Podcast Episode 5 – Hibs Takeover ?

A consortium led by David Low has been in talks with Sir Tom Farmer seeking to purchase Hibernian Football Club. The story has been embargoed for a few weeks, but David agreed to speak to TSFM to give us an exclusive interview and provide us with information about his intentions for the Edinburgh club.

Highlights of the interview include the similarities and differences between the Hibs situation and the one he found at Celtic Pak in 1994; how Scottish Football’s “new level playing field” as Low calls it has created an opportunity for a club like Hibs to be the main challenger to Celtic for honours; the contrast of his consortium’s approach to that of the recent debacle at Ibrox; the role of the fans at every level of the club; the future of Allan Stubbs and Leanne Dempster; and the journey back to the Premiership.

Low is frank about his reputation as a well-known Celtic fan, but highlights his Hibbee credentials and his affection for the club, eschewing the “I was always a Hibbee” line taken by so many people seeking to ingratiate themselves with the locals at various clubs.

Certainly, the experience and finance rolling around Low’s consortium is something that any club could do with, but the fans are crucial to their involvement and interest.

He says he won’t go ahead with the purchase unless the fans are behind them.

“Fans have never been so powerful as they are today, especially with the advent of social media like TSFM”

“We have seen in recent years what a body of fans are capable of when they re together”

“We want to have that togetherness at Hibs, because the only way forward is to have trust between the boardroom and the fans, you only have to look at the levels of distrust between board and fans at Rangers to see that it is a recipe for disaster”


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John Cole

About Big Pink

Big Pink is John Cole; a former schoolteacher based in the West of Scotland, He is also a print and broadcast journalist who is engaged in the running of SFM . Former gigs include Newstalk 106, the Celtic View, and Channel67. A Celtic fan, he is also the voice of our podcast initiative.

2,528 thoughts on “Podcast Episode 5 – Hibs Takeover ?


  1. mcfc says:
    August 21, 2014 at 3:57 pm

    scottc says:
    August 21, 2014 at 3:41 pm
    I understood that relates to certain ‘uses of IPO money’
    =======================================================
    Say more if you can – perhaps you mean they did not spend much of the IPO money as stated to investors in the prospectus. That would be quite naughty – wouldn’t it?

    It was tweeted on, I think PMG’s timline, that it was the use of IPO money that was causing concern. Not entirely sure what the issue is though. I am assuming that you are meant to do the things you say you were going to do when you use AIM to raise money.


  2. mcfc says: August 21, 2014 at 4:21 pm

    That includes £4m of property valuation jiggery pokery. Major things would have had to change to save £4m per year and cancel out known spending increases. What was done to save £4m per year ?
    ==================================
    I recall the £4M+ going out the door (including £2.5M for Edmiston House and the Albion Car Park) in the last full year accounts but not in the last interims.

    From the accounts

    “The cash outflow in the six months to 31 December 2013 of £7.7m included £5.6m from operations and £1.4m capital spend on stadium Wi-Fi, LED advertising boards and stadium screens.”


  3. scottc says:
    August 21, 2014 at 4:33 pm

    ‘ I am assuming that you are meant to do the things you say you were going to do when you use AIM to raise money.’
    _____________

    Now that would make sense…

    …so it can’t be that!


  4. easyJambo says:
    August 21, 2014 at 4:44 pm

    From the accounts

    “The cash outflow in the six months to 31 December 2013 of £7.7m included £5.6m from operations and £1.4m capital spend on stadium Wi-Fi, LED advertising boards and stadium screens.”
    ==========================================================
    I don’t want to start an accountancy battle – but I’ve seen nothing to suggest cost cutting on the scale suggested by the interims – given the leeway accounts have for obscuring the facts. I’m sure Wallace and Co would have been at pains to tell us all the positive details instead of hiding behind opaque accounts.

    btw the full paragraph you quote from is:

    [quote]
    The Club ended the period with £3.5m of cash compared to £21.2m at 31 December 2012 and £11.2m at 30 June 2013. The cash outflow in the six months to 31 December 2013 of £7.7m included £5.6m from operations and £1.4m capital spend on stadium Wi-Fi, LED advertising boards and stadium screens.
    [unquote]

    So up £4m up on the swings and £18m down on the roundabouts – and where she ends up no body knows.


  5. We Heard What You Said, But We Know What You Did

    Any investors might want to refresh their memory of how the IPO proceeds were to be spent according to the IPO prospectus, page 31, section 6. http://www.rangersinternationalfootballclub.com/images/staticcontent/documents/RFC_Prospectus.pdf

    6. Use of proceeds and effects of the proceeds
    The Company plans to use the money raised from the Placing to improve the infrastructure of the Club.
    In particular, the Directors have identified:
    •upgrades to Ibrox Stadium (approximately £5.5 million);
    •acquisition and development of land assets adjacent to the stadium (approximately £4.5 million);
    •other identified projects which could result in additional revenue generating activities
    (approximately £3.0 million); and
    •general working capital purposes.
    In addition, should the Company receive funds from the Offer, the Directors have identified other potential
    investments that would go beyond the scope of the Group’s strategy in the next 12 months, but which could
    further enhance revenue opportunities.
    In particular, the Directors have identified:
    •further upgrades to Ibrox Stadium (approximately £3.5 million); and
    •other identified projects which could result in additional review generating activities (approximately
    £2.0 million).
    Additionally, cash could also be used to provide the Directors with additional flexibility to
    opportunistically consider appropriate investment opportunities as and when they arise.

    I’d suggest that some of these things have not been done. So the money must have been spent on things more advantageous to the business and its shareholders.


  6. mcfc says:
    August 21, 2014 at 5:05 pm
    2 0 Rate This

    easyJambo says:
    August 21, 2014 at 4:44 pm

    From the accounts

    “The cash outflow in the six months to 31 December 2013 of £7.7m included £5.6m from operations and £1.4m capital spend on stadium Wi-Fi, LED advertising boards and stadium screens.”
    ==============================================================================

    Am I correct in saying that the operations figures doesn’t include the costs of the 1st team which we know was circa £6-7m?

    The £5.5m quoted for 6 months could bring the annual operations cost to £11m.
    We know from historical accounts, even gong back to SDM times, the operations costs were circa £14m per annum.

    I’m not sure where they have saved £3m from.
    Anyway in my mind they still need at least £18m in revenue or so a year to see out a season.

    20k season tickets at 300 a pop = £6m. Will they get another £6m via pay as you go?
    Still six million short.
    Sponsorship, merchandise, hospitality, tv, prize money etc needs to make up the difference.

    Very tight in my eyes and probably not possible if it is more than £18m for outgoings.

    Cash flow still the big problem, especially if the pay as you goes don’t materialise.

    A sigh of relief was probably heard down Govan way when an away Petrofac tie at East Fife came out the hat given the other night was probably a loss maker.

    EDIT

    An of course the above exclude VAT before the usual suspects bring that up 🙂


  7. wottpi says:
    August 21, 2014 at 5:44 pm
    ==================================
    wottpi – well the accounts will be out soon and we’ll all be able to see the progress made – especially against the 120 Day Review objectives which plot the course onwards and upwards. If Wallace pulls this off he’ll be hailed as the turn around genius of the century – but I suspect he’s more likely to pick of the Nobel prize for literature (fiction).


  8. Just heard on the STV news that the Easdale offer for the shipyard is conditional on who owns the land it sits on.

    As I mentioned a couple of days ago my crystal ball only sees new houses once the yard is demolished. IMO the only hope for the yard is if The Scottish Government keeps it open.

    However whether that would extend beyond the referendum result is another matter 🙄

    ecobhoy says:
    August 19, 2014 at 9:57 am

    There’s nearly always money to be made from companies in trouble and one thing about the Port Glasgow Yard is its waterfront location. I don’t know how big the property is in terms of acreage or whether the shipyard actually owns the land – it could belong to the likes of Clyde Port Authority.

