Scottish Football: An Honest Game, Honestly Governed?

ByTrisidium

Scottish Football: An Honest Game, Honestly Governed?

A Guest Blog by Auldheid for TSFM

Honesty requires both transparency and accountability. In pursuit of honest, transparent and accountable governance of Scottish football, and only that objective, the following letter, with attachments, has been sent to SPFL lawyers, CEO and SPFL Board Members.

An honest game free from deception is what football supporters of all clubs want. It is the action the letter and attachments prompt that will tell us if there is any intention of providing it.

It is a response on behalf of readers here on TSFM, but the sentiment which underpins it is almost universally held amongst fans of all clubs.  Importantly it is a response directly to all clubs, especially those with a SPFL Board member, that will make the clubs and the football authorities aware just how seriously supporters take the restoration of trust in an honest game, honestly governed.

The annexes to the letter contain information which may be published at a later date. We thought it appropriate to first await any response from any of the recipients.

Please also draw this to the attention of friends who are not internet using supporters and love their football and their club.

Auldheid

__________________________________________________________________

Harper MacLeod
The Ca’d’oro
45 Gordon Street
Glasgow
G1 3PE
19 Feb 2014
Copy sent to SPFL CEO and Board Members *
Dear Mr McKenzie
We the contributors to The Scottish Football Monitoring web site write to you in your capacity as the legal adviser employed by Harper MacLeod to assist the Scottish Premier League (now the Scottish Professional Football League) to gather evidence and investigate the matter of incorrect player registrations involving concealed side letters and employee benefit trusts as defined in the eventual Lord Nimmo Smith Commission.
We note from the then SPL announcement that set up an enquiry that the initial date range to be covered was from the inception of the SPL in July 1998, but that was changed to 23 November 2000 because, according to our understanding, that is the date of the first side letter supplied by Rangers Administrators Duff and Phelps. It is also our understanding that the SPL asked for all documentation relating to side letters as well as the letters themselves.
It is a matter of public record that Rangers Administrators failed to supply the SPL all relevant documentation. Indeed the seriousness of not complying with SPL requests was the subject of an admonition of Rangers/Duff and Phelps from Lord Nimmo Smith under Issue 4 of his Commission.
Quite how serious that failure to comply or concealment was in terms of misleading the Commission and so Lord Nimmo Smith can now be assessed from the information contained at Annexes 1 to 10 attached.
We think that as legal advisers to the SPL (now the SPFL) you have a responsibility to make them aware that their Commission was misled by the concealment of documents starting on 3 September 1999, and signed by current SFA President Campbell Ogilvie, whose silence on the ebt matters referred to in the attached annexes* is questionable at the very least.
This letter but not attachments is being posted on The Scottish Football Monitor web site as this is matter for all of Scottish football and support for the issue being pursued to establish the truth can be gauged by responses from supporters from all Scottish clubs once the letter has been published there.
A copy of this letter with Annexes has also been sent to the SPFL CEO and members of the SPFL Board.
Acknowledgement of receipt and reply can be sent by e mail to:
(Address supplied)
Yours in sport

On behalf of The Scottish Football Monitor contributors and readers. http://www.tsfm.org.uk/

Addressees copied in
Neil Doncaster CEO
The Scottish Professional Football League
Hampden Park
Glasgow G42 9DE

Eric Riley (Celtic),
The Celtic Football Club
Celtic Park
Glasgow G40 3RE

Stephen Thompson (Dundee United),
Tannadice Park,
Tannadice Street,
Dundee, DD3 7JW

Duncan Fraser (Aberdeen);
Aberdeen Football Club plc
Pittodrie Stadium
Pittodrie Street
Aberdeen AB24 5QH

Les Gray (Hamilton),
Hamilton Academical FC
New Douglas Park
Hamilton
ML3 0FT

Mike Mulraney (Alloa)
Alloa Athletic FC
Clackmannan Road
Recreation Park
Alloa FK10 1RY

Bill Darroch (Stenhousemuir).
Stenhousemuir F.C.
Ochilview Park
Gladstone Road
Stenhousemuir
Falkirk
FK5 4QL

About the author

Trisidium administrator

Trisidium is a Dunblane businessman with a keen interest in Scottish Football. He is a Celtic fan, although the demands of modern-day parenting have seen him less at games and more as a taxi service for his kids.

3,234 Comments so far

Highland League FanPosted on12:13 am - Mar 25, 2014


Aquinas,
They have finally admitted they are out of the cup.After having tried to browbeat the SHFL with threats of court action, first it was going Monday, earlier today they were going to court Wednesday and now it’s no court action they have backed down.
Their statement does nothing to bring the two sides together and their attitude over the last week has lost them many friends. Whoever was pushing this at the club needs to have a good look at themselves and those who gave them advice to threaten to go to court.
I suspect that their interpretation of a rule regarding registration which some of their fans claimed meant a player could play almost all the season in the league without being registered was their downfall in the end.
http://www.brorarangersfc.co.uk/club/267420/News/view/834808

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AquinasPosted on12:38 am - Mar 25, 2014


Top person H L F.

Brora did bottle it, and you can’t blame them, some pressure from their sponsors etc, but well done anyway Brora for speaking out, others will follow with Sponsors with, well, baws!

The SFA must be brought to account, Campbell Ogilvie is a team cheaterer!

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Paulmac2Posted on12:40 am - Mar 25, 2014


I see the English Football League have taken the decision to bar Massimo Cellino’s takeover of Leeds…due to his conviction on tax evasion.

The EFL were under pressure from the English media…due to their research into his background.

The EFL however were reluctant to make a decision…that was until Massimo was convicted last week in Italy…which led to the EFL officially disqualifying him… under its Owners’ and Directors’ Test.

The relevant disqualifying condition being that Massimo Cellino has been convicted of an offence involving acts that would reasonably be considered to be dishonest.

Thankfully Dave King only has 42 convictions…invoving tax evasion…dishonesty…to name but 2!

So the SFA should be ok to grant him permission to own or be involved with a club in Scotland!

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Danish PastryPosted on6:17 am - Mar 25, 2014


JimBhoy says:
March 24, 2014 at 1:47 pm
20 0 Rate This

…. Billy Davies for manager anyone?
———-

McCoistus interruptus?

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helpmaboabPosted on6:26 am - Mar 25, 2014


Danish Pastry at 6:17am
…. Billy Davies for manager anyone?
———-

McCoistus interruptus?
………….
Just when it was coming to the climax of the season too.

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helpmaboabPosted on6:34 am - Mar 25, 2014


Rangers: Dave King pledges to invest heavily in Ibrox club

Another puff piece from Alisdair Lamont. Four paragraphs,no up to the minute quote from King,no further information whatsoever.SFA.

