Podcast Episode 5 – Hibs Takeover ?

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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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Big Pink administrator

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.

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Two three three twoPosted on10:57 am - Sep 7, 2014


RIFC

With the appeal not till tuesday, monday could, with the ahmad victory, see the share price fall below 20p. Where would that leave the share offer?

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ecobhoyPosted on11:07 am - Sep 7, 2014


fara1968 says:
September 7, 2014 at 10:28 am
neepheid says:
September 7, 2014 at 9:23 am

What I believe is likely to happen on Tuesday is that Rangers QC will turn up in court with an affidavit from a prominent shareholder to the effect that he has applied for all available unsold shares in the current offer, so in effect underwriting the issue. That will guarantee £4m in the bank within a week.
—————————————————–
I’m not to sure but could this happen? They are appealing on the basis of “an error in law” I’m not sure new evidence would be allowed or prove any error in the original judgement. Friday was there chance to provide such evidence and they failed in that respect.
=====================================
I assume there will be a process to allow a defendant to have an arrestment order recalled and the fact that what is effectively the offer being underwritten would obviously be important to that when and if a hearing took place.

But I don’t see that it can affect Tuesday’s appeal hearing dealing with a claimed error in law and also that the original judge as they quaintly put it ‘misdirected’ himself. In other words ‘ballsed it up’.

I think Rangers’ QC was having a rush of blood to the head at that point because he would be privvy to a lot of info that Rangers wouldn’t have wanted divulged in open court and he would know just how potentially devastating the decision against his client might be.

Rangers won’t win any appeal and I’m sure their QC is well aware of that and after calm reflection I’m sure it will be decided that the adverse publicity of another knock-back would cause even more damage.

So I think the appeal will be withdrawn with Rangers making an anodyne PR statement to the effect that allowing the ring-fencing to proceed is slightly annoying but doesn’t affect the financial future of the club but because of AIM rules & regs and the current share Offer they aren’t allowed to comment further.

There is also a slight problem in that I don’t think Rangers can now declare that the Offer is effectively underwritten having previously in the AIM Offer document IIRC stated that it wasn’t underwritten.

And then – if the underwriting was allowed – with a proxy company ‘fronting it’ that would set all sorts of hares running as to the identity and motives of the mystery backer and just increase the media feeding frenzy.

Of course I’ve probably got it all wrong and something that no one could expect will occur before Tuesday such are the twists and turns still to be encountered on this journey 😆

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scapaflow

scapaflowPosted on11:35 am - Sep 7, 2014


ecobhoy says:
September 7, 2014 at 11:07 am

Wouldn’t be in the least surprised. This episode is another in a long string of How not to do Crisis Management moments, there is a book in here on Crisis Manangement for someone :mrgreen:

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scapaflow

scapaflowPosted on11:36 am - Sep 7, 2014


Seems Gordon has been reading this blog again

http://www.dailyrecord.co.uk/sport/football/football-news/revealed-rangers-face-immediate-spfl-4177789?utm_source=twitterfeed&utm_medium=twitter

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ecobhoyPosted on11:49 am - Sep 7, 2014


As usual the SMSM have either been too lazy to do their homework or have decided to once again surround Rangers with a protective shield.

The Club has officially stated that they agree with Lord Stewart that: ‘There is a risk of Rangers becoming insolvent’. However they have decided to try and fudge that admission by a pick ‘n’ mix of what sweeties its fans are fed. So let’s follow the steps as to how The Club attempted to deflect a crushing blow and essentially rewrite history.

Following the bloody nose that RIFC suffered at the Court of Session on Friday they issued the following statement on AIM:

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.

Later on Friday ‘The Club’ released a statement on the offishal RFC website:

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.'”

Again being of suspicious mind I wondered why that very curious statement wasn’t also put on AIM and therefore had a look at what the Judge actually said in its entirety.

Perhaps for Rangers it’s as well for them that Ra Judge is on holiday next week or he might have something to say to Ra Club although I’m sure he will be having a private word with its QC at some point 😉

However what the Judge actually stated was:

‘I have formed the view that there is a risk of Rangers becoming insolvent.

‘That is not to say there is an actuality or a certainty that insolvency is something that will happen. At this stage, it is only a risk.’

I wonder why ‘The Club’ only published the bits that suited Rangers. What a tawdry attempt to deceive their fans and the wider public. Of course they are too cute to have put the additional statement on AIM as it may well have led to a barbed epistle from the Court of Session which I confidently predict is well aware of the monkeying-about with his Lordship’s words.

This type of underhand ploy is not what is expected from the Establishment Club and indeed in certain magic circles can lead to it being black-balled if it hasn’t already happened 😎

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CastofthousandsPosted on11:56 am - Sep 7, 2014


neepheid says:
September 7, 2014 at 9:03 am

“Can someone translate for me, please? What is the club’s “powerbase”, and how can a loan cost it?”
—————————-
Well spotted. Like you, I’d interpret that as a debt for equity allusion. I take it that the bit about SFA rules has been added for garnish.

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ecobhoyPosted on12:02 pm - Sep 7, 2014


scapaflow says:
September 7, 2014 at 11:36 am

Seems Gordon has been reading this blog again

http://www.dailyrecord.co.uk/sport/football/football-news/revealed-rangers-face-immediate-spfl-4177789?utm_source=twitterfeed&utm_medium=twitter
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The article states:

Regulations E17 and E19, introduced by the old SPL and carried into the new SPFL rulebook, cover any breaches of remuneration to players, coaches and management.

Any default will be hit by an instant registration embargo. They will also then be subject to disciplinary procedures, which allow the governing body sanctions ranging from a slap on the wrist to docked points to exclusion from the league.

