Much has been written on this blog, and previously on RangersTaxCase.com regarding the assets and liabilities of the former Rangers football club – however little has been done to look at the rest of the SPL and Scottish Football as a whole. Was it just Rangers making ridiculous ‘asset’ valuations or is there other clubs in real danger of following RFC to the grave?
Before we get started a quick explanation on the figures. They were all taken from the latest accounts as appearing on Duedil.com, so some are from 2010’s figures. I have also ‘tidied’ them up a little so that they are easily understandable, removing things such as minor stock holdings.
The big story in the Rangers case was how over valued their ‘assets’ were, and especially the freehold property. To remind you Rangers Balance sheet in 2010 was as below:
While on paper the net assets look very healthy, we all now know that the 130m of Fixed assets was in fact worth just 5.5m in the real world. If we change that 130m to the real life figure their balance sheet would have looked like this…
So, how do the rest of the SPL compare? This is a list of ‘fixed assets’ for each club as noted in their last accounts.
Predictably, Celtic lead the way, but a quick scout through the notes reveals the freehold properties are valued at 45m. Dundee prop up the table, but with no freehold properties to their name, this is not so surprising. One thing to note is the difference in value of the assets held by Aberdeen and Kilmarnock compared to clubs like Dundee Utd and St.Johnstone – this is important when we look at their balance sheets.
As you can see above, I have broken the balance sheet down into a few categories. We have the fixed assets we just discussed, followed by the cash in bank. Next is the debtors (money owed to the club within the next year) and then the creditors (money the club owes to others within the next year). A crude calculation gives us the Net Current assets or liabilities. A red number means that club owes more money in the next 12 months than they have in the bank, or are owed.
We then move on to long term creditors (money that is owed but not immediately – more than 1 year away) which will constitute loans from banks, or from shareholders. In the case of Hearts, who have the highest amount of long term debt in the SPL, 98% of this debt is owed to the parent company UAB, controlled by Romanov. This debt attracts a further 4.5% interest a year, while UAB also hold a floating charge over the clubs assets.
The final column gives us the Net assets or liabilities, taking into account the fixed assets of the company. As we saw earlier, Rangers had posted Net assets of 70m, only achieved by their ridiculous freehold property valuation. Are Hearts and Aberdeen doing the same? In the case of Hearts they include in their fixed assets 159,000 worth of ‘Memorabilia’… in addition to 15m of freehold property, while Aberdeen state in their accounts that the valuation of Pittodrie is a ‘rebuild’ value rather than a likely realistic sale price.
By declaring such high values on their balance sheets though, it produces a net asset figure, rather than a large liability that, in reality, is the case. Kilmarnock and Hibs to a lesser extent would also see their figures turn red with asset valuations downgraded.
What is heartening to see though, is two clubs with net current assets, in St.Johnstone and Motherwell. Saints were rescued from near bankruptcy in the 80’s by Geoff Brown and have lived within their means ever since. Motherwell likewise have been in financial trouble in recent times, but the club appears to have stabilized and is now living within their means on and off the park.
If another insolvency event hits an SPL club, the MSM will blame it on the demise of Rangers. What can be clearly seen here though is the damage was done years ago to clubs like Hearts, Dundee Utd and Aberdeen – it will be a battle to get back to the kind of financial position that clubs such as St.Johnstone currently enjoy. However, the message that Saints are currently sending out is that its possible to have a competitive team without breaking the bank, as long as others aren’t artificially inflating wage demands.
The accounts I used to get the above figures are downloadable here: I was unable to find for Inverness – if anyone can find please let me know and I can add them to the table. When time permits I will extend this to include SFL clubs as well.
Aberdeen | Celtic | Dundee Utd | Hearts | Hibs | Kilmarnock | Ross County | St.Mirren | St.Johnstone
Their deid ,gone,ceased to exist ,expired ,left this mortal coil and no amount of media spin will change that fact .
No matter what illusion the peepil try to build the fact is ragers 1872 are no more .
Let the football commence
No comments on the SFA website about todays proceedings (yet, but don’t hold your breath)and nothing at all since April 24th 2012 from the CEO.
What does that tell you about our custodians of the game? re they all in the pub consoling Mr EBT Ogilvie?
They are gone and that’s that…final…end of!!!
And I am glad!
Read John Clark’s summary – very clear and concise – well done.
What a craven and pathetic judgement by LH. He reveals corruption in his court – he has clearly been lied to and has had the proverbial taken out of him yet claims he is powerless to act.
An utterly pathetic display by the legal system. At the very least he should have had these jokers on charges of perverting the course of justice, conspiracy to defraud and maladministration.
I am disgusted by this – but not surprised. even Italy found a way to convict Berlusconi. We must now be placed full square at the front of Corrupt nations!
allyjambo says: (Edit)
Wednesday, October 31, 2012 at 14:26
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agropelican says:
Wednesday, October 31, 2012 at 11:29
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While we’re waiting on Lord Hodge.
“Hearts boss John McGlynn says all SPL teams would have chance of claiming title without Celtic in top flight.”
____________________________________________________
I wrote earlier that I didn’t read the article (until I read easyJambo’s post later) as I wouldn’t value McGlynn’s, or any other manager’s, opinion on the subject, but was pretty sure it would be more an attempt by the press to create bad feeling between Hearts and Celtic, or at least their support, as part of their deflection campaign as the anticipated bad news for Rangers trickles out.
