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.

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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. Brenda says:
    April 27, 2014 at 12:02 am
    ‘..Are the SFA required to comment on goings-on at ibrox.’
    —–
    And where the hell have you been to this hour,Brenda? 🙂 😥
    But to answer your question: the SFA Board are like every gang when the heat is on. The mantra is ‘ if don’t hang together we will hang separately’ ( or something to that effect). Which is fine, if each member of the group can trust all the other members.
    I doubt if ‘trust’ is the order of the day on the 6th floor.


  2. JC good morning the T word I imagine is in short supply around mount flo these days 😉 (been working I’m afraid 🙄 )


  3. indy14 says:
    April 26, 2014 at 11:20 pm
    ‘…the tax guys in South Africa are now chasing Mr. King….’
    —–
    The things one discovers by accident! I was trying to follow up on your post and came across this:

    “Roux was admitted to the Bar in 1982. His practice comprises criminal, insurance, delictual, aviation, matrimonial, medical negligence, general contractual and liquidation work.
    He has had some high profile clients, defending South Africa-based businessman, Dave King, who had had the highest unpaid tax bill ever, at R2.3-billion.

    Read more: http://www.mediaclubsouthafrica.com/democracy/3738-oscar-pistorius-s-advocate-barry-roux#ixzz302W6b1VP

    Roux is defending Pistorius, who will no doubt be very happy to learn of his success in the Dave boy’s case.
    I don’t think.


  4. Sorry I cannot do the Linky thing But Tomorrows Mail Front page Headlines…. ” Cops probe Ibrox Chief”, “Top Banker sparks enquiry into cash claim”

    Mmmmmmm


  5. I see the rags are not letting up on that nice Mr Wallace.

    Retweeted by Bartin Main
    Sunday Mail ‏@Sunday_Mail 16m
    Today’s @Sunday_Mail front page #scotpapers http://twitpic.com/e269da


  6. Billy Boyce says:
    April 27, 2014 at 1:35 am

    1

    0

    Rate This

    I see the rags are not letting up on that nice Mr Wallace.

    Retweeted by Bartin Main
    Sunday Mail ‏@Sunday_Mail 16m
    Today’s @Sunday_Mail front page #scotpapers http://twitpic.com/e269da

    _______________________________________

    Well I don’t know about you but if the SMSM have got it in for GW, I like him already.

    A question they don’t seem to be asking though is, how much of the recklessness, fecklessness and financial irresponsibility that led to £70m being spunked away happened on Walter Smith’s watch?
    What did Walter Smith do to bring a dose of financial prudence to the Ibrox outfit?

    I guess its all GWs fault in the eyes of the en-brogued loyal and the SMS.
    These clowns really do need to take a look at themselves..


  7. John Clark says:
    April 27, 2014 at 12:02 am
    7 0 Rate This

    buddy_holly says:
    April 26, 2014 at 10:53 pm
    ‘..PS: Thanks to all on RTC/TSFM for educating me to this level , even if wrong should add to the debate!’
    ————-
    And I agree with you as to the ‘awareness level’ that this blog has raised us to.
    I’m sure you and I are not the only ones who, whatever our own personal backgrounds and current or previous life and work experience may have been, have had our eyes opened and our minds directed to many murky areas which we in our innocence did not think to question or examine.
    Now,if the Ibrox faithful had had an RTC equivalent:
    if they had even listened to what was being said by RTC at the really critical time
    if they had read and asked the questions that Phil asked
    if there had then been- what we are now seeing too late- the kind of readiness on the part of intelligent supporters of the club to question the guff that David Murray , the real killer of their club, fed them as pap through the ‘succulent lamb eating’ hack-pack
    if they had listened to ‘bomber’
    if they had looked at the idiotic serial endorsement by McCoist of a string of charlatan directors, and questioned the contradictions
    IF…..
    then they would have not been led like lambs to the slaughter.
    Their awareness of what was actually happening would have been raised to the point where it might have been possible for them to influence the outcomes.
    Sadly, they had no RTC, no TSFM, no Phil.And they believed the crap daily fed to them by award winning ‘journos’ and parisan BBC phone-in phonies lining themselves up for (in the event) short-lived jobs as PR men for the spivs who continued to rape the club.

    What they did have, and still have, though, is the track record of SFA support for them, whatever!
    And, as day follows knight, the support of the SMSM, including the ‘impartial’ gurus of BBC radio Scotland..
    As oor Wullie ( Shakespoke, that is) had a character say: ‘Tis true, ’tis pity,
    And pity ’tis ’tis true’

    Very much john.

    I like many others here accept their opinion is not necessary right but the debate and insight from all sides will lead to a greater awareness.

    As someone who followed the omnishambles from quite a long way out and who is a a naturally very curious person i started trying to understand scottish football accounts from about 2003, though with no forum to teach me what it all meant at the correct time. Again the democratisation of information through the internet is a wonder of the modern age.

    I certainly through the omnishambles have a lot more understanding of the law of the land and its impotentency.

    Mainly because of this built up knowledge, over the last four years on the subject of “Rangers”. I have been approached and asked by many people friends/family/workmates about various parts of the story. Many have walked off in disagreement, some in anger, some in glee. Some people ban the subject from later conversation, some people seek me out, i got 4 texts by midday friday about the review!

    The most bizarre thing is for a number of friends/family/workmates who are of a “Rangers” position no-one out of honestly 100s of people have told me what they are going to do. Only one or two have asked what I would do in the same situation as a fan, then disliked my answer normally.

    Most of a “Rangers” positio take every PR spin in the most ositive light and every genuine leak as someone with an agenda. Then when reality bites it is all “people kicking us when we are down”.

    I still find the whole thing intriguing as a study in sociology.

    I still cannot guess/predict what will happen next!

