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.
Listened to five minutes of SSB tonight (any more should carry an intelligence warning).
One guy phoned up and actually asked ‘What’s going on with Rangers?’
Nobody could say the phrase ‘cash crisis’ when there clearly is one. I suspect over the next few weeks you will find our financial football geniuses, who only a fortnight ago were telling Celtic how to spend their money, will retreat back to being mere football reporters. The spin tonight was staggering. As Brenda said it was great for the clubs in the lower divisions to get the cash cow visiting. Still no one wishes to ask where is the shortfall in funding going to be made up from when they have no credit line.
I’m waiting for the Hans Christian Anderson of football financial fairy tales (Neil Patey) to appear where negative figures miraculously become positive ones and the potential of the club is expounded to a level slightly higher than the International Space Station.
Someone, somewhere in the media really should have a reality check, call a editorial conference, and decide to tell the truth. It will bring an unpalatable truth to ‘The Rangers’ support but I think today finally opened a few eyes. The fact that it was their own board telling them and not the internet bampots must have been really hard for some to stomach.
I’m no financial genius but I think an extended run in the Scottish Cup today became a financial necessity.
chancer67 says: (112)
December 19, 2013 at 7:46 pm
‘…Alliance News::Rangers Says Will Need New Funding But Will Complete ReviewBookmark this page..’
——-
I’ve just emailed McGrath to ask what kind of half-.rsed report that was meant to be.
How can ‘reporters’ like that have any kind of self-respect?
Are they all on the quiet take to act as PR men, or do they do it fro free?
john clarke says: (1450)
December 19, 2013 at 8:36 pm
1 0 Rate This
Allyjambo says: (729)
December 19, 2013 at 8:08 pm
‘…..I see Where Eagles Dare is on ITV4 right now..’
———
I gather that earlier today there were several hundred Clint Easton types metaphorically holding the ‘plane door open while looking fixedly at Mr Stockbridge in the expectation that he would do a Colonel Turner ( Patrick Wymark) and step outside with dignity!
It may still happen.
———–
Nice similie John, but the element of farce has me more thinking, Allo Allo.
Certainly was a lot of Crabbtree-esque ‘good moaning’ 🙂
justshatered says: (275)
December 19, 2013 at 8:46 pm
‘..I’m no financial genius but I think an extended run in the Scottish Cup today became a financial necessity.’
—–
Cue for the SFA ball warmer, perhaps?
And so the good ship The Rangers steams full ahead having already hit the iceberg. The ship is sinking and the spiv Captain and crew are drinking champagne. They have already emptied the safe contents and are secure in the knowledge that they have a private lifeboat. The third class shareholders are trapped below decks and the riff raff will have to swim in the cold sea. Sometime 2014 the ship will sink. There are no rescue plans.
wottpi says: (1349)
December 19, 2013 at 5:37 pm
easyJambo says: (611)
December 19, 2013 at 5:20 pm
Hear what you say. I just thought that I had seen somewhere that , although only 70m or so were issued in the IPO (and the fans baulked at taking up their allocation), they had initial authoriastion for around the 100m mark. Of course my grey matter could be spouting mince. 🙂
=================================================================
@ wottpi – I seem to have a figure of a resolution being passed allowing up to 100 million shares being capable of being authorised for issue but I can’t remember now if that was under TRFCL or RIFC Plc. I’ll try and remember 🙄
However in a statement to AIM on 19/12/2012 RFC stated that institutional investors had taken 24,242,857 sharesx and the fans 7,437,999 which amounts to 31,680,856 shares, In ther same AIM statement RFC also stated that the total number of Ordinary Shares in issue at Admission was 65,096,056 which means 33,415,200 were issued before the flotation.
As to the investors who bought the 33,415,200 pre-IPO shares I have undernoted them and their holdings – courtesy of the CF TRFCL Board Minute of 31/10/2012. According to my mental arithmeteci and it can be menbtal at times it actually adds up to just over 35.61 million shares but at least it’s in the same ball park.
Unfortunately none of this onfo was provided to Companies House when TRFCL did its incomplete Annual Return and claimed RIFC plc as the only shareholder. Companies House appears to have turned a Nelson Eye to the faiulure to detail all shareholding transac tions from Incorporation until thedate of return June 2013 which would include all of the undernoted plus who knows what else. Of course perhaps that’s why the return is incomplete and it appears that no one has the slightest interest in ensuring that the statutory reporting requirementrs are met.
And I know I keep banging the drum – but Margarita Holdings transferred its shares to ATP Investments Ltd in the summer of 2012 and it appears that the spivs are quite happy not to advise anyone that they are no longer shareholders but have been replaced by another mystery company.
Does the SMSM care ❓ Of course not ❗
UNDERNOTE (Sevco 5088/Sevco Scotland/TRFCL original pre-IPO investors and shareholding)
Charles Green 5,000,200
Blue Pitch Holding 4,000,000
Mike Ashley 3,000,000
Margarita Funds Holding Trust 2,600,000 (later registered in name of ATP Investmnets Ltd)
Richard Hughes 2,200,000
Imran Ahmad 2,200,000
Craig Mather 1,800,000
Gorbon Ltd 1,550,000
Norne Anstalt 1,200,000
Glenmuir Ltd 1,000,000
David Gowans 1,000,000
Laxey & Partners 1,000,000
Ally McCoist 1,000,000
Andy Hosie 900,000
Putney Holdings Ltd 700,000
Eurovestech Plc 600,000
Alan MacKenzie 500,000
Ian Hart 490,000
Asia Credit Corporation 400,000
Richard Bernstein 400,000
Graham Herring 400,000
Mr Jean T Haddad 250,000
Colin Howell 200,000
John McClure 200,000
Malcolm Murray 200,000
Patrick Oddie 200,000
John Goold 100,000
Elias Kaisar 100,000
Angus Kinnear 100,000 (Transferred from Andy Hosie)
Stephen Adams 50,000
Ian Cormack 26,000
John Graham 26,000
Scott MacKenzie 25,000
Allyjambo says: (730)
December 19, 2013 at 8:08 pm
10 0 Rate This
OT and due many TDs 🙁
Message to Broadswordcallingdannybhoy:
I see Where Eagles Dare is on ITV4 right now. Please switch off PC and give full attention to television. Duty is calling you!
