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.
ach missed second bit
“alex thomson @alextomo 46s
“Orlit continues to monitor closely recent developments at Rangers whilst reserving its position at this time.”!
alex thomson @alextomo 34s
For background Orlit say they are chasing RFC for non-payment of money they say it owed. RFC disputes this.
Mr Blatter could be in serious difficulties following what appears to be the hacking of his FIFA email account. There may, finally, be an opportunity to “cleanse” FIFA. For, until the world governing body cleans up its act, and, as a result, has to get tough with its member FAs, there is no incentive for our local numptocracy to sort themselves out.
Phil MacGiollaBhain @Pmacgiollabhain 5m
The bottom line is that an invoice for £400k remains unpaid by RIFC.
ecobhoy says:
Monday, April 22, 2013 at 15:12
9 0 Rate This
A curious tale concerning Craig Mather and the ‘Little Big Shot’
http://scotslawthoughts.wordpress.com/2013/04/22/craig-mather-froths-over-rangers-job-guest-post-by-ecojon/#comments
———
Very interesting indeed @ecobhoy. What I’ve read about him leaves me rather underwhelmed. Got to love ‘The Karma Property Company Ltd.’ though.
Perhaps Craig Whyte’s upcoming movie will be a comedy after all!
barcabhoy says:
Monday, April 22, 2013 at 18:06
———————————————–
The subsequent filings today are explained in detail and in my view accurately by Hirsute Pursuit.
———————————————–
Yes indeed Barcabhoy but even HP can’t square the circle, i.e. who owns Sevco 5088?
RIFC have made an announcement today, presumably based on evidence that it has uncovered, that as at the date of the AIM admission in December 2012, Sevco 5088 was a subsidiary of RIFC, whether a direct subsidiary or a subsidiary of RIFC;s subsidiary, TRFC.
And indeed in that announcement it discloses a further 10 companies that were (undisclosed) subsidiaries of RIFC last December. It is difficult to understand how there could have been omissions of such magnitude in a document of such importance.
It begs the question as to who has owned Sevco 5088 at all material times since its incorporation last Spring, not just stopping at December 2012 but also answering the question as to who owns its today.
It beggars belief that the announcement to the Stock Exchange this morning was not accompanied by an explanatory statement, but perhaps the investigation is only just uncovering these facts bit by bit over the last few days?
Whatever, the decent Rangers supporters deserve a full explanation as soon as possible. Clearly the MSM is more focused on how much Celtic’s title win can be demeaned by a lack of Strong Rangers, rather than the minor detail of how a company can be claimed as a subsidiary of not one, but two listed companies.
In the meantime, if Tian Tian had been rogered as many times as the poor Bears, Alex Salmond would be beaming from the front pages of our papers, proudly holding Scotland’s very own new baby panda..
neepheid says:
Monday, April 22, 2013 at 17:57
Thanks.
So Sevco (Scotland) changed it’s name to Rangers FC Ltd, the club.
Rangers International FC PLC is a totally new entity, which happens to own 100% of the shares in the club.
Sevco 5088 exists separately, and is claimed as a subsidiary of a couple of companies. One being Rangers international FC PLC and the other being the business Craig Whyte owns and recently sold 25% to Worthington.
The really big question though is which company owns the assets, which according to Duff and Phelps is Rangers FC (formerly Sevco Scotland). However it has never been clear how the contract with Sevco 5088 changed to a contract with Sevco Scotland.
This is really the crux of the matter and of Craig Whyte’s claim, and the bit presumably Phil is alluding to. It also explains why they both now claim to own Sevco 5088, because if it is Green then the rest doesn’t really matter. Unfortunately for him he has also claimed, on TV that Sevco 5088 was never used and isn’t his. that he gave it all to Craig Whyte as they didn’t need it.
So why are you saying it’s a subsidiary now Charles.
zerotolerance1903 says:
Monday, April 22, 2013 at 18:00
neepheid says:
chipm0nk says:
Monday, April 22, 2013 at 17:11
If I remember right Sevco (Scotland) changed it’s name to RIFC.
===================
I don’t think that’s right. RIFC PLC was incorporated on 9/11/2012. It acquired 100% of the shares in TRFC Ltd through a share exchange as part of the AIM listing and IPO. TRFC Ltd was previously called Sevco Scotland Ltd, the name was changed on or around 31 July 2012- http://www.espn.co.uk/football/sport/story/162959.html#
___________________________________________________
Was asking the same question on Paul’s blog.
Having looked into myself I think Sevco Scotland changed its name to RIFC Ltd and the new RIFC Plc became its parent.
————————————————————————————————————–
Sevco Scotland changed its name to The Rangers Football Club Ltd on 31/07/2012. Where people might be getting confused is that Rangers Football Plc was incorporated on 16/11/2012 and changed its name to Rangers International Football Club Plc on 27/11/2012.
chipm0nk says:
Monday, April 22, 2013 at 19:06
Add in that TRFC seems to the operating arm of the group, the bit where all the football business is done, and yet the directors are the three amigos, with everyone else kept at arms length, it all seems a bit whiffy.
It’s always struck me as a little odd, that no one on the Rangers side, has questioned why, when Sir Walter d’Ebt came aboard, he wasn’t placed on the board of the actual football club?
A case of approbation, elevation, castration?
You would almost think they were doing it deliberately.
OT:
**Breaking News**
Suarez will be sold!!!
Apparently Liverpool have accepted a £40million bid from Borrusia Munchonacentreback..
I’ll get my dentures!
Just a message for CE and his ilk if you want equal distribution of monies including TV revenues etc then lets have the clubs televised on an equal footing i.e. not Celtic every week. Lets see how much money comes in and then distribute it. Is that okay? Otherwise?
