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?
STV news, Grange Hotels pull out.
alzipratu says:
February 17, 2015 at 4:33 pm
ecobhoy says:
February 17, 2015 at 1:45 pm
******
Little-known fact #1 – RFB were legally entitled to attend each and every RFC Plc board meeting (and to receive minutes) from their foundation right up until Craig pulled the plug. Nothing like a bit of fan oversight to make sure nothing bad is happening, eh?
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…and yet Gordon Smith claimed to “know nothing about anything” whilst Football Director under Whyte’s tenure ? 😯
oddjob says:
February 17, 2015 at 5:12 pm
STV news, Grange Hotels pull out.
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Now that’s a surprise 😯
And …… it’s back to Ibrokes!!
Now that the 2nd London EGM venue have cancelled is Glasgow really not an option? Would the Police have a say if they believe there would be a threat to public order? Would there actually be a threat to public order?
What a mess.
Edit: I see Sky are now tweeting it will be held at Ibrox on a date to be confirmed.
ecobhoy says:
February 17, 2015 at 5:00 pm
But it certainly looks as though the current Rangers fan board have abandoned hopes of a blazer – if they ever had any – and will pay the price for releasing the Minutes and I have to say I admire their decision.
++++++++++++++++++++++++++++++
I completely disagree. The RFB attended the meeting on a clear understanding, which they have clearly broken in as blatant a manner as possible, and without even having the good grace to resign. How can any organisation possibly deal with people like that? How can you discuss matters openly with them, when they are likely to broadcast a one-sided account of the meeting before a minute of the meeting is agreed? The RFB members responsible have behaved in a shabby manner, and the Ibrox management should refuse to deal with them ever again.
oddjob says:
February 17, 2015 at 5:12 pm
STV news, Grange Hotels pull out.
………………………
And the BBC (ex?) Lamb munchers just announced the EGM “update” and it is 17.30hrs !!!
Just found an ideal hotel location down south – and with a special offer thrown in.
It just so happens to be the hotel which starred in ‘Fawlty Towers’.
This hotel couldn’t possibly refuse the bears…? 🙄
http://www.justgoholidays.com/itineraries/3076-fawlty-towers-live-in-torquay?t3p=
From twitter, a suggestion that will appeal to Ashley-
The Clumpany @TheClumpany 14m14 minutes ago
Hold EGM at St James’s Park. Ashley makes money on the booking,then can invoice Sevco for any damage, & lend them the cash to pay for it all
upthehoops says:
February 17, 2015 at 5:23 pm
Now that the 2nd London EGM venue have cancelled is Glasgow really not an option? Would the Police have a say if they believe there would be a threat to public order? Would there actually be a threat to public order?
What a mess.
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The only possibility that I see where a threat to Public Order might arise at Ibrox would be if there was a massive demo outside by supporters who weren’t shareholders.
I think there’s two way to prevent that: 1) A police cordon to keep demonstrators well away from the stadium with only voters being allowed through – easy to identify with ballot card. That would possibly mean those who have already voted might not get in but not sure about the documentation.
2) More Importantly: DK and T3B appeal to non shareholders to keep away and also those who have already voted although they might be leary about the second part of the suggestion.
But I can’t see more than 3k Bears turning-up at Ibrox to attend the egm and if those who have already voted are sensible the max attendance would be nearer 2k.
If rangers can’t handle that figure then they have no right to be holding football matches in the stadium.
However I reckon this is no longer about logic and it may well be that the Rangers Board would see changing their mind as a sign of weakness.
And IMO that’s been the problem from Day 1 they were either weak or thought they were being clever and outflanking the Bears by moving the venue to London.
It’s backfired big-time, If we had an SFA with leadership and a backbone they should make a decision and quite simply if either side don’t accept it then they should immediately suspend the playing licence.
Any dissenter will collapse at that threat and it won’t need to be carried out – it just takes some bottle from the SFA to resolve the issue.
“I think there’s two way to prevent that: 1) A police cordon to keep demonstrators……..”
as long as there’s an invoice issued. or just leave it to chucks security co.
neepheid says:
February 17, 2015 at 5:30 pm
ecobhoy says:
February 17, 2015 at 5:00 pm
But it certainly looks as though the current Rangers fan board have abandoned hopes of a blazer – if they ever had any – and will pay the price for releasing the Minutes and I have to say I admire their decision.
++++++++++++++++++++++++++++++
I completely disagree. The RFB attended the meeting on a clear understanding, which they have clearly broken in as blatant a manner as possible, and without even having the good grace to resign. How can any organisation possibly deal with people like that? How can you discuss matters openly with them, when they are likely to broadcast a one-sided account of the meeting before a minute of the meeting is agreed? The RFB members responsible have behaved in a shabby manner, and the Ibrox management should refuse to deal with them ever again.
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I admire anyone who takes decisions knowing that it may well cost them dear in various ways. I don’t need to even agree with the decision just the courage or thrawness of it. And I might even oppose it.
As some may have sussed I say what I think and am no shrinking violet and in business I was always careful to ensure I had people in my team who couldn’t be steam-rollered and had the guts to rell me when I was making a real wrong decision.
I have watched others go down the same road with their colleagues – long cowed into submission – sitting quietly and saying nothing as the personality wagon drove over the sheer and very high cliff.
I’m afraid I tend to support whistleblowers on most occasions but not always. I will make no decision about the right and wrong of the RFB decision as I don’t know how they were treated but from what I have seen I think they were a Wallace creation and genuinely had a role. He went and the latest New Order arrived and I think they may have been seen in a different light.
So I won’t rush to pronounce judgement when I am in ignorance of the facts and I always commend that course to others. Although often I fail to follow my own good advice 😆
Haven’t they been punished enough? Mercilessly struck with 5-star hotel cancellations when they’re down. Bare-faced cheek. It’s the thin end of the wedge — a kick in the quintessentials. Chris Graham’s list of people and places to boycott must growing by the hour.
PS Is it the club or the company that is experiencing these cancellations?
If the EGM is at Ibrox, will the gazebo be placed in the centre circle…with a Hampden style bunker attached, just in case ?
Absolute shambles of a club/company/thingy.
A footnote to the Rangers Retail accounts from a Jambos Kickback poster.
