bennett Posted December 30, 2014 Share Posted December 30, 2014 http://www.dailyrecord.co.uk/sport/football/football-news/rangers-boxing-day-begging-letters-4891366 Rangers' Boxing Day begging letters: Ibrox chief David Somers sends desperate emails at 4am in panic-stricken bid for cash Dec 30, 2014 06:41 By Keith Jackson RANGERS chairman David Somers sent out pleading emails to wealthy individuals on Boxing Day in a bizarre bid to raise money for cash-strapped Gers 8 Shares Share Tweet +1 Email SNS Group David Somers and chief executive Derek LlambiasPANIC-stricken chairman David Somers pleaded for someone to save Rangers from financial meltdown in the New Year – by sending out begging letters at 4am on Boxing Day. Record Sport understands Somers sent the emails to a number of wealthy individuals in a bizarre early morning attempt to raise the millions needed to keep the Ibrox club in business in January. The cash appeal – which indicates the high level of boardroom concern at the club’s latest plight – was launched just two days after the SFA blocked Mike Ashley’s plan to plough around £8million into the club by taking his holding up to 29.9 per cent. VIEW GALLERY And the apparent urgent nature of this latest move has shocked those potential saviours who woke on Boxing Day to discover they had been contacted by the man at the head of the crisis-hit regime. It’s understood Somers asked all the various parties, including Sales Sharks owner Brian Kennedy, if they would be prepared to step into Ashley’s shoes by underwriting a share issue and snapping up more than 40 million new shares. Failing that, Somers asked if any of them would be willing to lend large amounts of emergency cash to the club on a secured basis. As of last night, there was no indication that Somers had been successful with either request. Last night the Rangers chairman could not be contacted. The move came after a trio of wealthy Rangers fans, Douglas Park, George Letham and George Taylor, put together an offer of £6.5m to underwrite the anticipated emergency share issue in an attempt to win control of the club back from Sports Direct magnate Ashley. A separate offer of £16m in funding from South African-based businessman Dave King remains on the table despite being rejected by the Rangers board two months ago when they chose instead to accept a drip feed of crisis loans from Ashley. Things are getting desperate. Surely the end is in sight. Nah, my guess is it's stunt - doom, doom and more doom then we'll get an emergency loan from uncle Mike and we'll fall over ourselves with gratitude. Don't get me wrong we are skint but i reckon they've got it all planned out. 0 Quote Link to comment Share on other sites More sharing options...
Ken Fitlike Posted December 30, 2014 Share Posted December 30, 2014 Don't worry Bears, I mean its not as if it is the REAL Rangers going down the grubber. They perished a couple of years back and you should have come to terms with your grief by now. This is just an ersatz Spiv Enrichment Device. 0 Quote Link to comment Share on other sites More sharing options...
lithgierose Posted December 30, 2014 Share Posted December 30, 2014 Must be time to shut the life support off now surely.think about the electric bill. 0 Quote Link to comment Share on other sites More sharing options...
Monkey Tennis Posted December 30, 2014 Share Posted December 30, 2014 (edited) Nah, my guess is it's stunt - doom, doom and more doom then we'll get an emergency loan from uncle Mike and we'll fall over ourselves with gratitude. Don't get me wrong we are skint but i reckon they've got it all planned out. I don't know that it's a stunt, but at the same time, I can't see this lot simply taking the club into administration, when apparently, these offers from the three blokes , and even King, exist. It would surely be hard to explain any rationale for doing so.I agree that it might again be Ashley that stumps up though. And I can see his next two loans being secured against Murray Park, then Ibrox. Edited December 30, 2014 by Monkey Tennis 0 Quote Link to comment Share on other sites More sharing options...
lithgierose Posted December 30, 2014 Share Posted December 30, 2014 Can just see big Mikey standing with cigar and saying.Ilove it when a plan comes together. 0 Quote Link to comment Share on other sites More sharing options...
Stag Nation Posted December 30, 2014 Share Posted December 30, 2014 Nah, my guess is it's stunt - doom, doom and more doom then we'll get an emergency loan from uncle Mike and we'll fall over ourselves with gratitude. Don't get me wrong we are skint but i reckon they've got it all planned out. If any of them had the ability to plan they wouldn't be in this mess. 0 Quote Link to comment Share on other sites More sharing options...
Dr Koop Posted December 30, 2014 Share Posted December 30, 2014 Ahem, you can you know, big boy I love a man with a prodigious Rights Issue. Get this forthcoming share offering underwritten and you could be the very Partick hunk who truly gets his whistle blown Kinky enough for you?? I bow to your superior knowledge of rights issues. Chuck in a sound thrashing from Anne Widdecombe with a rolled up copy of the Spectator and that takes care of kinky. 0 Quote Link to comment Share on other sites More sharing options...
Dr Koop Posted December 30, 2014 Share Posted December 30, 2014 Can just see big Mikey standing with cigar and saying.Ilove it when a plan comes together. The Wey-eh Team? 0 Quote Link to comment Share on other sites More sharing options...
lithgierose Posted December 30, 2014 Share Posted December 30, 2014 The Wey-eh Team? ???? 0 Quote Link to comment Share on other sites More sharing options...
