A recent autumn storm caused the destruction of the metal goal fame in our garden. The small goal with the weather-beaten net had fallen into disuse. But I liked it seeing it there on the grass. I suppose I half-expected, half-hoped, it would be used again. Once, it was a father and son thing and had been constructed carefully from a nice set of plans. At the time, it impressed both son and daughter no end. But that was then, this was now.
One of our trees, blown over by the recent high winds, caused the goal frame’s final demise. As I unscrewed the twisted metal I thought of the hours of innocent fun it had given us. It had been the scene of many goals and not a few great saves. My son, who is soon off to uni, smiled thoughtfully as I mentioned that this was the end of the ‘goalposts of childhood’. Perhaps he knew what I meant.
My own childhood goalposts had been ‘doon the back’. Drawn with chalk on the red brick of the ‘sausage wall’ at one end, and on part of the ‘wash hoose’ at the other. Many a league, Cup and international match was played out between those goals on the Dennistoun dirt. We once put on a parallel version of a historic England v Scotland match while the real match was being played at Wembley. Jim Mone sitting on one of the dykes had a transister radio to his ear. As we played our match he chalked up live score updates on the wall — our Twitter and FaceBook anno 1967. What a day.
We did use a pile of jackets up on the old Dennistoun cricket pitch, but only rarely. Mostly, we played on the red gravel surface at the Finlay Drive entrance. That pitch was fitted with real goalposts — like the ones they had at Hampden. Or so we imagined.
These sentimental memories of receding years accompanied my removal of the ruined metal goal frame. But, as you can imagine, it seemed an almost symbolic act. For fans of Scottish football the ‘goalposts’ that once defined the game of our football childhoods — have not only been moved, they’ve been been twisted and mis-shapen out of all recognition.
The past decades have seen a fundamental change in the way our game is run and governed, at home and abroad. Money is now king and sporting consideration is a luxury we sometimes have to put to one side — or at least, so we’re told.
At the risk of stating the obvious, sport, if it is to mean anything at all, has to be based on clearly defined rules and principles. These rules must be applied equally to all the participants, they are certainly not optional extras. However, to misquote and paraphrase George Orwell, ‘all teams are equal, but some teams are more equal than others’ — at least, when it comes to Scottish football.
The efforts by the SFA to re-interpret rules to fit the unfortunate circumstances surrounding the demise of Rangers FC in 2012 have left most of us scratching our heads. Much of the Scottish media has backed up the SFA’s efforts, something which has added to the general confusion and chaos. In fact, it’s become clear that the death of Rangers, as we knew them, has been such a traumatic event that it must be denied. The authorities and media seem to have been so besotted with one club that its loss is out of the question. And so, it’s been gifted a bizarre kind of immunity from liquidation and death that implies its on-going existence, long after it drew it’s final breath.
This situation has opened the door to a legion of businessmen on the make. They have been allowed to perpetuate the myth, with SFA blessing, that they ‘saved’ Rangers. And their unwavering message is, that they can only succeed if fans keep giving them their hard-earned cash. To those outside the blue bubble it looks like a huge con trick. If the only source of real money in football is the fans, then the Ibrox faithful have been royally fleeced.
How different it could have been if the former club had been allowed a dignified end. A year out of the game would probably have allowed fans to restart a newco of their own. They could have applied for entry into the professional leagues along with the other clubs waiting in line. Chances are they would have been given special dispensation, and walked straight into the bottom tier. Of course, they would have claimed to be the continuation of the spirit of the previous entity — but would anyone have argued against that? How different it could have been if the rules governing the game had been respected. The SFA may even have kept their dignity intact and the press not felt obliged to print half-truths, falsehoods and lies.
You’ve got to wonder why Dunfermline and Hearts fought so desperately to avoid liquidation. After all, the Scottish football authorities now seem intent on convincing us that liquidation has little or no effect on a football club. Even past sins, such as wrongly-registered players are as naught — if, at the time, they were thought to have been registered correctly. By this logic, we have to ask: if a ‘company’ running a ‘club’ bribes a referee, will retrospective action will be taken against the ‘club’. The players and the club, after all, will have done nothing wrong. And since the referee was not known to have been bribed, and not struck off, he was qualified to referee the match in question, at the time. Using the SFA thought process, the result would probably be allowed to stand. Personally, I’m not sure I follow SFA logic. They’ve ‘moved the goalposts’, and (you saw it coming) bent them into an unrecognisable shape.
Which brings me back to our garden. The old metal goal frame is waiting to be driven down to the local re-cycling centre. The twisted metal and worn-out net are useless. Ruined by forces beyond our control. There is no interest in a replacement at present. Perhaps, if we have grandchildren, they will show an interest in football. If they do, I’ll build a new set of goalposts. They’ll be straight and true, the way the goalposts of childhood should be. The way goalposts should always be.
Tic 6709 says: (591)
January 9, 2014 at 11:30 pm
As I said to Jean, no worries
taxman cometh says: (120)
January 9, 2014 at 11:30 pm
Very interesting. Is that the sound of stable doors banging, or are the Football Authorities getting geared up for phase 2?
The candle is still burning but merely a stump. Signs are appearing that suggest we are only 2 weeks away from collapse.
Watch for trickery and chicanery as the Spivs seek to extract every available pound. Watch for collusion from the SFA (Rangers at Hampden)
Watch for early calls for ST renewals.
Watch for the spiv board finally finding the paperwork to reduce Ally’s salary which is still 800,000. or 15384 a week.
Watch the share price ,currently 30p and falling.
Watch for Spivs at the airport with a one way ticket.
This incarnation will all end in tears.
The next zombie may arise however.
Fisiani says: (61)
January 10, 2014 at 1:05 am
The candle is still burning but merely a stump. Signs are appearing that suggest we are only 2 weeks away from collapse.
=================================
No idea about that, but what we do know is that in October 2011 instead of allowing said collapse they instead chose not to pay tax and N.I. I’m not suggesting for a moment the current incarnation are doing or are even considering doing that, but in the absence of real cost cutting,you wonder how they will survive. Perhaps reading, ‘Cost Cutting in name only’ by Duff & Phelps may assist them.
taxman cometh says: (120)
January 9, 2014 at 11:30 pm
=============================
Have to go to work so only able to speed read that article. It seems though that they could easily do a CVA, lose 15 points, and still be promoted. You would almost think the rules were drawn up just for that purpose!
Happy Friday everyone.
Fair play to the Record,just seen the front page on twitter.
@Fisiani The candle is still burning but merely a stump. Signs are appearing that suggest we are only 2 weeks away from collapse.
———————————————————————————————————————————————-
Maybe I missed some posts mate, what do you know?
I see Dean Shiels has given the manager an ultimatum, play me or pay me. Seems Hibs are interested in his services. Can they afford to pay him off (supposed £200k) or can they afford to keep a £7k player in the wings? This is the situation McCoist was allowed to create and now he is gonna have to sort it out. It creates a big problem, we all saw it at the time, well I should say most of us saw it, with an influx of journeymen and ex SPL men move in on good contracts (paying off the first crop of journeymen, I bet that wasn’t cheap) for a short term fix..The more things change, the more they stay the same down Ibrox way.
McCoist’s ineffectiveness as a manager in rangers#1 inevitably was the last straw. Are we going to see a similar event through the cash drain he has put on the ailing giant over the past17 months?
