Imagine you are one of those people who have a nice big mahogany desk, with a gloss finish set in a big corner suite office which comes complete with a picture window, a break out area, a couch to lie down on in moments of stress, a quietly playing stereo sound system, fridge, plush carpet and loads of wee executive toy like things of your choosing.
Imagine, just for a moment, that outside your office you have the executive German car that is almost compulsory when you work in such an office. Added to that, you also have the benefit of a large six figure salary, a pension scheme, substantial holidays, a bonus scheme which nicely enhances your already excellent salary, fantastic perks and trips abroad as part of your job, and that you fill a position which leads to invitations to the most fantastic events, do’s, and sporting occasions imaginable.
Imagine the respect you must command from your peers, your family and friends.
Imagine the awe that you must be held in at dinner parties and social events when you are introduced to strangers for the first time– strangers who will have heard your name, and know of your position in society.
Imagine the personal and professional respect you must command from others in your field — or any other field for that matter — when you go to conferences and meetings in foreign cities and with foreign counterparts.
Imagine the envy that many others sometimes feel for someone who has succeeded in business and society to this extent.
Then imagine that the big office described above is at Hampden?
What a bummer!!
Now, I mention all of this because if you were one of the big cheeses at at Hampden, I wonder just what you do with yourself when the large rosewood door of your office closes behind you when you get in there each morning?
Maybe you make a coffee? Read the papers? Check the mail? Go to a meeting about the latest in 3G or is it 4G pitches being installed in a ground or two in the Shetlands?
However, no matter what you do and who you speak to THAT file is always there— always at the corner of your desk, neatly up there at the top left hand corner just beyond the desk top golf set and above the Newton’s cradle with the balls that spell your name or whatever.
That file– the one that relates to the finances, compliance, directors details and ownership of Rangers Football Club.
At least that is what the top of the file says. Though to be fair it is a continuation file… continuing from the one that was opened two months ago and is fit to burst already with reports, memo’s and letters- which in turn was a continuation of the one before that and the one before that and the one before that and on and on.
Maybe that is not the correct name for the club?
Maybe that is something that can be clarified at the next meeting with the Directors and CEO of the club— whoever they might be at that time?
No matter where you go in the room, you can see that file from every position. There is just no getting away from it.
Who owns The Rangers?
There are all sorts of reports, share prospectuses, memos, deeds, documents, contracts, letters, e-mails all asking the same thing. And there you are— none the wiser.
Please clarify this, please clarify that, are there any signed but unrecorded documents, or contracts?
Are the Companies House records accurate? is the Land register accurate?
At the end of the day you just lie on the couch, place a cold cloth over your head and hope it will all go away.
Then the accounts come out. Oh the figures are shocking and they confirm that most of the people you negotiated with to get their team playing football somewhere after the collapse and liquidation of RFC PLC have exited stage left with huge severance cheques.
They now live in France, or Singapore or the Cayman Islands and you can bet they will never darken a door in Mount Florida on a wet February morning ever again.
But that is not the worst of it — the bleeding internet is full of leaks— documents, letters, e-mails, contracts, company forms and all sorts.
You wouldn’t mind if the documents leaked were ones that you had seen before, but in the main they are things that you have never seen and never had disclosed.Every day someone calls and asks ” Have you seen the latest?” and of course you haven’t so you stand there feeling like a complete chookie!!!
Every day you call the compliance and monitoring guys:
” Eh have you seen this? Have you been notified that he is a director?”
” No boss – never seen that? Never knew it existed?”
” So who owns the company if that is correct?”
” Eh Dunno boss — not sure of anything over there any more!”
“Ok have you checked the titles with the lawyers?”
” yes but the title as registered looks ok, but there is no guarantee that it hasn’t been sold to someone else and they have not registered their title for the moment!”
” Have you spoken to the lawyers? Have you asked for clarification?”
” yes Boss — the Lawyers don’t really answer our questions– well at least not fully!”
” What about these accounts – there are 57 pages there – what do they tell us?”
” Well they tell us that the figures are not good, boss, but not immediately critical.”
” Are they paying their taxes?”
” Appear to be boss– but we can’t be sure.can we? We were told they were paying their taxes before and … well you know the rest.”
” Ok, but Pinsent masons rule out the Whyte guy being involved?”
” Ah well not really – they don’t go into the company he says he owns – they sort of ignore that part!”
” But they carried out an independent investigation, surely?”
” True boss, but the independent investigation was only into what the non independent guys wanted investigating Boss, and they appear to have finished their report without speaking to all the witnesses.”
” Ok but the accounts – what do the accounts say about Whyte being the real owner — I mean they are from Deloittes for God sake – they must make the position clear?”
” Well we have had a look at them boss and in that regard the accounts are King Kenny!”
” King Kenny?”
” Aye King Kenny Boss – with regard to Whyte’s claim they say ” maybes aye– maybes naw” and they leave it at that”
” Jesus, well have you written to the Directors?”
” Aye – half the letters have come back marked “Gone away”.Boss”
” Do you know who the shareholders are?”
” Naw Boss”
“Do they have a bank account and a bank reference ?”
” Naw Boss”
” Who’s coming to the next meeting from their side?”
” Dunno Boss”
” Is there anything you can tell me that lets me close this file and get it off my desk for good?”
” Naw boss”
” Well who did we grant membership to last year?”
” The first time or the second time Boss?”
” What do you mean – first time or second time?”
” We started out granting membership to one company and then changed it to another”
” Two companies – owned by the same people?”
” Dunno Boss– but they sounded the same.”
” And which one got a licence?”
” Dunno boss”
” What?”
“Was the licence not granted by Mr Longmuir boss? And then ratified by us as a formality?”
” Why are you asking me, you are the compliance guys?”
” Aye but we were told it would all be ok by … well by someone ….. and by Mr Longmuir”
” When did he tell you that?”
” Told us one day at Ibrox Boss – I think it was at half time?”
” Half Time?”
” Aye – though it might have been full time boss ….. free bevvy and sandwiches so can’t quite remember”.
” Well who has the paperwork?”
” Lost boss”
” Lost?”
