UEFA Club Licensing. – To Comply or not to Comply ?
On 16 April 2018 The UEFA Club Financial Control Body (CFCB) adjudicatory chamber took decisions in the cases of four clubs that had been referred to it by the CFCB chief investigator, concerning the non-fulfilment of the club licensing criteria defined in the UEFA Club Licensing and Financial Fair Play Regulations.
Such criteria must be complied with by the clubs in order to be granted the licence required to enter the UEFA club competitions.
The cases of two clubs::
Olympique des Alpes SA (Sion Switzerland )
and
FC Irtysh (Kazakhstan)
are of particular interest to those following the events under which the SFA awarded a UEFA License to Rangers FC in 2011 currently under investigation by the SFA Compliance Officer because
- The case documentation tell us how UEFA wish national associations to apply UEFA FFP rules
- The cases tell us what might have happened to Rangers FC in 2012 had they not gone into liquidation and as a consequence avoided the same type of sanctions that UEFA applied to Sion and Irtysh.
FC Sion (Olympique des Alpes SA)
Here we are told how the Swiss FL and then the UEFA CFCB acted in respect of FC Sion in 2017 where a misleading statement was made in the Sion UEFA licensing application.
Full details can be read at
but this is a summary.
In April 2017 the Swiss FL (SFL) granted a licence to Sion FC but indicated that a Disciplinary case was pending.
In July 2017 the CFCB, as part of their licence auditing programme, carried out a compliance audit on 3 clubs to determine if licences had been properly awarded. Sion was one of those clubs.
The subsequent audit by Deloitte LLP discovered Sion had an overdue payable on a player, amounting to €950,000, owed to another football club (FC Sochaux ) at 31st March 2017 as a result of a transfer undertaken by Sion before 31st December 2016, although the €950,000 was paid in early June 2017.
Deloitte produced a draft report of their findings that was passed to SFL and Sion for comment on factual accuracy and comment on the findings. Sion responded quickly enabling Deloitte to present a final report to the CFCB Investigation Unit. In response to the Deloitte final report Sion stated:
“il apparaît aujourd’hui qu’il existait bel et bien un engagement impayé découlant d’une activité de transfert. Ce point est admis” translated as
“it now appears that there was indeed an outstanding commitment arising from transfer activity. This is admitted”
What emerged as the investigation proceeded was that the Swiss FL Licensing Committee, after granting the license in April and as a result of a Sochaux complaint of non-payment to FIFA, had reason to refer Sion’s application to their Disciplinary Commission in May 2017 with regard to the submission of potentially misleading information by FC Sion to the SFL on 7th April 2017 as part of its licensing documentation.
Sion had declared
“Written confirmation: no overdue payables arising from transfer activities”, signed by the Club’s president, stating that as at 31 March 2017 there were no overdue payables towards other football clubs. In particular, the Club indicated that the case between FC Sion and FC Sochaux regarding the transfer of the player Ishmael Yartey was still under dispute.
The SFL Disciplinary Commission came to the conclusion that FC Sion had no intention to mislead the SFL, but indeed submitted some incorrect licensing documentation; the SFL Disciplinary Commission further confirmed that the total amount of €950,000 had been paid by the Club to FC Sochaux on 7 June 2017. Because of the inaccurate information submitted, the SFL Disciplinary Commission decided to impose a fine of CHF 8,000 on the Club.
Whilst this satisfied the SFL Disciplinary process the CFCB deemed it not enough to justify the granting of the licence as UEFA intended their FFP rules to be applied.
Sion provided the CFCB with a number of reasons on the basis of which no sanction should be imposed. In particular, the Club admitted that there was an overdue payable as at 31 March 2017, but stated that the mistake in the document dated 7 April 2017 was the result of a misinterpretation by the club’s responsible person for dealing with the licence (the “Club’s licence manager”), who is not a lawyer. The Club affirmed that it never had the intention to conceal the information and had provisioned the amount due for payment and that, in any case, it has already been sanctioned by the SFL for providing the wrong information.
The CFCB Investigation Unit accepted that the Sion application, although inaccurate, was a one off misrepresentation and not a forgery, (as in intended to deceive ) but that nevertheless an overdue payable did exist at 31st March and a licence should not have been granted.
Based on their findings, the CFCB Chief Investigator decided to refer the case to the CFCB Adjudicatory Chamber and suggested a disciplinary measure to be imposed on FC Sion by the CFCB Adjudicatory Chamber, such measure consisting of a fine of €235,000, corresponding to the UEFA Revenues the Club gained by participating in the 2017/2018 UEFA Europa League.
The CFCB Investigatory Chamber submitted that it was appropriate to impose a fine corresponding to all the UEFA revenues the Club gained by participating in the competition considering the fact that FC Sion should not have been admitted to the competition for failing to meet one of its admission criteria.
The Adjudicatory Chambers took all the circumstances (see paras 91 to 120 at http://tiny.cc/i8sxsy ) into consideration and reached the following key decisions.
- FC Sion failed to satisfy the requirements of Article 49(1) of the CL&FFP Regulations and it obtained the licence issued by the SFL not in accordance with the CL&FFP Regulations.
- FC Sion breached Articles 13(1) and 43(1)(i) of the CL&FFP Regulations. (Documents complete and correct)
- To exclude FC Sion from participating in the next UEFA club competition for which it would otherwise qualify in the next two (2) seasons (i.e. the 2018/19 and 2019/20).
