The Immortality Project

ByHumble Pie

The Immortality Project

The Immortality Project – or – Death and Denial – Guest Post by Humble Pie

Death has a tendency to put everything else into perspective.

My family recently suffered a bereavement. It wasn’t a sudden death but it was still far too quick and far too soon for any of us to get our heads around. As our loved one’s illness progressed, each of us, in our own way, began to prepare for the inevitable. In the end, whilst it was not unexpected, it was nevertheless very traumatic, for everyone concerned.

Grief is a strange and often debilitating set of emotions. Even now, a few months on, when the intense sadness and tears have given way (mostly) to disbelief, we still find it hard to fully comprehend what has happened. We might never completely ‘come to terms’ with that fact, however, we do accept that it DID happen, much as we all wish that it hadn’t.

Many of you will be familiar with the Kubler-Ross model of the five stages of grief; Denial, Anger, Bargaining, Depression and Acceptance. Well, I am aware of having experienced each of these stages over the last year, as well as a couple of others which I wasn’t prepared for (a lot of personal reflection, a little guilt and a not insignificant amount of pain).

It seems to me that the Rangers supporters have been purposefully ensnared in an interminable cycle of the first two stages of KR; alternating between the denial of the death of Rangers and anger at what they feel has been done to their beloved club then back again to denial. This, as any first year psychology student will tell you, is a very unhealthy state of mind which, if not addressed, can quickly lead to physiological and behavioural problems.

At its lowest level, for example, people throughout the ages have continued to set places at the dinner table for their long-dead loved ones. They know in their hearts that the person has died but are comforted by the familiarity of doing the same things that they have always done. However, in extreme cases people have even kept and maintained the actual cadavers of the deceased, dressed them, talked to them and watched TV with them, in a state of absolute denial.

In archaeology, accepting and recognising the inevitability of death through conducting ceremonial burial services is considered to be one of the very first signs of a civilised people. You see, grief is a uniquely human and cathartic process i.e. it can produce ‘a feeling of being cleansed emotionally, spiritually, or psychologically as a result of an intense emotional experience’.

In short, grief is ultimately a good thing which leads you through a series of natural psychological steps towards acknowledgement of an unalterable situation, allowing you to take stock, re-evaluate and start to move on with your own life in a positive way.

That is what should have happened with the fans of the old Rangers.

Instead, this ‘never-ending cycle of the undead’ was positively encouraged by those many unscrupulous individuals who saw a way of making a fast buck from maintaining the ‘Then, Now and Forever’ illusion. Worse still, this resurrection fantasy is being facilitated by the very people whom we have entrusted to stop this kind of thing from happening in the first place. If only the SFA or the MSM had told them the truth, they might have had a chance to actually face up to the situation.

Unfortunately, these two bodies were so complicit in Rangers demise, so right up to their necks in the brown smelly stuff, that they were too afraid to face the inevitable anger which would have rightly come their way. So, they made up grim fairy tales to feed to the bereaved souls about non-existent ‘holding companies’, the ethereal ‘club’ which transcends death and by suggesting that it is ‘all a matter of opinion’.

Ernest Becker, in his 1973 Pulitzer Prize winning book ‘The Denial of Death’, posits that “human civilization is no more than an elaborate, symbolic defence mechanism against the knowledge of our own mortality”. This fear of death acts as an emotional and intellectual response to our basic survival instincts.

‘By embarking on what Becker refers to as an ‘immortality project’, in which a person creates or becomes part of something which they feel will last forever, the person feels they too have become part of something eternal; something that will never die, compared to their physical body that will die one day’. When this ‘immortality project’ is threatened it leads inevitably to fear, depression, loss of identity and sense of purpose.

In that case, the initial reaction of the fans to the imminent demise of Rangers was entirely predictable and understandable. “No way, this can’t happen to us, we are the people”. However, as soon as the full realisation of their club’s inexorable slide into liquidation began to sink in, came the expected anger. But towards whom should their righteous wrath be directed?

“Who did this to us, who are these people?” they cried. “Not I”, said Sir Murray of the Mint, “for I was duped”, “Nor I”, said President Ogilvie, “for it was never my role”. “Nor I”, said Mr Smith, “for I never knew nothing or nothing”. “Not us”, squealed the media monkeys in unison, “for that’s what we were told”, “Nor us”, said the SPL “it was nothing to do with us”.

“Who then?, we demand to know who these people are”, howled the horrified hordes. “T’was the Whyte knight”, they all concurred, “he alone caused this calamity”. “And the bampots”, sneered the slimy slug. “And the taxman”, puffed the pundits. “And the unseen hand of Mr Lawwell”, whispered the bilious bears from the safety of their den.

There were even those who tried to warn them, not least Hugh Adam, Phil Mac and RTC but they didn’t want to know. Even when their very own Messrs Green and Traynor spelt out, in no uncertain terms, that liquidation meant the death of their club, still they chose wilful ignorance. The MSM, with access to the same information, encouraged them to keep their heads firmly ensconced, ostrich stylee, on the banks of that ironically blue and white river in Egypt. Which just goes to show ‘you can lead a lamb to knowledge but you can’t make it think’

The point though is that the Rangers fans have heard the truth and once you have heard something you cannot unhear it. Even if you reject it, even if you deny it, it gnaws away at the back of your mind, infecting your subconscious.

Almost a year ago, I posted the following on TSFM. http://theinternetbampot.wordpress.com/2012/09/ in which I postulated that the SFA were too frightened to say anything which might imply that The Rangers were a new club.

Looking back at that post, I am amazed at how little the landscape has changed.

A year on and it has become apparent that the corporate cancer that destroyed Rangers has continued to metastasize in its new host. Charlotte’s revelations may have shown us that the rabbit hole goes much deeper than we first suspected. However, in my humble opinion, the information provided has only succeeded in ‘poisoning the well’ and deflecting attention from the main culprits in this disaster. Layer upon layer of complexity has been added to an already opaque story and the majority of her utterances appear designed to engage the more enquiring minds on this forum and consume their excess mental energy.

I know that some people are bored with this ‘debate’ but, to my mind, the single most important step for the redemption of Scottish football is the fan’s acceptance that The Rangers, who currently ply their trade in the SPFL First Division, are a new club. Once they have accepted that then everything else that they perceive has happened to them will begin to make sense. They will see that rather than everyone having a fly kick at them when they were down, most were actually trying to help them. It will also dawn on them that the very people who have been telling them that there is an anti-Rangers conspiracy against them are actually the same ones who are screwing them over.

Rangers were not relegated to div 3, The Rangers applied as a new club and were granted entry into the bottom tier of Scottish football. They are not banned from European competition, merely ineligible as a new club without the requisite financial ‘history’. Any reference to ‘rulings’ from ECA, ASA, the BBC Trust and any internal or so-called ‘independent’ enquiries are completely irrelevant, as none of these bodies are the final arbiter in this case. Scots Law is clear that there is no distinction between club and company after incorporation, when the company dies the club dies with it. That is not a matter of opinion, it is a matter of fact.

