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 2012: Stenhousemuir 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 2012: FIFA 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.
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timtim says:
August 26, 2012 at 17:43
4 0 Rate This
Is there really any point in asking refs to declare their allegiance
to their boyhood clubs
Take our MSM for example ,
Jabba – Airdrie
Chic – St Mirren
Dougie Donnely – Clyde
The only MSM journo who I dont doubt is Mr Cosgrove who dug
into his own pocket to sponsor my nephew at St Johnstone, oh
and Jim Spence
Lets face it the refs would lie ,thats one thing they have a track
record of .
~~~~~~~~~~~~~~~
Ah…but….one doesn’t need to know which team they SAY they support. All one needs to know is which school they went to. Apparently.
Regarding BDO. Would it be as simple as checking their website for contact details and phoning/emailing regarding the delay in liquidation? Just walked past one of their many offices, albeit not the Glasgow one.
I was intrigued by the wording in the Sevco presentation to investors. Charles Green referred to in 3rd person on a number of occasions as if written by someone more senior to CG.
I’ve been involved in too many presentations to remember & would have referred to “Sevco CEO incentive” for example and would only use a colleague’s name if it would add credibility.
If it is genuine, it’s as a generic, starter for ten presentation to gauge interest long before negotiations were entered into & could therefore be presented by anyone, anywhere.
For me, and I maybe reading too much into the wording, it confirms that CG is just a front man for others. He is the salary man, not the proprietor of this deal.
More power to those of you digging for links between Sevco and Ticketus.
When Sevco go into admin this season are they deducted 10 points as a new club or 25 points for looking like an old club from a season ago ,its make your mind up.as its going to happen,we should be told ,who are these decision makers.
Readcelt says:
August 26, 2012 at 19:03
Regarding BDO. Would it be as simple as checking their website for contact details and phoning/emailing regarding the delay in liquidation? Just walked past one of their many offices, albeit not the Glasgow one.
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BDO can’t start until they are officially appointed. Duff & Phelps have said in their latest statement that the official start of liquidation is imminent. I’d say it will be this week.
FIFA says:
August 26, 2012 at 19:17
3 0 Rate This
When Sevco go into admin this season are they deducted 10
points as a new club or 25 points for looking like an old club from a season ago, its make your mind up.as its going to happen, we should be told ,who are these decision makers.
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Naughty. As you well know, that sort of decision will only be made once it has been determined what will be best for The Rangers. And this time, I expect that they will factor in football fan bampottery.
The Invisible Line says:
August 26, 2012 at 16:29
4 0 Rate This
“I am angry, I am disappointed, I’m embarrassed,” Rangers manager McCoist told BBC Scotland.
“We need to get bodies in and bodies in of quality, because that’s unacceptable.”
————
Which brings us back to the actual genesis of Steve’s timeline blog: the concept that chequebook football is the way forward. Buying success is so not the future. It’s short-termism, and an admission of an inability to find and nuture football players.
Since the Souness revolution the blue club has followed a path to football perdition. The above quote from the current manager is an admission that nothing has changed. Sad that.
TSFM says:
August 26, 2012 at 16:29
—–
No problem with that or anything else.
M A R – aren’t you forgetting to add the hover pitch hype from February 2008, when the ground was going to be rebuilt to a 70,000 capacity as part of a mere £700M development that would stretch from the golden Hinshelwood Triangle all the way to the Science Centre?
Lord Wobbly @ 19:35
Your Lordship, I must disagree
Any decisions will only be made on the basis of what is good for Scottish football 🙂
campsiejoe says:
August 26, 2012 at 19:39
0 0 Rate This
Lord Wobbly @ 19:35
Your Lordship, I must disagree
Any decisions will only be made on the basis of what is good for Scottish football
~~~~~~~~~~~~~~~~
What? Has the former Sevco Scotland Ltd, that changed its name to The Rangers FC Ltd, changed its name again?
Anyone heard of when messers Green and Mcoist willl be up at the sfa panel for there comments. I know they had until the 17th of august to respond to the charge but it seems to have found a rug somewhere !
Auldheid says:
August 26, 2012 at 18:14
… the longer it takes to put the old clothes around the old myth, the more difficult it is going to be to convince anyone, including Sky, that they deserve any consideration for special treatment under reconstruction.
——–
Personally, unless results improve, I’m wondering how long it will be until the bears do walking away in their droves, leaving only the season ticket money behind for Mr Charles (Mr Charles: “Bothered?”).
After all, it is their natural and documented behaviour to find something else to do of a Saturday afternoon if the team they call RFC aren’t bulldozering everything before them …
chancer67 says:
August 26, 2012 at 14:15
40
Rate This
Agrajag says 13:36
Spot on bur the lnk im on about is a one to one where CG goads Dave King and criticises him for tellng creditors to reject he CVA its a STV local news piece sated 8 June
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this may be what your looking for-
http://www.youtube.com/watch?v=0k0IkDTPQWU&list=FLRRu4a5NVZ9DKRUbZUEsKZg&index=2&feature=plpp_video
http://www.youtube.com/watch?v=0k0IkDTPQWU&feature=plcp
sorry about last link not sure what happened!
