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?
So much for T’Rangers world wide appeal. Dave King admits that his kids, while liking the Govan club because they have to, are Liverpool fans!!!
Regardless of the club I always find it hard to accept that traditional family football loyalties and attendance at matches/money going into the club automatically transfer down the generations, especially when you have ex-pats living in countries of the old empire where football is often well down that country’s spring pecking order.
upthehoops says:
February 8, 2015 at 7:35 am
Cluster One says:
February 7, 2015 at 7:46 pm
They have over 5,000 small shareholders and There were more than 2000 in attendance at the recent AGM.
Will it be first come first seated or will it be like a Black Friday free for all to fit into the 500 capacity conference room 🙄
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The Old Bill could be busy that day. As might the London media. Just my view of course.
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I truly doubt if the egm will go ahead at the hotel. When the booking was made it would probably have been in the Nomad’s name or RIFC Plc which would mean nothing to the hotel.
By now I’m sure the usual emails and phone calls will have begun to arrive at the hotel and I would assume that the Commander of the Met Riot Squad will be putting in an appearance early this week.
No responsible employer is going to put their staff at risk by allowing such an explosive situation to erupt within and outwith their premises. And there are other customers and guests to be considered as well.
It will require to be cancelled well before the day to prevent the fans arriving.
I may be cynical, as usual, but I have no doubt that the possibility of the hotel cancelling has already been factored-in. And what can AIM do if the venue puts a stop to the egm?
Will another period of ‘official’ notice require to be given? Would they be allowed to even switch it to Ibrox to take place on 4 March?
futbol says:
February 8, 2015 at 9:02 am
Billy Boyce says:
February 7, 2015 at 9:30 pm
Obviously shareholders are allowed to appoint a proxy – Easdale votes 26% most of which is the proxy votes of mystery overseas shasreholders.
However if I was a shareholder in RIFC Plc then I would be determined to attend any general meeting to demonstrate my personal feelings for/against the incumbent Board.
I’ve been out of the country for a week and would just like to record that TSFM was my go to fitba info source (it had to last Saturday as bizarrely I was interested to know the score in the first semi. Sites, bbc in particular, seemed to feel it was more important to tell me who Alan Stubbs thought his best old firm 11 were!).
On TU/TD I’ve never felt the need to give either. Having said that I do occasionally glance at the result. All one way or the other tells me people are in general agreement, a healthy split tells me there are viewpoints both ways for instance. Take the livvie tackle for example. We’d probably all TU a red being appropriate for dangerous play but you’d probably get a more even split on intent. Key thing on TU/TD is just never to get hung up on the result!
To compete the round up, the coverage on the press release day (whichever it was) was just excellent. Donation on its way.
ecobhoy says:
February 8, 2015 at 9:06 am
Articles of association: http://www.rangersinternationalfootballclub.com/shareholder-centre/circulars-admission-document
Sections 13.6 and 13.7 particularly relevant to the questions of video-conferencing options and limits on attendance. Interesting to note that there is a very specific provision for a meeting to be held in more than one place using electronic communications.
Proxies also allowed (in answer to my own point/question earlier).
The document appears to be a scan so I cannot paste the relevant parts as I cannot select text.
Eco – I cannot see anything that relates to the cancellation of a meeting. It does mention adjournment though it’s not clear what the timescales are for reconvening. Someone who is more experienced in company law will probably know better. I believe that in cases where the articles do not provide detail for something that you would revert to the Act though I could be wrong about that.
ecobhoy says:
February 8, 2015 at 9:24 am
Agree I would feel the same if I was in that situation but it only takes a few seconds of the AGM video to demonstrate to me that the board is not particularly well attuned to seeking approval, making friends or shareholder feelings. And of course from a business point of view, demonstration of personal feelings isn’t on the agenda … which links back to your point about the staff and guests at the venue who would no doubt bear the brunt of it. No pun intended.
sickofitall says:
February 8, 2015 at 6:28 am
Did Dave King really say this?
“One of the things about the last four years is that if there is a level of impropriety by anyone with a fiduciary responsibility to the club and who – not through incompetence – but knowingly and negligently did not carry out their responsibilities, it’s important that we hold them to account and that we’re seen to hold them to account. So one of the first things we’ll do is conduct a forensic investigation into all commercial contracts negotiated during that period.”
Did he really say this? Really?
He is describing himself and his own failure as a director of the club he supposedly loved. It’s as though he is completely unaware of his own complicity in the Downfall of Rangers.
Even without this evidence of a complete lack of self awareness, it has been clear for some time that this man only says what he feels is appropriate at the time in an effort to appear to have ‘learned his lesson’. It would have been a bit more honest if he’d made it clear just how he sees himself in that description, the ‘incompetent’ or the ‘knowingly negligent’. He has to be one or the other, either of which should make him persona non grata in the boardroom of any company, let alone a football club!
While writing this I’ve actually checked back a couple of times to see if I’ve misunderstood the article and King didn’t (according to the writer) actually say this, but it appears he did! Incredible, really!
futbol says:
February 8, 2015 at 9:36 am
ecobhoy says:
February 8, 2015 at 9:24 am
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I have been trying in vain to find anything that deals with what might be regarded as an acceptable venue capacity.
In a normal company its directors would want to encourage as high an attendance at general meetings as possible. This is not a normal company and it is not normal times.
I have wondered about the possibility they will use the big screens at Ibrox to transmit the meeting from London and that this would be used as a sop to the Bears.
However could a show of hands or poll vote be accurately counted at remote locations? I think going down that route would just creatre more suspicion of a ‘fix’. Personally I think attendance in Glasgow could have been approx 3,000-3,500.
In the current fan fury I doubt if that could have been adequately ‘policed’ and I don’t actually know whether Police Scotland could actually steward a PLC general meeting on private premises.
I actually doubt it unless a disturbance breaks out and they are requested to intervene by whoever is in charge or the police can see for themselves that law and order has broken-down.
