Scottish Football and the case for a Bismarck!

Good Evening.

When considering any type of protracted negotiation or discussion that seems to be going on too long, there is a story that is always worth remembering– whether it is actually a true story or not as the case may be.

It is said, that heads of state all met at a congress in what is now modern Germany sometime after the Franco Prussian war of 1870-1871.The entire congress was being run almost singlehandedly by the then Prussian Chancellor Otto von Bismark and he was keen to get all the necessary signatures on paper to seal some deal or other.

However, others at the congress were not too keen to sign up to certain elements of the proposed deal and so they hithered and dithered and in the eyes of Bismark they simply waisted time by concentrating on the minutiae- the little matters, with a view to ensuring their own interests were best served in these small areas– and did not focus on the big issue.

Having tried to talk these others round and educate them in his own beliefs and point of view on the bigger picture without any success, Bismark grew weary of the continuing delay and the posturing of his colleagues. All attempts at reason and diplomacy had failed in his eyes and so he decided to take a different tack.

Accordingly, it is said that whilst others were still inside debating endlessly on this matter or that, Bismark left the building and began simply shooting the windows in with the aid of a riffle which he just happened to have handy.

Those inside were naturally alarmed at this turn of events. They soon forgot about the minutiae under debate, they abandoned the previously expressed self interest and simply signed up so that they could get away from the mad chancellor and his house.

Job done so to speak.

Whilst I do not in anyway condone the behaviour of Otto von Bismark in this instance, and have no doubt that he was an autocrat, what I will say is that he believed that there was too much time being spent on the unimportant stuff and not enough time recognising what really needed doing– from his point of view of course.

Today– and it seems every day for months— we have endless debate about the future of Scottish Football. League reconstruction and the redistribution of footballing wealth has become a marathon– even before it has started.

Yet I believe that at the moment all parties concerned are not focusing on the radical reform that is fundamentally needed which is the creation of one, strong, properly structured and constituted body which is capable of the proper and ethical governance of Scottish Football and the business that surrounds football.

No matter what system you try, or distribution you agree, without proper sensible strong governance you are wasting your time.

Further, whatever body is set up, and whoever is chosen to be its CEO (or whatever the head honcho is going to be called), they must tackle the issue of corporate and fiscal compliance and the proper administration of any body corporate which actively takes part in Scottish Football– and that includes any such body or person who is involved in the running of a member club.

In addition, in so dealing with any corporate malfeasance or chicanery or whatever, the rules have to be applied with a rod of iron by an iron body.

As we can now clearly see, Football clubs and football in general is not, and never will be, immune from the effects of bad corporate governance and on occasion downright manipulation of facts, figures and contracts.

Whilst great play has been made of the fact that Gavin Masterton has handed over his shares in Dunfermline FC ( or its holding company ) the fact of the matter is that this in no way solves the problem faced by the football club. Whoever gains control of that club will still have to rent the ground from Mr Masterton’s company– and it is a rent that the club may just not be able to afford.

Ever!

It is only my opinion of course, but I am of the view that Mr Masterton has sealed a loan deal with his bankers which is of a type and duration which could not normally be achieved by other borrowers. The Loan has a lengthy period during which no repayments are necessary and interest can continue to accrue.

All very good you may say, but the level of debt concerned is not one that appears to be sustainable by Dunfermline FC and so whoever buys the club as a going concern ( if anyone buys it at all ) will have to pay an agreed rental to Gavin Masterton– and if the rental is not sufficient to repay Mr Masterton’s lenders, then I suspect that the end game here will be a search to find a buyer for the ground at some point over the next twenty years or so, with the hope that as part of the deal a space will be found somewhere for a new ground like New St Mirren park– the difference being that in that instance St Mirren were in charge of their future whereas Dunfermline are not.

The Governance of that club and the financial arrangements behind the club should have been looked at and examined by the SFA long before now– and the Dunfermline fans warned about the dangers of any such arrangements. Effectively those finance arrangements, should they continue, will probably mean that the club will have no option but to move from its established home!

All to suit one man!

Thankfully Dundee were spared a full takeover by Giovanni Di Stefano, however is it not a bit worrying that this man who has been jailed for over 14 years for various fraudulent acts, was allowed to roam around Scottish Football for a prolonged period?

Not so long ago Di Stefano did play a part at Dens, was in line to buy almost 30% of the shareholding, and was oft quoted in the papers and so on. The thing is that there were those who were prepared to give him a place at the Dundee table and in so doing invited him into Scottish Football.

Surely the SFA, had they been inclined to, could quite easily have pointed out that many of the claims of Mr Di Stefano were at least dubious if not completely incorrect? Yet nothing was being said at the time and silence prevailed.

Whilst not in the same calibre as Di Dtefano, Vladimir Romanov has now been at Hearts for a prolonged period. While I have no quibbles about the legality of Romanov’s takeover of Hearts, any money of a sizeable size which is transferred into Scotland from a foreign country will be subject to scrutiny by the Crown office to ensure that it is clean. Lithuania in particular is said to have a banking system which is governed loosely and sometimes does not meet the compliance standards expected in this country.

