LNS is currently back in the headlines. It might therefore be a good time to try to set out a timeline describing correspondence we had with the representatives of the authorities over discrepancies and anomalies that appeared to have arisen. None of this is necessarily predicated upon the recent findings of the CoS in the Big Tax Case, but stands on its own.
Back in February 2014 The Scottish Football Monitor wrote to Harper MacLeod, the law firm that the SPL had engaged to gather evidence for the Lord Nimmo Smith (LNS) Commission investigating the full and proper registration of players paid by Rangers Football Club under Employee Benefit Trust (EBT) arrangements.
The initial set-up of the LNS Commission on 5th March 2012 by the SPL (View File) charged LNS with a look at EBTs from 1st July 1998 (when the SPL came into being).
In practice though, the Commission only looked at EBTs from 23 November 2000 onwards.
This change of date was based on the earliest side letter supplied by Duff and Phelps, although Harper MacLeod had requested ALL documentation from 1998 to March 2012 relating to ALL EBTs.
This prompted a series of letters to Harper MacLeod from The Scottish Football Monitor, although Harper MacLeod’s replies failed to address the issues raised.
The passage of time blurs memories but this archive is designed to remind readers of those blogs and correspondence, and the key points contained in them.
It also highlights the apparent inability or unwillingness on the part of the SPL and SFA to engage with us in any meaningful way.
NB: The SFA were informed of our correspondence by Harper MacLeod in October 2014.
It is extremely difficult to be concise in this situation. There are various strands of argument and details seemingly small, but vitally important – however the following is an attempt to make the material accessible and provides links to the relevant files in chronological order (links are in green).
- Item 1: The first SFM letter of 19th February 2014 to Harper MacLeod
- Item 2: The Annexes containing the documents apparently not supplied to Harper Macleod in the spring of 2012 along with other pertinent information about the testimony given to LNS during the Commission.
- Item 3: The SFM response of 29 March 2014 to Harper MacLeod’s reply to the first letter.
- Item 3.1: An SFM analysis of Harper MacLeod’s initial reply attached to response at 3.
- Item 4: An SFM blog of 5th September pointing out how the documents not supplied had a direct impact on the advice given to the SPL Board to accept The Decision of The LNS Commission.
- Item 5: The last letter of 4th October 2014 to Harper MacLeod answering points raised by them (see next) and thanking them for passing our correspondence to the SFA Compliance Officer who has so far deigned not to reply.
- Item 5.1: Harper MacLeod’s actual response to SFM 5th September letter.
- Item 6: An SFM Blog (Inc. a transcript of an interview between Alex Thomson and Stewart Regan).
- Item 6.1: Truncated version of above blog.
- Item 7: A clearer extract of key document from Item 2 Annexes
Having no locus to demand answers from the SPL or the SFA, all we can do is provide information – information that we believe presents a prima facie case that LNS was deeply flawed even before the latest developments in the Tax Case came to light. The challenge for us is this: what can we do about it?
It is clear from the meagre response we have received that the authorities are unwilling to engage with us, so it is fair to assume that further correspondence will be met with the same lack of response.
Are we merely a bunch of obsessed nut-jobs with our own take on the Flat Earth conspiracy? If that is the case, surely a few words of explanation to dispel our doubts would have had traction with the rest of the football public. Indeed the lack of any reply undoubtedly serves as confirmation of our belief that something may be seriously wrong.
The questions have been posed. The SFA appears to think that not answering them is a wise course of action. Given that anecdotal evidence presents a compelling case that the general football public are widely in agreement with us, are there any journalists out there who will take the time to look at what we have observed and what we seek clarification on?
There are undoubtedly inferences to be drawn from the evidence we have, and from the silence of the authorities.
The statement by Celtic on Friday 13th November is certainly a start in the process we wish to begin, but it only mentions the elephant in the room. It gives no clue about how it could be transported to another place.
In the first instance we at SFM seek only explanations, and despite the inferences mentioned earlier, we are still eager to be satisfied that rules were followed and justice done.
Is there really nobody in the MSM who has the courage to seek the answers we seek? I suspect not. What we do in the absence of that courage is important. We are at a crossroads. Either we give up on the game altogether and spend our Saturdays and Sundays doing other things – or we find a way to get these questions out of blog pages and into the mainstream.
We need an alliance of fans of all clubs to do that, and we will be looking to build that alliance. I would urge fans of all clubs to give this material to fan sites of their own clubs.
These are not just words. There can be no movement on this issue unless our reach is extended. SFM alone does not have the clout required to bring the clubs to the table or the MSM to fair and balanced reporting. We need that alliance of fans desperately. We don’t seek leadership of that alliance – but we are happy to provide it if required.
This is not a campaign to have Rangers punished. I understand that Rangers fans (since their club is in the middle of this mess) are reluctant to see us as anything other than a bunch of Rangers haters.
That is unequivocally not the case from the perspective of the moderators of this blog. SFM is committed to justice, and to the integrity of the sport we all love.
Justice is ON THE SIDE of Rangers and their fans – it does not conspire against them. A growing number of Rangers fans are coming round to our way of thinking and our tone must reflect that. This is not a Celtic or Hearts or Aberdeen or anybody else v Rangers issue. This is a fans v corrupt authorities issue.
We all deserve answers, and hopefully our alliance will compel each individual club to act in the interests of the fans .
BBC Sportsound giving us a real balanced panel (not!) tonight yet again. Kenny McIntyre hosting, with Richard Wilson, Derek Ferguson, and Chick Young in the studio. Not for me although my money helps to fund this imbalance.
Rafa Benitez under pressure at Real Madrid – maybe that is the real prize for the Govan special one albeit that it is probably regarded as a smaller club than TRFC even though the Madrid outfit could have a whole constellation of stars on their shirts.
