On Friday Micky Beale was telling the broadcast media that he will have an unrestricted transfer budget in the summer.
Today Companies House revealed that three current directors plus various others have had £1.97m in loans converted into shares, a familiar move that the company has made over recent years to make ends meet.
With no transfer fees brought in during the January transfer window and no European ties in the second half of this season cash-flow since the turn of the year has been bleak.
Last summer Joe Aribo and Calvin Bassey, two of their lower earners, moved on with big commitments made to bring in Tom Lawrence, Rabbi Matondo, Ben Davies and Ridvan Yilmaz.
Friday March 31 was the deadline for submitting accounts to gain a European licence for next season, significantly this is now dealt with by UEFA rather than their Hampden cronies.
The latest share issues further dilutes Dave King’s stake in the club with Club 1872 pushed further into the margins. Director John Bennett’s loan was for £112,500.
At some stage this month Season Ticket renewals will go out, getting the timing and message right is vital to keep sceptical bears onside.
CLICK HERE for Companies House statement.
Rangers share allotment of 7.7m shares, converting £1.93m loans.
4m to John Halsted, 1m to George Letham, 0.45m to Bennett, & 2.3m to less than 3% holders.
That’s 12m shares for £3m since February. pic.twitter.com/pgaLWh1DrY
— GrandOLTeam (@JBLuvsCeltic) April 3, 2023
Investors loan money to Rangers. Instead of demanding repayment of the loans, they accept shares in the company.
— GrandOLTeam (@JBLuvsCeltic) April 3, 2023
Can they do a share issue mate when currents accounts are overdue as of March 31st? Wtf is going on over there ffs and how is it being allowed? OR is it a case of enough rope?
— Mr Chazz Dock (@chaz_doc) April 3, 2023
£2 million. Never to be seen again or is someone washing their laundry?
— Roberto (@Robayethenoo) April 3, 2023
Bearing in mind they are on a UEFA watchlist… is this allowed under the new sustainability regs?
— Michael McGowan (@mikemcgowan67) April 3, 2023
Rangers media accounts overdue also pic.twitter.com/JRu2VypiH6
— Greenman (@MrGreen18881967) April 3, 2023
I reckon UEFA have the accounts but they are not currently in the public domain.
I don’t think even they would pull a stunt like this without having lodged their accounts.
So with another 2 million quid in confetti shares dished out to keep the CIRCUS on the road,just how does the fresh fruit and veg man expect to get the cash from to buy players,when 2 million bucks was required to see out the month of March.