A Guest Blog for TSFM by Auldheid
It has been some six months since we drew readers’ attention to documents that should have been provided by Rangers administrators Duff and Phelps in March 2012 to Harper MacLeod who acted on behalf of the then Scottish Premier League to investigate the use of side letters and employee benefit trust payments made by Rangers from the inception of the SPL in July 1998. You can read the previous blogs/correspondence for background at
- http://sfm.scot/scottish-football-an-honest-game-honestly-governed
- http://sfm.scot/an-honest-game-convince-us/
- http://sfm.scot/an-honest-game-convince-us/https://sfmarchive.privateland.net/it-takes-two-to-tangle/
In the latest letter below sent to Harper MacLeod and SPL Board members on 5th September 2014, you will find the story of what happened when the LNS Decision was delivered to the SPL Board and how the withholding of those same documents not only meant The Commission was misled from the outset in its terms of reference, but how the SPL Board were also incorrectly advised as a consequence of the same concealment.
It is a matter of some regret that secrecy, concealment and non-accountability continues to be the order of the day, not only in Scottish football but in the media coverage of this particular part of its history, but if this series of blogs does nothing else it will bring out the truth not only about the use of ebts but the deceitful attempts thereafter to try and minimise the damage caused. The Inaction will also stand as an indictment against all those responsible in the game and the media who cover it.
Letter to Harper MacLeod
Dear Mr McKenzie
We write further to our letters of 19th February, 29 March and reminder letter of 18th May 2014 to ask if the SPFL are now , after studiously ignoring for 6 months the correspondence and evidence provided, going to reconsider their position in respect of the Lord Nimmo Smith Commission and Decision of 28 February 2013?
In the detail of our letter of 29 March we suggested that It may be prudent to wait for the results of HMRC’s appeal to the UTT concerning the regularity or otherwise of ebt payments made under the MGMRT arrangement before embarking on any premature decision on the integrity of the LNS Commission Decision with regard to the true nature of the REBT payments being concealed from it.
The UTT have ruled and we know that payments under the MGMRT ebt arrangement are, for the time being and until the Court of Sessions re-examine the case at some future date , “lawful” or “not irregular” in tax terms.
However convenient as that may be to put off addressing the wider issue of the true nature of the MGRT ebts used by Rangers, it is no reason in terms of the LNS Commission, not to examine the effect of the concealment from yourselves as commissioners and the SPL of ebt payments made from 2000 to 2002/03 under the REBT arrangements to Tor Andre Flo and Ronald De Boer which were already ruled irregular by a separate FTT investigating the use of the same Discounted Option Scheme by Aberdeen Asset Management.
We remind you that in the earlier undated letter sent on 19th February we provided irrefutable evidence that
- Yourself, acting as the investigating agent for the SPL, was not provided with all the documentation you requested on 5th March 2012
- That documentation clearly demonstrated that in the case of two players named on the Commission list (Ronald De Boer and Tor Andre Flo) payments were made via an irregular ebt mechanism that subsequently rendered them subject to tax which HMRC has been trying unsuccessfully to collect since May 2011, a year before the commissioning process commenced.
- That in both cases side letters concealed from both football and tax authorities were a feature, whilst later relevant documentation revealing their true irregular nature was not provided as directed by yourselves to the Commission itself.
It is now our firm contention that
- The findings of Lord Nimmo Smith from paras 104 to 106 of his Decision that no sporting advantage accrued must be set aside where now known irregular payments have occurred. Using Lord Nimmo Smith’s argument sporting advantage had to accrue from season 1999/2000 to 2002/03 and the SPFL need to address that truth and consequences for our game to move on.
- Whilst it is unclear which SPL/SFA rules would have been breached by making irregular payments, it was not the rules the Commission was directed to examine as, according to the Lord Nimmo Smith Decision para 88 “ There may be extreme cases in which there is such a fundamental defect that the registration of a player must be treated as having been invalid from the outset “
- Payment by irregular means clearly constitute such a fundamental defect and so an extreme case. These payments should not have been conflated with other payments which are for the time being not irregular and to allow an investigation to stand that wrongly treated them under the same rules as the Commission did for regular payments would be a clear miscarriage of justice caused itself by apparent deception of the Commission by those whose very behaviour it was commissioned to investigate! (If we were using lay man terms we could say that the SP(F)L clubs and their supporters were and are being treated like mugs by those governing our game.)
On the matter of that apparent deception we can even go further on its impact. It is a fact that the SPL never made any public announcement as a Board of acceptance of the Lord Nimmo Smith decision. There was one individual statement but no official SPL Board announcement.
We understand that the matter of making an appeal was raised by the SPL Board on 28 Feb 2013 during a telephone conference meeting, not a face to face one, to discuss the most serious issue ever facing Scottish football and that a decision was delayed for 7 days by which time the date for lodging an appeal was about to end.
During the discussions by e mail some Board members expressed dissatisfaction at the token nature of the punishment for what Rangers had been found guilty of (basically misregistration of players) but also concerns about how no sporting advantage had been obtained through the use of ebts with side letters.
The Board were persuaded by your good self that Rangers had a sound argument that no sporting advantage had accrued. The Board were told that Rangers in effect had said that if the EBT details were required to be disclosed, the reason they did not disclose them was because of an error by Rangers in understanding what was required to be disclosed and that in any event they had secured no competitive advantage from not disclosing since the tax position would have been the same whether they disclosed to the SPL/SFA or not.
