Rangers are Rocking; Scottys Financial insight inside.

[macy37]

Anything that gets us on the path to getting the likes of Somers and the Easdales out of the boardroom is good news. Likewise anything that has a possibility of lessening Ashley's stranglehold on the commercial rights is a positive as well.

I shudder to think ra bears want King over Ashley.

Really?

[johnnie x]

Ashley = no war chest, self sustaining and more onerous contracts.

King = perceived sugar daddy and large war chest, real ranjurs man, convicted tax avoiding criminal.

If I was a fan I would want a combination of the posh bus group and the fans thing that eddard posts about and would want King nowhere near the company.

Edited January 3, 2015 by johnnie x

[Fairbairn]

It's nothing to do with war chests. Ashley has got us tied in to so many crippling commercial contracts that we need to get shot of him. The club makes 75p for every £10 spent on club merchandise in either Sports Direct or Offical Club Shops (which are basically Sports Direct satellites). 75p!! In addition to that, in return for handing back the naming rights that he bought for £1 he was given the shirt sponsorship rights for £1 once the 32Red deal expires. He'll then be able to either have his Sports Direct branding on the jerseys for the princely sum of £1 or will be able to sell the rights on to a 3rd party and keep all the proceeds denying the club a much needed revenue stream.

Anyone who thinks Ashley has the good of the club at their heart needs to open their eyes. He's their to wring as much cash out of it as possible denying the club vital revenue streams in the process. People will ignore all of this however and go on with their pathetic comments about "ra bears" and "war chests" and telling us we only want people who are prepared to bank roll us to the champions league or whatever when if they bothered to actually look at the facts and what the majority of fans are saying that clearly isn't the reason we want regime change.

[Fairbairn]

Ashley = no war chest, self sustaining and more onerous contracts.

King = perceived sugar daddy and large war chest, real ranjurs man, convicted tax avoiding criminal.

If I was a fan I would want a combination of the posh bus group and the fans thing that eddard posts about and would want King nowhere near the company.

King has stated previously that his long term aim is a fan ownership model. We've got a hell of lot better chance of moving towards that with him than we have with the current incumbents.

[Mark frae Crieff]

It's nothing to do with war chests. Ashley has got us tied in to so many crippling commercial contracts that we need to get shot of him. The club makes 75p for every £10 spent on club merchandise in either Sports Direct or Offical Club Shops (which are basically Sports Direct satellites). 75p!! In addition to that, in return for handing back the naming rights that he bought for £1 he was given the shirt sponsorship rights for £1 once the 32Red deal expires. He'll then be able to either have his Sports Direct branding on the jerseys for the princely sum of £1 or will be able to sell the rights on to a 3rd party and keep all the proceeds denying the club a much needed revenue stream.

Anyone who thinks Ashley has the good of the club at their heart needs to open their eyes. He's their to wring as much cash out of it as possible denying the club vital revenue streams in the process. People will ignore all of this however and go on with their pathetic comments about "ra bears" and "war chests" and telling us we only want people who are prepared to bank roll us to the champions league or whatever when if they bothered to actually look at the facts and what the majority of fans are saying that clearly isn't the reason we want regime change.

Those deals are signed and sealed for a duration so it doesn't matter who comes in they are legal... pish yes but legal.

[Fairbairn]

Those deals are signed and sealed for a duration so it doesn't matter who comes in they are legal... pish yes but legal.

Unless they can be proven to have been arranged in an unethical or even illegal manner.....

Anyway, agree with you that there's nothing we can do for now but it highlights the need to get Ashley away from the club and it's commercial interests.

[ShedTA]

Unless they can be proven to have been arranged in an unethical or even illegal manner.....

Anyway, agree with you that there's nothing we can do for now but it highlights the need to get Ashley away from the club and it's commercial interests.

True. But with his contracts in place he is going nowhere really. If others pump money in he and green will just continue to bleed it dry. He's on a win/ win.

[Cove_Sheep]

That's a point, Ashley would be quite difficult to deal with in a CVA situation I'd imagine.

[Scunnered]

That's a point, Ashley would be quite difficult to deal with in a CVA situation I'd imagine.

Very exciting

[sbcmfc]

In addition to that, in return for handing back the naming rights that he bought for £1 he was given the shirt sponsorship rights for £1 once the 32Red deal expires. He'll then be able to either have his Sports Direct branding on the jerseys for the princely sum of £1 or will be able to sell the rights on to a 3rd party and keep all the proceeds denying the club a much needed revenue stream.

