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. Given that we play them next Friday night, I hope we get paid for the tickets that Rangers insist on collecting the money for.


  2. It was nice of Mr Easdale to go into the papers and explain just how bad the position was.

    Mr Ahmad and his counsel must have really appreciated it.


  3. I decided to subject myself to 20 minutes of Radio Clyde tonight while I was in the bath. Even by their standards tonight has been breathtaking.

    1. Apparently the only thing that can give Scottish football a lift at all is the national team avoiding defeat in Germany.

    2. Our game simply lurches from one contentious issue to another.

    3. The fans are all fed up with who is in charge etc (they didn’t specify which fans so I guess it means us all).

    4. Not only are Rangers in danger but no Rangers in the top league means Scottish football itself is in danger.

    Incredible stuff, and I could take no more. What they really mean of course is that Rangers in the top league and winning it is the best position of all for Scottish football.


  4. RIFC statement to AIM

    RNS Number : 0142R

    Rangers Int. Football Club PLC

    05 September 2014

    5 September 2014

    Rangers International Football Club plc

    (“Rangers” the “Club” or the “Company”)

    Statement re. Court Order

    The Company confirms that the Court of Session in Edinburgh has granted a request by Mr Ahmad for an order allowing him to arrest £620,000 in a Rangers bank account or the accounts of others who may be due to pay sums to Rangers. He sought this order in connection with a claim against the Rangers Football Club Limited for alleged unpaid bonuses in the amount of £500,000. The court granted permission to arrest £620,000 to take account of the sum sued for and Mr Ahmad’s legal expenses in connection with his claim.

    Leave to appeal this decision has been sought by Rangers and the court will deal with that request on Tuesday.

    This is a provisional procedural measure and the fact that this procedural ruling is in Mr Ahmad’s favour it is in not an indication that the court accepts there is any merit in his claim. The court has not yet considered the merits of Mr Ahmad’s claim. Mr Ahmad’s claim is being robustly defended. The case proceeds to a full hearing on its merits commencing 11 November 2014. If the defence of this claim is successful the funds arrested will be released.

    Further announcements will be made on this matter in due course.


  5. ecobhoy says:
    September 5, 2014 at 6:14 pm

    Did his mate Keith Jackson write that for him, or just tell him what to write? Yet another piece that’s short on informed quotes and no indication why the writer thinks he knows what Ashley is up to.


  6. easyJambo says:
    September 5, 2014 at 6:34 pm

    wrt to RIFC announcement to AIM re Imran Ahmad decision

    I notice that the announcement doesn’t mention the ever so slightly important fact that Rangers are only left with £600k in the bank.

    Surely the Offer announcement also needs to be amended to declare the correct position to potential shareholders.


  7. Evening all.
    Catching up with today’s events.I don’t know enough about law to decide whether any appeal could work.I do know however,that this arrestment leaves around a weeks working capital.Not a problem when you have 2 wealthy investors ready to move in,a loan facility from a well respected city institution,and a sure fire successful share issue.They probably thought they didn’t need to mention the £400kpm they could release from the ST money!.
    I said yesterday that IMO some,if not all the ST cash has gone.if it was still there then surely you mention it as part of your ongoing income.
    I also think that’s why the spivs are happy to dump the club.they’ve got the cash and walk up,future opportunities for wringing more are diminishing.
    It’s time to go and they’ll take as much as they can carry with them.


  8. upthehoops says:
    September 5, 2014 at 6:33 pm

    The trouble is that guys like Keevins when talking about Rangers being needed in the top league don’t define what club it is they mean.

    They seem to think just having the name in their will be enough.

    However the club that exists today is not the glamour puss of old. More like a broken down playboy who is well past their sell by date. i.e. closer to Charlie Sheen than George Clooney


  9. Also wrt the RIFC statement isn’t it being a little disingenuous. Didn’t the preliminary hearing decide there must be some merit in Imran’s claim? Otherwise the case wouldn’t have got to the full hearing now scheduled for November?


  10. Good Evening
    It is only my opinion but sometimes it is what you don’t say that gives the game away.If no mention was made of any money being held in escrow or trust or otherwise lying untouched then I think we are entitled, in the evidence of proof to the contrary, to assume that the ST money has in fact been used.

    A statement clarifying this should be issued before any fans part with another penny


  11. Over on follow follow the majoity seem to be discussing what assets will be “ring fenced”.

    They don’t seem to realise that it’s an arrestement of funds in a bank account which effectively meant the money is no longer available to the business until the matter is resolved which could be a long time.

    Basically they have lost over £600,000 from cash flow for the foreseeable future. A terrible situation just got a lot worse.


  12. Ashley can’t own any more than 10% of TRFC unless he divests himself of his 100% ownership of NUFC.
    He may well make money from TRFC selling merchandise, but any further commitment could jeopardise his stake in the Toon. There’s no chance he will risk that for TRFC – even a proxy purchase could damage that.

    I have consistently said that I thought TRFC would avoid administration, but recent fan actions and today’s last straw now appears to make admin very difficult, if not impossible, to avoid.