I’m not a betting man but I would go for 1) An instant registration embargo. Means nothing because they have no money and can’t sign anyone anyway. Oh wait a minute that’s never previously stopped them 🙁

Docked points and exclusion from the league? Aye Right 😆

But they have to demonstrate that this behaviour just can’t be allowed so it’ll be: 2) A slap on the wrist 🙄

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ecobhoyPosted on12:11 pm - Sep 7, 2014


scapaflow says:
September 7, 2014 at 11:35 am

3

0

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ecobhoy says:
September 7, 2014 at 11:07 am

Wouldn’t be in the least surprised. This episode is another in a long string of How not to do Crisis Management moments, there is a book in here on Crisis Manangement for someone :mrgreen:

================================================
Jack’s already written it ❗ He may no longer be an official or even unofficial Rangers spokesperson.

But he still appears to be employed by certain people with Ibrox connections and it may well suit them if Rangers and its officers keep walking blindfolded and barefoot through a never-ending minefield.

They can never be sure when they stub their toe against bare metal whether it’s a pot of gold or a crock o’ sh*t ❗

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scapaflow

scapaflowPosted on12:11 pm - Sep 7, 2014


ecobhoy says:
September 7, 2014 at 12:02 pm

TBF, the registration embargo would be the appropriate punishment for a first offence, leaving the stronger punishment for the inevitable subsequent offence(s) :mrgreen:

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CastofthousandsPosted on12:16 pm - Sep 7, 2014


16 Sodium Atoms says:
September 7, 2014 at 8:57 am

“A man who has lost a court case relating to over £20m he conned out of Ticketus.”
———————–
Your remark provides me the opportunity to resurrect my gut feeling that Ticketus may have colluded with Craig Whyte. Whyte’s defence against Ticketus/Octopus was based around the absence of a signature from a qualification document that was in support of the main contract. I think he could have made other more fruitful challenges but for some reason chose not to do so. The only think Whyte appears to have that would match the value Ticketus were claiming would be his Sevco 5088 assets if proven valid.

The Ticketus/Whyte deal was a bit different from those previously executed with Rangers. It was for far more tickets which would have immediately made ‘going concern’ conditions a bit more than tricky. The club was known to be subject of a very large tax claim by HMRC. I think there is a possibility that whoever provided the funds to Octopus/Ticketus were angling for ownership of the club assets from the outset.

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scapaflow

scapaflowPosted on12:16 pm - Sep 7, 2014


ecobhoy says:
September 7, 2014 at 12:11 pm

Jack’s sledgehammer approach to Crisis management did the old and the new club no favours either. Jack is another casualty of this saga, I for one take great pleasure in that.

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ecobhoyPosted on12:16 pm - Sep 7, 2014


scapaflow says:
September 7, 2014 at 12:11 pm
ecobhoy says:
September 7, 2014 at 12:02 pm

TBF, the registration embargo would be the appropriate punishment for a first offence, leaving the stronger punishment for the inevitable subsequent offence(s) :mrgreen:

————————————-
But didn’t they already get a registration embargo but maybe that didn’t count with it being in the 5-way agreement and nothing to do with any actual football rules.

Indeed it may have applied to a former Rangers incarnation – it’s all very confusing which is a major part of the smoke and mirrors strategy employed.

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davythelotionPosted on12:18 pm - Sep 7, 2014


Pay off current debt/board £30/40M
Carry out refurbishment £10M
Pay off onerous contracts £10/15M
Pay off onerous staff £5/6M
Employ non-onerous staff £4M
Build a squad £10M
TOTAL. £70/85M
That you’ll never see again!

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scapaflow

scapaflowPosted on12:24 pm - Sep 7, 2014


ecobhoy says:
September 7, 2014 at 12:16 pm

Indeed, it’s really an early test for the Sfa.

Is this a new club

or

is it the old club

feel sorry for them? Not on your nellie

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martin cPosted on1:04 pm - Sep 7, 2014


re Tuesdays court appointment: IIRC its to decide if an appeal will be allowed not the appeal itself.

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parttimearabPosted on1:47 pm - Sep 7, 2014


Sorry guys….a wee bit OT…but can anyone recommend a good pub in Paris for watching tonight’s gemme ❓ 😀 😀 😀

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Barcabhoy

BarcabhoyPosted on1:57 pm - Sep 7, 2014


Ecobhoy

The confidential information that a potential buyer needs hasn’t hit the press. What the press have written about is a generally speculative view on the cash position and trading losses. They may well have it correct , and they may have been given an indication from someone inside Ibrox, but thats not the information a prospective buyer needs.

What is needed is a detailed P&L , detailed cashflow and a full copy of all supplier and staff contracts. Without that , nobody in the current situation would seriously consider a takeover. With that information the probability is anyone outside of a Oligarch or an Oil Sheikh would turn their back and run away.

This information is non public information, and there is no obligation on the board to provide it to King or anyone else. What there is though is an obligation if they provide it to one party , then by law they have to make it available to anyone who is considering a takeover, however unlikely.

The chances of that happening are zero in my view. We have not had detailed non public information since Charlotte Fakes retired/ took a sabbatical. Unless someone starts to leak this information, then there is no way of knowing exactly what funds would be required to fund a takeover.

There could be for example a poison pill clause based on change of control. That wouldn’t necessarily be hitting the P&L and cashflow just now, but might have enormous implications in the event of a takeover.

So whilst King is right to be wary , and right to ask for further information, he is playing games as he knows very well there is no chance of getting it. Further he is being downright duplicitous in my view when he suggests he has £30 million waiting to invest. He may have £30 million, although some believe thats a stretch for him. What he certainly doesn’t have is £30 million unconditionally available to invest .