I believe a crime has been unintentionally reported in the Sunday Mail today:
Journalist Scott McDermott – Sunday Mail 26 August 2012 quoted Ally McCoist as saying
“I’d like to think we have got some money to spend on transfer fees – Charles green hasn’t said otherwise. We’ve had money in for players like Steve Davis”
But Steve Davis did not TUPE over to Sevco. If any money was paid by Southampon for this player – perhaps even just a small amount – then that money, as Duff & Phelps said in their report on 24 August 21012 – is to be recovered for the creditors pot.
In every newspaper there is a press complaints notice to highlight mistakes – on page 2 of the Sunday Mail it says complaints should be sent to readers@sundaymail.co.uk
can people please email in to suggest that their journalist has unwittingly reported a crime, and that it now falls on the paper to correct this error – and to hand over the transcript of the journalists notes to Strathclyde Police.
stevensanph
Just on to say THANK YOU
For picking up the baton with your post.
To see it laid out like that its astounding that THOSE supposedly in charge of the situation.
In both a LEGAL & SPORTING capacity not only allow but seemingly ASSIST this CHARADE.
But if the Bampots keep kicking at the door something or someone somewhere involved will slip up and the dam will burst.
So to everyone just” keep keeping on”
Thank you again. and to borrow a phrase our day will come I truly believe that.
Back to lurking:)
Sugar Daddy says:
August 26, 2012 at 19:13
I was intrigued by the wording in the Sevco presentation to investors. Charles Green referred to in 3rd person on a number of occasions as if written by someone more senior to CG.
I’ve been involved in too many presentations to remember & would have referred to “Sevco CEO incentive” for example and would only use a colleague’s name if it would add credibility.
“”””””””””””””””””””””””””””””””””””””””””””””””””””””
Under Document Properties / Description of this pdf presentation is the name of the Author: Tony Clark.
scottc says:
August 26, 2012 at 19:26
‘…BDO can’t start until they are officially appointed. Duff & Phelps have said in their latest statement that the official start of liquidation is imminent. I’d say it will be this week.’
—–
A minor correction, scottc.
BDO are the appointed Liquidators. It’s just that they cannot be unleashed until Lord Hodge brings ‘Administration’ to an end.
What he makes of D&P’s report on how they satisfied themselves that they were not ‘conflicted’ in taking on the function of Administrators will be the determining factor.
If he’s satisfied, the he’ll let slip the dogs of Liquidation.
What the position will be if he is NOT satisfied, heaven only knows.
It’s still the Vacation Court that’s sitting ( whatever that means!), so it might be a week or three yet before Lord Hodge once again tackles a D&P issue.
Im guessing the same person does all the presentations at The Rangers (Ally?), because the one that was presented to the SFL chairmen looks almost like an abridged version of the one presented to investors
I’m still unsure if someone has managed to get their hands on an electronic version of the SFL presentation and decided to get a little creative to make it look like a genuine investors presentation. Although as I’m unable to think of a reason why anyone would want to do that, maybe it is genuine
http://www.telegraph.co.uk/sport/football/teams/rangers/9379754/Rangers-in-crisis-Friday-the-13th-could-be-particularly-unlucky-for-Ibrox-newco.html
journalists arent daft, they’ve worked out that if you shut your eyes,hold your nose and swallow without chewing succulent spam tastes just the same as lamb.
Are you reading this Bomber Brown ?
RFCG is the holding co for RFC(IA)
RFCG(wholly owned by Craig Whyte) has a floating charge over the assets of RFC for whatever debt was owed by RFC to RFCG The floating charge is described on Form MGO1 at Companies House Form MGO1 is used to register ”Particulars of a mortgage or charge in England Wales and Northern Ireland”
Meaning
In the event of the liquidation of RFC the RFCG floating charge takes preference over all other Creditors. So all debt due to RFCG under the floating charge has to be satisfied before any other Creditor can be paid. When RFC went into administration the debt owed by RFC to RFCG was alleged to be £27.5m. D&P did not accept or reject this figure. They simply listed the RFC debt to RFCG as “TBA” in the Creditors List
So it is open for any Creditor of RFC to challenge the validity of the £27.5m floating charge held by RFCG over RFC if and when CW made a claim against the assets of RFC when they are liquidated
But
Is CW likely to be remotely interested in making a floating charge claim over RFC assets when they add up to zero?
Of course not and heres why
On 24 March 2012 Liberty Corporate Ltd took out a floating charge over all the assets of RFCG
Meaning
In the event of the liquidation of RFCG the Liberty Corporate floating charge takes preference over all other Creditors. So all debt due to Liberty Corporate under the floating charge has to be satisfied before any other RFCG Creditor can be paid. When RFC went into administration the debt owed by RFC to RFCG was alleged to be £27.5m. D&P did not accept or reject this figure. They simply listed the RFC debt to RFCG as “TBA” in the Creditors List
Then
On 6 July 2012 details of the RFCG floating charge described above were registered with Companies House by Sevco Scotland Limited. using Form MGO6 This form is used to record “Particulars of a charge subject to which property has been acquired by a company registered in Scotland”
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
This means that when Sevco Scotland acquired the assets of RFC(IA) they were obliged to register the Liberty Corporate Floating Charge over RFCG which in turn has a floating charge over the assets of RFC
I`m no lawyer but it would appear to me that this obligation on Sevco to register an MG05s affecting RFCG and Liberty Corporate can only have one meaning
Which is
When Sevco purchased the assets of RFC(IA) it did not get a clean title to the assets.This suggests Craig Whyte agreed to the sale on condition that his floating charge moved with the assets. This claim is now formally registered by Sevco at Companies House as a claim against the RFC assets purchased from D&P
Significantly
Moving the floating charge with the assets ensures none of the RFC Creditors can challenge the CW floating charge without challenging the D&P sale to Green
It also means Green can argue that Sevco has a debt of £27.5m This gives the bad guys an argument to siphon off £27.5m after the share issue in October 2012.
