The recent revelations of a potential winding up order being served on Rangers Newco certainly does have a sense of “deja vu all over again” for the average reader of this blog.
It reminds me of an episode of the excellent Western series Alias Smith & Jones. The episode was called The Posse That Wouldn’t Quit. In the story, the eponymous anti-heroes were being tracked by a particularly dogged group of law-men whom they just couldn’t shake off – and they spent the entire episode trying to do just that. In a famous quote, Thaddeus Jones, worn out from running, says to Joshua Smith, “We’ve got to get out of this business!”
The SFM has been trying since its inception to widen the scope and remit of the discussion and debate on the blog. Unsuccessfully. Like the posse that wouldn’t quit, Rangers are refusing to go away as a story. With the latest revelations, I confided in my fellow mods that perhaps we too should get out of this business. I suspect that, even if we did, this story would doggedly trail our paths until it wears us all down.
The fact that the latest episode of the Rangers saga has sparked off debate on this blog may even confirm the notion subscribed to by Rangers fans that TSFM is obsessed with their club. However even they must agree that the situation with regard to Rangers would be of interest to anyone with a stake in Scottish Football; and that they themselves must be concerned by the pattern of events which started over a decade ago and saw the old club fall into decline on a trajectory which ended in liquidation.
But let me enter into a wee discussion which doesn’t merely trot out the notion of damage done to others or sins against the greater good, but which enters the realm of the damage done to one of the great institutions of world sport, Rangers themselves.
David Murray was regarded by Rangers fans as a hero. His bluster, hubris and (as some see it) arrogant contempt for his competitors afforded him a status as a champion of the cause as long as it was underpinned by on-field success.
The huge pot of goodwill he possessed was filled and topped-up by a dripping tap of GIRUY-ness for many years beyond the loss of total ascendency that his spending (in pursuit of European success) had achieved, and only began to bottom out around the time the club was sold to Craig Whyte. In retrospect, it can be seen that the damage that was done to the club’s reputation by the Murray ethos (not so much a Rangers ethos as a Thatcherite one) and reckless financial practice is now well known.
Notwithstanding the massive blemish on its character due to its employment policies, the (pre-Murray) Rangers ethos portrayed a particularly Scottish, perhaps even Presbyterian stoicism. It was that of a conservative, establishment orientated, God-fearing and law-abiding institution that played by the rules. It was of a club that would pay its dues, applied thrift and honesty in its business dealings, and was first to congratulate rivals on successes (witness the quiet dignity of John Lawrence at the foot of the aircraft steps with an outstretched hand to Bob Kelly when Celtic returned from Lisbon).
If Murray had dug a hole for that Rangers, Craig Whyte set himself up to fill it in. No neo-bourgeois shirking of responsibilities and duty to the public for him; his signature was more pre-war ghetto, hiding behind the couch until the rent man moved along to the next door. Whyte just didn’t pay any bills and with-held money that was due to be passed along to the treasury to fund the ever more diminished public purse. Where Murray’s Rangers had been regarded by the establishment and others as merely distasteful, Whyte’s was now regarded as a circus act, and almost every day of his tenure brought more bizarre and ridiculous news which had Rangers fans cringing, the rest laughing up their sleeve, and Bill Struth birling in his grave.
The pattern was now developing in plain sight. Murray promised Rangers fans he would only sell to someone who could take the club on, but he sold it – for a pound – to a guy whose reputation did not survive the most cursory of inspection. Whyte protested that season tickets had not been sold in advance, that he used his own money to buy the club. Both complete fabrications. Yet until the very end of Whyte’s time with the club, he, like Murray still, was regarded as hero by a fan-base which badly wanted to believe that the approaching car-crash could be avoided.
Enter Charles Green. Having been bitten twice already, the fans’ first instincts were to be suspicious of his motives. Yet in one of history’s greatest ironic turnarounds, he saw off the challenge of real Rangers-minded folk (like John Brown and Paul Murray) and their warnings, and by appealing to what many regard as the baser instincts of the fan-base became the third hero to emerge in the boardroom in as many years. The irony of course is that Green himself shouldn’t really pass any kind of Rangers sniff-test; personal, sporting, business or cultural; and yet there he is the spokesman for 140 years of the aspirations of a quarter of the country’s fans.
To be fair though, what else could Rangers fans do? Green had managed (and shame on the administration process and football authorities for this) to pick up the assets of the club for less (nett) than Craig Whyte and still maintained a presence in the major leagues.
If they hadn’t backed him only the certainty of doom lay before them. It was Green’s way or the highway in other words – and speaking of words, his sounded mighty fine. But do the real Rangers minded people really buy into it all?
First consider McCoist. I do not challenge his credentials as a Rangers minded man, and his compelling need to be an effective if often ineloquent spokesman for the fans. However, according to James Traynor (who was then acting as an unofficial PR advisor to the Rangers manager), McCoist was ready to walk in July (no pun intended) because he did not trust Green. The story was deliberately leaked, to undermine Green, by both Traynor and McCoist. McCoist also refused for a long period of time to endorse the uptake of season books by Rangers fans, even went as far as to say he couldn’t recommend it.
So what changed? Was it a Damascene conversion to the ways of Green, or was it the 250,000 shares in the new venture that he acquired. Nothing improper or unethical – but is it idealism? Is it fighting for the cause?
Now think Traynor. I realise that can be unpleasant, but bear with me.
Firstly, when he wrote that story on McCoist’s resignation, (and later backed it up on radio claiming he had spoken to Ally before printing the story), he was helping McCoist to twist Green’s arm a little. Now, and I’m guessing that Charles didn’t take this view when he saw the story in question, Green thinks that Traynor is a “media visionary”?
Traynor also very publicly, in a Daily Record leader, took the “New Club line” and was simultaneously contemptuous of Green.
What happened to change both their minds about each other? Could it have been (for Green) the PR success of having JT on board and close enough to control, and (for Traynor) an escape route for a man who had lost the battle with own internal social media demons?
Or, given both McCoist’s and Traynor’s past allegiance to David Murray, is it something else altogether?
Whatever it is, both Traynor and McCoist have started to sing from a totally different hymn sheet to Charles Green since the winding up order story became public. McCoist’s expert étude in equivocation at last Friday’s press conference would have had the Porter in Macbeth slamming down the portcullis (now there’s an irony). He carefully distanced himself from his chairman and ensured that his hands are clean. Traynor has been telling one story, “we have an agreement on the bill”, and Green another, “we are not paying it”.
And what of Walter Smith? At first, very anti-Charles Green, he even talked about Green’s “new club”. Then a period of silence followed by his being co-opted to the board and a “same club” statement. Now in the face of the damaging WUP story, more silence. Hardly a stamp of approval on Green’s credentials is it?
