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.
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
Will a court in this country simultaneously ignore 41 counts of tax evasion in South Africa and his involvement with the club that was liquidated for non payment of tax? It seems unlikely, in my opinion. And if the court says no, there are no other decisions to make.
In the unlikely event that a Scottish court approves an application from Mr King to become a director of the new club, the SFA and all others would find it impossible to refuse to grant him “fit & proper” status.
Either way, none of the SFA, the AIM nor the current NOMAD are the decision makers wrt Mr King and his potential involvement with the new club.
DK still has some charges pending for insider trading
King’s newly found morality compensates Sars. It does not extend to others at the receiving end of financial damages in the collapse of SOL’s share price. Although the 1998 Insider Trading Act is not retrospective, it does allow the FSB directorate to investigate and prosecute alleged insider trading offences under the old Companies Act. Where actions are criminal, there’s no time constraint on prosecution.
Perhaps it would be a good idea for King not to put aside his cheque book just yet.
http://www.iol.co.za/business/opinion/king-still-on-the-hook-for-insider-trading-1.1575272 …
Squiggle says: 15 comments
October 12, 2013 at 10:28 pm
Squiggle, you’ve said ‘back at the top’ twice tonight and used the term ‘semantics’. What do you mean?
Redlichtie, the NOMAD are pointsmen, the AIM are, like the BBC, BDO, ASA, HMRC, SFA, SPL, SFL, SPFL, UEFA, FIFA – ineffective and not at all inclined to do the right thing or equipped for the type of fighting involved. Think about the threats and attacks we know about, just the tip. Shameful. They cannot fail.
Long Time Lurker says: 645 comments
October 12, 2013 at 10:50 pm
2 0 Rate This
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?
===============================================
If/when it goes mammaries skywards for the new club, DK can say that he tried to save it; but was thwarted by dem pesky corporate governance laws.
Of course, he could always get someone like Charles Green to look after his interests on the board. 😎
Paul McConville @Paulmcc12 1h
The Return of the (Dave) King – Coming Back to Raise Money For Rangers http://wp.me/p1Adbc-16p
jean7brodie on October 12, 2013 at 11:04 pm
jean, i haven’t taken part in all the discussions here because i set my understanding and feelings out early on. This has been a long term plan. It was always at risk to particular twists and turns, but it was designed to keep them alive, in place, debt free. The PR has been in the ascent lately ( trolls and realists in the descent), read any article of the last week; the phrase ‘ back at the top…’ is used unerringly. I like the irony in it. Not least that as Tif said, Sevco have never been there. Semantics; language eh? Words are used to deliver the message. Some buy it, some know its guff, but always read what is said. Semantics. Back at the top. Challenging our Glasgow neighbours, not Aberdeen or Killie, back at the top challenging Celtic, ‘can we have your money so that we can stop them doing 10’ Semantics. Clever language. Did you just count my posts?
@HP
Given the gallus brass neck of all the parties involved with respect to the laws on corporate governance and tax paying, if they just go ahead and appoint him, how would the matter come before a court? Would a petitioner have to mount a challenge?
So is this now how the tale ends.
The ‘Glib and shameless liar’ is catapulted back to the top of the marble staircase?
It has been pointed out elsewhere that for him to be allowed to join the board the SFA board will need to ratify it.
So it comes down to this. Peter Lawell votes for him to be allowed to join ‘The Rangers’ board. Fans in utter desperation refuse to renew season tickets and Celtic’s fiscal prudence come to naught as income falls off a cliff. This in turn has an effect on the type of players Celtic can attract and indeed retain which drives down quality while ‘The Rangers’ gradually increase season ticket prices, by cultivating the siege mentality, attract better players and actually arrive in the SPFL in a better state than every other club.
OR
Peter Lawell votes no and, when he is out voted, resigns rallying certainly the Celtic support, and possibly the rest of the clubs, in a vote of no confidence in the SFA. Open warfare erupts in the Scottish game leading to serious allegations being made regarding the governance of our sport over the last two years.