    Scottish Football needs strong Scottish Football.
    (Copyright acknowledged redlichtie)

    Buddy


  8. Brenda says:
    April 27, 2014 at 12:02 am
    0 0 Rate This

    Are the SFA required to comment on goings-on at ibrox or will they just look the other way (as per) and hope it will all go away if only
    <<<><<<>>><<
    The SFA are a parody, they become agitated at minor infractions of the rules but are supine in the face of destructive practices which they could easily prevent.
    The MSM are complicit in notaskin questions. The Wallace Review Summary is a case in point, not one had has asked to see the full document, why?


  9. If, say, Albion Rovers F.C. (randomlry picked lower league team) called the SFA and advised that they were pratted, totally skint and that they had no idea if, where, or when they would have any more money to stay afloat what do you think the SFA would say?

    a) Dont worry. Something will show up. It always does. You will be fine.
    or
    b) Goodbye. Call us when you have new funds available.


  10. Morning all..

    Rangers in crisis: Police probe launched after Rangers chief executive Graham Wallace is accused of misleading shareholders over the club’s finances

    BANKER Phil Maher, an Ibrox shareholder, complained about comments made by Wallace at the club’s annual general ­meeting in December.

    A police probe has been launched after Rangers chief executive Graham Wallace was accused of ­misleading shareholders over the club’s finances..

    He claims Wallace insisted the club had enough funds in place to operate until May – but the board took out a £1.5million emergency loan two months later.

    Police Scotland are now looking into whether the Companies Act has been breached. Rangers yesterday said his
    complaint “has no grounds”.

    Yesterday, Glaswegian Maher, who is managing director of the investments arm of a multinational bank, said: “I can confirm I have made a complaint that is being investigated by police.

    “As a shareholder and lifelong Rangers fan, I’m appalled at the financial ­mismanagement we continue to witness and extremely disappointed that I have felt the need to take this course of action.”

    Many of the club’s officials were booed and jeered at the AGM, which was held in the open air at Ibrox on December 19 and attended by almost 2000 shareholders.

    Finance director Brian Stockbridge bore the brunt of fan fury for presiding over losses of £14.3million while taking a salary and bonus package of about £400,000.

    Stockbridge, who left the club the next month, was booed every time he spoke.

    http://www.dailyrecord.co.uk/sport/football/football-news/police-probe-launched-after-rangers-3464370


  11. END OF SEASON?

    The jurisdiction for determining a football season’s start/end dates lies with the Scottish Professional Football League; a safe distance from the worm-tongued Scottish Football Association. According to The Rules of the SPFL – Section A4 General and Interpretation (page 16) – the beginning/end of the football season is defined as follows:

    ‘Season means the period of the year commencing on the date of the first League Match in a Season and ending on the date of the last League Match in the same Season or otherwise as determined by the Board and which excludes the Close Season’.

    The SPFL distinguish between a League Match and a Cup Match.

    In effect, if the entity that is Sevco were to enter administration after their last League Match then under Rule A4 they would carry a points penalty into the new season, unless of course they were condemned to liquidation and by default ceased to exist – although common establishment delusion allows for entities in Scotlalaland to suffer liquidation yet escape administration.

    It would be unwise for any club to rely on the rider at the end of the SPFL definition – ‘or otherwise as determined by the Board’ – as a means of absorbing the points penalty within a hefty lead obtained in any current season. The SPFL Board cannot retrospectively redefine when the current league starts/ends: to do so would be manifestly absurd, not least because those clubs packing up for the holidays would be absent without leave. Good faith requires that any changes to league start/end dates are given in advance to all clubs prior to commencement of the new season.


  12. Has Mr Wallace got a battle on his hands ?

    “Welcome tae yir glory bed or tae victorie”


  13. McCoist and Wallace set for Monday summit over Rangers’ transfer budgets

    Published on 27 April 2014

    Stewart Fisher

    RANGERS chief executive Graham Wallace will sit down with manager Ally McCoist tomorrow morning in an attempt to reassure him that he can provide the tools he requires to take the club out of the Championship at the first time of asking.

    McCoist will be told the playing budget for next season is comparable to his current wage bill, while the threat of supporters withholding season ticket monies could be offset by a potential windfall of up to £8 million from a contingency plan to offer 43.4 million ordinary shares to existing shareholders.

    McCoist said last night he would reserve judgment until he sees the fine detail of what Wallace is proposing. Although the release of Emilson Cribari should free up around £7000 in weekly wages to finance signing targets such as Kris Boyd and Kenny Miller, the Rangers manager pointedly insisted on the need to “strengthen the squad” for next season and refused to answer questions about the proposed creation of the post of chief football operations officer, apparently envisaged to head up the club’s long-term recruitment policy.

    “I wouldn’t say I am encouraged or that I am not encouraged,” said McCoist. “I wouldn’t go that far, I will just wait and see until I am fully told.

    “I have had a brief indication that [the budget] won’t be too dissimilar to this year so straight away that tells me that we can perhaps juggle about and make one or two changes here and there.”

    For his part, Wallace warmly praised his manager, and insisted the new post was very much a supporting role. “I never even had a thought about the manager’s future,” said Wallace.

    “He’s been extremely supportive in terms of understanding that some of the tools you’d expect him to have, he hasn’t had. He’s obviously interested in the financial budget. He knows we’re going to make funds available for the summer, but doesn’t know the magnitude, the number.

    “We will sit down over the weekend and agree that. The football operations officer is very much a support role.

    “The hunt for this person begins now and it’s about getting the right person.”


  14. John Clark says:

    April 27, 2014 at 12:02 am

    IF….. As oor Wullie ( Shakespoke, that is) had a character say: ‘Tis true, ’tis pity,
    And pity ’tis ’tis true’
    ==========================================================
    JC(e)…

    “IF”…not by your erudite Shakingspear but by Rudyard Kipling:
    “If a man can keep his head while others around him are losing theirs…”…I doubt we would certainly not have unearthed all the lies and nonsense that is RFC(IL)/TRC etc.