My apologies to all for interrupting this blog with a message to one of our most important military geniuses 😉
——————————————————————————————————————————————
Wild Geese Chase?
wottpi says: (1344)
December 19, 2013 at 12:49 pm
So if Graham Wallace is the man with the track record in running football clubs then it is clear that austerity is required to overcome “short term profitability challenges”…
========================================================
To come back to Wallace’s quote above, any reasonable person, IMO, would interpret that as meaning that a cash crisis is imminent, [well they’re not going to make a profit in the medium term – at least].
IMO, the current state of RIFC/TRFC must be perilous if the CEO feels the need to make such a negative – and potentially scary – quote to shareholders and potential investors in a public forum.
So the CEO himself has confirmed, [or validated for us Bampots], that there is indeed some financial uncertainty around RIFC / TRFC.
And, to ask the stoopid question: is this the point at which the SFA could ask TRFC to come to Hampden for a wee chat about their financial plan submitted to the SFA at the beginning of this season – and for TRFC to give assurances that they can fulfill all their remaining fixtures ?
I know… 🙄
broganrogantrevinoandhogan says: (219)
December 19, 2013 at 8:44 pm
‘….Ticketus would have over 18Million reasons for funding the Trustee .’
———–
Thank you, BRTH.
I hadn’t quite appreciated the possibility of action being taken by solicitors for Ticketus to assist CW to pursue his claim , so that they could get Ticketus their money from CW in the event of his claim being successful. Would they need his cooperation?
What would be in that for CW, though? Is bankruptcy ‘purged’ after a period of some years? if so, White would have no incentive to co-operate.He’d do better just to sit it out, let his claim die, and then re-start in dodgy business again.
I love this stuff. Makes me wish I had done Law!
john clarke says: (1453)
December 19, 2013 at 8:56 pm
I did the same thing but I don’t expect a reply.
BRT&H @ 11:37am , a delightful short read, cheers!
I agree with your tip of the iceberg/Ticketus theory 100%.
When I read that CW had stuffed Ticketus/Octopus for £17M plus loss of profit I thought, that’s some size of Cahunas, the full Big Cahuna Burger in fact.
Stuffing a company who make a living from lending to football clubs in return for percentage of season tickets by giving them a public humping! Rangers never broke a stride, two fingers to them even, “we are the people! Ta Ticketus, now get tae!” Really they expect no payback? This I thought was embarrassingly bad for business for Ticketus, flipped ’em like, we’ll, a big Cahuna burger, what club will try this scam next? Hearts? Southampton? this will not end well, Octopus, Ticketus’ ‘Dad’ (a very big chap) will strike down upon them with great vengeance and furious anger to those who attempt to poison and destroy its brothers!
An example will be made of Sevco, St Mirren fans hurry up and buy your club, unless you want a St Sevco……?
Here is the view from Roddy Forsyth ( in “The Telegraph” online today):
“If you had a quid for every time someone has declared that “there must be a book in this Rangers situation” you could have bought the club yourself. Certainly, if the events of the last couple of years are finally unravelled and established beyond question it will be a saga worth reading – but Crime and Punishment was snapped up for a title some time ago and even Dostoevsky thought enough was enough after 700 pages.
Some brave souls maintained hope that Thursday’s annual general meeting would usher in a new era of transparency and cooperation between the Ibrox directors and their many critics.
The event was not exactly North Korean in style – the presence of live and raucous dissidents guaranteed that much – but the mandate evoked shades of Kim Jong-un as the directors breezed through the re-election process thanks to the weight of proxy votes.
Even Brian Stockbridge, finance director, object of vituperation by many supporters and the most poorly supported board member in the ballot, cruised home with 65 per cent of the vote. There was at least a reasonably well-received attempt by the chief executive, Graham Wallace – one month into his job – to engage with the fans.
Paul Murray, organiser of the four so-called ‘requisitioners’ who presented themselves as an alternative board but who could not dent the proxy votes, will now step back having, it seems, suffered a degree of stress as the process wore on interminably. He, in the popular view, has been the most consistent figure in the story, although not all see it that way.
Amongst a cadre of well-heeled supporters he is known as ‘The Naked Rambler’ because “he keeps turning up but he never has anything on him”. However, to the charge that he and his confederates should have paid £250,000 to guarantee exclusivity with the administrators in the last year’s bidding process for the assets of Craig Whyte’s collapsed business, Murray told The Telegraph on Thursday night: “Perhaps, with hindsight, yes, but the administrative process was utterly bizarre and very experienced businessmen like Douglas Park and Brian Kennedy were involved and we couldn’t pull it off because the whole thing was so flawed.
“One day we will be vindicated when BDO [the oldco’s liquidators] finish their investigation.”
Given the complexity of that particular inquiry, it looks increasingly probable that Rangers will face another crisis – related to finance, football or more likely both – before BDO comes to a conclusion.
With only £1 million left from last year’s IPO and two tranches of season ticket sales, the books have to be balanced urgently, as Wallace has already acknowledged.
When Charles Green assembled the consortium that bought the oldco’s assets, but found most fans hostile to him, he incurred the biggest player wage bill in Scotland outside Celtic to guarantee season ticket sales and propel last year’s public share offering. The salary bill is now the pachyderm in the boardroom, assuming that the unwarranted waste of resources has been stopped.
Wallace spoke of a five-year plan to return Rangers to parity with Celtic, but he and the board will have to be exceptionally adroit just to see Rangers through the next 18 months.
Next season they will return to the echelon of Scotland’s full-time professional clubs, very likely competing with Hearts for promotion to the SPFL Premiership.
And, assuming success, Rangers will need a squad fit for the top division, while reducing player payments and maintaining the fan base. Yet, even yesterday, those same fans were not told the identity of the investors behind Blue Pitch Holdings and Margarita Funds who have 10 per cent of Rangers’ stock and whose proxies favoured the board.
This week, inevitably, the goings-on at Ibrox have been likened to a panto – the place was bought for Buttons, after all – and in that spirit the board might just feel bound to answer one simple question.
Altogether now – “Who’s behind you?!”
Interesting that the Ibrox Review is scheduled to take 120 days which takes us till the end of April 2014. I’m sure it’s just a coincidence that Stockbridge indicated previously there will only be £1 million left in the kitty by then.
