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”
mcfc says:
September 2, 2014 at 7:35 pm
I’d imagine it’s a wee bit early to form an opinion on the success of the offer as there’s always the possibility someone/some group is intending to sook up all the un-wanted shares. If they do, then they are almost certain to wait until the last minute before lodging their application to keep confidence in the offer as low as possible. Word getting out of what is effectively an underwriting might well increase the uptake.
Regardless of that, it is very likely that potential mugs, sorry investors, might take their time over accepting till the last minute. No doubt the charm offensive is underway and we know that, somehow, investment savvy people fell for it previously.
There are still a few shocks to come in this saga, I’m sure.
A lateral thought
What if
A certain Spiv Company run by Spivs for the benefit of Spivs
Who owned a penniless football club
Needed to tell their fans something awful
So awful the fans would rather talk about something else
So awful the SPFL would want to give their reaction within minutes on the very same day
What date would the Spivs and the SPFL choose to make the announcement?
,,,,,,,,,,,,,,,,,,,,,
Heres an idea
How about Friday 19 Sept?
That sounds like a good date
Yes ?
Or
No ?
It doesnt matter really
It still sounds like a good date
John Clark says:
September 2, 2014 at 8:57 pm
4 1 Rate This
I thought someone on Sportsound said Cadete instead of Guidetti and just for a split second the emotional clock turned back…….As if anyone would ever again deliberately delay the player registration process.
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There are still many who reject the notion the late Jim Farry did just that, despite the SFA lawyer halting the case, the SFA admitting guilt, Farry being sacked, and Celtic receiving around £200K in compensation.
You would think having been involved in the above Farry would not be remembered as a great figure in the history of Scottish football, yet he was eulogised by the media way beyond what someone who effectively cheated a member club should have been. I guess his final send off was more to do with the tenacity of Fergus McCann and what he exposed by not giving up on what he knew was true. I wonder how recent years may have panned out if Fergus had still been around in an official capacity.
GoosyGoosy
Amazingless is on your tail !!!!
It would seem the FIFA Regs on player transfers can be found at: http://www.fifa.com/mm/document/affederation/administration/01/95/83/85/regulationsstatusandtransfer_2014_e_neutral.pdf
I have read what appear to be the relevant sections but the matter is too complex and voluminous for me to attempt to sensibly replicate it here in any shortened form which makes sense.
However Page 48 seems to make it clear that validation exceptions can be dealt with under Annexe 3. 6. Role of FIFA general secretariat:
Such is the complexity of the process I find it hard to believe that it’s actually possible to complete any transfers without a hitch. If you don’t believe me have a quick shuftie at the Regs – they are a minefield and perhaps that’s why it doesn’t appear to be the case that simply missing the deadline automatically prevents a transfer.
However ma heid is frazzled with the Regs which I have no intention of re-reading and I am happy to hold my hands-up and say I may have totally misunderstood them 🙄
wottpi says:
September 2, 2014 at 11:07 am
Looking at the performances to date and having seen the way Hearts are playing McCoist will need to keep everyone they have at present to have a shout of being in the Championship top two.
=====================================================
Havent the rules been changed for play offs? I believe it extends to teams in 3rd and 4th playing off to meet team finishing 2nd, to then play off against 2nd bottom of premiership. All bases covered, unless they finish lower than 4th!!
Regarding Phil’s latest and the apparent calm of Blue Pitch and Margarita.
Could it be that they already hold the real deeds and will play that card when the wheels finally fall off the waggon.
Has there already been a separation of assets?
Have the properties been removed from the club?
I’ve never understood why RIFC were happy to allow the club to rack up the debt with no apparent security.
There still seems a reluctance of some to face the reality of attempting to run a money eating business on fumes.
If the share issue fails what is the plan?
It looks as if Letham wants his money back and he doesn’t want shares.
Why wouldn’t he want his money back?
The share issue only prolongs the inevitable. He may as well take his share certificate, put it on a cake, and cut round it because that is about as much as it will be worth come January.
RIFC need the cash and to give away a million pounds worth of shares does not get money into the operation.
Why would anyone want to buy shares in this fiasco?
Perhaps the more damaging information was the hint that the manager has two contracts and may indeed be sucking far more out of the operation than was originally thought.
If that information is leaked, as Phil hints, it could well be the final straw for the stay away, pay per game, fans. To find out that the last person you place your hope in is milking the operation just like everyone else would perhaps put the tin lid on it for many.
Interesting Tease from Ewan Murray of the Guardian, I wonder if the Guardian has the “two contracts” story alluded to above?
“Ewan Murray @mrewanmurray 14h
If Rangers supporters think their chairman is overpaid.. What’s their view of the manager??!”
Let’s just say it’s 19 September. The share issue has failed.
The Board of RIFC announce that TRFC is no longer a going concern, puts it in liquidation and resigns with one token director left to hold the fort.
The liquidators of TRFC are immediately hit with a claim from A N Other (Law Financial?) with regard to ownership of Ibrox and MP.
