1,119 thoughts on “Of Assets and Liabilities”

1. 
   

   Senior says:
   Wednesday, October 31, 2012 at 20:52
   26 0 i Rate This

   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.
   ——————————————————————–
   senior,
   every day is school day ! lol
2. 
   

   The Daily Ranger @DailyRangerRFC 20m
   @jimmygixxr Tonight’s loss has cost Celtic at least £500k…ohh
   well
   ~~~~~~~~~~~~~~~~~
   Gutted! 😀
3. 
   

   another cup exit…….. shockarooney
   what next will the fuds that run our game devise another cup competion to aid the ragers.
   I was kinda hoping they would win and we could meet them in the semi final but they are obviously not as good as the media keep saying they are.
4. 
   

   Senior says:
   Wednesday, October 31, 2012 at 21:16

   Checked earlier, decisions up to 23rd October published, patience, Der Tag is coming.
5. 
   

   Alloa are around the 12/1 mark for Saturday 😉

   Sorry for being OT
6. 
   

   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?

   ————————————————

   I wondered why the papers were important but not important enough to require a complete read before LH made his decision. That didn’t make sense to me. Can anyone explain?
7. 
   

   Dingwall’s Dingbats are starting to turn on Mr Alasdair, any bets on how long he last once the “share issue” (assuming it happens), is out of the way? Kicked upstairs by Christmas?
8. 
   

   I meant to add that there’s a bit of gloating going on tonight. I know it’s difficult but can we keep this in check? We’ve been here before.
9. 
   

   http://m.scotsman.com/sport/football/top-football-stories/rangers-0-3-inverness-ct-ibrox-horror-show-as-inverness-ease-past-rangers-1-2608478

   Attendance: 28,033

   Does that include the (alleged) 10,000 free tickets? How much will ICT see?
10. 
    

    Out of 6 cups in succession as a Manager
    But

    Only two really with his current club
11. 
    

    Having seen Alloa this season, they have a definite chance on saturday. Placed £3 @ 16/1 on Monday. C’mon The Wasps!
12. 
    

    Whilst I have a big soft spot for Utd I’m glad if tonight’s result in someway helps Hearts out financially. Results elsewhere can’t be great for the finances of one club but good for the SPL club, I hope you know who was wearing a suit, shirt & tie or he’s gonnae get pelters
13. 
    

    ps I forgot to add we saw a classic case in Edinburgh of what we call in management speak, getting the monkey of your back.
14. 
    

    Lord Wobbly says:
    Wednesday, October 31, 2012 at 21:52
    5 0 i
    Rate This

    The Daily Ranger @DailyRangerRFC 20m
    @jimmygixxr Tonight’s loss has cost Celtic at least £500k…ohh
    well
    ~~~~~~~~~~~~~~~~~
    Gutted!
    ________________________________________________________________

    And there was us thinking the bears didn’t have a single economics O level between them 😉 As has been said already tonight, every day’s a school day on TSFM 🙂
15. 
    

    One of the longstanding beliefs about the FTTT is that it finished gathering evidence in January. This is mentioned again in Paul McC’s latest blog on today’s CoS hearing, and the wording used seems to suggest that this was actually stated in court today. However RTC has been tweeting in the last few days that the tribunal continued to hear evidence until April.

    Can anyone clarify, or do we have to wait for publication of the result sometime in the next few hours/days/months/years?
16. 
    

    geordiejag says:
    Wednesday, October 31, 2012 at 22:45
    0 0 Rate This
    One of the longstanding beliefs about the FTTT is that it finished
    gathering evidence in January. This is mentioned again in Paul
    McC’s latest blog on today’s CoS hearing, and the wording used
    seems to suggest that this was actually stated in court today.
    However RTC has been tweeting in the last few days that the
    tribunal continued to hear evidence until April.
    Can anyone clarify, or do we have to wait for publication of the
    result sometime in the next few hours/days/months/years?
    ~~~~~~~~~~~~~~~~~~
    Don’t hold your breath

    http://www.telegraph.co.uk/history/titanic-anniversary/9646183/Titanic-safety-officer-warned-ship-needed-50-per-cent-more-lifeboats.html
17. 
    

    Danish Pastry says:
    Wednesday, October 31, 2012 at 19:18

    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.
    ———————–

    That’s how it seems to be shaping up DP.
18. 
    

    angus1983 says:
    Wednesday, October 31, 2012 at 19:57

    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.
    ——————————————————
    I’ve a feeling that like the main English media they’ve largely been ignoring it, not thinking it is important because it’s not happening in England. They did have a bit on Whyte a while back but then he has a bit of a (checkered – can you be checkered if nearly all your squares are black?) history in England.

    The most recent comment by them was poor; they had a go at AT “having to apologise” for posting a link to something “disrespectful to the Ibrox disaster”. The fact that they didn’t give any background properly explaining this I believe goes to show their attitude to what goes on up here. They obviously don’t think it’s important enough to bother learning much about it.
19. 
    

    scapaflow14 says:
    Wednesday, October 31, 2012 at 22:11
    3 0 Rate This
    Dingwall’s Dingbats are starting to turn on Mr Alasdair, any bets on how long he last once the “share issue” (assuming it happens), is out of the way? Kicked upstairs by Christmas?

    __________________
    Ally get yer suit back on and get to the jobcentre

    was my favourite 🙂
20. 
    

    redetin says:
    Wednesday, October 31, 2012 at 20:46
    ‘..We hear that LH expressed annoyance at the late delivery of some papers from D&P. ..’
    —–
    This, I think, was the reason why he gave the QC for D&P ( Mrs Woolfe) quite a hard time.
    He said he had been doing his homework last night and had brought himself up to speed, and was now anxious to make Mrs Woolfe relate the documents which he had received this morning to all that had gone before,

    So there was a lot of referencing to this or that document, this or that section of the law, this or that previous judgment and so on.

