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.
The wrongdoing at RFC & the current shenanigans at Sevco are the responsibility of the owners of those clubs. It’s a bit rich to blame every other club for corruption within the governing bodies (SPL, SFA, SFL, UEFA). This only reinforces the sense of entitlement within the sevco support and enhances their ‘victim’ status. (‘If only the SFA had blocked CW’s takeover’ or ‘It’s all Lawell’s doing’).
Aberdeen, St Mirren, Arbroath, Celtic, or Stenhousmuir didn’t rig the market with a DOS, they didn’t pay players ‘off the books’, they didn’t bring enormous pressure to bear on referees and officials in order to influence outcomes on an industrial scale, they haven’t accused people, who are simply doing their job, of ‘trying to destroy their club’, they haven’t routinely threatened journalists for reporting facts, they haven’t pandered to the lowest element of their support in order to threaten regulators, they haven’t attempted to undermine competitive integrity by trading whilst insolvent.
It’s good to see that on group of supporters is trying to pull back the curtain of shame which protects sevco, but the fact is that this is what a free press is supposed to do!
Whilst people try to blame each other from their personal moral heaps, the real offenders; SDM, CW, CG and the rest of the Hole in the Wall Gang are getting off Scot free.
I don’t buy this as part of any plan, this is part of something falling apart.
Squeaky bum time for Mr Stockbridge! But who will count the fivers for the Easdales if he goes?
From KDS:
“Probably nothing but I notice both Newgate Threadneedle and Mediahouse are not mentioned in todays announcement”
Has Jack gone also ❓
Davythelotion
Cerdan
“This is what a free press is supposed to do”
Exactly. So why not? Are they not free? Are those who are supposed to inform and enlighten so used to succulent gravy they are prisoners of lies?
On LNS. If the Crystal Myth article is inaccurate you would think by now that the inaccuracies would have been identified. You would also think that the side references to LNS would have been picked up by msm and investigated.
The lack of focus on the SFA by journalists astounds me, as does their inability to look at the structures and relationship between SFA and the league which leaves holes to drive past the intent of their rules.
Also the part that CL money is playing in the ruination of our game. In a way I do not blame Rangers for taking a chance on always being title winners in able to survive, but look what happens when the CL tap is turned off.
Clubs should not be in the position of taking life or death decisions in an industry totally dependent on clubs not dieing if they lose. It is the height of stupidity but smsm encouraged it whilst supporters were blind to the consequences.
Well we have all woken up now and what is needed is an honest examination of the flaws in our game and a reconstruction on how it is run.
The SFA should be the servants of clubs who are accountable to their shareholders, not Masters of our game. They have shown themselves to be unfit for purpose in that role both at individual and constructual levels and the latter does not help the former.
Oh last point, the pot is starting to simmer on LNS and DOS.
willmacufree says:
October 15, 2013 at 9:42 pm
… the ’67 EC Final. I always thought that was a red letter day for fitba’ in my country: obviously not, or maybe you were too young?
——
I was one and a half at the time. I did see Jimmy Johnstone in a testimonial at Pittodrie once, though (Joe Harper’s maybe?). And Kenny Dalglish too – he was utterly outstanding, even in a friendly at that late stage of his career. I was the kid standing outside afterwards getting all these guys’ autographs on my programme. 🙂
—
In your opinion will the fans of your club, or any others get together to force a crux at Mount Florida, as in past dealings with SPL and SFL? Or as I suspect are CFC out on their own?
—
I’ll be highly surprised, nay shocked, if Wiggy Milne has anything at all to say on any relevant matters until absolutely forced out of his cosy pre-fab shell.
A previous poster has highlighted that the demise of the establishment club is a rare opportunity for clubs to compete in Europe, and genuinely compete for domestic trophies. Whilst Celtic have an advantage over the rest of Scottish football, the fact that they are committed to running a sustainable set of accounts means that other clubs can grow their businesses in a sustainable way.
The days of the ‘spend a fiver, spend a tenner’ Tore Andre Flo panic buys are hopefully gone forever.
To lose one CEO is unfortunate, to lose two CEO’s is careless but to lose three within a year??
So Ally, who next are you going to cosy up with and say nice things about only to change your mind about once they are out the door?
Sevco are a joke of a club but definitely pure comedy gold. I wonder what’s in the next instalment.
davythelotion says: (156)
October 16, 2013 at 8:58 am
The wrongdoing at RFC & the current shenanigans at Sevco are the responsibility of the owners of those clubs. It’s a bit rich to blame every other club for corruption within the governing bodies (SPL, SFA, SFL, UEFA). This only reinforces the sense of entitlement within the sevco support and enhances their ‘victim’ status. (‘If only the SFA had blocked CW’s takeover’ or ‘It’s all Lawell’s doing’).
Aberdeen, St Mirren, Arbroath, Celtic, or Stenhousmuir didn’t rig the market with a DOS, they didn’t pay players ‘off the books’, they didn’t bring enormous pressure to bear on referees and officials in order to influence outcomes on an industrial scale, they haven’t accused people, who are simply doing their job, of ‘trying to destroy their club’, they haven’t routinely threatened journalists for reporting facts, they haven’t pandered to the lowest element of their support in order to threaten regulators, they haven’t attempted to undermine competitive integrity by trading whilst insolvent.
It’s good to see that on group of supporters is trying to pull back the curtain of shame which protects sevco, but the fact is that this is what a free press is supposed to do!
Whilst people try to blame each other from their personal moral heaps, the real offenders; SDM, CW, CG and the rest of the Hole in the Wall Gang are getting off Scot free.
______________________________________________________________________________
With the exception of the referee bit, everything you say above is correct. Which is why people are angry not just at the offenders, but at those who had in in their power to do something about it – but looked the other way.
It certainly appears that the other clubs have been complicit through their inaction as farce after farce played itself out over rules being made up, lexicons invented, definitions distorted, and individuals and SFL clubs threatened. If they have not been complicit, then why has the process been so opaque? If the other clubs have acquitted themselves with honour and integrity, it seems to me we have no option but to accept that we have been spectacularly wrong about this all along and that the whole process was carried out according to the rules and no favours were granted.
