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.
IMO The banning of flags for the St Johnstone game has nothing to do with the contents or text of flags. After the shameful vandalism at Fir Park a few weeks back the Police/Security staff tried hard to Identify the culprits but found it difficult as many had scarfs around their faces and were hiding beside and beneath certain banners. The game on Boxing day is another potential powderkeg fixture with the away fans full of the booze etc and Celtic cannot afford another repeat.
With the removal of banners/flags this will make it easier to Identify any wrongdoing.
Makes sense to me.
Banning flags may be a daft way of trying to keep the fireworks away from the football, I don’t know. All I know is this is the reason St Johnstone and the police have given. It’s any flag. Read more deeply into it if you will, but this is what St Johnstone and the police have said.
Esteban says: (65)
December 22, 2013 at 2:43 pm
1 0 Rate This
Banning flags may be a daft way of trying to keep the fireworks away from the football, I don’t know. All I know is this is the reason St Johnstone and the police have given. It’s any flag. Read more deeply into it if you will, but this is what St Johnstone and the police have said.
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Agree Esteban, all flags are banned.
I gave my opinion on this just before your post,can anyone who gave me the thumbsdown explain why? Or give me your opinion?
Holding an AGM outside in winter in Scotland, they is the oldest trick in the book to try and limit who turns up and limit the number of awkward questions.
don’t think your summary is fully accuate, I will have a stab, but other are better, I think there is a very good post here , but may be quite old, maybe about time of AGM announcement at 26 november.
Resolution 9 allows for more shares to be issued.
Resolution 10 allows more shares to be issued without the need of the board of RIFC to offer these new shares to the current shareholders.
I think….
Buddy
From The ST Johnstone website
The next match at McDiarmid Park is this coming Thursday, the Boxing Day fixture against Celtic. It’s a 3pm kick-off and the game is live on Sky Sports.
The game is all-ticket and tickets remain available to both sets of supporters tomorrow (Monday) and Tuesday. These are only available from the McDiarmid Park Ticket Office (opening hours: Monday 9.30am to 5pm and Tuesday 9.30am to 3pm). The Ticket Office number is 01738 455000.
This is a high-profile fixture at a great time of the season and both clubs are determined that the game is played in a safe environment which can be enjoyed by everyone.
Supporters will be aware that, regrettably, there has been a significant increase in the letting off of flares, smoke bombs and other pyrotechnics at games across the country this season.
These are inherently unsafe not only for those around the devices but also for spectators in general, particularly those who suffer from breathing disorders. They also have the potential to set seats alight and cause flags to burn.
St Johnstone FC and Celtic FC fully support Police Scotland in their attempts to eradicate this nuisance from our game and as part of the planning process for this match between the three parties and other agencies, and as there have been several instances of flags being used as cover for the igniting of these devices, a decision has been taken that for this specific fixture flags and banners will not be permitted inside McDiarmid Park. Fans are asked to be considerate of this requirement in the interest of their own safety and the safety of others.
Police Scotland have issued a statement on this and other aspects of the match which reads: “A large crowd is expected for the all ticket fixture between St Johnstone FC and Celtic FC on Boxing Day.
Police Scotland has been working closely with both clubs and other agencies to ensure that everyone enjoys the game in true festive spirit. But we also serve notice that anyone who falls foul of the law runs the risk of spending part of the Christmas period locked up.
Match Commander Superintendent Kevin Lynch said: ‘‘We welcome both sets of supporters for what we are sure will be an excellent sporting event. We hope that they all enjoy themselves and we will be there to help keep them safe.
‘‘The police and both clubs expect everyone to enjoy the occasion in the right way and abide by the law, as well as the ground regulations. We will be on hand to assist them where required and, where necessary, to deal effectively with anyone who is involved in disorder or other criminal behaviour.
‘‘Those attending the game, as well as the local community, can rest assured that we will deal effectively with any incidents and put offenders before the courts. That could mean a spell in custody for offenders at a time when I am sure they would prefer to be with friends and family. So please come along and enjoy the game in the right way.’’
As part of the planning process between the police, St Johnstone FC, Celtic FC and other agencies, a decision has been taken that flags and banners will not be permitted inside McDiarmid Park stadium for this game. Fans are asked to be considerate of this requirement in the interest of their own safety and the safety of others.
As with all fixtures, alcohol, containers, smoke bombs and pyrotechnic flares are not permitted in the ground and again, appropriate action will be taken against anyone in possession of such items who is breaching ground safety regulations or involved in any criminal activity.
Police officers will be active outside the ground to prevent the misuse of alcohol and there will be stop checks carried out on supporters’ buses en route to the game.
With road works ongoing on the local network, supporters are also advised to allow plenty of time for travel to the game to ensure that they arrive at the ground in plenty of time to be inside for kick-off.
Superintendent Lynch said: ‘‘We look forward to an entertaining afternoon and hope that everyone who attends enjoys the contest between the sides in a good-natured and enthusiastic way where everyone is safe and remembers the game for all the right reasons.”
scottc says:
December 22, 2013 at 11:52 am
Hmm. Is this not a bit of revisionism? I thought there was £14m operating loss plus an additional £4m in one off costs. Seems now they are trying to say that of the £18m+ total loss, all but £4.5m were one offs.
