The Rangers saga as it happened…

Bystevensanph

The Rangers saga as it happened…

The last 12 months has seen a lot of water pass under the bridge.  For a newcomer it is very hard to see past what the MSM are currently printing – I hope this article will go someway to rectifying that, and allow those who didn’t follow this story from the start to get a basic understanding of the views that have been formed on Rangerstaxcase.com and on TSFM.  Further, I hope it refreshes the memories of those of us who have followed the saga since the early days and focuses our attention on asking key questions that remain unasked or unanswered.

I have provided links where possible throughout the time line.  I have also highlighted in red where the story seems to end, a question remains unasked, or no answer has been forthcoming.  I may also have missed some critical points – feel free to mention these and we can add as we go.

The Rangers Saga as it happened…

June 2001: Christian Nerlinger joins Rangers.  Little be known to the rest of Scottish football he will be the first player paid by an EBT (an Employee Benefit Trust) which will later be declared illegal (as administered by Rangers) by HMRC.

Summer 2004: Jean Alain Boumsong rejects English Premier League sides to sign for Rangers on a free transfer.  Six months later he is sold (January of 2005) to Newcastle in an 8million deal .  This deal is later investigated by the City of London police who raided Newcastle and Rangers in June 2007.

A later report from Lord Steven remarked:

“There remains inconsistencies in evidence provided by Graeme Souness – a former manager of the club – and Freddy Shepherd – apparently acting in an undefined role but not as a club official – as to their respective roles in transfer negotiations.”

April 2010: HMRC hit Rangers with a tax bill of 24m before penalties for non payment of taxes  on monies remitted to players and staff via the EBT scheme.

27th March 2011: A new blog appears on wordpress named ‘Rangerstaxcase.com’.  Little did we know the impact it will have on Scottish Football.

6th of May 2011: Craig Whyte buys Rangers FC PLC for 1gbp from David Murray, with his holding company Wavetower taking over 85% of the Football club.

Mid-May 2011:  Craig Whyte renames Wavetower to the ‘Rangers Football Group Ltd’, the holding company for Rangers FC PLC.  He immediately claims he has cleared the Rangers debt to Lloyds Bank and is ready to invest in the team.  He quickly removes Alastair Johnston and Paul Murray from the Board and suspends  Martin Bain and Donald McIntyre.

5th June 2011: RTC uncovers a MG05 document filed at Companies House showing that Rangers have assigned 4 years of season ticket sales to another company.  This is later denied by Craig Whyte, but later on turns out to be the mechanism by which Whyte funded the takeover.

19th June 2011: Craig Whyte is asked about the RTC blog, remarking:

“I’m aware of a website that has dedicated itself to talking about our tax case, I’ve looked at it. What they’re saying is 99 per cent crap”

August 2011: Rangers are knocked out of Europe by Maribor.  A seemingly irrelevant event, but one that leaves a £15m hole in Craig Whytes budget.  One that he meets by not paying the tax man.  RTC questions in October where this money was coming from…

10th September 2011: Court papers from Martin Bain, related to his employment case against Rangers explode across the internet (papers in full here).  Within them there is a plea from Bain’s lawyers to freeze the claimed compensation as they feel there is a question mark over the clubs solvency.  Further it exposes the assignment of ticket sales to a 3rd party and shows that the debt owed to Lloyds Bank has not been discharged completely.  RTC analysis’ of these ‘Bain papers’ is concluded with the following:

While Rangers’ supporters might not be in any mood to thank anyone for helping shed light on this situation, it is good for their club (if not its current and previous owners) that this information is in the public domain. It is especially good for our national game as a whole that we discuss the problems of the last decade openly. Rangers supporters need to ask themselves why they have meekly stood by while the future of their club has been imperiled and whether their “friends” in the media have done them an injustice by becoming complicit in the cover-up of this story.

Unfortunately, despite the information being exposed to all, the Rangers fans failed to listen…

October 2011:  In the first mainstream feature on the case, the BBC air a documentary proving that Craig Whyte had been banned from holding a director position in UK companies for 7 years for ‘putting assets out of the reach of creditors’.  BBC are banned from Ibrox and Whyte claims he will sue the BBC for presenting false evidence – but later admits that he was disqualified.  Rather amusingly he admits this the same day he reveals Rangers have reduced their debt to 14m…. (they hadn’t)

The SFA stay silent on the matter and the writ received by the BBC in February 2012 has since vanished.

30th November 2011:  Rangers PLC release un-audited accounts for the year 2010/2011 revealing profits of 2 million pounds and NET Assets of 76m.  The accounts are NOT signed by an auditor leading to rumors all is not well in Ibrox.

January 2012: RTC explains in detail Succulent Lamb Journalism…  the phrase becomes a defining point of the story, along with ‘internet bampots’, coined by Hugh Keevins.

18th January 2012:  The ‘Big tax case’ concludes.  We still await the findings…

13th February: Rangers file papers at the Court of Session giving notice of their intention to enter administration within 7 days…

14th February:  HMRC petition the CoS to allow them to appoint administrators.  After a short hearing, HMRC withdraw the motion and Rangers PLC promptly appoints the now infamous Duff & Phelps as administrators.  On Valentines eve, Craig Whyte stands on the steps of Ibrox and announces to the angry mob the unthinkable… Rangers FC PLC is now in administration.

That evening it is confirmed that HMRC had pushed for administration over £9 million in unpaid VAT, PAYE and NI since the Whyte takeover.  This later rises to 18m.

99% what Craig?

15th February 2012: The SPL immediately deduct Rangers (IA) 10 points for entering administration, as per league rules.  Possibly the last time they follow their own rules throughout this saga.

Bizarrely, Rangers (IA) push ahead with the proposed signing of Daniel Cousin on wages of 7500GBP/week.  The SFA make no comment, despite this being against the rules for a club in administration.

David Murray, in typical fashion, professes surprise at events which RTC warned about 12 months earlier while Murray was still in charge.  Murray also says:

“Firstly, there has been no decision, and there is no present indication as to the timing of a decision, from the first-tier tax tribunal concerning the potential claim from HMRC of £36.5m excluding interest and penalties.

“Secondly, legal opinion on the strength of the club’s case remains favorable.”

21st February: Daily Mail confirm what RTC told us last year, by confirming that Ticketus bought 100,000 season tickets at Ibrox over the next 4 years.  It was this money that Whyte used to buy the club.  Rangers fans are up in arms.  Even though they ignored the warnings a year earlier.

The SFA announce that Lord Nimmo Smith will chair an inquiry into the circumstances leading to administration.

25th February 2012: The Sun on Sunday launches by printing what they claim is a ‘side letter’ given to Rangers players. A financial expert tells them:

“Number one, you are going to get £122,000 and number two you get £1,200 for a first-team game.

“It equates to salary as far as I am concerned. I would say this sort of letter will be a central thread in the big tax case.

RTC will later confirm they are correct.

27th February 2012:  The SFA confirm they will start an investigation into these ‘side letters’

3rd March 2012: D&P admit Rangers have no chance of making Europe next season, as they admit audited accounts by the 31st of March would be almost impossible.

However, in a baffling move, one month later D&P reveal they are ‘appealing’ the decision to ban Rangers from Europe.  UEFA respond by saying

“Licence applicants must demonstrate that as at March 31, 2012, they have no payables overdue towards their employees or social/tax authorities as a result of contractual/legal obligations to their employees that arose prior to December 31, 2011.”

8th March 2012:  Lord Nimmo Smith forwards his report to the SFA Judicial Panel.  The report contains prima facie evidence that Craig Whyte was not a ‘fit and proper person’.  A hearing is set for the 29th of March.  This is later postponed at the request of Whyte.  The full Nimmo Smith report has still not been released by the SFA.

9th March 2012: With no redundancies in sight, Rangers players agree to pay cuts, ranging from 75 – 25%.  It is later revealed that these are not ‘pay cuts’, but pay deferments which must be repaid in the summer, otherwise Rangers will be in breach of contract.  No info is forthcoming in the summer on whether this was paid or not.

5th April 2012: D&P reveal in their first creditors report that Rangers debts could top 134m, with HMRC claiming 93m of the total.

The report also details debts to football creditors of around 2.3m.  It also details debts of hundreds of creditors, such as that for Susie Thomson – a face-painter from Glasgow owed 40quid.  These were the real human losers in this story.

Interestingly, assets are valued at 116m, as per the 2011 accounts.

23rd April 2012: The SFA’s independent panel finds Rangers (IA) guilty of 5 different breaches of SFA rules relating to disrupte charges and are handed a 160,000GBP fine, the maximum available and a 12 month transfer embargo.  The judicial panel state that the offenses committed by Rangers were only one step “lower than match fixing”, and reveal that they considered the punishment of suspension of license or expulsion from the SFA.  They determine a fine would not be enough given the seriousness of the charges and thus impose a transfer embargo.

In the judgement, the panel make reference to evidence given by the Rangers Financial Controller who said invoices to Ticketus were such that they ” appeared as though Clip Art computer processes had been involved in their creation.” The FC tells the  panel he had never seen them.