~~~~~~~~~~~~~
Exactly my thoughts too Ally. Having read what McGlynn actually said I think any Celts or Jambos fan who doesn’t see through a blatant attempt by MSM to create a diversion is being gullible.
I have to say, after much consideration of the facts, taking into consideration all the imponderables and unpredictables, there is finally no doubt whatsoever.
I believe they are dead. RIP.
As I said yesterday, LH bottles it and passes the buck to someone else.
What a waste of taxpayers money the legal system is.
I always thought that the law of this land was based upon common law. Now it appears to be based on conman law.
BDO doing something, absolutely no chance.
doontheslope says:
Wednesday, October 31, 2012 at 18:31
doontheslope.
We are where we are. Something is indeed wrong, though I would not say in “Scottish society” as a whole. There is part of it that is rotten though and the rottenness seems to be transferrable from an oldco to a newco. And the law seems to allow it (in other jurisdictions too), and the MSM looks the other way; that’s what dismays me.
iceman63
“A small cadre of corrupt individuals run Scotland and all are known to each other.” Corruption of various types is also rife south of the border. Just look at the Leveson enquiry and the role of the police, recent BBC revelations, etc.
What a corrupt nation this is. Brace yourself for a clerical error.
At least tax, debt and criminality seem to be optional now, if you are capable of wrecking the place.
I would’nt want independance, I’ll stay a guest. Fussy who I mix with and subsidise.
Let’s face it everything that has happened in this shameful scandal has been done in the best interests of the ex football club known formally as ragers .Whether it be reporting ,sanctions ,punishments accountability ,policing ,political and judiciary ,are we really saying we are surprised at this ,I for one am not and I never held out any hope of ragers paying for any of their cheating and creditor dumping .
The only time they were inconvenienced is when the REAL SCOTTISH FOOTBALL FAN made his voice heard ,they and only they did not have money or bias at heart .
Listen to the LL/MSM tonight carrying on as if today was just another day ,don’t mention it too much and they might not notice .
Well I noticed ……..THEIR DEED , they can pretend all they want but Ragers 1872 died today .
Have to say, I can’t agree with those who think Hodge has somehow ‘sold out’. As several posters have already pointed out, he made it clear that D&P are still liable.
Who would have thought we’d actually have people criticizing a Law Lord for NOT delaying the liquidation of Rangers!!??
regarding BDO ,I concur they will do nowt either just add them to the above list and save us all the pretence .
If you know the history – I do
Born 1872- died 2012 due to a decade of cheating and stealing other peoples money
I dont care what Lord Hodge James Traynor or Grandmaster Sucks say
what the hell do I care
If people want to be deluded by the Charles Green tribute act thats their choice
I choose the truth
Rangers then -Sevco now -Liquidated forever.
Amen !
neveroffside says:
Wednesday, October 31, 2012 at 17:58
Lord Carloway promoted by the First Minister recently to the highest legal job in the land.
“”””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””
It is actually Lord Gill, Lord President and Lord Justice General. Lord Carloway is number two as Lord Justice Clerk.
http://www.scotland-judiciary.org.uk/34/460/The-Right-Hon-Lord-Gill-%28Brian-Gill%29
http://www.scotland-judiciary.org.uk/34/493/The-Right-Hon-Lord-Carloway-%28Colin-John-MacLean-Sutherland%29
john clarke says:
Wednesday, October 31, 2012 at 18:21
Well done John. Sounds to me like Lord Hodge was a very unhappy chappie. I’m not ready to join the glass empty brigade just yet, there is a long way to go.
I hope D&P have good insurance, I think they are going to need it.
STV reports that “the company that operated Rangers since 1899” has been placed in the hands of liquidators.
What utter shite.
It is precisely this sort of claptrap that perpetuates the myth that Rangers aren’t gone.
I’ve done this before and I do it again. I challenge the MSM, Sky Sports News, Charles Green, Ally McCoist, Neil Doncaster, Stewart Regan or anyone else with an interest in pursuing the “it’s the same club” agenda to show me ONE SINGLE REFERENCE to Rangers FC being seperable from Rangers FC PLC prior to 14th February 2012.
SHOW ME ONE!!
Then I’ll believe you.
I now expect the usual deluge of irrelevant bollox about Middlesbro’ and Leeds.
iceman63 says:
Wednesday, October 31, 2012 at 18:33
Read John Clark’s summary – very clear and concise – well done.
What a craven and pathetic judgement by LH. He reveals corruption in his court – he has clearly been lied to and has had the proverbial taken out of him yet claims he is powerless to act.
——
Thank you, JC, for your reports. We’re lucky to have a clear view of what actually went on the court rather than what the media will report. Good man. 🙂
As for LH allowing the liquidation – I was initially a bit disappointed when I heard it on the radio. I’d hoped they’d prop the corpse up until wrongdoings had been clarified and it could be publicly flogged again.
But I don’t think he’s wrong. Under the legislation, he has no option but to allow the liquidation to go ahead. See JC’s summary of what he said.
neepheid says: at 18:19
Lord Hodge allowed RFC into liquidation today. He has retained the right to oversee the IPA investigation into D&P. Now can some really clever person explain to mister pedantic here exactly why what was done today could not have been done 4 months ago? And what the 4 month delay in liquidation has achieved, except to allow Sevco to have the RFC membership of the SFA transferred to it, so keeping a Rangers team playing in the senior leagues? It stinks of something very very smelly to me.
