GLASGOW, SCOTLAND - DECEMBER 17: (L-R) Rangers Chairman John Bennett, CEO James Bisgrove and Douglas Park during the Viaplay Cup Final match between Rangers and Aberdeen at Hampden Park, on December 17, 2023, in Glasgow, Scotland. (Photo by Craig Foy/SNS Group via Getty Images)
According to Chris Jack of the Rangers Review the Ibrox takeover is running to plan with everything hunky dory regarding the deal.
There is very little reference these days to the San Francisco 49ers with Andrew Cavenagh the main man, heading up the consortium about to sweep into power, bring about regime change and all the usual trash that is associated with matters at Ibrox.
Other than selling up a private Healthcare company little is being disclosed about Cavenagh but he is a soccer guy and has been taking advantage of hospitality set up by Dave King for him over the last few weeks.
Led by the Rangers Review and Daily Record loyal bears are starting to plan next season’s treble winning celebrations with a squad of players assembled over the summer months, ready to end Celtic’s domination of Scottish football.
What could possibly go wrong?
Why has no media outlet contacted Douglas Park to find out how happy he is about the transformation that is about to happen at his favourite football club?
Without any details of prices or shareholdings the Rangers Review reveals how straightforward the deal will be:
Chairman Fraser Thornton and Patrick Stewart, the chief executive officer, are likely to remain in post following the transfer of power. Former chairmen Dave King and John Bennett are set to offload their entire shareholdings, worth over 20 per cent of RIFC plc combined, while several others will part with a percentage of their current holdings. On completion, Cavenagh and 49ers Enterprises will control at least 51 per cent of Rangers.
Cavenagh and Marathe will call the shots. It is understood that other investors may come on board down the line, but their influence will be minor in comparison to those who are leading the way right now. Gretar Steinsson, the 49ers Enterprises technical director, joined Cavenagh at matches with Fenerbahce and Celtic last week and is the group’s trusted voice on footballing matters. There is the small matter of a sporting director and manager to appoint before the start of next season.
With King and Bennett apparently keen to sell Cavenagh and his consortium have a bit of work to do to get another 31% of the shares.
Last week current shareholders wrote off £5.3m in return for shares being valued at 20p, you’d have to assume that they weren’t buying them to sell on at a discount a few weeks or months later with the timeline dependent on which group of messengers are sharing the good news.
Douglas Park, George Taylor and Stuart Gibson together own 31%, it is unlikely that they will sell part of their holding to give someone else control and potentially be left with worthless stock. Just like King presently has.
It will cost around £50m to get 51% of the shares if they are sold at 20p each, to take control of a company on course for losses of just under £30m this year.
Park and Bennet have interest paying loans of £23m in the club, they can demand repayment at any time as King did in March 2020.
Reading through the Ranger Review it all seems so straight forward, almost gift wrapped to share the good news ahead of Season Ticket renewals.
Agreeing share deals with five different people across four continents will require a lot of hard work- unless Cavenagh is just another tyre kicker as King tries any tactic to salvage something from his worthless shareholding.
Douglas Park has a number of major sponsorships in the club including New Edmiston House which hosts a non-football event twice a month.
(Photo by Craig Foy/SNS Group via Getty Images)
If the shares are bought by a ‘ consortium ‘ or whoever or whatever else , I would assume there would be loans from Bank’ s required in which to buy the shares …I could be wrong ? So, if that’s the case , then the Bank’s would technically own the Rangers majority of shares until the loans and interest payments are paid off ? I mean these individuals won’t be using their own personal savings and money to buy shares in an insolvent 13 year old club ..will they ? As i said earlier …I could be wrong !
Maybe this guy Cavenaugh is just enjoying the hospitality and free publicity?I
Who in Scottish / UK football had heard of this guy a few weeks ago?
Raising his profile here might help him buy an English lower league club…?
Ah the FAKEOVER,just how will they spin it when it all goes wrong,it will probably be Celtiic’s fault,or UEFA supposedly putting a block on the deal.
But until then the deal will continue to be kicked down the road,until they run out of road,at which point it will to late for the BENJAMINS in the sevco support,season book money will have been gathered in by then.
You couldn’t give this club to most people for free because of the massive year on year losses.
Ocam’s razor, no fecker is paying to buy Sevco
Shouldn’t it be called THE SEVCO REVIEW or is it just more Lies for Liebrox !
Educate me please…I know nowt about shares but I googled their share price and it came up as 35p….on various sites…??..Am i reading it wrong ?
Editor: There is no trading in their shares, just private transactions. Anyone wanting to buy will find plenty of sellers of pointless shares. Dave King holds 13% of the club shares and has zero influence, not even brogues and a blazer.
80M shares issued in 2016 @ 20p = £16M
Now 533M shares issued to get cash. 20p is a nominal value as shares aren’t traded on the LSE various avenues.
Simple dilution and shares are worth 3p. Brand has not grown much (if any) so market cap will be £30M at best -based on initial £16M
£15M gets control of company but how much debt is tied up in soft loans to directors and shareholders and what security do they have.
Due diligence never uncovers good news and requires confidentiality – rogue briefings could end the deal.
Legal and warranties from the sellers may well kill this.
Buying the shareholding will be the cheap bit. It’s the other stuff that will be the barriers – hence why King is pushing this. He doesn’t have any soft loans so he can now realise his loss on the shares and move on. At least he will get something. As for the others it depends on their appetite to write off debts.
Still a long way to go.
Editor: 20p is the nominal value that is put on each dilution, I’d say 3p per share is generous to get a horrendous loss making venture out of your portfolio. This article was based on the Mills & Boon stuff in the Rangers Review. Whoever was involved in the recent £5.3m loan to shares won’t be selling out a month or two later for mashers so the good news story doesn’t stack up.
Thanks for explanation guys…
Nowt to report and then soon as they get a bad result
Boom an hour later a Keith Jackson exclusive of nothing new
Set your watch by it