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.
On media House conflict of interest. In other circumstances I would be astounded that the CEO has not had the “You can work for us or you can work for Mr Easdale” conversation, in these circumstances, it barely warrants a raised eyebrow.
It is, of course, entirely possible that Mr Easdale’s interest’s are in lock step with those of the board. (Note I said board not company) As we have seen, the board are prepared to go to extraordinary lengths to prevent anyone from joining the board, who is not already, or is not prepared to become, part of their Magic Circle. To be clear, I would not want anyone from the previous company’s board either, but while that may be the stated objection to Mr Murray, I doubt its the real reason.
I am left wondering, who, if anyone, has the Company’s interests at heart?
Finally, Mr Irivine represents a form of journalism and PR which is rapidly going out of fashion – see self immolation of the Daily Mail, hopefully this trend will continue, to the benefit of society as a whole.
Big Gav
You are correct, and I think your explanation of why also makes sense. There are journo’s who are clearly no friend of this board who have also fallen into this trap
What is quite serious misrepresentation though is Stockbridge’s interview where he in my view deliberately mislead. He stated the £14 million loss wouldn’t be repeated because of the non recurring items
This is a board who use deception as a basic business tool.
When even the likes of Glenn Gibbons feels obliged to write weasel-worded, inaccurate flannel like “the club’s economic devastation over the past three years”, you know that the fear of writing or speaking the truth about the demise of Rangers 1872 is now pathological.
phill450 says:
October 4, 2013 at 10:39 pm (Edit)
TSFM says:
More than happy to oblige with the TUs ad TDs, though definitely not for the reasons Phill450 outlines.
________________________
Fair enough, the 50:50 ratio probably doesn’t account for basic human manners (I’ve politely clapped music performances that I didn’t enjoy, I’ve never actively boo’ed someone 😐 )
One of the things though, that I’ve enjoyed most about your site, is that people post theories and ideas, other posters diligently research and analyse them, us non-experts then learn something that we would have never known from consuming MSM.
If the TU/TD system turns out to be a way of filtering what is worth investigating and what is not, it’s possible that some of the finer points will be missed.
This isn’t a criticism of your site, it applies to most of the internet.
_________________________________________________________________
No criticism was inferred, and neither were my remarks intended to be critical of you. If we can see beyond the malice of the temporary incursions on Thursday and Friday and have a look at the accepted norms on here as a consequence, then it does at least prove that we are willing to take on criticisms and do something about it if possible. Your contribution was in that spirit and I think you deserve some credit for that.
It is fair to say that in many cases, a simple TD registers a disagreement which if articulated, may turn out to be in conflict with the ethos of the blog. All TDs are not malicious after all.
Experience also informs us that anyone looking to do a bit of mischief on the site could organise a whole load of registrations, have someone say something controversial/stupid/OTT and then arrange for others to agree with the proposition followed by blanket TUs for that and TDs for any dissent (note that currently, you don’t have to be a registered poster to TU/TD). It is also very easy to circumvent the single TU rule.
On the wider point of TD/TU, I do worry that SOME posters anticipate reaction and tailor their remarks accordingly.
TSFM says:
On balance I’d bin them, but, happy to go with whatever the mods decide on this one, tbh
Thanks for letting my post through mods.
It’s important to me that people realise I am not Goldstein. I made a mistake backing him by the looks of things- but I readily admit I did believe he had something important to say.
I’m a sucker for floating charge talk.
Good morning
Long time lurker, first time poster.
Earlier today monsans posted the following:
——————————-
monsans says:
October 5, 2013 at 2:04 am
Quantcast
I have found the debate here fascinating and a couple of interesting things spring to mind over the last few days of announcements.
The original financial results announcement referred to the football club’s website. Since then there has been a correction (well done the new NOMAD) which indicates that investors should goto the website of the listed entity. One has to think it is good news management to headline it ‘Change of Rule 26 website’ rather than ‘Compliance with Rule 26 – Change of website address for investors rather than followers’
It is good work for NOMADs and lawyers to be involved in so many announcements over such a short period of time. No wonder administration expenses increase and why a lot of companies consider whether it is worth maintaining a listing when all news that impacts value should be released in an orderly manner (where possible).
——————————————-
I would like to think that I was responsible for the updates to the RIFC website and not the NOMAD.
Working on the basis that Rangers, in all its forms, do not believe that the rules are for the likes of them I looked at AIM and noted that out of all their rules the one they get most upset about, and the one which they issue the most fines when it is broken, is Rule 26. A quick at the Rangers website confirmed that, in my view, a breach of the rule was taking place. I brought this to the attention of AIM Regulation who replied as follows:
From: AIM Regulation [mailto:aimregulation@lseg.com]
Sent: 04 September 2013 20:13
To: ‘XXXXXX@XXXXXX.com’
Cc: AIM Regulation
Subject: Rangers International Football Club Plc SC437060. Rule 26 Enquiry
================
Dear Mr XXXXXX,
Thank you for your further e-mail regarding the AIM Rule 26 website of Rangers International Football Club plc (the “Company”). We have noted your additional observations and that you consider the current structure of the Company’s website and presentation of the AIM Rule 26 information may not make sufficient distinction between separate legal entities .We have also noted your comments regarding the significant shareholders information.