Rangers fans would be right to be suspicious of any non-Rangers people extrapolating from this story to their own version of Armageddon, but shouldn’t they also reserve some of that scepticism for Green and Traynor (neither are Rangers men, and both with only a financial interest in the club) when they say “all is well” whilst the real Rangers man (McCoist) is only willing to say “as far as I have been told everything is well”
As a Celtic fan, it may be a fair charge to say that I don’t have Rangers best interests at heart, but I do not wish for their extinction, nor do I believe that one should ignore a quarter of the potential audience for our national game. Never thought I’d hear myself say this, but apart from one (admittedly mightily significant) character defect, I can look at the Rangers of Struth and Simon, Gillick and Morton, Henderson and Baxter, and Waddell and Lawrence (and God help me even Jock Wallace) with fondness and a degree of nostalgia.
I suspect most Rangers fans are deeply unhappy about how profoundly their club has changed. To be fair, my own club no longer enchants me in the manner of old. As sport has undergone globalisation, everything has changed. Our relationship to our clubs has altered, the business models have shifted, and the aspirations of clubs is different from that of a generation ago. It has turned most football clubs into different propositions from the institutions people of my generation grew up supporting, but Rangers are virtually unrecognisable.
The challenge right now for Rangers fans is this. How much more damage will be done to the club’s legacy before this saga comes to an end?
And by then will it be too late to do anything about it?
Most people on this blog know my views about the name of Green’s club. I really don’t give a damn because for me it is not important. I do know, like Craig Whyte said, that in the fullness of time there will be a team called Rangers, playing football in a blue strip at Ibrox, and in the top division in the country.
I understand that this may be controversial to many of our contributors, but I hope that this incarnation of Rangers is closer to that of Lawrence and Simon than to Murray and Souness.
exiledcelt says:
Thursday, February 21, 2013 at 13:33
1 0 Rate This
I am a bit slow on these things
Last Sun RTC came on here and stated the following – with all this going on – is he saying MM was removed already? Sorry – just trying to piece what he/she was saying….
rangerstaxcase says:
Sunday, February 17, 2013 at 15:33
Hello all. I read of some fussing about Companies House showing a mortgage charge over Sevco. As mentioned by others above, this is just the Scottish Sports Council’s charge on Murray Park and does not have any practical financial implications- and does not mean that Sevco have external debt.
However I also noticed on a T01 form, that Malcolm Murray was terminated as a director back on 18th December. Is that old news and it just didn’t create much fuss or is this new information?
Here is a copy of the TR-01
http://rangerstaxcase.files.wordpress.com/2013/02/tm01-malcolm-murray1.pdf
======================
Murray was made chairman of the holding company (RIFC plc) on 18th December 2012 a few days before being removed as a director of the club (TRFC Ltd).
Most people are simply conflating the club with its owner & operator.
🙂
ecobhoy says:
Thursday, February 21, 2013 at 13:26
That’s why I like your posts.
HP – ok – so being interviewed on Feb 14th as Rangers club chairman was not correct then?
He is chairman of the holding company and has nothing to do with the club – or have they won and confused me to bit?
http://www1.skysports.com/football/news/11788/8499461/Rangers-chairman-Malcolm-Murray-backing-Ally-McCoist-after-turbulent-year
I can see Blotto writing up his blog regarding TSFM due to all the comments on here about him. 🙂
EXCLUSIVE – I WEAR WHITE BREEKS – i can assure you of that 100 per cent. Take my word for it. It is the copper bottomed, unalloyed truth. I do not know where the leak came from, but I do know where it did not come from.
Not The Huddle Malcontent says:
Thursday, February 21, 2013 at 12:23
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100bjd says:
Thursday, February 21, 2013 at 12:21
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ecobhoy says:
Thursday, February 21, 2013 at 12:06
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100bjd says:
Thursday, February 21, 2013 at 11:47
Added to all this nonsense is the news that Green is offering Murray Park to the Welsh FA to prepare against Scotland.
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Don’t know if you saw the DT article where the Welsh FA deny all knowledge and have also rejected the offer which they learnt of from the media.
http://www.telegraph.co.uk/sport/football/teams/rangers/9883402/Wales-to-reject-Rangers-offer-to-train-at-Murray-Park-prior-to-Scotland-World-Cup-qualifier.html
Yes just seen it…………..quite mad but not surprised. I have also just read of Ian Hart’s imminent appointment to Murray’s position. I know it’s only paper talk although I hope that Green understands what constructive dismissal means!
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what Green knows is that if Murray tries to raise action against the club he’ll have a baying mob at his door……..does murray need the agro?
he’ll pick up his cheque, walk away quietly and say no more about the subject….seems to be the way down Edmiston Drive..Dignity, you wouldn’t understand it Timmy!
Agree this is the probable conclusion. Green will have total control just like Whyte.
exiledcelt says:
Thursday, February 21, 2013 at 13:59
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HP – ok – so being interviewed on Feb 14th as Rangers club chairman was not correct then?
He is chairman of the holding company and has nothing to do with the club – or have they won and confused me to bit?
http://www1.skysports.com/football/news/11788/8499461/Rangers-chairman-Malcolm-Murray-backing-Ally-McCoist-after-turbulent-year
=====================================
It depends on what formal group structures have been created.
Malcolm Murray could perhaps be described as Group Chairman. The Group may be entitled to use the Rangers brand, so he, perhaps, is entitled to call himself Rangers Chairman.
But the football club is TRFC Ltd. Malcolm Murray is not chairman of the football club.
I’d imagine – but have not seen any announcement to confirm – that Charles Green is Executive Chairman of TRFC Ltd.
The real question in all of this is not why they’re trying to oust him from the Group now, it’s why Malcolm Murray was removed as club chairman in December?
In December 2011 during his brief spell on Twitter, Jack Irvine re-tweeted a Leggat link to a scurrilous piece about Dermot Desmond. Make of that what you will.
However I also noticed on a T01 form, that Malcolm Murray was terminated as a director back on 18th December. Is that old news and it just didn’t create much fuss or is this new information?
Here is a copy of the TR-01
http://rangerstaxcase.files.wordpress.com/2013/02/tm01-malcolm-murray1.pdf
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My understanding was that all the board of TRFC “tupe’d” across to RIFC as part of the successful IPO agreement. However CG and Stockbridge remained as the only directors of TRFC, (not a plc, so no issues). That leaves that “pair o spivs” completely in control of income and expenditure of the club, including settlement of invoices, (or not), and agreement on any potential loans from RIFC at interest rates of ……………………..? Well just think of a number.
ismellafix says:
Thursday, February 21, 2013 at 14:24
Indeed, and there we have the dog that didn’t bark in the night. It’s all chillingly familiar
ismellafix says:
Thursday, February 21, 2013 at 14:24
However I also noticed on a T01 form, that Malcolm Murray was terminated as a director back on 18th December. Is that old news and it just didn’t create much fuss or is this new information?
