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.
youtawknaboot says:
Wednesday, April 24, 2013 at 11:42
C’mon peeps..fare’s fare..
Although the names most certainly ring a bell,there will be uniform changes.
———————————————————————————————————-
I understand the new uniforms but does this mean the new Ibrox train station will be cancelled?
Still I see the Glasgow Airport Rangers shop is opening very soon – nice of Charles to leave that new lease behind 🙂
I’d imagine if there was a plan to take a much loved double decker to a breaker’s yard against the wishes of its regular and occasionally feisty patrons, it wouldn’t be a bad idea to have a couple lads on board who knew how to handle themselves, so to speak.
nixonwhytewashing says:
Wednesday, April 24, 2013 at 13:13
Just noticed this on a club forum discussing current and future potential large shareholders.
“We are rangers football club, like the church, an institution and anyone who aspires to be part of that great institution should be whiter than white”
===========================================================
Sounds like the home church of the KKK – I would have thought more thought might have been taken with language and it would have been more appropriate to use ‘truly Christian’ rather than ‘whiter than white’ in view of recent events.
Tic670999@12.52
This is beginning to feel like Peter McDougall’s play Just A Boys Game.
You’ ain’t seen me,right.
ecobhoy says:
Wednesday, April 24, 2013 at 13:24
I understand the new uniforms but does this mean the new Ibrox train station will be cancelled?
eco…this is not the appropriate platform to discuss such matters..!
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A few months old but a wee bit to refresh the memories on what Dave King is all about.
http://www.citizen.co.za/citizen/content/en/citizen/local-news?oid=407252&sn=Detail&pid=146826&Court-orders-Dave-King-to-leave-home-by-January
jockybhoy says:
Wednesday, April 24, 2013 at 12:28
BTW I put this up on the Law Thoughts site, but it is on topic so:
Dave King may be a “glib and shameless liar” but he knows a walker-away when he sees one: “I think I was public in saying that [current majority shareholder] Craig Whyte wouldn’t see the season out and I would predict Charles Green wouldn’t see a season out either.” June 2012
————————————————-
Of course, if King was involved from the start and this whole thing was orchestrated then predicting those things would not have been too difficult…
Mystic Meg he is not!
Its looking like its going to be
‘Just Another Saturday’,down in the ‘The Elephants’ Graveyard’ ‘Down Among the Big Boys’.
Do TRFC Ltd not have to supply audited accounts by April 30th to get an SFL License?
Malcolm Murray tells the nation:
“The Board has also instructed the law firm Pinsent Masons to conduct the investigation into alleged links between Craig Whyte and former and current personnel at the Club. This process will be completed as swiftly as possible and no-one should jump to conclusions regarding the outcome. The fans deserve to be reassured on clarity, transparency, asset ownership and this is the main purpose of the enquiry.”
Just had a wee peak at the Bears Den, they really are a peculiarity. When Dundee Utd veered so spectacularly off course in the late 90’s, (we went form European cup semi-finalists to relegation fodder within a decade) a huge part of the fan base knew, such a dramatic decline in fortunes must come from the very top, it always does. It was with heavy hearts, a real sense of poignancy that the fans organised and demanded change, change that would lead to a direct head on collision with a man, who in many ways, had become ‘bigger than the club’. It took several years and lots of blood on the carpet for the club to move on from that period, and there remain scars on all sides to this day. Along side the fans, a group of local business men rallied round the same standard and forced the change.
Contrast this with the Bears. They defended Murray for years…..then Whyte……then Green…….all critical faculties suspended in the face of ‘the anti Rangers agitators’, and a united front against ‘the haters’! Chris Graham wheeled out to represent the reasonable ‘fans voice’, a man who burnt his own credibility with a ringing endorsement of Whyte, followed by the same for Green, along with his constant references to ‘the haters’ he has proved to be a no more than a swivel eyed loon with more egg on his face than Gerald Ratner. There are of course the one or two on here (and RTC) who in the main make the best of their situation and attempt to engage coherent arguments, but imo they have sounded increasingly forlorn in their efforts, and will no doubt be treated as Uncle Tom’s by their fellow Bears. Once again the circumstance call for some kind of unity and leadership, and once again the only name coming forward is that of Lord Dignity of Cardigan! Really? the only option, is a man who was involved in all three previous, ruinous regimes? HE remains the best chance of gravitas and credibility? The man who vanished for months when the sh*t hit the fan? The man who endorsed ‘bid ands’? Reading between the lines………. if Bomber knew……. Walter knew……………. Ally knew!