- To impose a fine of two hundred and thirty five thousand Euros (€235,000) on FC Sion.
- FC Sion is to pay three thousand Euros (€3,000) towards the costs of these proceedings.
Comment in respect of the award of a UEFA Licence in 2011 to Rangers FC.
It is now public knowledge that an actual liability of tax due before 31stDecember 2010 towards HMRC, was admitted by Rangers FC before 31st March 2011.
This liability was described as “potential” in Rangers Interim accounts audited by Grant Thornton.
“Note 1: The exceptional item reflects a provision for a potential tax liability in relation to a Discounted Option Scheme associated with player contributions between 1999 and 2003. A provision for interest of £0.9m has also been included within the interest charge.”
The English Oxford Dictionary definition of potential is:
Having or showing the capacity to develop into something in the future.
Which was not true as the liability had already been “developed” so could not be potential.
This was repeated by Chairman Alistair Johnson in his covering Interim Accounts statement
“The exceptional item reflects a provision for a potential tax liability in relation to a Discounted Option Scheme associated with player contributions between 1999 and 2003. “ where he also added
“Discussions are continuing with HMRC to establish a resolution to the assessments raised.”
This could be taken as disputing the liability but In fact the resolution to the assessments raised would have been payment of the actual liability, something that never happened.
In the Sion case it was accepted the misleading statement was a one off misrepresentation, but at the monitoring stages at June 2011 in Ranger’s case the status of the liability continued to be misrepresented and in September the continuing discussions reason was repeated, along with a claim of an instalment paid whose veracity is highly questionable.
The Swiss FL Licensing Committee did at least refer the case to their Disciplinary Committee when they realised a misleading statement might have been made. The SFA however in August 2011, when Sherriff Officers called at Ibrox for payment of the overdue tax , did no such thing and pulled up the drawbridge for six years, one that the Compliance Officer is now finally charged with lowering.
The case of FC Irtysh of Kazakhstan is set out in full at http://tiny.cc/y9sxsy and is a bit more straightforward but is nevertheless useful to compare with events in 2011 in Scotland.
Unlike Rangers FC , FC Irtysh properly disclosed that they had an overdue payable to the Kazakhstan tax authorities at the monitoring point at 30th June 2017. This caused the CFCB Investigatory Unit to seek further information with regard to the position at 31st March
It transpired that Irtysh had declared an overdue payable at 31st March but cited their financial position (awaiting sponsor money) as a reason for non payment to the Kazakhstan FA who accepted it and granted the licence. The outstanding tax was paid in September 2107.
The outcome of the CFCB Investigation was a case put to the CFCB Adjudicatory Chamber who agreed with the CFCB Investigation Unit that a licence should not have been granted and recommended that Irtysh be fined the equivalent of the UEFA prize money, (that had been withheld in any case whilst CFCB investigated.)
The CFCB Adjudicatory Chamber however decided that a fine was not sufficient in sporting deterrent terms and ruled that:
- FC Irtysh failed to satisfy the requirements of Article 50bis(1) of the CL&FFP Regulations and it obtained the licence issued by the FFK not in accordance with the CL&FFP Regulations.
- To withhold four hundred and forty thousand Euros (€440,000) corresponding to the UEFA revenues FC Irtysh gained by participating in the 2017/2018 UEFA Europa League.
- To exclude FC Irtysh from participating in the next UEFA club competition for which it would otherwise qualify in the next three (3) seasons (i.e. the 2018/19, 2019/20 and 2020/21 seasons). This sanction is deferred for a probationary period of (3) three years. This exclusion must be enforced in case the Club participates again in a UEFA club competition having not fulfilled the licence criteria required to obtain the UEFA licence in accordance with the CL&FFP Regulations.
- FC Irtysh is to pay three thousand Euros (€3,000) towards the costs of these proceedings. “
The deferral was because unlike Rangers FC, FC Irtysh had properly disclosed to the licensor the correct & accurate financial information required, so the exclusion was deferred for a probationary period of (3) years.
Comment in respect of the award of a UEFA Licence in 2011 to Rangers FC.
From the foregoing it could be deduced that had Rangers FC qualified for the Champions League (or European League) and not gone bust as a result and so not entered liquidation BUT it became public knowledge by 2012 that a licence had been wrongly and possibly fraudulently granted then
- Rangers would have been fined the equivalent of their earnings from their participation in the UEFA competitions in 2011
- At least a two year ban from UEFA Competitions would have been imposed, but more likely three in view of repeated incorrect statements.
- The consequences of both would have been as damaging for Rangers survival as the real life consequences of losing to Malmo and Maribor in the qualifying rounds of the Champions and European Leagues.
Karma eh!
Interestingly in the UEFA COMPLIANCE AND INVESTIGATION ACTIVITY REPORT 2015 – 2017 , the CFCB investigatory chamber recommended that both the Kazakhstan FA and Swiss FA as licensors
“pay particular attention to the adequate disclosure of the outstanding amounts payable towards other football clubs, in respect of employees and towards social/tax authorities, which must be disclosed separately;
Would the same recommendation apply to the Scottish FA with regard to their performance in 2011 and will the SFA responses thereafter to shareholders in a member club be examined for compliance with best governance practice by the SFA Compliance Officer investigating the processing of the UEFA Licence in 2011?
This would be a welcome step in fully restoring trust in the SFA.
The previous effort to keep a football team playing in light blue (with occasional hint of Orange) strutting their stuff at Ibrox was called Project Charlotte.
What will the next one be called?
Project Randgers?