First thing that jumps out is related party transactions i.e. RR buy all their stock from Sports Direct…. so Ashley gets to double dip on the merchandising. Just quickly looking RR sales for the year are £4.8 million and purchases from SD were £3.8 million. Now I know these sales will be at wholesale rather than retail margins but it just shows why Ashley is so keen to get his hands on and control football club merchandising operations. The key part of the retail he doesn’t control (yet) is the trademarks.
neepheid says:
February 17, 2015 at 5:30 pm
ecobhoy says:
February 17, 2015 at 5:00 pm
The RFB attended the meeting on a clear understanding, which they have clearly broken in as blatant a manner as possible, and without even having the good grace to resign. How can any organisation possibly deal with people like that? How can you discuss matters openly with them, when they are likely to broadcast a one-sided account of the meeting before a minute of the meeting is agreed? The RFB members responsible have behaved in a shabby manner, and the Ibrox management should refuse to deal with them ever again.
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You appear to have missed the point in my original post where I stated:
You also seem to have missed that I was responding to a post alzipratu addressed to me at 4:33 pm in which he appeared to suggest that fan board reps of an earlier era should have divulged the information they were privvy to.
As you can see I am basically in support of your general point and it might be you would want to address your remarks to alzipratu.
Given the SFA’s stated belief that it is a members’ organisation whose members are unwilling to sanction members for their fans’ misbehaviour in stadia, (and by its actions is an organisation with little interest in regulating the behaviour of fans outside stadia) I fear there is little chance of the SFA attempting any action in respect of a listed company and the behaviour of its shareholders (even if that company does happen to own a football club). Does anyone really believe differently?
easyJambo says:
February 17, 2015 at 6:03 pm
The key part of the retail he doesn’t control (yet) is the trademarks
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I wouldn’t agree with you on that one as it’s not cut and dried. But I don’t have my various posts on the issue to hand.
But basically it’s because of the worlwide exclusive licence wrt trademark use issued by TRFCL to Rangers Retail Ltd and provisions which come into play in an insolvency event.
It isn’t just that SD can buy RR for 50% of the previous year’s RR profits but a licence right transfers as well. I haven’t actually looked at whether that licence right also transfers with SD now holding 75% of RR. But the registered trademarks form part of the security for the new loans.
Always remembering that in effect SD’s 49 RR shares outvoted Rangers’ 51 shares because the RR shares counted double in financial decisions.
So as I say I wouldn’t be too sure about the licence and a number of questions were asked of DL on trademarks by the Rangers Fan Board which IIRC weren’t answered.
A pundit’s benign use of the word ‘baggage’ causing outrage on SSB. Three in a row calling its use inappropriate when associated with supporters of TRFC. And one caller lays blame for the cancellation on Celtic supporters for posting video links and warnings about ‘unrest’ 😮
Gist of SSB is utilisation of the West of Scotland defence On the EGM changes ‘it wizny us a big bad Celtic supporter uploaded Manchester Videos and ran away’ …jings crivvens etc..
ecobhoy says: February 17, 2015 at 6:28 pm
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If we can believe Llambias and Leach from the RFB minutes, the trade marks remain with the club
15. Why would Mr Green sell the stadium rights for £1. Is this a normal price in British football? If not, what was offered in return to Mr Llambias to get this deal?
Mr Ashley returned the stadium naming rights for retail deals including the Rangers badge and trademark. Did the board value the retail deals also at £1 or did they feel that the stadium naming rights were worth more than giving away the rights to retail, our crest and badges and any future sponsor deals.
BL: He returned the naming rights for 25% advertising rights at the stadium. The crest and badges are not part of this – they still belong to RFC.
Just watched Collins brush aside STV’s inane question on whether Celtic were bothered about Inter using MP for training.
Indeed if the Celtic Supporters have managed to get the Rangers egm transferred to Glasgow then they should be lauded for managing what the combined weight of Bears didn’t. It’s just the way we tell them 🙄
Glasgow really is the friendly City and we always help each other out 😆
ecobhoy says:
February 17, 2015 at 5:00 pm
alzipratu says:
February 17, 2015 at 4:33 pm
ecobhoy says:
February 17, 2015 at 1:45 pm
******
Little-known fact #1 – RFB were legally entitled to attend each and every RFC Plc board meeting (and to receive minutes) from their foundation right up until Craig pulled the plug. Nothing like a bit of fan oversight to make sure nothing bad is happening, eh?
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Hard IMO to blame fan boards for lack of effective oversight when the actual Main Board Directors failed so miserably in that regard.
******
Sorry, sarcasm doesn’t work well here.
My point was that RFB were entitled to attend each and every board meeting and either didn’t attend or weren’t invited. Ever.
Their entitlement is there in black and white in the RFB “constitution” and (I believe) amended M&A of RFC Plc.
I understand they also didn’t receive minutes.
In every scenario, that should have raised more red flags than the Kremlin. Under both Murray and Whyte.
Every single one of their erstwhile saviours are culpable and as guilty as sin in the death of their football club as are the executives of both the SFA and the SP(F)L. I reserve judgement on the SOS guy – who actually does seem an honest guy – although I worry about some of the comments attributed to him.
McCaig`s Tower says:
February 17, 2015 at 6:18 pm
Given the SFA’s stated belief that it is a members’ organisation whose members are unwilling to sanction members for their fans’ misbehaviour in stadia, (and by its actions is an organisation with little interest in regulating the behaviour of fans outside stadia) I fear there is little chance of the SFA attempting any action in respect of a listed company and the behaviour of its shareholders (even if that company does happen to own a football club). Does anyone really believe differently?
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I think you may be confusing the SFA with the SPFL. I do think the SFA would have the remit to be involved in what I have suggested but it would probably have been done outwith the public glare.
Indeed they may even have done so in this case.
Danish Pastry says:
February 17, 2015 at 5:56 pm
Haven’t they been punished enough?
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How much sympathy can you feel for those who complain that they have been punished too much, but who continue to practice self-flagellation?
Danish Pastry says:
February 17, 2015 at 6:28 pm
A pundit’s benign use of the word ‘baggage’ causing outrage on SSB. Three in a row calling its use inappropriate when associated with supporters of TRFC. And one caller lays blame for the cancellation on Celtic supporters for posting video links and warnings about ‘unrest’ 😮
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That feckin’ Unseen Fenian Hand again. :irony:
These peepil really do have necks of the finest brass, and shame of the totally non-beginning variety.
Is there anything at all for which they will accept even the most miniscule amount of responsibility?
I really do feel sorry for the Ryans of this world, as they get tarred with the same broad brush as the ones who get all the publicity, thanks to the MSM agenda.
normanbatesmumfc says:
February 17, 2015 at 5:00 pm
Happy to agree with you.
Therefore the ‘Football club’ is in debt to the Plc to the tune of £15m and to Uncle Mike for £5m that could soon become £10m.
All the assets are against the SD loan bar Ibrox which currently appears to be the only asset against which the Plc could recoup some money should they seek to calling their £15m.
