A guest blog by Auldheid
In the previous blog (http://www.tsfm.scot/how-not-to-govern-scottish-football/), TSFM wrote to Harper Macleod raising questions on their advice supplied to the then SPL Board in February 2013 when the Lord Nimmo Smith Decision re use of EBTs and side letters was announced.
A reply was received from Mr McKenzie on 18th September the gist of which can be discerned in the following reply sent on 4th October.
Dear Mr McKenzie 4th Oct 2014
Thank you for your response of 18th September to my letter of 5th September regarding the consequences of information on the true nature of EBTs for Craig Moore, Ronald De Boer and Tor Andre Flo being withheld from your good selves when establishing in 2012 the Lord Nimmo Smith Commission into the use of EBTs and side letters by Rangers FC from 1999.
In recognition of the points you made about publishing your responses on line, your letter of 18th September will not be published although readers of TSFM will be able to gather from this reply which is being published what those points were.
Anonymity.
It is a matter of real regret that not only was anonymity required, but that Harper MacLeod were used as a conduit to try and elicit a reply from the SPFL or SFA. In terms of anonymity there were three factors at play:
- Security. The individuals asking the questions are aware that any raised concerning Rangers can attract threats from the worst of the Rangers support. We know that they are a minority but nevertheless, as we have recently witnessed, some are ready to turn threat into action. It is a condemnation of Scottish society that fear has played its part in preventing the truth being revealed about Rangers FC’s use of EBTs since 1999.
- Collective. The Scottish Football Monitor is made up of supporters of many clubs in Scottish football and is in effect a collective. The letters reflect to a large extent the thinking and feelings of the majority of readers. If a name is required for any future correspondence from the SPFL or SFA, then it can be addressed to Mr John Macnab, and a Post Box address can be supplied if necessary in addition to this e mail address press@tsfm.scot.
- Accountability. The final factor is the most important because it is why Harper Macleod were approached. It was not just because you were responsible for commissioning the Lord Nimmo Smith enquiry, but because there is absolutely no form of direct accountability by either the SPFL or the SFA to the supporters of Scottish football clubs. Correspondence can be ignored or the content not fully addressed and the customer who pays the wages of both organisations has no means of redress at all. Had there been some oversight in say an Ombudsman type role, it would not have been necessary to involve Harper MacLeod and indeed your good self. We sincerely apologise for doing so along with our thanks for actually responding to our correspondence, but we would like the reasons for our approach being addressed by the clubs who make up both footballing authorities. We hope you pass this particular point on to both SFA and SPFL.
Provenance.
You ask what the provenance is of the information/evidencethat you were given. The answer is we do not know, it was taken from material uploaded mainly in June last year for purposes unknown. Whilst its provenance may be in doubt there is no question as to the veracity of the content of the material itself.
This, when put together, sets out the narrative that prompted our correspondence. This question of provenance simply looks like an excuse for football authority not investigating what the material suggests took place when Duff and Phelps were asked to supply all documents relating to EBTs (no distinction being made) from the inception of the SPL.
Even if the material itself could not be used directly, it should have prompted questions that would have either corrected the narrative or established that the Lord Nimmo Smith Commission was indeed misled either by accident or design, when those documents were not supplied.
The SPFL must surely have the powers to seek the original documents from BDO and the SFA cannot be totally impotent in that regard either.
Then there is the personal knowledge of current SFA President Campbell Ogilvie to draw on. A simple statement explaining why he saw no reason to make any distinction between the irregular DOS REBTs that he launched in 1999 and the later MGMRT EBTs of which he was a beneficiary would surely help clear the air?
Existence of Side Letters.
We note that the Commission were aware of the existence of side letters to Moore, De Boer and Flo at the time of its decision of 28th February 2013 and these were taken into account when determining the appropriate sanction. The existence of side letters is not the issue that was raised in our previous correspondence, it was the nature of the EBTs that was the issue raised. In fact it would seem that the Commission themselves were confused by the switching from the irregular REBT ebts in 2002/03 to the MGMRT EBTs that are subject to further appeal with regard to regularity by HMRC.
The side letters to De Boer and Flo of 30th August and 23 November 2000 related to the DOS REBTs that they were both paid under. It is not known if they had subsequent side letters relating to the MGMRT EBTs , which is possible, but as set out in previous correspondence there were two distinctive types of EBTs and the side letters supplied relate to the earlier irregular type.
The position regarding the Moore EBT is interesting in that whatever EBT side letter was known to the Commission in February 2012 it could only have related to payments made to him under an accompanying side letter from the MGMRT ebts after 2002/03.
That Mr Moore was paid under the REBT scheme in 1999 is a matter of supplied evidence. However there is no record of any side letter in relation to the payment under the 1999 arrangement, which may or may not have been reported in the contract lodged with the SPL and SFA. It was the absence of any side letter in respect of this payment that prevented HMRC pursuing the tax due on it as they did for De Boer and Flo in what has become known as “the wee tax case. “ The evidence of deliberate concealment by the Murray Group of the side letters to De Boer and Flo allowed HMRC to seek repayment outside the normal 6 year time limit.