    But it seems to me its prime house-building land and on my infrequent train journeys past Port Glasgow it seems that all the old shipbuilding sites have been redeveloped with lots of new housing.


  9. mcfc says:
    August 21, 2014 at 5:28 pm

    We Heard What You Said, But We Know What You Did

    Any investors might want to refresh their memory of how the IPO proceeds were to be spent according to the IPO prospectus, page 31, section 6. http://www.rangersinternationalfootballclub.com/images/staticcontent/documents/RFC_Prospectus.pdf

    6. Use of proceeds and effects of the proceeds

    •general working capital purposes…
    =================================================
    Whilst we all knew at the time of the IPO that the proceeds were for working capital virtually exclusively, the above prospectus entry – IMHO – is just enough to cover the directors backsides and provide sufficient wiggle room.

    “Conditions post-IPO changed to such an extent – out of the board’s control – that the intended, prospectus investments had to be postponed, and the focus then became survival of the company, blah blah blah…” or some such tosh.


  10. ecobhoy says:
    August 21, 2014 at 6:25 pm

    Just heard on the STV news that the Easdale offer for the shipyard is conditional on who owns the land it sits on…
    ================================================
    Were the Easdales standing outside the shipyard gates shouting at the assembled hacks;
    “Show us the deeds !” 😯

    But I feel you may have called it wrong eb on planned housing – as I heard with my own ears, one of the Easdales state on the radio that he felt ‘obligated’ to save the shipyard as there is such a rich, local history of shipbuilding.

    And he is a pillar of society as a ‘Rangers’ director, so would never speak an untruth – and especially not to the media…


  11. ecobhoy says:
    August 21, 2014 at 6:25 pm
    3 0 Rate This

    Just heard on the STV news that the Easdale offer for the shipyard is conditional on who owns the land it sits on.

    ———–
    I think you will find that the owner of the land that the shipyard sits on is owned by DUNNET HOLDINGS LIMITED and will not be part of the sale. Property company of the yard owner me thinks.


  12. StevieBC says:
    August 21, 2014 at 6:29 pm

    “Conditions post-IPO changed to such an extent – out of the board’s control – that the intended, prospectus investments had to be postponed, and the focus then became survival of the company, blah blah blah…” or some such tosh.
    =======================================
    I agree it gives them some wiggle room, but the fundamentals didn’t change that much. It could be argued strongly that they had little intention or capacity to do the “investing in fixed assets” things they made front and centre – intended to soothe potential investor concerns about stability and risk. Companies have been sued by investors for less. But this requires the investors who have been disadvantaged to organize and fund action – which seems unlikely. However, AIM may take a dim view if they look closely.


  13. mcfc says:
    August 21, 2014 at 6:53 pm

    StevieBC says:
    August 21, 2014 at 6:29 pm

    “Conditions post-IPO changed to such an extent – out of the board’s control – that the intended, prospectus investments had to be postponed, and the focus then became survival of the company, blah blah blah…” or some such tosh.
    =======================================
    I agree it gives them some wiggle room, but the fundamentals didn’t change that much…
    =======================================
    Absolutely agree with you there mcfc, and a blind man and his dog could tell that the IPO was a scam – allegedly.

    But, for me, the vague inclusion of the “general working capital” purpose – and perhaps more significantly the lack of any requested/convened EGM to question why the prospectus aims had not been achieved – will let the relevant directors off the hook, IMO of course.


  14. dukinfisgusted says:
    August 21, 2014 at 6:44 pm

    I think you will find that the owner of the land that the shipyard sits on is owned by DUNNET HOLDINGS LIMITED and will not be part of the sale. Property company of the yard owner me thinks.
    ========================================

    Are you sure about that as I see DUNNET HOLDINGS LIMITED is listed at
    120 SCOTLAND STREET, GLASGOW, G5 8NX. And its nature of business is given as: ‘Growing of cereals (except rice), leguminous crops and oil seed.’

    EDIT ADD

    Bit from Wiki seems to confirm your thoughts as Holland House Electrical Co Ltd also at 120 Scotland Street:

    The previous board was replaced by Mr Frank Dunnet, Chairman, and Mr Alan Dunnet, Chief Executive. I have heard that the older Mr Dunnet had said he always wanted to own a shipyard.

    Ferguson Shipbuilders Ltd. was sold by Kvaerner to Ferguson Marine plc in 1991. The entire shareholding in Ferguson Marine was acquired by the Holland House Electrical Group in 1995.


  15. Oh well it looks as though the Easdales will be concentrating their efforts on saving Rangers 🙁

    They don’t seem to be having a lot of luck with their expansion plans right-enough considering them giving-up on Malta Buses and perhaps losing interest in acquiring a struggling non-landowning shipyard.

    To be fair to the Dunnet Family and Holland House Electrical they have sunk millions into the shipyard over the years and written off substantial loans to keep the yard open.

    It would be nice to think the Easdales would now be prepared to carry that load and ensure shipbuilding continues in Port Glasgow. Funny, but somehow I don’t think that will happen.

    Still there’s plenty of property deals to be done at Ibrox so, who knows, they might have better luck next time and Gawd does so love a trier 😎


  16. Time for a Thursday night rant !!

    The EPL has a toxic effect on just about everything it touches. It makes many players of average talent very rich young men . A large number of these young guys are dreadful role models. The fame they have because of the EPL , despite their limited talent, gives them a sense of entitlement and self worth that is bordering on obscene

    The EPL sucks money out of many other football associations , to the detriment of their national leagues. Scotland isn’t alone in this. Leagues as far away as Africa suffer because the local broadcaster spends almost all their budget on the EPL.

    Ownership models in Germany & Spain means their leagues are largely protected from the “vampire squid” type of owners that are attracted to the EPL.Most other leagues are highly vulnerable to the Epl’s toxicity.

    If UEFA don’t wake up then 10 years from now we will see world famous clubs like Benfica, Porto, Celtic, Ajax , Feyenoord and others reduced to being de facto feeder clubs for EPL clubs that can barely get 20,000 through the door on a match day.

    The biggest challenge facing football today is the rise of the EPL and its relentless colonisation of other leagues. Uefa and Fifa will be failing totally in their responsibility to a global game if they don’t tackle the problem, and tackle it soon.


  17. The absurdity of the position taken by Sevco fans over the state aid issue and the age of the club they profess to support tells me that everything they say should be taken under advisement. But I have to remark that my eyes widened at their claim that Regan signed his consent to whatever might be agreed and buggered off to a family engagement on the most critical night in Scottish football history.

    If this is true, then the door should not be allowed to hit his useless Yorkshire arse on the way out. That is an utterly incredible allegation and I’m astounded at the lack of attention it has received on the part of regular posters on here. As a union official at both local and national level for roughly half of my working life, I can state that no agreement concluded in such circumstances would ever have been accepted by either side. It is a jaw-dropping claim.

    I have long since despaired of Scottish journalism so I know that any such claim made by Celtic fans would be quietly ignored by the SMSM, but maybe, just maybe, the fact that it has been made by “them” might just evoke a hack to ask Mr Regan to confirm our deny. TSFM should be all over this like a rash.


  18. Torquemada that is a very very good point. A question that immediately springs to mind; if he wasn’t even in the room when the agreement was finalised, and his signature and the weight of his organisation was added to the agreement when they could not possibly know what it contained, surely it’s legality could easily be challenged?


  19. Legia Warsaw won 1-0 away in their first leg Europa League qualifying match

    Good luck to them in the second leg

    They deserve it


  20. Barcabhoy says:
    August 21, 2014 at 9:30 pm
    If UEFA don’t wake up then 10 years from now we will see world famous clubs like Benfica, Porto, Celtic, Ajax , Feyenoord and others reduced to being de facto feeder clubs for EPL clubs that can barely get 20,000 through the door on a match day.
    —————————————————————–
    Welcome to our world Barca 🙂 …..playing in a competition where it would be dispiriting if you had little chance of winning and then one day you wake up and find you have no chance of winning..none..never happen…. 🙁

    Not very nice, is it?


