Armageddon? What Armageddon?

ByBig Pink

Armageddon? What Armageddon?

Now that we are at the end of the league season, and with respect to the job still to be done at Tannadice and McDiarmid Park, it seems like a good time for a post holocaust report.

Average Weekly Attendances SPL 2011-2014

Fig 1 Average Weekly Attendances SPL 2011-2014

Peppered around this page are three charts and a table* showing the attendance figures for the SPL in the last three seasons. A school kid could tell you that there is a positive trend in those charts and figures, but the people who run our national sport will look you straight in the eye and tell you “that can’t be right – Armageddon is coming!”

It is one of the most ridiculous and mendacious situations I have ever come across. The people who run our national game, aided and abetted by those in the MSM (sans the eye contact though) are actually trying to persuade us of how awful our game is and how unsustainable it will be in the absence of one, just one, club.

Think about that. The SFA and the SPFL trying to talk us out of supporting the game unless we all recognise the unique importance of one, just one, club. That is what has happened, no matter how they try to spin it. And despite evidence to the contrary contained in these figures, not one of them has admitted to an error, never mind the downright lies that they told to support the position they held, the one where anyone speaking of sporting integrity was mocked and ridiculed.

 

Whilst growing up as football supporter in the 60s, one of things I was constantly bombarded with via the medium of the tabloid newspapers was that football clubs should be grateful for the publicity afforded them via their back pages. These were probably reasonable claims, especially in the light of the relative lack of access to players and officials conceded to the hacks in those days, and the pre-eminent cultural position in which they helped to place football. Alongside that, the broadcast media, particularly Archie Macpherson’s Sportscene and Arthur Montford’s Scotsport could be relied on to talk the game up. Of course, there was something in it for the papers – sales. The more column inches devoted to the national sport, the further northward their sales, and consequently advertising revenues travelled.

ex Celtic & Rangers

Fig 2 Avg. Attendances excl Celtic & Rangers

The situation was further cemented by the fact that the press in that ante-interweb era held a monopoly over the exchange and dissemination of information. That symbiotic, win-win relationship between football and the press was as much a part of football reality as the Hampden Roar. It also endured for decades. The press would talk up the game to such an extent that folk often remarked that they hadn’t realised how much they had enjoyed a particular match until they had read Malky Munro or Hughie Taylor’s report the next day. Archie Macpherson is on record as having said the same thing about legendary commentator David Francey, “It was a much better game to listen to than to see!”

Today that symbiosis is broken. The press themselves, in print and in front of microphones consistently belittle the product, talk of crises and Armageddon, of our own version of the Eisenhower domino effect of clubs going to the wall one after another.

Aided and abetted by the two chief bureaucrats in charge of Scottish football, Stuart Regan and Neil Doncaster, who have consistently helped to hammer home the message that Scottish football is not good enough, and cannot sustain itself financially without Rangers, a club that could not itself sustain itself financially to the extent that it is being liquidated.

At a time when Scottish football was clearly in crisis, and badly in need of sponsorship which could mitigate the effects of that crisis, the press and the authorities sought to strengthen their own negotiating hand by making negative claims about the state of the game which never came to pass, and for which they have never apologised. The actual situation, which would not have been hard to predict had anyone actually bothered to analyse the business of Scottish football, is summarised quite easily by saying this;

  1. Since Rangers’ liquidation and subsequent absence from the top league, the average home attendance of the other clubs has INCREASED overall (See Fig 2).
  2. In this season, the other clubs have added 50,000 fans to home attendances compared to 2011-12 (the last year Rangers were in competition).
  3. In that time the league has been won (twice) by Celtic, and the other honours have been claimed by St, Mirren, Aberdeen, Celtic and (either) Dundee United or St Johnstone.
  4. In that time, both Dunfermline Athletic and Hearts (who both had historical financial problems) entered – and exited – administration after fan-led buyouts.
  5. Dundee United have cleared off their bank debt.
  6. Kilmarnock have restructured their bank debt, freeing the club from a precarious long-term situation.
  7. League reconstruction has allowed some money to trickle down to the second tier clubs in an attempt to mitigate the immediate effects of relegation and to reward ambitious clubs.

table

Looking at the table of attendances above, it is pretty clear that immediately upon Rangers exit, the overall figures took a dip. However there was little difference the in the figures if you leave Rangers out of the equation (Fig 3) – despite Celtic’s attendance taking a hit that year (down by around 5,000 per home match).

Taking Celtic out of the calculations, it is clear that there is a 6,000 uplift in this average (Fig 2).

It is still undeniable that less people overall are watching football (Fig 1), but the trend is upward if one leaves the Ibrox club out of the picture.

Furthermore, this statistic exposes the double edged sword that is retention of home gates. The fact that gates are not shared is predicated upon the notion that the bigger clubs do not depend on the smaller clubs for income. And since the smaller clubs are no longer recipients of big club largesse, their fortunes are not affected, at least not as much as was suggested by the Regans, Doncasters and Traynors of this parish. The “Trickle-Down” theory of Reganomics said otherwise – but clearly and demonstrably it was wrong.

The abandonment of gate sharing has made Scottish football less interdependent than it once was, but the irony is that it works both ways. There is hardly a club in the country that depends on Rangers for their own existence, and here is the news; small clubs are no longer financially dependent on the former Old Firm.

Excluding Celtic

Fig 3 Excluding Celtic

The fact, that is F-A-C-T, is that Scottish Football attendances in the top division are on the increase. The absence of Rangers has made no appreciably negative difference to any other club, far less caused a catastrophe of biblical proportions.

Even if the fools who were the harbingers of our doom were simply guilty of making an honest mistake, it is clear that they are uncontaminated with the slightest notion of how the game in this country operates. The Old Firm may be dead, but the OF prism is still being peered through by Stuart Regan, Neil Doncaster and the vast majority of print journalists. The latter who failed to honour that age-old football/press symbiosis because they believed, erroneously that David Murray’s dinner table was the hand that has fed them for over a century.

The irony is that as job opportunities diminish in the print sector, so too will the fine dining and patronage. I think they call that evolution.

 

Two years ago, in the wake of the fans’ season ticket revolt which saw the new Rangers forced to apply for membership of the league and begin at the bottom, those same MSM hacks taunted fans about putting their money where their mouths were. The fans responded splendidly as our statistics demonstrate, but typically there has been no recognition of this either at Hampden or in the media.

And the message from those fans is this: Scottish football is not dying. Not any more. At least not as surely as it was when David Murray started to choke the life out of it in the late 80s. The supporters are returning in numbers to see a competition untainted by the outrageous liberty-taking and rule-breaking of the last couple of decades, and all but one club has emerged from the mire of the Moonbeam Millennium looking forward to a new era.

If authorities allow the new era to thrive by restoring sporting integrity to the agenda, then the numbers, like the opportunities available to more and more clubs, will grow. The question is … will they?

Admittedly, these figures, like any set of statistics, can be cherry-picked to suit almost any argument that you care to construct. The fact remains though, that whilst it would be fanciful and ridiculously over-optimistic to claim that they bear witness to a burgeoning industry, it is utterly dishonest to conclude that they represent financial Armageddon. Armageddon? Aye right!