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Old news but didn’t raise much in the way of comment but in hindsight possibly should have.
IMRAN AHMAD is still a director of TRFCL and he didn’t tupe across to RIFC Plc.
“Rangers chairman Malcolm Murray nearing Ibrox exit
Rangers chairman Malcolm Murray. Picture: PA/ Rangers FC
Published on Thursday 21 February 2013 11:36
MALCOLM Murray could be out of the Ibrox boardroom by the end of the week.
Murray has been asked by his fellow board members to step down, amid reports of a long-standing rift with chief executive Charles Green.
Reports suggest that an interim chairman could be placed in Murray’s stead, to smooth the transition for investors and other interested parties.
Nonexecutive directors Ian Hart, Philip Cartmell and Bryan Smart could all be in the running if that were the case.
Any announcement will be made to the London Stock Exchange, as one of the rules of Rangers’ flotation which raised over £20million from investors.
Murray and Green have reportedly been at loggerheads for some time, with Murray’s appearance on Sky to discuss last summer’s events the final straw for the chief executive.
”
From the Scotsman
It appears that some of Mr Traynor’s recent op ed pieces have disappeared from the official site. Don’t worry Mr Traynor we still have them and I’m sure that the Only an excuse team have them as well!
100bjd says:
Thursday, February 21, 2013 at 11:47
33 2 Rate This
Corporate Governance or Louden Governance
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You sum things up very well. Let us hope that (a) Malcolm Murray has been successful enough in life to refuse a financial inducement to go quietly, and (b) he is of strong enough character not to be bullied by threats of allegations of his private life being made public.
Quite frankly it beggars belief after all that’s happened that the club called Rangers still manages to get so many journalists to dance to their tune. Given that they’ve been so badly mismanaged by the past two owners you would think some investigation would take place into whether Green has an ulterior motive rather than reacting to complaints from two fans. Come to think of it, how many major football clubs instigate change at board level because two fans are not happy!
The cheap shots aimed at Malcolm Murray over the past two days indicate the lengths Green seems prepared to go to protect his interests, and maybe, just maybe, to hide some truths he would rather the fans didn’t hear.
Which person, or club will be next to be hit with a smear campaign backed by the 2013 Succulent Lamb Brigade?
-Re Malcolm Murray, we should be able to figure this out.
With all the references today to jigsaws and leggo, it should be childs play.
Currently listening to the McMurdo/Thomo interview. Young Bill is suggesting that there is a brown envelope/bung culture in football and that with his background he should know.
For a minute I thought he was going to implicate Old Bill.
Alex is running rings round him.
http://www.thecoplandroad.org/
scapaflow14 says:
Thursday, February 21, 2013 at 14:45
Murray and Green have reportedly been at loggerheads for some time, with Murray’s appearance on Sky to discuss last summer’s events the final straw for the chief executive.
******
Listened to it again after reading that comment – can only think he is promising things which CG is not happy with – spending money on players and stadium………or saying Ally is the only manager for them…………..don’t see the final straw……..unless as an ex-TRFC he is not allowed to wear the TRFC tie – badly tied by the way – or maybe his brogues were scuffed………
http://www1.skysports.com/football/news/11788/8499461/Rangers-chairman-Malcolm-Murray-backing-Ally-McCoist-after-turbulent-year
HirsutePursuit says:
Thursday, February 21, 2013 at 14:22
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The real question in all of this is not why they’re trying to oust him from the Group now, it’s why Malcolm Murray was removed as club chairman in December?
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I concur.
Just after he had received 271,429 priority shares in TRIFC. ❓
But is the current media smear part of the fallout?
blu says:
Thursday, February 21, 2013 at 09:24
re.Dundee administrations. The first was a very curious affair – how could a club that size rack up c£23m debt, even with its Italian project? How did they manage to get out of that without going bust? The second administration was an almost inevitable consequence of the first as they were still trying to pay off football debts and they struggled in Division One last year and the SPL this. Despite Rangers appearing to have access to much greater funds it may be that they will also struggle to reach the standard they believe they have a right to operate at.
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It was a curious affair indeed. I suspect we may never know what was happening within the oak panelled board room at Dens. Few people, even in the city know just how close the owners of Dundee came to selling DFC to Jim McLean in 1998. Everything was agreed bar the name, the representatives of DFC hit a stumbling block with the word United (don’t they always? 🙂 ). The apparent reason for selling their beloved club to an individual akin to Beelzebub for yer average Derry Boy, was the fact that the club was no longer viable as an ongoing project………..and then miraculously…….. quality players, some with world cup winners medals appeared, new stands were errected and the Dee would take up their rightful place in the top half of the top division and United would slip back to pre 1960 obscurity, that was the plan anyway. Then the whole thing collapsed amid alleged debts of over £20 million and with an astonishing coincidence, allegedly, the owners of DFC switched their ‘business acumen’ to a new hotel and marina complex in Mallorca, alledgedly, and allegedly became tax exiles on the allegedly sunny haven of the Balearics, alegedly. GDS was hovering around the whole time like a rancid smell till even he legged it. An establishment club who could no longer tolerate being 2nd best, I wonder if it could happen again? 🙂
Google pre pack admin…………….. I’m no expert, but is this not just a legal scam? Recklessly run up millions in debt then go to the courts to keep creditors off your back till the company demonsrates the requisite bouncebackability and continue without so much as a red neck! I have little sympathy for Dundee or Motherwell who pulled the same stunt and the authorities should have put in place something substantial to prevent this from happening again. I do have sympathy for Barry Smith and Rab Douglas, they have conducted themselves with no little dignity and had an impossible job to considering the banditry that preceded their tenure.
scapaflow14 says:
Thursday, February 21, 2013 at 14:45
And once again we see mere reporting and repition of previous published material with no analysis or comment.
Yesterday I posted the MM Sky interview that the MSM appear to be referring to.
I cannot see anything that would cause Green any problems with regard to its content and MM’s statements.
Therefore why is Green apparently upset by it.
Was MM banned from taking to the press and he went ahead anyway?
Did he ask the lassie reporter for a date?
Come on MSM , if this had been any other big business or someone suddenly resigning or being pushed out of a post in the public sector, a lot more effort would be put in to get to the bottom of it.
Interesting tweet exchange with Phil – more events to come?