All very precarious if you ask me.
Speaking of which given the RRM disliking of putting up Ibrox as security just who in their right (and non T’Rangers would put up money when there is limited or no security?
Danish Pastry says:
February 17, 2015 at 4:06 pm
‘If required’ could mean a whole range of things.
I have no doubt that the 1st £5m Tranche was emergency crisis cash to meet payroll and was a signal to one and all that Ashley can dip into his pocket and produce such sums with ease.
The second part seems to me to be in terms and is worded in a manner that can be justified as trumping the 3Bs proposals being that by all accounts they needed time to put finances in order.
I would suspect that the 3Bs bankers and advisers will not be wanting to allow them part with cash unless they have some form of power and security and at this moment in time they have access to neither.
ecobhoy says:
February 17, 2015 at 6:46 pm
McCaig`s Tower says:
February 17, 2015 at 6:18 pm
Given the SFA’s stated belief that it is a members’ organisation whose members are unwilling to sanction members for their fans’ misbehaviour in stadia, (and by its actions is an organisation with little interest in regulating the behaviour of fans outside stadia) I fear there is little chance of the SFA attempting any action in respect of a listed company and the behaviour of its shareholders (even if that company does happen to own a football club). Does anyone really believe differently?
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I think you may be confusing the SFA with the SPFL. I do think the SFA would have the remit to be involved in what I have suggested but it would probably have been done outwith the public glare.
Indeed they may even have done so in this case.
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A disrepute charge can also be brought at any time.
However, given the precedents set in recent years, it seems difficult to see how much more disrepute can be brought to the game that has witnessed, plucked at random from memory:
-Ally’s “We demand to know” dog whistling.
-CG seen on tv joining in the “if you hate Stewart Regan, clap your hands” singalong.
-Ally again, this time waving in a Chamberlain-like way his player-punter list.
Under the SFA’s watch (that’s you Regan and Ogilvie, if you’re reading, FFS), the game has become so disreputable as to become almost impossible to bring further into disrepute.
easyJambo says:
February 17, 2015 at 6:35 pm
Obviously there is a value in trademarks per se. But the real value comes in the ability to use the trademarks under licence. As far as I can make out RR has a worlwide exclusive licence to use all registered Rangers trademarks to brand the goods it sells.
You have to remember how important branding is to Ashley and his voracious appetite for buying-up Brands.
The thing about the licence granted to RR by TRFCL as I understand it is that it would survive an insolvency event and of course there is the ability – which appears to be 1-way – for SD to buy-out the Rangers share in RR.
So I think the licence is well and truly locked-in but whether it’s for longer than the rumoured 5 or 7 year joint venture deal I don’t actually know.
As I say I simply am not sure that the position is clear-cut 😆
And of course the trademarks are now part of the security given for the new loans.
alzipratu says:
February 17, 2015 at 6:39 pm
Sorry, sarcasm doesn’t work well here.
——————————————
Obviously I am totally missing the point you are making. If you are picking-up any sarcasm in my response then it is most certainly not intended and not something I find any need to employ in normal discussion.
The issue of whether the RFB were entitled to attend every Rangers Board meeting in the DM and CW era but didn’t possibly because they weren’t invited may be of some interest. I personally have no knowledge of the matter and tbh no particular interest in it either.
ecobhoy says:
February 17, 2015 at 6:37 pm
Just watched Collins brush aside STV’s inane question on whether Celtic were bothered about Inter using MP for training.
===============================================
I’ve saw it suggested Rangers players have been asked to stay away from MP on Thursday as Inter will be there. Strange way to prepare for a game on Friday night. There’s a question there for the media to ask, much more relevant than trying to goad someone from Celtic into giving them a headline. I’m guessing Inter may be paying a fee ❓
Not sure if mentioned earlier, but would be interesting to see if Ashley, [or a nominee], has a sniff around Birmingham CFC in receivership ?
Fears for Birmingham After Receivers Called In
http://news.sky.com/story/1429266/fears-for-birmingham-after-receivers-called-in
ecobhoy says:
February 17, 2015 at 7:25 pm
easyJambo says:
February 17, 2015 at 6:35 pm
Obviously there is a value in trademarks per se. But the real value comes in the ability to use the trademarks under licence. As far as I can make out RR has a worlwide exclusive licence to use all registered Rangers trademarks to brand the goods it sells.
You have to remember how important branding is to Ashley and his voracious appetite for buying-up Brands.
The thing about the licence granted to RR by TRFCL as I understand it is that it would survive an insolvency event and of course there is the ability – which appears to be 1-way – for SD to buy-out the Rangers share in RR.
So I think the licence is well and truly locked-in but whether it’s for longer than the rumoured 5 or 7 year joint venture deal I don’t actually know.
As I say I simply am not sure that the position is clear-cut 😆
And of course the trademarks are now part of the security given for the new loans.
=======================
That seems to sum up MA’s endgame. Just follow the money, and it makes perfect sense.
There is nothing to be made out of running a football club long-term, as eventually the stadium wiil need a mega bucks upgrade and those pesky players keep expecting to be paid, etc etc. Ask Simon Jordan, for example (or Mike Ashley).
MA is after the one thing in football that is the nearest thing to alchemy (apart from being an agent of course), the endless revenue stream from high profit margin tat. At RFC, he has found something unique, an eternal, seemingly officially authorised, freely advertised brand. The 5WA parties & MSM have done all the work for him by creating the myth, and the only way he can lose is if they then do a u-turn and state that RFC died when RFC PLC entered liquidation, rendering the brand redundant other than for retro tat.
(S)DM sold the jerseys to JJB for big money last time. MA has nearly got the Gerseys for a song (probably a sectarian one, at that).
What a clever boy, no wonder his wealth truly is off the radar.
upthehoops says:
February 17, 2015 at 7:45 pm
ecobhoy says:
February 17, 2015 at 6:37 pm
Just watched Collins brush aside STV’s inane question on whether Celtic were bothered about Inter using MP for training.
===============================================
I’ve saw it suggested Rangers players have been asked to stay away from MP on Thursday as Inter will be there. Strange way to prepare for a game on Friday night. There’s a question there for the media to ask, much more relevant than trying to goad someone from Celtic into giving them a headline. I’m guessing Inter may be paying a fee ❓
————————————————————
I’ll need to go and dig my ticket out as I thought the game was on Thursday night which is when they usually are.
If it is Thursday then it fits Mancini’s normal preparation because on the morning of every game he does a training session which concentrates on set pieces, crosses and passing moves.
