From the TSFM Manifesto š
A spectre is haunting Scottish Football ā the spectre of Sporting Integrity. All the powers of the old firms have entered into a holy alliance to exorcise this spectre: Billy and Dan, Blazer and Cassock, Record and Sun, Balance Sheet and P&L.
Where is the football fan in opposition to these that has not been decried as a “sporting integrity bampot” by his opponents in power?Two things result from this fact:
I. Sporting Integrity is already widely acknowledged to be itself a power for good.
II. It is high time that Lovers of Sport should openly, in the face of the whole world, publish their views, their aims, and meet this nursery tale of the Spectre of Sporting Integrity with a manifesto of fair play.
To this end, Lovers of Sport of various partisanship have assembled on TSFM and sketched their manifesto, to be published on tsfm.scot.
Those who love sport though are challenged not just by the taunts of the monosyllabic automatons in the MSM, but by the owners of our football clubs who have displayed an almost total disregard to our wish to have a fair competition played out in the spirit of friendly rivalry. In fact the clubs, who speak those fine words, are not nearly as outraged as we are by the damage done to the integrity of the sport in the past few years .
In fact the term Sporting Integrity has become, since the latter stages of the Rangers era, a term ofĀ abuse; a mocking soubriquet attached to those who want sport to be just that – sport.
Sporting integrity now lives in the same media pigeon-hole as words like Islam, left-wing, militant, Muslim – and a host of others; words which are threats to the established order now set up as in-jokes, in order to reduce the effectiveness of the idea.
In fact, a new terminology has evolved in the reporting of football by both club officials and The Succulent Lamb Chapel alike;
“.. Sporting Integrity but …”.
For example
“We all want sporting integrity, but finance is more important”
Says who exactly?
Stated in such a matter of fact way that the obvious question is headed off at the pass, it is sometimes difficult to re-frame the discussion – perhaps because crayon is so hard to erase?
This is the backdrop to The Scottish Football Monitor and the world in which we live. Often the levels of scrutiny employed by our contributors are far in excess of any scrutiny employed by the MSM. Indeed our ideas and theories are regularly plagiarised by those very same lazy journalists who lurk here, and cherry-pick material to suit their own agendas; regularly claiming exclusives for stories that TSFM and RTC before us had placed in the public domain weeks earlier.
This was going to lead into a discourse about the love of money versus the love of sport – of how the sacred cows of acquisitiveness, gate- retention and turnstile spinning is far more important to the heads of our football clubs (the Billys, Dans and Blazers of the intro) than maintaining the traditions of our sport.
However events of Friday 14th November have given me cause to leave that for another day. The biggest squirrel of all in this sorry saga has always been the sleight of hand employed instil a siege mentality in the Rangers fans. The press have time and again assisted people (with no love of football in general or Rangers in particular) to enrich themselves – legally or otherwise – and feed on the loyalty of Rangers fans.
A matter for Rangers fans may also be the identity of some of those who had their trust, butĀ who also assisted the Whytes and Greens by their public statements of support.
Our contention has been that rules have been bent twisted or broken to accommodate those people, the real enemies of the Rangers fans – and fans everywhere.
Through our collective research and group-analysis of events, we have also wondered out loud about the legality of many aspects of the operating style of some of the main playersĀ in the affair. That suspicion has been shared most notably by Mark Daly and Alex Thompson, but crucially now appears to be shared by Law Enforcement.
I confess I am fed up with the self-styled “bampot” epithet. For the avoidance of doubt, the “bampots” in this affair are those who have greater resources than us, and access to the truth, but who have lacked either the will orĀ theĀ courage or the imagination to follow it through.
We are anything but bampots. Rather, weĀ have demonstrated that the wisdom of the crowd is more effective by far than any remnants of wisdom in the press.
I have no doubt that the police investigation into this matter is proceeding in spite of great opposition in the MSM and the Scottish Football Authorities – all of whom conspired to expose Rangers to the custodianship of those for whom football is a foreign language.
I have no doubt that the constant exposition of wrong-doing on this blog, in particular the questions we have constantly raised, and anomalies we have pointed out, has assisted and enabled the law enforcement agencies in this process.
If we are to be consistent in this, our enabling of the authorities, we MUST show restraint at all times as this process is followed through. People who are charged with a crime deserve to be given a fair trial in the absence of rumour or innuendo. We must also, if we are to continue as the spectre which haunts the avaricious – and the real bampots – be seen to be better than they, and give them no cause to accuse us of irresponsibility.
This affair has now evolved way beyond one club gaining unfair advantage over others. For all the understandable Schadenfreude of many among us, the real enemy is not Rangers, it is about those who enabled and continue to enable the farce at Ibrox.
This is now about systematic cheating at the heart of the Scottish game (in the name of cash and in spite of lip service to sporting integrity), and how the greed of a bunch of ethically challenged officials allowed another group of ethically challenged businessmenĀ free rein to enrich themselves at the expense of the fans.
Whether laws were broken or not, theĀ players at Rangers have come and gone and are variables, but the malignant constant at the SFA and SPFL are still there. Last night, even after the news that four men had been arrested in connection with the takeover at Ibrox in 2011, they were gathered together at Celtic Park with their Irish counterparts, tucking into succulent lamb (perhaps) and fine wines, doing someĀ back slapping, makingĀ jokes about the vulgarities of their fans, bragging about the ST money they have banked.
The revolution won’t be over until they are gone, and if they remain, it is Scottish Football that will be over.
Yes, Giovanni, but not THAT Giovanni.
With respect to the going concern statement require in the accounts iirc the funding etc must cover 12 months from the signing of the accounts not the date of the accounts. Therefore out to November/December 2015 not June 2015.
Perhaps one of our accountancy persons (lovely people) can confirm?
scapaflow says:
November 18, 2014 at 5:32 pm
True, CTH seems to have more identities than Dick Emery
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And one specific identity that would leave you scratching your head in utter amazement!
Oh I meant to add to my State Aid piece above a rider similar to that often seen in movies viz: ‘No animals were injured in the making of this movie’.
The one I had in mind was: No Freedom of Information Requests were submitted in my State Aid Investigations.
I have watched in disbelief as hundreds of Bear FOI requests and thousands of other incoherent emails have clogged-up the internet throughout the UK and Europe in an abortive attempt to damage Celtic.
