Good Afternoon.
Announcing outstanding financial successes for Rangers PLC the then Chairman of the club opened his Chairman’s report in the annual financial statements with the following words:
“Last summer I explained that the Club, after many years of significant investment in our playing squad
and more recently in our state of the art facility at Murray Park, had embarked on a three year business
plan to stabilise and improve the Club’s finances. The plan also recognised the need to react to the
challenging economic conditions facing football clubs around the world.
Following a trend over a number of years of increasing year on year losses, I am pleased to report that
in the first year of this plan we have made important progress by reversing this trend. Our trading loss
for last year of £11.2m reflects a £7.9m improvement versus the £19.1m loss for the previous year and
although it will take more time to completely reach our goals, this is a key milestone. We also intend to
make significant further progress by the end of the current financial year. This improvement is the
consequence of having a solid strategy and the commitment and energy to implement the changes it requires”
Later on in the same statement the chairman would add:
“Another key part of our plan is associated with the Rangers brand and our Retail Division goes from strength to strength. Our financial results this year have been significantly enhanced by an outstanding performance in merchandising Rangers products, in particular replica kit, which makes our Retail Division one of the most successful in Europe.”
In the same set of financial reports, the CEO would report:
“To further strengthen Rangers hospitality portfolio, a new dedicated sponsor’s lounge was unveiled this season. The Carling Lounge is a first for the Club and was developed in conjunction with our new sponsor, Carling. ”
and
“Our innovative events programme continues to grow and this year saw a record number of official events including the highly successful annual Hall of Fame Awards Ceremony, Player of the Year and 50 Championships Gala Dinner, all of which catered for up to 1000 guests.
At Rangers, we continually develop our portfolio of products and as a key area of income for the Club, we evaluate the market for new revenue opportunities on an ongoing basis in order to exceed our existing and potential customer expectations and needs.
Demand for season tickets reached an all time high last season with a record 42,508 season ticket holders in comparison with the previous season`s figure of 40,320. Over 36,000 of these season ticket holders renewed for this season – a record number.
For the new season, we are delighted to welcome brewing giant, Carling on board as our Official Club sponsor. Carling is one of the UK’s leading consumer brands with a proven track record in football sponsorship.
The Club also continues to work with a number of multinational blue chip brands such as National Car Rental, Sony Playstation 2, Bank of Scotland and Coca-Cola. This year, we will also experience the evolution of the Honda deal via Hyndland Honda and welcome the mobile communications giant T-Mobile to our ranks.”.
The year was 2003 and in the previous 24 months Rangers Football Club, owned and operated as a private fiefdom by Sir David Murray, had made operational losses of some £30 million.
Yes – 30 MILLION POUNDS.
Of course the chairman’s report for 2003 was written by John F Mclelland CBE and the CEO was one Martin Bain Esq.
As Mr Mclelland clearly stated, by 2003 the club already had a trend of increasing year on year losses covering a number of years and was losing annual sums which stretched into millions, if not tens of millions, of pounds.
However, the acquisition of Rangers Football Club was absolutely vital to David Murray’s personal business growth, and his complete control of the club as his own private business key was more important than any other business decision he had made before buying Rangers or since.
When he persuaded Gavin Masterton to finance 100% of the purchase price of the club, Murray had his finest business moment.
By getting control of Rangers, Murray was able to offer entertainment, hospitality, seeming privilege and bestow favour on others in a way that was hitherto undreamed of, and he bestowed that largesse on any number of “existing and potential clients” and contacts – be they the clients and contacts related to Rangers Football Club or the existing and potential clients of David Murray, his businesses, his banks, or anyone in any field that he chose to court for the purposes of potential business.
His business.
It wasn’t only journalists who benefited from the succulent lamb treatment.
Accountants,lawyers, surveyors, broadcasters, football officials, people in industry and construction, utilities, financiers and other areas of business were all invited inside the sacred House of Murray and given access to the great man of business “and owner of Rangers” while attending the “record number of official (hospitality) events”.
Twelve months on from when John McLelland made those statements in the 2003 accounts, David Murray was back in the chair at Ibrox and he presented the 2004 financials.
In the intervening 12 months Rangers had gained an additional £10 million from Champions League income and had received £8.6 million in transfer fees from the sale of Messrs Ferguson, Amoruso and McCann. Not only that, the Rangers board had managed to reduce the club’s wage bill by £5 million. Taking all three figures together comes to some £23.6 million in extra income or savings.
Yet, the accounts for 2004 showed that the club made an operational loss of almost £6 million and overall debt had risen by an additional £7 million to £97.4 million.
However, the 2004 accounts were also interesting for another reason.
Rangers PLC had introduced payments “to employees trusts” into their accounts for the first time in 2001 and in that year they had paid £1million into those trusts. Just three years later, the trust payments recorded in the accounts had risen to £7.3 million per annum — or to put it another way to 25% of the annual wage bill though no one in Scottish Football asked any questions about that!
By the following year, the chairman announced that the 2004 operational loss had in fact been £10.4million but that the good news was that the 2005 operational loss was only £7.8 million. However Rangers were able to post a profit before taxation if they included the money obtained from transfers (£8.4 million) and the inclusion of an extraordinary profit of £14,999,999 made on buying back the shares of a subsidiary company for £1 which they had previously sold for £15 million.
All of which added up to a whopping great profit of ……… £12.4 million!
I will leave you to do the maths on 2005.
Oh and of course these accounts included the detail that 3000 Rangers fans had joined David Murray in participating in the November ’94 share issue where the club managed to raise £51,430,995 in fresh capital most of which was provided by Mr Murray… sorry I mean MIH ….. sorry that should read Bank of Scotland …… or their shareholders……. or should that be the public purse?
The notable items in the 2006 accounts included the announcement of a ten year deal with JJB Sports to take over the merchandising operation of the club and increased revenue from an extended run in the Champion’s League. However, the profit before tax was declared at only£0.1 million in comparison to the £12.4 million of the year before but then again that £12.4 million had included player sales of £8.4 million and the £15 million sweety bonus from the repurchase of ones own former subsidiary shares for £1.
Jumping to 2008 Rangers saw a record year in terms of turnover which had risen to £64.5 million which enabled the company to record a profit on ordinary activities before taxation of £6.57 million although it should be pointed out that wages and bonuses were up at 77% of turnover and that a big factor in the Rangers income stream was corporate hospitality and the top line of income was shown as “gate receipts and hospitality”.
However, 2009 saw a calamitous set of figures. Whilst Alastair Johnston tried to put a brave chairman’s face on it, the year saw an operating loss of £17.325 million which was softened only by player disposals leading to a loss before taxation of a mere £14.085 million.
Fortunately Sir David did not have to report these figures as he chose to stand down as chairman in August and so Johnston stepped in and announced that he was deeply honoured to do so.