But Police Scotland wouldn’t want to be within a million miles of this kind of sdcemario – quite rightly IMO. We also don’t know what discussions may have taken place between The Ibrox Board and Police Scotland on this very issue.
upthehoops says:
February 8, 2015 at 7:47 am
16 1 Rate This
sickofitall says:
February 8, 2015 at 6:28 am
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THE man the Rangers fans see as their saviour says he is basing his rebuilding plan on Fergus McCann’s business model rather than following the riskier strategies employed by the Ibrox club’s former owner David Murray.
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Reading that whole article there are some contradictions. The Fergus McCann approach IMO could never work at Rangers simply because of the sense of entitlement that exists. I also see no mention of just how much Ashley may be owed and neither are the cash draining onerous contracts mentioned either.
Fergus McCann took over Celtic at a time they were a sleeping giant, with much commercial revenue waiting to be exploited. Rangers on the other hand have nothing more to give. Everything has already been taken by men the fans and media applauded through the front door and hung on their every word.
It remains to be seen how much of an open cheque book Dave King has. However, his ability to tell the media the world is flat and be believed will be worth its weight in gold to him, at least at the outset.
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If you were a Journalist, would you not point out the obvious flaw in Dave King’s “strategy”.
Fergus McCann bought Celtic the ltd company and started Celtic the Plc.
Charles Green has already started SevcoScotland Ltd, then Rangers International FC Plc, after buying (with OPM) a football ground and…hover…oops…sorry, training pitch.
So if Dace King is indeed “successful” in getting control of the RIFC Plc boardroom, how can he sell more shares to fans (investors) if these investors have already had their chance at 70p a pop and seen their “value” plummet by 60%.
Dave King, on the other hand, bought in at virtually the lowest price…is it a case his actual plan is to (whilst sitting in the directors box), sell his shares for a wee profit ??
castaway says:
February 8, 2015 at 12:28 am
As shareholders they have as much right to attend as any other shareholder and every right to put their opposition to the current Board as forcefully as possible within the law.
Every shareholder has an entitlement to attend a general meeting in my book unless there is something in the Articles of Association that limits the number.
This Board has obviously upped the ante by deciding on a small London venue which IMO is designed to restrict the shareholders from expressing their fury or support for the actions of the current Board.
I have to assume that, for whatever reason, the Board has decided that most of the smaller shareholders are in direct opposition. I posted yesterday that IMO it’s almost as if the Bears are being goaded and feel they have no real avenue other than to flex their muscle and voices.
What did this Board expect them to do? Did they actually think they were going to lie-down and watch the death of their club as they know it and wish it to continue as such.
I personally totally disagree with their ethos but as I have always stated on here it’s up to Bears to decide what kind of club they want to support. I believe the Old Way is finished but as long as the majority of Bears want to follow it then it will survive at least a bit longer.
And this lingering death is prolonged by spivs feasting off the Ibrox corpse and a disgracefully craven SFA and SMSM.
jimlarkin says:
February 8, 2015 at 10:13 am
So if Dace King is indeed “successful” in getting control of the RIFC Plc boardroom, how can he sell more shares to fans (investors) if these investors have already had their chance at 70p a pop and seen their “value” plummet by 60%.
Dave King, on the other hand, bought in at virtually the lowest price…is it a case his actual plan is to (whilst sitting in the directors box), sell his shares for a wee profit ??
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Doesn’t he (King) have previous on this? I’ve read, having been directed from here, SA newspaper articles that suggest his MO is to buy companies, or start them up, that initially show a (large) price rise on the back of his name as an entrepreneur before he sells at the top of the market just before the price plummets, leaving the rest of the gullible shareholders with a loss.
I wouldn’t be surprised if what you suggest is how King intends to proceed. Maybe getting the balance of his £20m back in the process!
My reading of the RIFC Plc Articles of Association on attendance mean that the directors can choose the 500 shareholders allowed to attend the meeting.
Thanks to futbol @ February 8, 2015 at 9:30 am for pointing the way 🙂
The votes of the few thousands of small fan shareholders will make absolutely no difference to the outcome of the RIFC EGM proceedings next month. Therefore, Sons of Struth would make a bigger impact in its protest against the current RIFC regime by organising a ‘rent-a-crowd’ to attend the meeting. It would only take that fan group to arrange for kindred spirits in the London area to turn up at the hotel as proxies of willing fans. Once inside the meeting, these guys could barrack and harass the top table to maximum effect, particularly with the cameras of a curious English press and TV present.
“Some” of Dave King’s words almost make sense in that excerpt above.
If only he hadn’t spoiled it all by
1) Mentioning ‘demotion’ which didn’t actually happen.
2) Having no awareness that’s he is actually more culpable in initiating a chain of events which has led the celestial entity to where it finds itself today, than the current board.
hello everyone,have been an onlooker since this whole mess began and i am pretty much the layman regarding the issues of the new club though i wish to comment on the tweets between murray and regan .
a simple solution and that’s if the authorities really what to rid us of the sectarian chants is to simply monitor the decibel levels at the new club and to be fair any other club that resorts to this nonsense,to set a level of say 500 voices. when they exceed this point, the club automatically lose 3 points.
gauranteeing the end to such horrible chants/songs, except i dont think the authorities want this IMO , they like the sectarian pound too much.
one other thing id like to say to all the celtic men/women on here, please encourage other club fans to come into the light on this issue of the new club, and please refrain from celtic club issues on here as well, its vital that TSFM is seen as a group for all club fans.
one other thing, why have all you celtic fans gone quite on the honors won by a former corrupt club, if this had happened to the dons,id be fighting tooth and nail for justice, even if you dont want the titles at least push on to have them removed from the old club. a big THANK YOU, to all who have kept us informed of the ins and outs of this monster that the authorities have created . keep it coming ,cheers.
sickofitall says:
February 8, 2015 at 6:28 am
Did Dave King really say this?
