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.
redetin says:
October 5, 2013 at 9:24 pm
Thanks for that.
=====================================
Specific Deal Structure
– New investors invited to participate at a pre new money valuation of £10,000,000 in Sevco 5088
Limited
– Investors will secure an 85% shareholding of Rangers Football Club plc and a waiver of a secured
debenture over the club’s property assets
– Remaining 15% shareholders comprising 26,000 shareholders/fans will receive a warrant to subscribe for shares on a pro rata basis with the new holding company.
– 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
– Charles Green being incentivised by 10% of the enlarged share capital of the holding company post completion
-Sevco will function as the holding company and Rangers plc will be the operating company going
forward
Alternative Deal Structure
– In the very unlikely event a CVA is not agreed by creditors, the holding company will buy the same
assets from Rangers plc for £5.5m
– Rangers would potentially be precluded from European competition for up to 3 years
-Advantages to alternative scenario:
– Salaries could be reduced by c. £7m as there would be less requirement to retain star players
-Anticipated pre tax profits of £2m every year for the next 3 years
– Less pressure on working capital
===============================
Bottom line, in the event of a CVA then Sevco 5088 was buying the club and running it with Sevco 5088 being the holding company. (Same structure as Wavetower).
In the event of no CVA then Sevco 5088 was buying the assets.
redetin says:
October 5, 2013 at 9:24 pm
This may be the one you are looking for. Be useful if TSFM could archive these old docs.
———————————-
Very impressive document finding. That kind of thing is incredibly useful in trying to follow current arguments and put them in context. Good stuff.
Just a passing note on tonights BBC Sportsound Extra.
Chick Young?
Embarrassment to The BBC? – Yes (If Cowan can be suspended for stupidity, why is this Clown allowed to get away with it?)
Sycophant? – Yes (Chick, have a look on You Tube. Monty Python have a great sketch called “The Dead parrot”. Yes Chick, That Parrot is DEAD!)
I’ll give Keith Jackson a bit of credit tonight, he’s actually beginning to see what’s been happening over the last few years, although a bit late. Same as Graham Spiers. They both gave TRFC a kicking tonight, but came up against the wee squeaky voice of Chico, still clinging to the past.
“They’ll always be Rangers!” cried Chick! “Ally has kept this club together like glue, I’m not justifying his wage, but he has kept this club together”.
BBC, please retire this wee sycophant now!
BBC, please be the “impartial” Broadcasting Company you are so proud of boasting about.
Brenda says:
October 5, 2013 at 9:10 pm
16 0 Rate This
Why is Neil Patey’s ‘expertise’ continually requested ❓ ❓ just why 😕
____________
he tells them what they all want to hear
RyanGosling says:
October 5, 2013 at 9:18 pm
0 2 Rate This
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.
++++++++++++
If New Rangers were currently in the SPL, their business might be sustainable, although the executive salaries would still be nonsense (Ally included). However they have yet to get to the SPL, which will take another 2 years. In the last 12 months, £25m has been utterly squandered on winning the 4th tier of Scottish football. Effectively, there is now very little money left- another £7.5m has already been flushed round the bend since 30th June.
So the problem is how to survive another 2 years. I don’t think they can get there without another £20 million minimum cash injection. It’s fine to talk about cost cutting, but very difficult to do, unless everybody at Ibrox follows Ally’s noble gesture and gives up half of their contractual entitlement. Do you see that happening? I don’t. The simple fact is that D&P should have tackled the cost base during the Admin. They didn’t even try. Because the plan A was direct entry into the SPL. Plan B was direct entry into into SFL1. There was never a plan C.
So in my view they need another £20/25m fairly urgently. A share issue is unlikely to raise much. A billionaire is unlikely to be stupid enough. Which leaves a secured loan (if they can find a lender) or a sale and leaseback of the properties. It didn’t have to be like that, but all that money was chucked away to a deafening round of applause from the mass of the fans. Anyone who warned them was a hater, a timmy, and other words that I’m sure would get me removed from this forum if I repeated them here. I can’t feel sorry for them in those circumstances. How many times can these peepil; be taken for a ride? To the spivs, they are just the gift that keeps on giving.
Angus1983 says:
October 5, 2013 at 8:03 pm
&&&&&&&&&
The hirsuitageness of your chorus & verse is there for all to see, as is the gelatinous Jack article in today’s DR. Ally claims that: he didn’t read the contract; he doesn’t know why his salary was published in the accounts; he doesn’t know who authorised the publication of his £850250 per year pay – to paraphrase, more than the total manager pay bill for the SPFL; Ally claims, in the purest Jackesquness way, that he had agreed his pay cut (not ‘new contract’) before he knew that his lottery-winner wages were going to be made public; Ally claims that the decision to postpone the Dunfermline game was purely his, it had nothing to do with anti-board protests or pressure from the board.
And the band played ‘Believe It If You Like!’
RyanGosling says:
October 5, 2013 at 8:42 pm
As you yourself point out there is no guarantee that should they make the early qualifying for the CL that they will progress further that the qualifiers. Where does the money come to buy the players required to compete at this level ? Do we go to the bank and borrow on what might be ! There is not a bank that would loan that money. What you also have to take into account is that not unlike Motherwell and St Johnstone the early rounds in European competition can cost you money, more debt
Ryan, it’s only mismanagement if you believe they give a toss about the Club or even football. They’re “managing” to siphon off millions. This could be any business and assets they’re controlling. It happens to be operating as a football club. Other businesses don’t have fans that can be “exploited”, though, as someone put it (Green or Whyte, I think). That’s probably what makes carpet bagging in football so attractive – if you can get the fans, authorities and media onside and to accept you as a genuine (football) business. I don’t think I’m alone in watching and wondering how it’s still happening.