Their ex-keeper is also looking for some wedge unless a deal has already been done… Imran also looking for a last chunk of flesh. Will we see those purported to be owed significant wedge get that ring-fenced before the spivs pick the bones clean? This would add a bit of continuity to the fact that the rangers men have effectively killed rangers a couple of times unfortunately at great expense to the tax payer and those owed dosh….
http://www.twitlonger.com/show/n_1rvj8tm
Another titbit from the latest Charlotte-alike regarding the £250k LNS fine. If the document is genuine, it looks like TRFC are going to have to pay up, one way or another (if they last long enough).
TSFM says:
January 9, 2014 at 10:10 pm
They did indeed – but more importantly, you had more than one Les Paul? 🙂
——
Well, I have four Thunderbirds (albeit two of them are Epiphones). 😛
We sometimes over think things, trying to look for complex answers to what are fairly simple problems.
I remember reading a story from a football agent representing a young player. They were going to negotiate a contract with Leeds, when they were in their pomp. The agent told the player that he thought he might be able to get as much as £X per year, but they would have to negotiate it and that he may have to settle for less. On the day the first figure Leeds came up with was substantially more than £X. Obviously the agent still negotiated it up the way.
The point is, sometimes the solution is quite simple. A business is being run by people who just aren’t very good at their jobs. Whether it is the people running the financial side or people in charge of the actual operations. I think that is true for both in Rangers case. The finances are not looked after properly and neither is the football side. They have players they didn’t need on contracts they couldn’t afford. They can’t just get rid of those players becuase they have contracts which must be honoured or bought out.
They have also retained facilities they didn’t need and a large background staff they didn’t need and couldn’t afford. It seems to me just dreadful managment, caused by incompetence or arrogance. Probably both.
Ah, a bass player.
That explains a lot.
Maybe I’m reading too much into this – but – this sounds like sheer desparation to generate cash – an official announcemnet promoting the pre-match bar and food – oh and bring the kids – they can buy some crisps.
Is this an initiative from the new high flying CEO and Chairman – what next – a car boot sale on the pitch ?
Tomorrow’s Opening Times Rangers FC – Official Site 08:36
http://www.newsnow.co.uk/h/Sport/Football/Scottish+League+One/Rangers
A Friday morning smile:
A lovely left-handed compliment
“..Main memories of the trip?
Well Colin Stewart himself. The guy exudes professionalism, is a Ranger, and knows his job inside out. Think Campbell Ogilvie and that is the standard Mr Stewart is at. I’m absolutely delighted that we have such individuals at Ibrox working on our behalf. ..”
Taken from the account of a visit to Murray Park
‘http://www.followfollow.com/news/tmnw/a_day_out_at_auchenhowie_164469/index.shtml
from http://www.followfollow.com/news/tmnw/a_day_out_at_auchenhowie_164469/index.shtml
ptd1978 says: (117)
January 9, 2014 at 9:45 pm
Didn’t Charles Green overhaul the security arrangements to take them in-house? He also did the same with something else, but I can’t remember what it was (catering?, retail?).
Is Green still a director of these companies and is there any way to find out the details of the contracts between these shiny news T’Rangers offshoots and either TRFC or RIFC?
I’d be shocked if they weren’t being used to siphon of as much of that lovely IPO money as their directors could get away with, either now or with sweetheart contracts lasting for many years and with crippling penalties should RIFC/TRFC try to get out of their side of the arrangement.
Is it even possible there could be some way to give these contracts primacy in the event of an administration??
I’m probably looking into this too much, but these two restructuring processes are the only actions I know of that Green took which haven’t been exposed as outright, then and there cash grabs. That makes me wonder if there isn’t something else going on with these companies.
==================================================================
Garrion Security was formed to take the security in-house in stages and I don’t know whether the process has been fully completed. It is a subsidiary of RIFC Plc. There is no suggestion/evidence that this was in any way an irregular move and is done by many football clubs.
The catering contract was apparently renegotiated and the cost to Rangers reduced. Again this is what you would expect from any prudent business.
I have written many times regarding my thoughts on Rangers Retail and detailed why I feel is a bad business deal for Rangers. But that doesn’t necessarily mean there is anything illegal in it. Even Spivs sometimes make bad deals 😆 It also seems unlikely to me that Ashley would enter into any arrangement with Green – who is no longer involved btw – that was in any way iffy .
We constantly see internet rumours about syphoning off money at Ibrox and certainly the Bears need to get a clear accounting of where the income has gone, especially the IPO expenses, but I would advise that it is dangerous to make any allegations of a crminal nature without a shred of evidence. Wishful thinking has got a lot of people into hot water in my experience.
The legal action directed at the Sons of Struth is a clear indication that making or allowing unsubstantiated posts, particularly identifying an individual/s, can generate a robust response with serious consequences. We have plenty of things we can usefully discuss on here without straying into that territory IMHO.
jimlarkin, Tif Finn – thanks for the info. Garrison security is the company I’m thinking of. Accounts produced in October and now Stockbridge is the only (declared) director.
It never made sense for Sevco to do their own security. Especially given this could but them directly at odds with their own fans.
There’s something about this company that doesn’t add up.
Sorry Angus,
Epis don’t count 🙁
john clarke says: (1512)
January 10, 2014 at 8:48 am
====================================
John, you’ve not been storing these little nuggets away for all these years, just in case you might need them, surely?
First trade of the day at 30.01 – Ouch !!!
http://www.lse.co.uk/SharePrice.asp?shareprice=RFC
blu says: (483)
January 10, 2014 at 8:57 am
‘..John, you’ve not been storing these little nuggets away for all these years,..’
—-
No, honestly, blu.
I was scrolling back and was trying to follow up on FIFA’s post on January 9, 2014 at 5:29 pm about Murray park, and came across that little ( and well written and interesting ) report from the fans’ group that made the visit to it.
@John Clarke ‘Timmy Tour Chappy’ lol, I blame Ped Lawell…
(Sorry … OT.)
TSFM says:
January 10, 2014 at 8:54 am
Sorry Angus, Epis don’t count.
——
Och. One of them’s the neck-through active Pro-IV, and the other’s a Ltd Edn Blackbird. Can I get half a point each at least for them not being the cheapo ones? 😉 I was that far away from getting one of Pete Way’s old Thunderbirds a couple of years ago (the very one he played at the East Kilbride Rock & Pop Festival back in 1984 or so), but blew it by dithering. My main bass was built for the Almighty originally.
Next up to be sneaked into the house will be a white T-Bird Classic Pro-IV, which seems to me to be nearly as good as a proper Gibbo. My loon has a left-hander Tokai T-bird which I got him to tempt him away from his 7-string Schecter fetish. Doesn’t seem to have worked though. 🙂
Whether or not he wrote it himself, he has allowed his name to be put at the top.
Fair play to Barry Ferguson, who I am guessing is now benefiting from a bit of knowledge and wisdom that only comes with age and experience.
http://www.dailyrecord.co.uk/sport/football/football-news/barry-ferguson-gay-players-shouldnt-3006791
ptd1978 says: (118)
January 10, 2014 at 8:53 am
Stockbridge is the only (declared) director.
It never made sense for Sevco to do their own security. Especially given this could but them directly at odds with their own fans. There’s something about this company that doesn’t add up.
=====================================================================
Re: Garrion Security (not Garrison)
Green used to be a director but resigned after his departure from Ibrox and I’m sure he will be replaced when the Ibrox admin get round to it as they have been a little busy of late with slightly more pressing matters.
Taking any service in-house for any business as opposed to out-sourcing it is a complex decision-making process as to which is financially the most advantageous. This isn’t simple because the situation often isn’t a static one and football can be quite volatile in numbers as opposed to other businesses. And the numbers dictate the levels of security required.
Basically a club has got to make a decision whether it”s cheaper to outsource or have the hassle of organising security itself and obviously putting in place the required management and admin processes to handle it in-house.