When you allow a crook into Scottish football you corrupt the game. SFA reaping what they sowed.
CORRUPT OFFICIALJULY 5, 2018 at 09:47
JIMBOJULY 5, 2018 at 09:11Just in case any of the bear posters on here think this is merely gleeful merriment about their club, let me say this. If Dave King was run out of Scottish Football, the largest beneficiaries would be TRFC. ——————————————————————————————————– Maybe a while back Jimbo and that would be true, but not now. He is the only source of funds available to them, and they have hung their hat on it…Now with the increased wage bill, I will be so bold as to suggest their position is dire.
________
Might I suggest that their starting position, before the increased wage bill, was dire (see the interim report and accounts) and that it must now be at level dire plus! At the same time might I also suggest that Dave King is really their only source of moonbeams, and not a source of funds.
ALLYJAMBOJULY 5, 2018 at 10:01
Fair comment Ally.
If the things are as dire as some think for TRIFC then surely there must be itchy fingers ready to pull the trigger and take them to court for unpaid bills. There must be unpaid bills, surely por cierto?
SFA’s prescribed warm up exercises for Sevco’s Uefa tie.
Take that first finger and stre-e-e-e-etch it over the other one.
And repeat.
HelpumootJuly 5, 2018 at 09:09
‘…Alisdair Lamont for the BBC describes the situation between TOP and King as an ongoing “feud.” ‘
___________________________
What was that Charlotte Fakes piece in which a named HMRC officer, 25-year-holder of an Ibrox season-ticket, was to be approached and asked for a favour in the belief that his loyalty could be exploited?
I would be ready to believe that there has been some senior person in BBCScotland similarly amenable right from the off to doing ‘favours’, such has been the kid-glove treatment, from an investigative journalism point of view, of the whole rotten saga and the rotten cheats who caused it.
The great wonder is that Mark Daly somehow managed to get his EBT documentary on air.
There has been nothing similar since.
A terrific story, of sports cheating on an unheard of scale, with such improbable facets that no novelist would have included them in any work of fiction because they were so improbable: and yet it was treated as a mere bagatelle, hardly worth a mention, never mind in-depth, serious reportage.
“Maybe a while back Jimbo and that would be true, but not now. He is the only source of funds available to them, and they have hung their hat on it…Now with the increased wage bill, I will be so bold as to suggest their position is dire. ” (CO)
CO is he the only source of funds? Apparently he cannot get funds out of SA. Or is unwilling to.
I see him and his board (Including Parks of Hamilton) as the biggest barrier to normal banking facilities, institutional investment, stock market listing etc.
How much vision do they have? integrity?
An Orange strip for goodness sake! How desperate are they? What will be the net profit from that? a few hundred thousand? Pandering to the masses for a few bob. They do not have a vision of a better fan base. You know, people who are not bigots.
When will they come out and say out loud, in all media, to their fans – no more sectarian singing? This board do not have the appetite.
Celtic banned the singing of ‘rebel’ songs at Parkhead and they are way less offensive than ‘up to our knees in fenian blood’ type songs.
Is it any wonder they are between a rock and a hard place?
Dave King presides over all this nonsense. A businessman he is not.
JIMBOJULY 5, 2018 at 10:20
“Maybe a while back Jimbo and that would be true, but not now. He is the only source of funds available to them, and they have hung their hat on it…Now with the increased wage bill, I will be so bold as to suggest their position is dire. ” (CO)
CO is he the only source of funds? Apparently he cannot get funds out of SA. Or is unwilling to.
——————————————————————————————————-
I would say so Jimbo, unless you wish to include Close Finance.
TOP are only concerned that he complies with UK law. Whether he can, or can’t extract it from S.A. is not their problem. He should have considered that before he chose to break UK law.
This is a guy that was booted off the Stock-Market Jimbo. The bigger picture points to UK authorities not wanting him to trade via UK jurisdictions. Forget about what Scotland wants. It is out of their hands.
Following on from yesterday’s news on the latest TOP court case, it seems the following are in point:-
1. We are still awaiting the outcome of the 26 June disciplinary hearing into the 2011 RFC misdemeanours
2. King will be arrested if he sets foot in the UK following the contempt notice served on him in SA on 8 June
3. There can be no share issue until the King dénouement
4. It seems clear King will not transfer one thin rand to the UK; there is 20% irrecoverable withholding tax on any monies that leave SA
5. The two known director resignations occurred on or around 8 June
6. The alleged “Parked” director resignations were delivered shortly after 8 June
7. Unless AJ can mount a coup, he will have to consider his position; we could be left with just a single director of both RIFC and TRFC, who faces arrest if he comes into the UK.
8. The SFA are like rabbits in the headlights on this one, lacking any senior legal counsel after losing Andrew Club Deck McKinley and having the Compliance Officer serving his notice period.
Just as Rangers give the appearance of getting their act together on the pitch, off the pitch it is coming apart with probable terminal consequences, at least for the current incarnation. Creditor pressure will increase once the picture becomes clearer, and Close Brothers will be watching the position with mounting concern, if their £3M is in the hands of someone facing a spell in Barlinne.
JC, when I was a much younger man, I was heading out to work early morning but caught a Live report by Kate Adie on the bombing of Libya on tv (from outside a hospital in Tripoli.) As she spoke, a group of men carried a small child with no scalp into the hospital (proving beyond doubt that innocent children had been injured/killed in the raid.) By the time the evening News was broadcast, that section of Adie’s report had been ‘disappeared.’ A few years ago I was working in the same place as her and asked her about it. I was left in no doubt that the government run the BBC.