Alternatively, we can accept that when money is at stake …
I hope I am wrong in this, but my fear is that the press stories about the Celtic AGM are no squirrel at all, more like the beginning of a campaign to marginalise those who put the resolution forward, and to ultimately brand them as fanatics divorced from the SPFL “reality” in advance of a summary disposal of the resolution.
There have already been attempts to do just that on here. That is the real squirrel – playing the man, accusing those who disagree with accepted wisdom of not being “real” fans, characterising folk as being subversive.
Celtic fans have been correctly congratulating themselves over their own effective radical past, and their scepticism and distrust of those in authority which ultimately helped to save their club. They have pointed out the contrast between their attitude in the 90s and that of the Rangers fans in the last two years. But now the motives of those questioning the SFA conduct over Rangersgate are subversive?
One up to the “two cheeks” argument.
I think that a healthy scepticism of authority is very much in the spirit of this blog. Asking questions and attempting to hold people to account are not by any stretch definitions of subversiveness – especially when answers just refuse to appear.
Cheats, fraudsters and liars are getting away with it as we all watch, astonished, and nothing is being done to redress that imbalance. Even worse, nothing is in place to ensure it can’t happen again. We are currently going through round two of the RFC/TRFC saga, a process unhampered by governance or regulation. Goverrnance is off the agenda completely when it suits, because the SPFL is not a publicly accountable body.
The only thing that has been effective in favour of the good guys thus far is the threat of SBs not being renewed – and that is the only thing that will be effective in the future.
People will of course see the logic in these arguments, and yet still decide that the pull of their club loyalty is too great. I have no issue with that other than this.
Whatever else happens, I wish they wouldn’t call it sport.
Danish Pastry says: (1572)
October 16, 2013 at 8:20 am
So Mather invested £1m and now he is just going? Doesn’t add up.
With 900,000 shares and whatever salaries and bonuses he’s accrued, has he turned a profit? Enough for a modest chateau?
…………………………………………………………………………………………………………………………………………………………………….
Danish. I think I recall that a recent breakdown of shareholding indicated that Mather had 1.8M shares. Didn’t he get 900K at the IPO flotation price and 900K at 1p each? Not sure if I’m right on this, perhaps someone else can confirm or otherwise?
Stability, about as much an over used word as dignity down Ibrox way.
Looking forward to seeing how Jack puts a spin on this.
Someone is working Mather from behind the curtain. King? Charles of Normandy? Craig of Motherwell.
Only thing to do is stay tuned.
James will have to count them himself, SE. He’d be the only one left there. They’d maybe get one of their clippies in to keep the cash in a leather satchel
I agree with you BTW. It’s all falling apart now. When BS goes, we will know the money has gone
What about the court case today, will it still go ahead?
Big Pink says: (100)
October 16, 2013 at 9:48 am
******
We are currently going through round two of the RFC/TRFC saga, a process unhampered by governance or regulation. Goverrnance is off the agenda completely when it suits, because the SPFL is not a publicly accountable body.
*******
It is precisely because of the lack of effective oversight and transparent governance, that Sevco find themselves in the utter shambles they’re in! Had someone at oldco listened to George Adam, the brakes would have been applied to what became a runaway train. Instead a bitter obituary confirmed the notion that ‘…a prophet is not welcome in his own country’. If the SFA had scrutinised the accounts, as they are supposed to do, the regulatory infractions could have been nipped in the bud, instead Sandy Bryce contorted his ethics to accommodate the clearest example of rule breaking ever seen in Scottish football. Had a journalist refused the lamb, or at least supped with a long spoon….but look what happened to Ian Archer.
As far as being complicit, I bought the newspapers that conspired to cover up the omnishambles, I listened to the phone-ins where people who raised reasonable concerns where called ‘paranoid’ ‘motivated by hatred’ ‘ignorant’ or worse.
I no longer buy those papers, I no longer listen to those phone-ins, I will never attend a match involving sevco. I will support my own team and challenge those who would try to drag us down the ‘spend, spend, spend’ road.
TSFM
I think you are being over-cautious, but can understand.
Hmmpph. Bus analogy.You wait for ages then three CEO’s come and go in a twinkling! 🙄
Auldheid your tireless energy in seeking veracity is highly laudable.I salute you .
Craig Mather has seen the end of the road – it’s a dead end, with AGM written on it.
With nothing left to do and little left to grab
what other advice or instruction would Charles Green or Craig Whyte or David Murray give him ?
Except ‘Go!’
nowoldandgrumpy says: (733)
October 16, 2013 at 9:57 am
What about the court case today, will it still go ahead?
=====================
Is there enough money left to defend the case,or will there be a settlement?.
Pardon my naïveté, but what is the take on Mather’s departure?
Is he just the first to jump ship with a generous severance package before turning up in a Swiss Chateau with trophy blonde on each arm, or
Is he the first to jump ship because the Murrays are coming for him, or
Is he the first to jump ship because administration (or worse) is imminent?
Or is he just the latest in a long line of scapegoats?
Does anyone have an idea when the AGM at ibrokes will take place?
I seem to recall JC telling us the judge said it must happen before end Dec. I’m just curious how many home games they have between now and then. Let the demos begin….
I don’t think Mather and or Smart’s resignations are random or caused by anything other than being part of Craigie’s master plan. (My immediate thought on hearing the news was wondering what Mather’s personal severance package was agreed at because he wouldn’t have jumped without it – I suspect it is generous and wish one of the hacks had asked this question this morning.)
We’ve witnessed what seems to be a roller-coaster but it was really just a group of asset stripping pros coming in with nothing much more than experience, some dodgy friends including Mafia House and a credit line when needed to Imran’s Mum.
Craigie’s blueprint has weathered many storms and I think they’ve pretty much succeeded.