Thought tonight’s Sportsound could be lively following Mark Warburton’s obvious annoyance at today’s press speculation. ( wonder if tomorrow’s rags will refer to his, some may consider, disrespectful “rant” as they surely would describe a similar performance from Ronny Deila?????) I think we all know the answer to that one. There will have been no rant
My first thought was that instead of the usual 20+ minutes of the usual Rangers guff we may actually get close to an entire programme.
What happened? FIVE minutes talking about Warbmeister’s annoyance and then move on to Hearts AGM, followed by a Michael O’Hallaran, St a Johnstone chat. Wee Chick said not one word on the matter.
Amazing. Have never heard less talk of Rangers ever on the show. Long may that continue except we all know Kenny MacIntyre and his cohorts will soon get back on-message. Looks like Level5 may have sent a message and, as ever, Sportsound disgracefully comply.
Level Sinko has done well to keep ramping the Warburton/Fulham non-story in the media & avoiding difficult (well, maybe not
) Res.10 questions
I suspect that a few stenographers will be having a nice Christmas lunch on JT’s (RIFC/TRFC’s) expense account.
Imagine: a journalist, “Here JT, this lamb’s no’ very succulent.” JT, “That’s no’ lamb, son, that’s a squirrel…”
No newspaper (sports reporting wise) has any credibility in Scotland (twinned with any sport radio stations IMO) when it comes to the reporting of all things Ibrox related. None. Now what are they hoping for in the future? Do they hope none of these up and coming seious court cases are going to take place? As there are things that will come out that relate to the truth in this saga, such terms as Sevco 5088, Sevco Scotland, admistration and liquadation all concerning one club (goodness knows how many companies) who played at Ibrox. And all these terms will be bouncing round the court room walls daily. How will the smsm report on this, as this may cause them many sleepless nights before the court cases commence (for a good nights sleep why not try this, report the truth). I have faith that there will be some internet bampots attending these trials (I may attend personnlly if trials are in Glasgow/Edinburgh) and we will get a truthful version daily, JC springs to mind instantly.
So not only am I looking forward to the truth to prevail (whatever it may be) from these trials, I am also in a sick/happy sort of way looking forward to the smsm reporting on these events. Honestly I am.
Jingso.Jimsie 3rd December 2015 at 7:27 pm
===============================
Indeed.
The club has just had an AGM, where the board promised to do various things, including paying back Sports Direct’s £5m, getting ownership of the IP back, releasing the security over their properties.
However they spectacularly failed to have a special resolution passed. Couldn’t get the 75% required, even after not allowing 10% of their own shareholders who would possibly have opposed them cast a vote at all. They also failed to have Mike Ashley’s rights as a shareholder removed, as he obtained an injunction to stop them even voting on it.
This is big news, it is a fundamental change and has put any plan they had in serious doubt. Where will the £5m come from now, how will Ashley be paid, where will the £2.5m to make ends meet come from, will the shareholders still put that money in, what will happen to the other £3.75m debt which was to be converted to shares. Will they have a share issue at all now.
However the talk in the press has been about a rumour that Fulham (who totally denied it) were interested in Mark Warburton (who totally denied it) and that there have been another four offers for his services. That is what people have been talking about, not the catastrophic AGM vote.
Smoke and mirrors.
The high court case against the not so magnificent seven (maybe just six atm) resumes on Monday with a continuation of the Preliminary Hearing. I’d imagine that it will be fairly dry stuff, discussing disclosure of evidence and possibly agreed evidence. I can’t make it on Monday or Tuesday as I’m still on holiday but hope to see JC there on Wednesday.
Refreshing to see the straightforward way the Hearts AGM was handled today. A club on the rise with good people in charge after some serious mismanagement over a period of years. I’m willing to be Ms Budge’s promise of a new main stand would not have been made if she wasn’t going to keep it. No populist grandstanding and no lashing out in several directions. What a contrast to that stage managed nonsense we had rammed down our throats last Friday.
I noted today that one of the FiFa arrested gentlemen, Jeffrey Webb, has pleaded guilty in USA, to a number of charges, including one of “racketeering” .
How I love that word !
Would that we had a similar charge in Scotland, because that is what the organisation of football is……a racket !
easyJambo is it Glasgow High court and if so when is it open to the public
easyJambo 2nd December 2015 at 10:49 pm #BigGav 2nd December 2015 at 11:29 pm #
Always amazes me how the bampots can be twenty four hours ahead of the mainstream media. Well done gentleman. Mind you, when it comes to SEVCO, the lag is somewhat longer – Phyl can often be 6 months ahead of the curve!
easyJambo 3rd December 2015 at 8:47 pm
‘…..The high court case against the not so magnificent seven (maybe just six atm) resumes on Monday..’
______
I will try to attend all the days if I can, and overcome my fear of they big Polis! That poor lassie next to us nearly got piten oot for noddin’off!
See you in Court, Wednesday!
zerotolerance1903 3rd December 2015 at 3:21 pm #
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Can someone please explain why, without fail, it always takes TWO pushes of the ?? before it is acknowledged and yet due to a sausage finger and underfoot being unsteady my very first brush of the ?? results in your solitary one being from me?!?
Sorry! 
Barcabhoy 3rd December 2015 at 1:21 am #
Great post Barcabbhoy
£40m is even a bit conservative in my opinion! I said on here some time ago (scoffed at at the time) that £100m would not guarantee success. We had a timely reminder the other night that the stadium is crumbling. Surely they must have had a visit from the Health and Safety Exec after that. That stadium will eat money once they realise (or are told) that they can no longer put off making repairs.