Ally wants a clean broom? it might well be Triggers broom with yet another shiney new head and solid shaft to match!
One last thing did we ever find out who were on Mark Daly’s list of EBT recipients, the one’s blacked out? Just asking?
…………..Big Walt Knew!
Lord Wobbly says:
Wednesday, April 24, 2013 at 09:48
20 1 i
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Lying here in my sick bed * (altogether now….AAAWWWWWW) and unable to get back to sleep for the moment, I thought I’d use my phone to rummage around on Google.
You can imagine my delight when I discover that the World Skimming Championship is taking place on Eilean Èisdeal on 29 September 2013.
http://www.stoneskimming.com/index.htm
“Skim to the Stars”
music throughout the day from The Absurdist Pipe Band
* nothing serious folks, just laid low with a really bad cold/flu.
= = = = =
Lord Snottery?
Most of the shares I hold crash as well as fall!
Despite all the horrendous news, RFC holds steady.
All sorts of dodgy dealings must be going on between the spivs.
Is Mr Murray just another spiv with status and a bit of a reputation in the city?
Why have the AIM not stepped in and suspended dealing?
therampantbaron says:
Wednesday, April 24, 2013 at 13:17
zerotolerance1903 says:
Wednesday, April 24, 2013 at 13:12
——————————————-
Don’t be so sure.
RIFC could use the cloak of secrecy and extend to 18 months, whilst letting TRFC accounts be audited so as to comply with SFA and, ahem, UEFA deadlines. That’s assuming Deloitte can be satisfied in the course of their audit that TRFC owns the assets it claims to own.
I suspect in the interests of transparency, RIFC will indeed extend to 31 December 2013 so no filing before 30 Sep 2014?
____________________________________________________________________
Not correct, and I was also slightly incorrect in my original comment.
First accounts of a public company are due 18 months from the date of incorporation or 3 months from the accounting reference date whichever is longer. Incorporation was at some point in May 2012 and reference date is June, meaning that the first period is 13 and a bit months.
3 months from reference date is 30/9/13 but 18 months from date of incorporation will be some date in November 2013. They’ve got a month and a bit less than I originally said.
Not The Huddle Malcontent says:
Wednesday, April 24, 2013 at 14:00
Do TRFC Ltd not have to supply audited accounts by April 30th to get an SFL License?
__________________________________________________________
Don’t see how they can, or even have been reasonably expected to do so. Their first year-end is 2 months after that.
Chris Mathers will be doing all the media interviews this week.
Can they please get their act together and ask the difficult questions now, instead of waiting for 9 months.
No Honeymoon period, no benefit of the doubt, the situation demands you get fired in right away.
chipm0nk says:
Wednesday, April 24, 2013 at 12:43
I know this might be mad, but could the appointment of Mather and the possibility of the Easdales taking control be desingned to make the fans walk away as well, or at least decide not to buy season tickets but go on a game by game basis.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Game by game you say. Would that be cash you’re paying with Sir? Cash is king for the legitimate businessman.
To the Media.
Further to my last post, I don´t want to hear only the usual platitudes and stock answers about the tremendous support that deserve better and unlimited potential etc.
I want to know the details of his past involvement with Green in detail.
I want to know if he had anything to do with players who joined last summer.
I want to know what he has taken out of club financially up to this point.
I want to know if he has paid the 1M into Rangers coffers, his reported investment from last July.
I want to know what his plans were at Auchenhowie when joining, what he has done towards them, at what stage they are at and what happens now.
etc.