Tony Clark could it be this guy, saw his name along with big think agency who seem to be an advertising agency linked to Rangers
https://mobile.twitter.com/tonyclark21
Itsagoal! says:
August 26, 2012 at 20:20
‘..can people please email in to suggest that their journalist has unwittingly reported a crime,’
—-
Yes, have done.
Goosy, great post.
if there is floating charge held by a company controlled by CW, then
CG’s claim that TRFC is debt free is complete bollocks
CG’s claim that TRFC is CW free is complete bollocks
CG’s assurances to the SFA that CW is no longer involved is complete bollocks
There must be some way of finding out, you accountancy / legal guys, where the FC actually ended up. Isn’t this the purpose of the required forms at Companies House?
Danish Pastry 19.37
Was that another veiled threat to someone from Sally,it sounds like his speak to me only this time it is aimed at Del Boy Green,I think Del should be afraid ,very afraid ,I can see the whistle going up to Sally’s lips if the recruits are not in by Friday lunchtime and guess what,in the word’s of Hannibal Lecter Sally or his dogs will be having a friend for lunch .
In the grand scheme of things, this is perhaps a minor point, but can Carlos Bocanegra really be happy that his reputation is being dragged over Division Three grounds on Scotland?
No disrespect at all to the wee teams in that division, but a player who has pedigree is in a lose-lose situation here.
The exterior of New Rangers sports a new paint job with harmony everywhere. The cracks wil appear soon.
If Goosy is right then TRFC/SECO are goosed – all monies raised ( ST and Share issue) to go into the pocket of one CW of Motherwell/Monaco. And even after that he’d still hold a floating charge over it all. D and P have stithched up the creditors here – They and CG are stooges – only questions are os CW the end point or do Ticketus have a claim on him – and just who is investing in ticketus. it very much looks like the clearest Phoenix ever – expect HMRC to come a knocking asking for their money please.
If Goosy is correct, then there must be an awful lot of people who are in the scam up to, and maybe even beyond, their necks
Which then prompts the question, where do the SFA/SPL/SFL and Stooges Inc fit into the game plan ?
john clarke says:
August 26, 2012 at 12:03
38 4 i Rate This
In another country the Press argues that it is in the public interest to publish photographs of the (presumed) son of a thick dolt who holds an entirely unmerited social and economic position.
===============================================================
JC…the best analogy I have yet heard of his dubious ancestry…”major” post dear boy!
Goosy,
Do you have a copy of the MG06?
I’ve put this out on Twitter to see if anyone comes up with more info …
I’ve updated the timeline on the Facebook page, transposing Steven’s blog post with a few amendments and additions.
http://www.facebook.com/#!/TheSFMonitor
If anyone has any correction sor additions, please tell us via the Contact Us page here.
Accuracy is important for the credibility of the blog, so please folks. let us have your input.
PL
redetin says:
August 26, 2012 at 20:38
Sugar Daddy says:
August 26, 2012 at 19:13
I was intrigued by the wording in the Sevco presentation to investors. Charles Green referred to in 3rd person on a number of occasions as if written by someone more senior to CG.
I’ve been involved in too many presentations to remember & would have referred to “Sevco CEO incentive” for example and would only use a colleague’s name if it would add credibility.
“”””””””””””””””””””””””””””””””””””””””””””””””””””””
Under Document Properties / Description of this pdf presentation is the name of the Author: Tony Clark.
_____________________________
Not unusual for a PR agency to knock up this sort of presentation material.
http://www.bigthinkagency.co.uk/
With all the manoeuvring, I’m confused by their game. Should I be back to thinking that they’re simply getting ready to walk away now, with this year’s season ticket money being sufficient to satisfy Ticketus, leaving CW with the assets to sell/rent to Rangers-minded people (Wattie? The BKs?)? Hence all the efforts to get the fans to shell out for STs now i.e. the possible bung of shares to Ally to get him saying the right things; the SPL purchases to bolster the belief that they’re buying for the SPL next season; the “I’m one of you/no one likes us, so give us your money to show you’re a Rangers fan” quotes from CG; the (paid off ?) disappearance of Bomber etc?
Or should I think that they are around for (a bit) longer?
I’m struggling to understand what spin CG will put on reconstruction. Obviously, if he/CW/Ticketus want more than just the STs now, he will be desperate to be jumping up the leagues, but to sell STs so far he has had to convince the fans that he is one of them (“bigotry against us”) and wants exactly what they want. I DO believe fans’ opinion is they do not want the hand up – albeit only so as not to ‘rescue’ the other clubs with their alleged buying power – so how will he spin it to them that reconstruction is good?
I’m seriously struggling!
With all the manoeuvring, I’m confused by their game. Should I be back to thinking that they’re simply getting ready to walk away now, with this year’s season ticket money being sufficient to satisfy Ticketus, leaving CW with the assets to sell/rent to Rangers-minded people (Wattie? The BKs?)? Hence all the efforts to get the fans to shell out for STs now i.e. the possible bung of shares to Ally to get him saying the right things; the SPL purchases to bolster the belief that they’re buying for the SPL next season; the “I’m one of you/no one likes us, so give us your money to show you’re a Rangers fan” quotes from CG; the (paid off ?) disappearance of Bomber etc?