24th April 2012:  The uproar from Ibrox is loud, with the Bears taking their anger out on the SFA.  McCoist makes a rallying call, demanding to know “who these people are”  He makes an ‘apology’ the next day for putting their lives in danger, but stops short of apologising for forcing names to be released, despite his club previously voting in a motion to keep names confidential.

As a result, a poor director at Raith Rovers takes his family into protective police custody, and Raith are forced to hire round the clock security after arson threats to their ground.  Finally, in August 2012, McCoist is charged by the SFA for his remarks.  He has decided to challenge the charge and the case is ongoing.

Rangers blame the SFA for not stopping Whyte earlier, despite warnings before he took over from RTC.

“Why did the SFA not investigate when they said they had suspicions before Christmas rather than wait until the club went into administration?

9th May 2012:  American tycoon Bill Miller walks away from a proposed offer for Rangers (IA) after being subjected to threats from the Ibrox crowd and discovering a “30 million black hole” in the Rangers accounts.

11th May 2012: Rangers reveal they will appeal the transfer embargo and fine imposed.  The SFA inexplicably name the 3 man panel that will oversee the decision, going against SFA rules agreed by ALL clubs, including Rangers (IA).

13th May 2012:  Reports suggest Charles Green, backed by a global consortium (still unknown!) has bought shares from Craig Whyte for 2quid.  He is given an exclusivity period to propose a CVA worth 8.5m.

17th May 2012: SFA uphold the transfer embargo against Rangers (IA) .  The SFA state that it was “proportionate to the breach, dissuasive to others and effective in the context of serious misconduct, bringing the game into disrepute.”

The Rangers Fighting Fund along with D&P announces they are paying a lawyer to challenge the SFA in the Court of Session.  SFA say nothing.

22nd May 2012:  It is now May, 3 months since the SFA/SPL announced an investigation into side letters and unauthorized payments to players from Rangers FC.  RTC once again provides evidence of a ‘prima facie’ case by revealing details of Christian Nerlinger’s EBT letters.

23rd May 2012: BBC air a damning documentary revealing details of EBT payments and side letters to Rangers players since 2001.  They also uncover emails showing that D&P’s David Grier seemed to have prior knowledge of the Ticketus deal.  D&P and Craig Whyte threaten legal action, but none is forthcoming.  The BBC also hint at payments made to managers not employed by Rangers at the time, including Graeme Souness.

29th of May 2012:  D&P reveal their ‘CVA’ proposal.  One that was doomed to fail, offering creditors little or nothing.  It also revealed if it was rejected then the ‘assets’ would automatically be sold to Charles Green and Sevco 5088 for just 5.5m (the ‘new’ value of the assets.  No evidence has yet been presented on how these ‘assets’ were valued.)

On the same day (seeing the pattern of bad news being overshadowed by good news yet?) Rangers ‘win’ at the Court of Session, with the court ruling that the SFA had no powers to give a transfer ban.  They decide to refer the decision back to the SFA judicial panel to decide on a new punishment.

Lawyer Gregory Ioannidis remarks:

“If the Scottish Football Association decides to not take action against Rangers, in relation to Rangers submitting the application to the Court of Session, then Fifa can actually penalise the SFA, and the individual club, and the national team of Scotland, and impose an international ban on all of them.”

No action is ever taken by the SFA or FIFA.

12th June 2012:  HMRC release a statement saying that they will reject the CVA.  Given that they have over 25% of the debt, it makes the creditors meeting scheduled for the 14th irrelevant.

“A CVA would restrict the scope of such action. Moreover, the liquidation route does not prejudice the proposed sale of the club. This sale can take place either through a CVA or a liquidation, so the sale is not being undermined, it simply takes a different route.

“Liquidation will enable a sale of the football assets to be made to a new company, thereby ensuring that football will continue at Ibrox. It also means that the new company will be free from claims or litigation in a way which would not be achievable with a CVA.

“Rangers can make a fresh start.”

14th June 2012: The CVA is formally rejected.  D&P immediately sell the assets to Sevco 5088 Ltd and Rangers FC PLC (IA) cease to operate as a football club.   The assets are later assigned to Sevco Scotland Ltd.  SPL rules state that a club that ceases to function as a football club should immediately relinquish its share and membership.  This does not happen.

15th June 2012:  Ian Hart denies being part of the Green consortium buying the Rangers assets.  Green had earlier named him when pushed to name his backers

So starts the misinformation campaign from Sevco.

17th June 2012: Rangers FC are excluded from the fixture list for the forthcoming SPL season, replaced instead by ‘Club 12’.  It is widely reported, that if Sevco Scotland are refused a place in the SPL, then Club 12 will be Dundee.  The SPL give no reasons why.

17th – 27th June 2012: Walter Smith, Allan Stewart and Stephen McKenna, and then John Brown all turn up in the papers making ‘bids’ for the assets which Green has already bought.

22nd June 2012 – Lord Hodge seeks report from D & P re: a potential “conflict of interest”, after information given to him by the BBC.

25th June 2012: The BBC reveal that Sevco Scotland will not be granted admission to the SPL, after 6 clubs publicly declare their opposition, after season ticket sales fail to materialize as fans make their views known.

27th June 2012:  John Brown stands on the steps of Ibrox and pleads with Rangers fans not to buy season tickets until Green reveals who are his backers and who owns Ibrox.  This question remains unanswered.  Brown is now silent.

4th July 2012:  Despite weeks of pressure from the SFA, SPL and MSM, the SPL clubs reject the application from Sevco Scotland to join the SPL.

Stewart Regan warns of Armageddon for Scottish Football if Sevco are not admitted to SFL1 instead.  We are still waiting.

5th July 2012Stenhousemuir reveal details of a talk given to them by Neil Doncaster and Stewart Regan, where SFL clubs are threatened with bankruptcy if they don’t vote Sevco Scotland into Division 1.  Figures presented are ridiculed by the internet bampots.

Clyde and Raith Rovers emerge as the cheerleaders for sporting integrity in the lower leagues, with both clubs openly speaking out against what they describe as “irresponsible”.  Raith Chairman Turnbull Hutton suggests the SFL clubs send their mascots to vote on the proposal for Sevco to enter SFL1.

9th July 2012: the SFA refuse international clearance for players who decided to leave Rangers (IA) when the assets were sold, as were their rights under the TUPE laws.  This decision has yet to be explained, and is contrary to legal advice.

Meanwhile, Sevco director Imran Ahmad, when asked what he felt was the exit price to sell Rangers/Sevco was, replied:

“On a bad day the club is worth £50m.”

Of course, they had just bought the club for just 5.5m, and still had no league place for the forthcoming season.

13th July 2012:  Expiry of deadline for submission of report on D&P conflict of interest.  News suggests that Lord Hodge is on holiday.  No news has been heard since and the administration continues…

13th July 2012: Sevco Scotland are allowed to start life in the 3rd division, subject to gaining an SFA licence, after SFL clubs vote to reject the proposal to allow Sevco Scotland into the 1st division.   There is no sign of Armageddon.

15th July 2012FIFA write to the SFA asking for reasons why former Rangers IA players are having their registration transfer blocked.  The players claim their free agents and have rejected the TUPE arrangements with Green’s new club.  As of August Allan McGregor’s move to Turkey is still onhold as they wait on international clearance.  We await an answer, as we suspect FIFA do to.

24th July 2012: Ian Black signs a 3 year deal with Sevco Scotland.  It is unclear how he is registered or who he is contracted to.

9pm, 27th July 2012:  Just 48 hours before the first scheduled match for Sevco Scotland the SFA grant an unheard of ‘conditional’ membership to Sevco Scotland.  It is reported that Sevco Scotland have agreed to a 12 month transfer embargo, starting on the 1st of September 2012.  They also agree to pay all football debts of Rangers (IA).

Sevco, playing in strips of Rangers (IA) defeat Brechin City in extra time to record their first ever victory.  Ian Black plays as a trialist, despite signing a contract with Sevco Scotland earlier in the week.  It is further unclear whether players are registered to Rangers IA or Sevco Scotland, and if the former, how?

31st July 2012: At an EGM of Rangers FC PLC (IA) the directors change the company name to Rangers 2012 (IA).  At the same time Sevco Scotland pass a resolution to change their name to ‘The Rangers FC Ltd’.  Companies house data shows that Charles Green owns more than 10% of The Rangers FC Ltd, despite his claims that no one person would own more than this.  No one from the MSM thinks to ask this question.

3rd August 2012:  The Rangers FC Ltd are granted full SFA membership, after having the membership of Rangers 2012 (IA) transferred to them.  Under what rules this was possible is not clear.

ESPN follow SKY in agreeing a new deal with the SPL for TV rights.  No sign of Armageddon yet.

15th August 2012: Dundee Utd in a short statement reveal that they have not been paid by Sevco/TRFC for the unpaid debt relating to last season’s Scottish Cup with Rangers (IA).  Despite an agreement with the SFA to pay these debts, Charles Green blames the SPL for going back on a agreement made in May to pay this out of money owed to Rangers (IA).  Dundee Utd, and other European clubs remain unpaid, as does the poor face painter from Glasgow.

