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New £10m Ibrox loan is bad news for Micky Beale’s Transfer War-chest

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Despite record breaking turnover, record breaking profit (a loss of £900,000) and record breaking player sales RIFC have taken on a £10m loan from John Bennet since the club published their accounts for the year to 30 June 2022.

The loan from the vice-chairman comes with a 5% interest rate, since Dave King was repaid with interest in 2021 other investors/loanees have insisted on an interest rate rather than being repaid in worthless shares.

Bennett should pick up £500,000 in interest per year on his loan which is the equivalent of around 800 full priced Season Tickets.

Predicting a £10m shortfall on income against expenditure this season isn’t a good look for Micky Beale’s Transfer war-chest, it looks like sales will be order of the day with a few player loans similar to Aaron Ramsey, Amad Diallo and James Sands will be thrown at the manager to make the most of.

Covering the loan from Tuesday’s AGM, the Glasgow Times reports:

The deputy chairman also explained some of his loan has been converted into club equity. He revealed his equity has risen to 5.1 percent with £500k of his loan shifted into equity.

Mr Bennett then, offering his own “valid context” to the question, explained he has given the club a further “new working capital facility” of £10m with a five percent interest rate.

The outstanding loan on the seven-year facility – which now has six years to run – is £8m,” said Mr Bennett in response to the loan repayment question. It’s the same rate as last year, which is six percent.

Can I put that in a wee bit of context just on my own personal commitment to the club. Some of my loan has been converted to equity, £500,000.

I’ve since then bought shares, so I’ve gone to 5.1 percent of the equity. I’ve also in recent weeks given the club a £10m overdraft facility at five percent. So my commitment is now £23m.”

Some good news is that John Souttar is expected to resume light training in the next 7 to 10 days.

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  • Scud Missile says:

    Ah the auld Freemasons Catalogue payments a new klub but te same auld method of payments.

  • John A says:

    John Souttar back in light training lol

  • harold shand says:

    Weird how the hacks at the Record were asking if Beale would be backed these last few days , for them that was one of big questions to be asked at the AGM .

    No mention of it in the story about the AGM in their rag this morning though

    • Clachnacuddin and the Hoops says:

      Hope when you read it Harold that you picked it outta a bin and surely as a Hoops fan didn’t pay for it or contribute to the scumbags online either !

      Oh and if you did have the misfortune of touching it then please wash your hands with the strongest safe available cleaning agent as that publication is vermin through and through as the blog kindly reports to us non buyers what they print about our beloved Hoops !

      To ALL CELTIC SUPPORTERS – Please do not put even a half penny towards this utter gutter rag !

      • harold shand says:

        Nah I don’t buy it mate , it’s in the canteen in my work along with other papers and after I’ve read it I take it to the bog for a*se paper usage

  • Voice of Reason says:

    Why stick yir Dough in the bank at 2% per annum when the FILTH il stump up 5! Easy money as they say as is betting the Hoops on Jan 2nd!! Hopefully get 6/4!!

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