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. 1. Cygnus X2 says: (41)
    December 10, 2013 at 8:55 am

    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.

    ————————————————————————————

    Extract from a very old post of mine detailing Beaufort Securities (slightly updated)-:

    Imran left Hoodless Brennan to form Allenby Capital and had 80% of the share capital having invested £200k. He was quoted at the time as “wanting to do things differently”. A fair enough comment given the reputation of twice FSA fined Hoodless Brennan.
    So I thought I would have a look at the Allenby portfolio and measure its success. Firstly however I was interested why Imran had sold his company. Companies house now reveals the two new joint owners of Allenby as being HB Markets PLC and Appleby Trust Jersey……..HB is short for Hoodless Brennan…..and John Patrick Brennan controls Simply Stockbrokers who are handling Rangers internet share dealing through his ownership of Beaufort associates. I conclude therefore that Imran and Hoodless Brennan are still associated and working with each other……..

    .Guess what? at todays date I still conclude that Imran and John Patrick Brennan through Beaufort Associates are still working together. And, therefore, The Easedales………………………………..


  2. neepheid says: (923)
    December 10, 2013 at 10:15 am
    2 0 Rate This

    … 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…

    …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.
    ———–

    @Neep,
    Without wanting to appear as thick as a whale omelette (to quote Lt George), but isn’t this the only way the property transfer can by effected? Get TRFC to overspend to the amount that only the property transfer will cover as the debt write off?

    You’ve answered your own question on purpose, no doubt, and it makes perfect sense. The plan may include that short admin, but the points deduction won’t matter since the overspending has built up such a lead.

    Perhaps it’s no longer a matter of ‘if’ but ‘when’?


  3. Come the AGM :

    The Board rise and say ‘we have a plan’. TRFC has accumulated huge debt with us and as Real Rangers Men (RRM ©) we have been happy to help.

    Those nasty bankers though won’t give TRFC any credit so we’re going to wipe out that debt by transferring the property assets to RIFC. Not a sale, we are one and the same (except for any liquidation scenario of course).

    And we undertake that RIFC will never, never, ever sell Ibrokes/MP. Completely ring-fenced in a company now solely aimed at holding and protecting Ibrokes/MP. We might invite some other investors aboard or in the fullness of time move on ourselves but Ibrokes/MP will sail on into the golden future in its’ own little company.

    TRFC will thus have a glorious debt-free opportunity in front of it and will be spared any worry over Ibrokes/MP which they will now have guaranteed use of under a 25 year FRI lease at a favourable rent.

    We now call on other RRM© to join with us and put their money where their mouths are.

    Here is TRFC all gift wrapped at just £1 complete with a Board of your own choice. Then join with the fans in a TRFC investment raising exercise and set sail for the PL and CL….

    For the hard of thinking and the MSM – we’re now walking off with all the cash and assets and even tying TRFC in as a long term cash cow. Have fun with TRFC, you might want to have a think about future costs though….

    Scottish Football needs a strong Arbroath.


  4. Now…granted Tommy’s particular brand on investigative bampottery, crackpottery is not for everyone…you do have to say though that he does seem to have a knack for getting people to expose themselves…

    Yesterday the bold Tommy was able to produce another insight into the character of Malcom Murray…you will of course remember this is the guy who entered the tale at first playing the character of the “decent business minded bear”….. now in the guise of a “requisitioner” …..

    Here is the original link to Tommy’s radio show from yesterday.

    http://www.spreaker.com/page#!/user/glasgow-radio-online/mid-morning-live-show-9-12-13

    A few other brief calls to various protagonists but his little chat with Malcom was by far the most enlightening……

    http://youtu.be/iv3tuezHy7w


  5. neepheid says: (923)

    December 10, 2013 at 10:15 am
    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.

    ========================================
    The SFA could have been given a business plan that had “Here be dragons” “Beware ye the sirens” and “Don’t feed the Kraken” all over it and they would still have passed it.

    As the Exiled Celt said earlier the ability (and probably the will) to really investigate what clubs tell the SFA simply does not exist.

    Self certification, based on honesty, has shown itself to be an illusion and so too the expected protection that the rules are supposed to provide.

    When you have a club aye ready to be dishonest and a governing body unwilling/unable to do their job then you have the recipe for the disaster that our game has become.

    The thing is that anyone who has taken any time to look into the events of the last 14 years when ebts began will have come to the conclusion that the rules and those charged with upholding them are not fit for purpose. They are simply words on paper that are changed to reflect the desired effect, whether integrity is maintained or not.

    As an example of the value of their rules here is one in respect of club licensing about the SFA publishing the following financial information. (I think it is a new one from memory only brought in this year to cover rear ends) i.e.
    Turnover
    Wages (Total Payroll Costs)
    Turnover Ratio %
    Profit or Loss for Period
    Net Assets at Period End
    Net Debt at Period End

    They stated their intent as follows

    8.12
    Financial Information
    Clubs are required to provide a
    summary of financial information
    drawn from the Audited Accounts
    submitted at 8.1.1.
    Clubs should be aware that this
    information will be made freely
    available via the Scottish FA
    Website

    I checked SFA News pages back to August but no mention and it is not obvious where else on the SFA site they might appear.

    If not published why not? Is a 92% total wages to turnover ratio too embarrassing to show in public on a SFA web site unless the SFA are asked under what conditions is a licence being granted to a club with a seemingly unsustainable business model?

    You really do have to ask
    What exactly is the point of the SFA?
    Do they even know themselves?
    Are such questions being asked internally at the SFA and amongst clubs?
    Are msm journalists asking those question?
    If not, why not?

    If not get started.

    If they are then tell the football supporting public who be neither dragons, sirens or Krakens.

    We just want HONEST football.


  6. Why doesn’t tommy gold (or any other interviewer) ask the same questions to the fine upstanding citizens
    – jim mccoll and Gordon smith, as they seemed to be laughing more heartily than most in that video at the
    ”Joke”.


  7. redlichtie says: (294)
    December 10, 2013 at 11:04 am

    If I were a betting man I’d put money on that as being a fair shout of describing Plan A.


  8. Danish, the concerted effort to run the new club at a severe loss, has been part of the plan since the new clubs inception. And although we can cite managerial ineptitude and glory hunting mentalities, the reason for the outstanding financial losses, serves a purpose beneficial for some other reason as you/we suspect. But can I also reciprocate my apparent lack of intellect by asking, where does that leave (don’t laugh), our hero, BDO and the painter of faces. If the assets are moved on, if they have them of course and are allowed to do so. Cheers.


