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.
Tif Finn on October 13, 2013 at 3:02 pm
0 0 Rate
– – – . . . – – –
Is honour amongst thieves not classic altruistic behaviour?
upthehoops says: 545 comments
October 13, 2013 at 2:13 pm
“… 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. ”
——-
To be absolutely and scrupulously fair, I do remember Gordon Smith in his ‘pundit’ days referring to the general idea of ‘developing and selling on’.
If he did produce a reasonably workable plan, it clearly fell on ears that were thinking only of the short-term.
[ And don’t make your mammy feel guilty about reading the Sunday Post.Leaving aside football and politics, it was ( might still be) a great wee read as you graduated from ‘Oor Wullie ( aye, aye, a’body’s wullie as well) to Francis Gaye and the problems page ] 🙂 .
nowoldandgrumpy says: 729 comments
October 13, 2013 at 2:10 pm
‘..but should the announcement of DK returning to the fold in whatever form, not have been reported to AIM first?’
——–
No, I don’t think so. He is not yet even in an election for membership by the shareholders, let alone actually on the Board. So legally there is nothing to ‘notify’.
But it’s entirely possible that the question of whether he will or will not become a Director or Chairman might be one that bigger-time investors will be weighing up.
Do not post much, but have a thought which i felt worthy
dear all…
Is tomorrows hearing on the interdict of the company RIFC AGM available for a public visit?
Is there a nominated TSFM attender ?
Will there be court updates, or will there be none to sensibly avoid the danger of contempt of court?
John Clarke as your are on are you fulfilling your court reporter role?
Is Dave King just a huge squirrel?
Surely someone will stop those former RFC (in liquidation) directors from becoming directors of RIFC ?
OR will a court somewhere explain there is no join between the companies and there for all of the confusing advertising and reporting will be accepted as bollocks.
Buddy
Just to correct those saying King paid R700m in fines to SARS, the total was somewhat more than this as previously Sars had seized assets and raised around R350m from the sale of these assets. The resent fine was over and above this so total fine amounted to over R1bn.
http://www.iol.co.za/business/opinion/king-still-on-the-hook-for-insider-trading-1.1575272#.UlqzlnVwZjq
King still on the hook for insider trading?
September 10 2013 at 08:00am
By Allan Greenblo
Comment on this story
——————————————————————————–
There are two King codes on corporate governance. The one, more famous, is endorsed by the Institute of Directors and resonates in the Companies Act on good governance. The other, now infamous, emerges from the actions of Dave King whose attempts to diddle the taxman represent a textbook case on how an erstwhile JSE-listed company should not be governed.
The supine mea culpa issued by King, in agreeing to the settlement with the SA Revenue Service (Sars) at R707 million (additional to the R350m from the sale of attached assets), sharply contradicts the arrogance displayed during his decade-long battle. But it isn’t only this that makes his statement remarkable. It’s the implicit admission that Ben Nevis and King are effectively one and the same.
There could be implications, and there should be. Ben Nevis, a company registered in the British Virgin Islands and purportedly owned by a Guernsey-registered trust, was integral to King’s tax avoidance structure. It enabled him to contend that Ben Nevis and not he was the controlling shareholder of Specialised Outsourcing Limited (SOL). Exposure of the hoax opens a Pandora’s box of insider trading.
Shares in SOL, founded by King, were placed at 50c. Based on what the National Prosecuting Authority (NPA) described in 2010 as “alleged deliberate manipulation of financial statements, financial reports and recorded earnings… with a view to enhance the growth profile and share price of the company”, the share price peaked at R70 and subsequently fell out of bed.
SOL, of which King was chief executive, was not in the 1990s obliged by JSE rules to disclose directors’ dealings. So the extent of his offloading, in the guise of Ben Nevis, was not publicly known. The controlling shareholder had sold its 70 percent stake at a R1.2 billion profit, rapidly dispatched to King’s offshore accounts.
The NPA’s intended prosecution was instituted after a series of complaints by institutional investors in SOL. These included Old Mutual, Sanlam, Coronation and Southern Life. That the prosecution did not proceed reflects more on the NPA’s competence than on King’s innocence.
Of the charges that were to have been brought, none was for insider trading. Of the R12m in fines he must pay as part of the Sars settlement, none is for insider trading.
Yet in 2004, the directorate of market abuse at the Financial Services Board (FSB) had investigated SOL for insider trading and handed its files to the criminal investigation authorities. It said at the time: “The directorate could not consider the possibility of a civil action against any party with regard to SOL as the transactions which were investigated occurred before the Insider Trading Act came into operation.”
Insider trading was illegal under the 1973 Companies Act. Criminality aside, new legislation provides for civil proceedings where fines of up to four times the gains made from a trade may be levied. The FSB is empowered to pursue transgressors and to compensate those who might have been prejudiced by the offending transactions; in this case, the institutions invested in SOL on behalf of clients.
What counts in King’s favour is the argument that civil claims against him have been prescribed by the time limit during which they should have been brought. But from when does prescription run? From the time the insider trading took place, or from the time the regulator and the prejudiced institutions could identify the transgressor? If the latter, then the evidence is in King’s admission that he was Ben Nevis.
It’s easier to show insider trading in civil actions, on a balance of probabilities, than in criminal actions, where it must be proven beyond reasonable doubt. At least the balance of probabilities suggests that King committed insider trading on a grand scale, by selling securities on the basis of non-public information, severely to the detriment of investors not privy to it.
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.
Allan Greenblo is the editorial director of Today’s Trustee (www.totrust.co.za), a quarterly magazine mainly for trustees of retirement funds.
Would I want D King as chairman of my club. No
Would I want the Easdales on the board of my club. No
Is D King fit & proper IMO. No
Was D King duped. No
Are all fans of Sevco being duped. Yes
Do I think Rangers as a club were run in the past correctly. No
Was D King involved in old club. Yes
Will Sevco state the D. King is fit & proper. Yes
Will SFA accept this. Yes
Are the SFA with CO as head fit & proper. No
What will it take for that club to try and run correctly without any dubious characters at the head.