“One of the things about the last four years is that if there is a level of impropriety by anyone with a fiduciary responsibility to the club and who – not through incompetence – but knowingly and negligently did not carry out their responsibilities, it’s important that we hold them to account and that we’re seen to hold them to account…It’s as though he is completely unaware of his own complicity in the Downfall of Rangers.
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Not only that, but in the last couple of days, if he has been quoted correctly, he appears not to have been aware that Ibrox might need work to bring it up to properly maintained standard, or that the team might be a level or two below Celtic (perhaps the distance they are behind Hearts might have been a clue?). Fundamental knowledge of which people with only a peripheral interest in Rangers are well aware.
I know he’s been out of the country, but has he maybe been following Aberdeen or Dundee United by mistake?
The Board will control the 500 places at the general meeting in the hotel as per the company’s Articles of Association so there will be virtually no distrurbance within the meeting and the odd renegade who gets a ticket will be swiftly ejected.
Section 13.6 of the RIFC Plc Articles of Association deals with multi-venue general meetings and I fully expect Ibrox will be opened to the Bears as a sop and a device to limit the number demonstrating outside the London hotel.
Section 13.6 specifies that the Board chairman shall preside at the ‘Specified Place’ of the general meeting which I assume is either the London Hotel or Hampden Bunker.
However the section states directors:
As I said in an earlier post I think Ibrox will be opened as a second venue – will that stop a large demo in London? I suppose that’s the hope of at least some of the Rangers Board.
So do you go along to Ibrox and vent your fury at the big screens – assuming no communication malfunction – or stand outside the hotel in London while 500 invited shareholders are ushered in?
IIRC ‘guests’ can be invited to general meetings by the Board who aren’t shareholders. If my memory hasn’t failed me I wonder how many of the 500 in the hotel might be ‘guests’.
The meeting might be very reminiscent of recent scenes at Ibrox with different coloured placards used to register TDs and TUs. I wonder if SoS have any red card left that they could donate to the Board in their hour of need?
Rangers Media has conducted a straw poll on King’s EGM resolutions with the following state of play (approx. 375 votes).
Dismiss Somers – 95% (for) to 5% (against)
Dismiss J Easdale – 83% to 17%
Dismiss Llambias – 63% to 37%
Dismiss Leach – 72% to 28%
Appoint King – 70% to 30%
Appoint P Murray – 55% to 45%
Appoint Gilligan – 91% to 9%
If those votes reflect the wider views of the small shareholders (approx 8% in total?), then I think it might encourage the Board into thinking that King may not quite have all the support he needs if the institutional investors largely back the Board.
Tartanwulver says:
February 8, 2015 at 11:23 am
I have to agree, TW. I have, for a while, wondered how on earth this man has made his way in business to the level of a multi-millionaire. Some of his public utterances have been utterly stupefying in their lack of awareness of things obvious even to the most casual of observers. I wonder how often he said to a Celtic supporter, in the days of Murray, ‘the league table doesn’t lie!’ I wonder if he ever pondered the thought that his club might lose a cup-tie to a club lying 16 points behind the second tier league leaders during those halcyon days? I know he’s a busy man, making money from other people’s money, but has he not been watching his team play in the incredible number of matches covered by TV for a second tier club? Has he seen anything in their play to suggest they could outperform Celtic? Did he think a few regulation ‘honest mistakes’ would be enough to turn his team into a competent side capable of rising to the occasion?
Unless, of course, he’s not as stupid as his utterances make him appear, and it’s just that, as a certain SA judge discovered, when his lips move, don’t expect what he actually thinks, and knows, to come out!
motor red @11.22.
‘……… this monster that the authorities created…’
……..
And it is the certain kn owledge that the same authorities are now as bereft of any princ iple other than the saving of some kind of ‘Rangers’ that makes me hope that this blog does not ‘move on’ to
simply accept that what’s done is done and legitimise the wrongdoing by becoming a more generalised ‘fotball blog’.
there
Perhaps stand in London and Ibrox : )
And don’t go away till the Sfa have been brought to account!
New ‘phone John? 🙂
apologies: i’m using,or trying to use for the last half hour, a cruddy tablet kind of thingy..two words forward, hit a wro gkey and d erythk g goes wo key.! And ot much in the way of refreshment taken.
There was a previous link posted, I think, to this site (different subject matter) Author not enamoured with W H Ireland or Mr Shackleton!.
http://www.shareprophets.com/views/10481/rangers-football-club-urinates-on-its-shareholders-and-fans-with-egm-notice
Allyjambo says:
February 8, 2015 at 11:46 am
Aj, and TW, I agree wth you entirely about King’s pronounciations. However having spent some time in RSA the reason the gulf between the two teams was news to King is probably because we do not get live Scottish football here and are reliant on the odd highlights on Sky. Some countries, years back, used to get Setanta which showed the likes of Aberdeen vs St Mirren but since they were [ahem] “demoted” we get nothing live (which begs another question about what was negotiated for TV and highlights???). Also if you rely on Sky and BBC you get a very distorted :slamb: :slamb: view of the on-going events which is why this site in particular is where you find out what is really going on. Unfortunately many believe what Sky and BBC tell them so it is good for some of us to have this site to refer people to if they want to understand the real issues.
Jings! What’s happened? Is Monsieur Green sponsoring the TU/TDs now? Huge on my phone at least.
Having read the DK pieces in the SMSM it really makes my blood boil that these stenographers make a claim to being journalists. They are shameless.
Some obvious follow-up questions to Mr King :
1. With regard to your convictions Mr King, in addition to a tax penalty, did you pay a substantial sum to the authorities in lieu of going to jail for a period of up to 82 years?
2. You talk of wanting to hold people to account – was this not a failing of yours during your period as a director of the now liquidated previous club?