I have just finished reading some excellent journalism in yesterdays Independent on matters relating to Suarez and Man Utd.The writing is excellent and carried out without fear or favour.
It seems to me that in Scotland we have a small brigade of commentators on the game who jostle for a position,a niche, within the grouping.They tend however,in my opinion,to desist from coming out and challenging the issues as they present at any given time.Instead,they wait on events unfolding and then pronounce.
This is their weakness.As we know Alex Thomson left our borders utterly bewildered and frustrated as to the machinations of our judicial system,our corporate institutions and our footballing establishment.It is a strangled,tortured web of parochial nothingness.
It is our grave misfortune that we live in a small country where this takes place.it pains me to say it but if TRFC was an English club, a Spanish Club or from any other European country then I am quite sure we would be party to much clearer reportage of events unfolding in Govan as we speak.
manandboy says:
Wednesday, April 24, 2013 at 12:59
SFA CEO, Stewart Regan’s last public statement exactly one year ago.
The original is still available on the SFA’s website:-
http://www.scottishfa.co.uk/scottish_fa_news.cfm?page=2550&newsCategoryID=36&newsID=9731
_________________________________________________________________________
Updated version:-
“Rangers have been part of the fabric of Scottish football’s history, but due to liquidation, can have no part in its future prosperity.
“The Scottish FA must act with integrity and with the best interests of the game at heart.
This will, however, require root and branch reform in which major redundancies will be
necessary.”
greenockjack says:
Wednesday, April 24, 2013 at 15:03
Chris Mathers will be doing all the media interviews this week.
No Honeymoon period, no benefit of the doubt, the situation demands you get fired in right away…..
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OK gj here goes……
Mr Mathers !! Mr Mathers…..Hi …Youtawknaboot, with TSFM.
Hi Chris, can you tell us if you were involved in anyway in discussing Mr Greens' severance package.?
& are you happy to be labeled by some..that you are the first RIFC CEO who ticks all the boxes?
Another great article by James Forrest.
http://t.co/NId1kjEejz
rantinrobin says:
Wednesday, April 24, 2013 at 15:27
It is our grave misfortune that we live in a small country where this takes place.it pains me to say it but if TRFC was an English club, a Spanish Club or from any other European country then I am quite sure we would be party to much clearer reportage of events unfolding in Govan as we speak.
—————————————–
This is why is is such a great shame that, Alex Thomson excepted, the London media haven’t been interested. It would have given the local journalists something against which to measure themselves, rather than just wait for crumbs from club PR departments’ tables for fear of losing access, and would have brought an external perspective that would have surely led to many of the people and institutions involved being lambasted for their actions – as they were happening, rather than with hindsight.
That is a magnificent piece by James Forrest.Written without fear or favour.Bravo!
zerotolerance1903 says:
Wednesday, April 24, 2013 at 14:55
———————————————
Assuming they remain a pubic company(!), I stand corrected ZT. That may though be a big assumption?
A friend of mine (who ‘invested’ in Rangers shares before the admin/liquidation, and is therefore now a small creditor) said that anyone in line to join the board at Rangers should be jailed in the first place. They should then be allowed out when they can prove their innocence. He thinks this would keep the spivs away, save a lot of time, and cut through a lot of the confusion.
torrejohnbhoy says:
Wednesday, April 24, 2013 at 12:46
I’ll bet the SFA/SFL are hoping TRFC enter administration with 2 weeks of the season left.That way they can deduct them 15 pts and they’ll still have enough to win promotion even if they lose their last 2 games.It should be more,of course for a 2nd administration but that’s only if they’re the same club!
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Now that would be a delicious dilemma for ra Peepul….
1. Argue that they are the same Club and get a 25 point deduction that keeps them in Division 3 or
2. Argue that they are in fact a new Club and thus only merit a 15 point deduction – and can continue on to Division 2
The gift that keeps on giving….
Scottish football needs a strong Arbroath!