    I do know that the institutional shareholders now want out. They realise that TRFC is not what they thought it was – and the financial engines are in full reverse. Ashley won’t buy it, King wants it for nowt, and the supporters can’t afford it.

    I never thought that the (current) people who run the club would do anything underhand with respect to the assets, but it now seems that they may have no choice but to cash in on those and minimise losses.

    Sale, leaseback, or development? The choice will be made for them if a real Rangers man steps up to the plate.


  13. Things must be really bad……. even the judiciary are finding against ‘The Rangers’!!!!

    upthehoops says:
    September 5, 2014 at 6:33 pm

    I also listened to Mediocre Scoreboard tonight.

    Hugh Keevins is become even more of a parody of himself. At one point he said “I’ve been following his story…” and that really sums him up. HE FOLLOWS, he never asks questions other than “Can I have milk with my tea?”. A real journalist would have been running with this whole story a long time ago, and I don’t mean the naming rights. I mean how such an “honourable man” can accept £95k from an offshore fund set up by one of his employers and then go on to be President of the association.
    How Stewart Regan was allowed to get out of a studio when asked if ‘The Rangers’ were a new club and gave the response “if you want them to be” sums up our journalists. That answer was completely unacceptable from a person in his position. He is the one that has the definitive answer. If he had said “yes they are the same club” then he could have then been asked to explain the clubs “demotion” because that is what it was.
    The media are sheep.
    They have betrayed our sport by accepting the easy life, not asking the hard questions, and making themselves unpopular.

    Once again dear old Hugh is talking about “the CLUB being in a perilous state”. How could that be Hugh when according to your logic the club cannot die?
    Hugh if you are going to tell a lie for goodness sake remember the lies you have told. IMBECILE!!!

    They were whinging tonight about the Premiership being uncompetitive.

    Yes everyone wants a competitive league however all these guys are offering to make it competitive is to catapult a team into the league that is spending £10M a year more than it raises. Indeed it’s previous entity did exactly the same for over a decade while incorporating dubious tax policies.
    That type of funding is not there any longer. This club has managed to blow £70M in little more than two years.
    The pundits idea of competitive is the desperate hope of repeating the past. Perhaps they just want back to the easy life. Well guys it ain’t coming back!

    Instead of hankering for “the good old days” perhaps they should be asking probing question of the people who have allowed this shambles to, not only start, but continue unchallenged for almost two and a half years.
    The SFA have destroyed competitiveness within our sport. The media are complicit and the fans have been betrayed.


  14. 16 Sodium Atoms says:
    September 5, 2014 at 6:32 pm
    12 0 Rate This

    It was nice of Mr Easdale to go into the papers and explain just how bad the position was.

    Mr Ahmad and his counsel must have really appreciated it.

    ======

    He’s done that now twice, it’s clear to me that Ahmad has been trying to trigger an insolvency event but it’s been blocked

    Who in the boardroom benefits?


  15. OT: The biblical proportions of the Newco saga 🙂

    From the Genesis of Sevco, the Exodus of the fans, various Numbers of cash spirited away, several Judges asked to rule on their misdemeanours, the continuing worship of the Kings (Billy and Dave), Chronicles of mismanagement, various CEOs asleep on the Job, Lamentations about the actions of the various board members, Jonah himself in the form of their manager, and onto the new testament with John (Brown) of the deeds fame, the incredible Acts of fans and directors, the Timothys with their jelly and ice cream, together with their leader Peter (Lawwell) having it in for them, Jude the patron saint of desperate cases and finally the Revelation that it was all in vain.


  16. Clearly Rangers need money in really quickly, and it can’t be through the share issue, it won’t happen soon enough.

    They don’t have a line of credit so they can’t pay bills using an overdraft.

    They have two overdue loans outstanding, totaling £1.5m and secured against Edmiston House and the Albion Car Park.

    If they lose the appeal on Tuesday then they will need money desperately, just to pay the bills.

    Who is going to lend in those circumstances, with what security and on what terms.

    As has been stated elsewhere, it is difficult to see a way out.


  17. wottpi says:
    September 5, 2014 at 6:57 pm
    6 0 Rate This

    upthehoops says:
    September 5, 2014 at 6:33 pm

    The trouble is that guys like Keevins when talking about Rangers being needed in the top league don’t define what club it is they mean.

    They seem to think just having the name in their will be enough.

    However the club that exists today is not the glamour puss of old. More like a broken down playboy who is well past their sell by date. i.e. closer to Charlie Sheen than George Clooney
    ============================================================

    Like many of us Hugh Keevins will vividly remember the decade from seasons 1976-77 to 1986-87, before Rangers started their ruinous spending. Celtic won the league five times out of ten, Aberdeen three times, with Dundee Utd and Rangers bagging one title each. Heady days for those of us who were there, no team spent beyond their means, and Aberdeen and Dundee Utd often paid comparably to Celtic and Rangers. I wonder why he thinks bringing the current Rangers into the top league will suddenly bring things back to that level.


  18. scapaflow says:
    September 5, 2014 at 5:04 pm

    Sky Sports Scotland ‏@ScotlandSky 3m
    It’s understood Ashley views his interests in Rangers as purely strong commercial
    No Sh!t Sherlock :mrgreen:
    ones which he intends to protect #Rangers
    ////////////////////////////////////////
    :slamb:

    Nice to see that they are still reading the blog to keep informed.