If you have not already done so, and to aid your understanding of AIM Rule 26, you may wish to consider the relevant section and guidance in the AIM Rules, a copy of which can be obtained here http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/rules/aim-rules-for-companies.pdf
We are grateful for your observations but please note that for reasons of confidentiality we are unable to provide an update on any work we undertake pursuant to the your complaint. You will appreciate that confidentiality is essential in maintaining the integrity of our work. Notwithstanding this we can assure you that AIM Regulation investigates all complaints made as regards the conduct of AIM companies in respect of their compliance with the AIM Rules and where concerns arise in relation to a company’s compliance with the AIM Rules, AIM Regulation investigates any potential breaches of those rules and takes action where appropriate.
Thank you for bringing your concerns to our attention.
Kind regards
AIM REGULATION
=========================
It appears that AIM Regulation have taken my concern seriously enough to force RIFC into making these updates and creating separate web pages to distinguish RIFC plc from TRFC ltd.
I would point out that while most of the information that RIFC has provided is now correct there are still 2 major errors. There are also discrepancies between what is in the Rule 26 information and what has been published in the RIFC Annual Accounts. Needless to say, I have highlighted my further concerns to AIM.
Back to lurking 😆
I don’t think the thumbs are meant to be a measurement but an indicator. It prods the contributorship in the right general direction. Since its not taken too seriously (generally), any malevolent manipulation isn’t really a problem.
I am occasionally tempted to glance at the thumbs rating before reading a post but this doesn’t generally colour my preconception. Maybe just moving the logos away from the contributor’s name would alleviate this bias.
My twitter feed from June 2013 . For reference Tixway was the Whyte company who were successfully sued by the roofing contractor.
As the tweets below show, Whyte is unquestionably the owner of Korissa Capital and therefore the owner of Sevco 5088
@CharlotteFakes Belbios who Whyte told Hay Mckerron to invoice has a parent co called Korissa Capital in Panama . Sound familiar ?
@CelticResearch & Tixway had a Dutch business which was owned by Korissa Capital of Panama,who owned circa 50% of Sevco 5088. Clear so far?
scapaflow says:
October 5, 2013 at 10:38 am
TSFM says:
On balance I’d bin them, but, happy to go with whatever the mods decide on this one, tbh
=====================================================
The site would obviously operate without TD/TU but sometimes they do have their uses but this Old Rocker is happy to leave this one to the Mods.
However in view of the flurry in the last few days it might be worthwhile restricting the facility to registered posters if that is allowable under the Blog architecture.
No1 Bob says:
October 5, 2013 at 10:56 am……chapeau sir….
No1 Bob says:
October 5, 2013 at 10:56 am
Nice work, in the best instant tradition of internet bampoterry….
Barcabhoy says:
October 5, 2013 at 11:09 am (Edit)
My twitter feed from June 2013 . For reference Tixway was the Whyte company who were successfully sued by the roofing contractor.
As the tweets below show, Whyte is unquestionably the owner of Korissa Capital and therefore the owner of Sevco 5088
@CharlotteFakes Belbios who Whyte told Hay Mckerron to invoice has a parent co called Korissa Capital in Panama . Sound familiar ?
@CelticResearch & Tixway had a Dutch business which was owned by Korissa Capital of Panama,who owned circa 50% of Sevco 5088. Clear so far?
_____________________________________________________________________
I know that the wires on this issue are ordered in the manner of overcooked spaghetti, so I must have missed this during the course of events. This would suggest the reason why the “independent report” doggedly refused to comment about Sevco5088.
The spin has been to deliberately ignore Sevco5088, which is strange because when CW’s initial claim was made, RIFC disputed his directorship of Sevco5088.
Seems to me that the key piece of evidence is the novation of the right to buy the assets from Sevco5088 to Sevco Scotland. However if CW was able to prove his right to the purchase of assets, what material effect would that have on the sale?
On the floating charge that Wavetwower were alleged to have over Ibrox and MP – is it possible that CW waived that in the expectation of half ownership of the new club? If so, could the floating charge be reinstated?
Either way, i find it difficult to see what effect this would have on TRFC’s status as an SFA member or licence holder, but it may have huge significance in its ability to compete for honours any time soon.
I don’t know what we are all worried about with regard to what others think of TSFM.
The forum and RTC before it has been failry consistent on the main issues.
For the following I use ‘we’ as the collective voice of us all.
– The EBT’s were immoral and possibly illegal. Now we are just waiting on the legal process to be completed. -Hopefully we will be proved right.
– The Oldco was a basket case and regardless of which way you look at it Whyte needed to withold around £14m in PAYE and VAT to stay afloat for another year after he took over. – We were right
-The forums held the view that HMRC would see a CVA was a non-starter and that liquidation was the most likley outcome. – Experts like Neil Patey were wrong – We were right.
– When liquidation came we smelled a rat in the whole D&P scenario. Not proven yet but I feel we are right.
– When the newco came about we said footballing rules were not going to be applied without fear or favour for the ‘establishment club’ – We were right.
– When Green came on the scene we said he would be out the door with a back pocket full of cash as soon as he could – guess what he’s gone – we were right
– We questioned how long Walter would last as chairman – eh not very long -we were right
– We questioned if Ally (and gang) was worth the money and was it sustainable – he’s taken a cut- we were right
– We questioned Mather and Stockbridges links to Green/Ahmed etc – not proven but lets wait and see
– We still question what the footballing authorities are doing in terms of monitoring the situation when the newco appears to be as much as a basket case as the old co. – It looks like they are still doing hee-haw
-If the Easdales take over we have already questioned what means they have to finance the club – My guess is that we will once again be proved right.
