Beware the angry Shareholders — they might just demand an answer!

Avatar Bybroganrogantrevinoandhogan

Beware the angry Shareholders — they might just demand an answer!

Good Evening,

Whilst it is understandable that the continuing events at Ibrox remain a hot topic among all Scottish Football Fans — especially given the views of some sections of the press on such events– the never ending rush down the marble staircase is certainly not the only show in town.

The other morning we were treated to the “scoop” that Alistair Johnstone is afraid that Craig Whyte– the once proclaimed Multi Billionaire from Motherwell- may well still be pulling all the strings at Ibrox! This is a fear which is shared by those who walk the corridors of Hampden Park as they, too, are terrified of the prospect of Whyte returning in some shape or form and coming back to haunt them, especially as he has been deemed unfit and proper, banned sine die, and generally ridiculed for his past actions.

However, the Hampden jackets know fine well that their realm only stretches so far and that if by means of the proper application of company law, contract or some other piece of paper Whyte controls the shareholding of the self proclaimed “parent company” to the football club then they are in a fix. In fact, I will wager that they just would not know how to deal with such a situation as after all RIFC PLC neither holds a licence to play football nor is a member of the SFA and so, on the face of it, who owns it has nothing to do with them.

At this juncture, no one in authority knows who Blue Pitch Holdings are and, strangely, no one in authority knows who Margarita Holdings are either! Yet these two “holdings” whoever they may be, may well hold all the power down Govan way…… with the SFA completely powerless to find out who they are let alone get into any dialogue with them. All the SFA can do is talk to the appointed Directors and officers of The Rangers Football Club Ltd.

This, is a most unsatisfactory state of affairs.

Meanwhile, they will have no difficulty in finding out who the new shareholders of Dunfermline Athletic are. Those shareholders will come from the fanbase and will be clearly registered at Companies House, with the result that ultimately those fans/shareholders will appoint Directors who will then attend meetings and speak and opine on their behalf and in essence be the ” Voice of Dunfermline” at Hampden.

Perhaps, similar will follow from Heart of Midlothian?

However, those at Hampden — if they have any sense at all– will be most wary of events happening in the east end of Glasgow come November.

In the middle of the month, Celtic PLC will hold its AGM and amidst the items on the agenda is the fan driven notion that the Club— through its Directors—- should go further in holding the SFA to account and enquire into the granting of club licences, and in particular how it granted Rangers a club licence that allowed entry to the Champions League in 2011 when the small tax case was outstanding.

The Celtic board have deemed this motion as “Unnecessary” and in support of that contention have released documentation showing that they raised this very issue with the SFA on behalf of the shareholders and fans. Further– and here is the rub— The Directors reveal that they were not satisfied with the SFA response and have disclosed that they took the matter further and wrote to UEFA.

Ultimately, UEFA also provided a reply, which backed the SFA approach and which Celtic had little option but to accept  in the absence of admissible contradicting evidence..

It is on this basis, that Peter Lawell and Co say the AGM motion is not necessary. Note that saying that the motion is not necessary, is not at all the same thing as saying that what the motion seeks to achieve is not necessary or does not have the support of the board!

There will be those at Hampden who severely hope that the Celtic Board are successful in voting this measure down as obviously they deem their original reply sufficient and would like to end the discussion there.

However, my own view, is that whether the motion is successful or not, there are those within the SFA who will recognise there is trouble staring them in the face here. Real Trouble!

Let’s recap for a moment and draw some threads together.

Celtic’s past Chairman, Dr John Reid, said only a couple of years ago that the SFA was clearly not fit for purpose. He did so in the context of events surrounding Neil Lennon and other matters, but was unshakably robust in his condemnation of an institutionalised uselessness which he saw pervaded the Hampden ranks.

Prior to that, Henry McLeish produced a report which stated that he too had concerns about the Governance of Scottish Football and called for openness and transparency.

In the intervening period, we have seen Mr David Longmuir, former Chief Executive of the Scottish Football League, find himelf without a position following reconstruction– and this partly as a result of club chairmen being apparently kept in the dark about his payment, bonuses and expenes. I understand that there was considerable anger from some at the way in which they had been treated by Mr Longmuir.

Then there is Mr Campbell Ogilvie, El Presidente, who himself benefited from a Rangers EBT and who held sway at Ibrox during a period of time when Rangers– by their own admission— made unlawful and illegal payments to three high profile players in breach of tax laws and SFA/SPL rules. It is these breaches and the consequent Wee Tax Bill which has caused all the angst among Celtic fans and has lead to the highly regulated legal step of tabling a motion at the club’s AGM.

Basically, the position seems to be, that as at the due date when the appropriate documents and declarations were made for a Euro Licence by Rangers for 2011, the wee tax bill was outstanding and due. If it was overdue, then the SFA could not and should not have granted them a licence……. and potentially Celtic should then have been put forward as Scotland’s representatives in the Champion’s League.

However, that did not happen, and Ranger’s were granted a licence– something that the Celtic Directors clearly felt was not correct.

They may have disagreed with the awarding of the licence because there were those at Rangers at the time who declared that a payment to account had been made to the tax office– allegedly £500,000– and that they had entered into an agreement to make payment of the balance by instalments. Had that been so, then all would have been hunky dory and no more would have been said.

Alas, however, no such payment appears to have been made at all, and no such agreement was entered into and so, on that basis, the tax bill was overdue and outstanding as at 30th June in terms of Article 66 and as such no Euro Licence should have been granted.

However, the argument does not end there.

Auldheid, has posted frequently on these pages about the ins and outs of the licensing provisions and the mechanism and so I will leave that detail to him as he is far more expert in these areas than me.

Now, one of the SFA functions is to have an auditor– someone who can check books, contracts, paper work and so on, and it is part of the SFA licensing function to be satisfied that all the paperwork is of course correct and in proper fashion before they issue any licence.

In this case, it is alleged that the SFA did not perform their function properly.

In relation to the wee tax case, it is said that either they did not make sufficient enquiry of Rangers re the payment to account or the agreement which they were told was in place. At the time it was mooted in the press that no such agreement was in place as at the relevant date ( June 30th ) and a simple check with the revenue would have shown the truth of the matter.

Yet, for whatever reason, no such check appears to have been made, and if you recall a Radio Scotland interview with Alistair Johnstone, Rangers submitted the forms, the SFA replied with one or two enquiries about the BIG tax case which were answered, and thereafter the Licence appears to have simply dropped through the letter box without further ado.

You will also recall that the existence of the wee tax case became known BEFORE Craig Whyte bought David Murray’s shareholding in May 2011. In fact it was the subject of News Paper headlines weeks before the deal was completed, and so the fact that there was a wee tax bill was well and truly in the public domain.

When it came to filling in the appropriate forms,either, the SFA were mislead by those then at Rangers with regard to that tax bill, OR, they simply failed to do the requisite checks and make reasonable enquiries before they issued the licence.

However, the uncomfortable fact also remains, that one of the chaps who must have been in the know re the admittedly unlawful and offending side letters, contracts and payments to the three players concerned  was Campbell Ogilivie who was on the Rangers Board at the relevant time when the contracts and irregular payments were made under the Discount Options Scheme  from 1999 to 2002/3. Indeed he may even have initiated the first payment to Craig Moore in 1999. I reiterate that no one has ever contested that this was an unlawful scheme, and the irregular payments and paperwork are not denied in relation to that scheme.

There are Celtic shareholders who believe, rightly or wrongly, that when it came to the granting of the Euro Licence, the SFA did not play them fair on this occasion and that the wheels within Hampden were oiled in such a way that Rangers were favoured and Celtic were disadvantaged. It is a point that looks to have already been considered by the Celtic Directors in 2011, with the result that they concluded that they should formally write to the SFA and seek clarification.

However, we now have the prospect of those same directors having to go back to Hampden and say   ” Sorry, but I am forced to bring this up by my shareholders. I have a legal duty to them to enquire further”. Even if the motion is refused, the point has been made– there are shareholders who are demanding answers– just as shareholders of other clubs demand answers about the ever so secret 5 way agreement and other matters which have hitherto been not for public consumption.

The SFA have nothing to fear of course as they can simply repeat their previous answers,demonstrate that all was above board, and rest easy in their beds.

Except that answer did not satisfy the Celtic Directors on a previous occasion as they decided to take the matter to UEFA, and it would appear that some Celtic shareholders remain dissatisfied with the known stance of the SFA and so they want the Directors of the club to delve further. Without wishing to point out the obvious, if it turns out that the 2011 Licensing process was somehow fudged and not conducted rigorously or that those at Hampden were in any way economical with the truth or omitted certain details from the previous explanation, or covered up a failure in procedures—- well such omissions have  a habit of becoming public these days whether that be through the internet or otherwise.

The point here is that the actions of Hampden officials are coming under organised, legal and planned corporate scrutiny over which they have no control. The Blazer and club mentality that was once so widespread within the governing bodies is under increasing attack and is being rendered a thing of the past.

