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
So £45k for one month’s interest, that is 54% APR isn’t it? £45,000 interest for one month’s loan as opposed to £150,000 for 6 months is surely a result for Laxey.
This is surely a smack in the face for the board – after all they said this was the best, indeed only finance option available to keep the lights on at Ibrox, yet one month later they find the finance available for nowt on their doorstep. Very strange.
And now Dave King says that Rangers will need £50m to compete at the top level…
BBC Sportsound just there wee Chick stated that if Ally wins the Scottish Cup and the Ramsden Cup then he is a real candidate for manager of the year. Honest I am so glad I pay money to here this it is comedy gold.
Re Dundee United ticket sales. It’s reported in the local press here in Dundee that 7,900 have been sold in the first 2 days of sales. Thats from an initial allocation of just over 8,000 😀
It’s not like the SFA to get something wrong is it!!
If they were to win the Ramsdens Cup and the Scottish Cup this year that would simply mean that it is possible for a team to win the Ramsdens Cup and the Scottish Cup without needing a manager.
valentinesclown says:
March 25, 2014 at 6:52 pm
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BBC Sportsound just there wee Chick stated that if Ally wins the Scottish Cup and the Ramsden Cup then he is a real candidate for manager of the year. Honest I am so glad I pay money to here this it is comedy gold.
____________________________________________________
wuh?!
?
I mean…
how do you….
Muh?
Seriously?
Alistair McCoist is NOT a contender for manager of the year, except possibly within the limited confines of a parody Reeves and Mortimer sketch which specifically aims to use the maximum degree of artistic licence possible to lampoon the very idea of plausibility as a concept.
And I think therein Chick may inadvertently have found some common ground that allows all at TSFM and the vast majority of TRFC fans to unite against him in a common cause without any controversy whatsoever.
Anyhow: thankyou for your input on the topical ‘decriminalisation of TV licence evasion’ debate there Mr Young. You have given us some food for thought.
valentinesclown says:
March 25, 2014 at 6:52 pm
9 1 Rate This
BBC Sportsound just there wee Chick stated that if Ally wins the Scottish Cup and the Ramsden Cup then he is a real candidate for manager of the year. Honest I am so glad I pay money to here this it is comedy gold.
…… ……………………….
Comedy gold or wishful thinking. The latter me thinks. If he doesn’t win the ramsdens cup should he get the boot?
Chick just cant help himself at times,how many Rangers staff @rses has his head been so far up over the years that he keeps spouting his cr@p,at least Jim White has kept his admiration at a distance since his move to London,I doubt the moon would be far enough to shut chicko up.
Whenever Chico annoys me I just think of him and Traynor arguing over the possibility of RFC going into admin. The one were they both accuse each other of being closet supporters. That is comedy gold. 🙂
My bad, apparently the £45k is the interest to the fan – but i’d be surpirsed if Laxey gave up £150k profit for no consideration…. i await NewGers accounts with “interest”.
sannoffymesssoitizzhizzemdyfonedrapolis says:
March 25, 2014 at 10:08 pm
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How many teams does Chick Young support? 🙄 😳
_______________________________________________
He always claims to support only 1 team.
But we all know he really supports 2 of them.
RFC(IL) and TRFC 😈
valentinesclown says:
March 25, 2014 at 3:42 pm
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?
———————————————————-
So far so good it would seem…
http://www.thecourier.co.uk/sport/football/dundee-united/job-done-dundee-united-fans-answer-chairman-s-call-to-snap-up-ibrox-tickets-1.286549?
The terms of the Laxeys loan most likely included clauses regarding early repayment. The loan will not have been “transferred” as suggested by press stories, but much more likely will have been repaid to Laxeys including any early repayment penalties and then drawn down anew from Mr Letham. I would be interested to know what sums were involved in any such early repayment fees.
Guys & girls……………you discount Ally on a whim as Scotland’s football manager of the year.
Does it escape your attention that Keith Jackson is the country’s choice as Scotlands football reporter of the year…….for the past TWO years no less………….REALLY strange things happen….. 🙄
JimBhoy says:
March 25, 2014 at 3:28 pm
@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
,,,,,,,,,,,,,,,,,,,,,,,,
Perhaps we could reword that to reflect reality (or probable reality if you believe in Spivs
,,,,,,,,,,,,,,,,,,,
The Dec AGM failed to pass a “share creation” resolution by around 8% (67% versus 75%) This level of ownership would enable the Spivs to issue freebie shares to themselves at the expense of the other 25% of shareholders
Since then
RIFC lead by Wallace has been looking at ways of getting their holding up to 75% for another go at passing this resolution
They came up with the idea of issuing shares in exchange for a “loan facility” i.e. money that could be drawn down in an emergency
Unfortunately this news could not be kept secret since it involved filling in forms at Co House
Where would the “promise to lend” money come from?
One of the Spiv shareholders called Laxey Partners borrowed £1m of other people money at Wonga rates. They added their own Wonga mark-up and offered a “loan facility” (NOT an OUTRIGHT LOAN) of £1m to TRFC. No doubt this £1m is sitting in some other Wonga loan deal awaiting the call from RIFC
In Return
Laxey (no doubt) also got to specify the terms of a Security giving them Ed House and MP if the money was indeed drawn down and not repaid by a certain date
They also got the option of converting some of the debt into shares .This debt for equity swop helps build a Spiv majority holding of 75%
.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
So far so good
Then
Along comes a Gullible Mug who thinks he can outsmart the Spivs He offers £1m of real money (not a loan facility…real money) to the Spivs in exchange for the “same” security that Laxey had over the two properties
So
To ensure the Mug is kept panting to throw his money away Laxey plays hardball they secure a payment for their trouble which is convertible into shares
,,,,,,,,,,,,,,,
So
For giving up a POTENTIAL loan of £1m to RIFC, Laxey have helped RIFC get an ACTUAL loan of £1m in real money from a Gullible Mug. As true Spivs they will also have extracted concessions from RIFC for their trouble, perhaps some promise to pay them the balance of the premium they negotiated in the first place
,,,,,,,,,,,,
It’s a true saying
There’s one born every minute
Is March 28th a deadline for something Sevco related?