Just before Indyref, a pro-Indy guy was being interviewed. On the lunch time News the interviewee stated something like, “I shoved the old lady to the ground just before the grand piano landed where she had been standing.” By the evening News the interview had been cropped to, “I shoved the old lady to the ground.” You get my drift.
It’s only since I moved abroad that I see just how saturated British television, is with Establishment propaganda. Masterchef with the prize to cook for some royal, cooking for the troops on exercises, Charlie on Gardeners World this week (my petunias are quivering in anticipation!), Football shows with special features for our heroes in Afghanistan, a lengthy documentary attempting to reinvent Camilla Parker Bowles (one of the more ‘overt’ pieces of risible propaganda.) Royal Weddings – so good for the economy! FA Cup, Wimbledon, etc.. are all used to promote the Esablishment. Meanwhile so many people in the country are suffering and have been robbed of the possibility of leading decent, meaningful lives.
Im not an ABE (Anyone but England, for the abbreviatory challenged) adherent – its childish – but, for the reasons I’ve mentioned above, God help us if England win the World Cup.
Im not sure the fact its in BarL’s soon to be finest’s hand is the problem.
Its the fact that it was in his hand and he spent it. That’s the problem.
John Clark July 5, 2018 at 10:19
What was that Charlotte Fakes piece in which a named HMRC officer, 25-year-holder of an Ibrox season-ticket, was to be approached and asked for a favour in the belief that his loyalty could be exploited?
==============================
It was indeed a pitch by Aegis to handle RFC’s ongoing tax issues in August 2011.
JOHN CLARKJULY 5, 2018 at 00:54
“I was myself beginning to doubt the effectiveness of the TOP, so today’s news was like manna from heaven … I assume that under these agreements the Court of Session has issued an arrest warrant to the South Africa police, who will execute that warrant, and bring King before a South Africa court, which will check that under the agreement, it is required to allow King either to be extradited to face the charge of criminal contempt of court in Scotland, or, alternatively , depending on the Agreements, it is required to have him tried in a South Africa court … Here’s to the Panel on Takeovers and Mergers!”
Manna from heaven indeed JC – I do hope you are right about the warrant. I will not be too hasty though in my expectancy. Phil did say that this would take a long time. I wonder if he was having a dig at my impatience in his piece today?
“I have written here repeatedly that the Take Over Panel chaps would go about their business quietly and diligently.
They would not proceed with a giddy haste that would satisfy the toddler timescale of a football fan”
Rebuke duly noted!
https://philmacgiollabhain.ie/2018/07/04/contempt-proceedings-against-mr-david-cunnigham-king/
King is not just thumbing his nose at the Takeover Panel, The Court of Session and the Financial Conduct Authority, he would appear to be stepping back from commitments to provide further loans to Rangers .
I would imagine all 3 of the above would be less than impressed if King manages to find a way around South African exchange controls to help pay Morelos’ wages and Pena’s paid semi retirement.
Now King has never had a problem with exchange controls on the 3 recent occasions he’s got money to Rangers on an “ interest free , never to be repaid “ basis
Most people wouldn’t run the risk of trying to fool the legal authorities and courts , but King might be brazen enough to try .
If not, where is the money going to come from . The money that their auditors said was needed and would be supplied by King
I have no idea how any fair minded UK based person can watch the BBC without realising it is nothing more than a state funded mouthpiece for the Tory Party elect?
You only have to watch one episode of Question Time and pay close attention to how Tory lickspittle and former Bullingdon Boy Dimbleby orchestrates the debate on a weekly basis.
The Independence coverage was it in all it’s glory and I say this as an ex pat living in England who thought (I had no vote after all as a Scot born and bred) that Independence in the current global financial climate was probably a risk not worth taking.
Seriously if the BBC told me it was raining today I would go out side and physically check every hour just to check.
To think we pay for this “Service” on top!
The BBC are untrustworthy,lying, cowards.
Fact.
ARMCHAIRSUPPORTERJULY 5, 2018 at 11:48
I think the law tends to take a tikka taka approach rather than the direct route, passing the ball back and forward until the right moment, rather than moving quickly with a punt up the park that more often than not sees the ball coming straight back at you.
More seriously, though, in a situation like this, where TOP, and the law, has not gone before, crossing the ts and dotting the is is more important than ever. TOP have gone to S.A., via an agent, I’m sure, to issue the contempt proceedings on King, and not waited for his next visit to the UK. That is, I would imagine, quite a strong indication of their intent, and something I am also sure will have taken King by surprise and may well have shaken him up a bit!
I’ve just tried a wee search on taking funds out of S.A., and, taking into account that my search skills aren’t all that great, I could find nothing to suggest it’s even possible to take out more than R11m in any one year, so say £1m, and even then, a good relationship with SARS is a must. I wonder how dodgy Dave gets on with SARS
My own opinion on what King hoped to achieve with his S.A. based ‘confirmation of funds’ wheeze, was to be able to make the offer in the hope the 50% mark wasn’t reached, but if it was, be unable to get the funds out of the country. I’m sure the TOP would have seen through this scam right away.
I’m certain King will have made no efforts to apply for permission to move any money out of S.A., for to do so would likely bring him to the attention of SARS, something I’m sure he would wish to avoid, for reasons not necessarily aligned with TRFC.