    LH is the soul of courtesy and good manners, but he made that woman squirm a little as she had to frequently turn to her side-kick solicitors for a quick briefing. ( There was a beautiful moment when she turned to ask the five or six solicitors behind her about something and they all went into an instant head-by-head huddle!)

    And he repeatedly asked her to show him where the law justified her various legal assertions.

    The Qc for Collyer Bristow was likewise ‘chided’ a little for the late submission of papers and had to explain the delay.
    And was similarly asked on what precise legislation she based her objection to the ending of administration, making it plain in the process that anything he decided would not be in order to interfere with other cases in another jurisdiction.

    So, LH satisfied himself fully as to what the legal arguments were in relation to the facts agreed by both sides.

    I was very impressed by the fact that anything that one side has in the way of documents is also held by the other side. For example, when QC for CB couldn’t put her hands on a particular document to which reference had to be made, she was able to ask the other QC if she had it handy.
    So, the fact that there documents that LH had only just got was not in fact a problem for him: it just meant that the proceedings were a bit longer while he got to grips with them.
21. 
    

    geordiejag says:
    Wednesday, October 31, 2012 at 22:45
    ‘..One of the longstanding beliefs about the FTTT is that it finished gathering evidence in January. This is mentioned again in Paul McC’s latest blog on today’s CoS hearing, and the wording used seems to suggest that this was actually stated in court today..’
    —–
    Yes, I can confirm that that was said today by QC for D&P ( after she had a quick word with the solicitors behind her).
    Or, rather, I think she said that she understood that to be the case! ( I’d need to go downstairs to get my note-book to see whether I wrote anything down on that point, but at the moment I canny be arsed)
22. 
    

    A few people here tonight have been saying that we shouldn’t be gloating or surprised that an SPL side beat one from D3 by a comfortable margin. Well normally we wouldn’t. However the problem is that the D3 sideand their fans still think they are an SPL one and would still be there if it hadn’t been for the fans of other clubs in the SPL and D1 and those awful administrators who had to punish them even more for the technical offences of one man who ran the club for a few months.

    Each time they get beaten its a painful reminder that the team they are now supporting is not the Rangers of 140 years of history but a wee pretendy team which might be lucky ever to have a year of history. Every defeat rams home the truth.
23. 
    

    Valentines day, Halloween, Christmas. But dont forget Guy Fawkes, too much irony.
24. 
    

    scapaflow14 says:
    Wednesday, October 31, 2012 at 22:11

    Dingwall’s Dingbats are starting to turn on Mr Alasdair, any bets on how long he last once the “share issue” (assuming it happens), is out of the way? Kicked upstairs by Christmas
    ———————-
    Would you go up those stairs with Ibrox being in such a dilapidated state?
25. 
    

    john clarke says: (Edit)
    Wednesday, October 31, 2012 at 22:55
    3 0
    Rate This

    redetin says:
    Wednesday, October 31, 2012 at 20:46
    ‘..We hear that LH expressed annoyance at the late delivery of some papers from D&P. ..’
    —–
    So, LH satisfied himself fully as to what the legal arguments were in relation to the facts agreed by both sides.
    ~~~~~~~~~~~~~~
    Thanks JC for your court reporting. It helps having someone in place to tell us what actually happened, both the words and the context and setting. Helps to paint a picture of the proceedings.
26. 
    

    thebasharmilesteg says:

    Wednesday, October 31, 2012 at 23:10
    Each time they get beaten its a painful reminder that the team they are now supporting is not the Rangers of 140 years of history but a wee pretendy team which might be lucky ever to have a year of history. Every defeat rams home the truth
    ,,,,,,,,,,,,,,,,
    Actually
    You have just put your finger on the very issue that may drag the gullible out of their delusions

    Even the gullible can`t lord it over minnows that are giving them a hard time for a draw or a narrow win
    At some point reality has to set in

    Every on field performance is a reminder of the horror they would have faced on the park if they had managed to remain in the SPL
    Every defeat is a reminder of how far away Sevco is from the standards of the club in liquidation
    Eventually there should be an adjustment in attitude with pub comments like “hard match coming up against Elgin” and similar.

    Ally now puffs up the difficulty of beating any SPL side
    Although
    If history is anything to go by

    The instinctive reaction will be Walking Away
27. 
    

    Galling fiver says:
    Wednesday, October 31, 2012 at 23:18

    I heard someone utter recently that his father used to say that Guy Fawkes was the only guy with honest intentions to enter Parliament. Whilst I do not condone his actions I get the gist of the point he is making.
28. 
    

    For all those who have faith in the ermine robed and Templar crossed wig wearers here is tonight’s homework.

    http://petercherbi.blogspot.co.uk/

    http://scottishlaw.blogspot.co.uk/

    The Lockerbie Case – A commentary by Professor Robert Black QC FRSC
29. 
    

    If the RFC Tribute Act scrape through and are promoted to the 2nd Division I can see them languishing there for many years like a bad smell.
30. 
    

    bobferris70 says:
    Wednesday, October 31, 2012 at 22:26
    13 1 Rate This
    Having seen Alloa this season, they have a definite chance on saturday. Placed £3 @ 16/1 on Monday. C’mon The Wasps!

    ==================================

    Which WASPs, though?
31. 
    

    rantinrobin says:
    Wednesday, October 31, 2012 at 21:10
    ‘Fancy a job as a roving reporter JC?..’
    —-
    Thank you. Can you offer me one? 🙂

    Douglas was sitting a few seats along from me in the Courtroom.

    I was just on the point of going along to ask him ( at 2.00 pm when we were waiting for LH to begin the second half) to confirm what I thought he had said on radio some months ago: that he had been told by his bosses that the Rangers’ story was a ‘sports page’ story, not a business story, and to butt out..

    But as I made a move, the cry of ” Court!” went up, as LH entered.

    So I missed the opportunity.

    If the business people had dealt with the story, I feel that something of the real horror of what RFC did would have been transmitted to the people of Scotland.