With his bank having gone bust, Romanov still retains the majority shareholding at Tynecastle, but there are questions still to be answered about what has happened at Hearts but life will be very different for the Edinburgh club going forward.

Again– could the SFA have done more to monitor the situation and could they have demanded clarity and detail from the Hearts owner as to his business dealings and the detailed arrangements with his bank?

At Ibrox, well things just go from the weird and inexplicable to downright astonishing– and all through a tremendous amount of smoke and mirrors.

It is clear that the SFA have no idea what to believe from Charles Green or for that matter Craig Whyte. On the face of it, there are clear links between Whyte and Green with the former paying over a six figure sum in return for absolutely nothing it would appear– with similar transactions going between Whyte’s colleague, Aiden Early, and Charles Green.

What is clear is that Green gave a clear undertaking to the SFA that he had nothing whatsoever to do with Whyte and would have nothing to do with Whyte going forward. Now, at the very least he is admitting that he met Whyte on several occasions, and whilst he may have made representations to Craig Whyte— these were all lies designed only to get Whyte to where Green wanted him.

This is hardly the act of someone who has been bona fides in his business dealings either with Whyte or with the SFA as the licensing body.

It is against this background that the Scottish Football Agencies need to wake up before they find the fans of the game ( at least those who want to stay interested in the game ) doing a Bismarck and panning in the windows of this whole house of cards.

Football Clubs, football fans, and indeed football itself needs protected from the financial and corporate shenanigans, and the governing body must be much more active and permanently vigilant in watching out for and if necessary anticipating the people and the transactions which have and will jeopardise clubs and the game in general going forward.

It is clearly no longer acceptable to rely on self regulation or mere declarations and undertakings from the clubs themselves. The Administrators must be much more active and employ far greater professional expertise in carrying out an almost constant analytical and reporting function in relation to club finance and corporate regulation.

All and any changes in funding, boardroom changes, investor changes and anything else major should be the subject of immediate and proper scrutiny by the SFA and there should be fair, immediate and stiff sanctions for non compliance, and any type of dilatory behaviour on the part of club officials who would seek to conceal the truth or who fail to properly disclose vital matters which should be out in the open.

Further, the funding detail– such as the never ending loan re Dunfermline should be a matter of public record in all its detail so that fans and investors can make information based value judgements when dealing with any club.

Such stiffer regulation should not develop into anything like a corporate witch hunt or any kind of draconian big brother syndrome, however the need for change given all of the current troubles is obvious to one and all.

Further, the attempted fudge surrounding Rangers league status last summer and the ongoing disquiet surrounding the position of Campbell Ogilvie does nothing to boost faith in and the reputation of Football Administration in Scotland.

Things are far from clear and there appears to be continual dithering and fudging. No one has any idea where the Nimmo Smith Report has gone nor what import it is to have— if any. Why is that?

Dithering and bumbling over detail is no longer an option. Strong clear governance is required to protect the game from being hijacked by those who have their own corporate and financial agendas.

Such people cannot be allowed to determine the way Scottish Football runs  or to conduct themselves in a fashion that leaves football and everyone involved in limbo.

It is time for Scottish Football to find its own Iron Chancellor!  There is a need for someone who will, if necessary, come along and shoot the lights out of any club or Company Director who wishes to play fast and loose with the game of football.

5,402 thoughts on “Scottish Football and the case for a Bismarck!


  1. therampantbaron says:
    Friday, April 19, 2013 at 17:06

    This afternoon has been a case study in how not to go about reputational management……


  2. The Green’s awa
    The Green’s awa
    The Green’s awa wi’ the exciseman.

    Rabbie.


  3. Man Utd share price plummets on the news that Charles Green leaves The Rangers. Financial prospects of the English Premiership clubs slump. How will they survive?


  4. The Daily Ranger ‏@DailyRangerRFC 49m
    @alextomo What ever happened to that winding up order? #OhThatsRightItWasNonsense
    Expand Reply Retweet Favorite More

    alex thomson ‏@alextomo 25m
    @DailyRangerRFC funny you should mention that. Watch this space.
    Retweeted by Sir Barold


  5. Word has it green has resigned to concentrate on getting his fitness up to scratch as he prepares to defend his 100mtr world record at the commenwealth games. 🙂
    He is also negotiating a world record sponsorship deal with plimsoll who expect to sell 500 million pairs with C.G. on board


  6. therampantbaron says:
    Friday, April 19, 2013 at 16:08
    8 1 i
    Rate This
    wottpi says:
    Friday, April 19, 2013 at 15:27
    ————————–

    Green won’t necessarily trouser a large amount. In the event of misconduct, there may be a clause in his contract which enables the shares to be bought back for a pittance.