Then there have been the other issues where we may have appreared wrong initally but proven right to keep on top iof things – Charity funds being diverted, disgraceful scheme re the Armed Forces, the ASA
Ok self congratualtory back slapping over now but just step back a minute and look at what I said.
Whyte needed £14 m in withheld taxes to stay afloat.
The newco is running at a loss of £14m for the first year.
Nothing has really changed. The club/company still burns far too much cash. It can’t really help itself, reagrdless of what league it is in to maintain its sheer mass it requires massive incomes.
The main hope appears to be that money from merchandising and maybe selling Lee Wallace is somehow going to see them through to the end of this season.
It didn’t work before with Jelavic so why will it work now when income levels are well down on previous years.
Still a basket case, going unscrutinised by the footballing authorities, that needs a cash injection to stay afloat.
Cannot see where the cost cutting is going to come from.
Therefore it is either another share issue or other form of cash injection or back to defaulting on taxes.
I know we are right 🙂
phill450 says:
October 4, 2013 at 10:39 pm
8 1 Rate This
TSFM says:
More than happy to oblige with the TUs ad TDs, though definitely not for the reasons Phill450
outlines.
________________________
Fair enough, the 50:50 ratio probably doesn’t account for basic human manners (I’ve politely clapped music performances that I didn’t enjoy, I’ve never actively boo’ed someone )
One of the things though, that I’ve enjoyed most about your site, is that people post theories and ideas, other posters diligently research and analyse them, us non-experts then learn something that we would have never known from consuming MSM.
If the TU/TD system turns out to be a way of filtering what is worth investigating and what is not, it’s possible that some of the finer points will be missed.
This isn’t a criticism of your site, it applies to most of the internet.
~~~~~~~~~~~~~~~~~~
Personally, I don’t pay a blind bit of notice to the Thumbs. I prefer to make up my own mind.
No1 Bob says:
October 5, 2013 at 10:56 am
10 0 Rate This
————
Nice one. I was surprised by the link posted here the other day to the RIFC site. I had read something else into its appearence. It’s contributions like yours that make the site worthwhile.
#rygklapperi
TSFM .Keep the TU/TD facility.It provides a very helpful measure when considering the flow of debate.There can be some very wayward views ,and to show disagreement by way of a thumb all helps to add to the rich tapestry of the blog.
On another note ,did anyone see Kevin Bridges-The Story Continues on BBC last night.It was very funny and the segment on the Rangers implosion and the face painters bill was hysterical.He was taking a risk given that he was playing to a sell out Glasgow audience with its own inherent divisions.Good on you Kevin.
Barcabhoy says:
October 5, 2013 at 11:09 am
My twitter feed from June 2013 . For reference Tixway was the Whyte company who were successfully sued by the roofing contractor. As the tweets below show, Whyte is unquestionably the owner of Korissa Capital and therefore the owner of Sevco 5088
@CharlotteFakes Belbios who Whyte told Hay Mckerron to invoice has a parent co called Korissa Capital in Panama . Sound familiar ?
@CelticResearch & Tixway had a Dutch business which was owned by Korissa Capital of Panama,who owned circa 50% of Sevco 5088. Clear so far?
===========================================
Barcabhoy – I posted this the other day and you might not have seen it but it’s a good post from Paul Mac in May 2013 on Willow and Korissa and various connections.
http://scotslawthoughts.wordpress.com/2013/05/18/charlotte-fakes-red-herrings-for-rangers-or-smoking-guns-for-green-and-whyte/
TSFM
There is nothing “alleged” at all about the floating charge.
Ecobhoy
Yes i read it, and in that article Paul hadn’t managed to track down the background to Korissa. I have access to some very sophisticated financial reporting tools, and was able to provide the information missing
Which is why I tweeted, to support the basis of Paul’s article.
TSFM
I agree with your analogy of Spaghetti
The novation has been discussed at length over an extended period. Despite the best efforts of the deflectors, the key issues have been apparent for some considerable time
These issues were commented on , over a year ago, on here . None of them have been dealt with by Rangers or the SFA in a manner which remotely addresses them properly
In terms of McCoist and his salary I think it’s worth remembering that his employment contract pre-dates the arrival of Green and his merry band although there is a curious lack of any reference to any salary given that this info is published for allthe directors and the other key employee Ahmad. I have undernoted the relevant section from the Rangers AIM Prospectus. Section 12.1.1 gives details of the Asset Purchase Agreement but nothing specifically on McCoist.
Btw don’t worry about the bonus bit because unlike Green and Stockbridge the cheeky chappy wasn’t in line for a bonus for moving up a division – what a strange place Ibrox has become where the football manager doesn’t get a bonus for ‘sporting achievement’ but the boardroom executive suits do 🙄
Alistair McCoist
‘Under an employment agreement dated 28 December 2010 (but effective as at 8 January
2007) and which transferred to RFCL pursuant to the APA, further details of which are
summarised in paragraph 12.1.1 of Part XIII of this document RFCL employs Alistair
McCoist as the First Team Manager of the Club with a salary commensurate with his
experience and the payment received by people similarly employed in the football industry,
plus all business expenses reasonably and properly incurred. In addition, Mr McCoist is
entitled to bonus payments should the following events occur: . . . . ‘.