It is unclear how the ‘conditional’ membership works if the ‘conditions’ have not been met.  

STV further report that SPL clubs still do not know how much TV cash they are going to get from the new SPL SKY deal.  The SPL make no comment.

17th August 2012: Lord Nimmo Smith is appointed to chair an independent commission into Rangers (IA) making undeclared payments to players from 2001 onwards.  They are unlikely to sit before October.

22nd August 2012: ‘The Rangers’ announce they have signed a joint venture with Sports Direct for the merchandising rights.  Companies House shows that the new company, ‘Rangers Retail’, is owned 100% by SportsDirect.com

23rd August 2012: There is still no word on who are the investors in Sevco Scotland.  The SFA have not released any details to explain how Green passed the fit and proper person test.  No details of proof that Sevco Scotland have the finances to last the season.  The question of where are Ticketus is silent. Lord Hodge has still not returned his findings on a conflict of interest in the appointment of D&P.  The FTT result is still awaited, just like BDO await the liquidation of Rangers 2012 PLC.  Meanwhile, Stewart Regan resurfaces to announce details of league reorganization in time for next season, reducing Scotland to 3 leagues from 4.

Oh… and there is still no signs of Armageddon.

28th August 2012: Campbell Ogilvie finally breaks cover to talk about how league reconstruction was on the agenda long before Rangers ran into problems.  He managed however to proclaim;

To be fair, nobody really saw the situation coming

Yes Campbell… just like you didn’t see the side letters.

—-

StevensanPH is an exiled St.Johnstone fan living in the Philippines – he runs the SaintinAsia blog writing about all aspects of Scottish Football.  Thankfully the MSM don’t sell papers in the Philippines…”

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1,011 Comments so far

FiferPosted on3:07 pm - Aug 29, 2012


WOTTPI says:
August 29, 2012 at 15:03

did you see the other post on same page, taxi driver gets probation for sexualy assualting a 17yr old girl…..only in this country

View Comment

ExiledCeltPosted on3:07 pm - Aug 29, 2012


WOTTPI says:

August 29, 2012 at 15:03

Re the Brechin Choir and Torch Carriers

Sheriff Anderson told them: “You are being allowed bail on the special condition not to attend football matches Rangers are playing in.”

Well that’s nae bother for the lads then. The last Rangers game was at McDiarmid Park on 13 May 2012.

*************

If only the judge had banned them from watching the club that held the registrations of the 11 players employed by Sevco at that game at Brechin, we might have found out who on earth Elbows has been registered to all these months………

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FiferPosted on3:11 pm - Aug 29, 2012


CE says:
August 29, 2012 at 15:06

be here all day…just check back last cple pages, much will it cost them to stay in Forres?? (example) get a grip! its supposed to be about MSM, Scottish corruption, not wonder how they can afford wher to stay, keep it up and it will be just the numpties blogging on here.

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celtic1967Posted on3:12 pm - Aug 29, 2012


pantoon maloo says:

August 29, 2012 at 14:38

Rate This

Does anyone know if Celtic are able to end the joint tennents sponsorship deal now that their original joint partners are about to be liquidated.
Surely to god we should have no connection to a brand new 3rd division club who cheat, bully, intimidate and lie as a matter of course.
The new club have the same sponsor name as Celtic and I would hate to think that some joint initiative has been entered into.
*********************************************************************************************************

Don’t get me started on this one!!!

I’d pay more for a seat, jersey, pie, soft drinks etc or do without signing one or two fringe players just to have nothing to do with sponsors. Many clubs pay lip-service to fans physical and mental well-being but still target them to be consuming drink, gambling, personal credit and unhealthy eating…… Celtic as much as any of them…… and have these ‘partnerships’ splattered on the jerseys. Just look at club websites to see the hypocrisy of ‘sponsorship’. It’s a disgrace.

The famous Celtic strip is ruined by badges and logos of all kinds, never mind the bizarre attempt at the famous hooped shirt that is worn in Euro games. The sooner we dump the logos the better but I’m sure the club noses are now so far into the trough that there isn’t a hope of their coming up for a fresh view of things.

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paulmacPosted on3:13 pm - Aug 29, 2012


CE says:
August 29, 2012 at 14:37
3 0 i
Rate This

CE on August 29, 2012 at 14:30

Your comment is awaiting moderation.

http://m.stv.tv/news/tayside/187750-rangers-fan-sang-sectarian-chants-at-clubs-first-match-since-liquidation/

Congratulations to Tayside Police. Every police force in Scotland should be doing the same and filming these cretins at matches involving NEWCLUB.

Good to see the convicted bogit doesn’t have a bogited bone in his body.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

I noted the sheriffs condition…”you’re not allowed to attend any matches Rangers play in”..

Ehhh…it’s hard to attend what doesn’t exist m’lud…

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john clarkePosted on3:16 pm - Aug 29, 2012


Some of you may remember that I wrote to my Westminster MP about HMRC’s statement some time ago on RFC(IA).

I received this morning a very courteous, 2-page long, considered reply, broadly in line with much of what we think on the blog.

Most importantly, he indicates that he has ” written to the Chief Executive of HMRC for a full response to the points you have raised. I shall be in touch as soon as I have their response”

Government departments, as you would expect, treat letters from MPs not only with a degree of priority, but also with great circumspection and caution, and with due regard to the fact that whatever they say in reply could end up on the floor of the House of Commons.

So, whatever HMRC say in reply to the MP will be true and not the kind of misleading, ambiguous waffle that some junior officer picks out from a set of standard replies to send to ‘joe public’.

At least, that’s the way things used to be when I was involved!

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paulmacPosted on3:21 pm - Aug 29, 2012


Angus says:
August 29, 2012 at 14:49
~~~~~~~~~~~~~~~~~~~~~~~~~

No it wasn’t Angus….and I can assure you I objected to it at every possibility..

I am also concerned at the continued silence of my club at the outrageous going ons that have…are and no doubt will take place involving SEVCO fc….

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paulmacPosted on3:25 pm - Aug 29, 2012


celtic1967 says:
August 29, 2012 at 15:12
~~~~~~~~~~~~~~~~~~~~~~~~

You and me both!

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MikecPosted on3:33 pm - Aug 29, 2012


I think all the clubs and MSM etc are now being very guarded what they say regarding the big tax case, Lord Hodge etc etc since they are aware this is now a police matter and charges will follow.
That could well be the reason for the delay in the appointment of BDO and I’m sure that Lord Hodge will do what is necessary as far as the Duffers are concerned when the police
investigations are complete.

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CEPosted on3:34 pm - Aug 29, 2012


JC,

Any chance of you posting the correspondence?

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john clarkePosted on3:39 pm - Aug 29, 2012


CE says:
August 29, 2012 at 15:34
‘C,
Any chance of you posting the correspondence?’


I’d love to, but, in spite of some helpful suggestions about using photobucket ( I’ve no idea about this) from a couple of posters, I don’t know how to do it!

I’ve emailed my nephew who’s into these things. If he comes back to me with an idiot’s guide, I’ll happily post my MP and Radio Scotland (when it comes) correspondence.

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SBhoyPosted on3:43 pm - Aug 29, 2012


The Invisible Line says:

August 29, 2012 at 15:07

WOTTPI says:

August 29, 2012 at 15:03

Re the Brechin Choir and Torch Carriers

Sheriff Anderson told them: “You are being allowed bail on the special condition not to attend football matches Rangers are playing in.”

Well that’s nae bother for the lads then. The last Rangers game was at McDiarmid Park on 13 May 2012.

*************
If only the judge had banned them from watching the club that held the registrations of the 11 players employed by Sevco at that game at Brechin, we might have found out who on earth Elbows has been registered to all these months………

___________________

Funny enough when I read this report earlier, I said to Mrs SB, It would be intersting to hear the judge at the trial when one of the accused (who pled not guilty) are caught attending a game.If they should say something as silly as ‘But it wasn’t rangers I went to watch, it was sevco’ I am sure the judge would have some interesting observations to make.

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broganrogantrevinoandhoganPosted on3:45 pm - Aug 29, 2012


Good Afternoon,

This is an excellent synopsis of the recent saga by Stephensanph. Equally there is a fantastic piece of analysis of the recent figures produced by Duff and Phelps in their latest- and presumably final- report by the ever vigilant Paul McConville over on his own blog where the thoughts are seldom random despite the title.

I am no financial analyst- preferring to recall words and indeed actions rather than drill down into the deepest financial crevices of a business- but certain figures sometimes stick out and jar against of my own recollection of what folk say and do.

To that end I am afraid I am a tad confused by the recent D and P report, and at the same time I cannot help but recall the words of others at key and significant points in the timeline outlined by this article.

Meanwhile, some music plays in the background and the lyrics of Sammy Cahn float around in my head…. It is a long long time from May to December— only to be replaced by the strange fantastical finale to the second Roxy Music Album—For your Pleasure— which finishes with the subliminal message- barely audible—which says— “ Don’t ask why?”
————————————————————————————————–

A statement from Duff and Phelps issued on the morning of Tuesday 14th February read as follows:

“Duff and Phelps has been engaged by the directors of the Rangers Football Club plc [RFC] to assist its negotiations with HMRC, and possible restructuring options.