In short, the move by Celtic shareholders, is making it plain that they will demand proper corporate governance from their club in ensuring that any alleged failure in corporate governance by the SFA or SPFL is properly investigated and reported on.

Of course, if it turns out that the 2011 Licensing process was somehow fudged and not conducted properly for whatever reason, then it could be argued that Celtic were disadvantaged in monetary terms along with other clubs who may have been awarded Europa League licences, then the consequences could be cataclysmic. Hence a tendency to circle the wagons rather than admit to failures in the process that need addressing.

It is this reluctance to come out and accept that the licensing process appears to have failed, say at what point the process failed and what needs to be done to address those failures that in many ways has driven the resolution. It is clear to all that something is amiss but the SFA will not admit it, probably from fear of the consequences of doing so?  Perhaps some form of indemnity, a lessons learned enquiry with no prejudice might help?

It would come as no surprise to me at all if there were those at Hampden who live in dreaded fear of admitting that their processes were flawed and that a grave mistake was made. Under these circumstances, there may well be those at Hampden who simply wish that Celtic and their fans would just go away!

 

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broganrogantrevinoandhogan author

Boot wearing football, sport & total nonsense fan-- Gourmet, Bon Viveur and eedgit! - Oh and I write a bit occasionally!

4,365 Comments so far

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Araminta Moonbeam QCPosted on10:54 pm - Nov 12, 2013


Bad news appears to be coming thick and fast now. It has the feeling of Feb 2012, like we are building up to a big event. Was assuming Admin 2, share suspension would be an indicator of that but now these BDO rumours and polis announcements indicate a big ‘ka-boom’ event.

Interesting times.

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StevieBC

StevieBCPosted on10:55 pm - Nov 12, 2013


Araminta Moonbeam QC says: (17)
November 12, 2013 at 10:30 pm

Looks like The Cardigan of Dignity was asking awkward questions…

@MalkieMouth
An old face from wealthier times!!!
You couldn’t make this up.
1. i.imgur.com/448tjQ1.jpg
2. i.imgur.com/uBXlaqS.jpg
=====================
Is that an ex-employee / director – Martin Bain – confirming in writing to a NED – The Cardigan – that Bain had current access to commercially sensitive / confidential information from TRFC ?

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GoosyGoosyPosted on11:22 pm - Nov 12, 2013


I reckon the sequence of events will be
TRFC are put into administration by RIFC using a friendly Spiv Administrator
The friendly Administrator agrees to move assets from TRFC to RIFC in exchange for TRFC debt to RIFC being cancelled
RIFC apply for liquidation because they are unable to pay a huge debt owed to an offshore co.This debt was not disclosed in their interim accounts No reason will be given
The friendly RIFC Liquidator then transfers the assets to the offshore Creditor Co in part payment of the huge debt that caused the liquifdation of RIFC
This means that any potential purchaser of the TRFC brand has to find another ground or negotiate with lawyers acting for faceless offshore owners of Ibrox and MP
And
to tidy up the loose ends………
Using a friendly Liquidator enables RIFC to go out of business without ever publishing properly audited annual accounts.
Surprise Surprise
The judgement call on whether or not the RIFC debt to the offshore Co is legitimate is made by the RIFC Liquidator. This is why they appoint someone who is “friendly”
………………………………….
All perfectly legal in the UK and one of the reasons the markets are infested by Spivs

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ecobhoyPosted on11:31 pm - Nov 12, 2013


Araminta Moonbeam QC says: (17)
November 12, 2013 at 10:30 pm

Looks like The Cardigan of Dignity was asking awkward questions…

@MalkieMouth
An old face from wealthier times!!!
You couldn’t make this up.
1. i.imgur.com/448tjQ1.jpg
2. i.imgur.com/uBXlaqS.jpg
==================================================================
Well John Brown didn’t shut-up until he was threatened and I don’t think Brown frightens too easily so he must have taken the threat seriously and most probably knew where it was coming from.

The question now is was Cardigan also threatened or did he decide he didn’t want to get his hands dirty when the whole thing unravelled. If that was the case then he has betrayed the Rangers fans who poured their money into their club because the fully believed Walter was the one man whoi could be trusted.

If these documents are genuine then Cardigan has to be questioned by Rangers supporters to determine why exactly he walked away and whether he asked a single question to determine whether the money being spent was properly accounted for.

Were any of these concerns pointed out to Deloitte when they were doing the Annual Accounts?

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Joethebookie

JoethebookiePosted on11:37 pm - Nov 12, 2013


It’s like Christmas Eve. 😀

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macfurglyPosted on11:39 pm - Nov 12, 2013


ecobhoy says: (2031)
November 12, 2013 at 7:34 pm
——–
https://www.7side.co.uk/index.cfm?UUID=0C9C5290-4B8D-41B0-AF56C0AB50F76BC6

“LegalinX-7Side™ provide a gateway to company search services which means that we have the best information from an aggregated source, saving me time and money. They are always helpful and maintain high standards in their service at all times.”
Pinsent Masons

Small world.

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enough is enoughPosted on11:44 pm - Nov 12, 2013


Pretty sure this must have been posted before, I did have a wee look but cuddnt find it , have a look at UEFA;s opinion on sevcos last game 13/05/2012

http://www.uefa.com/search/index.html#Rangers FC&c=50121&ob=c

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enough is enoughPosted on11:46 pm - Nov 12, 2013


just clicked it myself … click “Rangers Men”

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ecobhoyPosted on11:59 pm - Nov 12, 2013


An announcement to the Stock Exchange by Rangers on Tuesday said its lawyers Pinsent Masons had reported the matter to Police Scotland. The club said it was only now releasing the information as it did not want to undermine any police investigation.

In its statement, the club said: “Incorrect stories concerning the company have appeared in the media today and yesterday concerning allegations that Craig Whyte still has links to Rangers, which the Company would like to clarify.

“Pinsent Masons has not reported to the police that Craig Whyte has any connections to the company. A separate matter was reported to the police by Pinsent Masons, on behalf of the company. That matter related purely to director appointment form which purported to appoint Craig Whyte as a director of Sevco 5088 Limited.’

I hope Police Scotland are aware that Green publically stated on STV that he had “handed back” the Sevco 5088 to Mr Whyte after the company was no longer needed once a company voluntary arrangement (CVA) was destined to fail. But no documentation confirming Mr Green’s resignation from Sevco 5088 has been filed with Companies House.

So why would Green ‘hand-back’ the firm to Whyte if he wasn’t either a director or a shareholder – I wonder if AIM realise this rather strange ‘flaw’ in the statement published today? Also the old smioke and mirrors being used by Pinsent Masons by using the cover-all term ‘Rangers’ rather than identifying the actual company that CW still has links to or has had links to.

http://news.stv.tv/west-central/222380-rangers-claim-control-of-craig-whytes-firm-sevco-5088-ltd/ and also the televised recording of Green at: http://sport.stv.tv/football/clubs/rangers/221242-extended-video-of-rangers-ceo-charles-greens-interview-with-stv/

I’m sure Police Scotland might want to ask Mr Green why he was handing back Sevco 5088 Ltd to CW – would love to be a fly on the wall to hear that explanation.

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ratethisthenyabampotsPosted on12:00 am - Nov 13, 2013


Joethebookie says: (25)
November 12, 2013 at 11:37 pm
It’s like Christmas Eve. 😀
———————————————-
Charlotte’s got her stocking’s up. Is she getting ready to show us all a good time?

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fergussingsthebluesPosted on12:06 am - Nov 13, 2013


StevieBC says: (879)
November 12, 2013 at 10:55 pm

Araminta Moonbeam QC says: (17)
November 12, 2013 at 10:30 pm

Looks like The Cardigan of Dignity was asking awkward questions…

@MalkieMouth
An old face from wealthier times!!!
You couldn’t make this up.
1. i.imgur.com/448tjQ1.jpg
2. i.imgur.com/uBXlaqS.jpg
=====================
Is that an ex-employee / director – Martin Bain – confirming in writing to a NED – The Cardigan – that Bain had current access to commercially sensitive / confidential information from TRFC ?

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

Have I got this right? Bain says to Smith:

“Within your Large and Universal review, the purchase ledger will show the highest payment is to Singapore and you need to establish what for etc”

Bain also has inside knowledge on, and also urges Smith to ask questions on:

Jim Park
Ian morgan
Paul Stretford
Craig Mather
and JJB Contract

I thought Bain disappeared. Obviously not. Were he and SDM not close? How and where did Bain get this info from?

This story just gets more murkier and murkier!

I’ve said before, the whole lot of them should be hauled up before a tribunal and shamed.

The evidence is well out there now, well enough to get some answers in a Law Court! As long as LNS isn’t the sitting Judge!

Speaking again as no Lawyer nor Accountant, my gut feeling is that something is brewing big time, and the end game is near!

As they say, “For Whom The Bell Tolls!” You can’t beat the sight of grown up businessmen fighting each other with handbags over a body that has already died!