Apologies to neepheid – re RIFC. You were right, I was wrong.
Blooming difficult to follow the structure of this Group!
chipm0nk says:
Monday, April 22, 2013 at 19:06
3 0 Rate This
neepheid says:
Monday, April 22, 2013 at 17:57
Thanks.
So Sevco (Scotland) changed it’s name to Rangers FC Ltd, the club.
Rangers International FC PLC is a totally new entity, which happens to own 100% of the shares in the club.
Sevco 5088 exists separately, and is claimed as a subsidiary of a couple of companies. One being Rangers international FC PLC and the other being the business Craig Whyte owns and recently sold 25% to Worthington.
The really big question though is which company owns the assets, which according to Duff and Phelps is Rangers FC (formerly Sevco Scotland). However it has never been clear how the contract with Sevco 5088 changed to a contract with Sevco Scotland.
This is really the crux of the matter and of Craig Whyte’s claim, and the bit presumably Phil is alluding to. It also explains why they both now claim to own Sevco 5088, because if it is Green then the rest doesn’t really matter. Unfortunately for him he has also claimed, on TV that Sevco 5088 was never used and isn’t his. that he gave it all to Craig Whyte as they didn’t need it.
So why are you saying it’s a subsidiary now Charles.
================================================================
why are the police not acting on this.
why are the AIM not acting on this.
why are the SFA not acting on this.
why are uefa not acting on this
http://www.pinsentmasons.com/en/media/press-releases/2012/pinsent-masons-acts-on-70m-sale-of-141-bothwell-street-/
In all the sevco5088 sevco Scotland who owns whom confusion remember our old “word of the week” – novated- it was in plain sight all along. Refer back to BRTH I think 3 weeks back (Been away but think that’s correct)
torrejohnbhoy says:
Monday, April 22, 2013 at 19:19
Quantcast
OT:
**Breaking News**
Suarez will be sold!!!
Apparently Liverpool have accepted a £40million bid from Borrusia Munchonacentreback..
I’ll get my dentures!
=========================================
Bloody brilliant johnbhoy.
chipm0nk says:
Monday, April 22, 2013 at 19:06
This is really the crux of the matter and of Craig Whyte’s claim, and the bit presumably Phil is alluding to. It also explains why they both now claim to own Sevco 5088, because if it is Green then the rest doesn’t really matter. Unfortunately for him he has also claimed, on TV that Sevco 5088 was never used and isn’t his. that he gave it all to Craig Whyte as they didn’t need it.
So why are you saying it’s a subsidiary now Charles.
++++++++
We will hear no more from Charles, he’s off to France, job done, money made, a good last gig. And let’s be fair, he was great value while it lasted, what a turn! Although he too could sell off his film and book rights, unless he gets the right severance package. Another million or two of the IPO money down the pan, I guess.
You are spot on, the real question is who now owns the companies (and through them, the properties). If RIFC had any money left, they might pay Whyte off and just carry on. Unfortunately they don’t have much money left, so they probably can’t pay Whyte off, and they can’t afford a fight through the courts either. Whyte has picked his time for a scrap with care. This could all get very, very messy. I wish I was a commercial lawyer- happy days for some!
carlislecelt says:
Monday, April 22, 2013 at 19:22
How about seeing how much TV revenue is generated by Celtic fans when they are playing against no-one?
I understand why, when a club’s fans may be generating the bulk of the TV subscriptions etc they want the lions share but why do they seem to forget the game can only ever be played with two teams?
No, we’re all wrong. 🙄
Everything’s all good down Govan way, [except for the quality of the football.]
Extracted from RM ;
================
“…As we reach the end of our first season in the lower divisions, we’ve had more to take heart from off the pitch than on it. Successful flotation on the stock market has been coupled with the signing of lucrative sponsorship deals, and Green’s departure need not mean that progress is stalled on this front. On the pitch, however, this is a Rangers that is a shadow of its former self. Ideas are lacking, and the attitude is far from ideal…”
http://forum.rangersmedia.co.uk/index.php?s=347bb9f0c3aa41a8fa539c96539eb855&showtopic=251493
StevieBC 19:41
Oh dear ,I blame the schools 🙂
From LSE site
19-Dec-12 Buy
Trade Notifier Information for Rangers International Football Club
Phil Cartmell 76.5 GBX 25,800 25800
nowoldandgrumpy says:
Monday, April 22, 2013 at 17:44
From
http://scotslawthoughts.wordpress.com/2013/04/22/rangers-confirm-sevco-5088-is-subsidiary-of-rangers-plc-how-long-is-without-delay/
Can someone have a look at the posts by newtz. Very interesting if all true.
—————————————————————————————————
Two things jumped out for me: the breakdown of the figures offered by Newtz look very precise; and the repeated use of the phrase “for the avoidance of doubt” – suggess that a big event is looming and we should not be surprised when it comes…
http://www.philmacgiollabhain.ie/only-a-matter-of-time/#more-3682
StevieBC says:
Monday, April 22, 2013 at 19:41
5 0 i
Rate This
No, we’re all wrong.
Everything’s all good down Govan way, [except for the quality of the football.]