  15. Rangers: Peace in our time?
    Stewart Fisher
    Sports Writer
    Sunday 27 April 2014

    THOSE who regard the current board and Dave King as implacably opposed combatants engaged in a death struggle for the soul of Rangers would have been unable to believe their ears had they heard Graham Wallace at Ibrox on Friday.

    Both parties have had plenty to say about each other in recent months but, whether it was an olive branch or just another smokescreen, mostly everything the Rangers chief executive had to say on the subject on this occasion was positive.

    For starters, there was the bald statement from Wallace that come the autumn the South Africa-based businessman will have the perfect vehicle for his much-heralded proposed investment into the club.

    That is to say, to implement Phase One of a hugely ambitious three-year plan for the club to win the Premiership title in 2016-17, the board intends to issue additional equity, first to existing shareholders, then “probably also” to fresh investors such as King.

    Moreover, according to Wallace, as King’s ambitions and visions are “not dissimilar” to theirs, there would be no ­flinching from a discussion about the dilution of power which would be a consequence of his investment, and the only thing stopping him from investing right now was that the board did not have the authority to make it happen.

    As King seems intent on smoking the current board out by backing a scheme for supporters to demand security over Ibrox in return for season-ticket money, this all seemed like a rather unlikely come-and-get-me plea.

    “The issue is right now we don’t have the authority to issue a fresh batch of shares and say to Dave King ‘£20 million? Here’s a bunch of shares, in you come’,” Wallace said. “What we’ve said is we will go to the shareholders for authority in the autumn and the timing of that is important because it gives us time to demonstrate stability in how we’re running the business from an investor’s perspective.

    “When we do that, the equity offering will be open to existing shareholders. It should probably also be open to fresh investors, including Dave King … there could be a number of existing investors who don’t wish to take up their rights, or are happy to parcel them off.

    “As Dave has said before, there may be 15% of the existing ­shareholders who may not want to participate further, in which case that’s a significant block of stock that would be available.”

    Wallace added: “When we met with [King], when you look at his ambitions and his vision for what he would like the club to be, they’re not dissimilar to what we’re trying to do. We want to be competitive, we want to be punching at the top of the Premiership, and to do that we know the club needs investment.

    “We agreed at the time that our conversation would remain confidential … but … there was no specific conversation about [his role going forward]. It was more about what do we think the club needs, the business needs, the size of the investment, the ambition – rather than: ‘If I do that, can I get this?.”

    If this is a genuine attempt to re-open communication with King, the board are also determined to converse more clearly with supporters.

    While negative comment has led to “slow” season-ticket sales and fans having to pay for season tickets by cash, cheque or bank transfer, Wallace is determined to put the board’s vision of the future across.

    “There has been a wide cross-section of the fanbase looking for some form of guidance, some form of reassurance as to how their club has been run,” he said.

    “People are worried about putting their money into the club and three months later it not to be there and they’ve lost their £400. There’s a desire on behalf of a segment of the fanbase to support someone like Dave King, who’s offering up – on paper, at least – a potentially significant amount of money to invest in the club.

    “I understand that. But there’s an opportunity for us now, coming out of the period of the review, having mapped out what we want to do, to step up our own engagement efforts with the representatives of the fan groups.”

    The credibility gap has to be bridged, however, with the chief executive admitting asking for a £1.5m loan on poor terms just after insisting the club’s cash reserves were sufficient to take them through to the summer didn’t exactly help.

    “It was an issue, yes,” he admitted. “I responded to a question at the AGM about was there sufficient cash to continue to trade in the near term and I said there is.

    “That was an honest answer made on the assessment of what was available at the time. As we’ve gone through the review, there were certain assumptions made in the business plan which, when we went to push the button on them, we found they didn’t exist. We got to a position where we had to look at an alternative strategy for a very short defined period of time. So yes, our credibility was questioned.”


  16. Interesting to hear about yet another investigation by the authorities into TRFC. A recurrent theme has been how investigations or the lack of them are used by vested interests.
    Lack of investigations by the SFA into tax affairs,
    LNS , an investigation which was used to get the guilty off lightly
    rubbish investigation into links between whyte and green
    No investigations into dodgey dealings between the various Sevco’s
    Etc etc

    Oh and i forgot the State Aid investigation 🙂


  17. Has Dave King actually settled all his tax bills with the SARS? If he still has tax returns to file presumably he will have plenty more to pay?

    This may be why he is going to use other peoples money to get a brogue in the door?


  18. Some folks will remember a little while back Phil Mac indicated that perhaps CEO Wallace was on the verge of leaving on the basis he wasn’t getting support to do things the way he wanted.

    The other day we had Sandy Easdale shooting from the hip, an internal email leaked to the DR to discredit his implications of the at the Business Review pressser and now we have another shareholder calling the cops.

    All sounds very familiar to the times when Malcolm Murray was originally portrayed as the steady ‘city’ hand at the tiller but behind the scenes folks were trying to discredit him.
    Despite turning out to have a dose of the unpleasant WATP bug MM seems to have suffered from internal bullying from the likes of Ahmed and no one was listening to him while money was squandered on ridiculous deals.

    Despite a change in the board and the departure of Green Ahmed and Hughes I wouldn’t be surprised if we see Wallace continually attacked over the next wee while.

    Does anyone know if the Easdales (holders of shares and controllers of significant poxys) still employ a certain PR guru?


  19. Been out of touch for three days. I know that if you purchase a season ticket with a credit card and the club goes bust you can get your money back from the credit card company. If you pay by cash or cheque then you simply lose 400 quid even if they go bust next week. I gather the credit card wanted security over some properties but the ownership of these assets is in dispute. I cannot understand why anyone risk buying a season ticket and not simply pay at the gate every two weeks,


  20. ‘Football operations officer’ – “The hunt for this person begins now and it’s about getting the right person.”

