The Offline Game


CORRUPT OFFICIALMAY 14, 2016 at 11:13       This two …

Comment on The Offline Game by Homunculus.

CORRUPT OFFICIALMAY 14, 2016 at 11:13       This two part bid, or back up bid, was demanded by D&P because they feared that Charlie would walk away if the CVA was rejected, and they were left holding the bits.  


Sorry but I disagree.

With the amount of debt owed to HMRC there was never any prospect of a CVA, neither was there ever any prospect of the assets being sold to anyone else.

The whole thing was a con with a pre-determined outcome. That was not getting the best return for the creditors.

I do realise this is just my opinion.

Homunculus Also Commented

The Offline Game
My understanding, and no more than that is that the situation with regards SDI, TRFC and RR is as follows.

RR, owned jointly between the other two, hold a Worldwide licence to produce and sell any official Rangers merchandise. That has another 6 years to run. 

TRFC own the Intellectual Property (crests, badges etc) which relate to Rangers.

TRFC have withdrawn the permission for RR to use that IP. In spite of the fact that they are joint owners of RR.

We would appear to be in a position where no-one other that RR can produce or sell anything Rangers related. However that company cannot use any of the crests, badges etc. Therefore they effectively cannot produce any new Rangers merchandise either. 

Basically no-one can currently produce new Rangers merchandise, including replica kit etc.

As I said a wee while ago, a Mexican stand-off. 

(If you look at the SD website you will see they are happily selling the old kit.)

The Offline Game
NEEPHEIDJUNE 1, 2016 at 09:39


We will have to agree to disagree on this one.

Celtic’s current market cap is £68m

If I had £40m to throw away I would rather have 58% of Celtic than a similar slice of Rangers.

I think the assets, including player registrations have greater value, I think the chance of winning things is greater, I think the chance of competing for CL tens of millions is greater, I think the prospect of bringing in substantial sponsorship and merchandising income is greater, there is a lack of a binding contract with Mike Ashley for the next 6 years strangling income, I see no dubiety re the ownership of Celtic’s assets, I believe that the Co-op provide a nice borrowing facility at favourable terms.

I also think anyone investing £40m in Celtic would be mad. I can’t even imagine anyone doing similar with Rangers.

The Offline Game
I think Celtic will win the premiership in the coming season with Aberdeen and Hearts fighting out second place just the same as this season. A lot will go down to luck with regards injuries throughout the season and which club is better covered for loss of players.

My money would be on Rangers for fourth, from what I have seen they have been rather lucky with injuries in the season just ended. Particularly with such a small squad.

Recent Comments by Homunculus

Moving On Time?
John Clark 21st December 2020 at 23:22

I think the point is that the business has to record the difference between the purchase price of the assets, and their value, in the next set of accounts.

So what they are basically saying (normally) is that we bought that bakery business (for example) for £100 pounds, buy the tangible assets, the ovens etc, are only worth £80 so we paid other £20 for the existing customer base, the reputation etc, and that is just referred to in it's totality as the "goodwill".

As with  lot of accountancy stuff it all just looks like smoke and mirror to lay people like me. 

In Rangers case the tangible assets were, in their opinion worth a whole lot more than what they paid, but they still have to record that figure and like I have been saying, that is the dead giveaway and admission that they underpaid.

I suspect it will be part of BDO's case against the administrator.

As ever this is very much my layman's understanding with apologies to those who actually understand these things.

Moving On Time?
John Clark 18th December 2020 at 18:41

If I remember correctly there was a whole load of discussion wih regards the quality of some of the items and it turned out some was made in China, some was made in India and I think some was made in Europe, I have no idea which manufacturer actually made the stuff but I suspect it was just factories who were able to produce what was required so long as they were given the materials and the patterns.

I don't think that's too unusual but I have no experience in the field. 

Moving On Time?
Timtim 16th December 2020 at 19:54

Clearly the King is dead for Keith.

He has changed sides to the one on which his bread is now buttered.

To be fair on the current board, King's move was a bit off, even for him. He is trying to milk the fans for all he can, the board are not happy about that because that was an integral part of their plan.

They are never going to raise the full amount, certainly not quickly, but I believe he has said they can buy his shares in tranches so he could be getting regular payments from them for quite some time. 

Moving On Time?
John Clark 14th December 2020 at 17:13

I think BDO's £29m civil action against the administrator is more likely to bring out more of the truth than a botched criminal action by Crown Office as reported to them by Police Scotland.

BDO have taken their time, presumably investigated the matter properly and think they have enough to take the matter to the civil Courts. I would be surprised if they don't instruct top civil lawyers to carry out the action on their behalf. 

Bearing in mind BDO have probably already spent a lot of the money they have brought in, another £29m would be a nice wee addition to the pot.

Moving On Time?
John Clark 13th December 2020 at 14:02


One thing that still puzzles me is why, it seems, none of the other bidders to purchase the club to keep it going as a 'going concern' did not squeal at the time about the arbitrary selection of Green as the 'preferred' one who could pick up the assets cheap, while the club went into liquidation?

Why Green? why did the Administrators think that would best for them, for the creditors? A short bidding war for the assets would surely have raised at least a few tens of thousands more for the creditors.


Absolutely none of that was a factor in the administrator's decision making from what I can see. The creditors were irrelevant. 

They were working towards a pre-determined outcome involving Whyte and Green, There may have been a bit of improvisation when the CVA was rejected and Whyte was no longer required but other than that I firmly believe it was a pre-determined outcome. Let's wait and see what is determined by the ongoing proceedings. 

Remember the sale did not go ahead with the preferred bidder / chosen one. The assets were sold to another company with a very similar name, Sevco Scotland Ltd. No-one seems to ever have answered the question, when was that agreed. I believe novation requires all parties to agree to it. 

The aim was a CVA, a debt free Rangers, still the same club, still in the top division of the league etc.

When that was rejected and liquidation (ongoing) started there was a wee bit of the truth, then the re-writing of history, then where we are now. 


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