Stockbridge said “We are not going to run out of cash”. I wonder who he means by “we”.
Finally getting around to reading Rangers accounts and wonder what genius came up with this.
SPONSORSHIP
Sponsorship revenues have been on the decline since 2009/10. However, in season 2012/13 they were hit dramatically due to a combination of factors including the reduction in shirt sponsorship fee and loss or reduction in other major partnerships as a direct consequence of the transfer of Club licence, which led to Third Division football and no European football.
There is no transfer of a Club licence that can lead to no European football. What leads to no European football is an interruption of membership of a national association under Article 12
” The membership and the contractual relationship (if any) must have lasted – at the start of the licence season – for at least three consecutive years. Any alteration to the club’s legal form or company structure (including, for example, changing its headquarters, name or club colours, or transferring stakeholdings between different clubs) during this period in order to facilitate its qualification on sporting merit and/or its receipt of a licence to the detriment of the integrity of a competition is deemed as an interruption of membership or contractual relationship (if any) within the meaning of this provision. ”
reinforced under Article 14 which does not allow a transfer of licence under any circumstances.
Article 14 – Licence 1 Clubs which qualify for the UEFA club competitions on sporting merit or through the UEFA fair play rankings must obtain a licence issued by their licensor according to the national licensing regulations, except where Article 15 applies. (this refers to entry via other means like cup winners)
2 A licence expires without prior notice at the end of the season for which it was issued.
3 A licence cannot be transferred. .
The codswallop statement in the accounts comes about because of a confusion between SFA membership which is at SFA discretion with no criteria and club licensing to the UEFA standards that the SFA signed up to but ignored in applying to Rangers from 2011 on.
It is the single greatest loophole that allowed RIFC to gain entry because one (membership) is not dependent on the other (licence) but should be and is a glaring loophole that the SFA should be closing but will not because it removes their ability to do as they please.
The event that led to Third Division football was the former club entering liquidation and becoming a new legal entity (to escape its debts) and was lucky to get accepted into the Third Division.
There is spin and there is spin, but this is enough to cause a vortex of black hole proportions. Is the truth so shameful it just cannot be voiced or faced?
briggsbhoy says:
October 5, 2013 at 10:39 pm
Do we go to the bank and borrow on what might be ! There is not a bank that would loan that money.
==============================
There used to be, for both Rangers and every other business David Murray was involved with.
Then Lloyds bought them and couldn’t believe what was going on and said get it fixed.
The accounts published in the last week have been widely scrutinised and almost universally declared to be a car crash.
The massive expenditure and over inflated wages / pay offs are off the radar, to borrow a phrase.
The question is: is this the actions of
(a) a bunch of clowns mismanaging a football club
(b) a bunch of greedy spivs making a quick buck by draining the cadaver dry before leaving it to rot
(c) a bunch of greedy spivs deliberately causing a second liquidation that will leave them holding all of the saleable or leaseable assets and either a further incarnation of Sevco paying through the nose or no Sevco and land sold for development.
Answers on a postcard please. Are there other likely scenarios?
For me it looks like all of the above.
Guys like McCoist are in the a camp. He has been blithely taking his share of the proceeds without a second thought (he claims) either for himself, or more damningly, for the club he claims to love so much. Greed and vanity have led him to become possibly the most effective tool of the asset strippers. The only one that could rival him for this title, is Sir Walter of the Cardigan. Could they have done it without him?
Green has fulfilled his part of the plan (plan b above) and is counting his winnings back at the Chateau. Of course he may still come back to squeeze out some more, the man really has no shame.
It is the one still to come, part c, that is going to do the most lasting damage. I have to confess, despite paying my best attention to the informed analyses here, that I can’t work out all of the steps that follow in scenario c, but if you start with the assumption that there are people on the board at Ibrox who really don’t give a stuff if there is a football club there or not – well, it opens up a whole series of possibilities.
If we are genuinely looking at c, then you might imagine that the proposed AGM could be a potential hiccup. Of course, if you can allow the thing to get postponed for a period because you are stuck in a legal battle, then that probably helps the current board drain the last remaining drops of blood before declaring it is a bust, and transferring the assets. Wonder how long they could drag out the case over in Edinburgh?
Meanwhile, the new club is in the ICU, the heartbeat is faltering and time is ticking away as the haemorrhage is left untreated.
And the family are outside squabbling over who gets what.
Auldheid says:
October 5, 2013 at 10:46 pm
===========================
Couldn’t agree more Auldheid, Hear Hear! The SFA are up to their necks in Deep S£$t over this fiasco!
When was the last time any of us heard from Messrs Reagan or Doncaster? What’s Mr Longmuir doing these days?
Also, no point in asking if CO is under pressure? Our SFA President does seem to enjoy a certain exemption from appearing in front of The Media. Why is that, I wonder?
As far as I can see, The SFA, according to them, have had a good year, awarding themselves a big pat on the back, and a large Salary Increase to go with it. Well done boy’s, we’re all with you. Scottish Football is in great hands (he says sarcastically!)
Mr Reagan & Mr Doncaster, It’s time you earned those big wages! Sort this out once and for all, or are you only here for the short term like CG?
Auldheid says:
October 5, 2013 at 10:46 pm
Or, to use an analogy even an MSM journalist might understand, Rangers are banned from Europe for 3 years in much the same way as my 5 year old daughter is banned from high school until 2020. She just doesn’t qualify yet.
Tif Finn says:
October 5, 2013 at 9:39 pm
Green tried to argue that TUPE applied to the players, which was clearly wrong.
———
As I recall, TUPE did apply to the players.