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Yep, classic revisionism, with a large inflation of the one-off costs thrown in for good measure.
As stated on p22 of the RIFC accounts, the £14m operational loss does not include non-recurring items – these led to an additional loss of £4.261m.
so, banning people carrying flags as they can be used to smuggle pyros……..talk about throwing the bairn out with the bathwater
why not simply move in and arrest anyone who lets of a pyro/smokebomb? it’s not like it’s impossible to see where it came from
I understand flags/bags are checked before entry to the ground – so, just check them.
the clubs are starting to regard fans as a hindrance – they better be careful for what they wish for.
@StewartMRegan: Interesting to hear Richard Scudamore of Prem League advocating a ban on players betting on football in England i.e. Same rules as Scotland
——————————-
I assume this comment from twitter this afternoon was from a spoof Stewart Regan account? Class wind up if so!
My altruism probably knows no boundaries but I’ve long thought that the first of what used to be the old firm who publicly and demonstrably walked away from all the flags, quasi political, sham religious crap would sweep the floor with the other one and possibly move on to a different level altogether in terms of European fitba. Not to mention joining the rest of us in the 21st century. Or they can just keep on doing what they’ve been doing.
upthehoops says: (749)
December 22, 2013 at 2:20 pm
12 0 Rate This
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Great post @upthehoops.
I agree, flags in themselves are not the issue, but how they are used and what they represent to certain groups. Same with the songs — one man’s musical heritage is another man’s terrorist tribute. I find it hard to grasp that these things are still issues in the second decade of the 21st century. Sport is supposed to break down barriers and unite communities. But in some parts of Glasgow it has spectacularly failed to do so.
Perhaps there could be some kind of time-limited moratorium on signs, symbols and songs that have come to represent conflict and division across the sea?
Even as a non-Celtic supporter, though, I can see the bias in reporting and seeming carte blanche that has been dealt for the weekly rendition of certain songs in the lower divisions. It’s not a level playing field. But if arguments against this singing are to carry any weight, then Celtic Park must be seen as whiter than white.
As a native of the East End I grew to feel alienated from both the green and blue side of Glasgow. Funnily enough, I used to wander down to Celtic Park early on Saturdays and look into the ground. The lush green of the pitch is a vivid memory. But even then I was as disinterested in shamrocks, Tricolours and Irish history as I am in union jacks, GStQ, and the politics and history of the north of Ireland today.
BigGav says: (87)
December 22, 2013 at 3:55 pm
1 0 Rate This
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G. Wallace seems to think there was £10m in one-offs. Jings.
http://www.scotsman.com/sport/football/latest/wallace-not-pointing-finger-over-rangers-wage-bill-1-3242287
Distraction tactics are getting more extreme: look – there’s a squirrel: http://www.youtube.com/watch?v=5lHR15mfhaY
Re the Rangers Charity Foundation and the OSCR enquiry, my MSP sent me the three page reply he received from the head of enforcement at OSCR after I contacted him. Fair play to Willie Coffey.
If anyone wants a copy please PM me. I’ll hopefully be able to scan it when I get back to work on the 30th and can hopefully send a Word or picture file once I figure out how it all works!
There may not be much new in it, but its maybe worth checking with what other people have been told. A quick summary of the letter would be that OSCR found that theRCF were indeed in breach of their duties and there was serious misconduct in relation to the charity’s trust deed, that OSCR considered taking action but on balance decided against it (but balance of what I hear you ask… ), and it would seem that RCF really only got away with it after establishing a supplementary trust deed which changed /improved the “relationship” between RCF and the football club. Interestingly OSCR refer to the football club as ‘Rangers Football Club’…- don’t they read this blog?
bad capt madman says: (301)
December 22, 2013 at 5:25 pm
7 0 Rate This
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Bravo bad capt. If you have an iPhone there’s some neat scanner apps. This one, among others.
https://itunes.apple.com/dk/app/jotnot-scanner-pro-scan-multipage/id307868751?mt=8
Not The Huddle Malcontent says: (1079)
December 22, 2013 at 4:09 pm
so, banning people carrying flags as they can be used to smuggle pyros……..talk about throwing the bairn out with the bathwater. why not simply move in and arrest anyone who lets of a pyro/smokebomb? it’s not like it’s impossible to see where it came from. I understand flags/bags are checked before entry to the ground – so, just check them.
the clubs are starting to regard fans as a hindrance – they better be careful for what they wish for.
=================================================================
My understanding of the link between flags and pyros isn’t that the pyros are smuggled into the ground inside flags but that the flags are used as a ‘screen’ inside the ground to hide the pyro being lit so as to conceal the identity of those directly involved.
I also don’t know where the banning people carrying flags comes from. What is being banned for this match and possibly for others to follow is the presence of flags because they are being used to facilitate criminal activity. The alternative is to go back to the bad old days when a section of a support were ‘lifted’ by the polis just because they were in the general area of a disturbance.