In 2010, the income stream jumped from £39.7 million to over £56 million with the result that the club showed a profit before taxation of £4.209 million.
However, by that time the corporate hospitality ticket that was Rangers Football Club was done for as a result of matters that had nothing to do with events on the football field in the main.
First, the emergence of the Fergus McCann run Celtic had brought a real business and sporting challenge. This was something that Murray had not previously faced in the football business.
Second,the Bank of Scotland had gone bust and Lloyds could not and would not allow Murray to continually borrow vast sums of money on the basis of revalued assets and outrageous hospitality.
Third, the UEFA fair play rules came into being and demanded that clubs at least act on a semblance of proper corporate governance and fiscal propriety.
Lastly,Her Majesty’s Revenue and Customs tightened up the law on the use of EBT’s which meant that Rangers could no longer afford to buy in the players that brought almost guaranteed success against domestic opposition.
On average, since 2002 Rangers PLC had lost between £7 million – £8 million per year – or roughly £650,000 per month if you like – yet for the better part of a decade David Murray had been able to persuade the Bank of Scotland that this was a business that was worthy of ever greater financial support or that he himself and his MIH business was of such value that the Banks should support him in supporting the Ibrox club whilst operating in this fashion.
Of course, had Murray’s Rangers paid tax on all player remunerations then the losses would have been far larger.
Meanwhile, all the other clubs in Scottish football who banked with the Bank of Scotland faced funding cuts and demands for repayment with the bank publicly proclaiming that it was overexposed to the football market in Scotland.
But no one asked any questions about why the bank should act one way with Murray’s club but another way with all others. No one in football, no one in the media and no one from the world of business.
Looking back,it is hard to imagine a business which has been run on such a consistent loss making basis being allowed to continue by either its owners or by its bankers. However, a successful and funded Rangers was so important to the Murray group that David Murray was clearly willing to lose millions year after year to keep the Gala dinners and corporate hospitality going.
Rangers were Murray’s big PR vehicle and the club was essentially used by him to open the doors which would allow him to make more money elsewhere on a personal basis and if it meant Rangers cutting every corner and accumulating massive losses, unsustainable losses, then so be it.
Today, the new regime at Ibrox run the current business in a way which clocks up the same colossal annual losses whilst the club competes outwith Scotland’s top division. Each day we hear that the wage bill is unsustainable, that the playing staff are overpaid, that the stadium needs massive investment and that the fans are opposed to the stadium itself being mortgaged and the club being in hawk to lenders.
Yet, in the Murray era the Stadium was revalued time and time again and its revaluation was used as the justification for ever greater borrowing on the Rangers accounts. The playing staff were massively overpaid and financially assisted by the EBT’s and most years the Chairman’s annual statement announced huge losses despite regular claims of record season ticket sales, record hospitality income, European income, shirt sponsorship and the outsourcing of all merchandising to JJB sports instead of Sports Direct.
The comparison between the old business and the current one is clear for all to see.
It should be noted, that since the days of Murray, no major banking institution has agreed to provide the Ibrox business with any banking facilities. Not under Whyte, not under Green, not under anyone.
Yet few ask why that should be.
The destruction of the old Rangers business led those in charge of Scottish football to announce that Armageddon was on the horizon if it had not actually arrived, yet today virtually all Scottish clubs are in a better financial and business state than back in the bad old days of the Bank of Scotland financed SPL. Some have succumbed to insolvency, and others have simply cut their cloth, changed their structure, sought, and in some cases attracted, new owners and moved on in terms of business.
In general, Scottish Football has cleaned house at club level.
Now, David Murray has “cleaned house” in that MIH has bitten the dust and walked down insolvency road.
What is interesting is that the Murray brand still has that capacity to get out a good PR message when it needs to. Despite the MIH pension fund being short of money for some inexplicable reason, last week it was announced that the family controlled Murray Estates had approached those in charge of MIH and had agreed to buy some key MIH assets for something in the region of £13.9 million.
The assets concerned are land banks which at some point will be zoned for planning and which will undoubtedly bring the Murray family considerable profit in the future, with some of those assets already looking as if they will produce a return sooner rather than later.
However, what is not commented upon in the mainstream press is the fact that Murray Estates had the ability to pay £13.9 Million for anything at all and that having that amount of money to spend the Murray camp has chosen not to buy any football club down Govan way.
Perhaps, it has been realised that a football club which loses millions of pounds each year is not such a shrewd investment and that the Murray family money would be better spent elsewhere?
Perhaps, it has been realised that the culture of wining, dining, partying and entertaining to the most lavish and extravagant extent will not result in the banks opening their vaults any more?
Perhaps, it has been realised that the Rangers brand has been so badly damaged over the years that it is no longer the key to the golden door in terms of business, finance and banking and that running a football club in 2015 involves a discipline and a set of skills that David Murray and his team do not have experience of?
What is clear, is that the Murray years at Ibrox were not good for the average Rangers fan in the long term and that when you have a football club – any football club – being run for the private benefit of one rich individual, or group of individuals, then the feelings and passions of the ordinary fan will as often as not be forgotten when that individual or his group choose to move on once they have decided that they no longer wish to play with their toy football club.
David Murray did not make money directly out of Rangers Football Club. He used it as a key to open other doors for him and to get him a seat at other tables and into a different type of “club” altogether. He did not run the club in a day to day fashion that was designed to bring stability and prolonged financial, or playing, success to the club. its investors and its fans. He did not preside over Ibrox during a period of sustained financial gain.
Mike Ashley will not subsidise 2015 version of Rangers to anything like the same extent that the Bank of Scotland did in the 90’s and naughties.
However, Ashley, like Murray, will use his control of the Rangers brand to open doors for him elsewhere in the sports retail market, and he will use the Rangers contract with Sports Direct to make a handsome profit. He will also control all the advertising revenue just as he does at Newcastle. In short, Mr Ashley is only interested in The Rangers with a view to using it as a stepping stone to achieve other things elsewhere.
However, don’t take my word for any of this, take the opinion of someone who knows.
Mr Dave King is quoted today as saying the following about the current board of Directors who are in charge of the current Ibrox holding company.
“History will judge this board as one of the worst the club has ever had. There is not one individual who puts the club above personal interest.”
That is an interesting observation from a man who became a non executive director of the old Rangers holding company in 2000 and who had a front row pew for every set of accounts and all the financial statements referred to above.
Whether or not Mr King is a glib and shameless liar is a matter of South African judicial opinion. Whether or not he can spot someone who puts their own self interest ahead of the interests of Rangers Football Club and the supporters of the club is a matter that should be discussed over some fine wine, some succulent lamb and whatever postprandial entertainment you care to imagine.
I wonder if he has ever read the accounts of Rangers PLC and compared them to the corresponding accounts of MIH for the same period?
Big Pink says:
February 1, 2015 at 11:10 am
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Given BRTH’s excellent summation of RFC’s spectacular trading losses above, how is it that RFC reduced the bank debts during the Walter II era?