    To be fair, there have been a lot of messages to read so it hardly surprising that they are still a bit behind. How long will it take them to work out the the implications of the Ahmed decision this afternoon?


  19. the taxman cometh says:
    September 5, 2014 at 7:14 pm

    He’s done that now twice, it’s clear to me that Ahmad has been trying to trigger an insolvency event but it’s been blocked

    Who in the boardroom benefits?
    =====================================
    They probably all benefit but in different ways. But we still can’t be sure what the spiv end plans are.

    They will select the appropriate version depending on what happens with the current Offer and whether they think they can get to the next bigger one.

    But there must be creditors out there who won’t be sitting doing nothing if Rangers is behind with payments. Companies in that position will be demanding their dosh right now and will be starting legal action by Monday.

    And even ones not owed won’t be hurrying to supply anything and, if the do, it will be cash up-front. When this happens to a business lots of even quite small creditors can put it under. And a company in the public eye like Rangers can’t hide the situation – everyone knows and supplies of goods and service will disappear virtually overnight.

    There is obviously a divided Board so who – even Board members or major shareholders – is going to advance loans unless they are secured on property assets?

    As to Ahmad trying to trigger an insolvency – well that might be the case. But maybe he just wants the money he believes he is entitled to. I don’t mean the dosh for sleight of hand contracts but just the ludicrous bonuses that everyone else got and which he was expected to get until he was pushed out.

    One thing about Imran I’m pretty sure about is that if he ends-up not getting his dosh then a lot of stories will find their way into print and a lot of dirt will be flung. He was there right from the very start and can probably tell the whole story and, indeed, would make a great witness for Worthington.

    I feel that if the spivs survive through to the Big Share Issue then Imran will be bought-off because he’s far too dangerous to be running loose.


  20. paulsatim says:
    September 5, 2014 at 5:10 pm
    Numerology/

    1888 shares just sold

    £67m contracts for IA

    Someone’s taking the p***!
    //////////////////////////
    :mrgreen: Green & Whyte? :mrgreen:


  21. If Rangers cannot pay their next tax bill, whether it is VAT, PAYE or whatever else then I would expect HMRC to immediately petition for a winding up order.

    They did it to Hearts often enough.

    The big difference with Hearts is that when they eventually could not deal with their problems a proper administrator was appointed to try to sort the situation out. The Hearts support including a wealthy fan, got behind that and saved their club.

    I think they have earned a lot of respect from the fans of other clubs by doing that.


  22. See the SFA?

    See if when they came up with the 5 way agreement they had insisted basic financial licensing protocols had been introduced and policed, does anyone think TRFC would not be in the same division they are in now but not in danger of going under?

    Is Campbell still giving it the three monkeys routine?

    Why are SMSM still allowing him to hide?

    The SFA are up to their necks in incompetence in this saga from beginning to end.

    Pennies (for that is all that is left) must surely be dropping by now amongst TRFC supporters.

    Edit. And don’t give us The SFA President never interferes. That’s not what I’m hearing.


  23. 16 Sodium Atoms says: September 5, 2014 at 6:32 pm

    It was nice of Mr Easdale to go into the papers and explain just how bad the position was.

    Mr Ahmad and his counsel must have really appreciated it.
    ===========================
    Chris Graham appears to echo that thought. (from FF)

    Sandy Easdale and Ahmad
    Easdale on 24 April gave a setup interview to the BBC talking about club’s fragile finances. A week later Ahmad failed in his 2nd attempt to get funds arrested.

    Two days ago Easdale is back in press doing to same thing and this time Ahmad wins the case.

    Coincidence?


  24. I just wonder whether the only line of credit available to rangers which was mentioned in court today – as being available from Laxey – refers to the loan offered by Laxey which was eventually replaced with Letham’s money.

    I would be interested if anyone has any other thoughts on that.


  25. the taxman cometh says:
    September 5, 2014 at 7:14 pm

    16 Sodium Atoms says:
    September 5, 2014 at 6:32 pm

    It was nice of Mr Easdale to go into the papers and explain just how bad the position was.

    Mr Ahmad and his counsel must have really appreciated it.

    ======

    He’s done that now twice, it’s clear to me that Ahmad has been trying to trigger an insolvency event but it’s been blocked

    Who in the boardroom benefits?
    ———–
    We are led to believe that the Easdales are aligned with Ashley. So the answer to “who benefits?” would appear to be Ashley. Perhaps the moves with Rangers Retail are part of his positioning to benefit from the car crash he himself is controlling. He could control at least all future retail operations and possibly has ownership of brands etc. As someone recently said he seems to be showing the Spivs how the really big Spivs operate.

    What baffles me is what the Easdales can get out of the car crash?


  26. Eco,
    Obviously don’t know but Phil reported a couple of weeks ago that a major shareholder had offered a facility of £12m.the whole lot though was to be secured on Ibrox and the interest rate was described as punitive.