“As a result the inability of RFC to conclude negotiations with HMRC the board of directors have filed a notice of intention to appoint administrators.

“The purpose of this notice is to provide a moratorium against potential creditor actions. Meetings are due to take place with HMRC in relation to the tax position of the company. Management remain hopeful that with the assistance of HMRC a consensual and solvent solution can be found. In the meantime RFC is continuing to trade as usual.”

Did you notice the “The” in front of the word “Rangers” by the way?

I digress:

By close of business that day, D and P were formally appointed ( with a few technical errors ) as Administrators of Rangers PLC leaving Paul Clark able to make the following comment to a hungry media:

“HMRC have been working closely with the Club in recent months to achieve a solution to the Club’s difficulties. However this has not been possible due to ongoing losses and increased tax liabilities that cannot be sustained,”

“We are working together with management and its major creditors including HMRC to achieve a solution to the financial problems which will ensure the ongoing survival of the business, which is of paramount importance to all concerned.”

He then promised a further statement in a few days.

This came on 2nd March 2012 when Mr Clark was able to demonstrate that, having got his feet under the desk so to speak, he had his finger on the financial pulse at Ibrox. He spoke with authority and knowledge:

“In short, the Rangers business is trading at a substantial loss and we have no alternative but to fill an approximate £4.5 million shortfall by the end of the season.

“It is therefore imperative that we find savings of approximately £1 million per month to ensure the ongoing viability of the business.”

You will recall that following this series of statements, there was seemingly endless negotiation between D&P and the players about wage cuts, deferring payments, wage caps, and even voluntary termination of contracts- with at least two players simply leaving of their own volition and without payment.

Jobs were spared, none were lost and Rangers ( in the guise of the PLC ) made it to the end of the season:

Let’s pause there for the moment and go no further in the time line. In fact lets go back to that day in February when HMRC and others were faced with an advance notice of potential Administration being served at the Court of Session, signalling a move by Craig Whyte that the club was headed for the scrapheap with none of the creditors getting paid.

The BBC was able to report comments from both Craig Whyte and David Murray.

Whyte stated that because of HMRC actions the club had to accelerate its plans and added:

“The administrators are in today and looking at everything and I will work with them to help them all that I can and we’ll have a plan to get out of administration by CVA [Creditors Voluntary Agreement] process as quickly as we possibly can.

“Rangers will always be here as I’ve said before. We will come out stronger and come out a better business and most importantly in a position to put as good a team as we can on the pitch and to win trophies which is what we all want as Rangers fans.”

Whyte’s comments were carried by some Newspapers as Mantra with no room for question.

Former Rangers owner Sir David Murray said he was “hugely disappointed” at the club’s decision to appoint administrators and expressed surprise at the timing of the decision. You will also recall that Murray has repeatedly said that there was no wrongdoing during his tenure as Ibrox Chairman – especially in relation to the use of EBT’s and I believe that he previously stated that there was “No Danger” of Rangers going into Liquidation or Administration.

And here comes those two sets of Lyrics again—It’s a long long time from May to December…. And don’t ask why!

Duff and Phelps were not in charge of Ibrox from May to December. No- their reign lasted from February to June, but within two weeks of arriving they were able to say that there would be a £4.5M loss by the end of the season if they didn’t cut costs dramatically.

And what a good job they did, because they themselves reported that during their tenure they managed to reduce the trading deficit for their period in charge to only £4M.

I will say that again just so we are clear:

During the period of Duff and Phelps Administration Rangers lost £4M—despite the salary caps, despite the wage freeze, despite a couple of guys walking away, and despite everything—the business they ran for 4 months lost £4MILLION.

Now remember this does not include their fees (£3.5M or so) nor any salaries for a chairman, a director or 7, a finance director and so on. Nor does it include the huge legal fees they have ramped up all over the place.

So how do the creditors feel about that?

How do ordinary Rangers fans who stuck their money into the club feel about that?

Given that D and P are professionals, can presumably keep a set of books properly and did not enter into any dodgy tax schemes and presumably paid PAYE and so on—- how on earth did Craig Whyte- Motherwell Born Multi Billionaire and general financial whizz kid- seriously expect the business to be rescued by a CVA and to come out stronger in a short period of time?

Why was Sir David Murray surprised at the announcement of Administration given that this was a business that was operating on much the same financial basis as the one he handed over to Craig Whyte? In fact with the resignation of all the Bain’s, Murray’s, Johnson’s, Greigs and so on the club was actually saving money on those salaries in comparison to the Murray lead Rangers—and remember Whyte said he was not paying himself a salary at all, and there is nothing in any D and P report which contradicts that as far as I know.

Further, unless it was agreed that Ally McCoist would move up to Walter Smith’s salary—would that not be another saving?

For this humble correspondent, the figures produced do not sit right with the actions taken and the statements previously made.. and I am hearing that same subliminal message… “Don’t ask why?”….. and can see no one in the press thus far posing the question.

David Murray was absolutely correct that the EBT case or the FTT decision would not pose a threat to Rangers PLC…… because on the basis of what Duff and Phelps have reported with all their professional expertise…… Rangers PLC was as good as dead already, trading on figures and on a basis that no business could support even paying the reduced taxes brought about by a properly managed EBT bringing about legitimate tax savings. Rangers PLC was already terminally ill long before the FTT hearing was concluded— FC Malmo saw to that — and so Murray was correct, the findings were and will be no danger to an already deceased club.

It appears to me that D andP have saved the creditors nothing by continuing to trade after being appointed and it is very much open to question as to whether they have achieved a result of any kind in opting for the sale to Charles Green.

This report tells you everything you need to know about operation Ibrox—it was a colossal loss maker under Murray, a loss maker under Whyte and a loss maker even under the statutorily controlled expertise of D and P— who knew within a fortnight that it was running at a substantial loss and yet they failed to cure it—or cease to trade!

Hey—but Don’t ask why?

Now , Charles Green is in charge of a new company trading from the same location, in the same industry, using a virtually identical name, appealing to the same customer base and relying in the main on the same creditors.

Yet it is not the same business. He is forced to operate without any European income- or hope of European Income — his gate receipts are limited by football rules and will be far smaller than those received in years past, and he is backed by as yet still mysterious investors who the fans/steakholders/customers are not allowed to know about or learn what their reward for investing will be.

Will he succeed financially where Murray et al failed? Does he have that Midas touch—the same one that apparently belonged to Craig Whyte? Will the fans continue to swallow his seemingly endless propaganda that all in the garden is rosy and that three, five or even ten billionaires are ready to invest……. In a business which one of the biggest turnaround specialist firms in the world ran at a £4M loss over a 4 month period?

Over the summer he has pandered good news and Rangers news at every step— but September ushers in the Winter…… and a Winter in Scotland can be tough, especially in a poor economic climate with financial discontent aplenty.

And what of Stewart Regan?

Remember the days when he had a twitter account and repeatedly stated on that account that all the allegations of wrong doing and financial imprudence at Ibrox were only allegations and that nothing had been proven yet?

The same Regan who said that for example “ Do Celtic not need Rangers?” and that despite everything and all the rules, the SFA had to do what is best for everyone and for Scottish Football in general?

Where does Stewart Regan stand today in the face of the Duff and Phelps statement? What does he and his committees—especially the mysterious SFA Auditor — think of a club run by experts which ramps up a loss of £4M in a 4 month period—- always ignoring the trail of footballing debts and other issues that have to be looked at such as registrations, contracts, proper disclosure and so on?

How can he be sure, and what safeguards does he have, that the Ibrox machine has changed and that the financial projections provided by Charles Green are sustainable in light of the figures produced by D and P?

Tonight, Celtic go courting that sultry nymph called the Champions’ League Group stages—a sexy, well-endowed temptress who comes with a sizeable dowry which would help see them through the winter and more. The Rangers Football Club, on the other hand, must content themselves with The Ramsden Cup and Division three opposition— by comparison a far less glamorous date—but for all the lack of glamour a down to earth partner with bags of fundamental goodness, honesty, integrity and genuineness which are perhaps more important qualities to notice and learn from at this time than the riches and ambitions of the sexy European nymph.

Yet I fear that those fundamentals will not be enough for some who are used to the promised lands so easily spouted and promised by the Murray’s , the Whyte’s and maybe even the Green’s of this world. As we head into winter how will Green’s team and followers cope with some dark unglamorous nights in a wintry Scotland?

How does the Yorkshireman make a profit and from whom does he make it?

What happened to all the money from previous years if there were such huge on-going financial losses?

£4M lost in 4 months?

Don’t ask Why?

Others prefer not to ask and instead insist that the whole of Scottish Football will die and wither without a Rangers team of some sort in the top tier. They prefer to peddle calamity and wretchedness for all rather than ask the simple question “why” of their own former custodians and current management?

It is a Long Long time, from May to December….. and December in Scotland is cold and bleak at times.

