A guest blog by former Celtic & Scotland defender, Jim Craig
“What time is this to come back?”
Dolores McCann (her Mother had been a great fan of foreign films) stood in that classic pose of the wounded woman – up to her full height and chin forward – as she glared at her husband who had just come in the front door. Before he could say a word, she gave him another volley;
“you left the house at half-past-two for a three o’clock kick-off, it only takes you 20 minutes to get to the ground, a match lasts only one-and-a-half hours plus ten minutes for the break and you’ve just walked back in the door at half-past-seven! So where the hell were you?”.
Wayne McCann (his father liked Westerns) tried to calm her down.
“Dolores, you don’t know what it’s like at football matches nowadays ; it has changed out of all recognition; a match goes on for much longer”.
“In what way?” Dolores asked.
“Well, for a start, the players and even the managers can complain about any decision that is given against them. If that happens, the referee then goes and has a word with firstly, the two assistant referees, then the fourth official and gets their comments before he reflects on the situation. If he is still in any doubt that he made the wrong decision then he can ask the guy upstairs sitting in front of a television screen what he thinks. And, of course, all through this, the managers and players of both teams can chip in with their comments. That all adds a fair bit of time to the match”.
“Aye…but turning up at half-past-seven is still a bit over the top…is it no’?”
“Well, no’ really……you see, nowadays you are not allowed to have a drawn game, so if the match is level at the full-time whistle, there is extra time, which takes a minimum of half-an-hour”.
“The time is still no’ matching up!”
“Aye, mibbe so, if that was the end of the match. But if the match is still level at the end of extra-time, then it goes to a penalty shoot-out. I told you…you are not allowed a drawn game”.
“ A penalty shoot-out disnae take long”.
“That might have been the case at one time but because so many keepers were being accused of moving before the ball was kicked, nowadays they are strapped in to a harness which anchors them in the middle of the goal. They can only move when the foot of the guy who is taking the penalty actually touches the ball. So, after each kick, the keeper has to be put back into the harness and it all starts again. And, of course, you get the complaints from the managers and players that the harness wasnae working properly or that the officials who put the harness on didnae put it on right. That all adds up to the time factor”.
“Did you go to the pub?”
“As God is my judge, Dolores, after the match finished, I came straight here”.
“Who won anyway?”
“That’s a difficult question… there was so much noise and kerfuffle both on the pitch and in the stands, nobody was quite sure what the final score was. And the guy who usually does the announcing had gone home. Somebody said that he had a date. Anyway, if you let me turn on the radio, I’ll hear the score there. And Dolores?”
“Yes”
Wayne walked over to the drinks cabinet and took out a couple of glasses. “I don’t suppose you would fancy a wee drink”
We will leave the smooth-talking Wayne to his attempts to mollify Dolores and reflect on the situation. What you have just read is probably the ultimate scenario for those who wish to tamper with the current rules of football. Do I think that the game needs radical changes like that? No but I do think that some change is necessary and in one specific circumstance.
Now, I was a professional footballer for 9 years and in all that time, I can put my hand on my heart and state with complete conviction that I never pulled any other player’s jersey. Did I try to half him in two with a tackle, yes! But no jersey-pulling. And, of course, I was penalised for the challenge.
Today, though, I feel that there is a lot of body-checking and jersey-pulling going on in every match. Very often the referee lets it go and then you get the ridiculous scenario at a corner kick when all those waiting for the ball to come in are pulling and pushing, with the referee watching it and ignoring it. It is a foul, ref!
When the referee decides that an offence has been committed, then the player will be spoken to first. If he does it again, he will be given a yellow-card. The problem is, though, that the offence might possibly have affected the play in the match, whereas the yellow card does not affect the player’s participation.
If the player is daft enough to do it again, then of course he gets another yellow and will be off. Most, however, are sensible and keep the head, so they go unpunished as far as the current match is concerned. What we have to find is a punishment that affects the match in which the transgression occurred. Which means that we have to consider the sin bin.
This works very well in rugby and gives the referee a means to punish an offence a little more harshly – yet more efficiently – than a yellow card but without having to go for the ultimate, drastic – and for many unpalatable – option of the red card. I hope it comes in soon.
As noted above the arrestment order is sent to all banks because the creditor doesn’ know where all the bank accounts are located.
AMFEARLIATHMÒRMARCH 19, 2018 at 13:52
Interesting that Jingle Jangle Jackson has moved to put clear blue(natch) water between himself and Dave King today,
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Billy BoyceMarch 19, 2018 at 15:13’…A poster on a Celtic message board claims to work for the bank in question and states that his branch….’___________________
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It looks as if the king is bad for rangers now Drip feed to the masses has begun. How long before we see king can’t secure a new retail deal and other such stories. I believe we will see the king is bad and this is how he is bad for rangers narrative over the next few weeks.
But hey he could pull a rabbit out the hat,but i just can’t see it someone has to be sacrificed to kick the can down the road a bit more.
Re Dave king; would you sell your shares in your beloved club to this man?
I’m a cynic
MARTIN CMARCH 19, 2018 at 20:50
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Re Dave king; would you sell your shares in your beloved club to this man?
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At 20p for a share, in a company that Mr king is at the head of……yes i would.But then i don’t have any shares in the company that runs the club
JOHN CLARKMARCH 19, 2018 at 19:57
Billy BoyceMarch 19, 2018 at 15:13’…A poster on a Celtic message board claims to work for the bank in question and states that his branch….’___________________
In the 2017 published accounts, RIFC plc’s bank was shown as Metro Bank plc, in London? If that is still the case, surely any arrestment order would go there, and as far as I know,Metro doesn’t have branches in Inverclyde?
I’m not saying that the Celtic poster may be wrong about the ‘arrestment order, if indeed every bank, not just every branch of the bank that holds the account of the ‘arrestee’, is notified of arrestment orders.
But for an Inverclyde number for Metro to be cited as the bank’s dialling pre-fix?
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Not suggesting JJ’s info is correct, but an arrestment like this would be served on all banks in Scotland, possibly UK if it is believed/known that accounts are held elsewhere. It is, or was in my day, a daily occurance that a circular would be received at every branch listing a number of companies and individuals on whom an arrestment had been served. I never saw a customer of any of my branches mentioned, though, but did see many a well known name, including football clubs. Any funds in credit would instantly be attached until told they could be returned to the account holder.
It doesn’t always mean the account holder is in trouble, just in dispute, but is never anything other than bad news.
The wording of JJ’s ‘arrestment’ is very different to what I remember, but I go back a long way and this type of document will now be sent out electronically, I am sure, and be worded to suit the IT world.
It won’t be a phone number for the Metro Bank because this notice (if genuine) will have been circulated around all banks in Scotland, or further afield, and this is most likely to belong to a bank with no TRFC connections.
