A Guest blog by redlichtie for TSFM
From what I can see Mike Ashley is likely to be the only game in town for RIFC/TRFC fans unless they want to see another of their clubs go through administration/liquidation.
That particular scenario potentially allows for a phoenix to arise from the ashes but on past evidence it is probably going to be an underfunded operation with overly grandiose pretensions taking them right back into the vicious circle they seem condemned to repeat ad nauseam.
Ashley has the muscle to strongarm the various spivs to give up or greatly dilute their onerous contracts and I suspect that is what has been happening behind the scenes.
From Ashley’s point of view I believe that what is being sought is a stable, self-financing operation that he can then sell on whilst retaining income streams of importance to SD.
I also suspect that he will come to some arrangement with the SFA to dispose of his interest once he has stabilised the club.
The problem for RIFC/TRFC fans is that Ashley is not going to fund some mythical “return to where they belong”, though that is beginning to appear to be the second division of the SPFL where they are heading to have a regular gig.
Like at Newcastle, Ashley will cut their coat according to their cloth. This will mean, again like at Newcastle, a mid-table team with good runs every so often. If the finances can be fixed then they will have an advantage over most other Scottish clubs but in the main we will be back to actual footballing skills and good management being what is important (pace “honest mistakes”).
With recent results and footballing style clearly those are issues that will require attention and McCoist seems likely to present RIFC/TRFC with an early opportunity to address at least one aspect of that if he continues with his current “I’m a good guy” press campaign. It may take just one unguarded comment or action and he will be out.
But will the Bears go for Ashley’s plan? So far they seem antagonistic and still cling to their belief that the world owes them a top football club regardless of cost.
If the fans don’t get behind the current entity I can see Ashley deciding the game’s not worth it and cashing in his chips. Some ‘Rangers Men’ will probably turn up and create a new entity for The People to believe in and Ashley will continue to draw in income from shirt sales and, most likely, charging fans at the world famous Albion car park which he will then own.
The upcoming AGM is crucial and from what we have seen of Ashley so far he gets what he wants.
The crushing reality about to descend on The People is that there really is no Santa Claus. A Sanity Clause, perhaps but no Santa Claus.
Ecobhoy 9.29
Check your pm.
Re comments on the Three Bears investment….
Where is Neil Patey these days? I miss his priceless analysis and thinking. Wonder if his employer has told him to say nothing on the matter. I’m struggling to think of one part of the narrative he has called correctly but he was always good for a laugh.
jimmci says:
December 28, 2014 at 2:07 pm
0 0 Rate This
Re comments on the Three Bears investment….
Where is Neil Patey these days? I miss his priceless analysis and thinking. Wonder if his employer has told him to say nothing on the matter. I’m struggling to think of one part of the narrative he has called correctly but he was always good for a laugh.
………………..
Maybe he’s spending the festive period as a guest at a chateau in the south of France ????
Smugas says:
December 28, 2014 at 1:36 pm
Assuming its share capital of course. If it’s secured loans on the other hand…..
=================================================================
Smugas – we can only trust the MSM when they talk as one of underwriting and res 8 and res9 and shares. No mention of security – because what security is there for another £6.5mil of emergency loans to keep the lights on and feed the onerous contractors.
As far as the ‘Three Bears’ investment is concerned, I find it incredibly funny (and telling) that on certain TRFC sites, the word on Douglas Park having a £78m fortune is, “that won’t last long. It’s not enough”, as if the man is willing to commit his entire fortune to their dreams.
There are 3 ways of transferring your money into a company.
1) Buy new shares. That is called an investment, although it can amount to the same thing as 2) if the company goes bust
2) Just give your money away.
3) Loan the company your money. If your loan is unsecured, that often amounts to the same as 2) if the company goes bust. If secured by a legal charge on property (a mortgage) then you have a good chance of getting your money back.
That seems to me to cover all the possibilities. If I have missed any, please let me know.
http://therangersreport.com/2014/12/27/rangers-linked-to-atletico-madrid-midfielder/
. . . and the delusions continue. . .
jimlarkin says:
December 28, 2014 at 3:04 pm
2 0 Rate This
======================================================
Oh dear…
scottc says:
December 28, 2014 at 2:22 pm
As far as the ‘Three Bears’ investment is concerned, I find it incredibly funny (and telling) that on certain TRFC sites, the word on Douglas Park having a £78m fortune is, “that won’t last long. It’s not enough”, as if the man is willing to commit his entire fortune to their dreams.
===================================================================
It’s much sweeter to sook up to a billionaire sugar daddy than a mere millionaire one even if he’s a true Rangers Man 😆
imlarkin says:
December 28, 2014 at 3:04 pm
6 0 Rate This
http://therangersreport.com/2014/12/27/rangers-linked-to-atletico-madrid-midfielder/
. . . and the delusions continue. . .
========================
Beyond sad, really.
Let’s say for a minute that I’m a top class midfielder, playing for a team that is challenging at the top of “La Ligua” and which reached the final of the CL only 2 years ago. Let’s even stretch it to the point that a team in the 2nd tier of SCottish football could actually afford my fee and my current wages (yes, I know, we’re into fairytale territory, folks, but just think Goldilocks and the 3 bears) but I had an EPL alternative offer, paying treble the wages, and actually increasing my international exposure. What should I do? Decisions, decisions!
TU= join the Gers on their journey to Zadok the Priest (warning- this may take some considerable time).
TD = sign for an EPL club, make pots of money, and keep your career alive.
redetin says:
December 28, 2014 at 1:36 pm
ecobhoy says:
December 28, 2014 at 9:29 am
The new outfit will have a new VAT number – just another little indicator that it is a new and separate enterprise. If anyone has the old and/or new VAT numbers it might be worth posting them for the record.
– – – – – – – – – –
The VAT number must be included on invoices. So for example, here:
http://www.scribd.com/doc/192787982/179011475-148999313-Rangers-FC-Invoice-to-Ticketus-Agency-pdf-pdf
=======================================================
Ta @redetin
Old VAT No is: 743399993 – although if that was one of the clip-art invoices who knows 😆
Still all we need now is the one they are now using. Small point but worth knowing.
GoosyGoosy says:
December 28, 2014 at 10:54 am
Who is Mr Latham?