_____
Ok – another round NH
As far as the RFC membership of the SFA is concerned – LH could have put RFC into liquidation on Feb 14 or any time since up to now and it would not – in end effect – have made any difference. That`s been oulined but you don`t accept it – fine
Why was it not done 4 months ago? You mean June 12-14? Ok – Let’s start with it should have been done 3 months ago – 31 July when CG reportedly handed over the 5.5m to complete the sale.
TRFC received a `conditional` `SFA licence` on 27 July – 3 months ago. There is no reason I can see as yet or in public to justify that it has dragged on for another 3 months. So any delay may not be SFA related which is unsurprising as the football and legal processes are distinct and operate to different procedures.
Why not June the 14 liquidation? – Several posters as well as myself have articulated responses to that but if you`re still convinced that LH or LH & D+P + SFA + sevco colluded solely to block liquidation so that the SFA membership could be transferred – then so be it.
If this is still a concern – Question for you NH
What makes you believe the RFC membership of the SFA was legitimately transferred to TRFC? 😉
obonfanti88 (@obonfanti88) says:
Wednesday, October 31, 2012 at 18:54
Who would have thought we’d actually have people criticizing a Law Lord for NOT delaying the liquidation of Rangers!!??
===========================
You seem to have missed the fact that Lord Hodge has already delayed the liquidation by 4 months, allowing Sevco to get the Rangers membership and continue playing senior football. And on the basis of today’s proceedings, that delay served no legitimate purpose that I can identify. What happened today doesn’t actually matter- the deed was done 4 months ago, and the delay in liquidation has now served its purpose.
john clarke says:
Wednesday, October 31, 2012 at 18:21
Lord Hodge said that since all of the creditors ( or the legal majority) had voted for D&P’s proposals, and had not put in any objection, and since all parties had been appropriately kept notified and informed, there was no room for the court to interfere.
===================================
Thanks John.
So in essence.
Duff & Phelps made the motion.
The creditors had agreed it.
Lord Hodge did not have the power to interfere.
However he has made it clear the matter is not over in so far as Duff & Phelps’ involvement and potential conflict is concerned. In fact he will obtain material and provide it to the IPA for their investigation.
He acted by upholding the rules, what is all people on here claim to want.
neepheid says:
Wednesday, October 31, 2012 at 18:19
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Lord Hodge allowed RFC into liquidation today. He has retained the right to oversee the IPA investigation into D&P. Now can some really clever person explain to mister pedantic here exactly why what was done today could not have been done 4 months ago? And what the 4 month delay in liquidation has achieved, except to allow Sevco to have the RFC membership of the SFA transferred to it, so keeping a Rangers team playing in the senior leagues? It stinks of something very very smelly to me.
————
I don’t understand the general elation. Chico and the others on Sportsound who tow the party line believe it’s all business as usual, and they don’t tire of saying it. I’m afraid liquidation is just a word. It’s been about as threatening as a paper tiger. There’s a blue team playing at Ibrox tonight, the unrepentant extremists among the fans are now stronger than ever. The only way I can see this club demise in its current guise is if it suffers another catastrophic financial collapse and the physical infrastructure sold or bulldozed.
If someone said to me that Rangers Football Club Ltd would be liquidated 2 years ago, I would have said no chance.
While I remain genuinely sorry for true fans of RFC, I am pleased that the Lord Hodge moved to liquidate, that was the correct outcome.
I believe that Lord Hodge has acted correctly in all respects to this matter. He was concerned with the actions of the company, and he has applied the law according to the circumstances that the company found itself in. Football concerns should not have had any bearing on his management of the case, and I believe that Lord Hodge paid no attention to such matters.
FIFA recognise the company and the club as being the same entity. The company Rangers Football Club Ltd has been liquidated: the Club that was allied to that company is no more.
The real villains of the piece are the SFA who have bent the rules to rescue a corpse.
I for one wanted the club to start again, afresh, building their way up from the lowest rung in the ladder. However the SFA took away that option. If there is corruption, I believe that this comes from the misguided actions of the SFA, not from the actions of Lord Hodge.
Danish Pastry says:
Wednesday, October 31, 2012 at 19:18
==============================
As I and others have said on here many times, there was always going to be a club playing at Ibrox and calling themselves Rangers after the liquidation. It was entirely predictable and in all honesty I have no particular issue with it.
Charles Green bought a football stadium. He had an ex clubs registration to play football transferred to him. He managed to get the makings of a team together and he got a place in SFL 3.
He can call the club Rangers if he wants. It is in fact Rangers.
It just isn’t the one which was placed into liquidation today.
alex thomson @alextomo
Gloves off now. HMRC called to say this means “proper forensic examination”. Whyte and Murray: they’re coming for you both now.
Long Time Lurker says:
Wednesday, October 31, 2012 at 19:22
=========================
Hear, hear.
Broguery & Corruption
Hand in glove.
Agrajag says:
Wednesday, October 31, 2012 at 19:25
He can call the club Rangers if he wants. It is in fact Rangers.
“”””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””
No it’s not. It is the The Rangers.
twopanda says:
Wednesday, October 31, 2012 at 19:12
If this is still a concern – Question for you NH
What makes you believe the RFC membership of the SFA was legitimately transferred to TRFC?
=============================
Because the SFA Board have absolute discretion in the matter- here is the relevant section from the SFA Handbook:
14.1 It is not permissible for a member to transfer directly or indirectly its membership of the
Scottish FA to another member or to any other entity, and any such transfer or attempt to
effect such a transfer is prohibited, save as otherwise provided in this Article 14. Any member
desirous of transferring its membership to another entity within its own administrative group
for the purpose of internal solvent reconstruction must apply to the Board for permission
to effect such transfer, such consent not to be unreasonably withheld or delayed. Any
other application for transfer of membership will be reviewed by the Board, which will have
complete discretion to reject or to grant such application on such terms and conditions as the
Board may think fit.