This could be fun and one to listen to
Kenny Macintyre @bbckennymac 2h #BBCSportsound tonight.@TomEnglishSport in with John Brown.John demanding explanation of Tom’s comments-that Bomber was howling at the moon.
Just woke up and read this…
youtawknaboot says:
Wednesday, April 24, 2013 at 15:43
2 0 Rate This
greenockjack says:
Wednesday, April 24, 2013 at 15:03
Chris Mathers will be doing all the media interviews this week.
No Honeymoon period, no benefit of the doubt, the situation
demands you get fired in right away…..
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
OK gj here goes……
Mr Mathers !! Mr Mathers…..Hi …Youtawknaboot, with TSFM.
Hi Chris, can you tell us if you were involved in anyway in
discussing Mr Greens' severance package.?
& are you happy to be labeled by some..that you are the first RIFC CEO who ticks all the boxes?
~~~~~~~~~~~~~~~~~~~~~~~~~~~
…and thought to myself, Chris Mathers? Whose he? Are there two Mathers, like the two Mathers pubs in Edinburgh?
Or did you mean Craig Mathers?
Come on guys. I was confused enough before, but now you're just taking advantage of my weakened state.
Next you'll be telling me that there are two Craig Whytes!
Whose he????? Oh dear. I’m worse than I thought. Nurse!!!
valentinesclown says:
Wednesday, April 24, 2013 at 15:44
Another great article by James Forrest.
http://t.co/NId1kjEejz
=================
Yes, good summary and a helpful reminder about some of the murkier goings-on at the SFA.
IMO, the sooner TRFC is sorted out – one way or another – the sooner we can then focus on the footballing authorities – and the SFA in particular.
The continuing nonsense coming out of iBrox must be a relief at Hampden – as it keeps them out of the firing line – for now.
Even if Ogilvie and Regan resigned tomorrow the damage has already been inflicted on both their offices and on the organisation itself.
IMO, the perception is that fans of all clubs simply don’t trust the SFA.
And as many agree : nothing is going to ‘start’ to change for the better in Scottish Football until there is a widespread clearout / restructuring / amalgamation of the SFA/SPL/SFL.
http://t.co/Gvxn50dizq
well,well, well.things getting very interesting!
valentinesclown says:
Wednesday, April 24, 2013 at 15:44
0 0 Rate This
Another great article by James Forrest.
http://t.co/NId1kjEejz
__________________________________________________________________________
Just read James Forrest’s terrific article – a true must read.
However,
Though this article represents another superb piece of ammunition,
We have as yet no gun, i.e. no mainstream media, with which to use it effectively.
James finishes with ‘over to you Stewart Regan’.
Are we really looking to SR to fire our ammo?
SR will skip or delete this article before he gets to the end of the first paragraph!
Minds will however be changed I’m sure by James’ excellent piece and resolve will surely be strengthened. I’m all for that.
But without a mainstream outlet, our only proven effective weapon remains the ST.
Which makes me wonder – has PL come up with a clever disarmament plan for CFC fans at £100 a time ?
Brilliant article, James.
Play for Today: “Too Late to Talk to Billy”
rantinrobin says:
Wednesday, April 24, 2013 at 16:47
http://t.co/Gvxn50dizq
well,well, well.things getting very interesting!
===================================
rantinrobin says:
Wednesday, April 24, 2013 at 16:47
0 0 Rate This
http://t.co/Gvxn50dizq
well,well, well.things getting very interesting!
_____________________________________________________________________
And the details are as follows:-
RNS Number : 1555D
Worthington Group PLC
24 April 2013
Worthington Group Plc
24th April 2013
FOR IMMEDIATE RELEASE
Worthington Group Plc (the “Company”) – Conditional Fee Agreement
Conditional Fee Agreement
The Company is pleased to announce that Law Financial Ltd (“Law Financial”), its 26% owned associate, has now entered into a Conditional Fee Agreement in relation to claims that Law Financial, through its subsidiary Sevco 5088 Ltd and separately, has to all of the business and assets of The Rangers Football Club (“Rangers”) which were purchased from the Administrators of RFC 2012 Plc by Sevco 5088 Limited, or Sevco Scotland Ltd, in June of 2012.