Sooner or later The Rangers fans are going to realise this fact and when they do, there will be hell to pay. Until they do, their new club can never become truly cleansed. Only then can they move on and only then can they join together with fans of other clubs to root out the real cancer at the heart of Scottish football.  That’s why the MSM and the SFA are still petrified to say anything. In the meantime the real creators of this disaster are sneakily positioning themselves further and further away from the scene of the crime.

I am sure the majority of us would happily accept a new Rangers, cleansed of its financial, emotional and supremacist baggage. A club that all decent Rangers fans could support without feeling any guilt about Rangers downfall or that they were being taken for mugs. The prospect of a new dawn in Scottish football, where sporting integrity took primacy and clubs lived within their means was very real. However, as usual the SFA couldn’t miss an opportunity to miss an opportunity.

The truth is that Scottish football is in the state it is in, not because Rangers died but because those with the power and mandate to effect the prognosis sat back and did nothing. I am sure that they believe that ‘time heals all wounds’ and that the longer this injustice is allowed to stand the more likely it will be accepted by the man in the street. No doubt the authorities feel it is in the national interest to ‘let sleeping dogs lie’. However I cannot accept this. I believe that it is vital that we are able to face up to reality so we can move on for the benefit of all football supporters.

Scottish football is at a crossroads right now, I think we all feel it. Rampant corruption has become so mainstream that many of our fellow supporters have began to accept this as the norm. However, it just doesn’t sit right with me and I suspect that many regular contributors and readers of this blog feel likewise.

We have quite lost our way and we live in a society which spends vast amounts of money paying people like Jack Irvine to ensure that we stay lost. The mainstream media treat us like little imbeciles and demand that we conform to their assumed ‘professional superiority’. The PR machine plays up to our stereotypes and feeds our fantasies while the poorest people pay to swallow their poisonous propaganda and relentless trivia.

So what can we do ? Clearly, battering out a few blog posts and strongly worded letters to the various authorities involved has been rewarded by the square root of FA.

How can we make this an opportunity for growth rather than contributing to the destruction of Scottish football ? It is not good enough to tear down a system unless we have a better system to replace it. However, I believe that it is not the system itself which is broken. It is that those charged with administering the system are hopelessly corrupted, hugely conflicted and unable to apply their rules without fear or favour.

By their incapacity and inaction (wilful or otherwise) the SFA have facilitated a motley crew of various spivs, chancers and con-artists to glean the last few meagre pickings from the bones of the emaciated loyal supporters of this new club purporting to be the once mighty Rangers. They have permitted these ne’er-do-wells to collectively appropriate many tens of millions of pounds from the Rangers fans, the creditors and the public purse. They have already allowed this corporate malignancy to spread to a new host, ‘The Rangers’, and the absence of ‘moral hazard’ makes it more likely that the disease will continue to spread.

Benjamin Franklin once said, “‘Nothing can be said to be certain, except death and taxes.”

Someone else once said, “The wages of sin are death, but by the time taxes are taken out, it’s just sort of a tired feeling.”

I sense that we are all beginning to get tired of this. It is time to stand together, all football fans, face the facts and direct our anger against the officers of the SFA who have allowed this sham to develop into a catastrophe.

I have no doubt that my humble opinions expressed here will raise the ire of many deluded souls. However, I am comfortable in the knowledge that the only people who get mad at you for speaking the truth are those that are living a lie.

RIP Big Man.

 

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3,959 Comments so far

wottpiPosted on12:00 pm - Oct 1, 2013


As discussed the other day are the blurred lines between the finances of the Plc and the RFCL any clearer.

Is the Plc claming all the income while the RFCL is having the £16m debt dumped on them? 🙂

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andygraham.66Posted on12:14 pm - Oct 1, 2013


Radio Scotland news now, financial people talking not sports journos.

Rangers first set of accounts since going into administration

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torrejohnbhoyPosted on12:14 pm - Oct 1, 2013


neepheid says:
October 1, 2013 at 11:02 am
——————————————————————————–
I agree with what you say.
The turnover at 30th June includes future ST money of around £4.5m.
This will show as a liability on the balance sheet as this money has not been earned.
What I’m saying is that once this money is deducted from turnover it leaves a true figure of around £14.5m for last year.Staff costs are circa £17.5m therefore using the true figure for last year(£14.5m)staff costs were around 120% of last seasons turnover.

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mrgreenwhytebrownPosted on12:15 pm - Oct 1, 2013


Charlotte Fakeovers ‏@CharlotteFakes 46m
Sneaking though a change of nomad after Strand jumps ship. Here’s some earlier thoughts.

http://www.scribd.com/doc/172380378/Nomads-1

http://www.scribd.com/doc/172380995/Nomads-2

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ParanoidWellFanPosted on12:20 pm - Oct 1, 2013


torrejohnbhoy(@johnbhoy1958) says:
October 1, 2013 at 12:14 pm
1 0 i
Rate This

neepheid says:
October 1, 2013 at 11:02 am
——————————————————————————–
I agree with what you say.
The turnover at 30th June includes future ST money of around £4.5m.
This will show as a liability on the balance sheet as this money has not been earned.
What I’m saying is that once this money is deducted from turnover it leaves a true figure of around £14.5m for last year.Staff costs are circa £17.5m therefore using the true figure for last year(£14.5m)staff costs were around 120% of last seasons turnover.

Sorry torrejohnboy, not true, that would be 2 credits. Assuming future ST revenue is correctly shown as a liability, it’s not therefore included in the Turnover figure

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toadintheholePosted on12:31 pm - Oct 1, 2013


torrejohnbhoy(@johnbhoy1958) says:
October 1, 2013 at 12:14 pm

The turnover at 30th June includes future ST money of around £4.5m.

——————————-
The turnover at 30th June doesn’t include season ticket money for 2013/14. Season ticket income recognised for the year was £8m as per page 12 of the report.

The £4.5m received for 2013/14 will be shown in Deferred Income, not Turnover.

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Danish PastryPosted on12:38 pm - Oct 1, 2013


mrgreenwhytebrown says:
October 1, 2013 at 12:15 pm
1 0 Rate This

Charlotte Fakeovers ‏@CharlotteFakes 46m
Sneaking though a change of nomad after Strand jumps ship. Here’s some earlier thoughts.

http://www.scribd.com/doc/172380378/Nomads-1

http://www.scribd.com/doc/172380995/Nomads-2
———

Malcom Murray has come out looking like a decent bloke via Charlotte’s postings … perhaps they’re known unknowns to each other?

😯

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torrejohnbhoyPosted on12:39 pm - Oct 1, 2013


ParanoidWellFan says:
October 1, 2013 at 12:20 pm

torrejohnbhoy(@johnbhoy1958) says:
October 1, 2013 at 12:14 pm

neepheid says:
October 1, 2013 at 11:02 am
——————————————————————————–
I agree with what you say.
The turnover at 30th June includes future ST money of around £4.5m.
This will show as a liability on the balance sheet as this money has not been earned.
What I’m saying is that once this money is deducted from turnover it leaves a true figure of around £14.5m for last year.Staff costs are circa £17.5m therefore using the true figure for last year(£14.5m)staff costs were around 120% of last seasons turnover.