There is a lack of documentation and will amongst those previously involved to refute this though it takes some time to be legally settled.
A rescue operation of Real Rangers Men© buys the assets and starts up Third Rangers FC playing out of Hampden.
A plausible scenario?
But how does the SFA/SPFL respond?
Scottish Football needs vigilance.
Redlichtie
Scottish Football has never needed more vigilance…….
……………..
After the wonderful dinner all those years ago between Craigie Campbell and Stewartie in the hotel in Glasgow’s West End the SFA and their pals had enough time to create the 5 Way Agreement.
It took time and they thought that was that.
Now the slow train crash we all foresaw on this site is in progress.
RCO and Craigie and Mr Lawwell and their intimate circle of power brokers will have had enough time to have a fall back position.
They will be falling back to it for the good of the game meaning TV revenue and Ibrox crowds and the baggage they bring with them for our game.
They think pound notes trump rules and decency.
They just don’t understand that the blue side of the pound notes foundations is built on sand.
Scottish Football has never needed the Bampots more.
justshatered says:
September 2, 2014 at 10:11 pm
‘..To find out that the last person you place your hope in is milking the operation just like everyone else would perhaps put the tin lid on it for many.’
———–
I think a veritable tsunami of revulsion would sweep over the Ibrox support if it proves to be correct that McCoist has two of the ‘onerous contracts’.
It would mark McCoist down as nothing other than a carpet-bagging Judas, using his ‘legend’ status to abuse the club he professes to love.
There could be no possible defence for him, for, if the hints/allegations are in any way true, he could not claim to be just the innocent football man, with no knowledge of, or input into, the deliberations of the Board of TRFC or the Board of RIFC plc.
He would be seen to be not only right in there with those who have enriched themselves, and continue to enrich themselves, at the expense of the club’s fans, but to be hypocritical to a level not matched by ANY of the others.
I actually hope for his (McCoist’s) sake that Phil’s sources are mistaken.Not even I could imagine anyone being quite so cynical.
redlichtie says:
September 2, 2014 at 11:39 pm
It would be something if ole “Show us the Deeds!” turned out to be right all along 😉
The problem remains, what it has always been when trying to figure out what’s going to happen next – there are too many important pieces still in the box.
It feels like a high stakes game of poker is being played out in the Blue Room, sooner or later someone is going to go all in and call the bluff(s), surely?
John Clark says:
September 2, 2014 at 11:57 pm
justshatered says:
September 2, 2014 at 10:11 pm
‘..To find out that the last person you place your hope in is milking the operation just like everyone else would perhaps put the tin lid on it for many.’
———–
I think a veritable tsunami of revulsion would sweep over the Ibrox support if it proves to be correct that McCoist has two of the ‘onerous contracts’…
=============================================================================
Absolutely. JC.
And that is one other side story that has intrigued me over the last 3 years or so. After Murray, Whyte, Green, Mather,etc. McCoist has been the constant.
And McCoist is the only main character/spiv who lives in and around the greater Glasgow area. All the other spivs are England/France/IoM/Middle East based.
And whilst I cannot independently confirm this at all, I have also heard from an impeccable source a good while ago that McCoist has most definitely NOT taken a pay cut.
Whether that is true or not is perhaps irrelevant as McCoist has to live in the West of Scotland with the perennial angry bears in future…unless he retires to a golf resort abroad…mibbees…
“…And McCoist is the only main character/spiv who lives in and around the greater Glasgow area. All the other spivs are England/France/IoM/Middle East based…”
Correction: alleged gangsters/front men excepted.
Finloch
Logically if Celtic budget without CL money and that budget is £10m short, does that not explain why profit from player sales or CL which is not dependable, is being held because of reduction of what used to be ie. higher ST sales. It keeps the price down, the crowds still over 30k and in fact is a policy that is based on RFC not returning to anything like competitors for maybe 5 years.
PL Is maybe sharp but even he cannot raise the deid or nurse a very sick newcomer quickly into rude health. When I say rude I was being idiomatic not literal 🙂
Budgeting is in his power but not resurrecting the dead.
UptheHoops 9.23
We would not have needed Res12 and Ogilvie ‘ s feet would not be touching the ground causing his head to fall off the plate. 🙂
Allyjambo says:
September 2, 2014 at 6:00 pm
16
2
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Danish Pastry says:
September 2, 2014 at 5:39 pm
It looks to me as, if the bids were genuine, that they weren’t high enough to make a meaningful difference and not worth blowing the illusion that they, at least, believe they will survive; illusion being such an important component of TRFC’s existence.
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An illusion that has been demonstrably kept alive since 1999 if not earlier.
Zilch 1.??
Spot on sir. Easiest solution is find a way to remove Celtic and let sporting merit rule thereafter.
Tightly controlled sporting merit using robust verifiable licensing rules.
Ally McCoist is vastly overpaid and lucky to be in post as Rangers manager. While I admire the man he let himself down badly by saying he signed the contract without knowing the salary.