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

    You could be right but it looks like a company buying back its own shares is a technical minefield

    http://www.companylawclub.co.uk/topics/can_a_company_buy_its_own_shares.shtml

    Anyway Green may prefer to hold omnto them and let the new man steady the ship which would be in his favour.


  7. Last one.

    RANGERS MEDIA INVESTMENTS LIMITED

    Current directors and secretaries

    Current Officer Name Appointed
    Mr Brian Stockbridge 14-06-2012
    Mr Brian Stockbridge 14-06-2012
    Mr Charles Alexander Green 14-06-2012

    Shareholders
    Latest Shareholders Equity Figure:
    £0

    Issued Share Capital:
    £15,000,500

    Shareholders (Top 20 names shown)
    RANGERS FOOTBALL CLUB PLC

    GAZ1 First notification of strike-off action in London Gazette (Section 652). 12-01-2013

    http://companycheck.co.uk/company/SC207784#people-tab


  8. DJ comedy moment on SSB – “Ally is always gracious” 🙂


  9. Malcolm Murray, the fool that keeps giving. In spite of the prospect of a tsunami now about to hit Ibrox, after Green’s exit stage front, he turns around and praises the biggest chancer ever to put on running shoes.


  10. Canna listen to any more keech fae DJ and Keevins. Ma ears are bleedin’


  11. Derek Johnstone:
    “At least Green put Rangers back on an even keel”

    If burning over £1m per month is on an even keel then heaven help them and I’m sure there’s more bad news to follow.


  12. Oh, and BTW, I think Paul MacGiollabhain is due an apology from a few of the doubting Thomas’s on here. He may have been out by a day but that was no reason why his ever valuable contributions on here should have been questioned. In stating the aforementioned I am mindful, of TSFM’s post re. troll infiltration.
    Well Done Paul.


  13. Senior says:
    Friday, April 19, 2013 at 18:30

    Malcolm Murray, the fool that keeps giving. In spite of the prospect of a tsunami now about to hit Ibrox, after Green’s exit stage front, he turns around and praises the biggest chancer ever to put on running shoes.

    ==================================================================

    To be fair to him I doubt he has ever had the spivaround like this before and he’s just trying to steady the ship.

    What I want to know is when is Sir Dave coming back to the Captains Seat to pilot this rudderless ship.


  14. Senior says:
    Friday, April 19, 2013 at 18:40
    2 0 Rate This
    Oh, and BTW, I think Phil MacGiollabhain is due an apology from a few of the doubting Thomas’s on here. He may have been out by a day but that was no reason why his ever valuable contributions on here should have been questioned. In stating the aforementioned I am mindful, of TSFM’s post re. troll infiltration.
    Well Done Phil.

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    Honey Toast ‏@HoneyToaster 4h
    @Pmacgiollabhain was Chuckie leaving today the embargoed story?

    Phil MacGiollaBhain ‏@Pmacgiollabhain 4h
    @HoneyToaster No

    Honey Toast ‏@HoneyToaster 4h
    @Pmacgiollabhain – so more fun to come?

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


  15. Senior says:
    Friday, April 19, 2013 at 18:40
    3 0 Rate This

    Senior, My reply to you has gone into moderation but Phil Mac has already tweeted that CG leaving was NOT his embargoed story.


  16. Will any enquiry by AIM personnel include ascertaining if any alarm bells were rung by D M Hall’s statement in the Rangers prospectus that “We have not had the opportunity of inspecting the Title Deeds of the subjects…”

    Did that not strike anyone as odd? Surely having a quick look at the title deeds is fairly easily arranged if only to give a complete declaration in the valuation letter?

    The D M Hall guys must have known where they were located – they’d been involved with the property for around 15 years and were so scrupulous about things that they declared this very fact!

    Were D M Hall doing a bit of rear-end covering with their caveat?


  17. What TRFC need of course is a world class administrator with his finger completely on the pulse of whatever organisation he has run.

    Perhaps even a shareholder……certainly a long standing and supportive fan……someone willing to bend over backwards for the Club……..the strong silent type……..who could there be that might fit that impossible bill…..


  18. Brenda says:
    Friday, April 19, 2013 at 18:43
    3 0 Rate This

    Phil well done always had faith …
    ———-

    Brenda, I’m reading his tweets and he seems to be predicting insolvency next, if I’ve understood those tweets right. Crivvens. I suppose the accounts will reveal all.


  19. redlichtie says:
    Friday, April 19, 2013 at 18:52
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Was it not DM Hall who valued the stadium at £100 million around the time the debt mountain at Snake Mountain was hitting the £80m mark? Bit late to worry about covering their backs, I’d say.


  20. wow – the Sith Lord Tray Nor seems to have •written a press release• today. Go Jimbo! Value for money.


  21. I’m listening to Radio Clyde and in particular Derek Johnston expressing his “opinion” in relation to things like the BDO investigation.

    Other than pure guesswork on his part, what actual qualifications does he have to make comment on things like this, particularly with such an authoritative tone. Even talking down to callers.