  9. Danish Pastry says: (1777)
    December 10, 2013 at 10:40 am

    @Neep,
    Without wanting to appear as thick as a whale omelette (to quote Lt George), but isn’t this the only way the property transfer can by effected? Get TRFC to overspend to the amount that only the property transfer will cover as the debt write off?
    ==========
    If, as we are told, TRFC is a 100% subsidiary of the PLC, then I don’t see any barrier to the properties being transferred over to the PLC at any time, even for no consideration. The TRFC directors would be acting in the interests of their only shareholder, RIFC PLC, there would be no immediate tax consequence, as a group transaction. There might be stamp duty to pay, but in principle I can’t see anything to stop this happening. In fact I’m pretty sure that properties are switched between same group companies all the time for nil consideration. That’s from memory, I’ve been away from these matters for a few years now.

    In the same way RIFC could stop TRFC trading at any time, and so long as they paid off all creditors, who could complain? (yes, I know, 500 million of them, but I mean legally). I suppose ST holders would have to get their money back, though, which could make it worth holding back. A members’ voluntary liquidation of TRFC has been mentioned on here before, and since RIFC is the only member (i.e shareholder), they could do that at any time, again paying off all external creditors. So long as no external creditors are disadvantaged, RIFC can do whatever it likes with TRFC and its assets.

    Well that’s my take on it, anyway, maybe somebody with better knowledge of Company law can correct me.


  10. Can I just add, that the rebels or at least a couple of them, may get onboard and trumpeted as a victory as per, just in time for the ST money. Then when that’s spayed everywhere and they are back in the big show, and those bad creditors and liars at the tax office are gone, normal service.
    I do think BDO are fee chasing only, and they won’t be on Airdrie timescales either. Nothing will end in court (except UTT) , the sevconians will have paid for their return, when the same old brogues appear back on site, director bans served, three years late but job done.


  11. jimlarkin says: (685)
    December 10, 2013 at 11:29 am

    To be fair to Smith he is the only one that looked uncomfortable.
    His first reaction is a roll of the eyes as if to say ‘aw no’
    Certainly no immediate gawfawing like the others.
    His follow up smile is to my mind just reacting to the laughter rest of the room.

    The failing he had was that as the chairman for the evening he should have spoken up straight away and told the guy he was out of order and to leave that kind of stuff for Frankie Boyle and the likes.

    However like so many before him, who dares speak up when faced with a mob.


  12. Neepheid,

    I am equally ‘distanced’ from current company law, if by that you mean old! I agree with your take though. Another ironic twist with the stamp duty!

    The funny thing is if Red lichties plan A is correct, and again I agree it is certainly most likely using common sense and logic – a dangerous conceopt in this saga – then the ones who will be caught with their proverbials down will actually be the SFA. We have asked the question repeatedly why drive a rolls royce through the lower division if you then run out of petrol at Division 1 (and that’s having pushed it for the second half of the 2nd). If the intention was to turn up with a load carrier and remove the Roller as a write off at that point then it makes perfect sense. But the SFA are left holding a plan that said it was supposed to have been a ford focus the whole way through and did precisely nothing when that patently wasn’t the case. Of course when they’ve followed a similar course of action in the past, it was always to the benefit of said entity so why change the habits of a great administrative career. Oops, guess who’s getting the blame this time. I feel another march coming on…

    Scottish football needs good marches……..actually, no we don’t.


  13. wottpi says: (1313)
    December 10, 2013 at 9:35 am
    “Like many I can’t see what the game plan is from the Easdales”

    Perhaps their plan is to gain complete control. Demolish the stadium, (scrap metal at world record prices) and turn the Ibrox area into a world record biggest bus depot. Goodness knows there was many a bus parked there during the cardigan’s tenure. 😉


  14. ecobhoy says: (2076)
    December 9, 2013 at 10:21 pm
    58 0 Rate This

    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.
    ————————————————————————————————————-

    The importance of ‘history’ is a recurring factor in this whole saga. Whilst it is central to all football clubs, it appears to be of monumental importance to the Bears. It is undeniable that the ‘cultural traditions’ of sections of Govan support base place tradition above all else, hence the pain….the excruciating agony of liquidation and the undeniable break in the ‘club’s’ history. In quieter moments when many bears adorn their scarfs they must know deep down, it’s not ‘old’ (2012)……nor is it beautiful (it is synonymous with tax evasion, theft and corruption)….nor is it the same scarf worn by their fathers in ‘the grand old days of yore’ it is something very different! Now as the festering cadaver of RFC is infested by maggots they are reduced to pathetic begging letters, posted out to far off criminals, in a forlorn effort save their ‘club’ from…..er…. other criminals………what would Bill have made of it all?
    The press are having fun with Celtic slipping and sliding down the slopes of the moral high ground, but fear not, the big story is still south of the river and the stench will soon over-power even the most loyal consumer of lamb and fine red.


  15. Remember a large part of the voting rights the Easdales control is not through their own shareholding, it is proxies for others. The strong suggestion is that they are fronting for others who do not want identified.

    Why the Easdales. Two obvious reasons really.

    1, I dare you to try intimidating them into providing information with regard who is behind them.

    2, If the bears don’t like how things pan out what threats will they make which the Easdales will care about.

    They are there for a reason, who they are and what reputation they have. Have you heard much in the way of threats against them like you did for people like Craig Whyte.


  16. Auldheid says: (1087)
    December 10, 2013 at 11:27 am

    The SFA are waiting until the current carnage at Rangers, Hearts and Dunfermline goes away before doing anything new.

    They will continue to take the view that it’s up to the clubs to shaft themselves thank you very much , SFA = self perpetuating existence / hard of thinking. Nothing can be done to change their behaviour or indeed nothing can be done to change the behaviour of the SFA’s commercial and sporting subsidiary, we just need to put up with it , and take the glory when it comes.

    Such a high degree of incompetence within the SFA is directly proportional to the state of the modern Scottish game, they are akin to the old inbred (hard of thinking) engineering companies who used to exist around here , who have been taken over or swept away by competition.

    Long term decline is I’m afraid unavoidable , there may be some small victories along the way but the SFA , Rangers and the SMSM are an unholy trinity who are slowly destroying the sport.

    Still, need to make the most of it , looking forward to how the Ibrox ground sales will be portrayed. ” Today, Rangers stole a march on arch-rivals Celtic, by securing their ground rights for the next 99 years. Financial insiders from leading Scottish Audit firms hailed this as a dream-ticket, commenting Neil Soup beamed ” this must be a worrying move for Celtic who are basically held to ransom at the whim of an Irish billionaire , anything could happen, a good deal for Rangers ….. Ad nauseam, drivel , etc, etc “


  17. Re the Kraysdales,

    Shortly after their “investment” I discussed this with business connection of mine who also dealt with them. As a fellow bluenose he asked them why they had got involved and was told that “it was the easiest way they could double their money in a year”. Now this was when their involvement was for a couple of hundred grand. Quite what Chuckles had promised them I don’t know but perhaps once they got their feet in the door Rangersitis took hold and they couldn’t get enough.

    The other possibility is that once they were in position certain members of the consortium saw the possibilities of using them for some other purpose – hence the flurry of proxy votes in their direction.