As an aside, surely they have suitable public liability insurance – they would not renage on that particular bill – would they?
jimbo 3rd December 2015 at 2:19 am
‘.. Don’t listen to me JC as AJ said yesterday, I just throw my tuppence worth in. ‘
________
jimbo, I do listen, and will continue to listen, to you, of course.
Anyone who takes the trouble to put his thoughts and opinions in writing deserves the courtesy of a ‘hearing’!
Perhaps my antennae are overly sensitive to the need to keep the fact that every professional football club in Scotland, every amateur club, every junior club, every schools association, every five-, six- or seven-a-side player, every women’s football league and team, have been affected by the dirty deeds of SDM and his RFC, and the worse dirty deeds of our Football Governance people.
That sensitivity keeps me on the ‘qui vive’ for any suggestion , even an innocent, well-intentioned exhortation, that only one club out of the 41 has any kind of duty to call our Administrators to task.
The baddies are few: we are many. And our various club chairmen and CEOs etc know that we are many.
We must keep insisting on the truth, and refuse to accept the lying/mistaken assertions of gombeen men in the BBC and their forsworn equivalents in the print Press who , working in concert, would have us believe that only one club and its supporters have a ‘problem’ with the SFA and TRFC Ltd.
I would not offend you for the world, jimbo!
armchairsupporter 3rd December 2015 at 10:50 pm
‘.. We had a timely reminder the other night that the stadium is crumbling. Surely they must have had a visit from the Health and Safety Exec after that. …’
________
I remember being assured, assured, by the office of the Minister for the Commonwealth Games, that Ibrox Stadium as a venue for (what was it? Boxing?) was rigourously checked for safety etc on an ongoing basis before its use as a venue..
Now, as far as I know out here in the ‘east’, all that Glasgow had the other day was normal kinds of ‘high wind’- the kind that maybe stops high-sided vehicles crossing the Forth and other high road bridges.No cyclones, no tornado,no hurricane, no slates being blown off sandstone tenements,or bus shelters or trees uprooted.
I draw my own conclusions both about the Minister for the Commonwealth Games and about the state of Ibrox stadium.
John Clark
Meant to be 60/70mph over weekend so will see if it falls down
I’ve just gone into my John Clark email address, and have noticed this in my inbox:
“Dear Mr Clark,
Thank you for your email, which we have forwarded to Adrian Durham. It is always useful when readers offer their personal opinions and experiences.
Due to the volume of correspondence Adrian receives, he is unable to respond to letters personally, but thanks you for taking the time to write.
Yours sincerely,
Nicola Foxen ”
—–
Now, I ask, why are our 6th Floor people so utterly, utterly lacking in savvy as to refuse to be courteous enough to acknowledge receipt of letters? Even ‘recorded delivery’ letters, which, by definition, they cannot deny they received?
Bunker mentality at its most self-destructive extreme.
And on the radio news, I’ve just heard a lovely phrase used by a spokeswoman for the US folk prosecuting the FIFA rogues: “the scale of corruption is unconscionable”
In the context of wee Scotland and its football, I think it would be fair to say that that phrase could equally be used, and truthfully so.
Press complicit, BBC Radio Scotland complicit, and complicit for years in supporting by their silence and the silencing of dissentient voices, the most blatantly corrupt acceptance by the football authorities of the most blatant sports cheating by a disgusting specimen of a false knight of the realm!
John Clark
Great to read that you will once again be our “senior” court reporter next week.
“The pen is mightier than the sword!”
I’m avidly looking forward to reading your pithy and witty commentary, especially the pre match “team sheets”, the playing conditions and the atmosphere in the stands/crowd as this sets the scene perfectly furr aw uzz fitba’ daft bampots.
As somebody famous is reported to have said
Homunculus 3rd December 2015 at 7:53 pm
‘…Smoke and mirrors’
______
And not the harmless, fairground, magic tricks ‘smoke and mirrors’, but ( and I appreciate you don’t like the word!) an evil and deliberate attempt to divert us from the truth.
As I suffer from a slightly masochistic personality trait
, I’ve just listened to Sportsound on BBC Radio I-player!
Lot’s of praise for Anne Budge and her management team, but why no comparison to the omnishambles of chicanery down Ibrox way?
If only BBC Scotland would bring in their Senior Business Correspondents to cover the financials of club AGM’s fans might actually get a “true and fair” snapshot of the financial health or terminal illness of their clubs.
It’s not as if we don’t pay enough in our TV Licence Fee to fund such coverage! Grrrrrrrr!!
sannoffymesssoitizz 4th December 2015 at 1:38 am
‘…I’m avidly looking forward to reading your pithy and witty commentary, especially the pre match “team sheets”, the playing conditions and the atmosphere in the stands/crowd as this sets the scene perfectly furr aw uzz fitba’ daft ..’
______
Sadly, the reporting restrictions really do get in the way! I take them seriously, both out of agreement in principle and out of fear!
But I really enjoy seeing the actual humdrumness of court proceedings in reality as opposed to the TV and movies representation.
To see the laughs and jokes between opposing Counsel before the cry of ‘Court!’ as the judge enters; to see the sometimes anxious turn round to their briefing solicitors to check a fact; and to see the absolute, absolute, deference to the judge, is quite an experience.
And it is for real, the deference. If a judge says something like ‘I rather think you are perhaps straying from the main point of such and such a decision’ , Counsel will say something like” I’m sure your Lordship is correct, and I phrased myself badly..”
And, importantly, it is not slavish , forelock- tugging deference, but deference to the fact that the judge knows his/her stuff.
I have said more than once that anyone with the leisure to do so would find it most instructive to spend an hour or two in the public gallery of any court.
