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.
“Show us the deeds” many have asked – now, it seems, someone is showing them, but it actually didn’t matter what was in them after all.
I believe the picture shows a land certificate – in effect a copy of the information held at the land register – that information is covered by a state guarantee, that what is shown is correct. The solicitor submitting the information is expected to highlight any matters which might cause the land registry to question the quality of the title to which is being claimed.
Once that information goes on the land register, it can only be challenged and subsequently changed by the terms of Section 9 of the Land Registration (Scotland) Act 1979 – http://www.legislation.gov.uk/ukpga/1979/33 by the order of the Lands Tribunal. The record cannot be changed if said change would “prejudice the proprietor in possession”.
As far as I am aware, the record shows that Sevco Scotland Limited (subject to their change of name) are the proprietor of the properties once owned by Rangers. They would seem to be in possession of those properties.
If the Lands Tribunal considers there has been a fraudulent transaction, then I would imagine that even a reduction of the disposition to Sevco Scotland, would only mean that whoever is laying claim to those assets is compensated by the land register as they would not be able to remove the proprietor in possession – Sevco Scotland.
I think it’s called a bijural law – the property law would say that the claimant should own the property but the registration law says that whoever is shown as being the owner and is enjoying use of the property, cannot be removed from it.
This doesn’t cover re-possession under a power of sale for default on a mortgage. Or a floating charge.
So while it is just a picture of some guy with a folder full of paper, there is a some rather boring legislation behind it that would confer some sort of legitimacy as to who owns what.
At this point in time anyway.
Article in the sports section of today’s Sunday Times – apologies not able to provide a direct quote.
McCoist – John Brown showed me documentary evidence that suggested that Charles Green was taking the club into a dangerous position.
McCoist – it transpires that John [Brown] was right.
McCoist we [John and I] dissagreed about how best to fight for the club – I thought it better to stay and fight from the inside – without the 38,000 SB sales the club would not have survived.
————————
Some questions – which the MSM could perhaps put to Mr McCoist.
Mr McCoist – what exactly did you do to fight for the club with the knowledge that you had last summer following the disucssions with John Brown? Do you raise the allegations/concerns put to you by John Brown with the board, the licensing authorities, the regulators?
Mr McCoist – did you agree that the risks the club faced, as presented to you by John Brown were likely to be true – or did you fundamentally disagree with the hypothesis that was presented to you by John?
Mr McCoist are you saying that the future of the club was best served by keeping the information under wraps so to speak whilst asking the fans to purchase season books?
Mr McCoist are you also saying that when the owners of the club moved to ask fans to pay £500 for shares that it was correct for the best interests of the club to shield fans and potential investors from the information that John Brown had made available to you?
Mr McCoist – if a lawyer or regulator suggested to you that you were complicit in a cover-up and/or a fraudulant act (e.g. a IPO in the knowledge that the ownership of the assets was disputed) how would you defend that suggestion?
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Finally, a question for the internetbampots: could Mr McCoist be in some difficulties by revealing that he had been presented with documentary evidence from Mr Brown [suggesting that the club may be in difficulties re ownership of the assets] – yet he had chosen to remain at the club, and worked to convience fans that the club was safe in the hands of Charles Green – to the extent that fans them moved to purchase season books?
paulmac2 says:
Sunday, April 28, 2013 at 10:49
I haven’t actually read it either, so apologies for this. Apparently he said that the owner wasn’t Craig Whyte, but did not say who it actually was.
I suspect BDO know who the owners are, or at the very least have a list of people / companies who claim to be the owners. I further suspect that they have or are awaiting all of the Duff and Phelps papers outlining who they sold the assets to.
Long Time Lurker says:
Sunday, April 28, 2013 at 10:57
…………………………………….
To be fair to Ally…he thought it better to fight for the club from within….the 750k salary had nothing to do with that decision…although I haven’t seen to much in the way of speaking out…
neepheid says:
Sunday, April 28, 2013 at 08:55
cheers for the reply.
Having had a quick skim of the share prospectus (http://scotslawthoughts.files.wordpress.com/2012/12/rifc-prospectus.pdf), In section B.11 of the summary it states that:
“Not applicable; the Company is of the opinion that the Group has sufficient
working capital for its present requirements, that is for at least the 12 months
following the date of publication of this document.”
One wonders. By stating that they had sufficient capital already in place to meet expenses already in place, and by stating that the purpose of funds raised was for capital projects (upgrades to Ibrox, acquisition of land assets etc etc), would the use of IPO funds to finance day to day running, considering that they are still within a business model that must have been known at the time of publication, constitute falsification of the IPO prospectus?
Now I presume that some of their purchases (auchenhowie, edmiston hse) could be claimed to have come directly from IPO funds even where those purchases were from before the IPO?
I guess what I’m trying to ask is if there is a legal duty to use the funds raised for the purposes that they were intended in the prospectus?
Morning all.
It seems reconstruction is back on the table,with a decision to be made one way or the other,this week.
Are we still talking 12-12-18?.
If so then surely ST income will suffer if TRFC find themselves in the bottom league.Add this to the ownership debate,SFA Licencing(accounts due this week?),amongst other things like Police Investigations then surely the board of RIFC,whoevers left, will have to issue a statement soon wrt the future.
Who is left?.
Stockbridge,Greens man is alone at TRFC whilst over at RIFC,Cartmell is supposed to be going with rumours that Walter is next.
chipm0nk says:
Sunday, April 28, 2013 at 10:58
paulmac2 says:
Sunday, April 28, 2013 at 10:49
I haven’t actually read it either, so apologies for this. Apparently he said that the owner wasn’t Craig Whyte, but did not say who it actually was.