However the absence of a side letter or tax demand for Mr Moore does not mean this particular payment is not deserving of further scrutiny since
- It was an irregular payment that other clubs could not avail themselves of (as applies to the other two EBTs to De Boer and Flo)
- It is not known if it was reported to the SPL/SFA under the registration rules of that period.
Finally thank you for forwarding our letter of 5th September and previous correspondence to the SFA Compliance Officer. Hopefully any further correspondence will be between him and ourselves, first to our email address, later to a PO Box if required.
It is the hope of all readers of The Scottish Football Monitor that the SFA will stop hiding behind the provenance excuse, which is destroying any semblance of integrity and proper governance of Scottish football and they will use their powers to properly acquire the information that will set the record straight and in doing so start to restore some of the lost trust which is essential for the wellbeing of Scottish football.
John Macnab
TSFM
wonder if this is a wind-up…..
Andy Devlin @AndyDev28 2m2 minutes ago
BREAKING: Brian Kennedy proposes 11th hour bid to block Mike Ashley at Rangers. Time is against him.
100k shares just sold at 20.5p. Potentially Philip Nash as he held 179,000.
How much of any loan will be required to pay off Nash, and probably Wallace, enquiring minds want to know? (especially since Wallace has been signalling “pay me my bonus in full or else” )
andygraham.66 says:
October 24, 2014 at 4:19 pm
keith jackson @tedermeatballs
BREAKING: New funding proposal put to Rangers in 11th hour bid to block Mike Ashley’s grab for control of the boardroom. Story up soon.
More like
new funding proposal to avoid admin, director bans, exposure and deserved jail time
and gives time for some to shred and scarper
mtp
I00K shares traded at 20.5p/share.
wottpi says:
October 24, 2014 at 3:47 pm
it is hard to see him putting in the multi-millions required to make T’Rangers a sure fire certainty for Scottish and Euro domination.
==========================
That’s not Mike’s way – see NUFC if in doubt – expect austerity that will make the pips squeak and George Osborne whince. It I was Ally I’d keep my opinions to myself – Mike won’t take any lip and won’t think twice about putting Ally’s onerous contract where the sun don’t shine. I wonder if Mike could pursuade Derek Llambias to be CEO & Chairman – how do you like your culture shock – shaken or stirred?
btw you might ask how a MCFC fan is so familiar with NUFC/Ashley – well I have a good mate who’s a Sunderland fan and he tells me every last detail of how Ashley has dissed and tormented the Mags – I’m expecting Celtic fans to like Mike – a lot.
On cue, McMurdo minor appears with a get behind Ashley or else message. (Worth reading just for the very Freudian “Ibtox” reference half way through
”
http://billmcmurdo.wordpress.com/
So it appears to be a loan, designed to circumvent the SFA rules, among other things. Question, how much has Ashley actually invested in RIFC, as opposed to loans, and buying shares from third parties? (the £1 for naming rights doesn’t count
)
keith jackson @tedermeatballs 4m4 minutes ago
For clarification the offer has been made by Brian Kennedy. Unlike King’s package it doesn’t need shareholder support. Board approval enough
F5 Friday 🙂
Dave King Statement
I have been asked to make a personal comment on the rumour that the Rangers board is considering a loan from Mr Ashley. I don’t see the offer of a short term loan by Mr Ashley affecting me in any way. Our offer is for a long term permanent solution that can take the club forward and unite the fans and the board for the first time in many years. The board is in the final stages of reviewing our offer and I expect a definitive answer early next week. Frankly, it doesn’t seem possible that the board can do anything other than recommend it to shareholders given the dire financial circumstances and the fact that no other long term solution is on offer. Mr Ashley’s involvement (and recently announced continued commitment) with Newcastle precludes him from making a similar offer of long term permanent equity.
What Mr Ashley can do is attempt to increase his vice-like grip on the Rangers brand by improving his retail position as a condition for supplying short term debt to tide the club over until our permanent funding is in place. But I know that there are other investors also willing to provide bridging finance. The board will therefore not have to accept punitive terms even if Ashley attempts to oppose them. We must remember that the board is ethically and legally bound to act in the best interest of the company and all shareholders. Ashley can not expect preferential treatment and will not get it. I am confident that Graham Wallace and Philip Nash have enough integrity and commercial experience to do the right thing.
Brian Kennedy has apparently made the trip to Glasgow. It has a very 2012 feel about it, doesn’t it? All that’s missing is Mr Custard.
“… the bare bones of a fanlight
over a hungry door
And Greig on his pillar
watching his world collapse, again!”
(With apologies to MacNeice)
I Guess King hasn’t seen the news on Nash yet 😆
My take is that Ashley is the last man standing, but intends to put money in as a loan rather than by buying shares so as to avoid coming under SFA scrutiny (no laughing at the back!)
