david1982
Well-Known Member
Try a commercial lender and see what interest rate they charge....6% return is pretty good for him though isn’t it.
Are you ponying up 23m yourself?.....
Try a commercial lender and see what interest rate they charge....6% return is pretty good for him though isn’t it.
Bennett voted for Park as Chairman... maybe take his adviceI think the issue most have is Park is Chairman.
Bennett should be the Chairman.
I think it's an amazing personal commitment from him and we need to start being a little more appreciative of these guys.
I agree with your first point 100%, I don’t want to give the current board a free ride but most tof the history re writes are coming via King and C1872, i have a problem with that.They're all as guilty as each other. The rush to pin all the blame on King is as ridiculous as the rush to pin it all on the current board members.
The fact we've spent and are continuing to spend so much in legal battles and fees is embarrassing.
I am also beginning to wonder what we need to actually achieve to get away from having to borrow money off our directors every season (as grateful as I am for the loans) it isn't sustainable.
Excellent fro John Bennett
Does the club not have a normal banking facility yet?
Tax Free? Aren't earnings taxed over there?If he had put it in shares the last 2 years, he would showing a loss likely.
Its a great jesture , but his money is safe and a return of 6% possibly tax free isnt bad.
Cracking caravan for sale at Seton Sands if he wants to downsizeAye, you're right. He should pump all his money in without return. Downsize his house and give us the savings too.
Yeah but Dave King…….
Board was too busy saving the club financially during that time by cutting costs and loaning the club money after two years of heavy losses.Both things can be true.
I think most fans are grateful for what the board have done, however, they've also took their eye off the ball, especially after winning 55.
They thought their remit was complete and it was 'job done'.
Since then we've lost Gerrard, who wasn't fully back after winning the league.
Nobody will convince me Gio was fully backed either, whether that be in the January window when Ramsey & Diallo arrived or in the summer after qualifying for the Champions League.
Both things can be true.
I think most fans are grateful for what the board have done, however, they've also took their eye off the ball, especially after winning 55.
They thought their remit was complete and it was 'job done'.
Since then we've lost Gerrard, who wasn't fully back after winning the league.
Nobody will convince me Gio was fully backed either, whether that be in the January window when Ramsey & Diallo arrived or in the summer after qualifying for the Champions League.
The problem is, if we are still relying on either loans or overdraft facilities then that in itself should give a sense of just how precarious our situation truly was. The turnaround has been amazing and it's scary to think that when they supported Gerrard on the summer window before 55, they were truly putting their own wealth at some risk. They cannot opine on every little thing that goes on in the boardroom, that would just allow the press to have a field day, but I think we've seen enough from the way the finances were played back at the AGM to know that they have then and continue to have now, the best interests of club at heart.Both things can be true.
I think most fans are grateful for what the board have done, however, they've also took their eye off the ball, especially after winning 55.
They thought their remit was complete and it was 'job done'.
Since then we've lost Gerrard, who wasn't fully back after winning the league.
Nobody will convince me Gio was fully backed either, whether that be in the January window when Ramsey & Diallo arrived or in the summer after qualifying for the Champions League.
I didnt say it was, but possibly to a company maybe ?, treated diferently.Tax Free? Aren't earnings taxed over there?
Yes, that’s correct. Started in Clydesdale Bank, then moved to a stock broker and ended up as Fund Manager In London.I stand corrected, although I was led to believe that he started off in banking?
Is his investment in Rangers his fund or is he managing on someone else’s behalf?
6% on a £7m loan is not a good return. He could make lot more than that if he invested it elsewhere6% return is pretty good for him though isn’t it.
All his cash according to the accountsI stand corrected, although I was led to believe that he started off in banking?
Is his investment in Rangers his fund or is he managing on someone else’s behalf?
Bennett will be keeping a very close eye on Wilson make no mistake .Think John Bennett deserved the criticism that came off the back of the RTV interview a few months ago. That has borne out as we’ve had to replace the manager within a couple of months of everything being rosey on the playing side.