Together they’ve extracted more meat from the Rangers carcass (and the fans) than Lawsons of Dyce used to do from pigs when making sausages and now they are simply in the process of leaving with full value for their penny shares and every carpet-baggable asset except for anything that might turn into an overhead.
The only thing to decide now is whether it will be Third Rangers that crawls out as another new club from this slow motion train crash or Second Rangers who somehow manage to hang on.
Either will need pound notes a plenty from their fans especially rich ones.
There will be lots of overheads to pay and assets to buy back or rent.
Joburgbhoy
Let the demos begin…
—————————————————
Not much left to demonstrate against Joburg……only two left on the board!
Just Stockbridge from the original spivs left.
Question is,when he goes will the spivs have taken the property assets with them?.
Who’ll join the board?.
For a guy who failed 1st time round and hasn’t invested a bean this time,Paul Murray sure makes a hell of a lot of noise.
You know what they say about empty vessels!
Finloch says: (195)
October 16, 2013 at 10:42 am
__________________________________________________________________
I can’t believe they can go down the liquidation route again. The authorities couldn’t stand by as the history was bought and sold (again), and respond by making up more new rules to enable a transfer of membership (again), allowing the new new club to Double-TUPE and leapfrog poor old Cove Rangers, (who will perhaps be renamed Havisham Ranger-ed).
Could they?
Big Pink says: (103)
October 16, 2013 at 10:49 am
Finloch says: (195)
October 16, 2013 at 10:42 am
__________________________________________________________________
I can’t believe they can go down the liquidation route again. The authorities couldn’t stand by as the history was bought and sold (again), and respond by making up more new rules to enable a transfer of membership (again), allowing the new new club to Double-TUPE and leapfrog poor old Cove Rangers, (who will perhaps be renamed Havisham Ranger-ed).
Could they?
_____________________
Yep!…
They sure could…
Maybe today’s court case will see the end of the Green era and BS will put out the lights at close of business today?
It would certainly make sense for them if the New BKs look to be wining the AGM war. In that case though, wouldn’t the leaseback scenario be less likely?
So is Stockbridge the last of the original Spivs standing? So much for we don’t do walking away. 😆
If he’s still there at the end of the day, I’ll be surprised. Especially if Mr Ahmad gets a bit of cash ringfenced.
A man fell off a 19 storey building and at each floor he yelled out ‘Ok so far” then he hit the ground.
We are currently at the 4th floor and all is still OK..
This time a stake has to driven through the heart. It is the only way to ensure death.
Not a huge fan of Phil McG as such, but credit is due for his prescient “Rangers will eat themselves” thing.
Equally prescient is the discography of Pop Will Eat Itself which includes such gems as;
Def Con One,
Wise Up! Sucker,
and most fascinatingly,
Ich bin ein Ausländer
On a positive note ,congratulations to the fans at Dunfermline Athletic FC who have saved their football club.
They acted and got a result.
As MSM goes, I think this is a pretty fair summary of current events in the Govan area…
http://www.bbc.co.uk/news/uk-scotland-scotland-business-24518257
– I like the reference to “unforced errors” – I must remember that one.
Big Pink says: (106)
October 16, 2013 at 11:07 am
0 0 i
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Not a huge fan of Phil McG as such, but credit is due for his prescient “Rangers will eat themselves” thing.
Equally prescient is the discography of Pop Will Eat Itself which includes such gems as;
Def Con One,
Wise Up! Sucker,
and most fascinatingly,
Ich bin ein Ausländer
===========================================================================
First line of the above fine choon is
“ten to doomsday, moving fast”
The case for the prosecution rests, M’lud.
ianagain says:
==============================
It intrigues me when people talk about Dave King investing £20m into the club. Ignoring the obvious question of why would he want to £20m into this incarnation of the club which was trading at a £14m annual loss it doesn’t even make arithmetic sense.
If there are 35,000,000 shares available for sale and they have a further issue for all of those I can’t really see how they would be sold for more than the current market value. That is slightly under 50p per share so if he bought all of them that would be about £17.5m, minus any costs which go with that.
Bearing in mind it would also dilute the existing shareholders stake in the club by about one third.
It wouldn’t solve the current problem but it could just see them getting to the SPL, if they were willing to run at the same level of losses for two season (the current one plus the championship season).
That would get them to the SPL but with no money and I suspect a business model which would still be unsustainable.
Somthing has to give and they need another fresh start. Building from the ground up
jimlarkin says: (554)
October 16, 2013 at 8:28 am
Quantcast
slimshady61 says: (270)
October 15, 2013 at 5:40 pm
45 25 Rate This
TSFM
The point will become clear after 15 November. If the shareholders of Celtic do not support the motion put forward, and I as one will not be supporting it, I await the acceptance of those on here such as Auldheid that the matter has been democratically considered and voted upon and is at an end. If they do not accept that then they are no better than the current board of RIFC who believe they are above the law.
No one as yet has put forward one iota of evidence to show any wrongdoing or malfeasance by the Celtic board or any one of its directors. Until such evidence is forthcoming, the shareholders cannot be expected to vote based on hearsay or supposition. The directors face personal liability and recourse to the courts if they fail to discharge their duties in accordance with the Companies Act.
Again I invite anyone with evidence to bring it forward and present it for consideration. I made the same invitation last year between March and July on RTC when all and sundry were assuring us that Celtic were tacitly working for the fast tracking of Sevco into the SPL. No one came forward, unsurprising because there was no evidence to support such a fantastical notion. Events proved that at the time.
Today we have comments such as “I know Celtic were complicit …” dotted all over the place. Well if you know that, how do you know it and and where is your evidence to support your knowledge?
If you think that asking these sort of questions TSFM is lowering the tone of this site, then you and I disagree on how best this site can maintain its credibility, one of your stated aims.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Celtic were complicit.
They sat on their hands and did nowt.
Nero fiddled while Rome burned…
Celtic ‘allowed’ the great switcheroo.
Proof…why did Celtic not challenge the ‘secret’ 5 way agreement?