They had the right (if they chose) to transfer to the newco on their existing terms and conditions.
Many decided to leave instead (as was also their right), while the newco was saddled with the ridiculously high wages of McCulloch, Goian and Bocanegra.
I think what Green tried to argue was that the players’ registrations carried over to newco, meaning they were not free to leave without newco receiving a transfer fee.
Zilch says:
October 5, 2013 at 11:10 pm
If we are genuinely looking at c, then you might imagine that the proposed AGM could be a potential hiccup. Of course, if you can allow the thing to get postponed for a period because you are stuck in a legal battle, then that probably helps the current board drain the last remaining drops of blood before declaring it is a bust, and transferring the assets. Wonder how long they could drag out the case over in Edinburgh?
+++++++++++++++++++++++++
Postponement of the AGM is a racing certainty, in my opinion. The knights are asking for a postponement, and the spivs need to buy some time. So an agreed postponement is in the interests of both factions. A couple of months postponement is likely, so an AGM in late December. By which time another few million will have been siphoned off, the properties can be put into a separate subsidiary, so that by the time of the AGM, the corpse will be an empty shell, ready to hand to the knights,, assuming they still want it, or more importantly, can afford it to run it, by then. I’m kind of sorry for Ryan, but this is simply a money game to most of those involved. To them it’s all about money, and nothing to do with football. If they can make more money by dumping the football side than by keeping it, then the answer is clear- bye bye football. If RIFC got rid of the football, and had some honest managers, the shares would start to look attractive at 50p. But only minus the money pit- and the spivs.
Tif Finn says:
October 5, 2013 at 10:58 pm
In the bad old days bankers were making money offering loans not just to football clubs. “you want to buy a big house, how much ? aye nae bother, how about a new car and what about that holiday” where are we now ?
BigGav says:
October 5, 2013 at 11:37 pm
========================
Apologies, I did not express that correctly.
Charles Green tried to paint the picture that the players had to join the new club and that if any wanted not to then other people would have to buy their registrations from his new club. He attempted to justify that position on the basis of TUPE regulations. Twisting it to say that they had no option.
Which obviously begs the question, was it a transfer of an undertaking. I really don’t see how.
Whether it is or not is academic really, as Charles Green had argued it in order to keep the major assets of the club, the players’ registrations. He could hardly then argue that it wasn’t for all of the rest of the staff.
As you say it really is an interesting point though. If it’s the same club then why did they not hold the players’ registrations. Clearly they didn’t or the players could not have walked away.
fergussingstheblues says:
October 5, 2013 at 9:53 pm
27 1 Rate This
I’ll give Keith Jackson a bit of credit tonight, he’s actually beginning to see what’s been happening over the last few years, although a bit late.
~~~~~~~~~~~~~~~~
I don’t give him any credit for that. He’s supposed to be a journalist, albeit a sports hack. As has been pointed out repeatedly, anyone with an internet connection and half an hour to spare (and let’s not forget that Keith didn’t necessarily even need to find a spare half hour given that he’s a journalist on a payroll), could’ve have found enough to start asking questions. Or at least enough to not put out the sycophantic nonsense that he has.
Old poster. Now just read.
Just back to comment on the Goldstein stuff.
His whole premise looked fundamentally flawed to me.
His later comments about this site were unfair and uncalled for.
He may be right that there is too much backslapping going on here.
However, I still think some of the posters on this site deserve a standing novation for their recent input.
RayCharlez says:
October 6, 2013 at 12:27 am
Just to say “standing novation”.
Well played, it’s to your credit.
Lord Wobbly says:
October 6, 2013 at 12:09 am
”..I don’t give him any credit for that.’
———-
And, my Lord, you are quite right, if I may make so bold as to endorse your opinion.
Jackson is a busted flush.
Died in the wool new club supporter, does not know the meaning of the word ‘objectivity’, and a supporter of a particular faction in that ugly and tawdry boardroom fight at the new club.
And gets our money for appearing on the equally partisan BBC Sportsound!
My Lord,trust not a word of what such an one utters.
RayCharlez says:
October 6, 2013 at 12:27 am
Hope my TU doesn’t count as a backslap 🙂
There is only one business model that could realistically provide Rangers (with it’s substantial fixed costs and and large but fickle support) with a potentially sustainable future and that is the one adopted by Celtic.
If you wanted to replicate this model and started today then you would need to support a loss making operation until you reached the champions league group stages, buy and pay for a team capable of winning the premier league and qualifying, invest hugely in the the sorts of scouting talent and networks that allow you to identify the hidden gems and pay for a bigger squad than you might otherwise need in order to accomodate and develop said gems. In the initial period you will probably need to pay a premium because, less face it, your brand is crap and you don’t have the reputation as a stepping stone Celtic have. For the moment let’s ignore the fact that in every part of the operation from sponsorship, to match day revenues etc etc (as well as the advantage from a substantially larger capacity), Celtic are far better run and actually experienced at making this model work. So how much? I doubt very much you would get any change out of 50 million. And if Celtic continue to qualify and make successful trades and invest the profit back into the model over the next 3 years then it’s even more because your chances of getting that one slot are getting slimmer. (Remember without champions league and positive player trades Celtic are also loss making). The only person I’ve heard acknowledge this is Dave King but he is going to have to dig far deeper than the 20 or 30 million he says is needed. Unless your strategy is to wait and hope Celtic come back to your level through years of failure to qualify for the group stages there is only one option available and that’s to prime the pump with a huge amount of cash and the longer you wait then the more it’s likely to be. Frankly investment at this level is just not going to happen.
