by Auldheid for the Scottish Football Monitor
On these pages at least there is a mounting lack of trust that the Scottish Football Association can or will govern our game in a fair and honest manner that recognises the principle of sporting integrity as paramount.
This mistrust is equalled only by the frustration at being unable to do anything to change the attitude and action of those at the SFA (and Leagues) responsible for that governance, a frustration compounded by the reluctance of the mainstream media to focus on the very issues of trust and integrity that concern us.
Back in early 2010 Celtic supporters represented by the Celtic Trust, various Association groups and individuals felt the same frustration and found a way to make their voices heard at the SFA – by using their club as a channel of communication to articulate their concerns.
A resolution was agreed and passed to Celtic to convey to the SFA and it was heeded by the club. There is no reason in why a similar conduit cannot be used by supporters groups of all clubs.
The enormity of the task, to get the majority of trusts and associations of all clubs to support this approach and give it sufficient weight, should not be underestimated, but in the interests of amplifying our voice, it is worth the effort.
Based on that 2010 experience, and on the discussion that has taken place on TSFM we have arrived at a (now amended) resolution below under the auspices of TSFM and which has been sent to all representative club supporters groups.
We believe one of the reasons the SFA and SPL were able to mislead (or simply fail to provide leadership) was because of the lack of clarity surrounding who should take provide that leadership and what principles should have been paramount.
The SFA were as tied to the commercial impact of Rangers demise as the SPL and indeed had to be reminded by the supporters of the importance of that sporting integrity. In the aftermath of the Rangers implosion, both the SFA and Leagues on the face of it appear still too commercially oriented to act in a way that balances commercialism and sporting principles.
We have attempted to address this in the resolution below. It also contains additional points raised already on TSFM and elsewhere. It is designed to assist in the widening of accountability in the sport.
We are not wed to the draft or the language. It is there to be revised but we hope it contains enough food for thought to be acceptable to the supporters groups and the clubs.
As recently as today, the SFA has published a Fans Charter. We welcome this development, and although it does not address our specific concerns with respect to governance it is a step in the right direction (http://www.fanscharter.com/).
Some of the principles published are;
- Challenge is to make a National Fans Charter known, accepted and influential
- Getting fan involvement in drafting charter important to acceptance, influence and growing awareness.
We think our resolution is an even bigger step in the direction of those principles.
DRAFT Proposal for Representative Supporter Groups e.g. Trusts or Associations to send to their club to convey to the SFA/SPL/SFL Boards.
We [Insert Association/Trust name here] and in association with fans’ groups of other clubs, ask [Insert Club name here] to convey the following to the Scottish Football Association, SPL and SFL on our behalf.
1 We believe that the commercial viability of Scottish football at the professional level depends absolutely on the belief by supporters that sporting integrity is at the heart of all competition, and that those governing them and the rules by which they exercise governance, must hold sporting integrity as paramount above ALL other concerns. This belief can be summed up in the one word “trust” Without trust in those responsible for governing Scottish Football, commercial viability will suffer, to eventual ruin of our game.
2 There is a perception (accompanied by some dismay and anger) among football supporters throughout Scotland that those who were charged with upholding the rules of the SFA and SPL/SFL, only did so partially – and even then only because of the threat of supporter action if they did not.
3 There appears to be no distinction or order of hierarchy between those governing the game (the SFA) for whom we believe preservation of sporting integrity should be the prime purpose, and the leagues (SPL/SFL) for whom commercial aspects are (understandably) uppermost. As a result sporting integrity lost its primacy and it was left to supporters to insist on it.
4 Consequently many Scottish football supporters have lost confidence that the Scottish Football Association will fulfil their purpose of safeguarding the sport. Indeed their silence following the revelation of a 5 way agreement last summer on the future of the liquidated Glasgow Rangers has exacerbated this loss of confidence in the SFA’s ability to administer professional football in Scotland in a manner that reflects their duty of care to all aspects of the game and everyone who takes part in it.
5 Decisions and deals have been taken by the SFA, SPL, and SFL without any public scrutiny. The operations and decisions of those bodies lack transparency and they are not accountable in any recognisable form to the football supporters throughout the land, without whom there is no professional association.
6 In our view this loss of trust can only begin to be restored by the SFA publically committing itself to:
(i) The production of an unequivocal “mission” statement of purpose/intent which will state (in whatever form they may exist) that maintaining sporting integrity is and will always be their prime goal. The statement will also describe how they intend to ensure this principle is followed in their interactions with Leagues and Clubs, particularly when commercial decisions that might undermine sporting integrity are implemented by the Leagues. (e.g. In the case of TV contracts, sponsorship or any significant league reconstruction).
(ii) Further: in recognition of the inability of some individuals to provide leadership during the past year simply because of conflicts of interest, take steps to remove any such conflict, and in doing so enable the organisation and its office bearers to function unhindered.
(iii) In the interests of transparency, publish the “five point agreement” that allowed The Rangers entry into SFL and SFA, provide a supporting rationale for entering into the agreement, and confirm that the terms have been or are being complied with.
Along with other trust restoring measures (see attached Annex) these steps should mark the end of the continuing lack of trust in the authorities.
7. We appreciate that it may be the start of next season before there is any visible evidence of our concerns being addressed although the statement of purpose/intent by the SFA (i) and action at (ii) can be readily put in place – would be a welcome early development.
8. All club’s supporters groups will be watching closely for signs of progress before advising our members and our other supporters if we feel the necessary trust restoring steps are being taken and advise that they can purchase their season books for 2013/14 knowing that sporting integrity is once more absolutely paramount in Scottish football to the betterment of our game.
Signed __________________________ on behalf of
[Insert supporter trust/association name here]
Date ______________
Annex to resolution.
The following is a list of other measures that the SFA should take in order to satisfy supporters that they should be entrusted with the job of governing Scottish football.