I didn't know that one!

Of all the various interested parties, the "3 bears" seem the best option, above board as far as I'm aware, and apparently Rangers men. The one thing is, of all these "rangers men" and I invlude King in that, it's taken a hell of a long time for them to actually put their money where their mouth is!

King, Paul Murray, mccoll etc have all talked a good game, but for whatever reason havent turned words into actions, letting the spivs in time and again.

[Fairbairn]

I didn't know that one!

Of all the various interested parties, the "3 bears" seem the best option, above board as far as I'm aware, and apparently Rangers men. The one thing is, of all these "rangers men" and I invlude King in that, it's taken a hell of a long time for them to actually put their money where their mouth is!

King, Paul Murray, mccoll etc have all talked a good game, but for whatever reason havent turned words into actions, letting the spivs in time and again.

I think it's quite clear that the "Blue Knights" weren't Duff and Phelps preferred bidder and I think Green coming in and taking over was all tied up in a pretty little bow and nothing was going to change that.

Since then they along with others, King & "The Bears" etc, have tried to get on board but have been stonewalled by the Board at every turn. They were adamant that they didn't want to buy shares off of other shareholders as they wanted their money to go to the club and not those who have been siphoning money from it (admirable surely?) but have now reached breaking point and realised that the current course of action is the only one that will get a foot in the door.

[Scotty CTA]

How can this be good news?

The Rangers have upgraded from the firing squad to a Mexican stand-off.

[kumnio]

It's nothing to do with war chests. Ashley has got us tied in to so many crippling commercial contracts that we need to get shot of him. The club makes 75p for every £10 spent on club merchandise in either Sports Direct or Offical Club Shops (which are basically Sports Direct satellites). 75p!! In addition to that, in return for handing back the naming rights that he bought for £1 he was given the shirt sponsorship rights for £1 once the 32Red deal expires. He'll then be able to either have his Sports Direct branding on the jerseys for the princely sum of £1 or will be able to sell the rights on to a 3rd party and keep all the proceeds denying the club a much needed revenue stream.

Who signed off on those deals for Rangers

Did you not get a big fee for the merchandise deal though?

[Cove_Sheep]

The French journo really isn't happy.

Seems it's not the first time they have stolen his work. He's looking to take them to court.

[Charlie Endell]

The French journo really isn't happy.

Seems it's not the first time they have stolen his work. He's looking to take them to court.

Don't blame the guy.

[Chief]

By purchasing the shares held by Artemis and Miton, Dave King has taken a significant step towards influencing events at Rangers.

With another group of wealthy Rangers fans - Douglas Park, George Letham and George Taylor - having bought Laxey Partners' 16% stake, the shareholder dynamic has drastically altered.

Mike Ashley still owns 8.92%, while Sandy Easdale still owns 5.2% and holds the proxies for another 21%, but there is now a large group of shareholders with enough power to mount a challenge to their control of the club.

Here, BBC Scotland's Richard Wilson examines the events of another dramatic spell at Ibrox.

Why are these companies selling up?

Laxey Partners sold after their representative, Norman Crighton, was suddenly and surprisingly voted off the board. That now looks like a strategic mistake by chairman David Somers, chief executive Derek Llambias and non-executive director James Easdale, because Laxey went from being generally supportive of the board to wanting out.

Artemis and Miton sold up because they no longer see value in their investment. The institutions have been passive during the turmoil and power struggles at Ibrox, and despite taking a significant loss on their shares, they no longer wanted to be involved with the club, which needs at least £8m in fresh investment to keep operating.

What are the voting blocks?

Ashley and Easdale have been aligned so far, and hold around 35% between them. The Park group and King now hold around 35% as well, but can count on the support of the fan groups - 1.5% - individual fans - 12% - and other fan shareholders, such as former managers Ally McCoist and Walter Smith and former chairman Malcolm Murray. River & Mercantile still hold around 6% and are also thought to be supportive of change and likely to back King. This, in theory, could see more than 50% of shareholders being naturally aligned.

What about concert party rules?

The takeover panel reopens from the festive break on Monday, so nothing will happen until then. If a shareholder does complain that the Park group and King are working in concert, the panel will need to adjudicate. It is, though, a regulatory matter and based on fact/representation, and while both groups insist they bought shares independently of each other, there is little concern about the issue.