Andrew Smith in the scotsman today:
“”
THE accountant of Ally McCoist can rest easy. The Rangers manager has admitted he envisages that the near 50 per cent reduction he has agreed on his eye-watering £825,000 salary will be a temporary state of affairs.
As the Ibrox club inevitably progresses to the Premiership..”
Yep. I stopped reading there.
[edit – abuse]
Listening to Sportsound Extra on the i-player. Keith Jackson sounding yet again like the fan frustrated to his eyeballs that the mighty Rangers don’t currently sit at the top of the Scottish Football pile. Chick Young sounding like the guy who we’ve all met in life, who gets extremely het up about Rangers welfare while claiming to passionately support another club, even wailing about a lack of ‘Rangersness’. The most telling part of it all though was the call from Gordon the Rangers fan, which if indicative of the wider view of the support shows us where a major problem still lies. According to Gordon everything in the garden is rosy, the club will march through the divisions, and once in the Premiership will be booming with no debt. It was left to Keith Jackson to point out to Gordon there is no credit facility, which was basically met with silence from Gordon on the phone. Some people really just can’t get there was no genuine riches associated with the Murray era. There was just a Well called the Bank of Scotland which never run dry. When English people became horrified at that situation and closed the Well, they then used money with may yet be proven to be taken illegally from the tax payer. The tax situation under Whyte is beyond dispute.
cowanpete says:
October 6, 2013 at 7:39 am
===============================
To be fair to Andrew Smith he is not, and has never been a cheerleader for Rangers, as you would expect from an ex-Celtic View Editor. He does work for the Scottish media though, who have a noticeable habit of co-ercing their writers into making unfathomable statements about Rangers on a regular basis.
Up The Hoops 6 Oct at 7:44
I listened to that caller Gordon and the statements from the likes of him that “we have no debt” gets my head a shaking. Want to claim same club, same history. The fact that the oldco shafted the British taxpayer and others totalling millions to be debt free is long forgotten.
When any Govan club supporter goes on about being debt free to me I always reply with the same three words
Scottish Ambulance Service
Been travelling in Asia and managed to bust my blackberry so haven’t been on much post-NewGers fist accounts.
Redetin – thanks for posting that link. So their offering to investors “- In the very unlikely event a CVA is not agreed by creditors… anticipated pre tax profits of £2m every year for the next 3 years… (and there would be) less pressure on working capital ” in that scenario.
How’s that working out for the management team over at Ibrox? Must be going great guns if their bonuses are to be believed.
If institutional investors actually did buy into a story that “the worst case scenario” would return a profit for the next three years they will be very unhappy. And if anyone knows who actually bought into these projections, I suggest those individuals be quizzed by their own management and indeed the trustees of the pension funds etc whose money is under their stewardship.
I had a bit of back and forth with Steerpike (i think) a month or two back – I said they’d make it to the end of this season but i doubted they’d make it to the next tranche of season ticket money without an additional cash injection and I stand by that (in fact i’m even more confident of that”), however I really can’t begin to see where that might come from. Even multi-millionaires don’t usually have sacks of cash lying around… what’s that you say? In a BUS station?!? Well that not-withstanding, legitimate multi-millionaires don’t have multiple-millions to p1ss down a money pit – there there are so many stories of guys with a lot of money to you and I, 20m, 30m, who have blown it ALL trying to appease fans of clubs a lot less demanding than the Gers (old or new).
It’s the old gag isn’t it? Guy pulls over his car to ask a local man directions – “How do I get to ?”,”Oh” the old local replies, “you don’t want to start from here…”
The business needed torn down and started again and if “they”, whoever they might have been, to take the short-term, bad-tasting medecine, NewGers could have been a viable project. It’s not, because Green was in it for the money, the supine members of the board also saw their own pockets being lined very nicely thankyew and didn’t want to upset the Green applecart. Criticism was too little too late.
And finally to the contract of Mr Ally “Alistair” McCoist. I believe when Lennon was appointed manager of Celtic with no track record his salary was in the region of a couple of hvndred k on a rolling 1 year contract. When he had proven himself he was given improved terms (the Irish press quoted “doubling” his salary, the Scottish press in typical understated style, said it was trebled.
Mr Coist’s agent/s did an unbelievable job in convincing a cash-strapped business, without McCoist’s input or knowledge apparently, to give a rookie coach an 800,000 salary (+share options I’m guessing) to manage a team of full-time professionals, many of them full international players through the lower echelons of Scottish fitba’.
Is that a rolling 1 year contract? So if NewGers part company with him, other than him quitting, they’ll need to pay him 800k to walk away?
Charles Green, in full cheerleading mode pre-IPO said he wanted McCoist at the helm for 25 years. It might be that long before they can afford topay him off!
Oh how Ally keeps treating the bears like little children with his fairy tale like stories ,one minute he is telling us of a list of over 100 names he has of football players that gamble on matches and the next he is telling us he does not read any contracts relating to his financial future and the next he is telling us his wage is public knowledge ,how does he know that ,what are you reading this week Ally,its certainly not the riot act ,you read that no problem a few months ago ,I suspect someone is winding the key in your back as you cant be as niave as you are appearing ,can you,we demand to know who the key winder is.
A few snippets from today’s Sunday Beano:
He said: “I lost players who would have fetched £40m in transfers when Rangers went into liquidation.”
[Duff & Phelps should really answer that. But saying Rangers went into liquidation? Looks like he’s in for the Jim Spence treatment]
“You can never underestimate the benefits from freshening up your squad periodically.”
[I’ve heard of ‘benefits’, can’t be them … naw]
“Ally knows he’s already done his bit towards straightening out Rangers finances – and he’s not talking about the well-publicised cut in wages the manager has volunteered to take.”