- To increase transparency and accountability in a meaningful way – possibly via creation of an active supporter’s liaison group drawn from representative supporter groups of each club. Its remit, using an agreed consultative mechanism to generate dialogue, to hear supporters’ concerns and consider them before key decisions are made. In an industry that is totally interdependent it is folly to exclude a major stakeholder from key decision making.
- A tightening of and an annual and independent audit of the process for granting UEFA Club (FFP) and National Club licensing reporting to the representative supporter liaison group as well as other SFA members to ensure all clubs are living within their means.
- Introduction of a rule requiring all Scottish football club directors to declare any financial interest/shareholding in any club other than their own and to rule that disposition of those shares/interest should be a part of a fit and proper assessment of a person’s qualification to hold office at an association club.
- A feasibility review of Scottish refereeing to assess the potential for creating a professional service that the SFA provide to the leagues by recruiting and training referees, but where the leagues monitor and reward consistently good performances to an agreed standard. Given the sums dependent on referee decisions, the current system must change for everyone’s sake including the referees.
- A full explanation about the circumstances (including dates) surrounding the award of a UEFA Club licence to Rangers in spring/summer of 2011 when there was unpaid social tax that prime facie did not meet the conditions for deeming the granting of a licence acceptable under the UEFA FFP rules on unpaid tax (the wee tax bill).
The [Insert Club Name here] Trust/Supporters Association asks [Insert Club Name here] to convey our concerns above with their provenance to the appropriate authorities as they see fit viz:
- Football Authority in Scotland (The SFA)
- Europe (UEFA)
- Scottish Government (on the issue of accountability to supporters and proper checks and balance governance.)
It has always been my assumption that the mysterious RIFC plc “Institutional Investors” were nothing of the kind.
It appears to me – as a serious financial investment – football clubs generally make about as much sense as chocolate teaspoons. Of course there is a certain alluring superficial form to the idea; but try to make any serious money and you soon realize the fundamental structure is just not there.
Having spent absolutely nothing in the transfer market and lost their predecessors biggest wage earners, TRFC Ltd are, by the best estimate, losing at least £2m – £3m this season. Keeping with the current model, I find it difficult to believe they will throw away the best part of £15m – £20m before they have the faintest opportunity of European income.
There were always going to be several high net worth individuals who would put a few million into the resurrected Rangers brand. There were always going to be several thousand “fans” who would pitch up at the low £,000’s. These – as emotional investments – make perfect sense.
What I have real difficulty in believing, is that any sane general fund manager would see the current incarnation of Rangers as a safe and prudent financial investment for his clients.
I can only assume that – for each of the named institutions – the fund manager was acting on the specific instructions of a single (or very small group of) investor(s). Noting that such investor(s) want to place their money in the new club’s holding company – and that he/they appear to need to remain anonymous – leaves us with many unanswered questions.
What did the investor(s) think they were buying into?
What did the investor(s) think they would get in return?
…and perhaps most intriguing of all, why would the mysterious investor(s) feel it was necessary to hide behind the cloak of those institutions in the first place?
If indeed there is a serious cash crisis with TRFC – then a reasonable person would deduce that the SFA was incompetent for granting an ‘associate membership’ – despite the absence of 3 years accounts, as per the rules.
And by extension the SFA/SPL/SFL should shelve any Reconstruction until the whole distasteful and disruptive circus – and uncertainty – surrounding TRFC has been removed.
StevieBC says:
Monday, February 4, 2013 at 01:26
“a reasonable person would deduce that the SFA was incompetent”
You state that as if there was any doubt as to the SFA”s incompetence?
Bunion says: Monday, February 4, 2013 at 01:39
StevieBC says: Monday, February 4, 2013 at 01:26
“a reasonable person would deduce that the SFA was incompetent”
You state that as if there was any doubt as to the SFA”s incompetence?
==============
Not at all Bunion – I just have a habit of stating the bleedin’ obvious!
Shirley, following Regan’s recent appearances wrt Reconstruction he would have to answer some tough questions if TRFC do have cash problems? Or would he just move back into the bunker with Scun… I mean Ogilvie? 🙄
I don’t think Leckie will endear himself to the Sevco supporters if his piece in tomorrow’s Scottish Sun is anything to go by. The bold Bill also has a swipe at his old buddy, Slim Jim. Funny how Traynor’s former colleagues are now lining up to even old scores with the corpulent reptile. Here is the relevant extract from Leckie’s column.
“If so, it’s an attitude that comes from the top. Not, as I’ve said, from the dugout, but from the VERY top, from Green with his permanent come-ahead view on the world, a view aided and abetted by the former journalist who is his newly-appointed Director of Provocation as they bash out angry press releases like McCoist used to bang in goals. They’re the Toshack and Keegan of rabble-rousing. Always sniffing for the next half-chance. They’ve got something inflammatory to say on anything and everything.
And even when there’s nothing to say, they put out statements anyway. Like this belter on Wednesday:
“Rangers Football Club today received notification of the SFA Arbitration Panel’s decision which ruled that the Club did not inherit the right to continue the arbitration process started by oldco.
“Suspecting this would be the outcome, the Club had already filed a further Notice to Refer under SFA Article 99. The Club had argued that since oldco’s registration had been transferred to newco the right to continue the case would also have transferred.
“Nothing has been won or lost at this stage and the Club will continue with its action.”
Brilliant, that. A complete non-story, yet they still manage to couch it in the kind of conspiratorial jargon that convinces the hard of thinking Thae SFA Basturts are up to no good again.”
If Phil Mac’s story has legs then there may need to be a wee reconstruction of Div 3 before the season is out 🙂
Big Pink says:
Sunday, February 3, 2013 at 22:31
What you can do is send a nicely worded reminder and ask them to at least acknowledge receipt, this can help with not checking email etc, I would also suggest that a printed copy be sent to the addresses if you have them (or TSFM has funds for postage)
I’m just wondering in CG thought this would be a good time to be out of the country!