Sorry torrejohnboy, not true, that would be 2 credits. Assuming future ST revenue is correctly shown as a liability, it’s not therefore included in the Turnover figure
——————————————————————————
Fair enough.
This £4.5m is in the bank though and is part of an £11.2m balance as at 30th June,along with £1.5m in loans from Sports Direct.TRFC are burning cash at a rate of £2.75m per month.At this rate they’ll run out of cash around the end of October.The timescale can be extended a wee bit though with things like Walk up matchday income etc but this is not a lot in the grand scheme of things.
Unless other income sources are found it’s hard to see TRFC surviving much longer than Christmas.

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neepheidPosted on12:50 pm - Oct 1, 2013


wottpi says:
October 1, 2013 at 12:00 pm
1 0 Rate This

As discussed the other day are the blurred lines between the finances of the Plc and the RFCL any clearer.

Is the Plc claming all the income while the RFCL is having the £16m debt dumped on them?
+++++++++++++++++++
The PLC has had to cover the losses of TRFC to the tune of £16m+. In other words TRFC has spent all the income from football, plus another £16m which it has borrowed from the PLC. Debt free club? Don’t make me laugh! RIFC could put TRFC into administration tomorrow if it suited them.

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fara1968Posted on12:51 pm - Oct 1, 2013


torrejohnbhoy(@johnbhoy1958) on October 1, 2013 at 12:39 pm
2 0 Rate This
…………
Unless other income sources are found it’s hard to see TRFC surviving much longer than Christmas.

…—… …—… …—… …—…

Sale and leaseback anyone.

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ShooperbPosted on12:53 pm - Oct 1, 2013


I’ll leave the minutaie to more learn-ed posters, but on first glance at the accounts, one things sticks out above all others……

How on earth can a 4th tier club (or company, of course!) make a 14 million pound loss?!?!?!? I mean, are they stoking the boilers with cash bricks or something? spending 14 million alone in a season would be worrying, but 14 million above and beyond what you’ve taken in is just unbelievable.

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EKBhoyPosted on12:53 pm - Oct 1, 2013


Reading accounts is a bit like a trip to the dentist ……. Anyway from my fag packet calculations it would take 6.39 rounded up to 7 home games for Rangers to pay the plc directors and football club key staff as described in the accounts , assuming average season ticket = £200 with average attendance = 38,000. Ignored the match day pies as rounding (ahem!).

It works out roughly at £2.7m to manage and guide a £19m turnover business, remarkable.

Turning over the fag packet , with £11m in the bank at 30 June (of which £5m are 2013/14 season tickets then add £4m for the balance of season tickets and say another £4m for pies and telly , which results in hey ho £19m cash. Which ever number you use for operating expenses then a further injection of cash will be needed post Christmas.

I would also expect the season books will need to double price in next year to keep the show on the road.

Muddle through somehow strategy will just avoid another liquidation , just a gut feeling but as a top flight football club they are holed below the waterline for the next 10 years. Lots of scope for further cuts and massive hike on the season books will get them through just.

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kitalbaPosted on1:10 pm - Oct 1, 2013


From page 40:

“The finance leases relate to funding of the refurbishment of the stadium fast food outlets.
A standard fixed security has been granted over these assets.”

I though Craig Whyte already paid for a refurbishment?

£3m for catering revamp at Ibrox

So when Rangers boast they are debt free, they’re only joshing?

Craig Whyte signed the “pie-mortgage” prior to liquidation, it was extended post liquidation.

No flies on Close Leasing at least.

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Not The Huddle MalcontentPosted on1:11 pm - Oct 1, 2013


Operating losses of £14m – approx £1.15M a month

in June, they had £11.2M in the bank – so, today, 3 months later, we can take 3.45m off that.

That gives them £7.75M in the bank. That should see them through for another 6 months. – the end of March 2014

Unless they have another share issue, sale/leaseback or some other injection of cash – they won’t see out the season. They may time admin nicely for the end of the season and have close season to sort it all out.

but it looks like it will be the gift that keeps giving. Now, will Ally do enough to ensure they secure promotion even with the points deduction for admin?

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Gee69Posted on1:18 pm - Oct 1, 2013


Operating losses of £14m – approx £1.15M a month

in June, they had £11.2M in the bank – so, today, 2 months later, we can take 3.45m off that.

That gives them £7.75M in the bank. That should see them through for another 6 months. – the end of March 2014

Unless they have another share issue, sale/leaseback or some other injection of cash – they won’t see out the season. They may time admin nicely for the end of the season and have close season to sort it all out.

but it looks like it will be the gift that keeps giving. Now, will Ally do enough to ensure they secure promotion even with the points deduction for admin?

—————————
We’re now three months after June. Whoops, there goes another £1.15m

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ecobhoyPosted on1:21 pm - Oct 1, 2013


I think the latest CF releases are dynamite in many ways wrt to the previous change in Borker/Nomad and also the links that Malcol Murray alleges involving Rizvi and Chan Fook Meng (Nova and Tricor) and green and Ahmad.
—————————————————————————————–
Subject:
NOMAD
Date:
Tue, 18 Jun 2013 11:35:32 +0100
From:
Malcolm Murray
To:
Brian Stockbridge, Craig Mather, Bryan Smart, Phil Cartmell, Walter Smith, IanHart

Gentlemen,

I suppose the good news is that there have been no leaks and all is quiet.

There is much chatter behind the scenes on a change in adviser. This would be a very serious decision and require a rigorous process involving the Board reviewing a short list of suitable candidates. I hope as a man with 33 years experience of brokers at the highest level my input is required.In my view it would be irresponsible to consider such a move so soon after a successful flotation.

I thought the view at recent board meetings was that the timing was not correct. It isalso extremely unlikely that any broker of quality would accept us at the current time.At the moment we have a blue chip list of shareholders that many public companies of >£1bn would die for. It also means that we have the currency and constituency to further fund whenwe need it in 2-3 years…

Daniel Stewart is a small outfit with limited institutional presence, only two analysts and by their own admission to me some months ago do not have the scale of presence to take us on.Also the AIM regulator is jumping up and down and will be all over it.

Our institutional investors would most definitely not favour a change to a minor broker. I continue to favour a period of stability as we agreed at the last Board meeting. Let’s not consign RIFC to the financial wilderness.

Thanks Malcolm Murray

P.S at this stage I will make no comment on previous connections to CG and IA.

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Not The Huddle MalcontentPosted on1:24 pm - Oct 1, 2013


Gee69 says:
October 1, 2013 at 1:18 pm

sorry Gee69, original post had a typo, said 2 instead of 3 – but the sums were correct.

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ecobhoyPosted on1:25 pm - Oct 1, 2013


Part 2 of CF’s latest from Malcolm Murray who certainly shows he has quite a adroit turn of phrase when he warns of Rangers ending up in the: Financial Third Division 😆
==============================
Subject:
financial adviser
Date:
Fri, 28 Jun 2013 11:11:03 +0100
From:
Malcolm Murray
To: Craig Mather, Brian Stockbridge, Bryan Smart, Phil Cartmell, Walter Smith, IanHartGentlemen

It is over a week since I asked what process and criteria were being used in the selection of a new broker if that is what the Board decides.