Given that he doesn’t want to work with those who backed King (evidenced by his call for an EGM to dismiss them; Nash now leaving and probably Wallace soon), surely this proves that he is now in a position of power to call the shots at RFC* which must automatically bring him into the sights of the SFA no matter what his shareholding stands at. Can they really continue to hide behind his sub-10% shareholding when it is clear to anyone with half a brain that he has instigated the ‘resignation’ of Nash (with Wallace to follow?)
Kennedy’s late re-entry is interesting. Anyone aware of a previous connection between him and Ashley at all?
mcfc says:
October 24, 2014 at 4:49 pm
Indeed, but he has been a fairly reliable guide to the thinking of the offsaore faction
Richard Wilson @RichwilBBC 8m8 minutes ago
Can also confirm news that Brian Kennedy has made a loan offer to the Rangers board, to finance club to the AGM. It is being considered.
October 24, 2014 at 4:49 pm
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scapaflow says:
October 24, 2014 at 4:36 pm
On cue, McMurdo minor appears with a get behind Ashley or else message.
http://billmcmurdo.wordpress.com/
=============================================
What a total plonker this bloke is – he could bore the enamel off your teeeth at 100 paces. My Room 101 would be getting stuck with him down the pub with no means of escape – charmless nerk.
Nope
There will be no saviours now
For one good reason
There never was any
And if the IP is indeed in private hands
There is nothing to save anyway
Since anybody owning the IP
Like
The “Brand”
The name “Rangers Football Club”
The Club “history”
…owns everything you need to start a new Club and claim it`s the child of RFC now called “Rangers 2012”
And since the SFA went along with this “ephemeral club” split from company nonsense
They may be facing a request to do it all over again
My money is on a prepack administration during which a non-legal challenge will be made against the onerous contracts
i.e.
The pet Administrator refuses to honour them and attempts a CVA that excludes them
Thus forcing the onerous contract holders to shut up or go to court and be out in the open
Douglas Fraser @BBCDouglasF · 22m22 minutes ago
Johnston Press , the Scotsman’s owner, had enough of share price at 3p. So it’s consolidating: 50current shares = 1new one. Problem solved.
Could RIFC could do likewise? …….then again maybe not 😈
scapaflow says:
October 24, 2014 at 4:36 pm
On cue, McMurdo minor appears with a get behind Ashley or else message.
http://billmcmurdo.wordpress.com/
jack pulling strings hasn`t a good record for Bears
mtp
twopanda says:
October 24, 2014 at 4:58 pm
No it has not been.
Martin says:
October 24, 2014 at 4:53 pm
Richard Wilson @RichwilBBC 8m8 minutes ago
Can also confirm news that Brian Kennedy has made a loan offer to the Rangers board, to finance club to the AGM. It is being considered.
===================================
What a strange thing for a Hibs fan to do.
Looks like King has caught up.
Andy Newport @AndyNewportPA 1m1 minute ago
Dave King on Philip Nash’s decision to resign: “He’s a man of integrity. Perhaps he wanted to disassociate himself from something unsavoury”
Phil, if you’re on, to an extent you’ve talked up Wallace and, especially, Nash. How significant is his ‘resignation’ in your opinion, both in terms of what it tells us about who might currently be pulling the strings and in terms of how badly losing his business ability might affect TRFC? Also, do you know if his leaving is likely to lead to a cost for RFC*?
Martin says:
October 24, 2014 at 5:31 pm
1 0 Rate This
Looks like King has caught up.
Andy Newport @AndyNewportPA 1m1 minute ago
Dave King on Philip Nash’s decision to resign: “He’s a man of integrity. Perhaps he wanted to disassociate himself from something unsavoury”
===========================================================================
What? Like convicted tax dodgers.
The scriptwriters of The Usual Suspects would have a hard job making up this story.
BTW let me know if I’m putting too much twitter-news on the blog.
I imagine some regulars have access themselves and it could get a bit tedious seeing things repeated here.
I ‘ve just had an in depth briefing on the subject of Mike Ashley from a Newcastle fan who is a legal eagle for a top EPL club.
#OhDear
PHIL MAC
Can hardly keep up. Think we may have to create a Mine Ashley bingo card, too. I just crossed off ‘sporting goods magnate’ on the McMurdo thingy.
Martin says:
October 24, 2014 at 5:38 pm
_______________________
Gaun yersel Martin. Lots of people don’t use Twitter.
here’s pho;’s take
http://www.philmacgiollabhain.ie/shell-shocked-in-the-sheep-pen/#more-5249
Ashley wants the IP rights, Phil still holding to the crests not being in RIFc’s gift. The offshore faction seem sympathetic to Ashley.