  27. It was rumoured Rangers needed help to make payroll last month. So how do they have £1.2M in the bank, I hear you ask? I think this is the answer below. Look at the dates money was taken. I don’t know why every penny had to be gathered in at the beginning of the month, maybe that is the way it is always done. I’ll let people draw their own conclusions.

    CONTINUOUS CREDIT CARD SCHEME
    SPFL Scottish Championship
    Raith Rovers v Rangers
    Friday 12 September – 7.45pm kick off
    Payment has now been taken and tickets will be posted on Tuesday 2 September.
    Tickets are priced – £17 adults and £9 concessions

    Rangers v Inverness Caledonian Thistle
    Tuesday 16 September – 7.45pm kick off
    Season ticket holder prices – adults £19, concessions £13 and juniors £3
    Payment will be taken from Tuesday 2 September
    Please note that the following areas will remain closed for this fixture for operational reasons: Club Deck, Copland Rear and Broomloan Rear. Season ticket holders in these areas who are enrolled in the continuous credit card scheme will be posted a paper ticket for an alternative seat.

    Rangers v Hibernian
    Monday 29 September – 7.45pm kick off
    Payment will be taken from Wednesday 3 September and tickets will be available for collection from Monday 8 September.


  28. Partizani Tirana at 7.52pm:

    The Easdales are batting for Blue Pitch Holdings and Margarita Holdings, who are part of the spivs’ chorus fleecing the club, including Green and Ahmad.
    That’s twice, for no reason, that Easdale has come up with a damaging interview just before an Ahmad court case.
    Anyone would think it was deliberate . . .


  29. the taxman cometh says:
    September 5, 2014 at 7:14 pm

    “He’s done that now twice, it’s clear to me that Ahmad has been trying to trigger an insolvency event but it’s been blocked”
    ——————————
    I think you are asking the right questions but the answer to your “Who in the boardroom benefits?” enquiry is not currently clear.

    During the hearing in May Ahmad’s counsel made a reference to ‘the Dean of Faculty’ which seemed to legitimise the Sevco 5088 claim. As this claim was originally portrayed as a disagreement between Charles Green and Craig Whyte, everything seems at odds with itself. Green provides a HAND WRITTEN contract to Ahmad for his £500k bonus and Ahmad in pursuit of this bonus conjures up Banquo’s ghost in support of his claim. The level of intrigue is astounding.

    I’m not sure there needs to be an opposing faction since such fissures can be synthetically manufactured to suit. My gut feeling is that the whole thing is a giant pantomime.

    It is all so out of control that I must resurrect my theory of regulatory capture. Absolutely no-one in any position of authority appears to be trying to take control of the situation.


  30. easyJambo says:
    September 5, 2014 at 7:18 pm

    OT: The biblical proportions of the Newco saga 🙂

    From the Genesis of Sevco, the Exodus of the fans, various Numbers of cash spirited away, several Judges asked to rule on their misdemeanours, the continuing worship of the Kings (Billy and Dave), Chronicles of mismanagement, various CEOs asleep on the Job, Lamentations about the actions of the various board members, Jonah himself in the form of their manager, and onto the new testament with John (Brown) of the deeds fame, the incredible Acts of fans and directors, the Timothys with their jelly and ice cream, together with their leader Peter (Lawwell) having it in for them, Jude the patron saint of desperate cases and finally the Revelation that it was all in vain.
    ///////////////////////////////////////////////

    And I’m sure much “wailing and gnashing of teeth” (Matthew 13.42) will be in evidence.


  31. Auldheid says:
    September 5, 2014 at 7:49 pm

    The SFA are up to their necks in incompetence in this saga from beginning to end…

    Edit. And don’t give us The SFA President never interferes. That’s not what I’m hearing.
    ==============================
    Absolutely Auldheid !

    Whilst the SFA has been feigning public indifference to the recent TRFC survival concerns – Ogilvie, Regan etc. must be beavering away in the background with TRFC, SPFL Directors and perhaps other club directors – to make sure that a variety of contingency plans – and PR campaigns – are lined up ready to be activated to ensure that TRFC/TRFC2 is given as much assistance as required.

    Do you think Ogilvie/Regan will display any embarrassment this time…? 🙄


  32. ecobhoy says:
    September 5, 2014 at 7:51 pm

    That struck me earlier, and I also wondered if the paperwork was lodged as evidence. Perhaps it was and dated around the time of the ‘loan’ that Letham eventually covered. I also wondered if the terms were as onerous as that original loan.

    Still, whatever was claimed in the way of available finance, and whatever corroborating evidence was produced, the judge didn’t think it enough to ensure there was money to meet a possible £620,000 payout in a few months time.

    I also mentioned earlier that I wondered why this claimed facility wasn’t mentioned in the share offer statement, especially if it was on the usual Laxey terms.


  33. easyJambo says:
    September 5, 2014 at 7:18 pm

    OT: The biblical proportions of the Newco saga
    ————–
    And the Queen of The South shall rise!
    A play off place is probably the best alternative then 😉


  34. torrejohnbhoy(@johnbhoy1958) says:

    September 5, 2014 at 8:06 pm

    What do the Easdales get out of it?
    I don’t know them. They have a reputation for dodgy business dealings. Maybe all they wanted was to show that they’re not what they’re reputed to be…
    Maybe all that they were looking for was acceptance…
    Sometimes it’s about other things than money.
    =============================
    I’m no criminologist, but do some successful, ‘dodgy characters’ need to seek social acceptance in later life in the broader community – via charity work/church donations/political donations etc.