    One thing is for sure though. There is no way the amount of money they are spending on shares is coming from running a bus and taxi outfit – no matter how large it is – the profits just aren’t there for this sort of investment. So where is the money coming from? 🙄


  18. I see the Eadales have crossed the magical 25% shareholding mark which enables them to be a real thorn in the side of anyone seeking control of the Clumpany(s). I reckon 30% will give them control and with share prices tumbling it won’t be long now.


  19. Tif Finn says: (987)
    December 10, 2013 at 12:58 pm

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

    I think it is simply the Brothers Grimm have been well-advised to say nothing, even in a statement. In football terms, you can’t score an own goal if you stay away from the ball. While the SMSM are ball-watching, the Brothers go quietly about their business. There are others in this saga that would do well to follow their example. That would be less fun for observers though!

    I have followed this story since the RTC days and can honestly say I don’t know how this will end.

    – Spivs out and new board in – not likely
    – Spivs in, joined by “Requisitioners” – more likely
    – Administration – not likely
    – Liquidation – no
    – Sale and leaseback – not likely (I know others think this is a likely scenario bit it would be a bridge too far for supporters)
    – Sugar Daddy – no idea, but it might be the best result for Rangers fans
    – Further share release to existing investors to raise working capital – maybe
    – Rangers limp onwards with fans milked for money as required – most likely in my estimation.

    I await the AGM with interest. This will be a major fork in the road, but the road to where?


  20. tomtom says: (517)
    December 10, 2013 at 1:16 pm

    Scottish Football needs a strong RICO, to coin a phrase!

    Well done to the Celtic Board, and, Mr Lawwell in particular, for taking decisive action.

    I live in hope that this decisiveness will be translated to the boardrooms at Hampden.


  21. http://www.rangers.co.uk/news/headlines/item/5783-no-need-to-sell

    ALLY McCOIST insists he hasn’t been told he needs to sell any players next month and is optimistic he can keep Rangers’ best talents at the club for the long term.

    The manager spoke as speculation slowly rises among fans that the likes of Lee Wallace could be moved on when the transfer window opens in January.

    Wallace has been outstanding so far this season and has arguably been the standout player in McCoist’s side to this point.

    Still aged only 26 and back in the Scotland squad again, the former Hearts left-back is one of the most valuable members of the Light Blues squad.

    But McCoist is of the understanding there’s no requirement to cash in on Gers’ most prized possessions – and he believes Wallace is desperate to stay at Ibrox in any case.

    He told RangersTV: “I’ve had discussions with board members and the chief executive and there has certainly been no indication at all that we have to sell.

    “If that’s the case, I’m sure I’ll be informed of that but until that moment comes we obviously want to keep hold of our better and best players.

    “You’d have to say Lee certainly comes into that category and in moving forward, which the club hopes to do, we’d be delighted to keep our better and best players.

    “The fans deserve the best team we can afford to put on the park and which can play the best football and entertain 36,000 season ticket holders.

    “Home crowds of 45,000 would tell me the fans deserve a good product on that park and we’re trying to give them the best side we can.

    “Lee’s well respected here as a player and a man and the way he conducted himself last year would indicate he’s happy here and he’d want to stay.

    “I know he’s got a young family too so all things being well, he’ll be here with us for a good number of years yet.”

    McCoist’s admiration for Wallace has only grown further in the last few months as the defender has turned in a series of highly consistent displays.

    While the manager isn’t always one for picking out individuals, he happily accepts the ex-Jambo is worthy of exception and added: “Lee has been absolutely outstanding.

    “He gained a lot of respect from everybody within the club and the supporters for the way he conducted himself through administration.

    “I think he has enjoyed the responsibility of being one of the older players and helping some of the younger players who have come into the team.

    “He has also merited getting back into the international squad and he’s running the left-hand side of the park for us.

    “I can understand the supporters having the opinion he’d be up there among our best performers.”

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

    So they won’t be cost cutting by trimming the squad back then.

    What are the alternatives when borrowing does not appear to be an option (other than the holding company which must run out pretty soon).

    On Wallace specifically, presumably he carried his terms and conditions forward to the new club, like McCoist. On that basis he is unlikely to want a move to anywhere else in Scotland. I doubt the English scouts are watching the third tier of Scottish football in any gret detail.


  22. If the BBC have their figures right, and there’s no reason to doubt what they have put, there is unlikely to be much change in the Rangers’ board post the AGM

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

    Rangers: Sandy Easdale increases influence at Ibrox club

    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.

    Somers, chief executive Graham Wallace, finance director Brian Stockbridge and non-executive director James Easdale all face a re-election vote on 19 December.

    Four other shareholders – Paul Murray, Malcolm Murray, Scott Murdoch and Alex Wilson – will also have their bid to become directors decided upon by stakeholders.

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

    I make that 46.23% so they are almost able to rely on a majority before looking at other investors.

    However bear in mind that is almost half of the total number. They really just need a majority of those who actually cast their vote (eiher personally or by proxy). So if 92% or less of the shareholders actually vote and if the BBC are correct in who will vote with the current board, then they are really there already.


  23. Tif Finn says: (987)

    December 10, 2013 at 12:58 pm

    “Why the Easdales”.

    I think you got the answer to your question pretty much on the nose there, Tif!

    I think a poster made the point earlier that we hear nothing from, or about, them either. Silence can be a pretty intimidating thing! In fact, in the PR business, I think they could teach Jack a thing or two about just how much the right form of silence can say.


  24. Neepheid – @38.5p RIFC is valued at £25m. The company is worth every penny of that, simply based on property values

    Surely the property is only of value if there is a team playing football there. If I was to be charitable I would say that might have been the reason for the revaluation of Ibrox on the return of a football team to the stadium post-liquidation. Sure there’s sale & leaseback but of course ultimately that will cost the “club” more money. But if there is no football being played at Ibrox, what are the costs of demolishing the current building and redeveloping the site? Stripping out the cost of building the “Emirates” (!) I think Arsenal invested some £100m in redeveloping and building the residential properties that were sold for a handsome profit. Where do we think RIFC would get such a line of credit? And how profitable would this type of project be when it comes to selling property? After all Zoopla has average prices for a 2 bed flat @ £96k in G51 (skewed by new properties, but we’ll give them that) and the average for 2 bed flat in N5 (Highbury) was…. £576k !

    Sorry bud, I don’t agree that RIFC is worth every penny of £25m. Someone might make money from theproperty, but it won’t be a football-related business.


  25. tomtom says: (517)

    December 10, 2013 at 1:16 pm

    Re the Kraysdales.

    One thing is for sure though. There is no way the amount of money they are spending on shares is coming from running a bus and taxi outfit – no matter how large it is – the profits just aren’t there for this sort of investment. So where is the money coming from? 🙄
    _____________________________

    A well known taxi firm owner from my part of the country managed to outbid Madonna for a luxury house over looking Gleneagles golf course (£8m I believe) so there must be a good living to be made. All above board I’m sure.