He and the rest of the board deserve huge credit for their continued time and money invested in the club and we are lucky to have these Rangers men involved.
Wilson, I fear is their next blind spot though.
C1872 =feathering own nest..Yes. He was very patient answering question C1872 about repayments of his loans. I mean, how dare Mr Bennett have his loans paid back. If I didn't think much of C1872 before, I think less of them now.
Maybe you should step up to the plate and offer a zero interest loan then .6% return is pretty good for him though isn’t it.
Amazing commitment from JB.
I realise most clubs borrow, so am in no way criticizing, but I do wonder, will we ever be "debt free"? ie not paying back loans of some description, or borrowing somewhere along the way?
I'm beginning to doubt it.
Why?Blair wasn't there yesterday I'm sure that made a difference?
I don't think they took the eye off the ball they did what they could. We had serious cash flow issues and little options open to us. They battled hard to keep us going through covid and the loss of income as a result. The main responsability was to keep us afloat. We were 7 points ahead when Gerrard left. The mistake was to hire gio and not keep beale.Both things can be true.
I think most fans are grateful for what the board have done, however, they've also took their eye off the ball, especially after winning 55.
They thought their remit was complete and it was 'job done'.
Since then we've lost Gerrard, who wasn't fully back after winning the league.
Nobody will convince me Gio was fully backed either, whether that be in the January window when Ramsey & Diallo arrived or in the summer after qualifying for the Champions League.
Where is this £10m cost for NEH coming from?We need to remember the Gio & Beale change has cost us millions, profit and cash of course.
New players coming in January will add to that.
As well as the 10m or so quoted for NEH etc.
Where is this £10m cost for NEH coming from?
That will cover all contractual commitments. Ibrox roof, new offices at training centre and upgrades at Ibrox kiosks and resturant etc etcI wasn’t there, but noticed the comment about contractual commitments in the accounts.
I’d guess it’s coming from a combination of profits & Bennett loans? With the Gio / Beale change my thought is mainly Bennett’s cash as profits will be materially impacted by our manager change.
At 6% interest being repaid, on top of the principle, he's lucky to have us !We’re lucky to have him on board.
I’m sure it does Shug, I remember Stewart Robertson saying so at a past AGM.
What the club wouldn’t get is a 5% OD facility from any bank.
As I’ve posted on another thread, the lending rates from private credit to companies right now are at margins of well in excess of of 6%… and that’s the margin on interbank rates. So, total interest cost of +10%.At 6% interest on top of the principle amount, he's lucky to have us !
None of that alters the fact that he's (along with all other loan providers on the board) making an absolute mint from his loans to Rangers FC.As I’ve posted on another thread, the lending rates from private credit to companies right now are at margins of well in excess of of 6%… and that’s the margin on interbank rates. So, total interest cost of +10%.
Bennet could earn a lot more on that money. An awful lot more.
They’re getting an discounted interest rate and giving up a hell of a lot greater returns.None of that alters the fact that he's (along with all other loan providers on the board) making an absolute mint from his loans to Rangers FC.
You can dress it up any way you want to - but the facts are the facts. The people currently providing soft loans and overdraught facilities to Rangers are being hugely financially rewarded. This is not altered one jot by the fact that they could make more money by investing their capital elsewhere - they're still making millions in profit from their involvement with Rangers FC.They’re getting an discounted interest rate and giving up a hell of a lot greater returns.
Only if you really, really, really want to criticise them - and entirely ignore the commercial reality - would you say they’re “making a mint”.
It’s not dressing anything up. “Hugely” is a relative term, their returns are “less huge” than they would get from almost any other private credit lending at the moment. That is reality, that is the facts. Anything else is delusion.You can dress it up any way you want to - but the facts are the facts. The people currently providing soft loans and overdraught facilities to Rangers are being hugely financially rewarded. This is not altered one jot by the fact that they could make more money by investing their capital elsewhere - they're still making millions in profit from their involvement with Rangers FC.