But on a personal level his friendships are across the divide and is well thought of in that regard.
He was left in a very difficult position at one point being the captain left on a sinking ship. He has fought for his club, made some mistakes, who would,nt, but no doubt been used by the freeloaders at the club.
His pluses far outweigh the negatives for Rangers supporters.
‘His pluses far outweigh the negatives for Rangers supporters’.
4 Negatives: Hopeless Manager tactically unaware.
Removing vast amounts of cash from HIS club whilst the CLUB itself craves cash.
Being economic with the truth.
Misleading his OWN clubs fans.
0 Positives?
John Clark says:
September 2, 2014 at 11:57 pm
I think a veritable tsunami of revulsion would sweep over the Ibrox support if it proves to be correct that McCoist has two of the ‘onerous contracts’.
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For that to happen would require the media to make a major issue of it. I think they all realise by now McCoist is a very poor manager, but he remains as ingrained in the Scottish establishment as ever, and there is evidence beyond doubt he is protected way beyond what any other manager is. I can’t see the media ever being willing to savage such an established, loved figure as McCoist.
Rhaps
McCoist is a very likeable person…I will give you that…however his conduct in football over the last few years has been at best questionable and at worst unforgivable…and I think your overview is somewhat misplaced.
Eco
I read the PL piece again…based on your take in case I may have missed a beat.
However I still find myself of the same opinion…it is a carefully timed piece that details the current landscape.
I can also say that I have been very critical PL over the last 2-3 years over his lack of comment on certain matters.
I am no cheerleader I can assure you.
Paulmac2 says:
September 3, 2014 at 7:37 am
5 0 Rate This
Rhaps
McCoist is a very likeable person…I will give you that…however his conduct in football over the last few years has been at best questionable and at worst unforgivable…and I think your overview is somewhat misplaced.
=====================
I have never met McCoist, so cannot judge his likeability. Everyone who has ever met Ogilvie says that he’s a lovely, decent honourable man. Just goes to show, doesn’t it? I judge these people by their actions, unfortunately.
However I wonder whether those members of the independent commission, who had to seek police protection after being “called out” by McCoist, consider him a likeable cheeky chappy, or self serving, cynical ?
If the club playing out of Ibrox arrives at the SPFL on sporting merit…then fair enough…however there does appear to be the possibility of financial assistance at play…which does not appear to be available to anyone else in the championship? Why can’t the SFA hold internationals at Hearts…Hibs etc?
Neeps
I’m not suggesting anyone should like him…only that he can be a likeable character…
Some of the most notorious people in history have had likeable characters…but you would not sit in the same room as them.
Re this second contract mentioned on Phils Blog.
I could be putting two and two together and getting 10 but it’s already been mentioned there was a contract that triggers a payment every time attendance exceeds a certain number.
Is this tied to AM? Wants to sign sign sign, never sell sell sell. Fans want to see ‘quality’ players, even if the coaching and tactics drag them down into the mud.
There is an inherent bias on here that does this blog no favours.
I get the impression that a few people on here would like to add a line to the Proclaimers ‘letter to America’ Rangers no more.
Surely a club withe history of club so well known in
Football circles, with a massive support and a plus to thebScottish economy is worth saving.
Many of the Scottish clubs have done well from that support charging sometimes well over the odds. Just the other week Falkirk charged £95 and were sold out for a sub standard 3 course mealpackage.
I’m going to follow Rhapsodyinblue on this one and say that regardless of your views on the man, language such as was used to describe anyone is unbecoming of this blog. The abuse Ally McCoist takes on here at times is really unpleasant, and the tone of the blog overall takes a nose dive at the mention of his name.
rhapsodyinblue says:
September 3, 2014 at 9:15 am
Many of the Scottish clubs have done well from that support charging sometimes well over the odds. Just the other week Falkirk charged £95 and were sold out for a sub standard 3 course mealpackage.
======================================
Anyone who pays £95 a head for a meal at a Scottish football ground is either a complete idiot who happens to have too much money, or their bill is being paid by someone else, who in turn has more money than sense.
For the assistance of those who dislike being fleeced, you will find a Greggs or similar close to most football grounds. Or take a packed lunch. That will save you a lot of money.
Rangers supporters are of course free to use these handy tips, but I’ve noticed over the years that spending more money than everyone else is like an end in itself with them, in fact almost a need. So maybe Falkirk are aware of this, and decided to meet their visiting customers’ deep psychological needs?
upthehoops says:
September 3, 2014 at 7:17 am
John Clark says:
September 2, 2014 at 11:57 pm
I think a veritable tsunami of revulsion would sweep over the Ibrox support if it proves to be correct that McCoist has two of the ‘onerous contracts’.
========================================
For that to happen would require the media to make a major issue of it. I think they all realise by now McCoist is a very poor manager, but he remains as ingrained in the Scottish establishment as ever, and there is evidence beyond doubt he is protected way beyond what any other manager is. I can’t see the media ever being willing to savage such an established, loved figure as McCoist.