    Be that as it may, the incontrovertible facts are:

    RFC is now no longer even in administration, but declared dead.

    In death it takes all and any of its legitimate titles, honours etc etc with it into the Hampden museum of the history of Scottish football.

    The history books will also record the offences it perpetrated

    against their fellow SFA members,

    against their fellow SPL members,

    against their fellow UEFA members,

    against their stiffed creditors,

    against the very notion of sporting integrity

    and against its own loyal supporters

    Also recorded for ever will be the pernicious effect it had in subverting some at least of the men whose duty it is to to run Scottish football in accordance with principles of fair play and transparency.

    And that subversion, unless very quickly countered by moves to create a new, untainted SFA Board, will cause the death of Scottish professional football, in the same way that the doping scandal in cycling may cause the death of that professional sport.

    Or, in a properly ordered world,that’s what would happen.
32. 
    

    The Lockerbie Case should have been a link taking you to Professor Black’s blog.

    http://lockerbiecase.blogspot.co.uk/
33. 
    

    Senior says:
    Wednesday, October 31, 2012 at 21:16
    ‘…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…’
    —
    No, it has not been made public. In fact, judging by the scotsman’s report this morning, it would seem that not even the parties have yet been notified!
    Today in Court it was stated categorically that the FTT decision was ‘not available.’
34. 
    

    🙂
35. 
    

    goosygoosy says:
    Wednesday, October 31, 2012 at 23:42

    Goosey therein lies one of Mr Green’s many problems. A successful cup run would not just bring in some much needed cash, but would also boost fan morale, and turn more of their pledges into cold cash. Now they are out, no cash boost, and moral takes a hit.

    He can’t change his management team yet, because not enough of the fans will wear it, but I’m sure that Mr Green views Mr McCoist as a wasting asset. Mr McCoist will not last 1 second past the point where he is considered a liability, when it comes to business, there is not one iota of sentiment in Mr Green’s soul.
36. 
    

    Ally Mcoist has no chance of making it as a manager because he lacks judgement. Any manager that believes he can suddenly become successful or more successful by changing his clothes is undoubtedly showing he has no self confidence and is desperate enough to try anything. The answers are not in his attire and to believe that they are shows an immense lack of intellect.
37. 
    

    Jim Delahunt ‏@JimDelahunt
    Woolworths, Rangers, RBS, Savile and now Comet. Childhood finally wiped out. Hang in there Scooby Doo.
38. 
    

    Senior says:
    Wednesday, October 31, 2012 at 20:52
    ‘..It’s forty five years since I left school but this blog is as good as going back to school.’
    ——
    I agree.
39. 
    

    I am annoyed at today’s outcome. I totally appreciated JC’s commentaries – enlightening and clear in the extreme. The courts seem to have no interest in scottish football per se. LH has delivered the last rites over Rangers ( see what I did there) and legally they are defunct.

    The only real culprits here beyond the nest of vipers that once inhabited and still inhabits Ibrox are the administrators and the great and the good of Scottish Football – many of whom of course having spawned from the nest themselves.. They have completely deformed their sport for the sake of money

    It now appears that CG and his cohorts will struggle to get to the end of the season. It is certainly clear that the existence of their monster has produced neither financial nor sporting benefits to the wider game and its very existence has polluted and poisoned the zeitgeist of the game. You can taste the animosity: the chasm between the Sevconians and the rest of the game is vast! Its very existence has heaped instability on the entire edifice of the game.

    Green is lording it over the SFA like a deranged 12 year old with the keys to the school, a box of matches and a couple of gallons of petrol. Regan , Doncaster et al have vanished now – no comments from any of them. It is clear that they have no idea who owns Rangers, what their business model is, whether it is honest, or sustanable, and that theyhave no stomach to tackle the growing Sectarian songbook and the emboldening of the Fascist element within T’ R angers- so much so that they are now effectively the true voice of SEVCO.

    It is hard to believe that a more poisonous club than Rangers could ever have been formed,yet the architects of the monstosity have indeed created a more foul, more arrogant, more vicious, less constrained version of the original. I trust they are feeling proud of their creation this evening.
40. 
    

    Jc 23:56
    ———-
    Gripping reportage on a historic day, thank you.
41. 
    

    Althetim says:
    Wednesday, October 31, 2012 at 19:11

    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.

    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Just a stray thought for which I expect millions of TD’s but here goes – Rangers “The Club” was founded in 1872 but was not incorporated until 1899 so it seems that there are grounds for believing that the club CAN exist outside the company.
42. 
    

    iceman63 says:
    Thursday, November 1, 2012 at 00:58
    ‘…..,yet the architects of the monstosity have indeed created a more foul, more arrogant, more vicious, less constrained version of the original. I trust they are feeling proud of their creation this evening.’
    ——-

    I wouldn’t be too pessimistic about this.

    The general run of football supporters , and more and more traditional ‘Rangers’ supporters , have seen that what is involved here is that a handful of charlatans is trying to make a fast buck.

    These charlatans, some of whom are clearly from a non-Christian background, don’t give a tuppenny toss about the Rangers’ ideology of anti-Catholicism and anti-irish racism.

    But as the utterly unprincipled men that they are, they will batten on to it in order to win the hearts and weak minds of those whose lives are bound up emotionally with the now dead club.

    They know how to press the right buttons to keep the cash coming in.

    And you are right:

    The beast now emerging is uglier than its predecessors because it has been trapped, snared in its own wrongdoing.

    And in its hatred of anything like right reason, or fair play, or fair do’s, it will lash out blindly and recklessly.

    Proving by its actions that it did not, does not, deserve to live.

    And the rest of the world will say Amen to that.

    Eventually.
43. 
    

    I detect a lot of angst among folks on here who I normally look to for reasoned logic. It was transferring itself from the screen to me so I switched off and walked away to think.

    I am a simple man with simple reasoning and I see two individuals whom it is suggested are about to be crucified by the findings of the FTT(T) for running (should that be ruining) a club in the manner they did. There may also be several other lesser individuals joining these two on Via Appia.