” Yes Boss – it was meant to come up from the SFL but never appeared. Turns out that the SFL was run as an unincorporated body and none of its records etc, are intact or have ever been audited …… Boss. Mr Ballantyne might have them in his garage Boss! ……… Boss? ….. are you still there? Boss?”
The man in the corner suite leaves the phone dangling, goes to his fridge for a cold drink and switches on the executive plasma hanging on the wall by way of the remote control on his desk.
The screen beams into life and an advert for the brand of soft drink that he is holding fills the wall. The very same brand of soft drink that has just been announced as the official soft drink to partner Scottish Football.
The executive, looks at his drinks can, looks at the file on the corner of the desk, looks at the abandoned phone and finally looks at the screen just as the speakers spell out clearly ………….. the benefits of coming from a long line of Fannies.
This is Scottish Football Administration in the 21st Century.
Ally’s wages and the mythical £400k reduction
Ally McCoist is recorded in the accounts as receiving approx £825k. However that is for a 13 month period which makes his annual salary approximately £750k. This ties in with what we have previously been led to believe.
The £400k pay cut, though, is another example of the ‘clever’ use of words. Initially the pay cut was rumoured to be 15%. However, AMcC, in his press conference stated that it was “nearer 50% than 15%”. This has been leapt on by all and sundry to mean he is taking a 400k pay cut.
What I think? He has had his pay reduced to £500k. The reduction is just £250k. Just my thought but the one thing I am sure of is that AMcC has NOT taken a £400k pay reduction.
All the smoke and mirrors cannot hide the haemorrhage of funds. 38,000 pounds a day. Quite mouth watering. 26 pounds every minute 24/7. Ask yourself-what made institutional investors part with 19,000,000 pounds given they saw the accounts. The institutional investors will not lose money so easily. Remember cash does not equal assets. What is being lost is cash. What remains is assets. The assets are worth more than 19M. They are the payoff for the 19M. The stadium cannot be sold and leased back. It is already owned by the investors. Do you really think Ticketus have taken a bath for 24M? Do you believe the city investors are just mugs? Do you really think 19M is just handed over without security that is worth more? Can the company survive till next August? Can they then roll out Super Ally for one last hurrah and We are the People and con 38,000 to shell out another 207 quid which comes to 7.8M to keep the company going till November 2014. Only time will tell. The end is nigh but how nigh? A never ending soap opera.
Carfins Finest says:
October 11, 2013 at 2:39 pm
WHAT IF? What if the powers that be from the SFA grow a collective pair and tell TRFC and Dave King NO.
____________________________________________________________________________________
From day one the emphasis from football’s authorities has been on saving Rangers.
At any cost whatsoever.
If Dave King puts up the money, like all the others who have done so in this merry-go-round of musical chairs, he will be welcomed with open arms.
His fitness to be involved in Scottish football will not be considered, only his ability to keep Sevco afloat.
I firmly believe the only thing that will finish the Ibrox club permanently, will be a failure to find anyone willing enough to pour millions of pounds down a dark bottomless hole.
fergusslayedtheblues says:
October 12, 2013 at 10:10 am
Re the minutes of the Sevco 2012 meeting .
I noticed they said re retail that they could draw down money from the DIVIDEND ,I am no finance expert but that to me suggests they are a shareholder rather than an owner .
I know it’s a JV with SD but does the statement from the meeting not suggest that they do not actually own their own retail .
———-
We discussed the nature of Rangers Retail in some detail on 7th October.
Basically TRFC owns 51% of the shares and SD 49%, but SD’s shares counts double when it comes to voting on financial issues.
And as with any company (even if 100% owned by an ‘owner’), money can only be taken out as a dividend.
scottc says:
October 12, 2013 at 10:35 am
%%%%%
If this ‘pay cut’ involved any other manager/coach of any other team in the country, it would be reported as a new, reduced contract. I share your cynicism about the £400k. By the end Oct, Ally will have pocketed a further £150 000 after tax. Sevco fans appear to be infinitely understanding about the need to pay way over the odds for underperformance.
Why are BS &CM so reluctant to use the ‘c’ word in relation to Ally?
Carntyne on October 12, 2013 at 11:06 am
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Carfins Finest says: October 11, 2013 at 2:39 pm
WHAT IF? What if the powers that be from the SFA grow a collective pair and tell TRFC and Dave King NO. _________________________________________
Don’t think the SFA will have to say NO
looks like Mr King has already told them in NO uncertain terms NO NO NO NO NO NO NO NO NO NO and just incase they didn’t hear NOOOOOOO! 😆
Lord Wobbly says:
October 12, 2013 at 10:16 am
To me it matters not one jot whether King faced a 24 month sentence or an 82 year one. The only reason he avoided prison was he had enough of his dubiously gotten gains to pay off the authorities. The important thing, when judging the man, is, through sheer greed, he committed a crime that carries a jail sentence, and was sentenced to imprisonment. He carried out that crime over a number of years, it was a habit he could not break in those years nor accept when he was caught, so he is a habitual criminal. His ethos is that anything is do-able as long as you don’t get caught, or can buy your way out of. He has made money in an environment that to make his pile others must lose theirs. He is known to lie shamelessly to hold on to his fortune, he will undoubtedly do the same to make it. It is clear from his own words that the only lesson he has learned is; that if you get caught, co-operate with the authorities to reduce your eventual loss; not to avoid committing the crime in the first place.
A massive wrong has been committed by spivs/crooks at Rangers FC, TRFC, Heart of Midlothian FC, Dunfermline AFC, Dundee FC, (and probably elsewhere) and, by association, the whole of Scottish football has suffered. Why on earth consider allowing another dishonest ‘tycoon’ to get involved? He, allegedly, faces another criminal investigation into insider dealing, so could yet end up in jail or see his fortune take another hit. Can he afford that? Is he truly as wealthy as he would have the world believe? Or is he another David Murray, relying on the business and media worlds’ skilfully engineered perception of him to borrow working capital to create a veneer of massive wealth? With his supposed wealth salted away in the most unethical financial depositories in the world who can possibly tell? TRFC are the newest entity in Scottish football, built on lies and deceit. Can Scottish football afford to take a risk with another tax cheat, dubbed a glib and shameless liar by a man much better able to judge than anyone at Hampden?