=======================================
Mr. Paul Stephen Latham is a Managing Director at Octopus Investments Limited. He joined the firm in 2005 and is responsible for the tax products. He is responsible for the day-to-day and strategic direction for managing a business line that includes the VCT, EIS and IHT products offered by Octopus. Mr. Latham joined Octopus in 2005 and, as chief operating officer, was responsible for managing and enhancing the infrastructure. His prior experience includes building key elements of the infrastructure for Capital One Bank (Europe) plc as it grew from start-up to over 2,000 people. In addition, Mr. Latham held various general management and internal consulting roles across a number of sectors and brings with him a wealth of industry and business experience. He is a qualified Chartered Engineer and Chartered Accountant. Mr. Latham graduated with a first class honours degree from Imperial College.
jimlarkin says:
December 28, 2014 at 1:59 pm
=================================
Anyone can see with the right people in charge, and the support of what is a huge fanbase, there is the chance of generating money and being self sustaining. If that also meant Murray Park having to be dispensed with because it could never be sustainable in the first place then so be it. If it means some lean years and not finishing on top more often than not, then so be it. Eventually they could have a business model that worked for them. To sum it up though I believe there is a comment on a Rangers forum today that Douglas Park’s apparent £78M fortune ‘won’t be enough’- where do you even start with that! David Murray and the previous Bank of Scotland incumbents have caused untold damage, and it high time the media swung the big guns in that direction while lowering the unrealistic expectations of the support.
Well the SMSM, can like it or lump it, this seasons Premier league is where the real competition is at this season.
Hearts revival, coming out of administration, is a fantastic story and it looks like they will win the Championship at a canter but isn’t it wonderful that our Premier league looks like it’s going to provide a real challenge for Celtic to be victorious.
Note to the SFA – this is the natural way of things when all teams competing play by the rules.
I’ve just had a browse over the Sports Direct accounts to see if I could find out their view on the income and costs of Rangers Retail.
All I could find was their accounting of Rangers Retail sales figures for the full year to April 2014 and the six month interims to October 2014.
http://www.sportsdirectplc.com/investor-relations/reports-and-presentations/rp-2014.aspx
Their claimed sales figures for Rangers Retail were:
52 weeks to 27/04/14 £3.843M
26 weeks to 26/10/14 £2.487M + £398K trade receivables.
RIFC reported £7.647M income for the 12 months to 30/06/14, but with “Costs of inventories” at £4.639M and a “Provision for Stock Purchase” at £411K
Trying to marry up the two sets of figures is difficult as the reporting periods are not aligned. The SD “trade receivables” at £398K may reflect the “Provision for Stock Purchase” of £411K, but this sum may still have to be paid given that it was shown as a “receivable” in the SD accounts at the end of October.
I also don’t know if SD’s figures are only their share of the business or of the whole operation, but RIFC’s full year £7.647M is almost double SD’s full year £3.843M (51%/49% split?)
The SD interim accounts also cover the first 4 months of the current RIFC financial year, but I don’t know the sales profile over the year to make any judgements as to whether the latest £2.487M in SD’s accounts is good, bad, or indifferent.
You would normally expect good sales numbers around the start of the season and perhaps in the lead up to Christmas, but relatively quiet at other times of the year.
Anyone with a view on the numbers?
easyJambo says:
December 28, 2014 at 7:23 pm
Anyone with a view on the numbers?
__________________________________________
“A good decision is based on knowledge and not on numbers.”
Plato
❗
Could I ask a question? You must be fed up talking about Rangers, so am I. I wonder why.
Both clubs failed to score yesterday, when did that last happen?
Anyway, Celtic what is happening there?
For all the unbridled joy at our demise I detect a restlessness about Celtic Football Club.
There seems to be downsizing at an alarming rate.
The appointment of a manager that no one has heard of, the breaking up of a squad that qualified for the Champions League.
How many players have been sold since? Talk of imminent departures of Commons and maybe the big Dutch centre back.
Crowds decreasing, and you cannot blame people, because who in that Celtic squad gets the pulse racing now.
The so called challenge of Aberdeen and Dundee Utd in my eyes, at least,while welcomed is not because of their quality but more because of this strange lack of investment.
To be fair the other clubs must be loving it, to be in contention at this time of year is terrific for them, but for a club as large as Celtic , with their resources it must be worrying for their support.
Why is this? Why are Celtic downsizing so rapidly?
Why are the crowds drifting away?
How will they get them back?
Good lord. Rhaps trying to be funny and actually makes a valid point. Now that’s ironic.
To answer your questions
Forrest is the only one capable of pulse racing but lacks end product. Van dyke (sp?) is saleable. In fact too saleable. The reason for the demise (and the unfancied Deila’s appointment?) Because their one and only effective barometer point isn’t there.
😈
Glad to help.
rhapsodyinblue says:
December 28, 2014 at 8:18 pm.’
‘…Could I ask a question? You must be fed up talking about Rangers..’
————
For as long as we have dark suspicions about what the SFA and SPFL may do in a cheating way to help the ailing TRFC/RIFCplc, and about how the SMSM will support them in any ‘cheatery’ and disregard of Sporting Integrity, I for one will not want to see this blog turn into just a ‘football blog’.
It is NOT about Celtic or any other professional or amateur football club: it is about how the major cheating of SDM was not properly and openly dealt with, and has still not been properly and openly dealt with, by the ‘Sporting’ authorities some senior figures of which had/have financial and or other particular ties to RFC(IL): which ties have never been explored or and exposed to questioning by the SMSM for any signs of undue or irregular complicity in the secret deals that were struck to allow a new club an extreme degree of latitude, and its founders a degree of support even when they were publicly defiant and in apparent breach of of several rules.
Introducing matters that apply only to one other club is just a waste of everybody’s time.
In my opinion.
rhapsodyinblue says:
December 28, 2014 at 8:18 pm
=====================
I’ll have a go. Basically it’s armageddon.
There are other views of course. It’s called living within ones’ means. It’s a game of fitba, other guys occasionally win. It’s the place where we are at with regard to players’ wages; big(ger) teams and leagues suck up the true international level players and now there is little difference between those on 5k (e.g) and 2k and then there’s coaching. They’re not 2 1/2 times better whatever the coaching. Crowds go up and down through history, no need to fret there are many teams who survive on crowds lower than the Dons never mind the mighty twosome.
As a Dons fan I offer these as suggestions but it’s a view from the outside and pretty generic. Pretty boring and not nearly as interesting as the shenanigans at old and new Rangers, SFA and SMSM, now that’s a story.