Phil MacGiollaBhain@Pmacgiollabhain
http://www.philmacgiollabhain.ie/alex-thomson/#more-3565 …
2 hrsGerry@CanadaBhoy
@Pmacgiollabhain phil can I start defrosting my jelly and icecream any time soon
2 hrsPhil MacGiollaBhain@Pmacgiollabhain
@CanadaBhoy Not quite yet 😉
His latest article on Alex Tomo’s work is good.
exiledcelt says:
Thursday, February 21, 2013 at 15:11
Got interupted typing mid post, so you got in first 🙂
However what Murray said on SKY was everything Green has said.
He was on Scotland Tonight saying he wanted to spend £9m of the IPO money on Ibrox
http://sport.stv.tv/football/clubs/rangers/205473-rangers-chief-executive-charles-green-speaks-to-scotland-tonight/
7:30 onwards
Remember what Green told SKY last October
http://www1.skysports.com/football/news/11788/8148752/Rangers-chief-executive-Charles-Green-insists-manager-Ally-McCoist-s-job-is-safe
Green then is quoted in December saying Ally is going to get £10m
http://www.dailymail.co.uk/sport/football/article-2250854/Charles-Green-pledges-Ally-McCoist-10m-spend-Rangers-flotation-LSE.html
Green said: ‘We’ve allocated £10m for Ally to spend on players as soon as he’s able to do that. But we’re not saying it’s £10m and only £10m — if Rangers fans buy season tickets next year, there’s another £20m there.
Stadium naming – yes its a possibility as long as Ibrox is in the name.
Green and Murray same corporate message.
Having watched it again I think I have it.
That’s not a windsor knot on that club tie and you see how the top button of his shirt is unbuttoned. Its just not The Rangers way.
The CE says:
Thursday, February 21, 2013 at 15:27
HirsutePursuit says:
Thursday, February 21, 2013 at 14:22
1 0 Rate This
The real question in all of this is not why they’re trying to oust him from the Group now, it’s why Malcolm Murray was removed as club chairman in December?
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I concur.
Just after he had received 271,429 priority shares in TRIFC.
But is the current media smear part of the fallout?
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CE/Hirsute
There seems to be a bit of a debate regarding Malcolm Murrays resignation. Here are the facts hopefully.
The Rangers Football Club Ltd Directors
Charles Green,
Imram Ahmad,
Brian Stockbridge
The Rangers International PLC Directors
Malcolm Alexander Murray (Non-Executive Chairman)
Charles Alexander Green (Chief Executive Officer)
Brian Stockbridge (Finance Director)
Walter Smith (Non-Executive Director)
James Ian Henderson Hart (Non-Executive Director)
Philip Cartmell (Non-Executive Director)
Frederick Bryan Smart (Non-Executive Director)
Malcolm Murray resigned from TRFC Ltd to join the holding company The Rangers International PLC while Green and Stockbridge remained in TRFC Ltd and also joined the holding company. Imran Ahmad remains a constant in TRFC Ltd
.
All cash raised in the IPO circa £22m went to the PLC who need to fund their subsidiaryTRFC Ltd. Murray was simply transferred to the holding company board.
I could speculate all day on the role of a holding company although they can literally do anything to TRFC Ltd they want as they are the paymasters. The holding company can lend against any TRFC Ltd assets or lease Ibrox to TRFC Ltd……anything really although I am not suggesting this.
Nah, caught out setting up his own rival tribute act I’d say
AYE READY LIMITED
08119855
Print Mail Save | Documents Monitor Compare Ranking
Total Current Directors 2
Total Current Secretaries 0
Total Previous Directors / Company Secretaries 0
Current Directors
Name Malcolm Alexander Murray Date of Birth 24/03/1955
Officers Title Mr Nationality British
Present Appointments 3 Function Director
Appointment Date 26/06/2012
Address 78 Portsmouth Road, Cobham, Surrey, KT11 1PP
Other Actions View Director Report View Consumer Report View Trace Report
Name Gillian Murray Date of Birth 18/04/1963
Officers Title Mrs Nationality
Present Appointments 1 Function Director
Appointment Date 26/06/2012
Address 78 Portsmouth Road, Cobham, Surrey, KT11 1PP
Other Actions View Director Report View Consumer Report View Trace Report
exiledcelt says:
Thursday, February 21, 2013 at 06:26
10 0 Rate This
Over on KDS, remarkable that Der Union Bears (not sure why the German connection) had a a banner that was unnoticed in MSM given the fuss over other GB banners
For those who don’t want to look its essentially abuse at Mike Ashley aka the same way they told Bill Millar and GB told UEFA where to go in no uncertain terms!
http://kerrydalestreet.co.uk/single/?p=12064580&t=8781404
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It just encourages you to invest and put your name above a stadium that hosts such fans who just seem to make friends wherever they go.
Good luck Mike.
@thehotshot67: A decent listen. Turnbull Hutton (for the best part) talking about reconstruction. It’s growing on me.
http://t.co/Kvc6Kr91Rv
mickleen says:
Thursday, February 21, 2013 at 16:19
Nah, caught out setting up his own rival tribute act I’d say
AYE READY LIMITED
08119855
———————————————————————————————————————
Mickleen,
I do not know about the tribute act although I absolutely know that Malcolm Murray did declare this directorship! The relative part of the prospectus follows with Aye Ready Ltd registered in June 2012 listed…….Whatever it’s intended use this company is known to everybody.
Directorships and Partnerships
Save as set out below, neither any Director nor any Key Employee referred to in paragraph 2.4 above
has held any directorships of any company, other than in relation to companies in the RFCL Group or
the Rangers Group, or been a partner in a partnership at any time in the five years prior to the date of
this document.
Director name Current Directorships Past Directorships
Charles Alexander Green ASDFGHJKL Limited Formation Group Plc
MFP Castings Limited HFG Limited
Our Enterprise Haslar Limited
Fort Blockhouse Partnership
Limited
Nova Resources Limited
Malcolm Alexander Murray MWB Business Exchange Plc GLG Partners Uk Holdings
AYE Ready Limited
Brian Stockbridge ABI Markets Limited
Stockbridge Capital
Investment Limited
Stockbridge Capital Limited
James Ian Henderson Hart Hacking & Paterson
Management Services
Cantine (Scotland) Limited
Stobcross Street Property
Company Limited
Lanero Property Company
Limited
Walter Ferguson Smith
Pub Enterprises Limited Beezer Properties Limited
Jacksons Dog House Limited Roosternet Global LLP
Phillip Cartmell Corac Group plc Vega Group plc
CSF Group plc Trafficmaster plc
Alterian plc
Medical Marketing International
Group plc
Bryan Smart
Brooklands Museum Trust Limited Brooklands Estates Management
Daimler Chrysler UK Trustees Limited
Limited Carbo Tech AG
Daimler UK Trustees Limited Daimler Chrysler UK Limited
Greka Drilling Limited Mercedes-Benz Brooklands
Scotty Group Europe Limited Limited
Scotty Group plc Mercedes-Benz Computer
Tradelinens Limited Services UK Limited
Mercedes-Benz Limited
Imran Ahmad Albans Capital Limited HB Markets plc
Allenby Capital Limited
Raven Nominees Limited
Ruby Isa Nominees Limited
Alistair Murdoch McCoist RT 1872 Limited CSM Scotland Limited
Mitchell’s Livestock Limited The Sports Business Limited
The East Kilbride Community Trust
Ann I 14.1
100bjd says:
Thursday, February 21, 2013 at 16:18
…
I could speculate all day on the role of a holding company although they can literally do anything to TRFC Ltd they want as they are the paymasters. The holding company can lend against any TRFC Ltd assets or lease Ibrox to TRFC Ltd……anything really although I am not suggesting this.