Former Rangers director Dave King has pledged to invest heavily to return the club to a position of strength.
King put £20m into Rangers while Sir David Murray was chairman and, despite losing it all, says he is prepared to invest a similar amount again.
Earlier this month, King set the board a four-week deadline to reveal how they intend to revitalise the club.
The South-African based businessman has held talks with the board, shareholders and fans’ groups.

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upthehoopsPosted on7:08 am - Mar 25, 2014


Good morning. A quick glance online shows most mainstream media outlets are running with yet another Dave King ‘exclusive’. It does make me wonder what defines an exclusive these days but I digress. Yesterday a convicted tax evader was denied a place in English football as he was deemed not to be fit and proper. It seems media coverage played a big part in the final refusal by the FA. This leads me to ask why the media in Scotland are rolling out the red carpet for a convicted tax evader, and does it leave the SFA powerless even if they are of a mind to block it?

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Danish PastryPosted on8:05 am - Mar 25, 2014


The Herald article paints Dave King as, on the one hand, conciliatory towards the board, and on the other, as the fountain of endless investment — which he does not expect a return on. He seems more aligned with the current regime than it would appear at first glance. Are they all as one, behind the scenes?

And the whole point of this? To compete with Celtic FC.

“To me, Rangers is about spending money, not making money,” he said. “It is about investing in a club that I have a historical passion for. I am desperately unhappy about where they are at this point in time and want to see them back to where they belong. I actually believe whatever I invest in Rangers I will never get back. But I am happy to do it.”

So the the distant rumbling of the cavalry can now be heard. All will be well. Deep pockets. After the next four years and £50m spent, where does the next round of spending come from? The Bank of Pie in the Sky?

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Tic 6709Posted on8:18 am - Mar 25, 2014


upthehoops says:

March 25, 2014 at 7:08 am

Good morning. A quick glance online shows most mainstream media outlets are running with yet another Dave King ‘exclusive’. It does make me wonder what defines an exclusive these days but I digress. Yesterday a convicted tax evader was denied a place in English football as he was deemed not to be fit and proper. It seems media coverage played a big part in the final refusal by the FA. This leads me to ask why the media in Scotland are rolling out the red carpet for a convicted tax evader, and does it leave the SFA powerless even if they are of a mind to block it?
++++++++++++++++++++
Just makes me wonder if this adulation of a Convicted Tax Fraud is one of the reasons some Sponsors are not happy.They are in discussions with the SFA about the whole shambles including the handling of the ticket nonsense. More to follow.

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neepheidPosted on8:22 am - Mar 25, 2014


For anyone who had any lingering doubts about the depth and extent of the culture of collusion and corruption involving the SFA, Ibrox, and the Scottish media, this morning is probably an appropriate moment to ponder this little brain teaser.

Imagine, for a moment, that it was Dave King who was sniffing around Leeds United, and Massimo Cellino who was actually pumping millions into The Rangers, and promising to put in many millions more if he was allowed to take them over by the SFA.

What would the reaction to that situation be
1) from the FA and English media to Dave King and
2) from the SFA and the Scottish media to Cellino.

I am pretty sure that I know the answers. We all do, even Rangers supporters. Which tells me that until and unless the SFA undergoes a thorough deep clean and that magic revolving door connecting Ibrox to Hampden is bricked up once and for all, and until we get some journalists worth the name, then there is no hope at all for football in this country, as an honest sport properly governed.

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wottpiPosted on8:27 am - Mar 25, 2014


Highland League Fan says:
March 25, 2014 at 12:13 am

Looks to me like the whole thing is a shambles.
Brora have clearly cocked up somewhere with Liam Watt’s registration.
However, if true, then referring to another set of rules to justify exclusion from the league cup doesn’t seem to be that clever either. It is no better than LNS having to rely on the Bryson evidence because the SPL didn’t have Their own rules covering the bleeding obvious!

If a review of rules are underway then the existing rules may not be fit for purpose.
The next question is will Brora be penalised for playing Watt, while not properly registered, in league games?
The end result may indeed be correct but it shows how draconian the punishments can be when the offense is a genuine one off administrative error involving a young fringe player, who had little or no impact on match results, as opposed to a determined, systematic decision making process by a club’s management to withhold information from the footballing authorities for fear that they would be unable to ensure the first team could field a high quality team in all competitions over ten years.

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andygraham.66Posted on8:55 am - Mar 25, 2014


KJ: Why not just buy the current regime out then?

DK: The club needs my money not the shareholders. Charles Green doesn’t need the money.

—- the last question on the jingle jangle Q&A

Now if I got that answer my next would be “do you think Charles Green is still in control”

And I’m not even the sports journalist of the year

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y4rmyPosted on9:01 am - Mar 25, 2014


For anyone who had any lingering doubts about the depth and extent of the culture of collusion and corruption involving the SFA, Ibrox, and the Scottish media, this morning is probably an appropriate moment to ponder this little brain teaser.

Imagine, for a moment, that it was Dave King who was sniffing around Leeds United, and Massimo Cellino who was actually pumping millions into The Rangers, and promising to put in many millions more if he was allowed to take them over by the SFA.

What would the reaction to that situation be
1) from the FA and English media to Dave King and
2) from the SFA and the Scottish media to Cellino.

I am pretty sure that I know the answers. We all do, even Rangers supporters. Which tells me that until and unless the SFA undergoes a thorough deep clean and that magic revolving door connecting Ibrox to Hampden is bricked up once and for all, and until we get some journalists worth the name, then there is no hope at all for football in this country, as an honest sport properly governed.

The one consistent factor is the deluded nature of many football fans. A lot of Leeds fans are angry because they genuinely believe this guy is going to come in and throw money at them. Aside from his, ahem, colourful background he couldn’t do that anyway because of the FFP rules in the Championship.

For the 2013/2014 season in the Championship you are allowed a maximum 3m loss or 8m if 5m of that comes from an owner’s injection of equity. Leeds are widely reported to be losing 1m a month.

Despite this, there are a ton of clubs gambling insanely because there really is a pot of gold at the end of the rainbow. QPR are perhaps the most egregious example, but Leicester City too: a 34million (!) loss last year.

http://www.leicestermercury.co.uk/Leicester-City-confident-meeting-FFP-despite/story-20749866-detail/story.html

Leicester are going to be promoted this season, so the penalty should they fail FFP will be an extremely hefty fine, the so-called ‘fair play tax’. If they weren’t promoted, they would suffer a transfer embargo until such time as they did meet the FFP criteria. It’s all going to be a mess though because the clubs are up in arms and going to court.

As far as I can tell, I haven’t seen any update from the Scottish authorities on FFP since early 2012 when a decision was adjourned. Are they waiting to see how it all pans out?

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Danish PastryPosted on9:43 am - Mar 25, 2014


I thought KJ’s interview was actually pretty good. The continuing Charles Green involvement seems to be taken as a given from DK’s side.

Not sure I am reading anything based on common sense though. It’s easy to big yourself up, though, if you know that you are not going to be in a position to do anything about it. He’s either got more money than anyone imagines or it’s all bravado and bluff.