Why can they not be run like most clubs in Scotland, why have they got to be back at the top as an arrogant right. Why do the SFA and SMSM blatantly help them to achieve this goal?
We all kinda know the answer and it is only us that can hopefully prevent this continuous abuse of our game.
Shame on them all.
@Tif Finn
http://www.philmacgiollabhain.ie/the-meaning-of-words/
buddy_holly says: 3 comments
October 13, 2013 at 3:45 pm
‘….John Clarke as your are on are you fulfilling your court reporter role?..’
——
Not sure about fulfilling a role, but I shall be at Lord Tyre’s court-room door (once I find it!) at crack of dawn tomorrow.
I just wish I had one o’ thae wee phones that give instant internet access so that I could feed right in to the blog. ( Mind you, last time I was there, in LH’s court, proceedings were suspended because the monitors picked up that someone was using a mobile while actually in the court-room)
PhilMacGiollaBhain
======================
Forbes clearly has him nowhere near it, I think their list is up to date as of March this year.
However last years Times Rich list had him as a (£) billionaire.
From the Herald http://www.heraldscotland.com/news/home-news/mccoll-climbs-earnings-list-after-750m-sell-off.17440497
McColl climbs earnings list after £750m sell-off
Monday 30 April 2012
ENGINEERING tycoon Jim McColl has emerged as the big Scottish climber in the latest Sunday Times Rich List.
The 62-year-old, who sold Glasgow-based Clyde Union pumps for £750 million last year, saw his wealth rocket £430m to £1000m, according to the latest annual list published yesterday.
The Sunday Times puts him 73rd equal with media tycoon Richard Desmond in its list of Britain’s richest people.
=============================
The BBC report of him selling it for £750m
http://www.bbc.co.uk/news/uk-scotland-scotland-business-14662071
==============================
Remember though children the value of shares and investments can go down as well as up.
@Tif Finn
I spoke to several well placed people in the Square Mile about McColl’s personal net worth and they thought that attaching the term “billionaire” to him to be risible.
john clarke says: 1236 comments
October 13, 2013 at 3:25 pm
To be absolutely and scrupulously fair, I do remember Gordon Smith in his ‘pundit’ days referring to the general idea of ‘developing and selling on’.
If he did produce a reasonably workable plan, it clearly fell on ears that were thinking only of the short-term.
[ And don’t make your mammy feel guilty about reading the Sunday Post.Leaving aside football and politics, it was ( might still be) a great wee read as you graduated from ‘Oor Wullie ( aye, aye, a’body’s wullie as well) to Francis Gaye and the problems page
=============================================
I could never make my dear old mother feel guilty about the Sunday Post. I sneaked a look at it before she came back from Mass. Any criticism of the paper by me would be met with a stern rebuke. I must also admit to getting the Oor Wullie or The Broons books every year on my Christmas pile. I bet auld Paw Broon would have had no truck with the various scallywags who’ve frequented the Ibrox Boardroom over the years!
To those that are questioning whether Dave King has the funds available to sustain Sevco through the divisions and then buy/aquire the players of the quality which would be needed to compete in the top division, think about this. SARS were chasing King for approx. R2.5billion, or about £160m in unpaid taxes, the important thing here is unpaid taxes on income.
King through Ben Nevis, had a 70% stake in Specialised Outsourcing Limited which over a period of time he sold secretly to other investors. At the time of the Outsourcing listing in October 1997, King’s investment company Ben Nevis Trust owned 71% of the company’s stock, just under 33 million shares. The 1998 annual report shows that at December 31 1998 Ben Nevis’s stake had dropped to 14 million shares, or 26% of the total equity. Its holding has reduced dramatically in the six months after then, with just two million shares, a touch under 4% of the company, registered in its name. It’s been conservatively estimated that Mr King made £1bn from his holding in Specialised Outsourcing Limited.
Also be aware that Mr King has been involved in several other, ahem, business ventures since this time, it appears for whatever reason company’s that he is involved in swap shares with other company’s he’s involved in, thus the share price rises. Large investors then sell and the share price falls. I think there is a name for this in the UK but hey if it’s not illegal in SA then that’s fine isn’t it?
PhilMacGiollaBhain
========================
I don’t disagree with you, Phil.
These things tend to be a lot of guesswork and are basically just headlines.
As you say in your article the more important issue is how much of his wealth is liquid and how much is in shares and other assets. It is entirely possible for someone to be strictly speaking a millionaire, because of the value of their assets, whilst at the same time they have a couple of thousand in the bank.
In any case, Mr McColl does not intend gifting the club a lot of money, neither I suspect does Mr King. In fact I think Mr King is more likely to go down the other route. Providing a loan and converting that to shares at 1p per share. That way he could get a decent holding in the PLC for not very much money.
They are even setting it up in the agenda for the AGM.
@Tif Finn
Agreed.
Both the Sevco fans and the hacks are yearning for a Sugar Daddy (two would be even better!) to restore order in the Fitba universe.
However, the reality is likely to be more grubby.
From the Rangers website, a wee bit of small print, quite literally.
==============================
* As announced on 20 September 2013, Alexander Easdale, in addition to the 2,842,957 Ordinary Shares held directly by him, has voting rights over 12,641,338 Ordinary Share (representing 19.42% of the issued share capital of the Company) pursuant to the terms of proxy agreements entered into with other shareholders, including Blue Pitch and Margarita, which remain in place until further notice. As a result, including the Ordinary Shares held directly by Mr Easdale, being 2,842,957 Ordinary Shares representing 4.37% of the issued share capital of the Company, Mr Easdale has voting rights over, in aggregate, 15,484,295 Ordinary Shares representing 23.79% of the issued share capital of the Company. As announced on 20 September 2013, while Blue Pitch and Margarita hold directly 4,000,000 Ordinary Shares and 2,600,000 Ordinary Shares respectively, they have disposed of the voting rights over such Ordinary Shares to Alexander Easdale pursuant to the terms of the proxy agreements.