  26. beatipacificiscotia says: (204)
    December 10, 2013 at 1:36 pm

    I can state without fear of contradiction that if I were to become involved with The Rangers, I doubt the bears would be very happy at the “result” *looks for trusty red pen* 😉

    On the Easdales, I posted moons ago that if you were thinking of crashing the good bus Rangers for the “insurance” having a couple of lads up front who could handle themselves would very useful.

    I doubt much will change post AGM other than a few spivs pockets will be bulging with cash. I genuinely fear for Rangers. If the initial investors cashed out post IPO, then those holding the shares now will be looking at their return – it’s actually quite easy to spot.

    A big red brick facade running about 100m in length along a road in the south side.


  27. The Easdales are relative unknowns in the business world, and from nowhere have taken the position of power brokers in RIFC
    Now, why should these guys, suddenly find that major investors are queuing up to trust them with their proxies
    I doubt that t’s down to their business acumen or track record with a PLC
    The only logical conclusion is that they have been put there by certain parties, to protect those parties interests
    What parties would have the ability to influence these investors ?
    It can only be Charlie and the rest of his gang
    This has some way to go before it all plays out, and even then we won’t really get to the bottom of it
    I await Charlie and the others entering stage right in the not too distant future


  28. Tif Finn says: (989) December 10, 2013 at 2:01 pm
    —————————————
    My calculation on the Boardroom vote is as follows:
    For
    Sandy Easdale Proxy………………..14,389,003 22.10%
    Laxey Partners Ltd……………………. 7,578,672 11.64%
    Beaufort Securities…………………… 3,040,000 4.67%
    Mike Ashley…………………………….. 3,000,000 4.61%
    Sandy Easdale………………………… 2,942,957 4.52%
    Richard Hughes………………………. 2,200,000 3.38%
    Insight Inv Mgt (Global) Limited………. 1,900,000 2.92%
    Craig Mather……………………………. 1,800,000 2.77%
    Norne Anstalt (BC Abela)…………….. 1,200,000 1.84%
    Ally McCoist…………………………….. 1,000,000 1.54%
    Putney Holdings (SG Corr)……………..700,000 1.08%
    Eurovestech………………………………….600,000 0.92%
    Alan Mackenzie…………………………….500,000 0.77%
    Asia Credit Corp (Chris Morgan)…………400,000 0.61%
    Richard Bernstein………………………….400,000 0.61%
    James Easdale (Dir)………………………357,143 0.55%
    Mr Jean T Haddad…………………………250,000 0.38%
    Elias Kaisar…………………………………..100,000 0.15%
    Brian Stockbridge (Dir)……………………..71,429 0.11%
    Total for the Board……………………..42,429,204 65.18%

    Against
    Artemis Investment Mgt LLP………..5,479,000 8.42%
    Hargreave Hale Limited……………… 4,601,688 7.07%
    Miton Capital Partners……………….. 2,662,178 4.09%
    Cazenove Capital Mgt Limited………2,450,000 3.76%
    Legal & General Inv Mgt Limited……2,000,000 3.07%
    Total votes against…………………….17,192,866 26.41%

    Some of the Beaufort holdings may include a few of the smaller investors listed above and some may be included in the latest batch of Proxy votes, but it won’t make a significant difference to the overall vote.


  29. Easy Jambo – I hope its closer so that Ally with his 2.9% may be the swing vote. Oh the pressure!!!!!


  30. Here is how we can help The Rangers franchise solve the issue…

    Put all the Requisitioners on the TRFC board – this has no power and is largely symbolic. Paul Murray and his pals can all get blazers/ties/brogues, watch games for free, get free drinks and sandwiches at half time and get to speak to the media about how they are ensuring the club is run “in the best interests” of everyone.

    Meanwhile all the serious financial folks who actually put the money in will be on the RIFC board – that way they can make all the decisions and ensure the money is “washed” and tendered out to BVI or wherever it goes. They can award contracts to their pals and ensure the ST money is gathered and Direct Sports Stadium and the Charles Green Training Complex at Auchenhowie are all leased at suitable terms of their choosing to the TRFC board, who will be set a budget – and since Paul Murray has fantastic experience of working within budgets as he has said, what is not to like?

    The SFA can sit on their hands and do nothing.

    Its a win win situation for all.

    Other than for Sammy the mechanic from Mark Daly’s documentary of course! Who will be watching TRFC struggle on the pitch yearning for the days of Laudrup and Gough, while watching players more comparable to Ted McMinn and Ally Dawson when RFC-NIL were last in the wilderness……….


  31. The fundamental issue is that there are more shareholders here interested in taking money OUT of RIFC/TRFC than there are willing to put money IN. This means simply that radical changes or dramatic events are down the road for the “team”regardless of the AGM.

    The interesting question for me is how many more indignities will the fans take before they realise the game is over and decide to keep their money in their pockets. My guess is the spivs will keep feeding them hope until they lose the will to live and no longer care about the football, the history or the people. – could be several years.

    btw VB visit to Laxey – how exactly do you ask a shoal of piranhas not to eat your testicles – and what are your chances of success ?


  32. m.c.f.c. says: (1)
    December 10, 2013 at 4:04 pm
    3 0 Rate This

    … how many more indignities will the fans take before they realise the game is over and decide to keep their money in their pockets. My guess is the spivs will keep feeding them hope until they lose the will to live and no longer care about the football, the history or the people. – could be several years.
    ————

    What a scenario …


  33. Forgive me if this has been covered already- but I don’t remember much discussion of AGM resolution 10. By the time all the chaps with “press” in their hat bands are in phone boxes filing copy on the directors drama, this rather technical matter will pass largely unnoticed and unreproted. I’m no expert, but is this the mechanism that will keep enough cash flowing to keep the lights on til the end of the season and past ST time before the seemingly inevitable property switcheroo is done on the quiet in the off season.