And to the SFA :
3. You will be aware from widespread media coverage that Mr David King is seeking to hold either a directorship or position of substantial influence at Rangers. This is therefore not a hypothetical question. Mr King, as again widely reported and set out formally in a Regulatory Notice to the Stock Exchange this week, has 41 convictions for tax fraud in South Africa and been described by the judiciary there as being untruthful. Mr King was also a director of the previous Rangers football club, now in liquidation, under Sir David Murray and Craig Whyte. Does all of this not mean that Mr King will automatically fail the SFA “fit and proper person” test? This question is important as Rangers are having to hold an EGM at substantial cost to vote on Mr King’s proposal and you are obviously aware that Rangers are in some serious financial difficulty and clearly do not need any such additional expenditure.
4. If Mr King in fact passes the SFA “fit and proper person”’ test and in view of his criminal record and tenure as a director at the previous Rangers football club could you indicate just what would lead to a person failing your test?
If only a “journalist” would pose such questions and publish that he has done so in the SMSM. Silence from either party would thus be telling.
On the other hand, getting answers would have provided readers with an informative and balanced article rather than an unchallenged press release.
Scottish Football needs a strong Arbroath.
ecobhoy says:
February 8, 2015 at 10:18 am
————————————
castaway says:
February 8, 2015 at 12:28 am
====================
Because if you have 5000 idiot thugs with fire in their belly hellbent on creating a scene and interfering with the business of business that is the purpose of the meeting.. well I see no reason whatsoever WHY they should be accommodated.
====================
I’m not sure who said it Ecoboy, but it wisnae me!
Methilhill Stroller says:
are you suggesting that dave doesn’t subscribe to rangers tv?
Allyjambo says:
February 8, 2015 at 11:46 am
Tartanwulver says:
February 8, 2015 at 11:23 am
The point is that for whatever reason folk like Dave King get away with it because of a lack of integrity and a healthy dose of greed.
I will not be the only one on this site who will have come across a whole range of incompetents, albeit successful in term of filling their own bank accounts, who all blow smoke up there own a-holes and move in the same circles doing each others favours and sharing out the pot of gold.
For the humble man on the street the way it used to work is that the only major influence your family and friends had were to get you a job down the pit or in the shipyards. For Joe Public even that ‘helping hand’ has long gone south.
However for the likes of King, Somers etc they flit around from this board to the next taking their fees shaking the right hands to make ‘friends’ with people who are as full of bull as they are and no-one bats an eye.
MY guess is that the vast majority are where they are through pure luck (possibly a degree of hard graft) as opposed to any real talent or intellect.
The reference to Grouch Marx quote re if you don’t like my principles etc applies to a lot of these guys. They would sell their grannies if it was to their advantage. They will tell folk any story to get them on their side. If they make mistakes it is always someone else’s fault and if some decent people come forward to challenge or question them (take Somers performance at the AGM) they belittle them or dismiss them as crackpots.
Frankly I’m surprised the masses are still putting up with it. History has shown us that at some point the peasants will revolt. The day we can clear out half of these chancers can’t come soon enough for liking.
(Rant over – apologies !!)
Methilhill Stroller says:
February 8, 2015 at 12:56 pm
Thanks for that info, MS, but I would have thought a man of King’s wealth, if it bothered him that much, would have had access to TRFC’s matches live, or recordings sent for his delights 🙄
Of course, his interest in RFC/TRFC may well never have been all that much to do with football, and hence his lack of knowledge on the football capabilities of his favourites! I may be wrong, but on the occasions of his ‘jetting in’ he doesn’t seem to turn up at Ibrox too often, nor at any away games either! Men in his position never have problems getting hold of tickets for anything, and I’d expect there’d be a queue of bears just too happy to give up their seat for ‘the saviour in waiting’!
wottpi says:
February 8, 2015 at 1:08 pm
Excellent rant, and no need for an apology, wottpi. You’ve articulated my own thoughts on such people, rather well. I remember there was much discussion on RTC about Whyte and others being ‘sociopaths’, I think like their long-tailed relatives, we are never all that far from one of them, particularly in the world of finance and investment!
RyanGosling says:
February 8, 2015 at 1:06 am
Given that people have been speculating on future ideas for TSFM, one thing I’d love to see would be a news page. Mainstream media is so frequently agenda driven, I think we could agree, that it would be great if we had a page to go to where facts, and only facts, were reported and we could then discuss them.
==========================================
Ryan
That is an excellent suggestion.
A debunking of myths and misinformation page that stands apart from the general debating section would make it a useful resource for those that dip and out of the site. Sometimes, the really important information that is posted can be submerged in the subsequent dabate.
Perhaps it could also double up as the fleshing out of the TSFM manifesto.
ecobhoy says:
February 8, 2015 at 10:18 am
castaway says:
February 8, 2015 at 12:28 am
Because if you have 5000 idiot thugs with fire in their belly hellbent on creating a scene and interfering with the business of business that is the purpose of the meeting.. well I see no reason whatsoever WHY they should be accommodated.
As shareholders they have as much right to attend as any other shareholder and every right to put their opposition to the current Board as forcefully as possible within the law.
Every shareholder has an entitlement to attend a general meeting in my book unless there is something in the Articles of Association that limits the number.
This Board has obviously upped the ante by deciding on a small London venue which IMO is designed to restrict the shareholders from expressing their fury or support for the actions of the current Board.
I have to assume that, for whatever reason, the Board has decided that most of the smaller shareholders are in direct opposition. I posted yesterday that IMO it’s almost as if the Bears are being goaded and feel they have no real avenue other than to flex their muscle and voices.
What did this Board expect them to do? Did they actually think they were going to lie-down and watch the death of their club as they know it and wish it to continue as such.
I personally totally disagree with their ethos but as I have always stated on here it’s up to Bears to decide what kind of club they want to support. I believe the Old Way is finished but as long as the majority of Bears want to follow it then it will survive at least a bit longer.