    Time for Souness to do some consultancy work in exchange for his EBT?


  21. ptd1978 April 26 at 12:27pm
    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
    ………………………
    More power to your pen mate,but what an indictment on our football authorities when individual fans have to even ask the question!
    Those spineless individuals have absolutely no right to claim they look after the interests of Scottish football.Right from the outset they have lied,colluded,and protected a club which should have been barred from playing any kind of football in this country.You can bet your life this kind of help would not have been offered to any other club in similar circumstances.
    Good luck to you anyway.I look forward to the response.


  22. Wallace finds himself in a paradox: raise Season Ticket & match ticket prices; cut players wages to bring down losses; sell Season Tickets to fans whilst lowering their expectations; at least maintain the level of sales with last year in order to meet immediate running costs.
    All this has to happen on a cash only or finance instalment basis whilst Dave King & Gough do their level best to lever control away from he board by urging fans not to buy Season Tickets. And now an, as yet unnamed, source with excellent connections in the MSM is actively briefing against Wallace.


  23. In very round figures, Celtic’s turnover in 2012/13 was £76m, up from £51m the year before. The 2013/14 figure, out later in the year, who knows – but biggest in Scotland by a long, long way.
    It’s a chronic problem in Scottish football – and much rehearsed here – that clubs from Aberdeen, Dundee & Edinburgh can’t compete, never mind those from Inverness, Perth or Motherwell.
    Consequently the notion that The Rangers, currently loss-making and with a turnover of £19m (as reported in Oct 2013) will raise £20-£30m in capital then win the Scottish Premier in two years’ time?
    Sure, turnover should increase as a club gets higher up the league structure – and it’s nice to have dreams. Even if Celtic turn over £50m/yr for the next two seasons, and it may be more, then The Rangers’ finances (£19m + £19m + an optimistic £30m in capital) fall far short.
    Also, finishing as runners-up gets you into pre-season Europa League qualifying – not the Champs League. Investment? This isn’t Chelsea or Manchester City we’re talking about. There is no route forward. The Rangers’ plan – none of it works.


  24. Has anyone seen the full 120 day review publication?.
    I’ve read that it was sent to shareholders and is a lot worse than the sanitized version released to us.
    I’d have thought that if there are thousands of copies out there,at least one would have surfaced online by now.


  25. Banker Phil Maher might want to extend his complaint to include Stockbridge, since the £2.5m facility he told RIFC’s auditors Deloitte at the year end was available in order to get the accounts signed off, would appear to be the part of the £2m “assumed” overdraft facility mentioned in Wallace’s review summary as being one of a number of “seriously flawed” assumptions outlined to shareholders and the stock exchange. The full report should make for interesting reading.
    Be interesting to know if Maher has made an official complaint to AIM and the City regulator outlining his concerns about past and present directors’ execution of fiduciary duties.


  26. rabtdog says:
    April 27, 2014 at 9:34 am

    In very round figures, Celtic’s turnover in 2012/13 was £76m, up from £51m the year before. The 2013/14 figure, out later in the year, who knows – but biggest in Scotland by a long, long way.
    It’s a chronic problem in Scottish football – and much rehearsed here – that clubs from Aberdeen, Dundee & Edinburgh can’t compete, never mind those from Inverness, Perth or Motherwell.
    Consequently the notion that The Rangers, currently loss-making and with a turnover of £19m (as reported in Oct 2013) will raise £20-£30m in capital then win the Scottish Premier in two years’ time?
    Sure, turnover should increase as a club gets higher up the league structure – and it’s nice to have dreams. Even if Celtic turn over £50m/yr for the next two seasons, and it may be more, then The Rangers’ finances (£19m + £19m + an optimistic £30m in capital) fall far short.
    Also, finishing as runners-up gets you into pre-season Europa League qualifying – not the Champs League. Investment? This isn’t Chelsea or Manchester City we’re talking about. There is no route forward. The Rangers’ plan – none of it works.
    ==============================================
    That’s it in a nutshell.TRFCs planned targets seem to assume that every club in the championship next season,then the premiership the season after that,will just roll over and allow these targets to be met.A ludicrous state of affairs.
    To fund this the shareholders are maybe going to invest some £30m of their own money just to keep the lights on whilst TRFC rise to “Their Rightful place” in Scottish Football.
    £30m just pays the bills.Strengthening the team,repairing Ibrox etc will cost at least as much again.
    Have TRFC not just called out the previous members of the board wrt their mismanagement of almost £70m of funds.
    Talk about Groundhog day!


  27. helpmaboab says:
    April 27, 2014 at 9:22 am

    ptd1978 April 26 at 12:27pm
    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

    __________________________________________________

    The SFA will do SFA


  28. TRFC, if they survive until next season, have to;
    cut costs by some 6 million a year?
    They need to refresh the team while doing so
    They need to implement a scouting network while doing so
    They need to employ Football ops exec while doing so
    They need to win a league full of full time teams who won’t capitulate in the last 30 mins while doing so
    They need to refurbish their stadium while doing so
    They need to keep their manager while doing so
    They need to increment wages of contracted players while doing so
    They need to wake up!
    They need to smell the coffee
    And finally they need to NOT buy season tickets and kill this mortally wounded lamb


  29. Superscoreboard ‏@ClydeSSB 28m

    Police have confirmed they’re investigating a complaint against Rangers chief executive Graham Wallace.


