Podcast Episode 3 – David Low

davidLowDavid Low

represents a highly significant component of the history of Celtic FC and consequently a highly significant component of how Scottish Football has panned out in the last 20 years.

As Fergus McCann’s Aide-de-Camp, Low was instrumental in helping him formulate and implement the plans which ultimately allowed control of the club to be wrested from the Kelly and White families. Low also helped McCann to rebuild and regenerate Celtic as a modern football club.

His views are unsurprisingly Celtic-centred, and this interview reveals his ambition for the club to ultimately leave Scottish Football behind. That may or may not be at odds with many of our readers, but the stark analysis of the realities facing football in this country may resonate.

Podcast LogoHe provides a window on the pragmatism of the likes of McCann, Celtic and many other clubs in respect of the demise of Rangers. He pours scorn on Dave King’s vision of a cash-rich Rangers future, and provides little comfort for those who seek succour for our failing national sport, believing that Scotland will find it impossible to emerge from the football backwater in an increasingly global industry.

Agree or not with Low’s prognosis, it is difficult to deny his compelling analysis of our place in the football world.

rss podcast feed   Subscribe to RSS Feed

iTunes podcast Feed  Subscribe to iTunes Feed

This entry was posted in General by Trisidium. Bookmark the permalink.
Tom Byrne

About Trisidium

Trisidium is a Dunblane businessman with a keen interest in Scottish Football. He is a Celtic fan, although the demands of modern-day parenting have seen him less at games and more as a taxi service for his kids.

3,066 thoughts on “Podcast Episode 3 – David Low


  1. Well not quite. If they announce an admin on the ST closure day, the 16th, Then if the season has not officially ended, they will still be on this season’s side of it
    ————
    Not sure about that, the season ends after the last league game does it not?


  2. Ps. I wonder if Mr. Ahmed has considered revisiting court for his 500k claim based on the GW review and Mr. Easdales ‘fragile’ comment?


  3. as my knowledge is in the Credit Card acquiring industry, anyone wanting a tutorial on a chargeback? 😛 :mrgreen: 👿


  4. Indy14
    I’m not sure bud, that’s why I was asking. Is the final played in the close season?
    I have to admit, I never considered your suggestion, and was merely looking at them maximising ST income before pulling the plug, or at least giving themselves an extended option to.


  5. Corrupt official says:
    April 26, 2014 at 1:06 am
    ……………………..

    The season ends when those at Ibrox decide it ends and tell the SFA.. 😀

    The SFA will then cobble together some obscure explanation of why the season actually ended on the 14th of June 2014 🙄


  6. The football season as far as I am aware ends with the cup final.


  7. As I head for bed tonight I am left thinking of a family robbed of, by all accounts, a decent man at far too young an age who loved the club he played for. Whilst at the same time an absolute git sips chilled Chardonnay in his chateau paid for by robbing the same folk who idolised the aforementioned decent man.

    If they want to honour the decent man they should sort themselves out and never ever let that happen again.

    RIP Sandy. You got a bit carried away with the talk of punishing others for putting the boot in but that was brought about by love, passion and a desire to protect something you held dear. We can all let that go as many have been blinded by such love and your actions over the years spoke so much louder than a few misplaced words.


  8. Cheers lads, God you boys type fast. lol.
    So we might get a wee bit of fireworks, claim, and counter-claim right up to the final. 😀
    Actually, Indy14 has got me thinking that it might be a good idea for them to stay in the championship,
    Give themselves a bit of time to shape up, and run some contracts down.


  9. I’m not sure bud, that’s why I was asking
    Not a problem I want clarification myself 😀
    I am sure this was covered in earlier pages “when did season end according to the SFA/SPFL” I believe from memory it is after the last league game, but a more generous minded soul will advise I am sure,


  10. IMO – as long stated – some who manufactured this heist will really-really not want admin or liquidation. That`s Courts, Investigations – prying eyes, bad PR – and no control of what comes out of it.
    Their only card I see is to cease trading – and poss tax write- downs
    They could try and find a buyer – but that needs an on-going license
    So only sellable – or with retained value – with no admin
    Therefore there is a rationale to categorically state – there will be no admin – IMO


  11. GoosyGoosy says:
    April 25, 2014 at 7:22 pm

    13

    6

    Rate This

    A lateral thought
    If Ibrox and MP are only available to rent then I reckon the genuine Bears with money ought to be considering buying the RFC(2012)plc name from the liquidator before it is finaslly liquidated
    They could then buy St Mirren and change its name
    After several years of wise management, RFC(2012) could probably justify a fund raising for a new stadium
    With a bit of luck the loonies would choose to follow the Ibrox version and eventually go down with the ship

    ———————————————————————————————————————

    Danish Pastry says:
    April 25, 2014 at 8:43 pm

    16

    1

    Rate This

    GoosyGoosy says:
    April 25, 2014 at 7:22 pm
    5 1 Rate This

    A lateral thought …

    ———-

    Far too sensible — and Chick Young would be heartbroken to lose his beloved St Mirren.

    The biggest challenge to the plan is to convince the loyal fans that they are, at present, only following Sevco re-named. Buying the old name and starting somewhere else highly unlikely, though, after Graham the Highly Intelligent stated that ‘the club’ emerged from administration. Honestly, it must be a form of madness.

    And the oft-repeated lie now has the supporters captive to the regime that gave them the untruth in the first place.