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

    10. “THAT the Directors be and they are empowered pursuant to Section 570(1) of the Act to allot equity securities (as defined in Section 560(1) of the Act) of the Company wholly for cash pursuant to the authority of the Directors under Section 551 of the Act conferred by Resolution 9 above, and/or by way of a sale of treasury shares for cash (by virtue of Section 573 of the Act), in each case as if Section 561(1) of the Act did not apply to such allotment provided that:

    (a) the power conferred by this resolution shall be limited to:

    (i) the allotment of equity securities and sale of treasury shares for cash in connection with an offer of, or invitation to apply for, equity securities (but in the case of the authority granted under paragraph (c) of Resolution 9, by way of a rights issue only)

    (A) in favour of holders of Ordinary Shares in the capital of the Company, where the equity securities respectively attributable to the interests of all such holders are proportionate (as nearly as practicable) to the respective number of Ordinary Shares in the capital of the Company held by them; and

    (B) to holders of any other equity securities as required by the rights of those securities or as the Directors otherwise consider necessary, but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient to deal with treasury shares, fractional entitlements or legal, regulatory or practical problems arising under the laws or requirements of any overseas territory or by virtue of shares being represented by depository receipts or the requirements of any regulatory body or stock exchange or any other matter whatsoever; and

    (ii) in the case of the authority granted under paragraphs (a) or (b) of Resolution 9 and/or in the case of any sale of treasury shares for cash, the allotment, otherwise than pursuant to sub-paragraph (i) above, of equity securities or sale of treasury shares up to an aggregate nominal value equal to £66,000; and

    (b) unless previously revoked, varied or extended, this power shall expire on the date of the next Annual General Meeting of the Company, or if earlier 19 January 2015, except that the Company may before the expiry of this power make an offer or agreement which would or might require equity securities to be allotted (and treasury shares to be sold) after such expiry and the Directors may allot equity securities (and sell treasury shares) in pursuance of such an offer or agreement as if this power had not expired.”


  34. The real choice for Sevoc fans is not whether or not TRFC will regain the heights once scaled illegally by RFC
    Its what to do when they are faced with the choice of ponying up something like £20m or face extinction of TRFC
    On past form they will choose extinction


  35. GooseyGoosey
    And why wouldn’t they ,after all the club is immortal . 😯 🙄


  36. The question is ,why
    After telling the fans for months that the current spivs were doing everything they could to delay the AGM and wrongly dismissing their resolution ,then going to court to force the resolution through .
    Did they still sit back and allow the AGM to drag on past the lock in date ?
    Were they incapable of preventing it ,or were they quite happy to allow it ?.
    This whole charade has stank from the very start and it still stinks now .
    Just think back to the times crucial times when sevco 2012 needed money in ,
    City investors ,step up MM
    STs ,step up Sally
    IPO money from the fans ,step up Wattie
    Yet they all say they want the spivs out .


  37. GoosyGoosy says: (487)
    December 10, 2013 at 4:47 pm
    Its what to do when they are faced with the choice of ponying up something like £20m or face extinction of TRFC. On past form they will choose extinction

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

    I agree the gap is around £20mil a year – ignoring some of the obvious accounting tricks to claim £14mil in the accounts. So applying some conventional business thinking I can see how the spivs can spin at least a few more years.

    Next year the success criteria is simple – promotion. The squad is probably OK for that so any spending on new young talent may be balanced by moving on the more expensive, less effective names. Despite what has been said, TheRangers have a very effective scouting system – they’ve spent the whole year scouting every building site, Argos and JobCentre in the country. Increase STs by 50%-75% and maybe a little share sale or debenture sale “secure your seat for the big ride”. That should add up to £20m. Spivs creaming off cash for merchandise, security, catering and of course rent for the properties – luvvly jubbly.

    The following year, A couple of “next Messi” 16 year-old signings, increase ST by 50%-75% again and another little share sale and some more debentures – bingo – £20mil gap filled. Manage expectations – bedding in year – top half but no Euro – but moving forward – maybe a bit of a cup run – job done. Worst case scenario – may have to sacrifice Fat Salary if in bottom half – prefer to keep that in reserve

    The following year – crunch time – can they hack it – well they won’t know til they’ve paid their ST money. But they are back and the focus is on the football. Need some transfer action to keep things buzzing – rumours of Fat Salary being poached by AC or Real or City (ffs). Pray for Euro place or may need to dump Fat Salary – but WATP again – and the fans’ hope is replenished for another five years of fleecing. Job’s a good un.

    Next five years – the hard grind of football reality without a mega buck sugar daddy – but the business is profitable – for the spivs


  38. tomtom says: (517)
    December 10, 2013 at 1:16 pm
    36 1 Rate This

    … Shortly after their “investment” I discussed this with business connection of mine who also dealt with them. As a fellow bluenose he asked them why they had got involved and was told that “it was the easiest way they could double their money in a year”.
    ———-

    The appropriate theme song for such a venture. Funny that the concept of doubling your money was something considered suitable for the game-show world.

    Double your money, and try to get rich,
    Double your money, without any hitch,
    Double your money, it’s your lucky day,
    Double your money, and take it away.


  39. When Craig Whyte first appeared on the scene two years ago a well-informed friend advised me that he had “connections” to certain Lanarkshire-based “businessmen” with interests in the Ulster political scene.
    It was no coincidence that months later his pal Ellis made a big show of walking up to Ibrox side by side with Barry Hughes, a known associate of a Paisley-based “transport entrepreneur”.
    So to have two Greenock-based “bus tycoons” arrive on the scene should have come as no surprise.
    I am sure they will have had meaningful and mutually profitable discussions with some of their fellow shareholders as regards the efficacy of making offshore investments in far-off islands.
    Bill Struth would have been so proud.

    Incidentally, David Somers said he’d never heard of Whyte, Green or Ahmad.
    I wonder if the Director of Europe Arab Bank has heard of Albert Abela Jnr, the “secretive Arab” behind the shareholdings of Blue Pitch Holdings, Margarita Trust, Norne Ansalt, Haddad, Kaisar and Mazen Houssami and for whom Chris Morgan of Asia Credit has worked.
    That’s Abela, originally from Lebanon but now based in Monaco (like Whyte) and Grasse, the French perfume capital where Whyte was also based for a while.


  40. vv
    m.c.f.c. says: (3)

    December 10, 2013 at 5:30 pm

    GoosyGoosy says: (487)
    December 10, 2013 at 4:47 pm
    Its what to do when they are faced with the choice of ponying up something like £20m or face extinction of TRFC. On past form they will choose extinction

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

    I agree the gap is around £20mil a year – ignoring some of the obvious accounting tricks to claim £14mil in the accounts. So applying some conventional business thinking I can see how the spivs can spin at least a few more years.

    Next year the success criteria is simple – promotion. The squad is probably OK for that so any spending on new young talent may be balanced by moving on the more expensive, less effective names. Despite what has been said, TheRangers have a very effective scouting system – they’ve spent the whole year scouting every building site, Argos and JobCentre in the country. Increase STs by 50%-75% and maybe a little share sale or debenture sale “secure your seat for the big ride”. That should add up to £20m. Spivs creaming off cash for merchandise, security, catering and of course rent for the properties – luvvly jubbly.

    The following year, A couple of “next Messi” 16 year-old signings, increase ST by 50%-75% again and another little share sale and some more debentures – bingo – £20mil gap filled. Manage expectations – bedding in year – top half but no Euro – but moving forward – maybe a bit of a cup run – job done. Worst case scenario – may have to sacrifice Fat Salary if in bottom half – prefer to keep that in reserve

    The following year – crunch time – can they hack it – well they won’t know til they’ve paid their ST money. But they are back and the focus is on the football. Need some transfer action to keep things buzzing – rumours of Fat Salary being poached by AC or Real or City (ffs). Pray for Euro place or may need to dump Fat Salary – but WATP again – and the fans’ hope is replenished for another five years of fleecing. Job’s a good un.