Extracted from RM ;
================
“…As we reach the end of our first season in the lower divisions, we’ve had more to take heart from off the pitch than on it. Successful flotation on the stock market has been coupled with the signing of lucrative sponsorship deals, and Green’s departure need not mean that progress is stalled on this front. On the pitch, however, this is a Rangers that is a shadow of its former self. Ideas are lacking, and the attitude is far from ideal…”
http://forum.rangersmedia.co.uk/index.php?s=347bb9f0c3aa41a8fa539c96539eb855&showtopic=251493
_______________________________________________________
Seriously, I’m lost for words. It’s not just stupidity, it runs deeper than that.
dixonbainbridge71 says:
Monday, April 22, 2013 at 20:35
Aye, see yon light at the “end” of the tunnel? It’s actually the 2013 Liquidation Express, departed Monaco at 2012, arriving Govan 2013.
http://www.rangers.co.uk/news/headlines/item/3807-rangers-statement
Apologies if already posted-
“Rangers International Football Club plc (“Rangers”) has instructed the law firm Pinsent Masons, supported by forensic investigators from Deloitte, to investigate the connections between Craig Whyte and former and current personnel of Rangers and its subsidiaries.”
This looks serious.
Can’t stop laughing @corsica1968 1h
By the way, why are FFW getting twitchy?…
NB: I use them a lot and they were corsica’s lawyers too
To those who responded to an earlier post of mine, thanks. I would agree with most of what people are saying. Fair distribution of income is something we all aspire to. It’s not so easy to achieve.
Chairmen of every club have cashed in on star players. For me the post war attendance boom ended when Harry Swan sold Bobby Johnstone to Man City, I think for £20,000 a big fee in 1955. That broke up the famous five. Hibs lost their playmaker.
At the time Hibs had home gates of 35 – 40k. They had a professional squad of about 30 players I think. Wages were maximum £12 to £14 per week. They had just won league titles. Why did they need to sell prize assets? The self-perpetuating cycle of falling gates and star player sales had begun, if my memory is correct. Is this cycle the nub of our problem?
Sure, Hibs went on to the EC semi-final the following year, but with a weakened team. Who knows, they could have been the first from Scotland to lift the EC? Instead, Scotland has become a proving ground for bigger leagues. We’re all small clubs in the wider world. Don’t get me wrong. It’s not Hibs’ fault. It’s just that the cycle seemed to me to begin at that time.
Fairer distribution should be achieved, but not until the SFA is cleansed. When that happens there might be rules applied regarding F and PP tests and audited accounts. What company could justify giving up revenues to some of the people involved in our game over the last few years? We could have handed even more cash to G. di Stefano and others, could we not?.
Maybe we’re trying the impossible in wishing for a co-operative competition, a contradiction on the face of it. Clubs co-operate in splitting income, then try to prevent other clubs benefitting from that income? Whatever, it can’t happen until the rehabilitation of the SFA. In my opinion that’s the number one priority.
Let’s go Logic
Oh lets not – bit long
MSM did pretty well today [for them – not bad at all] – We’ll see if they keep it going, so
Let’s give em a clue – Mr Earley Sevco5088 – The Quiet Man
But important point is; – Are supporters an exploitative commodity? Seems Supporters [all supporters btw] might as well be copper, pork bellies, oil, orange juice, coal, or wheat futures with the – for all they care – parasite professions / spivs taking a cut. Never forget – Football is a cash business ever so tempting in recessions – Cash is King – the rest is financially motivated hypocrisy + humbug & cant. There is money in Crisis Opportunity
Pause:
Q. How much of their Supporters hard earned cash spent on Lawyers + PR so far and where has it got them – in ALL PHASES of this debacle over 2 + years
A; Millions of Pounds and Zilch [actually put them in peril – with such sage advice]
– But keeps the honey pot boiling what?
Now yet more are joining the fun [to get to the bottom of this no less! ] – & independently but of course
Blimey
An absolutely fantastic response to the poll I put up this morning
I believe it has generated more thumbs than any previous post on TSFM
thanks to everybody who took part
If you are looking in Graham the current score is
6 miss the “O.F.” game
539 do not
It’s only in Scotland “everybody” actually means 1 out of 90
There is a certain Panda in Edinburgh zoo would like some lesson’s on how to get shafted,it has started to wear a sevco scarf and changed the colour of its lipgloss in the hope of some advice .
You couldn’t make this up (cont’d)…
A firm called Pincent…Masons…. is going to investigate The Rangers.
I’ve heard it all now.
Barold Hatchback MBE @Sir_Bartin 56m
Pinsent Masons seem to have a bit of a habit cropping up where Allenby Capital are involved in things http://www.seftonresources.com/about/AIMrule26.aspx …
The expected, new TRFC CEO – Craig Mather – may not tell almighty whoppers like his predecessor – but I don’t think his initial quote below would pass the infamous (S)DM ‘sniff test’ !
===========================================================================
“…It’s the first emotional investment I’ve made,” he said. “It’s long-term – who knows what’s around the corner?
“I’ve been to a number of the Old Firm clashes and I remember going there as a younger boy and having goosebumps listening to the roar…”
http://www.bbc.co.uk/sport/0/football/22231397
===========================================================================
‘Emotional investment’…aye right !
He’ll be saying next that his investment is for his grandchildren…
And all that’s missing is that he had ‘Rangers’ posters all over his bedroom wall as a youngster – in Nottingham ?
Chap’s got potential though… 😉
My take
The heat is really on the Non Executives Directors of RIFC
They are now embroiled in a switcheroo that has burst wide open.
They are also in danger of being accused of cover up following Whyte’s claim to have been a Director of Sevco 5088 since May 2012
This is why
Recently the CEO of RIFC and TRFC Charles Green denied point blank that Sevco 5088 were involved in any way in the purchase of RFC assets from Duff and Phelps
This was despite a press release from TRFC on 27 June published on the STV website saying
“Sevco Scotland Limited, which was incorporated on May 29, made applications to transfer the title deeds of the property on June 15, the day after Mr Green held a media conference at Ibrox with the consortium’s financial adviser, Imran Ahmad, where he announced the purchase of the club’s assets had gone ahead.
