Broxi1872 183 Posted March 17, 2014 Share Posted March 17, 2014 RANGERS BOARD REJECT KING PROPOSALThe Rangers board have rejected Dave King's plan to ring-fence season-ticket cash, the former director claims.King met with the ruling Ibrox regime on Friday for showdown talks about the club's worrying financial state.The club responded 24 hours later with a statement describing the meetings as a "helpful, open and honest discussion".But the South Africa-based businessman's proposed scheme - that would have protected season-ticket cash from being used to repay a controversial £1.5million loan handed to the new League One champions by investors Sandy Easdale and Laxey partners - was knocked-back by the board.The loan agreement is secured against the Albion car park and Edmiston House facility and will earn Laxey a £150,000 profit in either cash or shares when it is repaid next year.King says the board have addressed many of his concerns about the fallen Glasgow giants' future but revealed the two sides could not find common ground on the topic of season-ticket revenue.In a statement, the Castlemilk-born multi-millionaire said: "The only significant issue that I discussed with the board that is not contained in the board statement is the Laxey loan facility."Mr [Norman] Crighton, on behalf of the board, made a forcible argument as to why the board considered and approved the terms of the Laxey loan."The board considered that a combination of legal risk and the current financial position justified the loan terms."I replied that a consequence of the board's view of the high risk to anyone advancing funds to the club is the board's fiduciary responsibility to ring fence any season-ticket money that is received (even if fans don't request this) unless sufficient committed financing is in place at that time."The board did not agree with me on this logical consequence but I believe that my observation is correct."King looked set to go to war with the board when he advised fans to withhold season-ticket cash and instead pay it into a trust fund which would then drip feed the money to the club.He made his original call after complaining about a lack of transparency about the club's financial state following last year's £14.4million loss and rumours of downsizing to boss Ally McCoist's squad, which King feared would allow Celtic to rack up "10 in a row".On top of his concerns about season-ticket cash, the former director - who lost a £20million investment when the club was liquidated in 2012 - also expressed fears that the board would mortgage off Ibrox and Murray Park to secure fresh finance.But he added: "The board has now publicly dealt with each of the above. The board has affirmed that it regards competition with Celtic and in Europe as being its continued aim and that this outlook will be reflected in the business review that will be published within the next month."Crucially, that will allow fans sufficient time to consider the review prior to investing in season tickets but it is also important that the board has now confirmed categorically that they will not use Ibrox or Murray Park as security for any form of fund raising."No one should be in any doubt that this public statement and commitment is significant and should be appreciated as such."Statements from a public company board are intended to be relied upon so in a couple of weeks we can expect a business review that will reflect the board's ambition and a funding plan to achieve this."We can also rely on the fact that if circumstances change the board would be bound to advise the public in advance of this."He added: "The board has now communicated with the fans and has committed to do so in more detail within a month."Let us give the board time to comply with its commitment."I advised the board that I would wish to be a part of the required fund-raising as a component of a united fan group investment vehicle. This will require further discussion after release of the review in the next month." Quote Link to post Share on other sites More sharing options...
The Godfather 71,717 Posted March 17, 2014 Share Posted March 17, 2014 Oh goody, more bluster. Quote Link to post Share on other sites More sharing options...
quinty 1,445 Posted March 17, 2014 Share Posted March 17, 2014 Is that a pre-statement release statement stating that there will be a statement? Quote Link to post Share on other sites More sharing options...
Creampuff 22,628 Posted March 17, 2014 Share Posted March 17, 2014 Wonderful. Quote Link to post Share on other sites More sharing options...
Brian Fantana 28,894 Posted March 17, 2014 Share Posted March 17, 2014 timing is everything - just before the cup game tonight. Quote Link to post Share on other sites More sharing options...
smartypants 4,427 Posted March 17, 2014 Share Posted March 17, 2014 . Quote Link to post Share on other sites More sharing options...
Broxi1872 183 Posted March 17, 2014 Author Share Posted March 17, 2014 The Rangers board have rejected Dave King's plan to ring-fence season-ticket cash, the former director claims Quote Link to post Share on other sites More sharing options...
OneDavidCooper 2,505 Posted March 17, 2014 Share Posted March 17, 2014 Can't wait.Is it more advice on how I should invest my season ticket money? Quote Link to post Share on other sites More sharing options...
Dennistoun Rangers 426 Posted March 17, 2014 Share Posted March 17, 2014 An infamous, obese "Fans Chief" dipped his pockets at the recent meeting with fans. Quote Link to post Share on other sites More sharing options...
scarkev 3,540 Posted March 17, 2014 Share Posted March 17, 2014 The Rangers board have rejected Dave King's plan to ring-fence season-ticket cash, the former director claimsWell there's a shock....you'd have to be incredibly stupid to agree to that. Quote Link to post Share on other sites More sharing options...
