Friday, 20 March 2015

Dave's revolution on hold at Ibrox


After the euphoria of the new regime taking over exactly two weeks ago, there is no denying there has been something of a bump back to earth.

Financially Rangers remain in exactly the predicament they were in 15 days ago, the team is still absolutely awful, and promotion looks a mile off.

Chairman-to-be Dave King has today formally applied to court become director, and Rangers remain frozen on the AIM due to the resignation some weeks ago of NOMAD WH Ireland.

There have been whispers of Robert Sarver getting involved again, while Brian Kennedy has confirmed he is interested in investing, but truthfully, not really much has actually happened in the past two weeks beyond finding a new manager, two directorship appointments and one resignation.

The Club remains financially perilous, with rumours of insolvency creeping up and murmurs of a deadline next month to get the bills paid.

Then we have the further talk on the wire that it will cost a substantial £27M to completely rid the Club of Mike Ashley, freeing up shares for worthwhile investment and seizing the Club merchandise rights back from him.

In essence, while the ‘bad guys’ are gone, the lack of progress in taking the company and Club forward is slightly concerning.

We cannot really use ‘foot in the door’ as an excuse as 14 days is still ample time to make some kind of obvious progress.

Instead we still have Ally McCoist as the world’s most expensive gardener and who utterly refuses to resign outright, instead taking a cool £60,000+ out the Club every month.

While the winds of change can often blow slowly, they appear little more than a breeze right now.

King himself even already said on the day he gained power that he would actually be quite happy to take the second tranche of Sports Direct’s loan. When asked if he would pursue it, he said:

“Wouldn’t be at all bad to find £5M already in the coffers here.”

It just feels, right now, like a real lull in revolution. Rangers were supposed to have a new NOMAD, trading was supposed to resume, and rich men were supposed to be investing or at least declaring intent.

Thus far not a penny has gone into Rangers under this new regime, and indeed more has gone out to pay off McDowall.

I have had word it is taking ‘time’ to sift through the wreckage, and that the new regime is unable to communicate any of the details through corporate law forbidding them from doing so, but the lack of transparency, forced or not, is slightly concerning.

The new regime will be cut far more slack than the old was, but by this time next month Rangers fans will demand to start seeing some progress, especially off the field, such is the busted flush of this season.

I think we deserve it.

36 comments:

  1. I get what you are saying but as for ashley
    Hes here for the long run so stop crying and get used to it, buy tops from RST until sports direct deals are dead
    Nomad
    We dont need a nomad, preferably i would rather take us off the stock exchange, gives to much paper talk that is uneeded
    Team
    Nobody with a clue about football thought that a boardroom change would change us on the park, although there seems to be a few.
    Our support need to know where to channel there anger

    ReplyDelete
    Replies
    1. Ok then we will just agree with your opinion then oh mighty one, I know where to channel my anger at people who have gave up on our club.
      Ps since u have all the answers can u tell me are the new board advocating real Rangers fans to not buy from club store & to buy from rst instead

      Delete
    2. You haven't thought that 1 out very well have you ? Firstly,if no merchandise is purchased thru the club stores then THE CLUB HAVE TO PAY THE SHORTFALL.So no money going in stores means no return for Rangers.Secondly,you would take us off the AIM,well what does that then mean for the average Gers fan who bought shares ? That's right their worthless ! But maybe DK doesn't care like yourself as he appears to be heading down that road.Forgetting about all the fans he manipulated to get the keys !You know who I mean,all the fans who were taken in by a "real Rangers man". The man who called for boycotts and to starve the club of money.For what ? To piss your hard earned money that bought shares down the drain ! The only person DK cares about is himself.Why did a man who went to so much trouble getting a hold of the club ,now appear to be potless with this £30 mill inheritance promised nowhere to be seen ? As for channelling your anger,send DK the bill for the shares and champagne everybody bought in good faith when good things were promised !! Rant over.

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  2. Does anybody know when all the boycotting fans are coming back to fill Ibrox, I was led to believe when the new board got in everything would be hunky dory Ibrox full every game 15k quarter season tickets sold blah blah blah, a well maybe these boycotters are just like the leaders of the new board full of shit

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    Replies
    1. Stick to your own kiddy fiddling forums and don't come on ours, typical bead rattler now piss off

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    2. What LIKE YOU YE MEAN !..................DECLAN ..get tae !

