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

neepheidPosted on5:45 pm - Mar 27, 2014


Well never mind what anyone on here thinks of the interim accounts, we badly need the deep insight that only Neil Patey can deliver. Has anything been heard from him yet, or is he currently agreeing a suitably optimistic take on the figures with the Board, prior to publication in tomorrow’s papers?

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JimBhoyPosted on5:51 pm - Mar 27, 2014


I thought Letham might have been another bus man… They needing a new bus depot in Govan? 😉

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BigGavPosted on5:53 pm - Mar 27, 2014


Famous song says:
March 27, 2014 at 5:45 pm
=========

The interim accounts are less detailed and show only a combined balance sheet for the ‘Rangers Group’. In this, the inter-company debts cancel out, so don’t show up.

But of course, the debt from TRFCL to RIFC still exists, and has probably increased.

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JimBhoyPosted on5:56 pm - Mar 27, 2014


@Neepheid

Patey was in my hoos earlier he says nothing to worry about, all on track, solid business plan has been in place the past 2 years.

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paraniodbyexperiencePosted on5:56 pm - Mar 27, 2014


Neil Patey (they will not go into administration) was just on the BBC RADIO news giving a positive BENT on the interim’s .Good news as he is always wrong .

Congratulation to Celtic on their treble.

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JimBhoyPosted on6:04 pm - Mar 27, 2014


@Neepheid
Here ya go….From the finance expert.

http://www.heraldscotland.com/sport/football/finance-expert-rangers-will-not-be-able-to-take-on-celtic-unless-they-secure-a-major-.1395940979

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twopandaPosted on6:05 pm - Mar 27, 2014


Accounts useless for plain understanding
.
Somebody tell me how a football enterprise can lose 18m after playing to basically full houses over 18 months home and away in the lower divisions – and with good TV coverage
.
Quite astonishing
.
And figures are 3 months in arrears
.
What`ll be projections for status in September –– 9 months on from interim figures?
.
Even with full STs Revenues
.
Plain-speak Projections?
.
Blimey!

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CampbellsmoneyPosted on6:16 pm - Mar 27, 2014


Re Nations League – what is the point of that meant to be?

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JimBhoyPosted on6:20 pm - Mar 27, 2014


This is probably the first time I can remember that the Celts won the league midweek, just doesn’t feel the same.. Maybe just me.. Anyways congrats to Neil and the Bhoys, I have enjoyed the football this year.

Good to see some green shoots of optimism in the spfl also coming from other teams. I would love to see more young Scot’s boys getting their opportunity.

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Famous songPosted on6:20 pm - Mar 27, 2014


Thanks, Big Gav at 5:53. I am a Wasp of small brain.

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JimBhoyPosted on6:21 pm - Mar 27, 2014


@Campbellsmoney
Nations League – what is the point of that meant to be?

I didn’t get it either mate..

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61patrickPosted on6:22 pm - Mar 27, 2014


Laxey £1 million loan Pfffffffft
I will stump up the money on better terms says Mr Letham.
To me that says two things
1. well played spivs,(other peoples money again).
2.EGO is a terrible thing and can take you to places you dont really want to go to.

Thank you to all who contribute on here

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CampbellsmoneyPosted on6:43 pm - Mar 27, 2014


JimBhoy says:
March 27, 2014 at 6:20 pm
4 0 i
Rate Down

This is probably the first time I can remember that the Celts won the league midweek, just doesn’t feel the same..
——————————————————————————————————————————————————–
Yeah – I’d be gutted too.

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CampbellsmoneyPosted on6:45 pm - Mar 27, 2014


JimBhoy says:
March 27, 2014 at 6:21 pm
1 1 i
Rate This

@Campbellsmoney
Nations League – what is the point of that meant to be?

I didn’t get it either mate..

—————————————————————————————————————-
The League of Nations was rubbish and failed to stop the Second World War. Probably why they didn’t use that name.

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nawlitePosted on6:46 pm - Mar 27, 2014


I assume that no matter what we think of these accounts, they will be seen as sufficient by the SFA for licensing (deadline of 31 March I believe). Is there anything therein that anyone thinks is sufficiently bad for the SFA to say no?

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BigGavPosted on6:49 pm - Mar 27, 2014


Disappointing that Peter Lawwell has chosen to speak of Rangers ‘returning’ to the top flight. Has he been cowed by the response to his ‘Rory Bremner’ quip?

http://www.bbc.co.uk/sport/0/football/26772449
“I think they are in real challenges financially, but the fundamentals of Rangers and the Rangers support are strong; in terms of the size of support, the facilities they have, and that will bring them back.

Rangers will return, I’m sure, as a much stronger force in Scotland in the coming years.”

If only he had said something like “the new Rangers club will eventually become a stronger force”, etc.

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easyJamboPosted on6:58 pm - Mar 27, 2014


nawlite says: March 27, 2014 at 6:46 pm

I assume that no matter what we think of these accounts, they will be seen as sufficient by the SFA for licensing (deadline of 31 March I believe). Is there anything therein that anyone thinks is sufficiently bad for the SFA to say no?
============================
I’m sure that you are correct in saying that the SFA will accept the accounts as being sufficient. However, this is exactly the sort of situation where they need to be making demands on financial transparency, with cash flow projections (updated month on month if necessary).

They should be seeking these assurances, not least because of the “cash burn” over the last 18 months has undermined FFP and the integrity of the league, i.e. TRFC have been guilty of financial doping over the last two seasons by fielding a team that they clearly can’t afford.

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easyJamboPosted on7:01 pm - Mar 27, 2014


Union of Fans statement.

“We note today’s interim results which show a drop in revenue excluding the Sports Direct deal, a failure to address operating costs during the period to December 2013 and doubts over the cash position of the club going forward.