    Next five years – the hard grind of football reality without a mega buck sugar daddy – but the business is profitable – for the spivs
    ========================
    Give us a shout when it comes out in paperback.
    =====================
    Danish, also a man named Green.


  41. While Celtic are due a chapeau for their swift action on Friday night hooliganism, there are a few potential consequences that still need to be monitored. Not the least of which is… Have Celtic played their last Friday night game?
    It is crucial that these games are not rearranged to the detriment of any other club. The fixture is a nightmare for away fans and tends to generate poor gate receipts. Celtic are already seemingly exempt from Friday night games at home (along with any other time slot that isn’t Saturday at 3pm, barring the week when they might win the title or when they unfurl the flag), so they aren’t likely to benefit financially from moving away from this time slot, but shoving another game into that time achieves nothing other than to make Celtic an even more special case with respect to fixtures.
    So moving them would achieve nothing but to reward hooligans for their violent behaviour with a preferable game time.
    Granted the police might prevent any further Friday night games involving Celtic, but why should that be a problem for any other club?
    A solution needs to be found that can apply to any and every club equally and doesn’t seem to reward the kind of actions seen on Friday night.
    Either scrap that time slot completely, or it the TV company insists make them play. If the police object then that’s either a 3-0 forfeit or a game without the offending team’s fans, but if necessary with that team compensating the home club for loss of revenue – the compensation figure being based on the fans attending the last 2-3 fixtures.


  42. With regards to the Easdale’s involvement with TRFC, and who is backing them I think we must remember that they were fans of the oldclub, just how big I do not know. However I did know their full cousin very, very well, and who sadly passed away a few years back. A gem of a guy who was an RFC fan who went to all the games pre-Souness, so in my opinion this might be a more a emotional investment than financial. Maybe they have genuine ambitions to run the club and to take it forward.
    Time will tell.


  43. Tic 6709 says: (565)
    December 10, 2013 at 5:41 pm
    2 0 Rate This
    =====================
    Danish, also a man named Green.
    ———
    Indeed, and not the innocent personality we tv audiences thought he was. I remember ma auld maw preferred Michael Miles.

    @nickmcguinness are you suggesting that Whyte and Abela have never been seen together in the same place at the same time?


  44. On the likely Rangers AGM voting

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

    Union of Fans Meet with Rangers Shareholders

    Representatives of the Rangers Union of Fans have been in London for the past two days, meeting with a number of significant shareholders in Rangers. We put across the overwhelming wish of supporters for change in the boardroom.

    During the meeting with Colin Kingsnorth of Laxey, kindly organised by the London Rangers Supporters Club, we explained the severe trust issues which Rangers fans have with some of the current board, most specifically Brian Stockbridge. These issues were articulated clearly at the weekend via the large scale protest at Ibrox. We also impressed upon him the need for the appointment of trusted directors.

    Mr Kingsnorth is now fully briefed on the fans feelings and appeared to share the majority of our concerns on Mr Stockbridge. He also revealed that he had insisted that Mr Stockbridge repay his £200k bonus from last year or that Laxey may not support his re-election. He believes that in response to this possible loss of significant shareholder support, Mr Stockbridge had returned, or would return, this money prior to the AGM. He also acknowledged that this was far from the only issue with Mr Stockbridge.

    Despite broad agreement on fans’ concerns, Mr Kingsnorth indicated that Laxey were unlikely to change their already submitted and publicly stated vote. We remain unclear on the reasoning behind this, particularly given these shared concerns.

    Following this round of meetings, it would appear that the AGM result will be particularly close as there are numerous different claims of support. It is clear that the 12% of voting rights held by the Rangers support can be absolutely crucial to the result at the AGM.

    We urge all fans to make sure your vote counts by attending the AGM in person or, if you cannot attend, proxying your vote to someone who can.

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

    The important bit

    “Despite broad agreement on fans’ concerns, Mr Kingsnorth indicated that Laxey were unlikely to change their already submitted and publicly stated vote. ”

    It seems Laxey have already voted.


  45. http://www.independent.co.uk/news/people/news/graham-norton-blasted-by-bbc-for-wearing-red-world-aids-day-charity-ribbon-8995979.html

    ==============================
    But the bbc/scotland ”journalists” can spout lies / untruths / opinions as facts everyday and not have a word said about the fact they all say that Sevco are the same entity as Rangers(IL) and that Rangers(IL) won the BTC and that Rangers(IL) were relegated and choose to never mention the fact that Rangers(IL) were found guilty of an offence which was second only to MATCH FIXING, and that Dave King has ”settled” his ”dispute” With SARS and is not guilty of anything !


  46. jimlarkin says: (686)
    December 10, 2013 at 7:19 pm
    3 1 Rate This
    ———

    Jim, someone on twitter yesterday said something to the effect of, “Never mind match fixing, in Scotland we’ve had 10 years of league fixing” 😀

    Funny, but true.


  47. It seems to me Mr Kingsnorth is saying although he has issues with Stockridge,he has more concerns with the rebels being voted on,simples.


  48. Celtic play Barcelona tomorrow.

    Whilst I will enjoy the game, my thoughts will be with Paul’s friends and family as they lay him to rest. He was the most intelligent and sharp commentator on the Rangers story in my humble opinion, but always did so with an amused, arched eyebrow and never with what anyone could describe as maliciousness.

    He is a great loss to everyone who followed and continues to follow this story.That loss of course does not compare to the loss his loved ones will feel.

    His blogs remain for anyone to view. They also remain very relevant. They will hopefully continue to serve as an archive of events, open for everyone to interpret, whether they be a Celtic or Rangers fan, a legal eagle or a layman novice like I.

    RIP Paul McConville.


  49. Tif Finn says: (990)
    December 10, 2013 at 7:17 pm
    ‘……”Mr Kingsnorth indicated that Laxey were unlikely to change their already submitted and publicly stated vote. We remain unclear on the reasoning behind this, particularly given these shared concerns..”..’
    ——–
    The reasoning , I venture to suggest, may be that Kingsnorth, as an asset-stripper, has his own agenda in conformity with his track record – the quickest possible realisation of the assets.

    Not for him the slow, uncertain, disproportionately expensive business of running a struggling football club season after season before there would be any chance of reasonable profit.

    No, once the present board has been re-installed, Laxey will take back its voting rights, as will Beaufort, and start the grinding down process of getting rid of any directors( if there be any!) who stand in the way of quick profit.

    The only question is whether his methods will be more sophisticated and more share-holder friendly than CW’s admin/liquidation route.
    I think there may be interesting times ahead.