No1 Bob says:
October 5, 2013 at 10:56 am
————
wottpi
——–
Well done No1 Bob, we all just need to keep chipping away and keeping focus. Wottpi I was one of the original 3 who complained about the ASA decision, their original investigation was reasonably quick so hopefully the conclude shortly with the correct decision. With regards to the charity investigation you would have to believe that TRFC/RIFC (Delete as approp..) would not chance another Charity match to divert cash for the running of the ‘Club. Another win for the bampots. Keep chipping away and well done to all the bloggers on this site, good to see some of the old RTC bloggers returning. Just need the man* himself to let us know all is well.
Quick question, can BDO delve deep enough to see who owned Sevco5088 and unravel the switcheroo that D&P oversaw with the sale of the Assets? If they are due to issue a report would they be prepared to show there was/is a connection between Whyte and Green. What would our ‘Guardians’ do then ??
Palacio67 says:
October 5, 2013 at 12:09 pm
Quick question, can BDO delve deep enough to see who owned Sevco5088 and unravel the switcheroo that D&P oversaw with the sale of the Assets? If they are due to issue a report would they be prepared to show there was/is a connection between Whyte and Green. What would our ‘Guardians’ do then ??
============================================
I have no doubt that BDO can unravel who owned Sevco 5088 and Sevco Scotland. Obviously there have been a few rumblings in the last week that BDO are due to make a report but I haven’t seen any hard evidence to back that up.
I would think any report would be an interim one only and I doubt it would reveal anything which might affect any investigations which might or might not be underway with the likes of HMRC and the SFO. I really think it’s too early days to learn of anything like that.
But as we have witnessed in this saga almost anything can happen and usually when you least expect it.
Given that sevco 5088 appears to belong to CW, will he attend the AGM?
BartinMain says:
October 5, 2013 at 10:02 am
22 5 Rate This
————
Why do you state on twitter that Goldstein disappeared before his 10-o’clock news? He was alive and kicking at 10-o’clock on twitter and posting much to do about nothing. Surprised you didn’t see him, having promoted him so enthusiastically and abused this forum to the heavens for not believing him.
@SirBartin
@StevenOliver74 @Auldheid @Paulmcc12 @waco61 That was Goldstein’s theory. Plausible, but he disappeared before his big breaking news at Ten
12:20pm – 5 Oct 13
————
Did someone mention Armed Forces Day?
McCoist in dispute with the MoD over risk to national security.
http://www.dailyrecord.co.uk/news/scottish-news/ally-mccoist-accused-risking-national-2339905
Danish Pastry says:
October 5, 2013 at 1:06 pm (Edit)
___________________________________________________________
Goldstein’s Twitter account has been returning an error this morning. Perhaps that was the case before 1000pm last evening?
Wottpi
Forgive me using your post on being right to make a crucial distinction between EBTs that are immoral and EBTs that may yet prove to be illegal.
From 1999 Rangers had a Rangers Employee Benefits Trust under whose arrangements Craig Moore, Tor Andre Flo and Ronald De Boer were paid.
The underlying scheme was first set up via a Jersey Trust under a letter bearing Campbell Ogilvie’s signature to purchase share options that were subsequently scaled up to remunerate said players in line with side letters witheld from HMRC when they enquired of their existence and of course the SFA.
This Discount Options Scheme arrangement was subsequently ruled illegal by a FTT and led to the presentation of the wee tax case £2.8m bill subsequently never paid.
Thus unlike the loan based EBTs which await a UTT decision there exists a clear record of Rangers “previous” in terms of intent to keep vital information from both the SFA and HMRC in order to gain a wage advantage by a means not open to their competitors.
Lord Nimmo Smith for reasons only he can explain chose to make no distinction between arrangements under the REBT (DOS) and the majority loan based EBTs treating them as continous, which they may well have been but were not at the time of his final judgement or at the time of commissiong, regular. Thus his judgement to treat the withholding of side letters in these three cases in the same light as the rest which were deemed no worse than administrative oversight is fundamentally flawed.
Quite how or why this distinction was not made in the commissiong is odd given that the SFA had at its helm not only the greatest administrator in Scottish football but the man who signed the first tax evading arrangement letter.
LW
That’ll be the MOD added to the list ……. erm 😯
TSFM says:
October 5, 2013 at 1:26 pm
0 1 Rate This
Danish Pastry says:
October 5, 2013 at 1:06 pm (Edit)
___________________________________________________________
Goldstein’s Twitter account has been returning an error this morning. Perhaps that was the case before 1000pm last evening?
————
Nope. It was online before and after.
Looks like super Ally will be torn between the glorious union or voting yes in the referendum to keep his wee jetty.
rantinrobin says:
October 5, 2013 at 11:35 am
On another note ,did anyone see Kevin Bridges-The Story Continues on BBC last night.It was very funny and the segment on the Rangers implosion and the face painters bill was hysterical.He was taking a risk given that he was playing to a sell out Glasgow audience with its own inherent divisions.
——
It was a good piece. I expected the programme to be another repeat of that old show of his, so was pleasantly surprised to find it to be a “new ” one. 🙂
There’s a poorly-recorded version of the relevant bit (apparently to an English audience) on Youtube, without the bit where he imitates the “Big Man” taking a draw on a fag and muttering something along the lines of “Aye, making jokes about Rangers … just tread carefully, son …”
Mr Bridges, of course, is a well known Celtic supporter.
TSFM says:
October 5, 2013 at 1:31 pm
LW
That’ll be the MOD added to the list ……. erm.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
We demand to know who these people are.
Boycott parade day at Ibrox next year – that’ll show them.