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    3. Kincora boys home

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    4. Typical bead rattler been to more home games at Ibrox than use fuckos this season ya boycotting arseholes, no kiddy fiddling in ma home, now get this through your thick napper we are fucked because of pricks that stayed away from the start of this season, Graham Wallace was fucked from day 1 this season because of boycott brigade who told fans to boycott that's correct big dodgy dave, then what happened Wallace went to see dodgy dave & it cost him & Nash their jobs & then we had the audacity of the boycott brigade telling us Wallace was a great guy, so let me get this through your thick nappers once again, I hold the boycott brigade & dodgy dave for the fuck up of a mess we are in just now & u can add in the leech in the garden he really fucked us really up, not to worry though sir Walter, greigy & bomber are back in the directors box everything will be sorted now, bomber must have found the deeds now eh no more shouting on the doorstep for him, 1last thing see the hero that saved our club that has had invites to the directors box did u know he is denied access to his kids admitted it himself, he seems the kind of nice chap that you would invite in to a directors box wouldn't you eh

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  3. What are the downsides of delisting, as I understand it shares will be worthless in the real world, is it possible that King will do a pre pack or attempt to. Surely that avenue is blocked by Ashley being the alleged main creditor, I say alleged because the football club company owes the parent company RIFC £16 million +.

    ReplyDelete
    Replies
    1. The 16m from the football club makes it a debtor though, not a creditor, unless they did the prepack on the football company (Ltd) in which case RIFC Plc would be the main creditor but MAshley would have the bulk of the assets tied up as security

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  4. Did I miss something? I don't recall this legal hurdle. All the mainstream media reported was that he needed SFA and Stock Exchange approval. I wonder out loud if he would have won or if there would have been the EGM if this was publically known. Also I wonder if this quote from South African Judge Brian Southwood will be used in Scottish Court: "In our assessment, he (King) is a glib and shameless liar."

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    Replies
    1. ... and why has he taken two weeks to make the application?

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  5. the mess the club has been in over the last few years wont be fixed in a few weeks,,give the new board a chance,,

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  6. King does not have the money that he told his UOF he has, I`m sure of that , I don't even think
    he wanted to win , I think he is all talk, KING JUST WANTS TO BE IMPORTANT .
    We need someone like the top teams in England have
    a Russian , an Arab , or a TEXAS Billionaire to buy the club lock stock and barrel , sack everyone and start fresh , put people on the board that know how to run a business , and bring in a TOP COACH AND PLAYERS , PAY OFF ANY DEBT , AND GET US BACK TO THE TOP
    BECAUSE AT THE END OF THE DAY ALL US FANS WANT IS A TEAM TO BE PROUD OF,
    NOT ANOTHER WHYTE RUNNING US INTO ANOTHER ADMIN .
    I`m 65 years old now been going to Ibrox since I was 5years old
    ITS THE WORST MESS I HAVE SEEN IN MY LIFE I WANT TO SEE US BACK BEATING
    SEPTIC , AND TAKING ON EUROPE AGAIN WHILE I`M STILL HERE .

    ReplyDelete
    Replies
    1. And watching a new club for 3 years.

      Heyho joe.

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    2. Bwahahahahaha!!!, typical silly gullibilly.

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    3. You would have been in your prime then between 1964 & 1988, when sir dodgy dave started spending Other Peoples Money, when your now LIQUIDATED club won 3 titles and were on a level with Dundee Utd and Aberdeen in Europe.

      No, hold on, the Dons winning the Super Cup puts your mob third in the Scots Euro stakes.

      Then you got to watch dodgy dave run your club into the ground to feed his own ego, in his deluded mind bringing that handsome Big Cup to 1£brokes.

      A fine time to be a bare right enough.

      Delete
  7. Im a celtic fan and im utterly appaled at how rangers continue to be mis-managed. It is doing no-one any favours and the sooner Mike Ashley etc leave, the better it is for everyone in Scottish football..no wait, i lied.. Get it right up yeez ya manky huns..FTQ

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    Replies
    1. Thoughts are with you and your family after the death of your brain. Rangers fans get to see the reality of their club and the state of the game. Over in el paradiso you're all deluded into thinking you're a decent team when you're simply abusing a financial advantage to win false titles. Pathetic to watch the back-slapping smugness of a team with an unfair advantage, who still stutter over the line against giants like Ross County. Probably the most deluded team in British football right now.

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    2. Re: doc fuck off back tae peados paradise for jelly & ice cream ??????

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  8. No concern for me. The transparency King trumpeted weeks ago relates to the murky past and some aspects of the future. However, many aspects of Rangers business must be done in private. That's the way it should be or your dead in the water.

    I have trust in King but moreso Park. Let these 'suits' run the business and let us fans return to Fitba. NOMADS, commercial contracts, shareholders.....pffffff...a sad sign of the times. Get a grip.

    Move on, nothing to see here.

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  9. My 2 Cents

    I think we need to undergo an reality check....

    There is a single path to redemption that will make Rangers a competitive team and capible of competing with Celtic (I'm not a troll, and I am not hate-filled when it comes to other clubs, so will use the name Celtic - not Septic)

    FIRSTLY
    There are many reported onerous contracts that are bleeding the club dry. From Mike Ash, Charles Green, Ally McCoist (still on Gardening leave)...
    While these exist, we cannot compete financially with our rivals.
    We will never recover to what we once were.

