disgruntled_bear Posted April 19, 2011 Share Posted April 19, 2011 STV understands Rangers directors Dave King and Paul Murray are the men behind an alternative proposal to invest £25 million in the club.South African businessman King, who is currently listed as a non-executive director of the club, invested £20 million in Rangers in March 2000. Murray meanwhile has been on the board since 2007 and is a chartered accountant by trade.In a statement on Tuesday, chairman Alastair Johnston, who is also heading up a vetting committee for any sale, cast doubt on the sale of the majority shareholding in the club to interested buyer Craig Whyte, saying the board were yet to receive proof he had "sufficient funding in place to meet the pressing needs of the club".As an alternative, King has proposed raising fresh funds and Johnston says it is an option which is under consideration, while their deliberations over the Whyte deal continue."To this end the board has had an approach from one of its directors who wishes the board to consider an alternative funding option," Johnston said in his statement."This would involve a fresh issue of new capital to raise £25 million to be invested directly into the club."The board believes that it has a responsibility to examine this proposal whilst continuing its review of the Craig Whyte transaction."Johnston claimed the committee set up to approve Whyte's deal are not satisfied with the financial commitment put forward by the businessman to run the club following any takeover"The Independent Sub-Committee of the board of Rangers Football Club plc wish to clarify certain media comment and speculation relating to its position with respect to the proposed transaction amongst the Murray Group, Craig Whyte and the Lloyds Banking Group."We have fiduciary duties to look after the interests of all the stakeholders in the club. In particular, we have legal responsibilities to ensure that the proposed transaction serves the best interests of the 26,400 minority shareholders, many of whom are season ticket holders."For some time the board has had major concerns about its engagement in the process. After nearly six months of negotiation, we have only very recently had the opportunity to meet Craig Whyte and his team."Moreover, it is only in the last few days that we have started to receive the draft agreements outlining the transaction, although we are still awaiting a detailed working capital statement demonstrating that there is sufficient funding in place to meet the pressing needs of the club."Based on the documents we have only been able to review within the last week, we are disappointed that they ultimately did not reflect the investment in the club that we were led to believe for the last few months would be a commitment in the purchase agreement."Given the requirement to repay the bank in full under the proposed transaction, there appears to be only a relatively modest amount of money available that would positively impact the club's operations, especially as it relates to an urgent requirement to replenish and upgrade the playing squad."Whilst the proposed transaction has addressed the interests of Lloyds Bank, the Murray Group and Craig Whyte, our perspective is solely directed towards the future of Rangers Football Club."After six months of limited engagement in the process, the board believes that is not in the best interests of its stakeholders for it to be pressed into an unrealistic timescale."On Monday, I [Johnstone] had a lengthy conversation with Craig Whyte explaining the dilemma that the board now faces. It was a constructive and healthy dialogue, and whilst he expressed his frustration, he understood our position."We agreed to remain in touch in terms of working towards a resolution that is in the best interests of all parties involved as we receive more information relating to his financial commitment to Rangers Football Club."http://sport.stv.tv/football/scottish-premier/rangers/244385-king-behind-rangers-plan-for-fresh-25-million-investment/Interesting... Link to comment Share on other sites More sharing options...
Lee_RFC Posted April 19, 2011 Share Posted April 19, 2011 very intresting Link to comment Share on other sites More sharing options...
JRodgA2k8 Posted April 19, 2011 Share Posted April 19, 2011 But what do they want in return? Can't be as simple as an investment of that value, obviously more to this...Whyte is reported as raging with this announcement and dennouncement of his bid and I can't blame him in a way.Anyways...the plot thickens Link to comment Share on other sites More sharing options...
H72 Posted April 19, 2011 Share Posted April 19, 2011 For all the people that felt unsure of Whyte, it's only just got worse with King. Link to comment Share on other sites More sharing options...
Jimfanciesthedude Posted April 19, 2011 Share Posted April 19, 2011 i love how they put forward this 25 million for the playing squad. Without actually going into detail what we will do about the crippling debt and the need for a low wage structure because of this debt Link to comment Share on other sites More sharing options...