Rob Harris
@RobHarris
Breaking: Bournemouth fined £4.75m by EFL for breaching financial fair play rules before gaining promotion to Premier League9:32 am · 5 Jul 2018
The BBC has and always will be an arm of the state. On this day 70 years the NHS came into being but not without serious obstruction, ironically enough, from the medical profession. The BBC were less than supportive too. There was a radio programme around that time presented by a doctor who signed off with the immortal line “ The end is nigh” A smart @ss dig at the then Labour health minister Aneurin Bevan.
In our wee football world Mark Daly came along with his documentary which exposed the EBT years. There has never been a follow up and Mr Daly went on to do more national exposes but has been kept well away from football, much like the tennis correspondent who tweeted about the Morelos/China story.
The DCK/TOP saga has massive implications for the whole of Scottish Football but the national broadcaster pays it lip service when the reality is that the end maybe nigh for Mr King.
How did King fund his initial contribution to the Concert Party – did he borrow it from someone in the UK? If I recall correctly another of the Concert Party provided the funds.
How does his his claim that he cannot get money out of SA fit with his grandiose announcements on funding the deficit until like the New USA Space Force he acquires dominance?
How do the above fit in with claims of impecuniosity.
Unfortunately it is not as easy as it was in Orwell’s dystopias to change the past. Trumpian revisionism of recent history can only work if there is an invincibly ignorant audience for the flip flopping.
I am morally certain that we have a case of invincible ignorance here and he’ll mend them.
It’s important to understand how King thinks and why.
Profile of a Sociopath by Robert McAfee is a 10 mins read
Point 1 starts with “glibness and superficial charm” which I find mildly amusing.
See how many boxes he ticks ✔️
https://www.mcafee.cc/Bin/sb.html
I have totally sussed the Financing Conundrum set by Dave King several weeks ago when stated he would be the Bank of Dave if need be?
Ladies and Gentlemen I give you The Bank of Dave…
https://youtu.be/Gyy6q9vrKpU
When asked if it was Close Brothers at a recent “meeting” he said “It’s Burnley so it’s close enough”
Borita Investments Ltd buy Julian Woolfarts shares.
Business finance is easy peasy. Just ask this guy. I’m sure he could offer Mr King some hints and tips.
https://twitter.com/heraldscotland/status/1014565756187668486?s=21
Billydug July 5, 2018 at 16:09
Borita Investments Ltd buy Julian Woolfarts shares.
==================================
The contact person on the disclosure, Michael Cox, works for Gillespie Macandrew, who specialise in commercial and property law.
http://www.gillespiemacandrew.co.uk/repository/our-people/michael-cox/
BillydugJuly 5, 2018 at 16:09
Very strange, Billydug, a quick search reveals this:
BORITA INVESTMENT LIMITED Hong Kong HK-0197191 Dissolved BORITA INVESTMENT LIMITED was formed on 1987-08-25 in Hong Kong. It has been dissolved and is no longer a legal entity.
https://businessprofiles.com/details/borita-investment-limited/HK-0197191
A dissolved Hong Kong based company dealing in RIFC plc shares (not sure what the deal might entail)! How very Dave King
The search engine brought up this, the only other reference I found to the word Borita, so it would appear that Borita Investments Ltd is, in all likelihood, no more than a shell company of the kind spivs like King like to use.
Flat A 13th Floor, Borita Building, 135-143 Third Street, Hong Kong, FOREIGN
(as far as I know the resident of this address has no connection to Borita Investments Ltd, or Dave King)
A google search on Borita investments doesn’t show much.
There is a company of that name which was incorporated in the BVI on 29 Aug 2016.
There is also a reference to a company in Kingston, Jamaica with that name.
Easyjambo,
Julian Woolfart is a name from the past, can you remember if he’s a name from the King collection, Mike Ashley era, or Green days? Do you think King could be trying to buy up shares from likely accepters of an offer, assuming it’s not already too late for this, or might it be the case that he’s tried that but gave up having only managed to secure the Woolfart shares?
easyJamboJuly 5, 2018 at 16:37
A google search on Borita investments doesn’t show much.There is a company of that name which was incorporated in the BVI on 29 Aug 2016.There is also a reference to a company in Kingston, Jamaica with that name.
______________
Is the Kingston, Jamaica company not Barita?
Allyjambo July 5, 2018 at 16:45
Is the Kingston, Jamaica company not Barita?
================================
Looks like it is Barita. The search came up with the Kingston Gleaner newspaper archives, which appear to use OCR to translate text, so Barita was read as Borita.
Allyjambo July 5, 2018 at 16:43
Easyjambo,
Julian Woolfart is a name from the past, can you remember if he’s a name from the King collection, Mike Ashley era, or Green days? Do you think King could be trying to buy up shares from likely accepters of an offer, assuming it’s not already too late for this, or might it be the case that he’s tried that but gave up having only managed to secure the Woolfart shares?
====================================
The reason behind the sale or transfer of shares is not clear. The transaction is dated as having occurred yesterday. Was it related to the TOP announcement ………. my gut feel is probably not.
Wolhardt spent £1m on the shares just over a year ago, which represented half the shares previously held by Mike Ashley (Club 1872 bought the other half).
https://mobile.twitter.com/PhantomFGAU/status/1014869120842719232
https://rangers.co.uk/club/investor-centre/shareholder-centre/circulars-admission-document/
BILLYDUG @ 12:45
More like…..