    ———————————————————————————————————————
    Hey Guys,

    Cheap shot at St Mirren, we are doing fine thank you. Good game tonight against Partick. Crowd of just under 6,000 with 2,200 buddies. Two honest teams with players they can afford trying to stay in the top league. Proud of my team as should the Jags be. Thought this ill informed and stupid talk of Rangers “taking over” St Mirren had stopped. oh….and we still got good credit facilities :mrgreen: I’m not just gonna sit and let two reasonably good posters make fun of my team. 😳


  12. wottpi says:
    April 26, 2014 at 1:27 am

    2

    0

    Rate This

    ______________________________________

    Fine words.
    I think the best thing this blog can do now is engage with TRFC fans. (I will not say RFC fans, but will allow them to do so without argument… the past stays happened) who might be looking for information and a way forward by engaging with, rather than railing against or blaming fellow fans.
    Had the information here been more widely known and disseminated amongst them, for all the (undertsandable) schadenfreude, I think their interests woudl have been better served.
    Over them months I have watched those TRFC fans I know personally transmute from a sort of extremist Man U glory hunting herrenvolk attitude with added bile and blame – treating me with disdain (borne our of jealousy) for daring to question their infallible leadership and self evident superiority, to a resigned ‘Newcastle like’ fan who loves his club dearly and deeply. but has expectations planted in the basement, but will do right by them whatever the monsters in charge dare to throw at them.
    It has endeared them to me in a way I thought scarecely possible.
    We have more in common than what divides us.
    There is an opportunity here for TRFC fans and the rest of scottish football to step up and be bigger than the past, and move forward more constructively, with respect.


  13. Daily Mail Online – Quote;

    “Wallace was asked whether Charles Green’s consortium had recouped the £5.5m paid to acquire Rangers through the IPO share issue that raised £22m in December 2012.

    ‘I don’t know the answer to that,’ he said.

    Blimey


  14. … KEYNOTES

    scapaflow says:
    April 25, 2014 at 9:02 pm

    20

    0

    Rate This

    EKBhoy says:
    April 25, 2014 at 8:52 pm

    “and the last 120 days has been spent doing what?”

    So I’m left with two thoughts:

    2. Wallace hasn’t been able to get the board’s backing to take action. Given that the Easdales provide the link between the previous board and this one, do they still hold all those proxies, and, if so in who’s interests are they acting?

    ……………..
    PhilMacGiollaBhain says:
    April 25, 2014 at 11:17 pm

    6

    1

    Rate This

    scapaflow says:
    April 25, 2014 at 9:02 pm

    It is (2) without a doubt.
    scapaflow says:
    April 25, 2014 at 11:30 pm

    3

    1

    Rate This

    PhilMacGiollaBhain says:
    April 25, 2014 at 11:17 pm

    Phil, that’s my own feeling too,
    PhilMacGiollaBhain says:
    April 25, 2014 at 11:31 pm

    8

    2

    Rate This

    justshatered says:
    April 25, 2014 at 11:12 pm
    Ibrox is the key asset.
    If it can be acquired cheaply and unencumbered by any legal threat (Sevco 5088) then the Rangers brand can be made profitable.
    Dave King can get Ibrox in a liquidation sale-that works for him.
    He has no interest in RIFC/TRFC continuing to exist IMO.
    PhilMacGiollaBhain says:
    April 25, 2014 at 11:37 pm

    5

    1

    Rate This

    scapaflow says:
    April 25, 2014 at 11:30 pm
    Check through my reports in January and February this year.
    It is (2) for sure.

    ustshatered says:
    April 25, 2014 at 11:50 pm

    4

    0

    Rate This
    ________________________________

    PhilMacGiollaBhain says:
    April 25, 2014 at 11:31 pm

    RIFC has loaned virtually all of the IPO money to the club as far as I can see.
    I can’t believe that the people in charge will not have a security over these assets in the assumption that Craig Whyte’s claim fails and the club runs out of cash. Otherwise what are they in this for?

    I believe this ‘security over assets’ card will be played when the money runs out and the properties will revert to RIFC leaving the club high and dry.

    _____________________________________________

    Looks like a bit of a bun fight over the assets, while the ball drifts over the line and into touch. If DK can afford the rent, he may get his ball back… otherwise… big fat raspberry!

    Was Australia far enough Stewart Regan? Plots on the moon are available #clusterfuck


  15. twopanda says:
    April 26, 2014 at 2:38 am

    0

    0

    Rate This

    Daily Mail Online – Quote;

    “Wallace was asked whether Charles Green’s consortium had recouped the £5.5m paid to acquire Rangers through the IPO share issue that raised £22m in December 2012.

    ‘I don’t know the answer to that,’ he said.

    Blimey

    ___________________________________________

    Does not mean he did not ask the question:
    “The absence of any effective cash and business planning processes, and budget accountability led to a culture where there was limited responsibility and ownership for financial management.”


  16. Resin_lab_dog says:

    April 26, 2014 at 1:49 am

    “We have more in common than what divides us.
    There is an opportunity here for TRFC fans and the rest of scottish football to step up and be bigger than the past, and move forward more constructively, with respect.”
    ————————————————————————————————————————-
    Here here!

    There has always been the greater possibility of change a the SFA if “All” fans joined together in asking for it.


  17. RESIN_LAB_DOG says:
    April 26, 2014 at 2:50 am

    Who signed off the Accounts?


  18. darkmoon says:
    April 26, 2014 at 1:40 am
    12 0 Rate This
    ———-

    No making fun of St Mirren on my part @dark. It was a ‘lateral’ suggestion from a poster about how Ibrox fans could be thinking in a parallel universe.

    Poking fun at Chick Young? Yes, I’ll plead guilty to that 🙂

    No, the point as I see it is that ‘doing an Airdrie’ is out of the question — ever since the flip-flop over the newco not being a newco became the accepted myth.

    The Ibrox faithful are trapped in the same club lie and that is hindering them from starting a fans’ newco or trying for a merger with a lower-league team. To be honest, if King came clean about it, he could be the one to liberate the fans and allow them to move on and create a modest newco of their own making. In that scenario hiring a ground such as St Mirren’s or Motherwell’s could be an option perhaps? These alternative thoughts seem far too sensible to be entertained, though, at least right now.