Or have I made that one up?
Accounts? License application?
Fascinating stuff from Goosygoosy.
Amazing how this capitalism stuff ‘works’. Just glad i’ve not gone anywhere near this shark infested work environment.
On another matter I too happened to hear Chic Young suggest on the BBC that if TRFC wins three trophies, then their manager should be considered for manager of the year. Richard Gordon could hardly believe his ears, credit to him for not dying laughing and for challenging Mr Young on why this would be a great achievement given that two of the trophies would have been won against third tier opposition, and with an outrageous budget compared to them all.
Cue much spluttering and some backtracking.
Had to laugh. Well done Mr Gordon.
Bawsman says:
March 25, 2014 at 11:07 pm
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Guys & girls……………you discount Ally on a whim as Scotland’s football manager of the year.
Does it escape your attention that Keith Jackson is the country’s choice as Scotlands football reporter of the year…….for the past TWO years no less………….REALLY strange things happen….. 🙄
_____________________________________
Its a fair point.
And without the qualification ‘Scotland and Football’ I agree KJ winning an award for journalism for the churnalism and – lets not beat about the bush – plagiarism* he passes off as copy would be absurd.
I put it to you however, that while what Keef won was the equivalent of a randomly positioned rosette for snazziest dressed at a naturist convention, Mr McCoist has competition of the stature of Derek McInnes, Jackie MacNamarra, Neil Lennon, Paul Hartley, and not forgetting, James Ward to contend with.
*apologies due to KJ if he did credit PMcG appropriately and I have missed this through some fault of mine, and not his.
andygraham.66 says:
March 25, 2014 at 12:25 pm
” …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….”
—————————————
Spiers’ uses this term in a different context (DK cheerleading) but if used appropriately it does have the ring of truth about it.
FIFA says:
March 24, 2014 at 9:53 pm
“…does anyone know what was said that Easdale felt the need to set his lawyers onto Houston…”
————————————-
Houston outlined the ‘conversation’ in a recent comic article.
I’ll repeat the background for context.
Some kind of abuse was posted onto the Sons of Struth Facebook page.
Easdale instructed some kind of legal action.
Houston had been using his mothers address for season book correspondence (for unexplained reasons – probably historical I guess).
The legal correspondence was delivered to his maw’s house.
Houston took umbrage on two counts.
1. His maw’s address could only have been obtained from TRFCL season ticket database according to Houston, which he suggested (or was suggested by his supporters) was a breach of the data protection act.
2. Houston didn’t like legal correspondence (citation?) turning up at his maw’s house with his name on it.
Apparently the conversation in the Director’s box was Mr. Houston’s attempt to convey his disgruntlement (on point 2 at least) to Mr. Easdale in person.
I don’t care what anyone says, I think Mr Easdale’s hair is finely coiffured and is most befitting a gentleman of his esteemed status.
‘ If it wisnae for……..
Goosy Goosy
Ecobhoy
Auldheid
Neepheid
Cast of thousands
Campbell’s Money
Big Pink
James Forrest
Humble Pie
Hirsuite Pursuit
Big Phil
Ally Jambo
Easy Jambo
Angus
Danish Pastry
Briggsy
Red Lichtie……..and many more
Where would we be.
Lenon trying to talk some sense into SMSM and fans 😀
http://www.dailyrecord.co.uk/sport/football/football-news/neil-lennon-insists-rangers-wont-3286148
Nobody would question
What happens at TRFC
fara1968 says:
March 25, 2014 at 9:33 pm
24 0 Rate This
Whenever Chico annoys me I just think of him and Traynor arguing over the possibility of RFC going into admin. The one were they both accuse each other of being closet supporters. That is comedy gold.
————–
This is online. I gave it a re-listen. Although there is a comedy element to these exchanges I had forgotten how incredibly insulting some JT’s comments were towards CY.
As an online stooshie, I’m not too sure who came off worst. Some of the stuff discussed, though, is very relevant to recent topics on here. In part 1 the importance of the money from European competition is mentioned, and we’ve been reading for quite some time now about the legal gymnastics involved in making sure European football was available. They also discuss the wee tax bill relating to 1999-2003, which ‘no one was quite sure about’ (really?). And towards the end of part 2 I believe Chic mentions the possibility of some kind of ‘reward’ to JT for being ‘a puppet of the club’, the implication being, I suppose, for services rendered. Strangely prophetic that one. Where is JT now? Australia? Funny how it seems to be the chosen destination for so many of this story’s main characters. But maybe fitting since they’ve turned football logic on its head 🙂
Classic stuff from the book of how not to be a media professional.
Part 1
http://m.youtube.com/watch?v=rN3rEcwC41M
Part 2
http://m.youtube.com/watch?v=378qoB8j_tw
Living on fumes early March . Emergency loan of 1 million. Estimated monthly losses 1.2 million. Living on fumes early April. Another emergency loan at WONGA rates in April and May. Can they somehow keep out of administration till season ticket money comes in July. There is no money coming from King that is obvious. Season ticket money will help pay of the WONGA loans to the spivs. Is that acceptable to ST purchasers. Probably not for many. I cannot see a sustainable future and merely await the machinations of the SFA to ignore rules again and see the contractors get stiffed yet again. They do not have enough funds to pay for the police at a youth game for goodness sake. What makes anyone think they can pay wages that they wanted to cut by 15% last month.