The media immediately turn this into a Celtic/’The Rangers’ issue with the resulting implications.
Peter Lawell really needs to have a long hard think about his position on the SFA board. He may have been out manoeuvred here but he is now inside the tent and he should really start developing a plan for this issue. Guys like Ogilvie have been hand picked for their posts and played their parts too well. Two outsiders in the shape of Regan and Doncaster have been brought in to give this whole charade the air of legitimacy but this may be the final straw for a sport that has been withering on the vine for a decade indeed almost as long as the EBT scandal.
This whole scandal is not a malt whisky that matures and becomes better the longer it is left in the barrel.
No it is a festering sore that has an unwholesome smell. It seems untreatable and resistant to all medicine. People who come across the smell are turning away because it makes them nauseous and uncomfortable.
That is actually what they want. To weaken every other club by driving their fans away so that they can facilitate the speedy return of ‘The Rangers’ to their birth right as seen by ‘the peepil’.
Things don’t look good.
@Allyjambo
“October 12, 2013 at 7:35 am
I presume Traynor still maintains his NUJ membership and wonder if he’s perhaps overstepped the mark, and broken their rules, with this blatant attack on the freedom of the press. Perhaps Phil MacG can enlighten us here?”
As far as I am aware Mr Traynor is not a member of the National Union of Journalists.
He did cross an NUJ picket line at Pacific Quay on Saturday November 6th.
I was unimpressed by that.
justshatered says: 234 comments
October 13, 2013 at 12:04 am
”Peter Lawell ……….may have been out manoeuvred here but he is now inside the tent and he should really start developing a plan for this issue. ”
————
It is inconceivable that Lawwell and the Celtic Board, with their long and sometimes bitter experience of the SFA at its nefarious best over the years, should not have a clear-sighted response worked out to ANY of the scenarios that could have been dreamed up.
They have dealt with crooked Administrators before.
And, if they have to, will do so again.
@justshatered
I think you really need to calm down.
Let them appoint King, it will make no difference except adding to the entertainment. They have crossed the event horizon and are about to be obliterated by the gravitational force of the financial black hole: nae cash.
Lawwell is smart enough (not that you need to be that smart) to know this.
Just enjoy.
In the old Rangers CVA the list of creditors includes MicroMedia Holdings Ltd, although the amount owed is not listed. There’s an Isle of Man company of that name – but it’s also the name of a Lying King outfit. Are they one and the same, and does anybody have any more on it?
For the avoidance of doubt, regarding my last:
I left out the year when Mr Traynor crossed the NUJ picket line at the BBC in Glasgow.
It was 2010-actually it was the day I broke the Dallas email story-so I remember it very well.
if the SFA refuse the peepil anything it will be the first time .
If Sevco want King on board the SFA will ensure it happens .
Any rules in place to prevent it are only there for the rest of us .
Tif Finn says: 511 comments
October 12, 2013 at 8:28 pm
Dave King speaks to his (prospective) subjects, on the Rangers’ website.
======================================
DAVE KING made the following statement tonight:
…
“First, my willingness to become part of the future of the football club is based simply on my …willingness to make a further investment…”
http://www.rangers.co.uk/news/headlines/item/5274-dave-king-statement
==========================
IMO, this is all the bears will hear from King’s statement.
…and in their heads this will translate into major overspending and forget about any ‘sustainable business model’.
But, IMO, King will not pour his own millions into the bottomless pit – and if he can’t use other people’s money – then the bears will not like King for much longer.
Getting even more confused with King’s approach: don’t be a dafty, and just run away from the toxic club whilst you can…
[And another thing – I am always suspicious of anyone who just can’t seem to manage a smile ! For a multi-millionaire, King looks like he is chewing a wasp whenever photographed. 🙂 ]
https://www.google.com/search?q=dave+king+rangers&rlz=1C1CHFX_enUS535US535&espv=210&es_sm=122&source=lnms&tbm=isch&sa=X&ei=tfNZUumcJray4APkyoG4CA&sqi=2&ved=0CAcQ_AUoAQ&biw=1280&bih=681&dpr=1
PhilMacGiollaBhain says: 145 comments
October 13, 2013 at 1:39 am
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Not an expert, but I would guess that Traynor would have been in the NUJ at one point – there were post-entry closed shops at the Herald and Record although I don’t imagine that will be the case now. However, Traynor’s last post at Trinity/Mirror was a ‘management’ position and I think that would preclude him from being in the Record Chapel.