I have to take my hat off to Rangers PR people this week. It appears what the BBC consider to be a reliable source gave them a story linking Mark Warburton to Fulham. It is worth noting the BBC continue to stand by the story and repeated this yesterday on the TV/Radio news and online. From the Rangers side however, none other than Mark Warburton himself has angrily come out in denial of the story, with the BBC subsequently under siege from angry bears. The news coverage this morning is akin to what we used to see when Sir Alex Ferguson came out in denial of the several retirement rumours we heard over the years. Aside from what is coverage way out of perspective on what has happened, we are entitled to be asked if the BBC were well and truly stitched up. Mark Warburton’s demeanour last night did not suggest anything other than an impassioned honesty when he said he was going nowhere yet the BBC still stand by what they said is correct.
The bottom line is though an important resolution at Rangers AGM failed, and it raises serious doubts on their future financing. That SHOULD have been the topic for debate but instead the Scottish media now have Warburton’s managerial stock up there with the best, which is utterly ridiculous given what he has actually achieved. Meanwhile a major media outlet Rangers and their fans have held a grudge against for years is being made to look as if it’s making up unsettling stories, or is not willing to check the reliability of its sources.
UTH, I think it’s a bit exaggerated to suggest that linking him to Fulham and a few other clubs has ‘him up there with the best’. There was of course the Liverpool link…. but they decided to go with Klopp (how’s that worked out?) and that was nothing more than free publicity for a bookmaker which was ridiculed on the BBC sports reports I watched at the time.
I wouldn’t expect sports journalists to cover in detail AGMs just as I wouldn’t expect business journalists to type up a match report. For me the bottom line is this is further evidence of how Rangers supporters are being poorly served by the media in general. Puff pieces and speculation help no one when there are serious questions to ask.
John James is hinting at a £500k bonus in Warburton’s contract that they would be keen to get out of. JJ does tend to throw an awful lot of darts at the board though.
Morning all. I was wondering if anyone knows why Phil Mac has gone very quiet. Nothing on twitter or his blog for several days. I hope he is safe. I do not use twitter but maybe someone who does could tweet him and let us know.
The Rangers support can hardly complain about being poorly served when any journalist who does ask the serious questions is basically hounded out of town. Ask Mark Daly and Jim Spence for starters.
They simply are not interested in any facts which reflect badly on their club. The Chris Jack school of “journalism” is what they prefer, and by now, it is just about all they get. Even the pretty harmless Tom English gets branded a “hater” if he asks any question that might produce an answer that the Ibrox support wouldn’t like.
I find it worrying that our supposedly free media can be successfully bullied into silence or even complicity, as they clearly have been.
I’m tended to agree that the BBC do appear to have been sent in pursuit of the bird that honks on this one, perhaps as a matter of convenience (and certainly not for the BBC) but possibly just coincidence.
That said, The BBC pursuing a transfer story when the selling club say they’ve heard nothing, the player says he’s going no-where and the buying club says “nothing to do with us” accompanied by a knowing smile is most certainly nothing new to them, its just the targeted club this time is different, very different. Most unusual.
I have no doubt there is the usual jiggery pokery with regards to Warburton and the Fulham job.
Where it is coming from is anyone’s guess. It has of course been a welcomed distraction from the AGM results so we can make of that what we will.
However the interest from down south could be legitimate has he was mentioned in dispatches as a Fulham candidate earlier in the year before even getting a sniff at the Ibrox job.
Similarly his desire to stay at Ibrox could be equally genuine when you think that, things are going well so far on the pitch, he is well loved by the Bears, is doing what he was brought in to do and a move to Fulham, where Khan has gone through four managers in two years, may bring in a short term boost to his income but his job security could be well dodgy. (Job security could be equally dodgy at Ibrox depending on finances!!)
The question will be come the end of January re- will he and his team be in a better position to secure promotion and be ready for Premiership football next season by making additions to the squad or will it be extended contracts for some and more loan deals that show the true position of the finances at T’Rangers.
As always this will come down to money at the end of the day. Either he will see he is getting the support he wants from the Blue Room or will find it is a busted flush and therefore joining the English Manager’s Merry-go-round may have its attractions.
Morning All
regards the BBC,you just need to go to the man in the know of all thing Rangers and an employee of the Beeb to get the facts!,wee Chico.simples.
incredibleadamspark 4th December 2015 at 9:07 am
I wouldn’t expect sports journalists to cover in detail AGMs just as I wouldn’t expect business journalists to type up a match report.
—————————————————————–
Compare and contrast reporting from smsm on Celtic AGM with Ibrox AGM.
neepheid 4th December 2015 at 9:32 am
I take your point…. up to a point. I don’t think either of us believes that the treatment of Mark Daley or Jim Spence was condoned or endorsed by all of the Rangers support. To then define all those fans by the worst actions of an unknown number is unfair IMHO.
My dad has recently started taking my young nephew to Ibrox, as he did with me and my brother when we were the same age, and I have a number of friends who are Rangers fans. They’re not particularly active on social media, are as disappointed in the SMSM as we are on SFM and go to the games because they simply want to watch some football and support their team. Your description of ‘them’ is inaccurate.
Are all Rangers fans like this? Of course not and generalizing an entire support as one thing or the other is unhelpful.
valentinesclown 4th December 2015 at 9:58 am
That’s the point I’m making. Because it’s a football club the media send sports journalists to cover them. They are not qualified to do so and the Celtic fans are as poorly served by this as the Rangers fans are.
Morning all.
WRT the english managerial merry go-round:
Last week Steve Clarke turned down the Fulham job(he actually was interviewed) to stay with Reading.
This morning,Steve Clarke was sacked by Reading.