* Source ESPN          

About the author

Big Pink administrator

Big Pink is John Cole; a former schoolteacher based in the West of Scotland, He is also a print and broadcast journalist who is engaged in the running of SFM . Former gigs include Newstalk 106, the Celtic View, and Channel67. A Celtic fan, he is also the voice of our podcast initiative.

2,810 Comments so far

twopandaPosted on12:30 am - Jun 10, 2014


Can`t claim to understand their financing at the moment and that includes reading Deloittes published accounts. I can only imagine that to keep afloat they`ll need to defer payments on these 20 year contracts and the 16-19m `soft` debt but even then and even assuming 40,000 STs I honestly don`t see where they think this is going.

There`s been talk by them of a share issue of 40 odd million shares to say guessing now 10m. But who is going to put in 10m at a minimum of 15% pa over base rate – and how is that going to be repaid.

Their assumption / view comes that they`ll be in Europe eventually but to do that means big transfers and high wages to make any progress in that, indeed many would argue that they`d need to spend big to even get to a European stage and as CW found Europe is no guarantee of financial security – or Europe monies.

I believe the challenge of getting to Europe would be difficult enough for a newco but with these overheads, contracts, accumulated and accumulating debt, and possibly deferred payments – I just don`t see it – for 20 years – if that.

The authorities seem to be protecting them with the net result that every step they take on record or behind the scenes simply makes matters worse and there appears to be no effort or appetite to really clear up this mess properly – at all.

I see no good end to this the way it’s going.

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John ClarkPosted on1:11 am - Jun 10, 2014


Barcabhoy says:
June 10, 2014 at 12:00 am
‘..The thing about Tupe, is that its a one way deal to protect employees’
————-
When my wee bit of the public service was being ‘privatised’ ( read; ‘ministers make more money-grubbing opportunities for their personal and political friends’ (barstuds that they are) the understanding was that, yes, TUPE meant that you would transfer on exactly the same terms and conditions of service as you had with your Civil Service department.
But that did not preclude the new employer subsequently altering the conditions of service.
Which, of course, is exactly what happened. The new employer ,of course, was not going to employ new staff on anything like the Dickensian rates of pay that the Civil service provided. No, no, never in life! That would eat into their profits, for goodness sake!
Instead ,they would begin to re-define jobs ( downgrading, of course, never upscaling) and make the TUPEd people re-apply for the new jobs, at lower salaries.Or resign.All perfectly legally.
The TUPE Act was little more than a fig leaf.
That was, admittedly, nearly 17 years ago, and, perhaps, the letter of the law has changed since then.
What has not changed, I’ll wager, are the black hearts of unscrupulous money-grubbers and exploiters of the poor and gullible. There are many such exploiters. We ourselves have seen not a few appearing in the course of the now seemingly interminable saga!

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CastofthousandsPosted on1:22 am - Jun 10, 2014


easyJambo says:
June 8, 2014 at 1:08 pm

“Assets Realisations (£)
Goodwill 1
The SPL Share 1
The SFA Membership 1
Leashold Interests 1
Player Contracts & Registrations 2,749,990
Stock 1
Subsidiary Companies Share Capital 5
Heritable Properties 1,500,000”

Paulmac2 says:
June 9, 2014 at 10:47 pm

“The business was not sold or bought… the assets were”
———————————————–
The Sale and Purchase agreement documents that appeared last year between RFC(IA)/D&P and Sevco 5088 had a provision for an ‘Asset Purchase’ in the event that a Company Voluntary Agreement was not arrived at. Since indeed a CVA was not approved then it is presumed that this asset sale was executed.

EasyJambo helpfully provides details of what this purported asset sale comprised. There are only 2 items of substantial value.

1. Player Contracts & Registrations 2,749,990
2. Heritable Properties 1,500,000

So what exactly was entailed in this transaction?

We know what constitutes the heritable properties; Murray Park and Ibrox.

Was the ‘business’ purchased? If you purchased a business would you break out on the invoice the cost of the employee contracts?

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AuldheidPosted on1:38 am - Jun 10, 2014


John Clark says:

June 10, 2014 at 1:11 am

Correct about Ministerial intent when they introduced “market testing”. Fortunately my lads and IT lassies beat the market.

Then I got out just in case…… 😀

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HirsutePursuitPosted on1:55 am - Jun 10, 2014


Campbellsmoney says:
June 9, 2014 at 11:04 pm
7 0 Rate This

Paulmac2

Dont look at ACAS explanatory documents. Go and read the TUPE regulations themselves.

Anyway if I buy a business (as opposed to the assets) I do not thereby become liable for prior debts.

So your post is doubly erroneous. Sorry don’t mean to be so blunt but I have posted loads of times on this already.

TUPE can apply even if what is acquired is described as “assets” rather than “business”. Its a matter of degree more than anything else.

Anyone who tried to argue that the TRFC acquisition was not a TUPE transfer would be laughed out of court.

To try and put an end to this can I ask any other lawyers out there to confirm that what I say is correct.

This non-TUPE suggestion is preposterous.
========================================================
Back in 2008 the EAT upheld the decision in Oakland v Wellswood (Yorkshire) Ltd that TUPE would not apply when the business and assets were sold out of administration as part of a process that leads to the liquidation of the original company.

However, in 2011 the EAT ruling in OTG Ltd v Barke provided a more definitive (and contradictory) view that TUPE will always apply when the business and assets are sold out of administration.

The key is the purpose of the insolvency proceedings at the point those proceedings are instigated. If the insolvency proceedings are analogous to bankruptcy – such as compulsory liquidation – TUPE will not apply.

As the primary duty of an administrator is to rescue the company as a going concern, the dis-application of TUPE can never be made – even if the company is subsequently found by the administrators to be beyond saving and liquidation is inevitable.

So, in 2012, when D&P sold “the business & assets” of Rangers to Sevco, the TUPE regulations applied.

However, TUPE did not apply to Charlie Telfer. He did not have a contract with Rangers as he was only 15 when D&P sold the business and assets to Sevco.

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twopandaPosted on2:03 am - Jun 10, 2014


Castofthousands says:
June 10, 2014 at 1:22 am

So what exactly was entailed in this transaction?
_

Good question – you`re right to refer back to the CVA Proposal 29 May 2012
Whatever sevco5088 was contracted to post CVA is somewhat vague as in the SPL prize money – as example. For D&P to include that 2m in the CVA – officially – suggests liaison / concord at the very least with the SFA /SPL via sevco5088 – that seems to have floundered after the sevcoScotland `switch`.

And the 5WA came after said `switch`
& they seemed to need 5WA re-affirming confidence that football debts covered
All very curious

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Danish PastryPosted on6:10 am - Jun 10, 2014


paulsatim says:
June 10, 2014 at 12:14 am

https://twitter.com/Daily_Record/status/476134430956740609
———

Two points in that story:

* Stockbridge & Jack Irvine on same flight. ‘Purely coincidental’?

* Margarita & Blue Pitch willing to ‘plough’ more money via the new share issue.

Since the current share price is being gently nudged upwards I suppose this will influence the price that the new batch (?) of shares will be priced at?

Sometimes this all smells of a laundrette.