I am sure this has been explained before as an intricate apparatus involving smoke and mirrors, but I found myself with no come back when that claim was made by a Rangers fan yesterday in the midst of a polite conversation.
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Wasn’t the debt shifted into the MIH holding company via the underwritten share issue?
Flocculent Apoidea says:
February 1, 2015 at 9:14 am
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The Cat NR1 says:
January 31, 2015 at 11:53 pm
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Congratulations on your take-over. Can I suggest you invite someone from the Guinness Book of World Records along to verify both the slowest and deepest Atlantic crossing?
My understanding is also that some bampots will post images of newspaper headlines from around a hundred years ago, giving the impression that the Titanic sank and currently sits on the seabed. You should brief these papers and encourage them to print that they misunderstood the situation at the time and that, having spoken to maritime expects, they are now clear that the vessel simply suffered some temporary, aquatic depth difficulty. Tell them to blame everything in the environment at the time, including the other vessels that didn’t help. The previous owners were hugely respected in their day and that tradition should continue, I’m sure you’ll agree.
It may be an idea to invite some journalists along, too, and to entertain them with, say, the most succulent lamb and maybe a fine red wine?
Also consider supplying replica uniforms. This can be done very cheaply with huge mark up.
Good luck!
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Thanks.
I’m waiting to hear back from a Mr Irvine, who I have been informed can get the press to report that black is white without providing any supporting evidence.
Once he has worked his magic, it will be an established fact that it is the same ship. Anyone suggesting anything to the contrary will be held up to public ridicule.
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castaway says:
February 1, 2015 at 1:12 am
Thecat@11.53pm🙂
but, could relatives of Titanic victims be offended?
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We have been contacted by Police Scotland and given a list of things to avoid doing that may cause offence. One of those things was a song that we have never sung about 15 April 1912.
The Cat NR1 says:
February 1, 2015 at 11:26 am
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Big Pink says:
February 1, 2015 at 11:10 am
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Given BRTH’s excellent summation of RFC’s spectacular trading losses above, how is it that RFC reduced the bank debts during the Walter II era?
I am sure this has been explained before as an intricate apparatus involving smoke and mirrors, but I found myself with no come back when that claim was made by a Rangers fan yesterday in the midst of a polite conversation.
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Wasn’t the debt shifted into the MIH holding company via the underwritten share issue?
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Contradicting myself, I think that share issue predated the return of WS.
The WS II period coincided with the bank taking control of running the “club” hands on.
EDIT Didn’t (S) DM sell the jerseys to JJB for £10M?
Big Pink says:
February 1, 2015 at 11:10 am
Given BRTH’s excellent summation of RFC’s spectacular trading losses above, how is it that RFC reduced the bank debts during the Walter II era?
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IIRC the bank cut back on some of the wildly excessive expenditure and cut backs on RMI at the stadium, commercial deals were loaded with money up front (shirt sponsorship and catering contracts ❓ ) add in exceptionals (cup runs and player sales) and hey presto bank debt being paid off while still making an underlying loss ❓
Failure in Europe or lack of substantial player sale revenue would have sent the debt spiral back in motion though.
Just my recollection of the time…perhaps someone with figures to hand could confirm or refute ❓
OT
A sad end for Andy, although losing to the best player in the world is no disgrace.
It was very unlikely that the intensity of sets 1 and 2 could continue.
Congrats to Nole.
Big Pink says:
February 1, 2015 at 11:10 am
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I’ve often wonder just how much of the £500M owed by the Murray Group which was written off by the bank is attributed to the football club. I’ve often wondered if Murray Park was actually a freebie, because when Murray transferred £50m of the football club debt to elsewhere who knows what happened. Instead of summoning Ashley to Parliament Murray should be made to explain himself first.
The Cat NR1 says:
February 1, 2015 at 12:22 pm
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OT
A sad end for Andy, although losing to the best player in the world is no disgrace.
It was very unlikely that the intensity of sets 1 and 2 could continue.
Congrats to Nole.
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In the end, Djokovic stamina proved vital. His whole career changed in 2011 when he was revealed to be using a CVAC pod. It’s not illegal, but against the spirit of fair play. I sincerely hope we’re not looking at the Lance Armstrong of tennis.
Something to ponder:
http://www.wsj.com/articles/SB10001424053111904787404576532854267519860
I’m pretty convinced Andy is clean. The tournament has actually been a triumph for him. Recovery from a serious back problem in 2014, coach change, and to play so well since the start of the year is very promising. If he doesn’t let the disappointment of this defeat get to him we might just see a vintage year from him. Onwards and upwards!
The raw figures
Year – Profit/Loss(£M) – NetDebt(£M) – UEFA progress – Notes
2005 £12.674 £73.91 Lost CL qualifier/UEFA Cup group – £15M gain on Rangers Media – £51.4M Rights Issue
2006 £0.092 £5.88 CL Group + last 16 £18M from JJB deal
2007 -£6.253 £16.54 UEFA Cup Group + 2nd ko round
2008 £7.172 £21.56 CL Group + UEFA Cup final
2009 -£12.651 £31.12 Lost CL qualifier
2010 £4.209 £27.07 CL Group
2011 £0.076 £14.10 CL Group + EL last 16
Murray Group wrote off £59M when Rangers went into liquidation.
From the figures above you will see that Rangers were barely making a profit even with CL money and significant losses without it. Hence Craig Whyte’s correct claim that there was a £10M black hole in their finances.
Lloyds put restrictions on their debts in 2007 when they agreed that RFC would pay down the outstanding Bank debt at £1M a year. The balance was £22M in 2007 and £18M in 2011 when Whyte took over.
Donald Muir (Lloyds rep) joined the Board in 2009 to facilitate the sale of the club to anyone who would buy them to avoid Lloyds having to face the fall out of an adverse FTTT decision.
Is anyone else having a wee chuckle at the site of asbestos removal services being advertised trackside at Hamden today.
Quiet blog … how odd. The team formerly known as ‘Sevco’ a goal down, btw.
Still wondering what stopped the SFA from trying to flog the international broadcasting rights to yesterday’s semi. Heavy looking pitch … tired legs later I imagine.
Genuine question. Have Queens Park used the pitch since it was relaid? I know its the middle of winter but a freshly laid pitch with a few weeks bedding in time should not be cutting up so badly. Possible refund on the cards?
Ref having a shocker. Should be showing himself red for denying a goal scoring opportunity :irony:
tykebhoy says:
February 1, 2015 at 2:07 pm
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Genuine question. Have Queens Park used the pitch since it was relaid? I know its the middle of winter but a freshly laid pitch with a few weeks bedding in time should not be cutting up so badly. Possible refund on the cards?
Ref having a shocker. Should be showing himself rewd for denying a goal scoring opportunity :irony:
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Michael Stewart said they’d played 3 matches since Janurary 1.