KJ: You talk about increasing budgets. Shouldn’t Rangers adopt a less hubristic approach?

DK: My view is my view. I half joked to the fans that if I take over as chairman of Rangers then within six weeks some of them will be trying to get rid of me. There will always be fans who grumble. But a business plan should be based on common sense.

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JimBhoyPosted on10:11 am - Mar 25, 2014


Mr King has surpassed himself in those recent Q&A sessions with contradictions all over the place…He will not be happy until he has the keys to Ibrox, yet no mention of buying anything just some crazy notion of putting in £50m over 5 years with investors throwing in some £20m. That £50m will cover the current deficit maybe, cutting down on losses, not sure it is going to allow real competition to what is really driving his MO, stopping Celtic doing 10 in a row… Shurley this focus is wrong in so many ways for the borassic bears??

— I found this piece particularly funny… When asked why he wasn’t still in Glasgow as he had suggested…
DK: It was sorted. If the board had said: ‘Dave we don’t give a damn. We’re cutting wages by 35 per cent,’ which is what I heard their previous plan was, then I would have had a fight on my hands.

But they said: ‘Dave it’s not true!’ And that was sufficient. But if the business review involves a reduction in wages then they are breaching their responsibilities, morally and legally. It would be an immense breach.

— He mentions the board publically stating a lot of legally binding information. I cannot recall the board saying they would not make cuts and any sane individual knows that has to happen for survival of the current rangers. Only other option a debt shed admin and cheap redundancy… I think Kingy knows that’s the only solution and is just positioning himself on the right side of the fence when the fans know the truth… I hate the thought of people losing their jobs, it makes this whole situation more galling and despicable.

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valentinesclownPosted on10:12 am - Mar 25, 2014


I read the DK and sports writer of the year KJ interview online.
Basically challenge Celtic, outspend Celtic, get CL spot away from Celtic.
So basically all the other teams in SPFL mean nothing to Mr King , you are just making up the numbers, kinda like the wee diddy teams that the Govan club has played for the last 2 years. Arrogance at it’s best. They are what they are and people like him deserve to be linked to the Govan club.
Funny that Mr Green was mentioned a couple of times in the interview.
By the way how is the weather in South Africa?

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EstebanPosted on10:15 am - Mar 25, 2014


From Hugh Macdonald in the Herald.

Q. But what personally drives you to save Rangers?

A. It is about a tradition of the club. Obviously, you have a John Greig who epitomises everything about Rangers, you have Colin Stein and I saw him score his first hat trick for the club, and there is Alex MacDonald, Sandy Jardine. I first watched Ritchie, Shearer, Caldow . . . to me it is not about individuals. It is about something I grew up with. It is a community club and to me it is an absolute tragedy that the club finds itself in a situation through circumstances that are outwith the remit of the biggest shareholder, namely the fan.

That’s what drives Dave King to save Rangers. So I wonder why he didn’t do it.

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JimBhoyPosted on10:23 am - Mar 25, 2014


A lot of rangers sites salivating over the content of the DK Q&A much as they did when Mr Green was setting up a £20m warchest for Ally, shops all over the place, 500k fans worldwide, new lounge at Ibrox, Ally&Traynor phone in, moving to more lucrative leagues, Bocanegra’s Amercian academy, Dallas Cowboys, Orange Tap…Breaking all sorts of records…Yadda..!!

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JimBhoyPosted on10:27 am - Mar 25, 2014


Looking forward to Ally’s endorsement of the DK millions to strengthen the squad.

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EstebanPosted on10:27 am - Mar 25, 2014


JimBhoy says:
March 25, 2014 at 10:23 am

On the subject of Bocanegra and the US market. In January, I was at breakfast in a hotel in a major city in Asia and got talking to a guy from Chicago who told me he had developed a very strong interest in Scottish football after Carlos Bocanegra had come to Scotland. Bocanegra had played at Chicago Fire, of which team this guy was a big fan, so he had followed his former hero’s career keenly.

The guy was wearing a Celtic shirt.

He didn’t even have the decency to wait a couple of generations to switch his allegiance.

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neepheidPosted on10:29 am - Mar 25, 2014


JimBhoy says:
March 25, 2014 at 10:23 am
0 0 Rate This

A lot of rangers sites salivating over the content of the DK Q&A much as they did when Mr Green was setting up a £20m warchest for Ally, shops all over the place, 500k fans worldwide, new lounge at Ibrox, Ally&Traynor phone in, moving to more lucrative leagues, Bocanegra’s Amercian academy, Dallas Cowboys, Orange Tap…Breaking all sorts of records…Yadda..!!
============
Point of accuracy, JimBhoy, that should be 500 MILLION worldwide fans if you don’t mind. I believe that’s a world record.

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EstebanPosted on10:29 am - Mar 25, 2014


JimBhoy at 10.11

Does Dave King not like people “breaching their responsibilities, morally and legally”?

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EstebanPosted on10:31 am - Mar 25, 2014


A message to the Scottish mainstream media.

Do you guys think we can’t read?

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CampbellsmoneyPosted on10:40 am - Mar 25, 2014


“But they said: ‘Dave it’s not true!’ And that was sufficient. But if the business review involves a reduction in wages then they are breaching their responsibilities, morally and legally. It would be an immense breach.”

———————————————————————————————————————————–
What an immense load of garbage.

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neepheidPosted on10:51 am - Mar 25, 2014


Campbellsmoney says:
March 25, 2014 at 10:40 am
0 0 Rate This

“But they said: ‘Dave it’s not true!’ And that was sufficient. But if the business review involves a reduction in wages then they are breaching their responsibilities, morally and legally. It would be an immense breach.”

———————————————————————————————————————————–
What an immense load of garbage.
==============
Clearly Mr King does not understand that a company has responsibilities to both its shareholders and its creditors, as well as to employees. How does King propose balancing the books, if costs simply cannot be cut? An annual share issue? Or an annual £15m gift from a wealthy, but kindly, benefactor?

King is starting to make Charles Green look like a model of business efficiency. Either King is an off the radar billionaire who doesn’t mind throwing his money away, or he is is leading the bears up the garden path. The whole thing is utter madness.

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CampbellsmoneyPosted on10:53 am - Mar 25, 2014


valentinesclown says:
March 25, 2014 at 10:50 am
0 0 i
Rate This

Campbellsmoney says:
March 25, 2014 at 10:40 am

What an immense load of garbage.
———————————————————————————————–
Are you implying that what Mr King is a [TSFM Filter].

———————————————————————————————————————————-
It might be that or it might be that he has a difficulty understanding the nature of legal obligations.