Copland bear 7,966 Posted March 17, 2014 Share Posted March 17, 2014 The quicker this gets settled the better, the board must realize that Mr King won't be going away. Now for the good of the club get this sorted as I want to compete with the mhanky mob in 2 or 3 seasons not be battling with the likes of Hibes and Kilmarnock. Quote Link to post Share on other sites More sharing options...
WCPRANGERS1 2,997 Posted March 17, 2014 Share Posted March 17, 2014 Hours before our Scottish Cup replay.......timing is everything eh. Quote Link to post Share on other sites More sharing options...
linfield1690 4,249 Posted March 17, 2014 Share Posted March 17, 2014 Yassss maybe another card display Quote Link to post Share on other sites More sharing options...
CanadianBacon 2,088 Posted March 17, 2014 Share Posted March 17, 2014 Dave King to release a Statement shortlyOr as the South African Courts allegedly would have said (had big lumps of Rand not changed hands), "Duplicitous Dave will not be released any time soon!" Quote Link to post Share on other sites More sharing options...
simplythebest 11,453 Posted March 17, 2014 Share Posted March 17, 2014 Sick to my back teeth of this Quote Link to post Share on other sites More sharing options...
Frank Reynolds 3,359 Posted March 17, 2014 Share Posted March 17, 2014 Unless it's about his opinion on who should be starting tonight, I don't give a fuck.Football first. Quote Link to post Share on other sites More sharing options...
Agoram1 42 Posted March 17, 2014 Share Posted March 17, 2014 King also states he wants to let the board get on with it's commitments and that he will want more talks after 120 review is finished. He seems satisfied with everything bar Laxey loan. Quote Link to post Share on other sites More sharing options...
Broxi1872 183 Posted March 17, 2014 Author Share Posted March 17, 2014 RANGERS BOARD REJECT KING PROPOSALThe Rangers board have rejected Dave King's plan to ring-fence season-ticket cash, the former director claims.King met with the ruling Ibrox regime on Friday for showdown talks about the club's worrying financial state.The club responded 24 hours later with a statement describing the meetings as a "helpful, open and honest discussion".But the South Africa-based businessman's proposed scheme - that would have protected season-ticket cash from being used to repay a controversial £1.5million loan handed to the new League One champions by investors Sandy Easdale and Laxey partners - was knocked-back by the board.The loan agreement is secured against the Albion car park and Edmiston House facility and will earn Laxey a £150,000 profit in either cash or shares when it is repaid next year.King says the board have addressed many of his concerns about the fallen Glasgow giants' future but revealed the two sides could not find common ground on the topic of season-ticket revenue.In a statement, the Castlemilk-born multi-millionaire said: "The only significant issue that I discussed with the board that is not contained in the board statement is the Laxey loan facility."Mr [Norman] Crighton, on behalf of the board, made a forcible argument as to why the board considered and approved the terms of the Laxey loan."The board considered that a combination of legal risk and the current financial position justified the loan terms."I replied that a consequence of the board's view of the high risk to anyone advancing funds to the club is the board's fiduciary responsibility to ring fence any season-ticket money that is received (even if fans don't request this) unless sufficient committed financing is in place at that time."The board did not agree with me on this logical consequence but I believe that my observation is correct."King looked set to go to war with the board when he advised fans to withhold season-ticket cash and instead pay it into a trust fund which would then drip feed the money to the club.He made his original call after complaining about a lack of transparency about the club's financial state following last year's £14.4million loss and rumours of downsizing to boss Ally McCoist's squad, which King feared would allow Celtic to rack up "10 in a row".On top of his concerns about season-ticket cash, the former director - who lost a £20million investment when the club was liquidated in 2012 - also expressed fears that the board would mortgage off Ibrox and Murray Park to secure fresh finance.But he added: "The board has now publicly dealt with each of the above. The board has affirmed that it regards competition with Celtic and in Europe as being its continued aim and that this outlook will be reflected in the business review that will be published within the next month."Crucially, that will allow fans sufficient time to consider the review prior to investing in season tickets but it is also important that the board has now confirmed categorically that they will not use Ibrox or Murray Park as security for any form of fund raising."No one should be in any doubt that this public statement and commitment is significant and should be appreciated as such."Statements from a public company board are intended to be relied upon so in a couple of weeks we can expect a business review that will reflect the board's ambition and a funding plan to achieve this."We can also rely on the fact that if circumstances change the board would be bound to advise the public in advance of this."He added: "The board has now communicated with the fans and has committed to do so in more detail within a month."Let us give the board time to comply with its commitment."I advised the board that I would wish to be a part of the required fund-raising as a component of a united fan group investment vehicle. This will require further discussion after release of the review in the next month." Quote Link to post Share on other sites More sharing options...