I guess we’ll know the outcome before the market opens on Monday 😀
Just crossed off ‘The Sports Direct Tycoon’ :slamb:
Scottish Football – Brian Kennedy battles Mike Ashley for control of Rangers https://uk.eurosport.yahoo.com/news/football-kennedy-makes-rangers-offer-164419029–sow.html?soc_src=mediacontentstory
Btw, the McMurdo piece had the Freudian typo: ‘Ibtox’ … it’s true.
@Danish, no movement on the EK move. I think EKCT are still trying to avoid picking up the £1.8M refund to the EU as the cleared land was given the grant to build a factory for Roll Royce if I recall correctly. To change the land use from industrial to recreational would invalidate the grant.
The other big debate at the moment is now that the lowland league and pyramid structure are in place with EKFC in it, one of the major drivers for the move e.g. a professional team in the town is severely diluted. Add to that a condition of the move was to add EK in front of the Clyde name and it is now a very unattractive proposition for the fans. The Chairman however is still resolute in pushing the move forward. This will be the next key chapter in the Clyde story. Yesterdays announcement has the potential to reunite a split support, question is what will be the boards next move and will the membership continue to back them?
shawfieldtoteboard says:
October 24, 2014 at 6:17 pm
1 0 Rate This
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Thanks. So, certain uncertainty. No venue nearer to Clyde’s roots being looked at? That stadium at Scotstoun looks really nice. That would be a rental. Isn’t lesser Hampden being done up? Lots going on when I passed it in May.
scapaflow says:
October 24, 2014 at 6:11 pm
The offshore faction seem sympathetic to Ashley.
——————-
Or unsympathetic to anyone wanting to dilute their shareholding at any rate….
Just heard Hugh Keevins on SSB.
Despite the pit that “The Rangers” are in, the only club they need to worry about is Celtic!
So for anyone tuning in from Dundee United, you know that team that dumped them out the cup on their own park five months ago, you can go home!
For Aberdeen who are arguably just as good as United, nope you can toddle off as well.
If they get the £16M from Mike Ashley then, at some point, they are going to have to pay £17M back to the parent company.
And remember this is just for this season. Do you seriously think the fans are not going to expect big signings next summer to compete in the top league. Meanwhile their annual losses will be down to between £10M-£12M, with increased season ticket sales, and that is being generous.
I don’t know a lot about Mike Ashley but by all accounts he doesn’t give his money away.
So one question for Hugh; who is going to pump money in next year?
And the year after?
And the year after…….
To quote Father Jack “aaaaaaaarrrrrrrrrrsssssssssssseeeeee”.
Just got another ‘Sports Direct Magnate’ in The Herald. Poor old Brian Kennedy is merely ‘the Sale Sharks Owner’ — but that’s probably better than a ‘former Blue Knight’. Dave King holding up well as ‘one of the wealthiest men in South Africa’ and as a solid ‘Castlemilk-born multi-millionaire’.
http://www.heraldscotland.com/mobile/sport/football/nash-steps-down-from-rangers-board.1414162856
Andy Newport @AndyNewportPA 1m1 minute ago
Source close to Mike Ashley tells PA: “Rangers are in serious financial difficulty and require his immediate financial help”.
Andy Newport @AndyNewportPA 20s21 seconds ago
PA also understands that Ashley offered Philip Nash chance to stay on as a financial advisor – but without a board position
Andy Newport @AndyNewportPA 45s45 seconds ago
Rangers lost £14million last year but it’s understood this year’s accounts will show Nash helped cut losses to £7m
I still think there is a lot of uncertainty as to how the Boardroom battle will play out.
As I see it there are three groupings.
1. Ashley, Easdales and proxies (9% + 5% + 21% = 35%)
2. Institutional Investors (Laxey 16% Artemis 10%, River & Merc 7%, Miton 5% = 38%)
3. Fans holdings (c. 10%)
Any two of the three groupings would be able to block the third. Block 1 has scuppered Dave King. Blocks 2 & 3 could stop Ashley’s plan.
The key to me is how the institutional investors react. Will they be content with Ashley and the Easdale camps continued or new onerous contracts? Would Laxey and others be willing to contemplate admin?
jean7brodie says:
October 24, 2014 at 5:47 pm
Got to go out for a bit, duty calls. Will look in later.
What could possibly happen? 🙄
scapaflow says:
October 24, 2014 at 6:11 pm
Here’s Phil’s take. http://www.philmacgiollabhain.ie/shell-shocked-in-the-sheep-pen/#more-5249
Ashley wants the IP rights, Phil still holding to the crests not being in RIFC’s gift. The offshore faction seems sympathetic to Ashley. I guess we’ll know the outcome before the market opens on Monday
_
SF – My tuppenceworth
Phil’s contributions /interpretations adding up and consistent
My take
Green (&Co) may be happy to transfer onerous contracts to MA for `appropriate` sum
Gets them out of firing line with yet more loot when time right.
