The outbreak of internecine warfare at RIFC is being acted out through a real pea-soup fog right now. The war is being fought on so many fronts that it is difficult to see just exactly how many armies are involved, and how the alliances are shaping up.
Craig Mather would appear to be in the Charles Green camp, but it is difficult to imagine that he would be happy to hear old blunderbuss-mouth peppering Ally McCoist with shot. McCoist’s in-character but inelegant riposte, whilst a valiant attempt at deflection and self-preservation, put his mentor and chairman, Walter Smith in a rather awkward position. It gives Mather a double headache as he tries to head off Clyde Blowers boss Jim McColl – and his blowhard ally Paul Murray – at the EGM-pass.
If Mather stands by Green, and Smith does the same for McCoist, then the two main officers of the company will be in opposite, and hostile, camps.
As I say, making sense of it is difficult, but one thing is as clear as an empty window frame: the acrimony, which has been in existence for months, is only now being aired in public because the season ticket drive is over. The one policy that the warring factions have been in agreement with is “Not in Front of the Children”.
Now that the fans have been compelled to buy season tickets in substantial numbers through a mixture of fear, loyalty and a never-ending stream of press spin telling them that “Rangers are on the cusp of greatness if only the supporters cough up”, it seems acceptable that the real war can begin – but what is the prize?
There can be little doubt that all of the factions are aware that a conservative business model is necessary if Rangers are to establish themselves in Scottish football – certainly a more conservative one than that followed by RFC (IL). I infer therefore that the war is not over a Murray vs McCann approach. My best guess is that the war is one of ideals – between one faction which aims to make as much money in the short term as possible, and another which, whilst not averse to a bit of nest-feathering, sees the health of the club and the notion of a continuity Rangers as paramount.
The trouble for Rangers fans is that it is the former faction which holds all the cards – all the shares in fact. I think that all fans of the game of football would hope that people with football at heart would win out here, irrespective of what their partisan loyalties dictate on a day to day basis.
The problem for either warring faction is that the loyalty of the Rangers fans is finite. The “long road (back)” to the top is one which might engage them for while. It is a great journey which is not without its rewards and adventure, but expectations will be massive if and when they get to the top league. When the acceleration of progress meets the buffers of premier championship aspiration, gate money will be in the front passenger seat. Managing unrealistic expectations is extremely difficult, and evidenced by the use of McCoist’s recruitment sledgehammer to crack the nut of the bottom two divisions.
But here are some questions to which I honestly do not know the answer;
- How does the Rangersness faction wrest control away from these spivs?
- How will the spivs attempt to ensure that the Rangersness faction fails in their objective?
- Can the people in the Rangersness camp REALLY be trusted to act in the best interests of the club even if it is at odds with their own? This, given the close association with the terminal decline of the club they all profess to love.
- Is there any realistic scenario which allows this club to prosper and challenge for honours within a ten to fifteen year period?
My belief is that the key to the new club being able to establish itself is managing the expectations of the fans. Despite the MSM willingness to cut and paste RFC and RIFC press releases unadulterated, the ability of that same MSM to impress a message of realism into Rangers fans is zero. Not in front of the children in fact.
Is it really a sociological bridge too far to expect Rangers fans to turn down the expectation-ometer? I don’t believe it is. In the eighties, if I recall correctly, a seriously underachieving Rangers team were not met with demands for big spending. There was pressure on them to get better managers who could pick better players, but no demands for Fort Knox to be breached. If Rangers fans really want a club called Rangers playing in blue at Ibrox, and competing fully in the game, they need to find leaders who can sell the long-termism of such an aspiration. Many will hope, including the spivs and the MSM, that no such leader emerges.
Sorry, forgot to mention – Not to be confused with “Comical Ally” !
Steerpike says:
August 9, 2013 at 6:43 pm
————————————–
Actually, for an AIM listed company, September is on the late side for filing accounts. Most June year ends file by mid-September at latest and if you have Deloitte as your auditor, then 3 months should be the norm.
I will also warrant that only the RIFC accounts will be published and they will try the old RSM Tenon trick of not posting the subsidiary, trading company accounts till much later, so as to hide the detail of the bad news.
In fact I seriously doubt if we will ever see the trading company accounts filed anywhere.
essexbeancounter says:
August 9, 2013 at 10:07 pm
‘..I am aware of her Trustee status and obligations,……….but how many of us would have the cojones (or female equivalent) to stand up and be a whistleblower, ..”
—-
Eb, you’re a decent fella.
Unpleasant person that she seems to be ( by reference to Drew P’s description) we would nevertheless not want to shop her to her professional association.
She’s probably had the fright of her career, and with her job at Ibrox possibly about to come to an end, the last thing she would need is to be disciplined-possibly even struck off!- by her professional body.
I hope that she does not make a habit of breaching her profession’s ethical code, though!
http://www.cap.org.uk/Advice-Training-on-the-rules/Advice-Online-Database/Types-of-claims-Established-since.aspx
Types of claims: “Established since …1872”
Note: This advice is given by the CAP Executive about non-broadcast advertising. It does not constitute legal advice. It does not bind CAP, CAP advisory panels or the Advertising Standards Authority.
Marketers claiming that their business has been established for a specific number of years or implying that their business has been established for a long time should hold documentary evidence (Rules 3.1 and 3.7).
Consumers might be persuaded by claims that a company is well-established or has a long history, especially in industries that might have a high level of failed or bankrupted companies. Consumers buying products that are backed by guarantee, especially those that claim to be valid for a long time (for example double glazing), want reassurance that that company will still be around should they need to invoke that guarantee.
A company (X) might have bought an existing or liquidated company (Y). It is likely that X wants to adopt Y’s brand heritage by continuing to advertise Y’s business name as a trading style and referring to Y’s trading history. That approach is likely to be acceptable provided the purchasing business (X) can demonstrate that it has assumed the liabilities of Y, by paying Y’s debts, for example, and honouring Y’s guarantees. In 2008, two complainants questioned the claim “10,000 satisfied customers can’t be wrong” because they believed the company had been trading only for a year or so. The ASA adjudicated that, because it was unable to show it had taken on the debts and liabilities of the previous company, the advertiser was unfairly trading on the reputation and trading history of an earlier incarnation of the same company (Minster Windows Ltd, 16 January 2008).
If the marketer can demonstrate a period of continuing trade, it should be acceptable for a business to refer to that heritage even if its trading name has changed or the business has moved premises during that period (Radford (Bavarian) Ltd, 16 March 2005). The ASA has ruled against an advertiser that could not demonstrate an uninterrupted and stable trading history (Barry Allsuch and Co LLP, 21 May 2008).