I am not in favour of a change nor are our institutional investors, many of whom have heard rumours and called me saying it must be some sort of wind up that Daniel Stewart is even being mentioned in the same breath as Rangers.

Comments have been made to me by shareholders about the connections to Daniel Stewart with Nova, Rizvi, Charles Green etc. making them completely unsuitable for Rangers. Theyalso have an individual who has serious issues with the FSA.

Any new broker must have strong institutional presence and a quality research department. Daniel Stewart by their own admission have not.This time last year we were thrown out of the premier league into the third division. At the moment with Cenkos we are in the premier league; let’s not volunteer to join the third division of finance!

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neepheidPosted on1:27 pm - Oct 1, 2013


ecobhoy says:
October 1, 2013 at 1:21 pm

I think the latest CF releases are dynamite
+++++++++++++++++++
Agreed- and, of course, why now? I would also observe that MM always comes across as a decent sort of chap, brutally treated by the low life who currently populate (infest?) the Bllue Room.

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EKBhoyPosted on1:30 pm - Oct 1, 2013


NTHM

You need to add the balance of the season ticket money and the pies and telly to the £11m odd in the bank.

How much cash they are burning , hopefully somehow will work it out for us!

Still, it is a tightrope they are walking and something drastic has to happen soon – mortgage the ground and the training facility is the obvious thing to do , however if this is carried out and the Rangers management (plc and football) still have a 5 star approach to their salaries and hotels then all they are doing is kicking the can down the road for another 2 years or so.

The pressure on them to ‘Spend, spend, spend!’ will be huge when they return to the SPL and if they are still run by these superior , brogue , rogue types then the seeds of their mis-fortune will be sown again.

Still what a soap opera!

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BawsmanPosted on1:32 pm - Oct 1, 2013


Is it not kind of bizare that there has hardly been a flutter on their share price?

These results are shocking, you’d have thought a re-alignment to normality (sanity) would have occured?

And yes, CF’s latest are damning.

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douglas reynholmPosted on1:43 pm - Oct 1, 2013


First post since RTC…
I’ve not got the knowledge to review these figures and so I’m looking forward to viewing the forum later on tonight when everyone has had a chance to review these accounts.

Thing is, if these accounts have been audited, does that not mean the business is good as a going concern for the next 12 months?

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wottpiPosted on1:43 pm - Oct 1, 2013


Neil Patey on the BBC saying that unless there is more cash is injected they won’t make it to the premiership. I’ll give it to this Christmas then 🙂

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ecobhoyPosted on1:44 pm - Oct 1, 2013


I am utterly gobsmacked and flabbergasted ❗

Neil Patey has just announced on BBC TV that it doesn’t look like Rangers will have enough money to reach the Premiership 💡

They must actually be doomed if Neil reckons there ain’t enough polyfilla in Scotland to hide the cracks 😆

Hope he has arranged for protection or is planning a long trip abroad as he used to be a Bear-faced poster boy when he used to give his financial forecasts on the glowing future for the new Rangers.

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cowanpetePosted on1:46 pm - Oct 1, 2013


Gee69 says:
Now, will Ally do enough to ensure they secure promotion even with the points deduction for admin?
========================================================
They have to last until 3rd May, date of the final fixtures of LeagueOne.
On the 4th of May they can “do a Hearts”. 🙂
And the points deduction would then kick in for the following season.
Which could actually hamper their climb out of the Championship, theoretically.

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neepheidPosted on2:01 pm - Oct 1, 2013


If Mr Patey, the goto accountancy expert for all things Govan, has expressed anything other than extreme positivity regarding these accounts, then they are doomed, I tell you, doomed!

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tonicwinePosted on2:02 pm - Oct 1, 2013


7.5million left was VAT not due on these ticket sales so I would assume possibly just shy of 5 mill left is more accurate

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nickmcguinnessPosted on2:07 pm - Oct 1, 2013


kitalba at 1.10pm:

Well spotted, sir. The implications of this could be immense.
A Fixed Standard Security was issued to Close Leasing Limited AND LIBERTY CAPITAL during Craig Whyte’s tenure at RFC PLC RIP in return for the funding of improvements to catering facilities:

http://scotslawthoughts.wordpress.com/2012/02/05/floating-charges-and-rangers/

Unless an additional £1.8m of improvements have been made to the catering facilities, again backed by a new standard security, then this would suggest that the debt to Whyte and/or Close Leasing (which has close links to Ticketus) somehow survived the Spivco takeover.
Which could suggest that Whyte and/or Ticketus are still involved here.
Is there another explanation?

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Bill1903Posted on2:10 pm - Oct 1, 2013


Being a clueless layperson regarding accounts I’ve been trawling the web today.

McMurdo/berrs den -great news,hello hello we are the well off boys

SMSM- err not sure

TSFM/Kds/various tweeters – they are dooooooooomed I tell ye

Clear as mud 😡

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jimlarkinPosted on2:12 pm - Oct 1, 2013


http://www.eveningtimes.co.uk/news/police-and-army-to-probe-sectarian-singing-at-ibrox-137941n.22301527?

Any word yet from the SFA regarding the SFA holding an ,investigation’ into the sectarian singing by the peepul !?

Oh look. – a red squirrel . . .

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Night TerrorPosted on2:17 pm - Oct 1, 2013


Is it correct to extrapolate that, with a 14m loss over 13 months, the club is currently losing >£1m per month?

The report suggests that wages have been brought down and many items were non repeating, which should mean that, assuming no other non-repeating items (be charitable, oh hell, no, best not mention that either), the current monthly loss is substantially less than the average of £1.1m from the year ended Jun 2013.

Anyone able to dig out how much of that £14m loss was non-repeating?

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ecobhoyPosted on2:33 pm - Oct 1, 2013


Night Terror says:
October 1, 2013 at 2:17 pm

Is it correct to extrapolate that, with a 14m loss over 13 months, the club is currently losing >£1m per month?

The report suggests that wages have been brought down and many items were non repeating, which should mean that, assuming no other non-repeating items (be charitable, oh hell, no, best not mention that either), the current monthly loss is substantially less than the average of £1.1m from the year ended Jun 2013.

Anyone able to dig out how much of that £14m loss was non-repeating?
==============================================================
Can’t be bother with the nitty gritty of dissembling a paper exercise. But wrt to non-repeating I do know that there’s a least £16 million income from a flotation that won’t be repeated. There is also circa – what was it – £20 million that won’t be repeated in negative goodwill.

There is also the debatable point of extrapolating any figures to June 2014 as it seems highly unlikely that unless there is a cash injection that the club will survive to that date.

Most accounts have a brave face put on them – within achknowledged legal constraints – and if that is the case here then the reality might be decidely greyer even though it meets accounting requirements.

However I am sure those with the required financial expertise will unearth all sorts of tasty titbits in the coming days and weeks which some might find hard to swallow.

View Comment

john clarkePosted on2:36 pm - Oct 1, 2013


ecobhoy says:
October 1, 2013 at 1:25 pm
“………Malcolm Murray who certainly shows he has quite a adroit turn of phrase …”
——-
Whatever his wordsmith skills, though, his view that Daniel Stewart would be unsuitable for ‘Rangers’ is quite unsound.
“”….Comments have been made to me by shareholders about the connections to Daniel Stewart with Nova, Rizvi, Charles Green etc. making them completely unsuitable for Rangers. “, he says.