IIRC the last time Green offered the facilities I think the conner was conned because he didn’t broadcast how much he had made but talked of Rangers becoming the academy for the foreign club and MP developing their youngsters over here.
I suppose Mather was possibly in charge at MP at the time that would explain the rush of blood toGreen’s head and the Monveam spouting 🙄
Carfins Finest
Feb 17,2015 at 3:37
Once you believe that you can influence decisions by threats and bullying this becomes your MO. It is very,very difficult to change your ways thereafter.
…………………………
This has been their MO for as long as I can remember.
Eco. Rangers have a game on Friday in Kirkcaldy
http://www.dailyrecord.co.uk/sport/football/football-news/rangers-egm-dave-king-hails-5180997
The Record salivating over the prospect of yet more succulent lamb, this time from the King over the water. He is as good as crowned, we are led to believe. In fact you will wonder why Ashley hasn’t vanished already, with King parking his tanks on Edmiston Drive.
Finally, just a wee snippet from King, for those who like a laugh-
“It is not the Rangers way to threaten individuals on a personal basis and there should be zero tolerance for this.”
I wonder if King shared that gem with McCoist before the infamous dog-whistling episode?
I guess there are not a lot of Telegrqph readers amongst the TSFM community. This is one of those slightly off topic but in a way on topic posts.
The chief poitical commentator of the Telegraph has resigned and his redignation statement is pretty dynamite. An evisceration of the modern MSM and journalistic/editorial standards.
The full statement is linked to below if anyone fancies a long read.
Of the many allegations the most damning is that the paper’s investigative team had the HSBC story some three years ago. HSBC pulled their account and to win it back the Telegraph dropped their investigation.
https://www.opendemocracy.net/ourkingdom/peter-oborne/why-i-have-resigned-from-telegraph
ecobhoy says:
February 17, 2015 at 8:09 pm
I’ll need to go and dig my ticket out as I thought the game was on Thursday night which is when they usually are.
——————————————–
Just to clarify I meant Rangers have a game on Friday night, but are handing their training ground over rather than preparing for their own game.
Inter of course play on Thursday. Like you, I will be there.
upthehoops says:
February 17, 2015 at 8:48 pm
ecobhoy says:
February 17, 2015 at 8:09 pm
I’ll need to go and dig my ticket out as I thought the game was on Thursday night which is when they usually are.
——————————————–
Just to clarify I meant Rangers have a game on Friday night, but are handing their training ground over rather than preparing for their own game. Inter of course play on Thursday. Like you, I will be there.
———————————————————-
I must be losing the plot – I simply didn’t connect Rangers with European Football 🙄
I suppose they’ll train at Ibrox which is what they might end-up doing permanently anyway.
neepheid says:
February 17, 2015 at 8:37 pm
http://www.dailyrecord.co.uk/sport/football/football-news/rangers-egm-dave-king-hails-5180997
The Record salivating over the prospect of yet more succulent lamb, this time from the King over the water. He is as good as crowned, we are led to believe. In fact you will wonder why Ashley hasn’t vanished already, with King parking his tanks on Edmiston Drive.
Finally, just a wee snippet from King, for those who like a laugh-
“It is not the Rangers way to threaten individuals on a personal basis and there should be zero tolerance for this.”
I wonder if King shared that gem with McCoist before the infamous dog-whistling episode?
————-
Reading that King piece reminded of the IndyRef campaign. Close run fight between #Yes and #No. Similar issues also: freedom from current ruling regime, a new start, money to be retained and invested locally instead of being spirited south of the border, control of local assets and revenue streams, control of one’s own destiny. It’s all there — apart from the role reversal aspect. Quite amusing 🙂
Tincks, thanks for sharing the Peter Oborne piece. Seems to me, it’s right on topic. To me, as to many I suspect, The Telegraph is something I buy at stations and airports, to qualify for the free bottle of water. As such, Peter Oborne’s articles would be something I only read infrequently, and while closely argued, I’d generally smile at the oxymoron of a “conservative thinker” and move on.
Today’s blog is different. It’s from the heart, and lays bare, from an insider viewpoint, the corruption at the heart of much news reporting in this country. As observers of the phenomenon in one sport, in one part of the UK, we might see it as comforting that we are far from alone. Comforting and alarming, at the same time.
I had written a very short post earlier suggesting that the board might attend the EGM via conference call from, for example, a hotel in London. I deleted it because I thought it too silly (even by my low standards) and thought they had to be physically present anyway. But what do you know, STV Grant has just tweeted something similar. They wouldn’t would they? Can they?
Jings.
Famous song says:
February 17, 2015 at 9:30 pm
Thanks. Likewise for me with the Telegraph. I don’t share Peter Oborne’s politics but, to have a properly functioning democracy a society needs people of all political persuasions to be able to think and speak freely and engage in honest debate.
VIEW GALLERY
DAVE KING STATEMENT:
“WITH a second London hotel declining to host the General Meeting members of the Rangers board and the companys Nomad must now accept Ibrox as the best and obvious venue.
“They all have a profound responsibility to the shareholders and fans to hold this meeting within the suggested time frame and so the proxy process must continue as planned. Therefore it is absolutely vital that Rangers fans, who are shareholders, and all other shareholders continue to follow procedure.
“Votes must be cast with Capita by 10am on March 2 and hopefully we will then be able to confirm that the resolutions have been approved well in advance of the actual meeting.
“There has been coverage in the media alleging concern by club directors about their personal safety and verbal abuse from Rangers fans and while unrest is understandable any anger must be peacefully channeled towards the removal of directors from the board. It is not the Rangers way to threaten individuals on a personal basis and there should be zero tolerance for this.
“I have already expressed my views on the decision to have the General Meeting in London and I was appealing to fans not to travel. However, while Ibrox can easily accommodate everyone who wants to go I believe fans who are also shareholders should still ensure that a properly completed proxy is in place beforehand. The meeting will last only a few minutes as there is no debate beforehand.
“It was always my intention to vote by proxy and not travel to London and it remains the case that I will be in Glasgow with my fellow directors ready to commence the business of the day.
“It has been gratifying to see the manner in which fans have rallied since I requisitioned the General Meeting. This action of increasing and consolidating their shareholding to the point that the fans have collectively become an increasingly significant voice in the future direction of the club is significant.
“The new board will continue to support fan accumulation of shares and the appropriate representation on the board to reflect this new found status.”
Dave King
17th February, 2015
I was listening to a bit of SSb today, yes I know, more fool me. A caller stated he wanted Rangurs men tae run Rangeurs. Dave King would put the club first and get them back to their rightful place at the top.