It’s like a wake in the Sportscene studio.
What a farce! Celtic obviously told to go easy on them to prevent crowd trouble. Referee doing his bit as well to keep the score down. Wish we’d got Sevco in the semi, anybody showing a bit of effort would be 4-0 up by now!
Wonder if SFA “officers” listening ?
Sevco fans singing (the racist) – why don’t you go home? Song
stan free says:
February 1, 2015 at 2:37 pm
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What a farce! Celtic obviously told to go easy on them to prevent crowd trouble. Referee doing his bit as well to keep the score down. Wish we’d got Sevco in the semi, anybody showing a bit of effort would be 4-0 up by now!
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Calling back Griffiths from the one-on-one with the goalie for a free kick at the half-way line was hilarious 😆
They’re giving it the full song book now
Yeh, the full repertoire of banned Sevco songs !
I wonder if rob Maclean will mention it – since the songs are being sung in full view of him
(Did he not accuse Celtic fans on a previous occassion of singing sectarian songs Outside a stadium and he couldn’t even see them)?
Partimeararab 12.10.
In 2006 the Debt reported in RFC annual accounts was £6m.
With the arrival of WS in 2007 this moved up to £31m by 2008/9.
The main reason for this was a net spend of around £10m but a total spend of around £20m,the reduction coming from the sale of around 3 players.
That gross spend, the majority of which was in 2008, in spite of the determinations from HMRC to later become the big tax case arriving at Ibrox.
After losing 3 titles iar to Celtic and in spite of being in debt and a new contingent liability for the BTC, WS and SDM took a punt in strengthening the squad to get at the CL money which Celtic had enjoyed for 3 years.
The dependence on CL money was absolute right up to 2011 when Malmo turned off the tap.
When I say dependence I mean survival. It explains Craig Leveins outburst and some refereeing decisions that baffled onlookers.
The £31m did come down to £18m because of CL money but the claim that debt was being reduced only stands if you start from the £31m year.
Go back to 2006 and the debt had trebled by 2011.
The other point to make is the serious consequences of the punt. Had they kept the income from player sales and not bought any they would have had a squad of Kaunas losing standard but have been more able to meet the tax case contingent liability if it materialised.
However reducing the quality of player was certainly not in WS’ s make up nor would that standard been acceptable to the Rangers support.
Had RFC not lost to Malmo they might well have limped on from year to year totally dependent on winning the title to stay alive and we would have been faced with further seasons of dodgy decisions.
The CL killed RFC at the end of the day but they did not have to make their survival dependent on access to it.
No1 son enjoyed the result yesterday, but the football on display not so much. Wee so and so now chanting bring on the Celtic
Just glad that’s over and would be delighted if it was never repeated.
I’m glad Celtic played it the way they did once they had a comfortable lead.
There was really nothing to be gained from a hammering that wouldn’t have been heavily outweighted by injuries both on and off the park.
I still fail to see even one positive attribute that this current Ibrox set-up bring to the game in Scotland.
Either change your whole world view and stay (if you could only do that you would be a lot more welcome than you may believe)otherwise please just go and let the rest of us enjoy our game.
Thoroughly depressing 90 mins of football.
The Sevconian repertoire was astounding. ‘We’ apparently ‘need’ this back at the top level?
The SFAs dereliction of duty – they need to provide good governance and enforcement of the rules, promote the game via TV worldwide, provide a decent venue and playing surface, a decent referee – absolutely abysmal all round.
Celtic never got out of 2nd gear and I feel will be viewed as a huge disappointment to supporters who paid money to see a bit more application over the 90.
Sevco were abysmal / abject. For ‘that’ display to be the output of ‘that’ playing budget is nothing short of shocking.
I know I’m preaching to the converted. But . . . . There it was, what the uneducated and the SMSM have been clamouring for for so long. Please tell me how that is the pinnacle of the Scottish senior game.
I watched the game in a pub in Melbourne and Arsenal vs Aston Villa was on TV at the same time. A few observations:-
1. Quite a lot of (25-30) Rangers fans giving full voice to the songbook.
2. The Arsenal game was on Fox Sports, the semi was on Beintoo
3. Arsenal had many multinational trackside advertisers
4. The semi had local window companies and cabbies
My observation is that this game is not of global interest. It is parochial, but some of the Scottish/Irish diaspora care about it. That’s all.
We cannot order out entire national club structure around one fixture.
Cygnus X2 says:
February 1, 2015 at 3:57 pm
We cannot order out entire national club structure around one fixture.
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But we do, and that’s the problem with Scottish fitba in a sentence. Well put my friend.
I thought I had seen it all but have managed to get gobsmacked this week at how far the MSM (make no mistake, they are the piper, SFA/SPFL are mere dancers to the tune) will go to keep this pathetic two team scam on the road.
Cygnus X2 says:
February 1, 2015 at 3:57 pm
2 0 Rate This
…We cannot order out entire national club structure around one fixture.
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Too true. Horrible, horrible singing and chanting. Abysmal fitba from the club formerly known as Sevco. But it’s all the talk of the media. Huge Keevins and Derek Johnstone insufferable on SSB, dinosaur birds of a feather those two — Pteradactylus antiquus species. Slightly better discussion on Sportsound.
Have there ever been that many union flags and English flags at a Scottish football match? Why Celtic didn’t try to run up a cricket score is beyond me. Opportunity missed.
Cygnus X2 says:
February 1, 2015 at 3:57 pm
3. Arsenal had many multinational trackside advertisers
4. The semi had local window companies and cabbies
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Cygnus – just watched the second goal on YouTube – you forgot to mentionn the Asbestos Removal Contractors advert – someone having a laugh?
Esteban says:
February 1, 2015 at 4:23 pm
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The MSM have, that’s my point.
As someone else has already pointed out somewhere (apologies for not remembering who), the SFA were solely responsible for 2 elements of both this weekend’s semi-finals.
The referees and the pitch.
Nothing else really needs said about them as an organisation, does it?
Cygnus X2 says:
February 1, 2015 at 3:57 pm
My observation is that this game is not of global interest. It is parochial, but some of the Scottish/Irish diaspora care about it. That’s all.
————————————————
A sound observation. I read a smart description a few years ago about a man who was very well respected in his chosen area, which said ‘He is known throughout the world…to 36 people’.
There are Scots / Irish everywhere in the world, therefore there is interest in all parts of the globe, but that is not the same as global interest.
Scott Brown interviewed on Radio shortbread ” it did not feel like a Celtic, Rangers match.” Quote on five o clock news, Scott Brown says” it did not feel like an *ld Firm match!!
They just never give up.
BBC radio pundits to a man agreed that today was “not like an OF game”.
Nobody thought to mention the fact that it actually wasn’t an OF game. Could have explained it all so very easily and quickly.