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erniePosted on11:04 am - Mar 25, 2014


y4rrmy says “The one consistent factor is the deluded nature of many football fans.”
Spot on, and not just fans , it’s the whole ethos of pro fitba. My own club are currently in “one swallow does not a summer make” mode having won the LC. Delighted as I am, and even acknowledging that there is something good going on at Pittodrie, it’s amazing to see the SMSM churn out the usual guff about how much will Stewarty Milne have to make available to the manager. Completely ignoring the fact that having almost bust ourselves to the point of being a regular bottom four club we’ve now managed to stabilise financially and build a team from freebies, Bosman’s and out own youths coming through. OK in terms of the other ddidy teams we’re running with a decent wage bill but it’s sustainable. Much as I can see the short term bragging rights in lashing out on a few internationals and 750k a year management I hope that we don’t. Being even more altruistic, I enjoy the teambuilding and competition of the less wealthy clubs to the point that I’m really bored with the fantasy, EPL mega rich race funded by oligarchs and corporate riches.
Scottish fitba needs a strong Arbroath (and about 20 others) is indeed the rally call.

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Galling fiverPosted on11:06 am - Mar 25, 2014


Today’s firefighting by KJ & DK is probably in response to the Leeds Utd story yesterday, expect an SFA exclusive to bolster ST renewal campaign promptly.

We have been here before, but the timing was wrong. It can now be used to raise money so replay required ( or is that my semi-final plot ).

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No1 BobPosted on11:18 am - Mar 25, 2014


The only thing missing from Dave King’s statements was the promise of a hover pitch.

Any bears stupid enough to believe the guff printed in today’s papers deserve all of the hurt that is going to come their way.

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y4rmyPosted on11:20 am - Mar 25, 2014


I’m not sure how au fait Dave King is with the UEFA FFP rules, but if his plan really is “Spend, spend, spend” then I suggest he gets up to speed sharpish.

http://www.financialfairplay.co.uk/financial-fair-play-explained.php

“Most people use the term ‘Financial Fair Play’ (FFP) to refer to UEFA’s requirement for clubs to balance their books. However the UEFA FFP rules are actually 90 pages long and cover much more than the need to ‘Break Even For example, they specify that clubs keep up-to-date with their taxes ( ❗ ), their transfer fees and pay player wages on time.”

It’s a complicated business, but the bottom line is that TRFC need to be run sensibly if they want to eventually play in UEFA’s tournaments. They simply can’t sustain the current level of losses even if they are topped up by a generous benefactor and the restrictions get tighter as time goes on. From 2012/2013 you are effectively permitted a sugar-daddy-supplemented 30m euro loss over 3 seasons (i.e. about 8.5m quid a year). Of course, you need to actually submit accounts before they can be assessed by UEFA, so if TRFC harbour any ambitions for playing in Europe in the next 3 years, that has to be addressed as well.

The rules are there precisely to prevent the kind of speculate-to-accumulate idea Dave King is mooting. No doubt someone in the press will pull him up about it soon.

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Madbhoy24941Posted on11:32 am - Mar 25, 2014


Campbellsmoney says:

March 25, 2014 at 10:40 am

“But they said: ‘Dave it’s not true!’ And that was sufficient. But if the business review involves a reduction in wages then they are breaching their responsibilities, morally and legally. It would be an immense breach.”

———————————————————————————————————————————–
What an immense load of garbage.

———————————-

There is far too much material in that interview for me to digest and critique at present but the one thing that it beyond doubt is this, a busy guy like Dave King does not fly half way around the World to sort out an issue and leave having been told everything is ok.

Just how stupid are football fans seen to be, that these guys can say these things and not be questioned?

RANGERS: “Hi Dave, so what’s the problem?”

WATER MITTY: “I heard you want to cut the playing budget and I won’t allow that”

RANGERS: “Tough, It’s got nothing to do with you and where did you hear that as it’s just not true”

WALTER MITTY: “Well I heard you have no plan to raise additional revenue”

RANGERS: “Not that it’s any of your business but we are in the middle of working out that plan, it will be complete as per the original schedule”

WALTER MITTY: “Well I better be involved in new Investment but I am not buying anything from you lot as I want all my money to stay in the Club”

RANGERS: “This is a business owned by a group of shareholders, if you want in, you buy that right from the existing owners”

WATER MITTY: “Ok , just as long as we are clear on that. I have set a deadline for the report and will communicate that to my pals in the media so you had better stick to it. I will pop in again after that is complete”

RANGERS: “That deadline you just set is mine, it has already been communicated so mind don’t trip over that tail between your legs on the way out……”

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No1 BobPosted on11:42 am - Mar 25, 2014


y4rmy says:
March 25, 2014 at 11:20 am

“I’m not sure how au fait Dave King is with the UEFA FFP rules”

Sadly. I’m not sure how au fait the SFA are with the financial fair play rules.

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No1 BobPosted on12:02 pm - Mar 25, 2014


Can I just say that, following the introduction of the TSFM filter, the phrase ‘Dave King’ is now my favourite euphemism*.

*A euphemism is a generally innocuous word or expression used in place of one that may be found offensive or suggest something unpleasant.

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scapaflowPosted on12:04 pm - Mar 25, 2014


neepheid says:
March 25, 2014 at 8:22 am

Neepheid et al, is it not more than a bit difficult for the SFA to take the high road on FPP and potential investors with “Tax Issues”? After all, you can hardly come down hard, when your own “President for Life” has football related “Tax Issues”?

Scottish Football needs a clean regulator, sadly the club’s seem to have no interest in creating one.

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Bogs DolloxPosted on12:06 pm - Mar 25, 2014


neepheid says:
March 25, 2014 at 10:51 am
Campbellsmoney says:
March 25, 2014 at 10:40 am

King is starting to make Charles Green look like a model of business efficiency. Either King is an off the radar billionaire who doesn’t mind throwing his money away, or he is is leading the bears up the garden path. The whole thing is utter madness.
+++++++++++++++++++++++++++++++++++++++++++++++++++
Round and round the garden
Like A Teddy Bear
One step two step
King and Charlie get to share

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andygraham.66Posted on12:25 pm - Mar 25, 2014


Spiers on Sport: Dave King (forget the past) rides a wave of populism…
heraldscotland.comMarch 25

King is using the media in a very astute way. He knows he has a strong argument on his side. It goes like this: Rangers crave new money, and he has it, in truckloads. Every time King gives an interview he cranks up the pressure on the Rangers board by flaunting his wealth.

In terms of the benighted history of Rangers, there is something a little concerning in this. This football club has a very unfortunate past – a tragic one, in fact – with swaggering self-made men who speak of cash to burn, with eulogising headlines ever available.

As much as King appears to have real substance to him, surely some Rangers fans will be saying: “Hang on…we’ve been here before.” At best, with so much of King’s plans for Rangers still either scant or unexplained, there should be a wariness in the way this media show is charging ahead, Sir David Murray style.

And all this is to say nothing of the unfortunate baggage King brings with him: a recent High Court conviction in South Africa for tax illegalities, and some highly unflattering remarks by at least one judge in terms of his character.