Given our opening points we suggest that during the investigation had you had in your possession the withheld evidence we supplied in our letter of 19 February 2014 (and notwithstanding the point re different terms of reference resulting) you would have been able to demonstrate the flaw in this argument to the SPL Board when they were asking your advice on the legal position in early March 2013.
It is difficult to accept that there was an error in understanding that side letters should not be disclosed as part of player registration when our supplied evidence shows that in 2005 Rangers deliberately concealed the existence of side letter for De Boer and Flo from HMRC.
Far from suggesting an error in understanding, this suggests that Rangers understood that to reveal the existence of such letters would remove the tax advantage that ebts gave them and that this advantage depended upon side letters being kept secret from authority and that includes football authority, lest informing them alerted HMRC to their existence. The QC advice contained in the withheld documents is that this deliberate concealment in 2005 demonstrated Rangers true intention of putting cash in the hands of player as part of their remuneration package.
It is also clear that revelation of these particular side letters and their circumstances would indeed have changed the tax position since HMRC have billed Rangers for the tax due on the payments to De Boer and Flo.
HMRC have not done so for Moore because the absence of a side letter puts the tax due on that transaction outside the extended time limit rules that allowed them to pursue payment for Flo and De Boer, but regardless of this and regardless of whether it was notified to the SFA, Moore was paid by an irregular means not available to other clubs..
The questions for yourself Mr McKenzie is had you been in possession then of the information supplied by TSFM would you at the time of investigation been in a better position to either refute the case Rangers made in their defence or to advise the SPL Board that the evidence of deliberate concealment from HMRC in 2005 of what transpired to be irregular payments, gave the SPL Board reason for entering an appeal?
Did the very absence of that material, which was not your fault, prevent you from briefing the SPL Board in a way that you might have done had you had all the evidence to hand?
We think the original evidence supplied and the questions raised now as a result of more fully appreciating what was hidden from the then SPL Board (and so SPL clubs) in March 2013 requires that the SPFL conduct a new cleansing investigation into :
- The apparent deception by Duff and Phelps of the SPL led Commission ,
- Why the SFA President, Campbell Ogilvie, did not advise or correct Lord Nimmo Smith or The SPL and
- The implications of the use of now revealed irregular payments by Rangers FC during seasons 1999/2000 to 2002/03.
This letter has been sent by e mail to the current SPL Board members and also by mail or e mail to the then Board Members who, whilst no longer in position might have their own views on what needs to be done on this issue to restore integrity to the very processes Scottish football relies on to ensure fair play.
John Clark says:
September 16, 2014 at 9:19 am
In general I have always viewed the Justiciary in a collective sense as being products of their upbringing, class and education and some, like all human beings, might be corrupt for widely varying reasons.
Therefore I have no problem in accepting that some individual judges may well subvert justice for their own ends or reasons. Others are simply poor judges who get it wrong because they ain’t good enough and not by reason of corruption.
However the system is largely conducted in open court within a laid-down administrative process and rules which must be followed. There is also a body of statute law and precedent which often constrain the verdicts and decisions which judges arrive at and there is an appeal system if a party believes the judge has got it wrong.
Personally I have often thought that the major flaw in most legal systems is the quality of those presenting the case either for the Crown or their client – but that is another issue.
It’s very very difficult for a legally untrained and inexperienced person to understand all of the ramifications of what can be horrendously complex legal debates.
And by extension that ignorance can lead to unfounded suspicions – usually by the losing party – that a judge might harbour a secret bias.
Sadly it’s too easy for a client’s legal rep to foster or not actively allay such misplaced perceptions as to do so would not be in the rep’s financial interest.
John Clark says:
September 16, 2014 at 9:19 am
16 0 Rate This
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Ah wiznae huvin a dig at ye JC.
I was really optimistic back then when I read that the courts would get this sorted out, pronto.
I’m still bemused that after multi investigations you have the back page of the DR today.
All the conniving and secret closed-door 5-way nods and winks are now looking like the tacit go-ahead for this whole mess.
Imagine just one of them came out and admitted that Sevco Scotland was not RFC and that fans could, in reality, transfer their allegiance to any new entity and call it a form of Rangers? It would render the current enterprise worthless and would actually liberate the fans. But they still won’t do it. The myth the various authorities created is out of control.
twopanda says:
September 16, 2014 at 9:18 am
Still no idea what`s really going on. Looks like another diversionary `Big` Squirrel IMO.
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I think it’s impossible to decide – on available evidence – whether the Rizvi/Rangers exclusive is a squirrel or not.
If the spiv camp leaked the news then IMO opinion it’s a ‘squirrel’ but a very very dangerous one with a high potential for self-implosion.
Of course, the Easdale Camp might be viewed as surplus to requirements if push comes to shove and the spivs can just shrug their shoulders and say we didn’t meet him.
However if the Meeja were tipped-off by an anti-spiv source within Rangers then it ain’t a squirrel.
the big problem is that the Record might have got an anonymous tip so even they could be unsure whose ends they are serving.
WRT Rafat Rizvi making an “official” appearance, I get the impression he has deliberately broken cover.