Perhaps William Shakespeare foresaw the whole scenario— Green, Rangers, The SFA , The SFL and SPL– with the opening of Richard III…. And remember with this speech Willy boy set the scene and warned his audience of what was to come…… though of course you cannot make an audience listen…..

Now is the winter of our discontent
Made glorious summer by this sun of York;
And all the clouds that lour’d upon our house
In the deep bosom of the ocean buried.
Now are our brows bound with victorious wreaths;
Our bruised arms hung up for monuments;
Our stern alarums changed to merry meetings,
Our dreadful marches to delightful measures.
Grim-visaged war hath smooth’d his wrinkled front;
And now, instead of mounting barded steeds
To fright the souls of fearful adversaries,
He capers nimbly in a lady’s chamber
To the lascivious pleasing of a lute.
But I, that am not shaped for sportive tricks,
Nor made to court an amorous looking-glass;
I, that am rudely stamp’d, and want love’s majesty
To strut before a wanton ambling nymph;
I, that am curtail’d of this fair proportion,
Cheated of feature by dissembling nature,
Deformed, unfinish’d, sent before my time
Into this breathing world, scarce half made up,
And that so lamely and unfashionable
That dogs bark at me as I halt by them;
Why, I, in this weak piping time of peace,
Have no delight to pass away the time,
Unless to spy my shadow in the sun
And descant on mine own deformity:
And therefore, since I cannot prove a lover,
To entertain these fair well-spoken days,
I am determined to prove a villain
And hate the idle pleasures of these days.
Plots have I laid, inductions dangerous,
By drunken prophecies, libels and dreams,
To set my brother Clarence and the king
In deadly hate the one against the other:
And if King Edward be as true and just
As I am subtle, false and treacherous,
This day should Clarence closely be mew’d up,
About a prophecy, which says that ‘G’
Of Edward’s heirs the murderer shall be.
Dive, thoughts, down to my soul: here
Clarence comes

View Comment

FiferPosted on3:47 pm - Aug 29, 2012


paulmac says:
August 29, 2012 at 15:13

Oh, maybe i didnt see about singing ra songs at Dingwall!!! peppered sprayed in pub small world this.

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nowoldandgrumpyPosted on3:53 pm - Aug 29, 2012


john clarke says:
August 29, 2012 at 15:16
=====================

I hope you get a better response than I got. I sent mine to the PM who sent it to HMRC, who replied by saying that they could not comment on individual cases.

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WOTTPIPosted on3:53 pm - Aug 29, 2012


Fifer says:
August 29, 2012 at 15:11

I hear your argument but while the cost of an overnight stay at Inverness is whimsical, the issue of revenue and expenditure at T’Rangers is a key issue for Scottish Football.

Either they are going to bring in new investment into the club and have a successful IPO or it is all bluster and they are going to have to live within their means to stay in business.

Given all the figures available many on here think it appears to be touch and go if their current position is financially sustainable. As I have posted already what happens by the end of the transfer window may say a lot for how things are progressing.

While some would like it, the reality is that the second demise of a club based in Govan is not going to be great for Scottish Football.

The great and the good being duped again would just tip many fans over the edge.

Given what has gone on the last year or so, Mr Charles should be keeping an eye on every penny (hotel bills included) if he is in any way interested in having a team playing football at Ibrox for the long term.

I am reminded of the film ‘Catch Me If You Can’ where the conman Father explains to his soon to be conman son how cons work through flattery and distraction, using a sporting analogy

Frank Abagnale Sr.: You know why the Yankees always win, Frank?
Frank Abagnale, Jr.: ‘Cause they have Mickey Mantle?
Frank Abagnale Sr.: No, it’s ’cause the other teams can’t stop staring at those damn pinstripes.

The new ‘Third Strip’ and staying in fancy hotels when the rest of the world just drive up in the morning are signs that have me worried another con is in operation.

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smartie1947Posted on3:55 pm - Aug 29, 2012


Mikec @15.33
“I’m sure Lord Hodge will do the necessary ====”

But will any of us live long enough to read about it?

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AngusPosted on3:57 pm - Aug 29, 2012


JC, your penance for being a disciple of Ned Ludd is to type out your letters into a post here, instead of scanning them.

That way you’ll soon learn how Photobucket works – take it from me!

🙂

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FiferPosted on3:57 pm - Aug 29, 2012


WOTTPI says:
August 29, 2012 at 15:53

Can’t disagree with you on this, thats why we need to be vigiliant and await what his business plans are. Still not a Green fan, dont think I can trust anyone after Twat Murray and soon to be jailed ( i hope) Whyte, i await his business plans and his share isuue.

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Ordinary FanPosted on3:58 pm - Aug 29, 2012


That Keith Jackson piece is disgraceful. Jackson and his cronies may well set an agenda to talk down the SPL and the clubs who may make a challenge of some kind. They may be laying the foundations for more corruption of the leagues. They will then talk about the league being no contest and the importance of competition, the need for RFC Tribute Act to be fast tracked through a reconstructed league system. They will ignore the fact that at the moment it is obvious the gap between Celtic and the rest is vast but over time WILL close. Their expectancy that RFC Tribute Act would sweep away with ease all the lower league teams as proof RFC Tribute Act are too superior to be playing “diddy teams” in “diddy leagues” Unfortunately for them RFC Tribute Act has found its footballing level in Division 3 and will not be brushing aside any teams. So the media will be more desperate than before to increase the media onslaught against the SPL clubs who will struggle to mount a challenge for the title this season. They will ignore that fact that at least, for the 1st time in a decade and those same clubs will now have a better chance than ever before of closing that gap over the next few years.

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iceman63Posted on4:03 pm - Aug 29, 2012


Fifer says:
August 29, 2012 at 15:11
2 5 i
Rate This
CE says:
August 29, 2012 at 15:06

be here all day…just check back last cple pages, much will it cost them to stay in Forres?? (example) get a grip! its supposed to be about MSM, Scottish corruption, not wonder how they can afford wher to stay, keep it up and it will be just the numpties blogging on here

_____________________________________________________

The finances of SEVCO/Rangers are significant – not least because we have no audited accounts, no list of investors, no projected income, a cost baset hat without CL money was in deficit to 10 mill a year, largely in place, a series of signings of players on wages vastly in excess of SFL3 levels and according to those on here who can count vastly beyond the financial capacity of the club to sustain yet still here as in the time of administration the club everyday expenses are bizarre and inappropriate for a club operating within the Scottish game – 5 star overnighters for trip to Peterhead triggered the comments earlier about Forres trip. .

This blog monitors Scottish football and the finances of Scottish football at a time when the entire edifice is under extreme financial strain and one of its member clubs has folded under a mountain of debt. Having some fun and games about possible hotel bills is just that – fun and games – not my personal taste in entries but totally acceptable and valid I reckon – and it stems from a genuine and central concern of the blog.

Rangers cheated the taxman and spent beyond their capacity to sustain debt despite this and with the outside pump drying up – they went bust. A similar model on the face of it appears to be operating with Charlie’s New Improved Rangers – albeit hopefully without the tax scams.

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easyJamboPosted on4:04 pm - Aug 29, 2012


Torrevieja Johnbhoy says:

Funnily enough,this has just appeared.All it does is highlight the difference between what RFC could be,and are actually playing for.

http://sport.stv.tv/football/clubs/celtic/186280-what-are-the-financial-implications-of-champions-league-qualification/
==============================================
Therein lies the financial quandary that Scottish Football finds itself. All credit to Celtic if they make it through tonight, but it is something of a bitter pill to see one club receive income, from the single source of CL participation, that exceeds the annual income, from all sources, of Aberdeen, Hibs and Hearts combined.

Do such inequalities actually help the game in this country? I know that Auldheid has repeatedly canvassed for a proportion of clubs’ European earnings to be channelled back into the wider game. I have a lot of sympathy with his thoughts on this.

Over the past few seasons we have seen the results of one club (RFC(IA) squandering successive years of such a bounty on transfer fees and players wages, then last season Scottish football as a whole had the experience of a fallow year without any CL income. Celtic now have the opportunity to do what is right both for the long term future of the club and ideally the wider Scottish game.

I assume that the Celtic Board will firstly clear any debt resulting from losses accrued last season. I expect that the figures, due out in the next 4-8 weeks, wiill show something of the order of a £5M-8M loss for the period. What will they do with the rest? How much will Neil Lennon get to spend? Will the money be squandered on higher wages for players and officials? Will the club pay back the supporters in reduced ST prices next season?

It it an interesting challenge. The club appear to want to buy in potential talent from overseas at £1m-4M, develop them further and sell them on at a profit. I’d rather that they stuck with developing domestic players like Forrest or Watt, Fraser or Irvine. That way Scottish football would benefit, e.g. Airdrie Utd from the progress of Watt. Similarly, if they paid back the fans for their support with lower prices, then that would help maintain higher attendances, including visiting fans, and wider interest in the game.

I fear, however, that self interest will prevail and that the club will continue to look to recruit foreign talent, paying higher wages, which ultimately takes money out the Scottish game rather than investing in the future health of the domestic scene.