In certain circumstances, the law regulates what claims are permitted, especially if a purchased business run by the same people had gone into insolvent liquidation or if competing claims to ownership of the goodwill and a likelihood of confusion exist.
Anyone know how the sevco fans are reacting to the fifty (shades of blue) question and answer session .
Not to be confused with fifty shades of grey although there were plenty of peepil getting sc**wed in that publication also .
I saw an earlier post from Steerpike and he mentioned the need for the new club to balance the needs of the support’s expectations and IMO therein lies the biggest problem facing any new ragers tribute act .
Sevco have colluded with the MSM/SFA/SPL to delude the old club fans into either believing Sevco are the same club and brow beating other fans / clubs who dare to stray from the script or accusing other fans/clubs of being anti Ragers if they don’t conform .
Well old ragers fans did not do being 2nd best very well and I suspect the Sevco board are fully aware that the Sevco fans will not either ,so that means having to spend money BIG money ,money they just do not have .
Five million may not be a massive wage bill for players in football today but for third tier football in SCOTLAND it is not just massive it’s ludicrous and makes no business sense at all . Last season everyone was told of how loyal the Sevco fans were and of the record crowds ,so why is CM and Co so worried about fans expectations ,why not just tell the fans the true situation and ask them for their backing for the next 3 years .
My guess is that if Sevco came clean and told the fans the real situation then Sevco would not last too long .
Make no mistake the fans are going to be asked to dig into their pockets again very soon for another lost investment, all on the ,we have no external debt tale and my guess is it will be marketed on getting rid of the bad peepil .
IMO Sevco got the man they knew they were getting in CG and SDM got the man he knew he was getting in CW the only one’s that did not know was the one’s who were to be targeted to pay for the whole charade .
The fact that so many seem to be convinced by the whole charade though leads me to believe that they must know all is not what it should be but as long as there is any ragers playing in blue out of Ibrokes they could not care less who they are or who they have swindled to be there, and to think the old club loved to spout the word DIGNITY too ,what a fall from grace this has been for the new club followers .
A good manager could have got Sevco out of the 3rd division on a fraction of what it cost ,same goes for this term but the pretence had to be kept up and pretence does not come cheap .
£7m for players
£1m for 3 coaches
£300,000 for a CEO + same for bonus
£200,000 for a communications officer
£22m IPO money
What price Loyalty ,what price Dignity ?
john clarke says:
August 9, 2013 at 4:37 pm
“I suppose it’s a voluntary proposal that it be struck off the companies’ register as now no longer needed, rather than it being struck off by the Registrar for any misdeeds?”
——————————
I think it was CG that moved to have Sevco 5088 struck off. He was/is a director. I think this was part of the 5088/Scotland switch. CW set up 5088 to purchase RFC(IA) assets with CG as a front. When the switch occurred CG moved to strike off but I recollect this has been opposed(?) or at least it is so far unsuccessful. Perhaps any CW legal action will determine the legitimacy of this move to strike off.
The Sevco 5088 statutory records indicate how this off the shelf company was formed then altered to suit circumstances:
scribd.com/doc/144293447/Sevco-5088-Statutory-Records …
Originally formed by 7Side Secretarial Limited. (29/03/2012)
The single share transferred to CG (04/05/2012)
This share is then diluted and 5,000,000 shares are transferred to Korissa and Merchant Capital (Willow).
Samuel George Alan is the original 7ASide director who resigns in favour of CG on 04/05/2012.
Whyte and Earley then join the board on 09/05/2012 and CG resigns on 15/06/2012.
There is a board meeting around this time also:
scribd.com/doc/142190916/Board-Meeting-9-May-2012 …
Can anyone confirm that the move to strike off Sevco 5088 was made by CG?
http://www.scribd.com/doc/144293447/Sevco-5088-Statutory-Records …
http://www.scribd.com/doc/142190916/Board-Meeting-9-May-2012
COT
I believe it was and it was unsuccessful
Excuse me if I am misreading posts but do some believe a floating charge on the assets is in place, if so can you provide me with the source of this information ?
Judging anyone by the standards of their predecessors lacks all known logic, it matters not a jot how Rangers used to be run, what matters is how they are now being run, to date I have no particular concerns, I didn’t believe the projected figures in the prospectus and anticipated a hefty loss in the first three years, nor did I expect CG to be our savior, at the end of the day shrinking Rangers down to a viable concern was never going to be cheap. Most supporters are not interested in business because they do not understand it, despite all the blog hysteria I remain optimistic, Rangers are getting there slowly but surely. Somewhat ironic if you add CW and the shareholders together, you almost reach an amount close to the total debt of Rangers oldco, before CW went berserk with my tax money. I exclude the potential BTC debt out of pure subjective bias.
ecobhoy says:August 9, 2013 at 7:11 pm
“Interest on the draw-down is capitalised but possibly what is more important is that Rangers can no longer claim to be debt-free if it is draw-down money which btw is secured on TRFCL heritable property.”
Sorry ecobhoy but can you clarify for me what heritable property this is secured on? My reading of most assumptions on here is that ownership of the properties is with RIFC plc, not TRFC ltd so not sure what TRFCL could use to secure the SD loan/draw-down.
Cheers
MrT
” Well old rangers fans did not do being 2nd best very well and I suspect the Sevco board are fully aware that the Sevco fans will not either ,so that means having to spend money BIG money ,money they just do not have. ”
———————————————————————————————————————————————
There is no evidence Celtic fans do being 2nd best any different than their OF rivals, and no one in charge is suggesting spending big money the club does not have, in fact the opposite. Too much emphasis on the past is being placed on too many arguments, using history in this context is a fallacy.
coatbrigbhoy says:
August 9, 2013 at 6:57 pm
Sunincapricorn says:
August 9, 2013 at 6:03 pm
CB
Absolutely correct
Offer
Acceptance
Consideration £1.00
Valid contract
Job done.
Tif Finn says:
August 9, 2013 at 8:23 pm
Steerpike says:
August 9, 2013 at 3:52 pm
For information purposes CW did not pay £1, he paid the bank overdraft plus one pound.
This is like reading a Scottish newspaper, someone needs to do their homework.!
As said before, (and the documents are available,)
1. Share Purchase Agreement- Index and Main Document
2. Side Letter from Wavetower to Rangers
3. Debt Assignation- BoS to Wavetower
4. Misc. Attachments
Craig bought the club for £1.00, 100 new pence, 240 old pennies.(see above)
The debt was assigned to Wavetower (Mr Whyte) see above
Intstead of working capital, the Ticketus cash was used to extinguish Wavetower’s debt. There was even a TV interview where he explained this on camera.