Why did Celtic not challenge the remit of the LNS enquiry ?
Why did Celtic not challenge ‘bryson’s’ interpretation of the rules?
Why did Celtic not say anything about the Discount Option Scheme / dual contracts / shredding?
Are you perhaps involved with the Celtic board or perhaps their advisers?
A legal challenge to the muppets – who will continue to throw cash at Celtic no matter what
. . . Because they can’t see the wood for the trees !?
Go to phil macG’s site. . .he has evidence to put forward.
If you see an unlawful act being committed and you neither challenge the offender or report the offender
. . .are you complicit ?
Celtic sat and watched and said nothing
+++++++++++++++++++++++
Jim
I understand where you are coming from but I think you overestimate Celtic;s power and reach. They are but one club in an interdependent industry and so cannot act without upsetting the balance needed to keep that industry alive. The trick is to get change without pulling down the whole house of cards.
I have no doubts that at a personal level individuals at the club thought and felt as the support, but were constrained in what they could do.
If the aim of the 5 way was to keep Rangers in the top tier and Celtic agreed with it, why did they promote the sporting integrity argument in the best way that they could? Privately this would have been in discussions with other clubs and no doubt supporter pressure was a huge influence there, but in the lead up to the vote, in the public arena of cybrerspace, there was much debate on the issues and the argument that sporting integrity was paramount, which influenced supporters, was a key factor.
One of the mediums that some think that Celtic use to get a message across that they cannot make directly is CQN and in March 2012 not long after Rangers went into administration and when the debate was starting to accelerate this article appeared in CQN.
http://www.celticquicknews.co.uk/?p=8237
It was all about national associations doing their job (something Platini seems to have forgotten about) but I know for a fact the background to its CQN appearance. I am reluctant to spell out chapter and verse for fear of setting another squirrel running, but based on the appearance of that article and how it got there, Celtic were not sitting doing nothing.
They are between a rock and a hard place and it is the rock that needs removing.
This is not to say I will not join your camp and do a Mathers/Green/Imrahn etc , the business is still unfinished, but the end times are coming to this saga.
Does anyone have a copy of Mather’s statement?
Just gonna check the LSE site re shareprice.
No effect on the shareprice yet, but no chairman, no ceo. What next?
BroguesRoguesAndILikeThePogues says
======================
No FD ?
BroguesRoguesAndILikeThePogues says:
Does anyone have a copy of Mather’s statement?
Just gonna check the LSE site re shareprice.
No effect on the shareprice yet, but no chairman, no ceo. What next?
_____________________________________________________________________________
Straight from [] mouth….
http://www.rangers.co.uk/news/headlines/item/5288-chief-executive-steps-down
Company Rangers Int. Football Club PLC
TIDM RFC
Headline Directorate Change
Released 07:00 16-Oct-2013
Number 5972Q07
RNS Number : 5972Q
Rangers Int. Football Club PLC
16 October 2013
16 October 2013
Rangers International Football Club plc
(“Rangers”, the “Company” or “Club”)
Directorate Changes
The Company announces that, by mutual consent, the Chief Executive, Craig Mather, has resigned from the Company with immediate effect. The Company also announces that Non-Executive Director Bryan Smart has resigned from the board with immediate effect. The Directors would like to thank both Craig and Bryan for their contributions to the Club.
As a matter of priority, the Company, working with its advisers, will now seek to strengthen the Board, both to meet the standards required for an AIM company, and to achieve stability through a consensus amongst major shareholders, which can then be considered by all shareholders at the Annual General Meeting.
For further information please contact:
Rangers International Football Club plc
Brian Stockbridge
James Easdale
Tel: 0141 580 8647
Daniel Stewart & Company plc
Tel: 020 7776 6550
Paul Shackleton / James Thomas
rantinrobin says: (411)
October 16, 2013 at 11:15 am
Indeed. However the more cynical among us might say, what’s to fear about Liquidation, what’s to fear about Administration? Hearts, for example, enjoyed considerable success, fielding a team they could not afford. Yes they’ve got a 15 point penalty, but even if they’re liquidated the SFA have demonstrated that ‘assets can be purchased’ and ‘membership’ transferred.
This is the real issue. Teams have bought their way to success, recklessly, but there appears to be no, ultimate sanction.
Dunfermline have steered their way away from further trouble, and great credit to their fans, Hearts however look like becoming Sevco II – and there is where the danger lies.
Third man.I take your point but the pride that Dunfermline fans now have in assuming control without reliance on ‘saviours’ points to a new direction which is refreshing to say the least.
TheLunaticFringe says: (15)
October 16, 2013 at 11:27 am
As MSM goes, I think this is a pretty fair summary of current events in the Govan area…
http://www.bbc.co.uk/news/uk-scotland-scotland-business-24518257
—————————————-
I seems that the BBC does listen. The piece first went up on Monday saying that criminal proceedings against King “had been dropped”. I complained on the grounds of gross factual inaccuracy and it now says they “have been brought to a close”.
A small victory, but every little counts.
The two Rons seem to be firming up their position, wonder what they paid for Mr Ahmad’s shares?
“Peter A Smith @PeterAdamSmith 15 Aug
STV News understands Sandy Easdale bought 1.2million shares in Rangers today and Imran Ahmad is the seller. More on STV News at 6 next.”
It would just be too good if we saw a triumphal return of Mr Green, for one more dip in the pool?
Auldheid says: (966)
October 16, 2013 at 11:31 am
_____________________________________________
As ever, a calm and reasoned approach. I think Jim is hurting very badly and the emotions can run away with you at times, but I think his hurt is caused less by what he sees as his club’s failure to put a stop to this nonsense, and more that they have not been seen to try.
I think if clubs make it clear that they are against the kind of corporate malfeasance we have seen demonstrated at Ibrox AND Hampden, the fans would largely be onside. of course the clubs’ subsequent response if their protests had gone unheeded would be a different and I think even more complex argument.