Tallboy
Ton-up!! 😆
Can I not tupe my contributions to RTC over? 😥
Not sure peter lawell would allow himself to be the smsm and permarage f.c fan base target. I think he’s smarter than that, why doesn’t the sfa board handball their decision and announce they will stand by any court decision regarding rule 216 regarding insolvency and await any forthcoming court date.job done.would be nice to watch the implosion of Govan and the squirming of the media and sevconians. The board will say we are not making any decision it is down to the law of the land.scary yes but the board can remain blameless.
TallBoy Poppy says:
October 13, 2013 at 3:01 am
Can I not tupe my contributions to RTC over? 😥
____________________________________________________________________
Only if Hugh Keevins tells us we’re the same blog 🙂
Non-cheerleading Scotsman articles from English and Gibbons about King. Moderately critical, though no doubt containing enough to place them on someone’s list of enemies:
http://www.scotsman.com/news/tom-english-dave-king-s-role-at-rangers-1-3139574
http://www.scotsman.com/news/comment-hopes-of-crowning-king-at-ibrox-premature-1-3138426
You will all expend an awful lot of what my grandfather used to refer to as wa’ater off the side of the oil rig in a gale force wind if you focus exclusively on King’s fit and properness. History tells us that, in some shape or form, that will not a problem – morally repugnant though that is.
Concentrate instead on why King, a successful businessman would invest in a minus 14m per year entity that shows little or no sign of turning the corner.
FWIW my reading of King’s statement indicated to me he was intending some form of underwriting exercise – you buy one (share), I’ll buy one etc etc. I’d be very interested in the prices paid in such a transaction.
arabest1 says: 385 comments
October 11, 2013 at 12:48 pm
28 0 Rate This
It will come as no surprise to anyone here that Mr King will be given a clean bill of health from the hacks and the football administrators. If Beelzebub himself rose from the firey ashes of hell at half time in the center circle at Ibrox, none of them would think twice so long as he was carrying a suitcase full of cash to save Sevco. Not Regan, not Ogilve, not C*ckwomble will turn a hair, indeed King will be welcomed at the top table as a kindred spirit among glib, shameless liars
££££££
I think Auld Nick would very quickly find himself out of his depth in the blue room! He would probably leave in despair having been conned out of his readies (‘it’s for the leccy, we’ve just had a red one!’).
Spot the non specific weasel words of King. They are designed to bring hope to the fans. Hope is what they need. Without hope there is hopelessness. Watch out for the new share offering. Buy a share and keep a spiv in champagne a few more weeks.
Danish Pastry says:
October 13, 2013 at 6:06 am
Non-cheerleading Scotsman articles from English and Gibbons about King. Moderately critical, though no doubt containing enough to place them on someone’s list of enemies:
===================================
The Tom English article in particular is the type we should see much more of, and he even dares to challenge the WATP mentality. Sadly though, it is likely to be the exception rather than the rule. All that matters to most is that Rangers are more successful than Celtic most of the time, and they don’t care how it is achieved.
upthehoops says: 541 comments
October 13, 2013 at 8:01 am
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0
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Danish Pastry says:
October 13, 2013 at 6:06 am
Non-cheerleading Scotsman articles from English and Gibbons about King. Moderately critical, though no doubt containing enough to place them on someone’s list of enemies:
===================================
The Tom English article in particular is the type we should see much more of, and he even dares to challenge the WATP mentality. Sadly though, it is likely to be the exception rather than the rule. All that matters to most is that Rangers are more successful than Celtic most of the time, and they don’t care how it is achieved.