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essexbeancounterPosted on6:40 am - Jun 10, 2014


Galling fiver says:
June 9, 2014 at 11:13 pm
6 0 Rate This

.. so its the land of the four sprung dug technique (who cracked that one 😆 ? ) for me.
===========================================================
Galling fiver…please if you don’t mind…”…morning cover over laptop screen moment…!”

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Danish PastryPosted on7:01 am - Jun 10, 2014


essexbeancounter says:
June 10, 2014 at 6:40 am
1 0 Rate This

Galling fiver says:
June 9, 2014 at 11:13 pm
6 0 Rate This

.. so its the land of the four sprung dug technique (who cracked that one ? ) for me.
===========================================================
Galling fiver…please if you don’t mind…”…morning cover over laptop screen moment…!”
————-

Had to get my Encyclopedia Googliattica to figure that one out … it came out as the ‘Vorsprung durch Technik” as used in certain German cars! I noticed a duck joke in between, but as Michael Caine probably didn’t say “Not a lot of people know that.”

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TartanwulverPosted on7:01 am - Jun 10, 2014


From Twitter:
Kieran Fox@K333: Scottish FA to look into moving away from Hampden Stadium

Perhaps they could refurbish Ibrox and use it instead? Or move to a new purpose-built stadium on a new site – somewhere in Qatar perhaps? In terms of standards of probity, and lack of opportunities for engaging with the Scottish football fan base, that seems like the ideal location.

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100BJDPosted on7:03 am - Jun 10, 2014


Campbellsmoney says:

June 9, 2014 at 11:04 pm

12

0

Rate This

Paulmac2

Dont look at ACAS explanatory documents. Go and read the TUPE regulations themselves.

Anyway if I buy a business (as opposed to the assets) I do not thereby become liable for prior debts.

So your post is doubly erroneous. Sorry don’t mean to be so blunt but I have posted loads of times on this already.

TUPE can apply even if what is acquired is described as “assets” rather than “business”. Its a matter of degree more than anything else.

Anyone who tried to argue that the TRFC acquisition was not a TUPE transfer would be laughed out of court.

To try and put an end to this can I ask any other lawyers out there to confirm that what I say is correct.

This non-TUPE suggestion is preposterous.
————————————————————————————————————————————
Campbells money is absolutely and definitively correct!

View Comment

upthehoopsPosted on7:09 am - Jun 10, 2014


Interesting tweet from Keith Jackson. May all have been a co-incidence of course. His assertion in the case of Sandy and James is they were holding talks to avoid more financial chaos. All conjecture at the moment but out of sync with the C.E.O’s stateside view that the the financial side of Rangers is now a bed of roses!

Right twitter. Enough of this frivolity. Why were Sandy, James, Jack and Stockers all on the same flight to London this morning?— keith jackson (@tedermeatballs) June 9, 2014

View Comment

yourhavingalaughPosted on7:15 am - Jun 10, 2014


Tartanwulver
Or maybe one of the super busses that was being displayed a while back ,all mod cons etc ,way to travel ,means they can be out of town when the proverbial is fanning around in some areas,by the way is this super bus still in use ,we should be told.

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Cluster OnePosted on7:28 am - Jun 10, 2014


Why was Stockers on the plane?.
Did he not walk away from the rangers with a nice wedge 😕

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joe millers shortsPosted on8:35 am - Jun 10, 2014


SFA consider move away from Hampden.

http://www.bbc.co.uk/sport/0/football/27774208

A bit unlikely i think, if only there was another stadium for sale that could be used instead…

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CampbellsmoneyPosted on8:59 am - Jun 10, 2014


Re TUPE

Thanks guys.

View Comment

CampbellsmoneyPosted on9:23 am - Jun 10, 2014


I see that in The Sun today there is talk of Celtic playing their old foes Dukla Prague once again. It is noted that Dukla disappeared from Czech football by merging with another club but later “reformed in another guise”.

I wonder what on earth that is meant to mean. It sounds a bit like Dr Who regenerating or one of those science fiction films where the robot dissolves into little puddles of liquid metal which then join up again in a different shape of (usually more powerful) robot.

Without knowing anything about the recent history of Dukla Prague, I am probably of the view that they don’t have a “recent history”.

Like others on here, I did once want their away kit for Christmas however.

😉

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ecobhoyPosted on9:25 am - Jun 10, 2014


paulsatim says:
June 10, 2014 at 12:14 am

https://twitter.com/Daily_Record/status/476134430956740609
==========================================
Dearie me – Celtic in ‘Careful with Cash’ shockerooney story 🙄

We have all seen what happens and is continuing to happen when a football club recklessly spends cash it doesn’t have and fails to live within its means.

So thanks Daily Record for confirming to Celtic supporters that our management are still on the right road!

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wottpiPosted on9:32 am - Jun 10, 2014


Re SFA potentially moving from Hampden.

Not wanting to get all political on this given the upcoming referendum but in sporting terms we are a country of 5 or so million. Do we really need so many large stadiums.

Many other and larger countries manage with spreading smaller games around regional stadiums and having one stadium for the ‘Big’ events.

Lets face it other than main stand the rest of Hampden is a shambles.
Poor seating, poor transport links, other than the historical aspect what does it have going for it?

Surely the simple solution is to bang heads together and turn Murrayfield into a true National Stadium.
Football’s contribution could be to upgrade the east stand to provide a uniform ‘bowl’. Stick a roof on it, add offices and conference facilities etc etc.

The tram now provides transport links to the airport, the Ingliston Park & Ride the centre of Edinburgh and the railway stations.

It avoids the neutral ground issue for the two Glasgow clubs, so whats not to like?

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SmugasPosted on9:36 am - Jun 10, 2014


Re KJ and why the gang of 4 (two of whom were coincidence!) were on the red eye. I don’t suppose it was because they were handcuffed to some burly MET fraud lads by any chance was it? Just asking.

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FinlochPosted on9:37 am - Jun 10, 2014


Big Hampden Story today – but Why?

Sometimes I hear wee “Headline” stories on BBC Radio Shortbread and it makes me smile but not laugh – more a kind of ironic understanding, more a cynical laugh at the way the cogs work in our game and its unhealthy interaction with its pals in the media.
This morning’s story about SFA possibly, maybe, maybe not, moving away from Hampden is a case study in itself.

It tells us all we have an intrepid Chief Executive who has hired consultants (so he must be dynamic).
It tells us an 18 year lease is up for re-negotiation (so our administrators are tough negotiators).
It tells us that we have already taken games to Celtic Park and to Ibrox and that these grounds have better atmospheres (We all know Hampden was done badly and on the cheap).
I’m sure there was more but if you didn’t hear it you get the gist.

I’m not sure however why the person who dreamed up and then briefed the BBC on this wee bag of squirrels is trying to blind-sight everybody but I do know one thing.

The guardians of our game (SFA and SPFL make decisions the same way as Mr Blatter and his cronies and just as tarnished.

Just as self interested and twisted.

View Comment

ecobhoyPosted on9:52 am - Jun 10, 2014


James Doleman says:
June 9, 2014 at 7:56 pm

This is comedy gold, fearless Rangers land investigator uses voice distorter on internet radio show to conceal identity

http://mixlr.com/rangerschat/showreel/
==============================================
I haven’t listened to this as yet as I doubt there is anything that I haven’t heard many times before and dismissed.