It is one thing sticking up for sporting integrity but there are literally hundreds of people’s jobs on the line if you refuse to be part of such a setup.
For now though, my own sense of frustration is not borne out of my club’s failure to prevent what happened last summer and since, but at their apparent disinterest and public silence. Maybe they are playing an honourable and sensible part here, but I have no way of knowing for sure, and the obvious inference with has been arrived at y many of us is not an unreasonable one IMO
thirdmanrunning says: (95)
October 16, 2013 at 11:42 am
Hearts however look like becoming Sevco II …
……
Plus ca change …
Auldheid says: (966)
October 16, 2013 at 11:31 am
How did that intervention by Platini go btw?
Also could we just stop with the plan is working/they had it all planned.
This is a fecking car crash in the fast lane of the motorway. No way is any of this orcastrated or planned, they are merely bumping along from one mishap to the next. They are making it up as they go.
IMHO some of these things wouldn’t be happening if it wasn’t for sites like this and KDS etc. These sites are giving ordinary fans the infor, so long denied, that is enabling us to challenge the MSM. Look how the MSM story has changed over the last few months, they know ppl aren’t buying their Media House led nonsense.
But be careful and don’t end up as bad by propagating our own useless and innacurate information.
This was never the plan and the wheels came off the bus long long ago.
Some good news,
Scott McClymont @mcclymontscott 9m
Dunfermline Athletic exit administration as Pars United complete purchase http://bit.ly/GQUomh
Do I recall Mather stating that sale and leaseback of the House of Horrors and the massively successful Conveyor Belt of Talent wouldn’t happen while he was in charge?
Best not tell the Bearmacht he’s, er, left the building then. 😈
thirdmanrunning says: (95)
October 16, 2013 at 11:42 am
‘..but even if they’re liquidated the SFA have demonstrated that ‘assets can be purchased’ and ‘membership’ transferred. ‘
—–
Exactly. And that is the enormity of what the SFA has done: they have destroyed any moral or legal authority to make or apply enforceable rules, and the present Board must, absolutely MUST, be forced to stand down.
Just as Mather’s board has destroyed itself by its unwillingness and inability to see that the governance of a company requires integrity of the highest order rather than short-term barra-boy opportunism, so the SFA board has destroyed its credibility as any kind of fit-for-purpose governing body.
The Scottish game will die if this Board is not replaced, and soon!
Delicious juxtaposition of headlines on the TRFC website page announcing CM’s departure.
The Dream : “Peralta Bound For Brazil”
The Reality : “Brechin Travel Advice”
Scottish Football needs strong Angus winds this weekend.
I just emailed my Pars fanatical lawyer to celebrate the successful end to their nightmare.
I’m pleased for the Pars and their fans even though their hard work just starts now.
No magic bullet, no sugar daddy with wealth off the radar and no Masterton.
The club has come out of it all with dignity and honour.
Real dignity and honour and humility not just MSM rhetoric.
Contrast East End Park with Ibrox.
If Bryan Jackson had been given the Rangers job I believe the blue team would now be in a better place.
Sure there would have been more short term casualties and early pain but they’d now be on sustainable tram lines rather than the sad cash devouring slow train crash entity they have become.
And well done Bryan Jackson (and team). You should be made an honorary freeman of the club if such a thing exists.
Torquemada says: (24)
October 16, 2013 at 10:57 am
So is Stockbridge the last of the original Spivs standing? So much for we don’t do walking away. 😆
If he’s still there at the end of the day, I’ll be surprised. Especially if Mr Ahmad gets a bit of cash ringfenced.
———————————————————————
This has put my brain cell into overdrive.
If Stockbridge walks what happens?.
Who’s left to run the place,pay the bills,organise the court cases,AGM, etc.
What happens if there comes a time when there are no active directors?.
Torquemada says: (24)
October 16, 2013 at 12:16 pm
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Do I recall Mather stating that sale and leaseback of the House of Horrors and the massively successful Conveyor Belt of Talent wouldn’t happen while he was in charge?
Best not tell the Bearmacht he’s, er, left the building then. 😈
——————————————————————————————————————————————-
If I were a Sevco fan, one of the few people I would “trust” (I know) would be P Murray. Regardless of his prior involvement with RFC and his obvious dereliction of duties there, I think he has shown consistently that he does care about the old and new clubs.
What got my attention the other night on Sportsound wasn’t his feeble attempts to portray D King in a positive light, but his continued suspicion of the men behind Blue Pitch and Margeherita holdings and I’m sure he mentioned something about his hopes that Ibrox would be protected going forward.
To me this suggests he is very aware and fearful of the spivs last hand in this game
eddie rice says: (33)
October 16, 2013 at 12:11 pm
Auldheid says: (966)
October 16, 2013 at 11:31 am
How did that intervention by Platini go btw?
+++++++++++++++++++++++++
Funny you ask. I was thinking after rereading the article how Platini’s statement stood up against UEFA’s acceptance of the SFA case that allowed a UEFA licence to be issued.
This is why UEFA would not welcome an enquiry as it would demonstrate that at the first time of applying UEFA FFP rules they got it wrong.
God I feel like a conspiracy addict, but I have seen the e mails that refer to UEFA’s agreement.
Well another CEO has gone and just as filming of this years edition of Only an Excuse begins. I really hope Johnny Watson rips into them and pushes the envelope of how much the lawyers will allow. Its pure comedy gold and the production team will all know it 🙂
torrejohnbhoy(@johnbhoy1958) says: (1076)
October 16, 2013 at 12:29 pm
This has put my brain cell into overdrive.
If Stockbridge walks what happens?.
Who’s left to run the place,pay the bills,organise the court cases,AGM, etc.
What happens if there comes a time when there are no active directors?.
I was thinking the same, is this another way to delay the AGM. Can they legally hold an AGM with only two directors? Or only one if Stockbridge walks too?
Extra time to rip out more cash?
Joethebookie says: (14)
October 16, 2013 at 12:45 pm
The bears seem to waking up to the fact that if Mr Stockbridge goes now, then AIM will suspend trading. fair play to Phil Mc they are indeed eating themselves….