I just think the Laxey and Easdale deals were agreed because CEO Wallace couldn’t get a deal with the banks and probably assumed that other than King no other ‘Rangers Men’ had the will or where with all to stump up that amount of cash. Laxey and the Easdales are on the ‘inside’ so stepped up knowing the financial position first hand.
As business men both parties negotiated a deal in their favour to help protect the loan and there existing shareholding.
The transfer to Letham keeps £1m in Laxeys bank and provides the PLC with the cash it needs.
The big question is has any of the loan been drawn down to date regardless of where the money has come from?
@RyanGosling
The terms of the Laxeys loan most likely included clauses regarding early repayment. The loan will not have been “transferred” as suggested by press stories, but much more likely will have been repaid to Laxeys including any early repayment penalties and then drawn down anew from Mr Letham. I would be interested to know what sums were involved in any such early repayment fees.
===========================================================================
I think you are spot on mate. The guy behind laxey is in the business of making money for his investors and himself at EVERY opportunity. This agreement would have been water tight and rangers probably forked out for all the lawyer costs of all parties too. Another payrole run this month to pay for and next month’s could be a killer… Wonder when the first draw of the SB money is taken off…?
Just caught this nugget on the BBC website, concerning Mr King apparently promising to shovel £30m down the Black Hole Of Greyskull:
—
[i]The Union of Fans organisation, which represents all of the main Rangers fans’ groups, is enthused by King’s vision.
“The club has been neglected, that cannot continue,” read a statement from UoF. “Only once this investment has been made will Rangers be able to live within its means, something we all want for the longer term future.[/i]
—
It strikes me that they fundamentally misunderstand the concept of “living within your means”.
http://www.rangers.co.uk/news/club-news/item/6621-season-ticket-holder-information
http://www.thecourier.co.uk/sport/football/dundee-united/job-done-dundee-united-fans-answer-chairman-s-call-to-snap-up-ibrox-tickets-1.286549
This could be interesting…
Meanwhile, the Union of Fans also hit out at director Sandy Easdale for threatening one high- profile anti-board protestor with a £200,000 law suit at the Court of Session.
Their statement added: “We note with dismay that Rangers director Sandy Easdale is continuing to pursue what we consider to be a confrontational and frivolous course of legal action against Sons of Struth.
“We would ask him to remember what it means to be a Rangers director and act accordingly if he wishes to enjoy the privileges of that position.”
— Because the UoF’s are gonna do what to remove Mr Easdale? More Bullish remarks from those supporting rangers akin to DK’s MO, all hot air when they know all they are getting from this is chip wrapper space and giving the internet bampots a great laugh in the meantime.. 😀 😀 😆
I picture Mr McCoist sitting on his hands rocking just dying to pick up the blower and give his tuppenceworth on the DK £30m or was it £50m backing for his team building to stop the Celtic’s 10 in a row…. Come on Ally you know you want to….
Well done to Dundee Utd on their ticket uptake… Divine justice when big Gunning scores the winner..
Castofthousands says:
March 26, 2014 at 1:11 am
FIFA says:
March 24, 2014 at 9:53 pm
“…does anyone know what was said that Easdale felt the need to set his lawyers onto Houston…”
————————————-
‘Houston outlined the ‘conversation’ in a recent comic article. I’ll repeat the background for context . . . ‘
—————————————
I think this has the potential for developing into an extremely interesting legal situation. As I understand it the original comments on the Sons of Struth facebook page weren’t posted by Houston but presumably by Bears who are followers of the new fan group.
I haven’t actually read the comments so have no idea whether they are defamatory or not or whether they are true or untrue. But for the moment then let’s assume they are defamatory and legally actionable. We then end-up with the position as to whether the Facebook page in question was monitored by Mr Houston or anyone else to remove any potentially defamatory comments within a reasonable time period.
That raises the issue as to whether Mr Houston created the Facebook page and has any administrative or modding powers over it. Someone who might be making defamatory comments or allowing them on a website might well have decided, in advance, that the legal responsibility rested with a boy/girl of straw so that any legal action would be a waste of time for the pursuer.
Of course it wouldn’t be a waste of time for Sons of Struth who would take on the mantle of the ‘True Defenders’ as far as a large portion of the Rangers Support is concerned and gain a huge publicity boost.
And that’s what really fascinates me about the decision to apparently legally threaten Houston unless he desists from further comments and retracts and apologises for the one made. Although I repeat that I haven’t seen it every reference I have seen to it seems to suggest that it is of a nature that a lot of people would laugh-off and/or ignore. I know of few footbally club directors, let alone those who also have a business background similar to Easdale, who would give a toss what ‘tossers’ on Facebook said about them unless it alleged criminal activities and there is no suggestion of that in this case afaik.
I truly wonder who advised Easdale to go down the legal route apparently chosen as I see it being an enormous PR Boob which has the potential of providing a journalistic field day/days in the Court of Session played out between David and Goliath with Bill Struth and his legacy the only authority that will be recognised by most Bears except the dwindling number backing the latest crumbling Board.
IMO the Easdale position with Rangers fans started off rather ambivalently and has gone rapidly downhill since and I have no doubt that Rangers could be turned into a laughing-stock if the legal action goes ahead.
And that raises another faint memory of a previous defamation action brought against The Glasgow Herald editor and a freelance journalist who were personally subject to defamation actions brought by the late Robert Maxwell. I can’t remember the damages sought but they were hefty and very much a frightener but the main reasoning behind the action was to prevent any other media outlet running the story.
This was a favoured tactic used by Maxwell down south and he often had dozens of legal actions running against newspapers which he used as a ‘gagging’ device while he plundered Mirror Group and its pension fund. I don’t suggest for a moment that this is the reason behind the Easdale legal threat by the way just in case we too are being monitored 😉
Maxwell would quietly let the actions drop when the story was ‘dead’ but such was his way of doing business there were always plenty of otrhers taking their place. In England the pursuer could continue or drop the legal action and the defendant had no powers in that decision.