However I was thinking that this loon – who declares himself an Ulster Scot – if he was genuinely trying to hide his identity has really boobed. This could end-up going viral on the internet as all sorts of people – not just Celtic supporters – try to establish his ID just for a laugh.

Who knows he might even attract more official attention from GCHQ who can clean-up voice distortion and considering that Rangers Chat was probably using a Donald Duck contraption then even tec-savvie nerds might have a go.

I never condone stalking and harassment but it seems to me that a certain ‘reap what you sow’ scenario is being played out here given the amount of stalking and harassment that has been aimed at public officials, their families, friends and work colleagues who have been identified and falsely labelled corrupt by this current Bear campaign of madness.

If this Ulster Scot truly has been thtreatened then I trust he has contacted the police to ensure the safety of his family and also to ensure the perpetrators are traced and dealt with and this is fairly easily done.

Even if he hasn’t reported this matter to the police I would think that this matter must have come to the attention of the police and I believe they have a duty to trace ‘The Voice’ and provide protection and establish whether the so-called threats to life are real, imagined or mythical. Obviously if real then they should trace those responsible. If imagined then perhaps psychiatric intervention will be required. If mythical then the issue of wasting police time comes-up and that could lead to a court appearance with attendant publicity 😎

Sometimes PR stunts can backfire in a spectacular fashion in my experience 💡

One thing that has certainly interested me about this sectarian-based attack on Celtic is how UKIP Scotland has enthusiastically joined-in and found common ground with the deluded proponents of the illegal State Aid campaign.

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AllyjamboPosted on10:56 am - Jun 10, 2014


It would appear from PMGB’s tweets that RIFC are looking to go ahead with a rights issue very soon.

Could this be why they seem so prepared to finance McCoist’s excesses, either because they are confident that the issue will be a success, or to try to create the aura of all is well, at least amongst the more naïve investors, to encourage a good take up of shares. The same could be believed, by the board, to start an uplift in ST sales. This might well be successful (though I can’t understand why anyone would invest in any company merely to provide working capital, especially in a business that burns it like RIFC/TRFC), on both counts, but there’s certainly no guarantees, and a low uptake would almost certainly be disastrous for the club.

It looks, to me, more than ever, that this must be the last throw of the dice, with the strategy being to throw everything into raising as much cash as possible to ensure a championship victory, and to create the aura of a successful board, who can get out on the crest of a wave with a nice little cache of bonuses in a year’s time. Where the money would come from, not only to continue to pay big wages, but to increase them to a level capable of guaranteeing a European place, and then to increase them again to…well, win the Champions League, would require a genuine Midas Touch. Of course, those that will be jumping ship with bags marked Swag will not be worried about that.

I just can’t understand why anyone would invest/increase their investment in a company where there’s more chance of losing all their investment than there is in making even the most modest profit. Just plain bonkers.

I’m sure, too, that those who know about such things on here reckoned much of the IPO investors would be in it due to the tax advantages in investing in a start-up company. If so, I’d expect that that inducement will no longer exist for RIFC, reducing the chance of success for a rights issue or further share issue later.

I wonder if they can use the same apparatus for warming dice as the one used at Hampden to warm the ball 😉

View Comment

FisianiPosted on10:58 am - Jun 10, 2014


Emergency meetings in London. The emergency loan due to be repaid with season ticket sales still not paid back. Jelavic money and Comm Games money might just pay legal bills . Driving on fumes. The iceberg is on the horizon.

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AuldheidPosted on11:00 am - Jun 10, 2014


upthehoops says:

June 9, 2014 at 7:16 am

You may have seen this about Red Star

http://www.uefa.com/uefachampionsleague/news/newsid=2114180.html

The final para is interesting.

“An investigation against the Football Association of Serbia (FSS) might be opened within the coming days by the chief investigator for alleged breaches of the club licensing regulations in relation to the granting of the licence to the same club.”

It looks like the Serbian FA might have circumvented FFP rules and principles to give Red Star a bite at the cherry to pay the bills they did not pay in order to have a bite at the same cherry.

Fitbaw. Wits it like?

View Comment

AuldheidPosted on11:01 am - Jun 10, 2014


Fisiani says:

June 10, 2014 at 10:58 am

You would think they would know the position of the iceberg by now.

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AuldheidPosted on11:10 am - Jun 10, 2014


upthehoops

For the avoidance of doubt the SFA granted the UEFA licence correctly as there was no tax overdue payable at 31st March as defined under Article 50 and Annex VIII of UEFA FFP.

It is what happened at 30th June 2011 which was the first monitoring point under Article 66 and Annex VIII, when the bill had landed, had not been paid according to the agreed terms and did not qualify for exclusion from being an overdue payable, that is of interest.

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Galling fiverPosted on11:13 am - Jun 10, 2014


The joke…..by a poster of years gone by.

Guy takes his dog to the vet after a road accident, the only option other than limb amputation/jag on the paw scenario is pioneering surgery in Germany to replace the limbs with shock absorber type prosthetics. An innovative procedure known as………… Four sprung dug technique. Had to be there….jaeket on…apologies to the original joker and those having a bad morning.

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andygraham.66Posted on11:14 am - Jun 10, 2014


O/T WC stat

Joe Jordan has scored more WC Tournament goals than Messi, C Ronaldo, Ibrahimovic and Rooney combined* (4-3)

*anyone catching up on this over the weekend, it may no longer apply

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paulsatimPosted on11:16 am - Jun 10, 2014


Danish Pastry says:
June 10, 2014 at 6:10 am
32 0 Rate This

paulsatim says:
June 10, 2014 at 12:14 am

https://twitter.com/Daily_Record/status/476134430956740609

Sometimes this all smells of a laundrette.

===========================

Well as the chinese laundryman would say of a morning, “Once more into the bleach”!

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JimBhoyPosted on11:18 am - Jun 10, 2014


@Fisiani I believe i read that the jelavic cash was being used by bdo to pay liquidation cost, so not going to the new mob with all the bought history..

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jockybhoyPosted on11:21 am - Jun 10, 2014


http://www.dailyrecord.co.uk/sport/football/football-news/revealed-accountants-lawyers-rake-2m-3665381

Daily Record reports (my edits):
ACCOUNTANTS and lawyers have raked in a staggering £2m in 12 months as the bill for winding up oldco Rangers continues to soar…detailed in the latest six month report from insolvency experts BDO who were appointed as liquidators of the Rangers Football Club PLC after it failed to emerge from administration following Craig Whyte’s ruinous 10 month reign.

But (Jelavic fees still outstanding) windfall won’t come close to covering the spiraling costs of the on-going liquidation process – as BDO gear up for a potential multi-million pound courtroom battle with Collyer Bristow, the law firm who advised Whyte during his takeover in 2011.

…more than £1m has been spent on legal fees and outlays with more than £650,000 of it going to solicitors Stephenson Harwood, who are preparing the case against Collyer Bristow. The report says that a trial date is ‘currently set for the beginning of 2015’ but it is anticipated that a deal could be negotiated and an out of court settlement agreed.

… also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Charles Green for a knock-down £5.5m.

… BDO own running total for remuneration stands at more than £1m which, the report says, has already been drawn down.