Quite simply if we don’t want heavy-handed police/steward action re the pyro situation then all decent fans should be identifying those responsible for the mindless acts they carry out which present dangers to fellow fans, players, officials and others working at stadia.
Of course there are some fan groupings who appear to wish the use of heavy-handed reaction so that they can complain their club is in league with those treating fans with contempt. However these kind of groups are following their own political agenda which has little to do with going to a game to support the team and watch the football on the park.
The people who go for the football far outweigh the few nutters who IMO have little interest in the footie – however hopefully a severe crackdown on dangerous pyro activity will take place so the majority of fans can watch the game in safety.
http://www.scotsman.com/sport/football/latest/wallace-not-pointing-finger-over-rangers-wage-bill-1-3242287
” Some of the players we have came over from the administration, so the club took over contracts that were already in place”
the club took over their contracts, i wonder who the contracts were already in place with. obviously no one told him about the one club lie yet
ecobhoy says: (2085)
December 22, 2013 at 7:11 pm
================================
Well said. It despairs and indeed worries me what watching football would actually be like if the perceived ‘rights’ of these small groups were upheld. The argument about singing and chanting has been done to death but the increased pyro use witnessed at more than one ground presents a significant and more immediate threat to public safety. The mass flag / banner ban at Perth is of course being viewed by some as being instigated by Celtic. If you were to believe what some people think, it is the aim of the Celtic board to drive every fan from the ground completely. If the truth be told, if people did not break seats and engage in pyro use some of the radical action taken recently would not be required.
So ‘The Rangers’ need to find £10M over the next 18 months.
Lets explore that a bit more;
£14M loss over 12 months = £1.16M lost per month.
So at that rate of loss £10M will be lost in just over 8 months along with the other money.
To allow this club to literally stand still exactly as it is now would require………………….. wait for it £20.88M.
Although by that time all of the season ticket money will have gone as well.
This will be before ‘the war chest’ is spent which will of course require another increase in wages never mind the actual purchase of players. What terms do you think ‘The Rangers’ will get when buying players or to put it another way, Who in their right mind would give them time to pay?
Also ‘The Rangers’ don’t have a scouting network which the new Chief Executive has said will be a priority to be put in place. Perhaps that means he is going to get a phone in that pays you when someone phones you. Otherwise he is going to have to spend annually over £0.5M on that project.
It has been reported today that there will be a clear out of fringe players in January. Now don’t get me wrong, when looking for financial prudence this would be a good start however do they really think that these players are simply going to leave without an incentive. These players have stood by RFC and ‘The Rangers’ and watched guys like Boconegra and Gojan be paid off and yet they are supposed to simply leave lucrative contracts without a payoff?
Get real!
To get rid of these players is also going to require a large up front cost which in turn eats into the ever diminishing pot of cash.
Meanwhile there is the loyal support who I’m sure will sit by and watch players being sold left, right and centre with nothing being brought in to replace them, season ticket prices increasing to watch a poorer product with no real prospect of it getting better. ‘The Rangers’ support has had the mother of all parties, on other peoples money, for twenty five years. The are about to find out that the bar is shut, the band has left, and the cleaners want to tidy up while they demand the bar be restocked and the Beatles reform and start playing just for them. They better realise the parties over and they are going to have to pay their own tab from now on.
http://www.scotsman.com/sport/football/latest/wallace-not-pointing-finger-over-rangers-wage-bill-1-3242287
Part of the challenge that I have in working with the manager is in balancing the football capability that we have with the costs of that capability
maybe this will be the man that finally cuts super Salary McCoists massive wages and bonus,
McCoist got in a wild panic when he found out his massive wage would be disclosed in the accounts, he ran to the SMSM ,shouting he was taking a wage cut, not a penny cut, then up pops the AGM, Ally appears, cough cough, the club and my advisers are trying to arrange further talks on my pay cut, sure Ally,of course they are, must be hard going for the negotiators, half, 50 %, divide by 2 how long does it take to agree that ?
Jack’s sanitary work on RM continues apace. Boycotts have now been removed from the bears den and put into ‘boardroom’.
Meanwhile, from a free scan of the press, courtesy of Morrison’s, sevco fans are practically being begged not to boycott, the whiff of desperation suggests that sevco are closer to rock bottom than even the shambolic AGM inferred.
There also appears to be contradictory messages being given to Dave King. On the one hand there is ‘…no intention to meet him’ on the other ‘his investment would be welcome’
Can anyone explain the non-intervention of Kieron ‘under the hood’ Prior? Now that he’s crunched the numbers surely he has something to say about the sevco shenanigans?
Did the board report on their investigation into Media House’s ‘John Greig’ comments?
Has Mr Wallace realised that sevco is just an act of ever decreasing circles?
For the outside AGM:
For those for whom a floating pitch, retractable roof, 2000 room hotel, a casino and European cup was not enough, a simple tent is good enough.