…………..
In the words of Neil Patey…technically it is SEVCO who own Ibrox…not Craig Whyte…but who owns SEVCO…and where the assets acquired fraudulently?
theglen2012 says:
Sunday, April 28, 2013 at 10:53
“As far as I am aware, the record shows that Sevco Scotland Limited (subject to their change of name) are the proprietor of the properties once owned by Rangers. They would seem to be in possession of those properties.
If the Lands Tribunal considers there has been a fraudulent transaction, then I would imagine that even a reduction of the disposition to Sevco Scotland, would only mean that whoever is laying claim to those assets is compensated by the land register as they would not be able to remove the proprietor in possession – Sevco Scotland.”
Are you actually saying that if a fraud is proven that the properties would remain with the benefactor of the fraud? That the defrauded could not reclaim title to the properties? Only sue for compensation? That sounds absolutely ridiculous…..
I completely agree.
That is my reading of the 1979 Act – but I may be wrong.
http://www.scotcourts.gov.uk/opinions/KIRKWALLA4509.html this some case law regarding it.
is Sandy Bryson moonlighting at the land registry ?
The IPO dosh is still there. Not all of it, probably around 50%. Well, that’s a relief I can tell you. Ally can get on and spend it then on his next batch of well scouted, highly skilled, free transfer, supported Rangers since I was a boy mercener…I mean players, all desperate to become part of the SFL2 champions in waiting squad.
Or can he?
The Cardigan was allowed to spend the best part of £20m in 2008 when a more pragmatic board would have made provision against a potential tax liability. The “show us the deeds” question, as Paul Murray admits, casts a shadow over the validity of the IPO.
How can the board sanction any more spending of IPO money until it is proven beyond any doubt that it was obtained in a proper manner?
It can’t. Well, it shouldn’t. But it might.
This is a company, after all, that makes the most ludicrous business decisions that are clearly not in shareholder interests. I’ll give you the salaries and bonuses paid to directors for a start. MM, BS, IH, WS et al sanctioned these.
There must be some validity to Whyte’s claims. I’ve no idea but Green’s departure, Deloitte & Pincent Masons investigations wouldn’t have happened otherwise.
So cash flow is very tight, costs are too high and the IPO money should be ring-fenced pending absolute proof of ownership and clarity on floating charges.
How do The Rangers fund next season?
Rather a lot depends on the outcome of Deloitte/Pincent Masons report but it carries no legal weight. Whyte could go to court, the SFO might launch an investigation.
So again, how do The Rangers fund next season?
In fact how do they get to next season?
jerfeelgood says:
Sunday, April 28, 2013 at 11:17
neepheid says:
Sunday, April 28, 2013 at 08:55
Now I presume that some of their purchases (auchenhowie, edmiston hse) could be claimed to have come directly from IPO funds even where those purchases were from before the IPO?
I guess what I’m trying to ask is if there is a legal duty to use the funds raised for the purposes that they were intended in the prospectus?
—————————————————————————————————–
Auchenhowie purchase costs have nothing to do with IPO fundraising. Edmiston House was leased and that lease wasn’t paid off until earlier this year presumably from IPO money which is fine. I haven’t seen any independent proof that it was paid-off mind you. However that issue is well documented in the share prospectus.
I am also certain that without looking again at the Flotation Prospectus it clearly stated that some of the money raised would go to meeting operating costs so I really think these issues are red herrings.
Investors should do their own research before investing in anything and unless there is a criminal authority to defraud uncovered a board has a very wide remit in spending flotation money depending on a whole series of issues which can’t always be fully anticipated at the time of flotation. Obviously if shareholders are unhappy with a board’s performance they have a variety of options at their disposal.
The real issue here is whether Sevco Scotland or whoever had 100% legal right to the assets or whether Sevco 5088 has any claim and for how much? Only 2 possibly 3 people know the full answer to that one IMO. The rest have to wait for the investigations taking place if their findings are ever made public. Of course events might overtake that process and that really depends on how much is left in the kitty and what the fan reaction will be to buying STs.
The more to come out of this rotten, stinking corpse, the more pathetic Scottish football looks, the lack of comment from the SFA says to me they don’t have a clue what to say, they are totally out of their depth 🙂 in my opinion both organisations deserve all they get ……… Cheats always get caught ……… In any walk of life.
When’s the ‘cross-bar’ challenge. The stadium name change and all the other exciting adventures sevco promised the fans?
I’m loving how everyday us non-sevconians get a wee snippet of life in ‘the bighoose’ 🙂
My genuine apologies – on further reading,
“the Keeper may exercise his power to rectify only where—
(i)the purpose of the rectification is to note an overriding interest or to correct any information in the register relating to an overriding interest;
(ii)all persons whose interests in land are likely to be affected by the rectification have been informed by the Keeper of his intention to rectify and have consented in writing;
(iii)the inaccuracy has been caused wholly or substantially by the fraud or carelessness of the proprietor in possession; or
(iv)the rectification relates to a matter in respect of which indemnity has been excluded under section 12(2) of this Act;
(b)the court or the Lands Tribunal for Scotland may order the Keeper to rectify only where sub-paragraph (i), (iii) or (iv) of paragraph (a) above applies [F6or the rectification is consequential on the making of an order under section 8 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985.]