Reading the requests and the answers to them created great humour as bureaucrats from numerous public bodies did what they do best – they never ever answer a bloody question. Even politicians can’t match them.
They only time I submit an FOI is when I know what the answer should be so that I can nail a lie. The Land Eedjits were just on a fishing exercise and all they caught was a cold š
GIOVANNI DI STEFANO ā@DEVILSADVOKAT 5m5 minutes ago
A cover up fraud of this level will take a long time to surface! This is still just the beginning, there is a long way to go!
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I always believe in taking expert advice and this man knows his apples from his pears.
scapaflow says:
November 18, 2014 at 5:25 pm
…
An expert opinion š
GIOVANNI DI STEFANO ā@DEVILSADVOKAT 5m5 minutes ago
A cover up fraud of this level will take a long time to surface! This is still just the beginning, there is a long way to go!
============================================
Expert opinion indeed – and not from the legal perspective.
He was banged up for – amongst other things – posing as a qualified advocate, so his current moniker of ‘@devilsadvocate’ is cheeky, but probably more accurate !
IIRC, he didn’t have any legal qualifications whatsoever, but he still represented various high profile individuals – and inside courtrooms too !
God loves a trier. š
Martin says:
November 18, 2014 at 3:18 pm
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David Somers on Dave King (Sky Sports News)
ā Consortium had eight members
ā Names not provided.
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But surely this is the Ibrox Way or have they now named the original Sevco 5088 Mystery Overseas Investors?
Interested to hear of Phil’s tweet about the age of chivalry being alive and well in Normandie.
A true ‘chevalier’ with many a ‘cheval’ at his disposal upon which to ride off into the sunset!
He might have a bit of a problem though.
In the good old days, putting the ill gotten gains into the wife’s name was always a much used way of keeping your assets, providing you were on good terms with her of course.
Sadly, nowadays we have the Proceeds of Crime Act.
Under POCA the other half can be done for enjoying such benefits as may have accrued from hubby’s crimes and those assets can be seized and both can end up inside for money laundering.
Whether it’s jewels, furs, cars or even the odd chateau, all can be confiscated under POCA.
Just saying, like,and not inferring anything about our big handed Yorkshire friend.
ecobhoy says:
November 18, 2014 at 5:50 pm
He wiz gonnae tell them! š
http://www.dailyrecord.co.uk/sport/football/rangers-war-words-breaks-out-4650192?
A typical DK snipe via his favourite conduit. Page filler move along.
scapaflow says:
November 18, 2014 at 5:25 pm
3 0 Rate This
For a bit of light relief, CTH may be gone, but Don Giovanni is back on the RFC case! (I thought he was banged up
)
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I don’t understand how he can be tweeting (or is that twittering?) He was jailed for 14 years at Southwark Crown Court in March 2013. Another 8 years was added to his sentence in April 2014 unless he pays back Ā£1.4m. So he can hardly be out yet. Can prisoners have mobile phones or internet connected computers these days? I had thought not.
From McMurdo’s latest:
“The news of the four arrests comes at a time when Rangers are finally finding some stability under the protective wing of Mike Ashley”
Aw, such a nice man.
From Ashley’s spokesman in response to Miliband’s attack on the use of zero hours contracts (as reported by Guido’s blog):
“With enemies like this, who needs friends?”
MA or as he is now known on almost all Sevco sites as “Uncle Mike” oh dear.
scapaflow says:
November 18, 2014 at 5:32 pm
3 0 Rate This
True, CTH seems to have more identities than Dick Emery
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Oh, you are awful … but I like you. š
I am still taxed with this conundrum.
An English High court has scheduled a case in January (a case hearing heard just recently). It concerns not individuals but companies involved in this weeks news in Scotland.
Which jurisdiction can over rule the other?
Any one know?
Puzzled.
ianagain says:
November 18, 2014 at 6:50 pm
MA or as he is now known on almost all Sevco sites as āUncle Mikeā oh dear.
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I wonder if Uncle Mike will produce his own special Christmas video – like the cringefest that Charlie starred in a couple of years back ? š
Seems like everything is just teetering on the edge: does Ashley save the day, or does he walk away with whatever he has blagged already ?
And if he walks away, TRFC implodes, and all that assistance/benevolence/c0rruption generously provided by the SFA/SPFL will have been for nothing.
And I presume with no ‘Rangers’ the blazers will also do walking away, as the Scottish game is finished – in their eyes anyway ? š
[And I do hope Regan & Ogilvie get pelters from the Tartan Army tonight !]
ianagain says:
November 18, 2014 at 7:11 pm
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I am still taxed with this conundrum.
An English High court has scheduled a case in January (a case hearing heard just recently). It concerns not individuals but companies involved in this weeks news in Scotland.
Which jurisdiction can over rule the other?
Any one know?
=================
The English case is a civil matter. There are rules for determining jurisdiction, but anyway most commercial contracts contain a clause which determines which legal system the contract is governed by.
Criminal cases also have rules to determine jurisdiction, usually the place where the crime is alleged to have been committed.
If there are overlapping issues between a civil case and a criminal prosecution, then in my (limited) experience, the judge in the civil case would simply adjourn matters until the outcome of the criminal case is known.
neepheid
A long wait then. That’s my CF day out had it then.
Now that the legal’s are involved is it worth asking why?
Lots of business every year, much bigger than the old football club, go to the wall but why is the establishment spending so much money on following this through to its conclusion?
Is it because they have messed with the wrong business, in the wrong country, but at the right time. Is there more to this investigation than simply the thought to do good and be seen to be doing good or has the establishment decided that they will exact the right amount of recompense for their dearly departed football club.
Was it the film The Warriors that gave us the great line; “Don’t f&@k with the Wongs!”
The people involved in this are used to getting in, pumping out cash and collapsing businesses, and then covering their tracks or, depending on which country they’re in, I suspect they don’t even bother covering their tracks.
I make no assertions against the people currently charged because I really believe they did not know what exactly was going down. The people that did are still to be visited by the powers that be.
They had a compliant media. They had a compliant governing body. What they did not reckon on was the spotlight that they would be operating in. They were under a magnifying glass that they simply never expected.
Meanwhile Mike is deciding whether to twist or stick.
I’m pretty sure that valuations of the Albion and Edmiston House will be getting made shortly to see exactly what they are worth.
