Past the Event Horizon

On the Old Club vs New Club (OCNC) debate, the SFA’s silence has been arguably the most damaging factor with respect to the future of the game. Of course people get frustrated when there is a deliberate policy of silence on the part of the SFA which results in the endless cycle of arguments being trotted out again and again with no resolution or closure possible.

The irony (it’s only irony if you assume that the SFA have gone to great lengths to create the conditions for the unbroken history status of the new club) is that the mealy-mouthed attitude they have adopted has actually polarised opinion in a far more serious and irreconcilable way than had they just made a clear statement when Sevco were handed SFA membership. A bit of leadership, with a decision either way at that time would have spiked a lot of OCNC guns very early on, but as history shows, they were afraid of a backlash from wherever it came.

I am now convinced that Scottish Football has passed the Event Horizon and is broken beyond the possibility of any repair that might have taken it back to its pre-2010 condition. Rangers fans will never – no matter what any eventual pronouncement from Hampden may be – accept that their next trophy will be their first. The trouble is that no-one else – again despite anything from Hampden – will cast them as anything else other than a new club who were given a free passage into the higher echelons of the game. Furthermore, they will forever force that down the throats of Rangers fans whenever and wherever they play. A recipe for discord, threats of violence, actual violence, and a general ramping up of the sectarian gas that we had all hoped, only a year or so ago, was to be set to an all-time low peep.

There is a saying in politics that we get the government we deserve. It works both ways though, and the SFA will get the audience it deserves. In actual fact it is the one it has actively sought over the last couple of years, for they have tacitly (and even perhaps explicitly) admitted that Scottish Football is a dish best served garnished with sectarianism. They have effectively told us that without it, the game cannot flourish, and they stick to that fallacy even although the empirical evidence of the past year indicates otherwise.

That belief is an intellectual black-hole they have now thrust the game into. They have effectively said that only two clubs actually matter in Scottish football. The crazy thing is that to put their plans into action they have successfully persuaded enough of the other clubs to jump into the chasm and hence vote themselves into irrelevance and permanent semi-obscurity.

That belief is also shared by the majority in the MSM, who despite their lofty, self-righteous and ostensibly anti-sectarian stance, have done everything they can to stir the hornet’s nest in the interests of greater sales.
Act as an unpaid wing of a PR company, check nothing, ask nothing, help to create unrest, and then tut-tut away indignantly like Monty Python Pepperpots when people take them to task.

Consequently the victims of all the wrongdoing (creditors and clubs) walk away without any redress or compensation for the loss of income and opportunity (and history) – stripped of any pride and dignity since they do so in the full knowledge of what has happened. But even as they wipe away the sand kicked in their faces, those clubs still insist on the loyalty of their own fanbases, the same fans whose trust they have betrayed with their meek acceptance of the new, old order.

The kinder interpretation of the impotence of the clubs is that they want to avoid the hassle and move on, the more cynical view that they are interested only in money, not people. In either case, sporting integrity, in the words of Lord Traynor of Winhall (Airdrie, not Vermont), is “crap”.

The question is; which constituency of 21st century Scotland subscribes to that 17th century paradigm?
Sadly, this massive hoax, this gigantic insult to our collective intelligence, is working. Many will leave the game – many already have in view of the spineless absence of intervention from their own clubs – but many, many more will stay and support the charade.

If you doubt my prediction, ask yourself how many tickets will be unsold the first time the New Rangers play Celtic at Parkhead? That my friends will be final imprimatur of authenticity on just exactly who New Rangers are, no matter the proclamations of both sides of the OCNC argument.

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John Cole

About Big Pink

Big Pink is John Cole; a former schoolteacher based in the West of Scotland, He is also a print and broadcast journalist who is engaged in the running of SFM . Former gigs include Newstalk 106, the Celtic View, and Channel67. A Celtic fan, he is also the voice of our podcast initiative.

3,926 thoughts on “Past the Event Horizon


  1. On a separate issue, I see that according to the RFC-NIL accounts, Paul Murray had no (zero) shares in RFC-NIL. About the same no of shares he has in RIFC/TRFC then – no change there! 🙂


  2. davythelotion says: (269)
    December 9, 2013 at 4:33 pm

    RIFC share price values the business at £25M – Celtic have shown a nice rise recently which values the business at £71M. Celtic will soon release their 6mth figures which will include the £20M transfers done in the summer, champions league qualifier ticket sales and matchday income and much more. Celtic’s share price looks to be on the up.


  3. Am very pleased at the swift, decisive action taken by Celtic on those who caused trouble at Fir Park. The initial “it wisnae us” bleating from the gb was utterly risible and they got what they deserved. I trust, after a “it’s no fair” statement, this will be last time Celtic have anything to do with that mob.


  4. StevieBC says: (935)
    December 9, 2013 at 5:03 pm
    8 0 Rate This

    Should the AGM be avoided ?
    ==================

    I will not be surprised if there is a statement prior to the AGM, stating that it has been cancelled due to perceived threats of civil unrest.


  5. Sugar Daddy says: (150)
    December 9, 2013 at 6:01 pm
    7 5 Rate This

    Am very pleased at the swift, decisive action taken by Celtic on those who caused trouble at Fir Park. The initial “it wisnae us” bleating from the gb was utterly risible and they got what they deserved. I trust, after a “it’s no fair” statement, this will be last time Celtic have anything to do with that mob.
    ============================================
    I agree with that. However the people involved at Fir Park, whether GB members or not, retain the potential to cause real problems for the club in the future.


  6. Sugar Daddy says: (150)
    December 9, 2013 at 6:01 pm

    Well said.
    Like it or not all clubs have the potential to attract the ‘wrong types’.
    I’m all for seeing justice dispensed fairly but at some point a short sharp shock is required to get the message across.
    If you associate with nutters and don’t get yourself out the way of trouble, don’t be surprised if you get caught up in their nonsense.
    Some times ‘it wisnae me, a big bad man did and ran away’ just doesn’t wash.
    Well done the powers that be at Celtic.


  7. UTH

    Well, there should be 128 less of them now to worry about.

    Celtic had been more than patient and issued plenty of warnings. Whatever the gb might stand for, by their own admission, they couldn’t control those that wish to be associated with it. That’s why Celtic acted.