Maxwell eventually dropped his action against the Herald editor and freelance journo but lo and behold he discovered a major difference in Scots Law compared to the English system and that was in Scotland the defendant had the right to continue the action even although the pursuer had decided to drop it.
So the Herald editor and journo decided to continue and in a memorable Court of Session decision the story was found to be defamatory – at this length of time I can no longer remember if it was true or not – but also held that Maxwell had no reputation to lose and therefore damages were not awarded.
I have no idea what sum the Court of Session would arrive at if it were to determine the worth of the Easdale reputation in the current case where I have heard the figure of £200K damages apparently being sought.
A side issue to any action not connected to Easdale afaik is the prickly question as to how Houston’s parental address came to be used for the service of legal documentation to do with the alleged defamation. That would certainly be of interest in any court action especially as Houston claims that the only connection he has to his mother’s address is through his ST details lodged at Rangers.
That opens a whole host of other legal issues and the only person or organisation I can see benefitting from it is Houston and the Sons of Struth. Of course perhaps the parental address was obtained by totally legal methods but IMO it still leaves a sour taste behind.
If anyone was annoying and bringing pressure to my parents’ door in their 70/80s over my alleged actions, especially when I no longer stayed in the parental home, then I think I would have been doing more than passing a few comments at the directors’ box.
However perhaps Mr Houston is a much cleverer person than I and some others have given him credit for and if he has a strong-enough backbone as well then Rangers have a PR disaster on their hands. They may well have accidentally created the catalyst that will unite the warring factions of fan groups against the Board which means it will inevitably fall.
And that’s why DK’s recent remarks attacking some fan groups who only want to ‘fight’ are so interesting. If DK doesn’t pony-up the biggest warchest yet he might find he is ousted by a new kid on the block who actually might well win the fight for the Struthian Heart of Rangers. Now that would be another interesting episode in this saga 😆
Angus1983 says:
March 26, 2014 at 9:19 am
It strikes me that they fundamentally misunderstand the concept of “living within your means”.
——————————–
To paraphrase St Augustine: “Lord, give me sustainability, but not just now.”
ecobhoy says:
March 26, 2014 at 9:45 am
Of course the Easdales. as individauls. have a right to protect their reputation and shouldn’t have to put up with abuse.
However why stop at SoS?
Should they not be encouraging other directors of other clubs to jump on board the defamation bangwagon?
Afterall Stephen Thompson and Turnbull Hutton, amongst others, have recently been called all sorts on other Rangers fan sites.
At least the majority of folks on here just poke gentle fun at the key players in the debacle using phrases already in the public domain be that from the MSM or the South African Courts 🙂
Angus1983 says:
March 26, 2014 at 9:19 am
2 0 Rate This
Just caught this nugget on the BBC website, concerning Mr King apparently promising to shovel £30m down the Black Hole Of Greyskull:
—
[i]The Union of Fans organisation, which represents all of the main Rangers fans’ groups, is enthused by King’s vision.
“The club has been neglected, that cannot continue,” read a statement from UoF. “Only once this investment has been made will Rangers be able to live within its means, something we all want for the longer term future.[/i]
—
It strikes me that they fundamentally misunderstand the concept of “living within your means”.
====================
And the meaning of the word “investment”, which used to mean putting in money to get more back. Can’t blame them too much for that one, though, since every politician in the country uses the word to mean “p1ssing yet more of your money against the wall”.
Seriously, though, how is anyone ever going to get a return on their “investment”. Forget King’s £50m moonbeams, how are Laxey going to get out of this with a profit? King says he won’t buy them out, in fact he threatens to dilute their investment through a share issue. Laxey must surely have a plan, and it must involve the properties, since the football side is worth a lot less than nothing, in fact minus £50m according to King. I just watch and wonder. The whole thing stopped making financial sense to me months ago.
neepheid says:
March 26, 2014 at 10:11 am
Have to gree with your comments re Laxey.
Like a true hedge fund they covered their bet with Charles by enforcing him to cough up shares when the deal didn’t go in their favour.
Similarly they brokered excellent terms for their offer of the £1m loan.
With that ethos I can’t see why they would let sugar daddy King anywhere near the place unless he is paying them top dollar to exit stage left.
Taking King’s cash may be Plan A, however I’m still onboard with the possibility of Plan B being to the Plc becoming a property company and getting some return via rent backed up with a reasonable assumption that they are sitting on a piece of land that is still worth a punt should the football club decide or need to vacate.
Good Morning
Another ady and deeper in debt down Govan way.
Mr. King generating buzz amongst the bears according to the daily rags.
It only goes to prove that paper does not refuse ink!
He has had unmpteen opportunities to rescus the good ship dignity but has not yet put a penny in.
As I have said before his previous investments were only money scooped from South Africa Revenue. Isn’t it great what you can do with other peoples money?
The game for Laxley is surely the properties as the club is worthless.
All of the posturing about saving a club which is losing £1 Million per month is exactly that, total rubbish.
Where are the accounts?
Where are the deeds?
Who holds the keys?
Where is Craig?
Is he and Charles an item and have they been from the beginning?
Where is Armageddon?
Is it in a spot off the Copeland Road?
• CASTOFTHOUSANDS says:
• March 26, 2014 at 1:11 am
• ECOBHOY says:
• March 26, 2014 at 9:45 am
CoT….I can confirm everything you say is absolutely true. I know the family and this is of great concern to them.
Ecobhoy….Craig does have the backbone for this. He’s many things and one of them is a staunch fan of the club. Quite articulate too. He is a salesman and has the patter for it. If I know him as I think I do, he won’t go away.
He is after a job after all…. 😈
Hoopy 7 says:
March 26, 2014 at 10:37 am
Where is Craig? Is he and Charles an item and have they been from the beginning?