(Spivs standard MO)
They must be frantically panicking at the prospect of a proper administration
But I think CoS will not be blindsided a second time – Reckoning a coming IMO
#exposure&jailtime
btw, share price movement should be interesting when assets seen elsewhere
btw, McMurdo needs to take a long hard look at himself
btw – current SMSM planted stuff should be taken with an overdose of pinched salt
Looking forward to the now inevitable
SFA are toast 🙂
Can`t wait!
mtp
Martin says:
October 24, 2014 at 6:49 pm
0 0 Rate This
Andy Newport @AndyNewportPA 45s45 seconds ago
Rangers lost £14million last year but it’s understood this year’s accounts will show Nash helped cut losses to £7m
===================
I simply cannot believe that figure, but if by some miracle it’s accurate, then Nash is the last person who should be leaving the Blue Room.
Martin says: October 24, 2014 at 6:49 pm
Andy Newport @AndyNewportPA 45s45 seconds ago
Rangers lost £14million last year but it’s understood this year’s accounts will show Nash helped cut losses to £7m
===========================
There are ways in which accounts can be shown in a better light than the underlying position.
e.g. at the half year RIFC reported a loss for the period of £3.7M which is consistent with an annualised figure of £7M. However the key indicator in RIFC’s case is the cash burn rate, which over the first half of the year was £7.7M suggesting around £15M annually.
I suspect that the figures if/when released will seek to disguise extra spending in the headline Loss figure, e.g. the Letham and Easdale loans will reduce the published Loss number, albeit these should be shown as new debts.
First caller on Clyde SSB tonight, and I quote : “Ashley would be a disaster. I’d take Brian Kennedy, a real honest business man. I’d take Dave King in a heartbeat!”.
So irony is indeed alive and well in the west of Scotland, despite being lost on the caller who actually sounded reasonable in his other comments.
Suffice to say, no time for tumbleweed in the studio, as the presenter and pundits saw the merits in the caller’s view.
Hand on heart, I don’t listen to that phone-in as a rule, it’s just the only radio app on my daughter’s iPad and my radio is out of batteries 😀
Now is the time for Laxey Partners and the able Mr Kingsnorth to make the shove for Administration. There is no meaningful money to be made from a TRFC kept in business only to enrich Ashley.No share in the sponduliks being creamed off by Ashley, and no real hope of big CL monies for a good few seasons. Time to cut and run,if they want any kind of useful return whether from an incoming buyer in an Admin sale, or from their share of the assets after Liquidation..
And no mention on Sportsound tonight as to whether Ashley has withdrawn his EGM requisition -or was Nash going ‘voluntarily’ the price of that withdrawal?
The silence of the SFA is deafening.
Again, they have stood back and let this happen.
Will we see another 5 way agreement (not literately) that rescues the club/company – so that creditors and fans can get stiffed all over again?
SFA Guardians of the Game?
What a flipping USELESS TOTAL joke they are
mtp
2 – 3 million on offer from Mike Ashley would see them through to Easter, according to SSN ? Hmmmmm has that reporter not been following the cash burn rate mentioned regularly on here ?
John Clark says: October 24, 2014 at 7:28 pm
And no mention on Sportsound tonight as to whether Ashley has withdrawn his EGM requisition -or was Nash going ‘voluntarily’ the price of that withdrawal?
===============================
I expect that Wallace will be on his way too, but may well be hanging on for settlement of his bonus claim first.
If Ashley’s proposal is accepted then there would be no need for an EGM.
John Clark says:
October 24, 2014 at 7:28 pm
You expect SMSM commentators to spell it out?
– Eh?
SMSM are integral to the rip-off circus
And being PAID to say so
Rotten as Spivs
Really Corrupt
If I`m wrong, so be it
But somebody answer please where £100m of Bear Loyalty has gone to
mtp
@Danish: you have a PM.
SMSM in overdrive right now
Distractions material we`re ALL accustomed to
What are the real facts MSM?
(Silence)
Betting quite a few spivs up for jail time eventually
They can sell / serialise their stories to hacks
Convivial that is
They should have enough time sharing cells I hope
This couldn’t have happened without SMSM `compliance`
Despicable and reprehensible
Not forgetting cowardly
SMSM HAVE supported exploiting Bears Loyalty and hard earned Cash
May SMSM rot in history records
History will not be kind
mtp
The SFA and Walter Smith compensation ?
=========================================
IMO, this is relevant wrt to the persistent doubt amongst many football fans about the probity of the SFA as an organisation.
This was raised a long time ago by a fellow bampot, and IIRC it wasn’t resolved.
The query was: did the SFA actually receive compensation from RFC for Walter Smith’s resignation in January 2007 ?
The MSM was widely quoted as referring to a figure “in the region of £400K”.
I cannot locate either an SFA or RFC statement quoting an exact amount, but I did find this:
“…SFA chief executive David Taylor…told Sky Sports News: “First of all, we agreed to accept the compensation offer from Rangers regarding the departure of Walter Smith.