    Celtic just need to keep repeating today’s action every time someone steps out of line until all the troublemakers are gone or they get the message and behave.


  8. Please ensure you are not near any open windows and are sitting down………I really don’t know where to start……….

    http://www.dothebouncy.com/articles/an-open-letter-to-dave-king/

    Dear Mr King,

    This is a particularly difficult letter to write, despite it being penned from one Bear to another. It is difficult because I don’t necessarily believe the model of ownership you would bring to our club – a sole owner – has been particularly successful for Rangers, and if I’m honest I would much rather see the transparency and clarity which I would hope could be afforded by some measure of fan representation on our board. In short, in writing such a letter I am foregoing many of the dreams and aspirations I hoped would be achieved in my lifetime for our club.

    I mention the foregoing for one reason – to highlight how desperate and concerned I am and the circumstances which gave rise to this letter. Our support is literally ripping itself asunder in the current boardroom battle, the very heart and soul of this club are trading blows with each other and causing rifts, some of which I fear may prove irreparable. For a club such as ours, which attracts so much hatred from others, and whose strength and very survival has often relied upon our unity as a support, this presents a bleak and ominous outlook.

    Further more I am not convinced that either side emerging victorious from the AGM on the 19th December, will result in a cessation of hostilities, merely a lull in the fighting, which will be renewed, perhaps with greater vigour and further damage to our already fragmented support in the future.

    But I do not write to you as Dave King the financial saviour of our club. I write to you as the only man on this planet who can bring the much needed unity to our support, whose commitment to this club is without question, and who can capture, inspire and unite our support behind our club. As one.

    The English writer William Hazlitt once wrote :

    “No man is truly great who is great only in his lifetime. The test of greatness is the page of history.”

    I, and thousands like me, would implore you now to write your page in the history of our club.

    Yours in Rangers

    D’Artagnan


  9. Just one more thing from the 2009 RFC-NIL accounts

    http://www.isdx.com/infostore/Company-Accounts/RangersFootball/rangers2009.pdf

    First page – note the very last part showing the company no – now is this not the same one BDO are liquidating? Ah yes……..and furthermore……

    Chairman
    Sir David E. Murray – resigned 26 August 2009
    A.J. Johnston – appointed as Chairman 26 August 2009
    Vice Chairman J.F. McClelland CBE
    Chief Executive M. Bain
    Finance Director D.C. McIntyre
    Non-Executive Directors
    J. Greig MBE
    D.C. King
    J.D.G. Wilson – resigned 16 October 2009
    M.S. McGill – appointed 16 October 2009
    D.W. Muir – appointed 16 October 2009
    P. Murray
    Secretary D.C. McIntyre
    Registered Office
    Ibrox Stadium, Glasgow G51 2XD
    Auditors Grant Thornton UK LLP, C.A., 95 Bothwell Street, Glasgow G2 7JZ
    Solicitors Dundas & Wilson LLP,
    191 West George Street, Glasgow G2 2LD
    Bankers Bank of Scotland, The Mound, Edinburgh EH1 1YZ
    Registrars Computershare Investor Services PLC, Lochside House,
    7 Lochside Avenue, Edinburgh Park, Edinburgh EH12 9DJ
    Company Registration Number: SC004276

    On page 2 it says the following from Alastair Surrender No Johnston

    It was a great honour for me to be invited earlier this season to become Chairman of Rangers
    Football Club and it is my privilege to present the Annual Report for the year ended 30 June 2009.

    I thank you!!!! 😯


  10. How should a club / footballing entity that sees itself as a major cultural institution act in response to a problem of hooliganism amongst its fans? The options would appear to be
    (A) immediately denounce the perpetrators, distance your club from them, and take swift action to try to mitigate the problem, or
    (B) use dog whistle hints embedded in your words, or simple outright rabble rousing statements, to send out a message that you are aligned with the perpetrators, and may direct their attention towards you if you criticise their club.

    The first would show an honourable intention to want to remedy the situation. The second would be beneath contempt.


  11. In the TRFC admin scenario what exactly would the spivs give away for a pound?

    Murray park don’t think so, can be exchanged for valuable land in better spot.
    Ibrox no, key to the team in blue playing at ibrox acting like RFC(IL), rental only.
    Ibrox land around, no, with a tenant, more money can be made off of this.
    The merchandise sales, no, why give this away when you own it.
    The brand, well no point if you are keeping the merchandise.

    So, whats left:
    The SFA membership,
    The SPFL share,
    The current Players, Coaching Staff and the youths.

    So the spivs give away as little as possible, because they do not have to.

    Maybe slightly too far fetched, but “The real Rangers men” would still have to buy, otherwise Rangers would be dead (again!)

    There is a lot of money still to be made out of rangers.

    Buddy


  12. People are talking about a transfer of assets from TRFC to RIFC to satisfy debt.

    However as I have pondered before, will that be justifiable.

    Say the debt is £25m, could they really transfer assets which they have valued significantly higher than that in order to satisfy that debt.

    I suppose the answer is yes, if both parties (the same people) agree to it, provided that no other creditor loses out by it being done. I don’t imagine TRFC will have any creditors other than the holding company, other than perhaps the season ticket holders depending what time of the year it is.


  13. Tif Finn says: (981)
    December 9, 2013 at 8:24 pm
    =================
    Spivs mentality – “We’ve taken all the money that we could milk out of you front end, now give us £2.5m a year for playing at Ibrox Park and training at Murray Park forever.”

    They were warned.


  14. Tif Finn says: (981)
    December 9, 2013 at 8:24 pm

    I may not be correct but, in my opinion, it doesn’t matter how much the assets are valued at but how much is owed and more importantly if anyone is willing to pay the debt off.

    I suspect that no one would be willing to pay £25M since eighteen months ago they were unwilling to pay £8M.

    Ultimately the purchase price is not the only issue but the huge monthly outlays.
    Someone is going to have to fund this going forward and, lets face it, it is not going to be the fans.

    Another issue here is the on going damage done to the brand if there is another administration or heaven forbid the ‘L’ word. To squander £22M in under two years along with merchandising, catering, and season ticket money and never attempt to balance the books is just shameful.
    I can’t see city investors being duped again in an IPO to launch the next incarnation.
    So a massive monthly overspend must be funded. Well with 500 million fans I’m sure there will be no problem solving that issue.