Celtic has its in-house security but as I say it’s very much a business decision for individual clubs and businesses. Often clubs see it as a way of not only saving money but keeping it within the club but some who go down that road change their mind and you point to an always-present potential flashpoint of fan v. steward conflict with the club as piggy in the middle. Sometimes slightly less profitable but more savvy to hire outside security and join with the fans in decrying them usually for doing their job I might add 🙄
There may well be something about the company that doesn’t add-up but I have never ever seen anyone post anything that points to that scenario. If the new chair and CEO are honest totties and have basic admin/accounting skills and aren’t plum duff then they should be able to give the Ibrox operation a clean bill of health by the end of the 120 days or identify the areas giving them concern on a professional basis.
At the end of the day they have their reputation to lose and some people actually do value that beyond a nice earner. As time goes by we shall be able to form a more informed opinion about where the two execs are placed in the morality stakes and patience really is a virtue IMO.
As to Stockbridge I have already formed my opinion as to what starter’s orders he is under and as the longest serving Board Member I wonder when he will be retired and put out to grass possibly to spend his retirement happily mucking out Charlie’s stables. Stygian task flashes through my mind for some unknown reason
I wonder if Black is running a book on various Ibrox scenarios and what odds he is giving 💡
On Charlotte’s latest.
1/ We still do not know who Charlotte is nor her agenda. This latest release is almost Doncaster-esque. I’m happy to go with her anonymity in so far as I personally cannot really pick out an agenda from her, unlike some other big house inhabitents (past or present).
2/ the article accepts that clubs never die – really really don’t want to go here other than to say that there will be arguements for and against this. What is a member (in this scenario)? A brand? or a physical thing you can reach out and touch (and sue) ie. a legal persona? I will take a lot of convincing, probably on the bonkers thread that it is anything other than the latter, ESPECIALLY in a situation where one participant has leveraged itself literally out of existence to win the damn thing! (I’ll lay off now as I think I just heard Auldheid’s heid explode).
3/ Interesting that such a discussion has taken place in September 2013. No discussion? No coverage? Nothing. Not necessarily a bad thing per se, I just hope the plight of one particular member is not driving the agenda rather than the other way around.
4/ Common sense tells me that there are two likely outcomes of the factors causing administration.
Firstly, that debt consumes the club, member, entity thingy….(bugger)…and they struggle. Stick a points deduction on top and lo, they are at the end of the table and subject to all the stuff subsequently discussed. No problem with any of this and I am especially pleased to see a relatively hard line where relegation by two divisions is a distinct possibility and that it thus makes a distinction between a CVA being achieved and a newco situation.
Secondly, recent history tells me the opposite is probably more likely. The debt is used to buy success a la Dundee, Gretna, Livingston, RFC and Hearts. Are you telling me that with this recent history that a scenario where a defaulting club is promoted, AFTER the initial insovency event 10pts being applied but prior to being subject to the sporting sanction following an insolvency event did not feature? Seriously?
5/ Finally, no mention of timescales. Immediate application? or are we waiting to see how this season in particular pans out? I only mention this latter part since the threat of the possibility of such sanctions floating about in the future wouldn’t necessarily do any harm to more immediate problems at some clubs.
To be continued (but please god not number 2!!!!!!!)
Friday, Jan 10 2014
Shiels wants £200,000 pay-off from Rangers before returning to Hibs
Read more: http://www.dailymail.co.uk/sport/football/article-2536919/Shiels-wants-200-000-pay-Rangers-returning-Hibs.html#ixzz2pzRnmaJv
Follow us: @MailOnline on Twitter
Rangers International Football Club PLC : pound(s)16m is wiped off value of Rangers
http://www.4-traders.com/RANGERS-INTERNATIONAL-FOO-12212663/news/Rangers-International-Football-Club-PLC–pounds16m-is-wiped-off-value-of-Rangers-17779443/
Not from the SMSM of course but an American website I believe.
Just reading back on my own post there at 10.17. What if, for instance, there was a paragraph going into equal depth as the relegation scenario regarding a promotion contendor (which also includes a ‘championship winner’ don’t forget) but that Charlotte chose for whatever reason to leave that bit out?
Not suggesting she did, I’m just urging a degree of caution and re-emphasising what is increasingly the mantra on this site – Why? and Why now?
On the flip side, we would expect the much forecast controlled administration down Govan way (still an outside bet IMHO – depends on the agenda given to Wallace) to circumvent these ‘newco’ rules in any case – as the only creditor I’m guessing RIFC have the perfect solution as to how TRFC could have their CVA approved.
EDIT: Just read back the board minute. Why? (motive still unclear) and why now? (Guessing its to up the ante – is this to be implemented at the meeting of 13th January or not?)
EDIT 2: Auldheid. I’d be interested in the club bit – particularly the quote about the board having absolute discretion to grant membership subject to “Mandatory requirements.” What are these? if they are not insolvent entity, undeclared owners, industrial scale cheating and threatening all and sundry that is!
And I’m loving “There is unlikely to be any benefit in re-examining…..” Yes, I’d agree. there’d be no BENEFIT.
Interesting times.
Q. Why is the bass player standing outside?
A. He either can’t find the right key or doesn’t know when to come in.
Boom tish!!
john Clarke
January 10, 2014 at 8:48 am
Had Colin Stewart been such a consummate professional then he would never have exposed his colleague in this way. After all, the tour guide was simply employed for his ability to do the job – nothing else. There was absolutely no need for Stewart to reveal to the mob that the guide was a Celtic fan, particularly as it included such a bigoted cretin as ‘the Gub’ (the author of the article). No doubt this tour party would probably have enquired of the guide’s football leanings anyway, but the poor guy was denied the escape route of “I’m rugby union myself” and had to face unnecessary hostility from the bears, thanks to Stewart’s big mouth.
eco, to be fair: it’s here too – http://www.heraldscotland.com/news/home-news/16m-is-wiped-off-value-of-rangers.23131489.
But who lifted from whom? Herald credit Martin Williams, Senior News Reporter and 4 Traders acknowledge copyright of ProQuest Information and Learning Company.
Squirrels and timewasting abound these days, and what better for the job than kicking off another round of Ocknock (OCNC – see a previous thread now ‘Bonkers’).
If tweet from the Twitter acc of the latest CtH, if genuinely the next Charlotte, is genuinely true, then some light has been shed on how incompetent the governing bodies can really be.
It seems they really were making it up as they went along.
An interpretation:
The SPFL recognises the club by the SPL (as was) share. ‘SPLclub FC’ had a share, so they were SPLclub as far as the SPL was concerned.
The solvency or otherwise of the legal entity company that operates SPLclub is irrelevant (and that company may have changed from time to time whether due to insolvency process or via a solvent sale).
So the SPL did not recognise the ‘end’ of SPLclub, even though the Club ended under insolvency law.
The thing about the Rangers Saga is that the SPL share was retained by RFCIL (oldco), even after the current Rangers TRFC (newco) had begun, and had indeed played a match with the permission of the SFA. The share was later transferred to Dundee FC.
How does this square with the above?
Also, by the above interpretation the current Rangers have never been issued with or recognised as an ‘SPL club’ (until adopted into the SPFL at recent reorganisation).
It cannot be the ‘same Rangers’ in this context.
In any event, if the tweet was of a genuine memo/note/whatever, then it seems the SPFL are looking to make the rules more robust and better defined.
An improvement on winging it.
Upcoming outline storyline for River Shitty? …
Guy starts running an Icecream Van in Craiginch.
Local gangster claims he is owed a debt of 2 grand by the guy who runs the Graiginch Icecream Van.