Castofthousands says:
August 9, 2013 at 11:05 pm
‘john clarke says:
August 9, 2013 at 4:37 pm ‘
—–
Belated thanks for that, CoT.( I’ve been skyping the granweans in Oz since I read your post.)
I’m liking a new, non pejorative epithet for James Traynor – the WiFi Guy!
Also I have to say, and with the greatest of respect to the mods, how on earth does Steerpike get past you lot?
It’s like having a conversation with George Costanza; irrelevant navel gazing, concentrating on inconsequential minutiae, whataboutery, obfuscation, going on at length about something of nothing, until he gets asked a question which he steadfastly refuses to answer, instead moving on to daub his tag on the next excruciatingly drab, distempered wall.
I know we all spend to much time here for our own good, but to be so prolific – and irrelevant all at once, you’d think he was in PR 🙂
Give it a rest man. If you asked a blind man to draw a picture of a troll, he’d also scribble the word “Steerpike” in three feet high letters on that distempered wall.
Steerpike says:
August 9, 2013 at 7:38 pm
0
1
Rate This
Good evening coatbrigbhoy,
It seems logical to assume whoever owns the shares is financially committed,
***********************************************************************
I see you’ve added the words logical and assume, nothing changes eh, nice we edit.
26,000 small shareholders were committed to RFC 1872, how did that work out,
Enic in for £40m King for £20m, tells how did they get on.
your still posting YOUR opinions as facts, then you edit your post and then deny you’ve edited your post
[TSFM – Edited]
If SEVCO have received all the ST money up front from the finance company…does this become a reducing debt if…the fans have arranged a monthly payment with the finance company and therefore not all monies have been collected or guaranteed as yet?
similar to Ticketus…
http://www.scotsman.com/news/glenn-gibbons-walter-smith-s-shifting-loyalties-1-3039381
Denial is a natural and convenient refuge whenever crisis invades the affairs of man, and nowhere in recent times has the phenomenon been more visible or more vehement than in the aftermath of the liquidation of Rangers Football Club.
Nobody could reasonably take exception to dedicated supporters fighting their team’s corner in the event of perceived attacks from numerous quarters, but when defiance spills over into delusion, the truly relevant and potentially most harmful fundamental problems tend to be neglected in the cause of impulsive and ill-conceived retaliation.
Hence the readiness of too many of the Ibrox club’s followers over the past few years not only to acclaim, but to go to war on behalf of a succession of extremely unreliable (and generally self-styled) “redeemers”, from David Murray through Craig Whyte to Charles Green and sundry other figures of dubious motives and character.
The most remarkable and unfathomable aspect of the support for the various liberty takers is that so many should rush to demonstrate such vociferous and frequently hostile allegiance to men whose “credentials” sprang mainly from hearsay, or, more often, from ill-informed media speculation.
Yet Murray, whose excesses initiated the economic devastation that made the club vulnerable to the predatory and plundering Whyte and Green, was allowed to enjoy without a murmur of suspicion from anyone connected to Ibrox 20 years of steady, but unrelieved, erosion of its finances.
When the former director, the late Hugh Adam, made his apocalyptic assessment of the Murray modus operandi, he was shouted down as merely a bitter ex-employee. As far as can be ascertained, none of his detractors so far has admitted that everything Adam predicted has come to pass.
At the first whisper from outside observers of Whyte’s potential for inflicting further damage on Rangers, there were marches in his defence on the BBC headquarters in Glasgow and, of course, the hundreds-strong protest outside the empty SFA offices at Hampden Park one gloriously comical Saturday morning.
Green was another hero originally the object of adulation and undying devotion on the grounds that he and his consortium had rescued the club from extinction by producing the funds to acquire its assets, while other supposed saviours simply made inconsequential noises.
Now, following his return in the decidedly nebulous role of “consultant”, Green appears to attract new levels of hissing from the faithful with each passing day. To borrow from Terry Jones in Monty Python’s Life Of Brian, they were not Messiahs, they were very naughty boys.
All of this turmoil was bound to leave a support as broadly-based as that commanded by the Ibrox club as disarrayed as the institution itself, with internet forums throbbing with charge and counter-charge among fans who, ironically, share the primary wish of seeing their team achieve a new pre-eminence.
Yet, despite the cause and effect of the present chaos, there remains a puzzling insistence among the overwhelming majority of football reporters that Walter Smith remains “the only man the fans can trust.”
This is a distinction that hardly squares with Smith’s own inconstancy since the descent towards liquidation began early last year. Having fronted a consortium said to have included the billionaire businessman, Jim McColl, in a late bid to foil the takeover by the Green group, and having followed this with an entreaty to fans not to buy season tickets on the grounds that the new owners could not be trusted, Smith was curiously happy to accept a non-executive directorship (reputedly for a substantial honorarium) when it was offered by Green.
By the time he accepted the invitation to assume the chairmanship three months ago, Smith had been strangely quiet throughout his time on the board, a silence that would continue after his elevation. Throughout the turbulence, he has demonstrated a propensity for shifting loyalties that seems unbecoming for an aspiring – and inspiring – leader.
Indeed, Smith’s rather fluid sense of loyalty and allegiance recalls a line from Robert Bolt’s play, A Man For All Seasons. Berating his son-in-law, Will Roper, over his changeable, on-off relationship with the church, Thomas More tells him: “We must just pray that when your head stops spinning, your face is to the front again.”
Despite his history of vacillation and being satisfyingly rewarded at Ibrox, when Smith quit this week (he had been Green’s enemy, then his ally, and now he’s reverted to enmity), he triggered an extraordinary series of eulogies. One newspaper article described his efforts on Rangers’ behalf in these hard times as “valiant” and “selfless”, adjectives that would sit more comfortably on aid workers in the world’s most dangerous places.
Another reminded us of Smith’s imperishable love of the club with the quite absurd claim that he had even relinquished his post as Scotland manager in 2007 to ride to Rangers’ rescue after the team’s slump while in the hands of the hapless Paul le Guen. In recording this act of heroic sacrifice, the author omitted the detail that Smith’s defection from Hampden may have been at least partly inspired by the assurance that he would more than triple his wages.
If there has been so much as implied criticism of Smith’s departure, it has concerned the likelihood that he has left his old ally, Ally, as an easy target for Green’s whimsy. This is as unwarranted as the fawning tributes that would have Smith recognised as a demi-god.
With a seemingly endless string of impulsive, ill-considered and ill-advised outbursts on a range of issues and events – in addition, of course, to too many embarrassing setbacks in competitions at home and in Europe – McCoist has proved perfectly capable of finding trouble on his own.