  21. parttimearab says:
    August 21, 2014 at 11:13 pm
    12 6 Rate This

    Barcabhoy says:
    August 21, 2014 at 9:30 pm
    If UEFA don’t wake up then 10 years from now we will see world famous clubs like Benfica, Porto, Celtic, Ajax , Feyenoord and others reduced to being de facto feeder clubs for EPL clubs that can barely get 20,000 through the door on a match day.
    —————————————————————–
    Welcome to our world Barca 🙂 …..playing in a competition where it would be dispiriting if you had little chance of winning and then one day you wake up and find you have no chance of winning..none..never happen…. 🙁

    Not very nice, is it?

    _________________________________________________________________

    Dearie me, have you not listened to the podcast? There’s now a level playing field in Scottish football.


  22. Torquemada says:

    August 21, 2014 at 10:07 pm

    The absurdity of the position taken by Sevco fans over the state aid issue and the age of the club they profess to support tells me that everything they say should be taken under advisement. But I have to remark that my eyes widened at their claim that Regan signed his consent to whatever might be agreed and buggered off to a family engagement on the most critical night in Scottish football history.

    If this is true, then the door should not be allowed to hit his useless Yorkshire arse on the way out. That is an utterly incredible allegation and I’m astounded at the lack of attention it has received on the part of regular posters on here. As a union official at both local and national level for roughly half of my working life, I can state that no agreement concluded in such circumstances would ever have been accepted by either side. It is a jaw-dropping claim.

    I have long since despaired of Scottish journalism so I know that any such claim made by Celtic fans would be quietly ignored by the SMSM, but maybe, just maybe, the fact that it has been made by “them” might just evoke a hack to ask Mr Regan to confirm our deny. TSFM should be all over this like a rash.
    ======================
    I can well believe the VB’s assertions about Regan.

    He was disingenuous in his replies to Celtic re the UEFA 2011 Licence.

    He was disingenuous or ignorant of the UEFA FFP rules the SFA had agreed to uphold and made an inaccurate statement re SFA monitoring responsibilities to Richard Gordon on air BBC Sportsound last autumn.

    It is no wonder Rangers licence submission of July 2011 was not at least questioned by the SFA if their CEO did not know the SFA’s responsibilities and rules at best. The alternative, as yet unknown, is if the SFA colluded with Rangers in circumventing the rules.

    As a consequence of either the SFA put Scottish football at great risk internationally because had Rangers got through the qualifying rounds for the CL or EL, Malmo and then Maribor would have been asking the same question that Resolution 12 will get an answer to, which is how come Sherriff Officers called on 10th August 2011 to collect an unpaid and so clearly overdue tax bill, especially since Rangers signed FIVE players in July and August to play against them?

    Juanma Ortiz (6 July) , Dorin Goian (25th July) , Lee Wallace ( 21st July) all in time to play v Malmo – although Goian did not.

    Bocanegra (17 Aug) and Bedoya.(17 Aug) in time to play v Maribor.

    Imagine you are Malmo and have been put out of the CL by Rangers playing Lee Wallace with Ortiz on the bench and you see the news of Sherrif Officers calling to collect. Is the question how is it possible that a club with unpaid social tax can buy players that beat us not going to be raised? The same would have applied to Maribor although they played after the 10th August and might asked the question before their game. Perhaps their victory played a part in not asking.

    The VBBs should be careful what they wish for because HMRC definitely and the SFA almost certainly, either through ignorance of the rules they were supposed to apply or by design, did everything in their power to help Rangers avoid administration by keeping the door to CL money open and there is evidence to support this. As is evidence of how Rangers lied in trying to keep HMRC on side.

    With regard to the guarantee of no title stripping that could only be given on the basis that the ebts and registration issue only applied to the big tax case ebts which were “not irregular”.

    As we now know not all ebts were “not irregular” and two titles for 1999 and 2003 should be removed because the corollary of LNS’s decision is that if “not irregular” ebts gave no sporting advantage then irregular ones must have.

    Regan may not have known about the distinction between both types, but the SFA President as the guy who launched the irregular ebts and benefitted from the regular ones most certainly knew there were two types, so questions have to be asked of his competency in not briefing his CEO and those involved in bringing together the 5 way agreement.

    There has been too much deceit at play from 1999 and it has to stop for everyone’s sake including the VBs and all Rangers supporters who were let down by the folk whose job it is to keep football on the straight and narrow. (and I include the silent journalists in this)


  23. Torquemada says:
    August 21, 2014 at 10:07 pm
    ‘.. their claim that Regan signed his consent to whatever might be agreed and buggered off to a family engagement on the most critical night in Scottish football history….’
    ——-
    Torquemada, many of us on this blog have possibly sailed quite close to the legal wind in what we have said about named individuals.

    But the well- and relatively-carefully written (i.e. clearly not just an angry fan’s rant) VB piece is without a shadow of a doubt defamatory- if what it states as ‘fact’ is untrue.
    And the person defamed would be a fool if he just shrugged his shoulders and let it pass-if it is indeed untrue.
    But he’s in a bit of a bind. The 5-way agreement meeting has never been acknowledged!
    How can he defend himself by saying he was present throughout a meeting that led to a deal of which the terms were to be kept secret?
    Likewise, how can he look for support from the other parties who were at the meeting, who were sworn to secrecy about the meeting and its outcome?

    A conundrum, indeed.

    Given the near certainty that the SMSM will not so much as advert to the existence of the VB statement, it might indeed be useful if TSFM sought a response from Mr Regan, copying any letter to his bosses-the elected members of the SFA Board.

    It is, in my opinion, very unlikely that the VB statement is accurate.No CEO with any kind of intelligence or sense of self-preservation would behave as alleged!

    But a very bald, potentially defamatory statement has been made, in circumstances where there has been a build-up of distrust in the administration and governance of Scottish Football.
    And I think we need to hear from Regan personally or his bosses exactly what the truth may be.


  24. parttimearab says:

    August 21, 2014 at 11:13 pm

    Barcabhoy says:
    August 21, 2014 at 9:30 pm
    If UEFA don’t wake up then 10 years from now we will see world famous clubs like Benfica, Porto, Celtic, Ajax , Feyenoord and others reduced to being de facto feeder clubs for EPL clubs that can barely get 20,000 through the door on a match day.
    —————————————————————–
    Welcome to our world Barca 🙂 …..playing in a competition where it would be dispiriting if you had little chance of winning and then one day you wake up and find you have no chance of winning..none..never happen…. 🙁

    Not very nice, is it?
    ======================
    I think that is a fair point but there always was an imbalance in the game caused by geography and population size.

    Clubs in bigger towns or cities always earned more from a larger support who took the normal selfish human view that what they paid to watch their team went towards making their team better than the opposition. The argument about the interdependent nature of the business of football not being one heard in the pubs in post match argument. (Not in the Gallowgate anyway. 🙂

    TV or rather the distribution of TV money and related TV earnings has destroyed that natural dynamic, but has made the problem much worse by diverting much of the expanded income into the pockets of very few clubs in one country, creating a drought elsewhere and increasing the number and quality of cars sitting on players’ driveways.

    UEFA have played their part by bowing down to the big clubs for fear of them breaking away, but in doing so and in providing them with even more money, are now part of the problem.

    The solidarity payments made to leagues are not enough to go anywhere towards restoring the traditional imbalance and a greater percentage of prize money should be channelled into solidarity arrangements with a corresponding reduction in what goes to competing CL clubs.

    We are unlikely to get back to the days of geographical constraints but UEFA should be taking steps to make matters better, not worse.

    I have nothing but admiration for supporters who go along week in week out in the hope of the odd success, without them and their clubs football would not have the broad appeal that it has.