View Comment

john clarkePosted on4:09 pm - Aug 29, 2012


celtic1967 says:
August 29, 2012 at 15:12

‘Does anyone know if Celtic are able to end the joint tennents sponsorship deal now that their original joint partners are about to be liquidated……’
——
Was it a ‘joint’ deal?
I may be wrong, but the way it was reported at the time seems to suggest that each club made a separate deal: “Celtic have today announced a new multi-million pound three-year shirt sponsorship deal with Tennent’s Lager. The new partnership will launch in summer 2010…….And the new sponsorship deal will also see Tennen’t Lager sponsor Rangers.”

If that’s the case, then there is no contractual ‘link’ between Sevco/The Rangers and Celtic, and either club could end the deal ( at a cost) any time they liked, without regard to what the other did.

Personally, it doesn’t bother me that a 3rd div club has the same shirt sponsor as Celtic: but I’m sure it bothers Tennents, who for all we know might be wanting to end that deal!

But ideally, I’d prefer it if we didn’t have to have commercial sponsorship at all, but …..

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iceman63Posted on4:11 pm - Aug 29, 2012


@ Fifer – you want to post the links to credible reports – police based – or SFA observer based – on Celtic fans at Dingwall singing the inappropriate songs – or the link to the espn coverage of same and you will have a valid point – if Celtic fans sing the inappropriate songs then they too are a disgrace – I think from my understanding that there has been little or none of this at games this season by Celtic fans – but I may be wrong.

I suspect you are just trying a rather sad wind up. However, if you have no such evidence then your comment has no validity – if you do then I think it appropriate to explore – put up or shut up methinks on that one!

View Comment

WOTTPIPosted on4:11 pm - Aug 29, 2012


As Fifer also wants to talk about other Scottish Football issues does anyone think that Campbell ‘I didnae see that one coming’ Ogilvie might need a wee hint that Hearts are on a bit of a sticky wicket if Vlad ever pulls the plug.

Given his track record a wee warning E-mail may not go a miss even thought he was the Operations and then Managing Director of the Tynecastle club.

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john clarkePosted on4:13 pm - Aug 29, 2012


Angus says:
August 29, 2012 at 15:57
‘.JC, your penance for being a disciple of Ned Ludd is to type out your letters’
———-
By the time I did that, Lord Hodge would be retired. I’m no great shakes on the keyboarrrd ither! 🙂

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SeamusPosted on4:19 pm - Aug 29, 2012


FFS will a moderator block Fifer – he’s getting on ma tits.
Again I ask of everyone Don’t Feed Trolls – it’s what they want,
as they get a perverse kick out of responses.
Fifer, away you go and piss about on FF with your pals.

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nowoldandgrumpyPosted on4:25 pm - Aug 29, 2012


Bocanegra is staying with TRFC, oh dear is he not on big wages.

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john clarkePosted on4:30 pm - Aug 29, 2012


nowoldandgrumpy says:
August 29, 2012 at 15:53
‘I sent mine to the PM who sent it to HMRC, who replied by saying that they could not comment on individual cases.’
——
This is interesting. There may be a difference in approach to letters from a constituency MP on behalf of a constituent, and a letter from a ‘member of the public’ direct to the to the PM. Of course, the PM might be your MP, in which case the approach should be the same.
We’ll compare notes when my reply comes in.

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campsiejoePosted on4:31 pm - Aug 29, 2012


Brogan Rogan Trevino and Hogan @ 15:45

If you recall, at the first press conference on the 14th February, Paul Clarke also said that the business was in difficulty at the time of the MBB’s takeover, which surprised me, as they had only been appointed that day

As we subsequently learned, their knowledge of the business was actually quite detailed, as they had been working with the MBB for some time
Bear in mind also, that Alistair Johnston revealed, that a motion was put to the board that RFC should be placed in administration, a motion that was defeated by one vote

The Double Ds knew at that point that liquidation was inevitable, and as court appointed officers should have taken that step, instead of pursuing a totally unworkable CVA
To then run the business, and incur a £4 million trading deficit, must be bordering on criminality
I hope that BDO when they finally are appointed, uncover the true story behind this most bizarre administration

View Comment

CEPosted on4:31 pm - Aug 29, 2012


Making friends on the way up?

Sheriff Anderson(on David Boyd): It has been said you are deeply ashamed, and so you should be. To visit Brechin and behave the way you did was outrageous. This behaviour will not be tolerated in small towns any more than it is cities.

Bravo.

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patnajoePosted on4:40 pm - Aug 29, 2012


nowoldandgrumpy says:
29/07/2012 at 16:25

Bocanegra not big on wages. I’ll wager he’s not there on Saturday 🙂

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CEPosted on4:41 pm - Aug 29, 2012


Not that I want to face the ignominy of appearing to defend Haudit and Daudit, but wouldn’t it be practically impossible to run any club at break-even from the months of February-May. Massive outgoings and very little(apart from prize money) coming in?

I’m not claiming that H&D were at any moment acting in the creditors best interests, but those expecting them to have turned a profit may be setting the bar too high.

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campsiejoePosted on4:47 pm - Aug 29, 2012


CE @ 16:41

Which is precisely why the business should have been liquidated
As an aside, had that happened, would the club have continued to play football, since it is supposed to be separate 🙂

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broganrogantrevinoandhoganPosted on5:01 pm - Aug 29, 2012


CE

The point is that since their appointment, D & P have amassed continued or additional losses of £4m.

Now given their state of knowledge, given their professionalism and so on– had they been Directors who knew that they were making losses, had made losses and would continue to make losses— they would have been open to all sorts of criticisms and penalties for continuing to trade!!

I don’t see how they could ever have made a profit and so they could only make matters worse by continuing to trade– and that is exactly what they did– despite all the knowledge and professionalism.

The question is can Rangers– or anything that looks like Rangers– run at a profit?

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campsiejoePosted on5:08 pm - Aug 29, 2012


And another point while I am on my high horse

Why did the administrators continue to honour season tickets, knowing the business was trading at a loss
Normally these are cancelled, and then it is pay at the gate, so the Double Ds deliberately ignored a valid income stream that could have gone into the creditor’s pot

View Comment

pantoon malooPosted on5:15 pm - Aug 29, 2012


john clarke says:
August 29, 2012 at 16:09

john, I was at the open meeting where I’m pretty sure Peter Lawell himself confirmed it was a joint sponsorship.
The fans were up in arms about it at the time but Peter felt it was the best we could get.

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patnajoePosted on5:17 pm - Aug 29, 2012


test

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PaulsatimPosted on5:28 pm - Aug 29, 2012


RE Tennants and Sevco

http://www.thedrum.co.uk/news/2012/07/14/tennents-continues-discussions-over-sponsorship-newco-rangers-hangs-balance-club

Tennent’s continues discussions over sponsorship of Newco Rangers as club to enter Division Three

Tennent’s continues discussions over sponsorship of Newco Rangers as
Lager brand Tennent’s has said that it is still in discussions over the future of its sponsorship deal of Newco Rangers, after the club was voted into the fourth tier of Scottish Football yesterday.

Tennent’s, which has been the main sponsor of Rangers and rival Glasgow club Celtic for the last two seasons, has indicated that it may yet continue to work with the new Rangers entity, after Rangers was liquidated in June, albeit any deal is likely to be under different conditions from the previous agreement.

A spokesman for Tennent’s told The Drum; “Tennent’s is a long standing investor in, and supporter of, Scottish football, most recently as Rangers’ shirt sponsor. Following yesterday’s vote our position is unchanged – we continue to monitor the situation closely and our discussions with the owners with a view to continuing Tennent’s involvement with the Club are ongoing.”

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Charlie BrownPosted on6:02 pm - Aug 29, 2012


Brogan Rogan Trevino and Hogan says:
August 29, 2012 at 17:01
4 0 Rate This
CE

The point is that since their appointment, D & P have amassed continued or additional losses of £4m……………………………………………………………

The question is can Rangers– or anything that looks like Rangers– run at a profit?
============================================================================

That’s a very interesting question BRTH with no straightforward or easy answer.

I suppose from a business perspective then the simple answer is to ensure costs are kept below or do not exceed revenues.

Celtic of course have been able to run at break-even or make some profits or minimise losses however you are then getting into the fine grain detail of how a clubs overall income is generated and what proportions and sums arise from attendance money, commercial income, profits on trading players and/or any european money which can also be a very significant especially if that means Champions League money. Also how much needs to be spent to be able to generate continuing large attendances, how players are sourced, bought & paid for and at what cost/value, how profitably they are traded and are they good enough to be able to win the league and/or get into european group stages?

Clearly what isn’t sustainable is continually letting costs, spending & losses far outstrip income levels as happened throughout the Murray/Whyte era and constant sources of new money or debt or misdirection of tax money was required to pay for it all.

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piston brokePosted on6:19 pm - Aug 29, 2012


Brogan Rogan Trevino and Hogan says:
August 29, 2012 at 17:01
4 0 Rate This
CE

The point is that since their appointment, D & P have amassed continued or additional losses of £4m……………………………………………………………

——————————————————————————————–

Without doubt, the oddest aspect of the Admin was the refusal to punt players. Naysmith, McGregor and Davies’ transfer fees could easily have cleared the losses AND put a few million into the creditors’ pot.