Allegedly, he has been covert for so long, that there is no reason to think he would have to go overt, to strike a deal. A very public statement has been made here.
If Rafat is connected in any way, to T’Rangers, Sevco Scotland, or 5088, it is adios to membership and license. The game is a bogey
I cant help but feel he is making that known to someone.
Otherwise, why come out the closet, except to let someone know he can make the connection….And he will.
Totally guessing on my part, but it just doesn’t sit right, that he would put himself in the frame after so long, allegedly in the background.
Danish Pastry says:
September 16, 2014 at 7:41 am
I too, clearly remember the great faith placed in the impartial judiciary to act promptly and with justice on the RFC issues.
To be honest, I lost track of the number of investigations into the collapse of RFC. There certainly were many — and some seemed to fall behind the judicial sofa.
But it was probably just me not paying attention when the judgements passed down. I suppose unless it can be shown that a judge has been deceived the original decision will never be questioned.
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In order to arrive at the conclusion the judiciary hasn’t been impartial wrt to the Rangers issue then you really have to list the investigations you base your conclusion on and the reasons why you believe those investigations were legally defective.
I’m afraid any conclusions as to whether justice has been properly served or not has to be based on facts and it can’t be left to whether the decision arrived at is what an individual wanted it to be or what their intuition thought it should be.
An impartial Justiciary is essential to a country and if we attack that impartiality it must be evidence-based IMO or run the risk of damaging confidence in a major pillar supporting the very fabric of our society.
I also think you have to be careful about what you term an ‘investigation’ by an impartial Scottish Justiciary and the various other investigations that took place even though some may have had elements of a quasi-legal status.
Corrupt official says:
September 16, 2014 at 11:08 am
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I think you make a very valid point as Rizvi could have worked away in the background whether it was on ‘youth development’ 😆 or a proposal to invest or buy Rangers.
It may well be that the Malaysians were ‘set-up’ as stooges. But what does Rizvi or shareholders he may well be associated with gain from the public exposure at this time?
A key question but will we ever get the answer?
This Malaysian delegation of bottom feeders didn`t come over here on spec
There must be previous between them and some of the UK Spivs
It looks like foreign Spivs are now the only source of short term money.They may well have provided the majority UK Spivs with a loan to fund the Open Offer
Repayment could possibly be made in freebie shares after a massive dilution of the minority holders
If so the next move will be a Resolution on the upcoming RIFC AGM to dis apply preemption rights The 75% majority needed may now be in the bag following the Open Offer
Thereafter
We are probably looking at a mid season liquidation of TRFC to empty it of assets
This tidies up the situation from a Spiv perspective
Matty Roth says:
September 15, 2014 at 9:43 pm
ecobhoy says:
September 15, 2014 at 11:39 am
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I would still encourage fans to remember that fans of other clubs are individuals, just as they are themselves. And we need not demonise the whole support of a club because of the behaviour of some sub group within that fanbase.
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I am totally with you in that aim ❗
Eco says, 11:18am
“It may well be that the Malaysians were ‘set-up’ as stooges. But what does Rizvi or shareholders he may well be associated with gain from the public exposure at this time?”
On the surface, most of the originals from Sevco(Scotland & 5088) appear to have made a healthy return on their input. A steady stream of them mounting up under varying reasons, and riding off into the sun-set with their saddle-bags bulging. Possibly with the exception of Imran’s maw, and CW.
I continually return to the thought that CW only had one hope of recompense for his input, due to the lack of paper-trail…. MAD…Mutually Assured Destruction. Something that suits none of them.
With the chanty now empty, and almost wiped clean, have we reached that stage?
As I said, as most have had their return, who else has cause to let one off across the bows?
It’s a puzzle I admit, but you are correct, We may never know.
ecobhoy
Well said.
I too have reservations about the outcome of some some of the inquiries, investigations and cases involving “Rangers”. But, for example, the LNS enquiry is not to be confused with something that has been done by the judiciary as part of our judicial system.
As Auldheid has shown, the terms of reference were gerrymandered from the outset to constrain those sitting in judgement. The evidence made available was limited. That was not a court proceeding.
As for other investigations that may have been commenced but seem to have been kicked into the long grass, we simply do not know what may be happening. As I said in another post, absence of evidence is not evidence of absence.
While I certainly would not suggest that this is the case here, if any aspect of financial criminality is being investigated by any relevant authority:-
1 it should not be being reported in the press; and
2 it will take a long time (much longer than you might imagine or want).
RIFC shares traded at 20p, the lowest in the history of this company.
Date 16-Sep-14
Time 11:15:37
Trade Price 20.00
Volume 14,285
Sell*
Bid 20.00
Ask 22.00
Value £2,857
Danish Pastry says:
September 16, 2014 at 10:28 am
‘…Ah wiznae huvin a dig at ye JC. .’
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DP, of course you weren’t, and I’m pained that even for a second you might have thought that I thought you were! For darligt! ( wee thingummy mark above the ‘a’?)
Campbellsmoney says:
September 16, 2014 at 11:55 am
It will indeed be years before we get the results of the investigation(s) into the downfall of Rangers.