  25. Auldheid says:
    August 22, 2014 at 12:44 am
    ‘.I can well believe the VB’s assertions about Regan.’
    ———-
    Yes, Auldheid, the man has many questions to answer-and thus far answer makes he none!
    But the allegation that he so lost it as to sign a blank page and go off on family business is so extraordinary that, whatever his other deficiencies ( many of which you mention), he must have been career suicidal. OR very well assured indeed of being protected for being a good, compliant boy and getting away out of the road to let the others get on in peace to arrange matters to their entire satisfaction.
    I think we need to know.


  26. Auldheid says: August 22, 2014at 12:44am 19 0 RateThis
    ________

    Very powerful piece, Auldheid. Should be framed and sent to the relevant authorities.


  27. In case we thought that those in a position of power in Scottish football had a monopoly on crassness, stupidity and all round desire to sweep things under the carpet, along comes the English League Managers Association with their take on the Malky Mackay situation. (The mealy-mouthedness was not capitalised in the original text, but might as well have been)

    The LMA’s statement said: “In the course of a search by the club in early 2014 of 10,000 PRIVATE text messages sent to and FROM ANOTHER MEMBER OF STAFF during Mr Mackay’s employment at Cardiff, IN RELATION TO OTHER MATTERS, it emerged that Malky had, it seems, sent A COUPLE of ONE-LINE texts that were, WITH THE BENEFIT OF HINDSIGHT, very regrettable and disrespectful of other cultures.
    “These were two text messages SENT IN PRIVATE at a time Malky FELT UNDER GREAT PRESSURE and when he was LETTING OFF STEAM TO A FRIEND during some FRIENDLY text message BANTER. IF Malky has caused ANY offence he WOULD, however, wish to sincerely apologise.”

    If you need the benefit of hindsight to tell you that your idea of friendly banter is actually poisonous and gratuitous insulting of other people, then you need help. The LMA statement shames English football, and I sincerely hope that, for all it’s many faults, the Scottish equivalent body would not have put out such a lamentable statement.


  28. Daily Record shocker ! 😯
    It’s improving – no really.

    It’s only taken about 2 weeks to state what we have already discussed and dismissed;

    “SOURCES close to George Soros have rubbished claims he is ready to buy into cash-strapped Rangers…”

    The ‘journalist’ Gary Ralston seems to have ‘outscooped’ Keef here… 🙄


  29. Auldheid says:
    August 22, 2014 at 1:07 am
    The solidarity payments made to leagues are not enough to go anywhere towards restoring the traditional imbalance and a greater percentage of prize money should be channelled into solidarity arrangements with a corresponding reduction in what goes to competing CL clubs.
    ————————————————————–
    Agree wholeheartedly with this, it would be a start.

    They also need to open up the CL to a wider range of clubs (more teams participating in group stages perhaps) and have a long hard look at the current coefficient system (I recall another poster raising this point recently). Also it’s high time the safety net of dropping into the later stages of the Europa cup for CL group third placed teams was removed.

    Do UEFA have the cojones to take on the ‘big’ clubs though, I doubt it.

    What is particularly depressing is the lack of raised voices from within the professional game in Scotland – clubs, managers, the authorities – all silent.


  30. And while the subject of the ‘cash rich’ EPL is fresh in our minds…

    “Dundee United have received an apology — but no cash — from Hull City in relation to the Andy Robertson row.

    The Tannadice club are angry that the £1 million-plus first instalment of the £2.85 million fee for the Scotland left-back has not been paid on time by the Barclays Premier League club.

    The money is understood to have been due to arrive in the Tangerines’ bank account last Friday but failed to materialise.

    United’s frustration is such that they even instigated talks between the SFA and the English FA in a bid to move things along, all to no avail.

    The final straw appeared to come on Thursday when it emerged that the Tigers were preparing another multi-million-pound move, this time for Blackburn and Scotland striker Jordan Rhodes.”

    http://www.thecourier.co.uk/sport/football/dundee-united/what-the-hull-s-going-on-dundee-united-left-to-wait-for-andrew-robertson-payment-1.536511?


  31. Someone’s saying the DR’s telling porkies.

    Green And Soros – The Truth
    AUGUST 22, 2014 / BILLMCMURDO
    I really don’t know which is sadder – the Daily Record continuing their vindictive campaign against Charles Green, or that they are doing so devoid of the facts.

    The latest piece by Gary Ralston which claims that Charles Green is NOT in talks with George Soros to invest in Rangers is a poor piece of journalism, either because the Record are trying to discredit Charles Green or because their journos are just too lazy to dig deeper for facts.

    Thankfully, most Rangers fans shun the Record for their blatant hostility to Rangers and many will see through this smear job on Green.

    I can assure Rangers fans that Charles Green is actively seeking top-drawer investors for the club and I have seen and have in my possession documentation that rubbishes the Record’s claims.

    Rangers supporters can make up their own mind about Green’s involvement at Ibrox but they should do so based on the truth, not upon agenda-driven smears.

    The saddest thing about this is that there are people out there who claim to be Rangers supporters but who are actively seeking to dissuade investment into the club from people who could take Rangers to the next level.

    I have had cause to praise the Record in the past for some fearless reporting. But this hatchet job on Charles Green is very much proof of falling standards in journalism here in Scotland.

    Speaking of doing a number on somebody, today’s lesson is don’t mess with Vincent Tan.

    The wee Cardiff owner, who is like a caricature of himself, has bided his time and delivered the ultimate head shot to Mallky Mackay’s future career prospects.

    Mackay has allegedly been involved in text conversations which are racist and sexist, apparently including racial slurs on Jews.

    I can think of one famous club where this would go down well but it certainly won’t endear him to clubs in the English Prem.

    Mackay was showing great promise as a manager and could have followed in the footsteps of famous Scots like Ferguson, Busby and Shankly.

    Instead, his indiscretion may see him robbed of this chance and he could end up back in Scotland managing a much smaller team.

    Unless, of course, Hamas ever start a football team where he would be a hot favourite for the job.

    On a serious note, it is sad to see Mackay’s career disintegrate in such a fashion. His and Iain Moody’s attempts to pass off the texts as “friendly banter” between them are understandable but in the PC world we live in, it’s a lame excuse.

    Tan’s revenge on fans’ hero Mackay could provide a wee moral to Rangers fans who are thinking about the possible involvement of big beast investors like George Soros.

    Nobody messes with these guys. They take no prisoners and take no crap from anybody.

    Exactly what Rangers could be doing with, if you ask me.


  32. StevieBC says:
    August 22, 2014 at 9:26 am

    Oops – the DR link for above.

    http://www.dailyrecord.co.uk/sport/football/football-news/rangers-boardroom-latest-sources-close-4087794
    =====================================
    Why is the Record recycling an old and always ludicrous story that Green is hitched-up or not hitched-up with Soros at this particular time?

    Could it have anything to do with the £12 million tale now being propagated with perhaps the Record favouring the – as yet unknown – source behind that ‘move’ which I find it hard to describe as an investment.

    Could Green and some secret investors be the ones behind the £12 million story and the Record is just putting a spoke in to discredit them in favour of their preferred Rangers Men.

    The Record and Sunday Mail’s plummeting circulation desperately needs a Rangers throwing cash about and dreaming of big plans, big signings and world domination. It doesn’t want a company living within its means and unable to destroy Celtic IMO. That doesn’t sell papers.

    And has the Record passed the paperwork claiming that Soros isn’t involved onto the Union of Fans? And if so, why?


  33. Regarding the latest VB statement on the 5 way agreement, thanks to Ecobhoy for posting the full text. That saved me the extremely unpleasant task of visiting their vile forum.

    I agree that the piece is well written, and apparently from an “inside” perspective. However I see that the sense of entitlement is undiminished. The whole piece is predicated on the thesis that Scottish football is simply unthinkable without a “Rangers” in the senior game. Well I can assure the author that I have dared to think the unthinkable, and in my considered opinion Scottish football would be in a far better place now if Sevco had been denied membership of the SFA, as they clearly should have been.

    As regards the synthetic outrage at the unfairness of “Rangers” treatment by the authorities, that really takes the biscuit. The authorities caved in to Green on almost every front, despite Green having no cards to play, except, of course the SFA’s clear belief that a “Rangers” must be playing in Senior football at any price.

