The Lost Voice of the Armageddon Virus

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King only commits ST revenues to be spent on the …

Comment on The Lost Voice of the Armageddon Virus by easyJambo.

King only commits ST revenues to be spent on the playing squad.  The largest majority of that will be in wages.  This season’s first team wage bill was forecast at £10.3m so not a lot room for manoeuvre in the transfer market beyond that.

easyJambo Also Commented

The Lost Voice of the Armageddon Virus
woodstein June 8, 2017 at 18:29
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I know about the timeline of the CF tweets, because I kept a copy of some of them.  Unfortunately all the documents that were attached (e.g. on Scribd) have since been deleted.

I was aware of Dave King’s “purchase” from a preliminary hearing in the Fraudco case from February 2016, some months before JJ claimed his exclusive.  I wasn’t at that particular hearing but I got the info from one of our journalist sources at another case two or three weeks later.


The Lost Voice of the Armageddon Virus
Corrupt official June 8, 2017 at 16:26 
EASYJAMBOJUNE 8, 2017 at 16:09 I don’t think that any source has disclosed when King bought the hacked material, but I think that it is important when trying to understand what went on.    ——————————————————————————————————————————-
When he became involved may be important EJ, but I would suggest that HOW he became aware of who to be involved with,,,,, may be more important.  CF was not an easy identity to pin-point.     I doubt he has better resources than plod, but somebody must have provided him with the details, or the original CF may have been specifically recruited for the task in hand. Who knows?
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I can’t really imagine that he spent cash simply for the purpose of handing the material over to the police. There had to be some other purpose, perhaps simply to see what info there was on him and to remove any references that could have implicated him in anything untoward.

It is supposedly still under investigation be the Crown office, which might discourage anyone from from speculating on the purpose, but until anyone is charged there is actually nothing to stop anyone asking questions.  Will the MSM ask King about out on his next visit to Blighty?


The Lost Voice of the Armageddon Virus
I don’t think that any source has disclosed when King bought the hacked material, but I think that it is important when trying to understand what went on.

CF was at his most prolific between May and June 2013.  I believe that it was quite a while later before King got involved.  I think his main motive was the selective release of information to undermine the RIFC Board during 2014. That information may have gone beyond just the CF stuff. I’d question whether or not he was successful, as the main protagonists in the CF material had already left the scene of the crime.

However, handing over the material to the Police would definitely help implicate Whyte and Green with regard to the Fraud case.


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’?

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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"

https://www.londonstockexchange.com/news-article/CCP/results-for-the-year-ended-30-june-2020/14732713


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