    I don’t think the mention of St Mirren was intended as a slight on your club, I reckoned the original poster was merely using it as a left-field alternative since the club had been associated with some bizarre enquires around the time that Craig Whyte was on the scene (in person), if I remember correctly.

    So apologies if you thought St Mirren was being singled out to be made fun of. Not the intention. Lang may yer lum reek!


  19. Well the Wallace ‘Words of Wisdom’ have laid-out how money is to be raised in the short-term if there is a poor take-up on STs. I missed this yesterday and apologise if anyone else has pointed it out.

    ‘The authority given to the Board at the AGM in December 2013 to enable the Company to allot up to 43,400,000 new ordinary shares of 1p each in the capital of the Company on a pre-emptive basis to existing shareholders has not been exercised to date.

    ‘In the event that season ticket sales over the forthcoming weeks are materially less than anticipated then the Company may seek to use this pre-emptive authority which can offer a cost effective and efficient method of raising capital.’

    A number of questions obviously jump-out such as what price will the shares be and how many will be sold? Then which existing shareholders will buy and which won’t? Some very tricky decisions to be made there. To put things into perspective there are currently 65 million issued shares in RIFC so the possibility of another 43 million being released could totally affect the control of the company.

    And DK can’t get in on the act because the 43 million can only be sold to existing shareholders and not new investors.

    But on the plus side the authority to do it is already in place and it can be done very quickly and with little cost. And, barring admin, it may have to be done quickly because I see no indication as to how much of the £3.5 million left in the bank as of 31 December 2013 remained yesterday.

    I would imagine there’s very little although Stockbridge’s estimate of £1 million by April 2014 was probably close although there is also the £1.5 million loan so in real life there might not even be any fumes left in the tank.

    So the old Board new exactly what was coming down the track financially and carried on more or less regardless and that really intrigues me.

    I alsowonder about the whole Rangers Retail set-up although I have alwqays wondered about that. Is this one of the contracts that Rangers didn’t take legal advice on?

    Certainly the 120 day review identifies Rangers Retail as a significant problem area by stating:

    ‘The financial forecast in place when the current Board was appointed contained several key assumptions that upon review were seriously flawed, e.g. assuming that . . . .

    ‘The amount and timing of advance profit distributions from Rangers Retail.’


  20. twopanda says:
    April 26, 2014 at 2:38 am

    Daily Mail Online – Quote;

    “Wallace was asked whether Charles Green’s consortium had recouped the £5.5m paid to acquire Rangers through the IPO share issue that raised £22m in December 2012.

    ‘I don’t know the answer to that,’ he said.
    ======================================================
    The simple answer which a man of Wallace’s supposed financial ability would only need a nano second to deliver would be: ‘They were issued shares in TRFCL which were converted on a 1-for-1 basis for RIFC shares at the time of its flotation in December 2012’.

    It really is that simple . . . or is it? Mystery not only surrounds the identity of many of these small group of original investors in Sevco 5088 but the mechanism whereby their approval was obtained to switch the money from Sevco 5088 to Sevco Scotland which was eventually renamed TRFCL.

    Apparently the agreement was obtained verbally and not in writing by the ‘directors’ of Sevco 5088 – so who are these directors? Well depends who you believe. They are either just Green or were Green, Whyte and Earley. This is a key IMO as to the legal validity of everything that followed leading up to the purchase of the assets and business of Rangers.

    This is why the identity of the anonymous overseas investors is so vital to the understanding not only as to what actually happened back in May-July 2012 but the legal basis and validity of it. All sorts of other issues surround the pay-back terms of the original loans but although interesting it’s not IMO earth-shattering material like the switch of dosh from Sevco 5088 to Sevco Scotland.

    This is especially so because the Sevco 5088 investors had a written guarantee that the money they invested would require Sevco 5088 to be the purchasing vehicle for Rangers and, indeed, Sevco 5088 had paid a hefty exclusivity fee to D&P to be the purchasing vehicle.

    So Mr Wallace IMO is most likely being very truthful when he states: ‘I don’t know the answer to that’. I doubt if anyone left on the existing Board has a clue as to most of the strokes pulled by some members of previous Boards. I think it is also very fortuitous that the new Board can put one hand on heart and another on a bible and state with total honesty: ‘I know nothing about the bad old days’.

    But Green and CW know and possibly Earley and I also would be surprised if Ahmad didn’t know or have a very good idea. Apparently permanent amnesia can be induced by a hefty golden cheerio so I’m afraid Rangers might need to sell a helluva lot more shares as the NHS and legal system is all about curing amnesia which really could cause a helluva lot of headaches down Ibrox Way 😆


  21. Wallace said yesterday in a recorded interview, played on SSB, that just under 3.5M was in the account yesterday


  22. Lord Wobbly says:
    April 26, 2014 at 8:14 am
    2 0 Rate This

    Whoops!

    http://www.dailyrecord.co.uk/news/scottish-news/rangers-chief-graham-wallace-caught-3459303
    ———-

    Morning Wobbly!

    I had just read that on a tweet by @apocryphal5, who goes further and suggests Wallace should resign because of this. After yesterday even some in the subservient media view him as Charles Green Mark II.

    The beginnings of another choreographed exit with bonus?

    Oh well, lovely spring weather.


  23. Lord Wobbly says:
    April 26, 2014 at 8:14 am

    http://www.dailyrecord.co.uk/news/scottish-news/rangers-chief-graham-wallace-caught-3459303
    ==============================================
    Whoops!
    ==================================
    Oh Dear – that really is a shocker. Where’s a good PR person when you need one 😆

    I think that Wallace is about to discover that the Khmer Rouge don’t have a patch on a mobilised Rangers support.