The last season, and this, have shown that Scottish football can fare very well without any form of ‘a Rangers’ (and that’s ignoring the trouble they’ve caused), so why take any risk just to allow them to get stronger? Unless they can find a sugar daddy with impeccable credentials they should be made to get on as best they can, with what they have. They’ve been allowed to get away with far too much, for far too long, already!
Spot on AJ!!
Allyjambo says:
October 12, 2013 at 11:56 am
5 1 Rate This
Lord Wobbly says:
October 12, 2013 at 10:16 am
To me it matters not one jot whether King faced a 24 month sentence or an 82 year one.
~~~~~~~~~~~~~~~~~~
Oh I agree. A conviction is a conviction. A prison sentence is a prison sentence. A glib and shameless liar is a mendacious witness is Dave King.
I just think we should be reporting accurately. Let’s face it, no one else will.
tcup 2012 says:
October 12, 2013 at 11:34 am
1 0 Rate This
Carntyne on October 12, 2013 at 11:06 am
6 0 Rate This
Carfins Finest says: October 11, 2013 at 2:39 pm
WHAT IF? What if the powers that be from the SFA grow a collective pair and tell TRFC and Dave King NO. _________________________________________
Don’t think the SFA will have to say NO
looks like Mr King has already told them in NO uncertain terms NO NO NO NO NO NO NO NO NO NO and just incase they didn’t hear NOOOOOOO! 😆
====================
According to the Evening times, or Evening Sevco, DK had a secret meeting with Regan and is confident of passing the Fit & Proper test.
From Huddleboard, https://pbs.twimg.com/media/BWXzz4UCYAAlIeq.jpg The Four Ducks of the Apocalypse!!
How do we change avatar?
For all we say about the Scottish Media some of them will have really good contacts. They may not use all the info they get if it does not suit their agenda, but in the event of Dave King investing in the club from Ibrox one thing seems clear. Going by the similar story line trotted out over so many outlets today there can be little doubt that a contact within the SFA has made it clear to the media King will get an untroubled ride into Ibrox if he comes. For those of us in life who still feel honesty and integrity mean something, we may be treated to the sickening sight of a convicted tax evader being applauded up Edminston Drive. The more things change, the more they stay the same.
Do the Scottish football authorities actually revel in making our game a safe harbour for all sorts of spivs, shysters, fly-by-nights and tax evaders? You do begin to wonder.
paulsatim says:
October 12, 2013 at 12:37 pm
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How do we change avatar?
~~~~~~~~~~~
https://en.gravatar.com/
Today’s DR, Dave King wants P Murray back on the board. FFS. Why not go the whole 9 yards and get A. Johnson back, Watty back. SDM back, Martin Bain back, J Greig back etc……..
Then maybe it will be like the scenario of Bobby Ewan from Dallas (apologies to younger readers), nobody died (including club) nothing happened, nobody went into administration, nobody got liquidated, there was no EBT’s , no debts, millions upon millions are again at your disposal. No questions of where it came from or who. Sevco fans never threatened or wanted to boycott any other fans or club grounds, we got that wrong it never happened.
Is this not what the SMSM want and they can then convince the sevco fans that it was all a bad dream, they are still the people, they will be back at the top soon as soon as possible, CO can carry on happily without his integrity being questioned (in fact he is like that now),and obviously remove P Lawell from SFA (that really was a nightmare). All fans from other teams really like you and will always be subservient to your club as is is truly the fabric of out society. We should go back to admire the way you embrace the Armed Forces and should receive some kind of recognition for your commitment and more clubs should follow in your footsteps. You should be able to sing whatever keeps you happy after all Scotland is your country. All other clubs should copy your attire and wear brogues. We should remove internet bampots only keep bloggers like Leggat and Graham and follow on. We should get more of your ex directors on the board of the SFA and more SMSM pundits eating at Ibrox.
Can we go back to that again and see how it all pans out.
All squirrels should be culled.
Lord Wobbly says:
October 12, 2013 at 12:15 pm
——————————————
Dave King was indeed facing 82 years in jail as the following statement from the SA National Prosecuting Authority confirms:
“In terms of the agreement, the accused was sentenced to a fine of R80 000.00 or 24 months’ imprisonment on each of the 41 counts, being the maximum sentence provided for in the Income Tax Act read with the Adjustment of Fines Act 101 of 1991. The effective sentence, as confirmed in the agreement, is a fine of R3 280 000.00 or 984 months (82 years) imprisonment.”
The full statement can be read here:
http://www.politicsweb.co.za/politicsweb/view/politicsweb/en/page71654?oid=401431&sn=Detail
nowoldandgrumpy on October 12, 2013 at 12:25 pm
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tcup 2012 says: October 12, 2013 at 11:34 am 1 0 Rate This
Carntyne on October 12, 2013 at 11:06 am
6 0 Rate This
Carfins Finest says: October 11, 2013 at 2:39 pm
—————–
I real James Bond stuff 😉
It was so secret they have it in their paper lol
Don’t tell me the Parkhead mole has flitted 😆
BigGav says:
October 12, 2013 at 11:25 am
fergusslayedtheblues says:
October 12, 2013 at 10:10 am
Re the minutes of the Sevco 2012 meeting .
I noticed they said re retail that they could draw down money from the DIVIDEND ,I am no finance expert but that to me suggests they are a shareholder rather than an owner .
I know it’s a JV with SD but does the statement from the meeting not suggest that they do not actually own their own retail .
———-
We discussed the nature of Rangers Retail in some detail on 7th October.
Basically TRFC owns 51% of the shares and SD 49%, but SD’s shares counts double when it comes to voting on financial issues.
And as with any company (even if 100% owned by an ‘owner’), money can only be taken out as a dividend.
=============================================================================
Speculative thought – I have no information one way or the other.
We know that there is money made available to RIFC by Sports Direct in the form of a loan which they can draw down on and have done so already to the tune of £1.5M.It appears that there are conditions they have to meet in order to draw down against the “facility”.