==============================
One wonders why these companies have given Mr Easdale their voting rights ” … until further notice”
With many thanks to HirsuitPursuit for his analysis of insolvency law, and apologies to him if I have got anything wrong, it would seem that Mr King, as a director of The Rangers Football Club plc within 12 months prior to its date of liquidation, is bound by the following provisions of the Insolvency Act:
———————————————-
216 Restriction on re-use of company names.
(1) This section applies to a person where a company (“the liquidating company”) has gone into insolvent liquidation on or after the appointed day and he was a director or shadow director of the company at any time in the period of 12 months ending with the day before it went into liquidation.
(2) For the purposes of this section, a name is a prohibited name in relation to such a person if—
(a) it is a name by which the liquidating company was known at any time in that period of 12 months, or
(b) it is a name which is so similar to a name falling within paragraph (a) as to suggest an association with that company.
(3) Except with leave of the court or in such circumstances as may be prescribed, a person to whom this section applies shall not at any time in the period of 5 years beginning with the day on which the liquidating company went into liquidation—
(a) be a director of any other company that is known by a prohibited name, or
(b) in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of any such company, or
(c) in any way, whether directly or indirectly, be concerned or take part in the carrying on of a business carried on (otherwise than by a company) under a prohibited name.
(4) If a person acts in contravention of this section, he is liable to imprisonment or a fine, or both.
—————————————————-
These provisions would seem to prevent Mr King’s ability to be
– a director of The Rangers Football Club Limited
– a director of RIFC, the holding company of TRFCL
– a substantial investor with influence over the operations of either of these businesses
unless he has applied to and received leave from a court with appropriate jurisdiction.
As suggested by a poster earlier, a reasonable position for the SFA with respect to “fit and proper” would be:
“the law of the land applies in insolvency situations. Prima facie, Mr King is debarred from becoming a director of Rangers Football Club. We await the outcome of any application to court that Mr King might make before considering the matter further”.
To the SMSM, you have the legal resources, please check with them before reporting any more pipe dreams.
john clarke says:
October 13, 2013 at 3:25 pm
… to Francis Gaye …
——
He was Gay.
And apparently he died in 1977. No idea whether there’s still a column going under that name in the Post, though my parents still get it. I like to read the fitba reports when I go to visit – they’re usually far more entertaining than other, more dry or sensationalist papers!
@SouthernExile
Chapeau
upthehoops says: 546 comments
October 13, 2013 at 4:32 pm
”… I bet auld Paw Broon would have had no truck with the various scallywags who’ve frequented the Ibrox Boardroom over the years!”
—–
I think you’re absolutely bang on with that observation.
The drawings of the late Dudley D Watkins could capture a look of affronted indignation on Paw’s face wonderfully well:
A look expressive of the kind of disgust at chicanery that the honest footballing folk of Dundee and the rest of this country share at the unpunished corruption of devious men in suits, whether those who
were on the board of a now dead club,
or those who are now fighting and snarling at each other to get onto the Board of the illegitimate club that our even more rotten SFA Board allowed to be brought into being, and which it is aiding and abetting at every turn.
As for Maw Broon- she’d take her broom to the whole rotten pack of them!
SEx (see what I did there 😉 )
Well put together post, just hope those who have a duty to ensure the law of the land is upheld are as capable of putting the law into practice, even when dealing with a ‘glib and shameless liar’.
john clarke says: 1237 comments
October 13, 2013 at 6:12 pm
This, John, is what I, and I’m sure the majority of us here, am fighting (from my laptop) against:
‘… the unpunished corruption of devious men in suits…’
Give me Paw Broon over a’ the knighted spivs (or blazered brogue wearers) of this world, every day of the week!
Southern Exile,
If what you elegantly put is right – and I agree with you 100% – why did BDO already say (someone posted their reply earlier) that they do not have a view on DK becoming chairman or not? I’m confused because shouldn’t they be the exact people who should be pointing out the same correct argument as you do?
john clarke says: 1237 comments
October 13, 2013 at 6:12 pm
=================================
I was never quite sure where Paw Broon worked – was he a Shipyard worker? Anyway, he appeared to be a man who payed his way and generally lived his life by the rule book. He would have been affronted at the notion tens of millions of pounds could be borrowed or withheld from the state and simply written off. He would have been even more affronted at the perpetrators acting as if that was perfectly acceptable. Perhaps, being a Dundonian, Paw Broon had the same principles of fair play as another gent from that city, Mr James Spence.
nawlite says: 179 comments
October 13, 2013 at 6:29 pm
0 0 Rate This
Nawlite, because it’s none of their business, which is sweeping up the mess of oldco. They have no locus on what might be happening with newco.
Southern Exile!
Spot On!
The law of the land should prevail !
If the new club and SFA conspire to manipulate their way around this….
then immediately the rest of Scottish football honestly should dump them..apply to UEFA saying previous crowd unfit for purpose…if need be citing various well known misdemeanours….,form a new association..and let them freeze in hell with any sycophantic clubs that want to stay with them
If Stein, Turnbull, McLean, and Ferguson and their likes and dare I say even Hal Stewart were around.now ..King and his criminal mates would be hunted out out of town/ Scottish football in a New York heartbeat.
Time for some big boys to man up and put and end to this total nonsense..
I hate to say it and I know the TDs will come thick and fast …but in any society ..the big boy has to lead from the front….hopefully with the smaller guys right behind them
so Messrs Bankier, Lawwell?..where are you on this one?
Just sitting back and letting them do what they like yet again?..Surely not?
He became something of a group effort in later years. Not sure how/if he is done nowadays but my sister was Francis Gay for a while
Sorry did not memorise the post reply indent thing….
john clarke says: 1237 comments
October 13, 2013 at 4:05 pm
8 0 Rate This
buddy_holly says: 3 comments
October 13, 2013 at 3:45 pm
‘….John Clarke as your are on are you fulfilling your court reporter role?..’