Bogs DolloxMarch 19, 2018 at 20:18
‘…arrestment order is sent to all banks because the creditor doesn’t know where all the bank accounts are located. ‘
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Ah, thnk you , Bogs Dollox. So Metro would be specified in the arrestment order, but every bank’s HQ would get notified, and they in turn would get the message out to their branches to check if they held any ‘Rangers’ account, and it is the Celtic poster who works in an Inverclyde branch of a bank.
(I can be quite slow!)
Thomson did not turn round to see the incident he was level with the incident.
C 1, If I had to disuade emotionally attached folk from parting with their certificates then persuade them I’m just as bad as any other snake oil salesman (ecojohn) and I might save myself a few bob.
I’m a cynic
Just in case anyone ever comes on here in future with signs of depression. Here is an alternative way to deal with it. Read from page 4 around 6.52pm onwards in the comments section. If anyone can be bothered.
Word of warning, its a bit ‘maudlin’.
https://www.celticquicknews.co.uk/motherwell-game-encapsulated-much-of-our-season/comment-page-4/#comments
martin cMarch 19, 2018 at 22:52
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Forgive me, martin c, but your post is so cryptic that I have absolutely no idea what you are talking about.
My fault, of course, obviously.
But I had similar difficulty some time ago with the posts of another Delphic poster who fired in posts out of the blue, of which I could make no sense.
You are not he, I assume?
And I’m not being personally critical: just wonder what it is you are saying?
Sorry guys, it’s been a long day, so if I was a chairman of a company that didn’t want to part with the best part of 11 million then why not get my PR guys to print stories of how bad a person I am for that company and thus those emotionlly attached to my company would not want to sell their small part of that company to me, that is why I am a bit cynical of the KJ article, I may save myself some money by this reverse PR tactic.
I hope my above makes more sense, if not I’ll try again when rested!
Phil MacGiollabhain’s latest blog alleges that Rangers have approached Close Brothers for more finance, and also for a repayment extension to existing finance. He also drops a cryptic clue about a ‘Learned’ person being behind any bank arrestment order. If the Close Brothers story is true then the season ticket money will run out even sooner, and that is before the demands of the fans to overtake Celtic are considered.
You have to wonder if there is anyone out there who would be willing to steady the Ibrox ship. It is clear by now there is no-one with pockets deep enough willing to throw the type of of money at it the Bears so desire, but is there a Brian Kennedy type figure who would bring some stability and respectability to the table? Having said that Kennedy did not make his fortune by throwing good money after bad, and there remains the issue of all the existing soft loans to be paid back one way or another, as well as the Close Brothers Loan. However, would he and those he might be able to attract be able to get the much vaunted debt for equity plan over the line as well as being able to underwrite a new share issue?
You really do wonder where all this will end.
UPTHEHOOPSMARCH 20, 2018 at 07:12
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Phil MacGiollabhain’s latest blog alleges that Rangers have approached Close Brothers for more finance
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Secured against what? they won’t give out more money on securities they already have on the original deal would they?
will they not be looking at leanding against something else?
Not posted for a while but still a regular lurker.
So the blue room have gone back to Close bros for more cash, I see only 4 options.
1. Extend loan against existing securities. Close will not go for that.
2. Future – future season tickets sales. Cant see them going for that either.
3. The training ground. What would Close do with it? Also a non starter.
4. The stadium. They would go for that and I also believe this is their end goal as I think they want the stadium to sell on when brown stuff hits the whirly thing.
And if it is the stadium then John Brown and the rest of us might get to see ra deeds
Back to lurking and a huge thank you to all posters, no matter who you support.
martin cMarch 20, 2018 at 00:13
‘…I hope my above makes more sense,
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Yes, thank you, martin c. Much clearer, on a bright sunny morning after a good kip!
It’s interesting that so many on this forum take guys like Phil Mac and John James’ stories as gospel without questioning how two entertaining but undeniably eccentric bloggers could obtain such information.
Lets face it if a mainstream journalist had as poor a record for accuracy as either of them we would rightly be ripping them to shreds. Perhaps we should apply the same diligence even if the source is one of our “bampot” community. It seems like both JJ and Phil have a new exclusive once a week which is dissected and debated for a couple of days but then just forgotten when it inevitably doesn’t stand up.
I think the next real test of their financial strength or otherwise will be in the next couple of weeks when King has to make his offer to comply with the TOP ruling. If things are as bad as many believe then many will snap up that 20p per share on offer, if not then it’s arguably a small vote of confidence from investors in the King regime. The few remaining institutional investors are probably the best bellwether in this respect.
upthehoopsMarch 20, 2018 at 07:12
‘…He also drops a cryptic clue about a ‘Learned’ person being behind any bank arrestment order’
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Surely not our learned, pipe-smoking friend?
I don’t frequent the JJ site, but have been reading Phil since the early days of RTC and CQN covering the financial stress OldGers were under – they were the initial 3 I got my info from, then of course the late, great Paul McConville’s Scottish Law Thoughts.
Phil doesn’t need me to speak for him – his track record does that – but you do know he is a “mainstream” journalist right. From the forward to his best-selling book: “He is an active member of the National Union of Journalists, a member of the Irish Executive Council and the Irish representative on the NUJ’s New Media Industrial Council. Phil has contributed to publications as diverse as the Guardian, the Irish Independent, Magill magazine and the Irish Post.” He adheres to journalistic policies such as protecting sources (admittedly his colourful noms des plumes for his contacts might be considered by some OTT, but their consistency implies he’s using the same trusted sources) and not naming names in the Blue Room per se.
You say Phil has a poor record for accuracy – time will tell. Remember he is predicting outcomes here by reporting on numerous, seemingly small issues; this is not an exact science and is certainly doesn’t work to a timescale. Paul over at CQN was derided by many on his own site for years, about his insistence on a GOD (Generation of Dominance) for Celtic which never seemed to arrive. Until it did. That the old Rangers found every trick in the book to stave off liquidation changed the timeframe, but history has shown that it was only staving off the inevitable.
History will judge the accuracy of Phil’s coverage. And personally, I’m looking forward to the book of the next Downfall.
As discussed many times before far too many folks are looking for the nuclear outcome whereby T’Rangers will go to the wall.
Therefore people jump on issues such as the Ibrox roofs as being an imminent disaster that is going to do for the club. When it doesn’t happen immediately then Phil Mac and others are seen as not being accurate.
There are clearly works required to the Ibrox roofs (even King admitted to that) but no-one can be certain as to the extent of the works required. Since the talk of issues we have had high winds and heavy snow adding additional loading to the structures but they still stand and games still go ahead.