    “The BDO enquiry could take a couple of months”.

    Really Derek, and your training and experience in this field is.

    Just one more point. Derek is one of the “same club” brigade, fair enough Derek. However you were talking about the excellent result in bringing in £22m … how do you think the creditors feel about that. They must be really happy with your “same club”.

    You and your “140 years of history” taunt at a caller are a disgrace.


  22. chipm0nk says:
    Friday, April 19, 2013 at 19:13

    You and your “140 years of history” taunt at a caller are a disgrace.

    ______________________________________________________________________

    That’ll be £1M fleeced from the taxpayer and local businesses for every year of history…..


  23. Danish Pastry says:
    Friday, April 19, 2013 at 18:57
    ———————————
    There will be no accounts for some time. The company was only set up last June so the accounts will be made up to May 2013.

    By the time they have been audited (no laughing at the back) it will be October or November before they are published.

    All of this presupposes that the company doesn’t enter administration before then, which according to most people on here appears to be only a matter of time.


  24. parmahamster says:
    Friday, April 19, 2013 at 19:01

    redlichtie says:
    Friday, April 19, 2013 at 18:52
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Was it not DM Hall who valued the stadium at £100 million around the time the debt mountain at Snake Mountain was hitting the £80m mark? Bit late to worry about covering their backs, I’d say.

    ===================================================

    Indeed it was. The appear to be very obliging. One can only assume they have a letter from RIFC (or similar) which says “yes we own the assets. Please value them on that basis” as opposed to their previous professional approach which was ” so you say the properties are worth £500M. That sounds fine. The valuation is in the post as we speak Mr M.”


  25. chipm0nk says:
    Friday, April 19, 2013 at 19:13

    Re Derek Johnstone

    When on Real Radio with Alan Rough, it was Roughie who acted the daft laddie. However he was never that daft. As opposed to making DJ type proclamations about the goings on at Ibrox, Roughie always took the position that it was most likely that the whole thing would get bogged down in legal and financial technicalities and he didn’t have the exertise to talk about such matters in detail.

    DJ however just opens his gob and lets the shyte flow (and continues to do so as I type).
    Like many at Ibrox they have no shame nor an awareness of how stupid they look and sound.

    Gawd he is banging on about defending the club. Can they not see that the problem and the enemy is within!!!!!!!

    Now my ears are bleeding.


  26. wottpi says:
    Friday, April 19, 2013 at 19:29

    I feel your pain, 30 mins was long enough for me


  27. “The Board has commenced to search for a new Chief Executive…”

    Surely they must have David Longmuir’s number by now.


  28. Who will Charlie sell the pretend history to?…..that he claimed he bought?


  29. Since there is a feeling of deja vu – again 😉 – down Govan way, it’s probably a good time to reflect on the other, main thrust of RTC, i.e. the quality of MSM reporting.

    In the last year in particular has the Scottish MSM learned anything ?

    Has the quality of print media improved ?

    Is there more honesty in the Scottish MSM wrt anything TRFC-related ?

    Does the Scottish MSM ask any challenging/obvious/basic questions of the football governing bodies ?

    Of course, I was prompted by the apparent success (?) of Jingle Jangle Jackson and his soooperb result last night ! And he’s the ‘best’ sports news journalist…allegedly. 🙁

    The Scottish MSM must be populated by ‘idiots’ right enough: repeating the same mistakes ad infinitum.

    Just as well we have the Internet Bampots to keep us informed !


  30. goodness know if they are going into admin again but they could be stripped masses of prs before May and still get promoted – although that would set an odd precedent


  31. Heard Tom English repeating the ‘Rangers have plenty of money’ spiel tonight on sportsound.
    He’s more informed and open than most normally


  32. bill1903 says:
    Friday, April 19, 2013 at 19:53

    DJ was saying same about RIFC money on SSB. Pathetic


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    @Barcabhoy1 Quite the crush you have on me.
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    @ChrisGraham76 Its a form of penance. Lifes too good otherwise
    Here’s todays tip
    Buying RIFC shares is like buying hay for a dead horse.


  34. I beat PMcG to the scoop, and can now exclusively reveal the real reason for Charlie’s swift exit.

    Following his PR tour of North America last September, Charlie did make perhaps premature announcements about commercial links with adidas, Dallas Cowboys and other blue chips.

    Apparently though, Apple was most impressed with Charlie’s no-nonsense approach, and his mesmerising ability to generate global brand loyalty – and just by talking to the media !

    But in case you haven’t noticed, recently the Apple share price has been on the slide, and they need a boost.

    Charlie is going to Apple as Senior VP, Worldwide Marketing.

    I am also led to believe – like Facebook – his first action is to make the logo ‘cleaner’.

    Whereas ‘The Facebook’ became ‘Facebook’, Charlie has already informed California that ‘Apple’ will become known as ‘t’Apple’ – to reflect their products’ mass appeal and to reconnect to the global working class.