5 minutes into this saga, Columbo would already have been stalking the culprits, and Kojak would have sussed out the baddies. What do we get? Pinsents and Masons internal review (secret of course), LNS’s whitewash, silence from Salmond after his initial blustering and a brickwall from our SMSM!

May the best man win! The chickens are coming home to roost!

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buddy_hollyPosted on12:13 am - Nov 13, 2013


The following thought now occurs to me…..

TRFC/RIFC was always a short term play for the SPIVS. Because BDO or regulators or Police(really?) would always catch up with the sevco 5088/sevco scotland switcheroo.

Thus those involved had to make as much money as possible before scarpering. Money for themselves and their seen and unseen backers.

Now we are approaching the point where TRFC/RIFC have reached the tipping point when it is no longer worth the hassle, there is little to be gained by hanging on too long!

TRFC/RIFC have no other Rangers LEGENDS to roll out to get the fans to pay for more season tickets.

Hence all those concerned want to collapse the big tent and control the sale of the circus.

This hypothesis only possible due to the knowledge gained from RTC/TSFM and the knowledge of others.

Tomorrow is another day…. What else could possibly hapen in the land of SEVCO.
Buddy

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john clarkePosted on12:13 am - Nov 13, 2013


Long Time Lurker says: (662)
November 12, 2013 at 10:50 pm
‘….The club/company is under siege…’
—–
Hark! Did I hear the cry of’ ‘ ………….’?

Seriously though, although this whole saga is related to one particular aggregation of clubs/companies( two/three alive , one dead), our really fundamental interest is in getting at the system which allowed this degradation of sport and honour to happen in the first place.

RIFC and TRFC will probably bite the dust. Deservedly.

And if anyone associated with that, knight of the realm or cheap little gangster, goes to jail, hell mend them.

But unless changes are made in the SFA board and the way that clubs are financially supervised and audited, we might be faced with a similar scenario.

We have to make sure that can’t happen.

T

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phill450Posted on12:14 am - Nov 13, 2013


Strange,

google “Malky Murray” – lots of results

google “Malkie Murray” – very few results (most of them behind the FollowFollow firewall)

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paulsatimPosted on12:18 am - Nov 13, 2013


Front and back pages of DR
http://i1192.photobucket.com/albums/aa327/bullster1888/4b51915b575d1d5ce1f7ef4da48edcac.jpg

http://i1192.photobucket.com/albums/aa327/bullster1888/2cd57cd786c21d8f1ddf1dc48fd84dd4.jpg

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valentinesclown

valentinesclownPosted on12:22 am - Nov 13, 2013


There may be trouble ahead and that little well known English term of No Surrender may just not cut it. Looks like a lot of information is going to be surrendered soon and there will be no way back.
Imagine the cardigan not really trustworthy, who would have thought it?

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john clarkePosted on12:30 am - Nov 13, 2013


paulsatim says: (626)
November 13, 2013 at 12:18 am
‘..Front and back pages of DR..’
——
Does the Tel boy still passionately kick dressing-room doors in, I wonder idly?

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paulsatimPosted on12:49 am - Nov 13, 2013


john clarke says: (1348)
November 13, 2013 at 12:30 am

Wonder if the MSM will cut him the same sort of slack now he’s a hibbee?

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Resin_lab_dogPosted on1:04 am - Nov 13, 2013


paulsatim says: (627)
November 12, 2013 at 6:08 pm

33

0

Rate This

Ridiculous, Bill. Tynecastle has bigger capacity for your guys and I believe there is no public transport early enough to allow ICT fans to travel for a lunchtime KO. Crazy, anyone would think they are trying to bring on the armageddon they predicted.

___________________________________

ICT fan. Raging. Its bad enough that our game is run by crooks, but add a charge of incompetence into the mix for a bit of insult on injury, why not?

Breathtaking obtuseness.

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Humble PiePosted on3:24 am - Nov 13, 2013


Hi guys, I’ve been away. Hope you didn’t miss me. Anything been happening while I’ve been gone ?

Propaganda Handbook #23 – Drawing Moral Equivalence

In the last week since what the Scottish media have dubbed with undue hyperbole “The Battle of Amsterdam”, we have once again witnessed those inglorious hacks from the Scottish tabloid media grasp every opportunity to slate the oft-praised travelling Celtic support and to equate their actions (reactions?) to some previously diagnosed Neanderthal Glaswegian Disorder which affects “both sets of fans” (as though there were only two clubs in Glasgow).

Mr Keevin’s most recent and poorly-written article in the Sunday Mail was no more than another blatant effort to push the old ‘Old Firm’ paradigm and, most likely, a poor attempt to garner whatever ‘market-share’ of bigotted idiots that Mr Traynor may have left behind in his not insignificant wake before he comes looking for his old job back. Unfortunately, for the less hard of thinking, it is also classic example of what us ‘internet bampots’ like to call ‘whataboutery’ and what, in diplomatic circles, is known as ‘moral equivalence’.

Moral equivalence is a term used in political debate which seeks to draw comparisons between different, often unrelated things, to make a point that one is ‘just as bad’ as the other or ‘just as good’ as the other. It may be used to draw attention to an unrelated issue by comparing it to a well-known ‘bad’ event, in an attempt to say one is as bad as the other. Or, it may be used in an attempt to claim one isn’t as bad as the other by comparison. A good example might be attempting to draw a moral equivalence between the Israeli Defence Force’s heinous treatment of the Palestinians and some disaffected arab youths throwing stones at a Merkava tank.

Likewise, Keevins’ esteemed colleague, Mr Jackson opined on live radio that the scenes in Amsterdam were like “Manchester all over again” in a serious(?) attempt to conflate the “skirmish in the square” with the utterly disgraceful scenes the whole world witnessed during the full scale rioting in at the UEFA Cup final in 2008. You’ll no doubt remember, that was the one where ‘uniformed’ Police officers were attacked with bottles and bins by literally hundreds of Rangers fans, cars were turned over and shop windows broken by the dozen, ostensibly because a big telly didn’t work.

Now, I am certainly no apologist for thugs of any description and have myself seen Celtic fans behave disgracefully many times. However, in my experience, these incidents were generally isolated to a few drunken individuals and I have even witnessed the Celtic fans police themselves on many occasions by demanding that these idiots ‘get a grip’ and even pointing out the ill-mannered miscreants to the stewards in attendance.

You see ‘both sets of fans’ pride themselves on their reputations. Celtic fans have a reputation for being a big, friendly travelling support, having even won a UEFA award for the best fans in Europe in 2003. This well-founded reputation is also why Celtic are often the first port of call when a club wants to play a testimonial. Fans of the old Rangers, on the other hand, are proud of their reputation for being ‘the peepul’ i.e. thuggish, triumphalist and downright disrespectful. Don’t get me wrong, fans of ALL clubs have their share of nutters, it’s just that fans of the team playing in blue at Ibrox appear to attract a much higher proportion of nutters that the rest of us.

There is no doubt in my mind that the Scottish MSM, at least for as long as I can remember, have favoured Rangers over Celtic (and Celtic over every other team in Scotland). For the majority of the mainstream media the ‘Old Firm’ was the only show in town. Playing on the antagonistic relationship between fans of these two clubs was the bread and butter of their work for decades. That’s how they sold their unworthy rags and kept the ‘Old Firm’ kettle boiling. Now that Rangers are dead, they are having difficulty accepting this new reality and still try to link Celtic with this new club at every opportunity. Amsterdam was that opportunity and they grabbed with both slimy tentacles.

Of course, the club that was Rangers has long since succumbed to the creeping cancer of corporate corruption, coupled with a heavy dose of institutional bias. However, those treacherous acts that brought down a once-mighty institution were (and continue to be) ‘papered over’ by compliant media lapdogs and completely ignored by the cowardly and ‘heavily conflicted’ football authorities. This ongoing deceitfulness and simple failure to tell the truth still has the potential to utterly destroy the game in Scotland.

Even now, the New Rangers fans (who still think they are old Rangers fans) are being force fed a steady diet of lies and misinformation calculated to keep them sweet, on-side and continuing to buy into their deluded drivel. The poor excuses for journalists in this country continue to purvey delusions of grandeur to the gullible hoards even as their entirely new and financially crippled club wheels itself inexorably towards the fiscal cliff. Meanwhile the SFA simply do SFA.

I am going to go out on a limb here and state categorically my belief that, over the years, Celtic have indeed been shown favour by the SFA and their hand-picked referees when playing other teams in the SPL. However, this favour has only ever extended insofar as it did not adversely affect Rangers. They wanted both teams to fight it out for the top spot just so long as Rangers won. It’s as simple as that. That is why fans of smaller clubs had no sympathy for Celtic when they complained about bias towards Rangers. That is why they were able to call us paranoid.