StevieBC says:
Monday, February 4, 2013 at 01:26
Does anyone know if the SFA have the power to revoke the licence of TRFC if it transpires that the Club does not have enough capital to find their existing commitments?
On the share issue – I must admit that I was surprised when it was reported that £22m was raised. Other than the press release is there any way to independently validate that figure?
Auldheid says:
Saturday, February 2, 2013 at 18:56
71 3 Rate This
Well listening to BBC Sport there Stuart Cosgrove we got the reason why our game is in a mess direct from S Regan …
…. One ” governing” body with no power to act is bad enough, but two?
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Auldheid, I came away from listening to that with the sense that the SFA was rather impotent. In fact, I wasn’t too sure of its purpose. I’m sure Regan could not have meant it to sound like this, but the impression he gave was that Scottish football was run entirely by the SFL and the SPL, and that he felt rather out of the loop. Perhaps the team should invite CO next week to clarify? Or invite Regan back …
Danish Pastry
Peter Lawell runs the Sfa sfl and spl according to the team’s fans with the most world records.
Long Time Lurker says:
Monday, February 4, 2013 at 06:28
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CG stood in front of TRFC and said “a further £17m has been pledged”.
bawsbustedanatha says:
Monday, February 4, 2013 at 07:43
I would not like to be in CG’s shoes if TFRC run out of cash and the fans quite rightly ask where did all of the money go.
Did CG no say that TFRC had no debt, cash in the bank?
valentinesclown says:
Monday, February 4, 2013 at 07:27
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Danish Pastry
Peter Lawell runs the Sfa sfl and spl according to the team’s fans with the most world records.
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That explains it all then 😀
Long Time Lurker says:
Monday, February 4, 2013 at 06:28
================
They will probably offer him an interest free loan.
If Phil Mac has it well sourced…..it would be interesting to know the amount that is involved, which would give us a more solid idea of where this new club are going and how quickly!
Long Time Lurker says:
Monday, February 4, 2013 at 07:49
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What PMc’s reporting was always going to happen. It’s morphing sooner than I expected though.
Traynor’s recruitment is another move to distract and confuse. Buy some more time, I guess.
I suspect CG will be happy to get to the end of the season as league winners, trouser the reported salary and bonus along with anything else he’s siphoning off, then cite exhaustion for the right to take a rest.
This will then leave the way open for the 3rd round of spivs to feed off the carcus.
All guesswork of course on my part, apart from PMc’s blog, but it really is beyond embarrasment now.
Not their most publicised (get onto it, Jack) but nevertheless, a world record all the same:-
The World’s biggest Loyalist football club.
Should be on the gates.
bawsbustedanatha says:
Monday, February 4, 2013 at 07:43
CG stood in front of TRFC and said “a further £17m has been pledged”.
——————————————-
“Pledged’ rather than ‘received’ or even ‘confirmed’ then?
I’ve chosen not to partake in any of the threads on here for some time, preferring to wait for the turning tide.
Along with PMc’s piece and BL article in todays Sun, (it really stunned me), and the infighting going on in Lala Land, I’m guessing something’s on the way….
RTC really did start something….
I saw Perth Glory play a friendly against Celtic a couple of years back (not that I’m a Celtic supporter but I was there at the time and I would have gone along for the pleasure of supporting any Scottish team in such strange circumstances). Anyway, ex-Ranger Ian Ferguson was (and is) their manager, so it strikes me that perhaps CG is planning on using his connections there to see if he might bring his Midas touch to that club, following his successes in turning Sheffield United and Rangers into heavyweights of their respective football scenes?
TW (@tartanwulver) says:
Monday, February 4, 2013 at 08:32
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Absolutely. That’s what he said. It’s on film. It’s also in print.
This is from The Herald….
Mr Green previously stated he had secured £17m in pledges from institutional investors and had set aside £10m for fans to buy a stake in the club.
We know this. The MSM must know this.
I’m still stunned by the Bill Leckie piece. A definite change in direction whilst putting the boot into JT.
Sellafield clean-up costs £67.5billion.
I wonder when the toxic Ibrox nuclear-sectarian reactor, so beloved by Sky & the SFA, will be replaced with clean green renewable sporting energy ?
Might put the ‘Bonnie’ back in Scotland.
Last comment from me until I’m stunned again….
Did anyone else hear, Jim Spence I think it was on RS, ask JT where his team were playing that day. He was not amused.
Everyone else was 🙂
The way things are structured Rangers International Football Club PLC (the holding company) wholly owns Rangers Football Club Ltd (the club). It should therefore be fairly straightforward to sell the whole company / club to the next consortium who wants to own the company / club. There would be no pesky small shareholders to deal with.
Always bearing in mind that it was Rangers International Football Club which floated on the stock exchange, had an IPO and brought in money. Though maybe not as much as was reported, if the emerging stories are correct.
Just a thought, would anyone who “invested” in the original business have the option not to have their shares converted to shares in the PLC, and simply have a return on the money they initially put in. Could they decide that they did not want their money effectively re-invested in a publicly traded company and opt out instead. If so what would their return be based on.
Sorry, meant to ask before I go. Feb 14th?
Why is anybody surprised that a Spiv Co created by Spivs for the benefit of Spivs is alleged to be in financial trouble ?
Spivs have no interest whatsoever in football
All that matters is lining their pockets
StevieBC says:
Monday, February 4, 2013 at 01:26
If indeed there is a serious cash crisis with TRFC – then a reasonable person would deduce that the SFA was incompetent for granting an ‘associate membership’ – despite the absence of 3 years accounts, as per the rules.