  30. From Andrew Smith in the online version of The Scotsman(or Scotland on Sunday) this morning, referring to Dave King:
    ” .. However, through a gushing press for King, the only alternative being presented is a man who mismanaged his own financial affairs so profoundly he had to repay more than £40m to the South African tax authorities..”
    That kind of mealy-mouthed avoidance of the plain and total facts really annoys me.
    I emailed him as follows:
    “Andrew Smith,
    What is it with you guys in the Scottish press, that you feel you have to use watered- down language such as “… a man who mismanaged his own financial affairs so profoundly he had to repay more than £40m to the South African tax authorities and lodge certain payments to 
prevent his convictions landing him in prison” instead of bluntly referring to him as a ‘convicted fraudster’?”
    The South African court records are proof positive that that is what he is.A man who cleverly and deliberately defrauded the South African Revenue Service and the tax-payers of South Africa out of millions, not some hapless incompetent like, say, the ‘duped’ ex-owner of a football club whose incompetence killed the club!
    Tell the truth, the full unvarnished truth, without fear or favour, and really earn the title of ‘journalist’.
    Yours in the cause of objective reporting,
    John Clark


  31. Can we kill this nonsense about pre-emptive rights once and for all?
    There are 65.2m issued shares in RIFC and 43.5m unissued shares sitting in the RIFC Piggy Bank. This means RIFC can sell up to 43.5m shares at whatever price they choose and keep the net proceeds
    At the Dec AGM the RIFC Board lost a resolution to disapply the pre-emptive rights of existing shareholders
    This meant that the Board could not sell new shares out of their 43.5m piggy bank to any new shareholder they chose at whatever price they deemed appropriate
    Instead they had to offer these shares to all existing shareholders Only the balance is available to sell to new shareholders
    Sad isn’t it?
    Nope
    Normal cos needing more capital wouldn`t blink an eyelid at offering new shares to all existing shareholders.It happens all the time
    Spiv cos are different
    They want disapplication of pre-emptive rights removed for a different reason
    They don’t want to offer new shares to ALL shareholders
    They don’t want to plough new investment into the business (Although that’s the first porkie they tell everybody)
    Nope
    They only want to offer new cheapie shares to selected fellow Spivs who are current shareholders
    And they don’t do it to raise money.
    They do it to pay off favours
    Typically the new shares are offered for a fraction of the share value as measured by the share price at the time
    It was done when Sevco Scotland was set up.
    That’s how Green locked out CW and AE from Sevco 5088 morphing into Sevco Scotland
    It was done again when RIFC was set up
    That’s how Ally got 1m shares at 1p
    And RIFC are desperate to do it again
    So
    Does anybody believe a Spiv co like RIFC run by Spivs for the sole benefit of Spivs is suddenly going to operate with integrity and ethics?
    Actually one man does believe it (or claims he does)
    That man is the current CEO, GW
    However people should be wary of someone who has burnt his boats with the City by issuing such a damning report.Like many on this blog all the savvy people in London will figure this was a oneweek job descibedd as 120days
    So
    This is the action of someone with his jacket on

    GW can compare RIFC to as many respectable cos that he likes
    He can say failure to disapply pre-emptive rights causes a big problem
    He can imply that existing shareholders will pony up whatever it takes to keep their % ownership at its current level
    He can imply that if they don’t there is a Big Spiv in the Car Park just desperate to pony up the balance
    In Fact
    GW can say whatever he likes
    He has done his job for the Spivs. He is about to leave. All he cares about is moving the blame for his tenure on to someone else
    He will be long gone before the chickens come home
    All that matters now is getting paid


  32. Just a little thought on this ‘cash for season tickets’ scenario; there will be an added cost involved in this for TRFC, because 40,000 bears turning up with £4-500 pound in cash will produce a serious security problem! Oh wait, they’ve got their own security firm, won’t that be handy. But that’s owned by RIFC, I think (someone will correct me I’m sure), and if it is, it’s another way to get a few grand out of TRFC and into RIFC’s non-administration/liquidation threatened coffers. I suppose, at least, the people that work for that arm of the Sevco Empire won’t have to worry about redundancy, for a month or so yet.

    On the subject of cash, didn’t some people lose some from their place of business about a year or so ago. Might be advisable to double that security 😉


  33. torrejohnbhoy(@johnbhoy1958) says:
    April 27, 2014 at 11:12 am

    Phil

    So, are the same forces who went after Malcolm Murray, now going after Graham Wallace, for pretty much the same reasons?


  34. buddy_holly says:
    April 26, 2014 at 10:53 pm

    “With all due respect, my memory and the voting patterns indicated the opposite …”
    ————————————–
    I appear to have just made stuff up with the full complicity of my sketchy memory. 😳


  35. Castofthousands says:
    April 27, 2014 at 12:11 pm
    0 0 Rate This

    buddy_holly says:
    April 26, 2014 at 10:53 pm

    “With all due respect, my memory and the voting patterns indicated the opposite …”
    ————————————–
    I appear to have just made stuff up with the full complicity of my sketchy memory.

    No worries.

    One of the great intrigues and complexities of being a human being is that you only know/believe what your mind retains. Your mnd may not always retain the truth.

    This leads into all sorts of subjects about how we lie or are economical with the truth.