So will a heart-rending plea be made to fans end of April that they have to buy their STs immediately to save the club – price doubled of course. But is it really worth the spivs holding on for a poxi few million – surely their time would be better spent moving on to a new cash-cow.
I just can’t see anyone investing in Rangers unless they are certifiable so some kind of property sale and lease back is the only possibility of keeping the durnstiles open unless a great deal of sleight of hand is applied to share dealing in the AIM casino.
Just thinking about Stockbrdige and his reluctance to take-up his full shareholding allocation I have to confess being puzzled by that as he will I feelsure only be paying 1p a share so why hasn’t he bitten. What’s worrying him? And if he buys now doesn’t that mean that no lock-in applies to him?
john clarke says: (1454)
December 19, 2013 at 9:20 pm
John,
Effectively, if appointed the trustee stands in Craig Whyte’s shoes. The bankrupt cannot pursue a court action without the consent of the trustee and if the court action is successful during the course of the Bankruptcy then the Bankrupt would have to account for the proceeds to the trustee.
Now, what is in it for Craigy?
Well that is a matter for negotiation.
If the trustee funds the action in Craig’s name, then they can reach any accommodation they like with regard to the proceeds, but if you are Ticketus and you had a real chance of getting a big whack of dosh back through this route, you would not object to Craigy being looked after in some way.
Any Trustee worth his salt would look at this situation and realise that Whyte cannot pursue the claim on his own, but that there may be some merit in the action proceeding whereby both parties benefit if it is successful.
Here is the view from Roddy Forsyth ( in “The Telegraph” online today):
“If you had a quid for every time someone has declared that “there must be a book in this Rangers situation” you could have bought the club yourself.
So one book then 🙂
Well it is the holiday season.
StevenD @stevendoyle75 5h
This seems apt http://www.jibjab.com/view/v1SKDGHOQlumJpgW3mviDQ?utm_source=StrongMail&utm_medium=email&utm_term=email&utm_content=elf_dance_app_5&utm_campaign=tx_jj_email_elf_dance_app_owner_confirmation …
I really hope this works.
paulsatim @ 8.42pm
😆 you might just be right 😆
So for the last couple of years the fans were brought on side by
1, Walter Smith endorsing the regime and asking fans to buy season tickets for the good of the club.
2, Ally McCoist endorsing the regime and asking fans to buy season tickets for the good of the club.
What’s the plan for the next sale, Brian Stockbridge being thrown off the board and asking fans to buy season tickets for the good of the club.
Its not rocket science
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Step 1 …….. RIFC Spivs appeal to the gullible to save the club that cannot die
“Pony up 35k STs in cash or TRFC will go into administration”
Step2………Fans give a mixed response
The really gullible put up the cash equivalent of around 15k of ST. The rest vote with their feet
Step3……… Spivs declare the response inadequate
“Administration can`t be avoided”
Step4 …………TRFC put into Administration.
Surprise, Surprise
Debt to RIFC from TRFC exceeds the cash equivalent of (asset value plus ST cash injection)
Meaning
The newly injected ST money will flow straight through from TRFC to RIFC leaving TRFC with no cash
Administration will only last as long as RIFC are prepared to fund TRFC
Step5 ……..TRFC put up for sale to the highest bidder in a rented stadium with a short term TRFC loan
,,,,,,,,,,,,,,,,,,,,,,,,,,
It`s not rocket science
It`s how Spivs operate
Malcolm Murray was one of the rebels’ biggest mistakes.
Whoever thought he enhanced their reputation with shareholders made a serious miscalculation.
He was a liability because of his time on the board, his reputation as a dipsomaniac, and his appalling performances on radio and TV.
He must have been a dream come true for the incumbents.
Interesting tweet
“606AlfieConn @606AlfieConn 6h
Some more bad news for Sevco.
Just speaking to a contact at GTUK who says that HMRC definitely see Sevco as a phoenix & have said so to BDO
Retweeted by Joe Chalmers”
anyone know what this would mean if true?
giving them enough rope?
taxman cometh says: (114)
December 19, 2013 at 10:38 pm
1 0 Rate This
Interesting tweet
“606AlfieConn @606AlfieConn 6h
Some more bad news for Sevco.
Just speaking to a contact at GTUK who says that HMRC definitely see Sevco as a phoenix & have said so to BDO
Retweeted by Joe Chalmers”
anyone know what this would mean if true?
giving them enough rope?
==============================
I saw that one earlier, immediately smiled to myself, but I think that is one rumour too many for even today!
taxman cometh says: (114)
December 19, 2013 at 10:38 pm
Hope it is true but can’t see it somehow.
If HMRC do see it as a phoenix I would expect a bill shortly for the wee tax case as well as the unpaid NI and VAT.
That is before we get to the UTT where, if found against, another hefty bill would be coming their way. It wouldn’t matter anyway because the first bill would sink them.
If they survive the UTT then HMRC are already on record saying they would take this all of the way and unfortunately for ‘The Rangers’ the next appeal level would be in London where the Establishment in our little country have a limited reach.
nawlite says:
December 19, 2013 at 4:48 pm
Will Wallace have to be sold for whatever they can get in January now?
=======================================================
Not sure if their is a Transfer Window for CEO’s, and after all Graham has only been in post for a few months now!
It really intriques me though how this current board have crept under the radar. In fact it really intriques how any members of the past boards since 14th Feb 2012 have crept under the radar.
After all, they’re all household names, aren’t they? All respectable members of Scottish Society, in fact a Who’s Who!
We all know who SDM was, but since he flogged the place for a quid, the merry-go-round of “Board members” has been a constant source of amazement.
It’s like watching a revolving door of Suited and Booted people walking in with an empty bag one second with that famous phrase “We only have the Club at heart” and coming back through the door a few seconds later with a different bag with the word “Swag” written all over it. The only difference being that when they come back through the door, they still have the same Suit, but have somehow managed to obtain a Dick Turpin mask!
What an absolute bunch of chancers, and good luck to them as they seem to be getting away with whatever they want. The SFA and MSM seem to be cacking themselves when dealing with this lot.
As I said, who are these new people? Somers, Wallace, Crichton, etc.