————-
So it can be changed if “(iii)the inaccuracy has been caused wholly or substantially by the fraud or carelessness of the proprietor in possession” – I’ll double check legislation before I post in future. As clearly if there is a fraudulent transaction, the record can be changed.
theglen2012 says:
Sunday, April 28, 2013 at 12:10
=========================
So, it’s not the case that if someone gets a property they stole registered in their name then they just get to keep it.
Lets not forget…some of the IPO was promisery on certain criteria being met….the amount of money left is open to debate…only a full set of audited accounts will clarify that once and for all…until then there has NOT been and will not be anything to nail the financial health of SEVCO…and no matter what PR sound bites are thrown into the public domain by those from Ibrox will change that!
torrejohnbhoy says:
Sunday, April 28, 2013 at 11
Slow down a bit!
It would appear that those resolute SPL chairmen have come out of their wee cream puff that Gilmore/Rc bloke (apols Dingwall) came out with the plaudits and not them. SFL1 appear to have manouvered a play off place (I think spencey said they were trying for, but won’t get, 2) in return for the added excitement (hold me back) basically resurrecting the tv and sponsorship deal that Doncaster has sold/ negotiated/definitely thought about and will get onto it as soon as/ begged for and finally paid our good money for (since presumably they will at least continue the parachute/distribution to SFL1 as before and presumably enhance it which is the source of the broo haha in the first place).
Three questions.
1/ Is this all of the deal in play? Specifically is it 12-10 or are two more invited (which I have no problem with as such to make the 12-12 (but no 8-8-8) as before). And the criteria for invite is…… And what drives such an invite, the desire for a second 12, or the invite itself?
2/ Assuming we get roughly the same sponsorship/tv deal as before then that means less money in the SPL itself, and more in the SFL1. I don’t have a problem with this per se but the POTY debate fanatics are going to have to get used to it.
3/ What will the SFL 2 and 3’s reaction be? The mean spirited might suggest/see merit in a merged 8 plus 10. There is then the question of play offs here for the end of next season which, coupled with Sevco’s own tv rights would seem to be their bargaining chip in all of this.
On sevco, purely because you asked, I don’t see anything good in it for them since you would expect the 17 to vote in favour of keeping them where they are, promoted to the shiny, new, improved SFL2 (with another 9 invitees) alongside.
On restruction, to paraphrase the sportsound guys yesterday they’re going to cherry pick the bits of the restructure that we all liked, or were at least forced to concede the merit in, and drop the bits we didn’t.
And on the face of it I don’t have a probem with that
http://www.bbc.co.uk/news/uk-scotland-22324976
Interesting news story.
If HMRC nail Murray on EBT’s and declares them unlawful……
If SFO/BDO/polis find Whyte and Green’s ‘purchase’ to be fraudulent…….
Then no-one owns the club and the club have shafted shareholders, vendors, tax payers and fans. Why not sell the whole shooting match and donate all proceeds to the community fund, at least some good will have come out of this ongoing disgrace.
John Brown, manager of Dundee FC, a club who are members of the SFA…….goes on national radio and tells the nation that the Chief Executive officer and Director of Rangers FC – a club also with SFA membership – is a conman.
Vincent, anything to say on the matter?
Unless Bomber can back this up…is he not bringing the game into disrepute.
and if he CAN back it up…well, what about Green? I know he has left the building now, but surely he should be given the “Craig Whyte” treatment
At least neither man swore…..racism being perfectly acceptable in Scotland.
Thought of the most likely outcome for my question 1 above. 12 – 10 for season 2013-14 then no relegation and two promotees from SFL2/3 the season after. That would seem to answer a whole host of agendas (apart from the longevity of one of the main players).
chipm0nk says:
Sunday, April 28, 2013 at 12:16
————————
Not if it was as a result of fraud or carelessness on the part of the owner.
I was clearly completely wrong/being an idiot.
Not deliberately though.
According to the Media House /Traynor inspired damage limitation campaign that was launched today, in a PR “Shock & Awe ” blitz, everything will turn out just fine .
Maybe it will, although nothing revealed in today’s “revelations” actually proves anything or is in fact new in any way
The Deeds.
Classic distraction. This is not the issue . The issue is was fraud used to acquire those deeds. The only response from Stockbridge is to say Whyte is deluded. Green said the same thing and was gone a week later.
Lee McCulloch
“Coisty is a good guy, and needs our support ” Nothing to do with the fact McCoist is the only manager on the planet would would have given McCulloch a £550,000 a year contract extension which has him earning that ludicrous amount until he is 37 and hacking his way through part time teams, and getting humiliated by any half decent team.
He also said exactly the same thing before his pal gave him his new contract, and absolutely nothing to do with the fact he has a book to sell.
Dave King
I have proof Whyte has no case. Really Dave ? You said last year you had proof Whyte had agreed to sell shares to you. How did that work out ? You said you had proof Murray conned you and you were going to sue him. Maybe you are, but we are 13 months down the line and no sign of any court action that I can see.
King helpfully laid his credentials on the line in this Herald interview from March 2012
http://www.heraldscotland.com/mobile/news/home-news/dave-king-to-sue-sir-david-murray-for-20m.1331127558
There are a couple of gems , that I want to highlight
8. My own present position- I seem to be one of the few people who actually invested cash into the club. I have made a claim of GBP 20 million on the basis of non-disclosure by the then Chairman, David Murray, of Rangers true financial position as far back as 2000. Other shareholders may feel deceived like I do and wish to take similar action. (David Murray will no doubt argue to the contrary and the merits of this will be dealt with in due course in the appropriate forum.) For present purposes however, I simply want to advise the fans and fellow shareholders that any benefit I receive from my claim will be fully reinvested into the restructured football club. I remain 100% committed to the Rangers football club and will do whatever I can to advance its interests.