As regards dates, the relevant date is the rejection of the CVA. At that point, the agreement for Green to buy crystallised. The date of payment is irrelevant. The company should have gone into liquidation within days of the CVA refusal.
So far as I understand matters, D&P applied for release on 22 June. Lord Hodge adjourned that application.
http://scotslawthoughts.wordpress.com/2012/09/25/whatever-happened-to-duff-phelps-and-its-conflict-of-interest-investigation/
Everything since then flows from that adjournment, which it now transpires was completely unnecessary from a legal standpoint, since everything done today could have been done then, but absolutely essential from a “rangers survival” standpoint.
I still say it stinks.
Is it just me….again,
or does anyone else find it totally incredible that after all that has gone on during this fustercluck of a fiasco previously, the only evidence of fraud/criminality/COI liquidation etc..
the court has, are the TGEF/Mark Daley BBC phone tapes..!!!!
Are these being solely relied upon to stop Duff & Duffer (copywrite owned) etc swannin off with their filthy loot..?
If so…then there’s summit seriously Pete Tong here…very seriously wrong !!
Long Time Lurker says:
Wednesday, October 31, 2012 at 19:22
———————————————-
what about the creditors? have their needs been met? would unwinding the admin have served them better?
My expectation is that BDO will have been getting up to speed over the past few months, at least getting some of their staff gathering together any documents, files or other sources of intelligence on this case. Who knows who might have been sending info to them? Now they will have wide ranging powers to examine directors’ conduct, to set aside prior transactions on the suspicion of alienation, and so on.
I hope the next few weeks will be educational for many of us, but I’m not expecting frequent press releases from BDO.
I hope a bright light will be shone on the shenanigans.
I hope there will be arrests.
doontheslope says:
Wednesday, October 31, 2012 at 18:03
Looks like all those who wanted to know what an Independent Scotland will look like, just found out.
We now look to London and the FTTT to expose this corruption.
—————————————————————————————
Please be logical in your arguments. This is happening while we’re part of the union. I suggest a regular read of Private Eye, particularly Rotten Boroughs, and you’ll see corruption can be found all over the country, including in HMG.
I’m not denying we’ve got problems up here, just saying we’ll have the same problems whether or not we’re part of the Union, so instead of using it as an excuse for having a go at the SNP and independence maybe we should consider starting a SFM for politics, business and law as well as football. Or maybe a Scottish Private Eye?
BTW, MBunny is a former Labour voter, (fed up with corruption and New Labour) ideas, former SNP voter, (fed up with Salmond though still think they have one or two good guys), former LibDem (didn’t last very long with them) voter and now thinking of voting Green. (No, not HIM).
Without letting a day in court make me think I’m Lord President, I think I am obliged to say that Lord Hodge gave Mrs Woolfe QC for D&P quite a hard time, and also made ( a very attractive Mrs Double-Barrelled name, QC for Collyer Bristow) work for her money.
I am ready to believe that there can be corrupt or twisted judges (one of the best known being that old sod who wanted innocent men kept in jail rather than that the English judicial system should be seen to have got it wrong).
But in point of fact, can any of people who think Lord Hodge has been batting for the ‘conspirators’ point to any actual evidence supporting that view?
He’s dealing with a relatively small-time business that has gone into liquidation. An objection to the Administrators appointed by the owner of the business are half-heartedly challenged by HMRC, who withdraw their challenge.
Absolutely nothing there for the Court to get involved in.
The administrators go about their business. Take forever, and we all raise eyebrows. But again, on the face of things, they do nothing illegal.
Possible buy-outs are dismissed because not in the best interests of the company/creditors.
A CVA plan is put together, and put to the creditors, who knock it back.
Nothing for the Court to get involved in.
The assets of the club are sold to a late bidder.
Most of us thought that looked a bit dodgy, the undervaluation.
But on the face of it, as some posters pointed out, valuation/shmaluation-it’s all a matter of opinion.
A BBC programme is made suggesting that all was not quite right with the operation of D&P in a potentially ‘conflicted’ situation.
Now the Court gets interested: Lord Hodge says he wants them to submit a report. And Administration won’t end until he has studied that report.
They submit a report. Time passes.
Another BBC programme gets aired.
The Court notices this and is concerned.
Then the Administrators file for discharge.
There is no actual evidence- supported basis in law for that application to be refused.
Although the probity or otherwise of the administrators is by now being investigated, there is no conclusion as of now.
AND, in point of fact, the very people most affected by the Administrators,the creditors themselves, have agreed to the Administrators’ proposals to end Administration and seek liquidation!
The Court -while carefully ensuring that it keeps its options opinion in the event that evidence of misfeasance by the Administrators comes to light as a result of investigations- has no power on the facts as at present known ( rather than merely ‘wished to be so) to refuse to grant an order that all the parties ( apart from Collyer Bristow, whose main objection was in relation to another case in another jurisdiction!) were seeking.
And since Collyer Bristow’s objection was kind of like ours ( i.e. ‘we just KNOW that D&P are in it up to their necks’) , that had to be set aside, on the basis of the known FACTS.
BUT , be it noted, LH will pass the report made to him by D&P to the IPA to include in their enquiries and investigations.
Now, in all of that, LH has not been acting in anything other an entirely proper manner.