Danish Pastry says: (1834) December 22, 2013 at 4:43 pm
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Wallace is technically correct in saying that the business suffered £10M in one-off losses in the last financial year, although not all of it was off the bottom line.
There was the £4M in one-off “Operating losses” as mentioned above (football creditors plus purchases of Edmiston House and the Albion Car Park.) However, a further £6M was lost in IPO expenses, of which £2.5M was “advisory fees”. The remainder probably went in commissions, “loan” repayments and in lieu of “return of capital” for a few investors.
davythelotion says: (298)
December 22, 2013 at 7:38 pm
Did the board report on their investigation into Media House’s ‘John Greig’ comments?
=================
I believe the AGM were informed that Jack Irvine has sent a letter of apology to John Greig. So I guess that’s the end of it. Unless Greig wants to make something more of it, of course.
Hi all.
We’re hunkering down for the festive get together here in Dún na nGall everyone is well and I hope it’s the same for all of ye on TSFM wherever ye are.
This online community has went from strength to strength this year and I’m glad that I am lucky enough to know a few of you personally.
The best to you and yours at this time of year.
Scottish football needs a strong TSFM.
Nollaig shona daoibh.
PhilMacGiollaBhain says: (187)
December 22, 2013 at 8:58 pm
=============================
All the very best to you and yours too Phil.
PhilMacGiollaBhain says: (187)
December 22, 2013 at 8:58 pm
Scottish football needs a strong TSFM.
=========================
Indeed, Phil, indeed.
All the best to all on TSFM for the Festive Season and the year ahead. Expect the unexpected! 😉
redlichtie says: (303)
December 22, 2013 at 9:23 pm
I’ve given up trying to call it on the omnishambles that is Scottish Fitba
Sláinte mhaith, Phil.
All the best to you and yours.
upthehoops says: (751)
December 22, 2013 at 9:11 pm
Many thanks
@Phil
Any idea where the £10M will come from?
Will the city investors be stung again?
Will Dave King ride to the rescue?
Will CW re-appear?
The £10m has been required for many years, that has been the difference between income and expenditure when European money was not available.
It has simply become more obvious since the new club came into existence and the money just wasn’t there, and the credit facilities are not available to bridge the gap.
Nothing has changed, they are still spending more than they earn to buy success.
justshatered says: (279)
December 22, 2013 at 9:45 pm
On Radio Clyde this week Big Derek Johnstone said that “…investment is a gift…”.
That was his understanding (bless) of how you get a cash injection into a distressed company.
In the real world there are several ways that a public company can raise working capital:
(1) Borrowing from banks.
(2) Selling assets
(3) A share issue.
(4) Commercial activity (eg new sponsorship deal etc).
(1) That seems to be out as they have’t been able to get a credit line.
(2) The January window might help. However, no dis-respect, IMO they don’t seem to have many big stars in their playing squad. Of course the sale (and leaseback) of the fixed assets would be one way of raising a large portion of that £10 million.
(3) That would dilute the shareholding of the existing stockholders.
(4) Possible-but probably quite limited given the existing contracts and deals that are extant.
I drift between Derek Johnston toeing the party line and simply being an idiot.
If I was pushed I would have to go with both.
As Phil said there are limited numbers of ways of getting money into any business, including a PLC.
Gifts is not really one of the options in most cases (however it is possible). If anyone thinks someone is going to gift Rangers £10m just to keep it trading for a year then they are at best deluded. They are effectively gifting that money to the existing shareholders.
Sale of assets, borrowing (probably at a ridiculous rate) or a share issue are the only real options here.
Tif Finn says: (1049)
December 22, 2013 at 10:14 pm
I think it is HIGHLY significant that RIFC/Sevco has not been able to secure a line of credit from a bank.
That tells you so much about how their sustainability as a business is viewed.
We are all well versed here that a sustainable football business IS possible at Ibrox.
However they must live within their means (gasp) and that will entail-finally-someone leveling with the fans.
PhilMacGiollaBhain says: (190)
December 22, 2013 at 10:08 pm
I’m still amazed that they ever managed to get £17M odd out of the institutional investors the first time. Any city investor putting money into this enterprise certainly deserves to be in an institution!!!
If they put any more in I would expect heads to roll.
It is like a strange game of rogue trader or Brewster’s millions where everyone is trying to lose money.
I must confess I simply love the fact the mighty ‘The Rangers’ can’t get credit.
‘For every fiver…………………………………………………..’
How times change!!
justshatered says: (279)
December 22, 2013 at 9:45 pm
Apropos Craigy Boy:
No I don’t.
I think the Letter Before Claim earlier this year was an attempt to get an out of court settlement.
The bluff was called and that was that.
I will be very surprised if the Worthington Group will be able to raise the finance to take legal action on the Sevco 5088 claim to the assets.
The fact that they cannot secure a line of credit really is very significant. Football clubs work on overdraft for a portion of the year, and if that is not available to them they have to go to people like Ticketus (Wonga) to get payday loans to tide them over till the season ticket money comes in.
