Look Back to Look Forward


John Clark March 16, 2016 at 22:15 —————————- Good stuff JC – …

Comment on Look Back to Look Forward by easyJambo.

John Clark March 16, 2016 at 22:15
Good stuff JC – I’ve posted a copy of your notes on the Jambos Kickback message board.

easyJambo Also Commented

Look Back to Look Forward
Slightly off topic, but the Supreme Court is due to hear an appeal by Eclipse Film Partners No 35 LLP next week (13-14 April).  This is the film scheme used by footballers and others to reduce their tax liabilities.

The lead counsel for Eclipse is Jolyon Maugham, who was among the first to raise his concerns about the CoS decision in the Rangers EBT case. He was also invited onto Sportsound to discuss the matter. He also writes the “waitingfortax.com” blog.

The list of current cases at the Supreme Court can be found here:

I don’t think we will see the EBT case appear in the list for some time yet. The Court of Appeal in the Eclipse case gave its judgement back in February 2015. 

Look Back to Look Forward
Hearts previous regime had a link to a Panama registered company called Natborg Projects Corp. This Romanov controlled company was assigned £8.8M of Hearts debt on 30 Jun 2011, then on the same day the debt was “forgiven” in full.

Romanov used a number of other offshore or secretive companies in his dealings with Hearts.  A subsidiary of Romanov’s UBIG consortium, ImpExNet, similarly forgave £5.9M of Hearts debt in 2010.  Other debts were held at various times by Milson Capital Corp, Ensco 133 Ltd and Ensco 165 Ltd.

I dare say that Romanov could well find his name included among those involved in the Panama Papers.

Look Back to Look Forward
Cluster One April 2, 2016 at 09:10
Now do we know the names of any of these agents? And do we know all the names of the people who got EBT’s, will we find out  by April 2019  the names of the rest of the people who got them? And could this open up a whole new can of worms? If i’m wrong and we do know all the names of who got EBT’s please correct me
We know the bulk of people, particularly players, who received EBTs as they were listed in the LNS Commission report.  The BBC also listed most recipients following the Mark Daly investigation.

Blair Morgan (Mr Grey), agent to Alex McLeish (Mr Violet) and Neil McCann (Mr Purple), gave evidence to the FTTT. 

Mr Grey was asked in his testimony the percentage of agency commission he would be getting in respect of Mr Purple, and he replied, ‘The practice is: normally our standard fee would be 5% of the transfer fee or the player’s gross income.’ (Day 10 8/87.24) Mr Grey also said that the FIFA recommended rate was 5%. In any event, Mr Grey’s practice was to be paid agency commission totalling £100,000 in three instalments in connection with Mr Purple’s second contract by Rangers.

Recent Comments by easyJambo

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

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

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

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

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

That is what I plan to do.

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

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


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

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

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

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

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

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

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

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

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

Fergus McCann v David Murray
Current liabilities  2020 2019 

Trade and other payables     20,744     13,957

Lease liabilities    604       –

Borrowings  1,364     1,364

Provisions    5,942      3,479

Deferred income    21,275    25,614

Totals                    49,929     44,414

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

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

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


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