This will be balanced against what he has spent, what he will have to commit to rescue the venture versus what he will get back. He already has certain things locked away but if the figures do not add up then I expect a tactical withdrawal. It’s not personal it’s just business.
Only a wealthy benefactor can keep this on the road.
We’ve all known this for months.
When a club passes out the begging bowl less than two months into a season then something is not simply awry, things a truly desperate.
The SFA have sat back and actually orchestrated this latest debacle. When this club needed external funding to get through last season there should have been a klaxon and a huge flashing red light going off in the Hampden bunker and the SFA should have been all over this like a rash.
The fact that they refused yet again to get involved speaks volumes for where their loyalties truly lie.
Its has been said before, but they are not helping this club by allowing this situation to drift, by ignoring this problem they are damaging it beyond hope.
This entity is dragging all clubs into disrepute with it.
Fans HAVE no belief in the SFA.
Fans are beginning to HAVE no belief in the boards of their own clubs.
Fans are beginning to leave the sport.
“Football without fans is nothing……….”
Someone, somewhere is going to have to grasp the nettle here and launch a fight back for our sport and the other 39 senior teams as well as the fans.
StevieBC says:
November 18, 2014 at 7:24 pm
6 0 Rate This
ianagain says:
November 18, 2014 at 6:50 pm
MA or as he is now known on almost all Sevco sites as āUncle Mikeā oh dear.
===================================
I wonder if Uncle Mike will produce his own special Christmas video ā like the cringefest that Charlie starred in a couple of years back ?
______________
http://www.youtube.com/watch?v=HrbY7NmGxHU
classic from
A possible scenario?
MA’s mates look under the hood results in findings that even WheelerDealers would walk away from. No way to patch that old bus up.
MA knows that he can get most of his money back through his security over property so, careful not to prejudice future shirt sales, he says to the Bears “Bloody hell, those bad guys have left a right mess. Even I can’t fix this. Best bet is a quick administration though liquidation may actually be needed to get rid of all those spivs and their onerous contracts. I’ll take a hit on my shares and even dip my hand in my pocket to fund things and find some Real Rangers men to take over the Club and get you back….well, somewhere.”
And they all lived happily ever after.
Scottish Football needs a strong Scottish team tonight.
Third Rangers FC?
Definite questions.
1. Why impart this information now?
2. Why choose an outlet like Sky Sports News rather than Rangers TV?
Possible answers.
1. An insolvency event is approaching and this is an attempt to head off the outcry of “Why did you not take the Kingco offer and prevent this? when it happens.
2. The audience size and media reach of SSN is far greater than Rangers TV and they needed to get the message over loud and clear as quickly as possible.
P. S. Pity the poor zero hour contractor presently going over the last 2 years sales figures to find out what date in December Mammy Bear is spent up – that’s A-Day!!!
justshatered says:
November 18, 2014 at 7:52 pm
Leaving aside the historical tax issues, this is a business which deliberately withheld PAYE taxes. HMRC takes a dim view. Any business behaving like that would get no mercy from HMRC. How far back they will follow any threads, is a different question.
scapaflow says:
November 18, 2014 at 3:55 pm
33 0 Rate This
StevieBC says:
November 18, 2014 at 3:47 pm
awkward if your looking for a job with FIFA, who to back, status quo or the rebs?
Edit
Well well well
Phil MacGiollaBhain ā@Pmacgiollabhain 1m1 minute ago
Always nice to see that romance is not dead.
I just learned of a chap in Normandy who signed his chateau over to his wife.
#Chivalry
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Scapa…Chivalry is dead…this is unequivocally tax planning…on the “inheritance” type…!
Only 39? š
Famous song says:
November 18, 2014 at 4:15 pm
My team, Alloa, faced The Ibrox Giants at the weekend and dropped two points.
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Famous song…my deepest condolences…but do take heart…it was a particularly difficult away match…for Alloa!
essexbeancounter says:
November 18, 2014 at 8:47 pm
That was my thought, not sure how it works in the land of wine and cheese though š
redlichtie says:
November 18, 2014 at 7:56 pm
4 0 Rate This
…Scottish Football needs a strong Scottish team tonight.
Third Rangers FC?
———-
Quite a surprise Whyte suddenly deciding to turn up. Wonder what little surprises he will arrive with, since he wants to help with the investigation. Just in time for Christmas, too.
The fans should get shot of their shares, take the hit and start up their own entity now.
Scottish team? This match has been hyped up like an old OF match ā even though we’re supposed to be a mere North British entity. Dinosaur rhetoric. Could well do without this fixture. SFA & media money-spinner, imo.
essexbeancounter says:
November 18, 2014 at 8:47 pm
scapaflow says:
November 18, 2014 at 3:55 pm
StevieBC says:
November 18, 2014 at 3:47 pm
…
Phil MacGiollaBhain ā@Pmacgiollabhain 1m1 minute ago
Always nice to see that romance is not dead.
I just learned of a chap in Normandy who signed his chateau over to his wife.
#Chivalry
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Scapaā¦Chivalry is deadā¦this is unequivocally tax planningā¦on the āinheritanceā typeā¦!
===================================================================
I found that Tweet a bit puzzling, [not because Charlie was being chivalrous š ]
If a spiv’s normal MO is to sail very close to the wind…then I would have thought that he/she would ensure that he owned nothing of material value ‘on paper’.
His assets would be shielded via a maze of trusts and jurisdictions – just in case.
And as we saw with Craigy Bhoy, the wife can always divorce a spiv.
But it could be Karma if after a long, successful career of spivvery, Charlie’s wife did a runner with his loot… š
Giovanni says:
November 18, 2014 at 5:41 pm
6 0 Rate This
Yes, Giovanni, but not THAT Giovanni.
With respect to the going concern statement require in the accounts iirc the funding etc must cover 12 months from the signing of the accounts not the date of the accounts. Therefore out to November/December 2015 not June 2015.
Perhaps one of our accountancy persons (lovely people) can confirm?
==========================================================================
Gio…indeed it is so…please see my post of a few days ago to this effect…(“lovely wee person” emoticon…no not the brown one!)
scapaflow says:
November 18, 2014 at 8:55 pm
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essexbeancounter says:
November 18, 2014 at 8:47 pm
==========================================================
Scapa…he is liable to IHT on his assets on a world wide basis…if I read the position correctly…unless he started his IHT planning when he was about 12 and taking his “O” level in French!
beanos says:
November 18, 2014 at 4:29 pm
51 1 Rate This
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Many thanks.