  15. Exiled Celt says: (857)
    December 9, 2013 at 7:33 pm
    11 1 Rate This

    Please ensure you are not near any open windows and are sitting down………I really don’t know where to start……….

    http://www.dothebouncy.com/articles/an-open-letter-to-dave-king/
    _______________________
    I don’t know whether to laugh or cry at that. But regardless, I simply do not understand the magic attraction of Dave King for all bears. Are his brogues and blazer of a special Rangerness that no others can aspire to? Or do they really believe that he is going to throw what’s left of his own money at the Ibrox money pit?

    Why don’t the bears stop looking for their next Messiah with off, under or over the radar wealth, get themselves properly organised, and go for a fan based ownership model? I think they would find it costs them less in the long run than being serial suckers. And it might make them look and feel a bit more dignified, instead of looking and acting like a bunch of gullible chumps. It’s just getting truly pathetic now.


  16. The transfer of assets between TRFC and RIDC would be nothing to do with selling TRFC. It would be purely an internal transaction between the limited company and it’s holding company, to satisfy debt the club owes to it’s owner.

    The subsequent selling price of the club (TRFC) really isn’t the issue, it would probably be a notional amount. However it would be conditional on the long term lease of Ibrox Stadium and possibly Murray Park.

    The current board, and the potential new members have talked about them not selling Ibrox Stadium. I don’t think anyone has suggested they might do that. A nice wee poisson rouge in my view. They are more likely to keep it and rent it to the football club.


  17. Tif Finn says: (981)
    December 9, 2013 at 8:24 pm
    2 0 Rate This

    People are talking about a transfer of assets from TRFC to RIFC to satisfy debt.

    However as I have pondered before, will that be justifiable.

    Say the debt is £25m, could they really transfer assets which they have valued significantly higher than that in order to satisfy that debt.

    I suppose the answer is yes, if both parties (the same people) agree to it, provided that no other creditor loses out by it being done. I don’t imagine TRFC will have any creditors other than the holding company, other than perhaps the season ticket holders depending what time of the year it is.

    I suppose this is the main importance of the RIFC board as TRFC is their fully owned subsidiary, the RIFC board can appoint who they wish to the TRFC board.

    I still do not fully understnad teh easdales position in this, as they are on the TRFC board.

    As shared earlier the AGM will not be the end of the infighting at RIFC/TRFC and between the fan groups who have started to organise and the RIFC/TRFC entity.

    Buddy


  18. Exiled Celt says: (857)
    December 9, 2013 at 7:33 pm
    Dear Dave King
    blah blah blah, Our support is literally ripping itself asunder in the current boardroom battle, the very heart and soul of this club are trading blows with each other and causing rifts, some of which I fear may prove irreparable.
    ———————————————————————————————————————–

    D’Artagnan is not one of the musketeers ; those are his friends Athos, Porthos, and Aramis — inseparable friends who live by the motto, “One for all, and all for one”.

    Maybe the all board members of the deid club should be labelled the spivmuskateers as their motto could be “all for me and paid by you” Aye readies..


  19. There really is little difference between this and the Wavetower situation.

    They just went about getting there in a different way.

    The owner is also the major creditor. They can use that to transfer the assets from the trading arm (the club) to the holding company (the owner).

    Same plan different MO.


  20. Things have really gotten weird if even PMGB is questioning if things are real or not.


  21. PhilMacGiollaBhain says: (176)

    December 9, 2013 at 9:10 pm
    Sorry if this has already been covered tonight, but my first relation when i was emailed this was that it had to be a spoof.

    http://www.dothebouncy.com/articles/an-open-letter-to-dave-king/
    ==================
    That Partick Thistle supporting couple from Largs who won the Euro Millions must receive letters like that all the time.


  22. neepheid says: (922)
    December 9, 2013 at 8:57 pm
    ================================
    Most of their fanbase know nothing other than an ‘off the radar wealth’ policy, but there is no longer any bank around willing to fund it. I think it is clear they could not care less where money comes from as long as it’s there. King is viewed as the only one with real money willing to invest, and has publicly spoken of the need to challenge the ‘neighbours’ in Glasgow. That is all they need to hear. They are sleeping in a time warp and show no signs of waking up, despite being offered a damn good smell at the coffee on several occasions.


  23. Exiled Celt says: (857)
    December 9, 2013 at 2:28 pm
    ‘…..Kind Regards
    Richard Carey
    BBC Complaints…’
    ——
    Surely to God that’s not the same Richard Carey who ponced about the country doing stupid, inane, things for the ‘Fred McCauley Show For Bored Numpties’ on Radio Scotland? ( Nursery level ‘fun’ this morning with ‘red leather,yellow leather’, ‘pheasant plucker’ and ‘sister shusie sits…”. Oh, my aching sides, how we laughed!!! at this waste of space of a programme.

    If it is indeed he, then at least he’s off the street and off air as he helps maintain the fiction that our criminal from the ‘Mulk is not a criminal.
    Things have come to a pretty pass when the BBC lie.


  24. So many things to say about that “open letter” the problem is to decide which ones to actually say.

    I’ll pick two.

    1, What an embarrassing, obsequious, forelock tugging load of nonsense. Have you no self respect.

    2, Why would Dave King, or anyone else pay millions of pounds for shares in a failing business, when they could just as easily get the whole lot for a song from an insolvency event.

    Fergus McCann could answer 2, but clearly there is no-one who cares enough about this new club. Well nobody cared enough about the last one either so that is not really surprising.


  25. Tif Finn says: (983)
    December 9, 2013 at 9:06 pm
    ‘…The current board, and the potential new members have talked about them not selling Ibrox Stadium. I don’t think anyone has suggested they might do that..’
    ——–
    I thought it was strange that they should deny planning to do something which no one connected with RIFC had ( as far as we know) raised that as a possibility.

    It was only on this blog, I think, that ( with Bill Miller truck-depots in mind or a Tesco development ) there was fun speculation about Ibrox stadium being sold.

    Is this blog read in the Ibrox boardroom?
    Or is it a denial too far??