=======================
The SFA did not grant associate membership to TRFC- it was the SFL who did that. What the SFA actually did was to transfer the existing full RFC membership of the SFA to TRFC under the terms of the nototrious five way agreement, the final terms of which have never been disclosed. That is how TRFC obtained membership of the SFA without any audited accounts, but within the rules.
Whether the associate membership of the SFL was granted within the rules of that body, I’m not sure. I seem to recall posts on RTC at the time, to the effect that the “associate member” status was created outside of the existing rulebook especially for TRFC, but I can’t confirm that to be the case.
Phil MacGiollaBhain (@Pmacgiollabhain) says:
Sunday, February 3, 2013 at 23:40
64 0 Rate This
The story is well sourced or I would not have published.
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Phil, what you report is a sudden and surprising development for those of us watching this movie from the cheap seats. There was a view expressed a while back from some of the ‘big hitters’ on this blog that TRFC had enough resources to see out this season and continue a bit into the next.
I’d thought that Mr Green sulking at Tannadice and refusing to meet the DU board members was more theatre for the masses, but perhaps he had other things on his mnd?
Hi Phil
thanks for your reassuring post.
Obviously you are not able to spill all the beans on this story just now….to protect those [edit]
What is your expectation on this story?
Is SOMETHING likely to come to light in days/weeks/months? or can CG pay them back and it’ll all be brushed over?
Do you anticipate being allowed to publish more details/evidence on this story in the coming days/weeks/months – even if there is no move to wind them up?
I feel you let yourself down by taunting the MSM to investigate a story that you already HAVE. 1st off, they won’t investigate as bad news for THE Rangers doesn’t sell their papers and 2nd, you have it, publish and be damned. Show up the dinosaur MSM for what they are.
The times they are a changin (as opposed to the Times they are a changin)
arabest1 says:
Sunday, February 3, 2013 at 13:08
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Keep reading 500 tRFC fans at Tannadice, based on ticket sales I imagine. I was sitting opposite the followers of tRFC, take it from me, there were 150 at most. I wonder if the abuse those ticket holders were receiving from their own number got to them, and they decided against attending?
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Could a lot of them have left after 15 seconds, before you had a chance to notice them?
In today’s Daily Record the chief Sevco cheerleader and Journalist of the Year admits there has been a serious falling out between Green and his chairman, Malcolm Murray. According to Jingle Jackson they are not even on speaking terms and Keith is afraid that the fallout is greatly harming the re-vitalisation of the Ibrox club. He goes on to explain that Murray is a true blue and perhaps is witnessing events that are not in the interest of the famous Glasgow Rangers.
I will not post the link or copy the article on here but it is available online. It seems strange that close allies in the MSM are now sounding the alert to their Sevco readership of the New Messiah’s true agenda.
Press release from CG
I am very dissapointed to have to report that due to the latest banking anomalies that on checking our agreement with our foreign bankers we have been duped and are being forced to pay well over the average interest payment on the loan we agreed with these bankers,we have been negotiating with these bankers/investors but to no avail and we are being stuffed to pay up and in the very near future ,I dont want to pour oil on the fire as it is not like me ,but I did see PL having dinner in one of these investors satelite branches in Glasgow on Saturday evening,the Kohi Noor branch I think it was,anyway bears ,as we have come so far and I know you all will not want to give up our cause when we are so near to turning the corner another share issue will put us back on track ,I am going to go off around the world to drum up new investors for our great club but will skype on a regular basis through JT who will update on our progress ,we can almost touch success so please stay with us.
Charles
ps ,I have been advised not to take the AIM too seriously over the next few weeks as there is gliches in their computer system.
Tommy says:
Monday, February 4, 2013 at 09:53
He goes on to explain that Murray is a true blue and perhaps is witnessing events that are not in the interest of the famous Glasgow Rangers.
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The quote is this
“Word has it the chief executive is at loggerheads with his chairman, Malcolm Murray, and that their relationship has broken down. It’s likely that they will be forced to call a truce for the greater good and in order not to frighten the life out of those institutional investors who ploughed £17million into the coffers little more than a month ago.
So the two of them will be told to limp on for a while, although probably only until the summer, but the fact that things have become so strained and so volatile in a brand new boardroom is another major cause for alarm.
It could be that Murray, a long-standing Rangers supporter, is finding it increasingly difficult to recognise his own club in its current, angry guise.”
This forum really does possess Golumesque features. Any ‘good’ news for the Govan team is met with a tsunami of wailing and teeth gnashing, about football’s (and Scotland’s) bleak future, yet the Monday after they are knocked to the canvas in a blue flash, there is a collective excitement at their imminent passing. 🙂 Not questioning anyone’s sincerity, just observing the mood swings! 😉
“He goes on to explain that Murray is a true blue and perhaps is witnessing events that are not in the interest of the famous Glasgow Rangers.”
I hear the cardigans a-rustlin’
On the tannadice numbers see the herald. 399 jovial pleasant and even courting bears. Plus Graham Speirs.
Not The Huddle Malcontent says:
Monday, February 4, 2013 at 10:00
Tommy says:
Monday, February 4, 2013 at 09:53
But surely Sir Walter of Cardigan, who is on the same board, can sort it all out.
He has been pretty quiet of late as well.
The Keith Jackson piece in today’s Record shows definite signs of (at last) getting it, and I commend him for many of the things he said. Those of us who have no intrinsic desire to loathe Rangers as a football club (as distinct from loathing aspects of their cultural context) have been forced by Rangers’ attitude during the last year (in particular) into either being ‘for’ or ‘against’ what has come across as a nasty, self-pitying and self-deluded attempt to throw around what weight could be mustered. Given that choice, the answer must be ‘against’ – against the posturing, the threats and menaces, the false and hollow triumphalism, the apparent snide looking down on the rest of Scottish football. Against a lack of good judgement, a lack realisation of where they now stand, and overall, a lack of class that would be expected of a truly ‘big’ club, even (especially?) when in trouble.
