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:
https://beta.companieshouse.gov.uk/company/SC425159/filing-history
(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.
yes we are on the up next year will be big for us get rid of dead wood a good run in europe we will be flying think we are seeing light at end tunnel ive been to last few games at ibrox stadium is looking tremendous place is heaving big pat on the back to fans what a job they have done last 6 years .would change one thing get another 10,000 seats in ibrox give the smelltic something to talk about , w,a,t,p
We are back and everyone knows it and they don't like it! Be worried be very worried! WATP
Aye the are frothing at the mouth there is one site especially has more story’s about us than there own mob.
Seriously deluded and Fcku ed up bunch, plus I would think Ibrox would be a bit more than £3m
The bheasts from the east obsession on a red white and blue alert!
Just wish they would concentrate on their own club & let us be. They'll find out soon enough on 11 March just how good we really are!!!
WATP
I've had a wee peek on some of their blogs and it's amazing how one says something and they swallow it hook line and sinker, they believe any old p**h
I think you're forgetting that you're dealing with the Kerrydale lawyers, who have a unique and, ahem, alternative world view supported by a glorious lack of logic, fact or reason.
The better we get the more they'll rave.
Click bait headline (again) chaps – come on.
The Close Brothers finance arrangement is normal, as you say. I have it on good authority that Jamie Murphy transfer collapsed because Rangers wanted to pay instalments but didn't have credit to show Brighton they could 100% cover the payments. Nearly every club has some kind of overdraft for this reason alone, even if they don't actually use it.
This deal will help us get transfers done. And title 55 a step closer…
Is it not the case that the Edmiston club and Albion car park are the collateral not ibrox park ? That's what I've eead
Yip that’s what I heard too John.. Ibrox ain’t even up for discussion..
The stadium wifi, public address system, catering equipment and big screens are all included as collateral. Without the PA, Ibrox would fail public safety.
More here: eveningtimes.co.uk/news/16050549.Rangers_use_Ibrox_property_including_WiFi_and_TV_screens_as_security_over___3m_funding/
If shit happens we can sell Morelos for £50m… Haha. Paranoid Papes. Rangers are back ck and they're not liking it
I have to say that I am hugely worried about the "relationship" with Close Brothers. This is not a soft loan than can be turned into shares. This clearly implies that King and other directors can NOT input finance into the club. Remember loans and overdrafts need to be paid back and I believe that any money borrowed will be used to finance the day to day running of the club and not towards a transfer budget. Not a good development!
It's not a loan, it's an overdraught facility which means we can get the loan IF and WHEN we need it – we're not in desperate need of a loan. It's perfectly normal for football teams like any other business to have one. Nor does it mean King and Co. have run out of cash. It amazes me that some people think, or even expect, that the directors should just keep giving endless amounts of their own money to Rangers. Do you not think they've done pretty well up to now? Rangers are doing fine at the moment evidenced by their turning down an incredible transfer fee for Morelos. If we were struggling "day to day" do you think there'd be any chance the offer would have got anywhere near £11m before we snatched their hands off? There's absolutely nothing wrong with this "development." Things, at long last are looking up for us, stop being so pessimistic.
Their obsession knows no limits.. It makes me laugh, their hatred knows no limits either.. Let them batter on the sad act fuckers that they are..
Ohh the bluebells are blue 🔴⚪️🔵
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