Call me paranoid if you want to but I remain absolutely convinced that the SFA, with Il Presidente being well aware of the old Rangers financial distress, conspired with the men in black to ensure that the team in blue won the 2009/2010 SPL championship which ‘guaranteed’ them access to the riches of the Champions League. You will recall that this was also the year of “Honest mistakes” which caused Celtic FC to compile a video dossier of ‘evidence’. It was also the year of ‘Dougie-gate’ and the referees strike.

As per usual, they were aided and abetted throughout this scandal by their paid up lackeys in the MSM :slamb: (including the aforementioned Messrs Keevins, Jackson and Traynor) who decided to focus our attention on encouraging an irrational hatred of Neil Lennon (squirrel!) while simultaneously averting our gaze from the impending train crash at Ibrox.

This last week has been like watching history repeating all over again only this time the squirrel is the “skirmish in the square” while the ‘real’ story remains the SFA’s wilful collusion in allowing a handful of sociopathic money monsters to rob the entire game of its integrity, its financial security and its hard-earned reputation. This is not, as some would have us believe, a war of attrition against Rangers, The Rangers or Sevco something or other, this is a battle for the hearts and minds of the fans of our beautiful game.

The SFA and MSM have driving massive bulldozers over the very notion of integrity in Scottish football, while us bampots have been busy throwing chunks of rock at these armour-plated monstrosities. In my humble opinion, we are barely making a dent. It is high time we changed our tactics.

Scottish football fans need to ‘Get a Grip’. Boycott the SFA and the MSM. Stop providing fuel to the corporate shills who are ruining our game.

http://theinternetbampot.wordpress.com/

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upthehoopsPosted on7:25 am - Nov 13, 2013


There is an awful lot of excitement in cyberspace that the proverbial is finally about to hit the fan big style down Ibrox way. Hasn’t it hit the fan big style already and the various authorities either overlooked the fact, or simply made up new rules to limit the impact?

When a bank fell into new hands and plugged their well they turned to the taxpayers and stole their money. When they got caught doing that they simply refused to pay back anyone, anywhere, any money they owed them. The various authorities meanwhile were either negotiating with HMRC to get them off the hook, or figuring a way to put the newco straight into the SPL or at least Division 1, with no debt and their history considered to be intact.

There appears to be nothing that could happen that would make the various authorities act correctly regarding the club from Ibrox.

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Danish PastryPosted on7:34 am - Nov 13, 2013


If Martin Bain was talking to Walter in this way, and even suggesting a contact at BDO, would he not have taken some action on his own initiative?

“Expenses will be abnormal.” (MB)

Did WS not pocket £50,000 for his short stint? Or did he forego that payment? Let’s hope he passed on Bain’s concerns to the appropriate people in any case.

http://m.imgur.com/448tjQ1

http://m.imgur.com/uBXlaqS

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FisianiPosted on7:34 am - Nov 13, 2013


I predicted company collapse 17/12/13 . I need to reconsider. Looks like they will be lucky to see out the week.

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Danish PastryPosted on7:40 am - Nov 13, 2013


upthehoops says: (643)
November 13, 2013 at 7:25 am
2 0 Rate This

There is an awful lot of excitement in cyberspace that the proverbial is finally about to hit the fan … There appears to be nothing that could happen that would make the various authorities act correctly regarding the club from Ibrox.
———–

I agree @upthehoops. Some folks might think it’s 5-0 in the fifth set of the Grand Slam final. Not so sure myself though, more like an early break of serve to lead 1-0. Long way to go. Not only that, the guy on the other side of the net is most likely doped.

I’ll get ma racquet.

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valentinesclown

valentinesclownPosted on7:43 am - Nov 13, 2013


DR on the cae.
http://www.newsnow.co.uk/A/679179085?-11344:801

Mr Greens signature been forged? Maybe by Mr Whyte.
I would like to also know if Mr Whyte forged the signature of Guy Fawkes.

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Danish PastryPosted on7:52 am - Nov 13, 2013


valentinesclown says: (266)
November 13, 2013 at 7:43 am
1 0 Rate This

DR on the cae.
http://www.newsnow.co.uk/A/679179085?-11344:801

Mr Greens signature been forged? Maybe by Mr Whyte.
——————

This isn’t the real story. Sounds like a fed story from you-know-who to put the attention back on Lee Harvey Oswald … er … Craig Whyte.

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Tic 6709Posted on7:53 am - Nov 13, 2013


Remember when STV done a couple of programmes about Sevco ?
They brought in handwriting expert who said the document(s) he examined were genuine.
I’m nearly sure the signatures were Yorkies.
But i’m unsure of the context.

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scottc

scottcPosted on8:05 am - Nov 13, 2013


fergussingstheblues says: (90)
November 13, 2013 at 12:06 am

Have I got this right? Bain says to Smith:

“Within your Large and Universal review, the purchase ledger will show the highest payment is to Singapore and you need to establish what for etc”

Bain also has inside knowledge on, and also urges Smith to ask questions on:

Jim Park
Ian morgan
Paul Stretford
Craig Mather
and JJB Contract

I thought Bain disappeared. Obviously not. Were he and SDM not close? How and where did Bain get this info from?

May the best man win! The chickens are coming home to roost!

I think, Fergus, what has happened is that Walter has seen what appeared to him to be much dodginess. He has already alluded to that when he ‘walked away’. He has, due to his own admitted inexperience, asked a friend and fellow Rangers man, for advice. Martin Bain has therefore told him to examine the Purchase Ledger.

He has subsequently shown the ledger to Martin Bain who has spotted some real anomalies, in particular, the large payment to Singapore and the rest of the ‘original’ investors, appearing to get their monies returned one way or another.

Now, who do we know in Singapore? Ah, yes. Rafat Rizvi is currently living in London and Singapore (neither has an extradition treaty with Indonesia); so, is this RR getting his money back. Orlit was also Singapore based, were they not?

I don’t think there is anything sinister in Mr Bain having seen the ledger. Walter will have shown it to him in confidence and we have no information showing that he has leaked the info contained therein.

The info regarding the inflated charges for services etc is, of course, part of the basis for the formation of the Sons of Struth, so the supporters have been well notified of this happening. That many have chosen to ignore or not believe it, is their own decision.

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helpmaboab

helpmaboabPosted on8:20 am - Nov 13, 2013


End Of Days? tick tock,tick tock.

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seminalPosted on8:39 am - Nov 13, 2013


So were the shares suspended?

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beatipacificiscotiaPosted on9:01 am - Nov 13, 2013


seminal says: (2)
November 13, 2013 at 8:39 am

So were the shares suspended?

+++++++++++++++++++++++

There was no reason for the shares to be suspended, and no reason was suggested. It was simply a whisper that whipped up a storm, fueled by the need to hear a bad news story. We don’t need to be making up stuff, or latching on to every ropey story that comes along.

I suspect the distraction is often well meaning, but I believe that sometimes it is planned. Don’t be distracted, the real stuff is coming.

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Tif FinnPosted on9:33 am - Nov 13, 2013


Keith Jackson letting his organ be used as a propaganda tool again.

http://www.dailyrecord.co.uk/sport/football/football-news/rebel-paul-murray-wants-know-2786527?

Rebel Paul Murray wants to know who is running Rangers as spectre of Craig Whyte continues to haunt Ibrox

13 Nov 2013 08:22
KEITH JACKSON speaks to rebel Paul Murray about the latest twist in the tale at Ibrox, “a place where fear and confusion lurks in the dark shadows round every corner.”

THE spectre of Craig Whyte and his bulging eyeballs continues to haunt Rangers in the dead of night.

Only yesterday the club’s fans woke to the chilling news that officers from Police Scotland’s elite Economic Crime Unit are investigating whether or not the disgraced former owner is still involved with the institution he did so much to ruin.

Welcome to Rangers in 2013, a place where fear and confusion lurks in the dark shadows round every corner.

A place where chaos continues to reign and will most likely do so until next month’s long-awaited agm.

But Whyte’s possible presence somewhere in the ever murky background is not the only issue which frightens the life out of the rebel shareholders who hope to be voted into power at that all-important showdown on December 19.

They are spooked too by thoughts of who or what might be found lurking behind the doors of the mysterious investors groups Blue Pitch Holdings and Margarita Holdings – those original and faceless backers of Charles Green’s takeover.

The nightmare scenario, of course, is that Whyte may be among them.

But there are other shady characters too whose possible involvement behind the scenes give Paul Murray and Jim McColl serious reason for concern.

Names such as Rafat Rizvi, who features on Interpol’s most wanted list, spring readily to mind given his links to the Blue Pitch cabal.

There are others too, all linked in some way or other to the likes of Whyte, Green, Imran Ahmad and Zeus Capital.

And now Murray believes the time has finally come for Rangers to start putting minds at ease.

In the next couple of days Murray and his group expect to be granted an audience with the club’s acting chairman, David Somers, who himself insists he has nothing to hide and no allegiances to those who previously called the shots.

If that’s the case, says Murray, then Somers is ideally placed to begin giving out the answers to some of the most puzzling riddles behind this entire Rangers debacle.