That matter is now settled, it is now closed…”
This would indicate that compensation had either been paid by RFC to the SFA – or had been agreed as a payment due from RFC to the SFA. This payment/income should have been recorded in both the RFC & SFA accounts for the year ending 2007, [to be certain I also checked 2008.]
Read more: http://www.dailymail.co.uk/sport/football/article-428946/SFA-agree-Smith-compensation-Rangers.html#ixzz3H5hy69Zj
==============================================================================
I have checked the annual accounts for The Rangers Football Club plc and The SFA Ltd for both financial years 2007 and 2008.
I would have expected in both sets of accounts for the financial years ending 30/06/07 and 31/12/07 respectively to show Exceptional Items with details included in the Notes to the Accounts mentioning the compensation paid/received, [or due to be paid/due to be received].
It’s just not there.
Does anyone want to add anything before I email Darryl for clarification ?
The auditors for RFC were Grant Thornton and for the SFA BDO.
Background
===========
Neither the SFA nor the RFC accounts for 2007 and 2008 make any mention whatsoever to compensation received or paid.
For both years, the SFA Ltd accounts do not list any Exceptional Items in the accounts.
For both years the RFC plc accounts do list Exceptional Items.
For both years the SFA Ltd accounts contain a ‘Note 22 Other Matters’ which lists various items of relatively low value including e.g.
“Other Debtors includes £48K due from the SFA Museum Trust”
I have double checked the SFA accounts to ensure that the compensation wasn’t erroneously included in another heading, e.g. ‘Other Income’, but for 2007/8 these only totalled £78K/£169K respectively and their sources were also disclosed.
At the time of publication of both 2007 & 2008 SFA accounts, George Peat was President, Gordon Smith was CEO and Ogilvie was 1st Vice President.
The SFA was doing rather well in 2007 financially with a 31% increase in turnover from £23M in 2006 to £30M in 2007.
In January 2007, the MSM reported some ill feeling on Smith’s part as the SFA had originally tried to hold him to his SFA contract – and whilst Scotland was still doing well in the Euro qualifiers. Smith is also quoted in the MSM as complaining about the SFA’s original request for compensation as being far too high. But it was then later reported that the SFA had negotiated an acceptable settlement with RFC, and this was widely quoted as £400K.
StevieBC says:
October 24, 2014 at 8:57 pm
___________________________________
Good one Stevie. Go boy go!! 😛
StevieBC says:
October 24, 2014 at 8:57 pm
Excellent effort by you in this much overlooked point. We can all be certain that if Smith (of the Walter, not Gordon) had been sacked, that he would have demanded every last penny of compensation due to him. It will be interesting to read the response, if any, you receive, but I will be very surprised if it is answered properly.
Buffoon Tourette’s Syndrome
Ally’s latest brain leakage confirms his diagnosis of this rare and debilitating affliction. Yes, on the day the Newcastle United owner, who will determine the length of Ally’s tenure and the velocity of his departure, makes an offer the company cannot refuse, Ally decides to remind everyone he has strong emotional ties with the Mackems. Classic BTS behaviour.
http://www.scotsman.com/sport/football/english/ally-mccoist-sympathy-for-former-club-sunderland-1-3583341
StevieBC says:
October 24, 2014 at 8:57 pm
“…SFA chief executive David Taylor…told Sky Sports News: “First of all, we agreed to accept the compensation offer from Rangers regarding the departure of Walter Smith.
That matter is now settled, it is now closed…”
——–
There is a world of difference between ‘we agreed to accept the compensation offer’ and actually making damned sure the offer was honoured!
Go ahead,StevieBC, and see what Darryl has to say in reply to a straightforward question on a matter of readily ascertainable fact. If he wriggles, he will only encourage us in our suspicions.If he cannot actually simply point us to the evidence that the 400k was paid, but just asserts that it was, then he just confirms how useless he is as PR man!
easyJambo says:
October 24, 2014 at 7:43 pm
‘..If Ashley’s proposal is accepted then there would be no need for an EGM…’
———
True enough,eJ. But AIM would surely have to be formally told and a formal statement issued by the Board?
I’ve copied this from another football messageboard.
“Rangers shareholder Sandy Easdale’s house targeted by protest group who spray painted “Get out! Get out!” on his house. Police investigation on going.”
If true, then the eejits involved might just be biting off more than they can chew.
paulsatim says:
October 24, 2014 at 4:21 pm
——
Thanks for those ‘ready’ badge links. I must have missed a post or two, but I had thought there was still some doubt as to who was making money out of that particular ‘badge’ . But if Rangers Retail (Ashley) hold the licence, and it’s up for renewal this coming January, no wonder Ashley was getting involved!
The question that arises, is whether Kennedy’s offer of bridging finance is secured by some kind of deal that will give HIM some share in the licence , if and when Ashley cannot get the renewal?