Rangers fans need to understand they have no rightful place, they need to stop the mob behavior, that will not deliver success and they need to understand that Rangers need to live within its means. I would love a new Rangers to emerge, but one that ditched the We r the peeple and various songs to emerge in the 21st Century but I think these things are more important to many, than the game of football.
I have the same feeling about those who follow Celtic and sing about former terrorist groups.
None of them have a place in a modern Scotland and for those from other clubs who like to publicize these failings of the Glasgow clubs, have you ensured your club has no baggage ?
Its the 21st century, move on.
Sevco schematically:
http://www.heraldscotland.com/sites/default/files/RFCexplainer.jpg
It’s always wise to know who you are voting for and how successful they have been .
The Rangers First organisation is lobbying hard for fans to proxy their votes. They have a democratic process whereby they vote as members on which way Rangers First will vote.
All very well and good, however there is a responsibility for Rangers First to provide detailed background checks on the individuals who are attempting to gain a place on the Rangers International board. From what I am told Rangers First has provided no information on the business track record of the requisitioners , and therefore is unable to advise or help in this onerous decision.
Other than of course to blindly accept that the requisitioners , King Murray and Gilligan are all appropriate and capable. Rangers First has run an undisguised support campaign for these individuals, but hasn’t at any stage provided unbiased analysis of their current and relevant past actions .
Let me help them out here.
Paul Murray is currently a Director of the following companies.
Company Company Name App.Type App.Date
SC276299 MGI INVESTMENTS LIMITED Director 21/11/2004
SC329822 DELAMORE HOLDINGS LIMITED Director 26/10/2007
02466472 R. DELAMORE LIMITED Director 20/12/2007
SC023577 ST. MARY’S SCHOOL, MELROSE Director 30/11/2009
SC434394 VICAST LIMITED Director 01/02/2013
MGI is a very small investment business which has lost money for each of the last 3 years and is now balance sheet insolvent to the tune of £116,000
Delamore Holdings is a producer of plants HQ’d in Glasgow with a production facility in Cambridgeshire. The business turns over £10 million. The last 4 years have not been kind for Delamore with losses of £4.9 million, £1.1 million , £811k and £692 k . This has resulted in the business having negative retained reserves of £6.5 million and being balance sheet insolvent
R Delamore is a wholly owned subsidiary of Delamore Holdings
St Mary’s School is long established and not a business in the true sense.Schools typically draw their directors from alumni or parents , who normally serve a shortish term , in the way that golf club committee’s are run. The school has a turnover of £1.4 million and makes a small profit
Vicast is Martin Bain’s broadcast business, which has only recently been formed and no meaningful information is available.
Not much therefore to commend Paul Murray to voters. nothing in his current positions to suggest he has either the ability or track record to improve on the current board.There is also the huge problem of Murray having been on a failed board, with serious questions over his eligibility for office in any event. Murray has not been a Director of any business that I am aware of , other than the ones noted, since 2007.
I don’t have a vote but if I did it would be no thanks
Dave King has been written about Ad Nauseum on here and other places. His character was shredded by a high court judge, his criminal convictions real and his wealth gained in large measure when he sold shares in a company he controlled , just before the price collapsed leaving other investors with a total loss .
Voting for King , in my view is madness. How an executive director of a reputable organization like Morgan Stanley(albeit a branch office in Hong Kong ) could consider voting for King is staggering. The 3 Bears would by far be better distancing themselves from King and Murray and going it alone.
John Gilligan
He is reputed to be an ex ManagingDirector of Tennant Caledonian Breweries, although companies house has no such information. However that could be because the business was registered in Dublin, or it may be for some other perfectly valid reason.
I would want to know more about his business record, however at face value he may be a decent appointment.
Rangers First and everybody else who has a vote needs to ask themselves whether they , by voting for King and Murray, are merely being used by the obsession these 2 have for power and control at Rangers. There are much better options for Rangers, including letting a genuinely successful businessman guide them to stability.
Advice from Celtic supporters isn’t welcome , however it is genuine and given on the basis I want stability for all Scottish clubs, with ethical directors who are fit for purpose. Previous advice and information on David Murray , Craig Whyte and Charles Green was ignored by the Rangers support.
Hopefully shareholders will at least take the time to do their own research and not rely or the likes of Chris Graham and the ever increasingly discredited Sons of Struth for information.
Ashley can put RIFC into Liquidation with his pet Liquidator at any time up to losing an EGM vote
Liquidation secures all Ashleys goals
It allows him to retain his onerous SD contracts
And
The Ashley Prepack Liquidator can be instructed to sell the assets to Ashley(Sarver) having first taken over the (now liquidated) onerous contracts from the Spivs
The fan shareholders get stuffed along with the 3Bs and King.
,,,,,,,,,,,
Alternatively
Ashley loses the EGM and goes off in the huff with his onerous contracts A lengthy legal battle looms if he isn`t paid his loans pronto and his onerous contracts are suspended by King
Its a no Brainer
Either
Prepack Liquidation before the EGM
or
Ashley knows now that he has the EGM vote in his pocket
The Benny Hill theme tune springs to mind
On Twitter @AndyNewportPA:
Understand that the custom and practice of City law means that meetings at Millennium Gloucester and Grange Tower Bridge hotels will still have to be called. They will immediately by adjourned. The custom of it means there has to be time to physically travel from one venue to the other before the next meeting can be opened, which is why the MG meeting was 10am and GTB was at noon. Also why March 4 might be viewed as too soon for the Ibrox date.
In addition, @GrangeHotels tweeted earlier (but has since deleted):-
“Jelly and ice cream is off the menu at the Grange Tower Bridge Hotel on 4th March, 2015. #EGM #RangersEGM”
People here really need to give up on starting from the desired outcome (Dead Rangers) then interpreting the supporting narrative to fit.
A Rangers will continue as long as someone can make money out of the fans/other income streams. When they can’t, it stops.
rabtdog says:
February 17, 2015 at 11:42 pm
People here really need to give up on starting from the desired outcome (Dead Rangers) then interpreting the supporting narrative to fit.
A Rangers will continue as long as someone can make money out of the fans/other income streams. When they can’t, it stops.
=======================
Indeed so. As I posted earlier about MA at 8.08pm.
MA will continue making loadsamoney as Sevco Rangers, William the Third Rangers, The Fourth Protocol Rangers (beats the 5WA 😀 ), etc etc, perpetuate the myth and the groundhog day journey back to their mythical rightful place continues ad nauseum.
In the meantime, normal service is suspended as we await their return with forelocks aye ready to be tugged. :irony:
Maybe, they’ll just get bored, give up and go home. Mind you, they’d more than likely want to take the baw home with them.