[Oh, the humanity]
http://www.dailyrecord.co.uk/sport/football/football-news/ally-mccoist-rangers-must-substantially-2343701?utm_source=twitterfeed&utm_medium=twitter
https://twitter.com/corsica1968/status/386633313475391488
Here’s another clue for idiots who think Sevco bought RFC business: where’s previous yr comparison in accounts? Look it up #accountancy law.
Oh and as an aside, in the Record’s story where Green said he wanted McCoist to stay “for 25 years”, it also made great capital (!) of the fact that McCoist was working for nothing at the time, to see the club survive. Now I am no “PR guru” but if that was my client, and that had happened I woud be getting EVERY story in relation to my client and his salary/contract to lead with that.
As I say however, “I’m no PR guru”…
Just a thought.
When season book renewal time comes around who are the spivs going to wheel out next time to persuade RIFC supporters to pony up? Chances are the money will be desperately needed by then to pay this season’s bills.
Not Walter, certainly not McCoist, so who will the supporters put there trust in next time.
Will they ask “show us the spreadsheet”.
Will any lessons have been learned?
@neepheid on October 5, 2013 at 10:27 pm
There’s always the crowdfunding route to access new funding. With 500 million fans to call on, it has to be a consideration.
Plan may go something like this:
Play out a media war between entrenched spivs and rival group led by former director of the ‘glory days’ board for control.
Spivs take (another) payday in return for their still hidden securities and silence on how this may just have been an expensively orchestrated plan to dump a potentially ruinous tax liability and move the assets out of the reach of creditors (I know, bit far fetched)
‘Real’ Rangers men eventually muscle in and with great farfare clear out the nasty spivs. Its important to sell the idea of it being good Rangers men going into battle with parasites only interested in lining their pockets and destroying ‘the club’ (also distracts from having to debate how Plc suddenly became ‘the club’). There has to be a ‘hero’ element otherwise fans won’t buy into it. Remember when Jack managed to convince fans to march on the BBC in protest at its bias against Whyte? Same rabble rousing, but promoting new brogues.
So real Rangers men get in the door and find the nasty spivs have srripped the place bare. How will they save ‘the club’ with no money and a ‘billionaire’ backer who is only offering turnaround expertise? (Note the prevalence of turnaround experts in this sorry tale?)
They can’t go to the market and raise more cash on the recent financial results. The City investors may have been lured once, but given the share price has barely budged as bad news snowballed, it looks like its a waiting game to get over the line re lock-ins. Then the fun really begins.
So with the market closed, no bank in their right mind willing to offer a credit facility and the cost of private loans (Ahmad’s fifty grand fee on a two hundred grand loan?), crowdfunding looks to be the only real option open to Rangers. Or a billionaire, but it have to be a real one this time.
Auldheid says:
October 6, 2013 at 10:07 am
When season book renewal time comes around who are the spivs going to wheel out next time to persuade RIFC supporters to pony up? …Not Walter, certainly not McCoist, so who will the supporters put there trust in next time.
—————————————————–
You never know, Walter and Ally have a habit of coming back on-message (for whatever reason I have no idea) whenever the fans have to be milked for cash, its not a given that they won’t somehow be persuaded that their innate Rangersness makes it their duty to do so again. However mad, not to say counterproductive, it seems to the outside world looking on.
sumproduct says:
October 6, 2013 at 10:16 am
There’s always the crowdfunding route to access new funding. With 500 million fans to call on, it has to be a consideration.
——————————————————–
Brilliant.
From Sevco 5088 to Sevco Scotland to The Rangers to Kickstarter FC
Auldheid says:
October 6, 2013 at 10:07 am
1 0 Rate This
——–
There’s a few other former legends who might actually be hoping for a huge payoff, for purely unselfish reasons, and be willing to throw their weight behind the regime. There’s a lot of money in Ibrox altruism.
Ally claims that: he didn’t read the contract; he doesn’t know why his salary was published in the accounts; he doesn’t know who authorised the publication of his £850250 per year pay – to paraphrase, more than the total manager pay bill for the SPFL
——————————————————————
So they stopped short of claiming he doesn’t read his bank statements either..
In Ally’s defence, in the world of sports brand endorsement fees, £850250 isn’t really that extravagant..
The manager’s role he does for free, “for the love of the club”
According to Jack, Ally will be subsisting on £1800 Per Day (if the 50% wage cut-NOT ‘new contract’- is to be believed). That’s £1800 per day based on a seven day week,…after deductions,…not including benefits(car, mileage, preferential mortgage, etc),…not including the benefit of shares received pre IPO.
Based on previous comments, has Ally read the new agreement (NOT ‘new contract’) that he has signed?
Will he insist on the name of the person who insisted on publicising his breadline bangers?
briggsbhoy says:
October 6, 2013 at 8:46 am
I listened to that caller Gordon and the statements from the likes of him that “we have no debt” gets my head a shaking. Want to claim same club, same history. The fact that the oldco shafted the British taxpayer and others totalling millions to be debt free is long forgotten.
====================================================
There can be no doubt there is an element of the Rangers support who see it as an absolute entitlement to believe that no matter what happens, their club is blame free and need feel no remorse for anything. The targets of the anger that accompanies their predicament says it all. I guess we just haven’t realised yet what an honour it was for Rangers to royally shaft us all. Then again Chick Young told us last night they are ‘a special case’, before quickly adding a rider that Celtic are too. There is overwhelming evidence that Rangers are indeed treated as a special case, but Chick will need to explain what treatment Celtic have received to receive the same adjective.