    That price was, in the end, the credibility of the authorities themselves. Once the agreement was signed, the creature that they strove so desperately to accomodate turns round and bites the hand that feeds it. What a shocker. And of course the SFA are powerless to defend themselves, having totally compromised themselves. Green and McCoist have just said what they liked with total impunity ever since.

    As regards Regan, he is just a typical careerist suit, with no interest whatsoever in Scottish football. He will move on to another, even better paid job soon enough, with a glowing reference from Ogilvie, who moves on himself next year, probably to the lush pastures of FIFA as vice president.

    And there is the problem in a nutshell. Who holds these jokers to account? The clubs who employ them? Not a hope in hell. Anyone who cannot see by now that everything that has been done by Regan and Ogilvie met with the full approval of the clubs is sadly deluded. Regan was right to go to Leeds for his social commitment. Why stay in a meeting when you have no bargaining position whatsoever? The clubs had clearly decided that Sevco had to play in the league, no matter what. So what was there to talk about? Green had the SFA over a barrel, and both he and Regan very well knew it.


  34. Unbelievably stupid response from the Managers Association to the MacKay affair

    http://www.theguardian.com/football/2014/aug/21/malky-mackay-texts-iain-moody-friendly-banter-league-managers-association

    It was only banter, Dear God.

    Quite simply, there can be no room in football for people with these sorts of views, I don’t care what club they are from, they need to be rooted out sine die

    EDIt

    The LMA has now apologized, you couldn’t make the levels of ineptitude routinely displayed by Football executives up

    http://www.theguardian.com/football/2014/aug/22/lma-apologise-apology-malky-mackay-text


  35. John Clark says:
    August 22, 2014 at 12:56 am

    But the well- and relatively-carefully written (i.e. clearly not just an angry fan’s rant) VB piece is without a shadow of a doubt defamatory- if what it states as ‘fact’ is untrue.

    And the person defamed would be a fool if he just shrugged his shoulders and let it pass-if it is indeed untrue.

    But he’s in a bit of a bind. The 5-way agreement meeting has never been acknowledged!
    How can he defend himself by saying he was present throughout a meeting that led to a deal of which the terms were to be kept secret?

    Likewise, how can he look for support from the other parties who were at the meeting, who were sworn to secrecy about the meeting and its outcome?

    A conundrum, indeed.

    Given the near certainty that the SMSM will not so much as advert to the existence of the VB statement, it might indeed be useful if TSFM sought a response from Mr Regan, copying any letter to his bosses-the elected members of the SFA Board.
    ========================================================
    I think I was the first person to post on the VB piece. I did however only extract the section dealing with the ‘tea party’ and ignored all the usual sectarian-fuelled nonsense. So I would be careful about stating it wasn’t ‘an angty fan’s rant’. It was worse much worse if taken in its entirety but – rightly or wrongly – I didn’t think TSFM should be used to spread a message of hate.

    Similarly – without knowing whether this claim is true or not we have to be very careful of demanding answers from anyone. I remind posters of CF when he/she arrived and posted here before a decision was taken by TSFM – which I agreed with then and still support – not to provide a platform for CF. Although I still don’t fully understand the CF motives I am much clearer on those of VB and would caution against being used to suit their agenda.

    In my comments on the piece I initially posted I stated that unless VB produced a signed version of the 5-Way agreement there was no way of knowing whether their claims were true or not.

    In any case Regan may have have been instructed to sign the document by his employer – even if it was blank. We simply don’t know although I would think questions require to be asked and answered but I would suggest not by TSFM as we don’t have the necessary information which VB gives the impression they have. But they might not.

    The 5-Way Agreement has been publicly acknowledged in the Rangers AIM Prospectus and there is usually a clause in confidential agreements which allows them to be examined in legal actions without breaching the terms of the agreement.

    I can’t say – off the top of my head whether that was the case in the 5-Way Agreement but I’m certain it was included in the side letter to the 5-Way Agreement recently discussed on here.

    So I don’t believe secrecy enters into the equation here at least not in a legal sense. In any case it’s a bit like the decision by a court to allow the CF material to be used – despite questions as to its provenance – because it has been widely disseminated and discussed online. The same is true of the 5-Way Agreement IMO.


  36. neepheid says:
    August 22, 2014 at 11:06 am

    And there is the problem in a nutshell. Who holds these jokers to account? The clubs who employ them? Not a hope in hell. Anyone who cannot see by now that everything that has been done by Regan and Ogilvie met with the full approval of the clubs is sadly deluded. Regan was right to go to Leeds for his social commitment. Why stay in a meeting when you have no bargaining position whatsoever? The clubs had clearly decided that Sevco had to play in the league, no matter what. So what was there to talk about? Green had the SFA over a barrel, and both he and Regan very well knew it.
    ==================================================
    I believe the actual decision had nothing to do with Regan other than to provide a signature on a piece of paper. It looks to me as if he intentionally and very visibly revealed the facts by going to a family meal and he was right to do so IMO. Nothing he said or did would have made a blind bit of difference to the end result.

    OK so he get’s paid the big money and bonuses to absorb the flak which should actually be fired at those in the SFA – and especially from the clubs – who choose to remain silent on major decisions and issues. However Regan’s an easy target for those prepared to close their eyes to the failure of their own clubs to act


  37. scapaflow says:
    August 22, 2014 at 11:12 am

    Unbelievably stupid response from the Managers Association to the MacKay affair

    http://www.theguardian.com/football/2014/aug/21/malky-mackay-texts-iain-moody-friendly-banter-league-managers-association

    It was only banter, Dear God…
    ========================================
    His comments remind me of the old saying that footballers brains are in their feet, […which might also be an offensive comment – or is it banter ?!]

    But, whilst probably [?] most of us Bampots are experienced with office environments we know that company PCs/laptops/phones are not private – and we are reminded on a regular basis that users of an organisation’s resources have to comply with the IT policies etc.

    But we are talking about an experienced manager – presumably on/was on megabucks – who has an agent/advisor to help him transition from player to manager ?

    Anyway, not terribly surprised that a football manager could be lacking in ‘social skills’.

    The real story here though, IMO, is that the Cardiff City owner Tan is one seriously vindictive guy. And which manager would be keen to work for him in future ?

    Nobody comes out of this story looking good at all: its football’s image which is further tarnished.


  38. ecobhoy says:
    August 22, 2014 at 11:48 am
    ‘…I believe the actual decision had nothing to do with Regan other than to provide a signature on a piece of paper.’
    ———–
    You are of course correct in that ,ultimately, a CEO is but a servant of the Board, and, faced with a Board decision he does not agree with, he has either to implement it or resign.He would have no authority to disregard it or amend it.

    But a CEO is not, cannot simply be,a mere ‘secretary’: he has a vote. He must participate in, must indeed lead, the Board’s discussions and deliberations on the formulation of policy, calling on his expertise to help keep the Board clear of major blunders in the legal ,commercial and public relations fields.

    It is not impossible that any CEO might abandon a meeting at which he was representing his Board on a major matter of business, for personal reasons.
    It is extremely unlikely, though, that he would sign a blank paper committing his Board to the course(s) of action that the other -perhaps opposing-parties to that meeting would decide upon in his absence!To do so would be almost a criminal act of abdication of his responsibility to his Board and company.

    The VB’s bald statement that Regan did that very thing has to be challenged.If not by Regan himself, or his Board, then certainly by the media.And, I would think,if not by the professional media ( as it surely will not be), then by us.

    It would be absolutely abhorrent if the Chief Executive Officer of the Football Governance body in this country were to have been so cavalier in the approach to his duties as to abdicate any responsibility in a matter so grave.I think we are entitled to know whether there is any truth in the VB’s otherwise defamatory statement.


