Monday, 23 March 2015

Rangers reject second Ashley loan




Rangers have today confirmed the second tranche of Sports’ Direct’s loan will not be drawn, and have instead opted for a £1.5M loan from the Three Bears consortium made up of Douglas Park, George Taylor and George Letham.

In a statement to the LSE, Rangers verified that the loan will be interest and security-free:

“The Company is pleased to announce that it has entered into loan agreements with Douglas Park, George Letham and George Taylor for facilities totalling £1.5m. The proceeds of the loans are available generally for the purposes of the Company and will be used for working capital. The loans are being made available until 31 December 2015 which will provide the Company with time to deliver a longer term funding solution. No interest or fees are to be charged in respect of the facilities and the loans are being provided on an unsecured basis.”

To be used for working capital, the loan will essentially help ‘keep the lights’ on such is Rangers’ perilous financial predicament, but Ashley loses major clout and will not now be able to appoint any further directors as conditions of the second tranche:

“The Company also announces that it has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on 27 January 2015 with SportsDirect.com Retail Limited and associated companies.”

This puts the Club on a more solid footing but the question of hard investment remains the large elephant, and the idea of further loans will not be the most pleasant news to fans.

15 comments:

  1. "Rangers verified that the loan will be interest and security-free." This is the difference between the new board and the collection of gangsters and hoodlums that have run the team into the ground.

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    1. CORRECT !.watch Declan try tae work THAT oot !....PML ! , i blame in on the schooling .

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  2. It's the equivalent of feeding the electric meter from the pennies found down the back of the sofa. It might cover March payroll, but nothing else. How are they going to pay back MASH in April? 31 December is a red herring designed to keep the fans in the dark. Is Ally still drawing his salary?

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    1. Well it's certainly better than taking £5million under an onerous contract from Ashley you feckin eejit!!

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    2. Ian, you might be right. But I suspect I have forgotten more about business finance that you will ever know and I am no eejit, never mind a fornicatin one.
      I wasn't advocating taking the loan from MASH. That boat has already sailed. He has fixed charge security over MP, EH and the Carpark and if the new board can't/won't pay him back in April, he could own them by May and charge the club a rental for the use of all of that. He also has a floating charge on Ibrox, but nobody really knows who owns that. If you want to believe in a convicted tax fraudster - a common criminal in my book - then fine.
      All I am saying is be very careful what you wish for. Meanwhile the hero of Ibrox still draws £72k per month to tend his garden.

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    3. King and the 3 Bears were well aware of Ashleys £5m loan so you are telling me and them nothing new in the slightest! I don't 'believe' in anyone but I'm willing to give King et al the benefit of the doubt and see how things develop over the next few months - unless you can tell us of a better offer that we've all missed?! A

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    4. Ian, my only concern is that Murray was given the benefit of the doubt and sold the club to Whyte, who was given the benefit of the doubt, who brought in Green to phoenix the club and who was given the benefit of the doubt, who introduced Ashley who was given the benefit of the doubt, and now King (colleague of Murray and Whyte) should be given the benefit of the doubt. To quote Einstein who was cleverer than all of us "Insanity: doing the same thing over and over again and expecting different results". Or maybe I am just too cynical. I hope I am proven wrong.

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  3. It's the equivalent of feeding the electric meter from the pennies found down the back of the sofa. It might cover March payroll, but nothing else. How are they going to pay back MASH in April? 31 December is a red herring designed to keep the fans in the dark. Is Ally still drawing his salary?

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  4. Did anyone else notice today's wee upward blip in the price of Sportsdirect shares just after the announcement was made?

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  5. These 3 guys are showing commitment to the club once again. Be assured Dave King will show equal commitment. The fans must do likewise. Lets have full houses at Ibrox for the rest of the season. Ignore the doubters. We're on our way. 'shoulder to Shoulder'.

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  6. Anon 23 March at 22:33, If you have your head buried in the sand, its easier for other people to shaft you.

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    1. You can snipe and remain in denial, but you know, and you're comments betray it, that the Rangers are on their way back. Accept it. It's happening. You will probably be able to enjoy some continued 'comfort' denial if you frequent your own sites.

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    2. Not sniping, but I have watched this for many years and the common theme is there is not enough questioning going on. Just blind faith in some very poor characters who have extracted millions out of a very loyal fan base - from Murray to King. I doubt that that would happen in Dingwall. I might be proved wrong, but I don't think so.

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  7. Back in January, Sandy Easdale provided a 500k interest free loan to Rangers. At the time King lashed out and said it should have been a gift. How come King is not lashing out at his three bears for not providing a gift to Rangers? Instead its another interest free loan.

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    1. p.s. Notice again Sportsdirect shares are up at the end of the day after the Murray statement.

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