History, Neighbours and Made Up News

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The BBC has provided a little more detail on what …

Comment on History, Neighbours and Made Up News by easyJambo.

The BBC has provided a little more detail on what was discussed in Court today, including the name of Alex Prentice as Advocate Depute, whom I had speculated with JC as the individual.

James Doleman has also tweeted that the BBC had mentioned CF. That appears to have disappeared from the article below, if it was there originally.

James Doleman ‏@jamesdoleman · 33m33 minutes ago
Donald Findlay QC at Craig Whyte hearing today (via BBC)
“The other issue which is hovering in the background is the Charlotte fakes issue”

Former Rangers owner Craig Whyte could be set to stand trial next year over an alleged fraudulent takeover of the Ibrox club.
The 45-year-old faces two charges – one of fraud and a second allegation under the Companies Act.
The High Court in Glasgow heard a trial had been provisionally set for April 2017, with a two-day hearing taking place in December.
Mr Whyte entered no plea and his bail was continued.
The first accusation claims Mr Whyte obtained a “majority and controlling stake” in Rangers “by fraud”.
 The charge dates are between May 2010 and May 2011, listing various locations including Ibrox Stadium, Murray Park as well as “addresses meantime unknown” in Monaco and France.
It is alleged Whyte and his representatives pretended to then Rangers owner Sir David Murray and others that “funds were available” to make all stipulated payments.
The second charge under the Companies Act centres on an £18m payment in connection with the takeover.
Mr Whyte was once again represented by Donald Findlay QC. Alex Prentice QC is now heading the prosecution team in the case.
Mr Prentice told the hearing: “The Lord Advocate asked that I step in… That is what I will do.”

easyJambo Also Commented

History, Neighbours and Made Up News
An odd point I picked up on my way home from Court today. I was listening to Talk Sport where Jim White was hosting the draw for the latest qualifying round of the FA Cup.  As it proceeded the following tie was drawn out.  
FC United of Manchester or Harrogate Town v FC Halifax Town

Jim White added “FC Halifax Town was formed in 2008 after “Halifax Town” went into administration then Liquidation”

He didn’t clarify further if he considered it to be the same “Halifax Town” or not. 07

For the record, FC Halifax Town started their life in Northern Premier League Division 1 North, three divisions below that of “AFC Halifax Town” when they went into liquidation.


History, Neighbours and Made Up News
I should have added that we are now onto a third Advocate-Depute (prosecutor) although I believe that Messrs Keegan and McVickar remain in the background.  I didn’t catch his name at any point, unfortunately.


History, Neighbours and Made Up News
I can confirm that the next Hearing will be held on 1/2 December and that a provisional date of 18 April has been set for a trial, with a planned 12 week duration, equally shared between the prosecution and defence sides.

Whyte now only faces two amended charges (1 & 3) from the previous indictment.  I haven’t a clue what the details of the charges are though. 

Reporting restrictions were continued.


Recent Comments by easyJambo

Fergus McCann v David Murray
Given that the blog has reverted to its seemingly inescapable time warp relating to events of 8-10 years ago, it is appropriate to mark the 10th anniversary of an event that set the ball rolling in contributing to
the sale of RFC for £1, its financial collapse and subsequent consequences of administration, 
liquidation, as well as Res 12. 

That event was HMRC's success in the Aberdeen Asset Management FTTT, the decision for which was published on 29 October 2010

RFC, who operated a similar Discounted Option tax avoidance scheme, had actually been presented with a Tax assessment as early as September 2007, which they appealed.  Their appeal was put on hold pending the outcome of the AAM case. Following the decision, HMRC issued RFC with a new offer to settle the following month.

The rest, as they say, is history and "in the past it must remain".  No matter how many times the blog returns to the events of 8-10 years ago, no-one in the football authorities or in the SMSM is listening, nor are they likely to change their mind now.

I believe that it is now time to move on. Not to forget what happened, but to move on all the same.

That is what I plan to do.


Fergus McCann v David Murray
bect67 26th October 2020 at 20:05

Probably an unfair question, but could you venture an opinion (for the less financially astute members of our community e.g. me!) as to what the comparable returns for TRFC might look like – assuming, in a break from their 8-year old tradition (?) that these be ‘unpockled’?

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

You are correct. It is an unfair question mail, but we should get sight of the accounts in the next month or so.

We know they had a forecast £10m shortfall in last year’s accounts. That was almost certainly reduced by their unbudgeted extra EL revenue.  We also know that DK provided a £5m loan facility. We can also state with some certainty that Park, Letham and Taylor plus Gibson provided additional funding which has since been converted to equity in the recent share issue.

They will show a loss, albeit that it will have been covered by the loans/share issue. How much is still outstanding is anyone’s guess.   

They have operated with year on year losses, but despite the doom mongers forecasts they have found a way to remain afloat and grow their business, improving the strength of their squad and on-field performances year on year.

They may forecast further shortfalls for this current year, perhaps with yet another share issue, but there is nothing to suggest that their business plan is failing.  Indeed, they appear to be getting stronger on and off the park.  Their new merchandising deal appears to be working and bringing in additional revenue (I don’t know if SD walked away, with or without cash, or declined to make a matching offer).  They have also sold out their 46,500 ST allocation, meaning that their match day revenue will be as high as it can be in the circumstances.

Covid restrictions will still impact them, but I do think that they are in as good a shape as most other Premiership clubs to come out the other side relatively unscathed. 


Fergus McCann v David Murray
The fall in Celtic’s revenue is across all areas.

Football Operations down £7.5m
Merchandising down £3m
Multimedia and other Commercial activities down £2.7m

This current season could be even more challenging with the increased liabilities and reduced income. The club has also increased its revolving credit facility from £2m to £13m (still unused) just in case.


Fergus McCann v David Murray
Current liabilities  2020 2019 

Trade and other payables     20,744     13,957

Lease liabilities    604       –

Borrowings  1,364     1,364

Provisions    5,942      3,479

Deferred income    21,275    25,614

Totals                    49,929     44,414

Looking at the above figures I was trying to work out the ongoing liabilities for deferred wages.  I don’t know if it will be included in the £6.8m increase in Trade and Other Payables, or in the £2.5m increase in Provisions.

The drop in deferred income suggests a fall of £4.2m in Season Ticket revenue.


Fergus McCann v David Murray
The previous post should read "cash in the bank down"

https://www.londonstockexchange.com/news-article/CCP/results-for-the-year-ended-30-june-2020/14732713


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