Yesterday Murray said: “What we need, what all Rangers supporters are asking for, is for a bit of clarity and honesty from the boardroom. It’s the least this club and these fans deserve.

“The latest stuff about the police and Craig Whyte has got everyone understandably twitchy.

“That’s just the way things are around Rangers because of all the damage that has been done to it over the past couple of years. These stories about Whyte still being involved somewhere in the background do nothing to ease the worst fears and suspicions of supporters and shareholders alike.

“So what we need now is for the club to provide us all with clarity and transparency and it’s down to the acting chairman to deliver this.

“It’s up to David Somers to lift the lid on who owns what shares and prove once and for all that Craig Whyte is not the big bogeyman. That way we can all move on.”

The Rangers freak show is an unrelenting affair. But in five weeks’ time Murray and his team will be placed up for election in a democratic vote which will decide the shape of things to come.

But now he wants to know exactly who is making up the electorate.

What’s more, if Somers will not tell him then Murray will demand that Blue Pitch and Margarita – who hold about 12 per cent of shares between them – are denied entry to the polling booth. He said: “I am calling on David Somers to prove he is independent and acting in the best interests of the club.

“In order for him to do that we feel he must disclose once and for all who is behind Blue Pitch Holdings and Margarita Holdings.

“The club stated on Monday night that they have had proper replies to their requests for the information about who these investors actually are. That implies that the club now knows their true identities.

“If, however, it’s the same information which was passed over to us recently, I can confirm that it doesn’t reveal anything.

“I want to know who the actual shareholders are and I am now calling on David Somers to make this information clear.

“If, for whatever reason, he can’t do that then I will ask him to disenfranchise the shares in order that these people are not allowed to vote at the agm.”

This latest talk of Whyte’s continued involvement has merely strengthened Murray’s resolve to push ahead with his plans to reconstruct Rangers from top to bottom.

“Neither he nor McColl are likely to stop until such times as they can rest easy in their beds again, knowing that the club is out of harm’s way.

Murray said: “The police must be allowed to get on with their business but in the meantime I would like to make the Rangers supporters a very simple promise.

“I promise them that if we win the vote at next month’s agm I will make it my absolute priority to uncover the truth about what has gone on behind the scenes over the past two and a half years.

“On day one before I have even taken off my jacket, I will demand to be given the internal report carried out by Pinsent Mason into these alleged links between Charles Green and Craig Whyte.

“I will make it my business to find out exactly what has gone on here and to give the fans the total transparency they deserve.

“This report should have been made public months ago and it is a matter of great concern to myself that the board chose to keep these findings from the supporters. You have to ask yourself why they would do that?

“If there are difficult truths to confront then so be it.

“After everything that has been done to this club the time has come for Rangers to be seen to be cleansing Rangers.

“There must be no attempt to hide away from the truth, no matter how uncomfortable that truth may be.

“Let’s be very clear. Rangers has been the victim here. It’s time for the club to fight back and achieve its own justice.

“As Dave King remarked recently, someone is pulling the strings of this board from behind the scenes and it simply must stop. If there are outside influences at work here then we must be told who they are.

“The only way forward for the football club is to cleanse the thing from top to bottom and that is what I promise to do on behalf of the supporters who have been the biggest victims of all.”

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

It’s very interesting that they are demanding answers from the Chairman, who is ideally placed to give them.

Unlike Malcolm Murray who as the Chairman clearly didn’t think that transparency and openness was part of the job remit.

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Tif FinnPosted on9:40 am - Nov 13, 2013


Rumours of a press conference at Ibrox today, rumours only remember.

It would really put the cat amongst the pigeons if they were to announce a senior appointment. Sorry, another senior appointment.

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andygraham.66Posted on9:44 am - Nov 13, 2013


So let me get this right, Keith, let’s consider this scenario

Murray finds out Whyte is the boss

Murray announces to the support Whyte is the boss

SFA suspend TRFC from Scottish football

Is that really what P Murray will do if his worst fears are realised. No he will go silent in the same way that “we will name those behind Blue Pitch/Margarita in a few days McColl” has done

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SmugasPosted on9:53 am - Nov 13, 2013


That’ll cause a stooshie down Ibrox way. Before Paul Murray’s even got his jacket off he wants a copy of the PM report. Is that Walter’s copy Paul, Malcolm’s unopened copy or the version that Mr Regan requested, doubtful if he received and certainly never read apart from Traynors executive summary ?

Also, what of the victorious photo shoot on the street to the chorus of cheers from the blue brigade (just like Whytie 😈 ) the money marble staircase shot, the one on the pitch with the scarf above your head (caption its all about the fans ya de ya) and of course, the coup de grace, Ally’s vote of confidence in your rangersness. That’s a lot to do before you get your jacket off! Oh, and note to tailor, not that horrible mustard rain coat, you’ve got to try a bit harder now you’re playing with the big boys.

Just on PM by the way. That’s a cracking spot Eco. So Spivco hired PM to check out the sevco forms that were filled in by the cardiff dudes, who are openly advertised as form fillers of choice…..by PM. And they took £600k for doing it. Or was the 600k for something else then?

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Danish PastryPosted on9:58 am - Nov 13, 2013


Tif Finn says: (797)
November 13, 2013 at 9:33 am
1 0 Rate This
———–

Reads like a political speech by someone desperate to get elected, say someone like Nick Clegg.

Bit surprising really as I thought McColl’s “ye’ll ‘uv hud yer tea then” Sky interview sounded like a swan song on behalf of these have-a-go heroes.

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jockybhoyPosted on10:01 am - Nov 13, 2013


Danish Pastry on November 13, 2013 at 7:34 am
If Martin Bain was talking to Walter in this way, and even suggesting a contact at BDO, would he not have taken some action on his own initiative?”

Am on the road so tough to check but didn’t Bain sue for wrongful dismissal? Anyone remember the outcome? Maybe he had a gagging clause? Needed a proxy?

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ianjsPosted on10:03 am - Nov 13, 2013


I had a dream last night.
In a parallel universe far away, half way up or down (depending if you are an optimist or a pessimist) a marble staircase.
Hello Walter, hello Martin, been meaning to ask what is that smell? Ah Walter that smell is the books cooking they will be done to a treat by Christmas, surrender no. Great, Martin we are the book cooking people.
Scotland needs a strong stomach.

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Tif FinnPosted on10:03 am - Nov 13, 2013


jockybhoy says:

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

If I remember correctly Martin Bain withdrew his action, on the understanding that his costs would be paid.

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Tif FinnPosted on10:05 am - Nov 13, 2013


Oh and with all this going on here’s what some of the chaps on follow follow are thinking about.

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

“With the obviously orchestrated attempts to criminalise “We are the people” and “No surrender” we really need to say enough is enough. The big problem we have is that the current board are more focused on saving their on skins than protecting the rights of the lifeblood of our club, the supporters.

I really hope that when change is finally made at the top that we can start to fight back and even question things that are going on at other clubs in the same way that everything we do or say is scrutinised.”

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

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Danish PastryPosted on10:07 am - Nov 13, 2013


Smugas says: (506)
November 13, 2013 at 9:53 am
2 0 Rate This

… Oh, and note to tailor, not that horrible mustard rain coat, you’ve got to try a bit harder now you’re playing with the big boys.
—————

It comes as no surprise to me that the fashion police are about to become involved in this story.

I’ll get ma gabardine mac.

PS Great post Smugas, laced with understated humour

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SmugasPosted on10:09 am - Nov 13, 2013


On FF, I preferred ” the thing with this mortgage (I assume he is referring to a sale and leaseback) at least we’ll have the money to spend…” 🙄

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neepheidPosted on10:11 am - Nov 13, 2013


jockybhoy says: (254)
November 13, 2013 at 10:01 am

Am on the road so tough to check but didn’t Bain sue for wrongful dismissal? Anyone remember the outcome? Maybe he had a gagging clause? Needed a proxy?

==================================
http://scotslawthoughts.wordpress.com/category/bain-v-rangers/

This link covers it, I think.

http://www.thefreelibrary.com/WHYTE+GOES+TO+WAR+WITH+BAIN%3B+Rangers+owner+hits+out+at+axed+club+boss.-a0266994350

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Danish PastryPosted on10:12 am - Nov 13, 2013


jockybhoy says: (254)
November 13, 2013 at 10:01 am
1 0 Rate This

Am on the road so tough to check but didn’t Bain sue for wrongful dismissal? Anyone remember the outcome? Maybe he had a gagging clause? Needed a proxy?
———-

I believe he dropped the claim. He was looking like a merciless vulture at the time, or, put another way, looked to be kicking Rangers when they were down.

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SmugasPosted on10:15 am - Nov 13, 2013


Danish Pastry says: (1665)
November 13, 2013 at 10:07 am

As the great Eric M used to say (pointing at Ernie), “yeah, but look at the material I’ve got to work with”

I’ll get my polyester kagool……….(note to self, learn how to spell kagool, cagoul, cugowl, cougar…….. 😳 )

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Tif FinnPosted on10:17 am - Nov 13, 2013


Smugas says:

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

They really have never been able to understand that the PLC and the Club are different things, and that the club owes the PLC a lot on money. Probably around the £20m mark by now, maybe more.