BartinMain says:
October 5, 2013 at 11:45 am
———————————————
As I understand it the floating charge you are talking about is over the assets of a business being liquidated, which has already disposed of all of it’s assets.
So unless BDO can bring money in it provides a preference over nothing.
http://webcache.googleusercontent.com/search?q=cache:DZLc9gMnTwgJ:davidleggat-leggoland.blogspot.com/+&cd=1&hl=en&ct=clnk&gl=uk&client=ubuntu
It appears that this blog entry has been “pulled”, presumably for legal reasons. Interesting though. The return of Green? I can hardly wait! Now that boy’s a turn 😀 😀
neepheid says:
October 5, 2013 at 3:57 pm
If it’s the one I read recently it was basically just more conjecture that if the current board won the day then he could see no reason why Green could not come back as a non-exec and take the chairman’s role. It read to me like a bit of scare-mongering.
I do tend to agree with those who are suggesting that Mr Leggat’s “style” has changed somewhat recently. Less of the “old Presbyterian Granny” type stuff and more what one would consider “serious analysis”. It’s far from that but is what the hard of thinking might consider to be such.
Tif Finn says:
October 5, 2013 at 4:24 pm
2 0 Rate This
neepheid says:
October 5, 2013 at 3:57 pm
If it’s the one I read recently it was basically just more conjecture that if the current board won the day then he could see no reason why Green could not come back as a non-exec and take the chairman’s role. It read to me like a bit of scare-mongering.
++++++++++++++++
I wouldn’t have given it any notice at all, except for the fact that it has been taken down- which lends it a certain credibility, somehow. Why take it down (I’m guessing at Irvine’s behest) if it is just conjecture?
McCoist’s building of a breakwater without the required planning permission is just another example of a man who thinks the normal rules by which we all have to abide by don’t apply to him or that he is stupid enough not to research what was required.
I wonder if the council will hit him with a ‘floating charge’ for its removal if they reject the retorspective planning application.
I’ll get ma boat!!
Say what you like about Keith Jackson he seems to have followed Stuart Cosgroves lead by making reference to the contents of Charlotte Fakes twitter account live on the BBC Sportsound Extra.
One wonders what is to stop anyone in the MSM doing a piece of investigative journalism on what has been put out there over the last few months.
chick young defending McCoists wages on radio scotland
he really is a moron
Graeme Spiers reckons Rangers will lose £26m – £27m over the next few years.
Where does he reckon that money is coming from.
People seem to think that you can just get into debt without someone actually providing credit facilities.
Well that’s Chick Young laid it on the line.
“They are Rangers, they are a different case …”
Tif Finn says:
October 5, 2013 at 6:17 pm
You will note that Chick had to hold him self back from saying they ‘deserve’ it all because they are Rangers.
A village somewhere is missing an asslicking idiot. 🙂
wottpi says:
Say what you like about Keith Jackson he seems to have followed Stuart Cosgroves lead by making reference to the contents of Charlotte Fakes twitter account live on the BBC Sportsound Extra.
One wonders what is to stop anyone in the MSM doing a piece of investigative journalism on what has been put out there over the last few months.
==============================================================
Especially as Stockbridge said this in an interview with the FT 4 days ago:
“Recovery is not going to happen in a single season,” Mr Stockbridge said. The club is pinning its hopes on a return to the Uefa Champions League, which will take at least three years.
Rangers has been further rocked by a series of leaked confidential documents laying bare some of the boardroom tension of recent months. Mr Stockbridge said he was able to identify some of those documents as genuine.
Asked when he expected stability to return to Rangers, Mr Stockbridge said: “We have got an AGM on the 24th and all of us are up for re-election. At that point, shareholders can vote.
“We have had a lot of distraction . . . I spend more than half of my time dealing with distractions. Despite that, we have made massive strides to secure stability.”
wottpi says:
October 5, 2013 at 6:24 pm
Indeed, he was getting quite frantic listening to himself and thinking about what he was saying.
It was quite clear though, Rangers are a special case, not the same as any other club in Scotland … ramble ramble ramble … except Celtic.
Article if you haven’t read:
http://www.ft.com/cms/s/0/28ae09e0-2ab7-11e3-ade3-00144feab7de.html
I’ll wager a fair amount of cash that this has never been said before (and likely never will be again).
Ally McCoist is a manager without piers 😀
ianagain says:
October 5, 2013 at 6:26 pm
“Recovery is not going to happen in a single season,” Mr Stockbridge said. The club is pinning its hopes on a return to the Uefa Champions League, which will take at least three years.
======================================
Did he genuinely say that.
They have a business plan based on CL participation … in 3 years time.
So it’s
Win SPFL1
Win SPFL Championship
Win SPFL Premiership
Job’s a good ‘un.
I take it that’s all whilst working within budgets they can actually afford.
I never realised it was that straightforward.
FT Article, cheers for the link ian
The battle for control of fallen Scottish football club Rangers, which reported an operating loss of £14.4m for last season, is set to flare up again at the club’s annual meeting in three weeks’ time.
The board is fighting off resolutions from minority shareholders calling for the appointment of a slate of directors including former chairman Malcolm Murray and Paul Murray, who was on the board of the old Rangers company liquidated last year.
Rangers said the resolutions were unlikely to be compliant with the Companies Act, and considered them “vexatious”. It said it also believed their contents were “either ineffective or frivolous”. The club’s AGM is on October 24.
Malcolm Murray, who quit the board in July after being forced out as chairman amid boardroom tensions that erupted in May, has accused Rangers of lacking financial transparency since the flotation of the club on Aim in December, which raised £22.2m.