——————————————————————————————————————————————-
Gibbons has been constant throughout this saga. He has consistently told it as it is. English as I’ve mentioned before flirts with the truth. On occasion he has been spot on (like today’s piece), but expect him in the coming weeks to focus his attention on having some daft pop at the Celtic fans or heaping huge praise on King or even the Cardigan, both of whom he has recently criticised.
PhilMacGiollaBhain says: 145 comments
October 13, 2013 at 12:09 am
Thanks for the reply, Phil. Everything I read or hear about that man lowers my opinion of him, and my opinion of him started below zero. He has, at least, found his true place in life, beside spivs and crooks and other contemptible people. He is a shining example of all that is wrong in the modern world of what purports to be journalism.
upthehoops & Eeramacaroonbar, spare a thought for the Scotzine editor who gets this for questioning King’s suitability. The guy below professes to have Jesus in his heart (think he’s been mentioned before on here for his nastiness):
Looks like it may be time to start a new acronym competition to avoid confusion between King and Easdale and existing acronyms.
The BTC (The big tax cheat)
&
The WTC
Danish, that quote is truly shocking. By my reckoning, he’s missing three hyphens, three commas and a question mark. Maybe if he dropped the perma-rage, he’d be able to make more sense.
From the Scotsman
” In the beginning the revenue service were chasing him for 2.7bn rand (about £230m) but recently the entire affair, including the 322 criminal charges, were settled for around £44m.”
So King has effectively squirreled away almost £200M in tax evasion and now he may be welcomed back onto the board of a new club whose predecessors, of which he was also on the board, went into liquidation owing tbc £20M-£90M in tax evasion.
A while back there was a sense of hope and that this would be seen as just too ridiculous for words but it’s clear that the MSM and SFA realise it might be their last chance to achieve their aim.
As someone commented there’s always the Scottish Courts, maybe LNS could decide this one as well!
Has Ally managed a role reversal? Usually the chairman’s endorsement of the dugout’s present incumbent is swiftly followed by a sharp exit. At Ibrox, after Ally’s fulsome support and confirmation of an excellent working relationship this is followed by CW, CG, WS and MM taking a powder!
An honourary PhD in Advanced Sleekerity is surely in the post for for the cheeky chappie.
Rangers supporters may be more than a little disappointed with King. He is not as wealthy as they or the Scottish media are lead to believe. By that I mean, he doesn’t have the throw away cash that has changed Man City or Chelsea or even Malaga ( until that went horribly wrong) The information publicly available from South Africa would suggest he could maybe, at a stretch, repeat his previous investment. However that is never going to be sufficient to get through the next 2 years and rebuild. The cost base at Rangers is fundamentally too high for a club with their limited potential ( for potential , see record turnover of circa £62 million)
Rangers are on the same path as Portsmouth, with the basic problem of attracting a questionable set of owners, and with ambitions well beyond their or the clubs financial capabilities
One thing that will appeal about King is his Hubris . Tom English wrote an excellent article today, however I take issue with his view on King’s humility ( so do the South African tax authorities) . His claim to want to be ready to challenge Celtic in 2 years time is pretty rich coming from a Club, who should really be thinking about how they can overcome the other SPL clubs, rather than just dismissing them as not even relevant.
Kings comments are why fans of all other Scottish clubs stepped up to the plate last year. They defeated the “grand plan” of Ogilvie Regan Doncaster and Green. King would be extremely stupid to assume Rangers will automatically return to a top 2 position.
Portsmouth, Sheffield United, Leeds, and Wolves prove that other clubs don’t just step aside.
Morning all.
So the Lying King makes public his intention to return to Ibrox?.
We,of course,due to the sterling work carried out by our late friend Corsica know that,not only has he never been away,he’s actually met with Whyte,Green & Ellis on at least one occasion.I assume,therefore,that any shareholding he holds through mysterious holding company will be voting with the Green/Whyte camp at the AGM(if held).
I don’t see how a partial purchase helps him wrt a share issue.If he want’s total control it’s gonna cost him a lot.Probably around £20m for just over 51%.Who knows,that may be the deal already in place with Whyte,Green etc.