==========================================================
I have no idea whether McCoist is the one indicated to have 2 onerous contracts.
On the face of it it seems unlikely but there is one way it might have come about.
We have to remember – what I will term his salary contract – was the one which he was given by oldco Rangers in 1987 and followed him to Sevco Scotland/TRFCL after he Tupe’d over in 2012.
That contract is detailed in the Rangers AIM Prospectus and the terms wrt to ‘bonus’ payments are interesting:
I remember thinking ‘how strange’ at the time when all and sundry at Ibrox – with nothing to do with the footballing side – were getting generous bonuses based on on-field success as measured by climbing the SFL structure and beyond.
But I had missed the simple and glaring point which is that this was the old contract when only SPL and Euro bonuses could be earned as in no way could Rangers ever end-up in the SFL as that was most definitely not their rightful place 😆
One thing I am quite convinced of is that McCoist is very astute when it comes to his personal financial position or at least has very clever advisors.
So was he going to sit back and let others get obscene bonuses off his back and those of his players? Somehow I don’t think so.
So was a second new contract put in place that gave him and possibly his coaching staff bonuses for progressing through the SFL and then onto the Premiership. And in view of the changes in Scottish Football structures any such ‘bonus’ contracts might need to have been redrafted later to take account of the changes.
If there was any truth in that scenario that might explain some of the paranoia about keeping contract details under wraps.
I may be totally wrong but if not then I think this issue could cause the fans to finally implode. It’s a real Doomsday Scenario but, if true, who would pull the trigger resulting in MAD ?
I tend to skim a lot of articles.
Certainly cheap shots do not benefit an overall argument regardless of any individual’s shortcomings.
However, I guess it’s all selective perception. I might skim past something that Rhapsody or Ryan May dwell on.
I must confess, my visits and posts here have become less over time. But that’s not down to any flowery descriptions of any one individual.
‘Surely a club withe history of club so well known in
Football circles, with a massive support and a plus to thebScottish economy is worth saving.’
How is a football club or indeed any other business a plus to the economy when they are constantly begging for money?
RyanGosling says:
September 3, 2014 at 9:21 am
2 8 Rate This
I’m going to follow Rhapsodyinblue on this one and say that regardless of your views on the man, language such as was used to describe anyone is unbecoming of this blog. The abuse Ally McCoist takes on here at times is really unpleasant, and the tone of the blog overall takes a nose dive at the mention of his name.
———————
I did not describe McCoist in those terms. I was merely speculating as to how he might be described by someone who had to seek police protection for themselves, their family and their property as a consequence of McCoist’s actions. How would you feel in those circumstances, Ryan?
Ryan, Rhapsodyinblue,
There’s no doubt that some on here can’t control themselves and the mods are consequently tough on the cheap shots.
However, the Rangers TV interview where McCoist demanded, “Who are these people” was cynical exploitation of the dumber Rangers supporters and undoubtedly caused distress to the tribunal members who gave of their own time to help Scottish football apply the rules that all clubs agreed to. Neepheid’s question is a fair one – what would these three men’s view of McCoist have been when they were being briefed by police on security for them and their families? Remember, he knew exactly who these people were, this was a set interview with an in-house media service, not a spontaneous reaction to a microphone being stuck in front of him.
Self-serving – £800,000 a year for strolling past teams whose players practically pay to play when the club you profess to love is bust?
rhapsodyinblue says:
September 3, 2014 at 9:15 am
Many of the Scottish clubs have done well from that support charging sometimes well over the odds. Just the other week Falkirk charged £95 and were sold out for a sub standard 3 course mealpackage.
======================================
Anyone – like myself – having eaten a farmload of rubber chickens at thousands of such dinners in my life is well aware that the cost of the meal is irrelevant.
If you are unaware of why people attend these functions then I can’t divulge the secret as it would breach the secrecy of the Avian Order of which I am a senior member in recognition of my sturdy teeth and iron-clad stomach which has seen me elevated to the position of Chief Muncher 😆
Carfins Finest says: September 3, 2014 at 9:49 am
rhapsodyinblue said:‘Surely a club withe history of club so well known in Football circles, with a massive support and a plus to the Scottish economy is worth saving.’
How is a football club or indeed any other business a plus to the economy when they are constantly begging for money?
Couple of points here – the history is not in doubt – that the more successful, recent, history could be described as tainted is also IMO not in doubt, which does impact RiB’s point I think. Every club (bar one!) in Scotland has history and every club boosts its local economy. How a club with such a “massive support” is constantly requiring favours and additional funding is really the big question. That Hearts – a club with a great history, well-supported, and clearly boosting the economy can take their lumps and bounce back to get their house in order – why can’t Rangers?
Ye couldnae make it up 😯
http://www.heraldscotland.com/news/home-news/rangers-boss-graham-wallace-faced-new-questions-from-fans-after-he-shuns-ibrox-share-.1409695249
ecobhoy says:
September 3, 2014 at 10:25 am
That’s an interesting role reversal.