I’m sure Wharbs claimed on Monday that it is obviously flattering when reading that your name is being linked with other clubs.
Ah, so he admits to having been (at) Reading then!!!
This tabloid stuff’s easy!
Buteo Buteo 4th December 2015 at 9:28 am # Morning all. I was wondering if anyone knows why Phil Mac has gone very quiet. Nothing on twitter or his blog for several days. I hope he is safe. I do not use twitter but maybe someone who does could tweet him and let us know
__________________________________________
I noticed his lack of posting, but remembered he’d said something last weekend that he was to be involved in the making of a documentary for the NUJ (in Edinburgh, I think) this week. I’m presuming he just hasn’t had time to spend online.
john james @sitonfence@Barcabhoy1 I note your disdain for my site. Will you deconstruct my latest to my face,as opposed to SFM snipe?
a wee spat on twitter
Speaking of JohnJames:
Current Exposure“Is this not a case of massive deflection by the media. Create a non story while totally ignoring the outcome of the AGM votes. A very compliant media ignoring the real and impending issues/court cases.”
The defeat of Resolution 10 was a game changer yet no-one in the SMSM is prepared to address what it means. Stripped of hyperbole, King’s concert party, who have spent £3.75m in soft loans, cannot sell shares to a third party or issue equity to themselves in lieu of loans. The audited accounts state that an additional £2.5m is required until season’s end. Everyone knows that this is not enough. This is £500,000 per month assuming automatic promotion.
It cost £2.23m per month to put a team on the park last season, which has been reduced by payroll changes to £2.1m this term. Excluding play-off fixtures, the club requires £10.5m to get to the next tranche of season ticket sales. As the additional £2.5m is required this month, it would be reasonable to assume that all income to date, and £3.75m in soft loans, has been expended.
Therefore there is an £8m deficit to bridge until the end of April. Broadcasting and sponsorship revenue. Sponsorship, advertising and broadcasting yielded £1.86m last year. If we assume quarterly payments in arrears. £1.4m of income from these sources reduce the deficit to £6.6m. Pay at the gate and hospitality revenue in the ten remaining home games should cut this deficit to circa £4.6m. Rangers Retail income was a mere £258,000 last year. The boycotts will reduce this figure to circa £200,000.
Therefore another £4.4m will have to be found, which excludes the litigation expenses to date, which will be no less than £600,000. Should SD be awarded costs on 9 December,which is anticipated, a one-day hearing, excluding any fine, should cost circa £400,000. If you then add the costs of being a co-defendant at the end of April litigation expenses will be circa £1.2m. Therefore the deficit will be £5.6m. The EGM and AGM expenses take the total to circa £6m.
The business plan of the board was to offset half of this with an equity pitch to Rangers First CIC. RF CIC now know there is no guarantee of equity for their soft loan, but their credulity in King should lead to 4th Bear gift of at least £2m.
So a minimum of £4m will be required until season end, taking King’s concert party soft loan exposure to £10.25m, or £12.25m if RF CIC are not the board stooges that many expect them to be. The Petrofac final revenue and the home Scottish Cup tie should reduce the deficit to £9.75m to £11.75m
The £4.2m required to keep the lights on until fiscal end on June 30 should be addressed by the uplift from ST sales in the Premiership.
When you factor in the shares purchase, Taylor, Park, Letham and now Bennet, will have provided a minimum of £14m. King has delivered nothing. If they added Ashley’s debt and the expenses account outlay,there would be little change from £20m
The idea of investment in players in January and the close season in the present circumstances is not tenable. Mr Warburton will have to make do with more loan signings.
https://johnjamessite.wordpress.com/2015/12/04/current-exposure/
It would appear that the BBC have been led up the garden path by someone wanting to use them to stir up the hype over Warburton, and as has been pointed out here and elsewhere, to create even more smoke and mirrors to deflect from the AGM Resolution results. Their ‘journalists’ seem to be sticking to their guns that they received this (mis)information from a ‘reliable’ source. Their stance seems to suggest they consider themselves to be in the right, so why don’t they just out this source? Surely someone using them in this way doesn’t deserve their protection, particularly if he’s from within the club itself, or Level5! And surely they have absolutely no intention of using this source again!
If nothing else, it’s time they reviewed just who and what they believe in all things TRFC!
JJ, c/o Torrejohnbhoy @ 10.47
Blimey, you would think there would be rules to protect the other clubs against that sort of thing!
A week on from the AGM.
Has Big Mike got his £5M back yet?
Anyone from the SMSM asking that very simple question?
Can the SFM send an e-mail to the SD press office asking if they’ve had a boost to their Christmas Party fund from RIFC/TRFC?
Scottish Football needs a strong Arbroath.
Redlichtie,
Is it really going to help, a short article saying RFC said (which they didn’t, at least not in these terms) “here it is Mike, no strings attached, do you want it?” and Mike replying (which he didn’t, and most certainly not in these terms) “No.”
Plus, print an article like that and you just know someone is going to follow up with an ecksclushive
Gers Swoop in [Insert premiership star here, price tag 4.99m] Euro Assault.
I think the Beeb have been deliberately set up for a fall.
The wagons have been circled for many a while around the house of cards. DCK has to make sure the rifles keep pointing outwards……It doesn’t really matter who at, but he and his rabble rousers have shown they have the persuasive influence to order the defenders to about face when it suits him, and fire inwards.
The last thing he wants now is them to start showing free will and doing it of their own accord. Troops get restless and mutinous when there is nobody attacking. Methinks he is a very dangerous man.
Where to from here?