“Bournemouth charged £4.75m entry fee by EFL for breaching financial fair play rules before gaining promotion to Premier League”
easyJamboJuly 5, 2018 at 17:00
Allyjambo July 5, 2018 at 16:43Easyjambo, Julian Woolfart is a name from the past, can you remember if he’s a name from the King collection, Mike Ashley era, or Green days? Do you think King could be trying to buy up shares from likely accepters of an offer, assuming it’s not already too late for this, or might it be the case that he’s tried that but gave up having only managed to secure the Woolfart shares?====================================The reason behind the sale or transfer of shares is not clear. The transaction is dated as having occurred yesterday. Was it related to the TOP announcement ………. my gut feel is probably not.Wolhardt spent £1m on the shares just over a year ago, which represented half the shares previously held by Mike Ashley (Club 1872 bought the other half).
______________________–
So probably not too helpful a move for King, as we might assume it would be an entity friendly to King that would have been induced to buy Ashley’s shares in the first place.
A sale at a price above 20p, perhaps, to strengthen the claim that the current rice is over the 20p mark?
ALLYJAMBOJULY 5, 2018 at 07:30
38
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I do wonder if there’s any connect in the timing of the announcement of the new strips,
———————–
I have no hope left for the Gullibles.
Today i heard…Typical BBC put out that Dave king is in contempt of court on the day the orange strip is put out,just trying to take the shine off the release of the strips.The BBC could have put that out weeks ago as they knew about it,they just held it back to take the shine of the good news about the strips.
As i say,i have no hope left for them
A link to Borita Investment Limited’s own website. It, too, shows the company to have been dissolved in 2005
https://webb-site.com/dbpub/orgdata.asp?p=348793
It also shows the company address to be in Hong Kong, unlike the claim by ‘Orange Phanta’ in the tweet referenced by Billydug above, who claimed it to belong to a Singapore consortium about to takeover TRFC. There may well be a Singapore based Borita Investments, but they are not findable on the internet, and it is possible that the Phantom genius has got his Far East countries mixed up, so I can’t throw too much cold water on that rumour. Another case of time will tell.
Happy 70th birthday to the NHS.
And all who work / have worked for it God bless. (99.9%)
Not that long ago Mr king jetted in to scotland and the headline was that he would be seen more at ibrox as he was going to be more hands on.
—-
Rangers chairman Dave King to be more hands-on as he decides to spend more time in ScotlandThe Ibrox chief has been based in South Africa and leaves the day-to-day running of the club to others but is now set to be more visible to fans.
https://www.dailyrecord.co.uk/sport/football/football-news/rangers-chairman-dave-king-more-11967559
4 FEB 2018
—————–Always found it strange that he decided to be more hands on and spend more time in scotland then he jetted out.One day it will all come out in the wash.
Ps , have i missed the statement.There must be a statement from a club that loves a statement.And if not the new ibrox club must surely go down in history as the most laughed at club in scottish football
I sent an email to Hummel questioning the wisdom of releasing an orange TRFC (mandarin) top , given the colours association with sectarianism in the West of Scotland , and the damage to their brand by this association , and received the following . (They basically declined to comment).
Thank you for your enquiry.
Traditionally a Third Kit is very different in colour to the home and away kits and it is not unusual these days to depart from the traditional club colours for this purpose.
If you’re looking for further explanation, please contact The Rangers club.
Have a great day!
Med venlig hilsen / Best regards
Line
Online support
hummel A/S
Balticagade 20
8000 Aarhus C
Denmark
E-mail: onlinesupportDK@hummel.dk
Telefon: +45 88 70 49 50
Alasdair Lamont
@BBCAlLamont
I asked Dave King for his response to the initiation of contempt of court proceedings by the Takeover Panel. Here it is.
See thread
https://mobile.twitter.com/BBCAlLamont/status/1014929079454388225
BILLYDUGJULY 5, 2018 at 19:18
————–
That is a keeper
CLUSTER ONEJULY 5, 2018 at 19:22
Poor Dave.
Another cracker from Phil.
https://philmacgiollabhain.ie/2018/07/05/the-toxic-chairman-creates-a-major-isssue-for-the-sevco-high-command/
Things are hotting up!
BILLYDUGJULY 5, 2018 at 17:12
So according to phantom a singapore/chinese buyout is in motion with talk of £100m to wet the sevco 2012 fans appetite .
I assume then that the guys who are just about to put their £100m in sanctioned the 4 year deal for a rookie under 18s manager and a 3 year deal with a lower end kit supplier .
Also how remiss of P Murray and B Scott not to hang around to reap the rewards of the massive takeover .
Maybe the phantom should consider a name change (aka hummel park) to rectum as what emanates from him is a perfect fit
BillydugJuly 5, 2018 at 19:18
Attachment
Alasdair Lamont@BBCAlLamontI asked Dave King for his response to the initiation of contempt of court proceedings by the Takeover Panel. Here it is.See threadhttps://mobile.twitter.com/BBCAlLamont/status/1014929079454388225
_____________________-
Imagine if you were a ‘journalist’ and, after boasting you’d got a response to a question from someone like King, you published something like that, without making further comment! Without asking a follow up question! Without ripping apart obvious lies, like claiming the TOP are ‘bullying me’! How desperate would you have to be to boastfully publish something that merely shows up your journalistic ineptitude?
You know, and I realise he’s answered the query regarding the source (the response that a screenshotted email would give King’s email address, is just ludicrous – has he not heard of redacting?) but it does smack of a Level5 instruction rather than a sought out response to a query! ‘Here son, this’ll make your day, publish this, double quick!’