Jimfanciesthedude Posted April 19, 2011 Share Posted April 19, 2011 For all the people that they felt unsure of Whyte, it's only just got worse with King.a crooked con man. It concerns me greatly that anyone wishes to involve this man in any future for our club Link to comment Share on other sites More sharing options...
Maxou Posted April 19, 2011 Share Posted April 19, 2011 Kings would have betrayed Whyte ?! Link to comment Share on other sites More sharing options...
The Hammer 11 Posted April 19, 2011 Share Posted April 19, 2011 They can get to fuck sack the board they were quite happy to see loyds nearly cripple us as the club and lose some good players the quality of football and facilities decline whie still lapping up the fans money THESE guys don't have rangers best interests at heart !.Would rather have whyte Link to comment Share on other sites More sharing options...
Goianegra Posted April 19, 2011 Share Posted April 19, 2011 There's been loads of news today... I think something's going to happen soon. Link to comment Share on other sites More sharing options...
saintbob1969 Posted April 19, 2011 Share Posted April 19, 2011 to put things a little in perspective Rinat Akhmetov pays record £136.4m for apartment at One Hyde ParkUkraine's richest man spends record amount for a UK home after buying two Knightsbridge flats totalling 25,000 sq ftIf property can be worth that what price Rangers? we are well worth that and more aren't we? Link to comment Share on other sites More sharing options...
stampyurie Posted April 19, 2011 Share Posted April 19, 2011 If this is the way the directors want to go without dealing with our debts which whyte has agreed to clear; i dont think our club could go much longer with the egos that run (ruin) us Link to comment Share on other sites More sharing options...
Redwhiteandblue Posted April 19, 2011 Share Posted April 19, 2011 a crooked con man. It concerns me greatly that anyone wishes to involve this man in any future for our clubExactly. The mans a criminal. But if he's a proper Gers man, criminal or not, he will do whats best for RFC. Hopefully legally. Link to comment Share on other sites More sharing options...
outlaw69uk Posted April 19, 2011 Share Posted April 19, 2011 i love how they put forward this 25 million for the playing squad. Without actually going into detail what we will do about the crippling debt and the need for a low wage structure because of this debtI love how they "find" it as their cushy positions become potentially threatened, but, NOT when the club has needed it over the last couple of years Link to comment Share on other sites More sharing options...
Bothwellbear Posted April 19, 2011 Share Posted April 19, 2011 this is stressing me out, this and the game tonight, old firm on Sunday, Uefa bans......... its not easy Link to comment Share on other sites More sharing options...
blueben_d Posted April 19, 2011 Share Posted April 19, 2011 Why not do both? Whyte buys us and pays the debt and then do a capital issue then give mccoist 25 mill to spend this summer and a further 25 over the following 4 years as per whytes plan. Link to comment Share on other sites More sharing options...
scottyboyblue Posted April 19, 2011 Share Posted April 19, 2011 I for the life of me, cannot understand how these two have sat on the board for this long and not been able to offer no help, then all of a sudden, they can help fund the club to the tune of 25 mill, av said it before and i'll say it again, i smell a rat Link to comment Share on other sites More sharing options...
AlCapone Posted April 19, 2011 Share Posted April 19, 2011 to put things a little in perspective Rinat Akhmetov pays record £136.4m for apartment at One Hyde ParkUkraine's richest man spends record amount for a UK home after buying two Knightsbridge flats totalling 25,000 sq ftIf property can be worth that what price Rangers? we are well worth that and more aren't we? Wish I had a bank manager like you Link to comment Share on other sites More sharing options...
Thermopylae Posted April 19, 2011 Share Posted April 19, 2011 this is stressing me out, this and the game tonight, old firm on Sunday, Uefa bans......... its not easyFuture historians of the club will look back at this time and wish they could have been here living it ... so enjoy Link to comment Share on other sites More sharing options...
californiadreamin52 Posted April 19, 2011 Share Posted April 19, 2011 to put things a little in perspective Rinat Akhmetov pays record £136.4m for apartment at One Hyde ParkUkraine's richest man spends record amount for a UK home after buying two Knightsbridge flats totalling 25,000 sq ftIf property can be worth that what price Rangers? we are well worth that and more aren't we?No it`s a buyers market Link to comment Share on other sites More sharing options...
gandhisflip Posted April 19, 2011 Share Posted April 19, 2011 25m is all well and good - that clears te debt and leaves us in same place as a whyte takeover without additonal funds. It does sound like some people are trying to hang on Link to comment Share on other sites More sharing options...