Dr Koop Posted December 30, 2014 Share Posted December 30, 2014 What's Jack Irvine up to these days? Advising Traynor? 0 Quote Link to comment Share on other sites More sharing options...
sjc Posted December 30, 2014 Share Posted December 30, 2014 These offers include caveats which are not acceptable to the current 'controlling shareholders'. They are not giving up their power to do as they see fit for themselves. The directors are acting in the interests of the shareholders that 'matter' ... "the club" or it's best interests are secondary. It's business. Ashley will lend the money and secure the assets. I suspect he already has the 'rights' to the "name" and badges. When they go into administration he will ensure his contracts and any rent will be on his terms ... The new club owners will have to pay the piper Ashley. King's consortium tried to play hard ball ... Ashley could simply liquidate and hold onto the assets if he so desires. He's well aware of what makes these 'Ragers men' tick. Tick Tock ... I agree with most of that......in that he'll end up gaining the assets via secured loans but in order to receive benefit from these assets he needs a team in blue playing at Ibrox every other week.........which kind of rules liquidation out (not necessarily administration though(. 0 Quote Link to comment Share on other sites More sharing options...
Monkey Tennis Posted December 30, 2014 Share Posted December 30, 2014 These offers include caveats which are not acceptable to the current 'controlling shareholders'. They are not giving up their power to do as they see fit for themselves. The directors are acting in the interests of the shareholders that 'matter' ... "the club" or it's best interests are secondary. It's business. Ashley will lend the money and secure the assets. I suspect he already has the 'rights' to the "name" and badges. When they go into administration he will ensure his contracts and any rent will be on his terms ... The new club owners will have to pay the piper Ashley. King's consortium tried to play hard ball ... Ashley could simply liquidate and hold onto the assets if he so desires. He's well aware of what makes these 'Ragers men' tick. Tick Tock ... Right, again I need to stress how clueless I am about insolvency and suchlike (and it's not in some knowing Columbo way; it's genuine), but that sounds sane enough to me. What is it you're suggesting then? That Ashley acquires the property (intellectual and physical) then admin happens anyway, meaning any subsequent buyer is buying what exactly - this ethereal entity that is a club, but one it's impossible to raise serious money from or with, as rent and merchandise all go Ashley' s way? Is that what you mean or am I mistaken here? 0 Quote Link to comment Share on other sites More sharing options...
sjc Posted December 30, 2014 Share Posted December 30, 2014 Right, again I need to stress how clueless I am about insolvency and suchlike (and it's not in some knowing Columbo way; it's genuine), but that sounds sane enough to me.What is it you're suggesting then? That Ashley acquires the property (intellectual and physical) then admin happens anyway, meaning any subsequent buyer is buying what exactly - this ethereal entity that is a club, but one it's impossible to raise serious money from or with, as rent and merchandise all go Ashley' s way?Is that what you mean or am I mistaken here? FWIW That's how I read it mate. 0 Quote Link to comment Share on other sites More sharing options...
Mark Connolly Posted December 30, 2014 Share Posted December 30, 2014 What on earth has he just said to Llambias in this picture? 0 Quote Link to comment Share on other sites More sharing options...
Monkey Tennis Posted December 30, 2014 Share Posted December 30, 2014 What on earth has he just said to Llambias in this picture? "And don't you worry about this AGM thing. I'll have them eating out the palm of my hand." 0 Quote Link to comment Share on other sites More sharing options...
sjc Posted December 30, 2014 Share Posted December 30, 2014 Yes .. agreed. However if King (unlikely) or others fail to agree on favourable terms during negotiations ... I'm sure Mike's pockets are big enough to be satisfied with the profits so far and liquidate, he'll worry about selling or utilising the secured assets later, There is also the matter of Chuckie's onerous contracts to consider. True.....but like the assets, the onerous contracts rely upon the supporters coming through the turnstyles. Liquidation will be the final bargaining chip for those who own the Assets/Contracts. It's a fcuking strange one for sure! 0 Quote Link to comment Share on other sites More sharing options...
Stu Posted December 30, 2014 Share Posted December 30, 2014 Was watching the woeful Goal 3 last night when who should make a cameo appearance in a discussion with agents but Mike Ashley. He delivered one line and some quick Googling reveals he paid £3million for the privilege. That sort of approach to finance shows why he's the ideal man to turn Rangers around. 0 Quote Link to comment Share on other sites More sharing options...
WeeHectorPar Posted December 30, 2014 Share Posted December 30, 2014 Ashley knows that if the company/club/entity goes into admin and he has claim over Ibrox/MP/the badges, etc then all he needs to do is let the company be liquidated. There will be no shortage of rich "Rangers men" queuing up to pump money into "their club" and there is no way this club will not play at Ibrox. He will have them and the fans over a barrel and won't even come under surveillance by the SFA as he won't need to have any shares in the company. He will just sit back and rake in the cash.Rent on Ibrox rising once in Premier League, rising again once in Europe. Club responsible for all maintenance on the stadium. Percentage of sales of young players from MP. He'll even own all the trophies and the "history" of the club. What is there not to like about it? 0 Quote Link to comment Share on other sites More sharing options...
stonedsailor Posted December 30, 2014 Share Posted December 30, 2014 I agree with most of that......in that he'll end up gaining the assets via secured loans but in order to receive benefit from these assets he needs a team in blue playing at Ibrox every other week.........which kind of rules liquidation out (not necessarily administration though(. Why would it rule out liquidation? A new club would spring up, calling itself Rangers only this time they'd be renting their properties instead of owning them. It's probably been the plan all along and the SFA have been cornered into changing their rules to facilitate this very scenario. Shrewd work by Chucky and his gang. Between severance payments, share handouts, loan securities, exuberant wages etc they have tied up everything. 0 Quote Link to comment Share on other sites More sharing options...
nsr Posted December 30, 2014 Share Posted December 30, 2014 What on earth has he just said to Llambias in this picture? He's proudly showing off the nice classy gazebo he bought for the AGM. 0 Quote Link to comment Share on other sites More sharing options...
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