I’m mildly curious about where JP Jenkins, the trading platform supposedly used by RIFC plc comes in on this(presumably) ‘matched’ share deal: there’s not dickie bird about it on their webpage.
How is the share deal registered if not through an ‘authorised’ trading platform?
So according to Al Lamont of the BBC Dave King says the Takeover Panel are bullying him, but he will continue to do what is best for the club. Yet another group added to the list of haters it would seem.
John ClarkJuly 5, 2018 at 20:41
I’m mildly curious about where JP Jenkins, the trading platform supposedly used by RIFC plc comes in on this(presumably) ‘matched’ share deal: there’s not dickie bird about it on their webpage. How is the share deal registered if not through an ‘authorised’ trading platform?
__________________
Provided a share certificate is held (as opposed to being held electronically), anyone can sell shares in a company to anyone else without the use of a ‘trading platform’.
, and provided my cheque doesn’t bounce, you can go out to the pub and drink until, hmm, 9 o’clock?
You could sell me your 1000 shares in Very Successful Company plc for 2p per share (currently trading at £50 ha) and all that is necessary is for you to give me the certificate, together with a properly completed Stock Transfer Form, which I then send to the company’s registrars*, who will register the shares in my name, and hey presto, I’m £50,000 richer
* with a cheque to cover the relevant stamp duty.
AllyjamboJuly 5, 2018 at 21:45
‘..You could sell me your 1000 shares in Very Successful Company plc..’
____________________
Ach, AJ, AH telt ye no to tell anybody aboot my RIFC plc shares!!
Thanks for that explanation. It makes sense now.
The key things are that the company registers the shares in your name and that you have physical possession of the share certificates.
I had thought that some sort of authorised broker on the Stock Exchange/AIM/ or other ‘authorised’ platform had to be involved so that the ‘market’ generally was aware of share dealings even in an unlisted plc.
Everyday a school day on this SFM blog!
Whether it is the heat, or delight that the TOP has taken action in the South Africa courts, or just irritation at the whingeing of the GandSL, I felt that I was communing with the shade of Charles Chipps, the SARS man who was in great measure responsible for nailing King’s tax crimes. (Yes, Chick: crimes for which he has convictions)
So I sent an email ‘toast’ to Chipps to the SARS email contact address, with the link to Lamont’s tweet of King’s ‘being bullied’ by the TOP, for the enjoyment of any of Chipps’ colleagues who may have worked with him on King’s case over the years, and who will undoubtedly say something like ‘isn’t that just like that particular individual?’
( no, an email of that kind will be binned on receipt, as it would be by HMRC. But I enjoyed writing and sending it. Here’s to Charles Chipps!)
paddy malarkeyJuly 5, 2018 at 18:44
‘..Hummel ……..basically declined to comment’
__________________________________
Your email will have served a useful purpose, paddy, in making Hummel aware that there might be factors to be considered that they had not, perhaps, considered.
Their response clearly suggests that they just complied with a customer’s request, and that it was not for them to look at the reasons behind the customer’s choice of sporting colours, and that any questions about that choice are for the customer to answer.
Your email will make them think of the possibility that their good name might be damaged by the perception that, unwittingly, they are now seen as supporting religious sectarianism in Sport, and that their marketing people might need a wee refresher about the need to look carefully at their prospective customers.
Of course, it is possible that Hummel may be supporters of the most cheating club that ever participated in Scottish football, and share the belief that that cheating club somehow survived Liquidation, whole and entire but mysteriously tax-debt free and with a one hunnert and 40 something year history of sporting success!
https://twitter.com/mintys_lamb/status/1014969083673153536?s=21
From Minty’s Lamb on Twitter. Bampots coming of age.
Test………………………………………………………………..
Yes it’s working Billydug
Post away
Is Dave King still contemptible?
JIMBOJULY 6, 2018 at 05:28
A couple of my posts didn’t appear last night.
http://news.bbc.co.uk/1/hi/scotland/2045110.stm
Dave was getting bullied in 2002 also
I’m really enjoying the world cup so far.
Well most of it.
I also laughed out loud when a pal sent me a video of some Swiss kids learning to “do a Neymar” at their soccer summer camp after his 14 minutes of nonsense wriggling on the ground against Mexico.
(If you haven’t seen it google it)
The organisers seemed to ignore his abject ham acting nonsense in awarding him man of the match but the kids reaction has gone viral all over the world and makes the point while making their award look worthless stupid and plain wrong.
He should have been booked not just for ungentlemanly conduct though it was.
No the booking should have been for very bad acting, lack of continuity in that he was holding the wrong bit and forever laughed at as a bad and sad influence.
It will haunt him for the rest of his career.
PADDY MALARKEYJULY 5, 2018 at 18:44
I sent an email to Hummel questioning the wisdom of releasing an orange TRFC (mandarin) top , given the colours association with sectarianism in the West of Scotland , and the damage to their brand by this association , and received the following . (They basically declined to comment).
So they are saying some creative genius/geniuses at Ibrox came up with the mandarin tops? I wonder who they were and if they also came up with the “sash” one too? I appreciate other teams have worn similar tops in the past but don’t believe they are so closely linked with a song that claims such a garment strikes fear into “Papish boys” or refers to themselves as “blue blades” indeed I wonder if Hummel are aware of those lyrics? Maybe they will look at design suggestions a little more closely in future if they did?
Ach in truth The Rangers had one shot at making money early with this deal, going all the in for the bigot pound is entirely in character!