I have been thinking a lot about Paul over the last few days.
He would have loved all of these and been a source of invaluable advice to all of us here.
I am aware that it is approaching his first anniversary.
Sadly missed…
essexbeancounter says:
November 18, 2014 at 9:18 pm
Wouldn’t put it past him lol
TSFM needs a brown envelope emoticon š
“I truly hope that those fans that continue to blindly support the club (for the right reasons) finally realise that 140 years of the club’s history will be irretrievably lost unless they withhold their financial support for the current regime at matchdays and the retail outlets.”
šÆ
http://www.bbc.co.uk/sport/0/football/30106866
The dreaded loss of history!
Just noticed this post on the Darkside wrt the Chief Land Eejit from one of his acolytes:
Jeesuz after 30,000 tweets telling Ra Bears how he had the EC eating out of his hands and Celtic were doomed he’s been told all his thousands of emails and dossier after dossier were chucked in the bin.
How humiliating – Most normal people would just crawl away and die.
I wonder how long he’s been conning his fellow Bears and hiding the fact that the whole campaign against Celtic had never even got off the ground. I really feel sorry for the decent Bears who placed their trust in him
And as to shareholders well when your using false names and anonymous email addresses to make complaints to the EC you can’t send in your official single 70p shareholding certificate can you?
What an absolute shambles – even worse than not being able to get any more than 43K signatures over 12 months to demand a Parliamentary debate into the HMRC which required 100K signatures. Imagine a claimed worldwide support of 500 million and they only raised 40K signatures. I wonder if Green reeled-in Ashley with tales of 500 million shirt sales?
The petition started well but all their fraudulent signatories were reported to the House of Commons who took the necessary steps. They were registering pets, babies, children, duplicate names with different addresses, other people’s names without their permission and on and on and on. Just one fraud after another.
These people have no shame and no respect for the law and have demonstrated it time after time.
Danish, I have to agree.
When I seen they had stuck McCoist in a studio with Chiles, well that would be enough for most to reach for the remote.
I persisted, only to be thoroughly depressed at the ensuing rhetoric – “passion”, “intensity”, “auld enemy”, “pride”, “revenge”, “hostility”, “physical” etc etc
What kind of way is this to be promoting a sporting event?
Outside of the media, I think the rest of us have evolved. It’s almost like they want to see the infamous goalpost scenes recreated.
Like the old minstrel shows, this stuff should be consigned to the dustbin of history
WRT the going concern qualification from the auditors. While deferring to the beancounters that it is in respect of the 12 months followng sign-off shirley the cut off date by the nature of the business is going to be June anyway. July is a month of very little outlay but the month n which the majority of income or commitment to future income is realised. Show you can get to the end of June and you can bluff the remainder of the 12 months
Another balls up by the SFA. Play England when we’ve given our all against Eire.
Payed plenty to see the Eire gasme. Wasn’t like many TA remotely interested in this money making exercise.
The Next Big Decision
I reckon Ashley got the big wakeup call last week
Just after he went on the offensive to sell half season tickets
He will have been well aware that both BDO and the Bill were doing an investigation.
However
I reckon he assumed the investigation would not cover the lead up to the IPO.
The Police Statement referred to events up to November 2012. So that assumption may be wrong and the investigation may span a time interval when Ashley had some dealings with Ibrox
We now have a situ where TRFC could go into Administration or a Members Voluntary Liquidation if Ashley doesnāt satisfy Deloittes that there is sufficient cash to see out TRFC until ST monies come in. That would precipitate the arrival of an Administrator or a Liquidator appointed by the Creditors
So
Is Ashley unmoved by the prospect of a TRFC Admin or MVL?
This is where it gets interesting
Confronted with the choice between Admin and MVL the Shareholders will most likely divide
Some will be concerned solely with maximising their return and getting out. Others will want a Spiv Newco formed which is prepared to take on onerous contracts and rented assets.
But
Overshadowing all of this is the lesson learned from the events of last week. Unless a friendly Administrator or Liquidator can be appointed there is every possibility of another forensic examination taking place
So
Who will win the choice of Administrator or Liquidator?
I doubt very much if it will be Ashley
He has only got the influence he has now because he ponied up just enough money to avoid either Admin or a MVL
Unless of course Ashley needs to control the Liquidation
And why might that be?
There are always two parties to any transaction. So every significant action taken by Ashley related to TRFC will have been done in conjunction with one of the Spivs. The issue then becomes whether the other party shares the Ashley interpretation of what the deal actually was.
If all his dealings were straightforward then I would expect Ashley to withdraw and accept whatever comes out of the Administration or Liquidation
However it would become very interesting if an Ashley Administrator or Liquidator is appointed That may suggest he has some concerns about his earlier dealings with the Spivs
So watch out for
Either
1.Ashley ponies up a lot of wonga to keep TRFC afloat
Or
2.TRFC go into Administration
Or
3. TRFC go into a MVL
If it is 2 or 3 watch out for comments on the track record of the Administrator or Liquidator
i.e.
Has he got previous doing similar work with Ashley?
StevieBC says:
November 18, 2014 at 9:01 pm
But it could be Karma if after a long, successful career of spivvery, Charlieās wife did a runner with his lootā¦ š
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I was wondering about the horses if he loses the house and the wife takes off.
But then I remembered the good old Rangers Charity will there to hold the reigns š
I always thought “uncle” was a term told to kids when asked who is the guy going into your house at all hours of the night? I mean, how many ” uncle’s ” does it take before you realise he’s not there to fix yer Mums sqeaky headboard….They really do deserve everything that’s coming to them….
GoosyGoosy says:
November 18, 2014 at 9:50 pm
3 0 Rate This
———–
Putting the various media reports together the period under investigation is 18 months before Whyte’s takeover up to the IPO. That’s some stretch, and that period probably includes almost every single individual we’ve read about in the story.
How many of them have a stash of audio recordings?