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scottc

scottcPosted on2:04 pm - Sep 7, 2014


parttimearab says:
September 7, 2014 at 1:47 pm
1 0 Rate This

Sorry guys….a wee bit OT…but can anyone recommend a good pub in Paris for watching tonight’s gemme ❓ 😀 😀 😀

~~~~~~~~~~~~~~~

The Auld Alliance

http://www.theauldalliance.com/document.php?pagendx=35

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TrisidiumPosted on2:13 pm - Sep 7, 2014


Been doing a bit of housekeeping this morning (time I will never get back 🙁 )

There were many people who had been put in moderation but have not returned since (I assume a tacit admission of wrong-doings 🙂 )

I have removed anyone from moderation who was had not been abusive or been trolling. For your information, our old pal OldGold came back in guise number 22 this morning!

I was almost tempted to post the comment and sit back, but after having spent five hours tidying up, I have decided to watch some Alias Smith and Jones reruns tonight – so no OG/Enkafid/Oserver/etc. for you :mrgreen:

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TrisidiumPosted on2:16 pm - Sep 7, 2014


I also removed a couple of posts this morning (from non-protagonists) regarding the wee spat between Ryan and Phil.

Please don’t be offended by that. This is no reflection on what you posted. I was merely turning flame down a peep or two.

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redlichtiePosted on2:23 pm - Sep 7, 2014


ecobhoy says:
September 7, 2014 at 11:49 am

….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.’”

…..However what the Judge actually stated was:

‘I have formed the view that there is a risk of Rangers becoming insolvent. That is not to say there is an actuality or a certainty that insolvency is something that will happen. At this stage, it is only a risk.’

————————————————

Ecobhoy, a good spot and quite breathtaking in terms of potentially misleading investors, fans and the general public by removing the sentence from the original context.

The fact that this statement was not issued via AIM suggests RIFC know they are on thin ice. But this is maybe one set of weasel words too far.

I cannot imagine that any judge would countenance selective use of his words in this way and surely the Appeal hearing on Tuesday will be a suitable occasion for slapped wrists, apologies and a clarifying statement?

They really don’t like being subject to ‘without fear or favour’ law do they?

Scottish Football needs a strong judiciary.

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Big PinkPosted on3:31 pm - Sep 7, 2014


I am told by more than one source that TRFC are losing around £900k per month, that Wallace has had his hands tied over proposed austerity measures (including player sales), and that Daniel Stewart, who have a high regard for Wallace is trying to do, are having a fit.

Rangers WILL get their £4m in the offer, but will need another £4 by December. No admin right now, but white flags are being dusted down.

It is a great (and hugely ironic) pity for the football club that the fans appear to have assisted the sabotage of Wallace’s plans, aided and abetted by the boardroom factions who are responsible for the state of the company.

From a fans’ perspective, I think that the best outcome (by quite a long way) would be Admin perhaps followed by a CVA or another sale of assets out of liquidation – but this time have the expectations of the fans managed properly. There doesn’t appear to be any other sensible alternative given the opposing interests with diametrically opposed agendas.

To be fair to TRFC, I have not asked them for comment because they could not possibly confirm any of this whether it is true or not. I have however emailed their PR with this info.
If I receive any reply, I will pass that on.

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Danish PastryPosted on3:55 pm - Sep 7, 2014


Big Pink says:
September 7, 2014 at 3:31 pm
8 0 Rate This

…Rangers WILL get their £4m in the offer, but will need another £4 by December. No admin right now, but white flags are being dusted down.
————

Any idea which faction will put up the dosh?

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SmugasPosted on4:02 pm - Sep 7, 2014


Big Pink,

If its either admin or big share issue anyway, what is the incentive fof the little guys to chip in now? They’re going to get diluted out of importance anyway, so why not keep your limited powder dry? Big spiv faction 1 are obliged to invest because they think big spiv factions 2,3 & 4 will do likewise and they need to keep their feet under the table. But the little guy? Pointless, IMHO.

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rougvielovesthejunglePosted on4:05 pm - Sep 7, 2014


Completely off topic but I’m currently watching the all Ireland hurling final. I’m sure Philip Nash is doing the same, despite the financial crisis he is facing in his current employment.

What a spectacle. 80000 fans at Croke Park happily sitting together enjoying the match and the craic. Every player on the pitch playing for the love of the game.

What a difference from the poison which runs through our national game. I for one hope this is the end of the line for Sevco, but our “great” administrators I fear have other ideas.

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coineanachantaighePosted on4:09 pm - Sep 7, 2014


John Clark says:
September 7, 2014 at 1:15 am

/////////////////////////////////////

The thing is if they are open about what they should do in such a situation, then their hand is forced when the situation arises.

If they leave it until it blows up in everyone’s faces then they can institute panic situation methods to avoid doing the right thing.

At least that’s what occurs to me as their way of thinking. I may be wrong and even if I’m right they may be wrong but they may actually believe allowing a desperate situation to arise may allow them to get away with stuff they wouldn’t otherwise.

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Big PinkPosted on4:29 pm - Sep 7, 2014


Smugas says:

September 7, 2014 at 4:02 pm

Big Pink,

If its either admin or big share issue anyway, what is the incentive fof the little guys to chip in now? They’re going to get diluted out of importance anyway, so why not keep your limited powder dry? Big spiv faction 1 are obliged to invest because they think big spiv factions 2,3 & 4 will do likewise and they need to keep their feet under the table. But the little guy? Pointless, IMHO.
_____________________________________________________________

Hand to mouth. They won’t throw away the opportunity to get entry to the top league for relatively small change. The question is whether the gamble will pay off in terms of promotion and time.

If they don’t get promoted, the investors are fecked. If they run out of money again, they are fecked. With the assets having the value that they do, there are some factions for whom the move is not a gamble anyway – and in fact the offer will give them the opportunity of greater control of those.

As far as opposing factions are concerned, they have one thing in common – it is to their advantage if the wee guy is further marginalised.

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The Cat NR1

The Cat NR1Posted on4:31 pm - Sep 7, 2014


Finloch says:
September 7, 2014 at 2:56 am
If RCO and Stewart Regan had not finagled a “soft-landing”for the wreck of SDM’S club (with the expense of very high charging lawyers and other corporate advisers, Craigie, and Charlie and Imran and others could not have countenanced making so much money out of the dead and once again dying club.
As far as I know RCO and SR are still in post.

Unbelievable

Who is now protecting them?
////////////////////////////////////////////////

And who (indirectly) is (still) paying their bloated salaries and bonuses?
🙄

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Big PinkPosted on4:32 pm - Sep 7, 2014


Danish Pastry says:

September 7, 2014 at 3:55 pm

Any idea which faction will put up the dosh?
_________________________________________________________

All of them 🙂
For reasons stated in my comment before.

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scapaflow

scapaflowPosted on4:54 pm - Sep 7, 2014


Big Pink says:
September 7, 2014 at 4:29 pm