    I know that if you tell a lie then no one else must know it’s a lie and there must be absolutely not a trace of evidence that it is a lie. The reason I know that is not because I am a liar but because I have spent a significant portion of my life getting to thr truth of situations and that means understanding how to spot and expose lies and liars.

    If the Daily Record story is accurate then Wallace is left without a shred of integrity IMO with no alternative but to resign forthwith. It also leaves a dark shadow over all the current Board members who read the review before publication

    And according to Wallace as author of the report the whole Board is involved by his statement:

    ‘The Board believes that one of the major factors influencing the merchant acquirer to change its terms was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets.’

    Again if the Record story is correct the ‘merchant acquirer’ had made the decision a month before the first mention of boycott and it was other factors more to do with the financial position at Rangers that caused them to demand security. It would appear the SFA might think Rangers can complete its fixtures next season but it appears the ‘merchant acquirer’ has other thoughts and, at the end of the day, they will have a very insightful and independent view of the Ibrox financial situation.

    I just can’t believe that this has happened – it beggars belief and means that the whole report is fit only for the waste bin.

    I will return to my sainted Irish granny and one of her many wise sayings: ‘You can guard against a thief but never a liar’. She is long gone but always with me and so is her wisdom which has stood the test of time. It seems that everyone who enters Ibrox seems to lose their head quickly followed by their money. A vaccine is urgently needed to deal with Rangeritis – or possibly not 🙄


  24. According to twitter, Neil ‘CVA’ Patey is quoted as saying:

    “But some of the findings and future plans should leave Gers fans with a sense of optimism”

    Does anyone take anything this guys says seriously?


  25. ecobhoy says:
    April 26, 2014 at 8:22 am

    So Mr Wallace IMO is most likely being very truthful when he states: ‘I don’t know the answer to that’. I doubt if anyone left on the existing Board has a clue as to most of the strokes pulled by some members of previous Boards. I think it is also very fortuitous that the new Board can put one hand on heart and another on a bible and state with total honesty: ‘I know nothing about the bad old days’.
    =======================================================
    Just like Easter and it’s lateness this year it might be that ‘Truth’ is a moveable feast when it comes to Mr Wallace.

    Hero to Zero in a nanosecond 🙁


  26. the taxman cometh says:
    April 26, 2014 at 8:34 am

    Wallace said yesterday in a recorded interview, played on SSB, that just under 3.5M was in the account yesterday
    =============================
    Yes – But was he telling the truth ❓

    No doubt the Bank Manager will let the Daily Record know OTR 😆


  27. Danish Pastry says:
    April 26, 2014 at 8:34 am

    “The beginnings of another choreographed exit with bonus?”
    _________________________________________________

    Isn’t it fortuitous for TRFC supporters that the EC has recently capped bonuses at twice the recipient’s annual salary!


  28. I would imagine that a very high percentage of their season book purchasers will not have the ability to send £400-£500 cash to Mr Wallace, even if they wanted too.

    Mr Ogilvie’s bum will be making buttons at the prospect of having to refuse a licence to his EBT source……..Or will he refuse to make a decision on his paymasters as he has previously stated?


  29. Eco – on existing shareholders pre emotive rights. I haven’t written off the possibility that BPH could still be a King variant. Anonymously of course since I’m guessing he forgot to mention it to SARS. I’ve never believed his vanity allowed him to miss the old fl


  30. Eco – on existing shareholders pre emptive rights. I haven’t written off the possibility that BPH could still be a King variant. Anonymously of course since I’m guessing he forgot to mention it to SARS. I’ve never believed his vanity allowed him to miss the old float.

    Second guess. Apocryphal tweetie pie = graham? Thinking of his liar liar comments yesterday.


  31. So if DR is telling the truth (I know) then the Merchant Acquirer has found something pretty serious as to effect DD or Credit card payments and the required security to continue. The thought of boycotting was bad enough, but yet again more hidden agendas and lies. We are the truthful people (WATP) does not apply to spivs and the Govan fans are finding that out at a cost.


  32. “The Club’s financial position was precarious as it had mismanaged almost all of its cash reserves following administration.”

    MISMANAGED!!!

    This sentence reads to me as if TRFC was used as a cash cow by the gang of dubious ‘businessmen’ to line their pockets, then walk away.

    The difference between TRFC and HMFC is that (with the bankruptcy of the Lithuanians) there is no money to be made by corrupt businessmen in investing in Tynecastle and as such a fans buy-out is the future of the club. TRFC, on the other hand, are talking about another share issue to find another £30 million which I suspect will probably be squandered.

    Was there no Lessons Learned? None at all?

    Flywheel


  33. Bawsman says:
    April 26, 2014 at 9:18 am
    2 0 Rate This

    … Mr Ogilvie’s bum will be making buttons at the prospect of having to refuse a licence to his EBT source……..Or will he refuse to make a decision on his paymasters as he has previously stated?
    ——

    Conflicted then, conflicted now, conflicted forever.


  34. Imagine if David Moonbeams kept a copy of all side letters and payments.

    “Jump higher Campbell!”


  35. Smugas says:
    April 26, 2014 at 9:20 am

    Eco – on existing shareholders pre emotive rights. I haven’t written off the possibility that BPH could still be a King variant. Anonymously of course since I’m guessing he forgot to mention it to SARS. I’ve never believed his vanity allowed him to miss the old float.
    ===================================
    Anything’s possible. As to Blue Pitch there’s some evidence that it is Asia-based with Orlit certainly making some of the initial ‘introductions’ for a fee of course that required the threat of legal action to make it go away.

    And there’s the possible Naqvi connection to Blue Pitch. the tale is he put £2-4 million into the original investment on a double your money cash-back basis within a ridiculously short period like 6 months presumably to be paid-off by the flotation cash.