There is only one special case in Scottish football, and sadly those who follow it don’t even appreciate how kind those in power have been to it, because right now what they believe to be their club should be playing non league football.
sumproduct says:
October 6, 2013 at 10:16 am
There’s always the crowdfunding route to access new funding. With 500 million fans to call on, it has to be a consideration.
=======================================
Thank heaven those 500 million fans did not cough up 50p each. World domination for Sevco!
Not The Huddle Malcontent says:
October 6, 2013 at 9:39 am
https://twitter.com/corsica1968/status/386633313475391488
Here’s another clue for idiots who think Sevco bought RFC business: where’s previous yr comparison in accounts? Look it up #accountancy law.
—————————————————–
I can’t access that link. Any chance of a cut & paste from it?
Re; Keith Jackson on Sportsound last evening when he dared to mention the Charlotte Fakes e-mails.
As I listened to him the last thing that came to my mind was that he was at last making a ground-breaking revelation about the existence of CF in the public interest. No, I could tell from his plaintive tones that he was merely launching a last-ditched plea to the Rangers fans to support the Murrays. He sounded so deperate to get his message over that I think he resorted to using the CF material to do so. It is now apparent that Jackson reads the CF twitter feeds. Why therefore has this award-winning journalist not taken the opportunity to exploit any previous CF information if he is so anxious to educate his readership?
A bit OT but I just saw Neil Oliver on telly quoting Voltaire in the build up to the Great Scottish Run. It’s been mentioned here before, but I found it very poignant in the context of the live coverage from Glasgow and Neil Oliver’s fine wee history lesson about the city.
In the context of the subject of this blog it really does seem like a quote about another, more historic Scotland.
Just noticed the link to Sevco 5088 Ltd 24-page Investment Brochure posted by redetin at 9.24pm last night no longer works.Any ideas?
https://dl.dropboxusercontent.com/u/13493545/Sevco%20764719bf8c.pdf
when EXACTLY did Ally work for free? Certainly wasn’t for Sevco Scotland/5088/TRFC ltd/RIFC PLC
was it when he worked for the “clumpany” that died?
so, other than taking 1M shares an milking the club for £825k – what HAS he done for this clumpany? Won the 3rd division.
Sometimes it’s a good idea to take a step back and breathe.
I don’t claim to be the brightest guy in the world, and don’t pretend to understand the minutiae od legalese and accountancy practice that is discussed on here. As I see it, the guys in the current Sevco board, with the possible exception of Craig Mather, are purely in it for the short term. They are there to make as much money as possible as soon as possible. (Charles Green made no bones about that. He then proclaimed to have caught “Rangersitis” and Sevco fans believed him) The only logical conclusion for the guy who currently sit in the Blue Room is a sale and leaseback. That is how they make the real money. The million or two they have pocketed each is chicken feed, and the institutional investors aren’t even close to the return they expect. Only sale and lease back makes any sense here.
Who they sell it to will be the most interesting thing for me here. Do they sell it to the neo-Knights? Highly unlikely as they would demand top top dollar and only McColl could come up with that sort of cash, and he does not seem even close to being at home to that sort of deal. It seems more likely to me that the current incumbents will sell to more of their chinas who will cough up the cash and play hardball with the new tenants. Unless a third party pops up with a bigger offer for the site, but it’s hard to see what else it could be used for. A commercial business wouldn’t pay huge money for it. Without a Rangers-type team Ibrox seems almost worthless to me, but equally for a team to call itself Rangers, especially if to wants to pretend to be the same Rangers, then it has to play at Ibrox!
Equally, the current board have no intention of still being around twelve months from now. Sevco may still own the properties but I have no doubt they will have welcomed McColl et Al (se what I did there?) into the hot seat. The only uncertainty is how much money the new tenants will be prepared to spend to have a team capable of securing a Champions League qualifying team in only three years. It will take a minimum of £30million of spend without considering wages to do that. There is much stock made of the current regime having no credit line, but if McColl is on board, then I would see some institution granting significant facilities at that time. If McColl even makes a personal guarantee of ten million, then that would be a good start.
So, plenty of intrigue to keep us all entertained in the coming months. I do think another year will see all our questions answered. Then maybe we can concentrate on the SFA who have let us and our game down so badly in the last two years.
I try to live my life quite simply, so if I’ve over-simplified and made mistakes I won’t be offended if you pick holes in my thinking.
paulonotini says: October 6, 2013 at 11:29 am
Just noticed the link to Sevco 5088 Ltd 24-page Investment Brochure posted by redetin at 9.24pm last night no longer works.
________________________________________
Have put a copy up. Hope the link works.
https://docs.google.com/file/d/0B1SaJS6SnFZMbnVZR2NNdjFfZVU/edit?usp=sharing&pli=1
TW says:
October 6, 2013 at 10:33 am
Brilliant.
From Sevco 5088 to Sevco Scotland to The Rangers to Kickstarter FC
============================================
Dont you mean Firestarter FC ?
Keith Flint Loyal
Thanks Carucal 12.16pm for the Sevco 5088 link.
Was also wondering why the original documents would be removed just 24 hours after the link appeared here?
Strange goings-on in the Sevco world.
Auldheid says:
October 5, 2013 at 10:46 pm
Finally getting around to reading Rangers accounts and wonder what genius came up with this.
SPONSORSHIP
Sponsorship revenues have been on the decline since 2009/10. However, in season 2012/13 they were hit dramatically due to a combination of factors including the reduction in shirt sponsorship fee and loss or reduction in other major partnerships as a direct consequence of the transfer of Club licence, which led to Third Division football and no European football.
——
Rather an excellent piece of copy-writing, I think. … the loss of a single comma, explainable as a simple typo, changes the entire meaning of that sentence. Those of us with sufficient wit will mentally insert the comma and read the text properly. Others will assume that the transfer of the Club licence led to no European football, because that’s what it says – and is possibly the intended meaning.