I would have thought their connections with wanted criminals etc would have equipped them perfectly to be of assistance to the new club. “…. ❗

View Comment

fara1968Posted on2:39 pm - Oct 1, 2013


http://fb.me/2hYfE0sfu
Hope the link works. Looks like the bears are awakening.

… – – – …

View Comment

fara1968Posted on2:54 pm - Oct 1, 2013


I meant to add in my last post.

….the bears are awakening. Either that or someone a bit miffed at a 6 week period of notice slip up is desperately trying to rally the troops.
😛

View Comment

john clarkePosted on2:56 pm - Oct 1, 2013


fara1968 says:
October 1, 2013 at 2:39 pm
“…Hope the link works. Looks like the bears are awakening.”
—–
Yes. And it is interesting.
You know, if some of the Ibrox fans like the poster in that link,could sit down with some of our finance guys, they could produce a humdinger of a questionnaire for the AGM!
( and should it not be … _ _ _ … ) ?:

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Night TerrorPosted on2:56 pm - Oct 1, 2013


ecobhoy says:
October 1, 2013 at 2:33 pm

Night Terror says:
October 1, 2013 at 2:17 pm

Is it correct to extrapolate that, with a 14m loss over 13 months, the club is currently losing >£1m per month?

The report suggests that wages have been brought down and many items were non repeating, which should mean that, assuming no other non-repeating items (be charitable, oh hell, no, best not mention that either), the current monthly loss is substantially less than the average of £1.1m from the year ended Jun 2013.

Anyone able to dig out how much of that £14m loss was non-repeating?
==============================================================
Can’t be bother with the nitty gritty of dissembling a paper exercise. But wrt to non-repeating I do know that there’s a least £16 million income from a flotation that won’t be repeated. There is also circa – what was it – £20 million that won’t be repeated in negative goodwill.

There is also the debatable point of extrapolating any figures to June 2014 as it seems highly unlikely that unless there is a cash injection that the club will survive to that date.

That is an unusually unconstructive post from you, ecobhoy.

You seem to not be curious as to the most accurate estimate of the Ibrox club’s current cash burn.

I wouldn’t want to make the assumption that everything is as bad as it could possibly be at Ibrox then be disappointed when it turns out things are not quite as bad as that.

It seems reasonable to assume that the current cash burn is less than the £1.1m per month figure, unless I’m totally misunderstanding these accounts – and I confess I am neither an accountant nor blessed with the time right now to read them properly.

View Comment

Tif FinnPosted on3:02 pm - Oct 1, 2013


What makes anyone, even the most myopic of Rangers’ supporters believe that replacing the board with Paul Murray (from the old clubs’ board) and his cronies will change anything.

The old club’s business model was untenable.

This club’s business model is just as bad.

Changing who sits on the board will not be enough to fix it. They have to realise that the club is a certain size and that is it Spending money you don’t have in order to appear bigger than you actually are is not a realistic way to run a business. False belief and expectations led to the demise of their previous incarnation. They learned nothing from it.

They were well warned at the time, the ability to cut running costs, outwith salaries was always going to be limited and still is. Running Ibrox and Murray Park, Police costs, stewarding, insurances, fuel etc etc would not have been dropped.

It is a fundamental re-working of the business model, based on reality rather than fantasy which is required.

All of this was predicted, it was taken as Rangers hating. I fully expect them to ignore these warning as well.

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Blindsummit63Posted on3:03 pm - Oct 1, 2013


I understand that Celtic contributors to the site may be somewhat occupied today so as a Hibs fan I shall chip in with a short summary of where we are as there’s a lot of chatter here, on Twitter and message boards, so lots to try and keep track of. So what’s happening?

Firstly, how very ironic that the Sevco board decide to try and mute the impact of their accounts release by using Celtic’s Champions League game for cover! Delicious irony indeed.

Secondly, the leaked CF e-mails from Malcolm Murray re the Nomads. If we had a fully functioning journalist community in Scotland, I believe that these e-mails would be almost nuclear! MM is clearly onto the shenanigans, and the reason for the choice of Daniel Stewart, due to their “connections”. Question. Just who on the Board was making these moves if the Chairman isn’t in the loop and in command? Stockbridge? Staggering financial malfeasance many would say. Also, MM seems to believe they were “thrown out of the Premiership”. It’s one thing to delude the average Sevconian that they are the same club in order to milk them for cash, but for those at the top to ACTUALLY believe it themselves shows a staggering lack of self-awareness, a hubris which will, I believe, ultimately lead to their demise (again).

Thirdly, the accounts. Dress it up anyway they like, but they are losing money hand-over-fist, money is being drained out to spivs (and I include McCoist and Smith in this) as fast as possible. Debts to the FC clumpany have been prepared for the property sale and leaseback. And there are myserious credit lines included. No auditor is named (pretty damning that one). I’m sure in the next few days more damning detail will appear as deeper analysis happens.

Fourthly, the whole forces issue has been forced out into the open, and this time won’t go away. Question. Will this finally force some long overdue action by the fotball authorities (no laughing at the back!) and the Police over the illegal sectarian songfest. I won’t hold my breath, as it is steadfastly ignored every week as it has been for decades, but maybe the scrutiny of the UK media might make something happen this time.

So, never a dull moment!

Good luck tonight Celtic. Scottish Football needs a strong European presence.

View Comment

andydfcPosted on3:08 pm - Oct 1, 2013


This line interested me

“The Fast Food refurbishments and Stadium PA systems were purchased from the RFC 2012 plc fixed charge holders for £1.6m and
£0.6m respectively.”

Who are the “fixed charge holders”

View Comment

wottpiPosted on3:10 pm - Oct 1, 2013


Tried to have a wee look back in time at the operating costs an you have to take your hat off the current board as they have got the costs down to a recent low.

However that is still running at £31m a year.
Now take of a bit for Ally’s wage cut, Green’s bloodsucking and some non-recurring costs and you may get to somewhere in the region of £25m per annum that could be taken froward to future years.

However as the stadium may still need upgrading and ongoing maintenance and any other grandeous plans will need financing so the operating costs could go up.

Similarly any additions to the squad without shedding some players and associated costs would also see the operating costs rise.

Therfore I can’t see the costs staying at much below £30m per annum.

Based on the past it is posisble to raise that amount of money through ticket sales and merchandising etc but it would be a hand to mouth existence and the product on the park will have to remain pretty static unless some really talented youngsters come through the ranks or smart buys are made. So far there is very little evidence of success in those areas.

If they can hold on a bit longer and have some respected people in the boardroom then it may well be worth another punt by certain investors to see them over the line and back into the Premiership in the hope that a degree of success can be achieved even with a ‘lesser’ squad. Even in such a financial predicament the club will probably still be able to buy a few star players from other teams thus weakening the opposition.

Still a tightrope situation IMHO.

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fara1968Posted on3:14 pm - Oct 1, 2013


At JC
Yes indeed. To both points. Or
-.– . … / .. -. -.. . . -..