John Clark says:
December 28, 2014 at 8:38 pm
It is NOT about Celtic or any other professional or amateur football club
……………….
Right, I see, or wait is this not called the Scottish Football monitor.
I was,nt asking about 4 4 2 or 4 3 3 or whether the strikers were useless or not?
Maybe someone can discuss this without the barbed comments.
I was asking about the downsizing of Celtic Football Club and the reasons behind it.
Have I broken a rule?
Jeez, you ask a question and the first 2 that answer back take the humph.
0
0
Rate This
rhapsodyinblue says:
December 28, 2014 at 8:32 pm
So it is because of us, is it?
===================
Could it be about running a football business on a sensible basis? Not everything is about you, believe it or not. In my personal view “Rangers” are rapidly becoming a total irrelevance in Scottish football. They bring nothing to the table except a load of trouble, and a bizarre sense of entitlement, based on what???
rhapsodyinblue says:
December 28, 2014 at 8:45 pm
‘.Jeez, you ask a question and the first 2 that answer back take the humph. ‘
——–
Me tahe the humph? Never in life.
Just trying to keep away from any irrelevant discussion. In so far as past discussions have related to the football fortunes of TRFC and its erstwhile manager, that has been in the context of what those fortunes might mean vis-a-vis Administration/Liquidation : and for what that may mean by way of further secret deals and accommodations that the Football Authorities and the SMSM might feel obliged to enter.
The SFA had already accommodated Ashley up to a point. And we now know that their refusal to accommodate him further was down to them knowing of the 3 Bears’ ‘offer’-not to any high-falutin’ sense of ‘principle!
Suspicion of motives is the cause of our interest-not any actual interest in TRFC/RIFC plc as a football team.
rhapsodyinblue says:
December 28, 2014 at 8:55 pm
Sorry, I seem to have logged onto ‘ The Green Brigade Ultras’ page by mistake..
=============
I think that you wanted to provoke a certain response, so you are probably on exactly the page you wanted to be on. If you ask a question, and you don’t like the answers, then just tell those responding why they are wrong, instead of resorting to generalised insults. That’s how a forum like this works- isn’t it?
rhapsodyinblue says:
December 28, 2014 at 8:18 pm
_____________________________________
HaHaHaHa!
“The ignorant mind, with its infinite afflictions, passions, and evils, is rooted in the three poisons. Greed, anger, and delusion.”
Bodhidharma
rhapsodyinblue says:
December 28, 2014 at 8:55 pm
‘.Sorry, I seem to have logged onto ‘ The Green Brigade Ultras’ page by mistake..’
——-
Now you’re not just being irrelevant, but insulting and deliberately provocative.
Hi ya RIB, welcome back.
Re your Celtic query I suspect it is a case of a club/clumpany trying to live within its means. It seems to be working fairly well for a whole heap of other clubs.
Can I recomend that as something to chew on and see if there might be an application closer to your heart than the Celts?
Scottish Football needs mair o’ this armageddon stuff.
rhapsodyinblue says:
December 28, 2014 at 8:18 pm
Anyway, Celtic what is happening there?
_______________________________________________________
I could only hazard a guess but I’d say they are ‘living within their means’ and attempting to ‘balance the books’.
If Celtic do not qualify for the Champions League they lose money therefore a player has to be sold.
It also follows that if a player is part way through their contract, or entering the final six months to a year, then they will be sold if an acceptable offer arrives. This is an attempt to continue a business plan where that money will hopefully cover the shortfall but also continue the investment process. Dundee United did it with Ryan Gauld in the summer and with Johnny Russell the year before.
This is reality!
If players have to be sold to continue that model then you hope the replacements can also be developed and sold on.
If those replacements are not up to scratch then more players have to be sold or the business plan has to alter to accommodate the shortfall. That can take the shape of youth players being released or coaches sacked.
That is business.
No business can continue to run at a loss year after year after year.
Not everyone has sugar daddy waiting in the wings but, even if they did, it is not always the best way to go.
rougvielovesthejungle says:
December 28, 2014 at 5:37 pm
Well the SMSM, can like it or lump it, this seasons Premier league is where the real competition is at this season.
Hearts revival, coming out of administration, is a fantastic story and it looks like they will win the Championship at a canter but isn’t it wonderful that our Premier league looks like it’s going to provide a real challenge for Celtic to be victorious.
Note to the SFA – this is the natural way of things when all teams competing play by the rules.
___________________________
Rougvie, couldn’t agree more. Celtic, Aberdeen and Dundee Utd. fighting it out at the top of the league at Christmas. Promises to be an exciting new year. And one that really takes me back. It’s been over twenty-five years since I was a Parkhead regular, back when the same three clubs were fighting it out. I well remember going to games against the dons or utd. when every point had to be earned and guys like Strachan, Miller, Dodds, Malpas, etc. struck fear into the hearts of sellic fans, and made me especially proud (relieved!) when we managed to come out on top or scrape a point. It was good, honest competition… And on a more personal note – the wife and kids just got me a subscription to Fox Soccer 2Go for Christmas, which means I’ll be able to watch the games live from my suburban New Jersey attic/man cave – or catch the midweek ones on the fly at work. Scottish football needs a strong broadband connection. 🙂
I have watched almost all the Scottish football highlights online this evening = some great stuff on display! And what about Stephen Mallan’s goal for St Mirren- Wow!, Just WOW! 🙂
In the premier league it seems that all teams are capable of beating each other. It was a bit like that decades ago. Wonder what happened in between?javascript:grin(‘:lol:’)
Rhaps,
I’m looking in from the outside – born and bred in Essex and support Chelsea.
Why are Celtic downsizing?
Well, from my perspective they spent at least 20 years trying to compete with a fiercest rival that was engaging in “financial doping” – living beyond it’s means and paying for a team/squad that it could not really afford.
With the price ultimately picked up by the taxpayer.
Since that rival’s fall from grace Celtic no longer have to take part in the arms race and have no doubt suffered some loss in revenue as a result – they have quoted around £10m pa themselves.
That explains the downsizing and from the outside it appears that Scottish football is entering a healthier era with the big team living within its means and others having a chance to compete and maybe in a good year nick a trophy or two.
I am aware of the irony of a Chelsea supporter refering to “financial doping”. I agree. I believe that everything we have won since the russian arrrived is tainted. I remember relegation battles from my youth more fondly than Zadock the Priest.