——
Not sure about fulfilling a role, but I shall be at Lord Tyre’s court-room door (once I find it!) at crack of dawn tomorrow.
I just wish I had one o’ thae wee phones that give instant internet access so that I could feed right in to the blog. ( Mind you, last time I was there, in LH’s court, proceedings were suspended because the monitors picked up that someone was using a mobile while actually in the court-room)
=========
John glad someone who is impartial is going to attempt to be there.
I would try myself, but although i could find the court of session, the chances of making it to the right spot inside the court of session are thin after that.
Look forward to your report to contrast and compare it to the PR speak which will be emanated from both camps and the churnalism of TV and press media.
Scottish football needs a strong INTERNET.
These provisions would seem to prevent Mr King’s ability to be
– a director of The Rangers Football Club Limited
– a director of RIFC, the holding company of TRFCL
– a substantial investor with influence over the operations of either of these businesses
unless he has applied to and received leave from a court with appropriate jurisdiction.
….
sorry f’ed up badly.
thought i had double posted deleted it then realised i had not sorry, so returning the original intent….
Which court would it be Dave King applies to Court of Session? or a lower scottish curt?
should RIFC do this before his appointment?
I’ve asked Companies House for their view
scottc says: 305 comments
October 13, 2013 at 7:01 pm
… my sister was Francis Gay for a while.
——
That’s mighty impressive! 🙂
Meanwhile, waht exactly is our problem with Mr King investing in Rangers? If he’s found to be not fit and proper (highly doubtful), his cash will find its way to Ibrox if that’s where he wants it to go (also slightly doubtful). Do we care if the next chancer in line takes the reins? At best, it’s likely to lead to more humour for the rest of us down the line a bit.
The faintly fragrant thing about all this is the trumpeting in the press of how he’s declared he’s ready to take up the chairmanship, arriving on white charger soonest etc – without any much inclusion of the “fit and proper” question. This does smack of the MSM being up to their old tricks (Mr English excluded).
A proper press would have laughed at the guy and his headline-grabbing bluster in a scenario where he’s simply not allowed to do what he declares he is about to.
Meanwhile, if Mr King cares to throw money at Ibrox in return for getting to say he owns them, the worrying thing is that they’ll probably survive long enough to have a tilt at the top league, bringing the horde of orcs along in their wake.
I’d have rather enjoyed watching the new club collapse in a snotty heap before they ever came to Pittodrie. But let’s face it – it ain’t gonna happen. Mr King’s motivation is mystifying, though.
Now that Raith Rovers are through to the Ramsdens Final the search can begin for an alternative venue to hold this at ,if as expected Sevco 2012 win their semi,I say Dens park.
buddy_holly says: 5 comments
October 13, 2013 at 7:15 pm
‘..the chances of making it to the right spot inside the court of session are thin after that.’
—-
Actually the staff at the reception/security desk are very helpful.
I doubt if there will be anybody there but the legal people involved, and maybe Douglas Fraser for BBC business, and a stringer for STV, and one or two people like myself
If you manage to go, you”ll have no difficulty spotting me: I’ll be the koala in the corner.
A few weeks ago I’m sure I saw mention here of Ian Fraser’s blog post about Charlotte 18 and Gavin Masterton http://www.ianfraser.org/gavin-masterton-and-the-riddle-of-charlotte-18/ Early in his post Fraser makes an astonishing statement which I haven’t seen picked up elsewhere.
He states, “Charlotte Eighteen, a shadowy company based in the tax secrecy jurisdiction of the British Virgin Islands, remains the subject of intense interest among Scottish football fans. Allegedly the holding company for the business assets of Gavin Masterton, the former treasurer and managing director of the Bank of Scotland, it looks like it could be the crux to an extraordinary financial scandal at the heart of Scottish football.” [Emphasis is mine.]
I have seen comments on various sites which allude to a story of this magnitude but for a respected journalist to make this statement takes this to a new level. I don’t believe Fraser would say this without firm evidence. Hopefully his investigations will reveal the truth.
Earlier this year I asked one of the journalists involved with the release of information about companies using the BVI to avoid tax if Charlotte 18 were in his database. Unfortunately there was nothing. I note that Ian Fraser is “now collaborating with an investigative reporter who is an expert on corporate abuse of tax havens and hopefully also a professional adviser-turned-whistleblower.” I wonder if it’s the same journalist I contacted. Also I can make an educated guess about the whistleblower although this doesn’t require any inside knowledge.
Masterton has done enough damage to my club. Please let the whole truth be revealed so we can see the extent of his actions beyond my beloved Pars.
If I am honest, I firmly believe that when he sees the books, DK will thank them kindly for the offer and then walk away
I find this whole freak-out over the Lying King just a little bizarre. Dermot Desmond, a real, undisputed billionaire, is precluded from giving Celtic money because it’s a plc and yet so many on here and elsewhere are becoming panic-stricken that King can throw money at Sevco? 😯 Celtic have a second billionaire shareholder, Denis O’Brien, a man whose wealth Forbes puts at c.US$5bn. He can’t throw money at Celtic.
AFAICS, King can only lend the company money or else buy out the existing shareholders at a cost of £30m-plus, money which will not go to Sevco but the spivs, and then stick further millions in, No one knows how many, and nor does he. And this at a time when FFP is kicking in and even clubs owned by oligarchs or mideast emirs are having to look at ways of meeting the incoming regulations.
Given their cash burn, how much money will this criminal have to put in to keep Sevco alive, much less competitive with one of the best-run football clubs possibly in Europe? Even getting them close enough over the next three years to put them within a dozen “honest mistakes” of a top-league, top-two place, will cost more than the “glib and shameless liar” will countenance, in my view. If they can’t get bank credit now, what makes any of us think any bank will see King as a poster boy for probity?