The basic premise is that without a massive injection of funds RIFC are stuffed. DCK has refused to be the Saviour. The current Board know this. They are seeking an escape route that avoids getting the blame for Admin/Liquidation with all the Loony consequences that would ensue
Plan A
The Boards intention was get Res 11 and 12 approved . They would then dare Ashley to block the new share issue by publicly claiming it would cause Admin. They thought that would give them a lofty platform from which to blame Ashley for Admin/Liquidation. Discreetly they would prepare for Admin by repaying current loans owed to the 3Bs due for repayment at end Dec 2015.
DCK went to see the governing bodies to advise them that Ashley could cause Admin if he delayed the share issue by a series of injunctions. DCK was challenged to repay the £5m and responded in a GAS manner.
Plan B
Before they announced their intention to repay £5m to Ashley at the AGM the Board knew they had failed to secure the 75% vote needed to enable the new share issue. Plan B is to persuade Ashley to increase his loan from £5m to £10m. For this to happen DCK has to go. The obvious excuse is the upcoming contempt of court hearing next week. DCK may have been intending to delay this hearing. However he may well now resign irrespective of the result.
With King off the Board, the 3Bs will repay themselves their own loans and offer to surrender RIFC to Ashley.
However
Ashley is frying bigger fish. He needs concessions from the governing bodies and will be judging whether he is more likely to get them by funding a surrogate Saviour to rescue an Admin, than by taking control without an insolvency event
My money is on Admin in Jan since Ashley`s ownership of the IP makes him the undisputed kingmaker
And as for the Fulham Squirrel?
Its sole purpose was to put distance between the surprise £5m repayment announcement and revealing the failure to get 75% approval for the crucial AGM resolutions.
After the newsletter we put out the other day, about 50 were refused as spam. We will have to get better at that I suppose 🙁
However several mails wee returned because the mailboxes did not exist. In the event that we have users with bogus or expired mailboxes we decide to delete the accounts on SFM. The reason is that no email = no accountability = increased liability for SFM.
I don’t think it will affect any current contributors, but if anyone has changed – or is changing – their email address, please update your profile.
Today, I am installing acoustic foam treatment in our incredibly boomy and unPodcast-friendly room. Sounding much better already 🙂
BP
Agree more with your Plan B Goose.
I think Ashley would take over, whether directly or by proxy, in a heartbeat. We commented the other day to the similarity in style to his Newcastle model. Well apart from the relative austerity obviously.
His dilemma just now is would an admin event provide any cleansing quality from his perspective (debateable). It would obviously lead to a points deduction with footballing consequences, never mind the potential knock on effects to his businesses. However one of the footballing consequences might be an aid to help to temper the rampant unfounded anticipation that still seems to exist. Again see Newcastle for details. Break the spirit and the soul dies. Harness the spirit (willingly or otherwise) and the gold awaits!
Right from the start we said on here that two concurrent games of pass the parcel were occurring In the first one the parcel turns out to be an admin2 (sorry JC) implosion. But the other was the premiership promotion cake. This would bestow the winner full rights to the ‘We’re back’ T shirts (colours optional, but I know what my money’s on) and was always going to provide the fairest environment to attempt a sustainable profit model. Ideally, it wants to be unshackled by trifling matters like paying back the mugs, sorry, investors who got them to this point, unnecessary 5 star spas, gold plated buses and all.
Ashley, unlike King, is no fool. He can see the prize for the second game too, but unlike his competitors, he is not diverted by any sense of entitlement towards it. He realises to get that prize he has to put something in, something more than hot air and rhetoric. Crucially though, and almost certainly unlike his competitors, he is not so focused on the 2nd game that he loses complete sight of the first. Particularly when it has been suggested that that particular game still has a few sharks, ice bergs and was/is almost certainly rigged.
Nobody would play on that basis!
I wonder do the Articles of Association of the SFA permit the Board to make loans to member clubs,secured or unsecured?
It will no doubt be possible to release any monies actually due to them as their share of any yet to be received revenues from broadcasting and what not. And possibly make an advance payment of the estimated share of cup game receipts.
But making a formal loan , or even standing as security for a loan for TRFC from the SFA’s own bankers?
If they legally can, would they in their ‘discretion’ dare to do so, or dare to seek the consent of the other SFA members?
Regarding Mike Ashley’s business model, I read a convincing article some months ago, somewhere, that after Newcastle and Rangers’ experience MA has no further intention of dual or multiple ownerships even if this was allowed in the various territories/ authorities.
But taking over the retail operations of numerous clubs, that’s a different matter. I think big Mike dipped his toe in with Rangers. And has learned some lessons. Stay out of the boardrooms, stay out of the politics. Even although it has now got personal and he seems determined to sort out his adversaries in Scotland.
Most clubs do not have the expertise to run a big clubs’ retail division to it’s maximum potential. I can only speak of my own club, and they do have that strategic experience. They recruit from some of Britain’s top retailers.
The only criticism I have of the original onerous contract Charles Green and Mike Ashley set up was that Chuckles was desperate for some heavy hitting people to come on board in 2012, Mike Ashley duly obliged but was greedy. Even before the punitive conditions of the loan in January kicked in it was very one sided. That is not the fault of MA who was being opportunistic, but Charles Green, probably one of the worst people to have visited Ibrox in it’s histories. Apart of course from David Murray.
John Clark 4th December 2015 at 1:00 pm # I wonder do the Articles of Association of the SFA permit the Board to make loans to member clubs,secured or unsecured? It will no doubt be possible to release any monies actually due to them as their share of any yet to be received revenues from broadcasting and what not. And possibly make an advance payment of the estimated share of cup game receipts. But making a formal loan , or even standing as security for a loan for TRFC from the SFA’s own bankers? If they legally can, would they in their ‘discretion’ dare to do so, or dare to seek the consent of the other SFA members?
