forward to have someone like Close Brothers willing to provide us with a working capital facility. “It is another part of normalising the club, to be honest, and you would expect any organisation, not just a football club, of this size to have banking facilities. “This is the next step down the road in terms of getting things normalised and it is a positive thing for the club.” The arrangement with Close Brothers gives Rangers access to a seven-figure facility as the Ibrox board look move towards a healthier financial picture in the coming years. RIFC plc posted a loss of £6.7million for the 12 months to June 30, 2017 and investors, including chairman Dave King, will continue to provide funds going forward. Rangers have had no access to external finance for some time and Robertson believes there is a vindication in the rebuilding work that has been done to date. He said: “Obviously before you do something like this there is a lot of investigation into the finances and the business plan going forward and what we are proposing to do. “We don’t want to go daft and the bank are very comfortable with the level that it is at. “It works for both of us, which is great, and it is a vindication of how things are progressing at the club and how we are taking things forward. “We are delighted that an organisation like Close Brothers have shown confidence in the way the club is being run and our future plans and this is another step along the path and a normalisation of the business. “That is something we have always talked about and this is a key element of that going forward so we are delighted that we have been able to do it.” The blueprint for the future for Rangers will centre around regaining top spot in Scotland and ensuring regular European action returns to Ibrox. But the football department was not the only one that was left damaged by previous regimes and is not the only area of the club that requires further investment. It is on the park where the most cash will need to be spent but, away from the quest for silverware honours, supporters will soon see improvements being put in place. Robertson said: “What it gives us in an additional source of founds and we have a plan to grow different departments in the business, and there are projects around Ibrox that we are moving forward as well and this provides additional funding for those areas. “Even things like the internals of the building and creating a better working environment for the staff, for example. We can invest in facilities and the surrounding areas, like the memorial garden project and hopefully we will get planning on that next month. “We are looking at things like Fan Zones to increase the engagement on a match day and Edmiston House, so there are different things that we have pressed the button on. “Some of them will generate revenue and some will just improve the area and hopefully that will uplift the community round about as well. “It is about improving the club and trying to get us to the next level again from where we have been. “We have made decent progress so far but we recognise that there is still some way to go. “This is another element of the business that you would expect to be there for most businesses that unfortunately hasn’t been there for us but will be now.” 0 Quote Link to post Share on other sites More sharing options...
StuGers 477 Posted February 7, 2018 Share Posted February 7, 2018 But Sevco!?!? 0 Quote Link to post Share on other sites More sharing options...
trublusince1982 243 Posted February 7, 2018 Share Posted February 7, 2018 Very good sign. Puts the usual rumours to bed somewhat not that anyone took them serious anyway 0 Quote Link to post Share on other sites More sharing options...
boabie 230 Posted February 7, 2018 Share Posted February 7, 2018 1 hour ago, Gonzo79 said: Sounds like good news but I await Phil McMadeupname's take on it before rejoicing. Does anyone have a spare tin foil hat? That leeching parasite and his pal , the tramp liar beggar JJ will no doubt be spinning a line about King getting ready to bail out. McGobblegiver has just lost his "no credit line or banking facility" mantra he throws out 6 or 7 times a week for the benefit of the deluded hordes. 1 Quote Link to post Share on other sites More sharing options...
forlanssister 3,060 Posted February 7, 2018 Share Posted February 7, 2018 Failing to get all the excitement this is generating. I don't view this as a positive step at all. 1 Quote Link to post Share on other sites More sharing options...
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