    Buddy


  36. GoosyGoosy says:
    April 27, 2014 at 11:53 am
    13 0 Rate This

    Can we kill this nonsense about pre-emptive rights once and for all?
    There are 65.2m issued shares in RIFC and 43.5m unissued shares sitting in the RIFC Piggy Bank. This means RIFC can sell up to 43.5m shares at whatever price they choose and keep the net proceeds
    At the Dec AGM the RIFC Board lost a resolution to disapply the pre-emptive rights of existing shareholders
    This meant that the Board could not sell new shares out of their 43.5m piggy bank to any new shareholder they chose at whatever price they deemed appropriate
    Instead they had to offer these shares to all existing shareholders Only the balance is available to sell to new shareholders
    Sad isn’t it?
    Nope
    Normal cos needing more capital wouldn`t blink an eyelid at offering new shares to all existing shareholders.It happens all the time
    Spiv cos are different
    They want disapplication of pre-emptive rights removed for a different reason
    They don’t want to offer new shares to ALL shareholders
    They don’t want to plough new investment into the business (Although that’s the first porkie they tell everybody)
    Nope
    They only want to offer new cheapie shares to selected fellow Spivs who are current shareholders
    And they don’t do it to raise money.
    They do it to pay off favours
    Typically the new shares are offered for a fraction of the share value as measured by the share price at the time
    It was done when Sevco Scotland was set up.
    That’s how Green locked out CW and AE from Sevco 5088 morphing into Sevco Scotland
    It was done again when RIFC was set up
    That’s how Ally got 1m shares at 1p
    And RIFC are desperate to do it again
    So
    Does anybody believe a Spiv co like RIFC run by Spivs for the sole benefit of Spivs is suddenly going to operate with integrity and ethics?
    Actually one man does believe it (or claims he does)
    That man is the current CEO, GW
    However people should be wary of someone who has burnt his boats with the City by issuing such a damning report.Like many on this blog all the savvy people in London will figure this was a oneweek job descibedd as 120days
    So
    This is the action of someone with his jacket on

    GW can compare RIFC to as many respectable cos that he likes
    He can say failure to disapply pre-emptive rights causes a big problem
    He can imply that existing shareholders will pony up whatever it takes to keep their % ownership at its current level
    He can imply that if they don’t there is a Big Spiv in the Car Park just desperate to pony up the balance
    In Fact
    GW can say whatever he likes
    He has done his job for the Spivs. He is about to leave. All he cares about is moving the blame for his tenure on to someone else
    He will be long gone before the chickens come home
    All that matters now is getting paid

    That s the best explanation I have yet heard.

    Well done that man.

    Buddy


  37. GoosyGoosy says:
    April 27, 2014 at 11:53 am

    Good post GG (in my opinion) and what you say leads nicely to the vague hints from Wallace that removing the pre-emptive rights would pave the way for the entry of the King. It helps the board get the resolution they want/need passed, by creating the belief that that’s what it would achieve, then leaves the door open for them to do whatever they like. I’m sure there will be some regulations in place that prevent the issue of shares at a ridiculously large discount, but whatever the price, the cash raised will be in RIFC’s account and that, together with Ibrox and Murray Park (assuming they do get transferred to the holding company) would make RIFCplc a much more attractive investment and probably lead to an upturn in the share price. That would only lead to an increased share price, of course, if the money wasn’t passed to a football club drowning in it’s own need to ‘get back to where it belongs’.

    No doubt there are a lot of holes in my scenario, but we know the spivs won’t want to dilute their holding, and so their control, and any move to increase their holding and increase their control will suit them down to the ground. They then have a bigger share of a company with an excellent property portfolio, albeit only a handful of properties, with a very large rental value and no upkeep costs – to them. And money in the bank to increase the portfolio! Might be a good time to buy shares in this young company, before too many people catch on 😉


  38. Anyone know when TRFC monthly salaries are/were due this month?

    If they are stabilising as GW’s reports states, they won’t have problems paying this or next month’s salaries.


  39. Matty Roth

    I thought they were due on thurs/fri last week ❓


  40. PhilMacGiollaBhain says:
    April 27, 2014 at 12:41 pm

    Interesting. Cos one of the strands about the Murray episode was that he was attempting to put some sort of governance in place, and in the process turning over rocks that people did not wish turned over. Wallace’s review hasn’t so much turned over rocks, as opened his own fecking quarry :mrgreen:


  41. scapaflow says:
    April 27, 2014 at 11:57 am

    6

    0

    Rate This

    torrejohnbhoy(@johnbhoy1958) says:
    April 27, 2014 at 11:12 am

    Phil

    So, are the same forces who went after Malcolm Murray, now going after Graham Wallace, for pretty much the same reasons?

    ______________________________________-
    PhilMacGiollaBhain says:
    April 27, 2014 at 12:41 pm

    1

    0

    Rate This

    scapaflow says:
    April 27, 2014 at 11:57 am

    No

    ________________________________________________

    scapaflow says:
    April 27, 2014 at 12:51 pm

    1

    0

    Rate This

    PhilMacGiollaBhain says:
    April 27, 2014 at 12:41 pm

    Interesting. Cos one of the strands about the Murray episode was that he was attempting to put some sort of governance in place, and in the process turning over rocks that people did not wish turned over. Wallace’s review hasn’t so much turned over rocks, as opened his own fecking quarry :mrgreen:

    ____________________________________________________

    Right then.
    Murray’s enemies were the CG contingent and his cronies. MM was a thorn in their side while they were trying to spiv off the IPO proceeds. MM was the patsy that brought the IPO money to the tables along with the brogue factions. Walter Smith was the figurehead in the sand, – the WATP brogue faction that was financially inastute and happy to spend OPM, brought in to keep the SFA and MSM compliant, while the spivs ran rings around them all. McCoist was the well fed Judasgoat.
    GW was brought in to head off the revolt just before the crust of veneer on the cess pit cracked open.
    He did not like what he found when he arrived.
    The brogue and King faction want to use him as a patsy.
    The only people who have put money in without syphoning it off (Laxey and Easedales) are being made to take the hit.
    King is there trying to burst the ba’ again and pick up the bits on the cheap.

    So there are only 2 ways out of this:
    1. No Ibrox football 2014/15
    2. Shenanigans of such magnitude that they would make the 5wa look like the sermon on the mount!

    Blimey.


  42. Phil,

    I’ve noticed the ‘duplicate contract’ discussion on your twitter account. All very intriguing 😀

    You’ve made it clear it’s nothing to do with player contracts but more in the way of service contracts. Whatever it is, duplicate contracts are never created for what could be described as ‘above the board’ reasons. Could it be some kind of tax dodge? VAT? Or just contracts issued to Green’s mates that he wouldn’t have wanted others at Ibrox to know about?