The principle terms of the Conditional Fee Agreement are as follows:
Solicitors and Leading Counsel acting for Law Financial will share 7.5% of the recently issued and to be issued unsecured convertible loan stock and up to 18.5% of any successful claim in relation to the business and assets of Rangers.
The Company notes the announcement made on 22 April 2013 by Rangers International Football Club Plc (“RIFC”) in which, contrary to other recent public announcements and statements by Mr Green and RIFC, RIFC now, five months after the publication of the Admission Document published for its flotation, claim to own Sevco 5088 Ltd.
We also note today’s announcement by RIFC, and would like to confirm that solicitors, acting for the Company and Law Financial, are in a position to provide compelling evidence that Messrs Green and Ahmad received a letter before claim in December 2012, having received previous correspondence, and chose to ignore it.
In the light of recent public admissions by Mr Green, including his admission that he and Mr Ahmad deceived Mr Whyte, a fresh letter before claim is being prepared against, inter alios, The Rangers Football Club Ltd and Messrs Green and Ahmad. This letter will include additional or alternative causes of action to those already particularised in the December 2012 letter.
The shares in RIFC purportedly owned by Messrs Green and Ahmad will also be the subject of this claim.
During the course of the Company’s due diligence process, relating to its purchase of a stake in Law Financial, information has been discovered relating to the conduct of Mr Charles Green and Mr Imran Ahmad, this has today been reported to the Serious Fraud Office.
Enquiries:
Douglas Ware, CEO Worthington Group Plc: dougware@worthingtongroupplc.co.uk
Anne Alesbury, PD Cosec Limited,
Company Secretary, Worthington Group Plc on 0208 940 0963
This information is provided by RNS
The company news service from the London Stock Exchange
Andrew Young @Hullbhoy 21m
Oh wow!
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11561457 …
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Serious Fraud Office, then. Oh dear, now wonder CG has scarpered abroad.
Alas, if you read Private Eye the SFO is about as competent as the SFA when it comes to investigating and punishing wrongdoing.
Anyone shed any light on which administrators Charlie has used in past involving his Companies that have been wound up?
rantinrobin says:
Wednesday, April 24, 2013 at 16:47
http://t.co/Gvxn50dizq
well,well, well.things getting very interesting!
===================================
My initial take is that this announcement is a negotiating ploy ?
It is only confirming ‘normal operational’ activities, i.e. the content would not have to be subject to public dissemination ?
Popcorn on standby… 🙂
Douglas Fraser @BBCDouglasF 4m
Serious Fraud Office sent file of #Rangers takeover evidence by Craig Whyte’s new corporate ally, Worthington. Legal action threat renewed
———————————————————–
Looks like James Forrest’s wish may be about to be granted. Whilst the SFA is a joke, the SFO isn’t.
The noose is tightening and John Brown’s confrontation with Tom English tonight may spark some more fires.
The reality, though most have tried to deny it over the past 12 months is that Rangers, like Cowlairs and St Bernards before them – both big clubs in Scottish football – are dead.
They are not coming back, not now, not next year, not in 3 years time. They are dead, despite the wheezing of TRFC in the past 12 months – that will soon die down.
rantinrobin says:
Wednesday, April 24, 2013 at 16:47
http://t.co/Gvxn50dizq
well,well, well.things getting very interesting!
================================================
Interesting isn’t the word – maybe dynamite!
‘During the course of the Company’s due diligence process, relating to its purchase of a stake in Law Financial, information has been discovered relating to the conduct of Mr Charles Green and Mr Imran Ahmad, this has today been reported to the Serious Fraud Office.
rantinrobin says:
Wednesday, April 24, 2013 at 16:47
http://t.co/Gvxn50dizq
well,well, well.things getting very interesting!
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Ouch..!!
Can anyone tell me please, where does this leave Duff & Duffer(c) in all of this ?