Guy points out that he isnt the same guy as the last guy. The last guy is no longer. He was found on the floor of his old Icecream Van covered in hunners and thoosans, chocolate sprinkles and strawberry sauce. Turned out he topped himself.
So its a different guy and is no even the same Icecream Van.
Practically nothing is the same.
Gangster says, ” Ye play the same tune and ye sell icecream oot of the Craiginch Icecream Van. So you owe me 2 grand”.
Guy is in a bit of soapy, cos he’s struggling to make ends meet as is.
======
Rumour has it that the SPFL is to pursue TRFC for £250k?
On Charlotte’s latest, assuming its accurate
Firstly, it looks to be an attempt to codify The SPL board’s favoured solution of imposing a sanction of a one division relegation.
Secondly, I’m not at all clear as to how this fits with the FFP regs, Auldheid what’s your view?
Thirdly, does this not introduce, at least partially, a franchise system into Scottish Football?
Billy Boyce says: (170)
January 10, 2014 at 11:02 am
Had Colin Stewart been such a consummate professional then he would never have exposed his colleague in this way.
——————————
That’s not actually what happened, the guide introduced himself as a Celtic fan shortly after Colin Stewart introduced him as the group’s guide for the day. After the initial introduction, Stewart left the group in the hands of the guide.
Carl31 says: (121)
January 10, 2014 at 11:32 am
‘…Rumour has it that the SPFL is to pursue TRFC for £250k?’
……………….
Now, would there be any nice journalist who will pick up the phone and just simply ask Doncaster?
Big DJ knows what is needed down Ibrox way….
“I think Ally is wanting to bring in seven, eight, or nine players who are better than he currently has.
“I can understand both sides of the situation. There has to be some sort of compromise. You have to get the balance right on and off the park.”
Johnstone believes McCoist will have to accept that players who are not getting a regular game will be moved on.
He said: “Those who are not featuring in the first team at this time can be part of the cost cutting.
“Even if Ally thinks an individual can still do a job for the first team then he still has to allow him to go.”
Meanwhile, Johnstone has appealed to Wallace and his fellow Rangers directors to make securing new funding for the club a top priority.
He said: “It is about time they went out and looked for investment.
“The sooner somebody jets over to South Africa to speak to Dave King the better.
“The most important thing at Rangers at the moment for me is bring in new investment to drive the club forward.”
9 new players for next season, like last season a real vote of confidence to the present squad..Effectively a new team, he can sell the old team for £millions obviously to fund that.
Does DJ think they can just free player from their contracts at no cost? Sure it reduces the wage bill medium term for an initial hit, can they afford that hit?
Does he think players who cannot get a game in the biggest team in the Scottish 3rd div could easily move elsewhere (and maybe bring in some money)? Even a fire sale of their top assets will bring in much less than they could get in the Summer, just the hard economics of it all.
Rich backer to come in and just bankroll things to get them back to their true position.Why would anyone bankroll the rangers owned by other parties….Must be a cheaper way to get a blazer and tie..
I think DJ, like McCoist likes playing to the masses knowing full-well that what they say is unrealistic but the gullible majority will be rejoicing the plan…
Meanwhile over at the Bears Den they don’t appear to appreciate that Shiels getting a £200k pay off is a better deal than having to honour a contract and pay him £364k per annum for the next few years for sitting in the stand.
Once again they appear to believe that contracts, agreements and employment laws do not apply them.
Carl31
I’m going to sound a bit like the Doncaster paragraph that I criticised in my own post but I genuinely don’t believe there is merit in reopening the Ocknock here at this moment absolutely valid though it remains. More importantly, for the meeting on the 13th is this amendment to be voted on? has it been debated further? If it is not on the agenda – as was clearly mooted – why not? If it goes through how does it affect all clubs, and one in particular. For instance, if it goes through, then you hand the spivs control of which division their intended victims – willing purchasers – are in next season depending on how they vote in a CVA. Is that really a good thing prior to season ticket sales?
AJ – interested to hear if you think it has any ramifications on the HFC situation?
john clarke says: (1514)
January 10, 2014 at 11:46 am
—
This touches on something I’ve been thinking about for a few days.
Two things are afoot with regard to the so-called organisers of football in Scotland and the media.
1. It’s unacceptable, unprofessional, irrational and cowardly for Campbell Ogilvie and Stewart Regan to try to get through the mess they have helped create by thinking they can just keep their heads down and let it all blow over. It’s been more than two years already, gentlemen. This elephant is not going to leave the room of its own accord.
2. The media know this and have clearly gone along with it, either for ideological (they loved Rangers too) or economic reasons (they want the fans’ money too, so pretend they loved Rangers).
For it to work, for everybody to carry on as though there were no elephant in the room, the media would have to talk to Ogilvie and Regan quite frequently and run articles containing news, views and comment from them. In part, this is what they draw their salaries for. This doesn’t happen in Scotland because, after a few nanoseconds of reflection, all parties must have realised that we, the undivided alliance of ordinary football fans and bampots, will not wear it. Interviews with this pair about the Scottish Cup or youth development or the national team or the women’s national team or FIFA or anything that danced round the Sevco handbag would bring torrents of abuse, and they all know it, and they all know why.
So we get silence.
This is far from scientific, but by way of a comparison with another “diddy” country (no offence to anyone), the president of the Swedish FA is former referee Karl-Erik Nilsson. A quick search on the news pages of Swedish Google brings up hundreds of references to this gentleman in 0.08 seconds. A search on UK Google for Ogilvie and Regan brings up zero. Neil Doncaster fares better, to be fair. But the SFA men score zero. Stewart Regan gets a mention in passing in some Daily Record article for a retrospective reference to his “Armageddon” garbage, but there is no new comment from him or his president. They are a farcical pair.
Carl31 says: (121)
January 10, 2014 at 11:32 am
7 1 Rate This
Rumour has it that the SPFL is to pursue TRFC for £250k?
Its a rumour that’s had legs since the early autumn and relit by a CF tweet last night that hints the SPFL and not RIFC may be getting a pay day from the Fish and Chip Supper Cup Final. Assuming of course TRFC are still around to play in it. 😈
Rangers new CEO will soon be presenting his first report to the AIM Market. The relevant rule is below.
“18. An AIM company must prepare a half-yearly report in respect of the six month period from the end of the financial period for which financial information has been disclosed in its admission document and at least every subsequent six months thereafter (apart from the final period of six months preceding its accounting reference date for its annual audited accounts). All such reports must be notified without delay and in any event not later than three months after the end of the relevant period.
The information contained in a half-yearly report must include at least a balance sheet, an income statement, a cash flow statement and must contain comparative figures for the corresponding period in the preceding financial year. Additionally the half-yearly report must be presented and prepared in a form consistent with that which will be adopted in the AIM company’s annual accounts having regard to the accounting standards applicable to such annual accounts.”
The comparative period will be the results until December 31 2012. RIFC produced these on March 4th 2013 , well inside the allowed timescale. If Stockbridge has the accounts ready in similar fashion this year, we are 7 weeks away from seeing how much of a challenge Wallace really has. Last years interim statement below.
4 March 2013
Embargoed for 07:00
Rangers International Football Club plc
(“Rangers” or the “Company”)
Interim Results
Rangers International Football Club plc (AIM:RFC), the holding company for the Scottish football club ‘Rangers’, is pleased to announce interim results for the seven-month period from incorporation to 31 December 2012.