Or should I think that they are around for (a bit) longer?
I’m struggling to understand what spin CG will put on reconstruction. Obviously, if he/CW/Ticketus want more than just the STs now, he will be desperate to be jumping up the leagues, but to sell STs so far he has had to convince the fans that he is one of them (“bogitry against us”) and wants exactly what they want. I DO believe fans’ opinion is they do not want the hand up – albeit only so as not to ‘rescue’ the other clubs with their alleged buying power – so how will he spin it to them that reconstruction is good?
I’m seriously struggling!
itsagoal! says @ 20.20
What clever wee Fat Sally said (if its accurate) is that they received money for players LIKE Steve Davis.
He would try and squirm out of it by arguing that he didn’t actually say that TRFC received money FOR Steve Davis – and he would be believed by SPL/SFA/MSM
He’s a real ‘snake in the grass’
FIFA says:
August 26, 2012 at 19:17
21 0 Rate This
When Sevco go into admin this season are they deducted 10 points as a new club or 25 points for looking like an old club from a season ago ,its make your mind up.as its going to happen,we should be told ,who are these decision makers.
more to the point – since sevco and the compliant media seem very happy to promote the myth that it is the same club, why no further points deduction for still being in administration?
FIFA says:
August 26, 2012 at 19:17
When Sevco go into admin this season are they deducted 10 points as a new club or 25 points for looking like an old club from a season ago ,its make your mind up.as its going to happen,we should be told ,who are these decision makers.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Why have they not been deducted 25 points this season?….could it be because they are not the same club?
If Goosy’s post is correct, it begs the question – what exactly did Green present to Regan that ticked the box to allow a membership to be handed out to Green’s organisation? If a man who has effectively been banned from Scottish football for life is still involved, recouping money that he will then have to pass on to Ticketus, then to me there are only 3 possibilities:
1) Green lied to Regan (duped…..again)
2) Green told Regan everything, and despite the glaring issue, Regan and the SFA decided to grant membership for a reason only they can explain (corruption)
3) Regan never asked Green the pertinent questions thus allowing Green to avoid the subject altogether (gross negligence/incompetence….again)
Under no circumstances should the SFA (and Regan) survive this if Goosy is correct….and it makes perfect logical sense to me. Whyte’s “removal” from this situation has never at any point been properly investigated, questioned or in fact mentioned after Green’s famous “two quid” comment. The whole thing is set up for Rangers fans to pay for what has gone on – and to be thankful for being allowed to do so.
I honestly think I have seen inhabitants of a graveyard more likely to wake up and realise what is going on.
TSFM says:
August 26, 2012 at 21:59
Goosy,
Do you have a copy of the MG06?
,,,,,,,,,,,,,
TSFM
Information obtained from Bizzy
This website lists charges registered by companies at Companies House
The overview summary states that Sevco registered an MG06s on 6 July 2012 which is an obligation relating to “Particulars of a charge subject to which property has been acquired by a company registered in Scotland”
http://bizzy.co.uk/uk/SC425159/sevco-scotland
Two forms were lodged under this heading
The first is an MG01 Liberty Corporate Floating Charge over RFCG which was first registered by RFCG on 30 March 2012. The actual form can be seen below
http://www.scribd.com/doc/87794805/RFC-Group-MG01s-21-03-12
The second is an MG02s relates to a statement of satisfaction in full or in part of satisfaction of a fixed charge for a company registered in Scotland The charge was registered on 20 Sept 2004 by the Bank of Scotland
http://www2.bizzy.co.uk/cs/image-doc/BizzyInfo-SC004276-1083457735-2012-08-26.pdf
Sevco did not submit a fresh MG06 meaning there is no new floating charge over Sevco assets to replace the RFCG floating charge over RFC assets
Instead the original RFCG floating charge seems to have been given recognition by being registered by Sevco on 6 July 2012 as an existing MG01 floating charge over the assets purchased. Clearly this gives scope for Sevco to dispute the charge. However if we assume Green and Whyte are in cahoots then this won`t happen as it suits both parties to have a debt of £27.5m owed by Sevco that needs to be repaid at the share issue
Hope this helps
The Iceman says:
August 26, 2012 at 21:35
———————————-
Excellent information Goosy, but I’m not altogether sure what the surprise is here.
Craig Whyte owned the floating charge through his offshore company. From memory, either Craig Whyte or that company had given a guarantee to Ticketus in respect of the monies borrowed from Ticketus.
The floating charge attaches to the properties formerly owned by RFC (IA) – it remains attached to them no matter who owns the properties.
Ticketus will be expecting their circa £27M to be repaid to them via the guarantee, so Whyte in turn will be expecting his floating charge to collect the monies due to RFCG, over whatever period of time he has agreed via Zeus Capital with Charles Green.
The issue will be whether and to what extent Strathclyde Police’s investigation ever gets off the ground. There was mention the other day on twitter that 9 former directors of RFC(IA) and 5 former managers of that club could expect to be interviewed by Strathclyde’s finest in the near future and let’s hope that does indeed come to pass.
