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Big Rangers Administration/Liquidation Thread - All chat here!


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Is this Rangers first before any other club or Rangers first before any other club called Rangers?.

I would have thought Rangers Direct would be a name that would have more of an intent about it than Rangers First. It would imply Direct action against any that would tarnish the good name of the new club since there has been much that has tarnished the company since its brand relaunch.

Sounds too much like Sports Direct.

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DL = Derek Llambias

BL = Barry Leach

Rangers Board Directors Welcome and Introductions

- DL further went on to state that if the RFB stated that he was a ‘liar’ again about the wrong EGM date being given and our subsequent post on our Facebook page) then he would have nothing further to do with the RFB thereafter.

EGM

DL: When we discussed the AGM, the behavior of those at the AGM basically hijacked the meeting. It was a disgrace. We don’t want it to get hijacked again which is why it is in London

EGM is much more limited than an Annual General Meeting, and therefore the event may be an anti-climax to those who are anticipating a re-run of the AGM. The Directors are unlikely to add anything – they have made their case in the circular. (The entire board does not even have to attend), so the meeting will comprise reading the notice and voting; it could be done in 20 minutes

In the event that the meeting was overwhelmed or disrupted (if the Hotel was intimidated into cancelling the booking) then the meeting would need to be adjourned which is likely to result in a new notice – in practice a month’s delay.

THE COMPANY & ITS FINANCES

DL: We are a football club who are playing rubbish football

DL: Discussion around the Daily Record and their behavior towards the club for some time. They are a law unto themselves, we couldn’t allow them access to then write untrue copy, and had to be banned.

DL: Sports Direct has a football priority going forward and affiliation with 5 different clubs: Oldham, Sheffield Wednesday, Portsmouth, Newcastle and Rangers. Their model is taking over as many retail operations in football clubs and putting them ‘into the SD machine’ for ongoing retail revenues. I believe they can help Rangers sell more shirts overseas than we could ever have done on our own.

BL: We burn £1.2-£1.5M per month (an alarming rate) depending on game fixtures. 32RED are the sponsors for the next 2-years. Rangers gets approx. £300K per year from this.

BL: Not for minuting – the Three Bears sh*t themselves when they thought we’d accept their deal.

DL: Sarver came in with three different offers per share that were well below market value. He would need to get 75% agreement from the shareholders. It wasn’t a real deal – it appeared to be either trying to get the club for cheap, or a PR exercise.

Q. Can you explain paying £1.1m for screens and wifi when the company charged 300k and furthermore, why was the cash sent to a company in Dubai?

DL: We wouldn’t take anyone to court as that would cost more than it would be worth if we were to pursue this as there isn’t enough evidence that there was wrong-doing, it was incompetency if we were to pursue this .During the period when Mr. Wallace was CEO, he got a similar quote even though the screens and wifi were in to see if it had been a good deal for RFC, it wasn’t but deal had been done, via a company in Dubai.

BL: We checked with IT and we had 75 mobile phones, and have subsequently dropped that to around 45.

Edited by G-MAN
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The management of the first hotel changed their mind about hosting the EGM because of the potential for bother and the likely impact on their other guests. Given the media coverage and the controversy around this its not a huge surprise.

What is a surprise is that they have supposedly found another hotel that has no such concerns. Mmmm.

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I think we can all agree that people from the Kingdom are genuinely incredible people: handsome, kind, intellectual, generous lovers, handy in a scrap, loyal, witty, artistic, wise beyond their years, cultured, modest etc etc.

Jealousy is a curse, ain't it?

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New hotel has been chosen. The Grange Tower Bridge. 5 stars of course

how many can attend the egm?. The last hotel held 500. And how long before they change their mind after they start getting bombarded by phone calls and e:mails from the Rangers supporters.
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From The Herald

Deloitte formed the opinion after considering the future financial position, including the need to raise more funds if the Championship club are not promoted this season.

It also raised a fresh warning over the "uncertain outcome" of former Ibrox kingpin Craig Whyte's legal battle over ownership, after considering the "adequacy" of director disclosures over the case.

Details of the concerns come in newly published accounts for the year ending June, 2014 which showed that The Rangers Football Club Ltd (TRFCL), recorded a loss of £8.1 million - a 54per cent drop on the previous year (£17.6 million).

Whyte, the venture capitalist, who bought Sir David Murray's majority shareholding in Rangers in May 2011 had always insisted he was the main driver behind Sevco 5088.

The company was identified by administrators in May 2012 as being the newco that was "contractually obliged" to purchase the assets and business of operating company RFC 2012 plc out of administration.

Whyte and his associate, Aiden Earley, have argued that former chief executive Charles Green was working alongside them and that they, consequently, are the rightful owners.

Rangers directors have consistently insisted the claims are of no merit.

Auditors took into account the need for more funding and the directors assumptions in reaching the belief that the company had the resources to continue to operate indefinitely.

Directors of TRFCL, the engine room Rangers subsidiary, in making its 'going concern' assumption said forecasts were "critically dependent on the football performance for the rest of the current season" and that the team were promoted to the top flight club at the end of this season.

Rangers dropped to third in the Championship table after a 2-0 defeat at Ibrox to second placed Hibs on Friday and now trail leaders Hearts by 22 points. The leading side get automatic promotion leaving the second, third and fourth placed teams to fight it out with the Scottish Premiership's second bottom team for the right to be in the top flight.

The accounts show that TRFCL owes parent company Rangers International Football Club Plc (RIFC) £15.667 million which are repayable on demand, but the controlling holding company had no intention to claim the money back "in the foreseeable future".

Operating costs dropped from £35.304 million in 2012/13 to £25.297 million, staff costs went down from £17.616 million to £13.966 million and the wages to turnover ratio for the year dropped from 44per cent to 38per cent.

The annual report signed off by chairman David Somers says there would be "significant operating profit impact" next year if Rangers were not promoted and indicated the timing of related cashflows would require the need for further funding "towards the end of the period through to the end of January 2016".

Last month Rangers secured a new refinanced short-term £10 million loan from Sports Direct to prevent the business suffering an insolvency.

The board's 'going concern' statement also included a "key assumption" relating to a rise in season ticket numbers and prices this financial year to reflect an expected return to the Scottish Premiership.

Accounts show the number of season ticket sales dropped from 38,228, to 36,039, before the start of this season. But it is known that Ibrox attendances this campaign have slumped to as low as 11,190 in the wake of growing unrest over the club's financial dealings.

Auditors Deloitte said the conditions around the need for further funding and other factors including the directors' own going concern statement indicated "the existence of a material uncertainty which may cast significant doubt over the company's ability to continue as a going concern and therefore that the company may be unable to realise its assets and discharge its liabilities in the normal course of business".

It also said that while the company were satisfied after a thorough investigation that Whyte's claims have no legal merit.

Mr Green has denied that Whyte or Mr Earley were involved in Sevco 5088.

Rangers say Mr Green was the sole director and he had resigned to be the founder director of Sevco Scotland Ltd, the company that took over the assets of the club. It became TRFCL.

Mr Somers while acknowledging there were going concern worries, said that directors "believe that there is a reasonable expectation that the company and its parent company Rangers International Football Club plc will have adequate resources to continue in operational existence for the foreseeable future".

Meanwhile, it has been reported that the club has found a new venue in London for its extraordinary general meeting on March 4, after the original hotel pulled out.

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