===============================
I suspect that this may be where the tensions lie.
Assuming CG is Executive Chairman of the football club, it is likely that MM is treating it as a subsidiary business and has asked Mr Green to provide regular updates on the club’s business to the Group board.
As group chairman Mr Murray has the power to decide on his board’s order of business and has a statutory duty to insist on relevant company related questions being answered honestly.
I can just here Charles now; “It’s my club. What we do is nowt to do with you!!”
HirsutePursuit says:
Thursday, February 21, 2013
100bjd says:
Thursday, February 21, 2013 at 16:18
…
I could speculate all day on the role of a holding company although they can literally do anything to TRFC Ltd they want as they are the paymasters. The holding company can lend against any TRFC Ltd assets or lease Ibrox to TRFC Ltd……anything really although I am not suggesting this.
===============================
I suspect that this may be where the tensions lie.
Assuming CG is Executive Chairman of the football club, it is likely that MM is treating it as a subsidiary business and has asked Mr Green to provide regular updates on the club’s business to the Group board.
As group chairman Mr Murray has the power to decide on his board’s order of business and has a statutory duty to insist on relevant company related questions being answered honestly.
I can just here Charles now; “It’s my club. What we do is nowt to do with you!!”
———————————————————————————————————-
Hirsute,
Yes this is where I am exactly……………………..
BBCBMcLauchlin @BBCBMcLauchlin
Hearts have agreed to accept £400,000 from Rangers as final payment for Lee Wallace. £500,000 was due to be paid in the summer#BBCSPORTSCOT
torrejohnbhoy says:
Thursday, February 21, 2013 at 17:19
Hearts have agreed to accept £400,000 from Rangers as final payment for Lee Wallace. £500,000 was due to be paid in the summer
——————————
It’s incredibly generous that, having announced a few months ago that there were no more debts, Rangers have now made further payments to Rapid Vienna and now Hearts
Obviously having a quiet afternoon and whilst checking that Malcolm Murray had properly notified his interest in Aye Ready Ltd……he did….I noticed that Charles Green,s list had plenty of omissions-:
Prospectus
ASDFGHJKL Limited
Formation Group Plc
MFP Castings Limited
HFG Limited
Our Enterprise Haslar Limited
Fort Blockhouse Partnership Limited
Nova Resources Limited
Companies House
DIRECTOR Appointed: 03/05/2012
Occupation: CO DIRECTOR
Company Number: 08011390
Company Name: SEVCO 5088 LIMITED
Active – Proposal to Strike off
DIRECTOR Appointed: 29/05/2012
Occupation: NONE
Company Number: SC425159
Company Name: THE RANGERS FOOTBALL CLUB LIMITED
Active
DIRECTOR Appointed: 14/06/2012
Occupation: DIRECTOR
Company Number: SC141225
Company Name: RANGERS FINANCIAL SERVICES LIMITED
Active – Proposal to Strike off
DIRECTOR Appointed: 14/06/2012
Occupation: DIRECTOR
Company Number: SC389328
Company Name: RANGERS MATCHDAY SERVICES LIMITED
Active – Proposal to Strike off
DIRECTOR Appointed: 14/06/2012
Occupation: DIRECTOR
Company Number: SC207784
Company Name: RANGERS MEDIA INVESTMENTS LIMITED
Active – Proposal to Strike off
DIRECTOR Appointed: 14/06/2012
Occupation: DIRECTOR
Company Number: SC259440
Company Name: RANGERS YOUTH DEVELOPMENT LIMITED
Active – Proposal to Strike off
DIRECTOR Appointed: 14/06/2012
Occupation: DIRECTOR
Company Number: SC207783
Company Name: RANGERS.CO.UK LIMITED
Active – Proposal to Strike off
DIRECTOR Appointed: 14/06/2012
Occupation: DIRECTOR
Company Number: SC132239
Company Name: THE RANGERS SHOP LIMITED
Active – Proposal to Strike off
DIRECTOR Appointed: 21/06/2012
Occupation: DIRECTOR
Company Number: SC426693
Company Name: ASDFGHJKL LIMITED
Active – Proposal to Strike off
DIRECTOR Appointed: 28/09/2012
Occupation: CHIEF EXECUTIVE
Company Number: SC433635
Company Name: GARRION SECURITY SERVICES LIMITED
Active
DIRECTOR Appointed: 08/11/2012
Occupation: CHIEF EXECUTIVE
Company Number: SC436460
Company Name: RANGERS MEDIA LIMITED
Active
DIRECTOR Appointed: 04/12/2012
Occupation: CHIEF EXECUTIVE
Company Number: SC437060
Company Name: RANGERS INTERNATIONAL FOOTBALL CLUB PLC
Active
Nothing very interesting although these companies should have been disclosed.
100bjd says:
Thursday, February 21, 2013 at 16:39
Mickleen,
I do not know about the tribute act although I absolutely know that Malcolm Murray did declare this directorship! The relative part of the prospectus follows with Aye Ready Ltd registered in June 2012 listed…….Whatever it’s intended use this company is known to everybody.
———————————————————————————————————————
Sorry, poor attempt at humour knew it was declared. Just thought it a better tribute act name (like Bjorn Again),it will be interesting to see what it’s used for though.
TRFC take advantage of the perilous financial situation Hearts face by offering £100,000 less than what was owed. This is the team that Scotland needs? This is the team that says we will all struggle if they remove the ‘Blue Pound’? This is the team we need for a strong scottish league system? Should we really be welcoming this team back into the fold with open arms?
Carfins Finest. (@edunne58) says:
Thursday, February 21, 2013 at 17:58
TRFC take advantage of the perilous financial situation Hearts face by offering £100,000 less than what was owed. This is the team that Scotland needs? This is the team that says we will all struggle if they remove the ‘Blue Pound’? This is the team we need for a strong scottish league system? Should we really be welcoming this team back into the fold with open arms?