Sorry but not by any measure are they being financially rewarded!You can dress it up any way you want to - but the facts are the facts. The people currently providing soft loans and overdraught facilities to Rangers are being hugely financially rewarded. This is not altered one jot by the fact that they could make more money by investing their capital elsewhere - they're still making millions in profit from their involvement with Rangers FC.
A good gesture but Rangers football club really shouldn't be going into that level of debt to one individual as we've seen in the past if things go south for that person it's the club on the hook for this.
We seem to be in a spiral now of constantly relying on directors loans rather than being self sufficient that can't continue forever
Correct.There are 2 elements to JB’s facility.
The first is a long term loan currently £8m to be repaid for over the next 6 years so circa £1.3m per annum plus interest.
The quantum and term of the loan would have been set at a level that the club could afford to service.
The second element is more of an overdraft facility which will only be drawn for short term working capital requirements probably between February and May each year as was referred to at the AGM.
It is unlikely that any of this facility will be drawn at June year end when the season ticket money has arrived.
Any long term funding requirements to fund infrastructure projects are likely to be financed with equity or long term debt. More likely to be equity since resolution 8 passed.
It was repaid. Other Directors provided loans that replaced it (and a bit more).Do we still owe KING a bunch of millions,or has that been paid ,or even better has the debt been forgiven. Excuse my ignorance of the items I have just written about, I have been indisposed and know trying to catch up.
Understand your view, but I wonder if it ever crosses people's mind that maybe he doesn't have the extra time to be Chairman? If he is controlling 6billion pounds, he has a day job that it time consuming.He should be chairman mho
Post of the year winner!I think it's an amazing personal commitment from him and we need to start being a little more appreciative of these guys.
The whole repayment of directors and investors loans theme being pushed by club 1872 is a huge red herring. Excluding DK the loans from others actually increased in year ended June 22.It was repaid. Other Directors provided loans that replaced it (and a bit more).
Comment # 2 is not necessarily correct and given his background, it's unlikely to be correct.Ivory and Syme in Edinburgh and then Hendersons in London.
His investment in Rangers is his own money, not money under management.
Quite unbelievable thinking. committed millions not made millions. Add in that not one has been paid a penny for the work they do day to day and really is quite astonishing the lack of appreciation you have. I am sure they would give you 5% interest on any money you wanted to loan them.You can dress it up any way you want to - but the facts are the facts. The people currently providing soft loans and overdraught facilities to Rangers are being hugely financially rewarded. This is not altered one jot by the fact that they could make more money by investing their capital elsewhere - they're still making millions in profit from their involvement with Rangers FC.
Comment #2 is 100% accurate.Comment # 2 is not necessarily correct and given his background, it's unlikely to be correct.
He's clearly not on the breadline but I have my doubts he has that he has that much free cash floating around as a function of what he earns as salary / bonuses through his day-job. He will however have good contacts amongst people that do want to invest and increase their wealth.
However, I don't suppose it makes that much difference as to where the money comes from.
Not sure if that’s a great move. Obviously he’s extremely talented and made a shit ton of money, but does that mean he’s a great MD, CEO or C Level officer?Have always liked the cut of JB’s gib. I would have him as chairman and not Park. He have an answer on loans perhaps last year or a few years back at an AGM that I thought was terrific.
Very lucky to have him on board. Park out as chairman and JB to take over as chairman would be my preference.
Why should we be thinking that anyone on the board be altruists? Obviously I'd prefer if they were but it seems unreasonable to say sarcastically we're lucky to have them as a board simply because it isn't free money.None of that alters the fact that he's (along with all other loan providers on the board) making an absolute mint from his loans to Rangers FC.
Still not as high as Dave King right enough - who skinned us for £832,000 on top of a £5m two-year loan.
How lucky we are, to have such magnanimous altruists on board ........