The reality is, as Jockybhoy says, is if T’Rangers do fail it will be due to the same multiple and cumulative effects of poor management and corporate governance that did for the oldco in an attempt to be Billy Big Baws with other folks money.
It does appear that Phil has some inside info from the Blue Room but, regardless of that, the reality is the public accounts and various press reports, bloggers and MSM tell us all we need to know. Phil just has a record of seriously nosing around and breaking stories before the rest of the media catch up.
The club from Ibrox is not being run on a sustainable manner and those fronting up the cash, despite what the accounts said, do not have deep pockets or the means or will to meet the stated ambitions of the board and fans. I can’t see any new sugar daddy arriving with barrels full of cash, therefore it can’t go on this way forever and either austerity is required or the thing is a busted flush.
Nick @ 09:01
It’s also interesting that those of us still curious about the Ibrox ‘narrative’ must rely on guys like Phil Mac and John James.
I think it also rather unfair to assume that many of us bampots accept Phil or JJ as canonical ‘gospel’.
(On a personal note, I think an interesting dynamic has sprung up between Phil and JJ: they are obviously aware of each other and are now surely vying to be recognised the dominant narrator, with Phil still some distance ahead; though JJ is doggedly hanging in there, despite his apparently genuine concerns about his capacity to stay in the game.)
I’m not sure, either, about how you’re measuring the accuracy of their respective records.
There can be little doubt that each has sources that throw up occasional gems.
Furthermore, I feel sure that Phil and JJ would quickly lose their limelight if anyone of note (is there such a one?) in the SMSM was prepared to offer a mainstream conduit for the info which currently seems to be available only via Phil or JJ.
wottpiMarch 20, 2018 at 10:55
‘I can’t see any new sugar daddy arriving with barrels full of cash, therefore it can’t go on this way forever and either austerity is required or the thing is a busted flush.’
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Such ‘sugar daddies’ as there may be will, of course, be swimming quietly within smelling distance of the drowning victim, the first thing on their mind NOT being rescue, but getting in first to snatch the corpse.
They know that whoever picks up the corpse’s belongings for a song will be able to get the authorities to deny the death, refuse to issue a death certificate , and instead issue a birth certificate to a new body, certifying that that infant body is actually the dead corpse of a previous dead corpse!
That’s what we have to watch for: any suspicion that our Governance body will try the same dirty tricks as before.
They have already demonstrated a distinct lack of concern that a club is only just managing to pay its bills by borrowing on punitive terms. Indeed, they might well already be slipping a few grand to the club as advance payments of monies which (UEFA competitions licence permitting)might become due later in the year.
I wouldn’t put it past them to be ready to give the nod to another lot of Administrators that a wee exclusivity deal in the disposal of the assets will see any new club remain in the top division.
Re SMS/Johnston F&P/SFA story
Heard nothing further from Mr Coyle/STV regarding the above news item – one obvious follow-up question Mr Coyle could ask is when is the Compliance Officer going to issue the results of his inquiry rather than just leave the question of whether Johnston is fit & proper dangling there .
DUNDERHEIDMARCH 20, 2018 at 11:27
You raise a valid point about the mainstream media’s apparent obsession with inane fluff ahead of asking genuinely tough questions of our clubs and administrators. They most certainly should be asking more questions of and making more noise around the Takeover Panel situation for example.
For me the unfortunate thing about JJ and Phil’s work is that they damage whatever credibility they had by manufacturing stories at the times when they don’t have any. I don’t wish them any ill will either as there is a certain entertainment value in reading about Phil’s “Rugger Chap” or whatever creation he’s come up with of late. JJ’s daft fictional narrative of UVF assassins is slightly darker but I think most will agree his site can throw up some amusing stuff.
I guess the key point is that bloggers like Phil and JJ can write whatever weird and wonderful nonsense they like with impunity given they probably don’t have much to lose in any defamation lawsuit.
The mainstream media obviously have to be more careful in this regard but I would contend strongly they have veered too far toward being cautious and should start to take a more aggressive approach. For me the ideal would be the return of Rangers Tax Case in some form to provide credible reporting which is free of the shackles of a nervous legal team. Until that happens I’ll continue to enjoy Phil and JJ’s work with the necessary accompanying barrow-load of salt.
Regarding Alaistair Johnstone I had a read at the SFA guidelines for F&P and as usual it seems there is plenty of discretion and leeway. Interestingly within 5 years of being involved with an insolvent club he may have had issues (although Paul Murray and Dave King seem to have been given the okay). It appears point (h) is the key one. If he is found to have misled the SFA over Rangers licence and is given a suspension then he may not be announced fit and proper, worth noting that if he is found guilty and merely fined then that doesn’t appear to justi8fy him failing F&P.
As always at the end of the day it appears it will be down to the SFA’s oft used and rarely consistently used discretion.
The Board hereby reserves its discretion as to whether or not such a person is fit and proper, as aforesaid, after due consideration ofall relevant facts which the Board has in its possession and knowledge, including the undernoted list whichis acknowledged to be illustrative and not exhaustive:-(a) he is bankrupt or has made any arrangement or composition with his creditors generally; (b) he is under or is pending suspension imposed or confirmed by the Scottish FA; (c) he is listed in the Official Return of another club in full membership;(d) he is currently participating as a player of another member club or referee in Association Football; (e) he is the subject of an endorsed Disclosure from Disclosure Scotland; (f) he has been disqualified as a director pursuant to a disqualification order granted under the Company Directors’ Disqualification Act 1986 within the previous five years or was serving a disqualification as a director pursuant to such Act at any time within the previous five years;(g) he has been convicted within the last 10 years of (i) an offence liable to imprisonment of two years or over, (ii) corruption or (iii) fraud;(h) he has been suspended or expelled by a National Association from involvement in the administration of a club;(i) he has been a director of a club in membership of any National Association within the 5-year period preceding such club having undergone an insolvency event;
A breaking story of Scottish Rugby calling an investigation into some “fans” in Rome on Saturday.
It was just on the Johnnie Beattie show and the clip is now on the Sun website from its posting on Twitter…
The Sun writer said …
….. “BBC presenter John Beattie has led online calls blasting the 45-second clip – branding it ’embarrassing pathetic idiocy’…..
There is not much more for now but the story will grow legs and the clip will be widely available.
(This will go viral).
Basically 3 kilted Scottish fans in either the north or south stands
well before the game started by the empty spaces around.
(I was still in the crazy queues outside)
One of our heroes was proudly playing “The sash my father wore”, on his pipes.
(A traditional rugby ditty);
One was giving Laldy to the bit about the head of the nearby church being well and trulied.
The kind of little incident that sadly seems acceptable to our Police, Politicians,MSM, the SFA, SPFL etc and simply ignored.
Scottish Rugby find it all unacceptable and and so do I.