… another source said: “BDO are doing a highly professional job in going after as much money as possible for the creditors. The fact they are ploughing so much into the legal cases is an indication of where this thing is headed. There should be a lot of very worried people out there because BDO are going after them like a dog at a bone.”

BDO admit, two years into the process, there is no sign of it coming to a conclusion any time soon.

Not only is the court action against Collyer Bristow still to be settled but an ongoing dispute with HMRC over the club’s use of the controversial EBT scheme also continues to rumble on….The report says: “If HMRC are successful in the appeal their potential claim in the liquidation could be significant and have a material impact upon any dividend that may ultimately be payable to unsecured creditors,”.

BDO report ends: “Due to the significant issues to be resolved in the liquidation, the joint liquidators do not expect to be in a position to bring this case to a conclusion for some considerable time. Further reports will be circulated to creditors within six weeks of each six month anniversary of the date of liquidation.”

The whole thing seems to be an academic exercise – uless there is significant money recovered from these various lawyers and insolvency firms, who I would think have insulated themselves from such action, there will be the square route of nada in the pot even before HMRC wins (or loses) the 2TT.

And “the club” rolls on – signing a 34-year old Scottish international @ some £400k a year…

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mcfcPosted on11:25 am - Jun 10, 2014


Allyjambo says:
June 10, 2014 at 10:56 am
==========================================================
I think we’ve got to start thinking that there is a God in Heaven and that there is natural justice. It would seem that between them, the spivs and the asset strippers have been unable to steer the good ship The Rangers to the safe port of a big payday – although some have been paid handsomely along the way and may continue to hold assets after all the others are declared lost at sea. I can see no possible financial route from here to a healthy Premiership club competing for Europe. So we must stop trying to invest significance into each and every twitch and groan of a dying beast ( I love a good metaphor cocktail) and avert our eyes since we are unable to put the poor creature out of its misery.

In my opinion, the chances of The Rangers completing the next season are slim. Their chances of promotion (without honest mistakes, rule changes or other admins) are slimmer than slim and the chance of European football are thinner than graphene. So all this bull about transfers and share issues and US tours and on and on is just a waste of pixels and ink.

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mcfcPosted on11:31 am - Jun 10, 2014


A Question

Which great empire ever recovered its former glory after collapse ?

View Comment

wottpiPosted on11:33 am - Jun 10, 2014


Allyjambo says:
June 10, 2014 at 10:56 am

Have long said that the whole thing is a tightrope and have thought that in one way or another they would continually find ways to try and keep going until they got the the Premiership.

The trouble is that your description of the last throw of the dice is the ‘Leeds’ type scenario in that it is a gamble that could be storing up more problems in the future or a few results could bring the whole thing crashing down.

If they manage to pull it off (especially with McCoist at the helm) then well done to them, however I still can’t see how the whole thing is sustainable and where the future monies are going to come from to be competitive with Celtic (or indeed a resurgent Aberdeen decent Motherwell and Dundee Utd) and make any kind of dent in Europe.

Honesty and transparency with regard to how they are going to pull this off is still required.

View Comment

ecobhoyPosted on11:51 am - Jun 10, 2014


jockybhoy says:
June 10, 2014 at 11:21 am

http://www.dailyrecord.co.uk/sport/football/football-news/revealed-accountants-lawyers-rake-2m-3665381

The whole thing seems to be an academic exercise – uless there is significant money recovered from these various lawyers and insolvency firms, who I would think have insulated themselves from such action, there will be the square route of nada in the pot even before HMRC wins (or loses) the 2TT.
=======================================================
I certainly don’t take the position that this is no more than ‘an academic exercise’.

BDO have a legal duty to secure as much as possible for the creditors although I assume that they also have an obligation to recklessly spend more than could ever be obtained and I doubt if they have much, if any, of a history in doing so,

Even a normal clear-cut liquidation can throw up surprises and I am quite convinced this is an extremely complex liquidation with serious criminal overtones in the air. BDO first have to establish exactly what the full story is behind the liquidation and I doubt if their timeline begins with CW.

Having established the facts to their satisfaction then BDO have to determine whether they have enough evidence to warrant taking civil proceedings against anyone to recover money. However tied-in with that is the possibility of criminal proceedings should enough evidence be uncovered.

Therefore it is a bit of a Catch 22 in that it is utterly impossible to know what money can actually be recouped unless there is a detailed investigation. That costs money and it may well be that the investigation costs outweigh any returns made.

The alternative is to do no investigation and have a quick liquidation on-the-cheap and don’t look in the dark places. I’m sure that would suit the spiv culture.

However not being a spiv I would be prepared to lose cash in order to see the guilty exposed and named and shamed and if successful criminal prosecutions can be bought then all the better and I say more power to BDO’s elbow.

As to lawyers and insolvency firms that might have ‘insulated’ themselves from action. Well I doubt in the final analysis they will make the decision on that. That will be taken by their professional liability insurers and the more detailed and compelling the BDO investigation then the more likely these insurers will come to an out-of-court settlement and the more thery will pay IMO.

Sadly, in many ways, for ordinary creditors who have been hurt by the financial collapse of Rangers this is about a lot more than them. The wider public interest as represented by HMRC – especially if they win the EBT decision – demands as much cash as possible is raised and that criminal proceedings are taken with suitable punishment for any found guilty of criminality.

I hope that you would agree with shining light into the dark and hidden corners of the Rangers story so that one and for all the Truth is revealed.

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GoosyGoosyPosted on11:52 am - Jun 10, 2014


twopanda says:
June 10, 2014 at 12:30 am
33 0 Rate This

Can`t claim to understand their financing at the moment and that includes reading Deloittes published accounts. I can only imagine that to keep afloat they`ll need to defer payments on these 20 year contracts and the 16-19m `soft` debt but even then and even assuming 40,000 STs I honestly don`t see where they think this is going.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
What about solving the problem this way
The Spivs offer to defer payment of the onerous contracts for a fixed period of time to ease cash flow at TRFC
In exchange the Spivs get freebie shares
To enable this to happen
And
Under threat of immediate liquidation
RIFC blackmail the 35% smaller shareholders into passing a 75% resolution disapplying pre emptive rights Ostensibly this is to create the freebie shares to give to the Spivs
But
Once the resolution is passed the RIFC board create lots of extra freebie shares for themselves and their friends thus diluting the 35% or so of smaller shareholders by a lot more than they thought would be the case
The stage is then set for another funding round in which the Spivs exchange their holdings on a one for one basis with only the gullible actually parting with any cash
All perfectly legal

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ecobhoyPosted on11:55 am - Jun 10, 2014


Typo correction on BDO post:

‘ I assume that they also have an obligation to recklessly spend more’ should read: ‘ I assume that they also have an obligation NOT to recklessly spend more’.

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mcfcPosted on11:58 am - Jun 10, 2014


Reality Check One

The last share issue attracted about 10,000 fans at £500 = £5,000,000. That was approx 25% of ST holders (38,000).

So this time there are 10,000 fan shareholders nursing a 60% loss, a massive “once bitten” effect, a hugely unpopular and untrusted board (no Cheeky Charlie Green) and perhaps 20,000 fewer ST holders.

Are there any rocket scientists out there who would like to predict the trajectory of share sales time around?