I was struck by a recent poll that claimed 25% of the population believed that MI5 were interefering in the political process. My first reaction was, if that is true, they should all be fired, because they are clearly rubbish at it
However, the serious point that underlies the figure, is just how many people have become disconnected from politics, the recent demo at Pacific Quay, I think demonstrates that they have also become disconnected from the media, with the #SucculentLamb revelations playing a big part in that. I suppose its hardly surprising if people assume that every part of the state is “at it”.
With so much evidence of egregious & brazen wrongdoing in front of us, it’s easy to assume that everything should be viewed through the prism of conspiracy.
Easy but lazy.
The current share price for RIFC shares is 20.5p. This is at or close to their historic low.
What does that say about the acumen of anyone who subscribed to the open offer?
Craig Whyte’s former Castle has been sold for £1 million to a mystery overseas buyer. You really couldn’t make it up. Still I doubt if CW will earn even £1 from the sale.
My eye caught the mention that Singapore was mentioned as one of the places that interest was generated. And, who knows, perhaps a party of Malaysians also had a wee visit recently as well 😆
http://www.dailymail.co.uk/sport/football/article-2757636/Ex-Rangers-owner-Craig-Whyte-nets-1m-mystery-foreign-buyer-snaps-castle.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490
Cygnus X2 says:
September 16, 2014 at 12:26 pm
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I suppose it depends whether they are on a ‘promise’ or not come the Big Offer if it ever happens.
Be interesting to see what the Offer Price will be. This time it was 20p when the share was trading at 25.5p with only a max of £4 million to be raised.
If they need to raise say £10-12 million and the trading price is still at 20p at the time then the Offer price could be as low as 12-15p at best IMHO.
And yet the fans in their desperation to save their club apparently have no idea what share dilution will do to any hopes they have of taking control. They are in for a very rude awakening following a No 1 fleecing.
John Clark says:
September 16, 2014 at 12:10 pm
3 0 Rate This
DP, of course you weren’t, and I’m pained that even for a second you might have thought that I thought you were! For darligt! ( wee thingummy mark above the ‘a’?)
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Nae bother, with these forum communications it’s better to be safe than sorry, misunderstanding wise. Ja, for dårligt af mig at tænke sådan 😳
Cygnus X2 says:
September 16, 2014 at 12:26 pm
4 0 Rate This
The current share price for RIFC shares is 20.5p. This is at or close to their historic low.
What does that say about the acumen of anyone who subscribed to the open offer?
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When you Google it now it says 19p. The share chart is like a profile of the Marianas Trench. You’d think an implosion was imminent, but some wee trades will create a bit buoyancy
Rangers Int Share Price (RFC)
20.00
-2.00 (-9.09%)
Last Updated @ 12:55:06
Bid Ask
19.00 21.00
Cygnus X2 says:
September 16, 2014 at 12:26 pm
The current share price for RIFC shares is 20.5p. This is at or close to their historic low.
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I see it has now slipped to 19p.
ecobhoy says:
September 16, 2014 at 12:42 pm
TBF some like Gordon Wadell are starting to get it. Whether there is sufficient time, or will to do anything about it, assuming that there is actually something that can be done, is a different matter
Hmmm. 2 bids at 19p, which were 6 seconds apart. Both worth less than 1,000 pounds each.
Someone wants a lower share price for some reason.
Is a drop of 13.6% in a morning some kind of record?
Anyone know if those who’ve just spent £3m plus are now locked in? Wasn’t the 18th some kind of cut-off date? (That was not a political pun, btw)
Cygnus X2 says:
September 16, 2014 at 1:28 pm
1 0 Rate This
Hmmm. 2 bids at 19p, which were 6 seconds apart. Both worth less than 1,000 pounds each.
Someone wants a lower share price for some reason.
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Last trade was 18.90 perhaps they’re pushing it back to 16.90 before making a move.
Danish Pastry says:
September 16, 2014 at 1:43 pm
Last trade was 18.90 perhaps they’re pushing it back to 16.90 before making a move.
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Ah they must have spent all that money on building a Tardis – wonder what side of the river they’ll land in 1690 ❓
Danish Pastry says:
September 16, 2014 at 1:32 pm
Anyone know if those who’ve just spent £3m plus are now locked in? Wasn’t the 18th some kind of cut-off date? (That was not a political pun, btw)
___________________________________
They’ve all paid their 20p a share – the 12th was the cut off date – the new shares start trading on the 18th!
South0fThe Border says:
September 16, 2014 at 1:54 pm
1 0 Rate This
They’ve all paid their 20p a share – the 12th was the cut off date – the new shares start trading on the 18th!
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Jings, looking at trading 20p shares at a potential loss already. Mind you, they were probably not for trading, I suppose.
Will be interesting to see whether any ‘support’ emerges on 18 September. If it doesn’t how low can it go and what will be the next Offer Price?
Those that bought in at £1 are taking a right hammering especially if they didn’t get a Laxey-style share top-up but that would only reduce cost per share to 70p.
To think they were 94p back in January 2013.
ecobhoy says:
September 16, 2014 at 1:53 pm
1 0 Rate This
Ah they must have spent all that money on building a Tardis – wonder what side of the river they’ll land in 1690
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Is there a minimum price for this type of thing? You can’t just let things go into freefall, can you?
Danish Pastry says:
Is there a minimum price for this type of thing? You can’t just let things go into freefall, can you?