the constant in this story from the beginning, is the way that the ordinary fan investors have been fecked at every turn

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SmugasPosted on5:07 pm - Sep 7, 2014


Cheers rougvie. Fair enjoyed that last half hour. The final shot that missed by mm was the first that was missed in the half hour I was watching. Incredible sportsmanship.

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Danish PastryPosted on5:36 pm - Sep 7, 2014


Big Pink says:
September 7, 2014 at 4:32 pm
1 0 Rate This

All of them
For reasons stated in my comment before.
———–

Well, for people who are not supposed to be interested in football, as such, they seem awfully eager to keep the big-spending show on the road.

If they are trying to live hand-to-mouth for as long as possible, you must wonder if they have any 5-way assurances that they will be dealt a slap on the wrist for any financial misdemeanors in order to punt them over the line into the top league.

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PhilMacGiollaBhainPosted on5:59 pm - Sep 7, 2014


rougvielovesthejungle says:
September 7, 2014 at 4:05 pm
———————————————————-
It was a mighty game-I thought that the Kats would be too strong, but Tipp were mighty.

You might appreciate this.

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CastofthousandsPosted on6:08 pm - Sep 7, 2014


Big Pink says:
September 7, 2014 at 3:31 pm

“It is a great (and hugely ironic) pity for the football club that the fans appear to have assisted the sabotage of Wallace’s plans,..”
—————————-
The supporters were left in the invidious position that they did not know who to believe any more. For two seasons they bought into the dream by and large and digested a mediocre product for the sake of a club they carried in their hearts. Naive perhaps and fuelled by some unhealthy marketing strategies but football supporters are susceptible to such characteristics.

For those two years they had to suffer the supporters of their greatest rivals predicting with some accuracy their clubs future travails. I cannot blame the supporters so much for having lost confidence. If, as you indicate, there is some semblance of probity at boardroom level now, then perhaps it is just unfortunate timing that it should have arrived possibly too late. If the supporters are to be blamed for any future catastrophe then I think they should be joined by all manner of brogued and blazered upstanding citizens who had an opportunity to influence events but for whatever reason appear to have failed to have done so.

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rougvielovesthejunglePosted on6:10 pm - Sep 7, 2014


Aye Phil, it was another great game and just like last year, a replay to look forward to in three weeks.

My partner is a Clare girl and I thoroughly enjoyed being in the Banner county when they won it in September last year.

Great to see sport played and enjoyed in a competitive but friendly manner.

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PhilMacGiollaBhainPosted on7:00 pm - Sep 7, 2014


rougvielovesthejungle says:
September 7, 2014 at 6:10 pm
4 1 Rate This
—————————————–
Hurling is in my blood.
My father was a fine hurler.
Croker on all Ireland day (Hurling or football) is a great place.

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ecobhoyPosted on7:19 pm - Sep 7, 2014


I was also thinking that surely the Rangers Retail situation requires an AIM notification.

After all what was it 50+ staff who are no longer on the Rangers payroll? Should be great news to release on AIM and shows that the club is serious about cutting costs which I’m sure the shareholders would approve.

But I think the investors should also be told how much Rangers are paying SportsDirect for every branded shirt sold? Not I haven’t lost my marbles.

Why would Ashley take on staff which is going to cost him quite a bit of dosh without getting some kind of quid pro quo from Rangers? It just doesn’t seem like Ashley’s style.

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Danish PastryPosted on7:29 pm - Sep 7, 2014


ecobhoy says:
September 7, 2014 at 7:19 pm
1 0 Rate This
———–

Seems he’s inherited, at minimum cost, a bit of the whole enterprise that is actually a money spinner.

Does he get the properties thrown in? Or perhaps they are just rental locations?

And he got this for standing guarantor for a £2.5m facility that was never drawn on?

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ecobhoyPosted on7:38 pm - Sep 7, 2014


Big Pink says:
September 7, 2014 at 3:31 pm

“It is a great (and hugely ironic) pity for the football club that the fans appear to have assisted the sabotage of Wallace’s plans,..”
======================================================
Tbh if I was a Bear I would be with the boycotters. As long as fans pump their money in then the spivs and the onerous contracts will remain to suck the liferblood out of Rangers.

Wallace may indeed be an honourable man and if he is IMO he made a terribly poor decision when he took the job at Ibrox and couldn’t have realised what he was walking into.

He personally has absolutely no power to implement anything because that resides with the shareholders and, as we know, Wallace doesn’t even have a single share.

So he is at the mercy of a disparate collection of major shareholders who each have their own agenda and I doubt that any of them has any real interest in Rangers other than as a cash cow for milking.

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ecobhoyPosted on8:00 pm - Sep 7, 2014


Danish Pastry says:
September 7, 2014 at 7:29 pm
ecobhoy says:
September 7, 2014 at 7:19 pm
———–
Seems he’s inherited, at minimum cost, a bit of the whole enterprise that is actually a money spinner. Does he get the properties thrown in? Or perhaps they are just rental locations?
==============================
Well the shops in Belfast and Glasgow Airport are rented afaik and I assume that Rangers Retail hold the lease. What is still unclear wrt RR is whether SportsDirect has taken or whether they will take control of RR.

I don’t know who owns the Ibrox Megastore but always assumed it was Rangers but nothing should be assumed when it comes to goings on down Ibrox Way. It should also be remembered that Edmiston House was bought in January 2013 IIRC from proceeds of the flotation share offer to be refurbished and relocate the Megastore there.

Afaik the place is aempty and just slowly deteriorating although it is being used for security for the Easdale loan while Letham appears to have the Albion carpark as his security.

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justshatered

justshateredPosted on8:05 pm - Sep 7, 2014


PhilMacGiollaBhain says:
September 7, 2014 at 5:59 pm

Love watching old footage of virtually any sport but obviously football is my thing. Joe Jordan’s goal against Czechoslovakia in 1973 as well as Scotland beating England at Wembley in 1967, Brazil 1970, pure genius, and the commentary, as well as the crowds, are what make them. Kenneth Wolstenholme’s commentary’s are now part of folk legend from his “they think it’s all over…… it is now” to his “glory hovering over Parkhead”.

The Barbarians try against the All Blacks in the early 70’s is still, no matter how many times I watch it, a ‘hairs on the back of the neck’ moment.
Who could forget Harry Carpenter’s “Oh my god he’s won the title back at 32!” when Ali won the title. The raw emotion of a man clearly in love with his sport.

Sport from a different era where hero’s could literally live down the road and were not the pampered, spoiled, self indulged, over paid individuals we now have.

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PhilMacGiollaBhainPosted on9:04 pm - Sep 7, 2014


justshatered says:
September 7, 2014 at 8:05 pm
12 0 Rate This
—————————————————
Those hurlers from Kilkenny and Tipp will get .50c a mile for travel to training and they get a meal after a match.
They will get their kit and two pairs of boots a season.
That is it.
The GAA puts their revneues down the line to the grassroots.
Their isn’t a parish club that does not have a proper Gaelic field and proper changing facilities.
The GAA is a great organisation.
Other codes and other countries could learn much from them.

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redlichtiePosted on9:12 pm - Sep 7, 2014