Insert the wayward comma as below to complete the parenthesis, and the “no European football” is suddenly no longer attached to the transfer of the Club licence.
“However, in season 2012/13 they were hit dramatically due to a combination of factors including the reduction in shirt sponsorship fee and loss or reduction in other major partnerships as a direct consequence of the transfer of Club licence, which led to Third Division football, and no European football.”
There are lots of these documents going missing at the moment. Might be a good idea if we had a repository for them.
Happy to set one up here or elsewhere. If anyone has copies of any documents surrounding this stuff, please send them to us.
From THIN DIME BHOY on CQN
Sally says here on October the 4th http://www.bbc.co.uk/sport/0/football/24395665
“There was a contract put down which I can tell you in all honesty was not negotiated at all”
Sally says here on October the 6th http://www.scotsman.com/sport/football/spfl-lower-divisions/mccoist-will-return-to-full-pay-if-rangers-rejoin-elite-1-3128381
“When we signed our contracts, they were effectively put down in front of us by Martin Bain. I can also tell you, hand on heart, there was very little discussion or negotiation”
—
So Sally says there was negotiation although it was just a wee bit on his super sally salary of 850 grand
In all honesty hand on heart Sally is big fibber
Re What trumpet will be blowing for next seasons ticketfest ,he has already been excercising his vocal chords in preperation,step forward Barry[ya fud]Ferguson ,gies the money or else.
Billy Boyce says:
October 6, 2013 at 11:17 am
================================
When Jackson starts mentioning things like Charlotte Fakes casting great doubt on why the SFA awarded Rangers a European Licence in 2011 then maybe he should get more respect. Instead he selected something that suited him in terms of pressing a case for who he wants in the Ibrox Boardroom. The BBC are being used big style by this guy and Joe Public is paying for it.
So, ‘You’re not going home..in an ambulance’
Actually, I’ve just realised the original chant doesn’t make sense. If you needed an ambulance, why would you be taken home in it?
Angus 1983
It is the result of the interchangeable use of the term licence and membership to suit the argument without understanding what makes each different.
In using licence and European exile in same sentence they give UEFA rules their place and those rules are Crystal clear.
All the way. From BRTH post and CO’s dilemma; the wacky accounts and Alistair’s blatant hypocrisy; the kindergarten boardroom; the (ab)use of our justiciary to lend them purpose or validity to mention a few. Again, the MSM trumpet their ‘return’ and the hordes nod greedily/needily. Chico is bang on the money- it will not be allowed to fail.
TSFM says: October 6, 2013 at 12:54 pm
There are lots of these documents going missing at the moment. Might be a good idea if we had a repository for them. Happy to set one up here or elsewhere. If anyone has copies of any documents surrounding this stuff, please send them to us.
____________________________________
Great benefit from having a repository but much work if even 20 of us forwarded all our downloads. Might be easier if each of us continues to download copies of docs as they appear. Might be worth making an index of important docs and checking that copies exist amongst us.
They don’t actually sell it, as such, killiemad. At the moment, we understand that the property is ‘owned’ by TRFC Ltd. However, they ‘owed’ RIFC plc £16m (in June). What gets sold is TRFC Ltd but the properties get given to RIFC plc in lieu of payment or part payment for the debt. The current board then own the property and the new club owners get to pay them to use the stadium.
Carucal says:
October 6, 2013 at 12:16 pm
paulonotini says: October 6, 2013 at 11:29 am
Just noticed the link to Sevco 5088 Ltd 24-page Investment Brochure posted by redetin at 9.24pm last night no longer works.
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
I put the document in a dropbox folder and uploaded the link. Once I saw acknowledgement that requester had seen the link I moved the folder, breaking the link.
I only keep a few of the docs on my desktop, purely because I was fed up searching every time.
paulsatim says:
October 6, 2013 at 12:55 pm
“There was a contract put down which I can tell you in all honesty was not negotiated at all”
——
I imagine the conversation went something like this:
“Am I reading that number right?”
“Aye”
“And that means I’ll get a guaranteed £x in my bank every month, with all these extras on top?”
“Aye”
“Got a pen?”
I don’ t think I’d have negotiated much etiher.
You’re almost halfway there, scott! 🙂 They don’t need to sell TRFC, merely take the Tomb of Lazarus and Murray Park in payment for the debt. They tie TRFC into a rental agreement for both premises at, say, #3m a year for 25 years renewable, with upward-only rent reviews every five years. Then, in a magnificent gesture to the proud traditions of “Rangers” and its 500 million worldwide fan base, they GIVE Lazarus FC to the Blue Knights for nothing, not even one shiny pound, and an agreement that TRFC can buy back the rental agreement for, say #50m within five years.
They then sell the entire investment to a pension fund for, say, #40m, and walk into the sunset, having, as Big Hands promised, doubled their money in a couple of years. Easy peasy!
If I’d trusted my own judgment of the inherent gullibility of the Bearmacht (I’d love to have coined that 😆 ) I’d have bought them m’self! 😎
Torquemada says:
October 6, 2013 at 2:41 pm
Gotcha!! Thank you.
I always knew there would be football played there, I couldn’t envisage the stadium lying empty. If that was ever going to happen, it would have happened eighteen months ago. That’s why I wanted the entity formerly known as Rangers to have been banned from playing for at least a year. That felt like justice to me. There would have been genuine clarity between oldco and newco.
But hey, life goes on.
I still can’t see any way that they will generate enough money to be anywhere near Champions League even in the medium term, even with another share issue in this economic climate.
redetin at 2.18
Thanks for letting us know.