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ecobhoyPosted on12:01 pm - Jun 10, 2014


Fisiani says:
June 10, 2014 at 10:58 am

Emergency meetings in London. The emergency loan due to be repaid with season ticket sales still not paid back. Jelavic money and Comm Games money might just pay legal bills . Driving on fumes. The iceberg is on the horizon.
==========================================
I wonder if Letham was also on the ‘red eye’ but just wasn’t recognised.

Or perhaps he is meeting up with fellow loanees in London 😆

View Comment

bluPosted on12:06 pm - Jun 10, 2014


Latest BDO report:

http://www.bdo.co.uk/__data/assets/pdf_file/0007/180178/Report-to-Creditors-30-May-2014.pdf

View Comment

mcfcPosted on12:10 pm - Jun 10, 2014


Reality Check Two

Rangers don’t do liberté, égalité, fraternité. For decades the cost of supremacism has been £10,000,000 per season. Despite the fine words of Mr Wallace, there is precious little evidence that this has decreased by even a few percent – in fact the onerous contracts may have cemented the figure into the accounts forevermore – and Sandy got dangerously close to telling the truth about fragility. So where does this premium for arrogance, entitlement, nepotism and ineptitude come from this season. Can any creative accountant pen me a sonnet to the future stability of The Rangers – a simple 14 line P&L for this season would be lovely.

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AllyjamboPosted on12:10 pm - Jun 10, 2014


mcfc says:
June 10, 2014 at 11:25 am

Totally agree with you as regards the likely end result, mcfc, but the goings on continue to intrigue me, and I’m amazed that people, like we are watching, should even imagine they could raise money for this sinking ship, let alone there actually being people who are prepared to invest, albeit other people’s hard earned, into businesses like RIFC.

It seems to me there is a lot of window dressing going on in the hope of the double return of share sales and season ticket sales, probably along the lines of;
get a reasonable return on the rights issue to finance attractive signings, then, sell lots more season tickets, up to, and past (in their dreams) previous years. They can then go to the market in a few months time with, at least, the boast of a huge customer base. This, I think, is their strategy to get them through this next season, just this next season. What happens after that, I doubt they care.

I get the feeling they are relying on/assuming the continued gullibility of investors and supporters in the same way their predecessors did so successfully. Will it work? Only time will tell, though I doubt it this time, with so many supporter groups against the board and the MSM looking a bit less succulent (at least towards the board) in recent weeks.

Maybe I was wrong with my idea that it was the last throw of the dice, maybe it’s more like a Kamikaze strategy, where they send out, metaphorically, their planes with only enough fuel to reach the target…

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John ClarkPosted on12:18 pm - Jun 10, 2014


” Coming events cast their shadows before” . Discuss, with reference to the following extract from today’s ‘Herald’s’ selection ” From the Archives” :
“25 years ago
The quest to become the best continued down Edmiston Drive way yesterday when the people [!!] who live there, Rangers, announced details of a five-year deal with Admiral which will bring them in £4m. The sponsorship,which will start in August of next year, is [ of course!!] the biggest-ever package between a British club and a sportswear brand.The first instalment, which is due soon,will go towards reducing the club’s large overdraft inherited when David Murray’s business empire , Murray international Holdings, bought rangers during the last season.”
Puff pieces by the Herald do not seem to have changed much. Wonder who might have penned that one- Speirs, could it have been?

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mcfcPosted on12:28 pm - Jun 10, 2014


Reality Check Three

Money can’t buy you love – but it can get close from time to time. But one thing money most certainly cannot buy you is success in European football over just 2-3 years from the very low base of a semi-professional league. Mr Wallace’s projections of accelerating football success and the consequent Euro riches are business wet dreams so fanciful they defy parody and satire. Really just think about what he is proposing and show me a team that has done anything close – even with limitless cash at hand – even from a much higher starting point.

In addition Mr Wallace must call upon the skill and gravitas of a manager who is plainly out of his depth tactically, strategically, financially and intellectually in domestic football. Remember how he rose to the occasion to get Craig Whyte out of a bit of Euro bother.

This dream team has the credentials to take The Ranger back to where they belong – liquidation.

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oddjobPosted on12:33 pm - Jun 10, 2014


Fisiani says

Auldheid says

Re the iceberg.

I think it is lost in a thick fog of history.

View Comment

mcfcPosted on12:45 pm - Jun 10, 2014


Allyjambo says:
June 10, 2014 at 12:10 pm
===============================
Allyjambo – yes, investment is all about confidence and there can be very few who can be persuaded to be confident anymore. Investment is also about growth and profit and dividends – – not paying to keep the lights on in the hope of getting some of your money back. I was amazed that Charles Green was able to persuade (con) institutional investors last time – but maybe they had a per-disposition to be confident about Rangers – with other people’s money. This time any share issue must be about diluting the little guy out of consideration. But in the longer term the spivs and asset stripped without onerous contracts must be in full damage limitation mode – damage to finances and damage to reputation 🙂

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neepheidPosted on12:47 pm - Jun 10, 2014


From twitter-

“Football Agent ‏@agent37654 33m
My understanding is that the #SFA are considering purchasing Ibrox Stadium from #Rangers and part-leasing it back ”

Now that would resolve a lot of problems very nicely, wouldn’t it? Great to know that Ogilvie is still in control.

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MoreCelticParanoiaPosted on12:50 pm - Jun 10, 2014


ecobhoy says:
June 10, 2014 at 9:25 am
17 0 i
Rate This

paulsatim says:
June 10, 2014 at 12:14 am

https://twitter.com/Daily_Record/status/476134430956740609
==========================================
Dearie me – Celtic in ‘Careful with Cash’ shockerooney story

We have all seen what happens and is continuing to happen when a football club recklessly spends cash it doesn’t have and fails to live within its means.

So thanks Daily Record for confirming to Celtic supporters that our management are still on the right road!
______________________________________________________________

Oh dearie dearie me Celtic. You just don’t get it.

Rather than negotiate a mutually acceptable fee to extract the most from finite resources, Celtic should have written Stromsgodset a blank cheque and presented the manager with a grossly inflated unaffordable salary along with millions of pounds in shares to allow the club’s fans to boast about mega million deals, elite European League invites and generally lord it over fans of other clubs via an unjustified supremacist mentality.

Someone left this rag lying around my work and I noticed the Daily Record’s Hotline quote of the day is “The biscuit tin is squeaking louder than Tweety Pie getting chased by Sylvester. Out of all the Ronnies, Celtic picked Ronny the stripper”.

That call was from a Mr K Jackson, Lambhill

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easyJamboPosted on1:06 pm - Jun 10, 2014


Just a snippet from the latest BDO report.

all parties were allowed until 9 May 2014 to make further observations to the Upper Tribunal. These have now been submitted and the parties await the Tribunal’s decision.
Creditors should be aware this decision may not be conclusive and a number of options could transpire, including further appeals or the referral of the matter back to the First Tier Tribunal.