But what the hell, let him try. Murray and HBoS threw millions at Rangers for years without a penny of it being paid back; they stiffed Hector of another £49m, and they went bust owing, what was it, another £140m? The Bearmacht just doesn’t get it. Larry Ellison couldn’t get this show on the road. What chance has a jumped-up wide boy from Castlemilk? Go for it, Dave. The world is laughing. 😀
john clarke says: 1237 comments
October 13, 2013 at 4:05 pm & 7.56 pm
…I shall be at Lord Tyre’s court-room door (once I find it!) at crack of dawn tomorrow…
—-
… I’ll be the koala in the corner.
==========================
jc, I do hope you won’t be indulging in any ‘Tyre-kicking’ whilst observing at the court ?
And as koalas apparently sleep for up to 22 hours a day, I do hope you won’t be snoozing at the back ?!
Look forward to your report to the Bampots.
Carucal says: 24 comments
October 13, 2013 at 7:59 pm
————————————————–
I’m just glad to see that the future for Dunfermline seems to be,in the short term at least,secure.
No fan I know wants to see clubs fold.
The problem I see with fan ownership is this:
The fans who run the club will all of a sudden realise how difficult balancing the books can be and will find out for themselves that,in most cases,the directors didn’t run the club down but by making unpopular decisions actually kept the club alive.
These fans who now own the club however,will now become de facto directors and will find themselves subjected to the same abuse they personally gave the previous regime.
When they find out what it takes to run a club on the breadline and the personal hassle that goes with it,I think you’ll find a lot of them will change their tune.
FIFA says: 386 comments
October 13, 2013 at 7:45 pm
7 0 Rate This
Now that Raith Rovers are through to the Ramsdens Final the search can begin for an alternative venue to hold this at ,if as expected Sevco 2012 win their semi,I say Dens park.
=====================
Scottish football needs a strong Raith Rovers.
Feeling a bit conflicted about today’s result.
Great that the Rovers are in the final but I was hoping never to have to acknowledge the existence of Pseudorangers by actually having to play them.
Only their financial suicide mission coming to fruition by April or a Stenhousemuir win can prevent that now.
FIFA says: 386 comments
October 13, 2013 at 7:45 pm
Now that Raith Rovers are through to the Ramsdens Final the search can begin for an alternative venue to hold this at ,if as expected Sevco 2012 win their semi,I say Dens park.
===============================
Surely Tannadice? 🙂
Scottish Football needs a strong Arbroath (and Raith Rovers).
Just glanced there at the Twitter timeline of a Rangers blogger named J.C Dow, who seems to fancy himself as a bit of an intellectual. To be fair his timeline contains nothing that should bother anyone in a free society, but what struck me was his assertion that the articles written this weekend by Gibbons, English and Spiers were borne out of fear of Rangers receiving a cash injection. A strange enough view in itself, but I wonder just how much their fans actually think King is able to invest. Cloud cuckoo land.
Torquemada says:
===========================
I think people are more concerned that he will be allowed the position as Chairman of a PLC which owns and operates a Scottish football club.
In spite of the fact that he was the director of one which was liquidated (having failed to remit millions to the tax authorities) and that he has personally admitted to tax evasion of tens of millions of pounds.
It simply will not be right if this man is accepted as fit and proper.
upthehoops says:
======================
Oh follow follow is full of it.
Apparently some chaps called declan and timmy are terrified and running scared.
That’s putting it politely.
Torquemada says: 19 comments
October 13, 2013 at 8:12 pm
“….so many on here and elsewhere are becoming panic-stricken that King can throw money at Sevco?…”
——-
I think the underlying concern is that the SFA will consider a convicted criminal ( however bogusly ‘humble’ he may now appear) to be a ‘fit and proper’ person to be involved in Scottish Football.
If they were to do so, it would further re-inforce the belief of many of us that when it comes to people associated with a former club that is now in liquidation and are now associating themselves with an illegitimate club that they (the SFA)tried to legitimise, the SFA will disregard any of the normal rules that they so rigorously enforce on other clubs.
Of secondary concern only, is that the illegitimate club will be so further illegitimately helped as to feel like its predecessor that it is above the law, and that it can continue to abuse Scottish Football with impunity.
I say again, that if the rules had been applied properly, and if RFC(IA) had shown a scrap of repentance and shame and a touch of guilt, Scottish football would have been much healthier, and a new club would have been in an honest place from which they would probably have emerged leaner, stronger and fitter for a climb to the upper reaches.
And no ill feelings all round.
buddy_holly says: 5 comments
October 13, 2013 at 7:23 pm
1 0 Rate This
These provisions would seem to prevent Mr King’s ability to be
– a director of The Rangers Football Club Limited
– a director of RIFC, the holding company of TRFCL
– a substantial investor with influence over the operations of either of these businesses
unless he has applied to and received leave from a court with appropriate jurisdiction.
….
———————————————————-
…
Which court would it be Dave King applies to Court of Session? or a lower scottish curt?
should RIFC do this before his appointment?
=========================================
http://www.legislation.gov.uk/ukpga/1986/45/section/216
http://www.legislation.gov.uk/ukpga/1986/45/section/120
The 5-year prohibition applies personally to those who were directors of the old club in the 12 months prior to it entering the liquidation process. The affected former directors are:
Andrew Ellis (removed by D&P 01/06/2012)
Craig Whyte (removed by D&P 01/06/2012)
David King (removed by D&P 01/06/2012)
Phil Betts (resigned 20/01/2012)
Before any one of the above named could lawfully become a director of the new club (TRFC Ltd) and/or its holding company (RIFC plc) he would have to apply for leave to do so at the Court of Session.
I detect a change of mood in this weeks columns…perhaps the third estate recognise that we’ve all been here before and if DK is the only answer to the problem then perhaps the problem is terminal…Shields, English and Gibbons in particular more sceptical than I remember – compare to reporting of CW inauguration, for an example, as the good Mrs Logie would say.
