Podcast Episode 5 – Hibs Takeover ?

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Just read McMurdo’s blog, which Scapa has linked to. I’ve …

Comment on Podcast Episode 5 – Hibs Takeover ? by neepheid.

Just read McMurdo’s blog, which Scapa has linked to. I’ve always had issues with tripe for breakfast. What caught my eye, though, was the entry below, an article by Kenny S, entitled “We Need A Billionaire – A Fan Speaks Out”

I commend the article to anyone who believes that the mindset of the Ibrox fans is changing. Oh no it isn’t.

neepheid Also Commented

Podcast Episode 5 – Hibs Takeover ?
What I believe is likely to happen on Tuesday is that Rangers QC will turn up in court with an affidavit from a prominent shareholder to the effect that he has applied for all available unsold shares in the current offer, so in effect underwriting the issue. That will guarantee £4m in the bank within a week.

That is really the only way the share offer can succeed, in my opinion. And the only way the circus can continue, other than selling what remains of the the assets to Ashley next week at knockdown prices and subject to onerous leases.

Podcast Episode 5 – Hibs Takeover ?

It’s believed that although SFA rules prevent the Newcastle United owner extending his shareholding in the club, he could yet bail them out with loan payments to tide them through the coming months. The potential cost of those, both financially and to the club’s powerbase, is still unclear.

An extract from the Sunday Mail article posted above. Can someone translate for me, please? What is the club’s “powerbase”, and how can a loan cost it?

Podcast Episode 5 – Hibs Takeover ?
16 Sodium Atoms says:
September 6, 2014 at 8:44 pm
2 0 Rate This

Does this “ring fencing” of the season ticket money actually mean anything.
I don’t think it does. There is certainly no formal ring fencing, like an escrow account or client account, for instance. Deloittes may have indicated that ST money should not be used up front, or they might qualify the accounts, but we’ve already been there last year with the mysterious vanishing loan facility- now you see it, now you don’t, and you especially don’t see it when you actually need it.

The figure put to the court yesterday will be the actual bank balance in the TRFC account. Subject to Tuesday’s appeal, £650k of that is now ring fenced. With only £1.5m in the bank, before the ring fencing, the cash position is now terminal. Unless the directors know that some more cash is arriving before pay day, they should shut up shop tomorrow. I suspect there actually is some cash on the way-but at what price? It won’t be cheap.

Recent Comments by neepheid

It Is Better To Offer No Excuse Than A Bad One
Here is a fuller address for Ibrox Park Holdings- https://opencorporates.com/statements/121234211
Ibrox Park Holdings LimitedAddress2nd Floor, 625 Kings Road North PointCountry CodeHK

It Is Better To Offer No Excuse Than A Bad One
For those interested in Ibrox Park Holdings, this link may help- http://www.bizdb.co.nz/company/9429033711843/
The link is to a NZ company, Youtap Ltd, which has Ibrox Park Holdings as one of its shareholders, with a Hong Kong address.

Shares Allocation #19 Number of Shares: 194806OtherIbrox Park Holdings LimitedNorth Point
 Hong Kong SAR China10 May 2013 –

The Vice Closes
It seems that Broadfoot’s amateur hour PR ploy of leaking a 5 year old confidential letter from Celtic to the SFA has spectacularly backfired. Now it’s all out in the open- and having first broken confidence themselves, the SFA cannot complain about that.
Celtic’s 5 year restraint, in keeping their dealings with the SFA confidential, cost them a lot, not just my season ticket money, but  doubtless the money of a few others besides, plus, and more importantly, the erosion by many others of their faith in the club they have loved all their lives.
Now Regan is staring at the abyss. As I posted yesterday, even the leaking of Celtic’s 2012 letter would, in itself, finish him in any normal association. Can he now do anything other than resign? He faces pressure from the SPFL for an enquiry. He faces a Judicial Review which could extend to all shenanigans going back 10 years and more.
Even his own Compliance Officer, who I assume is a solicitor with something to lose professionally, will shortly be opening a few rusty old filing cabinets in Ogilvie’s old room. I was going to say look under the carpet, but that really is a stretch for an internal enquiry.
On a personal level, I can now resume my relationship with CFC, happy in the knowledge that my club were not ignoring the corruption, but challenging it in a professional manner. That feels very good indeed, believe me.

The Vice Closes
If it is correct that Celtic’s 5 year old letter to the SFA was leaked to The Times by the SFA’s former employee and current PR guru, Mr Broadfoot, presumably as the opening shot in a “divide and rule” campaign, then the SFA have some serious questions to answer.
Is that how a competent governing body treats one of its members? A leak of private correspondence? Really? Celtic should kick up such a stooshie about this leak that the instigator (and you can be sure that Broadfoot is only carrying out instructions) is identified and booted out of Scottish football.
There are clearly individuals within the SFA who think that they can act as they like with total impunity. They have learned nothing from the Farry episode. It’s time they were taught a lesson once and for all.  

Time for Scots Government to Take Bull by the Horns
DarkbeforedawnJuly 9, 2017 at 15:55  
The Rangers Tax Case was seen as a test study into EBTs in football, and many media outlets think this is the tip of the iceberg, particularly in England. Surely the SFA should consult with their cross border counterparts on what actions may be taken? Arsenal have already settled an EBT case for their title winning year, so if we are applying the logic Rangers should have titles stripped because they were using illegal means of paying their players, surely Arsenals league titled should be taken away? And what if a number of other big fish in England are found guilty?
All English clubs involved either already have, or very soon will, reach settlements with HMRC. Nobody is going to court, because they aren’t stupid enough or arrogant enough to assume that they can win in the face of the facts, just because of who they are.
It was open to Rangers to correct matters by being open and honest with HMRC, and paying up, but firstly they didn’t see why they should, and secondly, they had no way of paying.
The fact that Rangers evaded more tax than they could subsequently repay just highlights the industrial scale of what went on at that club.
If the English clubs involved  took it a step further, as Rangers did, and concealed EBT payments from the FA, or had undisclosed side letters as part of players’ contracts, then of course the FA should take action.
The footballing offence is not tax evasion as such, but false reporting to the SFA of payments to players, and failure to lodge correct player contract details with the SFA.
What the SC judgement blows away totally is the “no sporting advantage” reasoning of LNS. Other clubs could not save on PAYE by using the EBT payment method. That is now an established fact.  
I’m pretty sure that industrial scale tax evasion could, in fact probably should, also lead to footballing charges along the lines of “bringing the game into disrepute”, but it will be snowing hard in hell the day that the SFA take that line with any club playing out of Ibrox.

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