We thought long and hard about this entry, before deciding to go to print. We are certain the usual green and white mentalist blogs will post, repost, deride and generally melt over it as they obsessively do with everything Rangers, and they are free to do so.
Ibrox Noise was contacted recently by a ‘concerned individual’ with regards a story that is apparently all the rage on these East End sites, something we were naturally oblivious to, given we do not frequent such establishments, but the story presented was enough to make us raise an eyebrow.
Apparently, a standing charge has been made against Rangers, and Ibrox, as an asset, will be auctioned off to the highest bidder. In short, wur doomed, folks. Admin 2 etcetera.
Of course, further inspection of the papers these sites are apparently going ape for reveals…absolutely nothing.
As fans will know, Rangers entered into a credit facility with merchant bankers Close Brothers. This was announced to all and sundry and means we have access to x millions on a loan basis.
Now, the claim being made by the doomsayers is the standing charge threatens Rangers’ very existence, with various assets being put up in order to secure the funding; wifi, catering, big screens etc.
This is all true – these are indeed in the document being pored over.
The problem for the conspiracists is this credit facility with Close Brothers is perfectly normal – think of it like a mortgage.
Can anyone name a single mortgage where your home is NOT the lender’s security? Where you do not read ‘your home is at risk etc’?
This is equivalent to that, and as long as the board is prudent with the repayments, there is absolutely nothing to see here. Sure, it is not ideal that Rangers are having to put up crown jewels, but in order to borrow the lender has to protect themselves with the borrower’s assets.
We would rather this was not the case, of course, but till we have more lavish sponsorship income and European football, money is either going to come out of Dave King et al’s wallet or not at all. No one will invest till there is a potential return on that (and new shares are issued) and right now that is not going to happen.
This ‘scheme’ is no more ‘dodgy’ than anything Joe Punter would do to buy a house.
For anyone interested in the actual documents, here you are:
(registration of charge, 56 pages, p27 is where everyone’s foaming about)
So, let’s just get on with winning on the pitch and letting the suits get on with it behind the scenes.
NB: we are no lawyers, but then, neither are 99% of our readers. Any received clarification or corrections will only be taken seriously if provided by someone with legal credentials.