    .


  50. John Clarke
    Asset stripping,own agenda,methods amd share holder friendly,telling Stockridge to hand back his 200k bonus is just the starter,if its not nailed down ,its off.


  51. I don’t think Laxey ever gave up their voting rights, they just happen to co-incide with the people who happen to want the current board to stay in place.

    According to the material I posted earlier they have already cast their vote that way.

    I do concur though, Laxey are in a similar position to a lot of the people involved with the PLC. They have little or no interest in Rangers, or indeed any other football club. They are only interested in the profit they can make. That is commensurate with the duties of the board of the PLC. To look after the best interests of their shareholders. The best interests of their subsidiary, the football club, are of no significance whatsoever. Well only insofar as they coincide with the best interests of the shareholders of the PLC.

    Laxey are looking after their own interests. They are supporting a board which will do the same. The last thing they want in place is anyone who cares about a loss making football club.


  52. Laxey are looking after their own interests,at last the corpse is going to be put to rest.


  53. Angus1983 says:
    December 10, 2013 at 8:32 am

    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.

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

    Angus, It’s a small world. I had a good night out with Eoin’s brother in Elgin a good few years ago. He was a friend of my then neighbour as they both worked off shore. His brother wasn’t really into football as I remember. He was a top lad though!


  54. TRFC news through webcheck…. last few notices.

    Company Filing History Include Allotment of Shares

    Book
    Type Date Description Order
    Document AP01 09/12/2013 DIRECTOR APPOINTED MR DAVID SOMERS

    Document AP01 06/12/2013 DIRECTOR APPOINTED MR NORMAN CRIGHTON

    Document AP01 25/11/2013 DIRECTOR APPOINTED IAIN GRAHAM WALLACE

    Document TM01 17/10/2013 APPOINTMENT TERMINATED, DIRECTOR CRAIG MATHER

    So, after my continuous criticism of the “we” in david somers statements on friday, as of yesterday david is appointed a director of TRFC.

    As previously mentioned the board of RIFC can appoint whomever it wishes to the board of TRFC.

    I realise doing this keeps the wave-particle duality aspect of this whole farce going by crossing over many of the RIFC/TRFC directors with the words/club/company/rangers.

    Buddy


  55. FIFA says: (458)
    December 10, 2013 at 9:57 pm

    Laxey are looking after their own interests,at last the corpse is going to be put to rest.

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

    Nope. It will keep being resurrected until the bears finally realise whats happened and stop buying the season tickets. Unfortunately, they will keep buying into any thing that plays in blue at ibrox.


  56. Is Imran Ahmad back in the Court of Session tomorrow?


  57. For the avoidance of doubt, Stockbridge 200K giveback is tied in with the McCoist pay cut.

    Both announced to placate the angry peepil

    One has been confirmed to have never happened – the other will be forgotten about in the same way in time.

    Stockbridge will be re-elected – and his 200K giveback will be forgotten about.

    Now for the next item – Imran is in CoS tomorrow. Wonder if Mr Sommers knows him now…………


  58. Maybe Stockbridge is going to give the £200k to Ahmad, killing two birds with one stone.


  59. nowoldandgrumpy says: (750)
    December 10, 2013 at 10:19 pm
    3 0 Rate This

    Is Imran Ahmad back in the Court of Session tomorrow?

    And is john clarke taking up the court reporter role for TSFM again ?

    No pressure john, but you are good at this reporting bit.

    May be a mental question, But, is anyone from TSFM attending the RIFC AGM? Or is TSFM reliant on the SMSM in this instance?

    Buddy


  60. I do actually feel sorry for the honest fans who valiantly support the team that plays at Ibrox. They will be shafted at the AGM on the 19th when the spivs win and continue to asset strip the corpse of a dying company till the bones are picked dry. Their beloved stadium will then be owned by the spivs and they will have to pay to rent it back. Their blind loyalty to their club will probably mean that they will continue to pay admission money to the spivs, buy merchandise from the spivs and pay up front for season tickets for games that may well never take place. We have warned them, but they will not listen. This is a train wreck in progress. Money has been siphoned out of the wallets of 30,000 and given to 300 spivs. This is not a tale of football it is corporate malfeasance on a grand scale.


  61. ‘The Rangers Union of Fans’? Strewth!!!!
    Does Mr Stockbridge’s £200000 refund rely on his election? How much will it cost to pay him off?
    Is Ally’s pay cut to take effect after the AGM?
    Mr Somers has no intention of selling Ibrox
    Ally has no intention of selling Lee Wallace…


  62. The general consensus here is that any club playing at Ibrox has a bleak future – with limited options.
    Time, a lack of cash – and further spivvery – will bring things to a head.
    We just have to sit back and watch the show.

    ….but I more concerned / suspicious at the continuing silence and inaction at the SFA.
    Is Ogilvie also hanging around to ‘assist’ the Govan club again when required?


  63. StevieBC says: (936)
    December 11, 2013 at 12:29 am
    %%%%
    Is Ogilvie also hanging around to ‘assist’ the Govan club again when required?
    %%%%%
    If Ogilvie is ‘plan b’ then gawd ‘help ’em!!!


  64. buddy_holly says: (101)
    December 10, 2013 at 10:35 pm
    ‘…And is john clarke taking up the court reporter role for TSFM again ?..’
    ——
    As it happens, and although it’s only a procedural hearing, I intend to be there.

    (And, as an aside, I would thoroughly recommend to anyone who has not done it before, to make the effort to visit a Court any day of the week, sheriff court, high court, just to see what the administration of justice-civil or criminal- means.
    The experience , in my experience, is absolutely riveting in that it shows the disconnect between ‘Truth’ and the ‘Law’.

    We have, as an example chosen at random, the decision by a certain judicial panel, that there was no ‘sporting advantage’ gained by a club that spent millions of undeclared pounds-undeclared both to the taxman and to the football authorities- a decision that is as far from truth as it is possible to be.
    We know the truth. The ‘law’ is not interested in ‘truth’, especially when the man supposedly arguing for ‘truth’ is himself a lying sod ( acting for his bosses)


  65. ForresDee says: (132)
    December 10, 2013 at 10:15 pm
    ‘… Unfortunately, they will keep buying into any thing that plays in blue at ibrox…’
    ———-
    And if that ‘thing in blue’ were a legitimate member of the SFA, I’d be happy for them.

    If 500 000 000 people support a team in blue playing in Ibrox stadium, who am I to object?

    Provided that such a team is not competing as a fraudulent un-entitled member of the SFA whose membership was granted against all rules by a thoroughly perverted Football Authority for the basest of self-serving reasons.