A spokesman for Rangers confirmed that there had been a transfer of assets between one newco and a second separate newco. He told STV: “For the avoidance of doubt, Sevco 5088 Limited bought the assets of the Rangers Football Club and then transferred them to Sevco Scotland Limited so that all the assets would be in the Scottish registered company that is Rangers FC.”
The asset sale to a newco came after the proposed company voluntary arrangement (CVA) offer to creditors, funded by an £8.5m loan from Sevco 5088, was rejected by HM Revenue and Customs (HMRC).
According to the title deeds lodged with the Registry of Scotland, the floating charge transferred to previous owner Craig Whyte is still outstanding over the Murray Park training ground in Auchenhowie Road, Milngavie. However, it is unclear if this would have any impact on Sevco’s ownership of the facility, while Duff and Phelps had previously stated there was no debt associated with the charge.”
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Today 22 April 2013 RIFC issued a statement to the City saying that RIFC did not disclose in their 7 Dec 2012 AIM Admission Document that Sevco 5088 was a subsidiary of RIFC
This means that
Either
RIFC owned Sevco5088 before the IPO in Dec 2012 and made a major mistake in not disclosing this to the City. This is most unlikely since the Admission document would be obliged to mention Sevco 5088 as an asset of RIFC
Or
RIFC bought Sevco 5088 and TRFC in two separate and concurrent deals This is also most unlikely since buying two companies as part of an IPO and not mentioning one of them would be a major omission from the Admission document.
Or
Most Likely
RIFC acquired Sevco5088 concurrent with the acquisition of TRFC
Meaning
Sevco5088 was owned by TRFC on the date when TRFC was sold to RIFC by means of a share swop
,,,,,,,,,,,,,,,,,,
However
It would mean that Sevco 5088 had previously been bought by TRFC (when it was called Sevco Scotland)
Why would Sevco Scotland want to buy Sevco5088?
Because only Sevco5088 had a legal title to buy the RFC assets from Duff and Phelps
In other words
The statement released to STV by TRFC on June 27 was correct
Sevco5088 bought RFC assets from D&P and transferred them to its parent company TRFC
The dates are vital
Sevco Scotland could not have “bought” Sevco5088 before it was formed on 29 May 2012
Whyte claims that he and Airley were appointed Directors of Sevco5088 on 7May 2012 The form was signed by Green and registered at Companies House on 12 April 2013 (presumably by Whyte and Airley) Whyte promptly called a Sevco5088 board meeting, changed the registered address sold Sevco5088 to Worthingtons and resigned on 16 April before RIFC could challenge their legitimacy as Directors
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Summary
It all hinges on whether or not Whyte was a legitimate Director of Sevco 5088
A Director is appointed when a duly constituted board meeting appoints him and the appointment is noted in the minutes of the board meeting .Registering the appointment at Companies House does not date the appointment . It is the date of the board meeting which fixes the effective date
Whyte is most unlikely to be relying solely on a Companies House form signed by Green to prove that he is a legitimate Sevco Director. He will also have a copy of a board minute which legalises his appointment
So how did Green manage to sell Sevco 5088 to Sevco Scotland without the agreement of his two co Directors?
I suspect Green took a flyer and “just did it” as follows
He “called a board meeting” at which he was the only attendee Perhaps the invitation to Whyte and Airley got “lost in the post”
At the meeting Green voted to “disapply pre-emption rights “for existing shareholders This enables him to create enough extra shares dilute Whyte`s holding in Sevco 5088 below 33% This effectively gives the CEO the sole authority to “sell “Sevco5088 to Sevco Scotland
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Implications for Non-Executive Directors of RIFC
It is inconceivable that the non-execs on the board of RIFC were unaware that Green scammed Whyte back in May /June 2012. They surely understood why Sevco 5088 was a wholly owned subsidiary of RIFC?
Nevertheless, by their silence they have condoned Greens claim that Sevco 5088 were not part of the Asset Purchase Agreement with Duff and Phelps
,,,,,,,,,,,,,,,,,,,,,,
Today by admitting that Sevco5088 is owned by RIFC these non-execs are also admitting that they were party to deceiving the fans who bought into the RIFC fund raising
They have participated in a cover up which is now leaking badly
Perhaps they are inexperienced in dealing with Spivs
If so they may be in for some nasty surprises as the key Spivs twist and turn to maximise their income at the expense of their reputations
To name but one
Spivs can`t be trusted ….ever
What`s to prevent Green from actively cooperating with Whyte to make even more money for both of them?
“Things That People Near You Shout at Ibrox” on The Bears Den right now has got to be one of the funniest threads I ever read.
Am I wrong in thinking that the SFA granted Rangers a licence and attached a condition that Mr Whyte was not involved in any way?
Being that Mr Whyte was a director of Sevco 5088 – a subsidiary of RIFC – does that not invalidate the licence?
Or was the licence granted to TRFC rather than RIFC, the former being only indirectly connected to Sevco 5088 by their mutual holding company – argument being that Mr Whyte therefore was not directly involved?
In any case, I imagine the fact that the licence was granted means that it cannot be rescinded, seeing as it was granted in good faith at the time despite massive whoppers being told by Honest Charles Green.
angus1983 says:
Monday, April 22, 2013 at 22:15
==============================
The bottom line is whether or not Sevco told the truth about Whyte the SFA will take no meaningful action whatsover. Surely that much is clear by now.
Great Scott ! Green already working on his tan in the south of France – not because he likes the tan effect but he may need some camouflage when The Bill comes looking for him.
Senior says:
Monday, April 22, 2013 at 22:22
0 0 Rate This
Great Scott ! Green already working on his tan in the south of France – not because he likes the tan effect but he may need some camouflage when The Bill comes looking for him.