What if this “loan” is effectively an advance on any dividend that might in the future be paid by Rangers Retail to TRFC/RIFC and until full RR trading results are available draw down is calculated by reference to management accounts or sales? The loan is repaid in the future from the dividend payable by RR.
Cheers, ScottC !
Todays top tip for the SA Tax guys and girls.
When Dave pays his fines track back the sources of the cash he uses and compare them against the assets you know about already. You never know there might be a nice surprise in there for all of us.
andygraham.66 says:
October 12, 2013 at 9:33
Some time in the near future there will be a joke that starts
“How many Directors does it take to pay an electric bill”
..None…you just get the gullible gormless thousands to empty their pockets when Sally and Walt say it’s ok.
Ok, maybe not that funny, but true.
Fisiani says:
October 12, 2013 at 2:33 am
They are simply taking what they can whilst the company still has funds. When it crashes onto the rocks the executives will jump ship. This will be very messy soon. The fans are being tricked and deluded. They will be angry.
______________________________________________________________________________________
They were angry at David Murray, and then after Craig Whyte, and yet again after Charles Green.
After the present incumbents disappear over the hill expect more anger and a further welcome for the next ‘saviour’, Dave King or whoever else pops up.
The only thing that will prevent permanent closure will be a massive tens of millions of pounds investment from a billionaire benefactor with wealth off the radar.
Otherwise the farce will continue until the bears get tired of being fleeced and Sevco will die.
Looks as though BDO have no interest in who’s appointed to the board of TRFCL/RIFC.
Retroscot emailed BDO asking question of Dave King & suitability of being a future Director.
Bob Loblaw (@RetroScot) tweeted at 1:19 PM on Sat, Oct 12, 2013:
Letter from BDO: “I would advise that any appointment to the board of directors of the purchaser and/or any other entity trading as…” 1/2
(https://twitter.com/RetroScot/status/389002443566379008)
Bob Loblaw (@RetroScot) tweeted at 1:21 PM on Sat, Oct 12, 2013:
“…Rangers FC has no bearing on the Liquidation of the Company, therefore I am unable to provide any advice as regards to your query” 2/2
(https://twitter.com/RetroScot/status/389002782990417920)
andygraham.66 says:
October 12, 2013 at 9:33 am
Some time in the near future there will be a joke that starts
“How many Directors does it take to pay an electric bill”
+++
I would suggest that this will always be a “current” topic at Ibrox. I’ll get my coat 🙂
A few days ago Traynor was on his way out, trying to get his old job back. Now he seems to be stirring the cauldron again. Have I missed something while in my sick bed?
Did I just hear right that Lee Wallace is out of Scotland duty through injury.
Some things never change 🙂
I have tried not to post for ages as I’ve been trying to find a quote from Nelson Mandela where he told his own tax authorities to “go easy” on Dave King as he wasn’t only important to South African football but “part of the fabric of South African society”…… but seriously I apologise for returning to the same old issue of tax………
…….But this “Fit and Proper” situation can only be stopped by those who fund Scottish Football – we the taxpayers – and that means either the Sports Minister or the First Minister has to speak out before they hand over the yearly payment of taxpayers money to the SFA.
If the First Minister thinks this is wrong he could stop it today. He has a majority in Parliament and he controls the purse strings of the Scottish Government and SportsScotland both of whom fund the SFA every year.
The First Minister has spoken out on the Rangers situation in the past so there is precedent here.
All he needs to say is that Scotland is a country that has a fit and proper test for running our organisations and people like Mr King cannot return to this role due to his previous board membership and the situation from South Africa. it would send a clear signal as to how business is to be run in this country.
What has he got to lose? other than (Sir) David Murray not endorsing him again as he did before the 2011 election – but that’s no great loss……or is he too scared to turn his back on his next door neighbour in Charlotte Square AND upset his other mates Jim McColl and Angus Grossart?
oh, I think I’ve answered my own question there. I weep for Scotland.
Listening to Gordon Strachan on Sportsound. As a Celtic fan who loved the wee man when he was there I always think he’s a good listen. Tin hat time though, it was very noticeable that the panelists who used to nit pick at his every word and action at Celtic seem very much sold on him now. Tells a story in itself.
As Glen Gibbons stated today if Dave King wants meaningful control at Ibrox he will really need to buy a load of shares. He has said that he won’t buy them from the current owners, so it would have to be a share issue. Which the board would need to arrange.
Let’s assume they have one and he buys a lot of shares, enough for real control, then as was pointed out he would possibly be obliged to buy all of the shares, at the going rate. Including the ones from the spivs presumably. Which would be nice for them if they wanted out.
We are really talking about Dave King potentially spending up to c£30m if other people want out.
Bearing in mind we are talking about a PLC which had a trading loss of £14m last year. That’s without any exceptional expense, for example strengthening the squad for higher leagues in order to compete. It’s also difficult to see how that trading gap can be closed, whilst still keeping the crowds going.
It seems like a bit of a fantasy to me. He may be willing to be the Chairman, he may even be willing to buy some shares if there is another issue. But him “pumping” loads of money into the business seems really unlikely to me.
davythelotion says:
October 12, 2013 at 9:52 am
Why is it only the electricity bill that receives the directors’ fastidious attention?
—————————————————————————-
Presumably they need electricity to power the TRFC financial life support machine.
Ahh, the good old Daily Record. Not bought one for literally years. Today reminded me why. Page 61. An article on Kieran Duffie of Falkirk. Pictured with the caption “Fired up Bairn – Duffie” is none other than David Weatherston. Weatherston hasn’t been at the club since last season, and two more different looking guys you could never get.
Scotland needs a MSM that actually gives a #£%&
Tif Finn says:
October 12, 2013 at 2:58 pm
It seems like a bit of a fantasy to me. He may be willing to be the Chairman, he may even be willing to buy some shares if there is another issue. But him “pumping” loads of money into the business seems really unlikely to me.