I’m feart to say anything about anything so I’m saying nothing about anything for a while š
In actual fact I have never said anything of substance but hey ho I don’t need to with all the ‘talent’ on here š
Remember the Superman movie, where the hero, played by the late Christopher Reeve, spins planet Earth backwards, and reverses all the bad things that have occured? Putting everything back in it’s previous pleasant condition?
Some folk seem to think that this very scenario will play out, should the sale of Oldco be deemed illegal.
I’m more of the opinion that toast is toast, and try as you might, it ain’t going back to a spongy slice of fresh pan loaf.
The Newco acquired everything for Ā£5m or so ..who in their right mind would spend Ā£12m and not end up owning ‘everything ‘
100% lock stock and barrel ? Particularly given the distressed state of the company
Assuming the clever shareholders just won’t go away and will demand continuing value for their shares.. given the property value presumably ….
then if that level of funds really has to be available to the company as is to survive ..then this is an impossible situation to resolve without some form of admin/liquidation event …
essexbeancounter says:
November 18, 2014 at 8:47 pm
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scapaflow says:
November 18, 2014 at 3:55 pm
33 0 Rate This
StevieBC says:
November 18, 2014 at 3:47 pm
awkward if your looking for a job with FIFA, who to back, status quo or the rebs?
Edit
Well well well
Phil MacGiollaBhain ā@Pmacgiollabhain 1m1 minute ago
Always nice to see that romance is not dead.
I just learned of a chap in Normandy who signed his chateau over to his wife.
#Chivalry
===================================================================
Scapaā¦Chivalry is deadā¦this is unequivocally tax planningā¦on the āinheritanceā typeā¦!
=======================================
I do hope Charles is VV au fait with the intricacies of such moves. You only need to read the French press to find the legions of lassies who have said to various Charles. Chou mon ami and fd off with the lot.
MMM
Where is my contentious post?
I would hold it up in a court for all to see for I have no doubt the Judge would agree. Rhymes too.
Famous song says:
November 18, 2014 at 4:15 pm
“Iāve lost the contents of my Dropbox folder, and I was particularly fond of my copy of the RIFC share prospectus from 2012. Does any kind soul have a link?”
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http://scotslawthoughts.files.wordpress.com/2012/12/rifc-prospectus.pdf
I tell you we are been warned off needlessly of matters that are in in open discourse in engerlund.
Get a grip.
For anyone wishing to pick up a significant holding in Rangers Int. for the entirely wholesome reason of protecting the ethos and history of the club, there are one or two obstacles.
The first is that small shareholdings (Rangerās fans) donāt come onto the market with any great enthusiasm.
For them this is a loss making situation and one that is as emotionally damaging as it is financially damaging.
There is something which hasnāt as far as I am aware been discussed among the various Rangers fans groups intent on buying up shares with the idea of having a fan influence on events.
Who previously owned the shares they are buying?
The answer to that question is one the various fan groups would do well to consider.
The second and larger obstacle if you happen to have a great deal of cash to expend is persuading one of the major share holders that what you offer is better than what they might expect at some point in the future.
Some of the current major shareholders are happy to stick with Mike Ashley, actually the investment in some cases is so comparatively small in respect of their other interests, sticking with Mike Ashley, helpfully requires no thought at all.
There are some investors who remain anonymous and might be willing to trade if the price is right.
Perhaps if those guys could be contacted some sort of deal could be done to advance the cause.
But how do you contact them?
And what would you do if someone made a very public display of having got there first.
Ordinary people losing their jobs, is never a good thing, especially in the run up to Christmas.
http://www.bbc.co.uk/sport/0/football/30109897?utm_source=twitterfeed&utm_medium=twitter
Ianagain
just because others are doing something it does not make what they are doing OK. If you have a different view of the legalities here such that you would wish to influence people in their behaviour, please at least provide some substance as to why you might be correct. Is this a field in which you have some experience?
Campbellsmoney says:
November 19, 2014 at 12:23 am
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Ianagain
just because others are doing something it does not make what they are doing OK. If you have a different view of the legalities here such that you would wish to influence people in their behaviour, please at least provide some substance as to why you might be correct. Is this a field in which you have some experience?
=================================
Yes I sat in front of a High Court Judge with others from here when he said it.
Do I need to say more.
Check back on here about 8 months back.
Thanks for responding but that is a bit difficult to assess as advice. What did the High Court judge say, and in what context? Are you saying that your advice to people on here to say what they like about potential CRIMINAL proceedings is based on what you heard in court proceedings 8 months agoĀ at whichĀ others who contribute this site were present? I can’t think of any criminal proceedings that might fit that bill. What is relevant for a civil procedure is not relevant for a criminal procedure,.
Campbellsmoney says:
November 19, 2014 at 12:46 am
Thanks for responding but that is a bit difficult to assess as advice. What did the High Court judge say, and in what context? Are you saying that your advice to people on here to say what they like about potential CRIMINAL proceedings is based on what you heard in court proceedings 8 months ago at which others who contribute this site were present? I canāt think of any criminal proceedings that might fit that bill. What is relevant for a civil procedure is not relevant for a criminal procedure,.
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Im not giving advice, many more relevant people on here are.
What I am saying is what I heard and has been corroborated both on here and in the press a very long time ago.
Facts are facts.
You try this as a reminder of what I witnessed:
http://www.thedrum.com/news/2014/02/17/charlotte-fakes-material-ruled-admissible-28m-oldco-rangers-trial
So see you in court then.
Just in case anyone is in any doubt about MIH’s ability to bail out Rangers or to continue as owner of a significantly loss making club , here’s some figures to ponder and some direct quotes from Sir David himself. Everything from the MIH accounts lodged at companies house.
The high water mark for MIH was at 31st January 2008. Retained reserves of Ā£111 million was the maximum that the Group had ever been worth. This was made up of retained P & L as well as various forms of share equity.
Since that date the financial performance has been as follows .
2009 Loss of Ā£185 million
2010 Loss of Ā£72 million
2011 Loss of Ā£88 million
2012 Loss of Ā£98 million
2013 Loss of Ā£143 million
That gives a 5 year record of Ā£586 million in losses. or put another way Ā£475 million more than they had at the highest point in the Groups history . From 2009 onwards this was a business that was beyond hope and had no control over it’s own destiny . To suggest Rangers could have been saved by MIH wasn’t just delusional , it was certifiably delusional.