The transfer of ownership of Ibrox and MP will need to take place whilst the current board is in place. A change of directors could lead to a stand off with the new board potentially holding the aces as I’m sure they could make a case for removing themselves from Ibrox in order to ensure that the old board didn’t profit. After all without a football team playing out of there the properties are virtually worthless. Even a period playing in a smaller stadium with the resultant drop in revenue may be acceptable if the case is presented properly.
Intriguing times ahead, that’s for sure, but either way a financially crippled RFC is a certainty.
Torquemada says:
October 6, 2013 at 2:41 pm
Scottc says:
October 6, 2013 at 2:13 pm
killiemad says:
October 6, 2013 at 12:12 pm
====================================================
I commented on the property assets situation just after publication of the Annual Report.
It seems to me that there would be no sense in the spivs undertaking a revaluation of the properties whilst they were still in the ownership of TRFC. That would have had the impact of (a) more than offsetting the £16M owed to the parent company and (b) probably making TRFC profitable! Bear in mind too the further likely similar upward revaluation in a year’s time.
The use of the word ‘company’ in the section dealing with property assets rather than ‘club’ which litters the Report on previous pages indicates to me that the asset transfer to RIFC has in fact taken place prior to the revaluation.
This of course would leave TRFC with little in the way of assets – refunded the £5.5M the properties cost (probably offset against the loan at some point) – and ripe for an insolvency event or threat of such at any strategic time of the spivs choosing.
The nature of the Annual Report – an aggregation of the various company’s finances – makes it impossible to see what has actually happened. I am surprised however that such a material event – the transfer of major assets from a subsidiary to the parent company – would not have seen a request from Deloittes for it to be formally noted. This is even more important when there must be a serious doubt about whether the subsidiary in question (TRFC) is in fact a going concern. Parental support must have been vouched.
In that and other respects I’m beginning to wonder just what guarantees Deloittes have secured over this whole mess. It looks to me that a normal business would struggle to get signed off accounts in this kind of situation. What happens if the property market heads south? Or revenues do not pan out as predicted? Some more unexpected costs arise? Or CW manages to make his claims stick?
And all without access to credit facilities……whew!
I think we can all see why Frank Blin was being proposed to join the Board. And perhaps why on reflection he felt he wished to spend more time with his PWC pension.
Scottish Football needs a strong set of accounts.
Fabric of Scottish society
Armageddon
Financial disaster
Such emotive words and phrases from last year – why though?
If you look through the history of the British Empire, the way we (and I say we!) did it was to do a divide and conquer policy of ensuring one tribe or religious element was placed against each other. The thought was that they would be too busy fighting each other for the scraps at the British table to worry about fighting against the establishment. It worked a treat!
Now – if Sevco had not been allowed into SFL and Spartans given their place instead what would have happened?
Perhaps as we had all wished, the lack of a “superiority” product for the peepil to follow would mean that they may well realize the horrible truth – that the need for the superiority over other poor people in West of Scotland in particular, suited the establishment. Better for the Tims and Billys to argue than figure out that by uniting they would be much more powerful force in Scotland.
Was this the true Armageddon? Was this the real civil unrest fear? Was this the real reason that the SFA and UK/Scottish Govts have ensured that there is a continued vehicle for the Bears to follow follow?
Would it be possible for the very Govt who abhors sectarianism and arrest subjects for even thinking songs would be also promoting the same ideas to keep the establishment intact?
Would explain many of the bizarre decisions our so called leaders have made or done over the last 18 months to ensure the “fabric of Scottish society” are allowed to continue with their WATP beliefs.
Regan/Doncaster/Ogilvie are simply messengers – they would not do much without the say so and assurance from those above them. Only when we realize this will be get the answers from the right people!
Exiled – an interesting take on matters. I like the cut of your jib there.
I’d watch out for black cars with tinted windows pulling up outside your hoose now, though. 😉
Angus1983 – many thanks lol – would have a long way to come find me! Always wondered about the “BBC License Detector vans” to be honest!
redlichtie says:
October 6, 2013 at 4:10 pm
This is my take on ting as well. In fact, I would not be in the least surprised if we learn that TRFC are already being charged rental by RIFC for MP and Ibrox.
If/when the neo-Knights get their mitts on the Football Club, I rather think they will be in for a few nasty shocks….
Do the accounts show how much has been paid to Garrison Security? Do the accounts show a projected income from Rangers Retail? Do the accounts show an actual/projected income for RTV?
Chuckle’s villa disnae heat itself you know!!!!!!
Armygeddon anyone?
ah’ll get ma greatcoat!
Note 16 of the RIFC accounts (p39) states:
“Included within cash and bank balances [the much quoted £11.2m] is £946,000 relating to Rangers Retail Limited, which is not immediately available as working capital to the Group as a whole.”
Does this relate to the ‘drawdown’ facility that ecobhoy has mentioned several times in the past?
What is its significance?
Does it mean that the real cash position is almost £1m worse off than the headline figure?
BigGav says:
October 6, 2013 at 5:20 pm
Does this relate to the ‘drawdown’ facility that ecobhoy has mentioned several times in the past?
What is its significance?
Does it mean that the real cash position is almost £1m worse off than the headline figure?
+++++++++++++++++++++++
This can only mean that £1m of the cash chown in the balance sheet is not available for use by RIFC, and by extension by TRFC. The way that the shareholding of Rangers Retail is structured means that control is not straightforward, and I assumed on reading that note in the accounts, that Sports Direct have more of a say in the day to day operations of Rangers Retail than their shareholding would normally imply. I’ll have a look and see if I can find out more, maybe by reading some of Ecobhoy’s posts on the subject for a start 🙂