    Allegedly… 🙄

    Craigy was good value, Green was OTT, so who next ? It’s a tough act to follow for TRFC CEO !


  35. One for the learned contributors:

    1. Do the SFA have any liability to investors as they gave Sevco a clean bill of health via the 5 way agreement

    2. If Whyte owns the assets as TRFC a phoenix and therefore liable for the big tax case, should it materialise following appeal

    3. If judged to be a phoenix will the SFL/SFA have to confirm that the history did not transfer


  36. Clearly RIFC didn’t want to announce anything to the AIM until the markets closed for the weekend. The shares would surely have nosedived had an announcement been made with the markets open for business. That is of course assuming that there is anyone actually out there who holds shares without an emotional attachment or has the shares of the 1p buy in variety.

    I wonder how many worthless 70 pence versions Chris Graham holds!


  37. Walter becomes CEO = more season ticket sales.

    Walter becomes CEO = even worse fiscal management. If that is at all possible. Which it cannot be.


  38. The status of the title deeds was checked yesterday by someone on a Hearts forum:

    Subjects IBROX STADIUM, EDMISTON DRIVE, GLASGOW G51 2XD edged red on the Title Plan being 7.9 hectares in measurement on the Ordnance Map

    PROPRIETOR – THE RANGERS FOOTBALL CLUB LIMITED

    There are no outstanding securities over the stadium

    The Rangers Football Club Ltd do have a St Sec to The Scottish Sports Council affecting THE TRAINING CENTRE YOUTH ACADEMY, AUCHENHOWIE ROAD, MILNGAVIE GLASGOW. ‘this is in the companies house register’.

    There are two Securities in the Land Register affecting this address, however this is where it gets a bit weird:-

    The 2 securities are by The Rangers Football Club Plc (its the Ltd Company that owns it!!) One is to the Scottish Sports Council (not the same one as above, one from 2002) and there is a Floating Charge to BoS registered on 8 Mar 1999
    ————————————-
    I’m pretty sure that the 1999 floating charge is the one that Whyte still claims to own. I suspect that the SSC charge was transferred over to TRFC Ltd, but D&P were probably remiss with their administration (pun intended)


  39. On Craig Whyte’s claims, and i think they are very relevant to the latest developments. I just thought i would have another look at the CVA proposal to confirm things for my own sake.

    This is lifted from that proposal.

    =========================
    Offer of Loan to Company

    4.17

    Following the extensive marketing of the Company and the extensive sale process, an offer was made by Sevco 5088 Limited (“Sevco”) to make a loan on certain terms (explained below) in conjunction with the purchase by Sevco of the Group Shares.
    =========================

    So, for the purposes of that proposal, Sevco – Sevco 5088, and it was Sevco 5088 who were proposing the CVA.

    =========================
    4.19

    Consequently, on 12 May 2012, the Joint Administrators agreed and signed an offer letter
    with Sevco (“the Offer Letter”) and granted Sevco exclusivity to complete a takeover of the
    Company or a purchase of the Company‘s business and assets by 30 July 2012. Sevco made a payment of £200,000 to the Company for such exclusivity.
    =========================

    Sevco 5088 paid £200,000 for their exclusivity

    ==========================
    4.23

    In the event that either this CVA is not approved, or the other Conditions of the loan are not satisfied or waived by 23 July 2012, Sevco is contractually obliged to purchase the business
    and assets of the Company for £5,500,000 by 30 July 2012. All further terms of that sale have
    been agreed in advance and are confidential.
    ==========================

    If the CVA failed Sevco 5088 were “contractually obliged to buy the assets for £5.5m.

    However, and I have just noticed this, were Duff and Phelps tied to a similar obligation. They have always at least implied they were. Yes it was a “binding agreement” but did it actually go in both directions.

    Either way, the question remains, why did they sell the assets to a different company (one not even registered when this agreement was set up). Why when the CVA failed were the assets not basically put up for sale to anyone, in the best interests of the creditors.

    Duff and Phelps seem to be well involved in this. I don’t see how it would work otherwise.


  40. There is only one possible candidate to take charge after the Green & Whyte regime’s…former SPL CEO Lex Gold. Anyone?


  41. Campbell Ogilvie is well aware of how the old Rangers worked and is one of the finest administrators in World football.

    He must be well placed to be the next Rangers CEO.

    He wouldn’t even have to leave his post as the head man at the SFA.


  42. easyJambo says:
    Friday, April 19, 2013 at 20:31
    ————————————-
    I’m pretty sure that the 1999 floating charge is the one that Whyte still claims to own. I suspect that the SSC charge was transferred over to TRFC Ltd, but D&P were probably remiss with their administration (pun intended)
    ———————————-
    The one to the SSC is still outstanding – but for a relatively small amount.

    The FC does not have to be exhibited to the land register during a transfer and is there because it was disclosed during the previous ownership of the training ground. If there is no indication to the land register that it no longer covers a certain property, then they will show it. But this is no guarantee that it either affects or does not affect that property.