It appears Rangers may not even have that option. So how do they keep going until season tickets money comes in. More importantly, as they are using that money too early, how do they get through the next season.
It really doesn’t add up.
The last time someone did real due diligence on a club/company/team/entity playing at Ibrox they were vilified by the fans and walked away muttering about a £10 M hole in the accounts.
I wonder what will be different after the 120 day review now being undertaken?
There’s always Wonga or some such?
As everyone knows, a line of credit can be obtained by just about anyone, the question is- at what cost?
easyJambo says:
December 22, 2013 at 7:50 pm
Wallace is technically correct in saying that the business suffered £10M in one-off losses in the last financial year, although not all of it was off the bottom line.
There was the £4M in one-off “Operating losses” as mentioned above (football creditors plus purchases of Edmiston House and the Albion Car Park.) However, a further £6M was lost in IPO expenses, of which £2.5M was “advisory fees”. The remainder probably went in commissions, “loan” repayments and in lieu of “return of capital” for a few investors.
———
That may well be true (although those further costs are not shown in the accounts).
However, it doesn’t alter the fact that the oft-quoted £14m loss includes only operational costs – any other costs are on top of that, so they cannot be used to ‘excuse’ the £14m figure.
Wallace said:
That’s just rubbish, they lost £14.5m on a normalised basis.
Correct, the £14m loss was a trading loss and had nothing to do with the one-off costs.
That loss is ongoing unless they do something to cut costs, increase income or both.
BigGav says: (88)
December 22, 2013 at 10:39 pm
Wallace said:
We had £19 million of top-line revenue and a £14.5m operating loss last year. Even if you strip out £10m in one-off items, the business was still losing £4.5m on a normalised basis.
That’s just rubbish, they lost £14.5m on a normalised basis.
=================
Spot on, the operating loss was over £14m as you say. All exceptional items are separately identified in the accounts and not included in the £14m loss.
Wallace should be in serious trouble with AIM for making such a misleading statement on what is clearly a price-sensitive matter. I’ll be writing to AIM tomorrow.
Worryingly for the bears, that statement indicates clearly that Wallace does not have a handle on the most basic issues around the company’s finances. Wallace is either incompetent, or just can’t be bothered doing his homework.
Or deliberately misleading the supporters, the shareholders and the market.
neepheid says: (948)
December 22, 2013 at 11:02 pm
Or it would be both (apropos Wallace)…
I am not hearing wonderful things about his performance at Man City.
No doubt he will be on a substantial remuneration package at RIFC/Sevco….
Though to be fair he might not be getting it for very long, going by how they get through CEOs.
neepheid says:
December 22, 2013 at 11:02 pm
Worryingly for the bears, that statement indicates clearly that Wallace does not have a handle on the most basic issues around the company’s finances. Wallace is either incompetent, or just can’t be bothered doing his homework.
——-
Don’t be too harsh on the poor man. After all, he hasn’t had the benefit of following this blog, and needs 120 days to get up to speed.
Or he could try reading the accounts of the PLC he is the CEO of.
Just watching Sportscene and looking at the league table.
Taking Celtic out of the equation it’s actually a decent fight for next place. Four teams within one point of each other.
http://spfl.co.uk/premiership/table/
I agree with you and your post alludes to the “fear factor” which prevents journalists from doing their jobs properly. How are Police Scotland getting on with that one?
justshatered says: (280)
December 22, 2013 at 9:45 pm
‘….Will Dave King ride to the rescue?..’
———-
Well, if a Russian tax-evading oil man jail-bird can get pardoned, maybe there’s scope for a ‘Mulk man in South Africa, convicted of tax evasion, to be given the nod by the SFA as to his ‘fit and proper person’ status to encourage him to put in a few bob to save the otherwise shortly to expire, absolutely illegitimate new club.
🙂
I don’t think it is anything in the Rangers DNA that is preventing them from getting credit.
Pre-Murray, Scottish Football clubs didn’t operate with lines of credit. Post Murray and into the yuppie football boom, banks were generous in the extreme (some more than others of course) but now the banks are deleveraging all clubs and reining in the overdrafts and looking to clear debts – no matter how well (or badly) a club is run.
As a new club/company, TRFC, like any other footie startup, will only get tick if there is collateral provided in the form of property or personal guarantees from directors. TRFC are unable to go for the former due to politics and the latter due to the reluctance and/or lack of billionaire status of the main protagonists.
As someone said many moons go on RTC, they urgently need someone to bring about £30m to a bonfire to get to the same stage as most other clubs.
120 days of review costing 38,000 per day comes to a staggering further loss (pocketing) of 4,560,000 pounds
BigGav says: (89) December 22, 2013 at 10:39 pm
That may well be true (although those further costs are not shown in the accounts).
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The further costs are recorded in the accounts, but not broken down.
Note 5 gives “IPO fund raising expenses” of £332K
While Note 23 shows “Costs incurred in relation to fundraising” of £5.681M
Taken together they give a figure of over £6M (of one-off costs)
Tif Finn says: (1055)
December 22, 2013 at 11:50 pm
‘…. Four teams within one point of each other..’