++++++++++++++++
He’ll need more than camouflage when some angry bears come looking for him.
goosygoosy says:
Monday, April 22, 2013 at 22:06
My take…
=========
So, gg are you expecting an imminent, collective resignation by Murray, ‘Walter’ and the other NED(s) ?
angus1983 says:
Monday, April 22, 2013 at 22:15
=======================
Maybe they will ask if Rangers gained a “sporting advantage” by lying to them and getting their licence that way.
Apparently that is the real test, even if it isn’t actually in the rules.
It seems cheating is OK, in certain circumstances.
(Not if you are a wee diddy club like Spartans obviously. Even minor clerical errors are totally verboten then)
Did Whyte also sign the 5WA?
SFA licences and footballing matters aside – hasn’t there now been a massive defrauding of UK tax payers and a whole host of creditors? Essentially RFC, directors thereof, and their associates put assets beyond creditors.
Notwithstanding HMRC foolishly giving their blessing to football continue to be played at Ibrox, why are they or BDO not pursuing this obvious scam. Why is this not a matter for the police or the SFO?
Something has been eating away at me about the latest events down Govan way.
Whyte re-entering the picture now and trying to take ownership of the club in secret only makes sense if he genuinely believed he could find people to run Sevco properly. So what was his real plan?
If could have wanted to be a director through the AIM flotation (his presence to be notified after the fact) so he could eventually walk away with shares worth loads. Assuming Green hadn’t stiffed him, Whyte might be the secret owner of some (but not too many) shares that are declining in value daily. However If this was his plan it’s pretty small time for such an elaborate (alleged) fraud and Whyte might be lucky that Green pulled his Sevco Switcheroo (someone must have copyrighted that).
Neither Whyte and Green are that careless with money. Whyte took too many careful precautions to just guarantee himself an endgame where he has a few shares. The plan has to be to split the real estate from the “club”.
Here’s the problem. If Green had sold the assets to another company before the flotation, there would be no flotation and therefore no club. BDO or Hector might even have played the gratuitous alienation card. After the flotation however, there are AIM rules and things that get in the way.
The solution:
Take the club through liquidation then create a massive split between the assets and the club. Create such a legal minefield that it will take years to sort and while your at it. Steer the good ship TRFC (so painstakingly floated just months before) right for an iceberg. As soon as there is no hope of saving them,hand the captain’s hat to someone who cares and scarper.
If Rangers survive, I suspect we’ll find that Sevco5088 own Ibrox, just about when the club makes it back to the top flight.
If Rangers go down, Whyte has a stadium and a training ground to rent to the next punter on the Cluedo board who wants to create a Rangers, or at worst Tesco.
ptd1978 says:
Monday, April 22, 2013 at 22:50
“or at best Tesco.” – there fixed it for you.
bishopsweed says:
Monday, April 22, 2013 at 22:46
3 0 Rate This
Did Whyte also sign the 5WA?
+++++
Green signed it on his behalf.
goosygoosy says:
Monday, April 22, 2013 at 22:06
Spivvysevcosfragilestatisticsexpellsallysbonus
goosygoosy says:
Monday, April 22, 2013 at 22:06
Good post. Very well thought through.
It doesn’t change your thinking, but I think Thommo has said Whyte reckons he’s still a director of 5088. Implying the resignation on the 16th April was Green’s work.
Also the declaration that 5088 is a wholely owned subsidiary is designed to prevent Whyte moving 5088’s ownership on further. I suspect Green’s “recall” of the meeting where those decisions were made was a lot stronger after talking to the lawyers about how to stop Whyte – and of course went of to typ… er fetch the minutes for them straight away.
StevieBC says:
Monday, April 22, 2013 at 22:27
goosygoosy says:
Monday, April 22, 2013 at 22:06
My take…
=========
So, gg are you expecting an imminent, collective resignation by Murray, ‘Walter’ and the other NED(s) ?
,,,,,,,,,,,,
Sreve
I reckon Cardigan is out of his depth with these guys and will rely on advice from Murray
Murray`s City reputation is shot if AIM suspend RIFC shares and initiate an investigation irrespective of the outcome
The smart move is for Murray and Cardigan to resign and simultaneously call for an AIM investigation
……….. Having of course been tipped off by contacts that an investigation being seriously considered by the AIM authorities
If Mather is appointed as CEO it may be the final nail in the coffin
Looks like Orlit may be coming back into orbit soon.
Oh dear – just when Richard Wilson had assured us (Saturday’s Herald) that it had all been settled, following JT’s reasoned outburst on the topic on 25/26 March..
Are there are any legal firms left to use that aren’t conflicted? Certainly it will be a cash up front job as far as the fees are concerned.
Ally’s warchest diminishing by the day
Strategically, the Rangers game is headed towards …..
The SFA at a time that mutually suits them and Rangers will fine Charles Green £200K and sine die the gentleman for his cover-up over the Mr Whyte cover-up. The SFA will also find that Mr Green did not act alone in this endeavour and will also fine and sine die his erstwhile Asian colleague , Mr Imran.
The license will stay in place and Rangers will be warned about their future conduct.
The various parties laying claim to Ibrox will have the impact of strangulating any additonal monies coming in to the club, and when the cash pile (or what’s left of it) disappears another administration will be upon us. We will be subjected to the un-nerving sight of Mr McCoist (Annual Salary £750K) in tears on the steps of Ibrox and being unable to see the irony …… and appealing to the fans to dig into their pockets ……. a friendly with Linfield is a certainty.
…… at this point the legal system will kick into rapid motion and find that the stadium and training pitch does in fact belong to ‘Rangers’ and not to anyone else. This will be based on some obscure seldom (if ever) used technicality written in Latin or Ancient Scots Law which Edward I forgot to repeal.
