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Big Rangers Administration/Liquidation Thread - All chat here!


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I don't blame The Rangers fans on here for grasping at straws, I really don't. With everything that has happened and is still happening then they are desperatedto believe that a saviour might be just around the corner.

However I am astonished at their naivety. As has been pointed out nothing that has happened today has diminished Ashley's involvement or influence one iota. Any new share issue will be offered to existing share holders pro rata, only the SFA restriction on Ashley will stop him from increasing his position but without the approval of Ashley and his associates the new investors will not be able to increase their shareholding to a level where they will have control.

Yeah, Im schocked to see the morons taking stauners over the latest heros, just a pity Sally has left or we'd have got his usual brown nose statement. Edited by THE KING
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Wish i'd known about this, i'd have voted for him too.

Finally, the winner is.. Whiterosekillie! Shock. Truly awful poster, so much so that many people on this site genuinely believe he's a celtic fan. Anyways, well done WRK you're officially the worst poster from Kilmarnock.

So it's not just Rangers who think that Norman is a greenyin then.

:lol::lol::lol: If it takes dishonesty to win prizes, it would kind of align me more to the Bloo Sisters, I would have thought?

Doesn't mention who believes this slander, really....

Maybe the same ones who believe in God, Allah, Santa, the Tooth Fairy, a viable club at ibrox...

Seems like you're a wee bit bitter, Vicky. I think we know who the "worst poster from Kilmarnock" really is... ;)

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Rangers power struggle takes new twist after Mike Ashley loses key ally in his quest for Ibrox boardroom coup Battle for power at Ibrox sees significant shift after Three Bears consortium acquires the largest single equity block in the troubled club
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Battleground: The battle for power at Ibrox took a new twist on new year's eve Photo: PA

6:17PM GMT 31 Dec 2014

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Mike Ashley has lost the ally whose support was crucial to his boardroom coup at Rangers. The significant shift in power at Ibrox came on a day of share trading which saw the Three Bears consortium acquire the largest single equity block in the beleaguered club.

The consortium’s purchase of 13.29 million shares from Laxey Partners ends a two-year long involvement at Ibrox by the hedge fund, which is registered in the Isle of Man. The Three Bears – wealthy supporters Douglas Park, George Letham and George Taylor – have also tabled an offer of £6.5 million to underwrite a share issue designed to raise £8 million and head off an imminent funding crisis.

Without Laxey, Ashley could not have removed Graham Wallace, the former chief executive, and Philip Nash, the former finance director, in the coup that gave the Newcastle United owner effective control of the Rangers board. Wallace and Nash were the only two members of the five man plc board – the others were chairman David Somers, James Easdale and Laxey nominee, Norman Crighton – who had prior experience as executives at football clubs.

Wallace and Nash judged that it was not in Rangers’ financial interest to accept an offer from Ashley in September of loan funding in return for control of such assets as the club’s crest and trademark. Ashley took his revenge by purchasing shares privately to increase his stake in the club to 8.92 per cent, having pulled back from underwriting an August share issue designed to ease Rangers’ cash flow.

When the next financial shortfall became apparent, Ashley made his move – detailed by Telegraph Sport on October 8 – by demanding an extraordinary general meeting to remove Wallace and Nash. To succeed, Ashley required the support of Sandy Easdale, the football club chairman, whose personal stake of 6.21 per cent of shares was added to his position as proxy for others, including Blue Pitch Holdings and Margarita Funds Holding Trust, to give him control over a block of 27.15 per cent of the shareholding.

Along with Ashley’s shareholding, this amounted to 36.07 per cent, well short of the majority required to win the vote at an EGM. However, with the support of Laxey, Ashley could command 52.39 per cent to ensure the removal of Wallace and Nash. At first Laxey – led by investment bankers, Colin Kingsnorth and Andrew Pegge – supported the two executives.

With Crighton on the board, the anti-Ashley faction held a 3-2 majority. It was at this time that Somers sent the now notorious email revealed by Telegraph Sport last week. In the email, Somers pleaded with an Ashley representative to keep Ashley’s takeover bid on track, because the board was minded to favour a rival offer from former Rangers director Dave King, whose success would put an end to the chairman’s tenure.

However, Telegraph Sport can also disclose that Crighton went on holiday later on October and, in his absence, pressure was put on Laxey to support Ashley’s offer of £2 million emergency funding (later increased to £3 million) in return for two board seats, which became available when Wallace and Nash were removed.

Crighton, the last of the old board, resigned on December 10. At the turbulent annual general meeting staged at Ibrox on December 22, at least one major shareholder – thought to be Laxey – voted against Somers’ re-election as chairman.

Acquisition of the Laxey block has put the Three Bears in a position of significant strength at Ibrox and the consortium is now the largest single holder of Rangers shares. While Sandy Easdale is still allied with Ashley, he and the billionaire owner of the Sports Direct retail chain – through which Rangers’ merchandise is sold – control 27.15 per cent of the club’s equity.

That is sufficient to give the pair right of veto on important issues, but a power shift has occurred – and for the first time in recent months, it does not favour Mike Ashley. It also raises questions about representation on the board because Laxey had one director, while Ashley – with a little more than half the equity of the Three Bears – has two.

Another issue is the viability of Dave King’s £16 million debt-plus-equity offer, rejected by the Rangers plc board in October. The South African businessman has maintained is still on the table but two of the Three Bears – Letham and Taylor – were also members of his consortium.

Telegraph Sport understands that there could yet be an alliance of the two groups, should the Three Bears' underwriting offer be accepted.

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Ashley is the only one so far to have done anything which might actually help to save Rangers, i.e. cutting costs. He's also got rid of Sally, which the fans apparently wanted. He is seen as a villain.