_____________________
In a normal market, the lows get when someone realises that the value of the assets less any liabilities that they may ‘have’ to pay is worth more than the share price. Try and buy the lot – break up the company and dispose of the assets – and stuff any creditors if you’re ruthless.
South0fThe Border says:
September 16, 2014 at 2:27 pm
‘…Try and buy the lot – break up the company and dispose of the assets – and stuff any creditors if you’re ruthless.’
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Sounds to me as if Laxey Partners are getting ready for the kill.They don’t do long-term, and they don’t do football.In quick, get control in a year or so, asset strip and exit, stage left, jaws dripping with blood.
But I would still need someone to explain just how much potential profit they would hope to walk away with.
South0fThe Border says:
September 16, 2014 at 2:27 pm
1 0 Rate This
In a normal market, the lows get when someone realises that the value of the assets less any liabilities that they may ‘have’ to pay is worth more than the share price. Try and buy the lot – break up the company and dispose of the assets – and stuff any creditors if you’re ruthless.
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Thanks SouthoB. That would be ruthless. So there is a point when trading can be halted by the company (RIFC)?
Re the Rizvi appearance and speculation as to why he may have made an appearance now , a couple of things are worth remembering.
1 CF published a letter from Charles Green which was a response to a request from the SFA to clarify & explain links to Craig Whyte, the connection if any between Sevco 5088 and Sevco Scotland, and the connection between Jim Park and Rangers
CF also produced a response from the SFA to the Charles Green letter. This letter was sent to Malcolm Murray , as Charles Green had resigned shortly after sending his letter of explanation to the SFA.
2 The explanations from Green were incredulous and as shown by the SFA response to Malcolm Murray , not accepted by the SFA. The CF trail seems to go cold at that point , so we don’t know how it was resolved. A selection of the main explanations and SFA response in parenthesis below. My summation
A. (Green) Sevco 5088 has no connection to Sevco Scotland. ( SFA thats not what recent announcements to the stock market states. Stated that 5088 is a Rangers subsidiary)
B (Green) We did not know that 67.5% of the exclusivity fee came from Craig Whyte, it just appeared in Imran’s (mums) account . ( SFA , security requirements for wire transfers require the name of a sender. Not credible to claim you never knew )
C (Green) After the CVA failed we still needed Whytes shares to allow us to use the Rangers name . Imran acquired these from Whyte for no consideration ( SFA . Why would Whyte , who you claim you had no relationship with, give you his shares for no consideration. )
D (Green) Jim Parks job was to deliver Mike Ashley, which he duly did. We had no knowledge of his relationship with Whyte or his father . ( SFA , duly noted)
Re all of the above , what could it mean in relation to tizvi’s appearance.
Is it possible Rizvi is providing an unsubtle message that Rangers licence and existence was based on lies and deception, and anyone opposing him and the Easdales better remember he was around at the very start of Sevco when this deception was being put together.
One other possibly related item is that according to a CF leak 50% of the share capital for Sevco 5088 came from a Panama registered company called Korissa Capital. Sevco 5088 has never lodged statutory records at companies house to have this verified.
However what is verifiable is that Korissa Capital in Panama are the owners of a company in Holland called Tixway. Craig Whyte is the owner of a company in Scotland called Tixway.
Isn’t it a small world .
Trading at 18.00 now
Ally McCoist drops the ‘L’ bomb in the Scotsman.
“It gives everybody a great day out. A cup final is something, prior to administration and liquidation, that if our fans didn’t expect it, they certainly would have had great hopes of us appearing in a cup final at some stage, no matter what season it was.
Cygnus X2 says:
September 16, 2014 at 3:45 pm
One for the Kremlin watchers, but I don’t think McCoist has used the liquidation word before, or certainly not in that context?
Hey friends
Based on yesterday’s interesting discussions about Coisty and his shares …
http://www.onfieldsofgreen.com/youve-got-to-pick-a-pocket-or-two/
Could be nothing more than my imagination … but worth a punt.
Interesting to see the share price fall like a stone today …
James Forrest says:
September 16, 2014 at 5:14 pm
Coisty and possible pressurised share purchase
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Interesting theory but I have always been of the opinion that McCoist is very astute on financial matters.
I therefore think that if he had given into ‘pressure’ on this share Offer then he would be a wide-open mark next time as well and I’m sure he recognises that.
I would also think at the level of income McCoist is on that his financial affairs will be managed and I have to wonder just how much quickly realisable cash he could raise to buy shares with. I doubt it would be that much.
Of course there is another issue coming-up in the shape of the AGM and I wonder what he will do wrt to his proxy vote this time? Especially if he has sold a chunk of his 1p share windfall?
If he doesn’t proxy his vote then it might be that he wishes to delay revealing any such sale. Or possibly he has been told that this time round he’ll be on a three-line whip supporting a certain Board element.
Maybe that’s why he’s a bit jaundiced about his future and wondering about the extra fan hassle his vote might generate 😆
ecobhoy says:
September 16, 2014 at 6:11 pm
Sounds eminently plausible. The run up to the AGM will be very interesting and probably quite entertaining
From the `Soros` Exclusive Team
[now cleaned away from Google]
a fresh set of `investors` [spivs] lined up
FFS
mtp
The fall in Rangers Int share price to 19p (currently) is no more than could be expected when a new tranche of shares are offered to existing shareholders in an effort to raise funds.