If Rangers supporters were to openly acknowledge that everything won in the Murray years is likewise tainted then I am sure there would be a great deal more sympathy to both you and your team.
Sutton Fakes
Gold-dust there, bampots.
One example below (I’ve just tidied up some of the grammar in case anyone thinks the mistakes in the original were my doing; all parentheses mine):
—
Subject:
Meeting
———————— From:
Chris Chipperton
Date: 10 August 2011 07:29 To: Craig Whyte Cc: Jack Irvine
Dear Craig
It was good to meet you last night and I thought I will (sic) drop you a line with some realistic objectives.
We agreed we need to reset (good one) the relationship between Rangers and HMRC. I propose we do this at the board level of HMRC in London via myself and Terry Byrne as we discussed. Terry was the Deputy Chairman of HMRC and can access the board at a week’s notice (some man).
We also need to engage at operational level with HMRC in Glasgow to try to diffuse any blinkered thinking or religious bias (it honestly says that). In this instance I would call upon Richard Spence the recently retired head of investigations in Glasgow who also happens to be one of your season ticket holders for the last 25 years (oh aye?), so will go the extra mile for me (mhmm).
It is vital we engage with headquarters of HMRC in London as Glasgow seem to be running off at a tangent (must be all that religious bias; couldn’t possibly be the millions in unpaid taxes).
—
You couldnae mark their neck wi a blowtorch. Let’s remember what we’re up against. And for anyone who assumed everything about Hector was above board, read this and have a word with yourself.
There’s something that doesn’t stack up about the structure of Rangers Retail
Perhaps someone can help
As far as we know TRFC have 51% ownership in Rangers Retail. It is described as a subsidiary of TRFC
Here’s the problem
Rangers Retail was formed on 13 July 2012 as a Sports Direct subsidiary. It was called Newco No1 Ltd with two SD Directors Forsley and Leach. Companies House don’t note the share capital in their summary so one could assume it was either £1 or £100
On 14 Aug 2012 Newco No1 changed its name to Rangers Retail A few weeks later Charles Green and Brian Stockbridge were appointed as Directors
Spivs don’t work for nothing
One can only assume that Green and Stockbridge were being paid by Sports Direct for sitting on the Board of one of their cos
Green resigned RR in Oct 2013 and Stockbridge resigned RR in Feb 2014
…………………………….
My problem is this
Rangers Retail are described as a subsidiary of TRFC. For this to be true TRFC must have bought 51% of Rangers Retail from Sports Direct.
Maybe this did happen
If it did there ought to have been some record of it somewhere in the RIFC accounts
And I can`t find any record
In any event
You can`t own 51% of a co with just a single £1 share
So
RR would have had to increase its share capital from £1 to £100 after it changed its name from Newco No1…and there is no record of any such increase in the share capital at Companies House
Or
Newco No1 Ltd was not a wholly owned subsidiary of Sports Direct when it was formed by Sports Direct on 13 July 2012
But was actually a £100 co which listed its shareholders as 51% TRFC and 49% Sports Direct. And
If it was
Why wasn’t it registered by Charles Green representing the majority shareholder?
Another oddity
TRFC did not exist on 13 July 2012
Serco Scotland didn`t change its name to TRFC until 31 July 2012
So if there was a deal with Sports Direct to create a joint venture it must have been with Serco Scotland
Also
Deals that result in joint venture cos are not usually done quickly.
There are lots of issues to discuss .That takes time.
Working backwards 4 weeks takes you to the point when everybody expected Sevco 5088 would buy the assets when the CVA failed in mid June 2012
Except
………those people who knew about the Sevco 5088 double cross
The most important issue in the Sports direct v Green negotiations must surely have been
Does Sevco Scotland have the legal right to purchase RFC assets from the Administrators?
So
Could anybody at Sport Direct have known about the Sevco 5088 double cross?
Esteban says:
December 28, 2014 at 10:36 pm
‘… And for anyone who assumed everything about Hector was above board, read this and have a word with yourself.’
———-
I can say only that Mr Thomson’s presentation of HMRC’s case at the Upper Tier Tax tribunal did not impress me.
rhapsodyinblue says:
December 28, 2014 at 8:45 pm
===================================
As a Celtic fan, my tuppence worth on your comments.
Whether or not Celtic made the right choice of Manager or make the best use of the resources available to them could be argued long and hard, but it’s not the primary purpose of this forum.
Celtic have always paid all their bills and taxes in full, and are a very well managed football club. During the years between 1986 and 2011, that policy sometimes put them at a real disadvantage compared to Rangers, but it was the right thing to do. It is also right that Celtic currently live within their means, just like 40 out of 41 other Scottish clubs. That is worthy of discussion on this forum in my view.
TRIFC have just posted, on AIM, the SFA statement re the “hey mister, can we break the rules” meeting of last week. I suppose it gives a regulatory framework as to why MASH won’t be upping their stake, but it seems a little rum to be making such a big thing out of toeing the line. Expect this is the first of a few: their reply, detailing why the rules shouldn’t apply to them, then pdq, something about the rights issue.
Tincks : well put, you pretty much wrote what I would have. It has been well said that Celtic have been the worst affected by collateral damage of the whole Rangers/liquidation/respawn. That could well be put down to karma, having been the second cheek of the same Old Firm ‘Arris.
Also maybe we should get an Essex branch of TSFM running, there’s a few of us have on here.. tho more migrant than indigenous!
Not sure if anyone has put this up: love the title of the piece, fairly brutal but not unfair description of the current NewGers squad.
http://www.thefootballlife.co.uk/post/106397370021/an-embarrassment-of-wretches-rangers-playing
@Famous Song
You thinking it could be a first step to blaming the ‘inflexible SFA’ and huge expenses related to management team for an extreme course of action?
GoosyGoosy says:
December 28, 2014 at 10:57 pm
My problem is this
Rangers Retail are described as a subsidiary of TRFC. For this to be true TRFC must have bought 51% of Rangers Retail from Sports Direct.
Maybe this did happen
If it did there ought to have been some record of it somewhere in the RIFC accounts
And I can`t find any record
In any event
You can`t own 51% of a co with just a single £1 share
=====================
A limited company must have at least 2 shares in issue. A company with share capital of £1 is quite common, but that £1 will usually consist of 100 penny shares.