    I’m sure CW and his legal team are well aware if it still covers those assets though.


  43. Unlike DJ on SSB, I will be upfront about my own rather limited knowledge of the workings of AIM, and trading in quoted shares. Hopefully someone can enlighten me ?

    So if Charlie is now free to sell his shares, the question is; “Who would buy them ?”
    We have seen immaterial volumes traded so far, so who is going to buy his 8% stake ?

    But if Charlie knew the game plan all along, then he would have been fully aware that at some point he would be trying to cash out just when the bad news was coming out, and the share price was falling.

    So my other question is: “Could Charlie already have ‘sold’ his shares ?”

    I’m thinking perhaps he raised finance, [via another one of his companies], secured on his shareholding value at the IPO. He then defaults on loan repayments and the financing institution is left with a pile of crappy RIFC shares ?

    I just don’t understand how he can find a buyer now for his shares, and at a ‘reasonable’ price for Charlie.


  44. Taking things at face value, I think Mr Green possibly failed to realise what he was getting himself into when he started on this little caper.

    He probably thought Scottish football was a nice little backwater, which he would easily plough through whilst reaping large amounts of cash from the vaguely retarded Jocks. His getaway would be a clean one, and no-one would realise anything was amiss.

    I suspect he really had no concept of the scrutiny under which he would fall. Blogs such as this, I think, were a major part of that.

    I may be entirely wrong. Mr Green could have been a simple puppet figure, as has been suspected and alleged. Perhaps he’s served his purpose and has been hooked by his boss.

    Mr Whyte’s next move will be interesting.

    In any case, I will be surprised if any of us have correctly predicted how things will pan out longer term. Not with Rangers, but with Messrs Green, Whyte, Murray and assorted guilty bystanders. If we had, we’d probably be super-spivs ourselves. I should think there’s a real multi-layered onion scenario behind all of this, of which we have only been granted very deliberate access to a couple of the outer layers.

    I’m a little sad that Mr Green has taken his bow. He was, if nothing else, hugely entertaining and showed (“a tiny minority of”) the bears to have an unending appetite for snake oil.

    Glen – Mr Walter would merely be a figurehead, surely. He is the obvious choice – before reflection. His appointment would be an indicator that getting healthy income from ST sales is high on the agenda.


  45. Could Lex Gold be in the running as the new Sevco CEO?
    That would be colourful


  46. angus1983 says:
    Friday, April 19, 2013 at 20:42

    Glen – Mr Walter would merely be a figurehead, surely. He is the obvious choice – before reflection. His appointment would be an indicator that getting healthy income from ST sales is high on the agenda.
    ——————————-
    If money matters are, as many people say, that bad down Ibrox way, then getting Walter on board would make sense in order that the fans will buy into the fact that a “good Rangers man” is at the helm.

    Whereas those with more sense would actually like to see a “good business man” at the helm, with perhaps Walter in some other role that does not involve signing any cheques.

    Or maybe just shaking hands at the bottom of the marble staircase as the guests come in. Just in case.

    Even then serious cost cutting measures will be required. And fans will have to either accept that or have no team to support.


  47. Hmmm, i decide to have a day away from the PC and this happens….must do it more often!

    Anyway, interesting call on SSB tonight

    Regards D&P selling to Sevco Scotland ltd.

    the caller pointed out that Sir Walter D’Cardigan and his band of merry men approached D&P to make a £6m offer.

    D&P knocked him back stating that they had a legal, binding contract ONLY to sell to Sevco 5088.

    But of course, they are now claiming they didn’t

    Anyway, i thought it was interesting!

    On the CG news…..clearly the Board are rattled.

    Why walk BEFORE the “independent commission” report – unless everyone knows there is something dodgy?

    Why walk before the nice wee chat with the SFA about his involvement with Whyte?

    Are they chucking Green under the bus in order to save the club being booked out the SFL altogether?

    We all know that if green goes, then the SFA will not care if CW was involved at the set up – so long as both are now gone.

    But that is only a temporary staving off of the execution – if CW does have a claim over the assets, the AIM won’t be so kind to RIFC PLC


  48. Is there a greater danger in WS being appointed CEO of TRFC – given that he has no track record as a CEO how would the institutional investors and the City react?

    WS was less that complementary about “the bank” when the club was in effect being run by (H)BOS prior to the sale to Whyte. I am not sure that the money men would welcome him with open arms.

    In any event – would Walter want to be at the helm when HMS Sevco hits the iceberg. I cannot see WS going down with the ship.


  49. chipm0nk says:
    Friday, April 19, 2013 at 20:32

    However, and I have just noticed this, were Duff and Phelps tied to a similar obligation. They have always at least implied they were. Yes it was a “binding agreement” but did it actually go in both directions

    _____________________________________________

    The key to this is the exclusivity payment, and any agreement surrounding that. D&P were prevented from negotiating sale with anyone other that Sevco 5088 by this payment, ergo sevco 5088 effectively had an exclusive right to acquire the assets at some point in time.