But Brian Stockbridge, finance director, said the club’s results for the 13 months to June 30 showed the club was on track with its long-term financial plan.
Rangers reported turnover of £19.1m, and operating expenses of £33.7m. The club has in total raised £35.2m, and has a cash position of £11.2m.
“We are not going to run out of cash,” said Mr Stockbridge, pointing to the club’s assets of its Ibrox ground and its Murray Park training facilities. “We have no bank debt,” he said.
Mr Stockbridge said the club had been forced to lower season ticket prices and endure lower media revenues after dropping into the Scottish third division following its financial plight.
“Recovery is not going to happen in a single season,” Mr Stockbridge said. The club is pinning its hopes on a return to the Uefa Champions League, which will take at least three years.
Rangers has been further rocked by a series of leaked confidential documents laying bare some of the boardroom tension of recent months. Mr Stockbridge said he was able to identify some of those documents as genuine.
Asked when he expected stability to return to Rangers, Mr Stockbridge said: “We have got an AGM on the 24th and all of us are up for re-election. At that point, shareholders can vote.
“We have had a lot of distraction . . . I spend more than half of my time dealing with distractions. Despite that, we have made massive strides to secure stability.”
Tif Finn says:
October 5, 2013 at 6:32 pm
5 0 Rate This
ianagain says:
October 5, 2013 at 6:26 pm
“Recovery is not going to happen in a single season,” Mr Stockbridge said. The club is pinning its hopes on a return to the Uefa Champions League, which will take at least three years.
======================================
they will stroll into the top division and celtic will just roll over as they take the only CL place available
“We are not going to run out of cash,” said Mr Stockbridge, pointing to the club’s assets of its Ibrox ground and its Murray Park training facilities.
______________
why was he pointing to them when talking about not running out of cash 😀
Tif Finn says:
October 5, 2013 at 6:43 pm
2 0 Rate This
FT Article, cheers for the link ian
“We are not going to run out of cash,” said Mr Stockbridge, pointing to the club’s assets of its Ibrox ground and its Murray Park training facilities. “We have no bank debt,” he said.
++++++++++++++++++++++++++++
Highly significant statement, in my opinion. So Ibrox and Murray Park guarantee that they won’t run out of cash. How does that work? Only two ways. Either a huge mortgage at eye watering interest rates, or sale and leaseback, at eye watering rent.
neepheid says:
October 5, 2013 at 7:00 pm
============================
My thoughts exactly.
There are only two reasonable inference I can think of.
1, We can borrow money using them as security
2, We can sell them.
What else could he possibly be suggesting.
wottpi says:
October 5, 2013 at 6:07 pm
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Say what you like about Keith Jackson he seems to have followed Stuart Cosgroves lead by making reference to the contents of Charlotte Fakes twitter account live on the BBC Sportsound Extra.
One wonders what is to stop anyone in the MSM doing a piece of investigative journalism on what has been put out there over the last few months.
++++++++++++++++++++++
When I heard KJ mention Charlotte Fakes by name, my first thought was looks like the flood gates could be opening. You cannot pick and chose what to mention in public. If the wider public become aware of CF stuff they will want to know more about it from regular media sources .
Cheers Keith.
Auldheid says:
October 5, 2013 at 7:12 pm
It is a step forward. However, it does add weight to the theory that Charlotte the harlot is actually putting out info from a variety of sources. Mr Jackson seems to favour the neo-Knights, and some of Charlotte’s recent stuff tends to fit in with that group….
scapaflow says:
October 5, 2013 at 7:38 pm
I think Keith Jackson, and his colleagues, will side with whoever they think is going to win.
They will then change sides as and when it suits. Simply depending on how many papers they will be able to sell on the back of it.
He was after all Craig Whyte’s biggest fanboy at the start. His “wealth of the radar” is now right up there with “succulent lamb” in the annals of sycophantic non-reporting.
Tif Finn says:
October 5, 2013 at 6:14 pm
Graeme Spiers reckons Rangers will lose £26m – £27m over the next few years.
Where does he reckon that money is coming from.
People seem to think that you can just get into debt without someone actually providing credit facilities.
++++++++
That’s what I was thinking when I heard this, who would fund these loses ? crazy . It would surely come crashing down long before this. It’s as if Rangers are like an old Nationalised Industry that can go on losing money regardless.
Whilst talking about Keith Jackson I was interested in his views on Charles Green. I have stumbled upon this which is interesting. In particular because of the Sevco 5088 link.
http://www.dailyrecord.co.uk/sport/football/rangers-preferred-bidder-charles-green-878470
Rangers preferred bidder Charles Green could rake in £4m from plans to save club
29 May 2012 00:00
EXCLUSIVE: CHARLES GREEN has put himself in line for a potential £4million windfall from his plan to keep the padlock off the front doors of Ibrox.
CHARLES GREEN has put himself in line for a potential £4million windfall from his plan to keep the padlock off the front doors of Ibrox.
Record Sport can today reveal secret details of Green’s proposals to save Rangers from extinction.
The plans have been published in a glossy 24-page presentation to prospective investors.
Green claims anyone willing to invest in his rescue mission will double their cash as part of a get-rich-quick scheme.
And the document reveals Green also stands to personally pocket a multi-million pound bonus from the deal, despite not laying out a penny of his own money on the takeover.
The Yorkshireman is still trying to recruit more financial muscle and hopes to raise as much as £40m from investors.