Just the keyboard on my phone.
:mrgreen:

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Drew PeacockPosted on3:17 pm - Oct 1, 2013


andydfc says:
October 1, 2013 at 3:08 pm

This line interested me

“The Fast Food refurbishments and Stadium PA systems were purchased from the RFC 2012 plc fixed charge holders for £1.6m and
£0.6m respectively.”

Who are the “fixed charge holders”
++++++++++++++++++++++++++++++++++++++++++++++++++++

Close Leasing? I think their title to the assets under lease would have survived the liquidation as the assets were never actually owned by DeadCo.

View Comment

Night TerrorPosted on3:19 pm - Oct 1, 2013


wottpi says:
October 1, 2013 at 3:10 pm

Tried to have a wee look back in time at the operating costs an you have to take your hat off the current board as they have got the costs down to a recent low.

However that is still running at £31m a year.
Now take of a bit for Ally’s wage cut, Green’s bloodsucking and some non-recurring costs and you may get to somewhere in the region of £25m per annum that could be taken froward to future years.

However as the stadium may still need upgrading and ongoing maintenance and any other grandeous plans will need financing so the operating costs could go up.

Similarly any additions to the squad without shedding some players and associated costs would also see the operating costs rise.

Therfore I can’t see the costs staying at much below £30m per annum.

Still a tightrope situation IMHO.

I’d agree with most of that, but a lot of that capital expenditure can probably be deferred until the hover pitch is installed, so I think they could be operating much closer to break even this season.

I very much doubt it, but it doesn’t seem unlikely that they will make it well beyond the end of this season if they have reduced their average monthly loss to only £700k.

That is obviously not at all good, but I’m not even starting to look out the party poppers.

View Comment

ecobhoyPosted on3:20 pm - Oct 1, 2013


fara1968 says:
October 1, 2013 at 2:39 pm
http://fb.me/2hYfE0sfu
Hope the link works. Looks like the bears are awakening.
==================================================
Possibly not but I will defer to one of our financial experts to judge what they are saying.

If you go back to the Rangers AIM prospectus it states that up to 31 August 2012 TRFCL had raised £7,719,000 from issuing shares and that after 31 August but prior to the RIFC Plc flotation that TRFCL raised a further £5,575,000.

So there was money there to pay D&P and if it wasn’t paid to D&P but later by a sleight of hand as is suggested by the link you provided then it would follow that TRFCL should have shown more cash or equivalents in its accounts.

Without checking – the link jars a bit from my memory of what D&P stated which was that they had been paid in full for the Rangers business and asset sale to TRFCL back in June 2012. So something not right but it’s interesting looking back at things that the post 31 Augist 2012 amount of £5,575,000 raised by TRFCL I had always lazily assumed was through share sales in TRFCL.

But the Rangers AIM Prospectus refers to it as ‘from a pre-IPO fundraise’ which doesn’t necessarily mean selling shares but could be loans. Now perhaps this is what the link might be referring to – but that’s just a guess on my part.

View Comment

Drew PeacockPosted on3:36 pm - Oct 1, 2013


Tried to download the accounts to have a wee look but it is so slow and I haven’t had a chance to view them yet.

From what others say on here it appears there is no reference by the Auditors on the matter of going concern. Given the cash burn rate and no mention of any new cash being injected I’m surprised by that.

I may have more to say later but don’t wait up as I was one of the IMBECILES who said there would be no accounts.

Forgot to say – good luck to Celtic for tonight.

View Comment

ecobhoyPosted on3:38 pm - Oct 1, 2013


Night Terror says:
October 1, 2013 at 2:56 pm

That is an unusually unconstructive post from you, ecobhoy. You seem to not be curious as to the most accurate estimate of the Ibrox club’s current cash burn.

I wouldn’t want to make the assumption that everything is as bad as it could possibly be at Ibrox then be disappointed when it turns out things are not quite as bad as that.

It seems reasonable to assume that the current cash burn is less than the £1.1m per month figure, unless I’m totally misunderstanding these accounts – and I confess I am neither an accountant nor blessed with the time right now to read them properly.
==================================================================
Like you NightTerror I am not an accountant and don’t have the time or ability to take them apart in order to fully understand them. There are many others on here who have the required skills and I bow to their knowledge and am reading all contributions from this site and elsewhere to try and get a fuller grip of the picture.

All I was doing in my response to you was pointing out that as well as non-recurring costs there was also significant non-recurring ‘income’ which you appeared not to have taken into account.

Despite not being an accountant I am well aware that accounts can be legally produced to show whatever financial result is required. My unskilled take on what I have seen of these accounts is that Rangers is heading for a crash unless there is a significant cash injection and tbh I don’t have much interest in the actual date although I recognise the significance that might have wrt football rules & regulations.

But my lack of interest in the date is because only a couple of people at Rangers have all the up-to-date figures and are the only ones who can really give an accurate estimate on burn-rate and D-Day. So rather than concentrate on that aspect there are plenty of other things I am working on where my skills might be more productive 😆

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nickmcguinnessPosted on3:40 pm - Oct 1, 2013


Drew Peacock at 3:17pm:

So are we to conclude that on top of the money paid to D&P for the stadium that Spivco also took on the £1.6million of payments to Close Leasing for refurbishments to catering facilities carried out before the club went into liquidation?
Would that not represent Preferential treatment of creditors?
After all, how could Close Leasing “own” the refurbishments?
This looks to me, as it’s always looked – that Richard Hughes, Ahmad and Stockbridge were called in to help their old pals at Close, Octopus and Ticketus get their cash back.
Today’s accounts are “Group” accounts, as they state that publishing individual company accounts would have been “meaningless”. When, in fact, they would have reavealed the full truth of the inter-company balance sheets and outright spivvery.
Tucked away on one line of the Accounts is a statement that the “Parent Company” suffered a loss of around £300,000 over this period.
Meaning, presumably, that almost all of the £14m loss has been suffered by RFC Ltd, while all of the IPO cash (or what is left of it) is with RIFC. A beautiful “switcheroo” if ever I saw one.
The Spivs now face a desperate battle to win the AGM votes so that no outsiders get on the board to take a forensic look at the true picture before the sucking dry of the RFC husk is completed, the sale and leaseback to RIFC is made official and an appeal is made to a new gang of numpties to “save” RFC Ltd via a sale of a “club” that will be unable to compete in any meaningful way with Celtic for a decade at least.
What a beautiful mess!

View Comment

ecobhoyPosted on3:41 pm - Oct 1, 2013


Drew Peacock says:
October 1, 2013 at 3:36 pm

Tried to download the accounts to have a wee look but it is so slow and I haven’t had a chance to view them yet.

From what others say on here it appears there is no reference by the Auditors on the matter of going concern.
================================================
I’m sure the ‘going concern basis’ clause is there – positive I read it this morning.

View Comment

john clarkePosted on3:47 pm - Oct 1, 2013


fara1968 says:
October 1, 2013 at 3:14 pm
“..Just the keyboard on my phone..”
—–
never had that problem with the Aldis lamp!

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StevieBCPosted on3:47 pm - Oct 1, 2013


Not had a chance to look at detail, but a few quick observations;

1) The football manager’s statement was first in the document – before the Chief Exec. statement.