    PAINFUL SOLUTION
    If we undergo a second liquidation event (sounds horrible but please bear with me)...
    This will remove the onerous contracts and offer a brand new fresh start with zero dept and zero leeches.

    BETTER FOUNDATIONS
    This time, we have the club reformed by the Rangers supporters trust, paid for by the fans/investors and with a full and transparent business plan.
    If every fan commits 2 years season ticket monies to the RST.
    We will have 50,000 paying 2 x £500 into a fund.
    That's £50m+.
    ...it also makes every fan a shareholder.

    ..buy the stadium from the liquidators.
    The rest of the monies are used to offer the club a bank balance.
    NOW...
    If we need a new club crest due to it being owned by some charlitan, make a new one which can be designed and chosen by the true fans.

    Se we have a new club and staduim.
    We can also use an alternate training facility to Murray Park as we get back on our feet as it is too costly for a club in the lower tier in Scottish Football (humility time)

    STAFFING
    Now we capture a very good scout with an eye for young talent.
    Manager/Coach (maybe dutch - or similar country who have an aptitude for teaching younger players to actually play good football and develop them into better footballers).
    Most importantly, a good businessman to run the financial affairs and adhere to them.

    MY JUSTIFICATION AS ABOVE...
    Instead of paying large sums for aging rock stars (Kenny Miller/Lee McCulloch/Kris Boyd) we hoover up the best young across europe (no work permit restrictions). The best young 17-21yr old players are more than capible of climbing up the lower divisions, but do not command the same salary. They also have a sell on value should they become top-top footballers. (It's good business)
    ...and this time starting from the bottom, we develope our youngsters (and add to them as we go) to arrive in the top flight of Scottish football with a brilliant teams full of improving players.


    FEEDER CLUB (for the short term)
    We can also agree a temporary feeder club status with one of the wealthy EPL clubs (eg-Chelsea/Manchester Utd) who have a number of good young players that require game time. Good for both parties.

    When we are back in top flight football we can then look at other improvements to establish ourselves as serious contenders for the number one spot in the Country. i.e Training facilities, A few more senior players to help bring on the youngsters.

    There are probably a number of flaws in my plan as above, but I as sure in my heart that it is far better than the way we are currently being run.

    I am seriously concerned that we will still be watching our monies leave the club into many onerous contracts in ten years time. Our attendancies falling, we are always on the bring of one administration event or worse.
    ...and the heartache continues.

    My 2 Cents

    ReplyDelete
    Replies
    1. one problem with your liquidation solution mike Ashley would walk away with everything rangers including the bloody name of our club, the stadium, albion car park, everything so rangers would be no more.

      Delete
    2. My 2 cents

      BUT... The original Rangers are no more as of 2012.
      I do not buy into the holding company pish.

      We started in the lowest division because we are a NEW club.
      It was a consequence of liquidation, not a punishment from the games administrative bodies.

      The club formerly known as Rangers FC is as dead as a dodo.
      The new club I support replaces the old Rangers FC is just that: a new club masquerading as the old club. Unfortunately, when conclusive proof of the demise of Rangers FC is brought to the attention of fellow Rangers fans, there is an apoplectic response: I have been called deluded or a Rangers Hater, or both.
      Fortunately, insolvency law usurps personal insult.

      So I disagree with your reason against my original post.

      If we all agree with you...
      We can keep the staduim/car park/name etc... and feed our monies into the owners of the onerous contracts fat greedy pockets... and on this road, NEVER recover.

      OR

      What I said.
      I don't care if we are called "Shiny new Rangers".
      I will still associate the new club with the one I supported as a boy and then a man.
      Mike ash WILL sell the staduim as it is good business.
      If not we rent Hamden and let it sit empty until he agrees to the sale.
      Once back on our feet, we do the same with albion car park.
      ...but we WILL compete for the championship rather than accept our current fate.

      I accept your point but I say we agree to disagree.

      I want a strong team to support and do not wish to line some entrepreneurs pockets with monies that should be spent improving my team.

      My 2 cents

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    3. @My 2 Cents: Firstly, this would be your first liquidation, when you're liquidated you die.

      Find a shareholder in Rangers pre 2012 and ask them how much their shares are worth today and why.

      Secondly, 'this will remove onerous contracts and offer a brand new fresh start with zero debt', I think you miss the point of what liquidation actually means, an easy mistake after the the treatment of the deed club.
      Liquidation means all these onerous contracts get paid in full, and most likely with comp, all loans must be payed in full and those secured against assets, ye know, like the big hoose, are squared up automatic.