Patience is a virtue and I have lots of patience…
ollielogie says: 80 comments
October 13, 2013 at 9:45 pm
I detect a change of mood in this weeks columns…perhaps the third estate recognise that we’ve all been here before and if DK is the only answer to the problem then perhaps the problem is terminal…
=================================================
I’m sure they would all rather have someone ‘clean’ like Jim McColl, but King appears to be the only show in town, so the majority of the media are trying to dress up his baggage almost to the point of portraying him as an innocent man. At least some are asking questions though. Why no-one did with Whyte remains a great mystery.
Any Jambos with an update on the rumours last month that the takeover by the FOH had been agreed in principle and the administrators for UBIG have already consented to a CVA?
Or were these just rumours?
HirsutePursuit says: 425 comments
October 13, 2013 at 9:43 pm
Thank you for the education and the information.
I thank you (and others on this blog and CQN, RTC, PAUL_MCCONVILLE_BLOG) for educating me to the point where I can ask the correct questions.
I do my best to counter the misinformation and disinformation peddled by the MSM and all those followers of the TWO RANGERS (old and new) who continually hypothesize some crazy crack pot schemes.
All time favourites are…..
HMRC will not vote down RFC (IA) CVA.
Somebody from glasgow will buy it off D & P and put money in.
Rangers will get nine loan players from newcastle
Rangers will be hugely profitable in their rise up through the leagues and will have a £25 million pound war chest on entry to the SPL. (Now SPFL premiership).
Finally I must share one of my favourite opinions which seem mightily relevant to Rangers / This Blog and our day-to-day life in general….
“If you see fraud and don’t shout fraud, you are a fraud”
and one more generally as … don’t read the news papers…
… both from Nassim Nicholas Taleb
Angus1983 says: 1161 comments
October 13, 2013 at 5:37 pm (Edit)
john clarke says:
October 13, 2013 at 3:25 pm
… to Francis Gaye …
——
And apparently he died in 1977.
__________________________________________
I think he died a long time before that. A mate of mine wrote a fabulous spoof Francis Gay page for the Strathclyde Telegraph (in about 1974) from the perspective of an urn on top of a mantelpiece somewhere in Dundee, since the original FG had been dead for years even then.
As Scottc says, from the early 70s, Francis Gay, the Hon Man, Merry Mac (and Peter Black of the Weekly News) were all by-lines penned by various unaccredited hacks.
Could have been Jim T, since whoever did it was definitely not a NUJ member 🙂
Yet another saviour of sevco riding to the rescue. That no right minded upstanding supporter would want this individual, or his like, anywhere near their football club is being ignored. It’s not surprising that the people who think they are, welcome any candidate without questioning their integrity.
However, some long term football fans like myself are now sick to the back teeth of the unquestioning and spineless attitudes of our football authorities and msm. I think that my season ticket money will stay put in my bank account next year.
http://www.express.co.uk/sport/football/436527/Celtic-shareholders-want-UEFA-to-probe-SFA-over-Rangers-punishment?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+daily-express-scotland+%28Daily+Express+%3A%3A+Scotland+Feed%29
Eh?
What about the c.s.t proposal to get UEFA to investigate why Rangers* were allowed – by the SFA – to compete in European competitions, whilst they (Rangers*) had outstanding TAX debts and penalties, which had not been paid ?
I see the Express have a piece on the Celtic Shareholders asking the club to ask for UEFAs intervention into the moves last year to accommodate sevco against the rules.
Apologies if this link does not work.
http://ift.tt/GTGEqZ
Palacio67 says: (215)
October 13, 2013 at 11:57 pm
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I see the Express have a piece on the Celtic Shareholders asking the club to ask for UEFAs intervention into the moves last year to accommodate sevco against the rules.
Apologies if this link does not work.
http://ift.tt/GTGEqZ
+++++++++++++++++++++++
Here is the link in full
http://www.express.co.uk/sport/football/436527/Celtic-shareholders-want-UEFA-to-probe-SFA-over-Rangers-punishment?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+daily-express-scotland+%28Daily+Express+%3A%3A+Scotland+Feed%29
and it is a misreporting of the resolution that was presented to the Celtic AGM which was about the UEFA 2011 licence.
There is a legitimate reason behind that resolution which as been set out at
http://www.onfieldsofgreen.com/crystal-myth-the-untold-story-of-the-wee-tax-case/#more-1031
and it will be seen from that that the issue is the SFA’s handling of the wee tax case and the granting of a UEFA licence in 2011. I wonder why the smsm had to put an incorrect spin on the issue?
jimlarkin says: (541)
October 13, 2013 at 11:51 pm
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http://www.express.co.uk/sport/football/436527/Celtic-shareholders-want-UEFA-to-probe-SFA-over-Rangers-punishment?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+daily-express-scotland+%28Daily+Express+%3A%3A+Scotland+Feed%29
Eh?
What about the c.s.t proposal to get UEFA to investigate why Rangers* were allowed – by the SFA – to compete in European competitions, whilst they (Rangers*) had outstanding TAX debts and penalties, which had not been paid ?
================
Exactly. See my previous post and link to On Fields of Green. A deliberate attempt to mislead readers into thinking shareholders had no case to make?
Must have somebody worried.
http://www.dailyrecord.co.uk/sport/football/football-news/hugh-keevins-peter-lawwell-casting-2365795
I apologize if this has been posted.
But FFS shame on Keevins how low can he go.
Why would a truthful action cost TROOPS on the street??
Surely we must have up and coming decent young sports journalist not under the control of Govan?
Thanks Auldheid.
Just wanted to thank you and the other bloggers who have put a lot of work and hours into this.
Well done sir.
Keevins gets his kicks from listening to Celtic and Rangers fans denying that they are obsessed with each other?
There’s a drug that passed me by 🙂
Get help Hugh!
TSFM says: (538)
October 13, 2013 at 2:07 pm
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
My recollection is that never mind the credit facility they had big problems finding a Mainstream Bank to take them on for every day banking facilities and ended up with Metro Bank.
upthehoops says: (549)
October 13, 2013 at 2:16 pm
FIFA says: 385 comments
October 13, 2013 at 2:11 pm
=============================
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!