They are all deaf and blind over this issue (though sadly not dumb), despite the evidence today that what we witnessed had none of the trappings of OF matches. The subsequent character assassination and demolition of the Rangers team by the pundits and callers to the programme was proof to me that the craved for proclamation that “it’s back!” never materialised.
Despite what people say about sectarian chanting (although I never heard any such myself), I have a feeling that both sets of fans knew that whatever they were watching, it was most definitely NOT an OF match.
James Cook @BBCJamesCook · 10m10 minutes ago
Police Scotland: as of 5pm, 19 men have been arrested included 10 for alleged sectarian breaches of the peace. #oldfirm
It’s a start.
Now it,s the Daily record,s turn adding their own closed parenthesis to Kris Commons statement.
“These sort of games [Old Firm clashes] are luxuries that you play in and win, lose or draw, it’s still brilliant.
I suppose if you tell a lie often enough, it must be true.
Regarding @BBCJamesCook Are both sets of fans the subject of a huge and expensive police operation?
Kenny Miller must be knackered after his shift today.
At least he’s created a wee bit of history by being the first player to play for all three sides of the Old Firm.
Ryan is important to this blog because he has another perspective that whilst people may not agree, it is worth hearing. Barca has been an excellent contributor to this blog. I hope you guys can move on and continue your contributions.
[]
More than just a club More than just a scandal. Ranger’s fan view on role of HMRC
http://www.newsnow.co.uk/A/756229500?-11344:801
wildwood says:
February 1, 2015 at 3:43 pm
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I know I’m preaching to the converted. But . . . . There it was, what the uneducated and the SMSM have been clamouring for for so long. Please tell me how that is the pinnacle of the Scottish senior game.
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And hiding yesterday’s game from exposure did nothing to help the situation.
wildwood says:
February 1, 2015 at 3:43 pm
I know I’m preaching to the converted. But . . . . There it was, what the uneducated and the SMSM have been clamouring for for so long. Please tell me how that is the pinnacle of the Scottish senior game.
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The league cup final will represent the pinnacle of the Scottish game as it currently stands, as it would have had Aberdeen been victorious yesterday.
Often think one of the current wrongs of allowing a club to continue as financial disaster is that other clubs have had potential signing targets taken off the market.
Templeton, Shiels, Clark, Boyd and Daly on the bench today. Basically, they’re out of the reach of potential rivals and even some Premiership clubs. Of course, these players have taken a decision to opt for money rather than further their career, but should a skint club have the ability to take these players out of circulation? I mean, some of them are hardly even playing football anymore. It’s a bit sad.
In the mean time,Dave King “jets in “from South Africa .
What’s next, GEM, or what ???
He’s obviously jetting in to fill in the SFA Fit and Proper application form.
My weekend in Glasgow observations:
Hampden-horrible soulless hole of a place.No longer fit for purpose.
Scottish referees-hopeless just hopeless.
Glasgow-after many years of dislike I’m warming to the place.Second great weekend I’ve had in less than 12 months(despite loss). Wandered around many city centre bars without a hint of trouble.
Glasgow Taxi drivers- Mostly comedian Celtic fans who are amazed Aberdonians tip!
Embarrassing listening to the BBC trying to perpetuate the old firm myth on the radio today.Had to turn off in the end.
Madcaptan,
SFA fit and proper (anything), Surely a non sequitur ??
I don’t know the score of today’s Celtic Rangers match but I do know the result.
I only had a three minute walk to negotiate through the city this evening so it must just be me that attracts trouble. The three smartly dressed young men that decided to engage me in conversation were highly intoxicated. It cannot merely have been alcohol however that made them so irate, there was something more bout their mode. Something that made them want to cause damage.
How I emerged from their orbit without having to suffer a blow, with all my teeth intact, clothes still in one piece and jaunty outlook unperplexed, bordered on miraculous. They were looking for a victim but I hadn’t signed up for project fear and wasn’t exhibiting the alarm signals that their behaviour was designed to trigger. I think they became confused so left me alone.
I don’t know the score. These three guys weren’t sporting any team colours so I have no idea what they were so angry about. I’m sure when they sober up they will regret any acts of violence they commit this evening. They looked like fine young men; the sort of clean cut handsome guys that mothers, wives and girlfriends would be rightly proud of. Maybe the fact that they didn’t assault me indicates that they have an inner spark of good that will serve them well. I hope that is the case.
You could feel the love in the city, sealed with a Glasgow kiss.
valentinesclown says:
February 1, 2015 at 6:58 pm
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“More than Just a scandal”
D’Artagnan pops up with these posts now and then, but.
“What we do know is that at some point Duff & Phelps added the outstanding potential estimated liability regarding EBT’s to the overall bill due to HMRC. A potential bill which never came to fruition* due to the rulings of various Tax Tribunals in favour of Rangers”
*No it is still under appeal.
The poster obviously did not see this 4:51 mins to 11:10 mins
https://www.youtube.com/watch?v=zI9zb_9jXO0 12/06/2012
However it is now completely academic.
https://www.gov.uk/government/publications/issue-briefing-tax-avoidance-scheme-users-to-make-upfront-payments/issue-briefing-tax-avoidance-scheme-users-to-make-upfront-payments
“From 17 July 2014, individuals and businesses involved in tax avoidance schemes have to pay HMRC the disputed amount of tax upfront while the dispute is resolved. This new power, called ‘Accelerated Payments,’ came into force as part of the Finance Act 2014. Accelerated Payments removes the cash-flow advantage that those who deliberately try to bend the tax rules by avoiding tax currently have over the majority of taxpayers who pay their tax up front. This briefing explains why this new requirement is important and how we are applying Accelerated Payments.”
It is not “scandalous” nor “a witch hunt” I think it can be referred to as deterrence.
ThomTheThim says:
January 31, 2015 at 3:18 pm
“Whether the EBTs were legal or not, the point, from a football perspective, was that they were not disclosed to the SFA.”
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Loans are a benefit in kind and should have been included in the remuneration package lodged with the footballing authorities. LNS acknowledged as much when he fined Rangers (which one?) £250,000.
It might be speculated that listing these loans as part of player remuneration might have strengthened HMRC’s case concerning EBT illegality.
The Guardian had a live rolling report of the today’s semi. I checked it out just to see what sort of nonsense might be trotted out. I didn’t even make it through the preamble before:
“Celtic were one of the clubs who voted for Rangers to be demoted to the third division, but it has hit them financially.”
I e-mailed with the obvious comments but not corrected nor acknowledged.
Given the degree of cutting up anyone have any idea what system was used to returf Hampden?
As far as I am aware this is the way forward.
http://www.dessosports.com/sports/football/football-projects
DAVE KING jetted into Glasgow last night – but WON’T attend Rangers’ League Cup clash with Celtic at Hampden today.
The former Ibrox director flew in from South Africa and will spend a week in the UK to galvanise support ahead of the much-anticipated Ibrox EGM.