________________
never thought i would see that written about watty 😯
“we wish the new club every good fortune” is the only thing missing
looks like he thinks watty was on more than the 50k a year jacks toadys have been told to put about
andy says: August 10, 2013 at 2:33 am
http://www.scotsman.com/news/glenn-gibbons-walter-smith-s-shifting-loyalties-1-3039381…
=================================
Glenn Gibbons has the propensity to author valuable, truthful and even insightful journalism – on occassion.
IMHO, he could be a great sports journalist if he went with his gut instinct on a more regular basis – and prove us cynics wrong that there are indeed some ‘proper sports journalists’ in the Scottish print MSM.
Good article.
I assume Mr Gibbons’ insurances are up to date…?! 😳
What a terribly facetious thing for me to say, I do aplogise!
Scottish football neds kicked out.
😉
In this new age of tax dodgers being highlighted rather than ignored and even in some quarters admired,is it possible sir moonbeams might be anywhere near the hit list.when I mentioned this to a sevconian he replied as sir moonbeams and rangers were losing money year upon year they obviously wouldn’t be liable for tax for these lean years,after picking myself up from the floor this defence which as far as I’m aware hasn’t been employed so far I had to ask how much has been paid over the years?does anyone know .it might be an interesting comparison to see how much tax all spl clubs paid and indeed epl clubs paid.
youcantbuyhistory says:
August 10, 2013 at 3:18 am
But, it would appear, you CAN sell lies
I am seriously stunned by that Scotsman article! I’ll also be amazed if it’s allowed to stay. If it does, can we assume that the collapse in the Scotsman’s circulation figures has brought about an attitude of ‘f*** it, what can they do to us?’ , combined with a last desperate throw of the dice to entice readers back with some truth?
How would we be able to validate how many season tickets a football club has sold?
If a club were to vastly inflate that figure, it would then create significant scope to play about with attendance figures, which could prove useful if someone wanted to attempt to launder cash.
Do clubs have to report to the SFA how many season tickets were sold and to show evidence that would support that number of transactions?
Shooperb says:
August 10, 2013 at 6:46 am
I am seriously stunned by that Scotsman article! I’ll also be amazed if it’s allowed to stay. If it does, can we assume that the collapse in the Scotsman’s circulation figures has brought about an attitude of ‘f*** it, what can they do to us?’ , combined with a last desperate throw of the dice to entice readers back with some truth?
=====================================
Exactly, I have always been amazed that the printed press have targeted such a narrow audience.
It seems obvious to me that if they had told the truth from the outset of this omnishambles they would have sold hundreds of thousands more copies.
For me that was just more proof that the orders came from the Editors,and above.
There have been many occasions when the truth nearly escaped,only to be caught and put back in it’s proper place.
I genuinely think that the Dam has now been breeched,there are not enough fingers for all the holes.
It really does make you wonder who will lead the rush to claim “I told you first” when Sevco go out of business.
😛 That’s easy
Jim Traynor
The GG article in todays Scotsman shows that at least one journo in the MSM has the cojones to call it like it is. The emperor is indeed naked. WS oppurtunism,disloyalty and downright poor judgement in these matters has been laid bare for all to see. Watch his fellow journos fall over like dominoes to vilify GG. I hope GGs bravery is acknowledged because the forces of reaction who hurt so bad wont take the truth lying down.Perhaps SSB or Sportsound will give GG a platform to share his views with a wider audience……..dont hold your breath.
Today we should proclaim -WE ARE ALL GLENN GIBBONS.
john clarke says:
August 9, 2013 at 10:42 pm
—-
Eb, you’re a decent fella.
Unpleasant person that she seems to be ( by reference to Drew P’s description) we would nevertheless not want to shop her to her professional association.
She’s probably had the fright of her career, and with her job at Ibrox possibly about to come to an end, the last thing she would need is to be disciplined-possibly even struck off!- by her professional body.
I hope that she does not make a habit of breaching her profession’s ethical code, though!
====================================================================
JC…you may recall a similar discussion on RTC, at the peak of the (S)DM and MBB fiasco, the conduct of the RFC(IL) Financial Controller, a Mr Oliver, if I recall correctly.
He was an employee, who no doubt depended on his job for his livelihood, mortgage, pension etc, and faced with the ultimata from scurrilous indviiduals mentioned above.
Who would be strong enough to be an “ethical whistleblower” under such circumstances, knowing that you would never work in the West of Scotland again…? And in the knowledge that any wrongdoing by your employer would be upheld…just look at the machinations of the SFA/SPL/LNS…and facing a prolonged spell, if not forever on the dole or benefits?
Sadly, despite the lofty sentiments regarding ethics, our society does not protect the whistleblower.
If you listened very carefully this morning it was possible to hear the bat phone ringing at Media House. Now just sit back and see how a honest mans life is pulled apart………………….and the thing is we all know in our heart of hearts that is what will happen. The actions of MH will put the frighteners on any other members of the media who dare speak out. North Korea could learn plenty from the brothers in the”best little country in the world”.
Noam Chomsky would have a field day studying the relationship between society and media control in our little backwater where the handshake is mightier than the pen. 😳
mailroomtim says: August 9, 2013 at 11:43 pm
ecobhoy says: August 9, 2013 at 7:11 pm
“Interest on the draw-down is capitalised but possibly what is more important is that Rangers can no longer claim to be debt-free if it is draw-down money which btw is secured on TRFCL heritable property.”
Sorry ecobhoy but can you clarify for me what heritable property this is secured on? My reading of most assumptions on here is that ownership of the properties is with RIFC plc, not TRFC ltd so not sure what TRFCL could use to secure the SD loan/draw-down.
=================================================
12.1.3 Sports Direct joint venture (Rangers AIM Prospectus)
Prospectus states: ‘Sportsdirect.com Retail Limited (an affiliate of SDI) agrees to provide a facility of £1.5 million to Rangers Retail available for drawdown for a period of 5 years at an interest rate of Barclays Bank’s pass through rate from time-to- time and interest is to be capitalised.
‘Any sums drawn down under the facility would be secured by a debenture to be given by Rangers Retail over all its freehold and leasehold property.’
The two shareholders in Rangers Retail Ltd joint venture are TRFCL and SDI Retail Services Limited although the fact that TRFCL holds 51% of the shares is a tad misleading in terms of power and control because there are two classes of shares in any decisions involving finance. This means the SportsDirect 49% shareholding counts as double whereas Rangers remains the same – so on any real decision SportsDirect can outvote Rangers.