I imagine many here will have read Jon Ronson’s ‘The Psychopath test’ and I would commend it as a compelling work to them ‘as hasn’t.
But I got me to thinking:
Mike Ashley?
Check
Check
ChecK
Check…
etc…
David Cunningham King…
Check
Check
Check
Check….
etc.
Chuck us over that there popcorn would you?
I see people discussing who owes what to who… RIFC / TRFC / MASH / SD and there seems to be confusion.
I’m an ordinary man, nothing special nothing grand (!) so it’s very likely that I’ve read and understood this ( http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12129094.html ) wrong. But my reading of it at the time set a bell ringing in my napper. From my understanding, Mike Ashley is lending the money directly to ‘engine room’ operation NOT the publicly listed thingy-ma-jiggy that is owed all the previous money.
Like I’ve said (on numerous occasions) I’m probably howling at the moon but would this have any bearing on possible future insolvency events? Is it significant? It certainly struck me as being odd at the time as prior to this all the money seemed to have flowed through RIFC plc before getting to TRFC ltd. I can’t remember it really being picked up on or discussed much and so thought not a lot about it other than being queer.
Can anyone enlighten me as to the significance, if any?
In the meantime, I shall resume warming the bench 😉
Scottish football needs more results like that at Montrose @ the weekend.
Question for those conversant with company law.
Dave King has repeated several times that if his EGM bid is successful, the first meeting of the new board will ‘take place within minutes’. Do they have the legal jurisdiction to do this, or can they simply install themselves then await a future challenge on the suitability of King and Murray as directors? After all, even King himself has spoken recently that the AIM and SFA have to be convinced.
Alternatively the AIM and SFA can pick up the Daily Record the day after the EGM and convince themselves King’s case is a walkover which they can’t win.
GoosyGoosy says:
February 17, 2015 at 11:24 pm
—————————–
Hypothesis…
MA has all the cards stacked in his favour.
King et al win the EGM resolutions etc. – MA moves to administration, then possibly liquidation; or
EGM resolutions fail.
Possible motivation of MA – to show the world that he is happy to kill off the mighty Rangers [again].
MA’s reputation as a don’t mess with me deal breaker is enhanced.
Win win for MA: if the EGM goes for King et al and if can move into administration etc. then, a formidable reputation is enhanced.
If EGM fails, then business as usual – business being the operative word.
rabtdog says:
February 17, 2015 at 11:42 pm
“People here really need to give up on starting from the desired outcome (Dead Rangers) then interpreting the supporting narrative to fit.”
——————————————————–
The SFA/SPFL/MSM really need to give up on starting from the desired outcome (Still alive Rangers) then interpreting the supporting narrative to fit.
Barcabhoy
I see Phil MacGiollabhain mention in his recent article that Dave King and Paul Murray were not so much in the dark as they claim during SDM’S tenure.
Now whether a Craig Whyte curtain did come down over Ibrox from 6th May 2011 to the extent that DK was blind to what was taking place I do not know, however I understand that DK was a Director during 2011 and so must bear some responsibility for what took place from May 2011 to Feb 2012.
One of the multiple tax paying evading events during that time apart from VAT and PAYE non payment was the non payment of the £2.8m “wee tax case” bill.
Now should Res12 reveal any skullduggery during the UEFA licensing process on the part of RFC then surely the SFA could not allow a person who was a Director when skullduggery was taking place any position at Rangers, particularly if it transpired the SFA were themselves either complicit or deceived?
Celtic, if they were thwarted of a UEFA place, have shareholders to answer to under Res12 but Scottish football generally and that includes supporters of TRFC, simply cannot afford to allow the likes of DK a role in the future of our game.
Of course if DK was blind sided during the processing of the UEFA licence he could help his case as an ex RFC Director by obtaining a copy of the submission to UEFA by RFC and demonstrating not only his non involvement in the dealings between HMRC and RFC but also make public what in fact was presented to UEFA in July 2011 to meet the conditions of Article 66 of UEFA FFP 2010. Now that would be transparency.
I would hate to think that if skullduggery to circumvent the rules did take place, a Director of RFC at the time were somehow to rise phoenix like again into a position requiring complete honesty and trust in the post holder.
If Scottish football is to embark on a course of accepting men of dubious honesty into its competitions then it can no longer depend on the trust based system of self declaration that dishonest owners can drive a horse and cart through.
It either toughens up its rules – no more self declaration- and the transparent policing of them ( at a cost to the game) or leaves the game open to any criminal element to walk in, something I would have thought the gambling industry would be most concerned about.
If I were in the MA camp I’d be doing some digging. If I were DK I’d be doing the same….
Growing up in the 70’s to follow my Dad as a Chelsea fan could be pretty dreadful at times. The atmosphere at Stamford Bridge was vile with a National Front element attaching itself to the club, as they did to others in England, particularly London. The frustration being the authorities, (football, poilce, political) who just seemed to shrug and say “What can do?” Ring any bells?
My Dad would have read the outstanding post other night (by Zilch I think – sorry if getting that wrong, about just not wanting to expose a youngster to some of the worst of human behaviour) and he would have agreed with every word.
So diddy teams it was to be able to enjoy a decent game.
I will give credit where it is due, over the last thirty years various regimes have done a tremendous ammount to root out the element that made Stamford Bridge such a cesspit.
And then this:
http://www.theguardian.com/football/2015/feb/18/racist-chelsea-fans-push-black-man-paris-metro?CMP=share_btn_tw
I could weep. Can we have an emoticon for “Morons” please?
The only small consolation is the reaction of the club who seem willing to do something about it if people can be properly identified.
Sorry – this is the TSFM not TEFM – but just needed to get it off my chest.
A statement from RIFC- they don’t seem to even know what day it is!
19 February 2015
Rangers International Football Club plc
(“Rangers” or the “Company”)
Change of Venue and Time for General Meeting convened by notice dated 6 February 2015 (“General Meeting”)
It is with regret that the Board must announce that, following threats from persons unknown, the Grange Hotel at Tower Hill in London has informed the Company that it is no longer willing to host the General Meeting on 4 March 2015. Accordingly, the new venue for this General Meeting will be Ibrox Stadium, in Glasgow, at a date to be determined.
The original London venue was selected for the General Meeting because the Board felt that previous General Meetings held at Ibrox had been disrupted by chanting and other shouting and accordingly had sought a business venue where a meeting could be held with more decorum. Following threats it was decided to seek a second London venue, not least because, for legal reasons, this would have preserved the ability to continue to hold the meeting on 4 March. Unfortunately, these efforts have now been thwarted.