There is definately something weird going on!
p.s. Anyone else notice how glum Ally looked today?
I keep reading predictions on here about TRFC’s demise in the next few months. Have we not learnt enough over the past 2 years to realise that it will never happen? There will be some sort of carve up put in place to keep them going (although who ‘them’ might be is up for debate).
However, what will have the ‘Rangers-haters’ hopping from foot to foot in delight will be that it will keep happening over and over again because there seems to be a refusal to learn from history (and not the sort that can be bought either). The reckless abandon that SDM went about his aggrandising of Rangers has been more or less written out of the story of Rangers – it now starts and ends with MBB, so if someone comes along, promising to put TRFC back in their rightful place, then it’s must be a return to the pre- Craig Whyte days.
There’s no acknowledgment that the supposed golden era that the MSM lovingly refer to and pine for a return to was actually an aberration, and was only achieved through , well, cheating. TRFC can’t return to those days because the circumstances to facilitate it don’t exist anymore – unlimited credit from BoS and , well, I was going to say tax loopholes but you can’t even say it was loopholes, it was tax evasion. Any attempt to recreate this, and let’s face it, it’s the only way they’ll keep the turnstiles clicking, will inevitably result in insolvency.
ecobhoy says: (2083) December 19, 2013 at 9:04 pm
The only reference I have to 100M shares is in the TRFC Board minutes of 31/10/12 under point 5.5 where reference is made to £1 and £0.01p shares to a nominal amount of £100M
5.5 It was noted that a meeting of the sole director of the Company had been held on 29 May 2012 (the “29 May Board Meeting”). It was noted that on the same day as the 29 May Board Meeting the Company’s shareholders had passed ordinary and special resolutions as written resolutions. By way of ordinary resolutions, each existing ordinary share (nominal value £1) was sub-divided into 100 ordinary shares of £0.01 each and the Company’s directors were given the authority to allot shares up to an aggregate nominal amount of £100,000,000 until 29 May 2017. By way of a special resolution, pre-emption provisions in the articles and company legislation were disapplied to allotments of ordinary shares in the Company’s capital for cash. It was noted that the Company had not yet filed Form SH02 in relation to the sub-division of share capital.
With the speed debts are adding up, would HMRC be able to block a CVA? If they were considered a Phoenix.
Sorry, can’t do that photo screen dump thing that you young ins manage so, in text form,
1/ Didn’t Ally look glum today
2/ Iniesta signs contract extension at Barca.
Link. You decide.
broganrogantrevinoandhogan says: (220)
December 19, 2013 at 9:55 pm
5 0 Rate This
john clarke says: (1454)
December 19, 2013 at 9:20 pm
John,
Effectively, if appointed the trustee stands in Craig Whyte’s shoes. The bankrupt cannot pursue a court action without the consent of the trustee and if the court action is successful during the course of the Bankruptcy then the Bankrupt would have to account for the proceeds to the trustee.
Now, what is in it for Craigy?
Well that is a matter for negotiation.
If the trustee funds the action in Craig’s name, then they can reach any accommodation they like with regard to the proceeds, but if you are Ticketus and you had a real chance of getting a big whack of dosh back through this route, you would not object to Craigy being looked after in some way.
Any Trustee worth his salt would look at this situation and realise that Whyte cannot pursue the claim on his own, but that there may be some merit in the action proceeding whereby both parties benefit if it is successful.
…………………………………: could it be that green had whytes permission in the shafting incident, what better way could you put assets beyond the reach of ticketus? Then again what if you could strike a deal with green take your cut and then strike a deal with ticketus in the shafting of green, nah too far fetched I’ve obviously missed where craigie shafts green and ticketus or maybe not.
An excellent summation of the current position by James Forrest.
http://www.onfieldsofgreen.com/meet-the-new-boss/
Today the spivs rule the Blue Room absolutely unchallenged. The only “Rangers man” on the premises is the self-serving Ally, who appears to be rewarding his paymasters with a display of venality that is truly boak-inducing. He did his party piece again today, taking the heat off the spivs by talking the kind of cr@p that for reasons beyond my comprehension has the peepil eating out of his hand. They don’t seem to notice that Ally is playing Orville to the current chief spiv’s Keith Harris- although to be fair, Orville was nowhere near so high maintenance as Ally- and a great deal more sincere. (and probably a better football manager as well)
Now the road is open for whatever strategy the spivs have decided to adopt. If it was me, I wouldn’t bother with next year’s season ticket money. For a start, there isn’t enough gas in the tank to take them that far. Even if they do reach ST renewal time, they can’t be confident that the take-up will be worth the effort of keeping the show on the road for another 6 months. Even some of the peepil are finally opening their eyes to what has been going on. These spivs will most definitely do walking away as soon as there is any sign that the cash cow known as the peepil is drying up.
So it could be time for the spivs to cash in their chips and walk away with the deeds in their pockets, leaving the brogues to pick up the pieces, if they can finally find their wallets. I can’t see why the spivs would hang around any longer. I don’t think we’ll get any notice or warning. We’ll just wake up one morning and they’ll have packed up and gone, leaving Irvine to issue a final press release. That’s assuming that the spivs haven’t caught a bad dose of that Rangeritis that’s been going around. Although as Charles Green has shown, it’s not too hard to shake off.
Galling fiver says: (73)
December 19, 2013 at 11:21 pm
With the speed debts are adding up, would HMRC be able to block a CVA? If they where considered a Phoenix.
===========================
Now you’re just being silly (the first part) For HMRC to outrank RIFC’s 22m loan they’d have to be in for more than £100m. As if any club would be stupid enough to evade tax to that degree. They’d be dead in the water. Dead I tell you. You’d expect universal condemnation, and that’s just for starters!
EDIT: and will someone please repost the dummies guide to quotation. Ta.
Smugas, not with you. If a Phoenix bill lands how much is it BTC+WTC (edit) add the dosh at the end our hero dumped in? vs creditors+new debt+ticketus or is it just new debt of RIFC+Ticketus. Maybe I am being fick, theres no such thing as silly questions, only silly people.
I know their deid, they had a memorial on the back of the record today, and an inquest at Ibrox.
Edit or was it a seance.
Apologies GF.