2) The accounts are up to the end of June.
A lot of cash outflow could have happened since then – perhaps including further ‘one-off’ payments ?

3) I think the accounts add substance to what most Internet Bampots have been saying: Dec/Jan is when the next cash injection [for TRFC the club] – or an insolvency event – is required.

View Comment

Drew PeacockPosted on3:50 pm - Oct 1, 2013


nickmcguinness says:
October 1, 2013 at 3:40 pm

Drew Peacock at 3:17pm:

So are we to conclude that on top of the money paid to D&P for the stadium that Spivco also took on the £1.6million of payments to Close Leasing for refurbishments to catering facilities carried out before the club went into liquidation?
Would that not represent Preferential treatment of creditors?
After all, how could Close Leasing “own” the refurbishments?
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

I think they owned the catering “refurbishments” (equipment?) because under the agreement they had not been paid for and would have been recoverable via the fixed charge they held. Instead Newco took on the obligation to prevent the equipment being removed.

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SouthoftheborderPosted on3:58 pm - Oct 1, 2013


Charlotte Fakeovers ‏@CharlotteFakes
Broken promises and a threat of winding up. First sighting of additional Pinsent Investigation into payments. http://www.scribd.com/doc/172434771/Broken-Promises

It appears that this investor subscribed at £1.00 per share on the basis that the company would float on or above that…

——
From: Charles Green
To: Craig Mather; Brian Stockbridge; Ian Hart
Sent: Thursday, 20 June 2013, 6:55
Subject: Fwd: RE:
Ian this is the man I talked to you about yesterday you can see his frustration ,it may be oneto put on Pinsent list at a later date to make sure I didn’t get any of the cash . He deserves better treatment !

………………..

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ecobhoyPosted on4:01 pm - Oct 1, 2013


nickmcguinness says:
October 1, 2013 at 3:40 pm

After all, how could Close Leasing “own” the refurbishments?
———————————————————————————————
Common practice in this kind of HP leasing agreement and designed to protect the external company because the ownership of the gear in the outlets remains with the leaser and generally doesn’t pass to the lessee until the end of the lease. It’s just the same principle with a car on HP which can’t be seized for other debts as it isn’t the property of the lessee.

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Carfins FinestPosted on4:02 pm - Oct 1, 2013


Charlotte Fakeovers‏@CharlotteFakes15m
Broken promises and a threat of winding up. First sighting of additional Pinsent Investigation into payments.

http://www.scribd.com/doc/172434771/Broken-Promises

Is this guy MacKenzie the guy who was recently named in the new Takeover Team at Ibrox?

View Comment

wottpiPosted on4:05 pm - Oct 1, 2013


Night Terror says:
October 1, 2013 at 3:19 pm

I think the club will sink or swin depending on who is on control after the AGM.

While there is a lot of spin coming from the Blue Knights, their reputation with the City and Investors is probably higher than the current board and the Easdales.

Over the next few weeks we will see a campaign talking up the Blue Knights and how they will be the ones trusted by the City/Investors to handle the finances and any new investments, if required, in a professional manner. While McColl may not be willing to put any money in directly he will throw his reputation behind the Knights and could possibly be able to act as some form of guarantor. And don’t forget Dave King is now waiting in the wings to keep things afloat if the right people are in control.

The boots will come off telling stories of how on the current watch money was allowed to slip from the club’s grasp and that both Mather and Stockbridge are sullied by association with Green, Ahmed etc.

If the Spivs get shown the door then the usual establishment will fall back in line and get behind the club.

For the right deal with the right people in charge then some people will stump up to keep the show on the road.

Otherwise with the incumbents then its probably sale and leaseback of the main assets for RFCL as I can’t see where the Easdales, Mather etc have the clout to get more cash in.

View Comment

bluPosted on4:08 pm - Oct 1, 2013


Auditors:
Deloitte LLP
Chartered Accountants and Statutory Auditor
Glasgow, United Kingdom
28 September 2013

View Comment

ecobhoyPosted on4:17 pm - Oct 1, 2013


Southoftheborder says:
October 1, 2013 at 3:58 pm

Charlotte Fakeovers ‏@CharlotteFakes
Broken promises and a threat of winding up. First sighting of additional Pinsent Investigation into payments. http://www.scribd.com/doc/172434771/Broken-Promises

It appears that this investor subscribed at £1.00 per share on the basis that the company would float on or above that…
===========================================
I can’t see any difference between this guy and Laxeys who bought at £1 and got a ‘credit’ in additional shares from Green – although I have never understood why it would come from Green.

But I wonder if this is part of the pre-IPO fundraising by TRFCL between 31 August 2012 and the flotation date of RIFC Plc?

This is starting to look like murky waters.

And what is the ‘Pinsent List?’ And how many disgruntled shareholders who piad over the odds are on this list and how far into the future have repayments plans been arranged and how much money is involved for how many people.

There isn’t a can big enough for all the worms that are starting to poke their heads above the Ibrox grass.

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nickmcguinnessPosted on4:21 pm - Oct 1, 2013


RE: Going Concern.

The statement that the company (ies?) could be treated on a Going Concern basis was made by the Directors (not Auditors) and was published with certain caveats that stated, basically, that all income would increase and all costs would decrease, so everything would be OK. Just about. Perhaps.
Which, presumably means that if income streams stay static and costs are not slashed, the game’s a bogey.
What’s your money on?

View Comment

wottpiPosted on4:21 pm - Oct 1, 2013


Re Charlotte and the disgrunteld investor he could be this guy given the talk of £25k for flying home for board meetings
http://www.express.co.uk/news/uk/308824/Revealed-The-man-behind-1m-donation-to-Rangers

An Alan McKenzie was down for £250k early on
http://scotslawthoughts.wordpress.com/2012/10/22/the-rangers-shareholder-list/

Interesting to note that Charles was still apparently in the mix in June after he supposedly left the company after an orderly handover at the end of May.

View Comment

john clarkePosted on4:26 pm - Oct 1, 2013


ecobhoy says:
October 1, 2013 at 3:41 pm
” I’m sure the ‘going concern basis’ clause is there – positive I read it this morning.”
—–
Yes, it’s there all right. And now it’s here.
” The Directors have,at the time of approving the financial statements, a reasonable expectation that the Group and Parent company have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.”

“The Group” and “parent company”? Does that allow wriggle room in relation to ‘The Rangers FC’?

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ecobhoyPosted on4:27 pm - Oct 1, 2013


http://www.express.co.uk/news/uk/308824/Revealed-The-man-behind-1m-donation-to-Rangers

Alan Mackenzie is the Australian guy that put £1 million into Rangers – so he was stiffed for £300k. Wonder how he feels as a life-long Bear when he sees all the rest including Mather pay 1p a share.

What a Bunch – when are the Bears going to wake-up ❓

For background see CF:

http://www.scribd.com/doc/172434771/Broken-Promises

View Comment

wottpiPosted on4:28 pm - Oct 1, 2013


ecobhoy says:
October 1, 2013 at 4:17 pm

As you will see above, you guessed right and an Alan Mackenzie was an shareholder in RFCL pre IPO

I would also guess that the Pinsent List may well include some people who are now going to be throwing their weight behind the Blue Knights because they are out of pocket.

