The following is an excerpt from a comment that was posted on our board this morning:
” Regards the financial situation, I believe Dave King when he says loans are needed again. The loans from the Park family in particular have kept the lights on at Ibrox these last few seasons since King and former St Mirren supporter Murray forced their way up the marble staircase. Without these loans there would already have been another insolvency event on Edminston Drive. I own shares in Charles Greens’ club/company. These continued soft loans, that will never be repaid in cash, will eventually (if still a viable company is in operation) be “paid” in new shares. These new shares will dilute mine unless I invest again and dilute all other current shareholders including club1872 shares. The soft loans, by Dave Kings admission, currently stand at approximately £12-15 million. With new soft loans required in the next two months this figure will rise.
What does this mean? It means that Dave King, or whoever sits atop the stair case, will need to have the most successful 2nd share flotation in British sporting history to
A. Pay off the soft loans
B. Have enough proper equity after paying off the loans and operating cash to build a team that will win the league and negotiate Champions League qualifiers in order to then have cash in hand to maintain dominance and to unearth relatively inexpensive gems in the transfer market to be sold on. Much like Celtic do.
By Dave Kings own words, of the few I believe, he said it will take at least £50 million to catch Celtic. I think it’s more than that.
Remember that the whole club/company scam currently shows that the club is in debt to the company to the tune of £12 plus million and the company is the same in “debt” to these soft loans. All of which contravenes FFP rules, but this is Scotland so it’s OK. That will never be repaid without two to three consecutive years in the champions league.
The current situation will mean long term scraping about for the odd victory over Celtic, that will happen from time to time as they will let their guard down occasionally. The odd cup victory will again happen.
If I was in charge I would arrange a prepack administration right now, take the points penalty, write off this season, bin Caixinha and his cronies, seriously annoy the Parks and others, but tough luck (ask the debenture seat and former shareholders in the original Rangers about that) and start afresh. The SFA and SPFL will help facilitate this.
I would employ serious real Rangers men on realistic wages not overpaid “superstars”. It would take two seasons and I would have a third incarnation of Rangers in 2nd place on a shoestring budget. The fans would buy it. They bought the second version no problem so the third version will be a cinch.
Orange away strip and abseiling soldiers with poppies in window boxes in the executive suites and the punters would lap it up. I would make £1 million per season and the fans would accept 11 guys on the pitch bursting their guts at the sheer Britishness of it all.
It’s really very simple, but unfortunately second Rangers thought they were first Rangers and all the special overdraft facilities and authorities turning a blind eye didn’t apply this time. So second Rangers survive on loans from shareholders instead of a corrupt bank. The shareholders don’t have the reserves a corrupt bank has. The funds will run out eventually. Third Rangers will be a success only if reality is introduced into the proceedings. When it is, whether it be with third Rangers or thirty third Rangers, it will take a three to five year project and they will be second best outfit in the country and then, and only then, will they be able to really focus on unseating those pesky Tims from their perch.
It will take one Real Rangers Man to stand up and make this happen, the problem is he will be called a bead rattler and told to pipe (or pape) down.”
The current incarnation of Rangers, new club Rangers Lite, started life as a basket of assets and is now a basket case. King has money but can only remit £590,000 per annum overseas in any given year. Reports suggest that he is not even prepared to venture this quantum.
The unprecedented decision by the Takeover Panel Executive to petition the Court of Session to issue an edict obliging King to make an offer of 20p for the shares not within his concert party’s gift, will have serious consequences. When King was risibly passed F&P by a small quorum of Regan lickspittles, he was still bound by the three years suspension of a three months prison sentence. When the Scorpions turned up to assess the value to attach to his cars for auction, he hid them and mendaciously claimed that they were all at the panel beaters. This song and dance, which was only bettered by a shell game exercise where five interchanging companies owned his corporate jet, cut no ice with the court. I have apprised the TPE of what they are dealing with. They had the professional courtesy to respond.
As far as the Parks are concerned the impending Cold Shoulder and Contempt of Court proceedings are King’s babies. However one should note that any share dilution with King at the helm will land all the directors of RIFC in court.
I concur that the current iteration is a failed enterprise but the principal debtors have yet to call time on throwing good money after bad. Getting a few pence on the pound from a Brian Kennedy consortium would not be appealing. Kennedy is not a RRM but his involvement would be a boon. As I revealed exclusively the lion-maned factotum that is Paul Murray has already beseeched Kennedy to get involved when he attended a meeting at Kennedy’s Manchester office.
However would one trust a man who is one of the two principal benefactors to ‘The Find Madeleine McCann Trust.’ The other major donor is Richard Branson. Would Kennedy be told to ‘pape down’ and dismissed as a bead rattler?
It’s no stretch to suggest that the bookmakers’ runners Regan and Doncaster would confer all the titles to a Third Rangers. They would confer the titles to the Third Reich Rangers if they could sell them as the same club to the bookies and broadcasters.
The future is one without King. Kennedy was offered King’s 14.57% during the meeting with Murray, but anything less than a majority stake does not interest him.
Kennedy would be the ideal chairman and majority stakeholder in a Third Rangers. Rangers Lite has failed. Rangers 2018 with Kennedy at the helm would succeed.
I have no doubt that the punters would welcome an orange away strip, but Puma and Sports Direct have both walked away. Kennedy might well tempt them back to the table but I cannot envisage him pandering to the Orange Ordure.
The quintessential Britishness of abseiling squaddies with poppies between their teeth should be a thing of the past. They are little more than bigots in uniform and should play no part in any tertiary Rangers concern.
On a final note is it any wonder that many in the Celtic support refuse to subsidise the price of a pint at ex servicemen’s clubs when the paratroopers who murdered innocent civilians on Bloody Sunday supped their blood?