I suspect the “phoney” league scenario that is being played out just now will not last for long. Apart from the fact that the grand design (3 points for Sevco from every single SFL match) is being dismally ripped to shreds by eager SFL 3 home teams, the much trumpeted share issue will never happen for one simple reason.
A reputable firm of accountants would be required to report on the past, present and future finances of the company raising the money. Whether that is Sevco or another newco being set up matters not a jot; no accounting firm worth their salt and acceptable to the London Stock Exchange would dare put their name to a set of projections for this makeshift outfit.
The RFCG/Ticketus connection will be conveniently glossed over by the MSM as it simply does not suit their agenda, which is short and concise – Rangers are back, and will be in the SPL before you can say “The First Tier Tribunal has reported…..”
What would the £27.5m debt be.
Who would Sevco owe this money to and for what.
False alarm I think… unfortunately!
http://www.scribd.com/doc/99963189/Sevco-Scotland-Mg06s
Just one last thought for the weekend.
Sally seems to be in a panic over todays result. He is talking about bringing in new players as if to give a kick up the backside to the ones he has already.
I believe the transfer window shuts in 5 days time. Therefore if there are no new arrivals or if anyone who does arrive is not of the required ‘quality’ then that is pretty much it in terms of experienced pros it until 1 Jan 2014. (Plus there is the SFL rule on the max no of over 21’s to be considered – Anyone got an update on the current position)
What stick will he be able to deploy if the guys he has at present continue to underperform.
Is he really going to be up to the job?
It could be the Reverend Green in the living room with the season tickets
or even Colonel Vineyard in the Sth of France with the Knighthood (intact)
but my moneys on Mrs Whyte in the basement with the floating charge
They have Monopolised this game ,one wrong roll of the dice and they wont pass Go ,pick up
£20000000m and go straight to jail instead
Its been a hell of a conundrum over these last 18 months , but some clever cookie worked out that ASDFGHJKL wasnt a nine letter word but a mere swipe of the keyboard.
Is it a deal or no deal ? what does the banker say when Duffers Inc pick up the phone
Hopefully its you’ve got Golden Balls and we’re Going for Gold
Who says you can’t put Scrabbled eggs back in their shell
Agrajag says:
August 27, 2012 at 00:00
What would the £27.5m debt be.?
Who would Sevco owe this money to and for what.?
,,,,,,,,,,,,,,,,,,,,
Agrajag
Put it this way
Assume Green and Whyte are in cahoots
The answer to your question is whatever seems plausible to accountants and lawyers and the PR team charged with selling it to the Bears
,,,,,,,,,,,,,,,,,,,,
Or
Assume Green and Whyte are not in cahoots
The issue becomes
Whats a better way for Green and Whyte to cheat the Bears out of all the money that will have been raised and not spent between now and the end of the fund raising?
I have no qualms about the lunatic fringe losing their money
But it will be a disaster for thousands of decent Bears to be duped yet again by Spivs
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
I will post the above again when it all happens
But I wil take no pleasure in doing so
Its an avoidable tragedy for many friends and family
Who feels on here, that it is time Darryl King is put in his place? and if it was to be anybody on here who was to phone SSB and do it, who would they most like it to be?
Thekwizatshaderach @ 00:31
Oh I really wish someone would, I listen too SSB when he is on just in the hope someone will shut him up 🙂 but he either goes into ‘ sevco ned mode’ and does everything but offer the caller a skwerr go!! Or he talks over the callers point and they cut the caller off or when they are being really unprofessional the panel all giggle in the back ground ……. The man is a waste of space….along with shug but then he’s lost the plot and dalziel dunfermlinD ? Wish someone would tell him that there is no ‘D’ at the end of dunfermline. 🙂 rant over nite nite
Can you help me out here guys? The MG06s relates to a charge the Sports Council has over Murray Park – yes? There appears to be no amount on the form, so could that mean that the Sports Council could actually own the whole property?
Goosy, are you talking about another MG06s for Liberty Capital? If so, is it recorded anywhere?
I have followed RTC almost since its inception.
Recently, the qualty of posts and comments on here have been of the same high standard
we came to expect back there, in their diligence, tenacity, detail and reasoned argument.
Well played and thanks to all for renewing my faith that justice will be done. Maybe soon TSFM
will receive the accolade of ” 99% crap “.
selfassessor says:
August 26, 2012 at 08:19
18 0 Rate This
Oh sweet Jesus, the faces are back!
Yes they are and I’ll have to accept it, but you’re not going to get the reaction that I got, Sorry again Essex.
Without meaning to be sycophantic, great post from stephensanPH, this really puts the blog back on track and makes it again an enjoyable experience, don’t let it go back to the hopelessness we witnessed last week.
I thought the faces would cheer us up a bit. Democracy time though. Thumbs up for keeping them …
WOTTPI says:
August 27, 2012 at 00:07
‘….Is he really going to be up to the job?..’
—–
Short answer, No.
‘Cheeky chappiness’ in the dressing room, and ( fair do’s) an ability to talk fluently and glibly while saying nothing of substance do not cut the mustard in the dug-out.
I’m afraid Sally is in essence only a wee boy ( mischievous imp to some, sleekit wee dangerous bast..d to others) playing at being a football manager. Acting the part,no more.
Yesterday’s result shows very clearly that his players have respect neither for his tactical ability nor for him as any kind of leader of men.