And he would rightly say, if he were to post on this blog,where at the moment is there EVIDENCE of wrong-doing by D&P?
No one has actually and formally in court proceedings to with the Administration advanced any.
And the Court must ( and you don’t need to be Cicero to agree) operate on the basis of facts, and on how the law relates to those facts. Not in the way some of us might have done- on the basis of what we might wish to the facts and the law!
In my opinion,m’luds, there is no question of any decision made by LH being made on any basis other absolute judicial impartiality.
I don’t buy into any complicity of LH in a broad Establishment-wide conspiracy.
john clarke says:
Wednesday, October 31, 2012 at 19:48
Very nicely put.
Parson St. Bhoy says:
Wednesday, October 31, 2012 at 19:32
Agrajag says:
He can call the club Rangers if he wants. It is in fact Rangers.
“”””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””
No it’s not. It is the The Rangers.
——
🙂
Aye, but it’s still Rangers. Same as Heart of Midlothian are Hearts.
My dad has had alsatians since i can remember. The last 3 have all been called Sheba. Sheba III is not the same dog as Sheba II or Sheba I. But she’s still Sheba. She lives in the same house with the same people as the other two that are both dead now, and is a completely new dog. But she’s still got the same name as the dead ones and operates in a similar fashion. Nobody says she’s not Sheba.
I should note that she does not claim to have picked up the rotten old football off the beach that she plays with in the garden. That was Sheba II, and it would be unfair to the deceased hound to claim its achievements. Even the dog realises that. 🙂
Same kind of thing.
M. Bunny: I’m actually quite surprised Private Eye haven’t picked this story up yet. Perhaps when BDO get warmed up they’ll latch onto it.
abcott says:
Wednesday, October 31, 2012 at 19:41
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Long Time Lurker says:
Wednesday, October 31, 2012 at 19:22
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what about the creditors? have their needs been met? would unwinding the admin have served them better?
======================
They voted to end the administration.
That’s kind of Lord Hodge’s point. If the administrator said everything had been done, moved to end administration and put the business in the hands of the liquidators, and the creditors agreed this, then why would the Court interfere with that aspect.
He as however left the door open for action against the administrators.
Parson St. Bhoy says:
Wednesday, October 31, 2012 at 19:32
Agrajag says:
Wednesday, October 31, 2012 at 19:25
He can call the club Rangers if he wants. It is in fact Rangers.
“”””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””
No it’s not. It is the The Rangers.
//////////////////////////////////////////////////
If CG had changed the club name to Govan, moved the pitch to Cathkin, changed out the entire team, played in purple, and brought along management and supporters with the old WATP sectarian attitudes, would we be in a better place now? Just wondering what the root of the problem is.
Corruption in the business world is not a purely Scottish vice
http://dealbook.nytimes.com/2012/10/31/barclays-reports-third-quarter-loss-on-credit-charges/
john clarke says:
Wednesday, October 31, 2012 at 19:48
==============================
Two excellent posts on the same page.
You must be getting a nosebleed
twopanda says:
Wednesday, October 31, 2012 at 19:12
neepheid says: at 18:19
Lord Hodge allowed RFC into liquidation today. He has retained the right to oversee the IPA investigation into D&P. Now can some really clever person explain to mister pedantic here exactly why what was done today could not have been done 4 months ago? And what the 4 month delay in liquidation has achieved, except to allow Sevco to have the RFC membership of the SFA transferred to it, so keeping a Rangers team playing in the senior leagues? It stinks of something very very smelly to me.
,,,,,,,,,,,,,,,,,,,
Can we assume that LH reserving the right to oversee the IPA investigation in to COI is a trade off against LH not overseeeing a BDO investigation into COI ?
If so who is likely to do the better job?
Folks,
I made an inappropriate comment on here this evening where I expressed my concern about a political matter concerning Scotland’s future. I regret having made that post. The blog this evening should be discussing Lord Hodge and today’s events, not Scotland’s political future. I apologize again and ask those who have responded to that post to let it go and get back on topic.
OH HAPPY DAYS
jonnyod says:
Wednesday, October 31, 2012 at 18:54
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regarding BDO ,I concur they will do nowt either just add them to the above list and save us all the pretence .
==================================
BDO are in place thanks to HMRC who refused to allow D&P the opportunity of “investigating” their own conduct.
HMRC have their eyes on the EPL – this is their overarching priority.
BDO may not do anything quickly (though that may change if the IPA investigation is particularly scathing on D&P); but they will be thorough and well funded by HMRC. Any action that has potentially disadvantaged the creditors will be fully investigated.
Lord Hodge was between a rock and a hard place today. Administrators are given a lot of legal leeway in how they operate. It would have taken significant hard evidence of wrongdoing before he would feel emboldened enough to refuse to sign-off D&P’s requests to end administration and appoint BDO for the liquidation. LH obviously felt that weight of hard evidence before him was insufficient to make a move at this time. Unless he was in a position to refuse their petitions today, he had no power to refuse payment of the administrator’s fees.
However…
Lord Hodge is obviously seriously (and I mean reeeeaaaally) hacked-off. He has made it clear that D&P have not been discharged from their liabilities. Once he has the BBC evidence (which he will pass to the IPA), received the IPA report and possibly received an interim report from BDO he will decide on what initial action (if any) to take.
It seems inconceivable to me that D&P will be allowed to keep their fees once he has studied the BBC evidence and the IPA report has been issued.