So, you will invest £20 Million in Rangers if you win the court case against Murray, that you haven’t started yet . That’s like promising to invest your lottery winnings, yet refusing to buy a ticket
Meanwhile, former Rangers director Paul Murray believes the club can be saved from liquidation despite fears to the contrary by Mr King.
He told talkSPORT: “From my point of view and talking to the administrators, I’m certainly not working on the basis that liquidation is inevitable.
“I’m surprised Dave King has actually released that statement, as he certainly didn’t clear it with me. I agree with a lot of what he said, but with regard to liquidation I’m not sure I agree with that.”
That’s the type of clear accurate assessment Rangers have been missing recently !!
Jim McCall
About to swoop to the rescue, yet again, according to the PR blitz. No questioning his credentials , however he didn’t get very far last time, and has a very sensible aversion to getting involved in bad acquisitions. Jim McCall is by far the most credible individual to be connected with Rangers, yet his own quotes as recently as last week suggest he’s not getting involved .
McCall will instinctively understand it will take years for Rangers to get anywhere near the financials being produced by Celtic. The money required to support the business until it gets there could be very substantial, with little chance of a return unless Rangers play in a different League structure.
McCall made his money, by spotting opportunities others didn’t see. A bit like Dermott buying and selling London City Airport. The opportunity to make a serious return on Rangers is totally dependent on factors and circumstances completely out with the control of any owner
Not his normal type of deal at all
So all in all what we are seeing is a rehash of the PR strategy we saw last year. All that’s needed is for Brian Kennedy to appear and we have the exact same movie
P Murray in sos giving support to men he trusts ie Walter Smith and Malcolm Murray. Money still in IPO.
Stockbridge with paper (we have the deeds)
I expect Sevco fans to find their season book renewals arriving in post very soon.
Keep things simple for the simple.
Green and Imran gone in a week, not for any business practices/lapses they have done, but instead by their own words/actions that made their position untenable……now they are free to sell their shares – and they are getting a handsome pay off!
So, looks like they have been paid for their contribution and have moved on now.
Leaves you wondering if it was all just a little too easy/convenient/coincidental.
Barca,
Good summary to which I would only add
‘Soft funding’ is the new term for a club that is leaking cash like a bucket with no base and will continue to do so for at least 5 years (his timescale) which we all just have to accept, accomodate and one day, god forbid, might even need to actually fund ourselves to get back to where we were (and think we still are).
for a board that isn’t a Celtic fan site, sure goes quiet when Celtic have a game on 🙂
Not The Huddle Malcontent says:
Sunday, April 28, 2013 at 13:39
for a board that isn’t a Celtic fan site, sure goes quiet when Celtic have a game on
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Because everyone is ‘obsessed’ by Celtic FC and are ‘Celtic Haters’
arabest1 says:
Sunday, April 28, 2013 at 12:22
http://www.bbc.co.uk/news/uk-scotland-22324976
Interesting news story.
If HMRC nail Murray on EBT’s and declares them unlawful……
If SFO/BDO/polis find Whyte and Green’s ‘purchase’ to be fraudulent…….
Then no-one owns the club and the club have shafted shareholders, vendors, tax payers and fans. Why not sell the whole shooting match and donate all proceeds to the community fund, at least some good will have come out of this ongoing disgrace.
===============================
I’m not really sure where how you are linking that story to your comments on it.
Not The Huddle Malcontent says:
Sunday, April 28, 2013 at 13:39
for a board that isn’t a Motherwell fan site, sure goes quiet when Motherwell have a game on
NTHM
Not easy to read,type,and watch the gemme at the same time.
Not The Huddle Malcontent says:
Sunday, April 28, 2013 at 12:25
=============================
Yes but he wasn’t commenting as Dundee Manager, he was commenting as good old “Bomber”, the man who told everyone what was going on, in spite of not actually telling everyone what was going on.
So that’s OK.
The picture this morning of Brian Stockbridge with the “file” brought to mind Neville Chamberlain stepping off an aeroplane at Croydon, waving a piece of paper, saying, “Peace in our time”. A completely different background and set of unrelated historical characters to Stockbridge, but a very similar desire to alleviate the fears of the many, with a wave of a piece of paper. Chamberlain’s piece of paper was to buy time before a cataclysm. Is Stockbridge’s?
NTHM
Not easy to read,type,and watch the gemme at the same time.
And celebrate 🙂
I’ve just read that Murray interview. So, he’s admitting that the IPO was potentially not legitimate? Plus, Green was in cahoots with CW? Enough there to shut the big hoose down for the foreseeable. Not that it is likely to happen in this country.
Meanwhile, someone has in their hand a piece of paper that are ra deeds. Phew.
P.T. Barnum couldn’t have done better than this.
Well I hope we will. Weve never lost when Higdons scored – Except against Celtic.
A few points/questions if anyone can answer as I don’t buy newspapers through choice … so if anyone has seen a hard copy of today’s sunday mail
Brian Stockbridge opened the Ibrox safe last night to show the title deeds he claims prove Craig Whyte is on a loser.
Does he state anywhere WHO actually owns the properties ?