———
And I find that very heartening.
There is real, genuine, fair dos competition such as will keep Scottish Football alive and well until UEFA ( as they must) sort out the state-subsidised clubs and the influence of oil-rich people who have no notion of the meaning of ‘sport’.
I agree
john clarke says: (1457)
December 23, 2013 at 1:06 am
Tif Finn says: (1055)
December 22, 2013 at 11:50 pm
‘…. Four teams within one point of each other..’
———
And I find that very heartening.
There is real, genuine, fair dos competition such as will keep Scottish Football alive and well until UEFA ( as they must) sort out the state-subsidised clubs and the influence of oil-rich people who have no notion of the meaning of ‘sport’.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Nonsense. Scottish Football is a one horse race and it is patronising to say what you have. Celtic love it that Rangers are dead (I do too) but our game remains seriously out of kilter.
Re. the accounts, were they not for an extended period (13 month if memory serves…)
Re. GW’s track record at Man. City – take a look further back, ie his track record at Cable&Wireless in the Earley years of this century
Para Handy says: (26)
December 22, 2013 at 10:33 pm
16 0 Rate This
The last time someone did real due diligence on a club/company/team/entity playing at Ibrox they were vilified by the fans and walked away muttering about a £10 M hole in the accounts.
£££££££££
If I remember correctly, Bill Miller’s due dillegence revealed that there was a £30m black hole in the accounts, based on SPL participation and income.
Players had been granted freedom to move at the end of the season in return for s reduction in salary, this alone cost newco between £9 – £15m.
There is no doubt that the failure to live within their means during administration made them a busted flush, hence the absence of any credible offer pre liquidation. Wallace is correct to be baffled by the £10k per week being paid to some of the first team, as for the executive salaries…
Look for jack spinning the virtue of austerity through his chums in the press, Ally picking lots of U20s and the ‘Europe in three years’ expectations being dampened by ‘reality check’ articles.
davythelotion says: (299)
December 23, 2013 at 3:13 am
Costs and revenues seem to have fallen in lock step from RFC to Sevco.
The £10M pa shortfall seems to have sort of TUPEd over…
When The Rangers next go under will there be another secret agreement to keep a corpse alive? Will the creditors again be shafted? Will a phoenix club be given preferential access to the fourth tier? Will the rules be ignored again? You bet they will in the most corrupt wee country in Europe.
Fisiani says: (51)
December 23, 2013 at 8:14 am
5 0 Rate This
You bet they will in the most corrupt wee country in Europe.
——————————————————————————
Italy
Albania
Bulgaria
Would be top of my corrupt European league
PhilMacGiollaBhain says: (194)
December 22, 2013 at 8:58 pm
73 1 Rate This
———–
Great to see you on this blog again Phil. Btw, I listened to the SSB podcast from Saturday, and DJ seems convinced that Dave King will ‘invest’ (gift, as you mentioned) to put ‘Rangers’ back where they belong. Even the new CEO is talking up the idea of international investors just waiting for boardroom stability before they pour in their millions. It all seems so out of sync with reality. I was also wondering what Graham Wallace was getting for this job, probably a lot, although he seems to be the chosen one with regard to pushing upcoming ST sales.
Best to you and yours too, på Den Grønne Ø.
Glædelig Jul og Godt Nytår til jer allesammen fra gamle Danmark 🙂
john clarke says: (1457)
December 23, 2013 at 1:06 am
21 1 Rate This
Tif Finn says: (1055)
December 22, 2013 at 11:50 pm
‘…. Four teams within one point of each other..’
———
And I find that very heartening.
There is real, genuine, fair dos competition such as will keep Scottish Football alive and well until UEFA ( as they must) sort out the state-subsidised clubs and the influence of oil-rich people who have no notion of the meaning of ‘sport’.
===============================
You have been accused of being patronising by another poster. As someone who attends every home game at Celtic Park I actually think there is much to agree with in what you say. When Oldco were in the league Aberdeen brought a couple of hundred fans at best. On their last visit there was over 2,000. Other clubs bring bigger supports too. The last two Saturdays have saw small away supports but a mixture of dreadful weather, kick off times, live TV and Christmas are surely mitigating factors. When Aberdeen and Dundee Utd next go head to head I believe the crowd will be testimony to the increased sense of competition those fans feel. Realistically it may only be for 2nd and 3rd place place, but previously it was for 3rd and 4th.
GeronimosCadillac says: (150)
December 23, 2013 at 1:36 am
john clarke says: (1457)
December 23, 2013 at 1:06 am
Tif Finn says: (1055)
December 22, 2013 at 11:50 pm
‘…. Four teams within one point of each other..’
———
And I find that very heartening.
There is real, genuine, fair dos competition such as will keep Scottish Football alive and well until UEFA ( as they must) sort out the state-subsidised clubs and the influence of oil-rich people who have no notion of the meaning of ‘sport’.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Nonsense. Scottish Football is a one horse race and it is patronising to say what you have. Celtic love it that Rangers are dead (I do too) but our game remains seriously out of kilter.
