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Thu Jan 29 4:41 am  #1


More on the running saga of Ramgers F.C.

Three Bears blast Rangers board
The Three Bears have hit out at the Rangers board for accepting Mike Ashley's £10million loan - insisting they had made a better offer.
http://www.eveningtimes.co.uk/sites/default/files/imagecache/400xY/2015/1/17133392.jpg

 Wealthy supporters Douglas Park, George Letham and George Taylor offered the desperate directors a £6.5million loan. But Ashley's offer of two £5m tranches was accepted by the cash-strapped club on Tuesday morning. Chairman David Somers said that the Sports Direct chief's loan was a "great deal" for Rangers - but the Three Bears disagree.

In return for his loan the cash-strapped Gers have given Ashley another 26 per cent of the Rangers Retail Ltd - putting him in control of three quarters of their retail business. From the summer of 2017, cash generated from shirt sponsorship deals will go to RRL - rather than the club - until the loan is repaid. Ashley - who already placed chief executive Derek Llambias and finance director Barry Leach on to the board - will also be allowed to nominate two more directors. DO YOU WANT TO READ MORE??

Somers: Ashley's £10m loan is a great deal for the club
Rangers chairman David Somers claims Mike Ashley's £10million loan is a "great deal" for the club - even though the Ibrox outfit has been left with just 25 per cent of its retail business.
http://www.eveningtimes.co.uk/sites/default/files/imagecache/400xY/2015/1/1422377234-2.jpg

Ashley has been allowed to tighten his grasp on the Light Blues' revenue streams after his Sports Direct firm struck a rescue package with the desperate board. In return for his loan - which will be paid in two £5million tranches - the cash-strapped Gers have given Ashley another 26 per cent of the Rangers Retail Ltd.

Ashley - who already placed chief executive Derek Llambias and finance director Barry Leach onto the board - will also be allowed to nominate two more directors. The Newcastle United owner, who owns 8.92 per cent of the Light Blues, has also managed to grab a floating charge on the club as well as Murray Park, Edmiston House, Albion Car Park and the club's registered trademarks - including the Rangers crest - as collateral.

But he has no claim to Ibrox after fan protests forced him to drop his demand for security on the club's historic home. Somers told Sky Sports News: "I think it is a great deal. I'm really pleased to get some money into the club. "It is just over 12 months since I became chairman and I had three goals. One was to make sure this great club never, ever goes into administration. DO YOU WANT TO READ MORE??

Gers agree £10m Sports Direct loan
The cash-strapped Rangers board has agreed a £10million emergency loan deal with Mike Ashley's Sports Direct firm, it has announced to the Stock Exchange.
http://www.eveningtimes.co.uk/sites/default/files/imagecache/400xY/2015/1/1422344912-784.jpg

Without the injection of fresh funding, the Ibrox outfit would not have been able to cover pay checks due to be delivered on Thursday. The loan will be secured against Murray Park, Edmiston House, Albion Car Park, and the Club's registered trademarks - but not Ibrox.

The move spells the end of attempts by the Three Bears - wealthy fans Douglas Park, George Letham and George Taylor - to have their own loan offer accepted. It was their promise to match Ashley's deal whilst demanding Ibrox remained unsecured that forced the Newcastle United owner to drop the stadium from the terms of his agreement.

In return for the money - which will be paid to Rangers in two £5million tranches - Ashley will be able to nominate two more directors to the Light Blues board. His associates Derek Llambias and Barry Leach are already serving as chief executive and financial director. As well as that, Rangers will transfer 26 per cent of its holding in Rangers Retail Ltd (RRL).

RRL was a joint venture set up by the club and Sports Direct, with Rangers in control of 51 per cent and Ashley's company controlling the rest. Fans, however, were already concerned that it was overly beneficial to Ashley. Now as part of the new loan deal, the club has also agreed that from the 2017/8 season, for the duration of the loan, any future shirt sponsorship proceeds "will be for the benefit of RRL".

In a lengthy 7am statement to the Stock Exchange, the board said: "The Board of Rangers announces that Rangers Football Club Limited has entered in to agreements with SportsDirect.com Retail Limited and associated companies, to provide a long term on-going credit facility of up to £10m.

"The Company's financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress. "There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options.

"The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad.

"The Facility is structured in two separate interest free tranches. £5million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014. "All rights and security associated with the MASH facility will be cancelled.

"The Club will transfer 26 per cent of the share capital in Rangers Retail Limited to SD for the duration of the Facility, which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility.

"The Facility is to be secured by (1) a floating charge over the Club's assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club's registered trademarks. "None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security. DO YOU WANT TO READ MORE??


Haste ye back.
             Jimmy. (webmaster@mygovan.com)
 

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I thought this might be of interest to Govanites of old.
It is Pictures kindly given to us from Stevie Whitehead via our David Graham.


Stevie Whitehead Helped the bens to the 1980 Scottish Junior Cup Final by heading the only goal at Hampden Park in front of over 13,000.
Here are the Pictures of 1980 Scottish Cup Final between Benburb F.C. v Baillieston F.C.




1980 Scottish Cup Final between Benburb F.C. v Baillieston F.C.



Benburb F.C.





1980 Scottish Cup Final between Benburb F.C. v Baillieston F.C.




Benburb F.C.





1980 Scottish Cup Final between Benburb F.C. v Baillieston F.C.





Benburb F.C.





1980 Scottish Cup Final between Benburb F.C. v Baillieston F.C.





Benburb F.C.





1980 Scottish Cup Final between Benburb F.C. v Baillieston F.C.





Benburb F.C.





1980 Scottish Cup Final between Benburb F.C. v Baillieston F.C.





Benburb F.C.





1980 Scottish Cup Final between Benburb F.C. v Baillieston F.C.





Benburb F.C.