Stockbridge insisted every penny from the club’s recent £22million share flotation went into Rangers’ coffers and the club is still sitting with “double digit” millions in its bank account.
As there seems to be many “rangers” companies/accounts … does he specify which accounts ?
Former chief executive Charles Green, is in line for a pay-off, …. Why ? How Much ?
Imran Ahmad also set to trouser a severance package. ..Why ?How Much ?
Stockbridge is adamant he won’t follow them out the door and is not toxic in the eyes of supporters, who are anticipating another summer of off-field turmoil. …
Is he not a Zeus/Ticketus/Octopus Guy ?
He also defended the club’s decision to appoint Deloitte to undertake an in-depth inquiry into the relationship between Green and Whyte when the auditors worked so closely with the former chief executive in the past. … Strange BUT True ? ! ?
“Most of the rumours circulating are malicious and designed to destabilise. Fans need clarity and to know there is nothing untoward in the company – and there isn’t.”
…. Simple … He’s telling the Truth … Aye Right !!
Gers Fans YOU need to know for YOUR own good !!!
jerfeelgood says:
Sunday, April 28, 2013 at 11:17
8 0 Rate This
neepheid says:
Sunday, April 28, 2013 at 08:55
cheers for the reply.
Having had a quick skim of the share prospectus (http://scotslawthoughts.files.wordpress.com/2012/12/rifc-prospectus.pdf), In section B.11 of the summary it states that:
“Not applicable; the Company is of the opinion that the Group has sufficient
working capital for its present requirements, that is for at least the 12 months
following the date of publication of this document.”
++++++++++++++++++++++++
If I was a shareholder, and this all goes pop as seems likely, then I would be contacting both AIM and the police regarding that particular statement.
neepheid says:
Sunday, April 28, 2013 at 14:21
In section B.11 of the summary it states that:
“Not applicable; the Company is of the opinion that the Group has sufficient
working capital for its present requirements, that is for at least the 12 months
following the date of publication of this document.”
Does that statement say that they have sufficient working capital for 12 months, at that date, PRIOR to funds being raised from the IPO? If so, then they’ve spent nothing of the IPO cash so far as they didn’t need it. It’s still all there in the bank. Isn’t it? Or what does “present requirements” mean?
ianagain says:
Sunday, April 28, 2013 at 14:17
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Well I hope we will. Weve never lost when Higdons scored – Except against Celtic
Get your passport out Ian 🙂
Ok now we celebrate
ianagain says:
Sunday, April 28, 2013 at 14:44
1 0 i
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Ok now we celebrate
Trust me, I am
Paranoidmotherwellfan
Don’t rub it in. Well done.
There are now so many Sevco fingers plugging the holes that are rappidly appearing in the dyke that they will soon be short of fingers to plug these holes,what happenens then,we all know,so lets just be patient and wait the inevitable happen,they are no longer going on about league re-contruction as this does not matter anymore ,they are desperate to get to the end of the season and hope the eye’s of the world will leave them alone to do what they need to do ,not encouraging, but they will need to sell season tickets to have any chance of continuing the sham until some of this mess can be cleansed[copyright A.McC] but its how you are going to cleanse something that is so toxic is the interesting part,you cant without burying it deep into the bowels of the earth,and for how long 50,100 years or more ,no the only way out of this is close the toxic factory and start a new club altogether ,thats the cleansing required here Ally ,any other way and you are kidding yourself ,not for the first time ,go on you know its the only way forward or do you want to be known as ,Toxic then,Toxic now,Toxic forever.
myohmy1
Thanks, it’s the second place we’re celebrating, barring some mathematical miracle of course. Armageddon??? I’m loving it
Rangers stated in the AIM Flotation document what the funds raised could be used for. They clearly state among all sorts of other things that the money could be used for ‘General Working Capital’ so some or most of the rest might be moonbeams but they are doing nothing wrong in using the flotation money raised to pay their way. How long it will last is another question but the directors can use the money.
They have also covered themselves by saying these are their ‘plans’ – they are nor written in blood nor can a shareholder legally demand these ‘plans’ are carried out. I would not encourage anyone to get overexcited at what the Sevco investigation will find or indeed an AIM investigation.
From Section E
The Company plans to use the money raised from the Placing to improve the
infrastructure of the Club. In particular, the Directors have identified:
•
upgrades to Ibrox stadium (approximately £5.5 million);
•
acquisition of land assets adjacent to the stadium (£4.5 million);
•
other identified projects which could result in additional revenue
generating activities (approximately £3.0 million); and
•
general working capital purposes.
In addition, should the Company receive funds from the Offer, the Directors have
identified other potential investments that would go beyond the Group’s strategy
in the next 12 months, but which could further enhance revenue opportunities.
In particular, the Directors have identified:
•
further upgrades to Ibrox Stadium (approximately £3.5 million); and
•
other identified projects which could result in additional review
generating activities (approximately £2.0 million).
Additionally, cash could also be used to provide the Directors with additional
flexibility to opportunistically consider appropriate investment opportunities
as and when they arise.
congradulations to motherwell on securing a place in europe… go for it , do the saltire proud ..
hail hail armagedon !!!!!!!!!
Who now gets to decide what any money remaining at TRFC is spent on? Who prioritises?. Stockridge? Murray? The New CEO?….Who now calls the shots? genuinly confused.
ecobhoy says:
Sunday, April 28, 2013 at 15:27
0 0 Rate This
Rangers stated in the AIM Flotation document what the funds raised could be used for. They clearly state among all sorts of other things that the money could be used for ‘General Working Capital’ so some or most of the rest might be moonbeams but they are doing nothing wrong in using the flotation money raised to pay their way. How long it will last is another question but the directors can use the money.