Elsewhere in the Prospectus it is stated wrt Rangers Retail Ltd: ‘This new structure means RFCL shall own a majority stake in the Club’s retail operation.’
As to which specific properties are involved the Prospectus is silent but Ashley is no fool and it will be something ‘real’. At a guess it could be Edmiston House which was apparently purchased by TRFCL in January this year for £800K + VAT. Might look a bit light as security but if there is a rider that the £1.5 million draw-down facility must be spent on Edmiston House refurbishment to provide a new retail outlet then perhaps not. And, of course, there is always the Albion Carpark which TRFCL again apparently bought in January for £1.5 million.
There is also the possibility that the leases for the airport and Belfast shops could be security but I think that would be a poor option for a number of reasons.
The terms of the debenture document I would think will spell out the list of properties that the £1.5 million is secured on so that – heaven forbid – in the shuffling of assets following any fresh administration or liquidation that Ashley doesn’t end up stiffed either by design or accident if Rangers Retail Ltd doesnt actually
And of course you raise the $64 million question – who ultimately ‘owns’ Ibrox? I don’t know for sure but like you would love to ❗
This short podcast from the other day seems to indicate that The Record may also be changing course. Not sure about how reliable their sources are, but worth a wee listen all the same … in the interests of media monitoring:
http://www.dailyrecord.co.uk/sport/football/football-news/sports-podcast-unanswered-questions-power-2140532
essexbeancounter says:
August 10, 2013 at 7:52 am
================
Morning Essex, nice to see you back on.
Did you by any chance mean Ken Olverman ?
Paulmac2 says:
August 10, 2013 at 1:23 am
Yes.
Season ticket holders are creditors, to the amount they have paid, minus the value of the games which have been played. The idea is that they will start the season being owed the full value of their ticket (if they paid it all). By the end of the season the “debt” will have been cleared. If they pay in installments then the amount will go up as each installment is paid and down as each game is played.
They effectively pay for services before they get them.
It’s one of the strange things about football administration (which I happen to agree with). In effect they get a preference if the club continues to play, as they are regularly if ever asked to pay for subsequent games. Like I said I agree with that as it is just blokes who have bought their ticket in advance thinking nothing of creditor status etc.
StevieBC says:
August 10, 2013 at 3:13 am
—————————————–
This also applies to Hayzaboy’s comments – Glen Gibbons is one of the (very) few Scottish football journalists who always writes with integrity. He has done so for decades and let’s hope he is around for many more years.
He has never been cowed by anyone – though no doubt Media House and others have tried – so no need to fear on Glen’s account. He’s a big boy and can look after himself.
The only problem is that the Scotsman so infrequently finds room to publish his work. This latest piece, on Walter’s myth, is as good as anything he’s produced in the last couple of years but he is consistently good in that respect.
It is solid journalism, based on fact, well researched and prepared without the “spoon fed” press conference or “friendly/Media House” lead. He’s unafraid to prick egos, particularly those puffed up to bursting point. His article on ex-footballers as TV summarisers a few months back was just as good.
It’s just a pity that the Scotsman has recently decided to bring in Lindsay Herron, out and out bluenose, as a new sports journalist to cover Scottish football. That is a step backwards and will do nothing to halt the Scotsman’s slide towards oblivion.
54 (readers) to 0
Shooperb says:
August 10, 2013 at 6:46 am
……………………………………..
GG…has always had the potenetial to be the type of journalist sport in this country needs…as an ex pupil of my old school I doubt he would have been invited into the SMSM inner circle..
While Glen Gibbons is to be praised for his article, let’s not get too carried away.
The criticisms aimed at both SDM and Smith come across to me as the final and easy attack on an old beast who has lost both its postion and strength within the herd.
SDM has other financial fish to fry and Smith has thrown his last dice in relation to being a major player in Scottish Football. They are yesterday’s men and the SMSM pack no longer need them and thus they are now, and only now, fair game.
Timmy’s and Internet bampots from many clubs took note of what Hugh Adam said and watched and continued to comment as the oldco went down the tubes. Nearly to a man the MSM sat back and said nothing. A freelancer in another country and an anonymous blogger did more to look under the carpet than those who were, by regular invitation, standing right on top of it. They have had three bites of the cherry and only now have they broken the skin.
Fair play to him for the article but Gibbons having a go at Walter reminds me of the last scene of Just a Boy’s Game where McQuillan’s Grandad is on his death bed and the old man cuts down his supposidly hardman Grandson with the line;
‘When A wis younger, A could huv takin you anytime”.
Tif Finn says:
August 10, 2013 at 8:57 am
………………………..
I agree TF….however I am wondering how the finances have been structured between SEVCO and the finance company if indeed the full amount has been advanced and a significant number of fans are on a payment plan? If fans decide to cancel future payments or admin strikes…what protection have the finance company built in?
“… Smith was curiously happy to accept a non-executive directorship (reputedly for a substantial honorarium) when it was offered by Green.” (From the GG piece)
Hopefully, those upcoming audited accounts will reveal how much WS has been paid for his ‘sacrifice’ in joining the board. Given the new club’s financial predicament you’d expect the accounts to reveal that he’s only taken a token sum to cover expenses, given how he has benefitted well from his past associations with Ibrox. Anythng else might suggest that loyalty can be bought and sold, like things such as … season tickets.
Ally in the DR:
If it goes to an egm there are financial costs involved and it maybe drags our dirty linen back into the public arena, which we never did for 138 years. However, we have become quite good at it in recent years.
######
What dirty linen? Surely every thing’s spotless! Nothing to see here!
My last purchase has been made from this company. I don’t think I would enter any arena bearing its name either. A shameful employment policy in my opinion.
http://www.dailymail.co.uk/news/article-2381118/Age-zero-hours-jobs-Sports-Direct-staff-know-long-theyll-work–theyll-earn.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490
http://www.channel4.com/news/sports-direct-protests-zero-hours-contracts
http://fashion.telegraph.co.uk/news-features/TMG10230202/Mencyclopaedia-Sports-Direct.html
davythelotion says:
August 10, 2013 at 9:30 am
Sounds as if Ally is worried about the cost of the EGM – why else mention it?
Paulmac2 says:
August 10, 2013 at 9:21 am
I am only guessing here, and obviously it would depend on the contracts. However purely as that guess I would imagine that people would be pretty safe in cancelling their direct debit. It is after all advance payments so it’s not something they have received and are currently paying off.
How that would effect the relationship between Zebra and Rangers is another thing. Again just a guess but I would be surprised if Zebra had paid Rangers the money up front and would then be collecting it themselves. Not with the current financial issues RIFC have. If they are doing that I would suspect that the terms are pretty hefty, as it would be quite a high risk venture for Zebra.