A CEO giving a public vote of no confidence in the PLC.
ecobhoy says:
September 3, 2014 at 9:40 am
‘. In addition, Mr McCoist is
entitled to bonus payments should the following events occur:
(i) the Club wins the SPL and an additional bonus if this leads to automatic qualification to the Champions League Group;
(ii) the Club wins the Scottish Domestic Treble;
(iii) the Club qualifies for the Group Stage of the Champions League through the
qualifying route;
(iv) on qualification as one of the last of the 16 teams in the Champions League, such bonuses as are payable by the Company to the players plus an additional 25 per cent.; and
(v) on receipt of prize money in respect of the European Competition (other than the Champions League), such bonuses as payable to the players.’
Reading that it’s hardly surprising McCoist wasn’t prepared to build a team slowly and methodically, winning each league but not as comfortably as he did. He, personally, couldn’t afford to take the risk of delaying each promotion. To get to his own personal pot of gold (well additional pot of gold) he had to ensure instant results. Perhaps without this sort of carrot he might have progressed as a manager instead of just as a figurehead for ‘Rangers-ness’.
Should eco be correct about a second, amended, contract, it might well show a similar carrot for instant success.
Throwing something into the conjecture pot, I wonder if this ‘second contract’ might be in lieu of half his salary – and contain rights/options to further shares, a la BS, or something equally contentious.
Another wee thought on the BS style options. I’ve always wondered how it could be that the board haven’t been able to ascertain whether or not any further options exist. I would have thought there would have to be a record somewhere, in fact I’d say there definitely has to be a record somewhere. Now, if I am correct, and we can be certain if no more existed or there wasn’t too onerous an amount in ‘big hands’, that there would have been an announcement to that effect, especially in view of the share offer and plans to go back to the market. This might be an added reason for the very limited share offer, for in addition to no need for a prospectus (where existing share options would almost certainly need to be shown), the total amount of shares available to apply for would otherwise make the total of existing share options obvious. As things stand there’s the possibility of raising a net £3.5m, while the published existence of a large number of options might make that figure impossible to reach, even if the shares made available were much more than in the current offer.
Margarita and BPH are apparently uninterested in the offer, and seem rather relaxed about it all. Could it be that they know all about any existing options, and maybe they, or their ultimate beneficiaries, benefit from them? As I say, just a wee thought.
There are 276 clubs, companies and organisations, including the tax authorities who would dispute the claim that Rhapsodyinblue`s club are good for the economy. Hell, they didn’t even pay the paper boy.
As for Mr McCoist, I wonder if we will ever learn what he whispered in Neil Lennon`s ear. Something which clearly enraged a man coming forward to shake his hand.
George Gershwin RIP.
I can understand people’s worry over the claim made in Mr Lawell’s “interview” and his reason(s).
However regardless of season book money already being in. If match-day money, TV subs etc. suffer a sudden blow. He and his fellow CEOs/Chairmen will see the writing on the wall.
Just as they did in 2012.
Allyjambo says:
September 3, 2014 at 10:30 am
ecobhoy says:
September 3, 2014 at 9:40 am
=======================================
@Allyjambo
I too have been puzzled by the inability of both TRFCL and RIFC to be able to categorically state that there are no more BS-style share deals yet to be revealed.
Surely such deals would require to be minuted and if they aren’t minuted would they still be legal expecially in the case of RIFC as a Plc?
And if they have been minuted I am left wondering whether why the current CEO doesn’t just check the minutes?
The fact that this road apparently hasn’t been followed and an ‘all-clear’ sounded leads me to speculate.
Could it be that the minutes were never signed-off as a true and correct minute? Or – whether signed or not – is there no trace of the minutes for relevant periods and, if so, who holds them?
Perhaps my thinking is way-off track but I find it hard to believe that shareholding deals could be made without Board approval and surely they would have been automatically run-past the NOMAD.
For me something just doesn’t add-up. I wonder if anyone else has any thoughts on these aspects?
I thought it was only open to existing shareholders…which would mean Wallace would not be entitled to purchase shares…or have I missed something?
Paulmac2 says:
September 3, 2014 at 10:51 am
I thought it was only open to existing shareholders…which would mean Wallace would not be entitled to purchase shares…or have I missed something?
=============================================================
YES ❗
He has been there for nearly a year and hasn’t bought a single Rangers share and yet he’s urging Uncle Tom Cobley and All to buy them to save the club.
Why would anyone buy a share on his recommendation when he doesn’t have enough confidence in an organisation which he is CEO of to buy any?
rhapsodyinblue says:
September 3, 2014 at 9:15 am
Surely a club withe history of club so well known in
Football circles, with a massive support and a plus to thebScottish economy is worth saving.
———————–
Rhapsody
First up agree 100% re ‘inability to help themselves at times’ comment.
Secondly, congratulations on summing up the OC/NC debate perfectly. If at any time you have ever thought why does it matter, why does it wind these guys up so, look to that answer right there.