    This appears to have been the deal for the core group within the original consortium group put together by Green to purchase Rangers from D&P. But at some point Green allegedly changed the plan so that they didn’t get cash but shares in RIFC. The trigger poinbt for this might have been the realisation that no way was the originally anticipated float price of £1.50 a share going to fly.

    At 70p there just wasn’t going to be enough to pay the core group consortium punters back in hard cash. But according to the tale Naqvi told Green to take a hike and demanded his cash and there was no way he could say no to Naqvi 😆

    I tend to think if CW or DK is anywhere it is Margarita, Putney Holdings or Norne Anstalt or possibly tied in with Zeus in some way although equally Hughes might have scooped the pot courtesy of the critical finance he provided/guaranteed in the initial days involving the purchase from D&P.

    It really was a very close-run affair and in some ways a bit of a miracle they reached flotation but that’s where a lot of the financial problems began because of the deals offered to raise the necessary cash to keep Rangers going to flotation and that’s why the flotation ‘expenses’ were so high.

    Of course none of that rules-out DK from BPH as his new Joburg SE listed company was based in Shanghai or somewhere similar but is having to be brought back to South Africa because of the arrangement he was forced to agree to with SARS to repatriate his foreign enterprises to SA.

    I really doubt that anyone has the full story other than Green ( although CW runs him close IMO) and his silence is now secure in the shape of a copper-topped chateau and retraite anticipée 😎


  36. SMSM 12th July 2014

    Sensational news from Ibrox today, where the CEO Graham Wallace has resigned , following a Boardroom fall-out over the future direction of the club. Mr. Wallace who jetted in to Glasgow after high-powered talks in the City of London , said, ” the shareholders wish to take the company in a different direction than I am comfortable with, we have parted on amicable terms and I wish Rangers every success.”

    The source of the boardroom bust-up was a result of the announcement that to boost revenues for season 2014-15 , the corporate re-structuring of the Rangers group of companies , came at a heavy price , with the new football club owner South African tycoon , Mr David Cunningham King facing a £4m rental charge from the ground owners , Phoenix Plc. Mr. King could not be contacted but sources close to the club indicated that he is busy in talks with Alaistar McCoist and it is only a matter of days before Rangers swoop for their top transfer targets.

    A spokesperson for Phoenix Plc stated , ” we are delighted to have provided this funding , but the first rental payment is now 15 days overdue and Mr. King is not replying to our communications. Legal proceedings will be taken up if there is no progress by close of business next week.”

    In response , the Rangers Loyal Group stated that they were right behind Mr.King , ” we are not paying rent for what is rightly ours!”

    ……. Crystal ball fuzzing over now!


  37. A question for @Campbellsmoney or possibly any of the HMRC cognoscenti.

    If I recall correctly, RIFC was set up as an Enterprise Investment Scheme opportunity for those purchasing shares. It was on this basis that Charles Green was able to raise such a substantial sum of money in the IPO. The scheme insists upon a variety of conditions being in place, including the nature of the trading, a minimum term before the associated tax reliefs can be realised, etc.

    Could these rules play a part in the timing of any decision needing made regarding the future viability of their trading arm TRFC?


  38. Bawsman says:
    April 26, 2014 at 9:18 am

    Firstly, Mr Ogilvy shouldn’t be there, and all the mealy mouthed excuses for his unopposed re-election are just taking the p***.

    But

    To suggest that the decision to grant or not grant a licence is within his gift is equally laughable. Like it or not, none of this could have happened without the active complicity of a great many people beyond the three Aunt Sallys of Ogilvy, Doncaster and Regan.


  39. Shyster Flywheel Shyster says:

    April 26, 2014 at 9:33 am

    Are you the original from RTC days?


  40. When exactly were Merchant Facilities withdrawn for Season Ticket purchases at Sevco and is this the only reason the review was release?
    Have people that renewed early via credit card had to make cash/cheque payments instead?

    I would be very interested to know the timing because I reckon it is significant.


  41. Silent Partner says:
    April 26, 2014 at 10:39 am

    I’m no expert, absolutely, but that seems like a very good point and could maybe supply the answer as to why those in charge at Ibrox seem so desperate to keep the lights on, when much common sense says they’d make more by switching off sooner rather than later. It could also explain why, if PMGB is correct (not doubting him), two top guys were fired from one of TRFC’s institutional investor firms, with the ever increasing doubts over RIFC’s only asset’s ability to continue until the required period (until December 2104?) becoming more apparent. Of course, TRFC collapsing doesn’t mean RIFC collapses too, so the EIS element might not be a factor at all, but the mysterious way things seem structured in all things Sevco, might just mean something different in the way HMRC view it!


  42. ecobhoy says: April 26, 2014 at 8:44 am

    Again if the Record story is correct the ‘merchant acquirer’ had made the decision a month before the first mention of boycott and it was other factors more to do with the financial position at Rangers that caused them to demand security.

    Looks like there may be a bit of a get out for Wallace:
    http://www.dailymail.co.uk/sport/football/article-2523522/Sandy-Easdale-concedes-fans-boycott-sink-Rangers.html
    Fatal blow: Easdale concedes that a boycott from fans as threatened could sink Rangers
    By BRIAN MARJORIBANKS
    PUBLISHED: 23:47, 13 December 2013

    Rangers shareholder Sandy Easdale last night admitted a campaign of disengagement by disgruntled fans ‘could prove fatal’ to the Ibrox club. Speaking ahead of Thursday’s vital AGM, …….

    ‘Not to buy season tickets because of things you don’t like could be a fatal blow to Rangers,’ the Greenock bus tycoon told the BBC.