————————————————-
Just as the relationship status between CW and CG was changed, thus creating an apparent gap between the two, which then turned into a feud with the fans subsequently on the side of Green, I believe the same applies to DK and the current investors.
I do not believe DK was in Scotland to fight the case for the fans, it could be the case that the fans had eventually come round to the idea that things were not right at board level so he is brought in (depending who did the prompting) to smooth the path.
First he is totally against them = Gap created
Then he was not leaving until he sorted them out = Feud
Now he is backing the “wait for the review” plan = Fans satisfied
Job done and an indication that he has never really ever been out of the picture.
I also find it strange that over the last few weeks it has been mentioned in a few stories about how DK does not talk to DM anymore, apparently they stopped talking years ago but only now is it a regular discussion point. Not only that but in one story from KJ, he states that this was confirmed by DM himself.
Why would he have to confirm that with DM?
Why a need to communicate this now?
It is a common pattern and a process used to break connections or to show no common interest between individuals or in some cases, organisations and these people are expert at it.
Madbhoy24941 says:
March 26, 2014 at 11:35 am
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I also find it strange that over the last few weeks it has been mentioned in a few stories about how DK does not talk to DM anymore, apparently they stopped talking years ago but only now is it a regular discussion point. Not only that but in one story from KJ, he states that this was confirmed by DM himself.
———————————————————————————————————————————-
You may remember that DK was adamant that he was going to sue DM over supposed breach of warranty in respect of DK’s initial “investment” in whatever it was DK initially “invested”.
Ah found myself down Govan way this weekend visiting friends
And thought to take a wee wander about the place, especially round about Ibrox
An awful of building work seems to have kicked off down that way, High Rise Flats demolished
Near the BBC & STV roads getting widened, and I hear a hotel getting built
And then a sudden thought came to my mind
This land maybe cheap given the postcode
BUT
It is very close to Glasgow City Centre (even closer with the Clyde Arc – Squinty Bridge)
Ibrox Stadium could be the “thorn in the side” of some property developer
And needs it erased somehow
Couldnae happen could it ? ? ? ?
DK’s use of the media will surely work against him.
120 review is published. One option explored is to sell TRFC for £1, minus the properties.
The board can rightly point out to DK that he can invest as much as wants in the “club”, for the price of a hamburger, so long as he pays his rent. Now having said he he is willing to spend £30m over for 5 years I would surmise that rental bill might be quite large.
If he says no thanks, he will be torn to pieces by the MSM.
I would also assume DK would want to invest through one of his SA companies and write off the losses against his tax bill. Good luck with that DK.
DK = busted flush methinks.
keith jackson @tedermeatballs · 1h
Celtic on the brink of celebrating another title. Rangers on the brink of announcing more enormous losses. Interesting 24 hours ahead.
kevineasson @kevineasson · 58m
@tedermeatballs when are the figures to be announced?
keith jackson @tedermeatballs · 57m
@kevineasson i hear they will be announced tomorrow
===============================
Looks like we may have an entertaining day tomorrow dissecting the numbers from RIFC’s interims.
If RIFC interims are released tomorrow,does that mean Deloittes have been satisfied that the company/club will be a going concern for the next 12 months?.
torrejohnbhoy(@johnbhoy1958) says: March 26, 2014 at 12:39 pm
If RIFC interims are released tomorrow, does that mean Deloittes have been satisfied that the company/club will be a going concern for the next 12 months?.
================================
Deloittes will only do a “review” rather than an “audit” as it is only the interims, There will be no “going concern” statement, unless there is something startling to report. The “review” is only needed to meet AIM requirements.
Thanks,EJ.
What I’m really interested in is the turnover figure.I still don’t accept the £19m odd stated in last years finals as true,unless it included this seasons STMoney.
I know it shouldn’t but if it doesn’t then I’d like to know where £10m of income in the 2nd half of the year came from.
easyJambo says:
March 26, 2014 at 12:57 pm
torrejohnbhoy(@johnbhoy1958) says: March 26, 2014 at 12:39 pm
If RIFC interims are released tomorrow, does that mean Deloittes have been satisfied that the company/club will be a going concern for the next 12 months?.
================================
Deloittes will only do a “review” rather than an “audit” as it is only the interims, There will be no “going concern” statement, unless there is something startling to report. The “review” is only needed to meet AIM requirements.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Surely the fact that the company has no cash and appears to be limping towards ST money assisted by the crutch of Wonga style loans will be “startling” and would spark AIM interest.
torrejohnbhoy(@johnbhoy1958) says:
March 26, 2014 at 1:05 pm
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Thanks,EJ.
What I’m really interested in is the turnover figure.I still don’t accept the £19m odd stated in last years finals as true,unless it included this seasons STMoney.
I know it shouldn’t but if it doesn’t then I’d like to know where £10m of income in the 2nd half of the year came from.
=======================
Accounts show income as it is earned, not as it is received, Let’s say a club received its entire income of £20m in season tickets, all paid up front in May 2012. Let’s say the accounts to are 30 June. The accounts to 30 June 2012 will not show any of that £20m as income. That £20m appears as income in the accounts to 30 June 2013, because that’s the period that includes the dates on which all the home games are played. If 6 month accounts are drawn up to 31 December 2012, then the income shown in those accounts will be a proportion of the £20m received in May 2012, so if there are 20 home league games in the season, and 9 take place before 31 December, then 9/20 of the money received in May is shown as income for the 6 months to 31 December, even although no money was received in the period. For the period to 30 June 2013, the 6 month accounts would show as income 11/20 of the money received the previous May. The ST money received in May 2013 would not appear as income at all in the accounts to 30 June 2013, because that money does not relate to matches played in that period. I hope that makes thing clearer.
neepheid says:
March 26, 2014 at 1:29 pm
2 0 Rate This
torrejohnbhoy(@johnbhoy1958) says:
March 26, 2014 at 1:05 pm
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Thanks,EJ.