King will attempt to convince the club’s shareholders in Scotland as well as its investors in London to back his bid to remove the current Ibrox regime.
The Rangers board have until Friday to announce a date for the EGM.
King believes he can gain 51 per cent of votes to eject chairman David Somers, chief executive Derek Llambias, finance director Barry Leach and James Easdale from the top of the marble staircase.
King’s wants himself, ex-director Paul Murray and former brewery boss John Gilligan to take over. And he’s hoping his latest visit will ensure his group – along with the Three Bears consortium headed by motor mogul Douglas Park and the Ibrox fans – have the required support.
MailSport understands that King will decline the chance to be at Hampden for this afternoon’s Old Firm derby.
Ewan Murray of the Guardian says it as it is….
The Billy Boys, Famine Song and No Pope of Rome were bellowed out by the blue-and-white masses in what proved a disappointing throwback to the times when Rangers attracted attention for all the wrong reasons. Those embattled and embittered fans do not care about that as, history tells us, the same is the case with Scotland’s policing and football authorities.
http://www.theguardian.com/football/2015/feb/01/celtic-rangers-scottish-league-cup-semi-final
Castofthousands says
February 1.2015. @ 9.34pm
I think you are spot on.
Whatever the eventual outcome of the tribunal ,the beneficiaries of the EBTs, will be called
either by HMRC, or BDO to account for any payments made .
This is a Catch 22 situation (as I posted some months ago) .
Interest free loans are benefits in
kind, and are taxable, loans are subject to repayment .
Who knows what will come out of the woodwork ,when a final decision is reached.
Auldheid says:
February 1, 2015 at 3:01 pm
Partimeararab 12.10.
In 2006 the Debt reported in RFC annual accounts was £6m.
With the arrival of WS in 2007 this moved up to £31m by 2008/9.
The main reason for this was a net spend of around £10m but a total spend of around £20m,the reduction coming from the sale of around 3 players.
That gross spend, the majority of which was in 2008, in spite of the determinations from HMRC to later become the big tax case arriving at Ibrox.
After losing 3 titles iar to Celtic and in spite of being in debt and a new contingent liability for the BTC, WS and SDM took a punt in strengthening the squad to get at the CL money which Celtic had enjoyed for 3 years.
The dependence on CL money was absolute right up to 2011 when Malmo turned off the tap.
When I say dependence I mean survival. It explains Craig Leveins outburst and some refereeing decisions that baffled onlookers.
The £31m did come down to £18m because of CL money but the claim that debt was being reduced only stands if you start from the £31m year.
Go back to 2006 and the debt had trebled by 2011.
The other point to make is the serious consequences of the punt. Had they kept the income from player sales and not bought any they would have had a squad of Kaunas losing standard but have been more able to meet the tax case contingent liability if it materialised.
However reducing the quality of player was certainly not in WS’ s make up nor would that standard been acceptable to the Rangers support.
Had RFC not lost to Malmo they might well have limped on from year to year totally dependent on winning the title to stay alive and we would have been faced with further seasons of dodgy decisions.
The CL killed RFC at the end of the day but they did not have to make their survival dependent on access to it.
=========================
Further to above and for anyone wishing to counter the “the debt was being reduced argument” this is a link to the actual figures. I was going from memory above but my rounding was close
https://docs.google.com/spreadsheet/ccc?key=0Aq2m3ggkEX2RdDZsUlEzQkg5U0NUZ08xajhtbUJWcXc#gid=0
To tighten up the irresponsibility point and the punt taken in 2008: note the dates of the £17.4M spend. Having checked the 2008 determinations the total tax due on ebts in determinations dated from Feb through to Apr 2008 and totalled £25M*. So the spend was carried out in the knowledge of this potential liability.
That the FTT/UTT favoured Rangers although HMRC are not finished with the appeal yet is irrelevant. Prudence would have made some contingency and with that money in the bank Rangers would have been more sellable and certainly would not have been in any dangers of liquidation, but might have had a few less titles as on today’s evidence, if your opposition are more wage competitive, then it does have an impact on the sporting result.
(*There were more determinations to follow but the point about taking such a gamble with a potential tax liability is one no one either the msm is unaware of or does not want to touch.
On Thursday past I met with a long standing customer of my company for the first time. This was in the far north east of Scotland. On his office wall was a picture of Ibrox stadium and he took the opportunity to ask where my loyalties lay, it was all a bit of banter, nothing to sinister. We must have talked about the forthcoming game and the SH advert and the omnishables of the past 3 yrs. As with most I have spoken to Murray did no wrong, its all Whyte and Greens fault. With my knowledge of things it became a case of you Celtic supporters they are obsessed with Rangers and the on/nc and just jealous of the fact that Rangers are the most successful club in the World. “No you were but are you really a more successful than Real Madrid, Man Utd or Barca ! Other comments included we paid all our debts so we are either the old club or we are not. ” aye you paid some football debts but screwed other creditors including the UK tax for £21m” . I could go on but again it’s a Celtic obsession but I referred to the fact it’s how everyone outside of most Rangers fans that feel this way.
Intro from a decent article by Alan Tyers in the Telegraph.
“BBC Scotland’s anchorman Rob MacLean said at the start of the Old Firm broadcast that “coverage is winging its way to over 50 countries”. The Scottish Tourist Board should sue. BBC Scotland’s problem was this: the Old Firm game is about a lot of things, but it is not about football.”
Goes on to show a far deeper understanding of the bullish*t around this joke that is “we need this game” than any and all of the SMSM and he’s just taken a cursory glance. As a game it was a non event, an average performance from a decent team against a bunch of no hopers. As a news story: the SMSM did not get the bloodbath they were waiting for but I do detect that the scam is busted. Only the outdated, lazy, inbred local PR regurgitators are left believing there is something there that is not. Pretty angry this weekend that the world is seeing this mince as something to do with Scotland and fitba.
http://www.independent.co.uk/news/obituaries/freddie-fletcher-persuasive-administrator-who-revitalised-newcastle-united-football-club-8092780.html
Lot of connections, ways of working, no longer of this realm
Charge #153 against the football authorities :
Fixing the Cup draw to give Celtic the diddy team and effectively a bye into the final…
More seriously, Scottish Football has been very badly served by media mendacity over this game.
stan free says:
February 1, 2015 at 9:15 pm
I’m glad you mentioned my post as I was starting to doubt myself because it’s disappeared.
It could be because I criticised the referee.
The main thrust of my post was that, as bad as this team is, you ain’t seen nothing yet.
This team is still losing £700k a month and most, if not all, of the players today will be gone in a cost cutting cull before the start of next season. Even then they will still be losing cash.
First half not bad: second half ‘flat’.
But TRFC simply did not give Celtic a game – which was surprising.
If I was a TRFC fan I would have real concerns about where the fight and aggression in their team will come from in the play-offs.