====================================
Anyone, no matter what team they support, would come to that conclusion if they sat with a clear head and really thought about it. The fact so many bears (some media among them) seem to think King means a return to the Murray days is incredible really.
No1 Bob says:
October 12, 2013 at 1:08 pm
14 0 Rate This
Lord Wobbly says:
October 12, 2013 at 12:15 pm
——————————————
Dave King was indeed facing 82 years in jail as the following statement from the SA National Prosecuting Authority confirms:
“In terms of the agreement, the accused was sentenced to a fine of R80 000.00 or 24 months’ imprisonment on each of the 41 counts, being the maximum sentence provided for in the Income Tax Act read with the Adjustment of Fines Act 101 of 1991. The effective sentence, as confirmed in the agreement, is a fine of R3 280 000.00 or 984 months (82 years) imprisonment.”
The full statement can be read here:
http://www.politicsweb.co.za/politicsweb/view/politicsweb/en/page71654?oid=401431&sn=Detail
~~~~~~~~~~~~~~~~~~~~~~~~
I’ve read that Bob. I’m asking is it correct. The SARS own website says 24 months in total to me.
http://www.sars.gov.za/Media/MediaReleases/Pages/29-August-2013—Joint-Media-Statement-%E2%80%93-Settlement-between-the-State-and-Mr-DC-King.aspx
upthehoops says:
October 12, 2013 at 3:18 pm
I think it’s a case of desire over realism.
They really want it to happen and have such a deeply ingrained sense of entitlement that they genuinely believe it will.
Even if it did, and lets assume for a moment it did happen, how do they think it would sort the club in anything but the short term.
Let’s assume just for ships and giggles they release 30,000,000 shares and manage to sell all of them for 40p. That brings £12m into the club, minus any costs. So let’s say it brings in about £11m … do you see where I am going with this. It plugs the current gap, after allowing for a substantial reduction in executive wages, however what next how does it increase turnover or reduce expenses.
I realise that they will also increase season ticket prices but even if they do that and make it a 50% increase that only brings in a further say £4m.
The club needs fundamentally re-structured and has done since it was formed … two years ago.
Lord Wobbly at 3.30pm. You are absolutely correct that 2 years imprisonment would have been his sentence. That much is clear. The question now arises on this being part of his “record” as a convicted felon and what effect it will bear on his future business dealings (if any).
Tif Finn says:
October 12, 2013 at 3:34 pm
============================
All they have to do is live within their means. That is what Celtic do, and in seasons with no CL money the budget is cut or a player is sold – players are sold if decent offers come in anyway. There is no other way in Scotland and all other clubs are now generally living within their means. How long would it take Rangers to put a robust scouting network in place that will pay dividends the way Celtic’s has with Ki, Wanyama and Hooper?
David Murray is the worst thing ever to hit Scottish football, but sadly they are the only ones who can’t see it.
Tif Finn at 3.34pm Correct me if i am wrong, 100million shares were issued under the IPO, of which 65million were sold at prices fro 1p to £1 depending on were you were in the pecking order. this cash has been frittered away and £14.4m. is the published losses. This leaves 35million shares to be sold at the boards discretion. If such sale is agreed, dilution of existing shares held occurs. Assuming DK purchase all these shares, would the “institutional investors” be happy with this turn of events.? I wonder.
Lord Wobbly says:
October 12, 2013 at 3:30 pm
No1 Bob says:
October 12, 2013 at 1:08 pm
14 0 Rate This
Lord Wobbly says:
October 12, 2013 at 12:15 pm
——————————————
Dave King was indeed facing 82 years in jail as the following statement from the SA National Prosecuting Authority confirms:
“In terms of the agreement, the accused was sentenced to a fine of R80 000.00 or 24 months’ imprisonment on each of the 41 counts, being the maximum sentence provided for in the Income Tax Act read with the Adjustment of Fines Act 101 of 1991. The effective sentence, as confirmed in the agreement, is a fine of R3 280 000.00 or 984 months (82 years) imprisonment.”
The full statement can be read here:
http://www.politicsweb.co.za/politicsweb/view/politicsweb/en/page71654?oid=401431&sn=Detail
~~~~~~~~~~~~~~~~~~~~~~~~
I’ve read that Bob. I’m asking is it correct. The SARS own website says 24 months in total to me.
http://www.sars.gov.za/Media/MediaReleases/Pages/29-August-2013—Joint-Media-Statement-%E2%80%93-Settlement-between-the-State-and-Mr-DC-King.aspx
****
Depends if at sentencing its concurrently or consecutively – i.e. he can get sentenced to 41 sentences of 24 months all to be served at same time – hence 24 months – or 41 sentences to be served one after other – hence 82 years.
Just looking at the latest ‘glory fest’ from our media regarding the imminent return of Dave King.
It reminded me of the ‘glory fest’ regarding the takeover by the Jim McColl consortium.
Which in turn reminded me of the glorification of every unhinged utterance by Charles Green.
This also reminded me of the hype surrounding Walter Smith’s consortiums last minute bid to buy the club which in turn was proceeded by the ‘billionaire fest’ for Craig Whyte when he walked down Edmiston Drive with hundreds clapping him in the front door.
And we should, and will, never forget the fawning over David Murray for over two decades by a compliant press.
Whether it is fans with typewriters creating the stories, or Editors with vested interest and secrets to hide, or owners who are in fact fans, or even Media House who are making up the stories for all of the above to reproduce this for me is one of the strangest aspects of this farce. The ability for so many to be so wrong so consistently is quite unnerving.
Some of these people are intelligent and must surely see the writing on the wall whether it is in the shape declining paper sales or the collapse of ‘The Rangers’ and no amount of spinning will alter this. To pander to one section of the population is one thing but to be consistently incorrect in almost every aspect of the story while pandering to them is another thing altogether.
You would think that one or two of these people, who are undoubtably fans, the penny would drop that they are actually hurting the very thing that they are attempting to protect. By accepting, or making up, hopeful stories to assist ‘The Rangers’ they are actually making things worse. By continually telling their fans that the next billionaire is riding to the rescue they put off the day when real meaningful change may come to the club.