    It seemed to work out OK for Joe Kennedy and his payoff was establishing a political dynasty…allegedly… 😉


  35. Sports Direct have a right to buy out Rangers from their share of Rangers Retail. The price to be paid relates to last years profits, which were not huge, as I recall.

    Last week, Phil reported that Mike Ashley had stepped in to ‘help out’ with the wages and taken controil of the megastore

    This week, it is reported that the RR staff have been transferred to Sports Direct ‘under TUPE regulations’

    Putting those three things together surely means that the purchase option has been triggered. That in turn, surely means that the only money that Rangers will get in future from merchandise sales will be a token payment relating to the intelllectual property licence fee?

    There was a comment on one of the Rangers forums a while back that Rangers only got 30p for each shirt sale. That may be the value of the IPO payment.


  36. I am intrigued by this error in law that Rangers want to appeal on, as I thought the law in this area was fairly straight forward.

    Perhaps the believe that they rule which says “Rangers must win all court cases”, is actually enshrined in statute somewhere?

    Seriously, can any of the legal types see any obvious errors today?


  37. ecobhoy says:
    September 5, 2014 at 7:51 pm

    I think there is every prospect you are correct.

    However would they be willing to provide the loan on similar terms as they offered before, particularly as Edmiston House and the car park already have security over them.

    Or would they want security over something else.


  38. What do the Easdales get out of it?

    I think any answer based around them redeeming themselves in some way is missing the point that they appear to be digging an ever deeper whole by aligning themselves with forces that may benefit from fleecing the Bears, not helping them in any way.


  39. scapaflow says:
    September 5, 2014 at 8:30 pm

    I would imagine Summers was just doing his job; when all else fails, delay! Still, he must have shown the existence of some possible error for the judge to agree to allow the appeal.


  40. Allyjambo says:
    September 5, 2014 at 8:36 pm

    Thought they were getting together Tuesday for a hearing to decide whether to grant leave or not?


  41. From CRO – what’s happening now?
    ——————
    What Was Mike Ashley’s Preferred PR Firm Invoicing Rangers For?

    A PR firm which acts for Mike Ashley at Newcastle has invoiced Rangers for fees despite doing no obvious work for the club.

    Keith Bishop Associates (KBA) are closely linked to Ashley and list Newcastle Utd as a client on their website. It is understood that Charles Green claimed to Ibrox staff that KBA were retained as part of the Sports Direct retail deal.

    The invoice below, along with others over what is believed to have been an initial 16-18 month deal, was received by perplexed Rangers employees who queried it. They were told by then Finance Director, Brian Stockbridge, that invoices from KBA had to be paid despite no explanation being provided about what work KBA had done for Rangers.

    After Charles Green left the club, Stockbridge was instructed to travel to London to terminate the contract with Keith Bishop but Stockbridge returned with the contract still in place. Sources have told CRO that Club employees were disgusted that at a time when costs were being cut all over, and people were losing their jobs, these invoices were taking money out of already stretched budgets. KBA were invoicing at a time when Jack Irvine’s Mediahouse were also retained by Rangers as expensive PR consultants.

    There is no suggestion that Ashley himself received money from the deal but the employment of KBA was linked to the Sports Direct deal which Charles Green agreed with Ashley.

    Newspaper reports in recent days have claimed that Ashley was handed the naming rights to Ibrox by Charles Green for only £1 and it also now appears that Ashley has full control of all of Rangers Retail operations after the club shops were absorbed by Sports Direct. It appears unlikely that the deal with Sports Direct will net the club nearly as much as the previous retail deal with JJB, which was also heavily criticised as being undervalued.

    Rangers fans are likely to be further concerned that this PR firm linked to Ashley could have received payments in the region of £10,000 a month despite most people at Ibrox having no idea what, if anything, they did for club. It is not clear if KBA are still receiving money from the club or if the contract has now run its course.

    —————————–
    The website http://www.thecoplandroad.org/2014/09/what-was-mike-ashleys-preferred-pr-firm.html has an image of the invoice for 27k.


  42. scapaflow says:
    September 5, 2014 at 8:38 pm

    My mistake, too much time staring at a laptop screen today 😯

    Still, the delay remains.


  43. Auldheid says:
    September 5, 2014 at 7:49 pm
    16 0 Rate This

    Is Campbell still giving it the three monkeys routine?

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

    Ironically it was originally the four wise monkeys.

    See no evil, hear no evil, speak no evil and do no evil.

    Do no evil had his arms crossed but in some depictions he appeared to be touching his nether regions. So he was removed.

    True story


  44. “BBCBMcLauchlin @BBCBMcLauchlin · 3h
    Leave to appeal being opposed by QC for Imran Ahmed #bbcsportscot
    ReplyReplied to 0 times RetweetRetweeted 19 times19 FavoriteFavorited 2 times2
    More”

    “BBCBMcLauchlin @BBCBMcLauchlin · 3h
    Decision on appeal to be made on Tuesday morning #bbcsportscot
    ReplyReplied to 0 times RetweetRetweeted 26 times26 FavoriteFavorited 3 times3
    More”

    Not sure, think the clock starts now, and will be paused if leave to appeal granted?