    Either D&P breached their agreement or the transfer was made through sevco 5088 to sevco scotland. The alternative is that sevco 5088 waived its exclusive right to acquire the assests in favour of sevco scotland and that D&P simultaneously waived their right to compel them to, and elected to sell to sevco scotland.
    Is it possible that an officer of the sevco 5088 could have legally exercised such a waiver of their D&P agreement? (dunno… possibly though) Would such a move be clearly against the sevco 5088 shareholders best interests?(I don’t see how not!) So would such a move be legally valid? (hmmm…. no idea…)


  50. Long Time Lurker says:

    Friday, April 19, 2013 at 21:01

    Walter Smith in charge? The guy who in 2008 spent or did not save more than would have covered the tax bill?

    The guy who only knows how to buy success with other peoples money and not develop his own players?

    That would be an insane appointment.under the defintion of insanity.


  51. IMO, it’s a good move for TRFC that Charlie is departing, and on what ‘appears’ to be amicable terms.

    There are now 2 distinct strands for TRFC/RIFC to try and manage.

    1) From a purely footballing perspective the club can pin any/all blame on Charlie/Craigy, and can more easily appeal for ‘understanding’ from the SFA/SFL -if it is actually required of course !
    Without Charlie at the helm, there is no risk to TRFC’s licence – and any proposed sanctions could be argued/threatened as unfair, “we’ve been punished enough” etc by their fans.

    2) But from a business/AIM/assets perspective, who knows ?
    TRFC may ultimately have no control in this area, and worst case scenario could be that the club retains its licence to participate – but must find a ground-share ?


  52. resin_lab_dog says:
    Friday, April 19, 2013 at 21:01

    Good point re the exclusivity payment, I had thought it referred to the CVA, but clearly as the proposed purchase with liquidation is part of the same agreement then that is covered as well.

    So it was a two way agreement.

    Cheers

    It does leave the question, who at Sevco 5088 agreed to waive their right to buy the assets for such a reasonable price. Given that they were worth ten times as much, on a bad day.

    Oh and why did D&P later talk about their “agreement” with Sevco Scotland, when none existed at the time.


  53. Long Time Lurker says:
    Friday, April 19, 2013 at 21:06
    ——————————-
    I’m not saying that is inaccurate, but I would expect to see something to back it up.


  54. Long Time Lurker says:
    Friday, April 19, 2013 at 21:06

    Posted on KDS about 5 mins ago:

    I know there are some who don’t like cryptic messages, so for their benefit….
    Sevco are heading for administration. I can’t name names but this came straight from Charles Green.
    ——

    What, Sevco 5088 Ltd, or The Rangers Football Club Ltd (“Sevco Scotland” as was)? Or RIFC plc (“Sevco” to some people)?


  55. Load of pants today
    Marionettes performing
    There`s a CASH cow being milked blind
    Charades maintained by parasites
    They don`t care


  56. Stevie BC

    They might just have to if the SFA finally decide they are not a special case who need to behave as other clubs do,

    From Nat Club Licensing

    8.2
    Security of Ground Tenure
    Refers to the club ground (as
    documented on the Official
    Return) and the security of tenure
    that the club has in place for this
    facility.

    Bronze/Entry :level
    The club shall have the sole use of the ground or “shared” use
    use (approved by the Scottish FA) and shall be in a
    position to establish security of tenure for the ground and to
    play matches as and whenever required.

    To establish security of tenure the club shall own or have a
    lease in place for the ground or such other formal documentation that
    satisfies the security of tenure criterion. The lease shall run for at least the period of the of the current season as well as the following season.”

    Thus the SFA would have to be satisfied there was no risk to Ibrox not being available during the coming season (if they apply their own rules of course – and they risk claims for compensation if they do not).

    Safest thing is for The Rangers to upsticks and ground share until ownership is estblished.


  57. theglen2012 says:
    Friday, April 19, 2013 at 21:11

    angus1983 says:
    Friday, April 19, 2013 at 21:17

    ——————————————-
    Much internet chatter has emerged re Sevco in recent days: Phil tweeting that next week could see even worse news, Alex Tomo tweeting about a winding up order, hinting that this may be a possibility.

    I am not saying that administration is on the cards. However, there are many obstacles for Sevco to dodge at the moment – on top of their cash burn rate. Who knows how much cash they have at their disposal?


  58. Wheear ‘ast tha bin sin’ ah saw thee, ah saw thee?
    On Ilkla Mooar baht ‘at
    Wheear ‘ast tha bin sin’ ah saw thee, ah saw thee?
    Wheear ‘ast tha bin sin’ ah saw thee?
    On Ilkla Mooar baht ‘at
    On Ilkla Mooar baht ‘at
    On Ilkla Mooar baht ‘at

    Poor Charlie….stuck on ilkla Moor without any headgear whatsoever….

