Where now for the Judicial Panel Protocol?

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As discuseed previously, a succesful share issue is an absolute …

Comment on Where now for the Judicial Panel Protocol? by Alex Cox.

As discuseed previously, a succesful share issue is an absolute must if no othert “private investors” are found.

Football clubs are very much front loaded on income, this is particularly true of Rangers with no European income this year (and another few).

Looking at their current likely expenses it seems obvious that they are spending the season ticket income, which should really last most of the year, in order to keep the business afloat just now. That money has to be replaced, once it is gone it is gone and overheads, wages etc will still have to be paid. With no European income to make up the difference their simply won’t be enough money.

The share issue is, and laways has been the gamble. If it is succcesful Charles Green and the other investors will make a profit whilst still owning and controlling the major assets of th business. That profit will come directly from the pockets of the Rangers’ supporters.

If it is a failure then the business will almost certainly fold. They will be unable to borrow money to make up the shortfall. Quite simply it will not be a viable trading entity.

For Sevco this is the really important issue. Loss of titles, bringing the game into disrepute etc will largely be irrelevant. If the share issue fails then the new club will almost certainly die, in it’s first season.

All hail the blue knights and the next episode.

Alex Cox Also Commented

Where now for the Judicial Panel Protocol?
WOTTPI says:
September 7, 2012 at 16:14


If they have managed to half the costs (not including wages) then the bill will be £7m or more. Given they still have to run Ibrox, Murray Park, pay policing costs etc.

Where now for the Judicial Panel Protocol?
WOTTPI says:
September 7, 2012 at 14:21


Personally I think that without further private investment or an at least reasonably good uptake on a share iossue they will struggle to see the season out. Rising debt, in order to cover the income shortfall is not an option unless someone is willing to actually lend them the money. Given the circumstances it seems unlikely that loans at reasonable rates will be available.

Bearing in mind the previous club was forced down the commercial wonga route. Potential lenders will not be as naive as fans. Any borrowing will be at a high rate of interest and secured to the maximum available. If borrowing is available at all.

The share issue really is the final throw of the dice as far as I can see. It was also planned on SPL football, and one year out of Europe. So it will be even more difficult than had been at first thought.

Where now for the Judicial Panel Protocol?
tomtom says:
September 7, 2012 at 15:26


Given what he has said and the tone in which he said it, then there were 4 people there.

Mr Johnstone, himself and two others.

Recent Comments by Alex Cox

Charles Green – What Will Football’s Authorities Do?
I think people are maybe taking Mr Lawwell’s words a wee bit too much on trust. It is true that Neil Lennon was allowed to keep his squad together in order to secure the SPL and from there the CL group place.

However, had they not achieved that Mr Lawwell had the option of selling a few players registrations in order to make up the shortfall.

Yes it was a gamble, but it was a gamble with a back up plan. Had Celtic not qualified for the CL group then I am quite sure another player, in addition to Ki would have left Celtic.

Whatever anyone thinks of Celtic one thing is sure, Celtic are financially well organised and have a board which sticks to it’s plans. Even if a lot of the support don’t agree … a lot of the time.

Celtic will make a healthy profit this season. They will almost certainly use that to clear debt and tidy up the financial situation. To do otherwise would be short term thinking. Celtic will use this period to make themselves healthier for the coming seasons. In the time of plenty it is always best to prepare for the times of famine.

Charles Green – What Will Football’s Authorities Do?
Bigrabbit says:
September 18, 2012 at 12:30


The CVA was rejected by HMRC because Rangers stole a huge amount of money in under 1 year. They collected PAYE and NI from employees in addition to VAT from customers and simply spent the money rather than paying their tax bills.

Everyone knew the CVA would be rejected under those circumstances, including the administrators, the owners of the existing business, and the owners of the new business. There was no way it was going to be agreed.

The “sale of assets” if a CVA fails was a farce. It was designed to make it look like Green would pay £8.5m to the creditors to take control of the existing business but the big bad revenue blocked that so it was only £5.5m.

It was a con trick which they were all involved in, talk about smoke and mirrors, Mr Murray has nothing on this lot.

Charles Green – What Will Football’s Authorities Do?
Perry Whyte says:
September 18, 2012 at 12:40

This is what it really says


Specialist institutional securities firm Cenkos Securities has appointed Mike Chilton, Paul Hodges, Joe Nally and Jeremy Warner Allen as executive directors of the company and members of the board, subject to approval from the Financial Services Authority.

The non-executive directors called for the appointments to the board to strengthen the company’s leadership, represent the interests of its shareholders and ensure regulatory governance. The four new members of the board will serve under Jim Durkin, current chief executive officer.

Charles Green – What Will Football’s Authorities Do?
easyJambo says:


As discussed many times the plan always was a share issue. Basically the Rangers fans putting their hands in their pockets and doing two things a, giving the private investors a return on their money and b, providing a cash injection to keep the business going.

That is when we will see who is really serious about this. When the talking stops who will actually put their own money into Charles Green’s business. Who will double the money rich people put in and who will provide them with the funds to keep their business going.

The talking is almost over from a Sevco perspective. The time for real action is almost upon them. One wonders how much effort will be put into the propaganda war twixt now and the issue. Charles seems to have learned how important that is. Can he manage the final shove and get their money out of their pockets.

We shall see.

(To Rangers fans reading, both self proclaimed and simply reading without posting, it really is up to you now. Are you willing to buy into the Green dream in the same way you bought into Murray and Whyte. Your club, your money, your shout.)

Charles Green – What Will Football’s Authorities Do?
Eastern ex-pat says:
September 18, 2012 at 09:45


I think that is exactly the agenda now. “Nothing to see here”, often followed by “Let’s all just get back to talking about football” and accussing people of being obsessed.

The thing is, this story is far from over and indeed is far from just being about football. In fact if one is honest football is only an incidental part. It is really about systematic abuse of the tax system by a business in Scotland and how that was covered up by the authorities and the media. At the very least by failing to act on it or report on it. It is about how a business was seen to be above the law, and how those in power and with influence tried to help them get away with it, and minimise the damage.

It isn’t really about football, that is only the trade that business happened to be in. It is about lies, misprepresentation and favouritism. It is about being too big and too important to fail, and the dangers that entails. No person or business should be seen as being above the law, rules and regulations. For certain people Rangers were seen to be just that. Thankfully others said “No, that is just wrong. And we are willing to cope with the dire consequences you predict if that is the only way justice can be done”.

So let’s not “move along” there is still plenty to see here, still plenty of lies and corruption to expose. Still justice to be seen done.

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