Well done Scottish Rugby.
Hope you get the three imbeciles, ban them for life and embarrase the hell out of those in positions of power who ignore this kind of stuff every week
FINLOCH
MARCH 20, 2018 at 13:49
…
The kind of little incident that sadly seems acceptable to our Police, Politicians,MSM, the SFA, SPFL etc and simply ignored.
Scottish Rugby find it all unacceptable and and so do I…
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Sad individuals.
Would it not be karma if one of these 3 d!ddies was a cop ?
And I expect our SFA ‘leaders’ will be scampering back into the Hampden bunker…
Nick – That’s twice in short order you have claimed Phil Mac (again I haven’t read JJ’s blog so can’t comment) is damaging his credibility (in your view) by (again in your view) “manufacturing stories”. You clearly have an agenda here, you want to get it off your chest?
TBH I would suggest bloggers have more to lose than a salaried journalist in terms of a libel suit. Media companies are commercial enterprises, they have lawyers – in house or on retainer – they certainly have many more eyes passing over copy than an individual has (Phil’s typos are testament to that) and they often have libel insurance or money set aside for such an eventuality.
A solo blogger has nothing like that – they could lose their pensions, their house, everything… the reality is most bloggers are below the radar, but I don’t think that charge can be levelled at Phil Mac. He put himself firmly in the crosshairs, so to speak, both by his blog and his book.
You seem to imply that the mainstream media is “too cautious” and their nervous legal teams are why they’ve not covered this story effectively… SINCE 2004! Pur-leeze.
They have not covered it because they and the Scottish football authorities (the other cheek of this particular erse) are the establishment and Rangers, even now, are the establishment club. I referred to history in reponse to your previous post – history has shown Scotland’s MSM and football authorities to be wanting – in spirit and in deed. History has shown that the club (sic) operating out of Ibrox is treated differently to every other team in Scotland.
TSFM, Phil, RTC, CQN and others (even C4!) have called them out, time and again; the SMSM has come late to the party and didn’t even bring their own carry-oot, preferring to sup the efforts of others.
You take all the salt you want – as Phil often says, no-one is forcing you to his site – me? I’m going to stay on the leading edge of this story by reading his blog and these others. Hey if you’re so down on JJ’s blog tarring it with the same brush you’re seemingly smearing Phil’s work with, maybe I’ll swing by there too…
Jockybhoy
You seem to have my intentions somewhat confused. I have no issue with Phil, as previously stated I find his content entertaining. I was merely replying to your comment and pointing out that his content since 2012 has tended to be inaccurate, to give him a bit of credit he doesn’t delete these articles so the documentary evidence to support my point is still online.
Fair play to you for your impassioned defence of the guy you’re obviously a fan and as you said we can all read what we like (and take that content as seriously as we like) so don’t let cynics like me spoil your enjoyment. As I said, I enjoy his work and hope it continues for a long time to come.
As an aside I agree with you that it’s not simply fear of legal action that stops our press pursuing certain stories with the vigour they should and there are clearly commercial issues affecting editorial decisions in some cases. I do believe this means there is a place for quality “new media” to make a massive contribution.
I see the Evening Times is providing a free advert for TRFC’s ‘Legends Game’ this Saturday at Ibrox, complete with pricing details and booking phone number ;
“…with proceeds being split between the Rangers Charity Foundation and the Rangers Youth Development Company.”
We saw some questionable behaviour in the past wrt Rangers and their Charity Foundation. As TRFC is very publicly skint, it would be interesting to see what the ‘split’ is – and when the Charity will receive their cash.
NickMarch 20, 2018 at 12:31
‘….I guess the key point is that bloggers like Phil and JJ can write whatever weird and wonderful nonsense they like with impunity given they probably don’t have much to lose in any defamation lawsuit….
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I , on the contrary, would guess that in a newspaper culture which can nominate as ‘Sports feature writer of the year’ someone like Aidan Smith, who apparently
sees nothing wrong about a new club being treated as being entitled to the sporting honours of a diseased and now deceased cheat of a ‘sports’ club]
says nothing about the long delay in the investigation into a possible crime re the UEFA licence
the key point is a refusal to acknowledge the truth, whether out of fear or favour.
Smith’s journalistic integrity is, I believe, highly questionable. As is that of all the SMSM apologists for and defenders of the rottenness at the core of our football.
And an award from others of the same stamp is an award for nothing more than staying on message.
In my opinion.
BBC Mandates affecting Scotland and elsewhere
A couple of weeks back I was in the company of a BBC journalist whom most of us will have have knowledge of.
I won’t give their name but they are not based (biased?) in Scotland.
Ahead of the Glasgow derby the discussion got onto just what on earth is going on with the blue team and in particular the non-stop off-field pantomime.
We discussed the SDM years, the newcos Sevco Scotland and Sevco England, the new Charles Green club’s first match at Brechin, sans the non tupeing players, the “purchase’ of history, the constant hemorrhaging of everybody else’s money, etc.
I was told that the BBC mandate to its journalists is clear….
… Treat the club as the full Rangers and do not to step out of line nor to dig too deep with stories that might offend the blue club supporters.
When I made the point that if we can’t trust our publicly owned BBC to get simple facts about the demise and rise of a football entity called Rangers right then why should we believe a word they write or broadcast about stuff like Putin or the war in Syria or politics or Brexit.
My new BBC friend shrugged shoulders and said that that was exactly what the journalists who cared enough said at the time when the mandate was made but there was no future at the BBC for anyone who stepped out of line.
I thought of Jim Spence and concurred.
Finloch @ 16.38 20 March
A sad tale indeed but confirms a lot of comments on here re BBC Scotland’s coverage of football.
PS You could add Kheridine’s (whatever happened to him?) name to Jim Spence’ .
FINLOCH
MARCH 20, 2018 at 16:38
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When I made the point that if we can’t trust our publicly owned BBC to get simple facts about the demise and rise of a football entity called Rangers right then why should we believe a word they write or broadcast about stuff like Putin or the war in Syria or politics or Brexit…
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Absolutely, Finloch.
And by coincidence I had earlier shared one of the main headlines today from the BBC website with my FB friends;
“Royal wedding: Prince Harry and Meghan Markle choose cake”
http://www.bbc.com/news/uk-43472280
Quality reporting.
That succinctly sums up the level of the BBC these days, IMO.
The BBC is p!sh – but we are virtually obligated to pay for their p!sh.
…or receive ever more threatening letters if you decline.
FinlochMarch 20, 2018 at 16:38
‘…..I was told that the BBC mandate to its journalists is clear…’
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And I believe you, Finloch, and your BBC person.
The appalling refusal of, in particular, BBC Radio Scotland, makes an absolute mockery of this :
“Our audiences should be confident that our decisions are not influenced by outside interests, political or commercial pressures, or any personal interests.”