No fickness at all. If phoenix is proven (and UTT holds course) then HMRC are close to being in the driving seat with one motive only, repayment with interest. If its denied then the spivs hold sway with only one motive, repayment with interest. Notice neither seem to rank the motive – scraping a draw at tynecastle (sorry AJ) to win promotion – very highly.
I think what I’m asking is, does a Phoenix ruling work only for HMRC against their deid debt or does it apply to all of those bumped. There was once a theory that CW was trying to rack it up pronto to swing the CVA vote. Just tell me to sober up, I can take it.
edit, no need for apologies
On RIFC AGM.
First thought….
Was it a massive squirrel??
Designed to draw all attention away from resolution 9 and 10?
With 33 million shares available at 33 p that would be £10.89 million GBP.
Would need to sell at a discount (already have shareholders permission!) say 20 pence, would give £6.6 million GBP, add season ticket sales to £8 million GBP, slash costs t below this, survive another year.
Then just hope they get promoted to SFL premiership ??
Buddy
Second thought….
Has today proved WATP (We are the peepil) is no match for WASP (We are the Shareholders Peepil)
Buddy
Smugas says: (649) December 19, 2013 at 11:27 pm
For HMRC to outrank RIFC’s 22m loan they’d have to be in for more than £100m.
==================================================
HMRC would only need 25% of the debt to bock a CVA. So if TRFC owed £22M to RIFC and £8M to HMRC as their only debts, then HMRC could block a CVA.
youcantbuyhistory says: (47)
December 19, 2013 at 11:24 pm
‘….John,
Effectively, if appointed the trustee stands in Craig Whyte’s shoes…’
———
Thank you, ycbh. That makes all kinds of pragmatic sense. Here’s to it!
neepheid says: (938)
December 19, 2013 at 6:21 pm
==========================
Not in the technical sense, since on paper assets exceed liabilities. However they are in the throes of a cash flow crisis, and the trouble is that their assets, basically the properties and the player registrations, are not instantly convertible into cash. They can maybe sell a couple of players in January, but how much are they likely to get for them? Not a lot, is my guess.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++
If only Graeme Souness was still in football management they could have sold Lee Wallace for about £9m plus “commissions”
Phoenixism is about the directors not the company. If HMRC judge the NewCo to be a phoenix company they can pursue individual directors for the liabilities of the OldCo. The new Rangers would never become liable for the old Rangers’ debts but the directors of the old board might, which ties in with HMRC’s reason for preferring liquidation and the appointment of BDO.
“blockquote” contained in a pair of left and right arrows followed by “/blockquote” also contained in a pair of left and right arrows
ecobhoy says: (2083)
December 19, 2013 at 9:04 pm
wottpi says: (1349)
December 19, 2013 at 5:37 pm
easyJambo says: (611)
December 19, 2013 at 5:20 pm
@ wottpi – I seem to have a figure of a resolution being passed allowing up to 100 million shares being capable of being authorised for issue but I can’t remember now if that was under TRFCL or RIFC Plc. I’ll try and remember
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Eco thanks for confirming that 100m shares were mentioned somewhere in the past
As you say it may not be relevant now but at least I know I’m not going off my rocker.
Notice a few people saying Wallace may not go anywhere as other clubs will be offering bargin basement bids.
I can go along with that but then all ‘the club’ has is him and a few others on high salaries contributing to the short term profitability challenges.
If these guys don’t go then where are the savings to be made?
I doubt Wallace is on anything greater than £10k a week, in fact i’d say he’s likely to be on something like £5-7.5k a week
That wage ensures he isn’t going to any other club in Scotland (even if they would pay a transfer fee to Sevco)
But if they do get a bid – be it £500k or £5M (i know, shhh, stop laughing) his wages would be a small saving in the great scheme of things – only £200k saved until the end of the season (and Brian Stockbridge will be returning that sum)
Given that they are losing £1M a month, then his departure won’t buy then any more than a month – unless some idiot does offer £5M (is souness working these days?)
The entire WAGE bill is £7M per annum for the team. They would need to sell EVERY player in order to stop the losses between now and the end of the season
Or maybe even better We ‘Ave Shareholder Proxies!!
Buddy
Smugas says: (649)
December 19, 2013 at 11:55 pm
Apologies GF.
No fickness at all. If phoenix is proven (and UTT holds course) then HMRC are close to being in the driving seat with one motive only, repayment with interest. If its denied then the spivs hold sway with only one motive, repayment with interest. Notice neither seem to rank the motive – scraping a draw at tynecastle (sorry AJ) to win promotion – very highly.
_________________________________
No need to say sorry, Smugas, if that scenario comes to pass I’ll be delighted. It would mean the CVA was passed and HMFC still exists. The same could not be said for our opponents that day 😉 I’d take continued existence over promotion any day.
If Ally decides to encourage the support to back the newco board, knowing, as he does, that sevco is about to assert it’s rights over the assets, how will he sleep at night?
davythelotion says: (296)
December 20, 2013 at 10:31 am
If Ally decides to encourage the support to back the newco board, knowing, as he does, that sevco is about to assert it’s rights over the assets, how will he sleep at night?
_____________________________________________________
Soundly, with his bank statement under his pillow!
Not The Huddle Malcontent says: (1079)
December 20, 2013 at 10:16 am
I have long said the whole thing is running on a tightrope. In such circumstances that well known advertising phrase ‘every little helps’ comes to mind.
As discussed the other day with regard to the delay in cutting Ally’s salary, when the recession hit many people put their staff on shorter hours etc in an aim to keep things afloat.etc. We have seen how other clubs in adminstration have managed to keep playing while shedding players, staff etc. While there would obviously be the cost of redundancy payments etc if the figures worked out for the best then the CEO could do his own ‘internal’ administration. (However the prudent thing would be to place the Ltd into admin)
If Graham Wallace is the man in which they trust then every step will have to be taken to reduce the costs. Whether that is enough only time will tell. I have a tendancy to err on the side of caution with regard to projecting the previous expenditure and losses forward at a constant.
However I agree that looking back at the accounts over the years, regardless of the cost involved to put out a team on the park they seem to need a futher £14m per annum or so just to keep the show on the road.
If cuts are to be made then they need to be pretty hefty, as will any hike in season tickets prices.
I was talking to an old colleague yesterday.