  43. ecobhoy says:
    April 26, 2014 at 8:22 am
    Excellent Posts EcoB 😉
    Informative-Insightful

    My simple view is a 300k CEO character on a 300k bonus has produced a review over 4 months – without acknowledging he doesn’t know the background – or importantly can`t find out – or can`t even aknowledge the subterfuge culture – e.g. didn`t know the serious nature of the onerous contracts – But can still sign off audited accounts?

    Sometimes it’s not what they say – but what is carefully avoided in a selected agenda

    • Why the 1.5m wonga lark – if they still have 3.5m?
    • Why did BS go – any reasons given?
    • What`s the story with Cenkos? – Why did they go?
    • Why the very-very small print on proxies on their share web page
    • No clarity on contingent liability – another share issue?
    • Why Euphemisms such as `mismanagement` – 70m!
    • What is their exact credit rating – plans to fix that?
    • Etc etc

    Off course the useless MSM could have asked pertinant questions – maybe they did – but were `screened` – or pre-briefed

    Such as; [ Don`t Ask]
    Why was the Review needed in the first place?
    – For the Bears??
    Was the review needed to try to head off more serious investigations?


  44. From the Interim Results dated 27 March 2014
    ‘Emphasis of matter – Going concern

    In arriving at our review conclusion, which is not qualified, we have considered the adequacy of the disclosures in note 2 to the condensed set of financial statements in the half yearly report for the six months ending 31 December 2013 concerning the Company’s ability to continue as a going concern. The Company has made key assumptions in relation to the timing of season ticket monies, the volume and pricing of season ticket sales, increase in matchday income and sponsorship, the timing and value of dividends from Rangers Retail Limited and further cost reductions. ‘

    From the Business Review Summary dated 25 April 2014:

    ‘The Club’s merchant acquirer, which processes credit and debit card transactions, has advised that it would require extensive security, including standard security to be granted over Ibrox Stadium and an insurance policy at considerable cost to the Club, to protect itself against any potential liability arising from passing on monies from season ticket purchases ahead of next season’s matches.’

    Today’s DR (Gary Ralston)

    ‘The club issued a “going concern warning” in their half yearly accounts in December unless season-ticket cash was forthcoming in the summer and yet have failed miserably to secure a vehicle for fans who wish to invest with the security of a credit card the opportunity to do so.’

    Why has Wallace left himself so exposed? The Business Review Summary opens more questions than it closes.
    Why did sevco buy the Albion & Edminston for market value? (£2.6M for a carpark and building needing extensive renovation).
    These two assets cost half of the amount (£5.6M) it took to allegedly acquire Ibrox & Murray Park, why?
    From whom did they purchase these assets?
    Did the money from the sale of these assets go to the creditors’ pot or did it go to an individual?
    Why did sevco rush to invest seven figures in WIFI & Jumbo screens?


  45. ecobhoy says:
    April 26, 2014 at 8:44 am
    “Again if the Record story is correct the ‘merchant acquirer’ had made the decision a month before the first mention of boycott and it was other factors more to do with the financial position at Rangers that caused them to demand security. It would appear the SFA might think Rangers can complete its fixtures next season but it appears the ‘merchant acquirer’ has other thoughts and, at the end of the day, they will have a very insightful and independent view of the Ibrox financial situation.”
    ================================================================
    Maybe the SFA should look at outsourcing their licence evaluation/fit and proper person test to people like this. They seem to have the ‘cast of thousands’ or whatever real resource is needed to carry out such detailed evaluations.

    Scottish Football needs a strong Arbroath.


  46. Good Morning.

    Having cast an eye over the statement released from Ibrox yesterday one obviously asks just how this organisation can be licensed to play football by the SFA given that the august and diligently prudent authority has rules in place which state clearly that any football club must be able to demonstrate that it has the finances to fulfil all financial obligations for the coming season.

    However, the answer to that conundrum appears to be given in the body of the statement where it is suggested that new Capital will be raised by way of yet another share issue — a necessary share issue.

    Leaving aside the fact that there must be individuals who have now bought shares in this “club” on numerous occasions without actually ever owning anything, or having a board which is accountable to ordinary shareholders in any way, as you cast your eye over all the companies that you could choose to invest in can anyone explain why any sane individual would throw money into a company which releases a statement such as the one we read yesterday?

    It has no bank support, no merchant support, no real season ticket or customer support, increasing and non negotiable wage bills, qualified accounts that point to financial Armageddon, and a board which openly states that they don’t know how they got here or what their predecessors did!

    Yet this is a business that apparently expects investors and believes that it can satisfy the SFA that it will be able to pay its bills for the next year and more despite being openly “cash strapped”!

    As to the comments about where the team,club,company will be in 2017 etc for the first time in a long time……….. Words absolutely fail me!


  47. The 127 minute Strategy Review for the Hard of Thinking :

    “A bunch of big boys did it an’ ran away.”

    “They took a’ oor pocket money as well”

    “We need mair pocket money noo.”

    “There’s anither big boy standing at the gate wi’ a big stick.”

    “He’s sayin’ he’s gonna take a’ our pocket money too.”

    “Ma….!”

    Scottish Football needs rid of spivs and shysters and the SFA/SPFL should start showing some spine in dealing with this situation.


  48. South0fThe Border says:
    April 26, 2014 at 11:22 am

    Yet another good spot by a TSFM contributor, and one a decent MSM journalist would spot before publishing a quite defamatory story. However, the DR piece claims the following:

    “At no point in their correspondence with Ibrox bosses on January 23, circulated between senior staff including Wallace and ex-finance director Brian Stockbridge did they mention fears for a season ticket snub…”

    Which at first appears to mean they have seen the documentation, but! The sentence quoted above ends with:

    “– because those calls had yet to be made.”

    and your spot/research lends the lie to that! But, of course, this doesn’t mean that ‘the merchant acquirer’ was actually aware of any calls for a season ticket boycott, or that their decision wasn’t reached on a study of TRFC’s financial position alone, which is such a basket case only a fool would provide these facilities without some kind of security. It also has to be taken into consideration that this original boycott threat was quite hollow, being the angry ranting of disorganised supporters, while Dave King provided an organised (however badly) conduit for a genuine boycott.