Read the rest of the crap at this link:
http://www.bbc.co.uk/news/help-41670342
I for one am not confident that the people currently in charge aren’t sticking two fingers up to us when we ask for the truth to be told about the liquidation and death of RFC(IL) and the creation of TRFC Ltd as a new club, and for questions to be asked of the SFA’s possible involvement in fraud.
I find it very hard to believe that their decisions are NOT influenced by outside interests or any personal interests.
HIGHLANDER
MARCH 18, 2018 at 13:56
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Just so you know, the arch plagiarist, fantasist, conspiracy theorists and user of sock-puppets to praise himself doesn’t appreciate your work.
“The aforementioned comment is from a truly odious individual from another site. He is openly soliciting praise for how clever he is and sit back with a self-satisfied and smug grin. The kind of guy who would attempt to inflict love bites on his mirror. Forgive me if I choose to demur.”
Welcome to the club, take it as high praise that he feels so strongly about you.
Or, more realistically, take the comments and apply them to him. It works really well.
FINLOCHMARCH 20, 2018 at 16:38
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Excellent post Finloch. I used to listen to the nightly Sportsound show but have long since stopped. It is as clear as night follows day what agenda it follows.
StevieBCMarch 20, 2018 at 17:29
____________________________________________
Hi StevieBC
I haven’t paid for a licence for years. Only watch Catchup TV. Have informed the BBC of this and no problems so far. It is pi*h!!!!
HOMUNCULUSMARCH 20, 2018 at 18:39
5
2 Rate This
HIGHLANDERMARCH 18, 2018 at 13:56=========================================
Just so you know, the arch plagiarist, fantasist, conspiracy theorists and user of sock-puppets to praise himself doesn’t appreciate your work.
“The aforementioned comment is from a truly odious individual from another site. He is openly soliciting praise for how clever he is and sit back with a self-satisfied and smug grin. The kind of guy who would attempt to inflict love bites on his mirror. Forgive me if I choose to demur.”
Welcome to the club, take it as high praise that he feels so strongly about you.
Or, more realistically, take the comments and apply them to him. It works really well.
——————
High praise indeed.
If JJ continues to replicate my posts in full on his own site, I may have to consider introducing password protection.
HIGHLANDERMARCH 20, 2018 at 20:39
Give yourself a pat on the back .
HIGHLANDERMARCH 20, 2018 at 20:39
————
Tea all over screen
HIGHLANDER
MARCH 20, 2018 at 20:39
If JJ continues to replicate my posts in full on his own site, I may have to consider introducing password protection.
========================================
Please send me your name, bank account number, sort code and password and I will happily pay to access that material.
Highlander
March 18, 2018 at 13:56
If JJ continues to replicate my posts in full on his own site, I may have to consider introducing password protection.
————————————————————————————–
“He is openly soliciting praise for how clever he is and sit back with a self-satisfied and smug grin. The kind of guy who would attempt to inflict love bites on his mirror. Forgive me if I choose to demur.”
Jings
https://en.wikipedia.org/wiki/Psychological_projection
StevieBCMarch 20, 2018 at 15:42
‘…As TRFC is very publicly skint, it would be interesting to see what the ‘split’ is – and when the Charity will receive their cash’
______________
The ‘objects’ of the Rangers Charity Foundation,
“4.2 The advancement of education. 4.3 The advancement of health and wellbeing. 4.4 The saving of lives. 4.5 The advancement of citizenship or community development. 4.6 The advancement of the arts, heritage, culture or science. 4.7 The advancement of public participation in sport. ..”
would seem to be so broad and all-encompassing as to permit the Foundation to slide money quite legally to the Youth development company!
Smart bit of legal work lawyers , [clearly far smarter than Bryson, I would say] and perhaps more motivated than other lawyers currently working for the SFA!
(Oh, and I should have said earlier that after I reminded them, the ‘Public Engagement Unit’ of the Scottish Government yesterday acknowledged by email my email to them about how long it was taking the Compliance Officer to do anything!
They promise a response within 20 days. [ I don’t mean that as a criticism, of course, because I know from having worked loosely in that general area of Ministerial/Civil Service interface with ‘complaints’ from the ‘electorate’ that the machinery does take time])
woodsteinMarch 20, 2018 at 22:49
‘..jings…’ and link
___________
Got him in one!
God help the poor deluded soul,
As Oscar Wilde said, there’s only one thing worse than being talked about… ?
I noticed Walter Smith making an appearance yesterday and guess what, he is saying the club from Ibrox need to spend more money! Apparently the board just need to ‘find it’.
UPTHEHOOPS
MARCH 21, 2018 at 07:16
0 0 Rate This
I noticed Walter Smith making an appearance yesterday.
——————————————- There is only one thing in the world worse than being witty, and that is not being witty.(John Cleese)
The Oscar Wilde Sketch.
http://www.montypython.net/scripts/oscar.php
WOODSTEIN March 20 at 22.49
Fits Trump perfectly too.
Nick:
I don’t have your intentions confused, I was asking what they were.
You clearly DO have an issue with Phil as you have written that he “manufactures” stories to suit his own agenda. You cast doubt on his ability sensitive information, implying he is fabricating it, you have lamented his poor record for accuracy and said we should be “ripping him to shreds” on this basis. All this aimed at someone whose job is a professional journalist. Jeez if you have no issue with his work, I’d hate to see you criticise someone.
Am I a fan of Phil? Yeah I like his work, but I can go for months without looking at his site. When I do go, for insights from his City of London source (Rugger chap) or for the latest behind the blue door whispers, I am invariably impressed; as I say, I’m looking at his body of work as a whole and I expect the threads will be drawn together in due course. You criticise his output but you cannot deny he has broken stories himself or caused stories to be broken, that he’s given insight and that he’s kept the torch burning when others have let it burn itself out (as the establishment hopes).
BTW I popped over the JJ site. Wow. Just… wow. Vainglorious doesn’t cover it. I guess the difference between “blogging” and journalism is the whole “the writer is not the story” thing.
I wish there was no infighting and ad hominem attacks on writers with whom we are 90% in agreement. We have far more in common than divides us. We are approaching a time when we have to watch out for shenanigans. Given that the $3,000,000 high interest emergency loan from Close Brothers is not enough to cover the costs and at least one creditor has gained a legal order to arrest monies owed we have evidence of a company that cannot meet its bills. They are living on credit and hanging out for a temporary financial lifeline in May from Season tickets. Normally a ST gives you access to a seat at all home games. The problem comes when the club goes into liquidation. All ST holders are unsecured creditors and will get hee-haw for their money. A huge problem arises when there is inside knowledge of a forthcoming liquidation. The totality of loans $15,000,000 will never be fully reimbursed but there will be frantic bid for any season ticket money to be funnelled to reimburse loan money. When you know that the ship is sinking some people will push others aside to get to the lifeboats. ST money is a possible lifeboat.