He agreed with me that the AGM was entertaining but changed nothing much and was never going to.
He like me thinks the money men are just that.
They are not there for the long term nor the good of the club but their decisions are and will always be about revenue maximisation and that might just mean keeping it alive as a sale or a prospective tenant or whatever.
He said he had always known the money was not “clean” right from day one.
He did tell me something else I had long suspected but didn’t know for certain.
A strong relationship from the past.
Some years ago he had an appointment arranged at Mr Salmond’s official residence in Edinburgh.
On arrival he found SDM there.
He was with and obviously close to Mr Salmond.
I don’t know what he was there for and SDM left as he wasn’t part of the reason for meeting but it was obvious the lads were close and comfortable with each other.
I think we need to stand back and take a broader and earlier perspective on how this essentially non-football story has unravelled.
davythelotion says: (296)
December 20, 2013 at 10:31 am
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If Ally decides to encourage the support to back the newco board, knowing, as he does, that sevco is about to assert it’s rights over the assets, how will he sleep at night?
=================================================
Which Sevco?
If you mean Sevco Scotland, then they changed the name
… from Sevco Scotland to The Rangers Football Club LTD and they already have the assets.
The new CEO of RIFC said they will not ”sell” ibrox !
Is this semantics for – we will Equity Swap ?
The only real subject of TRFC is how it remains a going concern while losing a significant amount a month , circa £1 million.
Obviously from inception TRFC was always lossmaking, the season tickets and merchandsising etc,., never covered costs (costs which include the director money, non football wages, football wages).
Looking back you can see the rush for the IPO was because they were running out of the initial money into SEVCO SCOTLAND (which renamed to TRFC).
Since roughly December 2012 TRFC has been borrowing against RIFC.
Now RIFC is running out of money to fund TRFC.
TRFC/RIFC is still running at about £1 million loss per month.
Season ticket sales are not until April for more cash injection.
Now the bit i find most strange…. the CEO of RIFC (director of TRFC) says the following….
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11811723
Why is it 120 days from NOW for a detailed business review ??
Bryan Jackson (former Admnistrator of DAFC) would take about 1 day to bring the entity into a correct state.
Now i know administration is different, but TRFC/RIFC cannot survive without savage cuts. The rent , rates, gas, electricity,policing costs , PAYE/NI are a function of the overall business.
So realistically like any other business the cuts are to staff costs in redundancies or non replacement fo staff who leave.
But why 120 days ???? Why be so specific ??
What magical event occurs in april ? I cannot think of one ?
The big push on raised season tickets must come then, but TRFC/RIFC would still need cuts to avoid running out of cash during the season 2014/2015.
I am confused by this.
I discussed a bit of this with a QOSFC suporter and we are further confused how TRFC can be licensed with a business model which is unsustainable.
We discussed other clubs who have “bought” promotion, Gretna FC and Livingstone FC, we sit watching TRFC do the same, with the same outcome of a spectacular fall to follow.
Buddy
One of the many things that I find confusing, bewildering even, about the current Rangers fiasco is the virtually solid and enthusiastic support that Ally McCoist has received from the supporters during this whole episode. Yesterday’s meeting was a great illustration of that, the Rangers manager receiving a rapturous ovation.
Yet here is a man who has not only persuaded the faithful to hand their hard-earned cash over to the spivs on several occasions, but then has happily pocketed a huge amount of this cash for himself, earning a mammoth salary for a lower division team despite no doubt being aware that money is tight. He only appears to have attempted to have his disproportionate salary cut after a little pressure from some quarters who, quite rightly, have questioned how he could do such a thing to the club. And of course, as far as we are aware, that salary has not even been cut yet.
In addition, although I imagine the rank and file of the Rangers support wouldn’t give a horse’s cuss about this particular point, he also publicly called for the outing of an independent review panel, despite the makeup of the panel being known within his club.
I’ll make a confession. I actually used to like Ally McCoist, or at least respected him as a worthwhile contributor to Scottish football. The above call made by him changed all that in an instant. By his actions he put individuals at risk of violence from the uncontrollable sections of his support. I don’t care whether he thought about what he was doing or not – he *should* have thought about it. He should have considered the responsibility of his position, the power of his words.
Ally has been the spivs’ main weapon of choice since the very start. They knew he was, still is, revered by the support. I think Green in particular was aware that he wasn’t (yet) a very good manager (his lack of football management skills, particularly on the European stage, had been one of the contributing factors to the downfall of the original Rangers after all). Even then though, and despite some particularly bad results that first year in the old Division 3, he kept him on as manager and unofficial shepherd of the flock. He knew that Ally was absolutely crucial in getting the fans to support his, and the spivs’, plans. Ally knew this too, hence the huge salary, the shares etc., under the principle “Keep me comfortable and I’ll deliver you the fans”.
Merely sitting at that top table yesterday, Ally McCoist was once again showing his support for the board, once again sending the supporters the message that everything is all right. And the amazing thing was that the supporters lapped it up.
Are the vast majority of the Rangers support so blind that they simply can’t see that McCoist himself, by his actions over the last 2 years, has been and still is part of the problem? A true dignified man would have, when this all started coming to a head , first of all apologised to the fans and the rest of Scottish football for his club’s cheating over the years, and sympathised with those who had been affected, accepting that Rangers deserved any just punishment that was coming to them as a result. He would immediately have negotiated a deal for a much reduced salary, even no salary at all (I’m confident that he has enough salted away to keep him from poverty). He would have consistently highlighted and tried to oppose any spivvery he noticed or came across, and refused to be involved with it. He would have donated any shares he obtained to the fans.
And yet, despite not doing the above, Ally McCoist is still revered by the vast majority of the Rangers support. I honestly don’t get it. Perhaps someone here might try to explain to me how such blind loyalty can be shown.
Thanks loamfeet, get it now.
After the pelters aimed at the brothers and Co yesterday, the reactions to which I found fascinating, I am confident things will progress swiftly.
Rumours in the Greenock area that £100M may be available as a war chest shortly via selling off of a bus company. But after reading James Forrest’s article, that rumour I would take with salt. No doubt the MSM will portray it that way soon enough, since they backed such a looser yesterday and there is still only one show in town.
buddy_holly says: (110)
December 20, 2013 at 11:17 am
I discussed a bit of this with a QOSFC suporter and we are further confused how TRFC can be licenced with a business model which is unsustainable.