He also want’s Paul Murray on the board.Would the same section of the Companies Act that should bar King not also preclude Murray?.
2 things,therefore:
For King,the easy bit.
He’s confident that no one,Companies House,BDO,HMRC,SFA,SPFL etc will stand in his way.He’s probably right.Past experience shows us that the “Establishment” will bend over backwards to help this piece of The Fabric of Scottish Society reach its rightful place.
For King,the hard bit.
Taking over the club would be relatively easy.Why bother with a share issue?.
Why not just buy out the spivs then offer the other shareholders the same deal?.
The problem will be future funding.He want’s to get into the top league then mount a challenge to Celtic.Another 3 years minimum of covering losses.player investment(which almost certainly means increased costs) etc.I’d estimate this will cost £40m at least and that’s on top of buying the club.It’s also a plan that only works if the fans buy in and accept ST price rises and short to medium term mediocrity.If they don’t cough up.the pain could be prolonged.
I don’t see why he wants,or needs,the hassle.
What a convenient story.
The day before an enormously important Court case, one which really could change Rangers’ entire future.
The Return of the Squirrel.
Test
Oh and for the sake of semantics, King did not “settle” with the South African authorities as far as I am aware, he admitted guilt.
The fact that he paid a lot of money rather than going to jail is to do with sentencing, not whether he is a tax fraudster or not. He has admitted that.
Though to be fair being convicted of tax fraud does not seem to be a problem in Scottish football.
The return of the king is fairly predictable. It is the natural consequence of the thinking that has permeated Rangers in all its manifestations since Adam was a boy (The Eve Adam not RTC Adam).
It is a kind of thinking that is alien to many and in football it will harm the other clubs who think different.
In society we protect ourselves from dangerous thinking and its consequences by passing laws that are then policed and are subject to justice when broken.
However in football we have the laws that are not policed properlyv or dealt with justly when broken.
We would be fools to allow an incorrigible Rangers back into top flight football without a clear out of the policing and justice authority that is the SFA.
We know that the only way the SFA will respond is if they come under pressure from clubs acting under pressure from their support and that is done at SB renewal time.
I suggest that an aim between now and then be to make it clear individually and via supporter associations that only total SFA reform following an enquiry will persuade suppprters to part with their hard earned cash.
We may not be able to stop events at Rangers but we should be able to protect ourselves from the consequences by having tighter rules and monitoring systems for financial control, most of which are already present under club licensing rules that the SFA are refusing to apply without fear or favour.
When king refers to their Glasgow neighbor could he mean Partick Thistle ?
Auldheid says:
==============================
Yes, I fully intend being tedious about this.
You cannot go back to a place you have never been.
No matter how many media outlets talk about getting “back” to the top or “back” where they belong etc.
The only way they can go back anywhere is via relegation which would take them back to the lowest tier of Scottish senior football.
tcup 2012 says: 53 comments
October 13, 2013 at 10:55 am
0 0 Rate This
When king refers to their Glasgow neighbor could he mean Partick Thistle ?
£££££
Far too ambitious! He probably meant The Grapes XI
King is just the attention grabber whilst the spivs continue to suck 38,000 pounds each and every day. Media sleight of hand. Divert your attention and keep on picking your pocket. It is just a diversion. The ship is still headed full throttle for the rocks.
Tif Finn says: 514 comments
October 13, 2013 at 10:55 am
You are not being tedious and more power to your elbow.
Squiggle, it is all about semantics and connotation. It is bad enough having to listen to the media spouting guff about getting ‘back to……’ without reading it on here.
Fisiani says:
========================================
Agreed.
They got McCoist onside to sell season tickets and shares.
They got Smith onside to sell season tickets, even made him chairman for a period.
They now have King onside to deal with the attempted boardroom coup.
The bears will accept anything so long as someone they trust, who only has the best interests of the club at heart, tells them.