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
What? That he’s a tight git?
FIFA says: (386)
October 13, 2013 at 7:45 pm
Now that Raith Rovers are through to the Ramsdens Final the search can begin for an alternative venue to hold this at ,if as expected Sevco 2012 win their semi,I say Dens park.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
What about pushing some cash the Dunfermline way?
Carucal says: (24)
October 13, 2013 at 7:59 pm
A few weeks ago I’m sure I saw mention here of Ian Fraser’s blog post about Charlotte 18 and Gavin Masterton http://www.ianfraser.org/gavin-masterton-and-the-riddle-of-charlotte-18/ Early in his post Fraser makes an astonishing statement which I haven’t seen picked up elsewhere.
He states, “Charlotte Eighteen, a shadowy company based in the tax secrecy jurisdiction of the British Virgin Islands, remains the subject of intense interest among Scottish football fans. Allegedly the holding company for the business assets of Gavin Masterton, the former treasurer and managing director of the Bank of Scotland, it looks like it could be the crux to an extraordinary financial scandal at the heart of Scottish football.” [Emphasis is mine.]
I have seen comments on various sites which allude to a story of this magnitude but for a respected journalist to make this statement takes this to a new level. I don’t believe Fraser would say this without firm evidence. Hopefully his investigations will reveal the truth.
Earlier this year I asked one of the journalists involved with the release of information about companies using the BVI to avoid tax if Charlotte 18 were in his database. Unfortunately there was nothing. I note that Ian Fraser is “now collaborating with an investigative reporter who is an expert on corporate abuse of tax havens and hopefully also a professional adviser-turned-whistleblower.” I wonder if it’s the same journalist I contacted. Also I can make an educated guess about the whistleblower although this doesn’t require any inside knowledge.
Masterton has done enough damage to my club. Please let the whole truth be revealed so we can see the extent of his actions beyond my beloved Pars.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
One wonders what assets, other than football ones, Mr Masterton felt the need to salt away behind a cloak of anonymity in a secret offshore location whilst in a senior position at the BoS? All very odd.
torrejohnbhoy(@johnbhoy1958) says: (1068)
October 13, 2013 at 8:15 pm
Carucal says: 24 comments
October 13, 2013 at 7:59 pm
————————————————–
I’m just glad to see that the future for Dunfermline seems to be,in the short term at least,secure.
No fan I know wants to see clubs fold.
The problem I see with fan ownership is this:
The fans who run the club will all of a sudden realise how difficult balancing the books can be and will find out for themselves that,in most cases,the directors didn’t run the club down but by making unpopular decisions actually kept the club alive.
These fans who now own the club however,will now become de facto directors and will find themselves subjected to the same abuse they personally gave the previous regime.
When they find out what it takes to run a club on the breadline and the personal hassle that goes with it,I think you’ll find a lot of them will change their tune.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
You may not subscribe to this view but “ordinary” people can run things too. That includes fans. Otherwise what is the alternative – more Sugar Daddies and the commercialisation of “family values” leading to 4 new strips a year? Where is the football in any of this?
Drew Peacock says: (303)
October 14, 2013 at 1:42 am
8
0
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torrejohnbhoy(@johnbhoy1958) says: (1068)
October 13, 2013 at 8:15 pm
Carucal says: 24 comments
October 13, 2013 at 7:59 pm
————————————————–
I’m just glad to see that the future for Dunfermline seems to be,in the short term at least,secure.
No fan I know wants to see clubs fold.
The problem I see with fan ownership is this:
The fans who run the club will all of a sudden realise how difficult balancing the books can be and will find out for themselves that,in most cases,the directors didn’t run the club down but by making unpopular decisions actually kept the club alive.
These fans who now own the club however,will now become de facto directors and will find themselves subjected to the same abuse they personally gave the previous regime.
When they find out what it takes to run a club on the breadline and the personal hassle that goes with it,I think you’ll find a lot of them will change their tune.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
You may not subscribe to this view but “ordinary” people can run things too. That includes fans. Otherwise what is the alternative – more Sugar Daddies and the commercialisation of “family values” leading to 4 new strips a year? Where is the football in any of this?
————————————————————————
I think fan ownership is a great idea.
I just see problems due to fans demanding expenditure clubs can’t afford.Fans live a dream and a lot don’t care about finances.They demand the club wins and don’t care where the money comes from.Then,when things go belly up,they blame the very folk who they demanded over expenditure from.
Blogs like this have opened the eyes of a lot of fans and the RFC,Hearts,Dunfermline,Gretna etc experience should send out warning signals.
When it comes to your own club,though,those warnings don’t register.
If a fans group can get together and run a club correctly,I’m all for it.
In the end this comes down to whether groups of people can be trusted to act rationally when given responsibility. I remember watching a documentary about American politics in the 1930s that set Edward Bernays methods of PR – which assumed that large groups of people together acted irrationally – against President Roosevelt’s New Deal – which by and large assumed that large groups of people acted rationally.
The case can be made for either. Given recent events it is easy to identify a large group of people acting irrationally south of the river. Bernays – known as the father of PR – would be in his element. But I think that if you actually give people a stake in the future – as fan ownership does – then they will behave more rationally. I have absolutely no fears for Scottish Football under fan ownership.
At the same time, perhaps this points to a reason for the irrational behaviour we have observed from Rangers fans: they have no stake, no power.
Rangers 1872 version could not survive with all the millions pumped into it by a very forgiving bank along with the millions in unpaid tax, the financial benefits from dodgy tax schemes and the cash from European football. What chance does the new version from Govan have of survival even if DK finds a way to divert a few million in readies into the circus?
I see the proposed resolution at the forthcoming Celtic AGM has finally hit the rags, with both the Daily Express and the Record running with it. I’ve only read the Express contribution but they are only telling half the story. They have chosen to concentrate on saying Celtic fans want the board to complain about the new Rangers being admitted to the leagues when the primary purpose of the resolution is the 2011 European Licence awarded to the old Rangers. Without any quotes it says the Celtic Board think this proposal is ‘unnecessary.’