This need not necessarily thwart King at Rangers, but nor, in the Gadarene rush by some Ibrox fans to get his money, should it simply be ignored.

On the face of it, King abjectly fails the SFA’s “fit and proper” criteria for involvement in Scottish football, as laid out in Article 10. Doubtless, this can be circumvented, but at the very least the SFA should take a robust view of his activity at Rangers.

There are also plenty positives about King – these should not be overlooked, either. First – and I think this is about the gist of it – there is his money.

In one sense it is little wonder that many Rangers fans hold to an amoral position on his King’s dodgy tax affairs. The fact is, he appears to be fabulously wealthy, and his money could really transform Rangers.

Football tends not to be about lofty morality, so much as success and the winning. So these pesky questions about King’s illegal behaviour in the past are being left far down the queue of concerns.

Second, King is sincere in his view that Rangers need investment now for a five-year plan. His opinion resonates with many fans, some of whom privately dread the club’s arrival in the top flight beside Celtic.

Rangers supporters want their club restored to strength, prestige and superiority. They are fed up with life in the grubber. Right now King appears to be the only man – and certainly the loudest man – capable of delivering that.

Third, this current Rangers board, and principal among them the Easdale brothers, are simply not trusted. This is a disliked and disparaged Ibrox board of directors. King can see this and he can effortlessly capitalise on it.

The key question remains: can Rangers, in the club’s current financial state, match King’s vision for the future? It would appear that it can’t.

This is a very strange case, with all sorts of unknowns still in play. Will King be true to his word, or are we heading in this drama for another vainglorious Ibrox disaster? No-one I know can answer that question with any conviction.

In the meantime, the current Rangers board, unless they can pull a supreme rabbit out of a hat, look doomed. King is offering a cash-injection at Rangers, guaranteed and underwritten by him, of up to £50 million.

Could the Easdales and their cohorts match this? I would doubt it. In which case, as with every popular uprising, you’d have the principals clinging to power while the people shriek for change. It only becomes a matter of time.

Dave King has much charm and wealth on his side. Right now, aided by a seemingly approving media, he is also drumming up a shrill populism.

There is something very familiar about all this. I’m pretty sure I’ve seen this movie before.

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JimBhoyPosted on12:32 pm - Mar 25, 2014


@Neepheid

Point of accuracy, JimBhoy, that should be 500 MILLION worldwide fans if you don’t mind. I believe that’s a world record.
===========================================
— Correct sir thanks for that I forgot Green had those Asia recruitment drives OR Jollies as we would term them.. 😀

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JimBhoyPosted on12:33 pm - Mar 25, 2014


Were the rangers payers not asked to take a 15% pay cut ? Has DK just added VAT to that figure? 😳

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Resin_lab_dogPosted on12:35 pm - Mar 25, 2014


ernie says:
March 25, 2014 at 11:04 am

21

0

Rate This

… to the point of being a regular bottom four club we’ve now managed to stabilise financially and build a team from freebies, Bosman’s and out own youths coming through… we’re running with a decent wage bill but it’s sustainable.

_______________________________

Hear Hear.

And I would be pleasantly surprised if this astonishing approach mirrors exactly what is announced for TRFC at the end of GWs 120 day review. This would be a sign that reality had finally dawned.

It is the only sustainable way forward, and has been demonstrated succesfully by a number of clubs already. And the Hearts and Dunfermlines, and the Killie’s are jumping in behind the model, to the net benefit of all concerned and the sport as a whole.

Where and why did the wholenonsense of spending money you haven’t got on players you can’t afford nonsense even become acceptable, let alone de rigeur? Its plainly insane and always was!

View Comment

Bogs DolloxPosted on12:44 pm - Mar 25, 2014


“On the face of it, King abjectly fails the SFA’s “fit and proper” criteria for involvement in Scottish football, as laid out in Article 10. Doubtless, this can be circumvented, but at the very least the SFA should take a robust view of his activity at Rangers.”
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Why do we even bother having any rules at all when there is clearly no expectation they will be observed?

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Resin_lab_dogPosted on12:45 pm - Mar 25, 2014


JimBhoy says:
March 25, 2014 at 12:33 pm

0

0

Rate This

Were the rangers payers not asked to take a 15% pay cut ? Has DK just added VAT to that figure? 😳

______________________________________________

We’d have to see their side letters – I mean – contracts to be sure.

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CampbellsmoneyPosted on12:48 pm - Mar 25, 2014


Speirs says “In the meantime, the current Rangers board, unless they can pull a supreme rabbit out of a hat, look doomed.King is offering a cash-injection at Rangers, guaranteed and underwritten by him, of up to £50 million.”
—————————————————————————————————————————————————————
That was not an offer, nor a guarantee nor an underwriting. It was puff. It is as unenforceable as one of the Board’s alleged statement to DK. Nobody is committed to anything here. Have they not noticed that DK is big on words and short on action?

Equally ridiculous is “On the face of it, King abjectly fails the SFA’s “fit and proper” criteria for involvement in Scottish football, as laid out in Article 10. Doubtless, this can be circumvented, but at the very least the SFA should take a robust view of his activity at Rangers.”

“Circumvented”!!!!!!!! Is that meant to be OK then?

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on12:55 pm - Mar 25, 2014


y4rmy says: March 25, 2014 at 11:20 am 18 0 Rate This

The lunatics from the finacial asylum that is the EPL are supporting the EFL Championship clubs that are trying to “Do a Leeds”. 🙄 😳

http://www.theguardian.com/football/2014/mar/14/financial-fair-play-rules-unsustainable-richard-scudamore-premier-league

No doubt your old fan favourite Mr Neil Doncaster will be watching intently from the beach in sunny Oz. 😳

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Bogs DolloxPosted on1:03 pm - Mar 25, 2014


Campbellsmoney says:
March 25, 2014 at 12:48 pm

——————————————————————————————————————————————
Equally ridiculous is “On the face of it, King abjectly fails the SFA’s “fit and proper” criteria for involvement in Scottish football, as laid out in Article 10. Doubtless, this can be circumvented, but at the very least the SFA should take a robust view of his activity at Rangers.”

“Circumvented”!!!!!!!! Is that meant to be OK then?
++++++++++++++++++++++++++++++++++++++++++++++
Of course it is but only if your name is Rangers. Other types of Rangers prefixed by Brora need not get their hopes up.

It would clearer if the Rules just stated at the end “None of the above applies to Rangers FC (however constituted) unless there is a clearly identifiable monetary benefit accruing to that club or clumpany”

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Arabest2Posted on1:34 pm - Mar 25, 2014


http://forum.rangersmedia.co.uk/index.php?showtopic=266838

Would it be naughty of me to suppose The Rangers cannot afford to police their own youth team’s matches?….. 😯

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CampbellsmoneyPosted on1:56 pm - Mar 25, 2014


Has anyone heard what is happening with Hearts? AllyJambo? EasyJambo? AnyJambo?