This is a natural effect of diluting the value of individual shares by increasing the number of shares in the market.
The reaction to these events in the market tends to be delayed and elastic.
The share price would normally fix at the open offer price in the short term with no other factors prevailing (why would any one pay more or sell for less). But it takes time to level out.
Hence the current quoted share price. All things being equal it ought to bounce back a little to something around the open offer price to existing share holders in the short term.
After that it’s back to less controlled market value.
BTW I know nothing about share dealing and have no experience of it.
I’m not too bad at arithmetic though.
http://www.bbc.co.uk/sport/0/football/29227423
“A source close to Sandy Easdale has told BBC Scotland that Rafat Rizvi has been introducing investors to Rangers.”
Coming clean(er)…. ❓
parttimearab says:
September 16, 2014 at 7:20 pm
1 0 Rate This
http://www.bbc.co.uk/sport/0/football/29227423
“A source close to Sandy Easdale has told BBC Scotland that Rafat Rizvi has been introducing investors to Rangers.”
Coming clean(er)….
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The depths the SFA & SPFL have sunk to. Can’t believe UEFA won’t get involved at some point.
TSFM removed a post I made early this morning. Hopefully I can sum up in a short sentence what I meant without ending up in the naughty corner. Basically I meant the media ‘concern’ today over Rizvi is meaningless while they continue to push for Dave King.
Ibrox looks very empty, would post pic, if I could get the technology to cooperate
SFA will be on the case – don`t worry about that
They`ll approve anything they’re told to
Some might say they`re useless bums on seats
But Spivs love them
#supportersexploitedforquickcash
mtp
I would hope that at least one of the Rangers fan groups would ask AIM and the SFA to get to the bottom of what is happening at Ibrox.
Rangers say Rizvi was an advisor who turned-up with the Malaysian party who were only interested in youth football development and nothing else.
The Malaysians deny knowing Rizvi and admit one of their party was interested in investing in or buying Rangers.
Now a source close to Sandy Easdale contradicts the offishal Rangers line and claims Rizvi has been introducing potential investors/buyers to Rangers.
Wtf is going on here? Music Hall farce no longer covers it.
scapaflow says:
September 16, 2014 at 7:51 pm
3 0 Rate This
Ibrox looks very empty, would post pic, if I could get the technology to cooperate
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Your not alone in thinking this…..
“BBC Radio Scotland commentator Rob Maclean: “There is something surreal about the surroundings tonight. It’s a limited attendance here at Ibrox.””
ecobhoy says:
September 16, 2014 at 8:31 pm
Share your frustration. maybe a complaint from shareholder(s) to AIM, might, just might, generate some action.
The SFA are not going to take any action, until events force them to, I’m afraid
scapaflow says:
September 16, 2014 at 7:51 pm
Ibrox looks very empty, would post pic, if I could get the technology to cooperate
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picture at 20:26
http://www.bbc.co.uk/sport/live/football/29230184
Scapa
I don’t know if this will work
https://pbs.twimg.com/media/BxrMXG3IMAAH4y4.jpg:large
SOS making nuisances of themselves next to the director’s box too…
http://ichef.bbci.co.uk/live-experience/cps/704/mcs/media/images/77629000/jpg/_77629822_10245174.jpg
ta guys. 😀
Corrupt official says:
September 16, 2014 at 8:49 pm
0 0 Rate This
Scapa
I don’t know if this will work
https://pbs.twimg.com/media/BxrMXG3IMAAH4y4.jpg:large
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Wow. They won’t sell many pies tonight then
Best to end this selfish farce asap
AIM is controlled exploitation
Best Advice
NOT A CENT MORE
Bears can do this
Then Rebuild and Renew
It`ll work
Take Time, but Rangers Core Support v Strong
mtp
scottc says:
September 16, 2014 at 8:52 pm
1 0 Rate This
Corrupt official says:
September 16, 2014 at 8:49 pm
0 0 Rate This
Scapa
I don’t know if this will work
https://pbs.twimg.com/media/BxrMXG3IMAAH4y4.jpg:large
~~~~~~~~~~~~~~~~~~~~~~~~~
Wow. They won’t sell many pies tonight then
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Found a stream of this. ICT are abysmal. No idea what their tactics are. I reckon I’d be down scoffing the pies rather than watch the in-field. But yes, small crowd.
I’ve been watching it too, DP. Frankly, Rangers want it more. They are deservedly in front
scottc says:
September 16, 2014 at 9:29 pm
1 0 Rate This
I’ve been watching it too, DP. Frankly, Rangers want it more. They are deservedly in front
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Absolutely, ICT don’t seem bothered. Very odd.
But still, how fair is this when the one team is playing with a line up it cannot afford, and who are teetering on the brink of financial collapse?
Deserved win for Rangers there. Wonder what the “offical” crowd will be
scottc says:
September 16, 2014 at 9:29 pm
Danish Pastry says:
September 16, 2014 at 9:38 pm
Perhaps the manager’s team spirits lifting interview with BBC sport had something to do with it.
Inverness CT manager John Hughes: “Getting to the cup final last year, the pride and the atmosphere it brought to Inverness was fantastic.