Auldheid says: (967)
October 16, 2013 at 12:37 pm
Sorry about the sarcastic comment Auldheid, it’s just that I’ve seen a few article’s by Paul67 , among others where we are assured things are happening that we have no knowledge of. As time passes and nothing happens the subject is never re-visited by the writher which, if I’m honest, pisses me off somewhat.
Many apologies if already posted (I’m at work and being a Co*sty i.e. “One who acts in an underhand way in order to deceive and deflect.” Just in case my manager is watching.
RANGERS Chief Executive Craig Mather has issued the following statement today.
He said: “Rangers Football Club is a 141-year-old institution built for success and along with the Board of Directors, I am determined to conduct business with honour, dignity and integrity. The men who created this great club would expect no less.
“During my time as a main investor and now as Chief Executive, I have learned about the club’s rich history and proud traditions.
“So it is with deep regret that I find I must address the recent frenzy that has surrounded this great club.
“Again there are those attempting to bang down the doors simply because they feel they should be inside before any others and for no good reason other than self gain and arrogance.
“It doesn’t matter to them that they have not invested or helped the club, or that they failed to make even a remotely credible attempt to save this fantastic club in its darkest hours.
“Not a single one of them stepped forward willing to invest their own money. Yet now they think they can waltz into the club.
“This club needs commitment and unity. It does not require the type of people who stood back and did nothing when Rangers were in trouble.
“Now, as Rangers has been climbing on to more solid ground and as the fans are heartened by what they’ve seen, these men emerge from the shadows with empty promises. They should be ashamed.
“It is surely no coincidence that they waited until the signs are positive and strong.
“Ally McCoist has enjoyed a positive pre-season programme, we have added eight new players to the squad to get Rangers back to the top flight and more than 34,000 supporters have bought season tickets for the new campaign.
“There was a positivity and excitement ahead of the new season and this was heightened by last weekend’s victory and slick performance against Albion Rovers.
“It is therefore disappointing that once again we are distracted by non-football matters that do nothing but destabilise this club.
“Rangers fans are well aware that there have been various people trying to grab pieces of their club for years now and to force themselves into positions of power.
“However, all they have ever done and continue to do is have a negative effect when I and the other directors are trying to focus totally on taking Rangers back to the pinnacle of Scottish football.
“It is a difficult task and yet again we are seeing people attempting to make it impossible.
“But we will not be defeated, I certainly won’t, and we will meet this latest ill-considered and ill-timed challenge head on.
“Let me stress that I, as Chief Executive, a position I am privileged and honoured to hold, and all of the other directors are firmly behind Ally McCoist and his team as we embark on stage two of our journey
“I urge all of our fans not to listen to rhetoric or empty promises and continue to support the manager and those of us who do genuinely have Rangers’ best interests at heart.
“Everyone is entitled to an opinion, including Charles Green. But what I want to make clear is this: Backing the manager and the playing staff in their quest to restore Rangers’ fortunes is critical to our ambitions.
“That and resolving to stand firm against anyone who would drag Rangers down in their selfish desire to promote themselves.
“This great club is bigger and more important than any of them, or any other individual.”
Personally I stopped reading after the first sentence, that was enough.
This was posted on KDS by a poster called Jungle_G. It’s too good not to share! 😆
torrejohnbhoy(@johnbhoy1958) says: (1076)
October 16, 2013 at 12:29 pm
4 0 Rate This
Torquemada says: (24)
October 16, 2013 at 10:57 am
So is Stockbridge the last of the original Spivs standing? So much for we don’t do walking away. 😆
If he’s still there at the end of the day, I’ll be surprised. Especially if Mr Ahmad gets a bit of cash ringfenced.
———————————————————————
This has put my brain cell into overdrive.
If Stockbridge walks what happens?.
Who’s left to run the place,pay the bills,organise the court cases,AGM, etc.
What happens if there comes a time when there are no active directors?.
===================================
The administrators surely 💡
There will be a pay-off to the departing CEO. A years salary?
nowoldandgrumpy says: (733)
October 16, 2013 at 9:57 am
What about the court case today, will it still go ahead?
——————————————————————————————————
I had a look at http://www.scotcourts.gov.uk/rolls/supreme/lists/r131010_034.htm and also noticed a case in front of Lord Woolman which is “P1011/13 Pet: G Masterton &c for an order under par 74 of Schedule B1”
Para 4 Schedule B1 has to do with paying administrators and according to practical law “The level of the administrator’s costs can be challenged under paragraph 74 of Schedule B1 (see What can I do if the administrator is doing a bad job? below), or through the creditors’ committee (www.practicallaw.com/9-382-5462) if there is one”
http://uk.practicallaw.com/7-385-3012?sd=plc
Masterton skint? (If it is the former Dunfermline employee)
Whilst browsing the Companies House website this morning I thought I would just check on Sevco 5088.
As stated by RIFC to the London Stock Exchange on 24 April 2013 “…Sevco 5088 is not an active subsidiary of the Rangers International Football Club plc. It is and has been a defunct non trading company over which termination proceedings began last year and which would have been struck off by the Registrar of Companies had false claims of directorships not been filed recently at Companies House. Sevco 5088 was listed in the company’s announcement dated 22 April 2013 to comply with the AIM Rules for Companies requiring disclosure of directorships held by the directors of the company both currently and during the preceding 5 years.”
http://rangers.g3dhosting.com/regulatory_news_article/301
From what I can see Craig Whyte, Aidan Earley and Charles Green continue to be Directors of Sevco 5088 Ltd.
Is it not strange that almost six months after making a statement regarding “false claims of directorships” steps have not been taken to remedy the matter and have the various authorities – if not the police – mobilised to protect the good name of the parent company/club?
I mean, surely Pinsent Masons raised this issue in their forensic investigation into any links between CG and CW?