They still consider the club to be debt free and really can’t get their head round the fact that it is anything but. That it owes an awful lot of money, it just so happens that the entity it owes the money to also owns it. No different from the situation with Wavetower for the previous company.

Here’s a thought, which just occurred to me. The first accounts released a sum to balance the books. That sum (about £20m if memory serves) related to the value of the assets over and above what had been paid for them. Are they waiting until the debt to the PLC equals the notional value of the assets held before they do the transfer. So if the books say that Ibrox, Murray Park and the Car Park are worth £25m are they waiting until the debt to the PLC equals that amount. Just thinking out loud btw.

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GoosyGoosyPosted on10:23 am - Nov 13, 2013


A thought without evidence
If I was an original Spiv in touch with another Spiv down the Food Chain
And
I agreed last year to sell him my holding after the lockin period
And …………at the same time
I needed to keep an important Manager onside
So
I awarded him lots of penny shares he could sell after the lockin period
Then
There would be an easy peasy opportunity for me to make some quick cash
Because
I would insist the Manager sold his shares to me as part of the deal
That way
I make some quick money selling these shares down the Food Chain
And
It gets even better
The Manager knows I have no ethics
So
If he walks away I spill the beans
If he stays I fill his pockets with silver and he is trapped
Mmmm…
Just a thought

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jockybhoyPosted on10:33 am - Nov 13, 2013


Re Bain – so he dropped (perhaps settled?) his suit for “costs” (perhaps costs+? So as not to poke the bear?). And then he went quiet? I think my question has been (perhaps) answered…

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SmugasPosted on10:40 am - Nov 13, 2013


Tif Finn says: (801)
November 13, 2013 at 10:17 am
2 0 Rate This

Smugas says:

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

They really have never been able to understand that the PLC and the Club are different things, and that the club owes the PLC a lot on money.
==================================
You’ve got to hand it to Green and Whyte. They convinced the bears who owned part of the thing to buy the thing including the part of the thing that they already owned so that they would own the thing that they would need, but in order to use it they would need to buy the thing that they owned in the first place but purchased to put somewhere else on the sound advice of the guys who were selling it but didn’t own it (and that’s missing a couple of steps along the way involving turning up in their droves and buying the ST’s, the shirts etc etc)

A thought actually occurs to me. Yes they have the owners they deserve (copyright eco I believe) but they actually have the street smart owners they’re going to need, if they could just find a way of not being duped themselves, again, again, again and again. Brenda, do you have different kinds of clocks or is it just the tick tock variety?

EDIT: not forgetting being offered the thing for £1 at one point and then again at an achievable £2.5m along the way.

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Danish PastryPosted on10:43 am - Nov 13, 2013


Smugas says: (508)
November 13, 2013 at 10:15 am
5 0 Rate This
———–

Dear old Eric. I wonder if he’d look at RIFC and TRFC and say, “It’s very good, you can’t see the join.’ ? 🙂

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neepheidPosted on11:01 am - Nov 13, 2013


Smugas says: (509)
November 13, 2013 at 10:40 am

A thought actually occurs to me. Yes they have the owners they deserve (copyright eco I believe) but they actually have the street smart owners they’re going to need, if they could just find a way of not being duped themselves, again, again, again and again.
============

The only reason that these “street smart” people are even vaguely interested in anything at Ibrox is the addictive personality type of the bears, who simply line up for shafting, after shafting, after shafting, after—–, well, you get my drift. I honestly think they are masochists, who get some perverse pleasure from pain. The street smart boys are most certainly sadists, who really enjoy dishing it out.

As soon as the bears stop ponying up every time somebody says no surrender, or pulls on an orange shirt, or bigs up the fan base to 500 million, or organises an “armed forces” event, then that will be the day the street wise ones wave bye bye, and the bigots in brogues walk back in, with no plan whatsoever except to find some other peoples’ money to spend, spend, spend. Just like the good old days. The very big problem is that their pals in the Edinburgh banking world can no longer provide the soft loans that these incompetents can’t do without. And there is no plan B.

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Tif FinnPosted on11:03 am - Nov 13, 2013


Smugas says:

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

The ultimate irony is that Green et al bought the whole shooting match for £5.5m, less if he would have gotten outstanding prize money, transfers etc as he had planned.

The fans also bought in for around £5.5m, when Green had his IPO, not that long after.

For the same amount of money they got about 11% of the business.

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Esteban

EstebanPosted on11:10 am - Nov 13, 2013


neepheid says: (901)
November 13, 2013 at 11:01 am

I find this intriguing too. Why is Paul Murray still sticking his head above the parapet? Why is he putting himself through this?

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Sugar DaddyPosted on11:25 am - Nov 13, 2013


Continuing the theme from JF’s On Fields of Green blog, who will be the “John Dean” of this Rangers omnishambles? Who will break the omerta like silence around Ibrox?

I can’t see it being someone steeped in rangerness [wont hurt the club(s) they love(d)], nor can I see it being one of the actors from the SFA (they need to keep their jobs) so that leaves us with the spivs.

Someone who sees more money and no jail time in telling their story.
Its likely we will have to wait a while perhaps even through a sale & leaseback and Rangers3.

A wee trip to Monaco or a newly purchased chateau in Normandy for AT or MD surely?

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JoburgbhoyPosted on11:26 am - Nov 13, 2013


neepheid says: (901)
November 13, 2013 at 11:01 am

and the ‘bigots in brogues’ walk back in. (copyright acknowledged) 😆

This is exactly the scenario scottish football needs like a hole in the head and is exactly what the bears are demanding and expecting to happen.

Scottish football needs an (elephant sized) enema – I’ll talk to the local game ranger :mrgreen:

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Carl31Posted on11:45 am - Nov 13, 2013


The latest Rangers operation will continue till the funds run out.
based on the figure of £11.5m left at end June, and running costs of £2.75m a month, they would have had £0.5m of that left at end Oct (4 months later). They will have had more money in from matchday receipts in the past 4 months, and some more ST money, but a rough estimate would put that at £1.5m.

This would give a figure of about £2m in bank at end Oct – not enough to see out Nov.

They could be a bit better off than that, but not much.
There could be some sponsorship money, but I gather thats based on merchandise sales.
The board salaries are probably less now theres not so many of them, but no doubt they needed payoffs.

I wonder if existing directors of the club (TRFC) and the PLC (RIFC) have taken a salary cut, with a view to still having something worthwhile to sell come Dec end of lock in? They may have reached a point where it was worthwhile taking no salary, in order not to lose share value come mid Dec.

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tomtomPosted on11:51 am - Nov 13, 2013


If the police inquiry is really about the possibility of Whyte (or a.n.other) forging Green’s signature and not just another squirrel then do we honestly believe that Chuckles would be prepared to go to court as the main prosecution witness.

There’s not a chance of him explaining in an open court about how he “duped” Whyte especially as he would be open to cross-examination by an experienced lawyer and not some copy writer posing as a journalist.

However, irrespective of the outcome to this particular inquiry (whether the signatures are forgeries or not), I do believe that history will see this little piece of the scam as the pivotal moment when the foundations really started to crumble.

If the signatures are forgeries then it will result in a court case that will open up the can of worms. If they are real then they will force the SFA’s hand.

Either way the dam is about to burst.

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ecobhoyPosted on11:55 am - Nov 13, 2013


Sometimes I can get lost in the detail and lose sight of the bigger picture.

But for the life of me I don’t know why the economic crimes unit of Scotpol would have the slightest interest in whether CW still had any interest in Rangers or indeed had purchased the assets in association with Green.

Why did Pinsent Masons do a separate report which they have handed to presumably Strathpol originally – I am assuming the Strathclyde Fraud Squad makes up the core of the Scotpol economic crimes unit so I can see a link as to how that grand-sounding body might have ended up with the Pinsent Masons report.

But surely Scotpol wouldn’t investigate anything unless the Pinsent Masons report uncovered criminality and this takes me back to my belief that CW could have legitimately participated in the asset purchase with Green – leaving aside for the moment whether he was duped by Green or not.

So where is the criminality – I have to think it much more likely that BDO is pushing Scotpol as part of their asset trail search going back to CW’s placing of Rangers in admin but possibly remaining behind the scenes as owner or part owner. BDO have a lot of powers but they do need police powers in certain instances to progress their investigation by kicking down doors and water-boarding suspects 🙄

It certainly appears that the SFO in London has been involved – presumable by BDO – by asking for the Pinsent Masons report but getting refused. So I think Scotpol have either been brought in by BDO or the SFO.

And there is no doubt that Companies House has also been involved with passing info to the SFO and possibly Scotpol regarding dodgy forms although which forms remain unclear.