  26. john clarke says: (1420)
    December 9, 2013 at 9:36 pm
    0 0 Rate This

    Tif Finn says: (983)
    December 9, 2013 at 9:06 pm
    ‘…The current board, and the potential new members have talked about them not selling Ibrox Stadium. I don’t think anyone has suggested they might do that..’
    ——–
    I thought it was strange that they should deny planning to do something which no one connected with RIFC had ( as far as we know) raised that as a possibility.

    It was only on this blog, I think, that ( with Bill Miller truck-depots in or a Tesco development ) there was fun speculation about Ibrox stadium being sold.

    Is this blog read in the Ibrox boardroom?
    Or is it a denial too far??

    in http://www.rangers.co.uk/news/headlines/item/5759-an-open-letter-from-the-chairman

    Another new bogey man thrown about by the Gang of Four is the suggestion that we might be thinking of selling Ibrox. We are not thinking about this. Where do the requisitioners get these ideas from? I promise you we have no intention of a sale.

    Remember a statement from david somers chairman of RIFC, “We” are not thinking of selling ibrox.”

    Ibrox was with sevco scotland which became TRFC, when did it move to RIFC??

    Or is there another “we” interpretation.

    Buddy


  27. It is important to remember that the RIFC board constantly speak as though two separate legal entities are one. When reading about Rangers it is really important to remember that they are talking about RIFC PLC and TRFC Ltd as if it was one thing. They even do combined accounts to maintain that illusion.

    So a transfer from the club to it’s holding company would not be a sale of the stadium. A subsequent sale of TRFC Ltd to someone else would also not constitute a sale of the stadium.

    However the net effect would be that the owner of the stadium would be separate from the owner of the club. With the club having to lease the stadium from it’s owners if it wanted to use it.

    The PLC (holding company) could also borrow money secured against the stadium, including any lease on it.

    None of that however changes the fundamental question. How do you make a business losing £14m in a 13 month period into a viable one going forward. Other than with a totally fresh start and dramatic cost cutting.


  28. Tif Finn says: (985)
    December 9, 2013 at 9:28 pm

    Absolutely love the word ‘obsequious’. Just like the term ‘simpering acquiescence’, trips off the tongue!


  29. That seems to be the “Rangers way” rabble rousing, intimidation, threats and bullying.

    They must be so proud of themselves.

    Thank goodness the Rangers manager has never stooped to those levels or encouraged that sort of thing.

    Oh wait …


  30. Angus1983 says:
    December 9, 2013 at 8:47 am

    At least the Broch and Deveronvale are friendly places to go!
    ======================================================

    Totally agree, only because it’s too cold and windy to take your hands out of your pockets!

    Ah! Deveronvale, my 45 minutes of fame when I played against Rougvie and Hewitt! Good memories!!!!!

    Bloody cold though!


  31. What a lovely invitation to DK: from a very hopeful bear who beseeches: ‘I, and thousands like me, would implore you now to write your page in the history of our club.’

    Always the history that seems to matter and never the future – the deluded as always seem to think all that’s needed is for DK to write a BIG cheque and I really don’t believe he’s that stupid – well not with his own money 🙄

    Until Bears do something sensible like starve the spivs of cash then they will never get the ‘club’ they need but just the one they deserve and listening to false prophets in their own ranks just feeds the delusion and paralysing inability to face and deal with the cold and very hard financial reality facing Rangers.


  32. PhilMacGiollaBhain says: (179)
    December 9, 2013 at 10:07 pm
    —–
    On that extract alone, he’s bound for the pokey! Phrases like ‘get her…!’ sound very much like incitement to physical violence. Sheriff Pattison is not known for his leniency.


  33. And now the end is clear and so I wait the final curtain.
    The company that runs the club will lose 380,000 pounds between now and the AGM.
    December 19th marks the date when Charles Green and the spivs can sell their 1p shares for whatever price is available. The current price is 37p Charles Green can thus sell his 5,071,629 shares for 1,876,502 pounds if he can find a buyer at that price. Therein lies the problem. Finding a buyer. Even if the share price drops to 10p who will part with 507,163 pounds for shares that will soon be worthless.
    If the spivs find mugs to buy their shares them they are spivs of the highest order and should be made businessman of the year.
    Anyone buying a share is not helping the club, they are just enriching a spiv.
    Anyone buying a season ticket is not helping the club they are just enriching the spivs.
    Anyone buying a jersey or paying admission is not helping the club but just enriching a spiv.
    December 19th is Armageddon.
    December 20th is even worse.
    Anyone with the ability to sell and find a buyer who wants to be a big man at the AGM would be best to sell now ASAP.
    The spivdom will get even more lucrative however when they sell Ibrox to a holding company for a pound and then force the next company to rent it back for millions each year in apparent perpetuity.
    Only problem is that the cash will soon run out.


  34. It is with some interest that I read of the Rangers support “literally ripping itself asunder” in Mr D’Artagnan’s epistle – cleverly written in the style of Jonathan Watson impersonating Chick Young (go on, read it again in Watson’s Chick voice and it sounds much better).

    So. “Literally”. Is each supporter responsible for dismembering himself, or are they pulling lumps off each other in a sort of collective asunder-ripping event, I wonder?


  35. Well quelle surprise…. some would change the rulebook to punish Celtic, not the miscreants who did the damage. Others would use this as a means to perpetuate their own agenda relating to passing NewGers off as the Old… FFS Celtic have taken decisive action against people who have acted against the best interests of the club, praise should be given to Lawwell, the board andthe club.

    They have my utmost support.
    :mrgreen: :mrgreen: :mrgreen: :mrgreen: :mrgreen:


  36. john clarke says: (1421)
    December 9, 2013 at 10:22 pm

    John-I’ve heard the entire Podcast-and so has Sheriff Pattison.
    Awful awful stuff.
    The thing is Limond thought he could operate with impunity.
    He was wrong.
    He will be sentenced one month today.
    Time enough for him to consider his conduct.


  37. 250 GB reallocated today. Club rightly dealt with issue quickly and professionally.
    Few years ago 25, 000 sang racist songs at a cup final.
    Club whose fans sang those songs action so far????
    SFA action taken so far? ?
    MSM coverage of both events, balanced?
    Only in this country. And we accept this.