Still each paper has its break even point but you would think printing the truth to the whole population instead of pandering to a sub group would make them more money but hey what do I know I’m no billionaire with wealth ‘off the radar’. No I’m just a simple guy who can read figures and analyse, like most folk on this site, what they mean.
So for any media guys looking in, and we know they do, have a thought and ask yourself a question; ‘Do you think the stories written about ‘The Rangers’ are really helping the situation or making it worse?’
Not a difficult one to answer from where I’m sitting.
ekt1m says:
October 12, 2013 at 4:07 pm
Indeed.
Sale of new shares dilutes the value of existing shares. In broad terms anyone currently holding around 3% of the company would then hold roughly 2 % of the company.
The thing is though if the business had no money and looked like folding would you not rather have 2% of one which had just had a fairly substantial cash injection.
Why is it only the electricity bill that receives the directors’ fastidious attention?
john clarke says:
October 12, 2013 at 10:03 am
45 3 Rate This
Exiled Celt says:
October 12, 2013 at 5:05 am
‘..St Etienne buy Hampden Park’s iconic square posts.’
——
What, I ask despairingly, is the point of having a Scottish Football Museum if it flogs off its pieces?
How dare that museum sell anything that belongs to the history of us all?
How utterly base and venal can the ‘curators’ of our football museum be?
They must be condemned completely and utterly as the mercenary, worthless specimens of humanity that they are.
The spirit of SDM ,CW and CG etc etc is writ very large indeed , right through their core, like a piece of Blackpool rock.
When the more major crimes of the the general SFA have been exposed and condignly punished, our attention will turn to this act of cultural vandalism.
Is there anything base that those in charge of Scottish Football will not stoop to?
I am utterly shocked.
—————————————————————
That was my initial reaction too JC. It left me thinking how little imagination and flair these clowns have, far less any appreciation of the cultural heritage of entity they hold in their control. I could understand donating the post (or both) to St Etienne or the French football authorities…..make it an event, an opportunity to showcase the place that Hampden, and by extension Scottish football, has in the history of the game. Hampden has a host of records and is up there with any stadium in terms of cultural heritage. Make it a gala occasion inviting the players, from that game (including Gert Muller, Karl Heinz Rummenegge, and the Kaizer) in an attempt to restore some of the gravitas Scottish Fooball has seen ebb away over the last few decades………………but hey that might cost money……20k would refit an office or two for the suits while they continue on their mission to take our collective sense of value, dignity and probity then drown them like helpless kittens in a bucket of pyss. 20 Euros!………..Grubby beyond belief!
upthehoops says:
October 12, 2013 at 4:05 pm
Their means last year (13 months) was about £19m and their wage bill alone was about £18m.
That’s a ratio of about 94% of wages to turnover.
Insane.
Add to that the costs of running a place like Ibrox Stadium and the pointless Murray Park and it’s a recipe for failure.
Let’s assume, just for fun again the gap can be bridged and income brought up enough, allied to costs being brought down and they get to a break even point. Fair enough, but this it it, the level of squad they have just now is the level of squad they stick with, even when they get to the SPFL premiership. Will the fans stay?
Hello agains folks, it has been a long time since I posted.
I look in from time to time as a lurker, partly down to feeling inadequate with regards to financial or legal matters, I don’t feel worthy in post anything.
I was hoping that someone could clarify a point of view from a short conversation I had today on twitter.
It concerns the upcoming Celtic Plc AGM and the proposed resolutions submitted to the agenda by the Celtic Trust re: SFA and RFC.
I believe that the SFA played a blinder in appointing Peter Lawwell to the board, in-so-much-as he could avoid answering the questions from the above resolution by recusing himself by declaring a conflict of interest, now that he sits on the board?
If he does declare a COI, is there anyone else suitable/able to answer?
Bearing in mind that Ian Bankier was elevated from non-exec Director to Chairman in October 2011 therefore, presumably would not have been party to any decision regarding compliance or challenge to RFC’s Euro Licence.
Please excuse any errors in my understanding of Stock Exchange rules and technicalities, and I hope you all grasp the gist of my point.
Doing some maintenance on the database today and came across some names of folk who are gone and sadly missed. Of course some may have left due to a dissatisfaction with the content, or ton, or moderation, but they are still missed I think.
A handful of them here. If any current user used to go by one these names, let me know by PM (see the Contacts Menu for personal messages) so I can reconcile your accounts
Paulie Walnuts (I don’t think the Twitter account is the same lad)
RTC
OnandOnandOnand
Chris Martin
buckfastswallier
Agrajag
ordinaryfan
TheBlackKnight
stmiley
GreenockJack
therampantbaron
corsicacharity
Goosy
CE
Tif Finn at 4.40pm. You are correct in what you say re having 2% of something against 2% of sod all. The only way I see further sale of shares to have any meaningful effect onTRFC at present is to try to sell them at £1. per share. Any price below that is not going to change the train crash that is coming their way. But I don’t see King paying that sum. “They’re doomed i say, they’re doomed”. ( C. Private Fraser)
ekt1m says:
October 12, 2013 at 6:07 pm
Maybe I’m missing something but why would anyone buy new shares at £1 when the existing ones are selling for about £48p
Unless of course it is a different class of share, is that possible.
Tif Finn at 6.11pm Sorry if I did not make it clear TF. My point is that selling the remaining shares at 48p will only bring in £17mill. before costs is not enough to stop TRFC going down the toilet. The number needed to keep them alive is around £35m to £50m. Even Sandy Jardine has admitted that that kind of investment is required to keep up with CFC never mind passing them.
Once they started splashing the cash and getting SPL players to drop to the lower tiers (sound familiar?), I wonder what the annual wage bill of Gretna was and how it compares to TRFC? That would be your yardstick as to whether TRFC are grossly overspending or just overspending period for their stated mission. A proven model for buying the league was right in front of their faces.
For clarity – my point was about level of spending and not about the sustainability of it as clearly Gretna were a basket case: but plug the same figures into TRFC with their support base……
I was just finishing dinner at the tail end of Sportsound this evening, getting ready to come up to my ‘computer suite’ to gather together the bits of paper I intended to take to Lord Tyre’s court on Monday to help me follow the arguments from the Requisitioners and the counter-arguments from the Mather Board.