However these thoughts and forecasts from Sir David will no doubt give you pause for thought
2009 . The accounts were lodged at Companies House on May 5th 2010 . The following day was the UK General election , which would be convenient if you wanted to minimise media scrutiny of your accounts.
This is what Murray said
“I consider that although the UK ‘s economic recovery remains fragile the worst is behind us
The recovery is delicately poised at present with a fine balance of both risks and opportunities as we move rorward. l am confident that the measures taken over the last 18 months leave the Divisions well placed to weather further storms and capitalise on improvements in market conditions as they arise.”
Not exactly accurate forecasting given that in the following 4 years MIH incurred Ā£401 million in losses. You would be in very messy waters were you to trust Murray’s judgement
Murray also stated the following in 2009 with regard to Rangers
“The football sector has not been sheltered from the recession and economic downturn as evidenced by the demise of Setanta. In the absence of significant TV revenue, such as that secured by the English Premier League from Sky, a new financial reality is being imposed. In the absence of guaranteed incremental revenue, such as from regular participation in the UEFA Champions League, player expenditure in the form of wages and transfer fees will necessarily require to be more realistic in order to balance the books and ensure the long term future of the Club”
I think we all know how that worked out ! The year immediately following Murray’s warning of austerity the wage bill was reduced by a whopping 5%. However Directors managed to collect a 34% pay rise . Not that even this modest austerity lasted long as the unpublished accounts for 2011 show that the wage bill increased by nearly 6% . So much for wages needing to be more realistic.
2010 These accounts were lodged at Companies House on April 1st 2011
This is what Murray said
“I am confident that our pragmatic approach to the financial restructuring, together with the focused implementation of a revised strategy developed over the course of the last 18 months, has put us back on course. These measures have focused on organisational structures, efficiencies, cost rationalisation and cash generation with progress being achieved against targets in all Divisions.
I firmly believe that the financial restructuring and measures introduced over the last two years will enable us to survive until then and thrive upon subsequent improvements in market conditions. ”
Now this is really questionable forecasting . Remember at the time these comments were made MIH were already well through the current financial year. That year the loss turned out to be greater than the previous year and came in at Ā£88 million. You really have to question the quality of the statements put out by Murray in light of subsequent results.
He also said this about Rangers
“As announced, the Group previously marketed its majority investment in Rangers for sale. Although interest has been received, the Group has not been able to secure an offer that it considered to be in the best interests of the Club, its fans and its shareholders. Given the greater operational and financial stability at the Club, largely reflecting participation in the Champions League in successive years, the Group considers that the interests of the Club were best served by providing the football management team and board of directors with an opportunity to implement its sustainable business plan, supported by Lloyds Banking Group.
Despite speculation and comment to the contrary, stakeholders and supporters should be assured that the Group and I, as respective principal shareholders, are committed to finding a long term investor capable of developing the Club further going forward. ”
Less than 2 months later from the date these accounts were lodged Craig Whyte completed the acquisition of Rangers . Which must have surprised anyone who read Murrays statement that the club was no longer for sale.Anyone who has ever signed off a set of accounts knows that Directors statements are almost the last thing to be added. We know from the Ticketus v Whyte court documents that Whyte’s advisors had been in discussion with Ticketus starting in October 2010.
So Rangers would not , could not and never would have received any further funding from MIH.
Should Whyte not have purchased Rangers the options open to MIH and Alistair Johnston’s board were bordering on nil. As soon as McCoist failed in Europe huge losses were guaranteed as was an enormous cash shortage. MIH could not cover that, player sales would not have yielded enough and the bank had more than their fill of funding ego driven recklessness. There were no investors , no even emergency loan providers.
It was game over with or without Whyte. The wee tax case would have to be paid , no option of shafting HMRC on VAT and PAYE . The Good ship “OPM ” had sailed. As the detailed report to creditors shows when the CVA was being floated as viable there was no significant money being offered, even with no tax cases to be paid.
Demand , fan expectation and entitlement collide to ensure this is not a viable business . At least 2 of those have to change or this movie is always going the have the same ending.
Pub trip last night, in attendance:
Fan who goes to all games not interested in boycotts
Armchair fan, doesn’t go but wants Rangers back where they belong
Non fan who discusses what’s best for scottish football
Me
Three of the four utterly convinced that it’s only a matter of time before Ashley ditches Newcastle (whom he has thrown millions at btw ) šÆ and does the same at Ibrox
When I tried to explain the myriad of other possibilities there was genuine disbelief from the armchair and the non that this was even possible
I could see in the eyes of the dyed in the wool ST holder that my view of the possibilities was real he just didn’t want to face it.
TSFM posters have been polite in not mentioning a section of the England “support” at last nights game.
A half decent performance by an England Team is a rarity in itself and once, just once in a while I’d like to be able to enjoy the game without having to cringe about what is being sung in the stands.
It’s not my fault I know, but for the umpteenth time in my life I feel compelled to apologise to those who have had to suffer these morons in their back yard.
http://www.heraldscotland.com/news/home-news/rangers-takeover-by-green-is-probed-by-police.25910886
tykebhoy says:
November 18, 2014 at 9:45 pm
3 0 Rate This
WRT the going concern qualification from the auditors. While deferring to the beancounters that it is in respect of the 12 months followng sign-off shirley the cut off date by the nature of the business is going to be June anyway. July is a month of very little outlay but the month n which the majority of income or commitment to future income is realised. Show you can get to the end of June and you can bluff the remainder of the 12 months
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Tykebhoy…I am afraid that you are using an element of common sense here, and that is simply unacceptable in the realms of the auditing “profession”. The concept of bluffing however, may lead to other dark places, like towards a chateau in France
In today’s audit mentality, all audit work must be meticulously documented, in accordance with prescribed International Standards on Auditing (ISA’s), which absolutely rule out any genuine independent thought process or judgement or personal initiative on the part of the auditor…it is after all a multi billion global industry these guys are trying to protect, so why should common sense be allowed to play a part?
Early start with pals before last nights game so just catching up.
As an aside I note that while King had no cash Kennedy (presumably)showed the colour of his money but seemed to want interest and more security than Ashley and the previous deals Car Park and Edmiston House.
What would cover that increased security, I wonder??
Ashley looks like the only game in town.
Tincks says:
November 19, 2014 at 7:48 am
7 1 Rate This
TSFM posters have been polite in not mentioning a section of the England āsupportā at last nights game.