If you take the view that the club is immortal – that it is worth saving regardless of circumstance (like liquidation) – which is essentially what has happened in popular myth/various MSM exclusives if not quite on the legal papers describing it, what you then do is simply open the door to uncontrollable win ‘regardless of all odds’, or logic. Why not buy big, win big, go bust. Repeat ad nauseum?
The SFA rules around liquidation were weak. They were weak for a reason, and not the massive conspiracy some on here would expound. They were weak simply because it was never ever envisaged that a club would be liquidated, and still be playing the next day.
But, for the absence of doubt, please bear in mind that I suspect few if any on here consider the blame for said liquidation to be anywhere, but stuck truly, 100%, to the front door of Rangers FC, however you perceive it.
(((Just off on a tangent btw but related, I don’t consider there to be any doubt re the wording of the “2nd administration points” situation. It is worded to ensure that a club having foregone a first administration, and found new owners, should not then benefit from doing it again – precisely the situation described above. And anyone asking about “But what if it was liquidation?” read the top bit again. Carefully.)))
ecobhoy says:
September 3, 2014 at 10:25 am
Of course, Graham Wallace can’t participate in the offer, he holds no shares in RIFC plc, which is maybe a very good reason for not buying any in the first place 😯
I suppose, too, he would have been prohibited from buying any shares from the time the share offer was being discussed due to insider dealing regulations, but it still doesn’t look good that he doesn’t hold any.
I wonder if those outside agencies involved with the share offer, such as RIFC’s registrars, have taken their fees upfront? There will still be costs involved whether or not the offer is successful and meets the 15million minimum target. It’s possible, I suppose, that one or more of the directors have given personal guarantees to cover the costs, if the money wasn’t available to pay in advance.
rhapsodyinblue says:
September 3, 2014 at 9:15 am
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There is an inherent bias on here that does this blog no favours.
I get the impression that a few people on here would like to add a line to the Proclaimers ‘letter to America’ Rangers no more.
Surely a club withe history of club so well known in
Football circles, with a massive support and a plus to thebScottish economy is worth saving.
Many of the Scottish clubs have done well from that support charging sometimes well over the odds. Just the other week Falkirk charged £95 and were sold out for a sub standard 3 course mealpackage.
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I’m sure it probably feels that way Rhaps, but at the end of the day most people on this blog believe they are interested in return to truth and justice in our game.
Its perceived that one club in particular has damaged both truth and justice in our game and so you are somewhat misguided if you expect people to agree with anything other than some good honest, hard facts or an expression of desire for our much loved game to be returned to a fair and sound footing.
I’m not sure what you actually expect if you are defending dishonesty and bias on some basis or other? Seems an odd thing to want to do.
On the economic argument, I fail to see the benefit gained to the national economy or even to the Scottish game as a whole by ignoring the facts and allowing bias or dishonesty to go unquestioned?
I doubt Rangers generates little more than an average sized Tesco store so lets not pretend we are talking about a nationally important economic force here. And at least Tesco pay most of their taxes.
As for the economic benefit of Rangers to the Scottish game, again this is an oft trotted out extortion, but little thought goes on behind it. Most clubs only play home games against each other 2 or maybe 3 times a season so lets not get carried away with that.
Better we should focus on how to make the game better, more competitive and more profitable as a whole rather than focus on one source of income to the great detriment of all others.
ecobhoy says:
September 3, 2014 at 10:43 am
I think the recording of share options will be done by the company registrar, and I doubt they will be enforceable if not recorded. I suspect that company executives like Green would have something within the club’s constitution that allows the issue of share options, as he sees fit, and perhaps they were in existence before the company went public, but I’d be certain that they would still have to be registered once it became a plc.
If they are registered, then they would certainly have to be included in any prospectus, so raising cash without a prospectus is a very good idea.
A very wise man once wrote:
I guess that’s the challenge I feel when I read some of (but not all) the derogatory comments I read on here about Mr McCoist. I do cringe when I read some of them and wonder what kind of evidence they are based on.
I can only comment on what I see and know.
I confess to having enjoyed watching him as a footballer, and I equally confess to enjoying his appearances on “Question of Sport”.
However, two things have tainted his image in my mind.
His call to name names was wrong; no doubt about that. He was in a senior position and in a position to know what the real circumstances and agreements were around naming or not naming those people. His speaking out as he did potentially put their lives in danger. And he has never, to my knowledge, apologised properly.
In the infamous touchline incident between himself and Mr Lennon he clearly, no matter how anyone tries to dress it up, said something to enrage Mr Lennon so badly. Mr Lennon did not do himself any favours by his reaction but Mr McCoist undoubtedly sparked something nasty.
Just a thought but would the net proceeds of the offer be enough to pay for any administration?
ecobhoy says:
September 3, 2014 at 11:30 am
Might not even be enough to pay off the manager’s contract(s)!