Now that, given that they sold the club as a “going concern” at a bargain basement price, is bordering on negligence, i.e. failure to realise prime assets.

Strange.

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Itsagoal!Posted on6:35 pm - Aug 29, 2012


Night Terror says: August 29, 2012 at 13:50

Re Gordon Smith.
Same for me, except I always felt he had a huge conflict of interest when at Radio Scotland whilst commenting on players he represented or on clubs he might hope employ those players.
==========================================

1)Night Terror – I’ve been wanting to make that point on here for ages – thank you. We the fans are shafted by pundits on the radio who are also agents. This should not be allowed, it is a clear conflict of interest They talk up players and salaries all day long – and we the punter are forced to stump up. Every one of us could give an example of a grossly overpaid player – but when you try to criticise players salaries on the phone ins the pundits/agents like Murdo Macleod shout you down. We shouldn’t put up with either the agents or the stupid salaries.

2)Allyjambo- is MacAskill a regular Hearts attendee, Salmond? does anyone on here sit near to a politician at the games they attend? can they ask them how they feel about the tax affairs of Rangers(ia)?

3) have East Fife been paid yet?

4) will no creditor ever speak out? even anonymously?

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miki67Posted on6:39 pm - Aug 29, 2012


BRT&H raises a very important point. HOW did the Duffers lose/disappear £4 MILLION and where did it go? Who has it? This wee inclusion in their legalese choked ‘report’ is waiting for some forensic analysis. Did they hope it would just be skimmed over? Ah…..it’s all so sickening.
*****+*****+*****+*****+*****+*****+*****+*****+*****+*****+*****+ McC = 00.00%
that’s fur ‘fifer’ ! 🙂

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miki67Posted on6:43 pm - Aug 29, 2012


I have to still be told that anything I say about the perpetrators of this scandal is in any way untrue or slanderous. In that case I would expect to see a lot of miscreants Barlinnie bound in coming months/years…..decades?
“Yo ho ho and a bottle of rum.”
I see pirates. Where do I see them? Everywhere.
🙂

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Itsagoal!Posted on6:58 pm - Aug 29, 2012


BBC website just printed this:

“Meanwhile, McCoist, who says “nothing at all” has been finalised over any proposed personal investment in the club, is hopeful captain Carlos Bocanegra will remain at Ibrox beyond Friday’s transfer deadline and that Rangers will be able to strengthen”.

and Daily Record also saying he hasn’t invested. Charles Green lying?
http://www.dailyrecord.co.uk/sport/football/football-news/ally-mccoist-says-he-might-buy-1286062

which makes me also wonder, did a journalist actually ask Ally if he bought or was given shares? wow if true!

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Fan ClubPosted on7:16 pm - Aug 29, 2012


This is not my area of expertise by any means, but I thought the objective of an administration was to rescue a business as a going concern. Where that’s not possible, then the objective turns to maximise return for the creditors? Is that right?

In the RFC case, it appeared Duffers only wanted to get to the end of the season without liquidation. By doing so they appear to have prejudiced the creditors as they don’t appear to have taken many steps to actually realise a better result for the creditors. If you were cynical, you could say almost everything they did harmed the creditors even moreso.

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nowoldandgrumpyPosted on7:19 pm - Aug 29, 2012


OT

I wonder if the match will be delayed due to the M8 serious car crash and both lanes closed. Motorway will be closed for another half hour.

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AngusPosted on7:40 pm - Aug 29, 2012


Re: “Honours” page on RFC(?) website:

“A list of honours that Rangers has won as a club and records set by teams past and present.”

This may indeed be clever wording, as mentioned before – so which honours or records have been won or set by the “team present”?

Personally, I think that if they dropped the “has” it’d be more acceptable, plus the majority of Bears would be too thick to pick up the note of honesty in that.

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WOTTPIPosted on7:43 pm - Aug 29, 2012


But McCoist is unaware of interest from Everton in Barrie McKay, after the youngster was linked with a move to Goodison.

McCoist remains hopeful that Carlos Bocanegra will remain beyond the transfer window, after the United States international was linked with a move away from the Glasgow giants.

He said: “Carlos is still very much a Rangers player.

“There has been no activity or movement or change in the situation regarding Carlos so he will hopefully be involved in our next few games and be here post-window, so that’s where we are with Carlos.
__________________________________________________________________________

Positive talk from McCoist over the last few months usually results in the exact opposite happening in a few days time.

Hear SSB (I Know I Know) are mentioning Templeton and McFadden.

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StevieBCPosted on7:45 pm - Aug 29, 2012


Looks like the Sevco fans are planning to turn up at Hampden tomorrow to support Green, [per RM].

Also some suggestions to voice their displeasure at Regan… 🙄

Should they not be cheering Regan ?!

Well I suppose any pressure on Regan can’t be bad ?

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AllyJamboPosted on8:00 pm - Aug 29, 2012


Fifer says:

August 29, 2012 at 14:58Christ! At least the RTC blog stuck to its task.

On here you are left with a few posters who are worth reading…

The others!!!! Obsessed with Rangers, why not read or talk about your own team or go to the forums that are into nonesense and leave this blog for the intelligent!
_____________________________________________________________________
Such a good post, just requires the question, where do you class yourself? Worth reading, or not worth reading! I’ve read many poor posts on here, and probably posted some myself, but the one you’ve just graced this site with is definitely amongst the worst, even when compared with the MSM trolls. Damn, I’m just about to watch Celtic playing in the Champions League Qualifiers, why am I bothering with a post like you’ve written?

The quality of trolls is definitely getting better. I noticed a few weeks ago that they were gradually starting to ingratiate themselves into the blog by starting off with reasonable posts but let themselves down and became obvious after a only few posts. You’ve been a bit more consistent with your apparent reasoned, quite well thought out posts, but just like your hero, the rabble rouser, you can’t help yourself from showing your true colours.

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AllyJamboPosted on8:10 pm - Aug 29, 2012


john clarke says:

August 29, 2012 at 15:16

I knew you were good, John, but didn’t realise you were that good, must have been some letter. Well done, mate 😉

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StanblackPosted on8:48 pm - Aug 29, 2012


why would Bocanegra want to play in division 3 ? The American captain, why oh why. Even curiosity on mars gets more exposure.

Its the equivalent of Usain Bolt playing hopscotch

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T&PPosted on8:50 pm - Aug 29, 2012


can i just add, as an aberdeen fan, how much easier it is enjoying and yes, hoping, that Celtic do well tonight in europe without Rangers being involved. There is without doubt a good and harmonious feel to scottish football without you-know-who. Long may it continue.

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AllyJamboPosted on8:51 pm - Aug 29, 2012


Itsagoal! says:

August 29, 2012 at 18:35

Sorry don’t have a clue. Even if I was still in a position to attend matches, I live in Derbyshire and work most weekends, I still wouldn’t know, as my seat was amongst the ‘ordinary’ fans and so I only saw decent folk around me, no politicians 😉 Also, much as I’d recognise Alex Salmond, I wouldn’t recognise MacAskill any more than he’d recognise me, and until you mentioned it, I was unaware his football knowledge was far greater than his political accumen 😉 As for questions 3 and 4….Dunno!

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midcalderanPosted on9:16 pm - Aug 29, 2012


john clarke says:
August 29, 2012 at 15:16

So, whatever HMRC say in reply to the MP will be true and not the kind of misleading, ambiguous waffle that some junior officer picks out from a set of standard replies to send to ‘joe public’.

At least, that’s the way things used to be when I was involved!
———————————–
John: I hope you are not disappointed. The days of “I remain your Humble Servant” are long gone. Having gone from one of the best run and efficient Government Departments, HMRC are now about the worst. Who knows what the quality of their response will be.

I hope we are all not disappointed.

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easyJamboPosted on9:19 pm - Aug 29, 2012


Allyjambo Taxpayer says: August 29, 2012 at 20:51

Labour’s George Foulkes (Baron Foulkes of Cumnock) and the Tories David McLetchie both sit in section D of the Wheatfield stand at Tynecastle.

Pity I didn’t renew my ST this season. 🙂

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AllyJamboPosted on9:37 pm - Aug 29, 2012


easyJambo says:

August 29, 2012 at 21:19

Allyjambo Taxpayer says: August 29, 2012 at 20:51

Labour’s George Foulkes (Baron Foulkes of Cumnock) and the Tories David McLetchie both sit in section D of the Wheatfield stand at Tynecastle.

Pity I didn’t renew my ST this season.
________________________________________________________________________

My season ticket seat for years was in Section E, knew I made the right choice 😉

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StanblackPosted on9:42 pm - Aug 29, 2012


tories in Scotland, lol he must have been a councillor. Scots do not allow tories to hold any influential positions, they are an english party.