The most important issue, and one which highlights the obvious need for substantial investment, surrounds the cash position of the club both at this present moment and at the AGM last December. The CEO, Graham Wallace, stated at the AGM that there was “sufficient cash in the business to fund the ongoing needs of the club in the near term”. It appears from both these interim results and the recent loan of £1.5m from shareholders that this statement at the AGM may have been somewhat misleading. It is unclear exactly how it could have been stated by the board at that time, with any confidence, that there was sufficient cash even for the short term and we would like Mr Wallace and Mr Somers to explain this as a matter of urgency.

We would also like to address Mr Somers comments on the consequences of the possible withholding of season ticket money. We are certain that not a single one of the 6500 fans, and counting, who have so far shown interest in the idea of a season ticket trust, have any wish to withhold any money from the club. However, it would be foolhardy for fans to once again commit their money without any kind of transparency or security. The fans have shown outstanding loyalty and commitment in the past two years, both via the IPO and two sets of unprecedented season ticket sales, but we have seen that loyalty thrown back in our faces as money has been squandered.

Mr Somers acknowledges how vital season ticket cash is and the need for the board to build trust with the fans. What better way to do that than to give security over vital club assets – Ibrox and Auchenhowie – to the fans in return for that much needed income? The board have publicly stated that they have no plans to use these assets for any other security, or a sale and leaseback, and so there is no impediment to them agreeing to the terms of release.

For the avoidance of doubt, there is no plan to drip feed season ticket money on a game by game basis. The proposal is simply that season ticket money is paid in a lump sum, prior to the start of the season, in return for security over club assets. This will allow fans to be safe in the knowledge that no matter what happens the club’s assets will be in good hands.

We also note Mr Somers statement about fan engagement but, since announcing the trust, we have had no contact from the board.

Given the obvious and urgent need for investment, we would once again urge the board to accept Dave King’s offer of £30m so that both the fans and the club can move forward in harmony.”

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neepheidPosted on7:11 pm - Mar 27, 2014


BigGav says:
March 27, 2014 at 6:49 pm
1 0 Rate This

Disappointing that Peter Lawwell has chosen to speak of Rangers ‘returning’ to the top flight. Has he been cowed by the response to his ‘Rory Bremner’ quip?
==================
I was disappointed that he commented at all. He’s just pumping up the already overinflated bear ego. This is currently a third tier club. Just treat it as such.

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Madbhoy24941Posted on7:12 pm - Mar 27, 2014


Danish Pastry says:

March 27, 2014 at 4:53 pm

32

0

Rate This

Campbellsmoney says:
March 27, 2014 at 4:41 pm
1 0 Rate This

Alan Price says:

Rangers 1…. Rangers 2

————————————————————————————-
Away win, it could happen one day.
———

Three penalties?
———————————–

Yes but all in the 2nd 45 minutes, has to be 0-0 at half-time just to ensure IB’s coupon comes up……

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on7:33 pm - Mar 27, 2014


ecobhoy says: March 27, 2014 at 9:08 am
neepheid says: March 27, 2014 at 9:25 am
ecobhoy says: March 27, 2014 at 10:18 am
ecobhoy says: March 27, 2014 at 10:56 am
No1 Bob says: March 27, 2014 at 11:27 am

ecobhoy,

From what we know of the rights attached to the “A” and “B” of shares in Rangers Retail Ltd it would appear, based on the relevant statute and case law; that if asked, HMRC would consider JD Sports Fashion plc to exercise “control” of this “close company”.

Here’s a hyperlink to the relevant HMRC guidance for those of an enquiring mind.
http://www.hmrc.gov.uk/manuals/ctmanual/CTM60100.htm

For definitions and examples of what constitutes “control” please see in particular CM 60200 to CM 60420.

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Flocculent ApoideaPosted on7:46 pm - Mar 27, 2014


I see Reporting Scotland started their sports section with a story about the precarious accounts of a third tier team then followed that up with the story of another team winning the SPFL title, which may make their manager an attractive prospect for other clubs elsewhere. Strange prioritising and an example of, what I’m now learning to be, the “balance” the media feel they need to show/invent when there’s bad news to tell about one of these (three) clubs. Or maybe I’ve been on here too long.

Oh, aye – where’s my gravatar gone?

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JarmoPosted on7:55 pm - Mar 27, 2014


easyJambo says:
March 27, 2014 at 6:58 pm

nawlite says: March 27, 2014 at 6:46 pm

Evening, are we confusing the owners of the club with the club.

The plc owns the limited company club, which is the one with all the debt.

Surely these results mean nothing to the SFA / SPFL, only the club’s accounts?

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GiovanniPosted on8:05 pm - Mar 27, 2014


Something I hadn’t noticed before. In the announcement of the “Laxey Facility” the repayment terms were detailed as:

“The principal amounts of the Facilities are repayable no later than 1 September 2014 from a variety of potential sources.”

When the announcement was made of the change to the “Letham Facility” the statement said:

“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.”

However note 16 to the accounts states:

“Since the period end, the Company has also obtained access to loan facilities totaling £1.5m. £500,000 of the facility is interest free. £1,000,000 of the facility incurs a facility fee of £45,000 and carries a potential annualised interest charge of 10% should repayment not be made before 2 July 2014.”

These don’t seem to be the same terms and conditions to me. Perhaps Mr Letham is not as generous as first thought.

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Bill1903Posted on8:07 pm - Mar 27, 2014


Not sure if it’s been mentioned already but Neil Lennon was interviewed on Talksport this morning.
He was rightly congratulated for winning the league and then moaned about the lack of finance in the Scottish game compared to England.
However he then went on to say that he missed the 4 ‘old firm’ games a season and he missed them being in the top league!
Not sure if he was speaking from the heart or reading from a script 😕

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upthehoopsPosted on8:13 pm - Mar 27, 2014


Re Neil Patey. Firstly is he the only accountant in Scotland that can comment on a set of accounts? Secondly he speaks of Rangers ‘getting back in the Champions League’ in order to make comparable money to Celtic. Given there is only one place available for Scotland how easy does he think that will be?