As a third guess I think Zebra will be collecting the money, making their profit from the customer and passing that on to the club as they receive it. That minimises their risk, but adversely effects Rangers’ cash flow. I don’t think that is an issue as a lot of the fans will take the single payment or 4 payment options and they will get most of the money up front anyway.
Again, and for clarity, all of the above is guess work.
I have taken this from follow follow. It clearly demonstrates the level of self delusion which still exists. It is there in it’s entirety so apologies for the offensive terminology.
=======================================
Just maybe the plans are similar to the last time Paul Murray had influence on the Board. A Board that brought the Club debt down from £34million to £18 million in 3 years and in the 3 same seasons funded the manager to win 3 SPL titles on the bounce and get to a UEFA Final.
Don’t let the taigs and self loathers fool you. Under that Board we were heading in the right direction financially and had a good working relationship with the Bank. But then along came the external pressure from the sale of the BOS to Lloyds because of the Murry International £700million debt, David Murray shat it and the rest is history.
I have no doubt that Paul Murray and Frank Blin are the right quality to lead the board and sort the finance going forward. The actual football side of the Club is a different matter and I would like to hear their vision in this regard and especially where the likes of the Dortmund and Swansea models may show some lessons.
==================================
essexbeancounter says:
August 9, 2013 at 9:31 pm
================================================
Good to see you on the blog EB. I note your comments on Trustee C of RCF. Even worse than OSCR’s decision to not sanction despite the clear breaches of charitable law, was the decision to allow this organisation to operate as a charity in the first place. The Rangers Charity Foundation trust deed makes it clear that the charity would be run by the chair and staff of Rangers FC, all of whom OSCR found to have a conflict of interests ten years on from incorporation – only after being notified of concerns re. the thieving friendly. The RCF manager’s comments on the charity’s website in relation to OSCR’s findings should result in him being immediately dismissed by the trustees for bringing the charity into disrepute. I guess though that the charity will treat him much as the football club treats its manager and CEO in these matters.
One of the main themes of this blog and its predecessor, RTC, has been the abject failure of the SMSM to provide any sort of critical analysis of the business operation at Ibrox or of the forces of darkness in both the SFA and the BOS that have manipulated rules and football finance for the benefit of one club only.
In the last week or so, we have seen significant movement (it appears) in the publicly stated attitudes of a growing number of Rangers fans and even fan groups. For growing numbers of Bers the penny has dropped at last. Finally, and probably too late to do anything about it, the loyal fans can see they are being led by the nose into a further financial nightmare.
Their club has been left in the hands of the unscrupulous – how long before they start asking SDM, he of the massive business reputation – how could you have been “duped” by this lot? Easier to see how he sold the shirts to the first rogue with a quid to save his own bacon…
Of course, largely thanks to the brains working and posting on sites such as this, we have also been enlightened into the various ways that the spivs can manipulate this situation for their own, long term financial gain.
The Bers can boycott their stadium if they like. Fill yer boots! Green and co still wins if the club goes bankrupt – they have the title deeds (unless TGEF has them).
The Bers can live in hope of the Second Coming of another Messiah that will buy them out of trouble – but he is going to have to pay Green and Co so much money that it is a matter of faith rather than any rational belief.
If I was an unhappy Ber I think my preference now would be to let the current incarnation die, even lose the stadium, and start from scratch. Should have happened the first time. How else can they get the Green monkey off their back?
Of course, for this to work, they need a leader. Someone they can believe in. A Gers Man with more Rangersness than any other. What superhero can fill those red white and blue lycra pants and get away with the union jack cape?
Well the obvious candidate just walked out on the club and has, in the process of siding with first one side then the other, shown himself to be as self-serving as all the rest. Take a seat WS – don’t think your super powers are going to be needed anymore.
Cue the GG article today. Chapeau sir! To directly criticize Sir Wattie of the Cardigan in such a forthright and public manner is both brave and timely, and more importantly, demonstrates to the rest of the SMSM what a journalist is expected by the paying public to do.
It also demonstrates that at least one of the newspapers has realized the game is up over at Ibrox. The final whistle approaches and the news ain’t good for the Bers.
The rest of Scottish Football might not be shedding too many tears though…
I trust the SFA and SPFL have their plans in place wrt the fallout when TRFC goes belly up during the season.
wottpi says:
August 10, 2013 at 9:12 am
——————————
I think you are being unfair on Glen Gibbons who consistently pricked the Ibrox bubble, long before even Hugh Adams. Go into the archives and check it out.
Zilch, don’t confuse the newspaper with the newspaper journalist – that is only Gibbons speaking; the Scotsman by and large toes the party line when it comes to reporting on matters from Ibrox as this week’s hiring of Lindsay “Goebbels” Herron sadly testifies.
Zilch says:
August 10, 2013 at 10:44 am
Call me a cycnic but as it appears the peasants down Ibrox way are revolting, it is not the case that to keep the money coming in the papers may be altering there stance to give the punters what they want.
T’Rangers fans didn’t want to hear the bad news previously and would boycott a dissenting newspaper at the drop of the hat. Gradually the market is changing and they may well be willing to pay for news that actually gives them a truer picture of what is happening to their club.
Of course the papers are on a winner as the rest of us will lap up what is bound to be a bad news story.
Re-the Glen Gibbons article. It is utterly refreshing to see there is at least one MSM writer who does not subscribe to the view that Walter Smith is infallible. That is not to say Smith is a bad person, and Gibbons is not saying that either, but the coverage he gets from 99% of Scotland sports writers and pundits is absolutely vomit inducing, and an insult to our intelligence.
On a wider note Gibbons has never cared about putting his head above the parapet, but who is coming through that will replace him? Look at what we have at the moment – utter clowns like Keith Jackson etc who would probably write WATP if they could get away with it. We also have intelligent men like Richard Wilson and Graham Spiers who unfortunately fall into the 99% bracket and write vomit inducing stuff about Smith and Rangers. I can only hope Glenn Gibbons is writing for a while yet, otherwise we might as well read the Rangers News.
Danish Pastry says:
August 10, 2013 at 9:26 am
—————————————–
Danish – I will be mighty surprised (astonished even) if Sevco publish any accounts at all. Administration will happen when they can no longer make excuses for late accounts. It’s the way of spivs.