A Tall Monitor says
September 3 2014 @ 11.28am
“A wise man”
St Gregory the Great.
ecobhoy says:
September 3, 2014 at 11:30 am
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Just a thought but would the net proceeds of the offer be enough to pay for any administration?
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Well we know that loans totalling approx1.6m need repaying.
We can possibly add Phils info that creditors are owed more than 600k.
Even with a full take up there may be no more tham 1m or so left.
How does the contingent liability sit wrt administration?.
The administrators will surely settle once and for all the question of ownership of the property assets and any potential buyer will want to know what he’s getting for his cash.
How would a court action affect the administration andwhile we’re at it,how would Imran getting his 600k ring-fenced affect anything.If he went to court before next Friday it’d be hard to see how the court could refuse his request,in light of the boards revelations that there’s very little money left.A decision to basically remove 600k from what’s left of the cash reserves would surely make any potential investor think twice.
rhapsodyinblue says:
September 3, 2014 at 9:15 am
There is an inherent bias on here that does this blog no favours.
I get the impression that a few people on here would like to add a line to the Proclaimers ‘letter to America’ Rangers no more.
Surely a club withe history of club so well known in Football circles, with a massive support and a plus to thebScottish economy is worth saving.
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You may well be correct that there is such a bias but if so perhaps it might be worth trying to discern why that is and why it isn’t just confined to some Celtic supporters.
Perhaps the answer might lie in the ‘history’ you mention and what would appear to be the readily adopted ‘hard done by victim’ who is innocent of any wrong.
Indeed it appears to me reading the Darkside that many many Rangers fans are displaying and voicing pure hatred towards their club and fellow supporters to a level I have never ever seen approached here.
Do you lecture your fellow Rangers fans on the error of their ways and point out that this wonderful, socially-responsible entity with its mass support and importance to the Scottish economy should be saved to retain an intact history?
Somehow or other I doubt that you do that and I fully understand why you prefer to be here – it’s a much nicer place 😆
As to ‘Rangers No More’ then IMO until a majority of Rangers fans come to realise that is the actual truth of the matter then the club can never move on and some Bears will continue to wallow in the past and be forever ripped-off by spivs playing with their emotions.
However as I have made clear many times in the past: It’s up to Rangers supporters whose motivation is purely based on football to decide what is worth saving at Ibrox.
Perhaps you might find more fertile ground for your agenda on the Darkside and, just think, your efforts might help to save your club which surely is what is most important to you. All you need to do is persuade the warring Bears to stop burying their hatchets in each other and boot the spivs out.
We’ve become accustomed to the warring factions among Rangers fans over the last couple of years, but the goings on at Easter Road don’t seem to be any closer to resolution.
Leeann Dempster held a meeting with fans groups last night which was interrupted by the entry of a group demanding “Farmer Out”.
Leeann obviously has had no part in what has gone on over the past few seasons, but as an appointee of Rod Petrie, she will be recognised as such, which will make her task in winning friends and influencing people so much more difficult.
Ex player and rep of the “Forever Hibernian” group Paul Kane is in the Edinburgh Evening News today stating ““The club is on its knees and our fear is it will sink even lower. We didn’t think the mismanagement could get any worse, but it has”.
One snippet that came out of last night’s meeting was that they had sold 7,200 STs this season which is well down on last season’s total of approx. 9,000(?), although higher than some predicted.
Their accounts for 2013/14 are due out in the next few weeks (assuming they stick to last years timetable) so we might get some more information on their current situation from that source.
Eco
Fair point he has had ample time previously to purchase shares and hasn’t…maybe he didn’t think he would be there that long 😀
On another point…the article points a possible take up of around 400k shares…that only leaves around another 19 million to shift 😕
On Rangers current position, particularly with regards solvency and the prospects of fulfulling all of their fixtures for the year. Have they been asked to provide any financial assurances that they will be ablt to do this.
As I understand it there may be precedent.
http://www.dailymail.co.uk/sport/football/article-1204561/Rescued-Livingston-demoted-division-breach-insolvency-rules.html
McDougall and Rankine formed a consortium called Livingston 5 Limited and joined forces with ex-Liv director Ged Nixon, the head of supporters’ group ‘Livi for Life’.
Prior to today’s meeting at the National Stadium, the group had expressed frustration at being asked by the SFL put up a bond of £720,000 to underwrite the fulfilment of the club’s league fixtures.
CEO Wallace can’t participate in the Open Offer because he doesn’t have any shares.
I wonder if any journo’s will be asking if the Manager will be participating?
Best get the question in today or tomorrow before he will only answer questions on football matters.
Hmm, let’s see. Will Ally participate?
How many shares does he currently hold? Reportedly, one million.
When did he get them? At the inception of TRFC for the sum of £10,000 reportedly.
How many did he therefore buy at the IPO for 70p? None, it would appear.
Will he spend £60,000 of his own money to buy another 300,000 shares? Emm, naw!