And this lingering death is prolonged by spivs feasting off the Ibrox corpse and a disgracefully craven SFA and SMSM.
_____________________________________________________
Sorry if my intent wasn’t clear eco.
Clearly all shareholders have the right to partake in the business of the GM.
What they have NO right to do is to DISRUPT the proceedings.
The board are entrely within their rights to eject or refuse entry to anyone seeking to disrupt.
And physical attendance at the specific venue is not a requirement for partaking in the proceedings at a GM.
Voting can be done by ballot ahead fo time, resolutions can be put through the Nomad ahead of time, and remote links can be used for 2 way communications where needed.
If Dave King wants to send in the clowns, they can erect a circus tent on Glasgow Green. Because the type of mob rule I think he is envisaging has no place at a GM.
If King did not know about the gulf in class then I doubt he gets Rangers TV or watches the snippets of highlights we get to see here. Also as AJ mentioned he only seems to jet in occasionally and does not always attend matches. Would you believe a convicted second hand car (or is that club) salesman?
Fisiani says:
February 8, 2015 at 7:03 am
Dave King has said that if he loses the vote at the EGM he will buy another 5% of the shares and hold another EGM. The only problem is – buy shares from whom? If he buys from the losing side he still will not have the numbers. Why would the winning side sell him shares? This is just bluster. He is [..].
________________________________________________
Well if I was an institutional investor trying to secure a return on my investment, I’d be thanking Mr King profusely. He has just assured us that by voting against him at the upcoming EGM, I can thereby ensure that my share holding will increase in value significantly in the sellers market that such an event would then precipitate. I would therefore be voting with the board on this one.
The only possible fly in the ointment would be if Mr King were to be saying one thing, whilst subsequently acting in a manner that was contradictory to his stated position.
Does anyone here know if the gentleman in question is of sound character and possessed of a level of trustworthiness and honest and straightforward dealing that would enable me to attach an appropriate value to such pronouncements?
The Living Wage Foundation doesn’t have The Guardian listed as a living wage subscriber. Is this an omission by LWF, or is The Guardian being hypocritical as well as critical?
Shortly a televised match in an SFA competition will kick off.
If the SFA were remotely serious about proscribed singing, they coudl intruct the referee to switch in his hearing aid.
In the event that unsavoury epithets are audible, he should take his whistle to his lips, stop play and instruct both teams to return to their respective dressing rooms.
When the offensive chanting stops, the match could resume.
When the offesnice chanting resumes, the match could be stopped.
How long do you think it would take for the message to penetrate?
10 minutes maybe?
If it didn’t stop, the match would be abandoned, and the tie awarded to whichever team was ajudged to have the fans that stayed within the law.
Not hard.
I think that answers Stewart Regans question to EW in his recent twitter exchange.
Interesting piece in today’s Sunday Mail(i know).
“Mike Ashley poised to appoint Rafa Benitez as Newcastle boss-IF he (RB)
agrees to a reduced say over buying and selling of players”
I notice that 2 board members of TRIFC have been advised to stay away from todays match due to personal safety issues. This can only be described as mob rule and does not auger well for the EGM in London. The mob seem to be on a roll here and god help anything or anyone who stands in their way. Well played SFA and SFL for giving Scottish Football this gift. Cannot wait until they are back to their rightful place….
crawford says:
February 8, 2015 at 2:36 pm
Interesting piece in today’s Sunday Mail(i know).
“Mike Ashley poised to appoint Rafa Benitez as Newcastle boss-IF he (RB)
agrees to a reduced say over buying and selling of players”
1 0 Rate This
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An old story, surely. Read this a few weeks ago. Is this Level5 at work?
It’s hard to feel any sympathy for fans who, by a majority of 2 to 1 would back a convicted criminal, who was on the board which saw the club’s total demise, and whose presence would trigger a suspension in share dealing in their club, and an immediate need to find 10 million pounds in cash to prevent the club’s likely liquidation, which he has stated that he will not pay.
A vote for King, is obviously a vote for a second death.
I hope they do it, myself.
As a spectacle the first was fantastic, the post death entertainment has been top notch with an ever changing cast of characters and breath-taking plot shifts into ever greater realms of surreal catastrophe.
The return of the King, Liquidation 2, more pant soiling from the SFA, more affronts to logic, sense and good order to follow, promises to be riveting viewing.
Meanwhile in another world Scottish football clubs can continue the slow, difficult healing process that it has been undertaking at club level, despite the governing body’s shambolic lack of support or governance or basic grasp of reality.
Is Mr Regan actually saying that nothing can be done to stop racist and sectarian singing at football matches in Scotland. Is his answer just to grin and bear it? Really?
================================================
I felt sick reading that pathetic excuse for a suit saying that. If Martin Luther King, JFK or Nelson Mandela were looking in on that, what would they think?. Time for Regan to f**k off along with the other apologists.
*************************************
As much as I dislike Regan and his ilk and would like to see him/them fired as soon as possible it is very apparent that a much relieved Regan has dodged this particular bullet for one simple reason : Scottish football clubs decided they didn’t want to be accountable for the behaviour of their fans. That is the unpalatbale truth and I find it completely unacceptable. But that is the fact of the matter.
Unfortunately for the usual miscreants , UEFA lurks in the background and they do occasionally fall foul of this much less forgiving, much less cowardly, much less tolerant ruling body who see no “armagedon” , no “tradition” in all of this. Just totally unacceptable and inexcusable behaviour.
Shame on the clubs for this.
So, Scottish football remains rooted in the 17 century. And that is the way the clubs want it to stay.
Danish Pastry says
An old story, surely. Read this a few weeks ago. Is this Level5 at work?
***********************
The “old” story concerned not being allowed to finish the league above 8th place.
I dont think there was any mention of losing control over signings.