If a conflict of interest is (as expected) confirmed, it also seems inconceivable to me that “gratuitous alienation” will not be at the forefront of LH’s mind as he reviews the actions of D&P and the sale of assets to Sevco.
In my view, Sevco will eventually need to pay another £15m or so to keep their assets. If their IPO bombs, they may choose not to.
And…
Ticketus still reckon they will get their money back in the liquidation process…
Still a long way to go.
HirsutePursuit says:
Wednesday, October 31, 2012 at 20:13
I didn’t realise that if gratuitous alienation was proven that the buyer could be instructed to pay more, making the sum up to a more reasonable figure.
Is that something BDO will deal with.
neepheid says: at 19:37
Ok – you haven`t answered so we`ll knock down a few skittles to move it along
SFA 14.1 – Did the SFA Board grant a `conditional` license? – On Friday evening 27 July?
No they didn`t.
“As regards dates, the relevant date is the rejection of the CVA. At that point, the agreement for Green to buy crystallised. The date of payment is irrelevant. The company should have gone into liquidation within days of the CVA refusal.”
• Yes – as referenced
• Under question – according to D&P it did – let’s see if that holds
• No
• Yes – in normal procedure – as previously stated 3 times now
So far as I understand matters, D&P applied for release on 22 June. Lord Hodge adjourned that application.
Nor found that reference or heard that D+P had applied for a petition to end administration June 22
• No
• No
• No
• As stated – if you`re convinced that LH or some other agency arranged this that is your view – fine
Let`s try again – Question for you NH
What makes you believe the RFC membership of the SFA was legitimately transferred to TRFC?
Time yet for a late penalty or two im sure.
Incidently just noticed that the referee in the Chelsea v Man Utd game is a Mason! 😉
We hear that LH expressed annoyance at the late delivery of some papers from D&P. So he did not have time to fully consider the content. Any insights as to what these papers were, or whether late delivery was due to inept or deliberately obstructive behaviour?
This saga reminds me of the tv programme Soap of some years back. As I remember, each episode ended with the never fulfilled promise “for the answer to these and many more questions, watch the next episode of SOAP”. I’m similarly reminded of the story I heard as a boy of a chicken that had just had it’s head cut off but ran round the farmyard for several minutes after decapitation, refusing to lie down. As others have said, RFC are dead, but just don’t realise it yet. So I guess there are going to be many more episodes looking for “the answer to these and many more questions”. Compulsive viewing, isn’t it?
redetin says:
Wednesday, October 31, 2012 at 20:46
0 0 Rate This
We hear that LH expressed annoyance at the late delivery of some papers from D&P. So he did not have time to fully consider the content. Any insights as to what these papers were, or whether late delivery was due to inept or deliberately obstructive behaviour?
————————
the Rangers news and Chuckies share prospectus
Couple of things from today
The Double Ds say that they did not achieve their objective of maintaining the business as a going concern, yet I am sure that in one of their blurbs, this exactly what they did claim, or was I dreaming
The other concerns Lord Hodge
He, in all probability, is not involved in any shenanigans, but the way he has conducted the process leaves him open to questioning, with particular regard to the length of time it has taken
You would have expected him have been pro-active, rather than allowing all of this to spin out for the best part of 4 months from when the CVA was rejected
The truth is that RFC(IL) should have been in liquidation probably no later than April, instead of allowing the Double Ds to rack up a £4 million loss
Everything has been played out in the public gaze, and we could all see what was going on
The major criticism of his Lordship, is that he sat on his hands for a very long time, and that alone will always leave suspicions hanging in the air
john clarke says:
Wednesday, October 31, 2012 at 19:48
I am ready to believe that there can be corrupt or twisted judges (one of the best known being that old sod who wanted innocent men kept in jail rather than that the English judicial system should be seen to have got it wrong)
“”””””””””””””””””””””””””””””””””””””””””””””””
OT
JC
If we are thinking of the same case or cases. That was Lord Denning Master of the Rolls. He was bemoaning the lack of the death penalty as he did not want them kept in jail he wanted them hanged for the reason you gave.
https://en.wikipedia.org/wiki/Alfred_Denning,_Baron_Denning
In 1980, during an appeal by the Birmingham Six (who were later acquitted) Lord Denning judged that the men should be stopped from challenging legal decisions. He listed several reasons for not allowing their appeal:
Just consider the course of events if their action were to proceed to trial … If the six men failed it would mean that much time and money and worry would have been expended by many people to no good purpose. If they won, it would mean that the police were guilty of perjury; that they were guilty of violence and threats; that the confessions were involuntary and improperly admitted in evidence; and that the convictions were erroneous. … That was such an appalling vista that every sensible person would say, “It cannot be right that these actions should go any further.”[83]
In the summer of 1990 he agreed to a taped interview with A.N. Wilson, to be published in The Spectator. They discussed the Guildford Four; Denning remarked that if the Guildford Four had been hanged “They’d probably have hanged the right men. Just not proved against them, that’s all”.[92] His remarks were controversial and came at a time when the issue of miscarriage of justice was a sensitive topic.[93] He had expressed a similar controversial opinion regarding the Birmingham Six in 1988, saying: “Hanging ought to be retained for murder most foul. We shouldn’t have all these campaigns to get the Birmingham Six released if they’d been hanged. They’d have been forgotten, and the whole community would be satisfied… It is better that some innocent men remain in jail than that the integrity of the English judicial system be impugned.”[94][9
Bit of a racist as well.
