Fifes Elite Posted November 10, 2021 Report Share Posted November 10, 2021 To give some context to the recent accounts, Craig Whyte managed to buy Rangers for £1 in May 2011 on the basis of the bank having a floating charge of 18m over the club(albeit the total debts could be up to 33m dependent on what you read). The previous financial years results just announced have confirmed in just one year they have lost £23.5m, and have lost more than 100m since starting 9 years ago. Theres been allot of chat around the accounts for a number of years however what I have found interesting is Dave Kings statement last night on the accounts He came out with a statement yesterday to say that rangers had reported a loan given to them incorrectly in the accounts that it was his family trust and not money directly from him. He received 800k in interest repayments on a 5m loan (16% which is pretty high, however he does claim it is market rate and was demanded by the trustees of the trust). The loan was given by King/the trust just before he stepped down as chairman to and it may be he is trying to hide cash from the SA authorities and make some money by the way of interest payments into his family trust?. What's even more noticeable he says that it shouldn't have been reported/mentioned in the accounts/agm because the interest payments were only made last week and don't fall into last years accounts. The current board are obviously starting to make things public about large cash payments leaving Rangers on deals made before they were in charge. Covering their arses before oblivion imo Quote Link to comment Share on other sites More sharing options...
SanguinePar Posted November 10, 2021 Report Share Posted November 10, 2021 Sad to see such a new club head for financial disaster already. 1 Quote Link to comment Share on other sites More sharing options...
Piracy Posted November 10, 2021 Report Share Posted November 10, 2021 Charlatans en masse Quote Link to comment Share on other sites More sharing options...
worldwiderab Posted November 10, 2021 Report Share Posted November 10, 2021 Crash burn rinse recycle, claim all old history but give barge pole treatment to any money they owe. Quote Link to comment Share on other sites More sharing options...
GG Riva Posted November 10, 2021 Report Share Posted November 10, 2021 5 hours ago, Piracy said: Charlatans en masse They need to punt the King of Charlatans and bring back Big Eck and Superally, to steady the good ship Sevco. Quote Link to comment Share on other sites More sharing options...
SanguinePar Posted November 10, 2021 Report Share Posted November 10, 2021 5 hours ago, Piracy said: Charlatans en masse They do always seem to Blur their financial activities. 1 Quote Link to comment Share on other sites More sharing options...
DA-go Par Adonis Posted November 10, 2021 Report Share Posted November 10, 2021 Whoever is in charge of balancing the books is clearly Garbage at it. 2 Quote Link to comment Share on other sites More sharing options...
SanguinePar Posted November 10, 2021 Report Share Posted November 10, 2021 Definitely something Dodgy going on. 2 Quote Link to comment Share on other sites More sharing options...
Piracy Posted November 10, 2021 Report Share Posted November 10, 2021 Continually steeped in controversy of some description. I've a good mate who loves Rangers and he's been concerned about what's been going on for years. He's been researching and digging about for ages attempting to understand the situation, don't see him getting anywhere soon though. Personally I couldn't care if they went out of business. Quote Link to comment Share on other sites More sharing options...
parsforlife Posted November 10, 2021 Report Share Posted November 10, 2021 Just seems to be a never ending line of crookes who end up in the boardroom, IMO is self-protection, once one set have had their way they don't want someone who'll come in and clean things up, they want the next guy to be as keen to hide the damage as they were. Quote Link to comment Share on other sites More sharing options...
DA-go Par Adonis Posted November 10, 2021 Report Share Posted November 10, 2021 They need to Cast the net wider to find better people to run the club. 2 Quote Link to comment Share on other sites More sharing options...
scottyboy Posted November 11, 2021 Report Share Posted November 11, 2021 They never learn. Success at all costs, never mind the financial burden put on the club. Massive fanbase should really step in to take over. They seem to attract all the unsavoury characters, with King being a slippery dodgy person. Quote Link to comment Share on other sites More sharing options...
lambo1885 Posted November 11, 2021 Report Share Posted November 11, 2021 (edited) 2 hours ago, scottyboy said: They never learn. Success at all costs, never mind the financial burden put on the club. Massive fanbase should really step in to take over. They seem to attract all the unsavoury characters, with King being a slippery dodgy person. Their massive fan base is part of the problem. The majority of them are self entitled glory hunters, who the last time spent their time blaming everyone else for the problem instead of fighting to save their club. Edited November 11, 2021 by lambo1885 spelling Quote Link to comment Share on other sites More sharing options...
SanguinePar Posted November 11, 2021 Report Share Posted November 11, 2021 10 hours ago, DA-go Par Adonis said: They need to Cast the net wider to find better people to run the club. Hard to perSuede good people to join though. 1 Quote Link to comment Share on other sites More sharing options...
Al k Posted November 11, 2021 Report Share Posted November 11, 2021 Its like they want to be known as the wannadies, will be northern uproar if it happens again. The fans are already me me me as it is. 1 Quote Link to comment Share on other sites More sharing options...
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