  66. Fisiani says: (44)
    December 10, 2013 at 11:55 pm
    ==================================
    While it is easy to sympathise I sometimes get a reality check regarding the ordinary decent Ibrox fan, of which there are many. Like the fan who told me a couple of months back why he had written to his Westminster MP demanding that action be taken against HMRC for ‘bringing a tax case against Glasgow Rangers’. I was taken aback as I always thought he was more rational than that. He went on to claim they had ‘settled with Arsenal, therefore there must be some other issue regarding Rangers’. I did not get involved to any great extent as it was a social evening, but I did agree with him that as far as HMRC are concerned there is definitely some other issue regarding Rangers!!!!!’ Hopefully the appeal tribunal will make that abundantly clear to him and every one of his fellow fans.


  67. Mr Ahmad’s claim back in the Court of Session today.

    Perhaps a big what if. Imagine if the Judge made an order for the arrest of funds on a similar basis to the Bain claim.

    I would imagine that the spivs need to get to the end of the lock out period without any problems. Would an administration event help or hinder any plan for a sale/ rent back of Ibrox? I would imagine if Mr Ahmad clams that cash is low and that he requests that funds are ring fenced that this would cause problem for the running of the club.

    Will there be some level of history repeating itself soon re a treatment of monies to support an award? NB different company/club 😉


  68. Watch out Governance approaching!

    Company Rangers Int. Football Club PLC
    TIDM RFC
    Headline Board Committees
    Released 07:00 11-Dec-2013
    Number 2196V07

    RNS Number : 2196V

    Rangers Int. Football Club PLC

    11 December 2013

    

    11 December 2013

    Rangers International Football Club plc

    (“Rangers”, “RIFC” or the “Company”)

    Board Committees

    The Board of RIFC has appointed members of its three committees which will assist the board with its responsibilities, in line with the standards expected of an AIM Company. The members of each committee will review the terms of reference which will be published following approval of the Board by the end of January 2014. It is envisaged that Executive Directors will attend, but not be members of, certain committees.

    The committees comprise the following members:

    Audit Committee:

    David Somers (Chairman)

    Norman Crighton

    Brian Stockbridge (attendee)

    Graham Wallace (attendee)

    Remuneration and Nominations Committee

    James Easdale (Chairman)

    Norman Crighton

    David Somers

    Graham Wallace (attendee)

    Investment Committee

    Norman Crighton (Chairman)
    James Easdale
    David Somers

    Graham Wallace (attendee)

    For further information please contact:

    Rangers International Football Club plc

    Graham Wallace

    Brian Stockbridge

    Tel: 0141 580 8647

    Daniel Stewart & Company plc

    Tel: 020 7776 6550

    Paul Shackleton / James Thomas

    Newgate Threadneedle

    Tel: 020 7148 6143

    Graham Herring / Roddy Watt / John Coles

    Media House International Ltd

    Tel: 020 7710 0020

    Jack Irvine


  69. ringostar says: (12)
    December 11, 2013 at 8:16 am

    Watch out Governance approaching!

    Now that they have a Remuneration and Nominations Committee, maybe Mr McCoist can get that pay cut that he has always really, really wanted 🙂


  70. Ooft! I wouldn’t fancy tapping up James Easdale (Chairman) for a pay rise.
    Good choice of remuneration committee head.
    Your move, Ally……


  71. john clarke says: (1425)
    December 11, 2013 at 1:50 am
    25 0 Rate This

    ForresDee says: (132)
    December 10, 2013 at 10:15 pm
    ‘… Unfortunately, they will keep buying into any thing that plays in blue at ibrox…’
    ———-
    And if that ‘thing in blue’ were a legitimate member of the SFA, I’d be happy for them.

    If 500 000 000 people support a team in blue playing in Ibrox stadium, who am I to object?

    Provided that such a team is not competing as a fraudulent un-entitled member of the SFA whose membership was granted against all rules by a thoroughly perverted Football Authority for the basest of self-serving reasons.
    ———-

    Morning John. Sounds like an interesting morning. Hopefully something will actually happen.

    Agree whole-heartedly with your comments regarding the ‘thing in blue’. It’s not unlike a forgery of a lost original that’s being passed around and used to make small fortunes for various dealers.

    The SFA have not confirmed or denied that it’s a forgery, and media need it not to be a fake.

    If things play out as the posters above have written then the fans may (or may not) wake up to recognise that they have been duped, not only by the guys in suits, but by the SFA and media who have ‘endorsed’ the forgery instead of revealing the name under the signature … Sevco.


  72. john clarke says: (1425)
    December 11, 2013 at 1:22 am

    We know the truth. The ‘law’ is not interested in ‘truth’, especially when the man supposedly arguing for ‘truth’ is himself a lying sod ( acting for his bosses)

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

    I stood before the judge that day as he refused me bail
    And I knew that I would spend my time awaiting trial in jail
    I said, “There is no justice” as they led me out the door
    And the judge said, “This isn’t a court of justice son, this is a court of law”

    Rotting on Remand, Billy Bragg, 2006.


  73. As the Easedales organise their proxies they need to be very careful that someone does not attempt to classify their little team as a “concert party”. Definition as follows-:

    Concert party arrangements. A group acting together in a takeover situation. As defined in the City Code on Takeovers and Mergers (the Code), persons acting in concert are persons who, pursuant to an agreement or understanding (whether formal or informal), co-operate to obtain or consolidate control of a company or to frustrate the successful outcome of an offer for a company. A person and each of its affiliated persons will be deemed to be acting in concert with each other. Control in this context means 30% of the voting rights in the target company. The Code presumes that certain categories of person will be acting in concert unless the contrary is shown. Under the Disclosure and Transparency Rules (DTR) a person will also be an indirect holder of shares held by a third party where they agree that they should adopt, by concerted exercise of the voting rights they hold, a lasting common policy towards the management of the company in question.

    The point is that if you get to 30% you are required legally to make a bid for the whole company.


  74. ForresDee says: (132)
    December 10, 2013 at 10:15 pm

    Nope. It will keep being resurrected until the bears finally realise whats happened and stop buying the season tickets. Unfortunately, they will keep buying into any thing that plays in blue at ibrox.
    ==============================================

    I disagree. They are buying into it at the moment partly because of a GIRY feeling towards the rest of Scottish Football and partly because they are wiping the floor against part time/low wage teams. If they keep things going until they get to the top league then, even with a stronger team they are not going to win that league and may not easily challenge for 2nd place.

    Sure they may initially have more money than other challengers like Aberdeen and Dundee Utd but they will be established, strong teams while it takes time to build a strong team (unless you have tens of millions more than the opposition and they won’t have that now with free bank donations and tax dodging no longer viable options).

    Their fans may be patient for one season but if they are not clearly at least 2nd most of the season their numbers will melt like the proverbial snaw aff a dyke. Will they be able to attract a good enough manager? I don’t see really top managers being attracted to the job so best bet would be a good up-and-coming manager but such a one might require a year or two to settle in and build his team. Would they be that patient? If they are not then the crowds will dwindle. Profits would then dwindle.

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