StoneyGer Posted April 19, 2011 Share Posted April 19, 2011 I just had dinner with a prominent South African businessman in Asia tonightHis opinion was that King (someoneone he deals with) was being persecuted as an example to the white business community in S.A and that the case loooked like extending in to 2 - 3 years durationBUT the general feeling was that he would actually be exonerated by the endAnyway a long process but hopefully benefiicial to the club in the end Link to comment Share on other sites More sharing options...
ScotBear Posted April 19, 2011 Share Posted April 19, 2011 I think we should all calm down a bit. I don't think anything has happened today that create hysteria and panic amongst the support.The board have only recently been given the finer details of the Whyte deal and their main concern is obviously the level of investment that will be made in the team. This has obviously fallen well below their expectations. This being the case, I don't see any issue with them taking a reasonable amount of time to assess and consider these details further. Another week, after 6 months of waiting, is not going to be a deal breaker.As for the King offer, great. The more options we have available to us the better, and the board are perfectly correct to give this serious consideration. If it's a complete no goer, then fine......but they should be given some patience to consider this new proposal. On a side note, I don't think it's right or fair, to say the least, for any of us to be calling Dave King a criminal on a public forum.I don't believe for a second that the likes of Greig, Johnston and Bain are not acting in what they believe to be the best interests of the club and it's support. I think it's only right that we show a bit of faith and trust in them at this time. They are as desperate as the rest of us for a takeover that is good for Rangers to take place.........they will not be delaying the deal without good reason. Link to comment Share on other sites More sharing options...
Spacecowboy Posted April 19, 2011 Share Posted April 19, 2011 to put things a little in perspective Rinat Akhmetov pays record £136.4m for apartment at One Hyde ParkUkraine's richest man spends record amount for a UK home after buying two Knightsbridge flats totalling 25,000 sq ftIf property can be worth that what price Rangers? we are well worth that and more aren't we?we are only worth what someone is willing to payFrankie said a few weeks back there was a counter offer brewing - its a pitty its all so late in the day.we could end up with nothing if we piss whyte off and the other offer comes to nothing.I wish they could all get together and some up with the most possible for the club Link to comment Share on other sites More sharing options...
StoneyGer Posted April 19, 2011 Share Posted April 19, 2011 I think we should all calm down a bit. I don't think anything has happened today that create hysteria and panic amongst the support.The board have only recently been given the finer details of the Whyte deal and their main concern is obviously the level of investment that will be made in the team. This has obviously fallen well below their expectations. This being the case, I don't see any issue with them taking a reasonable amount of time to assess and consider these details further. Another week, after 6 months of waiting, is not going to be a deal breaker.As for the King offer, great. The more options we have available to us the better, and the board are perfectly correct to give this serious consideration. If it's a complete no goer, then fine......but they should be given some patience to consider this new proposal. On a side note, I don't think it's right or fair, to say the least, for any of us to be calling Dave King a criminal on a public forum.I don't believe for a second that the likes of Greig, Johnston and Bain are not acting in what they believe to be the best interests of the club and it's support. I think it's only right that we show a bit of faith and trust in them at this time. They are as desperate as the rest of us for a takeover that is good for Rangers to take place.........they will not be delaying the deal without good reason.This is a good opinion.Boardroom decisions take a huge amount of time and due diligence so lets all please remain calm Link to comment Share on other sites More sharing options...
Thermopylae Posted April 19, 2011 Share Posted April 19, 2011 I just had dinner with a prominent South African businessman in Asia tonightHis opinion was that King (someoneone he deals with) was being persecuted as an example to the white business community in S.A and that the case loooked like extending in to 2 - 3 years durationBUT the general feeling was that he would actually be exonerated by the endAnyway a long process but hopefully benefiicial to the club in the endSounds feasible.It would be good if we had 2 bidders for the club but we want the winner to win on merit and not because of vested interests on the present board Link to comment Share on other sites More sharing options...
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