Meanwhile Charles is sitting in the sun with a chilled Chardonnay thinking ‘How easy was that?’

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bluPosted on4:30 pm - Oct 1, 2013


From http://www.companieshouse.gov.uk/about/gbhtml/gp2.shtml

6. Are there any exemptions from stating the auditor’s name on the auditor’s report?

Yes. If the company considers that there is a risk that the auditor or any other person would be at risk of serious violence or intimidation if the auditor‘s name (or the name of the “senior statutory auditor” who signed the report on the audit firm’s behalf) appeared on filed or published copies of the report, they may pass a resolution to omit the name from those copies.

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Tif FinnPosted on4:49 pm - Oct 1, 2013


Now that Green appears to be away, at least from direct involvement of either shareholding or being on the board, what do we reckon he has made personally from this.

My guesstimate

Salary and Bonuses, about £1m
IPO fee, about £2m
Shares, about £2m

So I think somewhere around £5m, pretty much all of the money the fans put in at the IPO.

Nice little retirement plan that.

View Comment

StevieBCPosted on4:53 pm - Oct 1, 2013


Tif Finn says:
October 1, 2013 at 4:49 pm

1

0

Rate This

Now that Green appears to be away, at least from direct involvement of either shareholding or being on the board, what do we reckon he has made personally from this.

My guesstimate

Salary and Bonuses, about £1m
IPO fee, about £2m
Shares, about £2m

So I think somewhere around £5m, pretty much all of the money the fans put in at the IPO.

Nice little retirement plan that.
=========================
He’s played his spivery game very well indeed.

And for a rainy day, he still has his ‘inside story’ to sell to the papers and/or a book.
I’m sure we haven’t heard the last of Charlie.

View Comment

PlugholePosted on5:02 pm - Oct 1, 2013


Is Charlie now free to transfer over to Craigie and his team? 😆

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Night TerrorPosted on5:06 pm - Oct 1, 2013


ecobhoy says:
October 1, 2013 at 3:38 pm

All I was doing in my response to you was pointing out that as well as non-recurring costs there was also significant non-recurring ‘income’ which you appeared not to have taken into account.

Despite not being an accountant I am well aware that accounts can be legally produced to show whatever financial result is required. My unskilled take on what I have seen of these accounts is that Rangers is heading for a crash unless there is a significant cash injection and tbh I don’t have much interest in the actual date although I recognise the significance that might have wrt football rules & regulations.

But my lack of interest in the date is because only a couple of people at Rangers have all the up-to-date figures and are the only ones who can really give an accurate estimate on burn-rate and D-Day. So rather than concentrate on that aspect there are plenty of other things I am working on where my skills might be more productive 😆

I don’t think the past one-off income items are relevant when looking at an estimate of cashflow for the coming year. Unless there are certain expected one-off items, positive or negative, all we have to go on is the current cash burn estimate and cash in the bank or expected over the coming year.

A rough idea as to when the cash runs dry is very interesting to me as it could well explain various activities at Ibrox. If the club is due to run out of cash this new year or next new year makes a big difference to the urgency and intensity of activity in the Ibrox boardroom we might observe.

Any more one-off costs or cash inputs will of course alter any such date.

View Comment

nickmcguinnessPosted on5:08 pm - Oct 1, 2013


Back to the £1.6m owed to Close Leasing:
Close Leasing were Secured Creditors, so they stood to be paid out of the £5.5m that the Spivs gave to Duff & Duffer.
In their August 2012 Progress Report (after the sale of “the club and certain assets”), D&P said:

Close Leasing Limited
13.8 The Joint Administrators are liaising with Close Leasing Limited in relation to the indebtedness and the property secured by the charges.

In their final report, published last October, D&P said the situation remained the same.
But now it appears that this “liaising” resulted in Spivco taking on another £1.6m of debts. How queer!
Was this mentioned in the IPO document?
What significance would this have for any other Secured Creditor, such as Liberty Capital or Ticketus?

View Comment

100BJDPosted on5:14 pm - Oct 1, 2013


A minutes lurking only. The CF Malcolm Murray letter refers to previous dealings with CG and IA. I am sure this is just coincidence although Martin Lampshire, Head of Corporate Broking has featured in a number of Charliebhoys deals…..check them out. Murrays advice was good although Martin was needed to break the lock in agreement. Charlie has also sold his shares with unseeming haste as their is no capital gains tax on AIM shares after being held for a year. Why not wait a few months and take advantage……well I think most of us might know the answers to that one!

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john clarkePosted on5:20 pm - Oct 1, 2013


StevieBC says:
October 1, 2013 at 4:53 pm
“..I’m sure we haven’t heard the last of Charlie…”
——
I would wish to God that we had never heard of him, were it not that his actions and bluster opened our eyes to the rottenness at the heart of our Football -and other- governance, and to the unacceptable extent that our MSM were in thrall to one football club.

He was not the prime cause of the rottenness-others have that dubious honour. It was already there at the core, and needed little from him to bring it to the surface.

And there it still floats, in plain view, like a big dirty turd in the Clyde.

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100BJDPosted on5:36 pm - Oct 1, 2013


Another wee lurk reference the accounts……did you notice note 28 regarding the novation from Sevco 5088…….deary deary me! WHAURS THE NOVATION!!

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ecobhoyPosted on5:37 pm - Oct 1, 2013


Night Terror says:
October 1, 2013 at 5:06 pm

I’m not decrying your interest in the date the money will run-out – if that’s what floats your boat then go with it.

As I explained it doesn’t float mine and I have plenty to keep me occupied including just heading-off to watch the game 🙂

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Exiled CeltPosted on5:47 pm - Oct 1, 2013


Are we sure this is the same Charlotte we had before? Did she become liquidated and start anew only to metamorphose into the same person aka Sevco?

Previously it was information from CW old user name that she “absorbed” – that was the general consensus and the reason why MSM said don’t touch it with a bargepole.

Now she has Malcolm Murray and Charles Green emails – unless they bcc’d Craig, how were these able to be taken? Since she has had lawyers after her, would security not have been tightened as priority no 1 for the email servers these folks have been using?

I was one of her big fans initially – but there is something not quite right with her recent postings.

Something stinks….or is it just me 🙂

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jimlarkinPosted on6:23 pm - Oct 1, 2013


http://www.express.co.uk/news/uk/308824/Revealed-The-man-behind-1m-donation-to-Rangers

alan mackenzie “gave” £1,000,000 to “save Rangers”

ermmm…sorry to break the news to you Al, but. . .Rangers di not get saved, they went bust. . .out of business
and into liquidation.nobody was able to save Rangers.

[Sevco bought the assets, then to fool guys like yourself. . .Sevco changed their name
from Sevco Scotland limited to The Rangers Football Club Limited. . .which is now owned by
Rangers International FC PLC, which is a deperate entity from the one David Murray sold to Craig Whyte
for £1, as The Rangers Group is still in business]

so. . .sorry Al. . .if you have been “duped”
[there’s a lot of it about]

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