  38. fergussingstheblues says: (107)
    December 9, 2013 at 10:17 pm
    ‘…Ah! Deveronvale, my 45 minutes of fame when I played against Rougvie and Hewitt! ..’
    ——–
    That tops my younger son’s boast that ‘….he played( in a cup tie) against the defender who played (in a cup tie versus Celtic) against Pierre Van Hooijdonk ‘! 😀

    We do tend to forget the whole fun of the game, of being in some way connected with sportsmen, in recognising the contribution they make by their sporting efforts and achievements to our pleasure and entertainment.

    The great pity is that our game has been debauched and debased through the failure of the football authorities to nail the financial cheating of one club, and then insult us all by refusing to treat a new club as a new club under the rules, and subsequently making all kinds of consequential accommodations all along the road thereafter to hasten the entry of that new club into the ‘top tier’. A new club now in the hands of God alone knows what kind of schemers and plotters and bad men, basely allowing the new club to pass itself off the club that died in the utmost degradation and contempt, owing millions and millions to the public purse and substantial sums to many hundreds of creditors..

    And me saying that a hundred times, or a thousand times, does NOT make it any less TRUE.


  39. A lateral thought
    I suggested in some previous posts that the end game is very likely to be RFC assets moving from TRFC straight through RIFC to an offshore entity that can thumb its nose at anybody who is unhappy at having to pay rent for the use of Ibrox and MP
    It has just struck me that this scenario could unfold very quickly if CW via Worthingtons was to successfully sue RIFC for ownership of the assets
    Indeed in this Spiv infested situation I wouldn`t be a bit surprised if RIFC conceded Worthington`s claim on the assets shortly after or perhaps just before going into liquidation


  40. PhilMacGiollaBhain says:
    December 9, 2013 at 10:44 pm

    john clarke says: (1421)
    December 9, 2013 at 10:22 pm

    John-I’ve heard the entire Podcast-and so has Sheriff Pattison.
    Awful awful stuff.
    The thing is Limond thought he could operate with impunity.
    He was wrong.
    He will be sentenced one month today.
    Time enough for him to consider his conduct.
    —————————————————————————-
    john clarke says:
    December 9, 2013 at 10:47 pm

    fergussingstheblues says: (107)
    December 9, 2013 at 10:17 pm
    ‘…Ah! Deveronvale, my 45 minutes of fame when I played against Rougvie and Hewitt! ..’
    ========================================================================

    Phil,

    I completely agree. I hope he get’s the book thrown at him. I went to a protestant school myself in Paisley back in the 70’s. I remember being a wee 10 year old my hero was Colin Stein, so I suppose I supported rangers. My pal a few doors down supported celtic. His dad went to every home game and I was invited along as they knew I just loved football. My heroes soon became Deans, Lennox and Dalglish.

    One of my proudest possessions is a signed photo of me and Bobby Lennox, and I also had the privelage of delivering Dixie Deans papers in my first job as a paper boy. The only time I saw Kenny live was on the pitch, but I would have loved to have met him and talked football.

    In the end, I became a St Mirren supporter mainly due to what Alex Ferguson did there.

    What I’m saying is that people like Limond are disgusting, and it’s great that Angela has taken him on. There is no place for his like, and I hope it sends out a message to the other people like him out there.

    John,

    It really was a great day. I was 37 years old at the time and big Rougvie actually let me nut-meg him and didn’t take any retribution! I got a tap on the back from him and a “Well done Wee Man!” I felt 10 feet tall!


  41. PhilMacGiollaBhain says: (180)
    December 9, 2013 at 9:24 pm
    40 1 Rate This

    @ Adeste Fideles

    The Sevco sitcom defeated my powers of comprehension and imagination quite some time ago. 😆
    *******************************
    Agreed Phil but what a sitcom! Makes ‘It Ain’t Half Hot Mum’ look like a serious debate on colonialism!
    (For our older viewers).


  42. PhilMacGiollaBhain says: (182)
    December 10, 2013 at 12:24 am
    0 0 Rate This

    @ Caveat Emptor
    I really struggle to write about it now as it is SO bizarre.
    The RFC story was fairly straightforward.
    But this?
    ****************************
    Bizarre? OK, see your point from a journalistic perspective but basically, what we have is as follows : Bunch of spivs see an opportunity to fleece an emotionally engaged customer base. For good measure, throw in complicity from the (alleged) regulatory authority, a soupcon of connivance from media outfits who are resistant to change, and a sprinkling of bampots who can see that the emperor is in the scud!
    And the end game? Repeat until until the emotionally engaged lose the plot. Not long now.


  43. PhilMacGiollaBhain says: (183)
    December 10, 2013 at 12:26 am
    £££££££
    Dear Mr King
    On behalf of jack, on behalf of the spivs, gonna see your way clear to just gie’n us some cash? Just to tide us over ’til the 500 million buy a ‘dry clean only’ jersey, and the three multi-billionaires that Charles green told us were going to weigh in, turn up, and when we get into Europe, the Cash’s back in your bank with interest. Just like Dave promised you… Mr King? Are you there?? Sorry for mentioning Dave…


  44. Therein lies the problem. Finding a buyer. Even if the share price drops to 10p who will part with 507,163 pounds for shares that will soon be worthless.

    ======

    This is the most curious part, up to now some serious money has been spent on these shares, not everyone got 1p shares

    I doubt the Easdales share your view that their shares will soon be worthless.


  45. theoldcourse says: (43)
    December 9, 2013 at 12:02 pm
    I always have a chuckle at the word “requisitioners” trotted out in the broadcast and print media. A word I had never actually used, nor seen, in normal daily conversation. Its almost as if the word “rebels” is somehow forbidden language down Govan way
    ____________________________________________________________________________________
    I too find the sudden emergence of this strange made up term most hilarious…where did this come from? Who thought this up and instructed the media that henceforth this group shall now be universally proclaimed as “The Requisitioners”…… we demand to know who these people are…(etc. etc. etc….)

    One can only conclude, as theoldcourse infers, that the term “rebel” is far too republicanny sounding….no, no we can’t have that now. Instead they need a far more Presbyterian sounding title…voila….hence we now have “The Requisitioners”. Maybe it is just me but every time I hear it I can’t help thinking about them knocking around dressed as Covenanters….how apt….