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DelbhoyPosted on9:55 pm - Aug 29, 2012


Someone could have warned me.
A new book just appeared in my local library. Its called ” For Richer For Poorer. Rangers : The Fight For Survival ” by Paul Smith.
I’ve just finished reading it because nobody warned me otherwise. My synopsis is thus:

– For a fan of Rangers as was, it could make for emotional reading. Lots of stuff you probably already knew. Wasn’t John Lawrence great?, if only David Hope hadn’t married badly he could have been a great successor. Taylor, Simpson, Paton and Lawrences’ grandson Marlborough, all upstanding men, I’m sure. But you know this. The genius of David Murray apparently needs a lot of emphasis. And the author emphasises the buggery out of this aspect so fill yer boots. Otherwise, 6 pages of photos and no colouring-in.

-For Celtic fans: an interesting take on perceived media impartiality. Its not bias, just that Murray, Souness, Smith and McCoist were more ‘ sophisticated ‘ than the acerbic McCann, the irascible Burns or the sarky Strachan. Nae culture, see, nae media savvy.

– For the neutrals and newcomers to the scandal. There is no table of contents or index to point you to the juicy E.B.T. bit, which is after all the nitty gritty of the book’s title. I can direct you. Its on page 70 and, risking a breach of copyright, here it is:

” An employer would pay money into that trust [ E.B.T. ] and the beneficiary
could take money out in the form of a loan… repayment not neccesarily
expected.
Painstakingly completed paperwork is vital to ensure the use of the trusts
remain within acceptable boundaries, and it has been suggested that this
is where Rangers may have tripped up “.

And that is it. Out of 288 pages.
Buy this book for someone you dont really like, or really dont like, regardless of constituency, but wait till you see it in the bargain bucket for a pound.
Just dont say you weren’t warned. Unlike me.

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AngusPosted on9:59 pm - Aug 29, 2012


T&P says:
August 29, 2012 at 20:50

can i just add, as an aberdeen fan, how much easier it is enjoying and yes, hoping, that Celtic do well tonight in europe without Rangers being involved. There is without doubt a good and harmonious feel to scottish football without you-know-who. Long may it continue.
——

Good grief, you’re right!

I hadn’t consciously noticed, but you’re right – I did want Celtic to get through tonight. I’m actually quietly surprised at myself. 🙂

BBC Teletext has been a bit remiss though – the “Scores” page just says “scores will be displayed here when matches are being played”, and the Results page still hasn’t got the Euro scores up. Bet that wouldn’t have happened if English teams had been playing.

On a different tack, heartening to see diddy teams doing so well in the domestic Cup. Perhaps RFC(?) will have way more of a fight on their hands in Div 3 than they thought – every game they play will be a “one-off” cup tie for the others. And the others are evidently quite capable of producing the goods in a cup tie.

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nowoldandgrumpyPosted on10:02 pm - Aug 29, 2012


Stanblack says:
August 29, 2012 at 20:48
=============

Could be he also wants is contract cancelled and the answer was no.

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AngusPosted on10:06 pm - Aug 29, 2012


Stanblack says:
August 29, 2012 at 21:42

tories in Scotland, lol he must have been a councillor. Scots do not allow tories to hold any influential positions, they are an english party.
——–

Urm, and Labour are what – Norwegian? The Lib Dems are Belgian, are they? Apologies for the sarcasm, but your post begs it. 🙂

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Lord WobblyPosted on10:08 pm - Aug 29, 2012


Angus says:
August 29, 2012 at 21:59
0 0 Rate This
T&P says:
August 29, 2012 at 20:50
can i just add, as an aberdeen fan, how much easier it is enjoying and yes, hoping, that Celtic do well tonight in europe without Rangers being involved. There is without doubt a good and harmonious feel to scottish football without you-know-who. Long may it continue.
——
Good grief, you’re right!
I hadn’t consciously noticed, but you’re right – I did want Celtic to get through tonight. I’m actually quietly surprised at myself.
~~~~~~~~~~~~~~~~~~
That’s the spirit. 😀

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OLE MUNGO BHOYPosted on10:21 pm - Aug 29, 2012


john clarke says:

August 29, 2012 at 16:09

“Personally, it doesn’t bother me that a 3rd div club has the same shirt sponsor as Celtic: but I’m sure it bothers Tennents, who for all we know might be wanting to end that deal!”

———————————————————————————————————————————

Interesting comment as usual JC.

I was mulling over the idea of sending a round robin to the known “sponsors” of the Sevco Franchise asking how precisely how the values of the Sevco Franchise (SFL 3rd Division) reflected the values and corporate ethos of their organisations.

For the record from “The |Rangers” website these include

Tennants
Cocoa Cola
Powerade
Scottish Leader
Europcar
Iron Bru
Under Armour
Clyde 1

If I remember correctly Audi didn’t hang about disassociating themselves from the old co shambles – was it 34 freebie Audi cars sudenly no longer available ? . “Sorry Mr McCoist, could you please leave the keys at the front desk”

The more I think about it the more appealing it becomes

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sjmetallicarPosted on10:34 pm - Aug 29, 2012


Forgive me is someone has already posted,but why have players who left sevco in the last few weeks with their contracts ‘terminated’ and no fee asked or given? I thought that the club was badly in need of funds. Could I be naughty and suggest that they never had contracts with sevco in the first place and the scenario was spun along to get season tickets sold. PLEASE tell if I am wrong and apologise as tiredness is getting to me
_

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StanblackPosted on10:46 pm - Aug 29, 2012


i got more thumbs down than tories in scotland, lol. only an eejit would vote for them.

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StanblackPosted on10:53 pm - Aug 29, 2012


not only did they not have a contract, there is a lie being spun that has upset the hairy bears bunch. The lie being that Green has agreed to wave the Rangers prize money – money he was never due being the chairman of the pretendy rangers and never ever going to get.

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forweonlyknowPosted on11:08 pm - Aug 29, 2012


Stanblack says:
August 29, 2012 at 22:53

“pretendy Rangers” … *smiles*

contracts schmcontracts! As they say. ;

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CWPosted on11:08 pm - Aug 29, 2012


Hey Guys,

I’ve heard so much about SSB on the blog, I gave in tonight and downloaded and listened to it for the first time. What a bunch of Muppets !

Gordon Dalziel obviously has blinkers on. He comes across as a right simpleton, not wanting to get dragged into the TRFC debate, just wanting to talk about football, but don’t be fooled, he also comes across as very “Cute”. He can get away with this, as he played the game for a living in the past.

Darryl King on the other hand came across as a sleekit wee fly guy ! Talk about sitting on the fence ? He tried so hard to come across as a “Neutral”, but it was so easy to see where his real loyalties lie ! He spoke tonight about new TRFC signings, about how Sally is getting new players thrust on him, but not being allowed to sign players he want’s like Templeton & McFadden.

Darryl, my boy, don’t you think Sally should NOT be allowed to sign ANY player, whether thrust on him or not ! After all, his club MIGHT still owe £130M.

Darryl, if you did your job properly, you would be asking why this club can afford to pay wages for all these new players in the 3rd Div.

Darryl is obviously on the CG Gravy Train along with his fellow “Journalists”. I’d prefer to see some of these so called “Journalists” grow a pair. i.e Report the truth. They could maybe start by highlighting the B$gotory being spouted around our lower leagues at present !

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forweonlyknowPosted on11:11 pm - Aug 29, 2012


Imagine Andy Little wasn’t registered properly? “Pretendy Rangers” would be f.. messed up! ;

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CWPosted on11:15 pm - Aug 29, 2012


forweonlyknow says:

August 29, 2012 at 23:11

Imagine Andy Little wasn’t registered properly? “Pretendy Rangers” would be f.. messed up! ;

————————————————————————————————————————-

Nah ! The SFA said it would be ok. Any other team though ?…………………. Now, they would be f…messed up !

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smallteaserPosted on11:26 pm - Aug 29, 2012


piston broke says:
August 29, 2012 at 18:19

Without doubt, the oddest aspect of the Admin was the refusal to punt players. Naysmith, McGregor and Davies’ transfer fees could easily have cleared the losses AND put a few million into the creditors’ pot.
===================================================================
The transfer window was shut when D & P took over on February 14th therefore none could be sold. Freed yes, sold no. After the season finished, the “done deal” to CG included the players, supposedly, with the money going to CG, apparently.

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nowoldandgrumpyPosted on11:39 pm - Aug 29, 2012


smallteaser says:
August 29, 2012 at 23:26
================

If the whole deal had come about, Green after parting with the 5.5 mill, would have got a lot more money back. He basically would have the assets for free and made a couple of million out of the deal.

How could that possibly been an arrangement on behalf of the creditors.

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AgrajagPosted on11:43 pm - Aug 29, 2012


If the players had been freed then their contracts could not have been transferred over to the new club, as was planned. They knew the CVA was a non-starter (that would have preserved the squad) so there had to be an alternative.

Of course the idea was SPL football, and just carrying on as if they had left administration through a CVA. Same ground, same strip same players same league.

Who would have thought the SPL would reject them. Who would have thought the SFL would insist on them entering at the lowest level. Who would have thought so many players would simple walk away and get other deals for themselves.

The whole idea behind this administration was Rangers carrying on in one form or another. The creditors were never a consideration, even when liquidation became the only out. The fact that the deal with Green was done prior to that makes it all too clear. CVA or one alternative, transfer of the assets at a cut rate price.

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