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Caveat EmptorPosted on9:01 pm - Mar 27, 2014


Thoroughly enjoying todays comments from our resident experts. As a sales guy, with a basic understanding of accounting principles, if I had been presented with these figures from Whomever FC, even I would have thought ‘Haud oan………. disnae look too healthy!’
How can this be a going concern? Essex BC, you belong to a very creative profession. You should be in sales! Sand to Arabs and all that.
However, stand by for the MSM telling us that losses are down, DaKing has loadsa dosh, war chest, full steam ahead, the journey continues with lots and lots of new friends to be made.
I think the erse is about to fall out of the sand market!

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redlichtiePosted on9:03 pm - Mar 27, 2014


P.34 :
“No deferred tax asset has been recognised in respect of accumulated tax losses of
£20,099,000 at 31 December 2013. The directors are of the opinion that there is insufficient evidence to support recognition of these losses as an asset due to uncertainty of the Group generating sufficient future taxable profits from which accumulated losses could be deducted.”

So, limited profit on the horizon. How does that square with attracting ‘investment’?

Scottish Football needs an analytical eye….

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y4rmyPosted on9:05 pm - Mar 27, 2014


Re Neil Patey. Firstly is he the only accountant in Scotland that can comment on a set of accounts? Secondly he speaks of Rangers ‘getting back in the Champions League’ in order to make comparable money to Celtic. Given there is only one place available for Scotland how easy does he think that will be?

Moreover, it simply cannot be done without sanction from UEFA if the massive cash-injection model suggested by Dave King is followed. I don’t believe either King or Patey are even aware of this.

http://www.financialfairplay.co.uk/resources/FFP%20Press%20Kit%20EN_FINAL_en%20_1_.pdf

Now, it remains to be seen what level of sanction would be imposed when push came to shove (there is a wide range from warning to expulsion), but we will get a better idea in the coming month or 2 as the first batch of clubs are dealt with. But it is my belief that UEFA are deadly serious about forcing clubs to run themselves sustainably and the stick they can wield is access to the CL cash cow. They have already identified a list of loopholes that clubs are already attempting to exploit.

This guy’s blog is well worth following for updates:

http://www.financialfairplay.co.uk

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essexbeancounterPosted on9:25 pm - Mar 27, 2014


Caveat Emptor says:

March 27, 2014 at 9:01 pm
How can this be a going concern? Essex BC, you belong to a very creative profession. You should be in sales!
=========================================================================
Caveat Emptor….firstly, this is no “going concern” in the accepted sense…secondly, I am a tad envious of these “creative” firms of accountants, if only for the exorbitant fees they can generate…thirdly, haud oan yerself, I truly wish I was in sales, I might have a pension to look forward to!

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Cluster OnePosted on9:51 pm - Mar 27, 2014


If this is just the Accounts, the 120 day review is going to be a cracker :mrgreen:

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justshateredPosted on9:58 pm - Mar 27, 2014


Ever so slowly the penny is beginning to drop.
‘The Rangers’ need a soft cash injection of £50M, yes that’s FIFTY MILLION POUNDS, so they can become competitive. For the hard of reading that is fifty million pounds to become competitive in the top league in Scotland. That will be Scotland where money is no object and credit is easy!
I think only the most deluded think this is going to happen.
The fans are beginning to see the 120 day business review for what it is. The next in a long list of insipid nonsense being spouted forth from the blue room.
As pointed out earlier, the IPO money has been loaned back to TRFC from RIFC. Anyone want to bet what the loan is secured against?
It couldn’t possibly be could it.
The fact that there was £3.5M in the bank account in December and the burn rate was £1.2M a month tells you why the emergency loan was required recently.
The ducks are being lined up. Fans are being emotionally blackmailed to buy another season ticket when it is clear that this club, sorry company, will not, without a major cash injection, survive next season. If they do not pony up the car crash arrives pre or early season. If they do then the lights might stay on until December. By this time the league position will be clear and prospects of promotion distinct.
I’ve always said that shortly before the money runs out an announcement will be made saying there is no more cash and the club, sorry company, will fold unless a buyer is found in 14 days. As the IPO money was loaned to TRFC and cannot be recovered RIFC will take the properties as security. The ball will be well and truly in the ‘Real Rangers Men’ court. They must save the, well whatever it is, but they will have no ground or training facilities unless they sign up to a long term lease agreement but more crucially they MUST fund a massively loss making enterprise with their own money. I know a terrifying phrase for any ‘Real Rangers Man’; ‘your own money’.
What will transpire in that panicky 14 day period is anyone’s guess.

Looking on the bright side if there is a huge financial cash injection how will it be spent?
The majority of the current players contracts are due up at the end of next season so savings can be made there by simply jettisoning these players and then replacing them with more expensive buys. The problem here is that once the money is spent then its gone. If players are bought for £2M, £3M or more then wages will rise accordingly. Money must be made available to create a scouting system. That won’t come cheap. For the first time tonight I’ve heard pundits speaking about the amount of money needing spent on Ibrox. It has been rumoured here for a while but those works will also not come cheap.
There is already plenty of places for any investment to go other than the team so even £50M will have to be prioritised.
The fans have been royally conned all through this. They lost control of RFC years before that ship foundered. They never had control over TRFC and were led by the master pied piper telling them whatever they wanted to hear. They are now controlled by nameless, faceless corporate bodies that may or may not be a front for the guy that drove RFC to it demise. These people will not get all misty eyed over TRFC and there is no money to be made in Scottish football for a club of this size with no access to European football. ‘The Rangers’ men ran for the hills when the true extent of funding this new entity became apparent so what will they do during that 14 day period.
The penny might be beginning to drop but unfortunately its dropping about four years too late!
Where does this end?
Badly.

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upthehoopsPosted on10:27 pm - Mar 27, 2014


Just caught up with the podcast from tonight’s Sportsound. The guests were Roddy Forsyth and Richard Wilson. Two Bluenoses but they spoke realistically other than this continued plea that Rangers need a cash injection. What is wrong with simply taking a painful route to stability? After all, there is not a club in Scotland that has not required to do the same at some point.