  39. StevieBC says:
    August 22, 2014 at 12:07 pm
    3 0 Rate This

    … The real story here though, IMO, is that the Cardiff City owner Tan is one seriously vindictive guy …
    ———-

    Agreed. Content aside, why are we reading these private text messages at all? Isn’t this hacking by other means?

    I though the issue was certain contentious transfers? This stinks of character assassination and career wrecking.


  40. Danish Pastry says:
    August 22, 2014 at 12:56 pm

    —————————————————————

    Yes Mr Tan may be a vindictive person and yes this may be character assasination but…….

    these may have been intended to be private messages but they were sent on work mobiles. In this day and age, anyone should be very careful about anything they send electronically as a record will always exist. Sending text messages like that is naive and ignorant. Everyone should be careful about things sent via email or sms. it isn’t as private as you think. Using devices owned by your employer to send anything of dubious content is doubly stupid.


  41. PhilMacGiollaBhain says:
    August 22, 2014 at 11:32 am
    ——————————————

    take it as a compliment…….

    what is it they say? Imitation is the sincerest form of flattery 😉


  42. The Little Things

    When one examines any organization, the little things tell so much before you cross the threshold; the litter in the car park, the peeling paintwork, the unwashed windows and the out of date website.

    Any investor visiting the RIFC plc website will notice that Philip Nash is not listed as a board member (appointed July 2014) and that Norman Crighton (appointed Nov 2013) is still photo-less. http://www.rangersinternationalfootballclub.com/board-management/board-of-directors

    Investors may also notice that the Key Dates page has not been updated since Nov 2013. So they will need to extrapolate from previous dates to determine that the next Annual Accounts (covering July 2013 to June 2014) may be expected around the end of Sept 2014. http://www.rangersinternationalfootballclub.com/key-dates

    And apparently , ”Currently the Club is competing in League One of the SPFL.”
    http://www.rangersinternationalfootballclub.com/shareholder-centre/business-overview

    I do hope more attention is being paid to the details of running this business. We shall see soon, I assume.


  43. Danish Pastry says:
    August 22, 2014 at 12:56 pm

    Its not hacking. If you text or email using company kit, then the content belongs to the company, not to you.

    Agree that the Cardiff owner is a piece of work, but, I’m afraid mealy mouthed excuses for Mr MacKay are part of the problem, not the solution


  44. ecobhoy says:
    August 22, 2014 at 11:30 am
    —————————

    A specific allegation has been made that the chief executive of the Scottish Football Association, one of the parties to the alleged Five-way Agreement, signed a blank piece of paper offering his agreement to whatever should be agreed in his absence at a critical juncture for Scottish football.

    The idea that we should not ask him or his employer to confirm or deny the allegation because it might, just might mind you, fit in with the perceived agenda of the people making the allegation does not bear scrutiny, in my opinion. As I pointed out in my original post on this topic, a point later cemented by Ryan Gosling, such an agreement, if later disputed, cannot stand.

    To refuse to question what has been alleged on the grounds of agenda, using another agenda that “it was all the fault of the clubs anyway”, would be laughable if it were not so unfunny. Since no Scottish hack is likely to ask the question, who better to ask the question than a website dedicated to openness and transparency in all things Scottish football. To paraphrase the late, not-so-great LBJ, “let’s hear the bassa deny it”.


  45. neepheid says:
    August 22, 2014 at 11:06 am
    35 0 Rate This

    Regarding the latest VB statement on the 5 way agreement, thanks to Ecobhoy for posting the full text. That saved me the extremely unpleasant task of visiting their vile forum.
    ————————————-

    Vile forum is correct IMO as the Govan club seems to attract this type of fans and always has for reasons we can all guess at. If the account of Regan’s part in the sign and you Charles can fill in the blanks of the 5 way agreement is true (which I can believe is true) then he has to go. The sad fact is that this act is true it is not something that would really shock us, just think about that, we know that the heads of our game will do anything to the detriment of all other clubs and fans to save one team. Regan who is fairly new in his position is bad enough but Mr Ogilvie has history (if you can pardon the pun) with this Govan club. He IMO is the vilest of all and until he goes nothing will change.


  46. Barcabhoy says:
    August 21, 2014 at 9:30 pm
    141 0 Rate This

    Time for a Thursday night rant !!

    The EPL has a toxic effect on just about everything it touches. It makes many players of average talent very rich young men . A large number of these young guys are dreadful role models. The fame they have because of the EPL , despite their limited talent, gives them a sense of entitlement and self worth that is bordering on obscene.
    //////////////////////////////////////////////////////////////////////
    Its unfair to just apply this statement to the EPL, the young players there who are deadful role models are no different than a similar % of the young music stars, actors, rich city kids etc. and no different again from the older players, actors, music stars and rich city people.


  47. John Clark,

    On the VB ‘dinner’ revelations; there is of course another angle that says when the discussions were regarding RFC, and therefore the logical deputy to fight the SFA’s corner in said discussions in the absence of the CEO who was Leeds bound was the chairman. But, of course, he was standing outside the room.

    Laugh? I almost cried.


  48. mcfc says:
    August 22, 2014 at 1:40 pm
    13 0 i
    Rate This

    The Little Things

    When one examines any organization, the little things tell so much before you cross the threshold; the litter in the car park, the peeling paintwork, the unwashed windows and the out of date website.

    Any investor visiting the RIFC plc website will notice that Philip Nash is not listed as a board member (appointed July 2014) and that Norman Crighton (appointed Nov 2013) is still photo-less. http://www.rangersinternationalfootballclub.com/board-management/board-of-directors

    Investors may also notice that the Key Dates page has not been updated since Nov 2013. So they will need to extrapolate from previous dates to determine that the next Annual Accounts (covering July 2013 to June 2014) may be expected around the end of Sept 2014. http://www.rangersinternationalfootballclub.com/key-dates

    And apparently , ”Currently the Club is competing in League One of the SPFL.”
    http://www.rangersinternationalfootballclub.com/shareholder-centre/business-overview

    I do hope more attention is being paid to the details of running this business. We shall see soon, I assume.

    =================================

    Mate………..You REALLY do have time on your hands don’t you? 😆


  49. Auldheid,

    Your effort at 12.44 re the SFA’s lax approach to rules. Well on the basis I can’t spell chapeaux, I’ll simply say “Thon’s a stoater!”

    Can’t let your later effort past though 😀

    “TV or rather the distribution of TV money and related TV earnings has destroyed that natural dynamic, but has made the problem much worse by diverting much of the expanded income into the pockets of very few clubs in one country”

    I’ll simply repeat part time arab’s view – welcome to our world!

    To be clear I see that you correctly justify it (the money-go-round) on population centres etc to which I would add two further factors “winning” and “exposure.” Now, don’t get me wrong. Both those I’ve added bug the hell out of me but I’m willing to accept them as a fact of life. In fact the old ‘speculate to accumulate bell’ rings in many diddy’s minds with a wistful “what might have been” pint usually following soon thereafter.

    So that bit I accept. What this episode has shown though is that if a club in receipt of such exposure spectacularly implodes, that that situation still doesn’t change. Yes, there’s an argument that perhaps a little less exposure might be to RFC’s current benefit, but in terms of pounds and pence I wonder how much money could currently be being ‘redistributed’ that simply isn’t.

    The more things change, the more they are seen to be designed to ensure they don’t!


  50. Torquemada says:
    August 22, 2014 at 2:25 pm
    ecobhoy says:
    August 22, 2014 at 11:30 am
    —————————
    A specific allegation has been made that the chief executive of the Scottish Football Association, one of the parties to the alleged Five-way Agreement, signed a blank piece of paper offering his agreement to whatever should be agreed in his absence at a critical juncture for Scottish football.

    The idea that we should not ask him or his employer to confirm or deny the allegation because it might, just might mind you, fit in with the perceived agenda of the people making the allegation does not bear scrutiny, in my opinion.
    =====================================================

    I know what the VB agenda is and that’s up to them. My view is that in order to demand explanations from anyone then proof has to be provided and it has to come from a credible source. Neither apply in this instance.