Many previous posts on here have noted the chance Rangers have had to re-invent, and there are plenty of templates around Europe of clubs seemingly on the brink of disaster who have taken the hit and been forced (perhaps initially against the will of many of their ‘traditionalists’) to purge themselves of the baggage that led them to the edge and to try to turn themselves into more modern clubs through good management practices. Keith Jackson identifies repeated ‘self-harm’ as a major, and potentially continuing, problem for the club, and that has to be the first item to be addressed. Dale Carnegie’s book is entitled ‘How to Win Friends and Influence People’ – not the other way round. Win friends. Then influence people.
Dubai, for a meeting with fans, then onto the ECA meeting – for whatever reason – then Oz. Nice to get away from this weather too … I suppose:
http://rangers.co.uk/news/headlines/item/3293-green-meets-dubai-fans
arabest1 says:
Monday, February 4, 2013 at 10:06
Take your point but is it not the case that a repentant Rangers vowing to start with a clean sheet and working hard to rebuild themselves and work together with the rest of Scottish Football to improve health of the game would have probably been welcomed back into the fold. Then we could have all concentrated on how to take the game forward.
However what we have is a snarling beast, possibly worse than the arrogant oldco. They are not repentant, they are intent on making enemies, they have clearly stated that they want to move elsewhere at the earliest opportunity and currently their overall contribution to the good of Scottish football is questionable other than they apparently have a large fan base.
Yes Scottish Football needs a kick up the backside but the question is really do we want or need a Rangers in its current form or is the future of Scottish Football actually better if the club that exists at present just shrivelled up and died due to a mess of their own making.
A new Rangers fit for the 21st century- well that is a different queston all together.
SSN ? Corruption in football, bent officials and match fixing, cant be true shirley.
Amazing that Keith Jackson parrots the “fact” that £17 million was delivered to RIFC by institutional investors.
Tommy says:
Monday, February 4, 2013 at 09:53
…the New Messiah’s true agenda.
============================
His Imperial Majesty Howlin’ Sellassets, Conquering Liar of the Tribe of Hoohaa, King of Stings, Emperor of Naehopeia, Elect of Gawd Help Us.
Jah Chas t’Farout.
Green went to Dundee on Saturday and was humiliated by the arabs. He has now gone to the Middle East. I wonder if the Arabs there will give him a similar reception?
Phil MacGiollaBhain (@Pmacgiollabhain) says:
“Monday, February 4, 2013 at 11:53
Amazing that Keith Jackson parrots the “fact” that £17 million was delivered to RIFC by institutional investors.”
Promissory’s Promissory’s …… or is it ” Promise what Promise??…. Sorry” ……. 😉
From what I am hearing it looks like the Third Div. will need restructuring before the end of March.
Senior says:
Monday, February 4, 2013 at 12:06
That’s cruel….
Phil MacGiollaBhain (@Pmacgiollabhain) says:
Monday, February 4, 2013 at 11:53
Amazing that Keith Jackson parrots the “fact” that £17 million was delivered to RIFC by institutional investors.
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Surely there is nothing to worry about, everything was okayed by the FSA , Simply Stockbroking and Mr Green knows all the investors personally
He said: “As with many things people invests through companies or through trusts, not everyone invests in their own name. All of these people who’ve bought shares in Rangers have been vetted by the FSA, Simply Stockbroking, the company who were appointed to do all the KYC (know your company) on these people, have been satisfied that these people are bona fide. And of course following the problems that the club had historically all of the details have been provided to the SFA to confirm that they are fit and proper.”
Scotland Tonight’s John MacKay then asked Mr Green: “You know who all these shareholders are?” The former Sheffield United chief executive replied: “Yes, I do.”
http://local.stv.tv/glasgow/205464-rangers-chief-charles-green-claims-investors-are-bona-fide/
Phil MacGiollaBhain (@Pmacgiollabhain) says:
Monday, February 4, 2013 at 11:53
3 0 Rate This
Amazing that Keith Jackson parrots the “fact” that £17 million was delivered to RIFC by institutional investors.
============================
I think you’re being a bit hard on Jackson there. Just like him, I had assumed that the £17m was in the bank, since I’d heard nothing to the contrary.
What I have difficulty in understanding is why, if any significant part of the £17m from institutional investors hasn’t actually been paid over to RIFC, there has been no stock market announcement to that effect. Surely that is information which must be made available to anyone thinking of buying shares in this company? I thought that the AIM market was supposed to operate on the principle of transparency?
Green is a chancer, no doubt about it, but surely even he wouldn’t break stock market rules. He might be fly, but I don’t think he’s stupid.
RE Keef’s article today.
Still has a kick at Steven Thompson, why? I hear it repeated often that he said ‘stuff’ about Rangers and their situation last summer, but I have yet to read a quotation attributed to him that is in anyway unreasonable. My memory is of a frustrated ST, who was put in a difficult position by the authorities, his own fans and most of all by the actions of another member club. Is it because he asked for last years cup cash? When he really should be grateful for the cash Rangers fans have paid to see Rangers at Tannadice in the past and waived the debt as a gesture of gratitude? I suspect that is exactly how Keef and the Rangers family think, the rest of us are as usual left incredulous at their insatiable sense of entitlement.
Phil MacGiollaBhain (@Pmacgiollabhain) says:
Monday, February 4, 2013 at 11:53
7 0 Rate This
Amazing that Keith Jackson parrots the “fact” that £17 million was delivered to RIFC by institutional investors.
————
Phil, like neepheid above, I’m wondering how Jackson would think otherwise. I would have thought if there is a story it would break first in the FT or some other financial media that had specialist insight. Is there information circulating among journalists that no one dares print?