So perhaps it’s a good time for a big Ibrox squirrel to be let loose claiming that they and Pinsent Masoins are the good guys by claiming to have alerted the police to the evil deeds of the arch villain CW. IMO pure deflectionary PR tactics in operation. CW is a spiv but he has never been alone in that profession and I have no doubt that the original mystery investors who have always controlled Rangers since the asset purchase from D&P remain in control although they are being faced with ever tightening timelines.

Also worth noting that a lot of people seem to think that the anniversary of the flotation on 20 December lifts any lock-in on shares. However it would appear that Green’s lock-in lifts on 7 December and this may apply to others.

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GeronimosCadillacPosted on12:00 pm - Nov 13, 2013


ecobhoy says: (2033)
November 13, 2013 at 11:55 am
++++++++++++++++++++++++++++++++++++++++++++++++++++++

Would criminality be an issue if the Administrators conspired with the former owners to sell assets back to them at an undervalue by locking out bidders who were prepared to offer more?

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ecobhoyPosted on12:11 pm - Nov 13, 2013


tomtom says: (488)
November 13, 2013 at 11:51 am

If the police inquiry is really about the possibility of Whyte (or a.n.other) forging Green’s signature and not just another squirrel then do we honestly believe that Chuckles would be prepared to go to court as the main prosecution witness.

There’s not a chance of him explaining in an open court about how he “duped” Whyte especially as he would be open to cross-examination by an experienced lawyer and not some copy writer posing as a journalist.

However, irrespective of the outcome to this particular inquiry (whether the signatures are forgeries or not), I do believe that history will see this little piece of the scam as the pivotal moment when the foundations really started to crumble.

If the signatures are forgeries then it will result in a court case that will open up the can of worms. If they are real then they will force the SFA’s hand. Either way the dam is about to burst.
====================================================================
As I mentioned yesterday I am not so sure that the relevant forms involved are the actual backdated ones appointing CW and Earley as directors and allegedly signed by Green and submitted by CW and Earley to Companies House earlier this year.

If Green didn’t sign the original forms then why did Green then sign and send director termination forms for CW and Earley to Companies House backdated the same backdated appointment date on the original director appointment forms for CW and Earlkey allegedly signed by Green.

Surely if Green had never signed the original director appointment forms he would have contacted Companies House and stated that CW and Earley weren’t Sevco 5088 Ltd directors and his signature had been forged on the forms.

Surely that would be the ‘normal’ thing to do? By actually signing director termination forms Green IMO actually legitimises the supposedly ‘dodgy’ original forms.

And – of course – there is the strange televised statement of Green that he gave back Sevco 5088 Ltd to CW when he realised he no longer needed it. Why would Green give Sevco 5088 Ltd to someone who is not a director of that company and who is also not a shareholder as Green has puyblicly stated he is the sole Sevco 5088 shareholder – although I don’t accept that.

Green will be asked I’m sure by Scotpol why he decided to hand a company over to CW – simple question but can Green provide a credible answer to the boys in blue?

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Tif FinnPosted on12:12 pm - Nov 13, 2013


Carl31 says:

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

On income streams, these are the figures (in thousands) for a 13 month period.

Gate receipts and hospitality 13,224
Sponsorship and advertising 819
Retail 1,607
Broadcasting rights 778
Commercial 974
Other revenue 1,705

Total 19,107

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Not The Huddle MalcontentPosted on12:14 pm - Nov 13, 2013


Listening to Malcolm Murray on Radio Scotland the other night

what a shambles….and to think, we thought this was one of the few “respectable” characters involved with Sevco….

My thoughts on his performance…..

1st off, he is pretty peeved that Somers knocked back the interview and Murray was 2nd choice! hahahaha GIRUY

He can’t comment on a police case but the “clumpany” have – EH?

Pinsent Mason report – scope got “narrowed and narrowed and narrowed” By who? And what do you mean by narrowed? Did the scope get narrowed to only Sevco Scotland and Whyte before it started or did the scope get narrowed as more and more was uncovered and the only thing they could say for sure was that Whyte wasn’t involved in Sevco Scotland – something that NO ONE had claimed anyway.

How can you claim the reason you are not there anymore is because you hadn’t seen this report…you are not there because the real power brokers ousted you. You were there only to sell tickets and provide a degree of “Rangersness” that the spivs didn’t have.

You claim not to have seen the report despite being the chairman who instigated it, say over it, was aware of the reduction of scope and who left after it – and now, you are calling for teh chairman just in the door to reveal it’s contents (why would he get to see it when you couldn’t)

You say you can’t comment on the contents of the report, but then say they found no evidence of it….so, are you commenting on the report? how do you know they found no evidence of it…and how does this relate to the “Hairy” findings referred to in your email – did you send that email? Maybe someoen should ask you.

Why would any “side payments” to CW be nothing to do with Rangers? It is being paid from their income – perhaps to a company providing services/advice/finance, but they are being paid by the directors of the clumpany….despite your protestations, the directors of the clumpany ARE the clumpany. Or are you suggesting fraud?

CW being involved is a minor concern….my god you have nerves of steel man….the only reason that your clumpany is playing senior football is on the basis CW is NOT involved in ANY way.

But you are concerned abotu the money haemoraging out – of course you are, it’s the only thing the Spivs and Brogues have in common. They all want other peoples money (maybe for different reasons)

there is then a bit of a debate about BPH and Margarita holdings. Who are they. Rich Arabs, Malky tells us. He’s met their lawyer…nice chap…don’t want publicity. (who buys into a football club wanting to avoid publicity??) Anyway, he goes on to state he doesn’t think CW is involved, then ranbles on about their holdings and CG’s shares and “where they are” if he is so sure CW is NOT involved, what does it matter who BPH/Margarita are or where CG’s shares are. If CW is not involved at all, then what is the issue surrounding these 2 shareholders – and not, say, companies like Artemis?

He then goes on to slate the levels of corporate governance….but he was the chairman from the get go. He let this happen…did he go to the NOMAN/AIM? Did he even make it public? Did he resign? No, he had to be kicked out – and now he is claiming that he left and is trying to fix things from outside? really? what urtter tripe. How are you going to do that without buying a significant shareholding and getting a seat at the table? what can you do from outside? Meet fans groups and show them you are just as much a bigot as many of them and hope they’ll get you back into the Blue Room? How is that helping the corporate governance.

Talking about the blue chip institutional investors, he claims they will refinance the club – but not under teh current board set up.

When did Malky talk to them about refinancing? before he left? Was it obvious then that they needed more cash in? If so, when is that cash needed…are the club technically trading whilst insolvent already? Should the accounts have a going concern warning on the accounts?

What steps can/will he be taking to cut outgoings? what outgoings can be cut? or will he expect to keep going back to the trough indefinitely?

English asks him if he and his group (the Rebels!) are in anyway to blame for the current situation….Malky says they are, but then says, ignore the past, lets move forward. I’m sorry, Paul Murray, Malky Murray, Dave King and even McColl have all been involve at some point in the old rangers going bust and now the new sevco going bust…why should the fans believe for a second you shower of clowns can run the club and keep it afloat given your track record?

He is now going on about never telling a lie…not conning the fans etc – we are into the land of pure fantasy now.

His defence of No Surrender is an absolute joke….anyone suggesting he is not a bigot or a liar is plain wrong. he even referenced teh alan Brazil interview where he went on about his faily history and claimed he wasn’t interested in that sort of thing – absolute bawsack of a man

I hope that when the spivs rip every penny out of the club and take the property assets with them that Malcolm Murray is left holding TRFC Ltd. Watching him try to bring in the money and appease teh ambitions of his “core demographic” will be great fun. They’ll devour him and the club will die with him at the helm – fantastic stuff

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Tif FinnPosted on12:17 pm - Nov 13, 2013


I think it really is worth bearing in mind that proving Charles Green did not sign a piece of paper is a long way away from proving who did.

It’s easy enough to establish the former.

Did you sign that?

No?

However without either eye witnesses or an admission going much further is really rather difficult.

On Charles Green giving evidence in any Court case, he will only do that if he chooses. An Englishman living in France is going to be very difficult to compel. And as pointed out, he may not fancy the idea of being cross examined..

If there is going to be a criminal prosecution, I haven’t seen much to make me hopeful about it being succesful. As I said the other day, I see BDO as being a much more likely source of that sort of thing, they may of course already have spoken to Police Scotland.

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Tif FinnPosted on12:23 pm - Nov 13, 2013


GeronimosCadillac says:

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

Craig Whyte has already admitted to trading whilst insolvent. To say that you had no option other than to spend the tax money just to keep the business running is to admit that you cannot pay your bills as they fall due. To continue incurring debt at that stage is very naughty. The administration should have happened much earlier, there are indications he discussed this with the SFA.

He also claims to have been behind the purchase of the assets, Green admits to having “duped” Whyte as part of that process. So with the way the administration has been run there seems clear indications of gratuitous alienation. Whyte has form for that.