Corporate rescue can be excused from the ruling that a concert party that holds more than 30% is obliged to make a mandatory offer for the rest of the shares at the highest price either party has paid in the preceding 12 months. As it stands, Rangers International Football Club require funding to prevent insolvency.

Easdale and Ashley also own or have control of over 35% between them, while any shareholder who makes a complaint will effectively be reducing the amount of money that the Park group or King can invest in the club, because some of their funds would be needed to make the offer.

Nonetheless, it is not a critical issue because more than 50% of the shares are held by fans who will not want to sell. Of the remainder, 35% is held or controlled by Ashley and the Easdales, and if they sell they remove themselves from power. That leaves around 15% of shareholders who may accept an offer, but it would be made at around the 20p mark, so would not require a hugely significant outlay.

What does this mean for Ashley?

Rangers are still in a critical state financially. Ashley had planned to provide the necessary investment in a share issue, but was refused permission by the Scottish Football Association board to raise his stake above 10% because he also owns Newcastle United.

The Sports Direct owner's long-time associate Llambias was appointed chief executive. Under the terms of a £3m loan he provided, Ashley is allowed to appoint another director, and Sports Direct executive Barry Leach is widely expected to become finance director. Ashley may also seek a third appointment.

The club can either borrow more money from Ashley or proceed with the share issue, and the Park group have already offered to invest up to £6.5m for all the shares not bought by existing shareholders. That, though, would remove control from Ashley. He is thought to have acted to protect his commercial deal - Sports Direct are partners in Rangers Retail, a joint venture - and could now decide to negotiate with the Park group and, or King.

What would trigger a change at boardroom level?

If the Park group and, or King seek boardroom representation, overtures will be made to WH Ireland, who manage RIFC's listing on the Alternative Investment Market. WH Ireland are believed to want a swift resolution to the turmoil and financial crisis at Ibrox, but the Park group and, or King could call an extraordinary general meeting to allow shareholders to vote on proposed boardroom changes.

What does this mean for the upcoming share issue?

In practical terms, it allows the Park group and King to participate, because current shareholders are obliged to be offered enough shares to maintain their stake. They can also then apply to buy any of the shares not taken up. Unless Ashley or the Easdale bloc invest to maintain their stakes, they would lose further control.

Does this mean Rangers now have enough money to get to the end of season?

The share issue could raise up to around £6.5m, depending on the price of the shares offered. This would only be the first round of new fundraising, though, with Ashley's £3m loan due to be paid back by April. If boardroom changes take place, supporters may be enticed back - 15,000 refused to renew their season tickets in the summer - which would help the finances to an extent, but currently a large section of the fan-base remains opposed to Ashley and the Easdales.

What does this mean for the team?

Very little, other than the fact that a potential conclusion to the financial problems could prevent the board having to sell another player to provide working capital. Lewis Macleod was sold to Brentford for £1m, and Lee Wallace remains the subject of much speculation.

Is Ally McCoist now likely to come back as manager?

No. McCoist made the decision to leave. He is likely to be supportive of the Park group and King, but there is no suggestion of him returning as manager.

Will the fans who seem to be staying away now come back?

Perhaps initially, in small numbers, but the majority will wait to see what happens next. They would be naturally aligned to any efforts made by the Park group and King, but remain in opposition to the current directors and Ashley. Until there has been meaningful change in the boardroom, fans are likely to continue to stay away in protest.

When will this all be over?

The financial situation needs addressed as a matter of priority, and with that could come the beginnings of a long-term solution. If Ashley decides to fight his corner, the turmoil could continue for several months. The fact that Park and King, in particular, are now involved financially is likely to ensure that they will seek to achieve their ambitions, however long it takes. Fans, also, have shown commitment to bringing the club back under the control of fellow supporters.

[EddardStark]

Rangers: Fans may seek increased stake after buying shares
By Alasdair Lamont BBC Scotland

An attempted power-grab by a group of Rangers supporters could soon be strengthened with the acquisition of more shares.

A consortium of three businessmen bought up 16% of Rangers shares last week, with one of the three - George Taylor - already owning 3%.

Separately, Dave King has since acquired a near-15% holding.

Although the groups stress they are not working in tandem, they have common interests and together own about 34%.

At least one of the groups would be keen to increase that further and will look to do so in the near future.

The current hierarchy at Rangers has Mike Ashley exerting significant influence through his near 9% holding and alliance with Sandy Easdale, who holds voting rights for around 26% of shares.