    I cannot not find any actual verified use of this word as a genuine agent noun…..however interestingly Collins Thesaurus of the English Language offers the following:

    requisition
    verb
    1. take over, appropriate, occupy, seize, confiscate, commandeer, take possession of, sequester The vessel was requisitioned by the British Navy.
    2. demand, order, call for, request, apply for, put in for the task of requisitioning men and supplies
    noun
    1. demand, request, call, order, application, summons a requisition for a replacement typewriter
    2. takeover, occupation, seizure, appropriation, confiscation, commandeering They are against the requisition of common land.
    Collins Thesaurus of the English Language – Complete and Unabridged 2nd Edition. 2002 © HarperCollins Publishers 1995, 2002

    …again…how apt…..
    😯


  46. http://www.bbc.co.uk/sport/0/football/25312072

    For the record.

    Rangers: Sandy Easdale increases stake in Ibrox club ( He means the holding company but is afraid to say)

    By Alasdair Lamont Senior football reporter, BBC Scotland

    Sandy Easdale has acquired voting rights over a further 3.1% of Rangers shares, strengthening the current board’s hold on power at Ibrox.
    Easdale, whose brother James is on the Rangers board, now has voting rights over 26.6% of shares ahead of next Thursday’s annual meeting.
    Laxey Partners (11.64%), Mike Ashley (4.61%) and Richard Hughes (3.38%) are also likely to be loyal to the current regime.
    That edges them closer to a majority.
    Opponents of the board had hoped a large-scale fan protest at the weekend and meetings with institutional investors would sway things against the incumbents.
    The battle between chairman David Somers and his fellow board members and those looking to oust them has become increasingly bitter in recent weeks.

    The Easdales make me think of submarines – submerged for the most part, but popping up occasionally.


  47. http://www.heraldscotland.com/sport/football/rangers-fans-group-pressurise-investors.22915887

    Rangers fans’ group pressurise investors

    Richard Wilson Sports writer Tuesday 10 December 2013
    A group of Rangers supporters will write to the 50 major shareholders in Rangers International Football Club to urge them to take into account the views of fans and back their campaign for boardroom change.

    The Sons of Struth have held a series of protests against the directors, culminating in a red card display at Ibrox on Saturday that involved a significant majority of the home crowd.

    A group of Rangers fans will also meet Laxey Partners – the largest single shareholder – in London today. Laxey previously indicated they would take into account the views of supporters when voting at the annual meeting in nine days’ time, but have since said they will vote to re-elect the current directors. All of the major fan groups have campaigned for change, including the Rangers Supporters Trust, the Rangers Supporters Association and the Rangers Supporters Assembly, with Sons of Struth taking an increasing role. The red card display on Saturday was the most prominent and heavily supported protest so far.

    “We’re saying to the major investors ‘Don’t turn your backs on the fans’,” said Craig Houston, a spokesman for Sons of Struth. “We’re working with all the organised fan groups, and the response we had from the fans in the stands shows without doubt that the board does not enjoy popular support. To protect their investment and for the club to flourish, the investors have to stand with the fans. It’s time for change.”

    Fifty shareholders in RIFC own around 90% of the shares and a simple majority of those who vote at the annual meeting on December 19 at Ibrox will determine which directors – David Somers, the chairman, Graham Wallace, the chief executive, Brian Stockbridge, the finance director, Norman Crighton and James Easdale – remain in place and which of the nominees – Paul Murray, Malcolm Murray, Alex Wilson and Scott Murdoch – join the board.

    The Sons of Struth will urge the shareholders to “stand with the vast and overwhelming majority of the fans and demand change on the Board at Ibrox”.

    Stable door syndrome I think.


  48. http://www.heraldscotland.com/sport/opinion/spiers-on-sport-the-end-of-the-green-brigade-at-celtic.1386625302

    Spiers on Sport: The end of the Green Brigade at Celtic

    Spiers on Sport Graham Spiers Monday 9 December 2013

    The Green Brigade have finally been moved towards extinction by Celtic FC.
    And notably few among the club’s wider, vast fanbase have come forth to express any sorrow.

    The tipping-point was the disgusting and yobbish behaviour by certain Celtic fans at Fir Park last Friday night. To see the way seats were kicked-in in that stadium, and the grisly photographic evidence afterwards, was one of the greatest humiliations heaped on Celtic in years.
    _________________________________________________________________________________________

    “To see the way seats were kicked-in in that stadium,
    and the grisly photographic evidence afterwards,
    was one of the greatest humiliations heaped on Celtic in years.”

    seats kicked in – grisly ?

    one of the greatest humiliations heaped on Celtic in years ?

    This is what desperately trying to sell copies of an ailing newspaper brings you to.

    Or is it just what GS has become ?


  49. fergussingstheblues says: (108)
    December 9, 2013 at 10:17 pm

    Ah! Deveronvale, my 45 minutes of fame when I played against Rougvie and Hewitt! Good memories!!!!!
    ——
    Aye, I think you mentioned that before. 🙂

    I grew up with Eoin Jess – kickabouts up at the park beside his mum’s house involved him (and another lad called Steven Aitken who was just as good – he signed S forms for Dundee Utd but did his knee ligaments in and had to jack it in) taking on everyone else and running utter circles round us all. 🙂


  50. I feel this whole sorry episode has got you down a bit, Mr Spiers.
    Tell you what.
    Why not get in touch with your old BBC mucker Gordon Smith.I assume you still have his number.
    From what I could see he really enjoyed a good laugh with some of his good pals the other night.
    One joke in particular really had him smiling.

    Maybe he could share it with you to see if it might help cheer you up.


  51. Radio Scotland reporting an increase in shareholding by one of the Easdales this morning, giving him over 25% of voting rights.


  52. From the AIM market website…

    The Company announces that it was notified on 9 December, by Beaufort Securities (“Beaufort”), an FCA registered company, that further voting rights on 2,036,337 Ordinary Shares of 1p each in the Company (“Shares”) held by its clients had been assigned to Alexander Easdale. No Shares were bought or sold by Alexander Easdale.

    As a result, including the Shares held directly by Mr Easdale, being 2,942,957 Shares representing 4.52% of the issued share capital of the Company, Mr Easdale now holds voting rights over, in aggregate, 17,329,960 Shares representing 26.62% of the issued share capital of the Company.