I could be wrong of course
@crawford, the original story, as far as I remember, linked Rafa but that he would be under restricted powers viz a viz signings/limited ambition. Much of a muchness. MA & Co must need some positive media spin. I suppose we’ll see more of the same. Tactical posturing using PR spin has proved effective north of the border of late.
Very modest crowd at Ibrox, the bogit choir in absence which is nice. Raith have their Great War remembrance kit on. Lovely gesture for the victims. They also look a good, well-drilled unit compared to the second biggest budget in Scottish football.
Correct me if I’m wrong but if I remember correctly, if there is a major disturbance at the GM, which the chairman cannot bring to order, then he is entitled to suspend the meeting and re-call it at another date up to 28 days later.
So if MA will not have completed his plans by the 4th March then this venue selection is another master stroke. The board know their customers after all and SoS et al will have played right into their hands.
Giovanni says:
February 8, 2015 at 3:31 pm
Correct me if I’m wrong but if I remember correctly, if there is a major disturbance at the GM, which the chairman cannot bring to order, then he is entitled to suspend the meeting and re-call it at another date up to 28 days later.
So if MA will not have completed his plans by the 4th March then this venue selection is another master stroke. The board know their customers after all and SoS et al will have played right into their hands.
——————————————————————
As I posted earlier my reading of the Rangers Articles of Association is that Rangers can issue 500 tickets for the general meeting to shareholders of its choice.
I therefore feel that it is highly unlikely that a major disturbance will take place inside the meeting. What happens outside is another issue but the Met I’m sure will be well prepared if things kick-off.
@Crawford I believe Carver has been confirmed for the rest of the season. Also a PMGB blog already pointed out Rafa was interest but that soon faded when he discovered his brief was under no circumstances to qualify for Europe so that NUFC don’t have to pay Europe bonuses. Having watched much of the Stoke match I can believe in that lack of ambition even amongst the players.
@Resin_Lab_dog having briefly flicked to BBC1 Scotland at half time of the NUFC match I don’t think there will be much problem identifying any “in the choir”. The bottom tier of the stand opposite the camera was at best a third full, the next tier maybe a quarter and a handful in the top tier. Not very many behind the right hand goal either
An elbow in the neck followed by what looked like a deliberate stamp to the body finally forced a yellow on LM who seems to have been given carte blanche for common assault. A player is going to suffer a career-ending injury soon if this keeps up from the character also known as ‘elbows’. Rugby tackle by Black, no card. A rare, protected species this lot in blue. Crowd of 9,000. That would fit nicely into Firhill or a few other grounds.
These real Rangers men need to create a new entity/company pronto and rename it. Atmosphere ripe for anything now. They can just claim the pre-2012 history. Simples. Why does this option not appeal? I don’t get it.
BBC estimate around 9,000 at Ibrox. I wonder when they last had a crowd that size at a home Scottish Cup tie!
Glad to say, from a Hearts, and the three other promotion hopefuls, viewpoint, no sign of improvement with the introduction of 2 of the five Magpies.
The look on Streete’s face, as he walked off injured, suggested he wasn’t disappointed to be going off after less than 45 minutes.
Then we saw [LM] use his elbow then stamp on Dale Carrick, nice touch, though, that he (LM) managed a wee ‘job done’ smile to a team-mate as he walked away after a well deserved booking!
“Sack the board” “Scumbags” “out out out”….
Resin_lab_dog says:
February 8, 2015 at 3:55 pm
I did not demonise them eco. They did that themselves!
http://www.bbc.co.uk/sport/0/football/30574627
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Well it wasn’t the agm of the WRVS – it was an agm of a football club that has been utterly pillaged for years.
I think their behaviour at the Ibrox agm was quite restrained given everything that has happened.
If the Board can’t handle a few verbals and can’t turn up at an almost empty stadium for fears over their personal safety perhaps their future as directors of a football club isn’t the best career choice for them.
ecobhoy says:
February 8, 2015 at 3:58 pm
Giovanni says:
February 8, 2015 at 3:31 pm
Correct me if I’m wrong but if I remember correctly, if there is a major disturbance at the GM, which the chairman cannot bring to order, then he is entitled to suspend the meeting and re-call it at another date up to 28 days later.
So if MA will not have completed his plans by the 4th March then this venue selection is another master stroke. The board know their customers after all and SoS et al will have played right into their hands.
——————————————————————
As I posted earlier my reading of the Rangers Articles of Association is that Rangers can issue 500 tickets for the general meeting to shareholders of its choice.
I therefore feel that it is highly unlikely that a major disturbance will take place inside the meeting. What happens outside is another issue but the Met I’m sure will be well prepared if things kick-off.
___________________________________________________
I think the danger is the mob element that were in evidence at the abandoned Hearts game may be organising for the EGM. That is where my comment was directed.
They exist – we have evidence.
They are not nice – we have evidence.
Pretending otherwise helps no one (not least the decent TRFC fans)
So my comment is – I believe – reasonable.
I think it is entirely reasonable to organise things in such away that they don’t get to have their little party, don’t you?.
They are not a good advert for the decent supporters of TRFC.
My ‘5000 idiot thug’ comment was not aimed at decent TRFC fans concerned about the direction and business of their club.
They are accommodated at the GM within the requirements of the companies act.
And they can achieve their aims even without having to attend in person.
Just flicked backed to BBC1. Can now see the left hand goal (Raith doing most/all of the attacking) while I have been watching. An awful lot of the Beeb’s estimate of 9000 must be directly under the camera 😉 . Back to Sky for some bubble watching
ecobhoy says:
February 8, 2015 at 4:07 pm
“Sack the board” “Scumbags” “out out out”….
Resin_lab_dog says:
February 8, 2015 at 3:55 pm
I did not demonise them eco. They did that themselves!
http://www.bbc.co.uk/sport/0/football/30574627
———————————————————-
Well it wasn’t the agm of the WRVS – it was an agm of a football club that has been utterly pillaged for years.
I think their behaviour at the Ibrox agm was quite restrained given everything that has happened.