Ecobhoy has posted a lot on here regarding the structure of RR. The shares are split into 2 classes, 51% in Class A (owned by TRFC) and 49% in Class B (owned by SD). All meaningful power and control resides with the Class B shares, which carry double the voting power of Class A shares. My conclusion is that this particular structure was put in place to create an illusion of control by TRFC, while Ashley really controls the company.
What I don’t know is whether RR had this share structure from incorporation, or whether the articles were changed after incorporation, and if so, when.
I do think you are on the right lines here, in seeking to establish the date of Ashley’s first involvement with RR, since his involvement with Sevco must predate that. I will see what I can find out on this and post anything I find.
ecobhoy says:
December 28, 2014 at 9:29 am
44 1 Rate This
John Clark says:
December 27, 2014 at 7:32 pm
===============================
Eco…below is a link to the Rangers Plc accounts of 1999…I thought there may have been a reference to their VAT reg number on there. I can’t see it.
Interestingly you don’t really need the vat number…as the first 2 pages proudly display the Companies house certificate that declares the football club is a 100 year old Company. I would then draw your attention to the conditions on page 22 regards the debenture holders.
Ps. these accounts for some reason no longer appear on any internet search…strange…could it be the certificate that has caused the removal?
http://www.murray-international.co.uk/pdfs/rangers_reports.pdf · PDF file
Just on the sustainability theme. On fatherly duties yesterday I perchanced on a copy of the Daily Rag in a tea shop so had a glance at the sports section, as you do. The Michael Gannon article was worthy of comment, entitled something about elephants and pea shooters. The mixed messages gave an alarming insight into the mentality that we face.
1/ Ashley has put money (real money) into Rangers despite no real commercial incentive. Apparently this is bad.
2/ Ashley has bought the profitable bits of retailing from Rangers. This is bad not least because apparently it was ripped from the crying baby Rangers’ hand.
3/ At Newcastle Ashley has purchased the club, loaned them buckets and now has the temerity to expect some of this back. Yup, bad again! Obviously the priority that NUFC are below tenth comes WAY before the loan repayments.
4/ Panic ye not. There are real Rangers men waiting in the wings. They have money but not as much as Ashley. Not bad, but apparently no fair hence the pea shooter against the big bad elephant!
5/ Real Rangers men deserve their club back apparently. No justification given from memory although I suspect the good of Scottish football wasn;t far from the writers pen. Ashley does not appear to deserve to be paid back, never mind the opperchancity of making a profit on his resale. Ah, these billionaires, what they like eh!
6/ The killer. The Real Rangers men deserve a club, in fact apparently, they won’t stand for any other club, at least one that aren’t champions. I forget the exact wording now, but clearly recall the basic theme that is be champions and everything sustainable will fall into place. Oh, and in case you were in any doubt, no the real Rangers men shouldn’t have to put in any money to achieve this, that’s for the ‘the investors’ to do, nor should they ever expect the dirty concept of repayment to ever rear its head.
And that was it, to which I can only add, ‘mon the elephant!
jockybhoy says:
December 29, 2014 at 8:33 am
================
I used to live in Essex…now live in Surrey…do I qualify for the Essex club? 😀
Hello and good morning.I have not posted for many a moon so it has been interesting to read the contributions of the faithful.Well 2014 draws to an end and I fully concur with much of the sentiment here.The resurgence of the east coast teams is hugely welcomed and can only bring good to the game as a whole.As for the ever present Rangers saga let us hope that in 2015 this very,very tired conversation comes to an end.Their disappearance,once and for all, can only be good for Scottish football.Have a great New Year everyone.
neepheid says:
December 29, 2014 at 9:18 am
3 0 Rate This
GoosyGoosy says:
December 28, 2014 at 10:57 pm
======================
Goosy- re my earlier post. I have had a quick look at the CH public information. It appears that the Articles of RR were changed on 28/11/2012, presumably in connection with the IPO. I’m guessing that prior to that, SD held all the shares, but that is just a guess, as I said earlier the 51/49 share structure is just a smokescreen to hide Ashley’s control of RR.
Green and Stockbridge became directors on 20/8/2012, but the name change took place on 14/8. What that confirms to me is that Ashley was in deep with Green well before the IPO, at least as early as the name change on 14/8. I agree with you that these arrangements would not have been agreed overnight- I wonder exactly when Ashley acquired his pre-IPO shares in Sevco Scotland?
Feeling chuffed today that there’s genuine competition in the SPL. This is despite the best efforts of the insidious SMSM and the likes of Regan, Doncaster and their ilk!
We were warned on more than one occassion that without Sevco
getting in the top league we would become a ‘Football backwater.’ A bit like the league of Ireland they said>
In general, the crowds are healthier, the atmosphere is certainly healthier, trophies are shared out like never in the past few decades, the gap between Celtic and the rest is narrowing – even as a Celtic fan, what’s not to like?
PS, our game will never be like the League of Ireland,
I repeat – NEVER! Not that they’res anything wrong over there, it’s just that soccer in that country has to compete with three other hugely popular sports. They are of course, Gaelic football, hurling and Rugby. They are all massively popular there.
We in Scotland live in a football mad country! The SMSM, Regan et al choose to ignore all those facts though.
Looking forward to the rest of the season – tamper free please!
http://www.dailyrecord.co.uk/sport/football/football-news/keith-jackson-rangers-stagger-another-4886939
Is this Keith Jackson softening up the bears for an insolvency event at Ibrox?
neepheid says: December 29, 2014 at 10:20 am
I wonder exactly when Ashley acquired his pre-IPO shares in Sevco Scotland?
===========================
This article by Chris McLaughlin suggests it was after 11 Aug 2012
http://www.bbc.co.uk/sport/0/football/19225698
According to a Newcastle forum Ashley’s initial purchase was around 20 October 2012
http://www.nufcfans.co.uk/2012/10/newcastle-rangers-mike-ashley-ibrox-takeover-scotland-spl/
That fits in with the timings of the share purchases of the other investors in the pre-IPO fundraising, e.g. Laxey, Bernstein and Eurovestech
The quote from Charles Green was:
“We’ve been trying to get the position clear where Mike can buy shares in Rangers. We finally got clearance from the league after they had a board meeting recently and the meetings this afternoon were to make sure the path’s clear for Mr Ashley to invest.