    🙂


  59. angus1983 says:

    Friday, April 19, 2013 at 21:17

    If you look at the business case at

    https://docs.google.com/file/d/0B62m3ggkEX2RUWZ5THpycmFpTms/edit?usp=drive_web

    only the share money at £19M (£22m after costs) is keeping them going at current level.

    A proper admiistration where costs are cut, salaries are set and dumping Ibrox if repairs are in the order in the attached would allow them to continue as the same club that came after the one that was liquidated.

    In short a proper administration that D& P avoided.


  60. Long Time Lurker says:
    Friday, April 19, 2013 at 21:06
    0 1 Rate This
    Posted on KDS about 5 mins ago:

    I know there are some who don’t like cryptic messages, so for their benefit….
    Sevco are heading for administration. I can’t name names but this came straight from Charles Green.
    http://kerrydalestreet.co.uk/topic/8804754/56/

    ——————————

    I can’t name names but this came straight from Charles Green……so Charles Green then? 😀


  61. I’ve skipped ahead a wee bit, not read the comments for a few hours and posting blindly.

    Have the SFA/SFL made a statement about these shenanigans yet?

    Thought not.

    (I’ll accept the egg on my face if they have, just got a hunch…)


  62. On the possibility of the new club going into administration.

    That would normally be a self defence method, as a protection against a winding up order granted by the Court, at the request of a creditor.

    Who would apply for such an order and how much money would have to be involved in order for it to be unmanageable and lead to this.

    It really can only be Sevco 5088, or their new (partial) owners, Worthington or some such.

    Unless of course something entirely new were to appear from left field, as our colonial cousins would say.


  63. Long Time Lurker says:
    Friday, April 19, 2013 at 21:25
    ———————-
    I agree. No (internet) smoke without fire.

    But, to be fair, someone on a Celtic site saying that they have heard, straight from CG, that The Rangers are going into admin, is perhaps not the ideal source.

    While Phil has been been on the money with his info (I’ve even read his book [borrowed from a Celtic supporting chum, obv], he has been wrong before (usually with his timing, tbf) and Alex T. has been nothing but fair in this whole saga, I would still like to see some evidence.

    And I’m no Rangers fan denying the undeniable / burying my head in the sand / blaming someone else, but I would still like to see some corroboration.


  64. Auldheid,

    I love the way you quote rules and regulations that so obviously were never actually intended to be enforced against the team that plays in light blue from glasgow.

    Keep it up though, it reminds us all that eventually they will have to have the rules applied or we won’t have a game at all!


  65. theglen2012 says:
    Friday, April 19, 2013 at 21:11
    0 0 i
    Rate This
    Long Time Lurker says:
    Friday, April 19, 2013 at 21:06
    ——————————-
    I’m not saying that is inaccurate, but I would expect to see something to back it up.

    are you calling Charles Green a liar ??


  66. pau1mart1n says:
    Friday, April 19, 2013 at 21:38
    —————–
    if it looks like a duck and quacks…:)

    No. But I haven’t, as yet, seen any evidence that he did say that.

    Although I would be interested in the reaction here if he did – after a year of saying everything that came out of his mouth was a total fabrication, if he said something indicating the impending doom of Sevco, would he now be considered a man who speaks no lies?


  67. What are the odds on the the SFA now charging Charlie with “not being a fit and proper person” to run a football club. Banning him and giving him a £200k fine.


  68. Forres Dee (@ForresDee) says:
    Friday, April 19, 2013 at 21:36

    Auldheid,

    I love the way you quote rules and regulations that so obviously were never actually intended to be enforced against the team that plays in light blue from glasgow…
    =======================================================

    Auldheid must be a ‘shoo-in” for Bryson’s position when there is eventually a shake-up at the SFA ! 🙂 By now, he must know the rules and sub-paras better than the blazers.

    Auldheid – out of curiosity – would you wear a blazer at Hampden ? 🙄


  69. Forres Dee (@ForresDee) says:

    Friday, April 19, 2013 at 21:36

    Auldheid,

    I love the way you quote rules and regulations that so obviously were never actually intended to be enforced against the team that plays in light blue from glasgow.

    Keep it up though, it reminds us all that eventually they will have to have the rules applied or we won’t have a game at all!
    +++++++++++++++++++

    Aye it becomes more and more obvious they be guidelines rather than rules – like the Pirates Code.

    My aim though has been to make folk aware not only about the rules but why they exist so that when it all goes belly up those responsible for not applying them will be held accountable and replaced along with the culture that serves itself rather than supporters.

    I was more than encourged tonight to hear a Rangers supporter on SSB asking the questions oabou the SFAS’s role and cutting through the smokescreen the football industry is putting up in order to hide its behaviour.

    It is one thing a daft Tim putting the truth out there at every opportunity and quite another when those who were ignorant of the rules before start to realise the impact on them of the misapplication. There was a distinct change of tone of some callers tonight. The last time it happened when the moral aspect began to be recognised and that helped change attitudes in the wider public.

    The universe is all unfolding as it should, I just put up markers to help keep track.

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