If the Board can’t handle a few verbals and can’t turn up at an almost empty stadium for fears over their personal safety perhaps their future as directors of a football club isn’t the best career choice for them.
_____________________________________________________
Eco,
There is no reason why the board should have to tolerate verbal abuse and/or physical threats and intimidation in the conduct of their lawful business.
No one should should have to tolerate verbal abuse and/or physical threats and intimidation in the conduct of their lawful business.
Any TRFC fans that see it differently are not enamouring themselves to the rest of us.
Resin/Eco, you both have a point. The wiser heads among the Rangers support are gravely concerned about the possibility of unpleasantness at the EGM. Hence, the statement from Gough.
The behaviour of the Ranger’s players on the park is hardly setting a good example for the fans. Sadly the ref is, perhaps unsurprisingly, taking his lead from Hear No Evil, See No Evil Regan.
Its long past time that Regan went back to cricket. There is no hope for Scottish Football until every member, without exception, of the SPFL board, The SFA Exec & Professional Game Boards are removed from office sine die. These men are the problem, and have been since the beginning.
Once again, it’s not TRFC that play the football. Well done Raith Rovers, Turnbull will be proud of you!
ecobhoy says:
February 8, 2015 at 4:47 pm
Resin_lab_dog says:
February 8, 2015 at 4:16 pm
There is no reason why the board should have to tolerate verbal abuse and/or physical threats and intimidation in the conduct of their lawful business.
Any TRFC fans that see it differently are not enamouring themselves to the rest of us.
———————————————————–
Sometimes Football Boards attract verbal abuse and often for good reason.
Physical threats and intimidation obviously has no place in football or indeed society in general.
I have verbally abused the pre-Fergus Celtic Board and would do so again if I felt it was necessary. It is one of the few levers that fans actually have other than boycotting their club.
_______________________________________________
I think shouting dissatisfaction with the board from the terraces is one thing.
I think a level of restrained dissent is appropriate for a GM. But not mob rule.
5000 was ‘off the cuff’ and probably hyperbole (I hope!)… an exaggeration, but not a wild one.
But the element that stormed the entrance Hall at the Hearts game, and who attacked rival fans are fully deserving of approbation.
They looked alot like idiot thugs to me.
They were wearing blue jerseys.
They are not representative of all TRFC fans, clearly.
But they are a legitimate concern.
They are a problem for decent TRFC fans as much, if not moreso than the rest of us.
And I do not feel any need to be circumspect in my criticism of them and the disruption and harm they can perpetrate.
Whilst making it clear that I certainly do not tar all TRFC fans with the same brush, I see no merit in pussy footing around the condemnation and containment of unacceptable mob behavior, for fear of offending the delicate sensibilities of those who think there are mitigating circumstances.
Rangers papped out the cup by Raith Rovers. No news there, hopefully a few had that in their coupon.
Simonsen was down injured at the tail end of the match and received treatment. When he was back on his feet he took a swig from a water bottle. I thought the bottle had “Champions League” printed on it. Were my eyes deceiving me?
If true, baffling. 4 yr old water bottles, or something sadder than that?
scapaflow says:
February 8, 2015 at 4:53 pm
Resin/Eco, you both have a point. The wiser heads among the Rangers support are gravely concerned about the possibility of unpleasantness at the EGM. Hence, the statement from Gough.
_____________________________________________________
Agreed.
The best outcome for everyone is for TRFC fans to put their own house in order and defuse a potentially incendiary situation, by ensuring that decorum is maintained and undesirable elements are held in check.
The fear is that flames get fanned by dog whistling from RRM like King instead.
Using the choice of venue as a weapon against the board is a weapon that can only backfire on decent TRFC fans.
They have not behaved unreasonably in this regard.
Plenty of other ‘metaphorical’ battles that can be fought against them, without the danger of degeneration into the literal variety that accompanies this one!.
In my opinion, the elbow was deliberate, the stamp was deliberate, and the smile says it all!
http://youtu.be/ve1MNZnL9Tw?list=UU1ndCgqUMGMMbFDbS5scifg
I’m really looking forward to the Raith Rovers players saying that the gap between them and Celtic can’t be that great as they beat the team that etc. Care to comment, Kenny? 😳
I wonder how many of the board members, advised to stay away, were actually interested enough to watch the game on TV!
I’d presume the Easedales would watch it, as they are genuine supporters, but Llambias, Leach and Somers?
Getting confused yet again…
Shirley it’s in MA/TRFC’s interest to at least achieve promotion to the SPL ?
But no ‘proper manager’ and an ‘unwelcome’ addition of 5 players imposed on the first team – allegedly. 🙄
They don’t have any cup games to distract them now – but who would be confident that TRFC achieves play-off promotion now ?
The dressing room must be a nightmare, McDowall bewildered – and IMO, TRFC will still be in the Championship next season, if the club survives of course.
Confused.com
StevieBC says:
February 8, 2015 at 5:49 pm
++++++++++++++++++++
To be fair, two of the infamous five played today and looked decent players. There was a bit of quality about both, though clearly lacking games.
The best thing for me about Raith Rovers winning today is that we will be spared any further chance of an o*d fi*m media circus again this season. I don’t miss the game at all.
On another note now that Rangers are out who are the BBC going to show in the next round?
Hasn’t been mentioned on the blog so far, but today in the Sunday Herald, there was an article quoting Paul Murray, who said that he was confident that all the creditors from Oldco would be paid back in full?
His confidence comes from the work that BDO are doing, in particular, securing the money from the litigation against Collyer Bristow?
I don’t have the financial acumen to state whether PM’s statement is true or not, but considering we don’t have the final bill yet from BDO,I’m certainly of the view that his statement is premature.
Additionally, the writer of the article is Matthew Lindsay, who is one of the most voracious cheerleaders of anything red, white & blue to an almost absurd level, leading me to think that it’s another PR release from Level 5, hinting at the moonbeams that only Murray, King & Gilligan can deliver?
