MacQuarie Bank has taken out a Notice of Charge on The Rangers Football Club on a loan forwarded ahead of receiving transfer fee installents.
At a time when Sky Sports News alleged that Due Diligence is taking place over a deal to buy 51% of the shares in the troubled company.
Gordon Duncan spent a day outside of Ibrox with the Breaking News story but nine days later there are no details over who is buying, who is selling and if the current board has granted access to the club accounts.
According to the 31 page document registered at Companies House the Notice of Charge relates to a loan secured against future incoming transfer fee instalments.
Usually existing shareholders would have loaned the money until the instalments are received but in this case they have had to take an external loan.
On Monday it was announced that £5.3m of loans from existing shareholders had been repaid in shares, diluting the holdings of all other such as Dave King and Club 1872.
Back in 2011 the old Rangers got into difficulties repaying Ticketus who provided loans in advance of Season Ticket money arriving in spring time.
It seems that there are serious problems meeting outgoings at Ibrox this season with payroll the biggest monthly bill.
Since the start of December £18m of loans from existing shareholders has been converted into more shares.
The so called San Francisco 49ers takeover has been downgraded to a consortium headed up by the mysterious Andrew Cavenagh.
With each passing days details of the financial distress of the 2012 Tribute Act is unravelling, in November 2010 Craig Whyte was leading a £30 takeover, by May 2011 he rolled a pound coin across a mahogany desk into the grateful hands of Dave Murray.
Losses of £17.2m were recorded for the year to 30 June 2024, for the current season it seems that losses with be nearer to £30m after Ibrox was closed at the start of the season and Dynamo Kiev killed off hopes of reaching the Play Off stage of the Champions League which brings a £4.5m payment from UEFA and an additional home match.
A deal is in place with Lens to sign Oscar Cortes for £4m in the summer on a permanent basis.
CLICK HERE for the Companies House document.
the rangers-like a bad smell that should’ve gone by now..!
London Branch?
Could they not get a loan in Scotland, then?!
Lol and the circus continues to roll into town,here is a wee cherry on top of the cake,that FUD David Edgar on one of their blogs is bragging about a 60,000 capacity stadium within the next 6 years.Oh F**K.
Let’s see how long before the ARSEHOLES in the Scottish press highlight the issue with loan being defaulted.
Remember earlier on this season the klub was bragging about no more court cases of people chasing them up for money.BOOM!.
Access denied on that link, Joe. Any idea of the figures?
At one time it was The Loan ‘Rangers’
But The ‘Rangers’ died…
And The Loan Sevco Just doesn’t have the same ring to it !
The Borrowers has a ring to it…
But the main news is Brian Laudrup is jetting in to back Barry
This must be an error as the new club are debt free……
HH
I’ll try and say this without laughing – The End Is Nigh. Lol, I did try.
And when do impatient suppliers drag RIFC to court for long overdue payments?
🙂
Presumably, the SFA knows who supplies the loan … and where the money comes from!?
It couldn’t just be … !
NO INCOME TAX NO VAT NO MONEY BACK NO GUARANTEES, you know how the rest of the song goes
Those ledger books that the ‘ consortium ‘ are doing their due dilligence on …will be excellent bedtime reading ! Lots of sleepless nights methinks ….advanced talks just became interrogation interviews !