In 1982 he published What Next in the Law; in it, he seemed to suggest some members of the black community were unsuitable to serve on juries, and that immigrant groups may have had different moral standards to native Englishmen.[84] His remarks followed a trial over the St Pauls riot in Bristol; two jurors on the case threatened to sue him and the Society of Black Lawyers wrote to the Lord Chancellor to request that Denning “politely and firmly” be made to retire.[85] Denning apologised for his remarks on 21 May and handed a letter to the Lord Chancellor detailing his resignation, effective as of 29 September.
And finally with an attached “no comment”.
He appeared in an episode of the children’s television programme Jim’ll Fix It, helping to grant a thirteen-year-old girl’s wish to be a barrister for a day
Today has to be the most historic day for football in Scotland – for all the wrong reasons I might add – and one of the most confusing for this blogger.
One minute I give a thumbs up for a well reasoned argument, and two minute later I give a thumbs up for a post which argues the exact opposite – it’s a bloody roller coaster!
It’s forty five years since I left school but this blog is as good as going back to school. I have learned more in the past year from this blog it’s brill – and all for free – keep up the good work everybody.
scapaflow14 says:
Wednesday, October 31, 2012 at 20:29
5 0 Rate This
ICT 1 nil up, did someone mention Carlsberg
~~~~~~~~~~~~~~~~~~~
I don’t think we should be overly celebrating if ICT win. ICT beating a fourth tier side is no biggy. TRFC beating Motherwell was huge for the Ibrox club. If TRFC somehow manage to overcome ICT then it would be another feather in their fledgling cap.
Lord Wobbly says:
Wednesday, October 31, 2012 at 20:52
Ach but the symbolism will mean everything to the lunatic majority….
twopanda says:
Wednesday, October 31, 2012 at 20:32What makes you believe the RFC membership of the SFA was legitimately transferred to TRFC?
======================
Well I hate to repeat myself, but you have asked that question already. 14.1 of the SFA rules gives the SFA Board absolute discretion in the matter of transferring membership. You mention licence, but that is a different thing from membership.
Are you saying that 14.1 of the SFA rules doesn’t give the Board that discretion?
Lord Hodge’s deliberations over the recent months reminds me of the old saying – ‘The mountain laboured only to bring fort a mouse’
neepheid says: at 20:56
twopanda says:
Wednesday, October 31, 2012 at 20:32What makes you believe the RFC membership of the SFA was legitimately transferred to TRFC?
======================
Well I hate to repeat myself, but you have asked that question already. 14.1 of the SFA rules gives the SFA Board absolute discretion in the matter of transferring membership. You mention license, but that is a different thing from membership.
Are you saying that 14.1 of the SFA rules doesn’t give the Board that discretion?
______
Articulate transformation from earlier posts?
C`mon – This the third question effort – if you can`t answer fine – just say so and stop deflecting
John Clarke ,that is one excellent post re.impartiality of LH and much appreciated.A much better synopsis than the poor report,in my view,given by Douglas Fraser on BBC RS.
Fancy a job as a roving reporter JC?
Agrajag says:
Wednesday, October 31, 2012 at 21:06
But oh so human
@Lord Wobbly
I don’t think we should be overly celebrating if ICT win. ICT beating a fourth tier side is no biggy. TRFC beating Motherwell was huge for the Ibrox club. If TRFC somehow manage to overcome
ICT then it would be another feather in their fledgling cap.
——————————————————————————————————————–
I’d imagine little old 3rd division Rangers have a wage bill far in excess of Caleys
Just switched to BBC Scotland.
Looks like a v small crowd at Dundee Utd. Maybe they all nipped off for bovril during the break?
Before I am put to bed will someone tell me has the HMRC report been issued to the public yet – it seems to have lost, like Sandy, it’s energy.
twopanda says:
Wednesday, October 31, 2012 at 21:05
Articulate transformation? What’s one of those?
I’m sorry, but I genuinely don’t understand what you are getting at. I believe that 14.1 of the SFA rules gives the SFA Board the power to transfer a membership. In that sense, the transfer of membership was legal, or within the rules, or legitimate, whatever form of words you prefer, in my opinion and based on my reading of the rules.
Maybe I’ve read the rules wrongly, if so, please educate me. You seem to be certain that the RFC membership of the SFA was not legitimately transferred to Sevco. I am interested and completely open to your views. So just let me know why the transfer was not legitimate. There is no point me recycling my opinion a hundred times if I’ve got it wrong. It just bores everyone else and makes me look a chump.
jonnyod says:
Wednesday, October 31, 2012 at 18:32
19 0 i
Rate This
Their deid ,gone,ceased to exist ,expired ,left this mortal coil and no amount of media spin will change that fact .
No matter what illusion the peepil try to build the fact is ragers 1872 are no more .
Let the football commence
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they will only have died , if the record books reflect that they are dead!!
if they start from scratch then we can move on , if they add the third division title to their “honours” list then ragers or what ever they get called have won and it dont matter what’s being going on for the last two years whats been said , who did what. The sad mess will be complete, decent society loses and the corrupt establishment thrives.
sickening really
Penalty @Ibrox… (to ICT!)
readcelt says:
Wednesday, October 31, 2012 at 21:12
0 0 Rate This
Just switched to BBC Scotland.
Looks like a v small crowd at Dundee Utd. Maybe they all nipped
off for bovril during the break?
~~~~~~~~~~~~~~~~~
It’s all because TRFC are not in the top division. Apparently the place would be packed to the rafters if only TRFC had been allowed to join the SPL.