===================================
Seriously? Take the one horse out and I see renewed ‘kilter’ all over. The horse will just have to fend for itself. Yes it is a depressed product, but that’s not the fault of the teams that are still in there (prudence versus ambition). Just more fool them for not kicking them when they were down! Clearly prudence won that day.
TSFM – your invite to a bonfire is the best analogy I’ve seen in years, metaphorically speaking! That’s not to say I’m not still expecting exactly that btw, some malaysian muppet wanting his 18 months of fame with no clue what he’s getting into, orange strips and all. Financially, as long as TSFM’s bonfire burns, its not going to do them any good though. But football wise, they’re going to be back (at least to mid table SPL) and we’re all supposed to trumpet that ‘bonfire’ as some sort of success story.
As phil says, they need to address the TUPE’d deficit first, then get the football right and the investors will no doubt come, some of them might even have their own money! For whetever reason, and an unchallenging press is right up there in amongst them, they have chosen to do it in reverse order.
UTH. I’m not being sarcastic when I suggest you are being kind to the Dons when you say we were previously playing for 3rd and 4th, in the last few seasons we have been jousting for 8th or 9th! I get your point though.
For the avoidance of doubt I can exclusively reveal that we wee teams don’t give a fig (yuletide version) whether it’s a one or two horse race. The previous set up did indeed engage with around 60% of scottish fitba fans but that was still only those who supported the mighty two.
justshatered says: (280)
December 22, 2013 at 10:22 pm
35 0 Rate This
PhilMacGiollaBhain says: (190)
December 22, 2013 at 10:08 pm
I’m still amazed that they ever managed to get £17M odd out of the institutional investors the first time.
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I’m amazed that the spivs managed to shift the same amount OUT!! And not a cheep from ra peepil. It was like a tableau from the Serengetti, you know the one, where the dopey wildebeest stand around watching the lions get tore in. Chapeau to Charlie and The Boys. A quality bit of corporate raiding.
It struck me recently that Paul Murray could see exactly what was happening and had a wee bit of an envy thing going on. There he was, like a wean at the sweetie shop windae, watching the ‘big’ boys raid the place blind, all the while stamping his wee feet and thinking ‘I should be in there, Ah’m a big boy too!’
‘Real Rangers Men’ my chorus & verse!!
ernie says: (33)
December 23, 2013 at 9:03 am
===========================
I take your point about Aberdeen and previous years league positions.
In terms of a one or two horse race the media (who are the ones making a fuss about a one horse race) were perfectly happy to have a one horse race from 1988 to 1997. Celtic, incidentally, did not always finish 2nd in that period, but the closest anyone came to actually winning the league was when Aberdeen took it to the last day. An unpunished barge from Mark Hateley on the Aberdeen keeper ensured the Bank of Scotland’s dream of buying Rangers 9 in a row remained a live one.
I’d like Mr Wallace to know that he wasn’t the first to realise his club/company was in an unbelievable mess financially. Without the advantage of unbridled access to the company/club accounts everyone here, and elsewhere in areas of the internet that was relatively bear free, worked that one out within days of Green arriving. The thing is, though, no one has come up with the answer as to how TRFC progress while still keeping 38,000 season ticket holders onside. In that situation, swingeing cuts could lead to, well the need for swingeing cuts!
It doesn’t take a financial genius to work out that the biscuit tin is nearly empty, nor to work out that it will be empty before any more money is available to put into it, but well done to you for being able to let the bears know the (near) truth while still remaining, relatively, threat free. It will, however, take a genius to work out how to cut spending to a sustainable level while retaining the current level of income.
The good news for you, Mr Wallace, is the fact that the financial genius who brought TRFC to the position they are in is still working with you, and will be able to use the financial acumen he has displayed so far to turn it all around in, say, 120 days!
The bad news for you is that, although you’ve ‘let them know’ the dire straits the club/company is in, the majority won’t actually believe it, thinking it’s just some clever ploy you are using to fool all those ‘Rangers haters’. Then when they see the standard of players they are expected to watch they’ll presume you’re just another Green and are pocketing their hard earned cash. Do you have plans to move to a chateau in France? Mind you, you know that old saying ‘last man frees all’ so maybe France isn’t quite far enough for you!
And I’m sure Ernie will thank you for reminding him. (Keeper was Michael Watt btw)
PhilMacGiollaBhain says: (190)
December 22, 2013 at 10:08 pm
I’m still amazed that they ever managed to get £17M odd out of the institutional investors the first time.
******************************************************
I think a quick look at the kind of people who run things in this country – people who have risen to the top without showing any sign of competence whatsoever (politicians, bankers, many business managers – and guys like Paul Flowers for instance, I mean how did he ever get top jobs he was unqualified for and totally unequipped for?). When you think of that it’s not so surprising they found some mugs to invest in a busted flush. Spivs seem to be the only ones with any brains in the operation.