So who has decided to run with this? The story has been freely available in its entirety on the internet for weeks, but today at least two papers are reporting it, which would suggest a person, or group of persons have used some influence. If it was the Celtic Board who influenced the story what benefit would it be to them? It is almost certainly going to put them on a collision course with the majority of the wider support, with pressure from the media for quotes which will cause ructions either way. Or does Jack Irvine see any mileage in the story? This could start to dominate the radio debates and the Celtic support will be utterly condemned by every pundit – there is no doubt about that. Add to that they can report on the almost certain friction between the support and the board and Jack may consider it a nice bit of work.
What sanction do the celtic shareholders want applied to the SFA?
The Celtic AGM story is a classical MSM piece of deflection. Get everyone talking about it. When they are talking about Celtic there is no talk about the spivs. Do not take your eyes off the ball.
Interesting footnote added to the DK statement.
At the insistence of our Nominated Adviser, the Board needs to make it clear, for regulatory reasons, that the Board of directors referred to above is The Rangers Football Club Limited, the wholly owned subsidiary of The Rangers International Football Club PLC. Although we welcome the support of Dave King no decision has been made to appoint him as a Director. There are regulatory matters which would need to be resolved prior to any such appointment. The Directors also expect that in the medium term future, possibly coinciding with the return to top league football in Scotland, it may be in the best interests of the Company to raise further capital. However, there is no requirement for short term funding, and as such neither the Company nor RIFC are actively seeking finance. Nonetheless, we are committed to exploring a future involvement by Mr King in the Club
Not such an optimistic line being taken by The Herald regarding King’s appointment/self-promotion in this piece:
http://www.heraldscotland.com/news/home-news/king-dismisses-claims-his-return-to-rangers-boardroom-is-unlikely.22406425
PS glad the total post numbers have gone from red to green, I thought my red status might have been a reprimand for over-posting 🙂
torrejohnbhoy(@johnbhoy1958) says: (1069)
October 14, 2013 at 6:27 am
3 1 Rate This
Drew Peacock says: (303)
October 14, 2013 at 1:42 am
8
0
Rate This
torrejohnbhoy(@johnbhoy1958) says: (1068)
October 13, 2013 at 8:15 pm
Carucal says: 24 comments
October 13, 2013 at 7:59 pm
————————————————–
I’m just glad to see that the future for Dunfermline seems to be,in the short term at least,secure.
No fan I know wants to see clubs fold.
The problem I see with fan ownership is this:
The fans who run the club will all of a sudden realise how difficult balancing the books can be and will find out for themselves that,in most cases,the directors didn’t run the club down but by making unpopular decisions actually kept the club alive.
These fans who now own the club however,will now become de facto directors and will find themselves subjected to the same abuse they personally gave the previous regime.
When they find out what it takes to run a club on the breadline and the personal hassle that goes with it,I think you’ll find a lot of them will change their tune.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
You may not subscribe to this view but “ordinary” people can run things too. That includes fans. Otherwise what is the alternative – more Sugar Daddies and the commercialisation of “family values” leading to 4 new strips a year? Where is the football in any of this?
————————————————————————
I think fan ownership is a great idea.
I just see problems due to fans demanding expenditure clubs can’t afford.Fans live a dream and a lot don’t care about finances.They demand the club wins and don’t care where the money comes from.Then,when things go belly up,they blame the very folk who they demanded over expenditure from.
Blogs like this have opened the eyes of a lot of fans and the RFC,Hearts,Dunfermline,Gretna etc experience should send out warning signals.
When it comes to your own club,though,those warnings don’t register.
If a fans group can get together and run a club correctly,I’m all for it.
=================================================================
nowoldandgrumpy says: (730)
October 14, 2013 at 7:45 am
5 0 Rate This
Interesting footnote added to the DK statement.
At the insistence of our Nominated Adviser, the Board needs to make it clear, for regulatory reasons, that the Board of directors referred to above is The Rangers Football Club Limited, the wholly owned subsidiary of The Rangers International Football Club PLC. Although we welcome the support of Dave King no decision has been made to appoint him as a Director. There are regulatory matters which would need to be resolved prior to any such appointment. The Directors also expect that in the medium term future, possibly coinciding with the return to top league football in Scotland, it may be in the best interests of the Company to raise further capital. However, there is no requirement for short term funding, and as such neither the Company nor RIFC are actively seeking finance. Nonetheless, we are committed to exploring a future involvement by Mr King in the Club
============
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
I take it both posts actually mean – THE COMPANIES !?
Statement on AIM
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=RFC&ArticleCode=vp4o8r2w&ArticleHeadline=Statements_by_Craig_Mather_and_David_King
nowoldandgrumpy says: (730)
October 14, 2013 at 7:45 am
Where is the club in all of this?
From today’s article in the Herald- please note, written by a proper journalist,, Martin Williams, not a lamb addicted sports hack.
“City sources are said to have advised there “is absolutely not a hope” Aim would accept Mr King as a director.”
Which ties in nicely with RIFC’s own statement. I think we can safely conclude that the latest Nomad has slammed the door of the Blue Room firmly in King’s face.
You then have to wonder what the doubtless very expensive trip to South Africa by Mather and Stockbridge was really all about, since the company doesn’t really need money- allegedly.
I seem to detect the unmistakeable aroma of desperation coming from the general direction of Ibrox. Where will our two heroes fly to next- Dubai? Singapore? Let me offer a suggestion. There’s a man with big hands in a chateau in France who knows where to go for an unsecured cash injection- but his advice won’t come cheap, and neither will the cash injection. Mr Rizvi, for another Wonga loan? As Interpol’s “most wanted” he certainly seems to have the pedigree to join (or is that rejoin) the Ibrox 5 ring circus. This shower are in deep trouble, that’s a certainty.