Scottish Football needs a strong Arbroath.
orrejohnbhoy(@johnbhoy1958) says: (1076)
October 16, 2013 at 12:29 pm
Torquemada says: (24)
October 16, 2013 at 10:57 am
So is Stockbridge the last of the original Spivs standing? So much for we don’t do walking away. 😆
If he’s still there at the end of the day, I’ll be surprised. Especially if Mr Ahmad gets a bit of cash ringfenced.
———————————————————————
This has put my brain cell into overdrive.
If Stockbridge walks what happens?.
Who’s left to run the place,pay the bills,organise the court cases,AGM, etc.
What happens if there comes a time when there are no active directors?.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Surely the answer is that the Easdales take over. They’ve almost got the magic 30% of the shares which will enable them to make an offer to the other shareholders but first some more mayhem must ensue as the shares are a bit pricey at the moment.
The lights at the Big Hoose must stay on… but who will pay the electricity bill now?
Ladies and Gents,
I try not to get too caught up in the detail of the goings-on at Ibrox , having said that it would be useful to have a head count of the directors who are still around in both the holding company and football club. I suspect that the spivs (which includes we do not know about who actually own everything) will need a ‘remote-control’ strategy for the end game to kick-in. In other words, another spiv-type is put in place (video -conference calls only!) for the RIFC to sell all the stuff to TRFC on one of these sale / leaseback arrangements. When this happens , it is probably best if all previous directors are elsewhere where the sun shines …………
The AGM will not happen , Mr Stockbridge will terminate due to family / health / other reasons (take your pic) , shares will be suspended and an emergency appointment of Chairmen (some unknown) will be made to appoint someone else to stop the holding company going into liquidation – only option sell everything to the peepil that think they already own it.
I suspect at this point , the blame for the entire mess will be laid by the spivs ( in absentia) on the Rangers Brogue Brigade, Ally and Walter have been set-up as patsies’ , and the previous directors for not cost-cutting it is their reckless over-spending that has resulted in this …….. looking forward to that hitting the internet.
My last suspicion for the time being is about the £1M cash flow projection being available on April 2014 by the Finance Director , Mr Stockbridge. This should be taken with a hefty pinch of salt, as it represents a good get-out clause for himself , left the club in rude financial health etc. ‘. Based nothing more on the general mayhem and noses in trough behaviour, who is do say that the original investors have not been paid back in full plus interest (8% or 12% can’t remember) …….. and that the RIFC cash position is precarious ……….. next administration day Tuesday 24th December 2013!!
Just in time for the January 2014 transfer window , they will not get much for the players but every penny counts!!
iamacant says: (343) October 16, 2013 at 12:59 pm
I had a look at http://www.scotcourts.gov.uk/rolls/supreme/lists/r131010_034.htm and also noticed a case in front of Lord Woolman which is “P1011/13 Pet: G Masterton &c for an order under par 74 of Schedule B1″
Para 4 Schedule B1 has to do with paying administrators and according to practical law “The level of the administrator’s costs can be challenged under paragraph 74 of Schedule B1 (see What can I do if the administrator is doing a bad job? below), or through the creditors’ committee (www.practicallaw.com/9-382-5462) if there is one”
http://uk.practicallaw.com/7-385-3012?sd=plc
Masterton skint? (If it is the former Dunfermline employee)
__________________________________
I note this was scheduled for last Friday, 11th October. On this day Masterton took the administrator to court over the lease of the training ground at Pitreavie.
In front of Lord Woolman he lost and this allowed Pars United to conclude their deal with BDO.
Hilarious stuff! The third CEO in a year to bolt for the door, ➡ with tenners stuffed in every pocket and orifice. Perhaps the money is drying up quicker than expected. ! Now watch for Ron And Ron make a play for someone with a Sevco background, someone the fans trust. Or do a deal with the Rebels!!
What a scenario that would be……..”The war is over…….The Rebels have won” Canny see that gettin cheered down Govan way!!
EKBhoy says: (120)
October 16, 2013 at 1:26 pm
next administration day Tuesday 24th December 2013!!
😆 Merry Christmas everyone 😆
Carucal says: (25)
October 16, 2013 at 1:37 pm
I see where I made mistake. Scrolled past case and as it caught my eye I noticed Wednesday 16th Oct. When I scrolled back, I noticed case was a “continued” starred motion.
Thanks for pointing it out
Former Rangers commercial director’s £500,000 claim against the club is based on a letter written by ex-chief Charles Green, a court has heard.
Imran Ahmad is pursuing The Rangers Football Club Limited for the sum after his appointment with Rangers was terminated in April this year.
He originally claimed he was due £3.4m as part of a 5% bonus he had negotiated on £67m worth of commercial contracts he had overseen.
On Wednesday, the Court of Session heard that Mr Ahmad claims Mr Green guaranteed him the bonus in a letter written to him.
Mr Ahmad alleges that the letter created an obligation to make the payment, although the Ibrox club are contesting the claim.
During a preliminary hearing in the case Mr Ahmad’s counsel, Ewan Campbell, argued that it would be possible to take a decision on whether Mr Green had “implied authority” as chief executive officer at the time in light of the company’s articles of association or under the terms of a contract clause.
He told Lord Woolman: “These are matters which the pursuer submits can be dealt with without the hearing of evidence and can be determinative of the matter.”
Alan Summers QC, for Rangers, said as he understood the case it involved an argument that is “breathtaking in its audacity”.
He said the primary position for Mr Ahmad seemed not to rely on a contract clause over bonus provision to the former commercial director, but that this was “an independent, unilateral exercise of power by a CEO” to give away £500,000.
The lawyer added both Rangers and the court needed to know where the authority to do this came from.
Lord Woolman said the court would require to decide whether the letter constituted a promise and if it did not whether it was written in terms of the bonus clause provisions. The judge said a procedural hearing in the action would be held in December.
Mr Ahmad left after revelations about the dealings he and Mr Green had with Rangers oldco owner Craig Whyte around last summer when their consortium acquired the Ibrox club’s assets in a £5.5m deal.