“It’s a really difficult tie but we’re more than capable of going down there and picking up the result.
“Scottish football needs a strong Rangers and Celtic. They are the flag-bearers for Scottish football as far as I’m concerned.
“They [Rangers] have been missed, but we get the opportunity to go there in the cup.
“If you look at their squad, they are full of top SPL players and I make them favourites. Hopefully we can go down there on Tuesday night and take their scalp.
“I expect my team to have a go but we’ll need to keep our discipline and not be overawed.”
I mean why would he suggest that his players might be overawed by visiting Ibrox. Does he still think the team playing out of there are of the same standard as their CL teams of bygone days. They are at best the standard of a decent SPL team the likes of which ICT play every week. Why oh why need there be such deference, praise and admiration given all that’s gone on.
I give up, back to lurking for me.
scapaflow says: September 16, 2014 at 9:41 pm
Deserved win for Rangers there. Wonder what the “offical” crowd will be
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15,208
easyJambo says:
September 16, 2014 at 9:55 pm
ouch
Official crowd was 15,208. Not bad for a Tuesday with CL on telly. Break-even attendance?
If ICT had just one of the TRFC front men The game might been different, but to prosper you need to spend money you don’t have, apparently. FFP?
Yes, the Yogi pep talk was kind of defeatist 😮
Danish Pastry says:
September 16, 2014 at 10:04 pm
15K crowd isn’t bad, but isn’t bad, isn’t good enough by a long shot, coupled with SOS’ protest, sticking with ouch
“Scottish football needs a strong Rangers and Celtic. They are the flag-bearers for Scottish football as far as I’m concerned.”
In a nutshell, there is the problem, not the solution. Apparently, only two teams should be allowed success. The same applies on a bigger scale in the mis-named Champions League. That ain’t sport. I’d be appalled if I was an ICT fan hearing my manager say that kind of thing.
And what an ironic metaphor he used, too.
I made the original suggestion that the blog was politics free, but abuse free is more important.
On twitter I only ever blocked people who couldn’t communicate without F’ing and C’ing or made racist or sectarian comments.
For about 2 years I had barely blocked a dozen people. Most of whom decided I was a Fe***n C***. Almost of all these were Rangers supporters.
In the last 3 months I have blocked literally hundreds of abusers, who variously claim i’m an Orange B****** , neither true. A Tory , not true either. Uncaring of people in difficult circumstances, complete untrue and especially laughable given I have my own Charitable foundation which has spent over £100,000 in the last 12 months alone helping people who need help and can’t help themselves.
Thats just a small flavour of the abuse twitter brings when you ask questions others don’t like. Almost every single one of these people claim to be Celtic supporters. I haven’t lost a seconds sleep over the people i have blocked. Their abuse and intolerance says a lot about them . I hope for their sakes they are more lucid tolerant and rational in their lives away from the web.
They also won’t stop me asking questions, or commenting, and they certainly won’t stop the work of my foundation, no matter what way things go on Thursday.
This blog is civilised , educational , instructive and largely tolerant . The RTC blog previously shared many of the same values. These values should be cherished and protected.
Sadly some blogs are now bastions of intolerance and abuse. Nothing positive ever comes from that behavior. By all means debate and promote your own view, question the opposite position. Is it too much to ask to do it civilly ?
No reason why folks can’t make non-partisan observations on the campaign, but subjective assessments of he merits of journalists or politicians attached to the campaign are quite definitely not – and the same goes for all those ironic parentheses.
Sadly therefore, some post removals have again taken place.
I didn’t see the game tonight , however didn’t John Hughes adopt a similar underdog approach in his pre match interviews before playing Celtic recently. It worked then , he was probably hoping it would have the same effect this time
scapaflow says:
September 16, 2014 at 12:19 pm
Campbellsmoney says:
September 16, 2014 at 11:55 am
…
I was struck by a recent poll that claimed 25% of the population believed that MI5 were interefering in the political process. My first reaction was, if that is true, they should all be fired, because they are clearly rubbish at it…
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Ah, so you are an MI5 agent sf, keeping an eye on the Internet Bampots ?! 😉
As regards the print MSM in Scotland, it seems that a significant number of footy fans gave up buying a daily rag because they were deeply unimpressed with the quality of the sports churnalists’ PR regurgitation / lies / kiteflying / lamb munching / etc :slamb:
[I used to religiously buy 2 papers a day in the UK, but on a recent visit I had no interest in buying a paper at all.]
Likewise, wrt current events, a significant number of the remaining general readership of newspapers in Scotland could now be turned off by the lack of quality in the political reporting – and stop buying their papers.
…and thus the print industry’s death spiral accelerates further.
No loss.
Barcabhoy says:
September 17, 2014 at 12:12 am
‘…This blog is civilised , educational , instructive and largely tolerant . The RTC blog previously shared many of the same values. These values should be cherished and protected.’
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Very true.
And/but I would add that there is room also for expression of righteous indignation!
I remember that quite a long time ago ( or so it seems) I likened the blog to a gathering of guys ( male or female) in a pub of a Saturday evening talking about the day’s games and results. There are all kinds of arguments and disagreements, people take the huff, and sulk, but never complain that they don’t get their say, or that the deck is stacked against them.