Operational Highlights
· Sustainable long-term structure now in place
o Assets and intangibles purchased from Administrators of former Rangers Football Club plc for £5.5m on 14 June 2012
o Successful IPO on AIM market of London Stock Exchange raised £22.2m in December 2012 to fund growth strategy, and bringing the total raised share capital since incorporation to £35.2m
· Season ticket sales in excess of 38,000, one of the highest levels of season ticket sales achieved by any UK club
· Average home league attendance of 45,363 during the period; fifth highest ranking UK football attendance
· New retail arrangement signed with the UK’s largest sports retailer, Sports Direct
· New kit manufacturer agreement signed with one of the world’s leading sport-lifestyle brands, Puma
· New shirt sponsor, Blackthorn Cider, for season 2013/14
· Acquisition of the Albion car park and Edmiston House for future ventures to enhance match day experience in January 2013
· Currently first in the Scottish Football League 3rd Division
Financial Highlights
· Revenue of £9.5m
· Operating expenses of £16.6m
· Loss before non-recurring items and finance costs of £7.0m
· Profit before tax £9.5m driven by non-recurring release of negative goodwill of £20.5m
· Investment in football personnel of £1.6m in line with strategy
· Finance leases of £1.9m at 31 December 2012
· Cash of £21.2m as at 31 December 2012
· Undertaking of debts of former Rangers Football Club plc of £2.8m (£251,000 remains to be paid in accordance with the terms agreed)
Charles Green, CEO of Rangers, commented “This has been a significant period in the Club’s history, in which vital steps were taken to ensure the survival and rebuilding of one of the UK’s most venerable football institutions. The priority for the Company to date has been to stabilise the business and put in place solid financial foundations for the future. To this end, revenue streams have been enhanced, and costs cut. In addition, important strategic steps have been taken, such as the agreements now in place with Sports Direct, Puma and Blackthorn Cider. These achievements have been made whilst retaining the important fabric and structure of the Club.
“We will continue to execute our growth plan, and investors and supporters can have confidence in the development of operations as the Club progresses. Undoubtedly, challenges lie ahead but the Club is now well equipped to meet them successfully. Above all, the Club and its supporters are resolute in the belief that, both on and off the pitch, Rangers can look to the future with confidence and pride.”
For further information please contact:
Rangers International Football Club plc
http://www.rangers.co.uk
Charles Green, CEO/ Brian Stockbridge, CFO
Tel: 0141 580 8647
Cenkos Securities plc
Stephen Keys, Adrian Hargrave, Max Hartley (Corporate Finance)
Tel: 020 7397 8900
Russell Kerr (Corporate Broking)
Newgate Threadneedle
Graham Herring / John Coles / Roddy Watt / Fiona Conroy
Tel: 020 7148 6143
About Rangers Football Club
Rangers Football Club, formed in Scotland in 1872, is one of the world’s most successful clubs, having won 54 League titles, 33 Scottish Cups, 27 League Cups and the European Cup Winners’ Cup in 1972. The Club’s loyal and sizeable supporter base, both in Scotland and around the world, enables the Club to boast one of the highest percentages of season ticket holders in the UK, with over 38,000 having been sold for the current season. Playing at the 51,082 seater Ibrox Stadium and benefitting from the world class 37 acre Murray Park training facility, the Club has been a dominant force in Scottish football for decades. This world class stadium, training infrastructure and a loyal and passionate global fanbase provide an excellent foundation for the Rangers Group.
Currently the Club is competing in Division 3 of the SFL, though it is the intention of the Directors and the manager for the Club to return to top level football as soon as possible. The history, facilities and ambition of the Club are such that the Club remains a desirable destination for foreign and domestic players alike. The first team squad is managed by Ally McCoist, the former Rangers forward, who remains the Club’s all-time leading goal scorer.
For more information please visit the website: http://www.rangers.co.uk
Chairman’s Statement
This has been a period of extraordinary progress for the Club and I am pleased to announce the financial results for Rangers International Football Club plc.
These interim results cover the seven-month period to 31 December 2012 and reflect the fact that the Club is successfully rebuilding one of the UK’s most renowned football institutions.
The acquisition of the trade and assets of the then Rangers Football Club plc by a consortium of investors was completed on 14 June 2012 and heralded the end of a traumatic period for the Club, during which the then Rangers Football Club plc had been placed into administration by the previous owner. Following the rejection of a Company Voluntary Arrangement by creditors, the Rangers Football Club plc was put into liquidation and subsequently Rangers International Football Club plc was created, incorporating The Rangers Football Club Ltd into the Group.
Rangers has a 140 year track record of success in both the domestic and international arenas. With a squad based on youth and potential, led by manager Ally McCoist, the Club has made an encouraging start to the 2012/13 season and the Rangers brand and facilities provide tremendous opportunities for commercialisation and expansion.
In my thirty years investment experience, I have never seen a business move from the liquidation of one company to another’s successful flotation in such a short space of time. This could only have been achieved by the outstanding efforts of management, staff, advisers and fans. This unity and sense of purpose has, rightly, been admired internationally.
The Company’s performance to date will give further encouragement to all Rangers supporters who are unswerving in their commitment to ensure the Club enjoys a successful future.
Malcolm Murray
Chairman
4 March 2013
Chief Executive’s Review
These results reflect the execution of the published business plan and demonstrate the remarkable support and loyalty that is the hallmark of this football club. We have made great strides in a short spell but there is much work to be done to fully restore Rangers.
Given that the Club is in the unprecedented situation of playing in the Scottish League Division 3, there is, at this stage, a clear impact on a range of revenue streams, particularly in broadcasting and with the absence of European participation. We are pleased however that operational costs, particularly staff costs and wages, have been substantially reduced over the period, although the Company is not expected to report an operating profit at the year-end given revenue stream forecasts.
In the current financial year our focus is firmly on rescuing the Club and starting the rebuilding process in earnest. We have renegotiated all major contracts and are pleased to have recently established new partnerships with Sports Direct, Puma and Blackthorn Cider. We are particularly pleased with the relationship with Sports Direct, the UK’s largest sports retailer. The SportsDirect.com retail group currently has over 470 stores including SportsDirect.com, Field and Trek, Hargreaves Sports, Gilesports and Donnay International. In addition, the Club appointed a new kit manufacturer, Puma, one of the world’s leading sport-lifestyle companies. Going forward, we will spare no effort in enhancing existing revenue streams and identifying new opportunities that ultimately benefit the Club and its future.
We were delighted to have listed on AIM, a market operated by the London Stock Exchange in December 2012; it represents a key milestone in our plans for bringing Rangers back to its glory days. A total of £22.2m, before expenses, was raised to strengthen the player squad, improve and develop the Club’s properties and facilities, as well as provide additional working capital. This flotation was achieved in a challenging economic climate and is great testament to the faith shown in Rangers by institutional and individual investors as well as supporters of the Club. Few football clubs today can take comfort from having positive cash balances, which will be spent wisely in the future.
All of us involved in the management of the Club are particularly delighted and are indeed in awe of the contribution supporters have made to the Club. Season ticket sales for 2012/13 stand in excess of 38,000 – representing an improvement on the previous season. It is also among the highest levels of season ticket sales achieved by any UK club. The response from supporters to the Initial Public Offering was also remarkable raising £4.5m in the weeks preceding Christmas and we could not have asked more from our supporters in terms of attendance at matches. We have enjoyed near capacity crowds at Ibrox for key fixtures and an average home attendance of 45,363 for SFL fixtures. I would like to take this opportunity to thank the fans for their tremendous and on-going support.
In the last several months, those of us new to the Club have learned very quickly how much Rangers means to its phenomenal fan base but also to football in general. The manager, Ally McCoist, his staff and players have had to adapt to extraordinary circumstances and they have all our support and best wishes to hopefully securing the SFL Division 3 title as the first step in returning to participation at the highest level in both domestic and European football.