Lo, and behold, some guy pops up to say that we’ll have to see what Monday morning brings-maybe an announcement from the Stock exchange!
What could he have meant?
Has King persuaded the Requisitioners to withdraw their Petition?
Will P Murray be appointed to the Board? Will any of the others? Have Mathers and Stockbridge been bought out?
Will Glib Liar become Chairman and work a non-criminal miracle?
Will this be confirmed by AIM at opening of business on Monday morning?
Am I to be denied the pleasure of watching the legal bun fight on Monday?
I wait, and wonder.
ekt1m says:
October 12, 2013 at 6:34 pm
Got you, thanks for the clarification.
Dave King speaks to his (prospective) subjects, on the Rangers’ website.
======================================
DAVE KING made the following statement tonight:
“I confirm that I held talks with Rangers Chief Executive Craig Mather and Finance Director Brian Stockbridge in South Africa. I wished the discussions to remain confidential until something definite was agreed- one way or another. I have maintained that confidentiality. However, given my awareness of incorrect inferences being drawn in the media I would like to make a limited statement at this time.
“The discussions were, to my mind, very positive and it was agreed that subject to the normal regulatory approval I would put my name forward to join the Board and to serve as Chairman.
“Such an appointment is of course subject to the approval of the existing Board members and ultimately the shareholders of the company. There are also mandatory regulatory requirements that must be complied with and take time. I have already submitted all the necessary documentation.
“News of the meeting has found its way into the public domain and this has unsurprisingly resulted in speculation as to the nature and the outcome of the meeting. In reaction to this speculation and to give some clarity to the club’s fans I would like to address a couple of points at this time.
“First, my willingness to become part of the future of the football club is based simply on my love for the club and my desire to support the club with a combination of my business expertise and my willingness to make a further investment.
“In particular I see a present need to utilise the time we have over the next few seasons to be prepared, both financially and on the pitch, to compete with our Glasgow neighbours when we get back to the top League.
“My involvement is not linked in any way to any other individual, albeit I have my private thoughts as to certain individuals that might add value to the club going forward. Ultimately it is for the shareholders to make such decisions. The recent settlement of my litigation in South Africa removes any impediment to my appointment to the board.
“I want to make it clear that I agreed to join the Board only after intensive and detailed discussions with the existing executives and because I believe I can help them by playing a significant role in driving Rangers forward and finally putting the past behind us.
“It is sad that every month of the continued disunity between the fans and other stakeholders is eroding our ability to be ready for the step up to the premier league. We do not have time to waste.
“It was also made clear by Mr Mather and Mr Stockbridge that Rangers are not in need of an immediate financial injection but we agreed that now is the time to commence a new round of funding to ensure that it is available in an orderly and cost effective manner when required. I wish to lead that fund raising exercise and being on the Board will greatly assist me in that regard.
“I believe that the timing is right for me to take this step and I look forward to the opportunity to work with the current directors albeit I would have preferred to have my appointment confirmed prior to communicating my further thoughts. Unfortunately the rumour mill necessitated this short statement. If matters proceed as I hope over the next few days then I will be present at the AGM.”
john clarke says:
October 12, 2013 at 7:51 pm
9 0 Rate This
————-
PR machine swinging into action right now on the official site. King being used — or is allowing himself to be used — to give current board legitimacy.
Tif Finn says:
October 12, 2013 at 8:28 pm
2 0 Rate This
———
Bravo Tif, the Mather statement was the only one I saw as King’s threw up a link error.
So, an anonymous leaker. I wonder who it could be? 🙂
Gist: They don’t need money now, but will soon. Further funding being arranged in the shape of a huge blue begging bowl 🙂
Glib Liar says ‘.The recent settlement of my litigation in South Africa removes any impediment to my appointment to the board.’
He’s a branded, convicted criminal who bought his way out of a jail sentence.
Can the SFA ignore that? Can a duck swim?
The Code of the Glib Liars will kick into operation forthwith, and handshakes all round, and truth and integrity will take yet another bashing.
PS well done, Tif
“It was also made clear by Mr Mather and Mr Stockbridge that Rangers are not in need of an immediate financial injection but we agreed that now is the time to commence a new round of funding to ensure that it is available in an orderly and cost effective manner when required. I wish to lead that fund raising exercise and being on the Board will greatly assist me in that regard.
================================
Share issue anyone?
Or can Mr King provide, directly or indirectly, a line of credit.
King: ” The recent settlement of my litigation in South Africa removes any impediment to my appointment to the board”.
So, has King’s fireside chat with Regan resulted in the SFA giving him the all-clear to become chairman?
Just a thought.
The resolutions being included in the AGM (9 and 10 I think) allow the board to provide shares without going to a public sale.
Has Mr King been promised shares, possibly at a very reasonable price (oh I don’t know 1p) in a deal for him becoming the chairman and supporting the current board. Keeping the bears onside by doing so.
If one had not been on this site for a week and wanted to know if one had missed anything interesting or important, what would be recommended?
Also curious to know how many posts one has made…
373.
Fondle me, that is a lot.
Billy Boyce says: 151 comments
October 12, 2013 at 8:52 pm
Was there ever any doubt BB.
Billy Boyce says:
October 12, 2013 at 8:52 pm
King: ” The recent settlement of my litigation in South Africa removes any impediment to my appointment to the board”.
So, has King’s fireside chat with Regan resulted in the SFA giving him the all-clear to become chairman?
*******
Yep, agree there and with Tif Finn, Ibrox once again makes the decision on behalf of the football authorities. Was a report undertaken by Pinsent Masons LLP again, for, as we know there was no link between Green and Whyte? 😯
I’m beginning to think King arriving has been part of the plan since Feb 2012, the only aspect which forced the arrangement off-kilter was the new club not being allowed direct access to the SPL in the summer of 2012.
I was going to write something on how Mr King will have difficulty with Section 216 of the Insolvency Act 1986. I remembered though that PMcC wrote something fairly comprehensive on the subject a while back.