ecobhoy says:
September 7, 2014 at 7:38 pm
Wallace may indeed be an honourable man and if he is IMO he made a terribly poor decision when he took the job at Ibrox and couldn’t have realised what he was walking into.
==========================================

I’ve made some dumb career choices over the years but they were always taken with the limited knowledge that comes before the awareness that typically only joining a company can bring.

I don’t think that this can apply in Wallace’s case however as there has been no other basket case so held up to the light in recent years.

If Wallace was unable to discern what he was walking into then IMHO he is not up to much as a CEO.

Scottish Football looks forward to Episode #5088 of ‘Soap’ sometime on Tuesday in the Court in Edinburgh.

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justshatered

justshateredPosted on9:18 pm - Sep 7, 2014


PhilMacGiollaBhain says:
September 7, 2014 at 9:04 pm

Sounds like the rugby of yesteryear where players had to take time off work when selected to play for The Lions and in those days Lions tours lasted for months.

Players often had to also take time off to play for their countries in what was the five nations. Halcion days indeed. Looking at rugby now the players are much bigger, fitter and yet still seem imbued by a spirit of recklessness during the match where collisions are shattering and yet, at the final whistle, they are all hugs and friends.
Yet the grass roots, certainly in Scotland, does not seem to be what it once was. Teams like Selkirk, Boroughmuir, Watsonians don not seem to have the same profile they had.

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scapaflow

scapaflowPosted on9:18 pm - Sep 7, 2014


redlichtie says:
September 7, 2014 at 9:12 pm

Both Wallace & Nash knew what they were getting into. I’m not so sure they realised the depth of the split amongst the major shareholder. However, sticking with the situation, means that they now own it.

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PhilMacGiollaBhainPosted on9:45 pm - Sep 7, 2014


scapaflow says:
September 7, 2014 at 9:18 pm
1 0 Rate This

redlichtie says:
September 7, 2014 at 9:12 pm

Both Wallace & Nash knew what they were getting into.
——————————————————————-
Actually they didn’t…

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scapaflow

scapaflowPosted on9:49 pm - Sep 7, 2014


PhilMacGiollaBhain says:
September 7, 2014 at 9:45 pm

Phil, find that hard to believe, at their level both sides do their due dilligence

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wottpiPosted on9:52 pm - Sep 7, 2014


PhilMacGiollaBhain says:
September 7, 2014 at 9:45 pm

Then not all that smart after all then??????

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PhilMacGiollaBhainPosted on9:53 pm - Sep 7, 2014


scapaflow says:
September 7, 2014 at 9:49 pm
0 0 Rate This
————————————————
In time I will be able to write more on this.
However, GW in particular did not realise what he was getting into.

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scapaflow

scapaflowPosted on9:54 pm - Sep 7, 2014


scapaflow says:
September 7, 2014 at 9:49 pm

Should have added, they have undoubtedly had nasty surprises, but they knew this was a very hard turnaround situation

Oh and well done Scotland

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PhilMacGiollaBhainPosted on9:59 pm - Sep 7, 2014


wottpi says:
September 7, 2014 at 9:52 pm
0 0 Rate This
——————————————–
Sold a bill of goods.
That doesn’t make them stupid.

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The Cat NR1

The Cat NR1Posted on10:11 pm - Sep 7, 2014


scapaflow says:
September 7, 2014 at 11:36 am
Seems Gordon has been reading this blog again

http://www.dailyrecord.co.uk/sport/football/football-news/revealed-rangers-face-immediate-spfl-4177789?utm_source=twitterfeed&utm_medium=twitter

///////////////////////////////////////////////////////////////

I can’t get the article body to load. All that appears is the headline, some irrelevant advertising blurb and then some semi-literate comments that remind me why I never visit those types of website.

However, I did stumble on this http://www.dailyrecord.co.uk/all-about/rangers-fc
That alone would be enough to prevent me attaching any credence to anything else that I saw on that particular website, so it didn’t really matter in the end that I couldn’t read the article.

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johnnymancPosted on10:26 pm - Sep 7, 2014


As my name suggests I live down in Manchester and whilst watching the footy in the pub today I struck up a conversation with a lovely chap born in Bristol but with Scottish parents and a strong love of the Ibrox team.

Like many on here, especially us celtic fans, I’ve wondered how many of these ‘decent’ rangers fans actually exist. I’m pleased to say I met one tonight, both him and his dad bought into the IPO but he now realises that there is only one way to go. As he says, for a club to Phoenix it must first burn and die before it can rise again. The terms he used were ‘arrogant’ and ‘lack of humility’. He was appalled that the youngsters who should be gaining experience in the lower divisions were jettisoned in favour of the Journeymen and he realises that the future may involve starting again in non-league football.

Calum you are a realistic fan and I salute you and wish your version of your club all the best.

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wottpiPosted on10:28 pm - Sep 7, 2014


PhilMacGiollaBhain says:
September 7, 2014 at 9:59 pm

Frankly my guess is they are just senior management bullsh***rs like many others.
Wallace in particular seems incapable of speaking da clear eenglesh!!!!

Happy to take what salaries are on offer despite there being plenty of info in the public domain that would have told them to steer well clear..

Maybe not stupid but certainly the types that believe in their own press. In footballing terms have Wallace and Nash got a track record of turning a skint club around? Even more so one with such a sort but checkered past. One look into Charlie’s track record would have pointed to potential banana skins.

Suddenly now we are to get the tissues out because someone else has been duped in Govan when we all know it is par for the course!!

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GoosyGoosyPosted on10:50 pm - Sep 7, 2014


Heres where i think we are
There are two groups of Spiv shareholders, a 67% majority and a 20 to 25% minority
The rest are gullible fans(no disrespect intended)
Both Spiv groups are aware of the intentions of the other
i.e.
The majority Spivs want to squeeze out the minority (Spivs + Gullible by diluting their holdings.Probsbly by issue of freebie shares to themselves in exchange for some phoney but legal quid pro quo
But
This requires a transfer of around 5% in holdings from the minority (Spivs+Gullible) to the majority
i.e.The majority Spivs need 75% ownership to legalise the dilution
However
The majority Spivs are greedy…very greedy
Not only are they intent on squeezing the minority shareholders
They have also tied up TRFC in knots with onerous legal contracts. Many of these deals are considered tight enough to survive liquidation of TRFC and therefore will continue with whatever entity claims to be TRFC2 (or RFC3 to some people)
But,
Nevertheless
These onerous contracts are capable of legal challenge thus prolonging the time span for which the minority Spivs need to stay invested and hang together
So
The minority Spivs have to trade off sticking together without investing in the £4m share issue on a hunch that the majority spivs don`t really want the legal hassle that would follow a TRFC liquidation and will therefore ride to the rescue at the 11th hour with £4m
Hence
The majority Spivs are talking tough about a disastrous upcoming administration and liquidation that will drag on for years especially since any points penalty will jeopordise

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parttimearabPosted on10:50 pm - Sep 7, 2014


scottc says:
September 7, 2014 at 2:04 pm
9 1 Rate This

parttimearab says:
September 7, 2014 at 1:47 pm
1 0 Rate This

Sorry guys….a wee bit OT…but can anyone recommend a good pub in Paris for watching tonight’s gemme ❓ 😀 😀 😀