And with many contracts expiring in the summer – and in the absence of a ‘real warchest’ – what sort of squad will TRFC have next season, assuming they get into the SPL?
Mid-table mediocrity at best ?
And this is what ‘Scottish football has been waiting for’ ??? :slamb: :slamb: :slamb:
Big Pink says:
February 1, 2015 at 11:10 am
Given BRTH’s excellent summation of RFC’s spectacular trading losses above, how is it that RFC reduced the bank debts during the Walter II era?
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These number games are ultimately pointless, but they irritate me enough go back to their accounts.
Note that is that it is always “Bank” debt was reduced not total debt.
Also note that there were no audited accounts for 2011, which may have (but maybe wouldn’t have) shed some light on the matter.
Anyway, the Bank Loan in 2009 accounts was £20m, 2010 – £19, They were paying it back at £1m per annum. 2010 was a good year with CL making a big contribution.
So bank borrowing was going down, but in truth that is a small part of the picture.
In 2010 Creditors due within 1 year was £29m (approx. 50% of turnover) Creditors due over one year £37.9m. Bank debt was about 30% of what they owed.
Duff & Phelps report to Creditors 5 Apr 2012 estimated the Creditors position as £48.8m due in less than one year and £20.4 due after one year. A deterioration from 2010.
By the way HMRC was owed £14.3m (not including big or wee tax case).
As I said the number games are pointless because the picture given in the accounts shows a Company that is not viable by any sensible interpretation..
Given my Superbowl habit only dipped into the semi between early afternoon naps!!
If as reported the old song book was belted out I wonder how much wider national coverage that will get compared to a pretty young girl at a tennis tourney (the quiet ones are always the worst!!) letting a few Fs escape while on camera.
With DK “jetting in” to organise his EGM coronation I wondered if that supersmart MA might have put a poison pill into the new loan agreement(s)?
Maybe something like the loans are immediately repayable in full should his associates be removed from the Board?
Hope DK & the 3Bs have deep pockets…
Scottish Football needs a strong Arbroath.
ernie says:
February 1, 2015 at 11:21 pm
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Intro from a decent article by Alan Tyers in the Telegraph.
“BBC Scotland’s anchorman Rob MacLean said at the start of the Old Firm broadcast that “coverage is winging its way to over 50 countries”. The Scottish Tourist Board should sue. BBC Scotland’s problem was this: the Old Firm game is about a lot of things, but it is not about football.”
Goes on to show a far deeper understanding of the bullish*t around this joke that is “we need this game” than any and all of the SMSM and he’s just taken a cursory glance. As a game it was a non event, an average performance from a decent team against a bunch of no hopers. As a news story: the SMSM did not get the bloodbath they were waiting for but I do detect that the scam is busted. Only the outdated, lazy, inbred local PR regurgitators are left believing there is something there that is not. Pretty angry this weekend that the world is seeing this mince as something to do with Scotland and fitba
+++++++++++++++++++++++++++++++++++++++++++++++
The message that was sent out to the world was Never hold a major tournament in Scotland. Our Authorities can’t even lay a decent pitch in the National stadium.
stifflersmom says:
February 1, 2015 at 9:55 pm
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Ewan Murray of the Guardian says it as it is….
The Billy Boys, Famine Song and No Pope of Rome were bellowed out by the blue-and-white masses in what proved a disappointing throwback to the times when Rangers attracted attention for all the wrong reasons. Those embattled and embittered fans do not care about that as, history tells us, the same is the case with Scotland’s policing and football authorities.
http://www.theguardian.com/football/2015/feb/01/celtic-rangers-scottish-league-cup-semi-fina
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Apparently 19 arrests. 10 related to sectarian aspects. Helluv’an echo in that stand then – sounded like more than that to me?. (Or maybe the SFA in their ineptitude somehow allowed those ’10’ bigots access to the stadium PA system?… oops!)
(And they say there is no atmosphere in Hamden? )
redlichtie says:
February 2, 2015 at 12:34 am
With DK “jetting in” to organise his EGM coronation I wondered if that supersmart MA might have put a poison pill into the new loan agreement(s)?
Maybe something like the loans are immediately repayable in full should his associates be removed from the Board?
___________________________________________________
Ashley was due to appoint two directors (and Lambias is not one them apparently), so he could enforce a stay on the board for one of the three targeted individuals.
Also, and someone will correct me if I am wrong, but didn’t the wording of the latest loan agreement mention something about MA being entitled to appoint “another” two directors?
Big Pink says:
February 2, 2015 at 1:17 am
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redlichtie says:
February 2, 2015 at 12:34 am
With DK “jetting in” to organise his EGM coronation I wondered if that supersmart MA might have put a poison pill into the new loan agreement(s)?
Maybe something like the loans are immediately repayable in full should his associates be removed from the Board?
___________________________________________________
Ashley was due to appoint two directors (and Lambias is not one them apparently), so he could enforce a stay on the board for one of the three targeted individuals.
Also, and someone will correct me if I am wrong, but didn’t the wording of the latest loan agreement mention something about MA being entitled to appoint “another” two directors?
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If true that’s totally driving a coach and horses through the dual control regulations.
Having seen the state of the pitch at Hampden today, I’m starting to wonder if there is actually anyone within the SFA or SPFL that is fit for purpose.
QTS must be embarassed to be presenting the Scottish League Cup on such a midden.
Having watched the LC Semi final yesterday it strikes me that TRFC are in a far worse state than I thought. They will not catch Hearts in the league so it will be through the play off system that promotion to the top tier would need to be attained. However, TRFC would be going into the play offs with a team full of guys who know their future at Ibrox is at an end no matter what the results are. How much effort can really be expected from these ‘professionals’ who are, after all, only in it for the money if there is no payday in it for them.
Someone posted a link to this (wailing and gnashing of teeth, in between bouts of tears)
http://www.dothebouncy.com/articles/more-than-just-a-club-more-than-just-a-scandal/
On one hand, the bloke obviously gets it – Rangers went bust, then there is the realisation of what he actually typed, then he slipped the word “oldco” in there.
If the “Club” can’t go into Administration (never mind Liquidation), then why bother going to such lengths?
ONE THING HE DID NOT ADDRESS
. . . D.O.S dual Contracts and E.B.T dual Contracts and the RULE BREAKING BY THE CLUB BY NOT PROPERLY REGISTERING THE PLAYERS’ CONTRACTS WITH THE SFA.
Funny that isn’t it?
Den 12.14
It’s all about myths.
I think I first heard the debt was being reduced one from Chic Young (yes I know)
Regardless of what yardstick is used bank debt or real debt the fact is as you say it was a non viable business.
Why it was so is found in the thinking behind the spend in 2008.
Foolish and irresponsible.
Some random thoughts about this weekend.
Was Djokovic deliberately playing mind games with Murray? Hope not, cause if he was he has gone down a lot in my estimation – the influence of Becker? But lets hope it was nothing of the sort.