A half decent performance by an England Team is a rarity in itself and once, just once in a while Iād like to be able to enjoy the game without having to cringe about what is being sung in the stands.
Itās not my fault I know, but for the umpteenth time in my life I feel compelled to apologise to those who have had to suffer these morons in their back yard.
——–
The very creditable Peter Smith of STV tweeted that Scottish fans were performing their own unpleasantries aimed at the England fans.
His point, essentially, was that there’s no high moral ground to be found in the gutter.
The TV companies really are desperate for some kind of rivalry that includes Scots. Wheeling out Gordon McQueen and others was a trip down dinosaur lane. Also the hype about a post-referendum clash? Nope, doesn’t do it for me. But as an exile my opinion probably is of no relevance. Unfortunately our stars of yesteryear take the bait and set themselves up for a portion of humble pie.
On footballing terms, we should be defining ourselves by the performance against the world champions, Poland, and the string of results at the close of the past campaign. In international terms our southern neighbours are mediocre. You can forgive WGS for this wee indulgance of nostalgia, although for me, a regular ScoEng fixture can go inthe same dustbin as the OF.
http://www.heraldscotland.com/news/home-news/rangers-takeover-by-green-is-probed-by-police.25910886
Rangers takeover by Green is probed by policeMartin Williams
Senior News Reporter.
Wednesday 19 November 2014 POLICE are investigating the circumstances surrounding Charles Green’s takeover of Rangers.
POLICE are investigating the circumstances surrounding Charles Green’s takeover of Rangers.
Custom byline text: martin williams
It was confirmed last night that they are to probe the background to Mr Green’s Sevco consortium buying the club’s assets, for Ā£5.5 million in 2012.
The move follows a separate inquiry into Craig Whyte’s alleged fraudulent takeover in May 2011.
Four men have appeared in court charged with fraudulent activity three years ago.
And an arrest warrant has been issued for Whyte. Last night a source insisted he would return from abroad to fight the case against him.
Whyte continues to claim he was the man behind the Sevco 5088 consortium that bought the liquidated assets of Rangers and that front man Mr Green was in cahoots with him.
Whyte has launched legal action that raises questions about the current ownership of the club, alleging that a transfer of assets from Sevco 5088 Limited to Sevco Scotland Limited was illegal.
Club auditors Deloitte previously raised concerns over an “uncertain outcome” of Whyte’s potential litigation which they said remains a key uncertainty hanging over the business.
Rangers have consistently said Whyte’s claims have no merit.
Whyte is abroad but an informed source close to him has revealed he is expected to return. Three of the four who appeared at Glasgow Sheriff Court on Monday accused of fraudulent activity are David Grier, Paul Clark and David Whitehouse.
They worked with Duff & Phelps, the company appointed administrators after the Rangers operating company fell into insolvency under the reign of Whyte from May 6, 2011, to February 14, 2012. They also negotiated the purchase by Mr Green’s consortium.
A report sent to the procurator fiscal in Glasgow over the Whyte affair before the detentions related to alleged “incidents” between January 2010 and November 2012.
That period covers more than a year before Whyte took the reins at Rangers but also up to five months after Mr Green’s consortium bought the assets.
A police source said there is an ongoing probe into the Sevco takeover that is now being handled separately from the Whyte inquiry.
The insider said: “There is still an ongoing inquiry in respect of other things that went on and there may well be other individuals involved.”
A source who has been in regular touch with Whyte said he would be surprised if he did not return to fight the allegations.
“He will be defending it. I would imagine he would plead not guilty but he has not seen the allegations on the petition yet,” said the source. “I think they [the police] are bound to be looking at the Charles Green takeover too.”
Whyte and business partner Aiden Earley have been locked in a legal battle which is central to the ownership of the Rangers.
Sevco 5088 was the company identified by administrators on May 29, 2012, as being the newco that was “contractually obliged” to purchase the assets and business of former operating company RFC 2012 plc.
Mr Green denied last year that Mr Whyte or Mr Earley were involved in Sevco 5088.
He said director documents lodged at Companies House were not valid and it is understood they were referred to police by legal firm Pinsent Masons. The forms were dated May 9, 2012, three days before Duff & Phelps signed an offer letter and granted Sevco 5088 exclusivity to complete a takeover.
Mr Green admitted teaming up with Whyte in the early stages of his buyout but claimed he was fed information he wanted to hear in order to secure his shares
Spiers:
Good old Dave King, eh?
The wannabe Rangers controller/cash-king, in his latest piece of bluster to supporters, has urged Rangers fans to starve the club of cash, at the turnstile and in terms of retail.
Starvation is a dangerous thing, is it not? It can lead to severe ill-health, debilitation, and even death.
Having been down this road once before, is this really the way for the reincarnated Rangers of 2012 to go?
Dave King’s inability to grab power at Ibrox is one thing. His seeming death-wish for the team and the club under the current regime is something else.
Barca,
Informed post as always. With reference to the WTC liability you also cannot discount that (we know from the FTT HMRC evidence) that RFCold had done everything in their power to deny, obstruct and pervert the very existence of DSO’s and EBT’s with only an unrelated police enquiry finally providing a breakthrough. Having finally admitted to the liability of the WTC they weren’t exactly starting from scratch with the HMRC payments division. Whilst you could possibly forgive the Whyte regime the brassed neckedness of asking for a payment plan in summer 2011 on the basis that its a mess not of our making and we’re the good guys trying to see you right (and that’s not a description of events you’ll see on FF btw) you can equally understand HMRC’s response telling them to do one and pay up sharpish.
wottpi says:
November 19, 2014 at 9:11 am
Ashley looks like the only game in town.
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I have absolutely no doubt that if Ashley walks away then there is no credible replacement either in terms of business acumen or potential financial support.
But onlookers are well aware that if Ashleys decides to tough it out and bring financial sanity to Rangers it will never again occupy its ‘Rightful Place’.
Instead it will occupy a place appropriate to living within its financial means just like every other sensible football club.
Only then will we know how many Bears decide to remain and how many decide to walk away permanently.
So Sevco take a chainsaw to their overhead. 10 redundancies. I’m guessing an average annual salary of Ā£20k per head (they’ll presumably be low paid back office). Add in employers NI, that works out at a monthly saving of cĀ£18.5k, less than a third of McCoist’s monthly gross (including NI) if you include the deferred element of his salary.