I don’t think we can expect a decision from Lord Doherty very soon, if he was still accepting submissions until 9th May,

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twopandaPosted on1:18 pm - Jun 10, 2014


jockybhoy says:
June 10, 2014 at 11:21 am
Daily Record reports (my edits):
… also carrying out a probe into the conduct of administrators Duff and Phelps, who sold the club’s assets to Charles Green for a knock-down £5.5m.
_
There`s a few things I`d quibble about from the DR piece – now that BDP have released their latest report

What BDO Stated;
“4. The Former Joint Administrators
As part of our investigations, we are continuing to review the actions and the administration strategy adopted by the former Joint Administrators, and are in on-going correspondence with them in this regard. – We are working closely with the Committee in respect of these investigations and to determine what further action, if any, will be required. “

.
Translates as; its taken 18 months so far and they`re still reviewing D&Ps administration as part of the investigations. Mind you that could be routine, but a suggestion that a committee party or parties none too happy with D&P – but may come to nothing at the end of the day.
_
Daily Record reports (my edits):
…..… another source said: “BDO are doing a highly professional job in going after as much money as possible for the creditors. The fact they are ploughing so much into the legal cases is an indication of where this thing is headed. There should be a lot of very worried people out there because BDO are going after them like a dog at a bone.”

Not sure Professionals would appreciate the term `dog with a bone` but;

Why should there be a lot of worried people out there? Reports on Directors are confidential for the Secretary of State, BDO would hand over anything criminally dodgy to the CO/PF and Police – so don`t hold your breath on that one going on previous, any Civil actions would probably be settled out of Court to avoid any nasty publicity – and a small army of PR would be deployed telling the MSM not to report anything at all on the above.

On evidence – Spivs can do what they like in Scotland – with complete impunity
– and the PR`d MSM lets them get away with it – Scot Free.

View Comment

indy14Posted on1:19 pm - Jun 10, 2014


“The Easdales flew out of Glasgow yesterday on a morning flight to the docklands’ City Airport. Coincidentally on the same flight were the club’s shamed former finance director Brian Stockbridge and axed PR guru Jack Irvine”

Oh Really! a coincidence? the smsm are really taking the TRFC fans for mugs, that’s ridiculous!

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CampbellsmoneyPosted on1:27 pm - Jun 10, 2014


mcfc says:

June 10, 2014 at 11:31 am

A Question

Which great empire ever recovered its former glory after collapse ?
———————————————
Greece. really big about 3000 years ago. Won Euro Championships a while back.

View Comment

mcfcPosted on1:34 pm - Jun 10, 2014


Campbellsmoney says:
June 10, 2014 at 1:27 pm
Greece. really big about 3000 years ago. Won Euro Championships a while back.
=============================================================
LOL – and we bought Samaras as a result . . . worth the wait !

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nawlitePosted on1:35 pm - Jun 10, 2014


Neepheid, are you – or anyone – able to confirm if “Football Agent ‏@agent37654″ has any credibility (or otherwise). If there could be truth in the assertion that the SFA might buy Ibrox and leaseback, how on earth would they afford to do so? They don’t own Hampden, so could not sell to buy.

For that reason, and also that it seems a step too far in their support of TRFC, I can’t believe the tweet (unless someone tells me the tweeter is highly credible).

View Comment

oddjobPosted on1:47 pm - Jun 10, 2014


EasyJambo says
June 10 2014 1.06pm

Re BDO/UTT.

I find it significant that the allowance of extra time was granted after the hearing was completed

” Following completion of the hearing, the parties received permission to make further submissions to the Upper Tier Tribunal, as a recent decision in the Court of Appeal in England could be deemed to be relevant to the matters being considered by the Upper Tier Tribunal”

Have HMRC now an argument of precedence, or will RFC continue with the points made sometime ago (John Clark I think revealed) that decisions in England are not enforceable in Scotland?

I think the pendulum may be swinging in favour of HMRC.

View Comment

bluPosted on2:33 pm - Jun 10, 2014


ODDJOB, I fear that it could just as easily go the other way. See the outcome of recent (April 2014) appeals to the Court of Appeal:

Appeal Nos: FTC/15/2011 & FTC/46/2011

DB GROUP SERVICES (UK) LIMITED
Appellant
– and –
THE COMMISSIONERS FOR HER MAJESTY’S REVENUE AND CUSTOMS

And between:

THE COMMISSIONERS FOR HER MAJESTY’S REVENUE AND CUSTOMS
– and –
UBS AG

1.Two appeals are before us. In one, the appellants are The Commissioners for Her Majesty’s Revenue and Customs (‘HMRC’) and the respondent is UBS AG (‘UBS’) (‘the UBS appeal’). In the other, the appellant is DB Group Services (UK) Limited (‘DB’) and the respondents are HMRC (‘the DB appeal’).

2.UBS is a well known bank. DB was at the material time the main employer in the group headed by Deutsche Bank AG, another well known bank. Both banks have traditionally rewarded employees with bonuses. The payment of bonuses by banks, particularly since the financial crisis of 2008, has given rise to considerable public comment, not all of it favourable. These cases relate to a prior period, when both banks adopted what the Upper Tribunal described as a ‘carefully planned tax avoidance scheme which was designed to enable the [banks] to provide substantial bonuses to employees in the tax year 2003/04 in a way that would escape liability to both income tax and national insurance contributions.’ The top rate of income tax was then 40% and the perceived beauty of the schemes was that, if they worked, both the banks and the employees derived considerable tax benefits from them. The intent of the schemes was that the employees would receive shares in the nature of ‘restricted securities’, which would in consequence escape income tax under the provisions of the tax regime in Chapter 2 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (‘ITEPA’); and the banks would pay the bonuses into the schemes without having to account to HMRC for income tax or for NICs for the relevant employees or their own liabilities on their earnings.

3.Both banks appealed to the First-tier Tribunal (Dr David Williams and Mr David Earle, ‘the FTT’) against HMRC’s determinations that the sums allocated to the employees as bonuses at the start of each scheme were liable to income tax under Part 7 of ITEPA as earnings from their employment and to Class 1 NICs on the same basis. The determinations were against the banks rather than the employees since the banks were in each case liable to deduct and account for any liability to PAYE income tax and Class 1 NICs on behalf of their employees. The FTT heard the appeals successively in February 2010, each appeal occupying five days.

4.In the UBS case, the determinations were both dated 13 October 2008 and were: (a) for £36,863,600 for income tax in respect of bonus payments of around £92m made by UBS in early 2004 to employees; and (b) for £12,717,942 for Class 1 NICs in respect of the same payments. In the DB case, the determinations were both dated 29 April 2008 and were: (a) for £36,520,000 for income tax in respect of bonus payments of around £91m made by DB in early 2004 to employees; and (b) for £12,599,400 for Class 1 NICs in respect of the same payments. The FTT released their decision on the UBS appeal on 6 August 2010 (and then re-issued it with corrections on 15 September 2010); and they released their decision on the DB appeal on 19 January 2011. The FTT dismissed both appeals, although not for identical reasons as there were factual differences between the two schemes.

The unanimous decision of M’lords Rimer, Kitchin and Clarke was:

154.The result is that I would reject all HMRC’s submissions directed at upholding the UT’s dismissal of DB’s appeal against the decision of the FTT.

155.I would allow DB’s appeal against the decision of the UT. I presume that will result in an order setting aside the two determinations dated 29 April 2008 referred to in [4] above.