      Then we have the tax man. No not dodgy dave trousering six large or Whitey Bhoy filling his boots. No, word being bandied about about alleged non payment of taxes over the past few year.

      Yeah, liquidation, that's just what a real Rangers man would do. Bless.

      Delete
    4. My 2 Cents

      Agreed it would be a first liquidation for Rangers 2012.
      ...the second for the supporters who lost the original club, then the new one.
      No arguement there.

      Would still happily see this new corrupt entity go and remove the leeches with it.

      Start again, and this time do it correct (as above).
      Dropping 2 years of history is nothing it it removed the leechers.

      I will personally not return to watch this tribute act play, or buy any associated merchandise to lace the pockets of some fat cat; with no monies going to improve the first team.

      If Rangers do not act in the best interests of the club, they will not become competitive....
      Which means....
      Celtic will enjoy 10+ in a row;
      Scottish football will become boring and lose viewers/sponsorship.
      Celtic will weaken their first team and still win the league.
      Poor european results by all Scottish clubs will see us play more and more qualifiers for UEFA tournaments.
      Earlier exits will again further lower or standings and access to revenues.
      ...and the SPL/SFA leagues will slowly become more and more of an amatuer event.

      I am not saying Rangers should be given any special treatments to gain quicker access to the top flight. I am saying we need to be run correctly as a business, free of onerous contracts. Only then can the Scottish league become a competition in lieu of a one horse race.

      My 2 Cents

      Delete
  10. You honestly despair at some of our support. Like it or not, he has only been in the door 2 weeks so it is a valid reason. You do realise he's having to go through 4 years of financial mismanagement? What exactly were you expecting with 7 games left of the season and with him not being confirmed as a director as of yet? Stop reading the failed social worker's blogs and taking it as gospel. There's no evidence to show that we're not going to be able to pay the wages so stop panicking. Also as well, the 27m that was touted by the failed social worker was including the second 5m tranche which we know we didn't take. As for you trying to make out King doesn't have the funds because he said he wouldn't mind 5m tranche being in the coffers of Ibrox, we both know King was being sarcastic because the board used it as some sort of threat which they never carried out. Stop trying to make out it was anything different.

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  11. I despair with some of our support honestly. How can you just dismiss him being here for 2 weeks when the new board are having to go through 4 years of financial mismanagement? What were you honestly expecting in two weeks when King is not even a director as of yet? Stop taking what the failed social worker has said on his blog as gospel as well. The whole 27m figure to Ashley was made up by him and included the second 5m tranche of the loan which we know was never used so that tells you all you need to know about this rumoured figure to Ashley. Also as well, stop trying to make out that King said he would welcome the 2nd tranche of the 5m from Ashley because of a lack of his own funds when we all know he said it tongue in cheek because the board were using it as some sort of threat against him. As for the guy questioning the boycotters, have you not noticed the the 25,000 extra fans that have now being going to the games?

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  12. The main point is if Rangers aren't listed on Stock Exchange everybodys shares are worthless as cant be traded or sold.So where does that leave RangersFirst/BuyRangers and RST who bought them in hope of getting change at Ibrox.Where is it then or was all the talk about transaprency and openness just another lie.

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  13. The biggest hurdle of not being on Stock Exchange is that shares cant be sold or traded.So where does that leave RangersFirst/ButRangers and RST who faithfully bought shares in bid too oust old Board.Then there is the transparency/openess the 3 stooges spoke about on day of EGM.Where is that,where is Nomad,where is any sign of money.I think they must be doing what some players have done during recent games and turned invisible.Surely Gilligan/Park could at least put something out but as usual not a thing.So were we all duped by a glib and shameless liar so well put by Judge in SA.How the Judges here in Court of Session will look at that I just don't know but can imagine them not putting their reputation at stake and allowing him his wish here

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  14. Its too early to talk of revolution and the whole Nomad/trading situation is irrelevant. No one will snap up shares just now and its a time for the board to survey the damage and not make knee jerk decisions. To expect overnight success is deluded.

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  15. How anyone can expect the new owners to fix 4 years of mismanagement in 2 weeks is beyond me ,the NOMAD situation will sort itself out , they could not invite anyone until they actually took over and then the proposed company will do due dilligence .King did not join the board until he gets the all clear from everyone.. that is the right thing to do .They made changes to management which we all wanted , but it will take McCall to make an impact .Much as I would like a miracle turnaround , personally , I think the time to judge will be this time next year , when we will see what improvements have been made.

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  16. It's alright saying all this but a sure the new board is looking throw everything, these things take time. Give it to the end of the season and if things haven't got sorted out then start call people for everything . There no way I can get my head round all this now never mind trying sort it out in a few weeks

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  17. Re: doc A club like no other ! I now know why. Scotland's shame.

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