Undoubtedly, challenges lie ahead for Rangers but the Club is now well equipped to meet them successfully. Above all, the Club and its supporters are resolute in the belief that, both on and off the pitch, Rangers can look to the future with confidence and pride.
Charles Green
Chief Executive
4 March 2013
Financial Review
It was clear from Rangers’ league status this season there would be a resultant impact on turnover at the Club. It was essential, therefore, that costs were substantially reduced and this was achieved. Operational costs have been reduced to £15.7m for the reporting period, compared with approximate previous costs of similar periods of £22m in the then Rangers Football Club plc (now in liquidation). Reductions in costs have been largely achieved through the review of commercial contracts and a reduction in player payroll costs. Overall operational costs are expected to continue to decline as further cost saving initiatives and efficiencies take effect. Work continues on further enhancements to the quality and sustainability of revenue streams.
Overall, we have achieved these operational changes whilst retaining the fabric and structure of the Club which is necessary given the scale of our operations. I am glad to report that, as of the date of this announcement, only £251,000 remains to be paid in relation to the £2.8m of football debts we undertook to pay in the SFA licensing agreement, and these amounts are not due to be paid until October 2013. The Company has reported a profit of £9.5m which should be viewed in the context of recognising a negative goodwill credit of £20.5m. The Company is expected to report an operating loss at year end in accordance with the business plan and broader growth strategy.
A revaluation process was undertaken during the period; Ibrox stadium and Murray Park were revalued at £40m, and intangibles were valued at £19m on acquisition.
Revenue from retail sales in the seven month period was disappointing, mainly due to the financial position of JJB Sports and a lack of stock. New retail and manufacturing arrangements are now in place with Sports Direct, Puma and Blackthorn Cider which will generate enhanced retail revenues. However, the impact of this is likely to be felt in the next financial year, ending 30 June 2014, due to slippages in delivery times. It is likely that the first shipment of shirts will occur after the current year end which will have a negative impact on sales for the year ending 30 June 2013. However, in the next year retail sales will be improved as two major kit launches will occur in the same year. We are particularly pleased that match day revenues have exceeded expectations.
The Club continues to progress with legal action against players of the Rangers Football Club plc who objected to the transfer of their contracts to Rangers Football Club Ltd. Further details of this action will be communicated in due course.
We have embarked on a programme of infrastructure improvements at Ibrox. Initial investment has been made in groundskeeping equipment and expenditure on LEDs and stadium jumbotrons is underway. The Club has also acquired the Albion car park and Edmiston House which will be redeveloped to improve the match day experience for supporters and both these acquisitions are expected to produce near term returns on investment through future revenues.
The raising of £22.2m capital is an excellent outcome from the flotation of the Company on AIM and the funds, along with the £13m of other share capital provide the Club with a sound financial footing going forward. It is essential, however, that the Club does not over-extend itself in future as such an approach is unsustainable, regardless of the playing environment.
The priority for the Company to date has been to stabilise the business and put in place solid financial foundations for the future. This work will continue and investors and supporters can have confidence in the development of operations as the Club progresses with its core business of playing football.
Brian Stockbridge
Finance Director
4 March 2013
INDEPENDENT REVIEW REPORT TO RANGERS INTERNATIONAL FOOTBALL CLUB PLC
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the seven months ended 31 December 2012 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the consolidated statement of cash flows and related notes 1 to 17. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.
Directors’ responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report have been prepared in accordance with the accounting policies the company intends to use in preparing its next annual financial statements.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the seven months ended 31 December 2012 is not prepared, in all material respects, in accordance with the AIM Rules of the London Stock Exchange.
Deloitte LLP
Chartered Accountants and Statutory Auditor
Glasgow, Scotland
4 March 2013
Carl31 says: (120)
January 10, 2014 at 11:20 am
=========================================
carl31, might it be that the chasing of the £250,000 and the ‘NewCo in the Context of an Insolvency Event’ document is an indication that the SPFL board is trying to guard against phoenix-ing clubs/companies dodging sanctions via insolvency events?
Carl31 says: (121)
January 10, 2014 at 11:32 am
‘Rumour has it that the SPFL is to pursue TRFC for £250k?’
———————————————————————————–
This ‘rumour’ has been doing the rounds for quite a while.
I think it’s safe to say that the SPFL won’t see a penny of this money. How are they going to get it?
The lengths the authorities went to in support of Sevco, including the deliberate botch job of the LNS enquiry ( which this sum is linked to ) means that the spivs have them over a barrel.
We’ll see a bit of posturing from the blazers then it’ll quietly disappear.
One out of two ain’t bad Jim – I fear that DJ believes what he says.
Blu
Interesting take. In trying to propogate support for the 250k claim in her twitter feed she was trying, with her board minute dump to highlight the SPL’s view on immortal clubs. So the controversial proposal (well I think it is) for Monday’s meeting to relegate insolvency event inspired newcos is just an unfortunate co-incidence? Makes sense right enough. Unfortunate. Most unfortunate. 😈
blu says: (484)
January 10, 2014 at 11:06 am
ecobhoy says: (2223)
January 10, 2014 at 10:37 am
Rangers International Football Club PLC : pound(s)16m is wiped off value of Rangers
http://www.4-traders.com/RANGERS-INTERNATIONAL-FOO-12212663/news/Rangers-International-Football-Club-PLC–pounds16m-is-wiped-off-value-of-Rangers-17779443/
Not from the SMSM of course but an American website I believe.
eco, to be fair: it’s here too – http://www.heraldscotland.com/news/home-news/16m-is-wiped-off-value-of-rangers.23131489.
But who lifted from whom? Herald credit Martin Williams, Senior News Reporter and 4 Traders acknowledge copyright of ProQuest Information and Learning Company.
===============================================================
it’s quite possible that Pro Quest sent it out on the wires and the likes of PA and other news agencies repeated it and the the Herald picked it up from there as well as 4-traders. Be interesting to know if it has appeared in Herald print edition. There is certainly a lot more detail in the 4-traders piece.
However the real importance of the story is the continuing financial meltdown at Ibrox – this kind of story on the financial wires is really bad news for Rangers and will increase pressure IMO for severe cutbacks very soon. The RIFC Board has only won a small window to persuade investors that the financial black hole can be capped and some sort of rebuilding done.
If that doesn’t happen then the shares will continue drifting further south and even the 1p investors will be getting very twitchy. It’s hard to see why anyone would invest in Rangers as things stand – even die-hard supporters – although there are, of course, many reasons for investing even in loss-making companies.
Matteo Galy says: (49)
January 10, 2014 at 12:27 pm
Carl31 says: (121)
January 10, 2014 at 11:32 am
‘Rumour has it that the SPFL is to pursue TRFC for £250k?’
———————————————————————————–
This ‘rumour’ has been doing the rounds for quite a while.
I think it’s safe to say that the SPFL won’t see a penny of this money. How are they going to get it?
———————————————————————————————————————-
How much is ground rental for a couple of forthcoming semi finals? £250k I hear you say, debt cleared.
v
iamacant says: (380)
January 10, 2014 at 12:48 pm
Matteo Galy says: (49)
January 10, 2014 at 12:27 pm
Carl31 says: (121)
January 10, 2014 at 11:32 am
‘Rumour has it that the SPFL is to pursue TRFC for £250k?’
———————————————————————————–
This ‘rumour’ has been doing the rounds for quite a while.
I think it’s safe to say that the SPFL won’t see a penny of this money. How are they going to get it?
———————————————————————————————————————-
How much is ground rental for a couple of forthcoming semi finals? £250k I hear you say, debt cleared.