Craig Paterson on the radio tonight
“I’d view today as entirely good news since it proves the money is there and the club is starting to move forwards” 😯
Smugas says:
October 24, 2014 at 9:57 pm
I suppose the prospect of getting very deeply into debt could be considered good news, but only to those who consider liquidation as a non-event!
Smugas says:
October 24, 2014 at 9:57 pm
Craig Paterson on the radio tonight
“I’d view today as entirely good news since it proves the money is there and the club is starting to move forwards”
_______________________________
Noooooooooooooooooooo!!!!!
Smugas says:
October 24, 2014 at 9:57 pm
Best advice I could give CP is to put his hands over his ears, close his eyes, and start repeating lalalalalala…Oops, I forgot, he and his fellow bears have been doing this for around 3 years now, or is it longer?
I have lurked for too long on this site and now feel the need to contribute. The regular contributors have to be congratulated on all the work they do, and they put the print and broadcast media to shame.
My suggestion now, if it is of any worth, is for us to put even more public pressure on SFA. Are Rangers (old or new) the only league club in Scotland with no published accounts and no AGM as yet? Should SFM collate all published accounts of all other clubs publish this and simply ask SFA (copied to BBC/STV,etc) why an exception is being made. I am sure that Hearts over last two years and Livingston now must wonder about the pressure on them from SFA whilst the biggest and most persistent offenders in terms of financial transparency are left profoundly alone.
Not wanting to alarm anyone on here but one uk winner of the euro millions 150 million ?Now that would go a long way to fixing things down govan way. Just saying
The SFA and Walter Smith compensation ?
==========================================
After further searches, I came across the link below where ‘The Front of the Bus’ website asked the SFA in May of this year if the compensation had been paid to the SFA. The sources they quoted were the RFC plc accounts.
The response given:
“Hi XXXX
I can confirm that compensation was paid by Rangers for the release of
Walter Smith from his contract with the Scottish Football Association.
We cannot disclose details of confidential contracts.
Regards,
Mark Snell
Communications Executive
The Scottish Football Association”
======================================================================
I also obtained the SFA Ltd accounts from Duedil, and if the compensation was indeed paid as claimed – and was of the magnitude of £400K – then it would be separately and clearly identified in the audited accounts.
I will send an email to Darryl over the weekend.
http://thefrontofthebus.blogspot.com/2014/05/did-rangers-actually-pay-sfa-400k-for.html
keith jackson @tedermeatballs 5m5 minutes ago
I believe Mike Ashley has been threatening all sorts action if his package is not rubber-stamped.
keith jackson @tedermeatballs · 10m10 minutes ago
Another incredible day at Ibrox. I understand things are becoming very, very nasty.
I believe Mike Ashley has been threatening all sorts action if his package is not rubber-stamped.
And amid all of this chaos, where exactly was Graham Wallace? You would not believe it.
Billy Boyce says:
October 24, 2014 at 9:35 pm
I’ve copied this from another football messageboard.
“Rangers shareholder Sandy Easdale’s house targeted by protest group who spray painted “Get out! Get out!” on his house. Police investigation on going.”
If true, then the eejits involved might just be biting off more than they can chew.
================================================
I hear further down the page things getting nasty.
Whoever these decorators were might be advised to do a Dave and jet to SA pronto. May just be far enough away.
Money money money and Charles Green’s ‘new rangers’
Graham Spiers pitches in:
“The position of Dave King, would-be majority owner, looked less promising. Mike Ashley, on the contrary, looked more secure in seeking greater power at the club, a view given credence by the resignation of Philip Nash, an Ibrox director whom Ashley had wanted out.
Many Rangers fans continue to have reservations about Ashley, who has offered Rangers emergency – and, we must presume, interest-free – loans. There was anger and even venom being expressed last night at the news that Ashley, and not King, looked to be on course to win the battle for power at the club. King, undoubtedly, is most fans’ favourite for the role.
This fact is almost incidental, a mere frippery, in the current pantomime surrounding the fight for power at Rangers. Some fans will bleat, but others will be moved by the spare millions Ashley is able to lavish upon Ibrox.
Right now the 50-year-old multi-billionaire looks the very embodiment of “money talks” and “money is power”. Ashley wanted two directors, Graham Wallace and Nash, ousted, and his own men put in place. Yesterday, Nash fell on his sword. Wallace’s days now also look numbered.
Ashley’s money and power are immense. Seven years ago he stumped up £263m to take hold of Newcastle United: £134m to buy the club outright and £129m invested as interest-free loans in a formidable splurge of cash. If he gets his way in Glasgow his imminent investment in Rangers will be peanuts by comparison – maybe £15m-£20m in loans? – but will be money Rangers and many of the club’s supporters crave.
Ashley’s current private wealth stands at £3.65bn, which allows him to inject millions into a club like Rangers with scarcely a bat of an eyelid. Actually, Ashley’s initial cash-injection at Ibrox is the least of it. What might be a little more time-consuming for him is the way he ensures the removal of King, and possibly even the perennial Brian Kennedy, as a rival Rangers suitor.