Senior says:
Monday, February 4, 2013 at 12:06
Your not going to tell us, are you?
neepheid says:
Monday, February 4, 2013 at 12:20
As I have been asking over the last wee while, until Phil Mac can tell us more or the story breaks, then we need someone with experience in such matters to provide guidance.
The question that needs to be answered is who at AIM monitors when the hard cash has been paid for the shares that have been ‘pledged’ and when does the transaction actually have to take place.
Phil Mac seems to suggesting that either
Someone is welching on their pledge but that this may be above board in terms of a deadline for the transfer of hard cash
or
Someone is looking for a return for monies put in to date and it does not appear to be forthcoming and is willing to take court action to get their money.
A combination perhaps would be someone who put up cash to buy the assests also said they would invest in the IPO but only on the understanding they would get some payback from their original input.
Really it is all a bit of a tease when you don’t know fully how these things work.
However from the STV link I posted above you will note
“between £11.5m and £6m of the remaining money would be used for “general working capital purposes” that ”
Therefore if money is short what plans are going to be shelved to allow the club to keep running on a day to day basis?
Have always said in terms of cash flow it was going to be tight. We may see how tight it is going to get over the next few weeks starting with a nice wee top of the table clash with Queens Park on Saturday.
Will be interesting to see what the reaction is following the defeat at the hands of the Arabs, especially if like the last gaem QP make a game of it.
From KDS – Alex Tomo has received word from HMRC that their leave to appeal the FTT decision has been granted! The Appeal has been lodged.
alex thomson@alextomo
HMRC just emailed. For clarity their leave to appeal on R tax case has been granted. Appeal has been lodged.
Delighted to announce
From Alex Thomson twitter
HMRC just emailed. For clarity their leave to appeal on R tax case has been granted. Appeal has been lodged.
hahahahaha, must refresh before posting!!!
wottpi says:
Monday, February 4, 2013 at 12:44
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
My reading of the situation is that a substantial amount of money pledged for share purchases which was due for payment hasn’t been received, thus meaning the money owed to the Asian investors, presumably lent as part of the original purchase or as short term working capital, cannot be repaid.
I could be wrong though. I have a track record for that.
wottpi says: Monday, February 4, 2013 at 12:44
———————-
The best indication of cash flow issues will be the timing of the launch of Season Ticket sales for next season. It shouldn’t start before May, but if it starts in April or even March then look out.
Hearts cash flow problems are already well known so I would expect a March launch again this season. It’s down to poor financial management as, in the absence of an unexpected windfall, the same cycle will be repeated the following year.
Motherwell wins backing for reconstruction plans
By Firparkcorner
Updated Saturday, 2nd February 2013
Views: 393
Motherwell RSS FeedFollowing a meeting of Well Society members on Saturday the club won support for its backing of the 12-12-18 reconstruction proposals. The club will hold an open meeting of fans in the next few weeks to widen the consultation process.
Persuasive arguments from Leeann Dempster and Derek Weir convinced an initially sceptical audience of around a hundred that the way to the preferred goal of a larger top division was to proceed with the current SPL/SFL proposal for a 12-12-18 structure with the associated benefits that would flow from a reformed distribution of the commercial revenues and 75% voting regime.
Leeann delivered a presentation that argued the best way forward for Motherwell FC and Scottish football was to support the current reconstruction plan. The alternative was the bleak financial outlook that would come with the status quo.
The strengths that would follow from the revision of the professional game outweighed the disadvantages. An open and frank exchange of questions and answers ran through the two hour meeting and Derek Weir’s insight that came from his experience on the SPL board backed up the view that this was the best route to secure the club’s stability.
The redistribution of money from the top end to clubs currently in Division 1 would, hopefully, mean that serious consideration could be given to an enlarged top flight in a few years. The formation of the ‘middle eight’ would lessen the pain of relegation and increase the chance of a quick return for whatever team was in that situation.
The chance of attracting a sponsor for the new setup (the Clydesdale Bank deal ends this season) was much higher than for the existing SPL structure.
The meeting concluded with a show of hands that indicated an overwhelming majority in favour of the new deal and the club will now extend the debate to a wider audience of supporters possibly within the next two weeks.
Many present admitted that their views were changed in the course of the afternoon and accepted that, despite the faults, the revamp should take place at the start of next season.
And heres the unfortunate reaity.
Motherwell FC reports a loss of £600k
By Firparkcorner
Updated Friday, 1st February 2013
Views: 476
Motherwell RSS FeedShareholders who attend the club’s AGM in a fortnight will hear that Motherwell FC made a loss close to £600k last season. Despite our third place finish, our inability to sell a player combined with poor cup income led to a poor financial performance.
As the commentary in the Director’s Report points out, the profit from the previous season 2010/11 means that we are close to breakeven in the last couple of years.
Following our success in both domestic cup competitions (and 3 rounds in the Europa League) in 2010/11 the club opted to maintain expenditure in the playing squad at the same level. However, our turnover dropped by £1.5M and the result was a loss of £600,000.
The club remains without bank debt, a situation that few of our competitors enjoy but it’s obvious that some action has to be taken to ensure that the loss suffered last season does not become a regular occurrence. “A full review of all costs is underway”.
The report also notes that “we have suffered from a large reduction in total away support” and encourages us to do what we can to increase the attendance figures and to add to the membership of the Well Society.
More details will emarge at the AGM which will be held at Fir Park on Wednesday 13 February.
A summary of the financial statement from last year is available here.
Danish Pastry says:
Monday, February 4, 2013 at 07:12
Auldheid, I came away from listening to that with the sense that the SFA was rather impotent. In fact, I wasn’t too sure of its purpose. I’m sure Regan could not have meant it to sound like this, but the impression he gave was that Scottish football was run entirely by the SFL and the SPL, and that he felt rather out of the loop.