What I’m really interested in is the turnover figure.I still don’t accept the £19m odd stated in last years finals as true,unless it included this seasons STMoney.
I know it shouldn’t but if it doesn’t then I’d like to know where £10m of income in the 2nd half of the year came from.
=======================
Accounts show income as it is earned, not as it is received, Let’s say a club received its entire income of £20m in season tickets, all paid up front in May 2012. Let’s say the accounts to are 30 June. The accounts to 30 June 2012 will not show any of that £20m as income. That £20m appears as income in the accounts to 30 June 2013, because that’s the period that includes the dates on which all the home games are played. If 6 month accounts are drawn up to 31 December 2012, then the income shown in those accounts will be a proportion of the £20m received in May 2012, so if there are 20 home league games in the season, and 9 take place before 31 December, then 9/20 of the money received in May is shown as income for the 6 months to 31 December, even although no money was received in the period. For the period to 30 June 2013, the 6 month accounts would show as income 11/20 of the money received the previous May. The ST money received in May 2013 would not appear as income at all in the accounts to 30 June 2013, because that money does not relate to matches played in that period. I hope that makes thing clearer.
—————–
Thanks.
I get all that but still can’t get my head around a total turnover of over £19m when ST cash was around £8m.where did the other £11m odd come from?.
I know there’ll be walk up income,hospitality,the crossbar challenge etc but I can’t see how this adds up to over £11m.
Bogs Dollox says:
March 26, 2014 at 1:13 pm
“Surely …………………………………..would spark AIM interest”.
———————————————————————————————————————————————-
It seems to be fairly difficult to spark AIM’s interest. The accounts for the sole subsidiary of RIFC are overdue by almost a month and yet (to paraphrase Browning) they have not said a word.
torrejohnbhoy(@johnbhoy1958) says:
March 26, 2014 at 2:19 pm
I know there’ll be walk up income,hospitality,the crossbar challenge etc but I can’t see how this adds up to over £11m.
============================
From the accounts to 30 June 2013-
2. REVENUE
13 month period to 30 June 2013
£’000
Gate receipts and hospitality 13,224
Sponsorship and advertising 819
Retail 1,607
Broadcasting rights 778
Commercial 974
Other operating income 1,705
19,107
Revenue for the period ended 30 June 2013 totalled £19.1 million. Of this total, gate receipts and hospitality income contributed £13.2 million. During
the period the Club played eighteen home league matches and seven home cup matches. No revenue is recognised in respect of away fixtures except for
a small share of ticket revenue from away cup matches.
Season ticket income of £8.0 million was recognised during the period to 30 June 2013 based on sales of approximately 38,000 season tickets, despite
the Club’s admittance to SFL Division 3.
Broadcasting revenue during the period was limited by playing in SFL Division 3, and therefore having reduced televised matches.
Commercial income of £1.0 million and sponsorship income of £0.8 million recognised during the period to 30 June 2013 includes revenue earned from
agreements with the Club’s sponsors and commercial partners, as well as the sale of matchday publications and monies generated from TV and the SFL
for matches televised or broadcast to the public.
Retail income of £1.6 million was recognised in the period, as the Club’s partnership with SportsDirect.com to distribute the Club’s merchandise and strips started during the period. No strip launches were included in the reported figures, with the 2013/14 replica strip range being released after the balance sheet date.
Here is the link: http://www.rangers.co.uk/images/staticcontent/documents/AnnualReport2013.pdf
Phil Mac saying his info is that end of play Friday may be more likely for the Interims.
neepheid says:
March 26, 2014 at 2:33 pm
3 0 Rate This
torrejohnbhoy(@johnbhoy1958) says:
March 26, 2014 at 2:19 pm
I know there’ll be walk up income,hospitality,the crossbar challenge etc but I can’t see how this adds up to over £11m.
============================
From the accounts to 30 June 2013-
2. REVENUE
13 month period to 30 June 2013
£’000
Gate receipts and hospitality 13,224
Sponsorship and advertising 819
Retail 1,607
Broadcasting rights 778
Commercial 974
Other operating income 1,705
19,107
Revenue for the period ended 30 June 2013 totalled £19.1 million. Of this total, gate receipts and hospitality income contributed £13.2 million. During
the period the Club played eighteen home league matches and seven home cup matches. No revenue is recognised in respect of away fixtures except for
a small share of ticket revenue from away cup matches.
Season ticket income of £8.0 million was recognised during the period to 30 June 2013 based on sales of approximately 38,000 season tickets, despite
the Club’s admittance to SFL Division 3.
Broadcasting revenue during the period was limited by playing in SFL Division 3, and therefore having reduced televised matches.
Commercial income of £1.0 million and sponsorship income of £0.8 million recognised during the period to 30 June 2013 includes revenue earned from
agreements with the Club’s sponsors and commercial partners, as well as the sale of matchday publications and monies generated from TV and the SFL
for matches televised or broadcast to the public.
Retail income of £1.6 million was recognised in the period, as the Club’s partnership with SportsDirect.com to distribute the Club’s merchandise and strips started during the period. No strip launches were included in the reported figures, with the 2013/14 replica strip range being released after the balance sheet date.
Here is the link: http://www.rangers.co.uk/images/staticcontent/documents/AnnualReport2013.pdf
============================
As these accounts are for 13 months we would need to knock off approx £1.58m for the 12 month period. It would be interesting to find out what their income actually was for the “13th” month.
No sign of the audited club accounts that are almost a month overdue then, sfa should take action
tomtom says:
March 26, 2014 at 3:10 pm
As these accounts are for 13 months we would need to knock off approx £1.58m for the 12 month period. It would be interesting to find out what their income actually was for the “13th” month.