For those in the pro-King camp, this is where it gets painful. While Ashley has gone about buying into Rangers, even recently increasing his stake to around 9%, King’s lofty stance has been that he won’t put a single penny of his own money towards a share purchase, and that any money he has will only go directly into the club via fresh equity.
In one way this seems quite laudable. In another way, where is it getting King? Is he about idealist principles, or about the business of gaining power at Rangers? If the latter is his objective, King seems to have been making quite a botch of it.
King, had he so desired, could be near to Ashley’s or Sandy Easdale’s Rangers stake right now. He could have for himself a foothold of power at the club, based on bought-up shares, upon which to build towards power and influence. It is what people have done – acquiring power and influence – right across football.
There is nothing dirty or underhand about buying shares in Rangers . . . thousands of people have done it, including many passionate and well-meaning fans. But King has been utterly averse to the idea. It almost seems to turn his stomach. Meanwhile, Ashley puts his money where his mouth is, snaps up another stake for £800,000 from Hargreaves Hale last month, and right now looks to be in pole position to win influence at Ibrox.
As yesterday’s saga unfolded King even appeared to be caught out by the sweep of the day’s events. At one stage, reacting to news of Ashley’s loan manoeuvres at Rangers, he stated that the Newcastle United owner “cannot expect preferential treatment” from the Ibrox board, and that “I am confident that Graham Wallace and Philip Nash have enough integrity and commercial experience to do the right thing”.
No sooner was King expressing confidence that Nash would do the right thing, Nash was tendering his resignation from Rangers, seemingly seeing the writing on the wall. Clearly, it wasn’t what King had expected at all.
There is irony upon irony in this ever-expanding Rangers farce. Wallace, an embattled CEO who himself has been abused by some Rangers fans, has spent months trying to steer a way for King, the man the fans want, into the club. Facing a Sandy Easdale bloc of proxies amounting to almost 26 per cent of the club, it is a ploy that has got Wallace nowhere. The CEO’s place inside Ibrox now looks dire.
On top of this, there has now been a distinct change of heart among some Rangers fans about the market essentially owning their club. When Charles Green, a now detested figure, launched the new Rangers on the open market 18 months ago the scheme was hailed by fans as a roaring success.
Not now it’s not. Not with various factions and hedge funds voting this way and that as Rangers FC is pulled from every side in a political battle. It is a pretty ugly scene, with supporters looking on aghast and feeling helpless. Suddenly, in reality, market forces and Rangers look like a recipe for disaster.
Where will this all end? Probably – though it is still by no means a certainty – with Mike Ashley having his own “place-men” inside Rangers. Many will baulk at such a figure – a relatively small shareholder with a distinct Jonny-come-lately about him – wielding such power at Rangers. Ashley has no emotional ties at all to the club.
Yet Ashley won’t care about any of that. Nor might quite a number of Rangers fans, who will adore the money he will be capable of pouring into the club. Ashley certainly has the means to restore Rangers – it is a question of whether he chooses to or not.
King, meanwhile, goes on waiting and hoping. His tactics continue to infuriate those Rangers fans who desperately want him to close the deal.”
Andy Newport @AndyNewportPA 3m3 minutes ago Glasgow, Scotland
Rangers say no more comments tonight. Discussions over Ashley and Kennedy loan offers to continue this weekend
Just listened to tonight’s BBC Sportsound podcast and really despair of the BBC.
FIrst ten mins on Rangers with Craig Paterson giving us the queue of people wanting to invest, Rangers are a “juggernaut” brand with world wide sales.
Next 15 mins spent on the woes of Celtic- yep 50% more air time on Celtic. Undeniably they’re not too great at the mo but listening to this programme an outsider would believe that if only one club/ company were in crisis the new listener would believe Celtic were the team with the major issue.
In a nutshell this is where the SMSM do us all, and perhaps ironically, the Rangers fans the biggest disservice.
As a national, publically funded and supposedly neutral broadcaster BBC Scotland are a disgrace, IMO.
If SSB etc are to be believed many Bears believe Ashley is only interested in a low cost route to the CL in order to promote the Sports Direct Brand
However
If Ashley really wants control of TRFC to have a crack at the CL (no laughing at the back) then he can be stopped in his tracks by liquidation and Sevco2. This would put CL football out of reach for years
So a dramatic evening in and out of football
Both Phil and keith jackson tweeting that things are getting nasty. Ashley allegedly furious at being blind-sided by the Sale Sharks hooker.
Maybe Mr Spiers will ask Mr Ashley, exactly how much money he has invested, not loaned, or be willing to loan, in the company? His MO at Newcastle, seems to be to make as much as he can from the IP, while “investing” in the club by loading it up with debt to his companies, to the tune of some £129 million. Not sure that model is all that much different from the old Hearts model?