==========================================
The media’s take on this should be interesting.
A shrewd bit of business or putting the boot in?
As TW says, it’s interesting that a declared “debt-free” Club are finding so many people from the past to pay.
With membership being conditional in this 5 way deal newco had to accept that they must pay ALL outstanding football debts. Was renegotiating those debts part of the deal ! Let’s also not forget as highlighted already we were being told debts had been paid. Did the prospectus mention that there was outstanding football debts ?
if sevco pay £400k but the actual amount “owed” was £500k
– where does this stand in the legal frame of “paying ALL football debts” of Oldco?
surely this is breaking the 5 way “AGREEMENT” and the licence should be withdrawn immediately?
Rangers say they have paid all outstanding football debt to clubs for player transfers.
The Ibrox club owed a number of European clubs money as part of an agreement with the Scottish FA to have their membership transferred between the old company, now in liquidation, and Charles Green’s newco.
GAIS, Orebro, Palermo and Rapid Vienna have all confirmed to STV they have been paid settlements by Rangers.
Green has told STV a similar debt with St Etienne for the purchase of Carlos Bocanegra has also been settled, but did not confirm the amount paid. The French side have been unavailable for comment.
Rapid Vienna confirmed on Wednesday: “We received the money from the new Rangers company yesterday (Tuesday) to our bank and the matter with them is closed.
“We have assured them we will not raise any dispute with FIFA which could have potentially blocked their participation in future European competitions.
“We are still trying to recover the full amount from the old Rangers company, but we understand this may take many months.”
GAIS, who were owed training compensation for Mervan Celik said: “We can confirm we have been paid for Mervan. We do not wish to disclose the amount.”
Orebro, from who Alejandro Bedoya was purchased, stated: “We have been paid as part of an agreement with Rangers.”
Palermo also confirmed: “There was an agreement with Rangers for the transaction, which has been duly paid.
Green told STV on Thursday: “We don’t owe any more money or any more apologies to anyone.”
The chief executive had claimed in January that all debt to European clubs had been settled. However, negotiations with Rapid had not been settled and the agreed amount, 820,000 euros, was only paid this Tuesday.
There was no deadline set by the Scottish FA for all football debt to European clubs to be paid by.
Rangers have also made an upfront payment to Hearts for an outstanding amount due for the transfer of Lee Wallace, which was due in June 2013. £500,000 was previously agreed under the conditions of the transfer, but Hearts have agreed to take £400,000 immediately, which has been paid.
Was it not discussed yesterday that football debts had to be settled but that did not necessarily discount the option of negotiating a settlement for a lesser fee than was originally due.
At the end of the day business is business and shaving some cash off both the Jelavic and Wallace deals looks like a good piece of work being the other parties were willing to do the deal.
If all parties are happy then I don’t see a problem.
From Hearts and RV point of view T’Rangers obviously say they can pay the money now. So if they are in the school of thought that questions how much T’Rangers have in the bank and how quick is cash running out it could be a good idea to take the money now. (And it looks like Hearts defo need the money now)
The plus side for T’Rangers and Green is that he is providing evidence that they have hard cash and are getting rid of baggage.
Whether or not it works out in the long run for both T’Rangers and Hearts, only time will tell.
390 🙂
Why the sudden ‘paying of bills’ where’s all the money coming from I wonder and why can sevco never pay a bill in full is it a ‘tradition?’ CG? Still no shirt announcement ‘jackanory tell a story’ 🙂 🙂 🙂
I suspect the sudden goodwill of paying debtors at this time has an ulterior motive.
Is the timing an attempt to mitigate (either directly, or through opinion, or even through the “appellant body” of the SFA) a scathing report and consequences of the LNS commision?
after alex got his tv award surely bill mcmurdo must get a nomination for a DAFTA this year.
tough competition though.
If CGs newco has settled with Rapid why are Rapid pursuing the Old Club for the rest
Did the SFA not specify that Sevco paid ALL Old Clubs football debt’s ,what would Rapid be looking for from Old Club that were not football debt’s
Carfins Finest. (@edunne58) says:
Thursday, February 21, 2013 at 17:58
At least Rangers aren’t having a fly kick at another club when they are down.
That would just be wrong.
csihampden @ 18:53
Whatever the reason, it’s totally suspect, just as the lack of bumping of gums from CG is? Come to think of it Mr A M McC hasn’t been ‘demanding’ any names or numbers lately 🙂 🙂
TICK TOCK GOES WEE BRENDA’S CLOCK
mickleen says:
Thursday, February 21, 2013 at 17:46
Sorry, poor attempt at humour knew it was declared. Just thought it a better tribute act name (like Bjorn Again),it will be interesting to see what it’s used for though.
———————————————————————————————-
Quite possibly Malcom is Aye Ready with a vehicle for carrying off his pay-off from the Big Tribute Act.
dentarthurdent42 says:
Wednesday, February 20, 2013 at 23:19
I said I would come back to you so here goes.
I couldn’t agree more about the tax issue. Perhaps teams who go into Administration, owing money to HMRC but achieve a CVA, are barred from promotion for a period of five years. This means that there is a sporting penalty for not paying social taxes over and above normal creditors. At the end of the day HMRC is you and me.
I do agree that we are coming at this from different angles. I’m looking at it from a footballing point of view first and tax second. Perhaps it is time for a rule something like above.
justshatered says:
Thursday, February 21, 2013 at 19:17
What would happen to teams that didn’t get relegated?
dentarthurdent42 says:
Thursday, February 21, 2013 at 19:01
Carfins Finest. (@edunne58) says:
Thursday, February 21, 2013 at 17:58
At least Rangers aren’t having a fly kick at another club when they are down.
That would just be wrong.
======================
A very dignified way to treat a fellow club who have always bent over backwards to help you in the past. TRFC want out of Scotland. If they survive till the end of this season then we should all do whatever we can to help them achieve their goals.They bring nothing constructive to the table.
justshatered says:
Thursday, February 21, 2013 at 19:17
From a footballing point of view they spent money they didn’t have, in order to seek an advantage over their competitors who lived within their budgets and didn’t have to have legitimate debts “written off” via a CVA.
That is exactly the sort of thing the financial fair play rules is supposed to stop.
I don’t know enough about the subject to comment meaningfully, however is it a possibility that this was done because they could not accept that their near neighbours were so far ahead of them in footballing terms that they felt forced into spending that money in order to try to compete.
If I remember correctly Dundee Utd’s rivals (the new firm as it was called) was actually Aberdeen. That must have hurt Dundee and their support.
I hope somebody can totally destroy this post, or at least my possibility number 1? Why would Green be paying off the football debts now, if no time limit had been put in the 5 way agreement, as is believed to be the case, and he intends doing a runner soon? He’d have had over a million more in the pot, even just taking the Hearts and Rapid Vienna monies into account, if he hadn’t made any settlement at all. So why now?