  53. Graham Spiers- sensationalist rhetoric in an attempt to hype up a balance to the sevco debacle. If this so called journalist doesn’t understand the reality of expressions such as ‘grisly photographic evidence’ then he should swap jobs with someone like Alex Thomson,a proper reporter.


  54. Lots of posts about why would people buy shares in a ‘worthless’ company? The question is… are they worthless?

    I think the consensus is now pretty much clear that they have/are/looking to switch Ibrox and Murray Park from TRFC to RIFC. This will be done to write off the ‘debt’ that TRFC owes RIFC (as indicated in the accounts and should be somewhere around 25m now).

    So, RIFC owns:

    Ibrox, MP, shirt rights, security, catering… the list goes on.

    They sell the loss making TRFC for a pound and rent back the stadium.
    So the question is – what would RIFC be worth? A long term lease on the stadium, plus merchandising rights, security etc.

    If we take advertising and merchandising alone from their 2013 accounts, that is 2.5m a year. Add the same again for rental of Ibrox and your looking at a business turning over 5m/year with next to no outgoings. On top of that your merchandising should grow to around the 5m mark/year in line with what Celtic can achieve, so your looking at a 7.5m business on that alone. Add in the other things they have tied up and there is a profitable company with a long term guaranteed income stream…

    So what is that worth? Serious question… I’m guessing the share price will be lowest around Dec 19?

    RIFC makes business sense to me. TRFC does not, but there is 500 million fans willing to bankroll it and in turn RIFC, so maybe its time to buy some shares?!

    Infact the only thing stopping me from purchasing a few as a throw away is the big Whyte question that still hasn’t gone away – once the club and RIFC are separated, is that when it will all revert to Sevco 5088, and Whyte and Ticketus? Wasn’t that the plan from day 1?


  55. Just a thought ,are the existing board in anyway ,helping to organise their removal at the AGM,wouldnt that be the biggest slap in the face the bears could get ,wouldnt put it past Charles to pull one last cracker,just a thought mind you.


  56. manandboy says: (351)
    December 10, 2013 at 8:20 am

    And others

    While I accept Britany’s description may be a bit strong there have been a few posters portraying the attitude that , while not condoning the Neds actions, ‘Well it was only a few seats’.

    The trouble with this country is that we turn a blind eye to so many of these little things. A broken seat here, a kicked in bus shelter there, a wee bit of grafitti, its only a few Greggs bags and McDonalds cartons sitting 10 yards from an empty bin.

    Frankly some of our town and city centres look like a shithole.

    Don’t accept any damage as being’ acceptable’ or ‘normal’ or as someone implied the other day, young lads will do daft things. If we do it is only going to get worse, which is why Celtic’s swift action has to be applauded.

    We should all be shamed by the conduct of some of our fellow citizens and do something about it.
    I don’t kick in the country’s infrastructure be that public or privatley owned, I don’t scrawl on walls and I don’t drop litter. Never have done.

    It’s simples – really it is.

    Rant over


  57. Back to matters Sevco

    As regulars will know I always err on the side of caution when it get close to the big decision days down Ibrox way.

    We have all been disappointed many times in the past when we thought it was ‘in the bag’.

    Like many I can’t see what the game plan is from the Easdales. They certainly seem to be racking up the proxy’s, most likely from the initial Charles Green Investors. However what’s in it for them?
    The whole thing is a busted flush with the only asset being the properties.
    Everyone and their Uncle agrees more money is required and lots of it to keep the show on the road, let alone challenge for the SPFL and Europe.

    I have said for a long time it really is a tight rope. Sale and leaseback looks like the most obvious solution the the immediate financial woes for the ‘football club’ but I still will not be surprised if we are wrong footed by something coming out of left field.

    Interesting times to come over the next few weeks.


  58. theoldcourse says: (43)
    December 9, 2013 at 12:02 pm
    I always have a chuckle at the word “requisitioners” trotted out in the broadcast and print media. A word I had never actually used, nor seen, in normal daily conversation. Its almost as if the word “rebels” is somehow forbidden language down Govan way
    ________________________________________________________
    Repost of previous comment – was posted then after an edit to correct some punctuation got lost in moderation…last try…:

    I too find the sudden emergence of this strange made up term most hilarious…where did this come from? Who thought this up and instructed the media that henceforth this group shall now be universally proclaimed as “The Requisitioners”…… we demand to know who these people are…(etc. etc. etc….)

    One can only conclude, as theoldcourse infers, that the term “rebel” is far too republicanny sounding….no, no we can’t have that now. Instead they need a far more Presbyterian sounding title…voila….hence we now have “The Requisitioners”. Maybe it is just me but every time I hear it I can’t help thinking about them knocking around dressed as Covenanters….how apt….

    I cannot not find any actual verified use of this word as a genuine agent noun…..however interestingly Collins Thesaurus of the English Language offers the following:

    requisition
    verb
    1. take over, appropriate, occupy, seize, confiscate, commandeer, take possession of, sequester The vessel was requisitioned by the British Navy.
    2. demand, order, call for, request, apply for, put in for the task of requisitioning men and supplies
    noun
    1. demand, request, call, order, application, summons a requisition for a replacement typewriter
    2. takeover, occupation, seizure, appropriation, confiscation, commandeering They are against the requisition of common land.
    Collins Thesaurus of the English Language – Complete and Unabridged 2nd Edition. 2002 © HarperCollins Publishers 1995, 2002

    …again…how apt…..


  59. taxman cometh says: (107)
    December 10, 2013 at 7:23 am
    7 0 i
    Rate This

    Therein lies the problem. Finding a buyer. Even if the share price drops to 10p who will part with 507,163 pounds for shares that will soon be worthless.

    ======

    This is the most curious part, up to now some serious money has been spent on these shares, not everyone got 1p shares

    I doubt the Easdales share your view that their shares will soon be worth
    ============================

    Overheard in the brokers office…

    “…Don’t you worry yourself sir, we’ve got your position covered, we’re right on top of it. What we’ll do is dump that pink elephant of a club/team/cloud thingy, grab their assets and then roast the masses for every penny of of rent they’ve got for the forseeable future. That’ll see your position regaining value hand over fist. You’ll be rolling in it, unlike those stupid fans of theirs, they’ll be hurting, it’ll be armageddon so it will, baying for blood they’ll be but you and me sir, we’ll be in wur chateaux so we will…….hello, Mr Mcoist, helloo……seems to have rung off???”


