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TOPIC: New Loan Offer made to Rangers

New Loan Offer made to Rangers 5 years 5 months ago #2653

  • Chris Graham
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Following an email to a fan from Colin Kingsnorth of Laxey last night in which he reportedly stated that “if they want to offer the money cheaper go for it…no problem cancelling it”, George Letham, the Rangers fan and wealthy businessman who had previously tried to make contact to offer a loan, today approached the club through a third party and has complied with a request that he make any offer in writing to CEO Graham Wallace.
 
Speaking to the Rangers Standard, Mr Letham indicated that he was happy to stand by the terms he outlined in our article yesterday.
 
“Graham Wallace is now in receipt of written confirmation that I am happy to replace the Laxey loan, on condition that it is cancelled, with no penalty to the club, and that any security over property offered to Laxey is also cancelled. I have offered the loan on the same terms but with the interest payable reduced from £150,000 to £75,000. It is my intention to convert this interest into shares as I have no wish to take cash out of the club.”
 
“If the club are unable to convert the interest to shares, then any cash sum I received from the loan would be reinvested into the club via a future share issue to further the cause of fan ownership. My only motivation in this is to ensure that the club is secure, has as much involvement as possible from those who care about it and that its vital assets remain available to it at all times.”
 
“I am making this offer public in the hope that a degree of transparency can be brought to this process for the fans and hope that the board will give my offer due consideration.”
 
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New Loan Offer made to Rangers 5 years 5 months ago #2654

Good stuff - now let keep this ball rolling. Don't let these buggers squirm out of the situation that they have created.
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New Loan Offer made to Rangers 5 years 5 months ago #2655

  • George Goudie
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TRS the most powerful blog on the blogosphere.



Headshot to the board right there. Must admit I'm impressed they have relented.
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New Loan Offer made to Rangers 5 years 5 months ago #2656

  • Colin Foster
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Well done that man!!

A few more people making cash injections on that scale, and we'd surely have enough to further strengthen the squad in the summer; and take the league on brimming with confidence we'd be champions.

That'd put us back in top league. Then it really will be game on.

The board has a group of very good people. Now is the time to come together and push the Club on to ever greater glory. Come on Rangers. Now is the moment. Better together and all that!!
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New Loan Offer made to Rangers 5 years 5 months ago #2670

  • Skyeman69
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Not that I want to be pedantic but when same Mr Letham says on same terms but interest cut to £75k does this not mean he is still getting around 4 times the going market rate of around 3.75% for interest!?

It seems we scream blue murder when it isn't some one bloggers/fans groups don't like but if its "a Rangers man" we don't mind the fact this return is still outrageous.

At least the Easdales have given their loan interest free why doesn't Mr Letham??

Anyway onwards and upwards :-)
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