~~~~~~~~~~~~~~~

The Auld Alliance
===================
Thanks for that Scottc

A really good night…brought a tear to my eye…the cost of Mrs Parttimearab’s Drambuie that is, not the result 😆

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GoosyGoosyPosted on10:55 pm - Sep 7, 2014


PhilMacGiollaBhain says:
September 7, 2014 at 9:45 pm
5 0 Rate This

scapaflow says:
September 7, 2014 at 9:18 pm
1 0 Rate This

redlichtie says:
September 7, 2014 at 9:12 pm

Both Wallace & Nash knew what they were getting into.
——————————————————————-
Actually they didn’t…
,,,,,,,,,,,,,
Whether they did or they didnt,they stayed longer than anyone with integrity would have done
Which makes them Spivs

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scapaflow

scapaflowPosted on11:05 pm - Sep 7, 2014


The Cat NR1 says:
September 7, 2014 at 10:11 pm

Article text, cribbed from here mibbesayemibbesnaw :mrgreen:

“RANGERS face an instant SPFL disciplinary investigation if they fail to pay their players and coaching staff at the end of the month, it was revealed last night.

Former director Imran Ahmad’s court victory on Friday, freezing £620,000 of the club’s dwindling £1.2million cash reserves, leaves the beleaguered Gers board struggling to make payroll.

Now, if they default, rules introduced two years ago on the back of Hearts’ problems leave them no wriggle room.

The potential punishments only apply to the club defaulting on its football wages, not an administrative salaries they have.

However with their staff due their cash in the bank on September 25, the last Thursday of the month, sources believe they could be cutting it neat with a monthly burden of around £700,000 to meet.

Regulations E17 and E19, introduced by the old SPL and carried into the new SPFL rulebook, cover any breaches of remuneration to players, coaches and management.

Any default will be hit by an instant registration embargo.

They will also then be subject to disciplinary procedures, which allow the governing body sanctions ranging from a slap on the wrist to docked points to exclusion from the league.

The Ibrox club’s hopes of avoiding that scenario now rest with the success of their forthcoming £4m share offer, although from that figure, they’ll have to deduct a six-figure sum for costs plus £1m to cover the loan given to them by businessman George Letham.

Director Sandy Easdale claimed in our sister paper the Daily Record in midweek that he wouldn’t be calling in the £500,000 he had lent.