At the risk of `spuriously speculating`
How in the name of Methuselah are the Scottish Authorities going to explain this away
What on Earth have they all being doing all this time?
rantinrobin says:
Tuesday, April 23, 2013 at 12:29
41 0 Rate This
I have just been on chat with Tom English,re licence issue.
His response .
‘ I would advise caution before you start getting a bulge in your trousers over their licence being revoked. Remember the near orgasmic anticipation among some Celtic fans about title stripping. Don’t second-guess things is my advice’
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No harm in second guessing Tom.I hope you are well prepared for BBC Sportsound bout with John Brown tonight.You might get more than ‘a bulge in your trousers’!
youtawknaboot says:
Wednesday, April 24, 2013 at 17:16
rantinrobin says:
Wednesday, April 24, 2013 at 16:47
http://t.co/Gvxn50dizq
well,well, well.things getting very interesting!
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Ouch..!!
Can anyone tell me please, where does this leave Duff & Duffer(c) in all of this ?
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I think there will be transatlantic calls from their American HQ right now asking the same question 🙂
Can’t wait to see how the SFA try and explain this one away. Morons.
Oh dearie me. This just got a whole lot more interesting.
Now what will AIM and BDO do ?. As James Forrest pointed out how much information do you need before action is taken?.
Are we about to hear some more recordings from the MBB ?
“…information has been discovered relating to the conduct of Mr Charles Green and Mr Imran Ahmad, this has today been reported to the Serious Fraud Office. ”
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At the risk of sounding like a killjoy, and remembering that wee Craigy could be involved in this press release : it’s one thing passing info onto the authorities, but whether they decide to act or not is something quite different.
More than happy to be ‘absolutely’ wrong of course.
More popcorn on standby, just in case.
Of course BDO could enter the fray and say no-one is getting anything until we decide what to do, in the best interests of the original creditors. Who let’s remember are the real victims in all of this.
It could turn out the assets don’t belong to any of the assorted spivs, rogues and charlatans.
I guess the real question is what league will The The Rangers play in next season?
could they not have reported ally to the fraud squad as well ?
humourless gits.
As implied in my rant of earlier this morning these are all warning shots across the bows.
No legal action is declared as yet though it is all worded to sound as though it may all kick off in the courts.
Passing info to the SFO is just there to let others build the case without the need to pay for lawyers at this time.
If they don’t get a pay off from RIFC during the closed season then expect the button to get pushed before the third Division flag gets raised at Ibrokes.
This truly is the gift that keeps giving. 🙂
alex thomson @alextomo
#c4news Worthington has reached a fees agreement with lawyers to take various legal action against both the club, Mr Ahmad and Mr Green.
#c4news This relates to Worthingon’s claim not just on the assets of Rangers FC but on the shrares in the club owned by Green/Ahmad.
TEGF the gift that keeps on giving?
I am beginning to think that in this game of poker it’s time for Mr Whyte to put up or shut up.
If the evidence is compelling why has TGEF not passed instructions to his legal team to go to Court? Of is he wanting to make people sweat it out first?
Can I take this opportunity to thank SIr David Murray for his inspired choice in selling RFC to Mr Whyte and in doing so providing us with so much to explore and discuss
zerotolerance1903 says:
Wednesday, April 24, 2013 at 17:36
I guess the real question is what league will The The Rangers play in next season?
======================================================================
The real question for me is will Rangers be playing anywhere next season.
Does this mean that Chas’ shares won’t get punted to the Mitchell Brothers- as breathlessly reported, without any fact checking, by BBC Shortbread yesterday? Pity, I was quite looking forward to that.
Well, my brother has just been on the phone from London city airport, passing through to his onward destination.
Wasn’t he just standing next to Ally McCoist (carrying a brown paper envelope and a copy of the Daily Record?!!) and who was accompanied by an Asian bloke?!!
Why would the first team coach be at London City airport? Urgent matters to be attended with no doubt …. probably just a bit of scouting though…!!!
In fairness to Ally, my brother lives out of the country and only ever hear’s me referring to him as being of a certain size, and his quote was “I thought he’d be fatter!”