==================
Actually Fine paid,Debt still going strong.
I listened to BBCSportsound last night concerning the plight of Hearts and the lack of squad numbers and the player signing embargo. One of the pundits referred to Rangers and the player signing embargo that they had to endure.
Hearts are really struggling at present as a result of the REAL administration progress being implemented to their club without any hierarchy trying to save them (maybe Edinburgh club or their fans do not contribute to the fabric of our society).
It is an insult to Hearts and the rest of Scotland that the proper process of administration did not take place in Govan.
Maybe if the newco go into administration the proper rules may apply? Or maybe Elvis will serve me chips down at my local fish shop.
iamacant says: (380)
January 10, 2014 at 12:48 pm
How much is ground rental for a couple of forthcoming semi finals? £250k I hear you say, debt cleared.
———————————————————————————————————————-
An honest administrative mistake may lead to SPFL paying the £250K rental and then asking for the fine to be paid. Sorry – what fine ? Oh yeah ! OK ! I’ll look into it.
Ecobhoy
Thank you for a much more clear headed and informed analysis than I could ever manage.
Still though, something doesn’t sit right with this. Why only 1 director and why Stockbridge? Why set it up as a subsidiary company unless the intent is to end up being a creditor.
I’m not suggesting illegal activity. At the least this was nothing more than a way for CG and then BS to earn another slice of that delicious IPO pie. A more cynical line of thinking would wonder why these guys would want to be the directors of a company that might well end up being a creditor in an insolvency event they themselves engineered. Why not draw up some arrangements that give Garrion preferential status while they’re at it? It would certainly fit with their MO much better than taking security in house for sound economic reasons.
Finally, why post accounts? If it’s part of the RIFC group then they could have followed the same principles as with TRFC and not have bothered.
Okay, I’ve said my piece. If everyone else thinks it’s above board I’ll drop it.
ecobhoy says: (2224)
January 10, 2014 at 12:31 pm
==========================
ecobhoy, I think the articles are exactly the same, down to the mis-spelling of Drew Robert(s)on’s name. My interest on this occasion is how these things find their way into the media, rather than the message itself. It’s clear that at least one of these reports has been bought/lifted with no journalist input from the organisation/medium broadcasting it. The Herald article suggests that the author of the piece was Martin Williams. 4Traders notes Proquest’s copyright. ProQuest business is to sell access to library material – maybe they buy content from publications and sell it on? Or, as you say maybe the PA was the originator of the story, I don’t know. I’d be interested to hear from others who have more knowledge though.
If Johnstone is playing to the masses then he is very copnvincing. He is saying pretty much what he does on Clyde and if that is a play act then he does an excellent job playing a deluded idiot.
I think he genuinely believes the rubbish he comes away with and does not really understand the true extent of the issues.
As I said in my previous, sometimes we over think thing. Maybe he really is that stupid.
Just for clarity, what is an insolvency event inspired newco.
If a company achieves a CVA then it comes out of the insolvency event as the same company.
If it fails and is liquidated then it doesn’t exist any more.
This “newco” stuff really doesn’t mean anything other than new company, as in didn’t previously exist.
Sorry guys, I can’t seem to let this Monday proposal re punishment in the event of insolvency go.
If it is not proposed as planned I will be interested to hear why.
If it is proposed as planned it will be interesting to know the voting response – and why?
If its proposed and accepted then only four outcomes (for sevco) are possible in my eyes.
1/ No admin. Still my favoured option, I just can’t see where the money comes from to sustain it – and I also don’t believe the current squad is strong enough to walk the Championship. Can enough money be raised AND austerity measures put in place? Promoted and skint.
2/ Controlled admin. CVA proposed that offers [insert figure of Charlie and Craig and Ticketus and Laxey’s choice] for lock stock. 15 or 25pt deduction made but still promoted…and still skint.
3/ Controlled admin. CVA proposed that accepts sale and leaseback of assets. CVA accepted on basis of rent proposed. Promoted, skint and assetless.
4/ Controlled admin. CVA proposed that rejects sale and leaseback of assets and/or level of rent offered. Promoted then immediately demoted again (1div or 2?), presumably assetless as liquidated properly, skint and questionable revenue streams going forward.
I’m struggling to see an upside.
Apologies again if I’m making mountain out of molehill here. Got to hand it to Charlie. As a barrel maker (is that a cooper?) he’s made a blumin good job of this one.
ptd1978 says: (119)
January 10, 2014 at 1:00 pm
Finally, why post accounts? If it’s part of the RIFC group then they could have followed the same principles as with TRFC and not have bothered.
==============
I had a look at Garrion Securities on the CH website a few days ago. In fact I posted here on the results of my search. So far as I could establish, Garrion haven’t submitted accounts yet, although they had submitted an annual return.
If you have found them, could you post a link to the accounts, please?
valentinesclown says: (300)
January 10, 2014 at 12:54 pm
4
0
Rate This
I listened to BBCSportsound last night concerning the plight of Hearts and the lack of squad numbers and the player signing embargo. One of the pundits referred to Rangers and the player signing embargo that they had to endure.
Hearts are really struggling at present as a result of the REAL administration progress being implemented to their club without any hierarchy trying to save them (maybe Edinburgh club or their fans do not contribute to the fabric of our society).
It is an insult to Hearts and the rest of Scotland that the proper process of administration did not take place in Govan.
Maybe if the newco go into administration the proper rules may apply? Or maybe Elvis will serve me chips down at my local fish shop.
————————————————————————-
To paraphrase Keith Jackson from last night:
WRT Hearts plight,
The punishment seems harsh now but the SFA/SPL set a precedent with the draconian penalties handed out to Rangers.
If we had a Joke Of The Week contest,this would win it
valentinesclown says: (300)
January 10, 2014 at 12:54 pm
I listened to BBCSportsound last night concerning the plight of Hearts and the lack of squad numbers and the player signing embargo. One of the pundits referred to Rangers and the player signing embargo that they had to endure.
Hearts are really struggling at present as a result of the REAL administration progress being implemented to their club without any hierarchy trying to save them (maybe Edinburgh club or their fans do not contribute to the fabric of our society).
It is an insult to Hearts and the rest of Scotland that the proper process of administration did not take place in Govan.
Maybe if the newco go into administration the proper rules may apply?
Or
maybe Elvis will serve me chips down at my local fish shop.
=================================================
Erm…valentinesclown
I”m sorry to have to break the bad news to you
. . .but
. . .it won”t really be Elvis
. . . It will be an Elvis – Tribute Act
(Ah huh huh)
Surely then, all this Graham Wallace cost cutting stuff is unnecessary then, if the sustainable structure has been in place for nearly a year? 😕 🙄
blu and smugas,
First I think its wise to separate what has already happened under the inadequate rules at the time and what they might envisage happening to more than one club in future. They may be looking at establishing some principles on what happens if a club undergoes an insolvency event – in future.
What is done is done and I doubt they will get much from pursuing the current Rangers for a debt of the previous Rangers.
It seems to be on the table that the SPFL (importantly now including all former SPL and SFL clubs) wish to enshrine in its rules that the recognisable ‘club’ is deemed by the share that the SPFL issues/awards and then holds on its registers.
Behind this is a recognition that the permission this provides is worth money – and quite a substantial sum given that this recognition, along with the SFA membership and the License allows clubs to compete in Europe lucratively, amongst other things. In effect, hefty debts could be shed via newco resurrection route (sound familiar?) and the valuable permissions are obtained virtually free of charge.
However, as has been pointed out, any rules which include an ‘eternal club’ scenario are a cheats charter. Scottish football becomes a laughing stock since it would incentivise clubs becoming financial basketcases.