“He’s obviously keen to do that and I’m sure that will get completed in the next few days.”
neepheid says:
December 29, 2014 at 9:18 am
GoosyGoosy says:
December 28, 2014 at 10:57 pm
WRT Rangers Retail Ltd
The following might answer some of the questions raised. I there’s anything I missed let me know and I’ll see if I can answer it.
I think my first piece on Rangers Retail was back in August 2012 at: http://scotslawthoughts.wordpress.com/2012/08/22/rangers-fc-gets-its-jjb-kit-off-now-time-for-sports-direct-by-ecojon/
Obviously there have been updates since but the bare bones to understand the early period are as follows. IMO Ra Bears and other potential investors might have looked askance at the Rangers IPO in December 2012 if they knew that to all intents and purpose the financial aspects of the merchandising operation could be controlled by SportsDirect. However ‘control’ was perceived to be maintained by giving Rangers 51 shares and the SD subsidiary only 49.
Interestingly the notification of the different voting rights to each class of share which effectively gave financial control to SportsDirect and which was decided in late August 2012 didn’t make it into the Rangers AIM Propsectus for the December IPO and indeed wasn’t notified to Companies House until after the December IPO was over.
Obviously I am not suggesting any shady dealings as it’s a busy time of year and launching a new public listed company is an onerous task so I’m sure it’s all just a coincidence of timing.
However let’s look at some of the details of the beginnings of Rangers Retail:
SDI Newco No 1 Ltd was incorporated on 13 July 2012 with 100 x £1 fully paid-up shares allotted to the sole company Subscriber: Sportdirect.com Retail Ltd.
On 31 July 2012 TRFCL entered into a joint venture shareholders’ agreement with SDI Retail Services Limited relating to terms under which the joint venture vehicle Rangers Retail Limited would operate with RFCL holding 51 per cent. of Rangers Retail. (This par comes from the Rangers AIM Propsectus).
I think it fair to assume that discussions and negotiations wrt the joint venture pre-dated 31 July 2012 when it was agreed between the parties.
On 14 August 2012 SDI Newco No 1 Ltd had a name change to Rangers Retail Ltd. The original directors were David Forsey and Barry Leach. On 28 August 2012 Stockbridge and Green joined as directors.
On 28 November 2012 the original Model Articles of Association were replaced by a new set of Articles at a general meeting of the compoany held at SportsDirect HQ where the company is registered.
Quite common to replace areticles in a new company abecause you can buy company off-the-shelf and then alter the articles to suit your particular purpose which might not have been totally thrashed-out at incorporation never mind conception or even inception.
Notification of the change in The Articles was made to Companies House on 13 December 2012 as was various notices wrt the share capital being £100 split into 49 and 51 share parcels with different voting rights.
Rangers Retail Ltd accounts for period ended 28 April 2013 state:
And the winner is…..
I’ve laughed many times at Radar Jackson’s self serving logical approximations and torturous financial euphemisms, but you simply know you are in the presence of greatness and genius when a professional writer demonstrates such rare linguistic dexterity as to turn Her Majesty’s “annus horribilis” into “Another horrible Ibrox annus”. Genius, pure bloody genius.
http://www.dailyrecord.co.uk/sport/football/football-news/keith-jackson-rangers-stagger-another-4886939
Pete Lambie says:
December 29, 2014 at 11:35 am
‘….It’s like a mystery novel, Columbo meets Miss Marple, meets Quincy, meets Scooby Doo etc… Where all the pieces have been laid out and now, Hercule Poirot is ready to deliver the outcome which only he can see.’
———–
Not quite yet,Pete Lambie: the full scenario still needs a ‘muuuurrrrder’ in the shape of an enforced Administration, cleanly and honestly executed by clean and honest Administrators (as ever, of course)who will not be able to find an honest buyer, and will therefore have to liquidate!
Hibs offer fan ownership
http://www.hibernianfc.co.uk/news/5060
mcfc says:
December 29, 2014 at 11:48 am
I’ve laughed many times at Radar Jackson’s self serving logical approximations and torturous financial euphemisms, but you simply know you are in the presence of greatness and genius when a professional writer demonstrates such rare linguistic dexterity as to turn Her Majesty’s “annus horribilis” into “Another horrible Ibrox annus”. Genius, pure bloody genius.
—————————————————————————-
Can I be the first to make the obvious joke.
Keith Jackson spends the greatest part of each and every year talking out of his Annus 😆
ecobhoy says:
December 29, 2014 at 11:43 am
WRT Rangers Retail Ltd
Rather remiss of me in the last post to point out that 31 July 2012 was also important because it was the day that Sevco Scotland changed its name to TRFCL. On 29 June 2012, Ahmad, Stockbridge and Green were appointed directors although Green had been the subscribing director of Sevco Scotland since incorporation on 29 May 2012.
I suppose it would be interesting to know when exactly discussions began with SportsDirect over a joint venture merchandising operation with Rangers.
Certainly as mentioned above Rangers Retail was incorporated on 13 July 2012 and that might suggest that discussions over such a project – even a potential one – might well have have pre-dated 13 July.
It’s an area that Malcolm Murray might well be able to provide some detail. I’m sure there’s a host of SMSM journos that could pick-up the phone and ask him although he might not know the answer as he only became a director on 29 June 2012.
I suppose it’s possible that Green as the sole director of Sevco Scotland might well have been in discussion with the SportsDirect Empire prior to Murray coming aboard.
easyJambo says:
December 29, 2014 at 11:55 am
Hibs offer fan ownership
http://www.hibernianfc.co.uk/news/5060
=================================================
That sounds like brilliant news. I only hope the various Rangers groups intent on buying shares in the current Rotten Burgh of spivvery surrounding Ibrox wake-up and see how it should be done.
And especially at this time it does appear that the Wise Men are coming from the East although to be fair an outrider may also have reached Motherwell – which is still to the east of Glasgow right-enuff 😆
In fact I’ll buy some shares myself – and if the SFA are looking-in: Honest Guv I’m not trying to have influence in more than one Scottish Club 🙂
jockybhoy says:
December 29, 2014 at 8:33 am
Also maybe we should get an Essex branch of TSFM running, there’s a few of us have on here.. tho more migrant than indigenous!
————————————————-
I like your thinking
Paulmac2 says:
December 29, 2014 at 9:35 am
I used to live in Essex…now live in Surrey…do I qualify for the Essex club?
—————————————————————–
Of course – I think TSFM is all about inclusivity + my Pa came from Surrey so I’ve always had a soft spot for those “Sarf of the River”.