The recent unraveling of Rangers following the death of the first incarnation is as complete as it is unsurprising. Auldheid’s figures and guesstimates did, if anything, overestimate the strength of rangers’ finances. Whether their expenditure has exceeded all estimates, or Phil Mc G’s suggestions that the 22 million was not really raised as cash at all – the fact remains that the IPO money has been burned – more or less in its entirety and both season ticket money and the Sports Direct access to funds are manifestly insufficient to carry the club through even half a season. However the end game for Rangers 2 materialises, it is clear that without a new injection of funds the club cannot survive the season.
Steerpike’s protestations of solvency and a pathway out are I am afraid somewhere between overly optimistic wish fulfilment and delusion. Unlike many on here I don’t see him either as a troll or a placeman – he is too engaged to be a troll – and comes unstuck far too often to be any kind of paid advocate.
The wider issues raised by the demise of Rangers are yet, I think, to be grasped by any within Scottish football ( except possibly the CFC board).
There remains a sense that Rangers will return:not just amongst the Ibrox faithful and their placemen within the SMSM and SPFL and SFA, but within the whole of the Scottish football community. The prevailing zeitgeist is that the present Rangers free top division is an aberration and within 3 – 4 years it will be business as usual for an all powerful Old Firm hegemony to emerge.
In reality, of course, the aberration is not the present situation but rather the one of the entire SDM era. Rangers are losing about a million a month (probably more) in its present incarnation with healthy crowds at a large stadium. For the last twenty five years that level of losses has been about the norm. Over 75 million of losses written off by MIH ( ultimately the taxpayer through its bank debts) 40 million of ENIC money, 20 million of DK money, 18 million of ticketus funding, and still dissolving in over 65 million of debt.
The blunt truth is that Rangers died because it was not a sustainable business. To attract sufficient fans to fill the ground the operation had to spend more money than was paid by these fans and the associated commercial and TV deals that went with it.
No-one appears capable of producing a sustainable model – as Steerpike points out a particular level of player and set up is required to keep the Ibrox faithful on board – and what is clear is that the demands of the fans cannot be met within a sustainable budget. A sustainable side will not attract the fans – and thus the club will fail and falter, an unsustainable side will attract fans but cannot be afforded without probably an annual dose of CL money – which will not be forthcoming.
Where I think Scottish football in its entirety is in denial is in the underlying tacit assumption that Rangers is necessary, beneficial and fundamental to its existence. It is this belief that has led to the collapse of governance , the atmosphere of panic and the cycle of chaos which engulfs the game.
Only a recognition by all involved that a Rangers free future is the reality for the foreseeable future and a necessity to structure the game accordingly can save Scottish football. The longer the farce at Ibrox continues, the more damage is done to the fabric of the game.
A decision last year not to admit SEVCO as Rangers , may have appeared at the time unthinkable to those in power, yet in hindsight such a decision would have left the game healthier today. If the present shenanigans leads to an end to football at ibrox this season, then the damage done will ne vastly greater than it would have been had they been allowed to die last year. If some kind of weak and pallid Third Rangers emerges then its eventual demise a year or two hence would cause even more damage to the game.
Ultimately Rangers died because it was unsustainable. All versions of Rangers will similarly die without a sustained pump priming by outside finance of a million pounds a month. In the present climate no such finance exists.
We all have to face the facts of a Scottish football without Rangers, or a state of permanent instability and chaos to seek to sustain an unsustainable entity within the game leading to an eventual collapse of all professional football in Scotland
Danish Pastry says:
August 10, 2013 at 8:40 am
I found that podcast very interesting. It sounded to me like a morning meeting of sports journalists, discussing events at Ibrox in preparation for that day’s news-gathering and reporting. All that was missing was a summary followed by instructions from the editor on how the events were to be reported. I’m quite sure that the DR will have these regular/daily meetings with the journalists thoughts and opinions aired openly, and that they will be followed by the editors instructions. I’m sure, too, that these instructions will have been passed to the editor from someone at someplace outside the walls of the DR :slamb:
The other night I had the misfortune of having to be taken to A&E and was reminded of the amazing job done on a daily basis by NHS staff. Selfless and skilled, not motivated by easy money, the adoration of the mob, or flash cars, these unsung heroes are the true “fabric of society” (c A Salmond). Compare and contrast to the characters in the photos of the Ibrox directors box last week. And the MSM wants us to forget about the taxpayers missing millions..Keep up the good work TSFM!
iceman63 says:
August 10, 2013 at 12:00 pm
—————————————–
Top notch post
Reilly1926 says:
August 10, 2013 at 11:37 am
12 1 Rate This
Danish Pastry says:
August 10, 2013 at 9:26 am
—————————————–
Danish – I will be mighty surprised (astonished even) if Sevco publish any accounts at all. Administration will happen when they can no longer make excuses for late accounts. It’s the way of spivs.
———
Reilly,
One of the quotes I heard from that meeting was Stockbridge saying he was hoping to bring the publishing of accounts ‘forward’ to the end of August, for whatever reason? You do tend suspect an ulterior motive behind the timing of most of these events.
@iceman63
A brilliant summation of where we are at present.
Chapeau
slimshady61 says:
August 10, 2013 at 10:59 am
Very much agree that GG has been far ahead of the rest over a prolonged period. That said, I am not sure that any of the SMSM would have let him publish that article until very recently. I am pretty sure that GG has had plenty of stories he wanted to print that never saw the light of day…
wottpi says:
August 10, 2013 at 11:05 am
Fair points and I don’t disagree. I think the point is that there is a sea change in the mood of the Bers and at least the Scotsman today is reflecting that by giving GG space for his damning criticism of the previously Untouchable One.
I don’t think for one second that the SMSM will ever be anything other than extremely cynical. The Cardigan has exited stage left and is unlikely (IMO) to play a significant role in the future.
I wonder if any of them are lining up a serious article on the damage that SDM has done to the game? Or are they still too frightened that he might be waiting in the shadows ready to re-enter the scene? Wouldn’t do to ruffle his feathers if there might be lamb on the menu in future?
Go on ladies and gents of the SMSM – lay out the malign influence of SDM on both the Gers and Scottish Football once and for all. And while you are at it, how about a critical analysis of the performance of CO, Regan and Doncaster over this scandalous period.
Not holding my breath, but I can finally see that it is within the realms of possibility.
PS. Cracking post Iceman
The original plan in the prospectus was to use only 3.5 million of the share issue funds to bankroll the downsizing of Rangers, and this was pure fantasy considering the known income streams. The trading loss in the first year may be 10 million,and funds for capital projects have been used to bankroll these losses. This may or may not cause a cash flow problem at the end of the year but this is not the burning issue, the main concern is the company’s trading position and its viability as a going concern. The trading position in Dec 2012 cannot be extrapolated to be the trading position for the following year, and we cannot predict similar losses in the 2nd year.