This blog is,I think, the equivalent.
Posters on this blog are allowed to express their opinions, their take on things, their wishes and hopes and desires as to how Scottish Football SHOULD be as against how they see it to be.
But, and it’s an important but, it is absolutely necessary to keep in mind that the very guts of the blog, its very ‘raison d’etre’, relate to the the fact that the wrong-doing of one club was (ok,’allegedly’) known to the authorities, deliberately ignored and possibly facilitated, and, when eventually exposed, was not properly related to and dealt with..
As I keep saying, the blog is not about RFC(IL) Sevco 5088, Sevco Scotland/ Rangers 2012/TRFC/ RIFC plc . In the wider context, none of these count.
What counts is that the Football Authorities sold ‘Sporting Integrity’ for a very collusive, and thereby dirty, mess of potage.
The blog,I think, remains focussed on cleansing the ‘governance’ of our game, which so patently went awry in recent times.
OT, but prompted by discussion of McCoist’s financial acumen quotient. My wife and her friend were at school with a chap who went on to make a name for himself in professional sport. While conceding he was a decent cove, they were dismissive of his mental capabilities. The two girls in question had giant brains, tbh, and most of the human race seemed as dunderheads to them.
Roll on 25 years or so. The chap now worked in the media. I was selling some stuff one day to a man who turned out to be his pension adviser. I mentioned my, by now ex, wife’s opinion. Incredulity. Not only was our sporting friend the smartest cookie the adviser had ever dealt with, he could have been the basis of a seminar for extremely rich people, wanting to make more of the stuff.
Book. Cover. Judge not.
Flocculent Apoidea says:
September 17, 2014 at 12:07 am
21 0 Rate This
“Scottish football needs a strong Rangers and Celtic. They are the flag-bearers for Scottish football as far as I’m concerned.”
In a nutshell, there is the problem, not the solution. Apparently, only two teams should be allowed success. The same applies on a bigger scale in the mis-named Champions League. That ain’t sport. I’d be appalled if I was an ICT fan hearing my manager say that kind of thing.
And what an ironic metaphor he used, too.
———
Listened to Sportsound, which mentioned (I think it was Richard Gordon, whose voice seems to convey permanent amusement) the fact that the awestruck Yogi had said in the build up, ‘We don’t have to win the game.’ 😀
He probably meant they could play for penalties, I suppose. Seems ICT were missing two key players. Amazing though, top of the SPL, yet financial constraints mean they have the squad they have — while their skinto, begging bowl lower league opponents are burgeoning with top players.
A few tweets afterwards about intimidation of ICT fans and a distinct lack of stewards. Charming.
#FFP
Famous song says:
September 17, 2014 at 6:53 am
Apparently Einstein wasn’t too hot at school either. As you say, “Book. Cover. Judge not.”
Barcabhoy says:
September 17, 2014 at 12:39 am
2 1 Rate This
I didn’t see the game tonight , however didn’t John Hughes adopt a similar underdog approach in his pre match interviews before playing Celtic recently. It worked then , he was probably hoping it would have the same effect this time.
†***************************
Fair enough when you are playing the reigning champions but by all accounts from the radio commentary with a wee bit of positive play T”Rangers were there for the taking. Poor approach from Hughes and well done to the plucky championship side for beating the premiership joint leaders
Barcabhoy says:
September 17, 2014 at 12:12 am
Sadly some blogs are now bastions of intolerance and abuse. Nothing positive ever comes from that behavior. By all means debate and promote your own view, question the opposite position. Is it too much to ask to do it civilly?
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I think the biggest problem I have seen on the internet over the last couple of years is the rapidly increasing proportion of posters who have no interest in debate.
They know they are right and therefore have no need to listen to an alternative viewpoint.
That deafness & blindness to alarm bells and warning signals brooks no interference from those with an alternative viewpoint or even those who genuinely ask questions to better understand a viewpoint that you might not actually oppose.
It’s an easy step for the zealot to move from ignoring opposing points of view to actually denigrating those who hold then with ever-increasing personal abuse.
I don’t actually see the loss of civility as the biggest ‘victim’ but more the loss of any real attempt to establish the ‘Truth’ or even an acceptable compromise or heaven-forbid just an acceptable explanation that isn’t wrapped in conspiracy theories.
Twitter and the like has certainly proven to be the happy hunting ground for packs of those whose only interest seems to be in emotionally ripping people apart. That IMO becomes even more important to them than the campaign they are supposedly supporting.
Of course those who are directing the campaign are skilled puppeteers and know exactly what strings to pull and when to operate the voice boxes which can only utter pre-loaded phrases. Sadly brains and decency aren’t required for those who dance to the unseen puppet masters.
I should make it clear that I don’t just talk about massive campaigns but also fairly small groupings with fixed agendas.
It’s quite scary but that’s what the collapse of the print media has brought – it has left a vacuum that’s being eagerly colonised by PR spinners and marketing gurus all intent on selling their client’s message.
It’s too early to know where this is all going to end-up but I get a little encouragement from some of the new independent news sites but, as is the way of the world, if they are successful then they will no doubt be bought-out.
The news manipulators of the print industry won’t disappear because that particular medium collapses they will just move to another one which they can control and again ‘Truth’ will be the first and biggest casualty.