That display can be regarded only as sign of collapsed morale. One could almost hear those players saying to themselves ‘why in the name of f… are we here? Dancing like monkeys for an incompetent organ-grinder? Sod this .”
Mr McCoist, Coisty, Ally, Govan gutter-snipe, call him what you like, is, in effect, the footballing equivalent of the army officer who has the pips but not the personal moral fibre that should go with them.The kind of officer who, as he metaphorically was today, gets shot in the back by his own contemptuous men who are full of contempt for themselves.
Could it be that the end will come not by justice being done by the footballing or legal authorities but by the various parts of the cobbled together entity tearing itself apart..
The manager v the players
The fans v the manager
The fans v the money grabbing club
The investors & sponsors v the fc holder and other behind the scenes operators
The msm (finally coming down on the side of fans) v the failing club
The reality of real costs v the scam of pretend or hoped for income & investment
The SFA management v the SFA members when obviously unfair reconstruction is mooted
The main money mens’ short term interests v their longer term interests
Most of the above could be said to be happening to some extent already and not even a month has passed since the start of the season. A few more poor results, a few more successes by internet bampots and the tipping point might be reached when no amount of spin will save the collection of shoogly plates on their shoogly sticks.
Can but hope.
Lord Haw Hawdges delays his report. As predicted. All to cement the reality of ‘rangers’. That,and the continuing corruption in full view yesterday,should leave no one in any doubt as to what’s going on.
That,and the admission by McC. that they got the money for Davis….an outright criminal fraud.
Will nothing EVER actually be done about the scams that are just being allowed to happen as if it all doesn’t really matter?
They say and do ANYTHING they like,and NOTHING happens. Nothing apropos of their actions,anyway.
But hey,they arra peepil. So that’s okay. We can all sleep soundly at night knowing that nothing will ever change. Safe as milk. Sound as the pound that set this ball rolling into full view.
Like all the most heinous of criminals;hiding in plain sight. Sticking two digits up to the rest of us mug punters.
Welcome to The Machine.
http://www.scotsman.com/sport/football/sfl-division-three/ally-mccoist-admits-ibrox-side-were-miles-short-as-hosts-lament-disallowed-goal-1-2491076
http://www.scotsman.com/sport/football/top-football-stories/scottish-cup-formartine-united-among-the-minnows-entering-the-hat-alongside-rangers-1-2491062
http://www.heraldscotland.com/sport/football/mccoist-left-unimpressed-by-his-sides-performance-as-wee-rangers-stand-tall.18688031
http://www.heraldscotland.com/sport/football/mccoist-rips-into-rangers-team-after-berwick-draw.1345993686
Some things have become clear to me overnight
(1) As much fun as it is to watch Swally struggle with a team of full time SPL players in the SFL3 – one of whom is paid in one week more than the whole of the opposing team is paid in one month – it is more fun since he is now a 4.5% shareholder in the new company, was responsible for the demise of the old club due to his lack of managerial ability to steer them past Maribor to CL riches and lose a 15 point advantage over a team managed by someone with less experience than himself. The fun factor is magnified due to his penchant for dog whistling to the extremists on the Peepil wagon. However much he is a liability, he has to date never managed to bend the rules – he has tested them – “name the names” – but the fact he has not been made to account for them is not his doing.
(2) CG is in the process of getting the money from STs due to his sudden reformation as a Glasgow ned – having converted himself from Emmerdale Farm to River City by way of a few statements following on in the steps of all prior owners to rally the troops, he has taken advantage of all opportunities given to him – however he has not himself changed any rules – the fact that he has not been made to follow them is not his business.
(3) The Peepil – as my father says, a fool and his money is often parted. The propoganda from CG and the willing MSM has been impressive. The fact that everyone from CW to TBK to Der Bomber to Dave King to Alastair Johnston to Andy Goram have suddenly all clammed shut seems to indicate the need to sing from the same song sheet. I have a lot of sympathy for innocent people being parted with their money – I try to take the side of the underdogs in society – however, if you are warned but still go ahead what do you expect me to do any more?
So these are distractions from our real goal – to highlight the hypocrites and rule benders who are supposed to over see they are followed.
(a) The same people who threw out Spartans for doing nothing other than forgetting to write a date for the 2nd time on the form (note it was there but not duplicated) allowed a club to join SFA as an associate member – no where in the rulebooks does it state that such a thing exists.
(b) The next day a game was played against Brechin – no one has ever confirmed who the 11 players not registered to Brechin that started the match were registered to.
(c) No one has ever confirmed what players were registered under Sevco, T’Rangers or Rangers NIL at varying points over the summer.
(d) No one can confirm why Airdrie Utd were not allowed to use the Airdrieonions badge but T’Rangers can – and also use the away strips from last year due to misunderstandings.
(e) SPL made a deal with CG to keep 2.5 million from Rangers NIL for prize money from last year to buy their acceptance of the 5 way agreement as per D&P report. However this money was due to creditors and was not CG’s to give away – were SPL complicit in something serious here?
(f) D&P show that the 5 way agreement was to pay all debts to football (not sure other creditors are happy!) – yet CG was allowed to state he had paid Hearts and Aberdeen (not a creditor) so was now debt free. This was allowed to go unchallenged by SFA and SPL – only Dundee Utd had the guts to state nonesense. Rapid Vienna has now joined in.