A further announcement will be made as soon as possible once a new time and date for the General Meeting have been established.
Ends
upthehoops says:
February 18, 2015 at 6:48 am
Question for those conversant with company law.
——————————————————–
I’m not conversant with company law and even if I was an expert in it then I reckon MA could hire a squad of much better experts.
But I’m not sure this will boil down to legal expertise – at least in the initial stages – which you correctly identify as critical and possibly crucial.
My thinking goes along the lines of that well-worn and rather trite phrase: ‘Possession is nine-tenth of the law’.
If DK and T3B win the egm then I guess an immediate legal challenge could be mounted by the losing side but to get any interdict freezing the situation or whatever then there would require to be IMO very strong prima facie evidence presented at what would be an initial hearing.
DK’s past record I would think would be immaterial to an interim decision quite simply because the incumbents have advised AIM in great detail in a Regfulatory Notice of this.
They have chosen to allow the egm to go ahead although possibly they might have learnt from the SFA and decided to do nothing as the problem might go away with the Board status quo maintained.
No, I feel if the decision is to be overturned ab inito then there would need to be incontrovertible proof of vote rigging presented to the court.
Obviously the actual court case would be months down the line so in ther circumstances outlined the court has a problem as to how te company is run in the interim until legal proceedings are concluded. Any speculation on that is for the ‘experts’ 🙄
I think the biggest strength that DK has is that all of his history is out there: The SFA and AIM are fully conversant with it and I feel sure any court would be loth to be seen to giving the losing side the opportunity to replace the majority decision of the shareholders by a court order.
The court might form the decision that the shareholders were off their head to vote the way they did but that doesn’t matter a fig in legal terms.
I always thought that when the egm vote was announced the power changeover is immediate – there are obvious and sometimes well-founded reasons for voted-out directors to be immediately replaced and the new directors to take immediate control of the business and rip the bonnet off particularly if they have been prevented from being able to do so previously – I think of the difference between a hostile and friendly takeover approach. I am not suggesting that anything untoward has taken place at Ibrox under the current regime.
I saw quite a bit being tweeted yesterday that Capita – who count the votes – have a duty to inform AIM/Nomad? if the required egm percentages are achieved prior to the actual egm vote and this might allow for an orderly takeover to be achieved.
As to the SFA – they have started their clock ticking but will do nothing wrt King or even Ashley IMO until after the egm. If DK and T3B win then I expect the SFA to wring their hands in private, weep crocodile tears and tell each other: ‘We know he’s not fit and proper. But the people have spoken. If we reject him then there’ll be rioting on ther streets and Scottish Football will collapse financially yet again. We only just manged to turn it round from 2012’.
Although I still have the feeling that T3B and Ashley will reach some kind of deal – it does actually make sense IMO. DK will get some kind of position that means he doesn’t have to empty the familt trust piggy bank but everyone will laud him as the club’s saviour.
The Easdales will have served their purpose and will go. As to their mystery overseas shareholder proxy I have no idea but with 26% they have a critical blocking vote. Perhaps diluting them unless they put money in will be the mechanism and also there’s the question of onerous contracts to be dealt with.
Of course the whole lot could go straight down the insolvency pan and who knows what happens then – who cares?
neepheid says:
February 18, 2015 at 8:37 am
So the egm date is being put back – I wonder what the legal reasons are that they claim causes this. Smells to me of buying time but for what?
I had to laugh at the use of the word ‘decorum’. How long have they been at Ibrox and they still son’t know the appropriate word is ‘Dignity’. They just don’t seem to understand how to connect with the fanbase without whose Blue £s the whole shooting match is ultimately doomed.
As to threats against the hotel? Is it really a threat to warn they better have lots of ice cream and jelly with a popcorn side dish on 4 March – or else 🙂
I think, over the years, both hotels might end-up with a regular trade for the delicacies from Scots passing through London wanting to savour high-end luxury and add to the many tales of other foreign adventures following their passion.
Tincks says:
February 18, 2015 at 8:33 am
Lot of Respect to the guy who was stopped from getting on the Metro by the racist thugs. He showed he wasn’t frightened of the mob and is an example to us all.
Scottish Football fans – indeed all decent people – should follow his example so those who besmirch our game and country can be identified and appropriately dealt with.
ecobhoy says:
February 18, 2015 at 8:59 am
.
So the egm date is being put back – I wonder what the legal reasons are that they claim causes this. Smells to me of buying time but for what?
++++++++++++++++++++++
I read a post on here last night, Yerevan at 11.39pm, which explained that where the venue for a General Meeting is changed, then the new venue must be at a time which allows reasonable travelling time from the old venue to the new, which is why the second venue was timed to kick off (I know!) at noon, while the original venue had a 10am start. The same rule will apply to the Ibrox meeting- it must be timed to allow reasonable travelling time from Tower Bridge, so it can’t realistically take place on the same day.
It’s an interesting piece of legislation, clearly designed to stop shysters blindsiding shareholders by changing the venue to some distant location at short notice.
There were a few posts on some Rangers sites yesterday which appeared to believe that if a date is not fixed for the EGM by EOB today, then DK could arrange one himself and bill the club for the incurred costs.
I thought that the circumstances may have been such (with the cancellations of venues) that the board would have a loophole, but I think the answer will lie somewhere in the articles of association of RIFC and/or company law.
At a meeting between Paul Murray/John Gilligan and a Rangers fan group last week, it was reported that King & Co had contingencies planned to counter any delaying tactics by the board. So they had foreseen this situation. Don’t know what the contingencies might be, but it is an interesting addition to the mixture.
Auldheid says:
February 18, 2015 at 8:14 am
Barcabhoy
I see Phil MacGiollabhain mention in his recent article that Dave King and Paul Murray were not so much in the dark as they claim during SDM’S tenure.
If I were in the MA camp I’d be doing some digging. If I were DK I’d be doing the same….
———————————————————————
Out of all of those who sat as directors on various Rangers Boards there’s a dearth of specific comment and information about what actually happened and who knew what.
Afaik there is no complete set of minutes with supporting papers which at least would form a skeleton to work with. But the all-important narrative is missing: The phone calls, the unofficial meetings between small groups.
There’s afaik a more or less complete blackh hole in the DM era – no one seems to want to discuss the nitty gritty. Why has no one written a book? All very strange. We know much more about under the radar things from the CW era and from then on.
But the critical earlier period remains shrouded in a fog that appears to suit not just the Rangers Men of that period but many others and a lot are still very active in our game at high levels.