+++++++++++++++++++
You are right to point to the fact that money raised could be used for any purpose, including working capital. But here is the relevant statement again-
*the Company is of the opinion that the Group has sufficient working capital for its present requirements, that is for at least the 12 months following the date of publication of this document.”
Now that is, admittedly, an opinion, but it must surely be based on something? You can’t just say stuff like that with no figures to back it up, surely, when you are asking people to pay you money. So I would be asking to see the business case behind that statement. If that statement was in fact based on nothing, how can it stand up?
troubledfan
Thanks for the good wishes, if you leave Faddy alone, maybe we will do something in Europe for a change :). It really needs one of the smaller teams (I refuse to use the D word), to produce a few decent results to get the co-efficient back to where it should be, and stop us all having to play qualifiers before the schools go back!!
Araminta Moonbeam QC says:
Sunday, April 28, 2013 at 14:16
I’ve just read that Murray interview. So, he’s admitting that the IPO was potentially not legitimate? Plus, Green was in cahoots with CW? Enough there to shut the big hoose down for the foreseeable. Not that it is likely to happen in this country.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It’s not relevant what Paul Murray says or thinks though. He has nothing whatsoever to do with Ibrox at this time
Not The Huddle Malcontent says:
Sunday, April 28, 2013 at 13:39
27 10 Rate This
for a board that isn’t a Celtic fan site, sure goes quiet when Celtic have a game on
———
I’m not a Celtic fan and I was watching it on the telly 🙂 Great match too. What a treat to see players like McGeough and McFadden in the same match. Bravo Motherwell!!
chipm0nk says:
Sunday, April 28, 2013 at 13:51
4
1
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arabest1 says:
Sunday, April 28, 2013 at 12:22
http://www.bbc.co.uk/news/uk-scotland-22324976
Interesting news story.
If HMRC nail Murray on EBT’s and declares them unlawful……
If SFO/BDO/polis find Whyte and Green’s ‘purchase’ to be fraudulent…….
Then no-one owns the club and the club have shafted shareholders, vendors, tax payers and fans. Why not sell the whole shooting match and donate all proceeds to the community fund, at least some good will have come out of this ongoing disgrace.
===============================
I’m not really sure where how you are linking that story to your comments on it.
—————————————————————————————
Not really a serious post Chip, just surmising that those who break the law should not profit from their actions, instead the community at large should, this is the spirit of the Proceeds of Crime Act. If it transpires that Whyte/Green broke the law and obtained the assets by deception, what happens legally to the assets? They go back to Minty? or are they sold on again? if sold on again who gets any cash from the sale? But I realise company law and criminal law are not the same, and no doubt millionaires who break company law are treated differently to drug dealers, gansters etc who break the criminal law.
whisperer18 says:
Sunday, April 28, 2013 at 14:20
Well then, if Stockridge says they have double digits millions in the account that is a relief. No need for any bears who may have any doubts whatsoever as to the provenance and intentions of the owners to do anything too hasty then, since there is plenty of money to cover a shortfall in season book take up, while all these enquiries run their course.
So the sensible thing to do for TRFC fans would seem to be to keep their powder dry, and hang fire with the old season ticket renewals. Instead support your team on a game by game basis. That way, if thing pan out & promises are kept, they can buy a 3/4 or 1/2 season ticket down the line. But should – heaven forfend – there be more unsavoury revelations to come out, well, at least their can’t be any big boardroom payoffs or spiv dividend payouts on the back of the fans investment.
Instead, the money the bears kept in their pockets could at least then be used to rescue or restart a new, clean embodiment of the club, instead of being swallowed up by a corrupt one – in the unlikley event that anything untoward come to light, of course.
I also enjoyed yesterday’s comments that ‘the money’ was ‘there’….err how much money? And where?
Thought I’d mention a story many may have missed this weekend. A long standing Scottish football record was broken yesterday when, at 14 years and 199 days old, Jordan Allan came on as a sub for Airdrie United with a few minutes to go yesterday. The Burnbank lad broke Ronnie Simpson’s long standing record in so doing.
Coming to a cinema near you………..”Administration 2″………..”This time it really is Armageddon.”.
…….
ecobhoy says:
Sunday, April 28, 2013 at 15:27
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0
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Rangers stated in the AIM Flotation document what the funds raised could be used for. They clearly state among all sorts of other things that the money could be used for ‘General Working Capital’ so some or most of the rest might be moonbeams but they are doing nothing wrong in using the flotation money raised to pay their way. How long it will last is another question but the directors can use the money.
They have also covered themselves by saying these are their ‘plans’ – they are nor written in blood nor can a shareholder legally demand these ‘plans’ are carried out. I would not encourage anyone to get overexcited at what the Sevco investigation will find or indeed an AIM investigation.
From Section E
The Company plans to use the money raised from the Placing to improve the
infrastructure of the Club. In particular, the Directors have identified:
•
upgrades to Ibrox stadium (approximately £5.5 million);
•
acquisition of land assets adjacent to the stadium (£4.5 million);
•
other identified projects which could result in additional revenue
generating activities (approximately £3.0 million); and
•
general working capital purposes.
In addition, should the Company receive funds from the Offer, the Directors have
identified other potential investments that would go beyond the Group’s strategy
in the next 12 months, but which could further enhance revenue opportunities.