They really are an obsequious group. They need a leader to tell them what to think and are never happier than when kowtowing to their betters. Bizarrely I think that might actually be part of the arrogance thing. “I am a follower of {insert name here} therefore I am better than other members of the proletariat and can expect more out of life”. ” I am in fact one of “the people” “
Roll on the 24th October 2013 😀 DK or not it should be fun and games down Govan way ……… What will be, will be as far as I’m concerned the man has been found to be ‘untrustworthy’ in a court of law, he’ll feel right at home there 😉 it’s a ‘ love in ‘ just now but how long does that last for ❓
As for the SFA getting involved ………….. Not a snowballs hope in the old hot place 😀 have a nice day all off on holiday today, will look in when I can.
Brenda says: 683 comments
October 13, 2013 at 11:31 am
‘…off on holiday today, ”
——-
Have a nice one, B.
Cheers John Clarke keep me informed 😀 respect to your knowledge and humour 😎
From Richard Wilson as quoted on RM:
King could yet cut through this propaganda and politicking. He is prepared to accept the chairmanship, and invest money, in return for full disclosure of the club’s finances and a direct hand in the spending and business strategy. Having settled his tax dispute with the South African Revenue Service, King would not face any difficulties over the SFA’s fit and proper person criteria.
########
Kieron Prior, remember him?,
“I want to see what’s under the hood of Rangers and I have the financial wherewithal to continue to buy significant shares, perhaps growing it over the coming months to between five-10 per cent. (DR 13 June 2013)
The variety of distractions provided by Jacko is becoming bewildering for the average bear. King’s previous £20m is seen as a gift from loose change, no mention of the £18m refund for his underwriting of SDM’s folly. The MH image of King is as a benevolent, misunderstood multimillionaire (the ‘B word is banned!). He will apparently fund the club from his own pocket in order to reach the dizzy heights of the dosh rich Premiership.
Meanwhile, tomorrow, MM could succeed in delaying the AGM until Nov 13. Will this require an updated set of accounts?
SouthernExile says: 111 comments
October 12, 2013 at 11:40 pm
15 0 Rate This
@HP
Given the gallus brass neck of all the parties involved with respect to the laws on corporate governance and tax paying, if they just go ahead and appoint him, how would the matter come before a court? Would a petitioner have to mount a challenge?
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http://www.legislation.gov.uk/ukpga/1986/45/section/216
http://www.legislation.gov.uk/ukpga/1986/45/section/217
If he does not have permission of the court, he commits a criminal offence if he is involved in the management of Rangers Football Club – liable to imprisonment, a fine or both. He then also becomes personally liable for company debts – as does anyone who “fronts” for him within the club.
As RIFC plc is the holding company for the club, the restriction would apply to both companies.
From the minute of the Mather meeting:
TG – what cost-cutting is being undertaken at the club?
CM – We’ve set up a separate security company, Garrion, to offer services outwith the club in order to maximise club profits. We’re looking at similar scenarios in other areas.
£££££
Doesn’t the shovel-handed, blunt speaking Yorkshireman have a significant stake in this company?…..or did ‘The Two Rons’ acquire this along with everything else?
@HP
Thanks very much for the clarification.
Crikey!
Just listened to radio clyde news
Talk about playing your cards close to your chest and leaving things open to interpretation
“DK is backing the CURRENT rangers”
❓
davythelotion says: 154 comments
October 13, 2013 at 11:46 am
“……Meanwhile, tomorrow, MM could succeed in delaying the AGM until Nov 13….”
——-
Glib Liar said “If matters proceed as I hope over the next few days then I will be present at the AGM.”
I suspect that by ‘matters’ he may be indicating that he hopes to get the Petitioners to withdraw their Petition to the Court.
This would allow the AGM to go ahead on 24th October and for him to be able to attend in the belief that Mathers and Stockbridge will win the day , be re-elected by the votes of the big investor shareholders AND have the support of the physical attendance of the wee shareholding mob as they venerate a convicted criminal with a guttersnipe mind-until he,too, gets up to his old tricks,and stitches them up.
The Petitioners might be brought onside by a bribe ( no, no, wash my mouth out!) an inducement or two.