Would be curious to see what some of the financial guys on here think? If true, it would go a helluva long way to righting some of the wrongs of the past.
There’s your tax-funded BBC experts for you:
http://www.bbc.co.uk/sport/football/28640467
No disrespect to any team that IS in with a shout or those teams failing to live up to expectations.
Cygnus X-1 says:
February 8, 2015 at 6:02 pm
Hasn’t been mentioned on the blog so far, but today in the Sunday Herald, there was an article quoting Paul Murray, who said that he was confident that all the creditors from Oldco would be paid back in full?
His confidence comes from the work that BDO are doing, in particular, securing the money from the litigation against Collyer Bristow?
I don’t have the financial acumen to state whether PM’s statement is true or not, but considering we don’t have the final bill yet from BDO,I’m certainly of the view that his statement is premature.
Additionally, the writer of the article is Matthew Lindsay, who is one of the most voracious cheerleaders of anything red, white & blue to an almost absurd level, leading me to think that it’s another PR release from Level 5, hinting at the moonbeams that only Murray, King & Gilligan can deliver?
Would be curious to see what some of the financial guys on here think? If true, it would go a helluva long way to righting some of the wrongs of the past.
===========================================
Would PM be privy to that sort of information from BDO?
If he’d received it in an off the record way, it would very unwise to place it in the public domain.
I suspect that it is an excerice in dissipating moonbeams given the conduit used, and that in fact PM said no such thing directly to the churnalist involved. :slamb: :slamb: :slamb:
upthehoops says:
February 8, 2015 at 5:58 pm
The best thing for me about Raith Rovers winning today is that we will be spared any further chance of an o*d fi*m media circus again this season. I don’t miss the game at all.
On another note now that Rangers are out who are the BBC going to show in the next round?
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Whichever tie Sky don’t select? So if the Premier sides are away and avoid each other, Sky will have Celtic and Dundee Utd and BBC Scotland will have ICT. Or do BBC Scotland have first dibs this time?
However, the warm ball/cold ball prediction is for an Inverness v Celtic tie.
@cygnus maybe Paul Murray has had a knock on the door from BDO who can chase former directors guilty of any wrongdoing to increase the creditor pot 😉
Just seen on SkySports News that Hibs won’t receive an additional allocation for Friday’s visit to Govan. Maybee a Hibbee could confirm. If so is this
a)given today’s turnout an attempt to ensure Hibbees don’t outnumber the home crowd
b)an attempt to reduce potential income so that the much speculated money burn isn’t hindered by pesky ticket sales
c)A combination of both the above 😉
The Cat NR1 says: February 8, 2015 at 6:14 pm
Cygnus X-1 says: February 8, 2015 at 6:02 pm
==============================
BDO received £24M in the settlement with Collyer Bristow.
The total creditors bill from the last BDO report
PREFERENTIAL CREDITORS
(1,000.00) RPO
(7,000.00) Employees Pref Claims
UNSECURED CREDITORS
(7,033,666.84) Trade & Expense Creditors
(7,736,000.00) Debenture Holder
(20,030,000.00) Directors
(27,211,671.63) Ticketus
(3,344,432.04) Football Creditors
(94,426,217.22) HMRC
(10,879,400.00) Ordinary Shareholders
(168,798,387.73) Grand total
HMRC’s full EBT claim is included, but even allowing for that figure to be reduced to the core VAT, PAYE, NIC and Wee tax Case, we are still looking at £21M, from them and £95M in total for all creditors.
Note that £20M of the Directors claim is Dave King’s “investment” in Murray Sports Ltd. Why it remains a valid claim, I don’t know.
If King’s claim stands up, he will receive in excess of £3M at a minimum and up to £5M depending on how much of the HMRC claim remains at the end of the appeal process.
The final return for creditors will be between 14p and 25p in the pound, so Paul Murray is talking mince.
Derek Rae having a wee stooshie on twitter. Very surprised that he thinks clubs can reform as exact same clubs in spite of liquidation. Quotes Napoli example. Does Rangersitis cause inflamation of the pundit? Whither fair play?
See timeline after this tweet:
StevieBC says:
February 8, 2015 at 5:49 pm
no ‘proper manager’ and an ‘unwelcome’ addition of 5 players imposed on the first team – allegedly.
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Caught the second half and was struck by the lacklustre performance of the Rangers regular players (taking nothing away from Raith who impressed).
Couldn’t help but think back and compare with Rangers performance against ICT in the League Cup where despite their limitations they showed good energy and closed down well IMO.
Are we seeing the effect of players who are out of contract at the end of the season, unlikely to get a fresh offer (not to mention any resentment re the newcomers) ❓
Derek Rae is a big Dons fan and has no love of Rangers but maybe working with Gary McAllister has had some effect!
He’s right though that you can hardly expect a TV commentator to call them Sevco deidco or something similar.
The treatment dished out to Jim Spence shows how dangerous that can be.
I
parttimearab says:
February 8, 2015 at 6:57 pm
StevieBC says:
February 8, 2015 at 5:49 pm
no ‘proper manager’ and an ‘unwelcome’ addition of 5 players imposed on the first team – allegedly.
===============================================
Caught the second half and was struck by the lacklustre performance of the Rangers regular players (taking nothing away from Raith who impressed).
Couldn’t help but think back and compare with Rangers performance against ICT in the League Cup where despite their limitations they showed good energy and closed down well IMO.
_______________________________________________
John Hughes completely to blame for that farce I am afraid.
Showed them too much respect. His game plan was containment, then to get them back up to the Tulloch and do them over properly there. Backfired spectacularly, due to a late goal that either side could have scored.
ICT sat in too deep and did not go after them in the way they should have. Had they done so, we would have brushed them aside with ease.
Lesson learned. It won’t happen again.
And no hard feelings! Nature of the game.