In particular, the Directors have identified:
•
further upgrades to Ibrox Stadium (approximately £3.5 million); and
•
other identified projects which could result in additional review
generating activities (approximately £2.0 million).
Additionally, cash could also be used to provide the Directors with additional
flexibility to opportunistically consider appropriate investment opportunities
as and when they arise.
==========================
However, any reasonable person would take those “plans” as being plans, as opposed to nebulous aspirations. “Working capital” would be seen as a minor thing, based on the figures quoted under the other headings.
And also, did they not state that they had the working capital to see out the season, even without the IPO. I’m not sure if they did, but I seem to remember reading it somewhere. That would now appear to be disingenuous in the extreme, where was that money coming from.
Whatever spin anyone puts on it, that IPO was designed to mislead, and it’s all very well saying caveat emptor, however the fans who put in their £500, or £1000, or multiple thereof probably don’t speak a lot of Latin.
Does anyone know much about Brian Stockbridge, the Sevco Financial Controller? Is he a heavyweigt in his field or is he just being treated as one by the media because of where he works?
Bob
Seriously? 14 ?
arabest1 says:
Sunday, April 28, 2013 at 16:02
That’s not how it works for criminal confiscation, it’s not the specific assets which are attacked, much as the papers would have you believe.
A figure for the benefit of the crime is calculated. The criminal is told to pay that amount. How they raise the funds is irrelevant, they could borrow it if they wanted, so long as they pay it.
So if it is proven that one of them committed a crime, and benefited from it, then action could be taken in relation to that benefit. However only to the value of the determined benefit, and it would not relate to the specific assets.
scottc says:
Sunday, April 28, 2013 at 15:57
8
1
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Araminta Moonbeam QC says:
Sunday, April 28, 2013 at 14:16
I’ve just read that Murray interview. So, he’s admitting that the IPO was potentially not legitimate? Plus, Green was in cahoots with CW? Enough there to shut the big hoose down for the foreseeable. Not that it is likely to happen in this country.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It’s not relevant what Paul Murray says or thinks though. He has nothing whatsoever to do with Ibrox at this time
===================================
He is a chartered accountant and a former Rangers’ Director. I would suggest that him making allegations that Green and Whyte were in cahoots when Green was buying the Rangers assets at what seems to be a very favourable price is entirely relevant.
if he has evidence of this then BDO, The Police and the SFA should be speaking to him.
chipm0nk says:
Sunday, April 28, 2013 at 17:08
He is a chartered accountant and a former Rangers’ Director. I would suggest that him making allegations that Green and Whyte were in cahoots when Green was buying the Rangers assets at what seems to be a very favourable price is entirely relevant.
if he has evidence of this then BDO, The Police and the SFA should be speaking to him.
==========================
‘Should’, oft used term on the website. It’s probably best replaced by auto-correct to read – ‘will never happen as it’s Sevco’
Smith and McCoist appear to be trying to take control of the club without actually forking over any money for it. Both of them seem to think that the way forward is to go back to the days of spending for success, but neither has given any indication that they have access to the funds to make that happen.
It’s a bonus for them that their preferred method of running the club is a perfect weapon to bankrupt the current regime. It’s an irony that the current regime needs them on board talking up their big spending ethos in order to woo the fans.
Only after every penny has been squeezed out will those two have any chance of controlling the club unless they can find another sugar daddy. If they do get control, the club would probably lurge from weeks away to days away from annihilation faster than they can make their first overpriced signing.
Bears fans. Be careful what you wish for.
neepheid says:
Sunday, April 28, 2013 at 15:44
ecobhoy says:
Sunday, April 28, 2013 at 15:27
Rangers stated in the AIM Flotation document what the funds raised could be used for. They clearly state among all sorts of other things that the money could be used for ‘General Working Capital’.
+++++++++++++++++++
You are right to point to the fact that money raised could be used for any purpose, including working capital. But here is the relevant statement again-
*the Company is of the opinion that the Group has sufficient working capital for its present requirements, that is for at least the 12 months following the date of publication of this document.”
Now that is, admittedly, an opinion, but it must surely be based on something? You can’t just say stuff like that with no figures to back it up, surely, when you are asking people to pay you money. So I would be asking to see the business case behind that statement. If that statement was in fact based on nothing, how can it stand up?
====================================================================
I’m afraid that you are forgetting that you can’t just take a statement from a share prospectus in isolation but it must be read as a whole – there will be the usual standard warning in the prospectus about that.
The bit you are missing is B4a which states: ‘The Company has also today entered into the Placing Agreement, pursuant to which Cenkos Securities has, as agent for the Company, conditionally
arranged to place 24,242,857 Placing Shares at the Placing Price of 70 pence each with institutional investors. Cenkos Securities has received firm placing letters from placees in respect of the Placing Shares. The Placing Shares will represent approximately 42.0 per cent. of the Enlarged Share Capital and will raise approximately £17.0 million (approximately £15.0 million net of expenses).”
So the RIFC Plc directors knew they had £15 million net from the flotation Placement that’s why they were able to state they had sufficient working capital for the next 12 months. Obviously on top of the £15 million they would have next season’s ST money coming in and other revenues.
They also knew that there would be a further sum from the flotation Offer to the fans and had anticipated and published in the Prospectus that the combined Placement and Offer net sum would be £24.5 million which in the event was a tad over-optimistic but the Prospectus clearly states that the directors expected there to be £24.5 million in the kitty.