However Mailsport understands Letham, who has already given the club one extension on the terms he agreed, which saw his loan fall due from season ticket money, is adamant he’ll now take what he is due because he would rather have his cash back than be left with the car park his money is secured against.

Rangers also no longer have any regular retail income following their decision to outsource that branch of their business to Mike Ashley’s Sports Direct, a move revealed earlier this week when 51 staff from their stores were TUPE’d acros to the the billionaire’s company payroll.

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

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redlichtiePosted on11:16 pm - Sep 7, 2014


Guys,

Re Wallace/Nash and their apparent lack of due diligence I also recall claims from David Somers that he had no knowledge of the previous leading players.

Guess that’s what you get when you pay the Chairman peanuts.

BTW what’s the collective noun for this bunch? A Doozie of Dupes? I almost wrote “dupees”! 😀

Scottish Football needs to build on tonight’s performance.

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StevieBC

StevieBCPosted on11:53 pm - Sep 7, 2014


redlichtie says:
September 7, 2014 at 11:16 pm

BTW what’s the collective noun for this bunch? A Doozie of Dupes? I almost wrote “dupees”! 😀
=================================
How’s about a ‘Cesspit of Spivs’ ?

Going back to Phil and GG’s points about what Wallace and Nash did/did not know before signing up to the Ibrox shambles…

Phil suggests that both did not know what they were letting themselves into. I do find that hard to believe – but do look forward to becoming informed in future.

But as GG mentions, what cannot be denied is that both Wallace and Nash have had ample time to walk away if they had integrity and valued their reputations. I can only surmise that they both want/need the money ?

Happy as always to be corrected.

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The Cat NR1

The Cat NR1Posted on12:10 am - Sep 8, 2014


scapaflow says:
September 7, 2014 at 11:05 pm
The Cat NR1 says:
September 7, 2014 at 10:11 pm

Article text, cribbed from here mibbesayemibbesnaw :mrgreen:
//////////////////////////////////
Cheers for that.
I can see why you mentioned about the author having visited the blog.
Some verbatim copying in there.
:slamb: 😳 :slamb:

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John ClarkPosted on12:19 am - Sep 8, 2014


Well, that was a creditable performance tonight.I don’t have Sky, so haven’t seen the game. But I think the measure of success was summed up by someone who tweeted or emailed or facebooked Richard Gordon at half-time to say that Brazil were 4 ( or was it 5?) down at the same point in their World cup game.
Even if the game tonight had been a ‘friendly’ that would have been an acceptable result. As a competitive game against the World cup winners, it’s a mark of how decent our national game can be.It will be interesting to see how the rest of European football views that result. And wee Gordon’s capabilities will be favourably re-assessed.

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FinlochPosted on2:11 am - Sep 8, 2014


Our key issue was and stIll is the SFA.

RCO and Stewartie and their 5 way agreement that is still so secret we’re not meant to know about it.
Neil D and other related power groups who incompetently muddle on in agreement.
Right now they have all been so busy protecting their posteriors and finding ways to avoid the blue club embarrassing them.
They have had more than enough time to draw up some even more expensive exclusive and extremely secret contracts this time.
That means while they have been doing it they have been doing it in the full view of Lawwell, Petrie et all the club chairmen.

Why doesn’t one of the hacks who read this site ask the questions that we would?

And why do our club custodians allow our over paid administrators to continually abuse their powers?
The powers we as fans give them.

Unless maybe it’s what they condone?

Celtic fans – ask Mr Lawwell.

Hibs fans ask Mr Petrie.

Dundee United fans ask Mr Thompson why he resigned his SFA position.
I’d say he is a good guy with a story to tell.

We as fans might be the stakeholders but you’d never know that in the soap opera that is Scottish Football

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upthehoopsPosted on6:57 am - Sep 8, 2014


justshatered says:
September 7, 2014 at 9:18 pm
7 2 Rate This

Yet the grass roots, certainly in Scotland, does not seem to be what it once was. Teams like Selkirk, Boroughmuir, Watsonians don not seem to have the same profile they had.
===================================

My retired colleague is a passionate Rugby fan, and we often spoke about the differences introducing money into Rugby has made. As you say once prominent clubs as those you mention now seem almost marginalised with only the professional Glasgow and Edinburgh getting any real coverage. I’d also have to say the false blood incident that saw Harlequins punished a couple of years ago would never have happened without money being at stake. I told my colleague how much money has corrupted the game I love, and sadly I think Rugby will get there eventually.

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parttimearabPosted on9:02 am - Sep 8, 2014


Oh dear, it’s (in Keith’s opinion) Armageddon time again (if you don’t want to read the article but want to prepare for the, footballing, end of days they’re in six weeks time).

http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-six-men-six-4181483

There’s so much wrong with this article I really wouldn’t know where to begin so I’ll forebear from commenting.

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andygraham.66Posted on9:07 am - Sep 8, 2014


http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-six-men-six-4181483

Keith Jackson bingo

Armageddon will definitely happen this time – tick
Only Dave King can save the day – tick
Celtic need a Rangers – tick
Fans are staying away in their droves with no Rangers – tick
Put down the supporters for wishing ill on a cheating Rangers – tick
Blame Everyone involved in running Sevco and name them one by one and shine a light on Dave King – tick

HOUSE

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The Cat NR1

The Cat NR1Posted on9:48 am - Sep 8, 2014


andygraham.66 says:

September 8, 2014 at 9:07 am

http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-six-men-six-4181483

Keith Jackson bingo

Armageddon will definitely happen this time – tick
Only Dave King can save the day – tick
Celtic need a Rangers – tick
Fans are staying away in their droves with no Rangers – tick
Put down the supporters for wishing ill on a cheating Rangers – tick
Blame Everyone involved in running Sevco and name them one by one and shine a light on Dave King – tick

HOUSE
////////////////////////////////

Nothing like a doom and gloom story to take the shine off last night’s performance in Germany. I’m surprised he didn’t say that it would have been like 1967 all over again if there was an Ibrox XI in the SPFL Premier.