Araminta Moonbeam QC says:
Wednesday, April 24, 2013 at 17:45
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So the message to the Mitchell brothers might be (appropriately) “C’mon, get off” ?
Come to think of it, would that not be a better motto for the “club” than ‘Ready’?
Or maybe they could just tweak the present one to ‘Ready to go into administration (again)’
Long Time Lurker says:
Wednesday, April 24, 2013 at 17:44
I am beginning to think that in this game of poker it’s time for Mr Whyte to put up or shut up.
If the evidence is compelling why has TGEF not passed instructions to his legal team to go to Court? Of is he wanting to make people sweat it out first?
_____________________________________________________________________
If I was a cynical man, which I am, I would suspect that timing is going to be everything here.
If I was Craigie, I would wait till about 3 weeks before the next season starts. Let Sevco rake in the season ticket cash and then freeze the lot by raising a cease and desist. More in the coffers then for Craig if he takes over, and the close proximity to the season start would throw everyone into a panic, which may see him get a deal without going to court.
Should we have a whip round for the MBB when all this is over? I’d quite like to get him a little something for all the hours of entertainment he has provided.
zerotolerance1903 says:
Wednesday, April 24, 2013 at 17:36
I guess the real question is what league will The The Rangers play in next season?
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20000 leagues under the sea (with CG playing Ned Land)
for the better informed on here – did Worthington ever get their 3M back? see : http://local.stv.tv/glasgow/300392-pension-fund-claims-3m-unauthorised-payment-to-rangers/
it is also mentioned in their annual report. : http://www.worthingtongroupplc.co.uk/pdf/FinalWorthington-Group-plc_Annual_Report_2012.pdf
1. zerotolerance1903 says:
Wednesday, April 24, 2013 at 08:43
In view of recent media speculation, the company wishes to clarify that Sevco 5088 is not an active subsidiary of the Rangers International Football Club plc. It is and has been a defunct non trading company over which termination proceedings began last year and which would have been struck off by the Registrar of Companies had false claims of directorships not been filed recently at Companies House. Sevco 5088 was listed in the company’s announcement dated 22 April 2013 to comply with the AIM Rules for Companies requiring disclosure of directorships held by the directors of the company both currently and during the preceding 5 years. Sevco 5088 was not the acquisition vehicle which purchased the assets of Rangers Football Club.
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If true
It is the final piece in the jigsaw of what actually happened on 14 June 2012 the date when RFC assets were sold and Whyte and Earleys combined holding in Sevco 5088 was diluted below Green
This is almost certainly what happened
Green holds a one man Sevco 5088 Board Mtg on or just before 14 June2012. He ignores Whyte and Earleys right to participate. He pretends to himself that they are not Directors His logic is they can`t prove they are Directors without filing their appointments at Companies House. Doing so would risk a charge of phoenixing and collapse the entire purchase deal. So he gambles they will stay silent at least until the deal is done .His hunch proves correct and events move on without a challenge by Whyte
At his one man meeting two resolutions are passed by Green as the “sole” Director
He passes a resolution which dis- applies the right of any shareholder to prevent his shareholding being diluted when new shares are created out of thin air. This resolution needs a 2/3rds majority which he fiddles by ignoring the disputed Whyte and Earley holdings
He then passes a resolution to inflate the volume of Sevco 5088 shares from 2 to
(say) 50million of which (say) 30m are available for sale to 3rd Parties. All existing shareholders including the disputed holders Whyte and Earley automatically have their holding scaled up on the basis that if (say) 30m extra shares are being created they will only get a pro rata share of 20m shares
The law says that existing shareholders must get first refusal on buying new shares if they wish to prevent their holding being diluted in % terms. So Whyte and Earley are entitled to be offered first refusal on any new shares
However since Green hasn’t asked them to the meeting they are unaware of what has happened until it is too late .Also by passing the dis- application of rights resolution Green gives himself another argument to support what he does next
Green then sells 30m shares to Sevco Scotland for a nominal sum. This give him and Sevco Scotland over 66% of the voting rights in Sevco 5088
Sevco Scotland thus becomes the parent company of Sevco 5088
Green gives D&P legal proof that Sevco Scotland have just acquired Sevco5088 and thus acquired the right to buy the RFC assets. He instructs D&P to deliver the assets to Sevco Scotland
Has anyone else noticed that the next players to enter the stage are described as ‘tycoons’.