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ecobhoyPosted on2:56 pm - Jun 10, 2014


nawlite says:
June 10, 2014 at 1:35 pm

Neepheid, are you – or anyone – able to confirm if “Football Agent ‏@agent37654″ has any credibility (or otherwise). If there could be truth in the assertion that the SFA might buy Ibrox and leaseback, how on earth would they afford to do so? They don’t own Hampden, so could not sell to buy.

For that reason, and also that it seems a step too far in their support of TRFC, I can’t believe the tweet (unless someone tells me the tweeter is highly credible).
=========================================
Interesting point. At a very quick initial glance it appears to me that a purchase and subsequent lease-back by the SFA to Rangers could fall into the illegal State Aid category. Now there’s a thought 😆

View Comment

mcfcPosted on3:01 pm - Jun 10, 2014


Reality Check Four

The scenarios for The Rangers’ survival are becoming more and more desperate and bizarre. No more discussion of ST prices and volumes, sponsors, sugar daddy King and TV money.

Now it’s the SFA buying Ibrox, shareholders buying more shares in a money pit and some numpty over on LSE (stuzeeuk) suggesting that Wallace has magically “dealt with” the onerous contracts.

Mr Green may soon be remembered as “The Sensible One” with his 500,000,000 bears, EPL move, Zadok the Priest and “I bought the history”.

View Comment

essexbeancounterPosted on3:07 pm - Jun 10, 2014


mcfc says:
Can any creative accountant pen me a sonnet to the future stability of The Rangers – a simple 14 line P&L for this season would be lovely.
==============================================================
MCFC….workin’ on it boss…workin’ on it boss….what is yer deadline boss.?..Christmas time or so when the spivs have all gone to Barbados for their holidays, complete with swag…?
PS I am sure that JC’s old mate Shakingspear used to write such sonnets…they would probably be more realistic and meaningful than any beancounter could achieve!

View Comment

oddjobPosted on3:08 pm - Jun 10, 2014


Boy says
June 10 2014 2.33pm

It could go the other way.

You are quite correct in saying that. Who knows all the arguments put forward or how these arguments are perceived by the Judges. What seems to be a “slam dunk” sometimes fails. The converse is also true of course.

What interests me in this case, is that both parties felt the need to plead for time to make further submissions after the submission of all the available evidence.

In support of your argument that it could go the other way, we only need to look at the verdict in the Gary Barlow Tribunal, only one month after the case you refer to.

As the saying goes “who knows the secret of the Black Magic Box”

We can only wait and see!

Thank you for your comment.

View Comment

Madbhoy24941Posted on3:09 pm - Jun 10, 2014


Campbellsmoney says:

June 10, 2014 at 1:27 pm

Which great empire ever recovered its former glory after collapse ?
———————————————
Greece. really big about 3000 years ago. Won Euro Championships a while back.

—————————————

Not sure Greece ever had an empire, only influences. But even if they did and bounced back to win a major championship, they went bankrupt not long afterwards…… Irony, you gotta love it!

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oddjobPosted on3:15 pm - Jun 10, 2014


Re my post at 3.08pm, apologies to BLU (blasted spell check) wrongly addressed as boy.

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CampbellsmoneyPosted on3:17 pm - Jun 10, 2014


Madbhoy2491

fair point – and Alexander was Macedonian.

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neepheidPosted on3:19 pm - Jun 10, 2014


nawlite says:
June 10, 2014 at 1:35 pm
12 0 Rate This

Neepheid, are you – or anyone – able to confirm if “Football Agent ‏@agent37654″ has any credibility (or otherwise). If there could be truth in the assertion that the SFA might buy Ibrox and leaseback, how on earth would they afford to do so? They don’t own Hampden, so could not sell to buy.
=============
Sorry, but I can’t confirm or deny the credibility of FootballAgent’s post. As to whether the SFA could buy Ibrox, I’m pretty sure they could get a commercial loan, secured on the property and future ticket sales possibly. After all, its established open market value is less than £5m 😆 😆

It’s less idiotic than the Hampden redevelopment shambles. I just look back 20 years and think- what was that all about? The money squandered on the Hampden money pit could have transformed Scottish football- with plenty left over for a 60k capacity national stadium at Bridge of Allen or Perth, or somewhere sensible.

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twopandaPosted on3:25 pm - Jun 10, 2014


Last call for World Cup Bagsies 😉

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neepheidPosted on3:29 pm - Jun 10, 2014


twopanda says:
June 10, 2014 at 3:25 pm
0 0 Rate This

Last call for World Cup Bagsies 😉

============
Costa Rica for me, please.

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AllyjamboPosted on3:34 pm - Jun 10, 2014


Seems the SFA’s lease of Hampden runs out in 2020. So, unless there’s a chance the SFA might fancy paying rent (for Hampden) at the same time as a mortgage (for Ibrox), why are we discussing the possibility of them buying, and leasing back, Ibrox?

I doubt TRFC could survive another 6 years on the promise of a sale and leaseback, they need the money now.

So,

By 2020 people on sites like this one might well be saying, ‘remember Ibrox?’

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indy14Posted on3:41 pm - Jun 10, 2014


twopanda says:
June 10, 2014 at 3:25 pm
0 0 i
Rate This

Last call for World Cup Bagsies

Germany

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StevieBCPosted on3:45 pm - Jun 10, 2014


mcfc says:
June 10, 2014 at 12:10 pm

Can any creative accountant pen me a sonnet to the future stability of The Rangers…
=================================================================
1) Romantic opinion.
How about ;

“Love is not love
Which alters when it alteration finds…” [Sonnet 116]

[EB – great minds thinks alike 😆 ]
i.e. the hardcore TRFC fans will blindly follow follow/pay their money – and regardless of what the spivs do.
Just how many fans will continue though – to provide ‘some’ stability of sorts – is the great unknown.

2) Objective opinion.
TRFC is on a death spiral.
However, it’s falling much slower than many would predict.
But we are not spivs – and there must be some very good reasons why TRFC is enabled to continue hoovering up huge amounts of cash, even at this advanced stage of the saga.

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andygraham.66Posted on3:48 pm - Jun 10, 2014


AllyJambo said: ‘By 2020 people on sites like this one might well be saying, ‘remember Ibrox?’

and we will say, “Aye, the corner flag at the Broomloan was just over there, between whats now the Fruit and Veg and the Cheese aisle”

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mcfcPosted on3:50 pm - Jun 10, 2014


neepheid says:
June 10, 2014 at 3:29 pm
Costa Rica for me, please.
========================
neepheid – we know what you’re thinking 🙂

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wottpiPosted on3:50 pm - Jun 10, 2014


Wallace in Toronto

Remarkably similar to both Green and Mather’s visits in previous years.
Reassure fans the club is financially sound.
Mention new strips
Mention new signings
Mention money being pumped into IT projects
Mention everyone is wanting us to fail.
Mention they need the fans cash.

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andygraham.66Posted on3:51 pm - Jun 10, 2014


Butcher sacked.

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Famous songPosted on3:52 pm - Jun 10, 2014


Sad to see Terry B getting his jotters from Hibs, after they were relegated to The Championship. Hard to see how the MSM can play this, as he’s got his team into a league they’re busily promoting as the pinnacle of footballing excellence, a money spinning competition that has Bayern, Real and PSG looking on with ill concealed jealousy. They may just ignore their own previous comments, for a day or two.

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