I can think of three possibilities for this, though there might be dozens:-
1) He has all the money he claims from the IPO and is genuine about his plans for TRFC!
2) The 5 way agreement did actually set a time limit!
3) Something is/was on the horizon that made him realise he’d better sort it out, ie a possible warning from MM, now heeded, that he made out that all footballing debts had been settled (in the IPO document? Can’t remember if he stated that catagorically) and that AIM will be coming down on him like a ton of bricks! Or something else along similar lines!
I doubt it is number 2, so, unless someone else can think of another reason, for the pure joy of speculation 😉 , that leaves 1 & 2, each good or bad depending on the side you are on.
Or is there a number 4, that ties in the Malcolm Murray scandal with the sudden settlement of football debts? Could Murray have believed the debts had already been paid, and on discovering the truth, in anger, told a couple of his Rangers supporting mates, who then contacted Charlie to ask if true? Charlie then decides to clean up on two fronts, get rid of Murray and settle the debts, and has to hang-fire while watching his carpetbag get lighter!
Forres Dee (@ForresDee) says:
Thursday, February 21, 2013 at 19:22
I also made a suggestion last night that a team should only be allowed an Administration window of six months. If they have not achieved a CVA then they will have deemed to have resigned their membership of the league and the SFA.
I think what has become clear that football in this country needs a reality check. Clubs are spending money they do not have.
What is the solution to this?
The administrators of our sport have no idea what to do about clubs who use a revolving door through administration.
Just think about the bigger picture in that if clubs are stiffed by a CVA after selling a player to another club where that player is paid for over a few seasons then essentially credit in our game will dry up. The credit rating of our leagues must be terrible just now!
Players will end up going to other leagues with a better credit rating.
The people in charge of our sport need to get a grip on this nonsense for the good of the entire sport.
pau1mart1n says:
Thursday, February 21, 2013 at 18:57
Indeed. The interview was cringeworthy. I expected better of Bill – an odd player in this fiasco – and thought he would have a few killer blows up his sleeve for Thomson. The amateur nature of it all was bewildering and his argument centred around ‘just go away and leave us alone’ and ‘aye we are crooks but so is everyone else’ coupled with the ‘agenda.agenda.agenda’ nonsense which is, I presume, modern shorthand for ‘we ken whit school you went tae!’ balony. As per, we go through the looking glass and have a respected journalists methods re-interpreted to the language of the local boozer.
There is def something about to go down soon ,Charlie is clearing the way for a get out with paying the debts,the 22m question ,whats he up to,my guess is its by the end of March for the pickfords van to appear,we will see more large batches of shares go and some side shows to deflect from the game plan but Charlie will roll away the stone before Easter.
gazpops says:
Thursday, February 21, 2013 at 20:04
My thoughts on reading McMurdo’s AT blog was that he’d probably interpreted much of what AT said in the way that suited him (perhaps unintentionally). I’ve not listened to the interview, I really doubt I could stand it, but from what you say it sounds like my initial thoughts were correct. I suspect Alex Thomson could have wiped the floor with McMurdo, and ridiculed him without his realising, but instead, realising there was nothing to gain (McMurdo’s not Kelvin McKenzie after all) would have been respectfull and probably quite helpfull. I expect that for every one Rangers fan who cringed listening to it, there’ll be two or three think it was a masterfully carried out assasination of AT, and proof that it really all is a Celtic conspiracy aided by a man who visited the Vatican last week to recieve the retiring Pope’s last command on the Rangers’ solution 😉
jonnyod says:
Thursday, February 21, 2013 at 19:01
9 0 Rate This
If CGs newco has settled with Rapid why are Rapid pursuing the Old Club for the rest
Did the SFA not specify that Sevco paid ALL Old Clubs football debt’s ,what would Rapid be looking for from Old Club that were not football debt
_____________________________________________________________________
Because Green didn’t pay the full amount of footballing debts. He’s went to each club and said take it or leave it, that’s what we’re giving you.
In Rapid’s example he eventually paid them 820,000 euros, but the debt owed to Rapid from Oldco was roughly 1.2m euros.
They still see their club being owed nearly 400,000 euros.
Could Mr Charles be clearing the football liabilities, at knock down prices, with a view to selling out soon to more TRFC orientated people ? Negotiate a deal now rather than factor in the full amounts at any potential future sale negotiation ?
First off, I bring no expertise to the table, whether financial, legal, or AIM. Here’s my two penn’orth, just the same.
The ship isn’t designed to reach the far shore. It was only ever a short term exercise to secure the assets. It is controlled by people who couldn’t give a stuff about football clubs, the supporters thereof, nor, indeed, their own grannies. The time frame has been adversely affected by the unexpected failure to gain SPL status, but this is merely a matter of degree.
Shareholders have subscribed to a holding group with a couple of questionable assets, some cash, and ownership of a football club that’s flat broke, or as near as. 70p is an overpayment. 78p, more so. Go figure.
The flim flam to keep the supporters onside worries me a trifle. I thought the intention was to get to the season ticket sales, but then I reasoned that the c. £7m figure (from May), gets you barely into the next season, on the published cost base. There again, it takes you past the “six months after IPO” hurdle. The accounting periods (holding group and FC), may seem relevant, in this respect. Go, again, and figure.
So, the conclusion is, football club bust is unlikely during the current season, but, I would contend, highly likely in the next. And early in the next. No point hanging around, once the job is done. Every effort will be made from now until then, and thereafter, to protect the identities of the conspirators. Sorry, saintly individuals with only the best interests of this historic institution at heart.
Andrew Woods says:
Thursday, February 21, 2013 at 20:42
1 0 Rate This
Could Mr Charles be clearing the football liabilities, at knock down prices, with a view to selling out soon to more TRFC orientated people ? Negotiate a deal now rather than factor in the full amounts at any potential future sale negotiation ?
____________
thats what i have been thinking
allyjambo says:
Thursday, February 21, 2013 at 19:49
2) The 5 way agreement did actually set a time limit!
——
Perhaps it did. Mr Green was desperate to push the share issue before Xmas, remember, despite no-one thinking it was very sensible timing. Maybe the end of February was given as a debt-paying deadline, so he needed to get the cash in at that point?
smartbhoy (not an Undertones fan, by any chance?) … if the Wieners think they’re still owed 400K, that would seem to be a football debt. If they see it as a debt worth going to Oldco for, then I should think it counts as one of the “football debts” Newco agreed to pay. Which puts Mr Green back in a “not debt-free despite what I might tell you” position again.
