Mr Green has been, by his standards, quite quiet recently. However one cannot keep a good man down!
On the back of the excellent results for Rangers announced last week, Mr Green made some comments. I have extracted them from the STV website here. My observations on his bons mots as in bold.
“No one has got security, no one will ever be given security – Murray Park and the stadium are unencumbered. No one has got a charge over them, we have got no bank debt, no institutional debt and we are never going to have any.”
Excellent! Well done! After all, if there is no debt then the club/company/holding company (delete as appropriate) cannot end up in the same mess as oldco managed!
Just a couple of points come to mind (but as Mr Green’s business record is infinitely better than mine, I am sure I have simply misunderstood the implications of what the Businessman of the Year has had to say). Continue reading
One of the issues which has exercised minds regarding the Rangers asset purchase by the consortium of millionaires led by Mr Green (at least that was what the media would have us believe existed) was where the purchase price of £5.5 million came from.
It seems ever more likely that that, together with funds to allow Sevco Scotland Ltd to run the club from a standing start, most, if not all, of these funds came initially in the form of loans.
I understand that these loans were structured in such a way as to be due for repayment with a short term, rather than a long term. By the nature of such loan funding, akin to a “pay day loan”, the loan was high interest.
Therefore the departure of players under TUPE who refused to join newco was almost certainly a serious problem as Mr Green was undoubtedly banking on something coming from a sale of some of the stars of the last season. Continue reading
Maybe someone can help me with the answer to this puzzle?
As readers will know there was talk last week about a possible winding up order against “Rangers” in connection with a debt alleged to be due to Orlit Enterprises.
Following the reports three statements appeared on the Rangers website. They can be found here, here and here.
The statements state, admit or suggest the following:- Continue reading
Here you can find the Rangers reply tonight, which seems to do exactly what its supporters wanted – to take on the “haters”. I have commented in bold on the statement where I think I have something useful to say.
One detects the pen of James Traynor in the piece below, which did not seem to be the case in last night’s terse and unsuccessful statement.
RANGERS are the subject of media reports and speculation which are at best misleading and at worst malicious.
The BBC and Channel 4 News, along with the various outlets mentioned in my last post, seem to have been consistent in what they have reported regarding Orlit.
- 1. There is a claim by Orlit that Rangers owes it £400,000.
- 2. Orlit is threatening legal action – a winding up petition.
- 3. Rangers stated yesterday that the matter had been agreed and that the matter would be settled.
- 4. There was no danger to the football club.
I have missed the misleading and malicious media reports and speculation. Maybe someone can point me in the right direction? Continue reading
Rumours were swirling about for a few days about a debt due by “Rangers” to somebody from “the East”. Details were hard to pin down, but there was frequent mention of a winding-up order, or at least the possibility of one. Phil Mac Giolla Bhain was at the forefront of the story, although, as is often the case, his reportage was dismissed by those who ought to have paid more attention to what he had to say.
Alex Thomson of Channel 4 News took matters further and he heard from Orlit Enterprises that they claimed to be owed £400,000 by Rangers as the balance of its fee for introducing investors to Sevco Scotland Ltd (now Rangers Football Club Ltd). He was told that an application for a winding up order was the last resort, but a step Orlit were on the point of taking.
After Mr Thomson blogged about this, and mentioned that, despite efforts to elicit same, there had been no response from Rangers, there came various additional reports and comments.
What I am interested in, and writing about in this post, is that follow-up reaction. Continue reading