If Rangers get to the SFL1 then play offs will be introduced to give them a better chance of getting promotion.
Celtic will never be drawn against Rangers in any cup competiton for the next 10 years.
Meanwhile, the Celtic management and board will place several transfer stories in the MSM just to keep the pressure on, and sign all their promising players on longer term deals to preserve their transfer value.
Finally, Rangers have lost another £750 in the time it took me to construct this piece. (copyright Gideon)
From Goosey’s post.
“For the avoidance of doubt, Sevco 5088 Limited bought the assets of the Rangers Football Club and then transferred them to Sevco Scotland Limited so that all the assets would be in the Scottish registered company that is Rangers FC.”
The interesting phrase here is ‘For the avoidance of doubt’ re ‘Newtz’ on P McC’s blog.
Obviously yer man is on the inside as he used that phrase in every single post on that bog.
So how confident are people that Ticketus lawyers will give a fair and balanced report in their investigation into CW and CG connections?
HirsutePursuit says:
Monday, April 22, 2013 at 02:06
On club licensing: The situation of a club being allowed to play without first having been granted a licence by going through the process could not logically have been built into the licence rules. That is not to say that having created a condition that the rules did not cover by not applying the rules, the SFA, in Bryson mode, would not then say (absurd as Mr Bryson’s previous construction on eligibility on registratrion was) that the SFA could not act because an anomaly they created was not covered by their rules.
The discretion at play I was aware of, but cheers for the detail. My point though is that club licencing also providers a risk assessment for other clubs. It logically falls into the category of a service the SFA provide to the professional leagues (hence my argument that the SFA culture needs to change from that of dictator of football rules and other matters as suits it, to servant of football) and that failure to provide an adequate risk assessment service carries financial consequences for clubs and should result in penalties/.compensation for the service provider. However in the absence of such a change of role the principle of failure to do their job properly should be subject to legal challenge.
Again the rule about not bringing an association to court protects them, but it is a footbal rule that cannot justify not applying natural justice when it clearly has not been served.
All these underlying issues with regard to the total inadequacy of the SFA governance model needs to be brought out so that it and the culture on which it is founded can be changed.
Having said all that, if The Rangers go belly up again, it wil be The Rangers supporters who will demand Regan and Ogilvie’s head on a plate for enabling and maybe even aiding and abetting what CG/CW have done, which makes it unanimous across the supporter spectrum and the msm,, who depend on supporters for sales, will move to the front of the queue to do their knitting.
It is general msm silence on the role of the SFA that has protected them so far but I doubt even they would remain silent if, and it is an if, The Rangers go belly up for any reason.
ekbhoy says:
Monday, April 22, 2013 at 23:17
I can well understand where you are coming from but I’m hoping that my final para to HP above might bring something new to the table that cannot be ignored.
The SFA must look at their membership and licensing rules and remove all doubt about the dependence of one upon the other and the absolute need for and consequences of not being granted a licence.
Had such clarity existed over the full licensing spectrum and a UEFA FFP standard applied to all clubs not just SPL the SFA could have offered nothing to CG in any agreement and they did not want to be in that place. However if the consequences of running a club so badly that it is liquidated never to reappear as that club in any form, what an incentive to run a club properly that would be.
Hearing that SFA board meeting today will discuss under any other business the licence given to Sevco. Probably the start of cover up/ damage limitation exercise.
Oh dear oh dear oh dear …is ” Deloitte French for “Stinking Fish” and “Mather” Gaelic for “bottom feeder” ? ,,,,only asking like !!
Re CG getting shown the blue room door .
If my memory serves me right this was discussed in the Sun’s CW tapes (tape No 2 ) something along the lines of
CW to IA Talking about CG…. He will have to be offloaded somewhere down the line .
I have tried on numerous occasions since to listen back to tape 2 but cannot access it .
Does any of our intrepid sleuths have the original 3 Sun tapes .
Seems to me that CWs words are now coming to fruition ,so I do not buy the CW /CG fall out .
Share amounts issued and Ticketus and debentures was discussed in this tape also ,may be worth a listen .
Rumours abound in Sevco cyberspace that the Scottish Sportswriter of the year has information that none of the IPO money is left in the bank. Only rumours of course, but the administrators of the site in question have chosen to lock the thread to avoid further debate on the topic.
upthehoops
could this be the bad news story due to hit this week that P MG was hinting at .
Hmmmmmmmmmmm
by the way can’t seem to find any of the Sun tapes on the web now ,could they have been pulled due to a legal investigation .
Hmmmmmmmmmmm
From today’s Sun
”
Whyte up to his neck in it
By KENNY McALPINE and ROBERT McAULAY
Published: 1 hr ago
CRISIS-hit Rangers yesterday revealed their links with shamed ex-owner Craig Whyte to the stock market.
The club told the AIM exchange that former chief executive Charles Green WAS a director of the Sevco firm which Whyte claims to run.
And they added Sevco was actually a “subsidiary” of Rangers. A source last night said: “It’s a farce.”
Now Rangers could face the wrath of the stock exchange and their OWN shareholders for failing to reveal the links ahead of a multi-million pound flotation.
The Ibrox giants broke strict rules by not telling the market about former chief executive Green’s alleged ties to shamed ex-owner Whyte before last December’s £22million share issue.
And in a statement the Light Blues revealed Sevco 5088 — the firm which bought the club last June — is a subsidiary company of Rangers.
But tycoon Whyte claims HE controls Sevco.
Last night a source said: “The supporters are more confused than ever. Who owns Sevco 5088? Whyte says he does, Rangers now reckon they run it and Green said publicly he gave it back to Whyte.
“This farce seems to raise more questions each day.”
