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Scottish Leagues

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Aberdeen to clear debts

Aberdeen FC will be virtually able to clear debts that have hampered them for years as a result of a generous intervention by a local civil engineering company.   W M Donald want to put something back into the community and will reduce debts of £15.9m by £14.49m.   The cost of servicing the debt was £500,000 a year.

Ashley makes ground at Rangers

Newcastle United owner Mike Ashley is tightening his grip on Rangers.  Financial consultant Philip Nash, one of the two directors he has been trying to remove, has resigned from the board with immediate effect.

This suggests that rescue plans from indviduals other than Mr Ashley are unlikely to succeed.  The offer of £16m for the club from former director Dave King looks set to fail because of opposition from Sandy Easdale who controls 26 per cent of the voting shares.

Rangers bid talks

Dave King, who in conjunction with two other businessmen, is seeking to make a £16m bid for Rangers has been in talks with influential shareholder Sandy Easdale.   King needs the support of 75 per cent of shareholders and Easdale controls 26 per cent of the voting shares.    King is said to be open to a deal which would avoid dilution of the stakes of existing shareholders.

More turmoil at Rangers

There has been more turmoil at Rangers after Newcastle United owner Mike Ashley called for a special shareholders' meeting to remove two senior executives from the board.   His targets are chief executive Graham Wallace, a former chief executive of Manchester City who has been in post for less than a year, and Philip Nash, a former finance of director of Liverpool, who has been on the board for less than three months as a consultant director.

Ashley doubles Rangers stake

Newcastle United owner Mike Ashley has more than doubled his stake in Rangers to hold just under 9 per cent of the shares.  The maximum stake he is permitted to hold under an agreement he concluded with the Scottish football authorities is ten per cent.

Newcastle not for sale

Newcastle United owner Mike Ashley has denied reports that the club is for sale.   It had been suggested that he was interesting in taking over Rangers in which he has a 9 per cent stake.  However, he has also said that he will not be buying any more shares in Rangers.

A takeover at some point in the future has not been completely ruled out, however, as he has said that he will not sell the club until the end of next season.

More financial problems at Rangers

Rangers are facing more financial turbulence after former director Imran Ahman succeeded in a court bid to freeze £620,000 of their assets over a bonus dispute.   Rangers have appealed the court's decision on the grounds that there has been an 'error of law' and are expecting a hearing tomorrow.

Financial fair play scores own goal

We have long argued that financial fair play could have unintended and perverse consequences.  This view is supported by the latest authoritative annual survey of football by accountancy firm BDO.  The survey found that few clubs thought the rules were having the desired effect.

Debt free status avoids fire sale

When a club becomes debt free, as Dundee United now are, it can help to avoid fire sales of players. This means they do not have to be let go below their market value to boost cash flow.   They can also be retained longer, contributing to playing success and enhancing their value.

Rangers fans push season ticket campaign

The organisation representing Rangers fans, Union of Fans, has been pressing the board of the club to reveal how many season tickets have been sold for next season.  The organisation has been backing a call to pay renewal money into a season ticket fund.

If the 38,000 season tickets sold last season are not renewed, the club could face cash flow challenges. It appears that around 15,000 may have been sold so far.   Two loans made to shareholders amounting to £1.5m are due for repayment shortly.