    Let VB provide the proof as it may all be a fantasy designed to fit their agenda. Of course possibly they don’t have any proof so do you really think any responsible blog should be demanding proof on that basis to hound anyone labelled a Rangers hater.

    However the final decision on any matters like this must rest with TSFM.


  51. mcfc says:
    August 22, 2014 at 1:40 pm

    The Little Things
    ============================

    Spot on mcfc.

    Often the little problems and inattention to detail reveal all the early signs of a failing organisation.

    And you can be sure that if there are easily seen visible signs then there will be bigger hidden problems behind the scenes.

    But the little visible ones provide the initial clues.


  52. scapaflow says:
    August 22, 2014 at 1:53 pm
    6 1 i
    Rate This

    Danish Pastry says:
    August 22, 2014 at 12:56 pm

    Its not hacking. If you text or email using company kit, then the content belongs to the company, not to you.

    Agree that the Cardiff owner is a piece of work, but, I’m afraid mealy mouthed excuses for Mr MacKay are part of the problem, not the solution

    ________________________________________________________

    Even if equipment belongs to your employer, the employer cannot simply award itself carte blanche access to every message an individual sends, there are basic human rights to privacy that exist .

    http://www.adviceguide.org.uk/scotland/work_s/work_rights_at_work_s/monitoring_at_work.htm

    http://www.adviceguide.org.uk/england/work_e/work_rights_at_work_e/monitoring_at_work.htm

    There are many vile racist messages among those which have been made public, although interestingly, in the coverage I have seen, it is not revealed which party sent which messages.

    I have to say that the “sexist” message is the kind of thing that many may consider crass but as many engage in similar kind of talk every other day. And don’t believe for a minute that ladies don’t the kind of conversations about the object of their affections/lust that would make a 19th century sailor blush.

    As has been said, nobody comes out of this with any credit, but the way in which they have been brought to light is cynical and vindictive.

    No matter how indefensible some of the message in no doubt are, the idea that individuals are fair game for their employer to rake through every message and email sent and for anything deemed inappropriate to be used against them at the employer’s whim and for the employer’s cynical agenda, does not sit easily with me, although I can see how it would for the likes of the tabloids and Murdoch type employers throughout the world.


  53. 120 Days is a Long Time in Football

    Graham had been CEO for just 120 days when he wrote this upbeat assessment in the last accounts. Since then he’s completed his 120 day review and had 120 days to implement his action plan. How upbeat will the next “Highlights” be – and how optimistic will the “Post period highlights“ be – and will Graham still be around in 120 days?

    ================================================================

    Interim Results

    Rangers International Football Club plc (AIM:RFC), the holding company for the ‘Rangers Football Club Limited (“Club”)’, is pleased to announce interim results for the six month period to 31 December 2013.

    Highlights

    • Season ticket sales of approximately 36,000 for the 2013/14 season
    • Average home league attendance of over 40,000 during the period; seventh highest ranking UK football attendance
    • Revenue of £13.2m up by 38% (£9.5m for the 7 months ended 31 December 2012)
    • strong increase in sales from Sports Direct Retail partnership
    • • Operating expenses of £16.8m (£16.6m for the 7 months ended 31 December 2012)
    • Reduced loss before tax, excluding non-recurring items of £3.5m (£7.2m for the 7 months ended 31 December 2012)
    • Cash of £3.5m as at 31 December 2013 (£21.2m at 31 December 2012)

    Post period highlights

    • Winners of the Scottish Professional Football League One for Season 2013/14
    • Ramsdens Cup finalists and currently semi-finalists of the William Hill Scottish Cup
    • Comprehensive business review due to be completed by end of April

    http://rangers.g3dhosting.com/regulatory_news_article/375


  54. John Clark says:
    August 22, 2014 at 12:46 pm

    All I have to say is that if you believe TSFM should shoulder responsibility for pursuing every crackpot internet allegation – made without an iota of proof being provided – then the blog will be busy.

    I think you should perhaps ask yourself why VB haven’t provided any proof or evidence of their claim. The Rangers Fighting Fun still has £500K in the bank afaik.

    Surely if they support the VB allegation they are better placed than anyone to hire legal eagles and pursue it.


  55. ecobhoy says:
    at 3:02 pm

    Eco, whilst you’re technically correct (as usual, its all that research 😉 ) I speculated yesterday that there was almost a sense of “if we’re going down, you’re coming with us” about the VB release.

    Previously, I have said that a key feature of the saga for me was that no-one seems to have fallen on their sword for the debacle. Even if the SFA expect us to believe their Manuel-esque “I know nutheeeng” response then someone should still have gone for dereliction of responsibility.

    For that reason alone then, if they want to stand or fall together, that’s fine by me. The clubs would do well to realise that and consider it a consequence of their previous inaction.

    And for the record, I don’t particularly want to personalise the issue. Yes it is perfectly correct for Regan to go to dinner if that is proven to be the case. As long as an able deputy was left in his place…..

    Again I ask the question, how much better do the VB’s think it would have been had he stayed?

    EDIT: I just read that back. I’m not sure if you can be held responsible for dereliction of responsibility?


  56. Striking Shareholders

    So the RIFC share price has drifted from a recent high of 31p back to four for a pound – close to its all time low. In such a distorted, illiquid market, this may mean something or nothing. But it did make we wonder how many ST strikers still hold shares in RIFC.

    Maybe the UoF should be asking them to pool their shares (a proxy a la Easdale) to demand representation on the board. Or maybe ask the strikers to coordinate selling their shares in protest, as it is clear that their demands are being treated with contempt by the board. Maybe a mass sale could be arranged to a friendly billionaire at a discount, subject to some reasonable conditions.


  57. ecobhoy says:
    August 22, 2014 at 3:02 pm

    ‘Of course possibly they don’t have any proof so do you really think any responsible blog should be demanding proof on that basis to hound anyone labelled a Rangers hater.’
    ____________________
    I don’t think it’s the way of this blog to ‘demand’ anything other than honesty, integrity etc, though we’ve, so far, found that to mostly be a waste of time (the demanding, that is). I think, though, that there is nothing wrong in asking for a response to serious allegations no matter who has made them. For all we know, if Regan is innocent of this charge, he might welcome the opportunity to respond (though I doubt it).

    On the subject of Regan leaving the meeting: I didn’t manage to grasp what it was that, according to the VB, might cause his leaving to be to their club’s detriment. Do they have reason to believe he was actually ‘on their side’? For, if he wasn’t, then signing a blank agreement was surely in their best interest.

    Regardless of his own personal views and leanings, he was there to represent everyone else, other than TRFC/Sevco, to ensure the best outcome for everyone else. This ‘everyone else’ included those clubs with legitimate claims to enter the SFL; it was, therefore, ‘everyone else’ that he let down if he did, in fact, leave the meeting.

    PS Thank you, Eco, for sparing us from the vitriol that blog seems to find necessary, even when trying to post something serious.


  58. MoreCelticParanoia says:
    August 22, 2014 at 3:13 pm

    mmm yes & no, in this case the data was retrieved, after the successful application for a court order.


  59. LlMoreCelticParanoia says: August 22, 2014at 3:13 pm 3 0 RateThis

    Even ifequipment belongs to your employer, theemployer cannot simply award itselfcarteblancheaccessto everymessage an individualsends, there are basic human rights to privacy that exist .
    ____________

    Indeed. Nothing whatsoever to do with what MM might or might not have written. Hé’ll have to givé his version soon enough. To me it’s about whether people like Tan can get away with J. Edgar Hoover like snooping to gather anything that will undermine another individual.


  60. “Conclusion

    Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2013 is not prepared, in all material respects, in accordance with the AIM Rules of the London Stock Exchange.”

    “six months ended 31 December 2013″……. having traded for 13months, the next 6months accounts ended 31st June 2014 with the Annual accounts being (over) due as of 31/06/2014

    Wonder what the delay could be?