The audited accounts for the first year are of less interest to me than the income and expenditure projections for the 2nd year, that is what business minded people will be focusing on, this is what will determine the future of Rangers. I suspect they may project a loss similar to the original first year loss projections of 3.5 million or so, except this time the projections will be based on fact not wishful thinking.
It is simply flawed thinking to ignore the income from pre-season friendlies, Puma, Blackthorn and Sports Direct , and dismiss any cost cutting to overheads and player wages, these figures are fairly relevant to any calculations on the commercial viability of Rangers in its 2nd year of trading.
Nothing I have read from any source proves Rangers cannot be streamlined to break even in its 3rd year, and some seem to equate cash flow problems with its trading position, this is an error of judgement. Investors will put in more funds if the commercial viability of Rangers can be established with concrete income and expenditure figures.
My guesses have not been proven wrong by the guesses of others, only time will tell who has guessed accurately.
Lest we forget – from the sevco communications director, who banned the bbc from ibrokes
( for telling a fair bit of the trut, which Sevco didn’t like)
… 13/04/12 DAILY RECORD – “Some Rangers fans believe the club’s history, which would end with liquidation, must be protected but there is a shameful part of that history which they should want to forget and any newco should make it clear a new beginning means exactly that. A new club open to all from the very beginning.” (Jim Traynor)
13/06/12 – DAILY RECORD – “They’ll slip into liquidation within the next couple of weeks with a new company emerging but 140 years of history, triumph and tears, will have ended. No matter how Charles Green attempts to dress it up, a newco equals a new club. When the CVA was thrown out Rangers as we know them died. They were closed and a newco must start from scratch.” (Jim Traynor)
Heard from a good source that Ibrox requires AT LEAST £7M spent on it.
The asbestos story is true. Perhaps someone should have asked Traynor the other night how he proposes to put Wifi into the place and yet not disturb the asbestos.
Apparently it is ok to have asbestos but once it has been disturbed then it has to be dealt with.
Where will the money come from……………………………. any answer Jim……………………… any answer?
Can we quote you on that.
Great contributions to the Ibrox saga from both Glen Gibbons and Iceman.
GG has always wriiten well and unlike his ‘lust for the limelight ‘ colleagues he relies on the written word in order to gain recognition.
He is sadly in a very small minority.
justshatered @ 2:27
I’m not convinced about the asbestos rumour but if true, then its removal will require specialist handling.This is not something that your average ‘cowboy’ can do.Given the location of Ibrox and its proximity to local housing,makes it imperative that the job is done to the highest specification.History has shown the health risks associated with asbestosis.Having worked with asbestos,I am still aware of the risk to my health some 40 odd years later.
The cost of removal will be considerable but shouldn’t be a consideration over people’s health and wellbeing.
iceman63 says:
August 10, 2013 at 12:00 pm
———————–
Well said Iceman.
As your comment suggests, Rangers are dead. I have not been making that point as someone suggested with the thought that saying something often enough makes people believe it’s true; I said it because it’s true and too many people who should know better prefer to ignore the truth.
The only way in which a club calling itself Rangers can come back successfully is to start at the bottom, playing out of a small stadium with modest ambitions and goodwill to all fellow member clubs.
I doubt though that that will happen. One of the most oft-perpetrated myths is that Rangers are one of the best supported teams in the world and their supporters are amongst the finest in the world. History shows their supporters are fickle – the last period in which Rangers slipped below the radar their crowds fell away dramatically and only really started to come back when the silly money began to be spent.
Rangers are now dead and the present tribute act is about to follow it down the tubes. No doubt, unlike the 59 bus, there will be another along in a minute, leasing Ibrox and Murray Park and thus sustaining the spivs.
Ultimately though, another administration this season will push the bears beyond breaking point; the prospect of a points deduction, a further minimum 2 year wait until the promised land of the SPL and a probable (at best) 8-9 year wait for European football will simply turn most bears off. []
We must all however stay on our guard against any last-ditch attempt by the SFA/SPFL to rescue “Rangers for the good of the country and to stop social unrest” by putting them into the Premiership. I am not persuaded that they aren’t immune enough from reality to try this one more time, particularly with an independence referendum looming and Alex Salmond’s “form” on this particular subject.
Dark forces in the form of most of the press and certain PR companies remain hard at work in the background.
54 to 0
Slim
As your comment suggests, Rangers are dead. I have not been making that point as someone suggested with the thought that saying something often enough makes people believe it’s true; I said it because it’s true and too many people who should know better prefer to ignore the truth.
———————————————————————————————————————————————–
Slim, I think you are referring to me there.I am in full support of your tenacity in making the ‘dead Rangers statement’ The point I made was that those who are in denial of this unassailable fact are of a mindset which is impossible to alter.Even if Nelson Mandela were to issue a statement that the Rangers are dead,it would make no difference to the loyal.Those that do not want to hear would continue their affliction of denial.Sadly.
I take it that the beeb did in fact gain entry to Ibrox then?
Some great news! 😉
…speaking to BT Sport McCoist ruled out the possibility of
his resignation: “It’s not an option for me. It has never crossed
my mind once”
http://m.stv.tv/sport/football/clubs/rangers/235633-ally-mccoist-rules-out-following-walter-smith-out-rangers-exit-door/
End of empire. Ibrox is the new Coliseum.
Great articles by Glen Gibbon and the Iceman. We seem to be on the right track and maybe a few more SMSM journalists will speak out without fear or favour. If the myth of the cardigan can benefit exposed ( just ask Mr Brogues about ebt’s from rangers to him when he was both managers of Everton and Scotland would be a good starting point) it would be the end game for the bears.
God damn I think the dam may be cracking.
Tif Finn says:
August 9, 2013 at 8:46 pm
So this has nothing to do with them claiming to be
”The most successful club in Scotland” – with the history since 1872 ?
🙄
Steerpike says:
August 10, 2013 at 1:52 pm
If you don’t think cash flow is an issue how do you think the bills will be paid when there is none left.
Lord Wobbly says:
August 10, 2013 at 4:14 pm
Great news, thanks for that.
The longer he stays, picking up a ridiculous salary and bonuses, whilst unable to actually manage a football team, the better.
One caller so far on SSB, maybe they are not letting the callers through in case they mention the GG article. Pure twats
Caller on SSb now just saying Ally McCoist is a pure legend and has overseen the most shambolic time at Sevco, does he forget Ally has been the most shambolic manager they have ever had in Rangers and Sevcos history.
Honestly are they really so thick
Jackson on Radio Scotland the institutional investers will re invest if there are board changes
does he just make it up as he goes along ?