Edit: I seem to recall after posting … someone I think posted ages ago there may be some kind of tax break investing in a loss-making operation but I don’t think it can totally account for it.
Allyjambo says: (736)
December 23, 2013 at 9:48 am
My theory on that, FWIW AJ is that a decision was taken that relatively competitive football in div 1 should keep the masses suitably distracted – touching distance of THEM and all that, whereas buying div’s 2 and 3 in their formative years always carried the risk that with the league won by Christmas that attention might turn to other matters. Perverse logic, but without a sugar daddy or a change in events (euro invite, favourable cup draws 😈 ) its the only logic that seems to fit.
Had to laugh at the comments section in one of the rags yesterday. Usual OC/NC nonsense. Two bear posts in a row. The first was fairly predictable fare – it was the company etc etc,. Then the second followed up with “we just want to make sure our club survives.” But I thought it was the company that died? This immortality thing is blumin confusing!
Allyjambo says: (736)
December 23, 2013 at 9:48 am
2 0 Rate This
…. Mind you, you know that old saying ‘last man frees all’ so maybe France isn’t quite far enough for you!
————–
Sounds like a hybrid version of ‘Kick the Can’, Ally. Last man blooters the can o’er the dyke and everybody runs oot the Den, hame tae a lavish tea at their chateau, and the game’s a bogey.
Here is the text of my email to AIM Regulation, which I have just sent. If I receive anything other than the usual AIM reply, “we are dealing with this, but can’t tell you how”, then I’ll let you all know.
I really do expect some sort of statement on this, though. Wallace’s statement really is outrageous.
To- Aim Regulation
I wish to bring to your attention the following statement by Graham Wallace, CEO of the above company, in a Scottish national newspaper, The Scotsman. The words I object to are as follows-
“Wallace said: “We had £19 million of top-line revenue and a £14.5m operating loss last year.
“Even if you strip out £10m in one-off items, the business was still losing £4.5m on a normalised basis.”
Here is a link to the article-
http://www.scotsman.com/sport/football/latest/wallace-not-pointing-finger-over-rangers-wage-bill-1-3242287
My objection is that the operating loss of £14.5 million as set out in the audited accounts of the company for the year to 30 June 2013 excluded all one-off items, as you would, of course expect in accounts prepared by a reputable firm of Chartered accountants.
All one-off and non-recurring items are separately identified in the accounts, and dealt with appropriately, either in the P&L account or the Balance Sheet as appropriate.
It is outrageous that the CEO of a traded company should misrepresent the trading results in this way. It is quite possible that people could be induced to purchase shares, or to keep shares that they had planned to sell, on the basis of such a frankly misleading statement.
And further, is it not the case that all “price sensitive” statements by board members of a PLC should be announced via AIM and on the company’s website? That is surely a fundamental rule of any public stock exchange. A statement by a CEO that the operating loss shown in the accounts in fact includes £10 million of one-off items, leading people to believe that a loss of £14.5m was in fact a loss of only £4.5m on a “normal” basis, can not be anything other than price sensitive, as well as totally wrong and misleading.
The operation of markets depends on transparency, accuracy of information, and a properly regulated channel for price-sensitive information. My access to such information should not depend on which newspaper I happen to read.
There are, therefore, two strands to this complaint. Firstly, Mr Wallace’s statement is factually inaccurate, and should be corrected immediately. Secondly, a statement which clearly has a bearing on the share price has been issued via one news outlet, in contravention of AIM rules.
I hope to see some immediate action from you on these matters.
Regards (and Seasons Greetings)
All this doom and gloom from Mr Wallace and the Murrays had me pondering on what the outlook might be for Rangers should the club suffer an insolvency event. I asked the SFPL about this and have had some clarification.
I guess that, should his worst fears come to fruition, Mr Wallace would be bidding for the higher points deduction, what might the consequences of that be?
Probably usual hearsay/rumour, but anyone heard about this possibility?
Is Hector the tax inspector about to visit Govan again? – From KDS poster during the night
Today, 2:06 AM
Apparently their end of VAT period is Dec payable Jan 2014 is £1m and they havent paid their monthly PAYE payments according to a few reliable cid sevconians in the pub tonight who realy dont speak ill of their tribute act but know the writing is on the wall very very very quickly.
neepheid says: (949)
December 23, 2013 at 10:21 am
Here is the text of my email to AIM Regulation, ….
================================
Neepheid I’m totally with you on this one. I can’t think of any other company where a CEO spouts such price-sensitive nonsense – and easily checkable nonsense at that – without a formal correction being issued. Well actually, they just wouldn’t say such stuff.
With a Chairman who doesn’t seem to be plugged in at all, an FD with a tenuous grasp on finances, an inability to crystallise an offered 50% wage cut from the manager and now a new CEO who is apparently unaware of (a) the published accounts and (b) stock market protocol can anyone have confidence that this is leading anywhere but an insolvency event?
What is the NOMAD saying to all this?
I would not be at all surprised if the next problem to surface – HMRC action? – does not lead to a suspension of the shares.
Scottish Football needs a strong AIM.