=========================================================================
Does anyone fancy e-mailing the Scottish Govt to ascertain why the SFA is provided with funding if they don’t/can’t do what most football fans believe they do and expect them to do?
I’m not discounting the other good (I’m told) work they do on development away from the top level of the game, but couldn’t my tax spend be trimmed to fund only that aspect of their work through a less highly paid exec? Shirley some less well paid forum/committee can oversee that, run the Scottish Cup and select/support the national team manager? As far as I can see SR is saying that’s all they do and I don’t think I need to pay them so well!!
A couple of paragraphs from Keith Jackson article that sums up the feeling of hatred and the reason for this feeling of hatred…..
“The initial rush of pain and anguish which set in on administration day, last February 14, was quickly followed by a head-spinning mix of anger and resentment at the rest of the world. You can’t blame Rangers for that. It was an understandable, human reaction to a truly desperate situation.
They had been battered in their sleep by Craig Whyte and then, as they lay sobbing and bloodied with an outstretched hand, others took it in turn to boot them into the gutter. In their darkest hour, they found no friendship or sympathy. Only more hostility and hatred.
No wonder then that these events took such a heavy and lasting toll”
.
I do not know how much this paper costs but the damage and ill feeling it causes in the game of football in this country is growing daily. We the true football fans may have to pay the real price of this feeding frenzy that the MSM cannot help but promote.
Yes I am BawsB.
My source, who works for a reputable stock-brokerage firm, informs me that the bulk of institutional investors have not paid over one red cent yet, and are unlikely to do so now.This is causing great concern to the AIM and an announcement is expected shortly)
He says that the plan was never to realise a profit from share transactions (most are locked in for twelve months, by which time the shares will be worth less than ten cent anyway) but when the assets are put up for sale after a second collapse of the club.
This was predicated on the club being able to struggle on for most of the season, but with the early exit from all cup competitions and the consequent drying up of that potential revenue stream the club will not now be able to struggle on past March.
Senior
agree
Its the cup success or lack of it thats turned Well from +520K to – 600k in a season. Europe I believe just lbreaks even if you dont get ot of the qualifying rounds IE you pay ou virtually in travel what you recieve fromEUFA.
Senior says:
Monday, February 4, 2013 at 13:28
Wow….I knew it would happen but not quite so soon.
Enjoyed the tease too. It adds to the drama:)
The initial rush of pain and anguish which set in on administration day, last February 14, was quickly followed by a head-spinning mix of anger and resentment at the rest of the world. You can’t blame Rangers for that. It was an understandable, human reaction to a truly desperate situation.
They had been battered in their sleep by Craig Whyte and then, as they lay sobbing and bloodied with an outstretched hand, others took it in turn to boot them into the gutter. In their darkest hour, they found no friendship or sympathy. Only more hostility and hatred.
No wonder then that these events took such a heavy and lasting toll.
——————————————————————————————————————
St valentines day has a lovely feel about it, surely not……………………….
BBC news announced just that HMRC HAVE been granted leave to appeal against rangers decision. They say the 3 man panel state that it is the use of EBT,s are loans that could be re-payed.
Not really a good week for Charlie.
Senior says: Monday, February 4, 2013 at 13:28
————————-
Only the Directors and key employees were locked in for the full 12 months. According to the prospectus this covered 9.25M shares (Green with 5M, Ahmad with 2.2M and McCoist with 1M make up the bulk of the total). They also agreed to a further six months of an “orderly market”.
The holders of a further 16.4M (22.6%) of shares committed only to an orderly market for six months. It is this group that probably involves the institutional investors.
So, it looks like executive flats with a red frontage after all?
bogsdollox says:
Monday, February 4, 2013 at 13:13
Looking at the prospectus See below) I find the following that appears to suggets monies had to be paid up front. Item 4.1 mentions cleared funds
However item 5.1 outlines areas where monies could be returned and from my reading if the deal falls through the monies get returned by 1 Feb 2013 (last Thursday).
Could it be that an offer/contract was initially conditional and that unconditionality has not been agreed thus monies pledged needed to be returned by 1 February.
The next question is, if that is the case, how long does Mr Green have to inform the AIM?
Phil Mac appears to be suggesting AIM rule 11 applies and that is
An AIM company must issue notification without delay of any new developments which
are not public knowledge concerning a change in:
. its financial condition;
. its sphere of activity;
. the performance of its business; or
. its expectation of its performance,
which, if made public, would be likely to lead to a substantial movement in the price of its
AIM securities.
From the Rangers Prospectus
3. Acceptance of yourApplication
Your application may (at the absolute discretion of Capita acting on behalf of the Company) be accepted in full or in part and accordingly the amount you have offered to invest may be scaled down. The Company will endeavour to satisfy valid applications in full but this is subject to the overall level of demand for Offer Shares and the Company and Capita reserve the right to scale down such applications in individual circumstances as they in their absolute discretion consider appropriate. In the event that applications for Offer Shares are scaled back by the Company, the allocation policy may favour those persons who are currently holders of season tickets, former season ticket holders, former debenture holders of RFC 2012 plc, minority shareholders of RFC 2012 plc and current employees of RFCL. Subject as aforesaid, the bases of allocation of applications will be determined by the Company in consultation with Capita.
4. Conditions
4.1 Your contract to subscribe for Offer Shares of the Company will be conditional upon (i) receipt by
Capita of cleared funds in respect of the Offer Shares and satisfactory evidence of identity; and
(ii) Admission becoming effective on or before 19 December 2012 (or such later date as may be
agreed by the parties to the Placing Agreement but not later than 18 January 2013).
4.2 You will not be entitled to exercise any remedy of rescission for innocent misrepresentation
(including pre-contractual representations) at any time after acceptance. This does not affect any
other rights you may have.