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RyanGoslingPosted on10:32 pm - Mar 27, 2014


Upthehoops I wouldn’t argue at all about the merits and indeed requirement for taking a painful (slow!) route to stability, but is it not the case that with the current cash burn rate and continuing financial obligations Rangers need both a cash injection AND a painful route to stability in order to survive? No matter the size of any cash injection if they keep spending more than they earn it will run out soon enough.

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comeongetaffPosted on10:38 pm - Mar 27, 2014


Hi,
Just a wee add-on from last night @ 22.17.
Went to Lisbon in 67′ with my dear old Da.
First time flying.

Was a wee bit apprehensive.
And how did Da calm my nerves?
He told me of the last time that he was in a plane.
So theres me expecting a nice wee story about nice views gorgeous hostesses etc.
What do I get?
A story about some German bassa trying to blow his head off and spending 2yrs in a POW camp.
But it wasn’t too a day.

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EstebanPosted on10:41 pm - Mar 27, 2014


RyanGosling says:
March 27, 2014 at 10:32 pm

The circle won’t square, Ryan. It never did. The only reason Rangers appeared beyond the normal rules of finance before liquidation is that the Bank of Scotland lavished them with largesse. Then Lloyds came. Then Craig Whyte. Then administration. Then liquidation. Then the new spivs. Until the fans stop giving them money for telling them (the fans) what they want to hear (“challenge Celtic”, “back where we belong”, “challenging in Europe” blah, blah, blah) spivs will line their pockets, whether through a walk-away and lease-back or continuing to run the club themselves.

If I turn up somewhere every day and a guy slaps me about the head, surely, one day, I am going to realise that the thing to do is just not go there any more. If I keep going and he keeps slapping me about the head, I’m just being stupid.

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justshateredPosted on10:49 pm - Mar 27, 2014


RyanGosling says:
March 27, 2014 at 10:32 pm
+++++++++++++++++++++++++++++
Ryan I couldn’t agree more however what are the chances of a cash injection?
If Dave King suddenly produces £30M I think the SA tax authorities may have more questions for him to answer. I think, as part of his settlement, he would have had to list all of his bank accounts and investments in order for them to satisfy themselves that their estimates were accurate. If £30M suddenly appears out of nowhere then I don’t think they will be happy.

If he doesn’t come through who else will stump up?
The city investors? I don’t think these guys will be stung again. In fact I was amazed they were stung the first time. As I’ve said above we all know there is no money to be made in Scottish football without European football for a club of this size.
That leaves the fans. They stumped up £5M for the IPO and may do so again however much more than this is required.

Then there is UEFA with there Financial Fair Play Rules. Will that have an impact?
Not if dear old Campbell can help it but that might be above his pay grade.
It will unfortunately mean that any club who possibly lose a European place because of this ‘soft investment’ will immediately appeal to UEFA over the head of the SFA as it is clear that this type of funding will breach these rules. If it doesn’t then there is no point in having an FFP rules if they are that easy to circumnavigate.

I still struggle to see any way around this problem. If TRFC is not stymied by the law of SA then I think football law will do for them.

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StevieBCPosted on10:58 pm - Mar 27, 2014


As mentioned earlier, now that the public has heard that;
– at the AGM, there was confirmation of a potential cash flow ‘challenge’ looming
– at the interims there is confirmation of a ‘going concern’ risk

Shirley, the SFA has to make a public statement ?

Agreed, for various reasons the SFA would have to be very tactful, [well there has to be a first time 😉 ], in the wording…

But – to state the bleedin’ obvious – the governing organisation should at least confirm that they are having ‘meaningful discussions’ with the Ibrox club, to reassure the other 41 member clubs – and the paying customers, [aka TRFC season ticket holders].

I know… 🙄

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Bill1903Posted on11:00 pm - Mar 27, 2014


upthehoops says:
March 27, 2014 at 10:27 pm
7 0 Rate This

Just caught up with the podcast from tonight’s Sportsound. The guests were Roddy Forsyth and Richard Wilson. Two Bluenoses but they spoke realistically other than this continued plea that Rangers need a cash injection. What is wrong with simply taking a painful route to stability? After all, there is not a club in Scotland that has not required to do the same at some point.
—————————
Apparently Richard Wilson was a Celtic fan growing up 😯
I found this out on Rangers media where he was getting praise for his Herald stuff despite his background.
Not sure if anyone on here can confirm

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on11:01 pm - Mar 27, 2014


sannoffymesssoitizzhizzemdyfonedrapolis says: March 27, 2014 at 7:33 pm

Ooops…. that should have been Sports Direct International plc NOT JD Sports Fashion plc. ❗ 😳

In mitigation, most of the “goods” in each of their shops all look like shi/@, er… look the same 😆

When Sports Direct International plc bought a stake in Debenhaams in January 2014, I read a newspaper article, which stated that Mike Ashey’s business modus operandi has always been about market share, which gives him control of “the market” in those “goods”. Unfortunately, I can’t find that article now!

But here’s one from The Guardian that alludes to this strategy in its final paragraph.
http://www.theguardian.com/business/2014/jan/13/sports-direct-buys-stake-debenhams-shares

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RyanGoslingPosted on11:02 pm - Mar 27, 2014


I may be wrong justshatered but are equity injections not ok by financial fair play rules? I.e. Sugar daddies cannot just fire loads of money in but if shares are sold to bring in money then that is acceptable? For another example, rangers would not have fallen foul of FFP by having the share issue previously.

I don’t believe there would be a great appetite from current shareholders to see their investment diluted in such a manner but thought it would be worth clearing up that point. Nor is it clear where buyers for such an additional share issue would be found as you rightly point out. Fans won’t stump up anything like £5m while there is such distrust of the current board and business plan, particularly if the very act of putting in more money reduces the value of the money they already put in.

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StevieBCPosted on11:02 pm - Mar 27, 2014


And another thing…

Just noticed that our usernames are in UPPERCASE !

Don’t like it.

Who do I complain to TSFM…? 😉

[Is that me on the naughty step ?]