    I also sense that the Company tasked with overseeing the administration process are having to cope with a large cloud over the heads of at least 3 of their staff. They have a Law Lord and their own membership body as well as the police investigating them.

    I also understand that a team in blue were placed in the hands of liquidators/contentious isolvency practitioners and liquidated this afternoon.

    I listened to a match tonight involving another team in blue getting roundly defeated by ICT.

    I came to the conclusion that these can’t be the same teams.

    With all this trouble brewing for all these people and yet to be finalised, I now feel quite comfortable.The angst seems to have gone.

    Am I being over simplistic?
44. 
    

    Sorry John, hate to take you to task a wee bit and, by the way, I was not the sole person who gave you a TD earlier after your highly-persuasive narrative concerning Lord Hodge.

    But I would like to highlight this part of your post – although I must warn you that perhaps I am becoming the type of internet bampot who should now move away from their computer.

    “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.”

    I raised this issue on 22 June on RTC.

    I noted that every media outlet stated on the day LH asked for the report stated that: “The report demanded by Lord Hodge is expected to be ready in three weeks and a further court hearing is likely to be arranged after that.”

    I asked at the time why you would “demand” something and then set an “expected” date for its arrival.

    I was told, and I am paraphrasing here, that “when Lord Hodge says he expects something on his desk in three weeks then, by God, you had better produce it.”

    As it turned out Duff and Duffer ignored the “expected” date and the next thing we knew Lord Hodge was on holiday for a month and the report was late.

    If LH had actually “demanded” it on a specific date then time would not have been allowed to “pass”.

    Events such as this inflame the fiendish imaginations of internet bampots.

    The interpretation of language appears crucial in law and the word “expects” never sat well with me.

    It reminded me of the HMRC statement that, I believe, effectively gave a Green light to a Phoenix club at Ibrox.

    Intonations of language make me suspicious that subtle signals are being sent out but I may just be looking too close.

    In which case, my apologies.
45. 
    

    thereek says:
    Wednesday, October 31, 2012 at 23:40
    16 0 Rate This

    Thanks JC for your court reporting. It helps having someone in place to tell us what actually happened, both the words and the context and setting. Helps to paint a picture of the proceedings.
    —————-

    Agree. Your eye-witness accounts have been great reading. Bravo JC.
46. 
    

    My wee take on yesterday’s events in LHs Court Hearing
    .
    After much time to prepare, LH is underwhelmed to receive papers at the last moment. One does wonder if routine Court behaviour for standard run off the mill insolvency cases is populated by such actions. New to this but the Court Rolls often indicate specific and limited times [15-30mins] for cases to be heard, and Judges may sometimes not have the leeway to run over the allocated time.

    CB mentioned as a creditor. Forgive me if I`m wrong, but I have not noticed that accreditation in the admins cred reports – or how much they believe they are owed. They also requested a report on COI – refused fine, as being dealt with, so we have the BBC, assume HMRC and CB now concerned with COI. We have no idea how others involved view the COI concerns but it seems quite extraordinary that this has run 9 months with such undercurrents.

    On the COI Report being prepared, we`re told, by the IPA, a couple of mentions worth an airing; On previous posts it’s been indicated IPA can take 12-18 months so Christmas 2013 could be the target and lets be generous with the push-back-itis prevalent – lets go for an optimistic Summer 2014 before that sees the light of day – including the BBC transcripts. When / if it does it may reflect the sanitised reports often produced by professional bodies reporting on their own members. So I view any COI matters as being live and not left in the long grass over an horizon somewhere on Mars. No criticism of LH here as that is the proper and correct thing to do and he and other Judges are not responsible for say 30 page reports requiring a month for each page – which seems to be the norm these days.

    Generally, there seems on be much play on words to disguise, un-highlight, ameliorate and so on that leaves an impression all is not what it seems bringing into question the purpose of producing such material of limited value – and at huge expense. Little snippets from twitter yesterday in the Court breaks from open conversation exposed whole sections of previously published reports to re-evaluation.

    One example that prominently and pointedly stood out was the primary purpose of the administration could morph into a `minor objective` that could produce a `better return`. Does this mean the minor objective was producing a better return for admins, lawyers, solicitors, PR goons, saving reputations and shovelling piles of embarrassing material under the carpet safely away from public scrutiny? Well if they choose to be so vague and oblique with words – we are free to interpret such things so.

    Another example is `other assets` or `certain assets` – after 9 months we have no idea what this could mean and the coyness behind it. The taxpayer has lost tens of millions in this fracas but the use of such terms is nevertheless considered acceptable in public life – is a concern I venture.

    To end on a positive note, the efforts to push everything back for months and years in this case has failed. Enough is known about the position to enable the jury to establish their views on what transpired and not only that it has publically exposed machinations and predilections to smother events over time by parties with bits and pieces they`d rather not enter the Public domain. Is this a parallel universe to PR where success is measured by the Public not being aware of anything at all?

    Saying that, was impressed by LH was fine – Polite rant over
47. 
    

    Over the last few days there was uncertainty about the Lord Hodge event taking place.
    Some posters noted that it was not in the published lists for the court business.
    Is it common for court business to be unpublicised when dealing with anything other than emergencies?
48. 
    

    some ramdom thoughts;
    Early november for the FTT result, november 5th guy fawkes night perhaps?
    Then we have Lord Nimmo Smith SPL commission hearings also due to begin in November.
    Will Lord Hodge or IPA or BDO find any conflict of interest evidence against Duff and Phelps? Every chance they might altho I don’t expect that to be a quick process?
    Regards people’s hopes of BDO finding ‘gratuitous alienation’ then that is unlikely imo. Rangers assets were available to any and all bidders from February 14th until the CVA was rejected and Sevco’s asset purchase kicked in. As far as we know Tesco nor Asda nor British Land or anybody else or other bidders claim to have bid more or been rejected by Duff and Phelps with genuine assets bids or gone to Lord Hodge filing complaints or seeking legal remedy even the creditors thus far seem to have accepted Sevco made a legitimate asset purchase and if they subsequently value them higher that’s their business?