==================================
Come,come now Buddy. You know how this works by now. Forget about the Barnett formula, the Bosman ruling, the 45 min WMD declaration, we have our own Bryson doctrine.
“Where a club has submitted financial projections (or any other returns) to enable them to gain a licence to play, and those projections have been accepted by the SFA, then that licence is irrevocable. The acceptance of such projections shall be at the sole discretion of the SFA. The SFA shall not be liable for any inaccuracies contained within the said projections nor shall be responsible for ensuring that the projections are feasible (even if we wanted to)”
Finloch says: (243)
December 20, 2013 at 10:49 am
===============================
Mr Salmond dropped his guard in February 2012 and had to quickly re-establish it following an official statement from Celtic re the health of their club and Salmond’s view about Celtic needing Rangers. That did not stop him making it clear (in my opinion) that he values a Rangers higher than any other club. If they are part of the fabric of Scottish society what does that make every other professional club, large or small? It was in my view a quite dreadful statement to make and he has not ever attempted to clarify it.
‘A’ Rangers is the Scottish establishment club and always will be. That much is as clear as day.
Weejie –
It’s called WATP syndrome
They can’t accept the truth.
I remember my mum saying she didn’t like the sight of blood, so she didn’t look !
Same as Sevconians – they’re scared to look as they won’t like what they see.
Don’t mention the war ! Don’t mention the war !
Don’t mention Liquidation !
Liquidation never happened !!
Yes completely agree.
But they have to submit for a licence EACH YEAR!
I do believe the SFA are supposed to publish the licence information now!! ??
Buddy
buddy_holly says: (111)
December 20, 2013 at 11:42 am
A nice reminder
Could CEO Wallace’s 120 day review be needed to try and sort things out before the club has to present figures to the SFA in their licence application.
The old rules used to be that SPL had to submit applications by 31 March and others by 30th April.
Not sure if that has changed given the creation of SPFL
weejie board says: (7)
December 20, 2013 at 11:23 am
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And yet, despite not doing the above, Ally McCoist is still revered by the vast Perhaps someone here might try to explain to me how such blind loyalty can be shown.
==========================================
Because any criticism is deemed to be support for the “other lot”. That’s why they’re a doddle to shaft.
broganrogantrevinoandhogan says: (220)
December 19, 2013 at 8:44 pm
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John Clarke @8:12pm
Of course it may well be in Ticketus’ interest if any Trustee in Bankruptcy were to pursue the claim re Sevco as per my earlier post here:
http://www.tsfm.org.uk/2013/11/past-the-event-horizon/comment-page-56/#comment-78156
In the absence of actual payment from Craig– most unlikely— Ticketus would have over 18Million reasons for funding the Trustee to a certain extent in pursuing this.
Even better if Castle Grant could be flogged to raise enough for some legal expenses.
A surplus of a few hundred thousand on the castle or whatever else Craig has lying about will not make a great dent in the £18M plus expenses due, but it may put enough petrol in the tank of the lawyers to allow them a good tilt at RIFC, Green & co who will all have to weigh up what it would cost to defend the claim and the potential outcome if Charlie has been anything less than truthful about his dealings with the MBB.
—————————————————————————————————————————————-
I think this is a serious view. Ticketus are unbelievably, perhaps by a difference in Scottish Law, out of pocket. Castle Grant will be mortgaged to the hilt and Craigiebhoy will have untouchable offshore pensions trusts…therefore a man of straw or no attainable assets. He cannot hide his claim to Sevco 5088 however so if I was Ticketus I would be getting some opinion on the case and if the opinion was good I would be going for it. I have heard that legal opinion sourced in Manchester suggests that Craigiebhoy has a good case…….remember the Sevco 5088 novation to Sevco Scotland. Definitely mileage in this!
jimlarkin Weejie
My Dad used to say, “everybody wants to go to Heaven, but nobody wants to die.”
That’s pretty much how I’d sum up the WATP mentality – they want Euro finals but they don’t want to think about the ppracticalities between paying £250 for a season ticket and actually getting there.- let the Rangers men sort that out – with their personal wealth if necessary – we deserve it
So poor old Graham Wallace is in the spotlight now. His professionalism as the CEO of an AIM plc left him no choice but to explain that there is not enough money for the short term. His platitudes and euphemisms were chosen carefully – you can be sure of that. The “120 day review” is CEO speak for “we need to do something PDQ – but don’t keep asking me every day – ask me next quarter”.
His challenge is that in the short term, many of the things that people think are obvious, are not practical. Redundancies take time and are costly in the short term especially for long serving people – so no joy there – not to mention the media coverage of Nelly who’s been serving tea for 37 years. Player wage cuts – not a good message – sounds a bit like pre-admin last time. Fire Ally – no – he knows too much. Increase match day tickets – too much hassle for too little cash. Renegotiate contracts – takes too long. Slash director remuneration – that would be very good PR and some meaning ful cash – but turkeys, christmas, voting etc.
So Wallace’s real objective is to very quickly put together a convincing 3 year plan to cut costs and increase revenue which he can use to convince someone – anyone – to give him a line of credit to get through to April and ST nirvana. The problem is – what assets can be offered as security to the lender for such a risky loan. Oh we’re back to that again.
Graham, you have only 60 days to find that line of credit starting now !!!
Assuming of course that your job description is to create a sustainable business from the RIFC / TRFC shambles.
edit – I forgot to mention also that the “120 day review” is a useful squirrel for the hard of thinking who’ll assume everything is hunky dory for at least 120 days or maybe 240 – so “short term” probably means next season.
buddy_holly says: (111)
December 20, 2013 at 11:17 am
That’ll be just a few days after rent has been paid for the Scottish Cup semi-finals the weekend previously. And enough ‘honest mistakes’ could mean the Ibrox club/company is in the final and c/o CO, heading for Europe.
Had a look at the Record website this morning (I know…..), and they claim that pressure is building on Stockbridge because he only got 65% of the shareholder vote. So two thirds of the vote went his way, then? That doesn’t sound like pressure to me. Pressure to me would be to put your credibilty (I know….) on the line, including indulging in a very high profile PR campaign, to try and force your way onto the board by ,seemingly, jumping up and down and stamping your feet, and then finding that you couldn’t even get that 35% who seemingly weren’t in favour of Stockbridge.