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justshateredPosted on11:11 pm - Mar 27, 2014


RyanGosling says:
March 27, 2014 at 11:02 pm

You are correct regarding share issues however I haven’t heard anyone actually mention a share issue. All I’ve heard is Dave King wanting a seat on the board.
If this does not come through a share issue then that is against the FFP and if it does, yet still leaves Dave King below the controlling interest, then that money will disappear as quickly as the last batch of cash.
My other questions regarding where Dave King will find £30M from also remain unanswered.
Do you really believe that he can access that amount of ready cash?
He is reported to be worth somewhere in the region of £250M so he has over !0% of his actual fortune lying around in ready cash or easily accessible?
I don’t think so.

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on11:13 pm - Mar 27, 2014


y4rmy says: March 27, 2014 at 9:05 pm

The UEFA FFP reguations don’t apply to TRFC Ltd as that new club are not in the SPFL Premiership and, I think that it was last September, that the SPFL (and/or the SFA?) Board(s) “deferred” adoption of their own FFP Regulations for the SPFL Championship, 1st and 2nd divisions.

Hopefully, now that several heavily indebted SPFL “clubs” have renegotiated / converted to equity their external debts and all but one “club” are broadly run on a sustainable business model I see little or no reason why FFP Regulations cannot be introduced with effect from the beginning of the 2014/15 season.

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RyanGoslingPosted on11:17 pm - Mar 27, 2014


Sorry justshatered- no idea whatsoever where he may find that money from. Don’t know anything about the guys finances and to be honest I’m not that bothered as he has given no real concrete indication that he will actually put his own money in, whether he has it or not. If he could have, and wanted to, he would have by now.

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on11:25 pm - Mar 27, 2014


RyanGosling says: March 27, 2014 at 11:02 pm

Ryan,

In case you’ve missed it during a period of posting, the confirmation that you seek can is probably shown by the hyperlink to the UEFA FFP Regulations posted by y4rmy says: at 9:05 pm on 27 March 2014.

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on11:36 pm - Mar 27, 2014


RyanGosling says: March 27, 2014 at 11:17 pm

Given the investigation and prosecution by the SA Revenue Service (SARS), I don’t think that DK has ever in the last 10 years or so been in any position to “invest” 🙄 any funds outside of South Africa.

Nor will he be able to in the foreseeable future, especially if he has not previously disclosed the origin of all of his sources of income to SARS. If DK or one of his companies did suddenly “invest” 🙄 from a previously undisclosed source I think that he would definitely “Go to Jail” without passing Go ❗

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y4rmyPosted on11:38 pm - Mar 27, 2014


I may be wrong justshatered but are equity injections not ok by financial fair play rules?

UEFA do not distinguish between gifting the club a cash sum or diluting the share pool via an equity injection. Or indeed any other scheme that might yet be dreamt up.

The SFA/SFPL have yet to set domestic FFP rules, despite first investigating the issue 2 years ago. I wonder why?

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Bogs DolloxPosted on11:42 pm - Mar 27, 2014


justshatered says:
March 27, 2014 at 11:11 pm
RyanGosling says:
March 27, 2014 at 11:02 pm

You are correct regarding share issues however I haven’t heard anyone actually mention a share issue. All I’ve heard is Dave King wanting a seat on the board.
If this does not come through a share issue then that is against the FFP and if it does, yet still leaves Dave King below the controlling interest, then that money will disappear as quickly as the last batch of cash.
My other questions regarding where Dave King will find £30M from also remain unanswered.
Do you really believe that he can access that amount of ready cash?
He is reported to be worth somewhere in the region of £250M so he has over !0% of his actual fortune lying around in ready cash or easily accessible?
I don’t think so.
++++++++++++++++++++++++++++++++++++++++++++++++++++++
That’s not how any deal would be financed. DK would pledge some assets as security to a bank who would provide finance of £30M. You forgot the first rule of Rangers Finance for Legitimate Businessmen : Never, ever use your own money.

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BarcabhoyPosted on11:56 pm - Mar 27, 2014


Graham Wallace……..maybe not as independent as some would like to portray

He was appointed to the board of Rangers Retail on 16th January 2013. Also on that board was Charles Green.

Wallace wasn’t appointed as CEO of RIFC plc for another 10 months. 20th November 2013.

Looks like a Mike Ashley appointee to me, and as a former boardroom colleague of Charles Green you wonder who else he might have links to.

So Wallace cant really claim ignorance of all contracts before his appointment as CEO

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on12:01 am - Mar 28, 2014


I’ve just re-read the” INDEPENDENT REVIEW REPORT TO RANGERS INTERNATIONAL FOOTBALL CLUB PLC by Deloite LLP, Glasgow.

To paraphrase the above:

“Thank f’…. er, goodness we didnae hiv tae dae a full audit. We asked aw thame directors if they’ve enough dosh tae keep trading ’til ra season ticket money runs oot, ….erm comes in an’ they said “Aye”. If it turns oot they didnae, it’s nuthin’ tae dae wi uzz! 😆

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Exiled CeltPosted on12:12 am - Mar 28, 2014


Lessons learned……………

A few years ago, there was someone who claimed he had millions to “invest” in RFC – there was a committee set up by the RFC board to ensure this person had all the money he claimed he had. Alastair Johnston and Martin Bain found out that he was not quite off the radar as was stated but were over ruled by DM, who subsequently claimed he was duped. Tonight it was claimed on Sportsound (not for the first time) that RFC were in good shape until CW was given the access to the marble staircase.

We have been inundated with big boy did it and ran away stories for the last 2 years in order to deflect from the facts that DM destroyed the thing he claimed to love in his quest to emulate his rivals to win the European Cup and beat the 9 in a row. He equalled the 9 in a row but was unable to do better than the 1972 RFC team in Europe. All of this was done with BoS money loans via his Murray conglomerate of companies. Ultimately he ran up the costs and money owed that CW had nowhere else to go once Ally’s managerial skills had them punted out of the CL and EL before August was done. It was also done with the wilful connivance of SFA – of this there is no doubt – with RCO ensuring everything was in order for his masters.