I suppose the Petition can be withdrawn by simple notice first thing in the morning to the clerk of court.?
john clarke says: 1232 comments
October 13, 2013 at 12:22 pm
The Petitioners might be brought onside by a bribe ( no, no, wash my mouth out!) an inducement or two.
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Just as well they dont own any buses that could be burned!
Today, Tom English refers back to the last time, I think, Mr Glib visited Ibrox. It was roundabout the time CG was explaining how capacious his hands were, especially when it came to other peoples money. TE suggests he made the visit to glower at CE and remind him to look after the institooshun. Was it not the case though, that he was here because he felt he had first dibs on Sevco or Ibrox, that he had a letter which explained this and that he wanted what was his. He then disappeared pretty quickly and quietly.Does anyone remember this better? Is this relevant. Did they agree, perhaps, to wait and see how his ‘problems at home’ panned out before letting him in the door? Is this why CM is saying they don’t want his money -‘cos they aint getting it? Is this all about Mr Glib taking whatever was due?
Good work, Squiggle.
This is the sort of reading between the lines that’s been required all through this whole circus!
Squiggle
Your scenario is a plausible one, although experience tells us that plausibility rarely bears fruit in the inference-picking season.
One thing I think we can be reasonably assured of is that with the access to a pretty big market at stake, NO-ONE (© tcup2012) is in it for altruistic reasons, although for anyone attempting an honest go at TRFC, I am pretty sure there must be a workable business plan out there for a club playing at Ibrox in blue which would give investors a return..
One curious thing (from my point of view) that has arisen since the sale of assets is this. TRFC are a new company whose only tangible connection with RFC is the branding, stadium, and the market it has access to. So why no line of credit? You could be forgiven for thinking that it is fair to infer they are the same club; since the absence of a line of credit “survived” liquidation! Now we all know that is nonsense, but WHY? (© acknowledged).
Could the extension of credit be a kind of litmus test for how the banks see the business motives behind those in charge? For instance if they reckoned that Rangers Mk II was deliberately set on a crash course with insolvency, they’d hardly be likely to write lots of zeros on an overdraft agreement.
Is it possible to infer then, that if and when a bank agrees credit with TRFC (or its successor) then the business plan is at least not one involving asset stripping? And is that a likely scenario if DK becomes involved? Again, none of these questions were asked by the Rangers fans last week t their meeting.
I think the absence of credit is a huge red flag with the word “Beware!” written on it. Presumably in some obscure language for all the attention that has been paid to it.
Forgive my ignorance of these matters, but should the announcement of DK returning to the fold in whatever form, not have been reported to AIM first?
Would that information, which may give rise to an increase in the share price, be classed as insider trading?
With his 44m fine to pay and circa 30m required to prop up his new hobby ,thats a lot of liquid cash that wont bring any return,not many people have circa 74m to throw away ,not even billionaires ,oh ,should that be tycoon I see we are not using the off the radar stuff now
Up at my mothers this morning and had a glance through the Sunday Post 😳 Gordon Smith is a columnist and today ‘reveals’ the blueprint he drew up while at Ibrox to sign up unheralded talent and sell on for a massive profit. It was ‘not a case of copying Celtic’ though! What was it then? If only Craig Whyte had listened to Smudger he could yet be sitting in the big chair at Ibrox!
I remain of the opinion that Mr King may well be getting shares at a price substantially less than everyone else. Not that different to how it was all structured before.
I think a share issue will have limited appeal and they realise that.
Just as an illustration assume they do have 35,000,000 to sell. Lets say they manage to sell them at 50p each, to make the numbers easy. If they were to sell 20,000,000 to the open market that would bring in £10m minus costs. It would also leave 15,000,000 for Mr King to get at say 1p each.
That would give him 15% of the business and as such of the value of the assets. I think he probably believes he deserves that.
I have the feeling that King is playing the current mob along in order to obtain as much information as possible. I reckon he sees himself back at Ibrox but with Murray and the rebels.
The SFA have a responsibility to protect the public purse which has been raided firstly by the Murray Board and then by Whyte’s. King is the common denominator. With this in mind and his South African “problems” the SFA just cannot take the chance of letting him back in at Ibrox. Plain crazy if they do.