    Wonder if we’ll see this again soon. 😯

    http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11905464


  61. scapaflow says: August 22, 2014at 4:02 pm 0 0 RateThis

    MoreCelticParanoia says: August 22, 2014 at 3:13 pm

    mmm yes & no, in this case the data was retrieved, after the successful application for a court order
    ________

    Yes, what about? To discover if MM was a closet racist? Or to investigate transfer dealings?

    Stasi behaviour.


  62. “Rangers International Football Club plc
    (“Rangers”, or the “Company”)

    Interim Results

    Rangers International Football Club plc (AIM:RFC), the holding company for the ‘Rangers Football Club Limited (“Club”)’, is pleased to announce interim results for the six month period to 31 December 2013.”

    The “Club” vs “Company” argument always gives me a wee smile whilst reading the accounts.

    “Club” incorporation date is another one 😀


  63. The VB article states:

    To the best of our knowledge Regan didn’t phone anyone in attendance after his departure for a progress update.

    Regan’s signature page was simply inserted into the final document and issued as the Five-Way Agreement.

    What’s interesting is that a press release was issued by the SFA on 27 July 2012 – the date of the meeting – in which there is a lengthy quote from Regan which seems to show he was well aware of the outcome and that all SFA issues had been resolved – see: http://www.scottishfa.co.uk/scottish_fa_news.cfm?page=1961&newsID=10252

    Stewart Regan, Chief Executive of the Scottish FA: “We are pleased for everyone involved in this process, and indeed the whole of Scottish football, that a conclusion has been reached . . .

    What is also made clear is that the the EBT issue had not been resolved but that it was an issue for the SPL and it was to be carried forward. So the VB have actually proven that title-stripping was never in the signed 5-Way Agreement.

    Now it strikes me that it’s quite possible that Regan signed and left when the SFA business was complete and left the SPL to continue discussions on the EBT situation.

    There was also a discussion held between the SPL, SFL and Rangers on TV rights and again that wasn’t an issue for the SFA to be involved in.

    That of course blows the case against Regan out of the water because the VB are majoring on ‘title stripping’ but of course that couldn’t happen until Rangers either accepted the SPL wishes or the matter was decided by LNS.

    There was no need for Regan to stay if I am correct and it looks more and more as if the VB – running true to form – are twisting the facts to suit their agenda.

    At the end of the day Green agreed with the SFA demands – so why don’t they take it up with him? Of course every sane person knows the alternative on offer.

    And if the SFA business was complete why shouldn’t Regan sign and go for a meal with his wife. Jeesuz I think the guy is guilty of a lot of things I think matter but to punish him listening to Green’s fantasies when he could be having quality time with his family seems like a cruel and unnatural punishment 😆


  64. Danish Pastry says:
    August 22, 2014 at 4:09 pm

    The trouble is once an investigation starts, it may well throw up all sorts of other behaviours, the Rangers tax case is an excellent illustration of this.

    Finally on this topic, Mr MacKay has admitted saying the things he did, why else appologise? Is it OK for someone in Mr MacKay’s position to say these sort of things, whether its a private conversation or not? My view is no it bloody isn’t


  65. ecobhoy says:
    4:12 pm

    What is also made clear is that the the EBT issue had not been resolved but that it was an issue for the SPL and it was to be carried forward. So the VB have actually proven that title-stripping was never in the signed 5-Way Agreement
    —————————-
    This is why I am fairly sure that the indemnity towards the SFA as shared with us by CF that accompanied the 5WA was a two way street. RFC, in whatever guise, agreed not to pursue the authorities for conduct unbecoming or whatever. I am convinced that at the same time the SFA/SPL consortia agreed not to pursue RFC for Titles, and essentially agreed at this point to neuter any future inquiry (bearing in mind that at that point pre FTT they were considered guilty as hell). Why else would a champion spiv like Green agree to pay football debts he knew fine there was no compunction to? Would they have withheld the membership/licence? – no chance.

    The 5WA has been to a large extent a red herring. It is the accompanying indemnities that really define it, IMHO.


  66. Gone in 120 Days

    When I suggested that Graham may not be RIFC CEO within 120 days, I was not being entirely facetious. If you look at the last full year accounts you’ll see they were presented by Craig Mather, Brian Stockbridge and Malcolm Murray. All now gone under clouds of varying sizes and colours. Spivs find it very useful to move on their front men once they’ve worn out their “I’ve only just arrived and can’t be held responsible” value. I wouldn’t be at all surprised to see Graham move on after delivering one set of interims and once set of annuals, to be replaced by Philip. he will most likely will recruit some high calibre chaps he’s worked with before. This also suggests that the totally unimpressive and charmless Mr Somers will be spending more time with his family soon.

    The last annuals – a trip down memory lane – http://www.rangers.co.uk/images/staticcontent/documents/AnnualReport2013.pdf

    PS the onerous employee Mr McCoist is the exception the proves the rule – he seems to have the survival qualities of a cockroach.


  67. Allyjambo says:
    August 22, 2014 at 3:55 pm

    I think if you have a read at my post above it might provide a valid reason why Regan left before the meeting ended viz the SFA business had been concluded but there were still discussions remaining on at least 2 topics involving the SPL and SFL – EBTs and TV contracts.

    The EBT one I would think would provide a heated discussion and there was good reason for Regan not to be involved as they would, of course, provide the appeal forum for Rangers to any SPL decision. So Regan was actually safeguarding Rangers’ interests in a perfectly legitimate way by leaving.

    I have since thought of another and that was the SPL share transfer to be done the following week which was also discussed at the meeting.


  68. Of course, I don’t condone MacKay’s text comments, but how can the FA be about to take strong action over them (if the Daily Mail can be believed) when they didn’t censure the EPL Chief Exec, Richard Scudamore, for a very similar offense (albeit sexism only.
    Their actual reason for not ‘prosecuting’ Scudamore is reported thus… “In a letter to Lord, which was copied to the acting Premier League chairman, Peter McCormick, Dyke said: “In terms of FA disciplinary policy we, as the FA, could have considered taking action had Mr Scudamore’s statements been made in the public arena. However our policy has always been that we do not consider something stated in a private email communication to amount to professional misconduct. We do, however, consider the content of the emails to be totally inappropriate.” Why then are they able to ‘prosecute’ MacKay? Is it one rule for the powerful….?


  69. Allyjambo says:

    On the subject of Regan leaving the meeting: I didn’t manage to grasp what it was that, according to the VB, might cause his leaving to be to their club’s detriment. Do they have reason to believe he was actually ‘on their side’? For, if he wasn’t, then signing a blank agreement was surely in their best interest.
    ———————–

    I know. My parents are away for the weekend and all they’ve left me is a blank cheque (signed) and their pin number. Its sooooooo unfair.


  70. And before you all turn up for a TSFM ’empty’ I was being facetious


  71. Smugas says:
    August 22, 2014 at 4:40 pm

    Allyjambo says:

    On the subject of Regan leaving the meeting: I didn’t manage to grasp what it was that, according to the VB, might cause his leaving to be to their club’s detriment. Do they have reason to believe he was actually ‘on their side’? For, if he wasn’t, then signing a blank agreement was surely in their best interest.
    ———————–
    I know. My parents are away for the weekend and all they’ve left me is a blank cheque (signed) and their pin number. Its sooooooo unfair.
    =============================
    But of course he didn’t sign a blank agreement. He IMO signed the agreement reached between the SFA and Rangers and left at that point for the SPL and SFL to reach their own agreements on non-SFA issues and also sign them.

    There was absolutely no need for him to stay for that and indeed as I mention above probably better he wasn’t there for the EBT discussion between the SPL and Rangers to maintain the neutrality required of the SFA as the appeal body should a dispute arise on that issue.

    Of course the VB have yet to produce a signed copy of the 5-Way Agreement and appear to only have one unsigned version of it when all CF fans are well aware of the two unsigned versions she provided well over a year ago IIRC.

    PS: @smugas – any chance your parents want to adopt 🙂

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