______________________________
They might consider lending TRFC some money, but I doubt any of the other clubs would be happy about it. How would they explain fining clubs when in financial difficulties themselves, with lending millions to one that has created far more financial difficulties for itself in an incredibly short length of time, and kicked a billionaire out of the door because he dared to speak of austerity and sustainability!
That said, I doubt either Regan or Doncaster would think it a workable idea as they’d be lending the club money in the knowledge that there’s a pretty good chance they’d never see it again. End of careers for two career minded people that have already found themselves in court over their actions on behalf of this badly run club!
WRT the SFA lending to TRFC,if I were a chairman competing in the championship I’d be livid if the SFA were subsidising TRFC,allowing them to pay top dollar for players whilst I strive to pay my bills.
I’m sure Ron Petrie would have something to say if this happened.
incredibleadamspark 4th December 2015 at 10:21 am #
Are all Rangers fans like this? Of course not and generalizing an entire support as one thing or the other is unhelpful.
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I take your point- generalisations are unhelpful, and I’m sorry if I came over as tarring everyone with the same brush.
However- there has been very little support from the “silent majority” (if, indeed, they are a majority) for those journalists who have tried to put the facts out there. Maybe I spend too much time on Twitter, but what I see there is pretty disturbing stuff, especially towards those journalists who actually got it right regarding Craig Whyte, while the repulsive Chris Graham, who has got it wrong all the way so far (currently hanging on King’s coat tails) is almost universally acclaimed on social media as the true Rangers voice.
Anyone and everyone can go on social media- even old sticks like me. So where are these real Rangers fans on social media? How do they express themselves? In the almost complete absence of their voice, people like me just assume that those who do speak, speak for all. Maybe I need to get out more.
I think if the SFA could legally (I use this term loosely) lend money to Ibrox club it would have been done long ago
@torrejohnbhoy
is Ron Petrie any relation to the Hibs Chairman?
Talksport reporting that the word on Twitter is that Real Madrid have been unceremoniously booted out of the Copa del Rey for fielding a (one) ineligible player.
Where’s Senor Bryson when you need him?
Jimbo. There is a wel populated, parallel universe where everyone is either pro Celtic or pro Rangers and therefore also either anti Celtic or anti Rangers. So anything that is negative (including not entirely positive) or positive (etc) about either automatically gets the virtual or actual TD/TU.
This exclusive duopoly is the SMSM end game and unfortunately they appear to be winning.
LUGOSI 4th December 2015 at 3:29 pm #
Talksport reporting that the word on Twitter is that Real Madrid have been unceremoniously booted out of the Copa del Rey for fielding a (one) ineligible player.
Where’s Senor Bryson when you need him?
************************************************************
He wasn’t ineligible as such, he was suspended having picked up 3 bookings in last season’s competition whilst out on loan.
Good to see that the Spanish FA can apply their rules without fear or favour, even when it goes against the establishment club.
zerotolerance1903 4th December 2015 at 3:39 pm #
Surely he was ineligible for that game, even though he was properly registered?
neepheid 4th December 2015 at 2:10 pm
No need for apologies, I understand where you’re coming from. I don’t go on any Rangers sites so I wouldn’t know much, if anything, about the content of them. Just speaking from personal experience about the people I know and how their views are pretty similar to most folks on here.
ThomTheThim 4th December 2015 at 2:51 pm
Ok. There are many labour supporters who are still supporters despite their policies. There are many people who are still in the church despite the scandals, there are many people who uphold their marriage vows despite the unacceptable behaviour of their partners and people can be fans of Rangers despite the bigoted history and not be bigoted themselves.
This does not necessarily condone, overlook or support the worst excesses of your examples. Life is not that binary. My Dad takes his grandson to the football and complains about the price of the hotdogs. There is no introduction to any metaphorical or literal banners and I doubt that’s just him.
Just a wee thought.
The general view amongst normal punters is that King and the Three Bears, while possibly having access to some funds, are not major sugar daddies.
Even guys like Park with a successful business behind him won’t have the spare tens of millions required.
Given all the recent attempts at jiggery pokery and the resulting need for ultra soft unsecured loans on a wing and a prayer basis for the immediate future, you have to wonder what kind of financial and legal advice is being given to these guys about the way forward and what this means for their bank balance and credit ratings.
Anyone worried about their kid’s inheritance would be running a mile from this one or be honest with exactly what they can contribute so that folks know what the score is.
Other than that the whole thing looks like the Farepack debacle.
And to follow on, most Bampots seem to agree that cash / time is running out for TRFC.
Ashley seems to have all the cards / money / leverage.
So what does King and the 3B’s have left to offer, [in the absence of pots of money to squander] ?
IMO, the only negotiating ploy they have left – whilst still occupying the blue room – is the support of the fanbase.
If it looks as bad as it does to us mere Bampots, then would the final role of the dice be to approach the SFA/SPFL to get their support for another ‘un/officially recognised’ version of Rangers – and leave TRFC high and dry ?
Effectively start all over again: to ditch Ashley, to attract new funds, to get the supporters to buy shares as a ‘fan owned club’, etc.
And of course, ensure that the SFA/SPFL support this new, new club/company in any way possible ?
Agreed, this could generate even more threats of legal action from Ashley, but mibbees there is enough wiggle room in the rule book ? Ibrox and other fixed assets with securities attached might pose further issues.
As ridiculous as the above sounds, anything is possible in this saga.
I just don’t see what King and the 3B’s have left to play with re: maintaining TRFC control – and keeping TRFC in existence for the long term.
wottpi 4th December 2015 at 4:26 pm
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There can be no logical reason for wealthy, high-functioning individuals continue to offer unsecured money to be thrown into the Ibrox inferno.