So fast forward 2 years………..

Now we have an exact situation – a club on its knees staggering under an enormous cash burn rate hoping that a new and generous sugar daddy will help them.

Now given that the RFC board failed to ensure CW was all Jack Irvine had the Scottish Media state he was, should someone else other than RIFC board be tasked with the job of ensuring Dave King has the money at hand to take them out of trouble?

Since Dave King has requested transparency for the suffering TRFC fans from the board, will he be able to produce the proof that there is 30 million or whatever he is promising, ready to be made available should the RIFC board be forced to stand down by the proposed ST boycott.

After all, would be horrible to have a boycott of STs to kill a TRFC only to find that Dave King was also not quite off the radar with his wealth…………..

I am sure given the Armageddon scenario advocated by Regan, the SFA will be watching closely to ensure they are not going to have to worry about the fabric of Scottish society having another nightmare close season.

I am sure Dave King promises to stay until it was all sorted was well meant – however he is now back in South Africa and it is not all sorted. He still has the brass neck though to state how much of someones money he needs to make sure Peter Lawwell and his crew have sleepless nights. You would think we would see through all this PR guff these chaps put out but apparently not!

So as George Bush said, fool me once shame on you, fool me twice………….shame on SFA………

SFA – maintaining oversight of Scottish football since 1873 – but only when it suited them!

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Exiled CeltPosted on12:33 am - Mar 28, 2014


Barcabhoy says:

March 27, 2014 at 11:56 pm
Graham Wallace……..maybe not as independent as some would like to portray

He was appointed to the board of Rangers Retail on 16th January 2013. Also on that board was Charles Green.

Wallace wasn’t appointed as CEO of RIFC plc for another 10 months. 20th November 2013.

Looks like a Mike Ashley appointee to me, and as a former boardroom colleague of Charles Green you wonder who else he might have links to.

So Wallace cant really claim ignorance of all contracts before his appointment as CEO

*******************

Something was odd in Dave Kings statement that I did not see picked up on.

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.

I don’t want to hand over my money to buy a bankrupt club. Where does the money come to build the team?

Every single pound I put into this I want it spent on the team and on the facilities like Murray Park and Ibrox. Why on earth would I want to give any of that to Charles Green?

http://www.dailyrecord.co.uk/sport/football/football-news/dave-king-insist-hell-not-3279689

Why would the money go to Charles Green? He has nothing to do with anything at TRFC as per Aug 20 2013 storyline…

http://www.bbc.com/sport/0/football/23767983

On March 5th 2014, Dave King said Charles was not involved………

http://www.teamtalk.com/scottish-premier/9197232/SPFL-Dave-King-doubts-former-chief-executive-Charles-Green-is-still-involved-with-Rangers

So was his statement that Charles Green benefits from the selling of the shares to King an admission that he found out something during his stay here?

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AuldheidPosted on12:57 am - Mar 28, 2014


StevieBC says:

March 27, 2014 at 10:58 pm

As mentioned earlier, now that the public has heard that;
– at the AGM, there was confirmation of a potential cash flow ‘challenge’ looming
– at the interims there is confirmation of a ‘going concern’ risk

Shirley, the SFA has to make a public statement ?

Agreed, for various reasons the SFA would have to be very tactful, [well there has to be a first time 😉 ], in the wording…

But – to state the bleedin’ obvious – the governing organisation should at least confirm that they are having ‘meaningful discussions’ with the Ibrox club, to reassure the other 41 member clubs – and the paying customers, [aka TRFC season ticket holders].

I know… 🙄
============================
Interestingly the SFA have the discretion to set conditions on granting an Entry Level National Club Licence under Section 8.11 of National Club ,Licencing. They have to do this once accounts are submitted (by 30th April for submission)

” Where the auditor’s report in respect of
the annual financial statements includes
an adverse or disclaimer of opinion,
a club may meet the terms of the Entry
criterion provided that it meets certain conditions
as set out by the Licensing Committee, at its discretion, from time.”

http://www.express.co.uk/sport/football/467110/Campbell-Ogilvie-to-fight-for-FIFA-role

scroll to 8.11 and 8.12

The point of course is the discretion part. This should be mandatory and for every place in football rules that say at the discretion I would ask “Why?”

This is where Scottish football does not want to be governed because it might mean somebody being accountable for not governing.
I have said before the SFA should have a guarantor role possibly underwritten by UEFA so that supporters who do buy STS in a club that goes belly up before the STS have been used up (or even into administration and players released) get their money back. No more endorsements from football folk who know nothing about finance, other than lining their own pockets.

Proper accountable governance policed properly, not the corrupt sham that masquerades as government and looks after one of its own pocket liners – I mean, Ogilvie for FIFA.?

http://www.express.co.uk/sport/football/467110/Campbell-Ogilvie-to-fight-for-FIFA-role

What next Ally for Pope?

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on1:07 am - Mar 28, 2014


Auldheid says: March 28, 2014 at 12:57 am

I couldn’t agree more.

Please see my recent G-Mail and PM.

Cheers
Sanno

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on1:11 am - Mar 28, 2014


Auldheid says: March 28, 2014 at 12:57 am

Without doubt CO has all of the personal qualities to make him the greatest ever successful vice-president of FIFA. 🙄

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AuldheidPosted on1:13 am - Mar 28, 2014


y4rmy says:

March 27, 2014 at 11:38 pm

5

0

Rate This

I may be wrong justshatered but are equity injections not ok by financial fair play rules?

UEFA do not distinguish between gifting the club a cash sum or diluting the share pool via an equity injection. Or indeed any other scheme that might yet be dreamt up.

The SFA/SFPL have yet to set domestic FFP rules, despite first investigating the issue 2 years ago. I wonder why?
++++++++++++++++++++++
Too many clubs would struggle to comply. Scottish football is incapable of governing itself under the existing governance model because it isn’t one.