    I just don’t see any grounds for unwinding the deal unless evidence is brought forth that shows Duff and Phelps colluded to stiff the creditors?
49. 
    

    bogsdollox says: Thursday, November 1, 2012 at 01:11

    Just a stray thought for which I expect millions of TD’s but here goes – Rangers “The Club” was founded in 1872 but was not incorporated until 1899 so it seems that there are grounds for believing that the club CAN exist outside the company
    ==========
    Bogsd,

    I haven’t given you the dreaded TD, but anyway, I think you’re wrong. On a matter of simple English, incorporated = was made corporate, became a corporation or limited liability company.

    If “The Club” was made or became any particular entity, then surely “The Club” = that entity, which is the limited company or other corporate body.

    Sorry if this has already been said. Now I’m retired I haven’t the time to read through all posts right now.
50. 
    

    bogsdollox says:

    Thursday, November 1, 2012 at 01:11

    Althetim says:
    Wednesday, October 31, 2012 at 19:11

    “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.”

    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Just a stray thought for which I expect millions of TD’s but here goes – Rangers “The Club” was founded in 1872 but was not incorporated until 1899 so it seems that there are grounds for believing that the club CAN exist outside the company.
    ============================================================

    Good try bogsdollox but the club formed in 1872 became the company when it incorporated in 1899. There was no separate existence. One became the other.

    There are no grounds for believing the club can, or ever did, or ever will in future exist outside the company, short of becoming a franchise. There is however, a deep seated need for a way of life to be preserved by the Sheep formerly known as Bears. That is understandable. There is also the requirement for Charlies consortium to make a profit on their investment. These two needs are symbiotic hence Charlies rhetoric and the supports’ desire to buy into it, pardon the pun.

    The MSM are behaving as they always did towards the occupiers of the Big Hoose so it’s no change there.

    That’s the problem, always has been.
51. 
    

    bogsdollox says:

    Thursday, November 1, 2012 at 01:11

    Just a stray thought for which I expect millions of TD’s but here goes – Rangers “The Club” was founded in 1872 but was not incorporated until 1899 so it seems that there are grounds for believing that the club CAN exist outside the company.

    DB, good try, take yer TD like a man 🙂

    think of it like this…….Mr Tesco started life out as a sole trader with a market stall, he then bought a shop, after a while he got a few shops so mr tesco became a ltd company, things went staggeringly well so tesco ltd floated on the market and became tesco plc.

    yes, the club existed before the ltd company, but the club changed it’s status from being a club to a limited company – there was no separate company formed to run alongside the club.

    Also, you get into a really really messy situation if you insist the club and the company are separate

    for example – who paid the wages of the players? who registered them to play in competitions? who paid the taxes? simply enough, the club never produced accounts, registered/paid players, paid taxes etc – it means EVERY player from 1899 onwards was incorrectly registered, the club produced no accounts and should have ben kicked out years ago – trust me, this nonsense about the club still existing would be even worse for them in a football sense than simply not paying tax for the last 13 or so years
52. 
    

    Senior says:
    Wednesday, October 31, 2012 at 20:52

    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.
    ___________________________________________________________________________

    Thanks to Sandy, I have been without power and unable to get to work since Monday. A ridiculous state of affairs, since I regularly played golf in worse back home. Or so I have been claiming. Also, being relatively new to the area, it has only just dawned on me these past few days that what New England could really do with is more trees……………

    Anyways, I digress. I have just spent almost 4 hours catching up with events and have to agree with Senior. RTC and TSFM have been an education. I frequently end up feeling Bewitched, Bothered and Bewildered and long may it continue. To think, we may get to do it all again with Sevco and the real fun might only just be starting with the dead club. More power to your keyboards.

    ‘Mon the bampots
53. 
    

    bogsdollox says:
    Thursday, November 1, 2012 at 01:11

    ============================

    Rangers was formed as a members club.

    That members club became a limited company. There wasn’t a separate entity formed, the club changed itself into a limited company

    That limited company became a PLC. Again it wan’t a new entity, the limited company was floated.

    That PLC was placed into liquidation.

    The club is the company.
54. 
    

    Charlie Brown says:
    Thursday, November 1, 2012 at 07:04

    I’m with Charlie when he says the club was there for anyone who was willing to put up the cash.

    Fair play to Mr Charles and his bunch. At the end of the day, after the club and all its assets being available for purchase for years, they were the ones who put up as opposed to TBK & Kennedy who could have easily matched the offer if they had wanted to.

    The problem is that the early links to Zeus and them beavering away in the background waiting for the right time to strike appears to stink, but I am guessing that in the spivworld these guys are operating, it is probably the norm.

    It will now never be known if an open asset sale would have raised more money.

    However, while Mr Charles can throw around all the figures he likes the reality is that Ibrox isn’t in a great location for other uses and Murray Park is well off the council’s radar for redvelopment under a different use. My guess is that an open sale would have raised more but then I am not directly a creditor so what is my opinion worth?

    While many fans of other clubs may have been happy to see Rangers dead and buried for good, in terms of the whole process their opinions are low down on the pecking order when it comes to the legal shennanigans.

    The opinions that did matter were those of the creditors and especially the main one, HMRC who are acting on all our behalfs. They were happy for the deal to go through. Indeed HMRC went out of there way to say thery were happy to see football continuting to be played at Ibrox.

    I am sure, with a little help form Mark Daly & MBB, Duff & Duiffer will get a wrap across the knuckles and BDO will dig deep into the oldco management but, as others, it may take some time to see the results.

    I think we will have to leave the IPA and BDO to get on with it and look forward to the FTTT being published, LNS and the eagerly awaited prospectus. Plenty to be going on with there.

    Therefore the oldco is dead, short live the newco!