FIFA says: 385 comments
October 13, 2013 at 2:11 pm
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There is only one real billionaire involved in Scottish Football, and he insists on his club being self sustainable. Tells you all you need to know!
davythelotion says:
October 13, 2013 at 12:00 pm
CM – We’ve set up a separate security company, Garrion, to offer services outwith the club in order to maximise club profits. We’re looking at similar scenarios in other areas.
£££££
Doesn’t the shovel-handed, blunt speaking Yorkshireman have a significant stake in this company?…..or did ‘The Two Rons’ acquire this along with everything else?
———
According to the accounts, Garrion is 100% owned by TRFCL.
However, if I recall correctly, Charles Green is still listed as a director of the company (or at least he was when ecobhoy last posted on the subject).
TSFM says: 535 comments
October 13, 2013 at 2:07 pm
================================
I think we should all be thankful the days of Scottish owned banks are gone.
With King as Chairman of the Govan club the banners just make themselves…
“Sevco = the club for glib & shameless liars”
We know the SFA will continue to look the other way – so perhaps rather than get frustrated we should actually promote King as an ‘absolutely fit and proper’ person…for a club like Sevco. 😉
upthehoops says:
http://www.forbes.com/profile/denis-obrien/ ?
Paulo Notini @pmcn888 2h
Micromega Holdings Ltd share price has rocketed fm less than 300 to 1250 in the last few months http://mobile.bloomberg.com/quote/MMG:SJ
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Just a coincidence surely DK not at it again?
The Return of the King,and so the Road goes ever on,all very Tolkienesque.I recall the Ring trilogy delivered a mutating breed of Orc known as the Uruk-Hai.Of course there are no parallels in this saga,with the sole connection I suggest being the word ‘mutation’
One Ring to rule them all, One Ring to find them,
One Ring to bring them all and in the darkness bind them
The ring ended its days in the fiery depths of Mount Doom and tranquility returned to Middle Earth..
I wonder what will happen to the Loving Cup?
Any resemblance to real persons or entities, living or dead, is purely coincidental.
I’ve been away and just catching up on the blog.As the Autumn nights darken ,no doubt plenty of entertainment in store.
Thanks for the read folks.
Reilly1926 on October 13, 2013 at 2:16 pm
1 0 Rate This
I have the feeling that King is playing the current mob along in order to obtain as much information as possible. I reckon he sees himself back at Ibrox but with Murray and the rebels.
– – – . . . – – – – – – . . . – – –
I agree, furthermore I’ve always thought that this would all play out with P.Murray, McClelland, Greig and Bain featuring.
Given that LNS was critical of the oldco board, just who is fit and proper?
Add the eligibility problem of oldco board members joining newco board as well. Is the next chapter in the omnishambles going to be entitled, “Phoenixism vs Cronyism”?
BigGav says: 41 comments
October 13, 2013 at 2:22 pm
‘….However, if I recall correctly, Charles Green is still listed as a director of the company .’
——
His appointment as director of Garrion Security services was terminated on 3rd october 2013.
http://wck2.companieshouse.gov.uk//wcprodorder?ft=1
Tif Finn says:
October 13, 2013 at 2:32 pm
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Thanks for that. I tried the search function for Jim McColl and got nothing. Then just to be a devil I tried Craig Whyte 😆 You wonder why the media don’t use this freely available information.
I think King will side with whoever is likely to act in the best interest of King.
If he thinks he is still owed money from the previous club being liquidated then he will work with the people most likely to get him that back.
The man is a liar a fraudster and a thief, I have yet to see anything suggesting he is also an altruist.
upthehoops says:
================================================
Here’s the Forbes list of ($) billionaires, there are 1342 names on it
It has a search function.
There isn’t a McColl on it.
Mike Ashley is though.
http://www.forbes.com/billionaires/list/#page:1_sort:0_direction:asc_search:_filter:All%20industries_filter:All%20countries_filter:All%20states