If there were a graphic to portray it then it would consist of a trough with a number of hogs with their snouts so deep in it they would not notice the last turnip already excreting itself from the sneakiest pigs rear end.

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AuldheidPosted on1:21 am - Mar 28, 2014


sannoffymesssoitizzhizzemdyfonedrapolis says:

March 28, 2014 at 1:07 am

Aye. had a read of the email and went off to refresh my memory on the PM, but then forgot to go back to the e mail!
You know what I mean, the visit upstairs to get clean socks that leads to replacing a faulty tap washer after you have fixed the laundry basket lid stored below the sink and tightened the runners on the sock drawer
after finishing that crossword…… 😯

I’ll do so shortly.

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on1:50 am - Mar 28, 2014


Aul;dheid,

You and me both 😆 (and no doubt a few more on here given the blog demographic).

If it’s any consolation as soon as I have anything that I regard as important to say at home, I drive Ms Sanno mad by telephoning her straight away before I forget ❗ 😀

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Danish PastryPosted on5:58 am - Mar 28, 2014


Barcabhoy says:
March 27, 2014 at 11:56 pm
23 0 Rate This

Graham Wallace……..maybe not as independent as some would like to portray

He was appointed to the board of Rangers Retail on 16th January 2013. Also on that board was Charles Green ….
———

Imagine that.

Another thing is the Garrion Securities thingmybob Ltd. That was Green and Stockbridge, now it’s Wallace and Nash. There must be money in this somehow.

It does have a contract for the upcoming Games, along with other companies. Although I still wonder what it actually does in reality? Or was it set up with a view to making money from the Games? Or as another syphon to empty the Ibrox piggy bank?

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upthehoopsPosted on6:03 am - Mar 28, 2014


RyanGosling says:
March 27, 2014 at 10:32 pm

Upthehoops I wouldn’t argue at all about the merits and indeed requirement for taking a painful (slow!) route to stability, but is it not the case that with the current cash burn rate and continuing financial obligations Rangers need both a cash injection AND a painful route to stability in order to survive? No matter the size of any cash injection if they keep spending more than they earn it will run out soon enough.
====================================

You are probably right Ryan, but unfortunately the media will portray any cash injection as a return to the glory and spending power of the Murray days. As a Celtic fan I know only too well what is needed, which is an owner who is willing to inject cash, then insist on the club being properly managed. As far as I can see the expectations of most of the Ibrox support will not tolerate that, because it might mean being second best to Celtic for quite some time.

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sannoffymesssoitizzhizzemdyfonedrapolisPosted on6:20 am - Mar 28, 2014


Is it a coincidence that RIFC plc choose to publish their Interim Accounts to 31 December 2013 on the day that the spotlight was on Celtic FC plc winning their third successive Premier League / Premiership title?

TU Mibbies Aye, TD Mibbies Naw

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wottpiPosted on6:59 am - Mar 28, 2014


Re Wallace and Rangers Retail can someone double check his directorate status on Companies House?
I have a feeling the dates on the ‘company check’ site Listing his directorships is probably a typo. No obvious signs of him being listed as a director on check sites for Rangers Retail.

Was away yesterday so many thanks for all the posters who brought out the salient points in the interims as I have not had time to look at myself.

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FisianiPosted on7:01 am - Mar 28, 2014


45 titles to Celtic. Congratulations.
A Scottish record , far more than any current team in existence.

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slimshady61Posted on7:15 am - Mar 28, 2014


Despite all the hot air, the peremptory dismissal of Celtic’s title success and the bigging up of the fiscal basket case at Ibrox that continues to lose £20,000 each and every day of its existence, the real story remains steadily ignored.

TRFC still has not filed its inaugural (final?) set of accounts from its birth to 30 June 2013. (For those of you listening in blue and white, its birth was May 2012, not 1873. Generous as Companies House are, they do not permit accounts to be 140 years overdue)

As at 30 June 2013, TRFC will have owed the holding clumpany a lot of money – >£20M? As of now, that debt must have increased to between £30-40M at a conservative estimate.

TRFC is therefore not a going concern unless either it has the support of its parent or the parent waives the debt, That explains why Deloitte have refused to sign off TRFC’s 2013 accounts.

The parent is barely able to support itself, far less TRFC, such are the number of blazered arms attempting to thrust their hands into its pockets (though there are no pockets in a shroud).

The debt cannot be waived by the parent company (which could make TRFC a going concern) because that would make the parent insolvent. The two companies are like two scorpions locked in a dance. If they dare risk a conscious uncoupling, to use the common vernacular of today, there is a serious risk they would both get stung and one of them, TRFC, would certainly die.

I rely on the likes of Auldheid to keep me straight on licensing et al – I tend to be ‘a big picture person – but I remain fairly convinced that the position for TRFC is terminal and in that case, the sole asset in its pocket, its licence to play association football, may also be at risk. I seem to recall 30 April being a significant date for some reason?

Despite this looming scandal, it still doesn’t beggar belief that the ‘new’ sports team at BBC – Richard Wilson, fresh from abandoning the sinking “Herald of Blue Enterprise”, and the Irish English who welshed on the terminally ill ‘Scotsman’ – aided and abetted by Roddy “Ole Blue Eyes” Forsyth, spend their evenings (a) forcing Peter Lawwell to say what he doesn’t want to say (at the risk of causing social unrest if he doesn’t), and (b) blaming ALL of Rangers (IL) woes on Craig Whyte (“Rangers had no big financial difficulties until Craig Whyte decided to mortgage 3 years’ worth of season tickets” averred the bold Roddy last night), and (c) rubbish the recent UEFA initiative to look at regional leagues to help the bigger clubs in smaller countries.

Can you imagine if UEFA had had that initiative 15 years ago – Ken Gallacher, the master at whose brogued feet Richard Wilson learnt his craft and worked his tongue, would have been salivating at the prospect Rangers having 4 teams playing across all strands of football, each and every one of them capable of horsing an abject Celtic. Why Rangers would have had a pitch that didn’t just hover, it would have been capable of flying to Lisbon, Amsterdam and all places in between to help Rangers fulfil their destiny with football glory.