  43. Who foresees an mote for an extension to the nunmber of teams in the SPFL should things keep going the way they are going in the SPFL currently. If this means a early arrival for one team I wonder should they go into admin will it be a 15 or 25 points ?


  44. Allyjambo says:
    April 27, 2014 at 11:57 am

    … Oh wait, they’ve got their own security firm, won’t that be handy. But that’s owned by RIFC, I think (someone will correct me I’m sure), and if it is, it’s another way to get a few grand out of TRFC and into RIFC’s non-administration/liquidation threatened coffers.
    ——-

    Garrion Security Services Ltd is wholly owned by TRFC Ltd.


  45. Phil, Brenda. Thanks.

    I had heard a rumour this may have been missed, hence my cheeky questions.

    So next month’s payroll could be VERY interesting then.

    Not sure why our discussion of payroll dates has attracted a few thumbs down…


  46. Phil,

    Should have said in my previous post that I don’t expect an answer and acknowledge that it’s probably best you don’t say too much at this time


  47. BigGav says:
    April 27, 2014 at 1:46 pm

    Cheers Big Gav. Still going to cost a bit extra for the security, I suspect. Or maybe they’ll just not bother.


  48. BigGav says:
    April 27, 2014 at 1:46 pm
    0 0 Rate This

    Allyjambo says:
    April 27, 2014 at 11:57 am

    … Oh wait, they’ve got their own security firm, won’t that be handy. But that’s owned by RIFC, I think (someone will correct me I’m sure), and if it is, it’s another way to get a few grand out of TRFC and into RIFC’s non-administration/liquidation threatened coffers.
    ——-

    Garrion Security Services Ltd is wholly owned by TRFC Ltd
    ========
    I hope Garrion haven’t taken any tips from these coves!
    http://news.stv.tv/west-central/231534-rangers-investors-james-and-sandy-easdale-have-100000-stolen/


  49. I was always puzzled by Stockbridge’s comment last year that there would only be £1 million left in Rangers’ bank account by April. It seemed a bit stoopid at the time but now I wonder.

    Was Stockbridge making it clear that the management accounts were showing exactly what was going on at Ibrox and exactly what the financial situation was.

    And if Stockbridge as a director and company secretary was stating there would only be £1 million left in the kitty how come that Wallace appears to be saying that his review unearthed financial ‘black holes’ which it would seem Stockbridge didn’t factor into his financial projections.

    Obviously I have no way of knowing whether Stockbridge was aware of these ‘black holes’ or not but taking into account what Wallace now says it seems fair to say they weren’t taken into account in the company accounts.

    But – and this is my problem – if they weren’t taken into account then how can Wallace say the other day that they still have a little less than £3.5 million left in the bank at the end of April?

    We know that was also the figure given officially until the end of December 2013 and taking into account the £1.5 million loan I am amazed that with their cash ‘burn-rate’ that they apparently have approx £3.5 million left in the bank although only rangernomics could describe a £1.5 million loan as ‘money in the bank’.

    I am even more amazed that this is more than double what Stockbridge forecast and yet we now know that there were other financial ‘black-holes’ that Stockbridge either didn’t know about or didn’t account for.

    So as far as I can understand it there should be a helluva lot less than £1 million in the bank. Perhaps with my limited grasp of finance I am missing something basic here but there is something very contradictory IMO with what we are being told here.

    I was also wondering whether the fact that the police are investigating Rangers chief exec for a criminal offence under the Companies Acts for allegedly misleading shareholders whether this will require to be announced on AIM?


  50. ecobhoy says:
    April 27, 2014 at 2:35 pm

    But – and this is my problem – if they weren’t taken into account then how can Wallace say the other day that they still have a little less than £3.5 million left in the bank at the end of April?

    ===============================
    I find Wallace’s statement incredible. If there was just short of £3.5m in the bank last week, I would love to know where it came from. Certainly not from trading activities. Perhaps I should contact Police Scotland?

    Wallace has shown from day one that he is not up to being CEO of a listed company. He doesn’t seem to understand that in his position you simply can’t make off the cuff statements regarding the finances of a listed company. Any statement regarding the bank balance should have been made to all shareholders and potential shareholders through an AIM announcement. Anything else is market abuse. This guy is completely out of his depth, in my opinion.


  51. I’m not sure how much Sevco are charging for their season tickets for next season or what the correct value of their recent sponsorship deal was but could the ‘less than £3.5M’ be made up of:-

    £700k sponsors
    £800k (Assuming 2k season tickets sold at £400)
    £1.5M (Loan)

    Just guessing as I think Wallace has to have been telling the truth at the moment the question was asked. He couldn’t possibly lie so blatantly in a live press conference regarding the future of the business, could he?


  52. And just not to take an eye off a running sore, we have this little item (also by Andrew Smith) in the ‘Scotland on Sunday’
    ” Ogilvie not ruling out UEFA bid
    SFA president CO has refused to rule himself out of standing for the FIFA vice-presidency post that is reserved for a member of of the four British Associations. ……… “It is something we have talked about,” said Ogilvie.”But I have not given it serious thought.I am too busy [!!] with this post.I wouldn’t rule it out, but there may be other people here who have an interest.It is not on my agenda at the minute.It is a whole new process. As part of this new FIFA reform, the board will retain a British seat but instead of it being agreed among the four home nations, it will be voted on by the whole of the UEFA associations.Every association [ presumably he means each of the 4 home nation associations? ] could have two,three or four candidates and it would be UEFA who would decide”
    ——————
    It would be an affront to us all in Scotland if he was even allowed to nominate himself as a candidate. And it is symptomatic of his shameless, brass-necked sense of immunity that he feels able to say publicly that he ‘does not rule himself out.”