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JimBhoyPosted on1:58 pm - Mar 25, 2014


Campbellsmoney says:
March 25, 2014 at 12:48 pm

That was not an offer, nor a guarantee nor an underwriting. It was puff. It is as unenforceable as one of the Board’s alleged statement to DK. Nobody is committed to anything here. Have they not noticed that DK is big on words and short on action?
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Big on pockets, short on arms…. But you are right of course, bluster, contradictions, face on telly, words in the paper and as long as he uses the right words (much like Green did), followed by the bear masses especially versus the austere, realistic alternatives available.

I guess the reason he IS short on action is because he has no power at the club, in the business and until he buys in he will have nothing other than a voice and that is simply because the journos do not ask relevant questions and the gullible are looking for any chink of light to get them back to their traditional ways and rightful place OR alternatively a tenant to Laxey. Who knows.

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AuldheidPosted on1:59 pm - Mar 25, 2014


See this word “investment”?

In every day life it has a meaning of getting a return for your money in the same medium the investment was made – money!

In football it means giving your money away to a set of football players of uncertain competency in order to keep another set of insatiable malcontents happy.

It is a Beggar’s Charter ( bit of irony in there for Tic fans) arising from an immature sense of entitlement.

Any parent will recognise the period when an offspring had to make the transition from financial immaturity to maturity. It was the day you tried to tap yer Da and he said “No son, this is your problem not mine”.

By promising to be an endless “tap” DK is keeping an immature culture going, a culture that thinks earning a living and spending only what you earn is a game for mugs.

So the self defeating behaviour is dressed in 1984 styke language which means the opposite of the original meaning.

If it were only restricted to the few thousand that clamour for “investment” (of other people’s money) then the damage to society would be limited to that relatively few.

But we have a popular red top spouting this nonsense into the broader public sphere and who knows how many there think that this is how to live their lives.

Probably not that many given a decent education system but in perpetuating a myth that enables immaturity to exist the same media do society a disservice.

In the meantime an immature club with an immature support base struggles to stand on its own two feet unaided as it searches desperately for its next handout from some misguided parent not able to say NO!

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neepheidPosted on2:05 pm - Mar 25, 2014


McMurdo (that’s Merlin to us mere mortals) returns to focus on Rangers- after saying he was taking a break from all matters Ibrox-

A KING OR A KNAVE

Maybe it’s just me but is the weekly Dave King soundbite not a mixture of the bleedin’ obvious and the usual: “I’m Dave King; I should be in charge” message?

I think everybody knows that Rangers will need money to compete with Celtic and I would be mightily disappointed if Graham Wallace and the other board members didn’t have ideas on how to generate revenue through sponsorship, retail and other money-spinning projects. In fact, I know they have. Rangers is a marketer’s dream playground because you can stick the Rangers logo on a cup of dirt and it’s Rangers Compost.

So, yes, money will be required once Rangers are back in top flight football. I’m not sure a new share issue is necessary and I would doubt it would be welcomed by existing investors if it weakened their position and diluted the value of their shares. I still get the idea that King is posturing, perhaps hoping for an invite to the top table without having to actually put his hand in his pocket.

King’s biggest problem, should he get the chance to implement his plan, is that he may have to settle for a Dermot Desmond role i.e. be the power behind the visible power. Would that suit King’s ego and aspirations is a question you have to ask. Reports suggest he fancies himself as Rangers Chairman, presumably in an executive role rather than a figurehead.

The SFA could deliver a stomach-churning kick in the privates to King’s hope of a directorial role at the club, particularly in light of this week’s decision by the Football League to block Massimo Cellino from buying a major stake in Leeds United. They could make a knave of King by ruling he is not a fit and proper person. Whatever your views on this, it is a stick-on that people of an anti-Rangers bias would pressurise the football authorities here in Scotland to nix any application by King to be a Rangers director.

King has no easy route to power at Ibrox, especially if the present board oppose his involvement along proposed lines.

I am not entirely sure if you could call this latest from King an actual proposal – it seems more of an aspiration than an actual statement of intent. If King does not get his way from all parties involved, including the football authorities, will he slope off with an “I would if I could” escape clause? Or will he show his true mettle as a Rangers fan and make money available without strings?

Time will tell.

What IS encouraging is that King seems to be distancing himself from the psychotic element of the anti-board element and he has quite scathingly pointed out that all they want is a fight and don’t want good news about Rangers.

Dave King is a businessman and he seems to be coming round to the idea that co-operating with the board might get him further than confrontation.

The bottom line is that no matter how he plays it, he may end up where he is right now – on the outside looking in.

The board can make King redundant by finding a good rainmaker who will bring revenues galore to Ibrox.

The problem is, we tend to demonise such by calling them spivs.

The quicker Rangers fans realise that football is a business and needs to function and succeed as a business, the quicker the club can go onward to its destiny.

View Comment

JimBhoyPosted on2:12 pm - Mar 25, 2014


@Auldheid
In the meantime an immature club with an immature support base struggles to stand on its own two feet unaided as it searches desperately for its next handout from some misguided parent not able to say NO!
============================================================================

Excellent description… 😀

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Danish PastryPosted on2:12 pm - Mar 25, 2014


neepheid says:
March 25, 2014 at 2:05 pm
1 0 Rate This

McMurdo (that’s Merlin to us mere mortals) returns to focus on Rangers- after saying he was taking a break from all matters Ibrox ….
———-

There was link posted on twitter a day or so ago to an article by this McMurdo character. It was not about football but about unionism, the Indy referendum, 20th century Irish history and potential violence in Scotland after 18 September. I hope the police are reading this guy’s blogs 😯

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Danish PastryPosted on2:17 pm - Mar 25, 2014


This been posted? Interesting development from Laxey:

Company Rangers Int. Football Club PLC
TIDM RFC
Headline Further re. Credit Facilities
Released 14:09 25-Mar-2014
Number 1235D14

RNS Number : 1235D
Rangers Int. Football Club PLC
25 March 2014



Rangers International Football Club plc
(“Rangers”, “RIFC” or the “Company”)

Further re. Credit Facilities

On 24 February 2014, the Company announced that it had entered into two secured short term credit facilities for an aggregate amount of up to £1.5 million. These credit facilities were provided by Laxey Partners Ltd (“Laxey”) to the amount of £1 million (the “Laxey Facility”) and Alexander Easdale to the amount of £500,000 (the “Easdale Facility”).

Laxey has, pursuant to an agreement entered into today, transferred all rights and obligations in relation to the Laxey Facility to Mr George Letham including all its rights in relation to the standard security granted as security for the Laxey Facility. Mr Letham is a shareholder in the Company and a lifelong Rangers fan.

The Laxey Facility, now transferred by Laxey to Mr George Letham, remains subject to the same terms and conditions with the exception that the premium payment has been reduced to £45,000 and remains payable in shares or cash.