  45. Well, I was there today in Court 4 bright and early. At 10.10 , the room was full of lawyers: several other cases were being dealt with by Lord Stewart ( apparently it’s still holiday time!) So they all had to wait their turn. It was 11.30 before the Ahmad application proceedings began.

    Brian McLaughlin of the BBC was along the row from me-and he had obtained the Court’s permission to use text ad lib to the BBC news page, so I knew there would be information going out. ( Curiously, he was actually wearing what I think are commonly referred to as ‘brown brogues’ and a navy blue suit)

    I tried make my notes as usual, but again without sight of the three affidavits that had been produced this morning ( obtained last night late by Mr Summers) it was difficult sometimes to follow the points that were being discussed. There were three affidavits: the longest was one sworn by Mr Wallace ( which made up most of Summer’s case), a second sworn by Christine Phillips ( of FFW, advising RIFC plc),and a third-signed by the NOMAD’s man, Shackleton , of Daniel Stewart, BUT not notarised (due to him going away on holiday!) The story there is that the legal agents briefing Mr Summers had sent Shackleton a ‘template’ which he signed , without a notary witnessing the signature,and returned. ( Was the ‘template’ a prepared statement of what a helpful affidavit might say?)

    I have not at the moment sufficiently gathered myself or my notes , or made sufficient peace with Mrs C [who wondered where the hell I’d been all that time and did I manage to collect the car from the Garage before it closed and she had tried to phone me to say they had phoned that it was ready, and texted me, and in any case I said I would nip out of the court and phone her in good time and yadda yadda yadda… and your bloody dinner’s ruined ( got home back of six having had to take a cab to the garage to get there before it shut..some of you might know the scenario].
    So I will defer trying to write any kind of report meantime, and then put it in a word doc and see if TSFM can put it somewhere off the comments page for any interest it may have for others.
    I will, however, share with you the fact that Mr Summer’s used an interesting expression about there being no point in ‘killing the goose that lays the golden eggs'( from Lord Tyre’s earlier judgment in Bain) an expression which Lord Stewart thought mildly amusing and perhaps a tad unfortunate.
    And that he, as before, laid great stress on the fact that some companies are ‘too big to fail’- he did not specify RIFC , but his general drift was clear, and he rallied the ‘loyal’ troops of a massive club which is the envy of other big clubs the world over, waxing eloquent about the many wealthy fans who are also investors and potential investors.
    And now, domestic harmony more or less restored, I’m going to pour myself a drink and reflect on the interesting day. I will not be able to attend Court next Tuesday to see whether leave to appeal will be given. I assume that the arrest warrant can’t be be issued until at least then.Will creditors be banging on the gates at Ibrox on Monday?
    Or will the South African sun-god helicopter in?
    Or is the Board of RIFC plc smugly rubbing their hands tonight having reached what has been the plan all along, hands held out for a bonus from , for example, LP? Maragarita, Blue Pitch…..
    Who knows, but them that knows?


  46. 16 Sodium Atoms says:
    September 5, 2014 at 7:48 pm
    27 0 Rate This

    If Rangers cannot pay their next tax bill, whether it is VAT, PAYE or whatever else then I would expect HMRC to immediately petition for a winding up order.

    They did it to Hearts often enough.
    ==============================================

    This has always been a concern for me. HMRC were aware for months in 2011/2012 tax was not being paid and still no WUO. There has to be a reason for that.


  47. John Clark says:
    September 5, 2014 at 8:46 pm

    JC sympathise! reminds me of a chum who spent to long in Sandy bells despite several phone, only for the Misses to show up, dump his tea on the bar and storm out :mrgreen:

    All the moonbeams on offer today, reminded that this is not a phoenix rising from the ashes of Rangers Mk 1, but a clone which has faithfully copied all the attributes of the old club, which explains why the body appears to be in terminal decline.


  48. scapaflow says:
    September 5, 2014 at 8:43 pm

    If nothing else, the request for leave to appeal enabled RIFC to add this to their AIM announcement. Takes the edge off, just a little.

    ‘Leave to appeal this decision has been sought by Rangers and the court will deal with that request on Tuesday.’

    Monday’s share price movements might be interesting! Perhaps this inclusion will have/will be hoped to have, an effect, at least enough to prevent the price dropping too close to the 20p offer price.


  49. Allyjambo says:
    September 5, 2014 at 8:55 pm

    Ally that does makes sense, in a whistling in the wind sort of way!


  50. “…I will, however, share with you the fact that Mr Summer’s used an interesting expression about there being no point in ‘killing the goose that lays the golden eggs'( from Lord Tyre’s earlier judgment in Bain) an expression which Lord Stewart thought mildly amusing and perhaps a tad unfortunate.
    And that he, as before, laid great stress on the fact that some companies are ‘too big to fail’- he did not specify RIFC , but his general drift was clear, and he rallied the ‘loyal’ troops of a massive club which is the envy of other big clubs the world over, waxing eloquent about the many wealthy fans who are also investors and potential investors…”
    ========================
    Thanks for sharing that indeed JC. Gives an insight, perhaps, into the continuing delusions as promoted by the Ibrox board.