    PS Not seen stunney delivering the morning papers for a while. Hope all is ok and that he is perhaps working a day shift and feels its not worth posting the Evening Times!
55. 
    

    Althetim says:
    Wednesday, October 31, 2012 at 19:11

    … ONE SINGLE REFERENCE to Rangers FC being seperable from Rangers FC PLC prior to 14th February 2012.

    SHOW ME ONE!!
    ——

    I refer the honourable gentleman to the SPL Rules whereby, as quoted by Lord Nimmo Smith in his Statement of Reasons issued in September, Club and Company are seen to be separate entities. The owner/operator may change, but the Club continues.

    This is the SPL Rules, remember – not any other rulebook or, indeed, legislation. Issues being dealt with by the SPL can assume that Rangers FC has an unbroken history, and any offences committed by them since they signed up to the SPL (and therefore agreed to abide by its rules) are answerable by the current Club.

    That is what LNS laid out in his statement.
56. 
    

    Summary of my thoughts this morning.

    The result. The corporate entity that was Rangers is dead. Can’t be bothered to go into the arguement re club but I certainly can’t deny the brand, for want of a better word, lives on. As long as those who would support the brand accept that the same brand walked away from circa 30m of real debt, ignoring penalties, interest etc then that’s fine by me. Yesterday’s rant on Tommo re the armed forces being a classic denial of this simple truth).

    The consequences . Crashed to the lowest division due to years of financial maladministration (at best). The reborn team on the park, regardless of whatever chicanery was used to get them into div 3, will struggle to re-emerge, but if they do, without further financial casualties along the way and with a level of support my own club can only dream of, then good for them. But they have to do it the long way, and the the hard way, for this bampot to walk away, or at least continue to ignore the helping hands, eyes and ears of the spring and summer of 2012.

    The penalties. I await the enquiry with interest. The FTTT will hopefully quash any chance of “clerical error” but even still, title stripping would still seem to fall into the consequences camp for me. Greater minds than my own will come up with cause and effect I’m sure but I just keep going back to the quote about actions (referring to only a very short period of time) as being just short of match fixing. As I sat frozen to the knickers, skint, with a greasy pie in my hand for ten years watching the de boers and gascoines of this world extract the urine from my own heroes I remember thinking exactly the same.
57. 
    

    Woke up this morning with a massive smile on my face Got dressed and ran out the door 😉 to grab some rolls for breaky and of course to have a quick look on the back pages
    The first So called paper i seen as i walked into the shop was the Daily Record 🙁 picked up said rag for a Quick scan through When to my shock ,horror and disbelief there it was Right on the front page
    “140 YEARS OF HISTORY ENDS FOR OLDCO RANGERS”
    have i woke up in an alternative reality Or have the MSM actually broke ranks and woke up ?
58. 
    

    I’ll throw my tuppence worth into the “history” debate.

    You cannot take away the memories of victories and trophies won from the hearts and minds of the players who took part and the fans who enjoyed the spectacle. This is theirs to keep.

    However, if officldom is prepared to allow the foster child the luxury and comfort of claiming the titles and trophies won by it’s late foster parents, then it is encumbent upon the child to accept the punishments that are issued when these trophies are won as a result of cheating, malpractice, call if what you want. If the child does not want to be associated with the bad bits from the past then it must stop using the name that was given to it when it changed parents.

    You cannot separate the two entities on an ad hoc basis. Sevco was allowed special favours because of who they represented, ie the fan base of the old RFC. It therefore follows that they must be included in the punishment process. The alternative is for a team called Sevco to be allowed continued membership of the SFL, albeit they will be playing at Ibrox and wearing strips (of whatever colour) that are associated with the old club.
59. 
    

    wottpi says:
    Thursday, November 1, 2012 at 09:20
    1 0 Rate This

    wottpi if Tesco or Asda or any property developers had been desperate to acquire Ibrox or the surrounding land or the car park or Murray Park then they had months to negotiate and/or bid for these assets. As far as we are aware nobody made any confirmed bids higher than Sevco or if they did they haven’t sought to publicise or seek legal recourse against Duff & Phelps therefore we can only assume at this stage that Sevco made the best offers available for Rangers FC Plc’s assets?

    On that basis I think any claims of gratuitous alienation or unwinding of the sale are highly unlikely unless new evidence presents itself showing a fraud or malpractice?
60. 
    

    Regarding Charlies purchase for 5.5 million, didn’t Corsica – God rest him – state vehemently that he knew of a bid of 20 million, that he had seen the paperwork and that the bid didnt even get a response from Duff and Duffer?

    Would Corsica’s friends on here have any more info on that, or indeed a copy of said bid? I’m sure Lord Hodge would be interested in that, if not the BDO.
61. 
    

    The man with the wee white bricks is saying that Walter Smith is about to join the Green Regime, probably in a non football role. If true this will go a long way to securing fan support for any “share offering”.

    However, i am a bit perplexed as to why Smith would get involved, he is smart enough to see the reputational risks involved, so why lend his name and risk his legend status? If there is evidence of wrongdoing of nuclear proportions, now would appear to be the time to release it.

    Only the barest of details of yesterday’s events in the tabloids. Keevins, in a piece that had me in kinks, write of the Rangers fans indignation at the treacherous behaviour of an ex Rangers player daring to score at Ibrox. Hugh, who pays the lad’s wages?
62. 
    

    bogsdollox says:
    Thursday, November 1, 2012 at 01:11

    Althetim says:
    Wednesday, October 31, 2012 at 19:11

    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.

    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Just a stray thought for which I expect millions of TD’s but here goes – Rangers “The Club” was founded in 1872 but was not incorporated until 1899 so it seems that there are grounds for believing that the club CAN exist outside the company.
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    I believe they can as an amateur club…just as Queens Park do…however as soon as they incorportated into the Company it was still the same club operating as a Company…

    Or are we saying Rangers Football Club PLC unincorprated themselves? How does that work when you owe £140 million?