The results would be sponsorship down, financial risks facing lenders into Scottish fooball up (higher cost of overdraft and other various borrowing by clubs) and consequently the operating costs for conscientious clubs increases with each insolvency – further incentivising clubs becoming debt laden and exiting via this quaint newco route.
To protect Scottish Football and its integrity it must be recognised that a newco = new club. This disincentivises blatant debt-sheddery.
The main issue with this is IMO is that it hits the fans that have done nothing other than pay ST money or at the gate each week. Its clear that this group have done nothing wrong other than support their team.
however, by mismanagement their club comes to an end and has to start again.
torrejohnbhoy(@johnbhoy1958) says: (1153)
January 10, 2014 at 1:22 pm
Hearts are really struggling at present as a result of the REAL administration progress being implemented to their club without any hierarchy trying to save them (maybe Edinburgh club or their fans do not contribute to the fabric of our society).
___________________________________
If only there was an influential Hearts-supporting senior figure in ScotGov who could intervene or at least make a public statement of support….
MoreCelticParanoia says: (99)
January 10, 2014 at 1:37 pm
Maybe Lord Ffoulkes could organise a Westminster supporters club?
Is Ally Pulling Sickies
Could it be possible that Mr McCoist is exaggerating injuries, with the assistance of Andrew Dickson, to frustrate CEO Wallace’s attempts to sell players to balance the books ?
RANGERS will go into tomorrow’s match against East Fife with one of their most depleted squads of the season as injuries begin to mount up.
Nicky Clark is the latest player to be sidelined and he’s due to go for a scan on a foot problem on Monday.
Long-term absentees Ross Perry and Chris Hegarty remain sidelined although they were able to do some ball work at Murray Park this morning.
On top of that, Stevie Smith and David Templeton are still out ahead of the clash with Gary Naysmith’s Methil team.
Midfielder Lewis Macleod does have a chance of featuring against the New Bayview outfit after being out with a calf strain recently.
Injuries Mounting For McCoist Rangers FC – Official Site 13:30
http://www.newsnow.co.uk/h/Sport/Football/Scottish+League+One/Rangers
Rangers weren’t punished.
They went into administration, got the penalty which everyone gets when that happens to them, and lost the league by a greater margin than that penalty. They lost 2 minor players during that period so it is difficult to argue the administration or penalty loss had any effect on the result of the league. In fact they still came second, as they would have done anyway.
The club then failed to agree a CVA and ceased to exist.
Why would anyone say they were subjected to Draconian punishment. It is simply not true.
As for the new club, they have been afforded every help possible, including being placed into the senior leagues of Scottish football in their first season.
It’s a Cracker !
Forgive my puerile sense of hunour, but some things still tickle me no matter how many times I read them.
Andrew Dickson
AS Rangers’ head of football administration, Andrew Dickson is a key member of the executive team on the business side of the club.and he’s going to be a very busy boy very soon.
OK – so I added that bit at the end 🙂
http://www.rangers.co.uk/teams/backroom-staff/item/462-andrew-dickson
Smugas says: (680)
January 10, 2014 at 1:19 pm
… I’m struggling to see an upside….
…………………………………………………………………….
The inner sanctum owners of RIFC and TRFC already have an upside.
Money for nothing along the way and an imminent pay off!
What they are doing now is now that it is getting to the end of their share issue “kitty” is deciding if they can extract more and also who of their own “pals” they might burn as part of the process.
They might even decide Scottish Football is a good business to be in and their CEO implant will provide some insight ahead of any final, final decision.
More likely they’ll separate the football team / club from the tangible assets and find a suitable Rangers -Minded individual or group to run a real football team/business and take on the tenancy and leases – probably with a sole right to buy the property assets at some time in the future too!
(So Ibrox is not really gone – just a little out of reach in the short term until it can be afforded).
Its all business to the RIFC owners and emotion will have no part in their decision.
Soon there will be a Stramash of Montford proportions.
The press will be primed and the SFA blamed.
The fans will be beseeched to help save the club in a coordinated campaign provided for free by our complicit SMSM.
And it will be everybody else’s fault too!
It will be backs against the walls for the Rangers Clubs Fans but they’ll stay loyal and true and they’ll dig deep to get behind the Rangers Minded Men who are the next franchisees of the establishment club.
These Rangers Minded Men are almost certainly already discussing the new new club with the Spivs appointed sales directors to ensure a smooth transition towards their rightful place.
Their rightful place not just at the top of the SPFL but also as a monthly income to some incredibly professional asset strippers.
Textbook stuff.
It’s important to remember a couple of things when being in the unfortunate position of hearing anything Derek Johnstone says.
He is just one of the very sad symptoms of Scottish football punditry and even more, a telling indictment of Scottish broadcasting that he gets any airtime.
He is a balloon, inflated with a notion that he is somehow relevant to the discussion or that he is in some way funny. Neither are true, unless funny means shockingly embarrassing.
Andrew Dickson has time on his hands.
See above – Andy doesn’t spend much time on this duty these days
“In addition, Dickson is Rangers’ liaison with UEFA for organisational aspects of European fixtures such as Champions League matches.”
It is impossible to stress this too much
You forget that poor Mr Jackson isn’t a finance/business journalist. Maybe you could forward him your concise guide – maybe Derek Johnstone could have it too?
Finloch says: (247)
January 10, 2014 at 1:53 pm
Sorry Fin, to be clear I meant an upside to the common fan of a blue hue or to those who supposedly look after our game. I completely agree with the rest of your post, my point being that Monday’s SPFL resolution either plays further into their (the spivs) hands or, in the event that said proposition isn’t made, I’m interested why not. What has changed?
Strong Psychological Barrier
The 30p barrier is absorbing some pressure. Seven transactions today totally 39094 shares – all within 0.4p of the Bid price of 30p (Ask 32p). Once 30p is breached, will we see a run and rapid decline? That would not be unusually in the circumstances.
http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/exchange-insight/trade-data.html?page=0&fourWayKey=GB00B90T9Z75GBGBXASQ1&formName=frmRow&upToRow=-1
BTW – I’ve stopped using lse.co.uk. Their duplicate reporting of trades in confusing and I noticed today that someone had posted some interesting – and apparently well informed – comments of the prospects of RIFC plc. They were soon deleted apparently at the request of vociferous posters who found them unpalatable and later boasted about “tribute acts”.- an irony free-zone.
scottc on January 10, 2014 at 2:05 pm
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toby says: (98)
January 10, 2014 at 2:00 pm
It’s important to remember a couple of things when being in the unfortunate position of hearing anything Derek Johnstone says.
He is just one of the very sad symptoms of Scottish football punditry and even more, a telling indictment of Scottish broadcasting that he gets any airtime.
He is a balloon, inflated with a notion that he is somehow relevant to the discussion or that he is in some way funny. Neither are true, unless funny means shockingly embarrassing.
—————-
He’s no Neil Patey.
That’s for sure.
Tic6709 at 7:50am
Re Daily Record front page. It’s a start,but typically red top. ‘Bigoted Poison Of Telly Star’s Brother’ when it simply should read ‘ Racist Bigot Jailed For Online Abuse’
Carl31 says: (122)
January 10, 2014 at 1:29 pm
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Carl, I agree with most of what you say but perhaps it is a case of administrators trying (failing?) to keep up with the wide boys. A question though, how successful a strategy has insolvency event re-incarnation been for Scottish football clubs? Livingston, Gretna, Dundee, Hearts, Rangers – not so good. Motherwell – probably as the law on administration intended with a lot of pain caused but a viable business retained and progress made over time.