Now Rangers could face City sanctions for failing to register 21 directorships held by departed Green and club bigwig Brian Stockbridge.
And it could hit the price of shares bought by fans.
Last night an exchange insider said: “If the AIM believes a company has not met its obligations under the rules, it can investigate it and take disciplinary action. This could include a censure, fine or ‘de-listing’ of the company.”
Companies planning a share issue MUST, without delay, disclose every company that a director has worked with in the past five years.
But the Glasgow side only alerted the market to Green’s Sevco involvement yesterday — FIVE MONTHS after fans helped raise more than £20million.
The tough rules are intended to flush out directors who may have a dodgy business past.
However, the AIM said it could not comment on whether they’re probing a specific company — because the information might affect share prices.
The latest revelations have plunged the club and fans into yet more
uncertainty.
Yorkshireman Green, 59, quit Ibrox on Friday, less than a year after taking control. It’s understood he had to stand down after the board branded him “toxic” because of his links with Whyte.
It came after a public feud with Whyte, 42, who plans to launch a legal battle against Green and director Imran Ahmad for control of the club.
Sevco 5088 and Green bought Rangers for £5.5million in June 2012. Green then transferred the club’s £50million assets — including Murray Park and Ibrox — to a new firm, Sevco Scotland, days later.
But Whyte claims the transfer was illegal because Green didn’t have permission from him or partner Aiden Earley. And yesterday Rangers finally told the stock exchange Green was a director of Sevco 5088 at the time of December’s flotation.
The revelation comes after Green recently said he resigned from Sevco 5088 and handed the company back to Whyte when a deal with oldco Rangers’ creditors could not be reached.
Despite their own statement to the stock exchange a Rangers spokesman said last night Sevco 5088 was NOT an active subsidiary company.
He added: “Proceedings began last year to terminate. It would have been struck off the register of companies by now if false claims had not been made.”
According to Companies House, Sevco 5088 is in the process of being wound up.
But a source close to Whyte — who says he has proof of being a Sevco 5088 director — said: “Action has been taken to prevent this.”
Other directorships Green and Stockbridge failed to mention before the flotation included Rangers Financial Services and The Rangers Shop.
Earlier this month we told how Green admitted he shafted Whyte to buy the club. We then revealed how Whyte paid cash into the account of Ahmad’s MUM to mask his role in the club’s takeover.
And in an interview on the same day Green admitted calling Ahmad his “Paki friend”.
These revelations led to the SFA demanding an internal probe at Ibrox — which sent Rangers’ share price tumbling.
The firm that owns the club is now worth £40million — £5million LESS than when it floated. Yesterday shares were trading for 61p, 30 per cent down on their 93p peak.
Sports management guru Craig Mather is tipped to take Green’s old job at Ibrox.
Q&A
RANGERS fans will be left wondering what the latest blow means for their club.
The Scottish Sun’s Business Editor STEVE HAWKES explains.
How bad is this for Rangers? Yesterday’s staggering events threaten to plunge the club back into yet more turmoil, with a summer of court cases and controversy on the cards.
What have the club done wrong? Any company listing on the stock exchange publishes a wealth of information in a prospectus. This is supposed to include information on directors’ interests and other posts and potential conflicts of interest. It is humiliating for the company and its brokers that this ‘oversight’ happened.
What action will be taken? Football-wise, Rangers should be okay — but the AIM authorities could fine or de-list the company. The biggest concern for diehard supporters is the potential knock-on effects the row could have on the club’s transfer kitty this summer.
What will happen to the shares? The biggest losers in all this could be the fans who spent £5million on shares at the time of the float. The shares have already fallen by a third since hitting 93p and any more uncertainty will clobber their value.
Read more: http://www.thesun.co.uk/sol/homepage/feeds/smartphone/scotland/4899382/Rangers-crisis-Ibrox-stock-market-shock.html#ixzz2RGa0r3tr“
To summarise todays’ headlines,
Donald Findlay says Rangers need new dignity
Phil McGiollabhainn says new Rangers need Dignitas
You pays your money, you takes your pick
Charles Green signed forms for Companies House to have Sevco 5088 struck off. Despite this having happened on Dec 27, Sevco 5088 is still a live company , and apparently a subsidiary of 2 separate plc’s listed on AIM
It is a very serious offence to attempt to strike off a company without informing all interested parties and without the agreement of nose who may have claims, or share holdings or contracts.
Who says it is very serious ? Well Parliament does actually , and it has powers to jail a miscreant for 7 years and ban him from being a director for 15 years.
Now who would be dumb enough or bombastic enough or desperate enough to do that ?
The Companies Act section which provides full legal power to act as described above.
12. Offences and penalties
It is an offence:
to apply when the company is ineligible for striking-off (see question 2);
to provide false or misleading information in, or in support of, an application;
not to copy the application to all relevant parties within seven days;
not to withdraw application if the company becomes ineligible.
The offences attract a fine of up to a maximum of £5,000 on summary conviction (before a magistrates’ court or Sheriff Court) or an unlimited fine on indictment (before a jury). If the directors breach the requirements to give a copy of the application to relevant parties and do so with the intention of concealing the application , they are also potentially liable to not only a fine but also up to seven years imprisonment. Anyone convicted of these offences may also be disqualified from being a director for up to 15 years.
Once again the MSM playing catch up with the Scottish Football Monitor.Thats why I come here first.