==========
Remember that these were the first accounts, and include a period before trading started. The company really only began receiving income in late July 2012, when they joined the SFL and got the old RFC membership of the SFA transferred to them under the 5 way agreement. For May, June and most of July of 2012 it was all just money out. The 6 month accounts we are due to see this week will give a more “normal” picture of the income and expenditure situation at Ibrox. Although the word normal doesn’t seem to apply to anything financial connected with Ibrox.
Regarding the accounts whenever or ifever (I just made that word up but I like it) they come out – they will show:-
(a) making losses at a greater rate than before;
(b) making losses at a comparable rate to before;
(c) making losses at a lesser rate than before;
(d) now breaking even; or
(e) making a profit.
(b) or (c) would be presented as great successes. “Things are stabilising – the ship is turning round” (still sinking by the way but turning while it is doing so)
If it is an (a) it would no doubt be hedged with all sorts of nonsense about further exceptionals and similar “one-off” stuff and we will be fed a line about underlying trends etc. so actually despite it being an (a), it is really a (b) or a (c) and isn’t that great.
(d) or (e) and Graham Wallace is Sports Personality of the year.
Regardless – bonuses all round.
Expect some:-
(i) diversionary tactic in the SMSM tomorrow/shortly (prize for the first one to see it); and
(ii) a suggestion made that the results are terrible so that when they come out and are not (quite) as bad, that that can be trumpeted – along the lines of “share issue looking bad – only £Xm raised” followed by “share issue raises £Xm+1 and exceeds expectations” even when £Xm+1 was far below initial expectations.
Bear in mind that the Board already know what these numbers will say, so regardless of how bad they may be, they will not lead to administration, because if the Board thought the numbers so bad that they necessitated administration, that would have happened already.
For example?
keith jackson @tedermeatballs · 1h
Celtic on the brink of celebrating another title. Rangers on the brink of announcing more enormous losses. Interesting 24 hours ahead.
🙂
Campbellsmoney says: March 26, 2014 at 4:55 pm
———————————————————————
Whether it is a), b), or c), it will be accompanied with a reference to the losses having been accrued under a previous board, Also that there is light at the end of the tunnel, and although there remain difficulties to be overcome, with the help of the fans buying STs by the bucketful, we will be back where we belong in the Champions League p.d.q.
Aye Right!
The scene is set for an MSM campaign to help TRFC get promoted in Admin
The Campaign ?
Celtic MUST be awarded the SPL trophy at their next home match
So that
TRFC can be awarded the 3rd Div trophy at their next home match
So that
It becomes impossible for TRFC not to become 3rd Div Champions even if they don’t finish the season
Just wait and see what happens
Who is this “keith jackson @tedermeatballs”?
I didn’t think the real KJ was on twitter?
From RR Like the cut of Paulineblues jib. Getting some sense into the eejits
========================================================
25 Mar 2014 14:01:15
Hi, Further to Dave Kings comments today. I think I am owed credit for not coming on here and spreading lies. Dave king with his fellow investors will put in in up to £50M in to Rangers over the next few years.
nothingbutthestruth
1.) I am not being pedantic sir but I have been let down so many times by money people regarding RFC. I will hold judgement until I see the money in the bank. In the same vain why are the 1.5million fans not putting in there cash. We have had enough publicity. let’s make that a major push instead of relying on another sugar daddy.
Can I just add in that I do respect the work and effort you and your team are doing for the rest of us. Much appreciated.
OCRSC
2.) I think the small print of DK’s ‘intentions’ and actually coming up with the goods is still a long way off. A bit of gamesmanship is going on with the board, I fear.
billyb
3.) 25 Mar 2014 20:23:46
OP so you’ve known about this all along eh? How come then you haven’t even quoted the figure right? The announcement was that he has already put in £20m in the past and he’s prepared to put in another £30m if necessary. that’s £30m future investment, not 50. And its subject to the board “issuing” the shares that will give him control. You didn’t mention that either.
Paulineblue72
4.) Pauline dave king says fellow investers will put up 20million and he himself will put up 30 million thus 50 million
tmwnn
5.) Yes Pauline and if you look at the financial page you will see my posts about how King will aquire a major shareholding. A dillution of shares puts Hedge funds like Laxey, Margaritta and Blue Pitches investments behing by years they will want out, to move their clients money somewhere that it has a chance of a faster investment return. A new share issue will rid the board of Cregihton, and those instituional investors who are starving the club. As I said before King is a clever man with a plan and he is playing a blinder. He has lost £20M he isn’t back to make his money back as there si no money to be made back, he is doing it for the love of the club. Those who say where was he when Rangers needed a buyer, he was banned from making investments abroad under a South African court order so couldn’t help but has openly admitted he wished he had used influences and contacts at the SARS to have aquired the club but hindsight is wonderful thing. I predict the money won’t come in time for the summer a new IPO and share issue will take months but by next January window Rangers will begin bringing in players to secure the championship and ready for the SPL.
nothingbutthestruth
6.) 26 Mar 2014 13:44:49
@4 He made no mention whatsoever of £20m from fellow investors in his excludive interview with the DR. If i’ve missed another source where he does say that please point me to it.
@5 I take your post as tacit acceptance that you got the £50m future investment figure wrong. And when you say DK “will” acquire a major shareholding you really mean you “hope” he does so. that’s all that his big interview amounts to.