HirsutePursuit says:
Wednesday, October 31, 2012 at 20:13
11 0 Rate This
And…
Ticketus still reckon they will get their money back in the liquidation process…
————
Great post HP, the thought of justice being done – in spite of the rather bleak outlook right now – cheered me up. I suppose those of us not versed in the ways of the bar, recognise the seismic impact of seemingly innocuous statements from the likes of LH. I hope you’re right. In the end, this whole case is about so much more than just football.
Off topic but on the general state of football in Scotland. I was watching some Portuguese game the other day. Sporting Lisbon v AN other. Not really taking an interest till it started bucketing down an there before my eyes, due to the conditions and not being able to pass the ball because the pitch was becoming heavier by the minute, they started hitting it long.
Time and again I saw both teams resort to long balls and head tennis. The conditions made it impossible to get the ball down and ‘play’.
I thought I was on to something there, unfotunately the east coast of Scotland (according to Wikipedia) gets less rain than Barcelona.
I guess it does indicate that without a focus on basic scills and ball control the default setting in difficult conditions is to go long.
bill1903 says:
Wednesday, October 31, 2012 at 21:10
4 0 Rate This
@Lord Wobbly
I don’t think we should be overly celebrating if ICT win. ICT
beating a fourth tier side is no biggy. TRFC beating Motherwell
was huge for the Ibrox club. If TRFC somehow manage to
overcome
ICT then it would be another feather in their fledgling cap.
——————————————————————————————————————–
I’d imagine little old 3rd division Rangers have a wage bill far in excess of Caleys
~~~~~~~~~~~~~~~
True.
If only they’d use it wisely!
#Jigsextendedgig
#SallyMustStay
I’m sure those 11,000 people that got in for free are enjoying themselves as much as I am! Popcorn anyone?
——————————-
Think they were given 85-minute tickets?
3 nil ICT, 1 each DU & HEARTS in extra time
Lord Hodge is an old relic of a fading past – trouble is, that past is not so much as fading, but lingering like a cloud of smog – i’m absolutely certain any other such persons (Ludge attending members of the Scottish Judiciary) would do exactly the same as Lord Hodge – A complete and utter farce and as has been pointed out – a timely delay served by the Lord previously which served only to facilitate the Sevco scam – but worry ye not, Charlie’s finishing the job off proper himself – so for those who won’t be happy until only pigeons and tramps feature at Ibrox – don’t worry, it’s coming. Charlie hasn’t a pot to piss in – His super-share-extravagana is a desperate claw for £ and he won’t get near enough.
The stadium requires works at a cost of around 2-3 million pounds for a start, the club deck/main stand roof has been eaten away by rust and in the other 3 stands, concrete erosion, steel fatigue and various other ailments will need remedial works then there’s all that asbestos insulation and panelling about the old stand which has to be constantly monitored – they would have it removed if it didn’t cost so much – probably- but i’m sure Charlie couldnt give a hoot anyway. Asbestos you say? Nah, it’s all gone–removed it all the other night with Ally–no bother–we ripped it all out and stuffed it all in that b’stard Craig Whytes attic–haha–so, anyway..can I interest you in some shares??
Eh–where was I?? (i am sorry–it’s those wacky codeine…courtesy of a jackass themed bike fall…) Aye, Lord Hodge–Lord Dodge more like – absolutely scandalous and he should be made to publicaly explain the (now blatantly obviously for benefit of the Sevco scam) delay in the liquidation process ..but who would honestly ask him?? The toothless clowns we call the MSM?? We all know the answer to that – On what feck’n planet does such absurd and blatant corruption pass as competent judiciary?? We mock the so-called judiciary and legal systems of almost every other country in existence – but just look at the state of our own?? It’s a sham and I cannot believe this Lord has defied logic, protocol and justice for the sake of Charlie’s feck’n Sevco and the team it fields over at Ibrox. Shameful?? I’m not ashamed, i’m not surprised but i’m fairly pissd off and if it werent for the – very probable – prospect of a concrete bed of his Lordship’s desire – i’d go along to one of his outings and shout things at him – i’m disgusted because I know this is appeasement in it’s naked form. It wouldn’t happen for anyone else – only the team whose fans cannot be allowed to wander the streets without a football club to channel their ‘peepilness’
The SFA. SPL and many – many others – who have been complicit in this sham – all afraid of the big blue bully – well, it’s just as well the football communities aren’t part of this stinking old sub-culture of our countries ‘fabric’. Turnbull Hutton himself has more credibility than the sum total of all of them – and i mean ALL of them.
There will be no team playing at Ibrox in-not-a-distant time – I’m absolutely certain of that – and unless Charlie wins the Euro Millions, on a mega rollover night, his enterprise will either bankrupt itself through over-spending or neccesitated cut-backs will keep fans away – the watp brigade will simply evaporate as ‘the truck’ will never be able to carry their Minty fed aspirations.
Maybe Sevco will survive but i think Charlie has let the cat out of the bag somewhat by saying he won’t be accepting any promotion to the SPL of current – err, is that because he’ll never have to actually be in that position anyway?? Not a difficult question to ask – all you hacks out there…
Oh, and it’s a 3 nil mauling for Sevco over at Ibrox…oh dear…
‘Skills’! darn iPhone
Paul T @pault1888
Rangers Til I Die echoes around Ibrox. Exactly 4 hours & 18 minutes too late
Paul Clark “We have worked closely with the liquidators over the last few months to ensure an orderly transition.”
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-20141946
BDO must be well on top of the situation already (assuming the above statement is true).