    In short, the DR expose is only accurate if it is not based solely on their claim that the boycott threat only appeared in February, but even if it is, it is still more than likely that the decision to withdraw the facility had been made without taking the threat into consideration.


  49. pau1mart1n says:
    April 26, 2014 at 11:34 am

    where did sevco stay last night ?
    5 star I trust.
    _____________________________________________
    And paid upfront from a big bag of cash 😆


  50. broganrogantrevinoandhogan says:
    April 26, 2014 at 11:49 am
    =================================
    You are a legal man, I am not, but my layman’s view is the SFA don’t really care whether the club from Ibrox meet the criteria or not, because they have granted immortality to the club from Ibrox and will bend or even break their own rules to keep it playing. I may be wrong in that assertion but it seems pretty clear to me judging by their actions so far in this entire debacle.

    – The SFA did nothing about the previous Rangers not paying tax or N.I despite knowing months before the rest of us.

    – The SFA tried to force a new Rangers into the SPL then Division 1, despite there being no rules to do so, or precedent of any kind.

    – The SFA currently sit in silence as the financial carnage at Ibrox unfolds around them

    It’s completely sickening and an insult to every other club, but that is where we are.


  51. davythelotion says:
    April 26, 2014 at 11:37 am

    So many contradictory statements have been made by TRFC in the past two years, but these are made on official documents, with the statement in the review making the statement in the accounts, re assumed season ticket sales, look like a known fallacy! The revelation in the DR makes it clear that Wallace, and the board, knew the ‘assumptions’ were unrealistic in the extreme, long before the ‘key assumptions’ were made to the auditors.


  52. Here’s an attempt at a draft letter to the SFA. I haven’t had time to add in references to SFA rules, but I have to leave the house and I’ll be unable to post in detail for a few days, so feel free to chop, change, add to or disregard as you like.

    Dear sir,
    I am writing as a fan of **delete as appropriate** to ask what measures the SFA will be taking to ensure that The Rangers Football Club (TRFC) will be able to fulfil its fixtures next season. Certain information has come to light over the last few weeks that make it seem unlikely that they will be able to do this without taking prompt and drastic action. Given the precarious nature of Hearts finances at this time and the profile of TRFC, any such failure to do so could have an extremely detrimental impact on all football clubs in the championship and especially so on Hearts.
    As the licensing body, the SFA have a duty to ensure that all clubs finances are well tended and that there is no danger of any club failing to fulfil its fixtures. If there is a danger that any club cannot do so, the SFA has a duty to demand that action be taken to remove this threat, or demand a bond to ensure that the financial fallout from such an event is not excessively detrimental to other clubs. If the action demanded is not carried out, the SFA has a duty to withhold a club’s license to play, or to take other action which would limit the damage caused.
    Please can you advise how this obligation will be exercised in respect of TRFC as the club’s own chairman Mr Graham Wallace has released information to the effect that the club does not have the necessary finance to still be solvent next season and specifically will need a staggering further £25-30million over the next two seasons. Within the same document, Mr Wallace has stated that he does not have the ability to raise this money without a motion being passed at an EGM to be held “in the autumn”. This means that he specifically cannot guarantee to the SFA that he can raise the money unless he is able to produce statements from sufficient existing shareholders agreeing to back his motion to allow a further share issue without pre-emotive rights and statements from investors agreeing to put enough money into the club’s “holding company” to ensure it and the club can remain solvent.
    Further to this, it should be noted that TRFC’s most recent set of accounts were only signed off with a going concern warning included, which stated that the club could only be regarded as a going concern if it achieved an increase in season ticket sales. These accounts therefore fail to meet the standard required for an SFA license without further undertakings from the club to guarantee its viability until the end of next season.
    Furthermore, gIven Mr Sandy Easdale has revealed that season ticket sales are “slow” and that Mr Wallace revealed that the club is unable to accept credit card payments due to its providers concern over its sustainability as a business, can you confirm that the SFA is aware of the situation and is taking action to ensure protect the interests of its members.
    Is the SFA also aware of the requirement in TRFC’s parent company’s previous combined accounts, which includes TRFC’s accounts, that a £2million overdraft facility be made available as a condition if the accounts being signed off? Mr Wallace’s report stated that this facility was not available when the company required it. This at the very least is an act of bad faith and demonstrates that it would be most unwise for the SFA to accept any undertakings from TRFC on faith. Especially when there is precedent in previously requiring Livingston to pay a bond in order to compete.
    The information above shows that TRFC does not meet the SFAs licensing requirements, cannot be considered to be on a stable financial footing and has acted in bad faith in respect of its finances. Can you confirm therefore that the SFA will be taking appropriate action to identify any failure by TRFC to confirm to SFA rules and that any and all necessary action will be taken to ensure that no other clubs are disadvantaged by the failure of TRFC to manage its finances in a fair and responsible manner.
    Yours faithfully,
    etc etc


  53. ptd1978 says:

    April 26, 2014 at 12:27 pm

    Here’s an attempt at a draft letter to the SFA. I haven’t had time to add in references to SFA rules, but I have to leave the house and I’ll be unable to post in detail for a few days, so feel free to chop, change, add to or disregard as you like.
    ———————————————————————————
    Thank you, I will see if I get any results.