Last week he was scheduled to provide £2.7m – needed, it’s thought, to pay the club’s wage bill until a CVA is accepted in early July – but administrators were left empty handed.
However, after a day of talks yesterday, Green delivered enough cash to allow Duff and Phelps to proceed with the proposal to the club’s creditors.
Green will be given time to raise the £8.5m required for the CVA pot but he has now convinced Duff and Phelps the cash is there to keep the club in business throughout June.
In his confidential ‘Investor Presentation’ Green reveals his plan to buy the club through holding company Sevco 5088.
He will then become chief executive and says the club will be floated on the AIM stock market later this year when his group of investors stand to ‘double’ their money.
The brochure says: “Founding investors who put up the first £10,000,000 will receive 10,000,000 additional shares at a value of £1 per share on a pro rata basis effectively doubling their contributions.”
Green also stands to make a fortune as the brochure reveals he is “being incentivised by 10 per cent of the enlarged share capital of the holding company post completion”.
Duff and Phelps confirmed last night the CVA notice will go out this morning but, should that fail, Green outlined his plan B.
In the document it is stated “in the very unlikely event a CVA is not agreed by creditors” Sevco will pick up Ibrox and Murray Park at a knock down £5.5m.
It also describes ‘advantages’ to a Newco being banned from Europe for three years, including slashing the first-team wage bill from £18m to around £11m.
===================================
There are a few interesting parts, not limited to
In his confidential ‘Investor Presentation’ Green reveals his plan to buy the club through holding company Sevco 5088.”
Does anyone have a copy of said presentation.
briggsbhoy says:
October 5, 2013 at 7:54 pm
=================================
Exactly.
There seems to be this culture of “debt will just increase” for a bit and then when Rangers are in the top league and the CL group stages everything will be fine.
As you say, who is going to be funding this debt.
Tif Finn says:
October 5, 2013 at 7:51 pm
A few weeks ago I would have agreed with you, but, I think we have reached a tipping point. Jackson has been sounding alarm bells about the finances for some time, probably at the prompting of the neo-Knights.
I think there is a growing feeling that the current management have to go, because if they don’t, then another disaster will happen sooner rather later. Not suggesting that Jackson is suddenly doing what he is supposed to do, simply that he is working to an agenda.
wottpi says:
October 5, 2013 at 5:54 pm
McCoist’s building of a breakwater without the required planning permission is just another example of a man who thinks the normal rules by which we all have to abide by don’t apply to him or that he is stupid enough not to research what was required.
——
Hey, this is a guy who didn’t read his contract before signing it, remember. He had no idea how much money he was making. He’s just a simple lad that likes his fitba.
… my hairy erse.
Personally, I’m still struggling to come to terms with the wage the guy has been on, and the spin applied to halving it to around what I’d earn in approx 10 years.
Personally, if I’d been caught being so money-grubbingly greedy when my employer had such serious financial problems, I’d have been utterly black affronted. Resignation and self-exile to a desert island would have been an option. Showing my face in public would not.
It seems that Mr McCoist truly possesses the standard-issue Peepil brass neck (“cheeky chappy” fitment).
Tthe Bears will surely cotton on to the (possible, alleged, etc) fact that his hand has been just as deeply in the till as all the others – with the only mitigation being that he was, actually, stupid enough to allow the info to be potentially a matter of public record.
scapaflow says:
October 5, 2013 at 8:01 pm
That’s kind of my point, he is now behind the position of McColl / Murray et al.
That is the way the wind is currently blowing and is in his best interests.
Tif Finn says:
October 5, 2013 at 6:14 pm
Graeme Spiers reckons Rangers will lose £26m – £27m over the next few years.
Where does he reckon that money is coming from.
People seem to think that you can just get into debt without someone actually providing credit facilities.
————————————-
GS will think that it is normal practice as the former club frequently posted massive cumulative losses (funded by BOS and ill informed investors) but of course no one ever asked how this was possible. He simply will not have thought it through. We are often rightly critical of the MSM shying away from the fiscal performance and tribulations going on at Ibrox, but are they really capable of adding anything of substance. Even the article on Rangers’ finances by the otherwise excellent Glen Gibbons this morning had to rely on analysis by the Football expert that is Neil Patey.
The mention of the Champions League in the accounts was horrifying. Are they seriously suggesting that their plan is to win every league at the first time of asking, accumulating debts along the way (from whatever source, as mentioned above it could be slightly more complicated than just applying for a loan!) and then pay off these debts with their Champions League money? Sounds remarkably flawed. Like what happens if they don’t qualify for the Champions League? That could land them in a bit of a pickle. Getting into financial difficulty by staking the house on qualifying for the Champions League but failing, now where have I heard that one before….Idiots.
I’m really disgusted at the mismanagement. And mismanagement is exactly what it is. I’ve heard people say that Rangers is an unworkable business, which in my view is complete nonsense. You’re talking about a team that will get a guaranteed 40,000 plus at every home game. Work out how much money that will generate, spend less than that. It’s not f***ing rocket science.
RyanGosling says:
October 5, 2013 at 8:42 pm
It’s not rocket science, but, how do you keep the 40,000 turning up, when the team on the park starts to look like a third division team?
see 1980 to 1986 for example, ave home attendence per annum, 20k, 18k, 18k, 22k, 21k, 25k.
Its not just about cutting costs, its about cutting costs whilst keeping that 40k attendance, that’s the trick I’m not sure anyone can pull off.
