SFM – The Next Steps


Tartanwulver says: May 22, 2015 at 12:47 pm Follow …

Comment on SFM – The Next Steps by easyJambo.

Tartanwulver says: May 22, 2015 at 12:47 pm

Follow the money, eh? It’s even hard to keep track of the wads of £1.5m already…have there been two of them? Three? Two from the 3Bs? Or wait, didn’t Roddy Forsyth say that one of them was “via” the 3B? So that’s from someone else then? And does that mean the other one was too? And is there one from King? Or not? And are they loans? Or something else? And secured against what again? Maybe Roddy Forsyth will return to the fray and spell it out, if he knows what the deal is.
Here is a transcript from yesterdays press conference re the loans:

Q. Dave there was a loan a few months back from George Letham, Douglas Park, of £1.5M.
Has there been additional investment since then?

A. (PM) Yes there has been additional investment made. There will be further investment made as well in the coming days. As I’ve said before we have to, because of the share structure and the de-listing etc. there’s obviously technical issues. You can’t just issue shares tomorrow, so we have to provide that by short term funding, until, as I said before, we get to the process of raising capital through a share issue, and that will probably coincide with a relisting of the club on the ISDX exchange.

Q. Can you say who has provided that additional investment and how much?

A. (PM) Well the same parties basically reinvested and Dave will be reinvesting, Dave’s family will be reinvesting as well in the coming days.

Q. How much was put in?

A. (PM) I think another £1.5M was put into the club.

So the running total of known debts incurred since January is as follows:
SD – £5M
Letham and Park – £3M
King – £1.5M

easyJambo Also Commented

SFM – The Next Steps
GoosyGoosy says: June 19, 2015 at 11:11 pm

Here is some background to King’s £20M.

King invested £20M via one of his companies, Ben Nevis, in Murray Sports Limited in 2000. MSL was Rangers parent company at the time and the investment was part of a rights issue that raised £38M (to fund Advocaat’s transfer dealings).

In return Ben Nevis received shares in MSL (not Rangers), but King also received a non-exec directorship of the club.

Ben Nevis was one of the main targets for SARS during their investigation of King. Somewhere between 2002 and 2003, King switched ownership of the Ben Nevis shares held in MSL to Metlika Trading. Both Ben Nevis and Metlika are registered in the British Virgin Islands. I assume that the change in ownership was most likely related to the SARS interest.

The situation continued until February 2011, when it looks as if SDM was reorganising his portfolio of companies. Murray Holdings Ltd took ownership of the bulk of RFC shares, but Metlika for the first time took a direct holding in RFC (approx 5%) which was proportionate to its previous holding in MSL.

Three months later SDM sold the MHL shares to Craig Whyte.

I have no idea where the “creditor” element came from. I haven’t seen anything in any set of accounts that suggests that their was any debt attached to King’s holding in RFC (via Ben Nevis or Metlika), so I would have thought that he would end up at the back of the RFC queue along with the other shareholders.

King did threaten to sue SDM, but I don’t think he took his claim any further, or if it was suggested to him to try a claim via BDO.

King wasn’t listed as a creditor while the club was in administration, but appeared as a “directors'” claim in the BDO reports.

In their last report, BDO indicated that an interim dividend would be declared by the end of July of 6p-7p in the £ (£1.2M-£1.4M). King has previously advised that any money he got back from the Oldco would be reinvested in the newco, so we can look out for that one.


“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.”

SFM – The Next Steps
Tartanwulver says:
Member: (221 comments)

June 19, 2015 at 10:32 pm

On the subject of Jim Craig, if my memory is correct, the former TV show ‘QuizBall’ (you had to answer questions to score goals, don’t ask) featured Celtic and Everton in the final one year. My memory is of both clubs having a team of four, but every single open question being contested only by Everton’s Brian Labone and Jim Craig. I believe that the final result was a win for Craig over Labone.
Here’s a link to the teams and the scorers for each of the Quizball seasons


SFM – The Next Steps
Note of reasons from the appeal tribunal


I wonder why the SFA are not as forthcoming with a Note of Reasons for Dave King’s FPP decision.

Recent Comments by easyJambo

Fergus McCann v David Murray
Given that the blog has reverted to its seemingly inescapable time warp relating to events of 8-10 years ago, it is appropriate to mark the 10th anniversary of an event that set the ball rolling in contributing to
the sale of RFC for £1, its financial collapse and subsequent consequences of administration, 
liquidation, as well as Res 12. 

That event was HMRC's success in the Aberdeen Asset Management FTTT, the decision for which was published on 29 October 2010

RFC, who operated a similar Discounted Option tax avoidance scheme, had actually been presented with a Tax assessment as early as September 2007, which they appealed.  Their appeal was put on hold pending the outcome of the AAM case. Following the decision, HMRC issued RFC with a new offer to settle the following month.

The rest, as they say, is history and "in the past it must remain".  No matter how many times the blog returns to the events of 8-10 years ago, no-one in the football authorities or in the SMSM is listening, nor are they likely to change their mind now.

I believe that it is now time to move on. Not to forget what happened, but to move on all the same.

That is what I plan to do.

Fergus McCann v David Murray
bect67 26th October 2020 at 20:05

Probably an unfair question, but could you venture an opinion (for the less financially astute members of our community e.g. me!) as to what the comparable returns for TRFC might look like – assuming, in a break from their 8-year old tradition (?) that these be ‘unpockled’?


You are correct. It is an unfair question mail, but we should get sight of the accounts in the next month or so.

We know they had a forecast £10m shortfall in last year’s accounts. That was almost certainly reduced by their unbudgeted extra EL revenue.  We also know that DK provided a £5m loan facility. We can also state with some certainty that Park, Letham and Taylor plus Gibson provided additional funding which has since been converted to equity in the recent share issue.

They will show a loss, albeit that it will have been covered by the loans/share issue. How much is still outstanding is anyone’s guess.   

They have operated with year on year losses, but despite the doom mongers forecasts they have found a way to remain afloat and grow their business, improving the strength of their squad and on-field performances year on year.

They may forecast further shortfalls for this current year, perhaps with yet another share issue, but there is nothing to suggest that their business plan is failing.  Indeed, they appear to be getting stronger on and off the park.  Their new merchandising deal appears to be working and bringing in additional revenue (I don’t know if SD walked away, with or without cash, or declined to make a matching offer).  They have also sold out their 46,500 ST allocation, meaning that their match day revenue will be as high as it can be in the circumstances.

Covid restrictions will still impact them, but I do think that they are in as good a shape as most other Premiership clubs to come out the other side relatively unscathed. 

Fergus McCann v David Murray
The fall in Celtic’s revenue is across all areas.

Football Operations down £7.5m
Merchandising down £3m
Multimedia and other Commercial activities down £2.7m

This current season could be even more challenging with the increased liabilities and reduced income. The club has also increased its revolving credit facility from £2m to £13m (still unused) just in case.

Fergus McCann v David Murray
Current liabilities  2020 2019 

Trade and other payables     20,744     13,957

Lease liabilities    604       –

Borrowings  1,364     1,364

Provisions    5,942      3,479

Deferred income    21,275    25,614

Totals                    49,929     44,414

Looking at the above figures I was trying to work out the ongoing liabilities for deferred wages.  I don’t know if it will be included in the £6.8m increase in Trade and Other Payables, or in the £2.5m increase in Provisions.

The drop in deferred income suggests a fall of £4.2m in Season Ticket revenue.

Fergus McCann v David Murray
The previous post should read "cash in the bank down"


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