    Another good job by our official ‘TSFM Court Reporter’ ! 😆


  51. Giovanni says:
    September 5, 2014 at 8:40 pm
    4 0 Rate This

    From CRO – what’s happening now?

    I notice the invoice is for the first three months of 2013 and is dated December 2012, so KBA were being paid IN ADVANCE.


  52. scapaflow says:
    September 5, 2014 at 8:56 pm

    As a good servant of the court, Mr Summers must also make every effort to increase his fees 🙄


  53. Allyjambo says:
    September 5, 2014 at 9:03 pm

    “As a good servant of the court, Mr Summers must also make every effort to increase his fees 🙄 ”

    Then that would make him a True New Rangers Man :mrgreen:

    Edit

    mutter ipad keyboard crap mutter


  54. upthehoops says:
    September 5, 2014 at 8:52 pm

    1

    1

    Rate This

    16 Sodium Atoms says:
    September 5, 2014 at 7:48 pm
    27 0 Rate This

    If Rangers cannot pay their next tax bill, whether it is VAT, PAYE or whatever else then I would expect HMRC to immediately petition for a winding up order.

    They did it to Hearts often enough.
    ==============================================

    This has always been a concern for me. HMRC were aware for months in 2011/2012 tax was not being paid and still no WUO. There has to be a reason for that.
    //////////////////////////////////////////////////

    Pursuit of the big tax case took priority?


  55. nickmcguinness says: September 5, 2014 at 9:04 pm

    Giovanni at 8.40pm,

    Keith Bishop Associates had a six-month contract with RIFC plc, allegedly to help with the IPO.
    It was cancelled last August, as was reported here: http://www.thedrum.com/news/2013/08/14/media-house-confirms-end-rangers-fc-pr-contract-after-seven-years

    The 100pland Road mob are tilting at windmills again.
    ====================
    That’s not how I read the article Nick. I read it that it was Media House who had had their contract terminated after 6 months and were replaced by KBA at a cost of approx. £130,000 p.a. That fits in with the £27,000 invoice for three months work.


  56. nickmcguinness says:
    September 5, 2014 at 9:04 pm
    1 0 Rate This

    Giovanni at 8.40pm,

    Keith Bishop Associates had a six-month contract with RIFC plc, allegedly to help with the IPO.
    It was cancelled last August, as was reported here: http://www.thedrum.com/news/2013/08/14/media-house-confirms-end-rangers-fc-pr-contract-after-seven-years

    Nick, The link says Keith Bishop has a Five Year contract and that it was the media house contract that was terminated after helping wiht the IPO

    “A spokesman for Media House said: “Our six-month contract to assist Rangers with their IPO has ended.”

    Writing on his blog, journalist Phil Mac Giolla Bháin reported that replacing Media House will be Keith Bishop Associates, reportedly on a five-year contract worth £130,000 per annum.”


  57. The Lady doth protest too much: Rangers statement

    “RANGERS Football Club has tonight released the following statement:

    “Further to the Stock Exchange announcement regarding the court action taken by Imran Ahmad against Rangers, whatever the outcome of the court process, we agree with Judge Lord Stewart when he told the court: ‘This does not mean to say that insolvency is an actuality or is going to happen.'” ”

    http://www.rangers.co.uk/news/headlines/item/7611-club-statement


  58. The Cat NR1 says:
    September 5, 2014 at 9:17 pm

    Indeed.

    It is sometimes difficult for HMRC to pursue an issue when they are already pursuing another issue which they consider of greater moment. Particularly if one would have an effect on the other.

    The lesser issue may be put to one side until the greater one is resolved.


  59. scapaflow says:
    September 5, 2014 at 8:30 pm
    10 0 Rate This

    I am intrigued by this error in law that Rangers want to appeal on, as I thought the law in this area was fairly straight forward.

    Perhaps the believe that they rule which says “Rangers must win all court cases”, is actually enshrined in statute somewhere?

    Seriously, can any of the legal types see any obvious errors today?

    ======

    To buy time as they still have not found a friendly administrator?


  60. scapaflow says:
    September 5, 2014 at 8:30 pm
    ‘…Seriously, can any of the legal types see any obvious errors today?’
    ——–
    Lord Stewart asked Summers on what basis was he appealing-on fact, or law. On both, said Summers. Not enough weight given to Wallace’s affidavit, and not enough consideration of the ‘reasonableness’ specified in the relevant section of the Act. [ This is my paraphrasing,but I think it’s essentially accurate]`
    Mr McBrearty’s opinion of the aplication for leave to appeal was that there would appear to be little chance of an appeal succeeding because the tests required for a decision on the risk ( not ‘certainty’) of insolvency had been met, and the ‘reasonableness’ of how that risk was to be dealt with was at His Lordship’s absolute discretion, having heard the evidence of the facts, not merely the opinions, the ‘I believes’ and the ‘it is expected thats’ and there are ‘ongoing negotiations with potential investors’, that make up Mr Wallace’s affidavit.