In fact, scratch that – I didn’t mean pressure, I did, of course, mean embarrassment.
@BJD100 at 12:15pm
is the problem not though that Whyte personally doesn’t have a claim on the RFC assets, so neither does his bankruptcy trustee? Whyte’s personal claims lie against Green and Ahmed for (alleged) fraudulent misrepresentation.
At its strongest there may be a claim by Sevco 5088 Ltd for the assets on the basis that the novation to Sevco Scotland/The Rangers Football Club Ltd should not have taken place – i.e. they should have gone to Sevco 5088, not Sevco Scotland. Whyte says he was a director of that company, but has he ever claimed to be a shareholder?
If he is a shareholder, then I suppose as shareholder he and his bankrupt estate may have suffered a loss due to the novation in the sense of the dimunition in value of the shares. But Sevco 5088 – according to Whyte – is owned by Law financial now.
Is Whyte a shareholder in Law Financial? If so, then again his bankrupt estate may have suffered a loss. Also law financial is now 26% owned by Worthington Group though.
Also if Law Financial acquired Whyte’s shares in sevco – if he ever had any – did Law Financial pay him for them? If not – or if appropriate value wasn’t paid – then if Whyte becomes bankrupt, would the transfer of his shares in Sevco to Law Financial be a gratuituous alienation made in the knowledge of an oncoming bankruptcy?
There seems to me to be quite a bit more to this than Whyte’s Bankruptcy Trustee just deciding to take on the claim with the support of Ticketus. The Trustee would have to agree to fund an action for Sevco 5088 on behalf of its bankrupt shareholder, or perhaps a bankrupt shareholder of part of its holding company.
And that’s before we even get to whether there’s a stateable claim by Sevco 5088 in the first place.
Here is some news for Andy, they did not survive the last financial catastrophe 😕
StevieBC says: (952)
December 19, 2013 at 9:14 pm
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wottpi says: (1344)
December 19, 2013 at 12:49 pm
So if Graham Wallace is the man with the track record in running football clubs then it is clear that austerity is required to overcome “short term profitability challenges”…
========================================================
I think we need to be clear about the great saviour Graham Wallace….this is a man with no plc CEO history and the man who presided over a world record loss of £197 million pounds at Man City before he left…….when Celtic were struggling they were fortunate to get Fergus Mc Cann ……..TRIFC get a world record loss maker although if you read the press he is “respected etc”. I really do not understand any of this. The CEO of a public company states openly that he is conducting a 120 days full review because cash is at a premium. What do you think shareholders will make of that…administration or dilution….winners!
Just thinking out loud here. Like most people I could not understand the sheer desperation of Paul Murray, fully backed by a cheerleading SMSM, to get into the boardroom of the sinking ship that is TRFC.
I have a theory as to why.
Maybe the desperate need for a pair of eyes and ears within the hallowed halls was being pursued and pushed by the SFA all along. As it stands now with the new board there are none of the old links in place anymore so the SFA will not be party to any little plans being hatched by the TRFC board. They may also be shi££ing themselves as they may now be wide open to ransom when/if the new board unearth some dodgy dealings from a murky past and there are no funny handshakers on board to smooth the waters. As I said.Just my thoughts.
davythelotion says: (296)
December 20, 2013 at 10:31 am
If Ally decides to encourage the support to back the newco board, knowing, as he does, that sevco is about to assert it’s rights over the assets, how will he sleep at night?
=====================
You appear to be confusing Mr McCoist with someone who gives a damn.
If you’re in Edinburgh tomorrow and want a break from all things Christmas then –
– “Spartans FC offering free entry tomorrow v Stirling in exchange for a donation at the gate to very good local causes”
I read on twitter that one of the directors said the club has a short term investment issue to overcome. One comment on that said that it should have mentioned the medium term and long term issues that this basketcase commercial enterprise has as well.
… I remember thinking that if the short term issue isnt sorted then no-one has to worry about medium or long term.
The 75/25 creditors vote rule that decides if any CVA is accepted or no… It applies to unsecured creditors. If HMRC outweighed enough of the other unsecured creditors (not including debt that could be secured on assets) then a CVA could fail.
Carfins Finest says: (47)
December 20, 2013 at 12:59 pm
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Just thinking out loud here. Like most people I could not understand the sheer desperation of Paul Murray, fully backed by a cheerleading SMSM, to get into the boardroom of the sinking ship that is TRFC.
I have a theory as to why.
Maybe the desperate need for a pair of eyes and ears within the hallowed halls was being pursued and pushed by the SFA all along. As it stands now with the new board there are none of the old links in place anymore so the SFA will not be party to any little plans being hatched by the TRFC board. They may also be shi££ing themselves as they may now be wide open to ransom when/if the new board unearth some dodgy dealings from a murky past and there are no funny handshakers on board to smooth the waters. As I said.Just my thoughts.
++++++++++++++++++++
You could be right but I think he was desperate to join the board because D King wanted some eyes and ears in Ibrox to find out how much it will cost him to buy everyone out.
duplesis says: (72)
December 20, 2013 at 12:55 pm
I agree that there is more to the CW claim than first meets the eye – maybe it is built on sand not rock…
… but whatever merit there is in CW’s claim, the likelihood of it being pursued increases when a party with the wherewithal of Ticketus is behind it.
This point was made by BRTH yesterday I think.
An interesting observation. It comes back to the difference between being a club “member” who is emotionally and financially invested in the club (there may also be a smattering of deferential thinking going on) and the alternative, but not completely conscious view, that sees it all as an enterprise by wealthy men to further their own egos or profits(unlikely) where attendance is determined by whether it is affordable and entertaining.
So far the the Rangers fans are mostly in the former category, after being cast as a club under siege the emotions and loyalty are running high. However, the more Rangers fans I talk to the more it seems they just want it all to go away and even disengage from wanting to hear any more bad news about the club.
When the cash runs out and they eventually downsize to what they can actually afford and season ticket prices double I can see the alternative mind set moving in. Before we know it the “product” on the park will be attracting crowds in the mid 20K range.