Paulineblue72
7.) Pauline, There is nothing to stand in his way, its either Laxey, Blue Pitch and Margarita who stump up the cash or a fresh share issue. In the event of fresh share issue all the hedge funds will sell up its bad for business if you are looking for a quick return for your investors. King has said he would buy out Laxey’s share but why should he line their pockets and then have no money left to take the playing team forward. what he said was that he reckons that Rangers need a £50M investment he wishes to gather funds from his institutional investor friends and he would fund the rest around £30M which would clearly indictate without the need for Carol Vorderman that he has instutional investment on stand by to put in £20M. If Dave King does take back control of the board Paul Murray and Franklin Blin will be appointed to the board and I reckon he would bring back Alistair Johnston as chairman. I reckon the Easdales will work with King, King seemed to have changed his mind on them after the board meeting.
nothingbutthestruth
8.) 26 Mar 2014 17:43:45
@7 there are so many assumptions in the potential scenario you outline it beggars belief you seem to honestly think “there is nothing that can stand in his way. ” Anyway if its a dead cert then why is he bothering to try and ramp up pressure on the board? Why is the union of fans groups doing the same? Why bother if its gonnae happen anyway? Simple obvious answer is its not certain. Not by a long chalk. And you might want to call in Vorderman to figure out where the revenue comes from once the ‘soft investment’ runs out and we’re stuck with the £24m wage bill he’s dreaming about. Castles in the sky mate.
Paulineblue72
Apologies but been busy and playing catch up,I thought just over a week ago King had gave the board a bit of breathing space[humour me] to complete there plan for the future ,dont worry bears I have sorted them out and they are shaking in their boots lets back off for now,a week later he is holding court with the worlds top sports journos [I know I have taken the humour thing too far now] and they are spouting the plans for the grand future to come for the bears,if you where able to put laughter into a can and sell it The Rangers money worries would be over.
‘Mon the Partick
ianagain says:
March 26, 2014 at 8:32 pm
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From RR Like the cut of Paulineblues jib. Getting some sense into the eejits
____________________________________
I just love the guy who describes ‘those institutional investors who are starving the club’?
That’ll be those institutional investors who threw £22m into a black hole that are ‘starving the club’?
I think the Ibrox institution is suffering from a sort of financial bulimia.
Severe rationing, strictly enforced is the only hope they have of getting to any sort of healthy state.
CY on Sportsound
Neil Lennon’s “bodyguard” , what’s he on?
I’m no Tic fan but even I’m getting fed up with the man in the way the cardigan clearly was.
Congratulations to Celtic
right, lets talk ….gate share 😀
What was that stewarding all about at the end of the game at Firhill,the stupids sorry stewards where focussing so much on stopping Brown and some other players going to the Celtic fans behind the goal that the fans took advantage and exploited the gap and invaded the park,cue the stupids sorry stewards then trying to shield Brown and his players off the park ,well done the stupids ,hope we dont see you guys at any the cup finals,talk about organised chaos.
I think Foster will need to go that’s another goal he let in.
Just want to share this.
The one and only time I’ve ran onto a pitch was back in 1966.
Celtic had just won the league.For the first in yonks.
I was dragged on to the park by my Da.
He is now long dead. But thank you Da.
Anyway Billy Mc Neil ruffled my head as he was going off at full time.
I turned 60 last week.And I have a full head of hair.
Coincidence or what.
Sorry FIFA but was that you just blaming the stewards for fans invading the pitch? Not having that, sorry. Everyone is responsible for their own actions and pitch invasions are not to be tolerated in this day and age.
@ ryan gosling
You’re a killjoy.
Stop hurting.
Comeongetaff I’m not hurting at all, Celtic won the league and congratulations to them for doing so. I was merely responding to a comment the contents of which I disagreed with.
@ryan gosling
HAve not seen the comments which you disagreed with.Only having a laugh on a very joyous night (for me).Anyway.Not wanting to get into an argument(off to get pssed.)Have a good one.
Hello all,
Just in from watching my team win the league (on TV at my mates). Broke the rule about drinking on a school night but I’ll cope!
I was not there, I have heard no media coverage tonight and I have no idea what the “atmosphere” was like – but I am with RyanGosling on this. Pitches are for playing football on.
I have a feeling that if the fans of a certain other Glasgow team were to step foot on a pitch there would be a very different tenor to some of the posts.
Congratulations to Celtic on winning the League. We have much still to enjoy in Scottish football this season. Not least the top of the Championship and the bottom six/play off games for the Premiership.
And the cup and an improving national side (please). Not bad really.
Tic 6709 says:
March 26, 2014 at 7:06 am
“‘ If it wisnae for……..and many more: Where would we be.”
————————————
I am flattered to be included on such an auspicious list but the most significant entry was ‘and many more’.
Some posters may have more time or greater inclination but keeping the pot boiling is a team effort. ianagain’s speculative attendance at the recent Collyer Bristow proceedings and their notification in advance by another poster (I cannot recall who now – which proves the point) was one of those moments when serendipity rewarded persistence. It is the contribution of everyone that brings any significance the blog may have. Even if you only post once you may set in motion a chain of events that eventually leads to a revelation or deeper understanding.
For me personally, I have a favourite poster but I would not name them for fear of swelling their pate. Football players get media trained these days and when the skilled striker is bashful about his performance and wishes to credit all his colleagues, this has a tremendous unifying effect on all his team mates.
So whilst I am not averse to a bit of flattery, I am merely one of thousands (and that includes you).
Madbhoy24941 says:
March 26, 2014 at 11:35 am
“It is a common pattern and a process used to break connections or to show no common interest between individuals or in some cases, organisations and these people are expert at it.”
————————————-
It reminds me or a relay race where the baton is passed from one carrier to the next. Except in this case the runners pretend not to be in cahoots and the finishing line is not defined. It could be that once the plot was hatched back in 2005 to shed the debt, other nuances were added for colour. The antique KJ/CW moonbeams item posted yesterday raised the possibility of stadium naming rights then immediately discounted the possibility since this would be interfering with history. I wouldn’t want to see the bears put out of their home but these characters have shown themselves capable of concocting the most absurd outcomes. Arcane handshakes are all very well but in reality, money is the only game in town.