  60. stevensanph says: (193)
    December 10, 2013 at 9:15 am

    In all seriousness, despite my post above I am increasingly of the same view as you Stephen. At the AGM there is the potential to be, as was always planned, a transfer of the skeletal club back to the brogues. Whether there are any assets attached is a seperate arguement (with the delicous Whyte angle fully enveloped within it – would explain bombers stance). If there are assets attached, and the club is then sold for a nominal figure, then there’s a cash deal been done behind the scenes to achieve it, with, I’m guessing, King funding it. Alternatively the brogues could go for the full monty and do the old walk into the AGM and write them a cheque there and then for the RIFC:TRFC inter club debt. The end result is the same but you get the masses instantly behind you and, most importantly, desperate to give you more.

    I have always had my doubts that the spivs had the appetitie for a proper ransom strategy down govan way. Shame.

    EDIT: above strategy could be achieved by a simple switch in direction by one Alexander Easdale. Result is Easdale’s a hero (and to be fair has paid for the privilege), the spivs get a pay off (but no recurring pension, or hassle) King gets the asset and hence a route to repayment – no fool he) and Paul finally gets his tie and seat back.

    And that’s pretty much their best case scenario! It requires Sandy to take a bath, financially, and King to stump up the moolah. Oh, and then on R-Day plus 1 they need a meeting to decide how to best stop losing 38k per day.


  61. ohn clarke says: (1422)

    December 9, 2013 at 9:36 pm
    Rate This

    Quantcast

    Tif Finn says: (983)
    December 9, 2013 at 9:06 pm
    ‘…The current board, and the potential new members have talked about them not selling Ibrox Stadium. I don’t think anyone has suggested they might do that..’
    ——–
    I thought it was strange that they should deny planning to do something which no one connected with RIFC had ( as far as we know) raised that as a possibility.

    It was only on this blog, I think, that ( with Bill Miller truck-depots in mind or a Tesco development ) there was fun speculation about Ibrox stadium being sold.

    Is this blog read in the Ibrox boardroom?
    Or is it a denial too far??
    —————————————————————————————————————————————–
    John,
    My take on the requisitioners statement is of course that they cannot have a charter which is not in the best interests of their shareholders. They are a PLC and they HAVE to behave this way. If the board of any PLC thinks that the best interests of the shareholders is turning Ibrox into a sauna parlour then they must do it. No charter can overide the statutory obligations of a PLC board.

    I suspect that the requisitioners realise that the sale and leaseback of Ibrox is undoubtedly a real possibility and they have come up with the charter to yet again energise the fans and hopefully secure their AGM votes. It is a promise they will be unable to keep although as a short term tactic I supppose it serves a purpose.

    I am waiting for the AGM and reading some of the statements in the meantime. I was a bit amazed at Mr Somers official view and thought it was professional suicide….completely mad.

    Roll on the AGM and let,s see what gives. For my money it has to be new investment, which could dilute the existing shareholders (the asking turkeys to vote for Christmas philosophy) or what would I do in the best interests of the shareholders……..Sorry but I would sell the football club to anyone for £1 retain Ibrox and Murray Park (is it renamed yet!!) and lease the ground back to the club whilst trying to maximise the value of Murray Park. Dreadfully simple I fear.


  62. The shares in RIFC will never become worthless, in my opinion. So long as the PLC controls the ownership of Ibrox and Murray Park, then there is some value in the shares. TRFC Ltd is the company under threat of administration, because unless more money is found to cover its continuing losses, the directors of RIFC will have no alternative than to get rid of it.

    The mystery in all this for me is why the directors of RIFC have allowed TRFC to essentially throw their shareholders money away. Part of the answer lies in the fact that a lot of the money has been thrown in the direction of some of the shareholders, by way of “generous” contracts for services of one kind or another. McCoist’s salary is the public face of that, the rest will be buried in the purchase ledger of TRFC.

    However these sweetheart deals are of no help to the institutional investors, or individuals like Kieron Prior, (the world’s most intelligent man???) who are losing value hand over fist. The day after the IPO, there was £20m in the bank, and with the properties probably worth £40m, the share price made sense at 70p. That position could have been easily maintained if TRFC had simply been run on a break even basis. That would have meant spending no more than £18m in the first year. But there was clearly never the slightest intention of doing that. Why not? That is the mystery. On that sort of budget, the 4th tier of Scottish football would have been a cakewalk. So why has all that money just been thrown away? Is there a plan to drive TRFC into administration? If so, why the wait? Every month sees another £2.5m disappear out of the door, never to be seen again.

    It is unprecedented in my experience for a PLC to allow a subsidiary to carry on losing money in this way without taking urgent and effective action. If I was a shareholder, I would be very concerned that my money has simply been squandered. I would love to see the business plan that Green showed the SFA as part of the negotiations for the transfer of SFA membership, and compare it to what has been going on since then. Maybe Ogilvie has a copy in his bottom drawer- or under his carpet, more like.

    Anyway, back to the share price. At 38.5p, RIFC is valued at £25m. The company is worth every penny of that, simply based on property values, but only if the football losses are halted urgently. Because property is fine, but unfortunately can’t be converted to cash quickly and easily, and right now cash is the key, and cash is running out rapidly. I can see a real crunch coming early in January, when a quarter’s VAT will be due. As has been commented on here before, neither the incumbents nor the rebels seem to have any plan to deal with the losses- unless you call a begging letter to Dave King a plan. Without a clear plan, and urgent decisive action, then it can only be a matter of weeks until the money runs out.


  63. Smugas says: (621)
    December 10, 2013 at 9:53 am

    This doesn’t detract from your argument in any way, but I thought I’d mention that when the Easedales first appeared in a picture with the Sevco manager, one of the Easedales (I’m not sure if it was Ant or Dec) had a very fine-looking pair of black loafers on.

    Obviously the other one had brown brogues, as did McCoist. But credit where it’s due.


  64. Esteban,

    Its like riding a bike. It always easiest, not to mention safest with a foot on both sides. 😆

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