  54. broganrogantrevinoandhogan says:
    April 26, 2014 at 11:49 am

    I wonder how many other clubs would get a license if they too admitted they could only survive the season if they had a successful share issue, less than halfway through the season, to raise working capital! What’s more, how many successful share issues have there been where the target figure, for working capital, is greater than the current stock market value of the company?


  55. upthehoops says: 12:08
    they have granted immortality to the club
    —————————————————————————————-
    Fabric of society lives and breathes in Govan the same way it lives and breathes in Hampden. It is toxic and bad for our game and it is not hidden.
    The spivs may not believe in the fabric but they are certainly cutting their cloth on the back of it.
    Football does not need a club from Govan who are treated above all other clubs. I do not trust anyone on the board at Ibrox (and investors in the background) but are they any worse than our leaders at the SFA?. Spivs just want money at any cost and damn all, the SFA just want Ibrox club and again damn us.


  56. Mr Wallace has a lot to learn. He did’nt blame anyone. Who’s fault is it this time ??
    SFA (PL)
    CELTIC (PL)
    Aberdeen (put them out of the league)
    Dundee United (that b****rd Thompson)
    Raith Rovers
    Turnabul H
    CW
    CG
    Bus Drivers
    BBC

    Oh bother it looks like it could be their own fault.


  57. Chick young on sportsound still repeating the old mantra that, SDM had got the debt down to £18M, that the EBTs have been “proved” to be legal and that SDM was forced to sell to craig white.
    believing this superficial nonsense is why Rangers are doomed to repeat the mistakes of the past.


  58. valentinesclown says:
    April 26, 2014 at 12:38 pm

    Fabric of society lives and breathes in Govan the same way it lives and breathes in Hampden. It is toxic and bad for our game and it is not hidden.
    ==========================================
    Let us not forget the ‘fabric of society’ statement came from the Scottish First Minister. To this day he has never explained what that makes all the other clubs.


  59. joe millers shorts says:
    April 26, 2014 at 12:47 pm
    ========================
    Chick obviously forgets that the hundreds of millions owed by the Murray Group to the bank, contains £50M of debt moved out of Rangers accounts. Chick is talking utter tosh and not for the first time. We deserve better for our licence fee than Rangers cheerleaders.


  60. 2 maybe 3 Simple questions that Wallace should have been asked:

    — How many fans will you need to buy full price adult SB’s for rangers to see out the full season next season? When will you know you have achieved this?
    — If you have a little less than the suggested amount in the bank in December why did you need to secure £1.5m in loans last month?


  61. upthehoops says:
    April 26, 2014 at 12:08 pm
    ……………………………..
    I stated about 2 years ago UTH…that all the evidence then suggested who ever was running the show at Govan could say and do whatever they wanted without repricusion from the SFA….2 years later that belief I had has simply become reinforced with every passing week…

    I honestly believe that if someone from Ibrox was to stand on a platform at the SFA HQ and say we are using the club to launder money and don’t give a sh** about Scottish football…so get it right up ya…it would appear in the SMSM the following day as concerns over the direction of the club…Mr. Patey would provide his usual double speak of..the club need to consider the long term..but things are looking up…and the SFA would say…f*** all as usual…

    That is where we are in Scottish football…completely and utterly devoid of leadership…governance…or morality in any shape or form!

    Scottish football needs a prolonged course of enemas!


  62. — Well said Lennie…

    Lennon joined in the tributes to Rangers legend, Sandy Jardine, who lost his battle with cancer on Thursday.

    He said: “I met him on the odd occasion. He was always immaculate, first of all. A gentleman.

    “It was very sad news, not just for me, but for Scottish football as a whole.

    “I liked Sandy and respected him. I think he was one of those rare breeds that could transcend the Old Firm.

    “He was well respected, certainly here. Our condolences go out to his family and close friends.

    “Sixty-five is no age, really, in this day and age. It’s a sad loss, a big loss to Rangers.

    “Sandy was a great player as well, a superb player. I remember in my younger days, growing up watching the World Cups, and him being a part of the Scotland squad.

    “He’ll be remembered as a Rangers legend, and rightly so.”


  63. PM2
    I’m amazed trfcl didn’t put CG forward for sfa president when they had the chance !


  64. Forgot to mention in the letter.
    If they’re pretending to be the same club, they’ll need an underwriter to make a share issue acceptable as a method of guaranteeing capital raised. The IPO got them only £22 million and Murray’s last dalliance got almost nothing.


  65. Lord Wobbly says:
    April 26, 2014 at 8:14 am

    19

    0

    Rate This

    Whoops!

    http://www.dailyrecord.co.uk/news/scottish-news/rangers-chief-graham-wallace-caught-3459303
    ———
    LW, have a woody on me, yes indeed Wallace has committed a bare faced lie. First Data are worried and need security as they do for all risky businesses…..if would be a condition of the provision of acquiring their business. I would also point out that there are approximately 5-6 other acquirers TRFC could have approached to get that same support other than First Data, but I doubt they bothered, I mean if the company you have been working with won’t support you without such severe security there is absolutely now ay another would even consider it…..kinda funny really.


  66. Chic Young is and will continue to be an ongoing disgrace to the BBC. The fact he continues to be part of the cabal…and is permitted to go unchallenged in his PR efforts for the Govan club shame the BBC.


  67. Jim bhoy

    And Wallace’s response would be that he could tell us the number of season tickets required to keep the lights on till May 2015 but that those pesky ballots would no doubt highlight that the figure was 175% of the capacity of Ibrox!

    Just on chico’s history lesson. Who did he say forced The bank to force Murray to sell RFC for a £1. Didn’t catch it.


  68. whisperer says:
    April 26, 2014 at 12:32 pm

    CHIC YOUNG = COMEDY GOLD ! ! !
    ———————————————————–
    Chic Young = Devious bitter man. BBC licence =sick joke

Comments are closed.