What is it about this shambles of a club that every potential owner or bidder has to be a tycoon, billionaire, or millionaire entepenure. Why can’t the fan base understand that the ONLY way their club can move forward is to live within their means.
It is their constant craving to have someone else pay for their success that has got them into this situation not once but twice.
blindsummit63 says:
Wednesday, April 24, 2013 at 17:55
I think better timing would be just before they start taking in season ticket money so Rangers will panic when the money doesn’t roll in as expected. Like about now?
Will the last person out please switch off the lights.
Good summary gg : think you are spot on there.
I think Goosy has the rough scam/switcherooni nailed. Its all well and good until some bampot rumbles it, eh?
And yes, the constant bandying about of ‘tycoons’ and ‘billionaires’ is ridiculous but entirely designed to appeal to the hard of thinking that read the S*n and the DR. Analytical thinking not required. Tell the hordes what they want to hear. Reality – scrapping about and getting woeful results in the lower leagues, in front of a declining crowd (even if they manage to survive this) has still not bitten.
Long Time Lurker says:
Wednesday, April 24, 2013 at 17:44
1 0 Rate This
TEGF the gift that keeps on giving?
I am beginning to think that in this game of poker it’s time for Mr Whyte to put up or shut up.
If the evidence is compelling why has TGEF not passed instructions to his legal team to go to Court? Of is he wanting to make people sweat it out first?
+++++++++++++++++
Whyte has passed his hand to this Worthington outfit, who have immediately found lawyers to take the case on. That is called upping the ante, I believe, since any negotiated settlement will now have to include paying off those lawyers.
RIFC are now playing poker with the big boys, who appear to be holding 4 aces,and I doubt if all the blazers brogues and aprons in Scotland can get them out of this corner. The fundamental problem is that they really can’t afford all this right now. What lawyers will take them on, and on what terms? They have very little money left by now.
And think of the impact this will have on season ticket sales. Most people who buy a ticket for anything want to know that the event will take place, or failing that, they’ll get their money back. With TRFC, nobody can be confident on either front.
Surely AIM must now suspend trading. Allegations of a false prospectus, a dispute over ownership of all the assets, what more does it take? Of course I expect nothing from the SFA/SFL no matter what comes up- that’s my confidence level in them.
goosygoosy says:
Wednesday, April 24, 2013 at 18:00
Just Brill Goosy 😉
Assuming they have access to the same information, I’m pretty certain the lawyers employed by Worthington will have come to a very similar conclusion to the lawyers employed by RIFC.
If the RIFC board are presented with evidence that the assets they now control were obtained by fraudulent means, the RIFC board must report this to the authorities,
The current board of RIFC now have to protect themselves personally. They absolutely must act with the utmost integrity. In doing so, and in the circumstances, they also must act in the best long-term interest of their shareholders.
The board may now be assessing some preliminary advice that they have been given by Deloitte & PM. If this does suggest criminal wrongdoing by an employee or ex-employee, the board do not have a great deal of time to act before their own conduct becomes a significant part of a police investigation.
Inaction is the most common form of cover-up.
It will be interesting if after their “review”:
They now reconsider or simply reinforce their statements from the last few days.
They seek to have trading in their shares suspended.
They seriously consider whether it is sensible or prudent to continue trading.
Some very, very difficult decisions may be rolling up in front of the RIFC board.
We go back now to the question posed at the time – how could these `assets` be transferred unencumbered?
How does that song ‘Strangers in the Night’ go?
Oh thats right
Dupey Dupey – Duped,
Duped – Dupey Dupey,
Dupey Dupey – Duped, etc etc etc