Re : Fisiani @ 10.08 21 March
Agree with your comments re the financial situ @ Rangers – I have a problem with the utterances from Stewart Robertson – Close Bros came to us , confirmation of financial stability vis a vis the loan , the TOP/Dave King situ is for Dave King to deal with & doesn’t affect TRFC …. etc . I know there is a feeling that SR is a “good guy” , did a great job at Motherwell etc but he has to be wary of the line that directors of a company must adhere to & not stray into the territory of “knowingly trading whilst insolvent” – he will , of course , use the smokescreen of RIFC as the holding company & not TRFC that have the problems .
They (RIFC/TRFC) have the classic look of companies in serious financial problems undergoing the death throes (before Wottpi posts that I am wishful thinking here – I’m just looking at the evidence we know about & there are major problems everywhere you look at these companies)
NAEGREETINMARCH 21, 2018 at 11:50
I too have wishful thoughts but I tend to temper them with a bit a realism given all the false dawns that have gone before us.
This story has had many a twist and nothing should take us by surprise.
The problem is trying to predict how long this shambles can all rumble on being there can’t be many rabbits left in the hat to be pulled out.
Unless some crazy comes out of left field with cash then it is down to the existing board and the fans to bail things out. Their track record to date for burning cash and spurning sustainability doesn’t make healthy reading in terms of future survival. Nor is it clear how the existing debts/loan are to be resolved (and when) or how any new money (that must be required in Euro glory is to be pursued) is being brought into the club.
Meanwhile over at Tynie Ms Budge is talking of revenue being up a million and a potential break-even accounts despite all the over-runs on the new stand.
Full transparency with regards to where money is looking to be spent – ongoing works in the new stand, some repairs to existing stands due to snow damage, possible new pitch (tenders out but final decision not forthcoming as yet), rejigging the control room and building the proposed permanent TV studio. All this while openly recognizing the results on the field have not been ideal and accepting that fans expect a bit more on the playing side. However this is a long term project which, as she says,
What are we like?
If there is an unfortunate way to go out of a sporting competition (Any sport, any competition) then we Scots will find it.
Scotland are out of crickets world cup……beaten by the West Indies…
We curtailed the Windies to 198 (Taking Chris Gayles wicket with the first delivery of the match)
and then coming up 5 measly runs short of Duckworth Lewis as the rain abandoned play
So bloody typical
HS
Thought I would post an alternative take on the Rangers/Sevco (delete as you prefer) financial situation. I do understand this is contrary to the views of 99% of the posters on here so I’m firmly strapping on my tin hat on, to declare myself I am a long suffering Hibs fan and will not be upset in the slightest if I’m proven to be completely wrong.
I believe Rangers are on the soundest financial footing they have been for years but are and will remain a country mile behind Celtic for the following reasons:
– The focus tends to be on King as he’s the classic eccentric pantomime villain with a murky past and a tendency to make theatrical and often contradictory statements. It’s completely forgotten in this that they actually have a wide shareholder base of HNW individuals including very respected businessmen like Park, Bennett and Taylor behind the scenes. The often weakness of their broad consortium is their inability to make quick decisions resulting in things like a 3 month search to find your youth coach. The massive strength of it is that if King is the charlatan many believe he is and reneges on his funding promises you have half a dozen or so guys to pick up the slack between them.
– These guys are HNW but they arent Ultra-HNW and all have significant (unsecured) skin in the game meaning any insolvency event would likely see 90%+ of their investment wiped out overnight. The idea guys of the calibre of Bennett or Park are being taken for mugs or don’t have a plan doesn’t seem plausible to me (I accept many on here believe it is)/
– The losses are sustainable in the short to medium term. They more or less would have broken even last season without the Sports Direct payment, they will no doubt bump up ticket prices to their support who bizarrely seem keener to turn up and watch that dross than ever. I’d expect they will bump up the wage bill again but with a shareholder base with a net worth of say conservatively £150 million between them another couple of 3-4 million pound losses is hardly extravagant.
– The King factor. I don’t accept they wouldn’t have chased him by now if he was reneging on payments and hadn’t given assurances he would meet his obligations to running costs + TOP but the factors leave me convinced the other shareholders could and would have no option to step in. My educated guess is someone as keen on ducking and diving as King has a decent amount squirrelled away and that’s supported by the fact he will have had to show the auditors proof of funds for his guarantees.
– Close Brothers. Lots of speculation about this loan but the level of utilisation is unknown, all I’ll say is if I was in their position of running a 6 year old company which had always made losses but had a plan to return to break even over the next few years I would do exactly what their board have done and started building a credit rating with whatever lender would touch me to give me more flexibility later. It could of course be a crisis, payday loan type thing with the money already out the door as some have claimed but there is no evidence of that.
So all rosy then yes? Well, not quite. The problem kicks in for them as Celtic inevitably win 10 in a row and mop up some more Champions League along the way. Do their fans keep buying as many tickets and if they don’t do the board have the balls to downsize accordingly? The board’s decisions then may well lead them back toward financial recklessness.
I actually think they’ve resisted the temptation to spend ludicrous amounts of money so far, Caixinha wasted most of his budget but the quantum wasn’t outrageous (for as much as we can guess the exact quantum). If they keep down that track and wait until UEFA inevitably get their wish and lock our clubs out of the Champions League they have a chance to be semi-competitive with Celtic again with both earning Europa League money. It will take courage and a much better PR plan than they currently have for them to stick to a sustainable plan amidst howls from their support though.
Anyway, apologies for rambling so long. I look forward to the inevitable mass agreement with my post. 🙂
NICKMARCH 21, 2018 at 15:46
I agree with this bit, in fact, I think it is the best that TRFC can hope for . That and honest mistakes .
they have a chance to be semi-competitive with Celtic again with both earning Europa League money.
A wee bit of fun from The Guardian.
“Sir Alex Ferguson once fined Aberdeen’s John Hewitt for having the temerity to overtake his manager on a public road,” wrote Christian McKenzie in 2011. “Is that the most ridiculous reason for a fine in football?”
“Brian Clough (who else?) once fined Kenny Burns for playing a square ball across his own 18-yard line,” recalled Paul Miller. “He even presented Kenny with the typed-up fine at half-time.” Alex Bromley offered: “In 2002, everyone’s favourite prankster, Robbie Savage, was docked two weeks wages for using referee Graham Poll’s toilet.”