Any other applicants out there?
I am always irritated by the misuse of the word investment related to TRFC in particular. To invest is not simply to spend money it involves the prospect of receiving dividends and the possibility of increase in capital value of the money invested. TRFC minded folk use the word invest to mean give money to TRFC for it to disappear never to be heard tell of again-that is not the behaviour of the rational mind which understands opportunity cost.
Tincks says:
December 29, 2014 at 12:04 pm
Keith Jackson spends the greatest part of each and every year talking out of his Annus 😆
=======================================================
Tincks, or maybe it’s just a simple typo and he’s referring to David Somers 🙂
easyJambo says:
December 29, 2014 at 11:43 am
According to a Newcastle forum Ashley’s initial purchase was around 20 October 2012
http://www.nufcfans.co.uk/2012/10/newcastle-rangers-mike-ashley-ibrox-takeover-scotland-spl/
————————————————
Fits with the TRFCL Boiard Minute of 31 October 2012 which states Ashley had 3 million shares and that £1 million had been received from him and was in the bank.
The £1 million could have been only part-payment for the shares of course.
ecobhoy says: December 29, 2014 at 12:10 pm
———————-
I agree that it looks a good deal for the Hibs fans, but I would add a note of caution (not as a Hearts fan) that the deal may not be as it seems, i.e. £2.5M for 51% of the club.
Leeann states “New shares up to the value of £2.5m will be made available so that over time the holding company’s ownership will be diluted to less than 50% of the enlarged share capital of the Club.”
She may be talking about £2.5M being 51% of the enlarged share capital, rather than the financial contribution of the Hibs fans.
Hibs currently have share capital of only £1.2M (60M shares of 2p). The £4.5M debt for equity swap may see the issue of another 60M new shares taking the share capital up to £2.4M. The price to be paid by the Hibs fans for their new shares may be more that the 2p face value, hence they could have to contribute more than the £2.5M stated. The club will also continue to have a £5M mortgage, so it is not as debt free as appears to be the case with the Dundee Utd and Aberdeen deals.
I guess we will have to wait until the AGM docs are issued to get more clarity.
The Hibs accounts for 2014 are due to be published shortly (the AGM is on 28th Jan 15), but in Hibs 2013 accounts, their mortgages amounted to £6.3M to be repaid from 2014 onwards, with a further £1.75M due to the parent company.
If £4.5M was being written off and £5M will remain as a new mortgage, then the club must have increased its debt by around £1.5M in the last year.
Unless there is serious cost cutting then the fans investment will end up just keeping the lights on.
Tincks says:
December 29, 2014 at 12:16 pm
0 0 Rate This
jockybhoy says:
December 29, 2014 at 8:33 am
Also maybe we should get an Essex branch of TSFM running, there’s a few of us have on here.. tho more migrant than indigenous!
————————————————-
I like your thinking
Paulmac2 says:
December 29, 2014 at 9:35 am
I used to live in Essex…now live in Surrey…do I qualify for the Essex club?
—————————————————————–
Of course – I think TSFM is all about inclusivity + my Pa came from Surrey so I’ve always had a soft spot for those “Sarf of the River”.
Any other applicants out there?
===================================================================================
Meeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!
I have lived in Surrey but am now in Essex…so where do I send my CV/application?
I will be delighted to do the necessary company/club (clumpany?) formation, and ensure that the Articles and Memorandum of Association etc are in order. But it will most certainly be a “Newco!
Naturally, I will be delighted to “do” the books and accounts and all tax related matters, but definitely no aggressive tax avoidance/evasion…and absolutely no consideration will be given to EBTs….
PS I will accept my fees in (buckets!) of Fullers’ ESB or Adnams’ Broadside.
I’ve lost track ….
Can someone kindly post on the current status of Craig Whyte and Aiden Early’s claim on the Sevco assets? I think it’s been referred to as a “letter before” claim – would that be correct?
Is there court proceedings imminent?
Thanks in advance ….
easyJambo says:
December 29, 2014 at 12:47 pm
Re keeping the lights on at Easter Road.
That may be the case but the proposal appears to have listened to the recent concerns from the fans and looks like trying to give fans ownership of the club in a transparent manner with the potential for a smooth transition without ugly boycotts and demos and avoiding any insolvency events. If the club needs to cut costs then the fans will have to suck that up in the same we will down at Tynecastle once the ongoing Budge plan comes to fruition.
Once fans get the hang of the need to make tough business decisions and focussing on raising young local talent through decent coaching as opposed to crying for ‘war chests’ to solve problems we will all be getting somewhere.
Also maybe we should get an Essex branch of TSFM running, there’s a few of us have on here.. tho more migrant than indigenous!
————————————————-
I like your thinking
Paulmac2 says:
December 29, 2014 at 9:35 am
I used to live in Essex…now live in Surrey…do I qualify for the Essex club?
—————————————————————–
Of course – I think TSFM is all about inclusivity + my Pa came from Surrey so I’ve always had a soft spot for those “Sarf of the River”.
Any other applicants out there?
——————————————
I’m a bit further out.. West Sussex… but my credentials are impeccable. A father and grandfather who were Clyde fans, and both my sons carry forward the tradition. Economic migration (and a divorce!) took me from Glasgow to here, but despite trying a few different English clubs in the area for ‘ma fitba fix’ the truth is, its just no the same. I was brought up from a toddler on ‘lower league’ Scottish football, and that’s where ma heart lies.
Looking forward there is a definite spring in the step of Scottish Football. Aberdeen have resurfaced as a force once again. Both Dundee teams, especially United are going to have a big say in the final destination of silverware this season. Dundee FC have been well worth their top division status as have Hamilton Accies. Both teams being a breath of fresh air to the top division.A huge resurgence in the Capital city sees both senior teams in better condition than at any time in the recent past and both should now be back in the top division next season. St Johnstone are capable of beating any other team in the division on any given day and are also very good to watch at times. Kilmarnock blow hot and cold but have still managed to lose the huge burden of debt that hampered them for so long. Motherwells new manager seems to have turned them around and, although early days seems to be doing something right.ICT are also a force to be reckoned with and have gone from strength to strength under big Yogi. Celtic, whilst still the biggest and strongest are very unpredictable and this leaves them vulnerable at times. If you take into account that fact that football in Scotland still draws in the 3rd highest crowds in Europe per head of population then I think the SMSM and the peddlers of Armageddon should re asses their biased views. Scottish Football is recovering from the blows that Rangers FC and The SFA consistently administered over a period of 20 plus years. We are, without a shadow of a doubt, on the mend. All we need now is a governing body who can work in harmony with us. The boardrooms of EVERY Club in Scotland have to ensure this comes to pass. As I said at the start ‘A spring in the Step’ unfortunately there is still a stone in the shoe.