Superb! Nearly fell off my chair at this one.
Tif Finn says:
October 5, 2013 at 8:11 pm
Sort of. I guess what I’m saying is, that even if the current board stay in position, I don’t think the Record will change its line on this
Scapaflow its a fair point, but I think it would have been accepted last year. It would actually have been quite straightforward to be very clear about everything: “we’re having an IPO to raise money, we will not have to spend a fortune to get out of the 3rd / 2nd / 1st divisions so we’re gonna hoard money to save up for an assault on the top league when we get there. We need you to keep showing up and paying your money. It might not be pretty for a couple of years but it’ll be worth it in the long run. Most importantly, we will use this period to do our utmost to bring through kids from the youth system and give them a real shot at the first team.” The vast majority of Rangers fans would have accepted that if it had been clearly communicated.
But of course, that’s only a little bit of the problem. The accounts showed that the first team wages are not what have already run down a huge amount of IPO money. Its the other operating costs to pay for the charlatans ridiculous wages to asset strip my club.
RyanGosling says:
———————————————–
I don’t think anyone has ever suggested that Rangers is not a viable business.
However that does not mean that the current business model is viable, with £14m operating losses it clearly isn’t.
All I have read here is that the Rangers’ owners, and support need to realistically look at whet they earn and base the club on that figure. Then a period of sustainable growth, again based on reality could be undertaken.
They pointedly and deliberately chose not to do that. The hubris is just too ingrained.
For there to be a viable Rangers requires a fundamental change in the attitudes and expectations of it’s owners and supporters. A business model based on debt and hopefully getting into the CL in three years time is madness. Certainly if you have any intention of running a football club.
Why is Neil Patey’s ‘expertise’ continually requested ❓ ❓ just why 😕
ianagain says:
October 5, 2013 at 6:26 pm
“Recovery is not going to happen in a single season,” Mr Stockbridge said. The club is pinning its hopes on a return to the Uefa Champions League, which will take at least three years.
—————————-
How about this for a plan B though, which may be Mr Stockbridge’s thinking –
1. The existing board face down the revolting knights, C Green comes back to the helm
2. CG has been using his time away to butter up his English contacts as per his statements last year
3. The current Rangers are given expedited entry to the English championship In time for next season. They hoover up a mass of sponsorship and win it, naturally
4. Second season – Hoover up even more sponsorship, plus money for winning championship, plus serious EPL money. Come fourth.
5. Third season – Champions league.
Bingo. High attendances all the way, an increasing budget year on year, champions league within 3 years. At that rate, with Ally still at the helm, he might even have justified his salary. The reduced one at any rate.
Tif, Phil Mac Giolla Bhain said that yesterday.
“The bottom line is that FC Ibrox is not a sustainable business long term”.
I just disagree with the statement as discussed. He might have been talking about the current business model, if indeed you could call “pocket all the season ticket money” a business model.
Tif Finn says:
October 5, 2013 at 7:57 pm
In his confidential ‘Investor Presentation’ Green reveals his plan to buy the club through holding company Sevco 5088.”
Does anyone have a copy of said presentation.
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
This may be the one you are looking for. Be useful if TSFM could archive these old docs.
https://dl.dropboxusercontent.com/u/13493545/Sevco%20764719bf8c.pdf
RyanGosling says:
October 5, 2013 at 9:18 pm
That’s a matter for Phil, and he may have a point.
The way things are just now I simply cannot see how Rangers can sustain itself. I also don’t see how it makes the cuts required to either bring in the additional income, or cut the outgoings to bridge the “black hole” in the accounts.
It may have been possible, had it been done when Green formed the new club but it wasn’t.
Green tried to argue that TUPE applied to the players, which was clearly wrong. However once he did that he could hardly argue it wasn’t the case for the rest of the staff. They were therefore all entitled to their jobs, on the same terms and conditions. Rangers have a £17m wage bill, that is nonsensical. There are £13m in other operating costs, again nonsensical.
When the new club was formed it should have been based on a far lower wage bill (on and off field) and a far reduced operating cost. The decision was made not to do that.
In fact Rangers actually brought players in, while they were in the 4th tier of Scottish football, absolutely insane. They also didn’t let very many people go as far as I can see. Sorry but they really should have. Every possible cost should have been cut, it wasn’t.
For me that is the root of the current problems, and it was predicted. However anyone who said it was just a Rangers hater. I myself predicted a turnover of something like £20m-£21m. I also said I couldn’t see how the expenses (non wages) could be cut very much whilst still operating Ibrox Stadium at full capacity, and Murray Park as it was going. So I reckoned they would be about £12m.
In short, my view was that Rangers total wage bill (players, management, backroom, ancillary, the lot) would have to be £8m – £9m. It wasn’t, not by a long way, what has happened has been the fault of the people running the club, and they knew they were doing it. It was done to generate season ticket sales and support the IPO. It really is that simple.
For me Rangers needs a fresh start, done properly this time.
RyanGosling says:
October 5, 2013 at 9:18 pm
Its not just salaries, the fixed costs associated with Ibrox and MP are pretty hefty, especially if you are looking at possibly halving your ticket income. Football is a funny business, the elasticity of demand isn’t just based on ticket price, but on more intangible things like “success” and the trappings that go along with success. Start to chip away at those, and the effect on demand can be akin to a massive hike in ticket price.
So yes, I agree that there is a viable business, but the cash break even point, may be well below the customer satisfaction break even point, if that makes sense. (Need to think about this a bit more)