Therefore, it must be that most inexplicable of conditions, Rangersitis.
What with the recent roof problems at Ibrox…
It also raises the question: does Ibrox have a chimney ?
And has King sent off his letter(s) to Santa yet – with his ‘Rangers Demands’…I mean his Santa wishlist ?
I think we should be told…
A man who goes on TV displaying 35,000 bottles of misappropriated wine which should have gone to pay the tax man would not receive my support.
A man serving a three year suspended sentence for contempt of court would not receive my support
A man for whom a whole litany of similar behaviours could be constructed all valid would not receive my support.
Where is the NOMAD, where is the money coming from? these were asked 9 months ago not yet answered a-yet there are standing ovations over contradictory claims sequentially made with no intervening arguments – I really do not get it yet otherwse senible folk accept it as if wha is said is true.
I popped into SFM HQ to collect a couple of mugs and calanders. Had a great chat with BP ? For me as a dandy I stated that I think the blog has created a good “community” of football fans/ supporters who although have their obvious individual allegiances, they share a common attitude of wanting to be treated fairly, respectfully and with dignity from not just their clubs but by the governing (“cabals to quote BP”) bodies. It’s the lack of these 3 attributes from those on high and the obvious example of the Rangers scenarios over the years being a conduit for fans’ misrepresentations in being “heard”. This blog allows for the sharing of beliefs and feelings, good, bad or indifferent which I hope can broadenso that SFM can be a conduit for collective fan group representing. Keep up the good work BP, Tris, et al
Hello all. I’ve set up a crowd-funding page to cover costs of covering this month’s court cases, any donations/publicity much appreciated
Thanks
James
https://www.kickstarter.com/projects/655420861/rangers-case-reporting
So it looks as if Real Madrid have been thrown out of the Copa del Rey, pending an appeal, for fielding an ineligible player.
This is the same the world over indeed it has happened in Scotland; however what it does highlight, yet again, is the insanity that is Scottish Football administration.
Just think about it for a minute; you can get a player’s registration documents consistently incorrect, for whatever reason FOR TEN YEARS, and get a mere fine and yet if you play a player who is banned from playing or, heaven forbid, you don’t date a form in one of its many boxes you get thrown out of the competition completely. This is bizarre in the extreme.
In one instance the correct documentation is everything and on the other, some people might say a very fundamental piece of football documentation, the punishments are completely different. So you can incorrectly, for whatever reason, register a player to play football in Scotland but after that player is registered, whether correctly or not, your club is then bound by stricter guidelines!!!
Is it just me or should the fundamental registration of a player be considered more important than registering that player for a domestic competition. This is even before that player is registered to represent, not only his club, but the country in a European competition.
It must just be me but I would have thought a greater importance would have been placed on a player’s initial registration than for domestic competitions!!
“Erse fir elbow” I think is the famous quote.
Unless of course new rules were just made up on the hoof!!!
What’s the fuss about Real Madrid being thrown out the Copa del Rey for fielding an ineligible player? It’s not as if they’re the most successful club in the world. Ingrates! Rangers haters!
justshatered 4th December 2015 at 7:24 pm
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At one time, club officials who submitted registration documents to the SFA were honest brokers, well aware of the penalties for ‘clerical’ errors in their documents. These penalties were applied without fear or favour, as far as we, the run-of-the mill football fan, knew.
This all ended with the very public Cadete affair. Clubs became aware that the rules of the SFA could be subverted, from within, by the very officials they themselves appointed.
Unscrupulous men took advantage of this. Lack of rigour from the SFA allowed it to happen.
Look where we are now.
James Doleman
Do you have any means of accepting a donation via PayPal ?
Not that it will be massive mind !! 🙂
Valentinesclown 4th December 2015 at 2:14 pm #
I think if the SFA could legally (I use this term loosely) lend money to Ibrox club it would have been done long ago
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Agreed
And yet
It`s worse than that
It wasn`t that they would have LENT money to Ibrox long ago if they could
They GAVE money to Ibrox for over a decade
Money, RFC wasn’t entitled to receive
Ibrox got prize money and gate money from hundreds of matches in which they fielded ineligible players
Ibrox registered contracts at the SFA that showed wages well below what they were actually paying their players
All done with connivance of the SFA
The most menial clerk at Hampden must have known that RFC players were registered on wages well below what dozens of other clubs were paying
By turning a blind eye to their own rules the SFA robbed all the other clubs to pay them
And as if that wasn`t bad enough
They treated ordinary Scottish football fans as mushrooms. They told us there would be Armageddon if their own rules were applied to RFC. They then had the cheek to announce a secret 5 way Agreement had been reached
An Agreement that satisfied everybody
Except the lifeblood of the sport
Us
The fans got the mushroom treatment yet again
And continue to do so
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Hope you`re reading this Mike
Don`t give up on the Judicial Review
We know you ain`t a mushroom
Never saw this posted but apologies if it has been . Another Football Association who couldn’t run a bath .
http://www.bbc.co.uk/sport/0/football/35008757
GoosyGoosy 4th December 2015 at 8:54 pm #
…All done with connivance of the SFA…
==============================
[In the absence of any meaningful admissions in any judicial review…]
This is the smoking gun which shirley would collapse the SFA in totality ?
Who knew, and who has insider knowledge that the SFA did indeed connive ?
You would think that a good few people would know what was going on at the SFA, and you wouldn’t have to be on a high pay grade to understand the potential ramifications, and a few personal photocopies / emails could have been taken ?
I’m thinking that some Bampots – myself included – at some point in their careers might have felt the need to take photocopies/evidence as personal back-up/proof in certain situations, just in case ?
There must be damning information out there ?