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ecobhoyPosted on12:23 pm - Nov 13, 2013


GeronimosCadillac says: (58)
November 13, 2013 at 12:00 pm
ecobhoy says: (2033)
November 13, 2013 at 11:55 am
++++++++++++++++++++++++++++++++++++++++++++++++++++++
Would criminality be an issue if the Administrators conspired with the former owners to sell assets back to them at an undervalue by locking out bidders who were prepared to offer more?
======================================================
In the circumstances you describe that would certainly be grounds for a criminal investigation to establish whether there were grounds for prosecution and that process may well be part of the BDO remit.

However with the current info we have I don’t think that is what is happening right now – The key to all of this lies in Sevco 5088 Ltd and the secret offshore shareholders. Obviously we can’t know for sure whether CW was duped by the setting-up of Sevco Scotland by Green or whether that was part of a smokescreen to ensure that the SFA was assured that CW wasn’t involved in the ‘new’ Rangers.

You have to think back to 2012 to realise that the SFA had already had a ‘hairy canary’ in May 2012 I think it was when they were advised that Rizvi was a major shareholder in the Rangers buy-out from D&P. The person that blew the whistle on that to the SFA was a Scots investor who was going to put money into Rangers until his due diligence threw-up the Rizvi name and the whiostleblower hasn’t stopped running away since 😆

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Not The Huddle MalcontentPosted on12:25 pm - Nov 13, 2013


Carl31 says: (89)
November 13, 2013 at 11:45 am
6 0 Rate This

The latest Rangers operation will continue till the funds run out.
based on the figure of £11.5m left at end June, and running costs of £2.75m a month, they would have had £0.5m of that left at end Oct (4 months later). They will have had more money in from matchday receipts in the past 4 months, and some more ST money, but a rough estimate would put that at £1.5m.

This would give a figure of about £2m in bank at end Oct – not enough to see out Nov.

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

they had about £2.5M of the season ticket income still to come in…

then, using the figures from Tif Finn

Gate receipts and hospitality 13,224
Sponsorship and advertising 819
Retail 1,607
Broadcasting rights 778
Commercial 974
Other revenue 1,705

Total 19,107

you could argue that monthly income could be as much as £19.1m less £8.5M season tickets divided by 12 months = £0.9M per month

So, you have £11.5M in the bank, £1M of that can’t be touched – so £10.5M
add in a further 2.5M in cash from ST’s still to come in = £13M
you then have outgoings of £2.75M a month and income of £0.9M a month (assuming the other income comes in spread over teh season evenly)

so, each month they spend £1.85M of their £13M

I reckon that gives them 7 months MAX

JANUARY is Admin 1 event, maybe they could tip that hat to poetry/history and drag it out to Feb 14th 2014 – that would be nice.

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beatipacificiscotiaPosted on12:38 pm - Nov 13, 2013


Not The Huddle Malcontent says: (1019)
November 13, 2013 at 12:25 pm

My fag-packet figures had the cash running out in mid-February so another valentines day massacre would be as good a guess as any.

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Tif FinnPosted on12:55 pm - Nov 13, 2013


Assuming a win for Murray Murray et al at the AGM in December it appears they will need money in pretty quickly.

So one has to assume an under-written share issue, with the under-writer putting the cash up-front and getting repaid from whatever is raised. Either King or McColl, possibly both could maybe do that.

Either that or someone guaranteeing a short term loan until that share money can come in. Again the only candidates seem to be King or McColl (or both.

Just my thoughts on how they could maybe keep the whole thing rolling along. Any other ideas.

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jockybhoyPosted on12:59 pm - Nov 13, 2013


NTHM: “you could argue that monthly income could be as much as £19.1m less £8.5M season tickets divided by 12 months = £0.9M per month”

In a sense that is a more likely scenario – after all, who’s going to give a year’s money up-front to a “clumpany” (copyright acknowldged) which seems to be on Death Row (again). Much more likely to pay probably quarterly.

I did some “bluest tinted specs” fag packet numbers a while back (think it was on Law Thoughts) and I thought they might eke it out until the end of the season, but given the ongoing clusterfeck (I thing it’s been downgraded from “omnishambles”) over Ibrox way I really think that’s unlikely unless someone inject a bunch of cash they are happy to lose (whatever it is, it won’t “fix” the problem, only delay it).

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Not The Huddle MalcontentPosted on1:03 pm - Nov 13, 2013


What I don’t get is this…..why are the spivs spending all the IPO money on TRFC Ltd?

accounts suggest they have funded TRFC Ltd to the tune of £16M (probably more now) – surely RIFC PLC should have pulled the plug on TRFC and asked for that money back – or taken the assets in return

That would have left them with the property assets and a rental agreement income, PLUS some of teh IPO cash in the bank

Is it the case that the money being bled out of RIFC plc is going straight into their (and their pals) pockets and eventually RIFC PLC will also be bled dry?

ho hum such a shame.

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Esteban

EstebanPosted on1:06 pm - Nov 13, 2013


Tif Finn says: (806)
November 13, 2013 at 12:55 pm

Surely at some point everyone will come to their senses and realise it’s not worth the hassle to keep the Sevco show on the road. The Rangers men should admit that Sevco isn’t Rangers, say they were all duped and that they are putting it right by establishing a brand new club that they hope will emulate the good things about Rangers (I know), ditch all the bad things, start from the bottom, find a place to play, seek no shortcuts or favours, and do their best to drum up support while working to a proper business model.

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GeronimosCadillacPosted on1:09 pm - Nov 13, 2013


jockybhoy says: (256)
November 13, 2013 at 12:59 pmT

I did some “bluest tinted specs” fag packet numbers a while back (think it was on Law Thoughts) and I thought they might eke it out until the end of the season, but given the ongoing clusterfeck (I thing it’s been downgraded from “omnishambles”) over Ibrox way I really think that’s unlikely unless someone inject a bunch of cash they are happy to lose (whatever it is, it won’t “fix” the problem, only delay it).
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Agreed. Admin is necessary to clear out the cost base because this wasn’t done the first time. The assumption was that SPL football was in the bag and therefore the income streams associated with that would remain available because of fan pressure that plan was rejected by our Clubs and represents one of the biggest “victories” in this shambles – so far.

The rest is unravelling at pace:

You fans take courage
You SFA take care
This football was made a common treasury
For everyone to share
All things in common
All people one
We come in peace
The orders came to cut them down

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Tif FinnPosted on1:17 pm - Nov 13, 2013


On the loans from RIFC to TRFC, it may not be quite as simple as to just transfer them just now.

I take this from the accounts.

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

PROPERTY MATTERS
The property valuation report from DM Hall dated 10 October 2012 includes a valuation of the company’s properties under a depreciated replacement cost method at 31 August 2012 as follows:

• Ibrox Stadium – £65.2 million; and
• Murray Park – £14 million.

This represents a combined value of £79.2 million.

The Company’s financial statements includes the properties at an existing use valuation of £42.5 million at 30 June 2013 after charging depreciation of £0.4 million.

At each balance sheet date, RIFC will review the carrying amounts of its non-current assets to determine whether there is any indication that those assets have suffered an impairment loss by reference to their carrying values (including their revalued amounts). As at 30 June 2013, the Directors completed an impairment review by reference to discounted cash flows to ascertain the value at which the property and other non-current assets could be supported.

This exercise supported a carrying value of RIFC’s non-current assets of £65.1m. Accordingly, RIFC’s property, which has been revalued under an existing use basis, has been included within the financial statements at £42.5 million with other non-current assets being included at £22.6 million.

The Directors will re-visit this exercise at each subsequent balance sheet date to consider whether the value in use calculation can support a higher value of RIFC’s properties.

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

Even using the “existing use” figure, which I think is probably the important one, that still comes out at £42.5m. I don’t see that split up as Ibrox / Murray Park in the same way the “depreciated replacement cost method” does.

However if we take it as pro-rata on that figure making the stadium 82.5% of the value that would make Ibrox stadium valued at £35m.

Can they really just transfer both properties, or even just Ibrox Stadium into the PLC when their own valuations are so much higher than the debts, as they stand just now.

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Long Time Lurker

Long Time LurkerPosted on1:18 pm - Nov 13, 2013


Interesting post from Celtic Joe on KDS [11:07 today]

IF the signature is a fake, it’s a nothing case for the Economic Crime Unit. Small-time attempted fraud. Civil case at most.

IF the signature is genuine, it’s a massive case for the ECU. It would suggest an IPO was staged under false pretences.

Place your bets

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jimlarkinPosted on1:22 pm - Nov 13, 2013


Thought the wage bill was down to £7millions ?

That is manageable.

The problem for Sevco, is – the spivs filling their boots.
Of the spivs don’t fill their boots, then Sevco can quite easily survive on the SB, gate and other income.

Once the spivs have run out of town, to save their own lives, then TRFC will continue, but there will be a wobble and a bit of cost cutting – (maybe daly be flung out the saloon doors for crossing himself)?

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