jimmy millar 107 Posted March 17, 2014 Share Posted March 17, 2014 Well I am interested in what he has to say.The very fact some fans are upset at the timing in case it bothers the team,shows how much we need investment instead of payday loans.All ears Davy boy! Quote Link to post Share on other sites More sharing options...
iain1712 336 Posted March 17, 2014 Share Posted March 17, 2014 Hopefully he has remembered the combination to his wallet ? Unless he buys the investors out this is just going to drag on and on. Money on the table dave or fuck off ! Quote Link to post Share on other sites More sharing options...
jimmy millar 107 Posted March 17, 2014 Share Posted March 17, 2014 RANGERS BOARD REJECT KING PROPOSALThe Rangers board have rejected Dave King's plan to ring-fence season-ticket cash, the former director claims.King met with the ruling Ibrox regime on Friday for showdown talks about the club's worrying financial state.The club responded 24 hours later with a statement describing the meetings as a "helpful, open and honest discussion".But the South Africa-based businessman's proposed scheme - that would have protected season-ticket cash from being used to repay a controversial £1.5million loan handed to the new League One champions by investors Sandy Easdale and Laxey partners - was knocked-back by the board.The loan agreement is secured against the Albion car park and Edmiston House facility and will earn Laxey a £150,000 profit in either cash or shares when it is repaid next year.King says the board have addressed many of his concerns about the fallen Glasgow giants' future but revealed the two sides could not find common ground on the topic of season-ticket revenue.In a statement, the Castlemilk-born multi-millionaire said: "The only significant issue that I discussed with the board that is not contained in the board statement is the Laxey loan facility."Mr [Norman] Crighton, on behalf of the board, made a forcible argument as to why the board considered and approved the terms of the Laxey loan."The board considered that a combination of legal risk and the current financial position justified the loan terms."I replied that a consequence of the board's view of the high risk to anyone advancing funds to the club is the board's fiduciary responsibility to ring fence any season-ticket money that is received (even if fans don't request this) unless sufficient committed financing is in place at that time."The board did not agree with me on this logical consequence but I believe that my observation is correct."King looked set to go to war with the board when he advised fans to withhold season-ticket cash and instead pay it into a trust fund which would then drip feed the money to the club.He made his original call after complaining about a lack of transparency about the club's financial state following last year's £14.4million loss and rumours of downsizing to boss Ally McCoist's squad, which King feared would allow Celtic to rack up "10 in a row".On top of his concerns about season-ticket cash, the former director - who lost a £20million investment when the club was liquidated in 2012 - also expressed fears that the board would mortgage off Ibrox and Murray Park to secure fresh finance.But he added: "The board has now publicly dealt with each of the above. The board has affirmed that it regards competition with Celtic and in Europe as being its continued aim and that this outlook will be reflected in the business review that will be published within the next month."Crucially, that will allow fans sufficient time to consider the review prior to investing in season tickets but it is also important that the board has now confirmed categorically that they will not use Ibrox or Murray Park as security for any form of fund raising."No one should be in any doubt that this public statement and commitment is significant and should be appreciated as such."Statements from a public company board are intended to be relied upon so in a couple of weeks we can expect a business review that will reflect the board's ambition and a funding plan to achieve this."We can also rely on the fact that if circumstances change the board would be bound to advise the public in advance of this."He added: "The board has now communicated with the fans and has committed to do so in more detail within a month."Let us give the board time to comply with its commitment."I advised the board that I would wish to be a part of the required fund-raising as a component of a united fan group investment vehicle. This will require further discussion after release of the review in the next month."Happy enough with that. Quote Link to post Share on other sites More sharing options...
elephants stoned 2,994 Posted March 17, 2014 Share Posted March 17, 2014 I think its a good statement actually, reads to me that King is satisfied with what the board have said and although they are,not agreeing to his ST plans (as if they were ever going to) he says what we all say, lets see what the 120day review comes up with. A much more conciliatory message from King today and lets see if the UOF and SOS do as he asks and let the board finish the crucial review Quote Link to post Share on other sites More sharing options...
eosmhdo 1,879 Posted March 17, 2014 Share Posted March 17, 2014 Happy enough with that.Aye it clears everything up right enough Quote Link to post Share on other sites More sharing options...
Getstiffed 8,863 Posted March 17, 2014 Share Posted March 17, 2014 Scunner incoming. Quote Link to post Share on other sites More sharing options...
scarkev 3,540 Posted March 17, 2014 Share Posted March 17, 2014 so after all that he has came to the conclusion that we should wait until the 120 day review is over before making any decisions.....if only he and his band of jokers could have just seen sense before subjecting us all to the unrest of the last few weeks! Quote Link to post Share on other sites More sharing options...
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