    I think you will find to ‘uninorporate’ the Company…if there is such a thing…it would need to be dissolved which in effect would dissolve the club..as they are one in the same..
63. 
    

    Don’t know if this is of any interest.
    ——————————————–

    SC224309 : CHARLOTTE VENTURES (EDMISTON HOUSE) LIMITED
    Credit Limit (£) : 28,000 Risk : Normal Risk – Ok to offer your standard trading terms

    Company Name: CHARLOTTE VENTURES (EDMISTON HOUSE) LIMITED
    Registration Number: SC224309
    Registered Office:
    10 CHARLOTTE SQUARE, EDINBURGH, EH2 4DR Locate this company on the map
    Date of Incorporation: 16 Oct 2001
    Latest Annual Return: 16 Oct 2012 [New annual return has been filed.] Accounts Reference Date: 30 Jun
    Date Accounts Lodged: 05 Apr 2012 Issued Capital: £1
    Latest Filed Accounts Date: 30 Jun 2011 Next Accounts Due Date: 31 Mar 2013
    Company Type: Private Limited
    Scottish Company
    Type of Accounts: Full Accounts
    Trading Address:

    Telephone Number:
    Auditor Comment: No
    Principal Activities: OWNERSHIP OF A PROPERTY WHICH IS LET OUT TO ANOTHER GROUP UNDERTAKING.
    UK SIC Code(s): 7020: Letting Of Own Property
    Parent: SC375224 : MURRAY OUTSOURCING LIMITED
    Ultimate Holding Co: SC192523 : MURRAY INTERNATIONAL HOLDINGS LIMITED

    Date of Accounts 30 Jun 2009 30 Jun 2010 30 Jun 2011
    Accounting Standard GAAP GAAP GAAP
    Currency GBP GBP GBP
    Number of Weeks 74 52 52

    Profit & Loss Account

    Turnover 311,667 201,667 0
    Pre-Tax Profit 169,578 156,631 -31,899

    Balance Sheet

    Total Fixed/Non Current Assets 1,347,749 1,315,850 1,283,951
    Total Current Assets 0 0 0
    Total Current Liabilities 1,190,018 1,000 1,000
    Total Long Term Liabilities 0 1,000,488 1,000,488
    Total Provisions 0 0 0
    Total Net Worth (excludes intangible fixed assets) 157,731 314,362 282,463

    Indicators

    Debtors 0 0 0
    Trade Debtors (if disclosed) 0 0 0
    Working Capital -1,190,018 -1,000 -1,000
    Acid Ratio – – –

    Auditor Comment No No No
64. 
    

    “RANGERS BOSS ALLY McCOIST SLAMS LEAGUE CUP FLOPS IN HALLOWEEN HORROR SHOW.”

    And

    “RANGERS BOSS ALLY McCOIST HAS NO COMPLAINTS AFTER LEAGUE CUP EXIT.”

    I do like to see the media giving contradictory opinions. But these two headlines are from the same newspaper, the DR!!

    Rag.
65. 
    

    Let’s just repeat that Daily Record piece, for fun.

    ——
    End of an era as Oldco Rangers go into liquidation
    1 Nov 2012 08:42

    THE curtain came down on 140 years of history yesterday as Oldco Rangers were formally liquidated at the Court of Session in Edinburgh.

    The Court of Session saw the curtain brought down on 140 years of history.
    ——

    🙂
66. 
    

    doontheslope says:
    Thursday, November 1, 2012 at 10:13
    10 0 Rate This
    Regarding Charlies purchase for 5.5 million, didn’t Corsica – God rest him – state vehemently that he knew of a bid of 20 million, that he had seen the paperwork and that the bid didnt even get a response from Duff and Duffer?

    Would Corsica’s friends on here have any more info on that, or indeed a copy of said bid? I’m sure Lord Hodge would be interested in that, if not the BDO.
    ==========================================================================

    The most obvious question is why these supposed bidders haven’t challenged D&P in the courts or petitioned Lord Hodge about malpractice by the administrators or made representations in court yesterday or indeed informed the creditors who might have raised objections to D&P’s actions.

    As far as we are aware none of these things have happened or at least there is no public record or note of them?
67. 
    

    angus1983 says:

    Thursday, November 1, 2012 at 09:29

    =================================

    And when did LNS make this particulare interpretation of the rules angus? Was this prior to 14th Feb 2012, which, to remind you was Administration Day?

    Thought not.

    Keep digging.
68. 
    

    A satisfying day yesterday in that the life support machine was turned off and the monster allowed to die. But that the monster had a child, or a clone perhaps, reconstructed from bits of the old monster that were salvageable. It isn’t the real original monster although it claims to be.

    The problem I have is with the salvage process. As people have pointed out CG paid for assets that no one else was prepared to buy and what someone is willing to pay for something is the market value. Fair enough but what was being sold? Some real estate, the registrations of a group of so so players and their inept manager, a trophy cabinet (soon to be empty) and a variety of paraphernalia including, for goodness sake, an old bike. Now if I were Mr Tesco or Mr Barrat Homes I might be interested in some bits but not others. I would be aware of the planning restrictions on Murray Park and I might even be aware of the dodgy knees, or even elbows of some of the players. I certainly wouldn’t want those bits as I’ve no interest in running a football team, even if it might temporarily be the best supported in the 3rd Division. No respectable business would want the baggage that went with that team for a start or its bungling motor-mouthed manager.

    I could well be interested in Ibrox or the Albion Car Park however. I know it’s not the most salubrious part of Glasgow but it’s convenient for the airport and motorway, on train and underground lines and I’ve seen worse areas in inner cities redeveloped over the last 30 years. My son’s new flat in Leith sits on what used to be a dockside surrounded by some very nice restaurants and bars and close to Malmaison and the Ocean Terminal for instance. Sooner or later some developer is going to be interested in that amount of real estate in that location and it will start to move up-market. So my question is, when no reasonable price could be obtained for Rangers’ assets why weren’t they split up and the best bits sold for a better price without the drag of the baggage?