In 2008 Sir Alex Ferguson fined Cristiano Ronaldo £8,000 for sending a text message during training. Then there was Crystal Palace defender Damien Delaney, fined £235 and handed four points on his licence after speeding while at Ipswich. Delaney told magistrates the reason he was doing 44mph in a 30mph zone was that he was late for training and “I had an unreasonable boss [Roy Keane] and was worried I’d be docked two weeks’ wages.”
Nick March 21, 2018 at 15:46
I believe Rangers are on the soundest financial footing they have been for years
==============================
I too thought that they were on their way (albeit slowly) towards financial stability, until their last accounts showed that the directors had learned nothing from the past.
The club was reportedly 6 months away from break even when Llambias and Leach were ousted. They are now at least another two years away from that point.
They would not have “more or less broke even without the Sports Direct payment” The SD payment was £3m. They had to borrow £5.875m. That’s not close to breaking even.
They also went on a spending spree of £10.33m buying players (additions to intangible assets). The cash flow shows that they spent £4.3m in the last financial year, but have further commitments to pay £3.4m this year and £4.5m in the next.
Extra funding requirements of £4m this year and £3.2m next year were identified (complete with NOAL assurances). Again that is not breaking even.
IMO, there is a mighty gamble going on that they can get success in Europe, as their medium term business model is predicated on qualifying for the EL Group Stages at least twice in 5 years. There certainly was no Progres on that this season. With four qualifying rounds to play, it’s not an easy task, when you will be unseeded in at least two of those.
However, like many other teams’ finances, they can be transformed by unearthing a gem through their recruitment processes, or developing a talent (who stays around long enough to earn a big fee). The Morales situation was a case in point. Had there been a real £6m, £8m, £10m bid, then it could have resolved several of their issues in one fell swoop.
I believe that you are being over generous in your assessment that there are directors ready, able and willing to take up the slack or fund a further couple of losses of £3m-£4m.
As it is, I believe that the risks to the business are currently growing, rather than diminishing.
Paddy @ 16.48 21 March
I remember Jim McLean fining the whole team (DUFC) after they beat Motherwell 5-0 ! Their “attitude was unacceptable” if I recall correctly – a hard man to please , always .
John Clark
March 21, 2018 at 00:09
God help the poor deluded soul.
——————————————————–
Going by some posts.
He does not appear to like, “ Innocent until proven guilty.”
“It is a basic tenet of British law that the accused are innocent until proven guilty, and the burden of proof is on the prosecution. “
(Presumption of innocence)
Universal Declaration of Human Rights, Article 11.
Mind you:-
Ministry of Justice gets law ‘terribly wrong’ in its guide to courts.
It states:
“If you say you did not do a crime, you may have to go back to the Court on a different day, to show the Court you did not do the crime. This is called a trial.”
NAEGREETINMARCH 21, 2018 at 17:47
Found this .
https://www.eveningtelegraph.co.uk/fp/paul-hartley-jim-mclean-common-werent-happy-big-half-time-leads/
easyJamboMarch 21, 2018 at 17:07
‘…..As it is, I believe that the risks to the business are currently growing, rather than diminishing.’
_____________________
An excellent, well-balanced , knowledgeable post as ever, eJ.
There is little doubt that a unified Board prepared to get a serious grip on the task of cutting their coat according to their cloth would have probably by now got to the point where aspirations could have been raised with some degree of confidence.
King lies (ha!) at the heart of the problem: he is in no way a team player, he is too obviously looking after his own personal interests to be any kind of effective leader, and he has made himself (and RIFC plc ) a virtual pariah in the world of business.
He is nothing but a liability, and if he remains for much longer, he will do nothing but add to the liabilities and/or cause the others to cut their losses and bail out.
Paddy @ 18.19 21 March
That’s the one ! I’d forgotten it was 6-1 (not 5-0) – those were the days .
PADDY MALARKEYMARCH 21, 2018 at 16:42
Not a fine…But.
I remember someone once got a hair dryer from their manager.
ok i will get my coat
I’m swear I am not chasing you down nick but you are rather leading with your chin:
I disagree – I believe that Sevco/Rangers have been on a stronger financial footing than they are right now – shortly after they raised £22m million on their IPO (“Initial” being the operative word) – they had a brand new dawn, they had cash in the bank a motivated fan base, new shareholders they could tap for interest-free loans and a “chairman” who was not under threat of perjury for pleading poverty whilst controlling a trust that may or may not have to stump up £11m to bankroll the TOP’s demands.
How, pray tell, are their circumstances better now?
JOCKYBHOYMARCH 21, 2018 at 20:15
How, pray tell, are their circumstances better now?
They have a few players out of contract in the summer i believe.So new players have to be brought in.The loan players if they are kept on will have to be signed and if they go back to their parent club, more players will have to be signed again.
All the above is going to cost money.
They then may have to get a new manager and maybe his back room staff.If they are currently in employment with someone else. well..
All the above is going to cost money.
If they negotiate a new retail deal with someone,this might bring in some money,if it is completed in time for the fans to buy new shirts.
They have been granted permission to get the rooves (is it rooves or roofs?) fixed. So work will have to be seem to get started on that.
All the above is going to cost money.
They at a must,must finish top 3 to bring in some money.
Oh!
and they need to pay back the loans.
Looks great from here
NICKMARCH 21, 2018 at 15:46
Nick I have a degree of sympathy with what you say.
At present the debt at Ibrox is generally internal (bar the latest Close Bros involvement) and no-one seemed to be overly bothered or having a melt down when Aberdeen owed £15m to the banks and others.
In fact that indebtedness was what they used to build a team that has become the second strongest in Scotland. Surely that’s not fair, sporting advantage etc etc ?
Therefore if T’Rangers can pull something out of the hat as Aberdeen did with debt swap and a new injection of cash they can battle on.
This is why I believe they will continue to kick the can down the road a bit longer.
The problem is however not where there are now, but as EJ has said, where they (as per their own accounts and buying habits) are heading.
Park showed he understood it all when he came on board and talked about needing seven years to rebuild.
Clearly that idea has been booted down the marble staircase and like days gone by for the Oldco it has been a case of splashing what cash they have as quickly as they can in an attempt to be Billy Big Baws.
The trouble this time is that it has got them nowhere to date. Frankly because they do not have the means to fill the circa £30m hole identified by Bill Miller and the £50m hole identified by King himself if they were to make an immediate and urgent impact in terms of catching Celtic.
I am sure I was correct in hearing on Sportsound or elsewhere on the radio the other day that King reckons they are shelling out £87k a week on players who have been making no impact on the first team in the last few months. That is scary money and comes in at £4.5m a year if it doesn’t get sorted!!
The accounts for old and newco show that Ibrox clubs spend much, much more than they bring in through the gate. Additional monies are required. The newco is already spunking what they get in TV, prize and retail money. There is no sign of any of these additional streams increasing significantly or getting near the level that Celtic are bringing in.