Thanks neepheid ecoboy easyjambo
Since the failed CVA in June 2012, public domain info suggests SD has become increasingly involved in the saga. The commercial terms and RR voting structure strongly suggests a commercial deal was a hard bargain was driven in favour of SD This excludes any SD concessions made elsewhere like an IPO investment by Ashley and for all we know a deal with some unknown entity
Either way
TRFC events have demonstrated that SD are a very capable and ruthless commercial organisation
IMO
SD have had a watching brief on the Ibrox story for a very long time.
It is inconceivable that they did not review the commercial implications for SD of a new RFC owner
At the very least there would have been an approach to the new owner on ways of developing closer commercial links that increased the profitability of SD
The fact that TRFC can still break the SD contract according to the leaked Somers email virtually ensures Ashley will be around for some time to come
For those of you stuck inside on a cold afternoon, an enjoyable site worth a visit is http://www.transfermarkt.co.uk, (watch the spelling, there’s no letter e ).
It attempts to put a value on each player in every team in all the major leagues. It takes into a/c a player’s age, position, international status and general marketability. Adding all the players individual values can determine each club’s combined squad’s worth.
Thus Ronaldo and Messi’s individual values of £105.6 million each go a long way towards Real Madrid’s and Barcelona’s squad’s totals of £606.14m and £545.60m respectively.
Turning to the EPL, not surprisingly the big hitters viz Man Utd, Chelsea, Man City and Arsenal top the list at £405.12m, £391.38m, £388.60m and £361.44m.
Turning to Scotland, Celtic are in a different league with a squad value of £52.03m, although Virgil Van Dijt looks undervalued at £4.40m within that total. Aberdeen, Dundee Utd and Heart’s totals are £7.33m, £5.96m and £5.21m.
What of the team so in need of potential sales during the forthcoming transfer window?
Ranger’s expensively assembled and well-remunerated squad comes in at a paltry £6.38m, with Wallace top-rated at £880K and McLeod more realistically priced at £308K.
All in all, a good site for a cold afternoon.
Notice on AIM
easyJambo says:
December 29, 2014 at 12:29 pm
‘…She may be talking about £2.5M being 51% of the enlarged share capital, rather than the financial contribution of the Hibs fans.’
——-
The world of business finance is away beyond my experience. I appreciate that moving safely in that world requires care to ensure that mistakes and legal difficulties do not arise.
But Leeann is normally a plain-speaking person. Can she not find a way of safely and simply spelling out exactly what that statement means?
God knows, the football world in Scotland has had a bellyfull of financial legalese designed to mislead the innocent and gullible and diguise by weasel words the actual legal realities ( ask any RIFC plc supporter).
I sincerely hope that the Hibs board are not into that game as well, because I do wish Hibs , and the movement to genuine fan-ownership, every success.
essexbeancounter says:
December 29, 2014 at 12:47 pm
‘… But it will most certainly be a “Newco!’
——-
Oh, no, no no, Eb. TSFM would have to remove your, and all other Essex branch members,posting histories! Unless you’ve already struck an ‘x-way’ agreement with TSFM, that is! 🙂
GoosyGoosy says:
December 29, 2014 at 2:15 pm
The fact that TRFC can still break the SD contract according to the leaked Somers email virtually ensures Ashley will be around for some time to come
==========================
I would be very surprised if the SD contract (via RR, no doubt) could just be torn up by TRFC. Ashley’s lawyers might have something to say about that. It’s worth remembering that all such contracts are a product of the Green era. Now Green was a top snake oil salesman, no doubt about that. But commercial law? I don’t think so. That’s Ashley’s world.
And did Green really care? Why should he. He was never in for the long term, he just wanted to skin the bears and some city mugs for enough cash to get him his Chateau in Normandy and a string of thoroughbreds. Job done, Charles! But I get the distinct impression that his legacy of onerous contracts might be very hard to shift, short of liquidation.
easyJambo says:
December 29, 2014 at 12:29 pm
You are right to advise caution, EJ but being a bit inexperienced in these matters, I do have confidence in the integrity of Tom Farmer not to sell the fans a dodgy deal! I believe he has demonstrated that his commitment to Hibs has absolutely nothing to do with personal gain and everything to do with valuing an important piece of local culture and history. I bought my first car tyres from a young Tom Farmer when he opened his shop, possibly his first, in Fountainbridge. He struck me then as an honest, reliable trader committed to giving value for money in terms of both product and service. There are some who feel differently about our Green Knight but, I believe he has always been straight with the fans. He isn’t from the same mould as Ann Budge in that he isn’t a football fan, just someone, as far as I can see, who values the role that Hibs have played in the history and culture of Leith and Edinburgh.
Prohibby says: December 29, 2014 at 3:14 pm
————————
There is not enough clarity in the statement that would make me feel wholly comfortable with the proposal. That however should come with the AGM documents.
Even with 49% STF will remain in full control of the club, both as the major creditor and controlling the board. If the 51% of the shares end up in the hands of 1000’s of individual shareholders, then it only needs a few to side with STF or just 2% not to vote to enable STF’s view to prevail over any contentious issue.
I’m more intrigued that less than half the club’s debt is being written off. BoS have done deals with Aberdeen and Dundee Utd that have seen all the bank debt go, as apparently have Hibs. However from having approx. £6.3M in Bank debt and £1.75M internal debt, the club will now have £5M internal debt.
My guess is that the £5M is made up from the original £1.75M, plus whatever he has paid to BoS for the £6.3M (it was rumoured to be in the range of £1.8M to £2M), plus an additional amount to cover the trading loss over the last 12/18 months.
I get the feeling that STF has hasn’t written off very much (if any), but only BoS has done so.
I might have misjudged the situation completely, but my gut feeling is to treat with caution and do some due diligence before investing in it. Also remember, this is the Board’s solution, and not the fans (Buy Hibs) solution.
I should add that Dundee Utd swapped their £4.8M bank debt, for £2.1M internal debt, so they too didn’t become completely debt free.