(g) Regan announced a huge deal that he knew about a month ago was in the pipeline – so why the “armageddon” speech
http://www.dailyrecord.co.uk/sport/football/football-news/sfa-agree-new-tv-deal-1275161
(h) SPL reconstruction should only be done as Clyde FC said, if it is the interests of all members – not just one. From what we saw, it will be difficult to have a Celtic v T’Rangers 4 games per season, which we were told is a cornerstone of the Sky deal (even though it is anti-competative in its nature to state this as a pre-requiesite). Who is being allowed to do this negociations? Its like the English FA stating they will guarantee Man Utd will face either Liverpool or Man City in the 3rd round every year in their TV deal.
(i) Who from SFA and SPL has been complicit in allowing Rangers NIL to get away for years in the double contracts in questions? I don’t need to know SDM was guilty – I want to know why the checks and balances did not work.
(j) Since we still don’t know who runs T’Rangers or owns Ibrox and Murray Park, what fit and proper test was done by SFA on the current regime?
(k) What efforts have been done by First Minister or anyone from either Holyrood or Westminister to either delay events, cover up events or otherwise interfere with a proper and full investigation and disclosure of any item in this charade to date?
My point is we have enough items to ignore the problems of T’Rangers – the problems they have of getting out of SFL3 and going under before the end of the season is their own problems of their own making.
My issues are now with the bodies that were set up to ensure all rules and regulations were followed without favour.
It was not done – and I want to know why and I won’t stop asking until we know……….
(a) The same people who threw out Spartans for doing nothing other than forgetting to write a date for the 2nd time on the form (note it was there but not duplicated) allowed a club to join SFA as an associate member – no where in the rulebooks does it state that such a thing exists.
Shoudl be
(a) The same people who threw out Spartans for doing nothing other than forgetting to write a date for the 2nd time on the form (note it was there but not duplicated) allowed a club to join SFA as a conditional member – no where in the rulebooks does it state that such a thing exists.
Apologies!
Morning.
What options are available to Lord Hodge should he find that Duff and Duffer (copyright acknowledged) were complicit, and a conflict of interest exists or existed between the administrators and Ticketus?
To what extent can Lord Hodge move to establish if Ticketus own any of the assets of RFC (IA) which were disposed by the administrators?
Could we get to the stage where Lord Hodge rips up the administration process and provides a set of instructions to a liquidator?
Craig Whyte if the speculation is true only appeared to get seriously worried when he thought that Duff and Duffer (copyright acknowledged) would not be appointd as administrators.
If (my speculation) there is a weak link in the whole chain of events, then its likely to be the selection of Duff and Duffer (copyright acknowledged) by Whyte (et al?) and the hope that the Courts would accept the administration process, pay the fees raised by the administrators, approve the sale of the assets (in the best intrests of the creditors) etc.
Duff and Duffer (as the its says on the tin) appear to have run the oddest administrationin footballing history (did their most recent report not sneak in a sale of the history – which is against FIFA rules?).
Whyte is an asset stipper, looking for a (fast) buck – he needed administrators that would execute a plan or who would by sympathetic to his requirements. It is highly unlikely that he could secure a professional outfit that would comply – and his imagination, thinking, planning did not extent to the Courts taking an interest, following Mark Daley’s documentary.
The FTTT will take care of the taxation side of the saga. To what extent are there any rumours eminating from the world of company administration and liquidation that Duff and Duffer (copyright acknowledged) may have been involved in an illegal scam and that the administration process as a result could be declared null and void?
Morning all,
Catching up on the weekends events.
I’ve had a go at reading D&Ds report but I’m not an accountant so I may be wrong.
As I see it,CG had not,by 12th August,completed the purchase or RFC(IA).He’s only paid over £282k,with the rest guaranteed by a Cash Backed Indemnity.
Could he need the ST monies to complete the purchase?.
If so then the black hole in the accounts has just became a black chasm.
Ally now owns 4.5% of T;Rangers.Surely a pay-off against monies owed.A good deal for CG.He effectively rights off around 500k and Ally now has to dance to his tune to protect his “Investment”.
So Ally gives up 500k for 4.5% whilst CG pays nowt and owns 15%.
D&P sell RFC(IA) as a going concern?.
Who’s being liquidated.CG bought Assets and the SFA/SPL/SFL broke their own rules to allow him to play his New Club in Div 3.I don’t know the law but by allowing the transfer of RFC(IA)s membership to Sevco,If I was HMRC or another creditor I’d be claiming that the Scottish Football Authorities were party to a plot that allowed assets to be moved out of reach of creditors and also allowed for the writing-off of approx £140m of debt.
Long Time Lurker says:
August 27, 2012 at 06:16
4 0 Rate This
To what extent are there any rumours eminating from the world of company administration and liquidation that Duff and Duffer (copyright acknowledged) may have been involved in an illegal scam and that the administration process as a result could be declared null and void?
————
After reading the last two posts about Duff and Phelps, their imminent signing off and payday begins to look like a getaway after a heist!
Torrevieja: ST money used once again to buy ‘Rangers’? Now that would be a story. Surely CG would not have risked it? Can you imagine the reaction if that turned out to be true? There cannot be enough brass available to create a neck that brassy, can there?
One for the timeline:
17th July 2012.
CG travels to Zurich under the pretence of meeting UEFA to discuss RFC(IA) debt.
On the same day Whyte,Ellis and King(Dave,not Darryl) also fly to Zurich.Wonder why?.