And all the time, the press fills its pages with nonsense – today’s being the proposed elevation of R Campbell Ogilvie to Vice President of UEFA (why don’t they go the whole hog and put him in charge of Fair Play??).

So we have all that background noise from the penny arcade whilst the deafening silence of the bell on the desk at Companies House that doesn’t ring is steadfastly ignored.

Truly the absence of those accounts is the big story in Scottish football, one that should be reported every day, one that should have been brought up yesterday at the RIFC press conference but one that will inevitably resonate through Scottish football sooner rather than later.

54 (half-days overdue & counting)

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slimshady61Posted on7:42 am - Mar 28, 2014


Auldheid says:
March 28, 2014 at 12:57 am
9 0 Rate This
———————————————————-
The point of course is the discretion part. This should be mandatory and for every place in football rules that say at the discretion I would ask “Why?”
———————————————————–
Auldheid, you ask why but I say “Why not?”

Any time I find a clause with the “d” word in it, I know that is one TRFC or its parent is likely to breach so that’s helpful.

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BarcabhoyPosted on8:07 am - Mar 28, 2014


Wottpi

No idea if its a typo, but here’s a cut and paste from Equifax

Description
11/02/2014 Director Resigned (BRIAN STOCKBRIDGE)
31/01/2014 Accounts Made Up Date
10/12/2013 (Informed) Secretary Appointed (CAMERON OLSEN)
06/12/2013 Secretary Resigned (CAMERON OLSEN)
04/12/2013 Secretary Appointed (CAMERON OLSEN)
04/12/2013 Secretary Resigned (REBECCA TYLEEBIRDSALL)
04/12/2013 Secretary Resigned (REBECCA TYLEEBIRDSALL)
15/07/2013 Annual Return Made Up Date
15/07/2013 SIC Codes
01/04/2013 Director Resigned (CHARLES GREEN)
16/01/2013 Director Appointed (IAIN WALLACE)
01/10/2012 Accounting Reference Date
28/08/2012 Director Appointed (CHARLES GREEN)
28/08/2012 Director Appointed (BRIAN STOCKBRIDGE)
14/08/2012 Registered Name Change
13/07/2012 New Incorporation
13/07/2012 Director Appointed (BARRY LEACH)
13/07/2012 Director Appointed (DAVID FORSEY)
13/07/2012 Secretary Appointed (REBECCA TYLEEBIRDSALL)

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BarcabhoyPosted on8:13 am - Mar 28, 2014


Wottpi

I have seen the AP01, don’t know how to post it on here. The date of appointment is clearly 16-01-2013

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RobbypPosted on8:36 am - Mar 28, 2014


slimshady61….”the Irish English who welshed on the terminally ill ‘Scotsman’” Wondeful! I wish I had thought of that! Respect man, respect!

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CampbellsmoneyPosted on9:05 am - Mar 28, 2014


In his Chairman’s Statement in the interim accounts, David Somers states “the directors have concluded that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future.”

s214 of the Insolvency Act 1986 (the section on wrongful trading) states that it applies to a director (or indeed shadow director) if…..at some point [prior to a liquidation/administration] the director knew or ought to have concluded that there was no reasonable prospect that the company would avoid going into insolvent liquidation”.

Mr Somers statement is an advance marker of a defence to a subsequent wrongful trading allegation.

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wottpiPosted on9:22 am - Mar 28, 2014


Barcabhoy says:
March 28, 2014 at 8:13 am

Thanks for the clarification.

Seems like more questions need to be asked of Mr Wallace then.
What a tangled web etc etc

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CampbellsmoneyPosted on9:28 am - Mar 28, 2014


” operational existence”

That is a strange phrase. I have never seen it before. And the reason I think it is a bit odd is that it is normal in these sorts of statements to use language that is cliched and well-rehearsed. Its not normal to use phrases that one doesn’t usually see.

When I have in the past (many years ago) been involved in matters involving stock exchanges the practice is that each statement that is to be issued undergoes a process known as verification. The purpose of verification is very simple. It is to ensure that each statement that is made is capable of being backed up in some way.

So (purely by way of example) the directors are given a verification questionnaire that says

You say that the Company was incorporated on Jan 1, 2001. Please provide evidence. The answer to that verfication question would be – “see certificate of incorporation attached as verification document 1.”

If I were drafting the verification questions around that statement they would be something like:-

“1 what do you mean by “operational existence” (as distinct from “continue to carry on business in the ordinary course”)?
2 why do you believe that there is a reasonable expectation?; and
3 show that the directors have concluded that there is a reasonable expectation.

The answer to 2 is presumably cashflow projections
The answer to 3 is a board minute approving the cashflows

No idea what the answer to 1 is.

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wottpiPosted on9:32 am - Mar 28, 2014


From a quick scan am I correct in saying that at the two main omissions from the iterims are

1)How much TRFC are in hock to the Plc and
2) The ongoing court action by Imran.

Given the not so subtle dig at the conduct previous regimes in the interim statements what chance Charlie turning up to finish the job to try and make sure his little friend gets his share of the spoils.

Is that one still going ahead in April?

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andypandimoniumPosted on9:33 am - Mar 28, 2014


Graham Wallace was appointed a Director of Rangers Retail on 3rd February this year according to CH. Are we all looking at the same incorporation?

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wottpiPosted on9:39 am - Mar 28, 2014


+++++++++++++++++++++++++++++++++++++++++++++++

wottpi says:
March 28, 2014 at 9:22 am

Barcabhoy says:
March 28, 2014 at 8:13 am

Thanks for the clarification.

Seems like more questions need to be asked of Mr Wallace then.
What a tangled web etc etc
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
andypandimonium says:
March 28, 2014 at 9:33 am

Graham Wallace was appointed a Director of Rangers Retail on 3rd February this year according to CH. Are we all looking at the same incorporation?

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Thanks for the clarification.

Seems like more questions need to be asked of Mr Wallace then.
What a tangled web etc etc

🙂

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