Sticking plaster on a severed jugular.
Bawsman says: November 19, 2014 at 9:32 am
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I think that the Herald needs to get up to date with the status of Craig Whyte’s claim against TRFC.
Whyte’s company Law Financial Ltd which claimed Sevco 5088 as a subsidiary is now wholly owned by Worthington Group (since Oct 2013). Worthington effectively bought the rights to the legal claim for Ā£1M (the price paid for Law Financial).
The claim is mentioned in the Worthington results published in August 2014.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12066309.html
Another Whyte company Liberty Capital Ltd (IL) sold its shares in Worthington on 10th October 2014, so Craig Whyte no longer has any interest in Worthington.
http://www.iii.co.uk/research/LSE:WRN/news/item/1252918
http://www.heraldscotland.com/news/home-news/rangers-takeover-by-green-is-probed-by-police.25910886
The article states:
Well this is a very courageous or stupid ‘Police Source’ who obviously has no need of their police pension although accommodation and food will be provided by HM Prison service for a lengthy period if he/she is unmasked.
I’m amazed the Herald didn’t ask for an official quote on this development from both the police and prosecuting authorities.
I have long considered that there could be as many as 5 different stages in the Rangers history that might be investigated and possibly lead to criminal prosecutions.
Some individuals might feature across various stages and there could be new ones at each stage. So we aren’t talking about watertight doors between the various stages but IMO the timing, what allegedly may have taken place, and the cast involved are distinct enough to create this multi-stage approach by the Authorities.
However that is just my musing as an outsider who isn’t on the inside track of police thinking. So in one sense it’s reassuring to read that a ‘Police Source’ confirms my daydreams.
Of course being an old cynic I think back to the earlier piece by Mr Williams – on Sunday IIRC – which I felt was ill-advised in view of court-related issues.
I wonder if today’s piece is to set some hares and squirrels running to provide cover for the original article? Who knows but I would think Police Scotland would be remiss in their duty if they didn’t track-down this alleged ‘Police Source’.
Their actions could possibly damage or destroy more than one police investigation or potential criminal prosecution. Surely that could never be the intention of the Herald or the ‘Police Source’?
I may be totally wrong but in this saga I have learnt to individually examine every tooth in the mouth of a ‘gift horse’ especially if its breeding line emanates in Troy
Phil’s latest
http://www.philmacgiollabhain.ie/the-liquidation-game/#more-5319
Mr King added:
āI truly hope that those fans that continue to blindly support the club (for the right reasons) finally realise that 140 years of the clubās history will be irretrievably lost unless they withhold their financial support for the current regime at matchdays and the retail outlets.ā
————————
I do not quite understand where DK is going with this one and that is not me being flippant, I genuinely donāt get it.
Rangers Football Club went into and are still going through the process of Liquidation, during that process they changed name. As far as the fans, SMSM and Footballing Authorities are concerned, the team in Blue, playing out of Ibrox and calling themselves Rangers, have assumed the mantle which includes the 140 year history.
So exactly what will have to happen for that 140-year history to end in 2014?
As far as DK is concerned, Liquidation will not trigger that, so exactly what will? What does he expect MA and current custodians to do over the coming months to change that dynamic?
If the club never dies then the club never dies, take a position and stick with it for once!
In addition, if you are in the SMSM, why not be brave (just for a change) and ask these simple questions when talking with these people. Alternatively, just do your job!
Martin says:
November 18, 2014 at 11:55 pm
That’s a very good point and so are the other points made in your post as evidenced by the amount of TDs š
I silently weep at all the current activity designed to get Bears to buy shares NOW ā I just can’t make my mind up whether the fan ‘leaders’ pushing the purchase of sales are marching to a drum beat not heard by ordinary fans. Or are they simply stupid and ill-schooled in the ways of share dealing?
The share pushers certainly seem to either not understand or have ignored the ‘dilution’ factor risk. And the piffling amount of shares bought by fans won’t make the slightest difference to whether the 75% target for the disapplication of pre-emption rights will be reached.
IMO Bears should – if they want – still build a kitty which can be used to buy shares at a later date when more clarity is achieved and it is clear what the future of their club holds. I doubt if many Bears would actually want to hold shared in RIFC if it becomes a property company redeveloping Ibrox and Murray Park for non-football purposes.
And as @Martin raises: Who is selling the shares meantime to the fans? They aren’t coming from the club so it doesn’t make a penny from them. It’s existing shareholders getting out who are cashing-in on the Bear share purchases. And I don’t think for a minute it’s Bears selling them – when they bought at the IPO it was to support their club and not to make a profit.
Like Celtic supporters they took the blows from their partner and a diet of cold-tongue and couldn’t argue back because when they parted with their dosh they mentally wrote it off. So they still hold those shares because it’s simply about emotion.
There’s little about DK I agree with but I have always believed he was right in his flat refusal to buy shares from Ibrox spivs. Still I suppose he has a certain amount of experience in that field and knows what he’s talking about š
ianagain says:
November 18, 2014 at 11:47 pm
I tell you we are been warned off needlessly of matters that are in in open discourse in engerlund. Get a grip.
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It’s quite simply because it’s a different legal jurisdiction so the possibility of ‘tainting’ a jury in another legal jurisdiction becomes very remote.
Obviously the rise of the social internet is a different kettle of fish from a report in a newspaper published in another country.
There has always been problems over editionalising of nationally distributed papers where sometimes a court story which shouldn’t appear in the Scottish editions because the court case/proceedings are ‘live’ in Scotland actually appears. And vice versa for cases in England.
Plenty of newspaper editors have fallen foul of this one and been dragded – not quite in chains – before a judge.
Of course the spread of online newspapers actually increases this risk.
Often these days Judges warn juries – in certain high-profile cases – to keep off the internet and not ‘discuss’ or research the issue under deliberation.
http://www.philmacgiollabhain.ie/the-liquidation-game/#more-5319
Certainly an interesting read. I just can’t help but wonder: Where the hell was Stockbridge with his camera š
However the thing that really scares me about Phil’s musings is last time it took a 5-Way Agreement to work the sleight of hand needed to secure the ‘Rightful Place’.
How many ‘Ways’ will we need next time? My mind boggles at the thought š