Did McCoist not gift them to a supporters club? Or their votng rights/ I think there was some coverage of that…
He didn’t want to vote at the AGM because certain of the resolutions related to electing new board members. Had he voted he would have been seen to support either the existing board, or the “requisitioners”.
He decided to proxy the voting rights to people representing an East Kilbride Rangers Supporters Club (if memory serves) instead.
A rather neat way out of a tricky position.
16 Sodium Atoms says:
September 3, 2014 at 3:25 pm
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He didn’t want to vote at the AGM because certain of the resolutions related to electing new board members. Had he voted he would have been seen to support either the existing board, or the “requisitioners”.
He decided to proxy the voting rights to people representing an East Kilbride Rangers Supporters Club (if memory serves) instead.
A rather neat way out of a tricky position.
While of course keeping his mitts on the money – amazingly astute for someone who didn’t even check what his salary was to be before signing his contract !
jockybhoy says:
September 3, 2014 at 3:15 pm
Did McCoist not gift them to a supporters club? Or their votng rights/ I think there was some coverage of that…
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@jockybhoy – ‘gift them?’ – time to take your tablet 😆
He did say that he was going to proxy his agm votes to I think it was a local EK supporters’ club. But – from memory – I was never clear whether he was talking about the £1 million shares he got for 1p each or the 70k he supposedly later bought for his sons at flotation for 70p a time.
Watching how McCoist plays his cards he was possibly making sure he kept the Board and the fans happy 😉
Carfins Finest says:
September 3, 2014 at 6:52 am
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You forgot dog-whistling.
What happens if the share price falls under the share option price in the run up to the closing date on the 12th? Or will lots of little trades at an artificially high price make sure that doesn’t happen?
Paulmac2 says:
September 3, 2014 at 12:55 pm
Eco
Fair point he has had ample time previously to purchase shares and hasn’t…maybe he didn’t think he would be there that long 😀
On another point…the article points a possible take up of around 400k shares…that only leaves around another 19 million to shift 😕
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I bet he’s wishing he hadn’t stayed that long or possibly that he’d never arrived 🙂
I don’t think anyone has a scooby at this stage what the take-up will be but at a pure guess I reckon it will either be a total flop or do well. It all depends what the spiv plan is and no one knows that – not even Laxey IMO.
Danish Pastry says:
September 3, 2014 at 3:38 pm
What happens if the share price falls under the share option price in the run up to the closing date on the 12th? Or will lots of little trades at an artificially high price make sure that doesn’t happen?
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DP – Behave 😮 Rangers’ Shareholders have Dignity in abundance and would never stoop to such an underhand tactic 😎
Ryan Gauld in Sporting Lisbon’s CL 25 man squad 😛
Anyone know what happened to the 1.8m shares that were on the trading columns earlier in the week.
Did they ever get moved on?
No regulatory news items as yet as one might expect something for a deal of this size.
Well identified, oddjob; I wondered who would be first!
And, by the way, folks, I should have added to my original post, “And how did the SFA deal with Mr McCoist’s call for innocent names to be published? Yet another (shame-faced? No, that can’t be right, they don’t do shame) blatant disregard for how the outburst reflected on the reputation of the game in Scotland, and on their own willingness (or lack of) to face up to their alleged responsibilities.”.
Danish Pastry says:
September 3, 2014 at 3:38 pm
What happens if the share price falls under the share option price in the run up to the closing date on the 12th? Or will lots of little trades at an artificially high price make sure that doesn’t happen?
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The worth (market cap) of the Company isn’t going to change by issuing more shares – so aren’t they already in effect below the option price.
65.8m shares at the current price of £0.2475 gives a market cap of nearly £16.3m – which divided by 87.7m shares if the option is fully taken up gives a share price of £0.1901
Danish Pastry says:
September 3, 2014 at 3:38 pm
What happens if the share price falls under the share option price in the run up to the closing date on the 12th? Or will lots of little trades at an artificially high price make sure that doesn’t happen?
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If the price dropped that low, there could still be a take up at 20p if someone was sufficiently determined to increase their holding to gain control and insufficient existing shares were available through the market. However, would there be enough demand to take the minimum 15M at £3M to ensure that the rights issue goes ahead?
How low will the price have to drop to cause a flooding of the market with sellers and a subsequent freefall in the price? Bear market, anyone?
At the moment it only takes a few arranged sales to maintain the price in the 24-26p range due to the lack of liquidity in the market.
Cheers eco, SotB and ‘The Cat’ (I like it. Any relation to Miroslav Mecir?).
The 1.8m trade remains an enigma wrapped in fish&chip paper, too, since even Keith Jackson is weighing in on the mystery. Of the options, my money is on Craig Mather.
South0fThe Border says:
September 3, 2014 at 4:52 pm
I think you would have to factor in the increased cash balance from the share purchases before predicting the future share price, though there are so many other factors to take into consideration, some negative, some positive, that there’s no way of making an accurate prediction. We may never know 😈
Looks like Charles little pal is back http://www.bbc.co.uk/news/uk-scotland-29050877