The broker, who previously founded the London firm Allenby Capital Limited and worked for Zeus Capital, was also accused of anonymously posting sensitive company information relating to Rangers on a fans’ website.
Joburgbhoy says: (6)
October 16, 2013 at 1:51 pm
Yes, it has a certain ring, but pure and utter speculation , just like 95%+ of all Scottish football output in the MSM.
I lift this from CQN, i don’t know if it is accurate but if it is then RIFC PLC may well be paddleless as well as rudderless.
———————————
After another director, Ian Hart, bailed out last week, and former chairman, Walter Smith, walked away two months ago, the company only has two directors left, FD Brian Stockbridge and non-exec James Easdale.
I believe an AIM company needs one more non-exec than executive directors. Easdale is a significant shareholder, meaning there is no independent non-exec on the board able to become chairman.
The normal course of business is to appoint a director before you resign, or dismiss an existing director, to ensure the company has the necessary quorum to carry out its business. If the company is not compliant in this respect, the board does not have the authority to subsequently appoint a director, nor can it call a General Meeting (Annual or Emergency).
EKBhoy says: (121)
October 16, 2013 at 2:32 pm
I can see that, just my weird sense of humour getting the better of me….
From “Ibrox Noise”
Boardroom Chaos at Ibrox, What’s Really Going On?
With the ongoing chaos which permeates the Ibrox boardroom, it is almost impossible to know where to start. But I’ll give it a go.
Today saw the resignation of Chief Executive Officer Craig Mather and non-executive director Bryan Smart. Added to the resignation 2 months ago of Walter Smith as chairman, and the departure of non-executive director Ian Hart last week it is safe to conclude Rangers are not only deeper in the mire that acts like quicksand, but fundamentally rudderless:
Rangers now have no board.
The only ones left are Finance Director Brian Stockbridge and the Easdale Brothers, only one of whom is actually on the board. The other is on the sporting side, otherwise known as the Limited company.
So Rangers’ PLC board is effectively two men now.
That is a summary of how it looks on the surface. ‘Behind the scenes’, however, the pitiful mess that is Rangers FC makes for even more damning viewing. The number of soap operas, backstabbings, lies, deceit and betrayal would have Mr Struth turning in his grave.
There is no honour any more.
What follows is a bit of an exposé of some of the truly ridiculous nonsense most Rangers fans know nothing about. I will not go into sources or indeed too much detail, but I will sum up the events I have been informed of.
For a start, Rangers fans, myself included, applauded manager Ally McCoist for taking a 50% wage cut recently. Unfortunately the problem is this is, thus far, a complete fabrication. Ally McCoist’s wage remains at £875,000 plus bonuses. No wage cut has yet been taken by the boss.
McCoist also recently outed former director Ian Hart as a director who wanted him fired after the defeat to Forfar. Not actually the case at all.
My understanding is Hart was only critical of McCoist’s public verbal tirade against Charles Green (the whole ‘we need a cup’ comment), who was once McCoist’s boss. And suggested to McCoist, had he been his own employee, such a tirade from employee against himself (Ian Hart) would have seen Ally fired. Hart did not want McCoist fired, he was only being rightly critical (as I was at the time as well) of McCoist’s frankly ludicrous outburst at former CEO now consultant Green.
There was also Craig Mather making underhand dealings 6 weeks ago to ‘get rid’ of Hart and Smart as a deal to appease Paul Murray and his ‘consortium’. In other words, Mather was trying to make space on the board. That would have been acceptable had Hart or Smart been consulted and given their blessing but this was behind their backs.
Hart also saved Rangers a lot of cash by persuading Charles Green to quit with severance pay. Green could easily have sued Rangers in court for a lot more. Just like Sandaza nearly did, and would have won but for Rangers cottoning on to his case being so strong and settled out of court.
Then there is Brian Stockbridge; he did not take the bonus. He and Mather have both publicly confirmed it and my understanding is that at least is 100% true. It remains in the accounts contractually and nothing more. That one at least is honourable news but most fans refuse to accept it as the case.
Another piece of honourable news is that Ian Hart was not paid £28,228 expenses. Instead he was just given that in shares in the club.
The last thing I will touch on is the slightly embarrassing plans for the AGM. Mather and Stockbridge are/were so anxious about fan reaction they planned a 10ft stage with back exits and a tonne of police (no joke) so that they could be protected and escape if things got ‘heated’. For the executives to require body guards and a plan B is truly the most absurd thing. What did they expect? A swarm of 50 angry bears charging the stage wanting blood?
It is not a surprise Smart, Hart and Walter Smith quit. Albeit it probably is a surprise to many that while Malcolm Murray was the original ‘mole’, Mather and Walter were not averse to the occasional leak themselves.
Rangers could not be in more of a mess right now, with no board, no leader, no direction, and a now-postponed AGM meaning new appointments cannot be made until just before Christmas.
Still, at least the stuff on the pitch is worth cheering.
Posted by Ibrox Noise at 13:36
Babylon Beachboy says: (11)
October 16, 2013 at 9:51 am
Danish Pastry says: (1572)
October 16, 2013 at 8:20 am
So Mather invested £1m and now he is just going? Doesn’t add up.
With 900,000 shares and whatever salaries and bonuses he’s accrued, has he turned a profit? Enough for a modest chateau?
…………………………………………………………………………………………………………………………………………………………………….
Danish. I think I recall that a recent breakdown of shareholding indicated that Mather had 1.8M shares. Didn’t he get 900K at the IPO flotation price and 900K at 1p each? Not sure if I’m right on this, perhaps someone else can confirm or otherwise?
_____________________________________________________________________________________
It is stated in the RFC Ltd minutes dated 31.10.2012 that Craig Mather was granted 1,800,000 shares as part of the ‘Additional Share Placing’ prior to the IPO taking place.
It is not recorded how much he paid for these shares although they appear to have been issued around August 2012 at the same time that shares were issued to Ally McCoist (1,000,000), Malcolm Murray (200,000) and others.