For further information please contact:

Rangers International Football Club plc

Graham Wallace, CEO
Tel: 0141 580 8647

Daniel Stewart & Company plc
Tel: 020 7776 6550
Paul Shackleton / James Thomas (Nominated Adviser)
Martin Lampshire (Broker)

Newgate Threadneedle
Tel: 020 7148 6143
Graham Herring / Roddy Watt / John Coles

View Comment

neepheidPosted on2:19 pm - Mar 25, 2014


Danish Pastry says:
March 25, 2014 at 2:12 pm
0 0 Rate This

neepheid says:
March 25, 2014 at 2:05 pm
1 0 Rate This

McMurdo (that’s Merlin to us mere mortals) returns to focus on Rangers- after saying he was taking a break from all matters Ibrox ….
———-

There was link posted on twitter a day or so ago to an article by this McMurdo character. It was not about football but about unionism, the Indy referendum, 20th century Irish history and potential violence in Scotland after 18 September. I hope the police are reading this guy’s blogs 😯
================
Some of the stuff on his website indicates a “cry for help”, help being in the form of three strong men in white coats, a van with no windows, and a big house in the country where all the rooms have rubber wallpaper. That’s why I “cut and paste” rather than provide a link to what really is a very troubling place.

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fara1968Posted on2:21 pm - Mar 25, 2014


Alasdair Lamont writes :

Earlier this month, King set the board a four-week deadline to reveal how they intend to revitalise the club………….

And after this four week deadline what will happen?
What powers does DK have to set the board a deadline?
What a load of absolute shite.

View Comment

EstebanPosted on2:23 pm - Mar 25, 2014


Laxey loan taken over by George Letham.

“ Mr Letham is a shareholder in the Company and a lifelong Rangers fan.”

All very well, but a £1 million loan is an awful big undertaking for a two-year-old wean.

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wottpiPosted on2:37 pm - Mar 25, 2014


Danish Pastry says:
March 25, 2014 at 2:17 pm
0 0 i
Rate This
This been posted? Interesting development from Laxey:
===============================================================================
Would seem to be a good move by Laxey in terms of getting the fans back on side and removing one of King’s last remaining current criticisms of the board.
Now it looks like coming down to a battle between Wallace’s austerity and sustainability versus King’s Sugar Daddyism.
Many fans will go for Sugar Daddyism so even if King does gain control expect another financial fiasco in a few years time because his money will go down the plughole pretty quickly.

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FinlochPosted on2:40 pm - Mar 25, 2014


I understand that the red tops spout football nonsense every day because they have so much space to fill.
They have to fill their Celtic and Rangers quotas and we all know they often create stories that are just mince.
These stories can grow legs and some of their falsehoods mutate with time into solid copper bottomed gospel, quoted by whatever side needs to to make their point about superiority.
Things like Rangers being punished, being the same club and crap like that.
They (the Red Tops) also don’t seem to understand (or want to understand) that INVESTMENT means someone is looking for a return and they seem to confuse it with SPEND which means no return.
Quite a difference and I’ve never come across anyone in business who just wants to SPEND.
Its a circulation war to the death and I won’t miss any of them when they have gone and I guess I would include the Herald and Hootsmon too.
That doesn’t excuse BBC Shortbread for telling me every news that Dave King already put £20 Million with his plans to INVEST more Millions in the blue club.
Its either very lazy journalism where they arer reading and reprinting what the red tops tell us or maybe even worse and they are just paraphrasing the press releases.
Either way it is incompetence and we can help.
Can someone here who has a complete understanding of the facts about Mr King and his previous investments please send a note to the Sports Editor at BBC Shortbread.
Lets call it facts about Mr King.
Stuff like …
Mr King has recently been found guilty of X number of charges of tax evasion (where and date and links to the wee SA Hector man who I’ve read about on here).
In the ruling he was called “a glib and shameless liar” by Mr ? the South African Judge.
The investment he made at the time of SDM was £X into (Rangers or Murray Group) with the dates
For this investment he received the following returns and tax benefits…. dates and times and any switching between Murray Group Companies
Whether the investment was or wasn’t one of the tax evasions he was undertaking to remove money out of South Africa.
Etc.
I personally would like to know and I’d like this site to let the BBC know the facts because they don’t seem able to get them themselves.

Scotland needs a better BBC Shortbread to counter the red-tops.

View Comment

EstebanPosted on2:41 pm - Mar 25, 2014


wottpi says:
March 25, 2014 at 2:37 pm

Serious question: how can King gain control?

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CampbellsmoneyPosted on2:43 pm - Mar 25, 2014


JimBhoy says:
March 25, 2014 at 2:12 pm
1 0 i
Rate This

@Auldheid
In the meantime an immature club with an immature support base struggles to stand on its own two feet unaided as it searches desperately for its next handout from some misguided parent not able to say NO!

——————————————————————————————————————————————————————
To a certain extent all football clubs have demanding and immature supporter bases. Usually however those clubs have people in charge who are interested primarily in the success/the survival of the club and therefore they are prepared to brave unpopularity by doing the right thing for the medium-term/long term benefit by resisting the claims of the needy for unlimited cash to be spent. Some however are just useless at business. At Rangers however – what do we have?

I also think I see a better understanding now among fans of most clubs of the necessity of balancing the books. At Rangers however – what do we have?

Just wish my club would go and buy Messi right now though (and to hell with what it costs). .

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CampbellsmoneyPosted on2:47 pm - Mar 25, 2014


Esteban says:
March 25, 2014 at 2:41 pm
0 0 i
Rate This

wottpi says:
March 25, 2014 at 2:37 pm

Serious question: how can King gain control?

—————————————————————————————————————
Buy 29.9% of the shares, requisition an EGM and if another 21% of shareholders fancy him, they can boot off the existing board and appoint some Camp David followers.

View Comment

EstebanPosted on2:50 pm - Mar 25, 2014


Campbellsmoney says:
March 25, 2014 at 2:47 pm

Thanks. I thought he had ruled out buying shares.

View Comment

valentinesclownPosted on3:01 pm - Mar 25, 2014


No1 Bob says:
March 25, 2014 at 11:42 am
35 0 Rate This

y4rmy says:
March 25, 2014 at 11:20 am

“I’m not sure how au fait Dave King is with the UEFA FFP rules”

Sadly. I’m not sure how au fait the SFA are with the financial fair play rules.

————————————————————————————————————————————–
We are all au fait that EUFA FFP rules mean hee haw in Scotland as Campbell Ogilve rules. To the extent that the SFA would appoint a new King given the chance in Govan. Aided and abetted by most of the SMSM.

View Comment

wottpiPosted on3:02 pm - Mar 25, 2014


Esteban says:
March 25, 2014 at 2:41 pm

Serious answer. By buying shares now or picking up the club in a fire sale!