Celtic will always have 10k more seats to sell, they have a better opportunity to access Euro prize money, they have a track record in their marketing / sponsorship activities, they have a number of player assets that have the potential to be sold on for money if required.
T’Rangers have none of that and any improvements in that situation are a long way off.
Yes they could be in a great place financially but that only applies if they didn’t have such lofty ambitions.
Due to others being inconsistent and sometimes total dross, T’Rangers have shown that it doesn’t take much to get yourself to the Euro qualifying spots and on decent cup runs.
If they can be described as being in a better financial place for a long time, the question is do they really need to be putting the whole operation in danger recklessly chasing what is presently unobtainable?
From the published data we know that The Ibrox Club had loans totalling 16.9 million, and only a promise of 4.2 million from NOAL this season and in excess of 3 million next prevented a going concern warning.
We also know that 3 million of liquidity has been provided by Close Brothers.
We further know that Alistair Johnston has made some financial commitment to the club.
We also know that Dave King has to provide proof of 11 million worth of funding to meet the requirements of the takeover panel.
These facts can lead to some logical surmising.
NOAL did not pay the 4.2 million it had promised, and none of the other directors has access to that level of liquidity.
The further liquidity needed for next session will not be forthcoming from either NOAL or the other directors, and it seems unlikely that this additional funding will be found readily in the market place.
NOAL will not fund the share issue, and financial restraints (cold shouldering) will be imposed upon Dave King.
To function properly and avoid contagion from the cold shoulder, Rangers will need to divest itself of Dave King. This will involve 6.9 million to repay his loan, and some kind of offer on his shares.
Hence, even if we assume the 3 bears will not inherit King’s TOP liability, they, or some other investor, will need to find c15 million pounds to buy off King and meet the ongoing liability.
At that point they will inherit a club which may or may not have a European license, and which will have a projected 4 million in additional annual losses should they fail to reach the Europa League Group stages.
I don’t realistically see at present where that money can come from.
I would say the financial situation is more perilous than at any other point in the club’s history. It is perfectly feasible that when King fails to deliver on the share issue, then the only way forward is to liquidate. Trying to continue may simply not be viable.
The only way forward is to find new investors prepared to pony upwards of 15 million, or for the 3 bears to sink ever more cash into the bottomless pit, even assuming they have it to invest.
I would not be at all surprised if they simply run out of cash when the Close Brothers loan runs out, and no-one will be willing and/or able to put in the necessary finance.
Of course, I could be wrong.
Anyone who thinks Rangers have performed anything other than shockingly on a financial level is kidding themselves on.
They have run at a trading loss in every year of their existence, will do the same this season and are predicting doing the same next season.
Their “internal debt” is also a nonsense. The club will owe the holding company something like £20m by the end of this season. The PLC in turn owes a similar amount to it’s shareholders and their associates. If they convert that to equity then it means the first £20m in any share issue brings in absolutely nothing. It’s already spent.
Even when it’s done the club still owes the PLC about £20m. A share issue and an equity swap clears the debt from the PLC to the shareholders etc. It does nothing for the debt from the club to the holding company unless I have picked that up wrong.
They now have the debt to Close, still have no proper banking facilities and are operating on a “cash basis”. Seriously, it’s a mess and has been since the club was formed at the beginning of the decade.
Any sign of the PLC interim accounts for Dec 2017, do they actually have to release something, or is that optional.
Homunculus March 21, 2018 at 21:23
Any sign of the PLC interim accounts for Dec 2017, do they actually have to release something, or is that optional.
==========================
They don’t have to produce interim accounts as it’s not a listed company.
As an unlisted PLC they are only required to post their annual accounts within six months of their year end.
Based on the last couple of years we may see a shortened P&L statement for the period up to the end of December within the next 10 days. They will have to provide something of that ilk to the SFA for UEFA Licensing purposes by the end of March anyway.
EASYJAMBO
MARCH 21, 2018 at 21:38
==================================
Thanks, that’s what I thought.
I will draw no negative inference if they decide not to release interim accounts.
I am sure the SFA will ensure that Rangers are meeting the SFA’s stringent rules before granting them the licence to play in European competition.
iceman63
March 21, 2018 at 21:13
‘It is perfectly feasible that when King fails to deliver on the share issue, then the only way forward is to liquidate.’
________________
I think I may have asked this before ,iceman, and I don’t know whether anyone gave an answer: is it technically possible for RIFC plc to make a public offer of shares , before King makes his personal offer to buy the shares of non-concert party shareholders @20p per share?
Or is any kind of share-dealing ( except maybe privately between individuals) out of the question until he has complied with the Court order?
I have been trying to find anything on the question in the Takeover Code and rules, but it’s heavy going, and there’s nothing too clear about the situation.
I’d expect that the answer should be No, RIFC plc may not try to raise some capital by a share offer while their Chairman is under Court order to offer to buy other present shareholders’ shares @20p.
But given that the Court order is sort of personal to King, and between him and existing shareholders, it might conceivably be in the Board’s power to make a public offer to anybody and everybody.
Having the power to do so, of course, is not much good if it can’t be exercised because you can’t find a Nomad or other such person(s) necessary for the production of a Prospectus, because your Chairman is ‘cold shouldered’.
The Board will have to ditch King if he doesn’t comply within whatever time period the ToP has allowed him, if they are to have any hope of launching a public offer.
And even then, what price the shares, when the ‘public’ know that the most recent price was 20p?
It is a good question, John. I have no idea. Logically it would seem impossible, to conduct a share issue in those circumstances. Legally, I have no knowledge at all.
Before 2012, I read Phil’s blog as if it were an elaborate fantasy, and RTC as some kind of obscurantist treatise, but events proved them wholly correct, and what I assumed impossible actually came to pass. . Since then, the possibility of another insolvency at Ibrox has always seemed plausible. Since King got his claws in, I have always felt insolvency is only a matter of time.
The staggering stupidity of the last three years in taking on a club with a debt of around 6 million and through gross incompetence and utter waste transform it into a debt of over twenty million is dumbfounding, given the recent history at Ibrox. I genuinely cannot understand it. The budget places them in debt that can’t be sustained, yet can never make them remotely competitive with Celtic. They are burning millions in a battle for second place, and the rewards simply do not compute for the risks taken.
There may well be some elaborate shadow dancing going on here where to the 3 bears could access the funds required but will not do so until King is got rid of, as he poisons the entire well.
That, I think, is their last, best hope.
These are well connected individuals. It’s just possible that there are willing investors who could see some merit in a well run financially stable club but who would utterly abhor any connection with King, I wouldn’t blame them.
Short of something left field, or the mythical sugar daddy, I am lost as to how they progress.