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(Glasgow) Rangers and Portsmouth going into administration


Andy_Bangle
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Crunch couple of days for Pompey, we've not got one player left (Liam Lawrence - ROI International) who looks like he's off to Cardiff. Then we'll have not a single senior player at the club. This will then facilitate the completion of the CVA and takeover, most likely by the money lender who was partly to blame for the catastrophic collapse and all the hell we've been through in the last couple of years. I'm hoping against hope though that the supporters trust who have done an absolutely sterling job in getting to this stage managed to pull it out of the bag and get the club instead of him.

Unfortunately they're reliant on the council agreeing to loan them £1.5m in a short term loan to bridge the gap until the cash flow starts sorting itself out (there are guaranteed streams of income in place but spread over the months). The loan would be secured against the ground, would be repaid within one year and they've offered the council 4% return on the loan which they can apparently borrow for less than 2%. However, the council are being complete arses over it, considering it's a loan secured against a valued asset you'd think they'd be wanting to help they've spunked enough money on other things recently in the city that have been disasters. Their extraordinary meeting to make the decision starts in a few minutes...

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Can the trust afford a contract on him? :P

In other news, the once mighty Rangers opened their SFL3 campaign with a draw against Peterhead.

A last minute goal at that too. No excuses, that team should have seen Peterhead off easily. It's not going to be an easy season at all.

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Woo hoo! Balram Chainrai has withdrawn his bid for the club, this leaves two options, the Supporters Trust take over or we get liquidated miss a season then restart at the bottom of the pyramid in a years time. I'm hoping for the former :grin:

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