  53. ecobhoy says:
    April 27, 2014 at 2:35 pm
    ‘…I was also wondering whether the fact that the police are investigating Rangers chief exec for a criminal offence under the Companies Acts for allegedly misleading shareholders whether this will require to be announced on AIM?’
    ———
    It would be interesting to see if Daniel Stewart ,the NOMAD, have had anything to say to AIM this week-end. They could find themselves in soapy bubble either if they knew that Wallace was being misleading and kept schtum OR if they do not ask their own questions and report to AIM on what the allegation by Maher is about
    And brave, honest Maher?
    Or is he is a ‘plotter’ on behalf those cheapskate guys who want to gain control for the price of a pint ?


  54. Is there a two year lock-in for some of these pilgrims?
    – Or two year window for some tax wheeze that’s keeping some in place before they can skedaddle?
    There does seem to be a time thing going on – 120 days etc
    But two years takes them to July / August – not sure of exact date – and razor tight to a new season start.
    Could be interesting – If so.
    Make any sense?


  55. JC, I hear you and initially agree, however on reflection having Ogilvie in the full glare of an European MSM that may take great pleasure in toasting his gready erse, I would like to see him nominate himself, there would be a flood of information from this site to Le Monde etc. and that could make for great entertainment. no?


  56. Aquinas says:
    April 27, 2014 at 7:04 pm

    JC, I hear you and initially agree, however on reflection having Ogilvie in the full glare of an European MSM that may take great pleasure in toasting his gready erse, I would like to see him nominate himself, there would be a flood of information from this site to Le Monde etc. and that could make for great entertainment. no?

    I fear that in the upper echelons of football administration any accusations against Mr O would not really register on the UEFA/FIFA corruption monitor


  57. scapaflow says:
    April 27, 2014 at 4:14 pm
    ‘……fit right in at Sepp Blatter’s FIFA,’
    ——————–
    I like the line from Damian Collins MP.
    A wee change of name,and the line could apply to another football office bearer.
    ” Sepp Blatter should himself resign for his failure to expose the wrongdoing sooner, and to take action earlier against those who had done wrong.”


  58. Rather convenient for some this Plod thing – gives an excuse to draw down the shutters. Remember the CO investigation into the TO thing – That too gave an excuse to black-out.

    Suspect more than a few authorities feel they`ve been `duped` – aka made complete mugs of – and will be desperately scrambling behind a convenient veil to extricate themselves – and their backsides – from the fall–outs that`s coming.

    An extraordinary mess presided over by a well-paid army to protect the public from such.


  59. Sunday Mail Opinion:

    It is easy to forget that the primary task of newspapers is to be a nuisance on behalf of our readers, asking the questions they would ask if given the chance.

    And those who would like that forgotten most are the rich, powerful and politically connected the press hold to account day by day, story by story.

    —————————————————

    We know that is your role and that is why it is so frustrating when you do the exact opposite.

    Time to stop talking the talk and start walking the walk!


  60. Madbhoy24941 says:
    April 27, 2014 at 8:17 pm
    ‘…It is easy to forget that the primary task of newspapers is to be a nuisance on behalf of our readers, asking the questions they would ask if given the chance.’
    ————
    I haven’t read the Sunday Mail since the 1950s when my mammy used to do the ‘Fashion Contest’ !
    Did they have the bloody gall to say that ? They who not only so readily forgot to ask serious questions of SDM, CW, CG, CO, SR, ND, D&P, -the whole cast list of dubious personalities attached to or circling around the corpse of RFC, but acted as PR for the guff that came out from them.
    Shifty-eyed, hypocritical brass-neckedness doesn’t describe it!


  61. John Clark says:
    April 27, 2014 at 8:44 pm

    Did they have the bloody gall to say that ?
    ————————————————————-

    Yes they did, in between these Little nuggets….

    “We won Reporter of the year, Scoop of the Year and Newspaper of the Year on a night hailing the best in Scottish journalism.”

    “The press awards on Thursday showed again that Scotland’s journalists are among the best in the world. We should be allowed to remain so.”


  62. Aquinas says:
    April 27, 2014 at 7:04 pm
    ‘..there would be a flood of information from this site to Le Monde etc. .’
    ———-
    There are posters on the blog who live in many of the UEFA countries who could have fun writing letters in the local language about the best administrator in the world-and his contribution to Scottish football and his standing therein!
    We could get a wee thing going, if it becomes necessary to take action. 😀


  63. Madbhoy24941 says:
    April 27, 2014 at 8:53 pm
    ‘…..”“The press awards on Thursday showed again that Scotland’s journalists are among the best in the world…”
    ————–
    To use a phrase I haven’t heard for a long time: what absolute scheidt that editorial excretes, particularly in relation to sports journalists on the tabloids.


  64. Bill1903 says:
    April 27, 2014 at 9:13 pm
    ‘…Derek McInnes named manager of the year.’
    ———–
    Wouldn’t argue with that.Congratulations to him and the club.


  65. Maybe a bit harsh on Lennon. Winning the league invariably means you’re the best team over the season but I suppose their poor performance in the cups has to be taken into consideration too. I guess McInnes just shades it. May Armageddon and the ‘perceived lack of competition in Scottish football’ (the words of Peter Lawwell, not mine) continue.


  66. John Clark says:
    April 27, 2014 at 9:23 pm

    Takes off green tinted specs and says Spot on John. Congrats to Derek McInnes.

    Am a luvin this Armageddon lark


  67. incredibleadamspark says:
    April 27, 2014 at 9:39 pm

    Maybe a bit harsh on Lennon.

    ————————

    This year? No chance. Winning the league with his comparative resources is a skoosh. McInnes deserves all the plaudits this year. Lennon can feel aggrieved that he did not win it last year, though, when he won the double and got to the last 16 in the CL beating Barca at home and Spartak home and away. I still don’t understand that one.

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