Personally I can’t see why the current shareholders would give anything up unless it is a Drangon’s Den situation where they believe King, as the Dragon with money to’invest’, will add substantially to the value of the business and offer them a return by dividend or increased share value.
However he can throw £50m at the club and may still not get the success he seeks.
At the end of the day the folk currently running the business down Govan way have made no indication that they need or want to enter the Dragon’s Den.
They still hold all the cards as far as I can see.
King may be able to the support of the fans but what does that get him?
If season tickets are not bought on his instruction/promises then the club goes under and RIFC will take the assets of Ibrox and Murray Park as taking everything into account, including CW’s claims, that will be in the best interest of the current shareholders on the ‘rather get something than nothing’ scenario.
As there is a chance CW is still involved somewhere that may be enough for him to drop his claim thus giving the shareholders free reign to do what they will with the property assets.
Having set up the mark in the long con, if King has plenty cash and his heart seems to be saying they must play at their traditional heartland then a good whack of his soft investment could end up going in rent!!

Therefore I can’t see how King will ever gain the control he wants without splashing cash in the direction of those he says he doesn’t want to give money to.

View Comment

EstebanPosted on3:15 pm - Mar 25, 2014


Wottpi

This is him in the Herald this morning: “I could go in and buy up the shares but the problem is that the amount of money I spend on buying up the shares does not go into the club, it goes into the pockets of those selling the shares. I do not want to buy the shares and own a club that has no money. I’d rather the money went into the club.”

He says a rights issue is the way, but is that a realistic prospect?

View Comment

JimBhoyPosted on3:28 pm - Mar 25, 2014


@Danish Pastry
Laxey has, pursuant to an agreement entered into today, transferred all rights and obligations in relation to the Laxey Facility to Mr George Letham including all its rights in relation to the standard security granted as security for the Laxey Facility.
==========================================================================
Sounds like Laxey have made a Good deal of money for doing very little….

View Comment

wottpiPosted on3:30 pm - Mar 25, 2014


Esteban says:
March 25, 2014 at 3:15 pm

I think everything is in the hands of the current board, so King can bump his gums as much as he likes.
From the definiton below then if King was to act as the undertaker then he could end up with shares but again would have to part with cash to pay those shareholders who didn’t take up the offer and the whole thing would have to be organised in such a way that he was guarenteed of getting the number of shres he required.
(Remember Charlie personally promising to buy the fans allocation that wasn’t taken up).
Not even sure if he can act as the underwriter in the same way SDM did in times gone by.
Others on TSFM with expertise in such matter may have a different slant but I can’t see how he gains control of the ongoing business without parting with cash.

Rights Issue

An offer of new shares or other securities made to existing shareholders in proportion to their shareholdings. A rights issue is usually to be subscribed in cash (nearly always at a discount to the market price). In the case of publicly-quoted companies a rights issue is normally made by means of the issue of a renounceable letter (or other negotiable document) such as a provisional allotment letter (PAL). PALs give shareholders the right to subscribe for shares under the issue and they can sell this right in the market nil paid.

Arrangements are normally made through underwriters for the sale of shares not taken up by shareholders. In the first instance underwriters will attempt to sell the rights not taken up through the market. Any that remain unsold will be taken up by the underwriters. So even if a shareholder does nothing (known as a lazy shareholder ), he may still receive a cash payment if the shares that were provisionally allotted to him are sold in the market for more than their subscription price.

View Comment

neepheidPosted on3:31 pm - Mar 25, 2014


http://www.onfieldsofgreen.com/a-package-of-bollocks/

James Forrest on King’s latest.

View Comment

y4rmyPosted on3:33 pm - Mar 25, 2014


This is him in the Herald this morning: “I could go in and buy up the shares but the problem is that the amount of money I spend on buying up the shares does not go into the club, it goes into the pockets of those selling the shares. I do not want to buy the shares and own a club that has no money. I’d rather the money went into the club.”

Or, in other words, he wants something for nothing and his only mechanism for obtaining it is to issue ultimatums, set up ST boycotts, etc, until the current owners say “oh alright then, here you are”.

It’s a plan, I suppose.

View Comment

valentinesclownPosted on3:42 pm - Mar 25, 2014


As a matter of interest does anyone know or have any indication of how many tickets D Utd have sold so far or are likely to sell for Ibrox game?

View Comment

JimBhoyPosted on3:47 pm - Mar 25, 2014


Isn’t DK under some restrictions on investments abroad based of past misdemeanors?

Maybe he is planning on porting rangers across to SA for the rangers v Bloemfonteine Celtic old firm derby..

View Comment

ptd1978Posted on3:49 pm - Mar 25, 2014


I guess admin is cancelled then. At least for this season. If Laxey have given up their get out of admin loaded card, then they won’t allow an insolvency event any time soon. Not until they get another security set up.

View Comment

No1 BobPosted on3:57 pm - Mar 25, 2014


Rangers International Football Club plc

(“Rangers”, “RIFC” or the “Company”)

Further re. Credit Facilities

On 24 February 2014, the Company announced that it had entered into two secured short term credit facilities for an aggregate amount of up to £1.5 million. These credit facilities were provided by Laxey Partners Ltd (“Laxey”) to the amount of £1 million (the “Laxey Facility”) and Alexander Easdale to the amount of £500,000 (the “Easdale Facility”).

Laxey has, pursuant to an agreement entered into today, transferred all rights and obligations in relation to the Laxey Facility to Mr George Letham including all its rights in relation to the standard security granted as security for the Laxey Facility. Mr Letham is a shareholder in the Company and a lifelong Rangers fan.

The Laxey Facility, now transferred by Laxey to Mr George Letham, remains subject to the same terms and conditions with the exception that the premium payment has been reduced to £45,000 and remains payable in shares or cash.

For further information please contact:

Rangers International Football Club plc
—————————————————
So, £45k in interest earned over the past month. Capital secure and back in their own bank account. No flies on those Laxey bhoys.

View Comment

BangordubPosted on4:23 pm - Mar 25, 2014


No1 Bob says:
March 25, 2014 at 3:57 pm
3 0 Rate This

Rangers International Football Club plc

(“Rangers”, “RIFC” or the “Company”)

Further re. Credit Facilities
“So, £45k in interest earned over the past month. Capital secure and back in their own bank account. No flies on those Laxey bhoys.”

And the setup fee????

View Comment

wottpiPosted on4:24 pm - Mar 25, 2014


No1 Bob says:
March 25, 2014 at 3:57 pm

I could be wrong but not my reading of the situation.

Laxey wanted a premuim fee of 15% of the £1m loan, thus making £150k in shares or cash.
Lethan has taken on the whole deal but only wants £45k or 4.5% worth of shares or cash as a premuim payment for the £1m loan.

View Comment

No1 BobPosted on5:21 pm - Mar 25, 2014


wottpi says:
March 25, 2014 at 4:24 pm

I think you’re right.

Now the question is – how much was Laxey paid to walk away?

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Comments are closed.