    I run a small business, my VAT and ENIC are up to date and always paid on time, my corporation tax is about to be paid. I’ve always traded like that and yet I find I’m subsidising a much bigger business which has cheated on millions of pounds of tax for years and you know something –

    I’M ABSOLUTELY FVCKING MAD ABOUT IT!!!

    In fact I’m probably madder about that than the serial cheating which robbed my beloved Dons of league placings, prize money and opportunities to play in Europe over the last ten years or even longer for all we know.

    In short, as an honest, law abiding tax payer I want my money back from the cheats. If that means concreting over Ibrox, building flats on the car park or even selling the bloody bike on EBay then so be it. To me it’s not sufficient for the administrators to say that CG’s was the only bid for the assets (if in fact that is true), but what did they do to market the assets separately, if necessary in order to maximise the return to the creditors? I hope BDO now do their job properly and have the fortitude to reverse the sale if they find any evidence of impropriety.
69. 
    

    willmacufree

    ‘Sorry if this has already been said. Now I’m retired I haven’t the time to read through all posts right now’
    _____________________________

    .
    You obviously worked in the Civil Service? Police perhaps?.
70. 
    

    doontheslope says:
    Thursday, November 1, 2012 at 10:34
    4 0 i
    Rate This

    “RANGERS BOSS ALLY McCOIST SLAMS LEAGUE CUP FLOPS IN HALLOWEEN HORROR SHOW.”

    And

    “RANGERS BOSS ALLY McCOIST HAS NO COMPLAINTS AFTER LEAGUE CUP EXIT.”

    I do like to see the media giving contradictory opinions. But these two headlines are from the same newspaper, the DR!!

    Rag.

    ========================================================================
    Doon, I haven’t read the paper (try it) but I don’t see the two statements as reported by you as being contradictory. It seems that McCoist thought his team was rubbish and that the better team won, no complaints. That’s OK surely?
71. 
    

    Charlie B

    If I remember correctly, dear Corsica stated that the bidders didnt want their names made public at the time and that dropping the sectarian ‘history’ of the club would have to be part of the deal.

    I could understand if they subsequently didn’t want to come forward. Such a move would certainly risk “killing the club” and Ally would “want to know their names.”

    I do find it interesting that not one creditor has come forward to challenge the sale though. Anyone would think that they might be frightened.
72. 
    

    Blu

    I was thinking that “slamming his league cup flops in Halloween horror show” is a bit of a complaint. No?
73. 
    

    thebasharmilesteg says:
    Thursday, November 1, 2012 at 11:00

    I feel your pain and agree with your argument but as discussed our views as fans and as law abiding tax payers don’t come into it much.

    The people who represented us as taxpayers and to a degree as paying customers, HMRC were happy with the deal on the table.

    Like Charlie Brown says, at this time, despite all the conspiracy theories, no-one has come forward to say they were willing to pay any kind of cash for the land assets. (I think I said earlier this years that Ibrox was ideal for Bill Miller if he wanted to operate a trucking/haulage type business given it’s links to the motorway network).

    It also has to be remembered that given all the threats and the undeniable fact that there is still a large fan base who could boycott your business, what company would want to be known as the ones who cleared Ibrox for development.

    If some of the big players you mention are interested in Ibrox and Murray Park my guess is that they are sitting back waiting to see if administration/liquidation part 2 is around the corner. At that point they can get there hands on the land but place the blame for the final demise of the club elsewhere. If T’Rangers manage to survive then it is probably not great loss to their overall business plan.

    Just like Mr Charles and his gang it is all about keeping your eye on the ball and trying to strike at the right time.

    For the good of our mental health I think it best to leave the issue of asset sale for just now and look forward in a positive manner to the truth about the EBT’s coming out and a healthy dose of title stripping.

    And of course there is the possibility of another cup exit at the weekend to put another wee bit of doubt in fans minds about what they are investing in.
74. 
    

    Charlie Brown says: at 10:12
    On that basis I think any claims of gratuitous alienation or unwinding of the sale are highly unlikely unless new evidence presents itself showing a fraud or malpractice?
    ____________________

    Couple of things on that if I may

    True if the Cardigan or BK or CG offerred 5.5m for the club as stands – no problem – Best Offer
    But CG was also getting SPL monies + Uefa + SFA + others in cash – or expected same – we don`t know the level but that should be oldco money and whatever the actual level eventually included I cannot see how BDO or whoever will not ignore the bits and pieces that came with the `sale`.

    Second– we don`t know if offers came in from property developers and that doesn’t necessarily mean demolishing the stadium but where there any reserve options investigated if for any reason the primary aim of administration failed? [no laughing at the back please] It`s not a small point as now we know CB are creditors – alleging a COI – and in the midst of major claims and counter claims.

    Plus we have no idea on the notable secured creditors and what they expect to get. The 1.7m the admins cared to leave over ain`t going far after BDO costs – so again the COI is the play here.

    Now it’s true LH passed the COI mission to the IPA and that will take ages. But with millions at stake and court cases in the meantime it won`t take long for them to realise this will probably result in an in-house anodyne report tut tut sort of thing – and then the penny may drop that DG and others are not IPs.

    We know from yesterday there`s much going on behind the scenes

    So I`ll have a punt and say that instead of wasting months and months of time, various parties who believe they`re due a bob or two will be beating a path to the unconflicted BDO to press their cases. In fact there may be 9 months of pent-up frustration about to be let loose on all fronts in the very near future.
75. 
    

    Hirsute Pursuit says
    Wed oct 31 at 20.13
    “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.”
    ###############################

    Hence the need for the rushed share flotation?
    Remember, Charlie’s SEVCO apparently have money in the bank, no external debt and are unable to buy players for some time yet so why is a cash injection needed now?
    Good point HP which may have slipped under the radar or not (catching up from yesterday so apologies if I am labouring a point already dealt with).