1 victory against Dumbarton on Saturdaty

With the overall holdings of both factions very similar, an extra few per cent of shares could be pivotal to the outcome of this battle for control.

It seems unlikely that King or the group that includes Taylor, Douglas Park and George Letham will have laid out such significant sums of money without wishing to gain at least some boardroom representation.

While they could attempt to do that by negotiating with Ashley and Easdale, they may attempt to call an extraordinary general meeting to try to oust the present board completely.

To do that they would need a simple majority and would hope to be able to command the support of most of the 11% of fans' shareholdings, as well as around 3% held by former managers Walter Smith and Ally McCoist.

That begins to take them close to 50%, but snapping up an additional tranche of shares would put them on a stronger footing yet.

Ashley's own intentions, having been told by the Scottish Football Association that he would not be allowed to increase his holding to almost 30%, are as yet unclear but his close associate Derek Llambias is currently chief executive and Ashley holds security over some of Rangers' assets as a result of £3m in recent loans to the board.

[EddardStark]

I smell a rat here :angry:

The owner of the Phoenix Suns basketball team has made an £18m offer to buy a controlling stake in Rangers.

Robert Sarver, an American financier, made the offer just after Christmas in an email to the Rangers International Football Club chairman David Somers.

Sarver, 52, asked the board to call a general meeting to ask shareholders to approve the issuing of new shares.

Subsequent share purchases by Douglas Park's group and Dave King make his bid unlikely to succeed as it stands.

Sarver, who also owns the Phoenix Mercury Women's National Basketball team, submitted his offer at the same time to WH Ireland, who manage RIFC's listing on the Alternative Investment Market.

The American, who is chief executive officer of Western Alliance Bancorporation, which is listed on the New York Stock Exchange, was also prepared to spend an additional £15m to buy out any remaining shareholders should his offer have been accepted.

The Phoenix Suns website describes Robert Sarver as "a soccer dad" who enjoys watching his boys play for Junior Suns

He was initially committed to buying 100% of Rangers, but with Park, George Letham and George Taylor now owning almost 20%, and King almost 15%, that is unlikely. At least another 15% is held by supporters who are unlikely to want to sell their shares.

At least 75% of shareholders would have to agree to new shares being issued to a non-shareholder at a general meeting, after resolution nine was defeated at the annual general meeting in December.

However, the BBC has learned that Sarver is prepared to work alongside fans' groups and other Rangers-supporting businessmen.

"Sarver is a serious player with superb credentials," a source close to the deal told the BBC. "He is a very well-funded, long-term investor with an impeccable 30-year business pedigree.

"He knows what it takes to make major sports clubs successful and would bring a tremendous track record to Rangers.

"He has three sons who are all very keen footballers and he watches their games every weekend.

"He is regarded as a straight-talking and very determined guy with a genuine passion for sport and an impressive record of success at the highest level of US sport and business.

"Of course, he sees this as an exciting opportunity to invest in a major sporting institution, but given his involvement in the NBA, he fully realises that, without the broad support of fans, any proposals are doomed to failure.

"For that reason he is very keen to build a broad-based coalition of fans' groups and prominent supporters who have the club's best long-term future at heart.

"Sarver's previous involvement in major sports shows that the £33m would just be an initial investment. If you are going to rebuild a major club like Rangers and get it back to the very top of the game on a stable and sustainable basis, additional funding will be needed, alongside a strong, experienced and highly professional senior management team.

"The response of the club's board to this proposal will be extremely important. If there is a genuine wish to act in the best long-term interests of the club, this should be a very straight-forward decision."

Rangers declined to comment.

Edited January 4, 2015 by EddardStark

[tartandon]

off the radar wealth?

[EddardStark]

off the radar wealth?

even we smell a rat ... looks like a tactic from the current incumbents.

[Scotty CTA]

Oh, c'mon.

He likes watching his boys play soccer at the weekend.

Surely, that seals it?

[Scotty CTA]

Nothing says 'Rangers man' like being the owner of the Phoenix Mercury Women's National Basketball team.

(What could go wrong?)

[Big Col]

I smell a rat here :angry:

The owner of the Phoenix Suns basketball team has made an £18m offer to buy a controlling stake in Rangers.

that article sounds totally made up.

[Fred_Zeppelin]

More shit going down now according to rumours.

[bruce778]

More shit going down now according to rumours.

Care to expand? Source?

The timing of the article re the American sports owner is bizarre given it's a fortnight out of date and, in light of the recent purchase if shares, the content is no longer as relevant.