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ecobhoyPosted on9:50 am - Sep 8, 2014


parttimearab says:
September 8, 2014 at 9:02 am

http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-six-men-six-4181483

There’s so much wrong with this article I really wouldn’t know where to begin so I’ll forebear from commenting.
==================================================
Sadly Jackson was provided the ‘ammunition’ that Celtic couldn’t financially stand-alone, as was previously the club’s position, with last week’s disastrous PR gaffe by PL. As I said at the time the components of the £10 million figure stated by PL would all be aggregated by the SMSM and laid at the door of Ranger’s absence from the top flight. thus if it returned then all would be fine.

Jackson uses PL’s words to declare:

When Peter Lawwell 
calculated this meltdown had cost his own club somewhere in the region of £10million a year it was a tacit admission that Celtic need their old 
neighbours back and noisy again as quickly as possible.

Anyone looking at the figures and events at Parkhead could draw very different conclusions as to what the problems were within Celtic that existed. But we had that discussion last week and I see no point personally in rehashing it.

However I would observe that any child could see the flaws in the argument that a threadbare football club, barely able to survive in intensive care with a life expectancy of weeks – according to Jackson – is going to regenerate the whole of Scottish Football when it gets to its ‘Rightful Place’.

Gies a break Keefie ❗

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Gym TrainerPosted on9:52 am - Sep 8, 2014


Don’t judge me gents – but I’ve been reading the Foreign Investment section of the Reserve Bank of South Africa’s Handbook which you will find here -> https://www.resbank.co.za/RegulationAndSupervision/FinancialSurveillanceAndExchangeControl/EXCMan/Section%20O/Section%20O.pdf

Section 6.1.1 covers “private individuals (natural persons) who are tax-payers of good standing” who are allowed to invest up to ZAR 4 million per annum.

Section 6.1.2.2 covers investments by companies – they’re allowed up to ZAR 500 million per annum without condition more if they fulfill certain tests…

ZAR 4 million is about £230k today
ZAR 500 million is about £28.9 million today

Maybe, just maybe an investment could come from South Africa – as part of a corporate transaction?

I mean – in my opinion one would need to be fantastically financially endowed or fantastically dim to do it – but the possibility exists…

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Danish PastryPosted on9:56 am - Sep 8, 2014


parttimearab says:
September 8, 2014 at 9:02 am
4 0 Rate This

Oh dear, it’s (in Keith’s opinion) Armageddon time again (if you don’t want to read the article but want to prepare for the, footballing, end of days they’re in six weeks time).

http://www.dailyrecord.co.uk/opinion/sport/keith-jackson-six-men-six-4181483

There’s so much wrong with this article I really wouldn’t know where to begin so I’ll forebear from commenting.
———-

Looks more as though it’s Armageddon for Scotland’s tabloid fish&chip paper!

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ecobhoyPosted on10:00 am - Sep 8, 2014


What was not made public, however, was a subsequent meeting on Friday in London between Ashley’s people and the Rangers board.

Another exclusive by Jackson? Not really as Sons of Struth ran the story 4 days earlier on Friday 5 September:

Sons of Struth
5 September

Passed Ibrox today and wondered where our directors had got to.

London apparently meeting representatives of Sports Direct. Hope they negotiated ripping up two onerous contracts.

Sandy joined them later before flying home from City Airport on the 6.10 with his close “advisor” Jack Irvine.

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hectorPosted on10:18 am - Sep 8, 2014


Young Mr Jackson in fine form with “nightmare,armageddon,terrifying thought,and nuclear winter” all worked into his article on the Rangers crisis.With his headline Six men have six weeks to save Rangers he missed a trick as a third six would have let him work the number of the beast 666 into his doom laden “exclusive”. 😆

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The Cat NR1

The Cat NR1Posted on10:25 am - Sep 8, 2014


PhilMacGiollaBhain says:

September 7, 2014 at 9:53 pm

scapaflow says:
September 7, 2014 at 9:49 pm
0 0 Rate This
————————————————
In time I will be able to write more on this.
However, GW in particular did not realise what he was getting into.
/////////////////////////////////////////////

The BS share option came as a bolt out of the blue to all the directors, so it seems. Wallace and Nash must have been unaware of that, and there may have been other similar unknowns. How many known knowns were they not made aware of prior to accepting their appointments? As Phil has said, they are doing their best under trying circumstances.
Hindsight and perfect imformation would give us all the possibility of becoming business gurus with no possibility of making a wrong decision. Neither Wallace nor Nash had the benefit of either.

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scapaflow

scapaflowPosted on10:31 am - Sep 8, 2014


Mcmurdo minor predicting Wallace out, and, wait for it Longmuir in to replace him

Sitting in backgarden having brunch, or trying to, as right now I am in danger of wetting myself.

Longmuir who, how shall I put it. left his last position under a cloud, apparently understands Scottish Football,and knows what the fans want.

Drop Penny Arcade for Send in the Clowns :mrgreen:

http://billmcmurdo.wordpress.com/

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The Cat NR1

The Cat NR1Posted on10:43 am - Sep 8, 2014


scapaflow says:

September 8, 2014 at 10:31 am

Mcmurdo minor predicting Wallace, and, wait for it Longmuir in to replace him

Sitting in backgarden having brunch, or trying to, as right now I am in danger of wetting myself.

Longmuir who, how shall I put it. left his last position under a cloud, apparently understands Scottish Football,and knows what the fans want.

Drop Penny Arcade for Send in the Clowns :mrgreen:

http://billmcmurdo.wordpress.com/
////////////////////////////////////////////

Wasn’t Longmuir being touted before Wallace got the gig?
(Or was that for TRFC Ltd rather than RIFC PLC?)
He seems to have the right ethical and moral outlook to fit in.

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