Danish Pastry says:
August 27, 2012 at 06:58
Long Time Lurker says:
August 27, 2012 at 06:16
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To what extent are there any rumours eminating from the world of company administration and liquidation that Duff and Duffer (copyright acknowledged) may have been involved in an illegal scam and that the administration process as a result could be declared null and void?
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After reading the last two posts about Duff and Phelps, their imminent signing off and payday begins to look like a getaway after a heist!
Torrevieja: ST money used once again to buy ‘Rangers’? Now that would be a story. Surely CG would not have risked it? Can you imagine the reaction if that turned out to be true? There cannot be enough brass available to create a neck that brassy, can there?
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I don’t know.I also don’t know if any of CGs 20? investors have put their hands in their pockets as yet.If they have,then why have D&D still not been paid.only conjecture on my part but in this whole debacle,not one of the potential investors have paid in a penny.Well not that we know of.
So approx 10m income from STs .. TU are owed 26m ? … Anybody think they may cut their cloth and grab the 10m and run ?
Test
No, but 10m, plus the rights to Ibrox and Murray Park would just about cover the 27m outstanding…
http://saintinasia.wordpress.com/2012/08/27/winners-and-losers-27th-august-2012/
My weekly winners and losers blog, with questions about why SPL refs are refereeing Sevco franchise games, and a serious question over how league reconstruction will take them into the 2nd tier of Scottish football without major rule ‘bending’
A what/if with no evidence. Up to now everyone considered MBB as the pantomime villain, acting on his own, and trying to make the fast buck. Everyone was incredulous that Ticketus should apparently “give” the MBB the money to buy RFC(IA) without the usual securities so they could get their money back. Now the what/if. What if MBB was not working on his own? What if MBB was working for Ticketus/Octopus from the very start as well? That would explain Ticketus’s apparent public lack of concern with MBB and getting their money back. It was good cop/bad cop. MBB “bad cop” sent in to do the dirty work to get rid of the debt and the bears into a state of desperation. Cue the “good cop”, Charles Green saying all the right things, sent in to get the season ticket sales followed by a share flotation. Goosy’s great post the other day suggested that the MBB had still the floating charge over the stadium, etc. If MBB was/is working for Ticketus, then it means that they, Ticketus, have the security of the bricks and mortar. They have belts, braces and everything else in place.
The overall plan? Put in some money. Get rid of the debt. Try and run it as a going concern. Too many problems then flog what you can and recoup the money on the assets. Make any sense?
In the time of Craig With The Bulging Eyeballs, we were told there was a 10m black hole in the accounts. Some high earners have walked, but the season tickets are at reduced prices and they’ve not yet sold as many. So the black hole is surely still substantial, n’est-ce pas? Have last year’s accounts ever even seen the light of day?
Also, Sir Alistair McCoist has said it was agony watching that shower of Sevconians v Berwick. Surely he’s been punished enough?
slimshady61 says:
August 26, 2012 at 23:59
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The Iceman says:
August 26, 2012 at 21:35
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A reputable firm of accountants would be required to report on the past, present and future finances of the company raising the money. Whether that is Sevco or another newco being set up matters not a jot; no accounting firm worth their salt and acceptable to the London Stock Exchange would dare put their name to a set of projections for this makeshift outfit. (my edit)
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Slim…excellent point re IPO and I sincerely hope that this would turn out to be the case.
However, I do know that stranger beasts have been brought to the market it the past, but perhaps this one is just, hopefully, too far off the scale.
There are “second tier” firms of accountants, similar to Grant Thornton, who may risk their reputation, for a suitable fee of course, plus a whole raft of warranties, indemnities and guarantees from Charlatan Green and his backers (no laughing at the back!). In such a scenario, the main role of the “reporting accountants” would be to examine the underlying assumptions on which the forecasts/projections have been made…I would dearly love to be engaged on that one.
It would be interesting to observe just exactly how and on what basis any future projections would be made (normally a 5 year forecast, based on the preceding 3/5 years trading).
You can see where this is heading…whose history would they use (obvious that one!)…? Do I see that old phoenix birdy here again…?
We do lve in interesting, but scandalous times!
Surely the simple questions for the journo’s to ask is…
Now we have names of some of the investors – as per the stnadard Drangon’s Den approach – what is in it for them?
No one other than minor shareholders Sally and Ian Hart appear to have a connection with the club or Scottish Football.
Also both the aforementioned appeared very wary of Mr Green only a short time ago.
Lest we forget Hart was named by Green as an investor only to publicly state he was going with the Cardigan’s team.
http://www.bbc.co.uk/sport/0/football/18449917
De Profundis on August 27, 2012 at 01:16
DeP, my comment was in honour of your original post which had me in tears as I simultaneously felt your pain and imagined your frustration. I like the way this site blends the serious nature of the subject matter with great humour and long may it last. However I do feel that the stupid faces demean th whole thing.
TSFM says:
August 27, 2012 at 01:13
Can you help me out here guys? The MG06s relates to a charge the Sports Council has over Murray Park – yes? There appears to be no amount on the form, so could that mean that the Sports Council could actually own the whole property?
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From CVA document:
The Scottish Sports Council holds standard security in relation to any future change in use in respect of Murray Park.
Interestingly enough, this also shows the indebtedness as £650k, but with a fixed charge of £505k in respect to the Sports Council!