Sandy Easdale owns a bus company. He has 4.2 million shares. He is seen as a spiv and a villain, I'm not sure why.

Douglas Park, also owns a bus company. He has bought about the same number of shares as his part of a consortium. He is seen as a saviour.

Can anyone explain?

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Ashley is the only one so far to have done anything which might actually help to save Rangers, i.e. cutting costs. He's also got rid of Sally, which the fans apparently wanted. He is seen as a villain.

Sandy Easdale owns a bus company. He has 4.2 million shares. He is seen as a spiv and a villain, I'm not sure why.

Douglas Park, also owns a bus company. He has bought about the same number of shares as his part of a consortium. He is seen as a saviour.

Can anyone explain?

The Rangers fans just being stupid lashing out at anything that stops the juggernaut smashing everyone in their way to hearing Champions League music at Ibrokes once again.

Or because people are taking more money out than they are prepared to put in and the club should be funded no matter the cost to stop Celtic getting 10 IAR and surpassing 54 top tier titles.

Or they aren't Rangers men.

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The Rangers fans just being stupid lashing out at anything that stops the juggernaut smashing everyone in their way to hearing Champions League music at Ibrokes once again.

Or because people are taking more money out than they are prepared to put in and the club should be funded no matter the cost to stop Celtic getting 10 IAR and surpassing 54 top tier titles.

Or they aren't Rangers men.

The longer Celtic are apart from Rangers and if they continue to fail to make the Champions League stages the more likely a challenge from Aberdeen, Dundee Utd or dare I even suggest Hearts to their quest for 10iar.

Without Rangers or UCL money Celtic are regressing hugely.

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No, we are just cutting our cloth accordingly.

this is a phrase that really boils my pish. the proper idiom is, "Cut your coat according to your cloth.". Subtle but important difference.

So the 3 Bears? Saviours? Naw. Or maybe, 'Not yet'.

The crucial paragraph is in the article posted by Wee Hec:

The consortium’s purchase of 13.29 million shares from Laxey Partners ends a two-year long involvement at Ibrox by the hedge fund, which is registered in the Isle of Man. The Three Bears – wealthy supporters Douglas Park, George Letham and George Taylor – have also tabled an offer of £6.5 million to underwrite a share issue designed to raise £8 million and head off an imminent funding crisis.

So was today's share purchase paid for out of the £6.5M 'war chest' or is it in addition to what has been offered? The answer is V Important.

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The longer Celtic are apart from Rangers and if they continue to fail to make the Champions League stages the more likely a challenge from Aberdeen, Dundee Utd or dare I even suggest Hearts to their quest for 10iar.

Without Rangers or UCL money Celtic are regressing hugely.

Indeed. And the beauty of it is, their fans, in the main, believe that, because their former Business Partners are no more/crippled*, all those lovely records are there for the taking. As we've seen, though, failure to do all that well in Europe leads to a stripping back of the playing budget, as does a fall in ST sales**.

*Delete according to level of delusion.

** I wonder what could have caused that? :rolleyes:

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The longer Celtic are apart from Rangers and if they continue to fail to make the Champions League stages the more likely a challenge from Aberdeen, Dundee Utd or dare I even suggest Hearts to their quest for 10iar.

Without Rangers or UCL money Celtic are regressing hugely.

I know the idea that without a Rangers FC in the top flight will mean less money for Celtic and the decline will continue with each passing year there isn't a Rangers FC there. All Celtic need is a title challenger who each season push Celtic further and further to the title so it becomes a battle each season.

Aberdeen are looking more promising since Rangers went bust, Dundee Utd are too inconsistent but are a threat. Hearts & Hibs dropping down a division certainly hurt Celtic's finances, this is what no one factored into the equation and just focused on Rangers going tits up. I know a lot of Celtic fans who just said fcuk this after HIbs & Hearts got relegated as they seen them as real threats and thought the league was just too pish to pay money to go to without the Capital clubs in the division.

Should Hearts & Hibs go up this season there will be more ST's shifted at Parkhead, both bigger clubs and decent fanbase that follow them and usually play much better football than the rest and worth buying an ST for.

Seeing 3 of the biggest clubs disappearing from the top flight within a couple of years to most fans of Celtic viewed the league as weaker and the title was there for the taking, so what was the point a few have said to me if the league was already won.

Should Utd & Aberdeen keep up the title fight there will be an increase in the actual gate at Parkhead if it is still on after the split. :)

I await for your club next season to help shift our ST's SJC :) , let's face it Celtic will see Hearts as the biggest rivals next season if they keep getting better and next season may bring in much better quality players with the extra revenue in the top flight. :P

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this is a phrase that really boils my pish. the proper idiom is, "Cut your coat according to your cloth.". Subtle but important difference.

So the 3 Bears? Saviours? Naw. Or maybe, 'Not yet'.

The crucial paragraph is in the article posted by Wee Hec:

The consortium’s purchase of 13.29 million shares from Laxey Partners ends a two-year long involvement at Ibrox by the hedge fund, which is registered in the Isle of Man. The Three Bears – wealthy supporters Douglas Park, George Letham and George Taylor – have also tabled an offer of £6.5 million to underwrite a share issue designed to raise £8 million and head off an imminent funding crisis.

So was today's share purchase paid for out of the £6.5M 'war chest' or is it in addition to what has been offered? The answer is V Important.

It really, really isn't. Teams who compete (note the word) in European football spend these sums and more for players who aren't necessarily even used in the CL/EL, but fill in for the first team on domestic duties. Your lot need it to keep the lights on - so that you can get a good view of your bright young prospects heading South. In terms of the rangers ever being competitive, ten times that sum would have been useful - but even then they pissed it away winning the seaside leagues. Well Done.

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