  61. scapaflow says:
    September 5, 2014 at 9:21 pm

    Is that as positive as they could spin it.

    Wow, just wow.


  62. scapaflow says:
    September 5, 2014 at 9:21 pm

    And, sadly, it doesn’t mean that it’s not going to happen either.

    I wouldn’t be surprised if something similar is said in many similar cases, perhaps for the benefit of employees.


  63. John Clark says:
    September 5, 2014 at 9:24 pm

    Cheers John. more power to your pencil


  64. scapaflow says:
    September 5, 2014 at 9:21 pm

    The Lady doth protest too much: Rangers statement

    “RANGERS Football Club has tonight released the following statement:

    “Further to the Stock Exchange announcement regarding the court action taken by Imran Ahmad against Rangers, whatever the outcome of the court process, we agree with Judge Lord Stewart when he told the court: ‘This does not mean to say that insolvency is an actuality or is going to happen.’” ”

    http://www.rangers.co.uk/news/headlines/item/7611-club-statement
    ==================================================================
    Curious indeed.

    Why the need for a second statement on the same day ?

    Has someone at Ibrox – maybe a highly paid PR type – suddenly said;
    “Boll*x, we should have mentioned the Judge’s comments in the stock exchange statement…”

    or, are they feeling rather sensitive / desperate now, and having gauged initial feedback on the Imran case, are publicly clutching at straws ?

    Why issue a second statement, when there could be a clearer picture as soon as Tuesday ?

    Panic, fire-fighting management techniques on display in the Blue Room ?

    Strange.


  65. StevieBC says:
    September 5, 2014 at 9:31 pm

    I reckon the latest announcement is for the bears’ ears only and that to say similar in an AIM announcement could be admitting the possibility exists. Potential investors/share buyers are more likely to see the negative in what the judge said than your average football fan.


  66. John Clark,

    Another excellent effort, showing the SMSM how it should be done. Keep your pencil sharp 🙂


  67. upthehoops says:
    September 5, 2014 at 8:52 pm
    7 1 Rate This

    16 Sodium Atoms says:
    September 5, 2014 at 7:48 pm
    27 0 Rate This

    If Rangers cannot pay their next tax bill, whether it is VAT, PAYE or whatever else then I would expect HMRC to immediately petition for a winding up order.

    They did it to Hearts often enough.
    ==============================================

    This has always been a concern for me. HMRC were aware for months in 2011/2012 tax was not being paid and still no WUO. There has to be a reason for that.
    +++++++++++++++++++++++

    Maybe it was to give them enough rope to hang themselves so HMRC, knowing they would never agree to a CVA, could get BDO to do the investigation they really wanted.


  68. Allyjambo says:
    September 5, 2014 at 9:36 pm

    Well it has got the darkside united in their bemusement, so i suppose that’s a result of a sort


  69. ecobhoy says:
    September 5, 2014 at 7:51 pm

    “… refers to the loan offered by Laxey which was eventually replaced with Letham’s money.”
    ——————————
    As you say, Laxey’s loan was substituted by the beneficent Letham who did not wish to see his team take on finance at what was considered ‘onerous’ terms. So why are Laxey being mentioned in today’s proceedings concerning loan finance?

    Laxey do not seem to fall into a fixed characteristic compared with other shareholders. They do show up on a list Easyjambo posted (I don’t have a date but I think its after October 2012) where they have 1,000,000 shares purchased at £0.50. This suggests they were part of the IPO given the price but were below the 3% margin that made them visible.

    They now hold 8,292,957, presumably having mopped up CG’s grandchildren’s inheritance amongst others. So they seem to be swimming against the tide. Others have opined that Laxey’s are serious players and would not be getting involved without anticipating a return. So why when so many factors have been pointing at things not forming up satisfactorily have Laxeys got more heavily involved? They have made their move with eyes wide open. I think they have to be part of any end game. Any finance they have advanced must be in pursuit of this end.


  70. scapaflow says:
    September 5, 2014 at 9:21 pm
    2 0 Rate This

    “RANGERS Football Club has tonight released the following statement:

    “Further to the Stock Exchange announcement regarding the court action taken by Imran Ahmad against Rangers, whatever the outcome of the court process, we agree with Judge Lord Stewart when he told the court”: ‘This does not mean to say that insolvency is an actuality or is going to happen.'””
    ~~~~~~~~~~~~~
    But on a scale of one to ten?


  71. As an aside for a supposed biased organisation I note it was the BBC’s Brian McLaughlin who was at coal face today giving licence payers value for money with the blow by blow account of proceedings when no one else seemed to be bothered.


  72. I had been half-expecting that the statement by the Rangers Supporters Trust that they had decided to plough monies into buying shares under the share offer might have been mentioned as at least a loose promise of some ready monies coming to hand very soon.
    Perhaps someone knows and can tell us how much they have received into their co-operative share-buying fund to date. Could it be anywhere in the region of 500 k, or was that just a target figure? That amount, though it wouldn’t buy a hellish lot of shares, would at the moment be very handy to make up in large part for the ‘arrestment’ monies.

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