Hampden is awful, a dreadful football stadium that is of little use to the country. Depending on the game it is either far too big, or not big enough. I’m not a massive fan of Celtic park, but the atmosphere there and the view of the pitch (from most places) is so much better. Ibrox, Tynecastle, Easter Road would all be suitable replacements depending on the game. I personally don’t see why Pittodrie isn’t used – oh its a long way from Glasgow/Edinburgh I hear people cry! Yip, and yet Don’s fans, Inverness/Ross County fans are all just expected to make that trip to the Central belt so whats your point??
The Hampden pitch is truly appalling! That was an embarrassment. Did it cause the Utd 2nd goal? I honestly can’t understand what Brown was up to at that goal, was it a bizarre bounce? Dunno, but the pitch certainly completely ruined both games.
Rangers were shockingly appalling! How on earth did they reach the semi? No seriously how did they reach the semi?? They really hadn’t a clue. Truly awful.
Yesterdays game (only saw last 10 of 1st half and the 2nd half) was appalling. A dreadful game of football. Played with a backing music list that was thoroughly embarrassing. In this day and age, with all that is going on in the world we still have to listen to that. If only we had an establishment that could feel any sort of shame or remorse…
Now, if I had paid for a ticket to that match yesterday, I’d want my money back. As I say I didn’t see it all, but it looked to me that Celtic had scored 2 then stopped playing. Were they instructed to? Rangers were just rank and would have played all day without getting near the Celtic goal. However, I would feel cheated if I had paid for a ticket to watch that and have one team just beggar about with the ball with no effort to score. If indeed they had been instructed “not to make it embarrassing” then I guess you could take it to the extreme and say “that is match fixing”.
Before you all throw your hands up in the air exclaiming mock outrage – I haven’t noticed Celtic being too keen to sit back on a 2-0 lead before (as an Aberdeen fan I know all about massive defeats against the hoops). No, in fact Celtic are more than happy to give all comers a right good spanking when the opportunity arises. That’s how it should be, this is supposed to be a sport and entertainment, so go for it, entertain us!
Perhaps celtic decided that the pitch was so awful that that combined with a frustrated opposition on the wrong side of a heavy defeat might lead to injuries. Well then I’d want my money back as the facilities provided were pretty obviously not up to the required level.
Unfortunately, watching the baying hordes in the stadium they didn’t seem worried. It was apparently enough just to be beating the other side. Nothing else mattered it seems. The football in the SPFL has improved markedly over the last few years, but this was the game that was served up on national TV, this is the game that is being spoken about on UK TV and I dare say in other broadcasts around the world. This is the game that will be being used to give everyone a chance to laugh about how appalling Scottish football is. Oh and good god, they can’t even grow grass anymore, and are they really singing about the Irish potato famine??
Permanent embarrassment.
Jim Larkin
HMRC were in fact reasonably quick off the mark given that they delivered the tax determinations on the loan ebts starting Feb 2008 through 2009 into 2010.
The reason they took no action earlier is that whilst they might have had suspicions in 2005 that Rangers used side letters with ebts, taking the trust element out of the transaction, it was the police raid in 2007 that uncovered the existence of side letters, presumably including the two Rangers denied in 2005.
So it took HMRC a year to start pursuit of payment. My personal view is that they took denial of side letters in 2005 which they later discovered to be a lie as a strong indication of intent to use the trusts to evade (not avoid) tax.
That this earlier provable deception was not part of the case put to the FTT on the BTC puzzles me. ( Unless of course it was and I missed it or the FTT ignored it as evidence of previous intent, sticking only to the nature of the ebts under appeal.)
When it comes to HMRC being vindictive, the Timeline of events from Feb 2011 re the UEFA licence will show, when it is possible to release it, that HMRC bent over backwards to accommodate RFC ‘ S payment of the wee tax bill.
Liability was accepted in March 2011 but HMRC delayed pursuing until May 2011 under circumstances that gave Rangers the opportunity to play in the CL to win the prize money to pay the wee tax bill.
In doing so the UEFA FFP rules on overdue tax were by passed and quite how the SFA failed to pick that up is what Res12 is trying to establish.
The author may have a point about the percentage debt HMRC could lay claim to should have been lower but where he is wrong is to suggest HMRC were out to liquidate Rangers. Quite the reverse.
Finally the reference to ebts being shown in the accounts is irrelevant. It was the revelation of side letters in 2007 that started the tax recovery ball rolling.
TSFM
Interesting thumbs down within a minute of my previous post.
Is there a thumbsdown bot just reaction to posts by certain posters or a thumbsdown idiot quick on the draw.
We had a joke of a pitch, poor referees, poor football, idiots who should know better than singing those banned songs. As for baying mobs..you see what you want to see.
None of the games were an advert that promoted Scottish football with the first game being a comedy of goalkeeping.
There is not an ounce of ambition at the SFA. Scotland has a poor stadium and they cannot even provide a decent surface. We have a lack of ambition to promote and enhance our game. A red ash park would have provided a better surface to play football.
MaBaw says:
February 2, 2015 at 9:34 am
Aye, I forgot about the referees right enough, they really did have a major impact on the final score!
As for your comments about goalkeeping – er not really in the same league as comments about Sundays game. Saturday was spoken about as end-to-end at several points. Given that pitch, great football was never going to be served up – and neither of the keepers are Scots 😛
tayred says:
February 2, 2015 at 8:57 am
13 6 Rate This
Some random thoughts about this weekend.
Was Djokovic deliberately playing mind games with Murray? Hope not, cause if he was he has gone down a lot in my estimation – the influence of Becker? But lets hope it was nothing of the sort…
———
On this issue, he has previous. One very obvious one was in the US Open Final of 2012. At 2-5 down in the 5th set, Djokovic took a medical time out to have his legs massaged. It was the act of a desperate man, quite unsporting and clearly designed to throw Murray’s concentration. On that occasion it didn’t work.
Some sportsmen & women want to win too much. It’s also worth noting that Djokovic has had a miraculous stamina rebirth since 2011 when he started using a CVAC pod. It’s not doping, as such, but is said to be just as effective as blood doping and its use not considered in the spirit of fair play. Before that he was pulling out of matches, too tired to finish. His transformation was stunning. Unnatural. His current powers of recovery between matches and his seeming inability to show signs of fatigue — other than what appear to be contrived moments — is key to his dominance, and it’s raising many eyebrows. With players of more or less equal ability a stamina boost can be decisive.
Cycling usually gets the bad PR because of its very dodgy past, but more dopers are found because there is so much testing. Compared to tennis and football, testing in cycling is way ahead. We can only hope that football teams and tennis stars are clean. Personally, I have my doubts.
Btw, can someone tell me the significance of the inflatable monkeys at Hampden?
PS @Auldheid, ha, it does sometimes look as though a wee TDer lurks 😆