A quick Google search found:
http://scotslawthoughts.wordpress.com/2013/05/08/how-section-216-of-the-insolvency-act-could-prevent-the-return-of-dave-king-to-rangers/
Without the court’s permission, it seems clear I think, that Mr King cannot “in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management..” of Rangers Football Club until November 2017.
It also seems clear, I think, that if the court did give Mr King permission to become involved before the end of the statutory 5-year “ban”, it would seem somewhat perverse if the SFA were to deny Mr King the necessary “Fit & Proper Person” status.
We can criticize the SFA for many things; but, the question of Mr King’s eligibility as chairman/director is, I believe, principally a matter for the court.
Personally, think it is difficult to imagine what arguments Mr King would put to the court that would ultimately result in the SFA having a decision to make.
I could be wrong. 😐
“The recent settlement of my litigation in South Africa removes any impediment to my appointment to the board.”
Just imagine what sort of bravado DK would be spouting if he’d won–and not actually lost–his recent legal battles.
After DM, CW, CG and all the rest, it really baffles the mind how many shysters the Ibrox clubs have attracted.
I fully expect the argument will be that the F&PP rules would prevent him being appointed to the board of TRFC Ltd but not from that of RIFC plc.
scottc says: 304 comments
October 12, 2013 at 9:20 pm
==============================
Sorry, should have been clearer.
Without the courts express permission, it is a criminal offence – punishable by a fine, imprisonment or both – for Mr King to be involved in the management of The Rangers Football Club Ltd. Since RIFC plc are the parent company of TRFC Ltd, he cannot currently be on the board of either company.
If the court give permission for his involvement (of either/both companies), he will de-facto be deemed “fit & proper”. The SFA would be in some difficulty if it refused to sanction his involvement.
That said, I have have some difficulty in believing that the court will give such permission.
HP
Can he be a non-exec and as such employed rather than voted on.
Tif Finn says: 509 comments
October 12, 2013 at 9:34 pm
===============================
I think you mean appointed rather than voted on; but, in any case, no.
Mr King cannot be on the board of either company without the court’s permission. How he gets on to the board(s) doesn’t matter.
HirsutePursuit says:
Apologies, Saturday night and so forth, you know what I mean. Thanks for clearing that up.
It really is an interesting point though. As I recall it is up to the board to decide if he is fit and proper and certify that to the SFA. Given that they all seem to be talking about it I think it highly unlikely they won’t provide said certification and fully expect the SFA to accept it.
That obviously ignores him being a director of the previous club, and his own issues regard criminal conduct and evading tax in South Africa. Which puts the SFA in an invidious position. They know they should not allow it, but they also know they can’t stop it.
What a tangled web.
It wasn’t clear what/ who the last bit of the jigsaw would be. We should all see that it is King by now although most have thought it would be. Right now, Green and his ‘easy money’ investors will be cuting their deals, it will all need to suit King and his cohort although the Brothers Grim are Greens insurance policy. We should be ready to see some familiar face. Some of us might even think minty has never left so similar will be the rhetoric. I have said since we were on RTC, this is the endgame, they cannot fail, the establishment is rallying round now into position. I wont ever give up MY scarf, but when this is settled and they are back ‘at the top’, i will watch them do what they have always done through different eyes. They’re not like us, they don’t dream about it, they don’t wish for it, their minds don’t work that way, they expect it, they need it, they will do what it takes to have it. They always have, always will, they can not fail.
Squiggle says
=========================
You cannot go back to a place you have never been.
Rangers have been in the fourth tier of Scottish football. They are currently in the third tier.
Where they go next will be new territory for them.
Tif.
Semantics.
Team in blue, Ibrox. No one likes them, they don’t care. World records.Who are these people, we demand to know their names. Duped. Hello Hello, the Sash, famine song, Sandaza, Debt free, kicked when they were down. Lee Rigby. 500 million fans, friends along the way. To them, all true.
Back at the top.
So the NOMAD and AIM are OK with DK getting involved?
Remind me not to make any investments on the AIM.
Scottish Football is approaching one of those points of no return.
If anyone thinks that the effort all done by now by the Establishment to ensure that there is a team at Ibrokes for the Peepil to follow follow is going to be undone or diverted because someone was convicted in another country of tax evasion, then sorry but it won’t.
DK was getting updates while CW was supposedly giving no updates to anyone – DK was first on scene after Feb 15 and again came on the scene when Charlie appeared with his manicured big hands.
The Peepil are being implored by Jack’s army to demand the SFA look the other way – even though they decry the SFA for doing just that when CW came onboard.
Funny thing is DK has not confirmed his interest in giving them his money. Some would think he is being used as a diversion while the current set of spivs get the meat off the bones.
My prediction for what its worth is that DK will do a Walter and walk away once he has served his usefulness.
Has anyone asked DK if he has any current shares in TRFC via a 3rd party? Would be interesting to know he is not currently already part of the investment…….wonder if CW ever taped the Zurich meeting……or were those tapes also part of the scam.
Edited to add footnote – one thing I can see from reading the SARS reports is that DK does not give money away easily and is no fool at keeping it – so I don’t accept he lost 20 million by being duped by DM and I don’t believe he will give CG or the Easdales a penny that he won’t need to.
Lots of noise surrounding the return of Mr King – if the rules were being adhered to his involvement in the club/company would not be permitted. Will a court enforce a ban on his involvement with TRIFC?
It is hard to work out if this is for real, a pipe dream or propaganda?
I cannot see HMRC being mugged. Why would they lay down and let the spivs take the piss and walk away with cash from assets that were sold for a song by Duff and Duffer (copyright acknowledged). The EBT tax scheme is a big part of their strategy. Yes they want a Court ruling in their favour so they can go after others. I don’t see how HMRC letting the spivs get away with it helps their cause.
Monday’s Court case re the AGM will be interesting – will the current Board and their backers retain the upper hand?
Its very obvious that people are trying to bend the rules – the level of piss taking is amazing. On that basis I cannot see HMRC letting the spivs walk away Scot free.
The SFA – well they are a lost cause.