To me it looks like a conspiracy of silence and it has existed for that long and been that watertight it suggest to me that a lot of people have a lot to fear from that period even if they weren’t Rangers Men.
Hopefully Res 12 might be just the thing to start teasing the whole tangled web out into the open.
Big Pink says:
February 18, 2015 at 9:36 am
There were a few posts on some Rangers sites yesterday which appeared to believe that if a date is not fixed for the EGM by EOB today, then DK could arrange one himself and bill the club for the incurred costs.
—————————————————–
Saw that as well and it seemed to make sense because if there were no sanctions a Board could just sit tight and delay an egm for a helluva long time to achieve things it needed to do before depsrting.
Disruption of the EGM and the need to reschedule is just giving more time for Ashley to saddle the club with a further £5m of debt.
If King and his followers are so sure of victory then they should be pushing to have the EGM in a couple of days time and move on ASAP.
I see no benefit from all the threats shouting and moaning, but of course despite what King says, these days it is T’Rangers way.
(I’ll put money on it that many of the folks that would be shouting the loudest from the street won’t be shareholders anyway)
Sign your voting papers and get on with it FFS!!!
Companies Act 2006
I haven’t yet checked the Rangers Mem & Arts to see if these sections can and have been altered.
Barcabhoy (17th Feb@10.52 pm) on John Gilligan as an ex-MD of Tennents Caledonian Breweries:
Tennents are wholly owned by C&C Group plc,which used to be the old Dublin-based Cantrell&Cochrane Ltd before it was listed as a plc.
Afficionados of Joyce’s “Ullysses” will know that the company is referred toin that masterpiece.
A press statement by C&C Group in March 2014 was made by John Gilligan who was then Tennents MD,for sure.
The DR reported that he had been stood downin October ’14, but I haven’t confirmed that.
I imagine a quick look at the C&C Group plc website sshould contain details of any such change.
C&C were Magners cider (which they also own)shirt sponsors for Celtic some time ago.
Is this not simply a takeover attempt?
Are there not rules governing such things?
Like you can’t go undermining a company beforehand, e.g. setting up a means to divert season book money going to a club/company/thingy)?
Be gentle with me, engineer.
wottpi says:
February 18, 2015 at 9:47 am
Disruption of the EGM and the need to reschedule is just giving more time for Ashley to saddle the club with a further £5m of debt.
If King and his followers are so sure of victory then they should be pushing to have the EGM in a couple of days time and move on ASAP.
———————————————————–
Not as simple as that I’m afraid – see my post above.
Basically if DK calls for a meeting under S305 Companies Act it must be called for a date not more than three months after the date on which the directors become subject to the requirement to call a meeting.
S306 allows for a court to call a meeting and it appears they can set any timetable it wants so that could well be the quickest route. If I was DK I would be in the CoS asking for the court to set the date as 4 March as originally intended.
That’s why I would be interested in hearing what legal reasons Rangers claim prevents them from sticking to the original date.
wottpi says:
February 18, 2015 at 9:47 am
Disruption of the EGM and the need to reschedule is just giving more time for Ashley to saddle the club with a further £5m of debt.
If King and his followers are so sure of victory then they should be pushing to have the EGM in a couple of days time and move on ASAP.
I see no benefit from all the threats shouting and moaning, but of course despite what King says, these days it is T’Rangers way.
(I’ll put money on it that many of the folks that would be shouting the loudest from the street won’t be shareholders anyway)
Sign your voting papers and get on with it FFS!!!
=========================
It’s all going to plan for MA.
As expected, the EGM won’t take place and MA will have loaded more debt into TRFC by the time it is rescheduled (if ever).
Once MA (through SD) has got that additional £5M in there, he can pull the plug or call DK’s bluff again. Those loan Gerdies don’t come cheap, you know.
The pony up or eff off Dave epiphany is just round the corner. Once the talismanic DK is seen off, what is left? A few stuffed suits or well intentioned buffoons like Bomber that are really not going to make a jot of difference. None of the potential moneybears has shown any real appetite to get involved with real money of their own, so MA will have claimed a total victory. Even if the RRM storm the marble staircase and take control of the blue room, without real money, they are powerless. If they do put real money in, it only increases MA’s profits as the retail sales will increase as expectation rises. If they don’t, MA gets the lot anyway when he enforces foreclosure.
The due diligence will no doubt reveal that major work is required on Ibrox to retain the ground safety certificate without major capacity reduction, money that TRFC will have to borrow from SD (with terms attached-renaming rights anyone?) unless some RRM have the readies to hand. If not that specific black hole, then another of similar magnitude will be revealed. Trouble at t’mill, as our big handed friend would say.
Was Nero a RRM?
neepheid says:
February 18, 2015 at 9:15 am
ecobhoy says:
February 18, 2015 at 8:59 am
So the egm date is being put back – I wonder what the legal reasons are that they claim causes this. Smells to me of buying time but for what?
++++++++++++++++++++++
I read a post on here last night, Yerevan at 11.39pm, which explained that where the venue for a General Meeting is changed, then the new venue must be at a time which allows reasonable travelling time from the old venue to the new, which is why the second venue was timed to kick off (I know!) at noon, while the original venue had a 10am start. The same rule will apply to the Ibrox meeting- it must be timed to allow reasonable travelling time from Tower Bridge, so it can’t realistically take place on the same day.
It’s an interesting piece of legislation, clearly designed to stop shysters blindsiding shareholders by changing the venue to some distant location at short notice.
—————————————————–
Never knew that although it is clever and it’s probably calculated on doing the journey on horseback 😆
Would be great if the Tower Bridge Hotel confirmed whether it was asked whether the meeting could go ahead at 9pm or whether the 12pm time was the only one requested.
Now if I was a SMSM journo I would be asking that question – so I guess it’ll never be asked 🙄
I think if DK applied to the court it would recognise this is horse radish but if there is only a very short delay from 4 March then I think the court could order the original date at Ibrox.
I’m sure their learned Lordships are well aware that the vast bulk of the shareholders are in easy reach of Ibrox and we know that there was a definite decision by The Company to prevent/dissuade these shareholders from attending by moving the venue to London.
And the court might not swallow the horse journey and point out that we now have aeroplanes and if the London-based shareholders don’t want to suffer the expense then they can post or proxy their vote. Isn’t that what the proles were disdainfully informed was the sensible and viable alternative.
This scheme IMO has been all too clever by half and the wheels have come off the wagon and if I was a Bear even if I might have been minded to consider voting for a Board member – say instead of Paul Murray – I would have changed my mind.
It smacks IMO of playing wee games and the train from London has jumped the track after failing to observe the warning signals being hoisted.