Just a quick point re our MSM reporting of the Austrian debt being partly paid off by Green’s organisation: it’s notable that our Scottish press are adding in the word ‘company’ , as in the new Rangers ‘company’, and the old Rangers ‘company’, to the statement from Rapid.
Yesterday, I’m sure the translation stated that the new Rangers club had paid off some cash, and they would be pursuing the old Rangers club for the full amount. 😉
What story did CG tell the Rapid people to let them believe that the shortfall for the Jelly fee could be claimed from Oldco.
justshatered says:
Thursday, February 21, 2013 at 19:57
Six months in admin then out? You’re missing the point of admin, which is to save the company first and then if that’s not possible to get the best result for the creditors.
Now from memory – back in 2003 pretty much every club was overspending and the rumours at the time (which are starting to reverb at the moment) had Dundee refusing to sell players to ‘an established club’ at the buyers ridiculously low offer, this was around the time RFC had just used the SFA rulebook to steal Khisanishvilli. A certain BOS exec who now chairs a first division club, then called in the debt, the same tactics were used to threaten several other clubs most times with success. Other clubs at the time then realised that a noose had been placed around their necks and started to adjust budgets slowly.
Dundee were then relegated in 2005 by goals scored by an improperly registered ‘amateur player’, the appropriately titled Kashloul. This scam was suggested to Livingston by none other than the SFA themselves, hence the pitiful £15000 fine. The corruption has always been a part of the SFA!
Now whether Dundee would have been relegated anytime after that or stayed up is impossible to say. However, maybe Dundee would never had had a second Admin if we had Motherwells’ non-relegation luck!
I can never justify the reckless spending at Dens over the years but always think back to why the club were put in a position that required an aggressive spending spree to simply compete just before Bosman destroyed the business model.
And another thing:
dentarthurdent42 says:
Thursday, February 21, 2013 at 19:41
If I remember correctly Dundee Utd’s rivals (the new firm as it was called) was actually Aberdeen. That must have hurt Dundee and their support.
——–
That New Firm tag was another lazy media term, coined, I think, by Ian Archer.
He wasn’t all bad though. Recall this one “Football correspondents are not born, they are inflicted upon the world at large.” And even better: “This has to be said about Rangers, as a Scottish Football club they are a permanent embarrassment and an occasional disgrace. This country would be a better place if Rangers did not exist.”
I’d say the vast majority of Dundee United fans do not see Aberdeen as main rivals, and most don’t think much of the term ‘New Firm’.
smartbhoy says:
Thursday, February 21, 2013 at 20:33
————————————————-
Rapid Vienna aren’t going after the BA:LANCE from OldClub. They are going after OldClub for ALL of the money they were owed … with little chance of getting 1 single penny.
NewClub have to agree a settlement of football debts of the oldclub. Rapid are more than happy to accept this ‘enforced peace offering’ but, in reality, it has hee-haw to do with Jelavic.
nowoldandgrumpy says:
Thursday, February 21, 2013 at 20:57
1 0 Rate This
What story did CG tell the Rapid people to let them believe that the shortfall for the Jelly fee could be claimed from Oldco.
————
Maybe something to do with the on-going fuss about oldco prize money?
Although the ‘new Firm’ tag wasn’t derisive, it was more a reinforcement of the fact that at that time Celtic and Rangers been dislodged from their position at the top of the pile. I’m sure Aberdeen and Dundee Utd would be happy to be in a position now that any journalist would think to seriously tag them in that way
Andrew Woods says:
Thursday, February 21, 2013 at 20:42
6 0 Rate This
Could Mr Charles be clearing the football liabilities, at knock down prices, with a view to selling out soon to more TRFC orientated people ? Negotiate a deal now rather than factor in the full amounts at any potential future sale negotiation ?
———————————————————————-
thats what i’m thinking
The RIFC sell off TRFC Ltd – they have SFA membership, SFL place, no obligations under teh 5 way agreement, a squad of players
RIFC could sell the CLUB or it could sell the club but keep the stadium/MP and lease it to the CLUB
The Blue Knights could give them a token sum – say the initial purchase price – and an annual rent.
The RIFC then have the IPO cash in the bank, the sale cash in the bank and an annual income as a landlord – they could then lease out Ibrox and MP for other non football events as well.
That would then leave the door open for the Blue Knights to have their own IPO selling shares in the TRFC Ltd this time.
either way, unless they are prepared to put up their own cash to cover losses, they won’t survive the 4 years minimum they’ll have to survive before they get UEFA cash.
allyjambo says:
Thursday, February 21, 2013 at 19:49
Re: Football Debts
——————————————————————————————-
The Propectus states:
‘RFCL subsequently agreed to take responsibility for payment of all Scottish and other football creditors of RFC 2012 plc, which had not been settled by the administrators of RFC 2012 plc or by the SPL from monies held by SPL on behalf of RFC 2012 plc, as a condition of being granted SFA membership. RFCL has now settled such football creditors with the exception of
Rapid Vienna, GAIS and Arsenal in relation to which the settlement terms are being finalised’.
The Prospectus also declares non-recurring expenditure of £2.8 million paid in respect of old football creditors by RFCL since incorporation..
That sounds like an excellent plan, Huddle.
Plus, if Rangers FC face financial punishment from LNS then RIFC would be a further step removed from being the “owner & operator”, having sold their asset (TRFC Ltd, which we all know is “the Club”) to a third party which they could use as a human shield between LNS and their bank account.
As it stands, I think RIFC would have a hard time arguing that they are not the owner & operator which LNS wants to hold responsible, being as they’re the same peepil as TRFC Ltd. Placing bodies between Rangers FC (the emotional entity or whatever they think it is) and RIFC is always going to be a good idea as far as they’re concerned. Tangle up that web to shield the cash!
Speaking of which, LNS is dragging his heels a bit here, isn’t he? Convenient that it gives Mr Green plenty time to set his pieces up the way he wants them.
So when was the money paid to Orebro, Palermo, St Etienne and Hearts? If it didn’t come out of the £2.8 million (Paid prior to 31 August 2012) then why weren’t they mentioned in the Prospectus. And has Arsenal been paid?
Something just doesn’t seem to make sense here or agree with the Prospectus if my understanding is correct that payments for Orebro, Palermo, St Etienne and Hearts have only been made very recently.
When is LNS decision due and why does everyone else apart from me know what the 5 way agreement is?
angus1983 says:
Thursday, February 21, 2013 at 22:08
Yes, the LNS thing is dragging on however I think they have to make sure any decision they come to has the ability to stand up in court, cos if it’s title stripping it will go to court, we can be sure of that. They don’t want to get embarrassed like last time when the COS ruled against (or sent it back rather) them. Then maybe we can all sit back and watch the Rangers fighting fund getting blown:-)