As I said earlier I truly believe that trying to fault the prospectus on the ‘working capital’ issue is a red herring and diversion. What really is important is how much is left right now and how many STs will be sold. That of course is me ignoring any cataclysmic events which are entirely possible.
A big congratulations to Motherwell FC for securing a European place for next season, I will be cheering them on and hope they have a great run.
chipm0nk says:
Sunday, April 28, 2013 at 16:59
ecobhoy says:
Sunday, April 28, 2013 at 15:27
However, any reasonable person would take those “plans” as being plans, as opposed to nebulous aspirations. “Working capital” would be seen as a minor thing, based on the figures quoted under the other headings.
And also, did they not state that they had the working capital to see out the season, even without the IPO. I’m not sure if they did, but I seem to remember reading it somewhere. That would now appear to be disingenuous in the extreme, where was that money coming from.
Whatever spin anyone puts on it, that IPO was designed to mislead, and it’s all very well saying caveat emptor, however the fans who put in their £500, or £1000, or multiple thereof probably don’t speak a lot of Latin.
======================================================================
It could be argued that no ‘reasonable person’ would ever be stupid enough to get involved in the AIM casino. No matter what happens to a share price those in the know can make money whether the price is going up or down.
I disagree that ‘working capital’ would be seen as a minor thing by anyone with the ability to understand accounts and who was a reputable institutional investor and not a spiv shareholder. Did anyone in their right mind ever believe the stuff Green spouted? I know I didn’t – what is important is what is stated in the Prospectus and if anyone is ever brought to book for anything it will be because the Prospectus is misleading or worse.
The Prospectus was also quite clear that there would be no more shares sold for 12 months at least from December 2012. And that is important – should Rangers survive until December 2013 – because it means if Green and Ahmad are locked-in until December this year that their holdings can’t be diluted in value by a flood of new shares on the market. These people are always thinking ahead and if we don’t do the same then we will always be playing catch-up in the dust left by their supersonic moves.
I have explained in a post above where the money (for working capital) actually did come from and that was fully explained in the Prospectus.
IPOs are sales pitches designed to sell shares and there are clear warnings about the perils of share purchases and I’m afraid caveat emptor most definitely is important and does apply. As to football fans they basically don’t and didn’t care what happened to the share price after they gave their money to Rangers.
It’s easy to paint the Bears as stupid but that truly is an injustice – they were just like myself and plenty of Celtic supporters who backed Celtic sharewise and didn’t care what happened to the share price afterwards and I still don’t.
When it comes down to a club’s survival then supporters will give what they can and often more than they can afford to save their team. If that’s stupidity then there’s a helluva lot of stupid Scottish football supporters wandering about 🙂
madbhoy24941 says:
Sunday, April 28, 2013 at 17:42
A big congratulations to Motherwell FC for securing a European place for next season, I will be cheering them on and hope they have a great run.
==================================================
Yip seconded – let’s get that co-efficient up.
madbhoy@17.42
ecobhoy@17.55
yip thirded…. 🙂
so let me get this straight…
sevco if they were run “properly” or “normally”…
would have to cut costs by a quite considerable margin to stay “solvent”…i know, i know…
paying off high earners etc, whoever “they are”…
and buy etc for the league they are in?
jeopordising the future of scottish football?
never gonna happen…
the game in scotlsnd would be goosed…
by the way congratulations to st mirren motherwell and i hope (not) hibs…
i’m sure there is not a football fan in scotand who cannot wait for whoever rangers supporters support to be given a puntie back to the top league…
hands up…
me?
can’t say i’ve missed them!
Anyone know how many Champion League places Scottish football has for season 13/14
i would guess that, given the champions are playing 3, yes three, qualifiers…
2, that’s two, would be a fair bet?
chipm0nk says:
Sunday, April 28, 2013 at 17:08
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It’s not relevant what Paul Murray says or thinks though. He has nothing whatsoever to do with Ibrox at this time
===================================
He is a chartered accountant and a former Rangers’ Director. I would suggest that him making allegations that Green and Whyte were in cahoots when Green was buying the Rangers assets at what seems to be a very favourable price is entirely relevant.
if he has evidence of this then BDO, The Police and the SFA should be speaking to him.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I completely agree with you chipm0nk. My argument, though, is that he has no ‘current’ inside knowledge. The things he has stated in that interview are opinions and speculation, albeit from a previously informed source. He says it looks like Green and Whyte were in cahoots; that does not mean they were. I would not imagine he has any evidence whatsoever and so he did not make any specific accusations that I can recall; I’m away to reread the article though, in case I am wrong.
upthehoops says:
Sunday, April 28, 2013 at 16:59
Does anyone know much about Brian Stockbridge, the Sevco Financial Controller? Is he a heavyweigt in his field or is he just being treated as one by the media because of where he works?
===============================
I’m sure this has been covered on here, and on RTC before, but to recap:
Brian Stockbridge joined Imran Ahmad at Zeus in January 2012, one month before Whyte’s Rangers went into administration. Prior to that he worked at Allenby, also with Ahmad.
(Ticketus / Octopus were clients of Allenby, but that may be coincidental.)
In February 2012, a month after joining Zeus, and one week after Rangers went into admin, he moved to Glasgow.
Whatever has been going on with Whyte, Green, Ahmad and Sevco 5088 / Scotland since, rest assured Stockbridge knows exactly what was happening.
yourhavinalaugh..
one..
have hibs also qualified for Europe next season