A bit OT but an interesting article on conspiracy theories of which there have been plenty on here.
http://www.glittersnipe.com/2013/02/04/imagination-over-information-why-conspiracy-theorists-get-it-
I hope Charles got a liking for porridge during his short stay in Scotland
as George Galloway would say
“oh dear,what a shame,never mind”
timtim says:
Tuesday, April 23, 2013 at 08:11
4 0 Rate This
I hope Charles got a liking for porridge during his short stay in Scotland
as George Galloway would say
“oh dear,what a shame,never mind”
———————————————————————————————————————-
George,I think,borrowed the line from ‘It ain’t half hot mum’.The Windsor Davies character,Sergeant Williams in response to the gripes of the Entertainment Party was heard to say…
‘Oh dear,how sad,what a shame,never mind’
TRFC share price – dropped to 58p at time of posting.
http://www.livecharts.co.uk/share_prices/share_price/symbol-RFC
Telegraph giving its take – usual pinch of salt – but?
http://www.telegraph.co.uk/sport/football/teams/rangers/10011435/Craig-Whyte-stands-to-make-8.5m-if-he-wins-lawsuit-in-battle-for-Rangers-assets.html
I don’t think anyone has copied Newtz comments from Paul McConville’s blog. He said as follows:
For the avoidance of doubt …. Octopus control just over 30% ….. always have done ….. go figure …. !
For the avoidance of doubt … Octopus Investments are the parent company of Ticketus
For the avoidance of doubt … Octopus are investors in the Zeus Capital
For the avoidance of doubt … Zeus Capital provided ‘The Loan’ through Sevco 5088 to purchase the assets
For the avoidance of doubt … Of the original £8.7m Loan, £200K was for the exclusivity rights.
For the avoidance of doubt … Of the original £8.7m Loan, £3m was D&P costs
For the avoidance of doubt … £8.7m – £200K – £3m = £5,5m = costs of assets
For the avoidance of doubt … Original downpayment was £137.5K x 4 = £550K = 10%
For the avoidance of doubt … CG originally asked CW for £500K ish, recieved £137.5K
For the avoidance of doubt…Keith Carby is Chairman and CEO of Caerus Wealth
For the avoidance of doubt…Their Group Investment Director is Ronan Kearney who is also the Venture Fund manager at ….. Octopus Investments
For the avoidance of doubt …Caerus Wealth CEO Keith Carby is the founder and Non Executive Director of Metro Bank.
For the avoidance of doubt …Green broke the circle
For the avoidamce of doubt …. Rangers International Football Club’s banking facilities are with Metro bank
upthehoops says:
Tuesday, April 23, 2013 at 07:00
Rumours abound in Sevco cyberspace that the Scottish Sportswriter of the year has information that none of the IPO money is left in the bank.
=================================
Could this be the same super duper journalist who told us only yesterday that RIFC should have over £20m in the bank right now? Despite it being obvious to the the average 8 year old that it is simply impossible for anything near that sum to be left in the bank, given minimal income and £2.5m a month expenditure in the 4 months since there actually was £20m in the bank?
I posted yesterday that on my back of an envelope workings, there might be around £7m left by the end of this month. However if some of the crooks have decided that now is the time to cut and run, there may well be no money left, since those characters will not be leaving empty handed, that much is for sure.
I had thought they would wait until the season ticket money arrived before bailing out, but maybe they can’t wait, since waiting is likely, at the very least, to involve messy interviews with the Serious Fraud Office. Or maybe the season ticket money already belongs to Ticketus?
I thought we were watching a slow-motion train wreck, but it looks as if Whyte has the remote, and has just pushed the Fast Forward button. And it looks like the train is loaded with dynamite.
I never thought I would say this, but I’m getting the odd twinge of sympathy for the Rangers fans, they have been royally and brutally shafted this time. I know they are mostly a bunch of wannabe little Englanders, full of arrogance and supremacist views, and they cannot say they weren’t warned, but I’m sure there must be some genuine guys who made a big sacrifice to buy into the club they love just before Christmas. (I know, but that’s what they thought they were doing)
Now even the bears must realise that by buying shares in RIFC, all they have done is put money into the pockets of a bunch of crooks, who will abandon TRFC to its fate without a backward glance. And who has colluded with the crooks in this daylight robbery? Step forward please, Walter Smith, Ally McCoist and Malcolm Murray. These “Rangers men”, full of dignity (well, ok, leave Ally out of that bit) have, knowingly or stupidly, been the smokescreen behind which the crooks have carried out the heist. And well paid for it, let’s not forget.
What next for “Rangers”. Unless Whyte can be bought off, he is in a position to ensure that Ibrox remains locked until ownership is decided by the courts. The money men couldn’t care less about “Rangers”. To them TRFC is just a money pit. The football business will be sold off or given away, and then the properties turned to cash by whoever really owns RIFC. Whyte? Ticketus? Sir David Murray? All of the above? Take your pick.
I could foresee a genuine, cleansed “New Rangers” being formed in the aftermath, playing in the Juniors for a while, and eventually getting back to the top tier having shown real dignity and just a tiny bit of humility on the way. That would be good for Scottish football. And good for “Rangers”. It is what should have happened last year.
I could also foresee the SFA bending and breaking their own rules yet again, to ensure that a twice dead corpse continues to play in the senior game under their direct protection. For Scottish football, that will truly be the end.
He got Aidan Earley’s name wrong. Other than that it seems ok, if not exactly news to those of us following this debacle.
twopanda says:
Tuesday, April 23, 2013 at 08:48
0 0 Rate This
Telegraph giving its take – usual pinch of salt – but?
http://www.telegraph.co.uk/sport/football/teams/rangers/10011435/Craig-Whyte-stands-to-make-8.5m-if-he-wins-lawsuit-in-battle-for-Rangers-assets.html
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
How entangled are these Spivs??
“In yet another twist, in the most recent set of audited accounts published by Worthington Group plc (for the year ending March 31, 2012) lists the company’s solicitors as Field Fisher Waterhouse.”