5. Return of application monies
5.1 If any application is invalid or not accepted or if any contract created by acceptance does not
become unconditional or if any application is accepted for an amount lower than that offered,
subject as hereinafter provided, the application monies or the balance of the amount paid on
application (as the case may be) will be returned without interest:
(a) in the case of applications being made in hard copy form, by cheque crossed “account payee”
in favour of the relevant payee by post at your own risk; or
(b) in the case of online applications, a credit to the account from which your application
payment was made, but Capita reserves the right to issue cheques on the same basis as for
those applications made in hard copy form; and
(c) in any case, by not later than 1 February 2013.
5.2 Prior to that time, application monies will be retained by Capita in an account designated for the
purposes of the Offer and any interest accrued on the application monies will be retained by, and
for the benefit of, the Company. The cheque and/or banker’s draft accompanying your application
or secure online payment may be presented on receipt and before acceptance of your application,
or application monies transferred pursuant to a bank transfer order or through internet banking (as
the case may be and in accordance with the relevant Application Form) may be received before
acceptance of your application but these will not constitute acceptance of your application, either
in whole or in part. The proceeds of this presentation or transfer will be held pending acceptance
and, if your application is accepted and the conditions of paragraph 4 above are satisfied, will be
applied in discharging the total amount due for the Offer Shares you have been allocated.
5.3 Share certificates and surplus application monies (if any) may be retained pending clearance of your cheque and/or banker’s draft (where applicable). The right is also reserved to reject any application in respect of which your cheque, banker’s draft or secure online payment, as the case may be, has not been cleared on first presentation and, in any event, by 1.00 p.m. on 18 December 2012. The Company may require you to pay interest or other resulting costs (or both) if the cheque or banker’s draft accompanying your application is not honoured on first presentation. Amounts of less than the Offer Price of one Offer Share will be retained by the Company. Sums refunded will in all cases be paid in pounds sterling.
Senior says:
Monday, February 4, 2013 at 13:28
2 0 Rate This
Yes I am BawsB.
My source, who works for a reputable stock-brokerage firm, informs me that the bulk of institutional investors have not paid over one red cent yet, and are unlikely to do so now.This is causing great concern to the AIM and an announcement is expected shortly)
He says that the plan was never to realise a profit from share transactions (most are locked in for twelve months, by which time the shares will be worth less than ten cent anyway) but when the assets are put up for sale after a second collapse of the club.
This was predicated on the club being able to struggle on for most of the season, but with the early exit from all cup competitions and the consequent drying up of that potential revenue stream the club will not now be able to struggle on past March
——————————————————————————————————————
St valentines day has a lovely feel about it, surely not……………………….
BBC news announced just that HMRC HAVE been granted leave to appeal against rangers decision. They say the 3 man panel state that it is the use of EBT,s are loans that could be re-payed.
Not really a good week for Charlie.
Senior says:
Monday, February 4, 2013 at 13:28
See my post above.
From my reading funds had to be cleared prior to issue on 19 December 2012.
However if for some reason the deal fell through monies would have to be paid back by 1 February 2013 (WHICH WAS OF COURSE FRIDAY AND NOT THURSDAY AS I STATED).
Therefore from my view, depite what your sources say either all deals have gone through and the £17m has been paid over.
OR
Some of the £17m were tied up in contracts that have for one reason or another failed and the money that was banked had to be returned to the investors by last Friday.
Is being out of the country an acceptable excuse for not informing the AIM if the full £17m has not in fact been raised?? 🙂
I do hope the Asian investors are well known to Charles
Last updated: February 4, 2013 1:30 pm
Probe links football match-fixing scams
By Matt Steinglass in The Hague
http://www.ft.com/cms/s/0/cff70dba-6ec3-11e2-9ded-00144feab49a.html#axzz2Jw2UuEnw
Senior says:
Monday, February 4, 2013 at 13:28
Yes I am BawsB.
My source, who works for a reputable stock-brokerage firm, informs me that the bulk of institutional investors have not paid over one red cent yet, and are unlikely to do so now.This is causing great concern to the AIM and an announcement is expected shortly)
He says that the plan was never to realise a profit from share transactions (most are locked in for twelve months, by which time the shares will be worth less than ten cent anyway) but when the assets are put up for sale after a second collapse of the club.
This was predicated on the club being able to struggle on for most of the season, but with the early exit from all cup competitions and the consequent drying up of that potential revenue stream the club will not now be able to struggle on past March.
………………………………………
2 points..
Is Charlie responsible for underwriting investors withdrawel?
Secondly…how can investors who do not invest..profit from the sale of the assets?
wottpi says:
Monday, February 4, 2013 at 12:44
neepheid says:
Monday, February 4, 2013 at 12:20
As I have been asking over the last wee while, until Phil Mac can tell us more or the story breaks, then we need someone with experience in such matters to provide guidance.
The question that needs to be answered is who at AIM monitors when the hard cash has been paid for the shares that have been ‘pledged’ and when does the transaction actually have to take place.
,,,,,,,,,,,,,,
That`s an easy question
Nobody monitors whether shares “paid for” by a private arrangement are actually paid in cash. Legally, IPO shares can be paid for by extinguishing a debt, they can be given away free, or they can be paid for on some future date after agreed conditions have been met.
Shares can be issued in the name of nominee co or a relation or someone who lives abroad
,,,,,,,,,,,
An ordinary shareholder buying from an online Broker has to pay immediately he buys the shares
No money change hands in a private sale until the date agreed between the parties The seller can sue for payment if he has met all the conditions in the private sale agreement and the other party reneges
And as for oversight by FSA………….forget it
The FSA thought the Banks were behaving ok
The only “sanction” is that RIFC are expected to bear the consequences of any legal but private share sale which goes “sour”
The UK is a Spivs paradise
Just like RIFC