I got the same automated reply from Hummel to contact ‘Rangers’ if I have any more questions. I’ve replied that I can’t contact ‘Rangers’ as they are dead, and that my question is not why ‘Rangers’ did it – we all know why they did it. My question is why Hummel have done this.
Grown men voicing outrage over the colour of a football top on the internet. We may just have reached peak Scottish football.
I for one love it, not the top that’s hideous, I love the daftness and the unintentional comedic value provided by Rangers who’ve proved their own pettiness by launching a top deliberately aimed at winding up equally petty types. I love the unintentional comedy of grown men debating in a po-faced manner whether or not a cheap nylon t-shirt is a bigot.
We may not have many star footballers in our country but if like myself you’re of a mind not to take the idiosyncrasies of our game too seriously then it’s bloody good fun.
Keep up the good work gents, you all play your part!
BILL1903JULY 6, 2018 at 07:53
http://news.bbc.co.uk/1/hi/scotland/2045110.stmDave was getting bullied in 2002 also
__________
My first thoughts on reading were that the article is mainly just quotes and provides a PR platform for King, without any reference to the other side, however, on re-visiting, I realised that, not only did the article tell the reader –
“The SARS alleges that he owes it a total of 2.5bn rand (£167m) – but Mr King has disputed the size of the claim.
Sipho Ngwema of the South African Government’s investigative agency said Mr King had handed himself over to investigators on Thursday morning.
“He was taken to court and charged with 11 counts of fraud by contravening income tax laws.
Assets seized
“The figure involved at the moment is around 900m rand (£59.7m).”
It actually highlights, in a separate box, the line I’ve shown in bold.
In comparison, though, with the BBC’s latest report on King and his lack of respect for the law, actually leads with his PR and barely puts forward anything that shows King to be in the wrong, the most critical part (for King) being the following, last line of the report –
“And the Takeover Panel document suggests they believe there has been a lack of clarity over King’s attempts to move the funds.”
‘Suggest’, ‘lack of clarity’. It does no such thing, it makes it clear that King is fully responsible for the delays and his latest delaying tactic was completely spurious. It doesn’t use such stark language, but any ‘journalist’ should know what is meant and inform his readers accordingly.
While 16 years ago the SMSM was clearly quite soft on a Rangers man charged with 11 counts of fraud (have they ever mentioned that again?), they have gone past ‘soft’ now to full blown PR machine!
Nick
I recommend that you have a wee look at the definition of semiotics for that is what the Orange top is about. Although I am quite colour blind and rely on others to tell me when something is orange I know that this top is part of an -ism and not a fashion statement.
BILL1903JULY 6, 2018 at 07:53
http://news.bbc.co.uk/1/hi/scotland/2045110.stmDave was getting bullied in 2002 also
__________
You know, Bill, in that one post, you have indulged in a higher level of journalism than Alasdair Lamont, or any other current member of the SMSM (sports), has done for a very, very long time.
By making reference to the article you have brought to our attention, Lamont could have raised himself above the level of mere hack, at least for 24 hours, or until his next piece of stenography is published.
That was a great find, mate, and is exactly what SFM is about
NICKJULY 6, 2018 at 09:04
Grown men voicing outrage over the colour of a football top on the internet. We may just have reached peak Scottish football.
I for one love it, not the top that’s hideous, I love the daftness and the unintentional comedic value provided by Rangers who’ve proved their own pettiness by launching a top deliberately aimed at winding up equally petty types. I love the unintentional comedy of grown men debating in a po-faced manner whether or not a cheap nylon t-shirt is a bigot.
We may not have many star footballers in our country but if like myself you’re of a mind not to take the idiosyncrasies of our game too seriously then it’s bloody good fun.
Keep up the good work gents, you all play your part!
=================================
You should Email that post to Mark Scott’s family.
I was going to expand on this further but I shall rise above it and move on.
Elmer Fudd.
I love the ‘daftness’ of a ‘Hibs’ supporter who would seek to mock those who see wrong in the celebration of King Billy and all that it surrounds, while seeing comedic value in the production of a football top designed to pander to violent bigots. To lend weight to the point he is trying to make, he even infers the debate is accusing an inanimate object of bigotry.
These tops are designed to be worn by the same kind of people who saw fit to stab to death a young Celtic supporter because of what they saw in the colour of his not-so-cheap nylon t-shirt. Laugh that one off, Nick.
It is not the colour of the football top that matters, it is what it means to the mindset of the people who wear it, and the fuel it gives to their bigotry. Once again, an Ibrox based football club is trying to make money from it’s supports’ bigotry, regardless of the not so comedic actions that bigotry produces. Strange that a ‘neutral’ should think that’s not a serious topic for debate.
Interesting that in his first post on the blog for a while he chooses to mock the blog rather than to avoid this ‘po-faced’ debate and to use his superior intellect to give us insightful comment on the far more intellectually challenging matter of King’s continued V sign to the Takeover Panel, and to the law of the land. It’s almost as though he seeks to take the blog off in another direction. Fortunately we can debate more than one topic at a time.
Not knowing the current state of the contempt charge against the Big Liar, is it too early to call him a fugitive from the law?
NICKJULY 6, 2018 at 10:16
JustthefactsYou should Email that post to Mark Scott’s family.I was going to expand on this further but I shall rise above it and move on.Elmer Fudd.
If your idea of how to “rise above” a lighthearted post is to dredge up a murder from decades ago for point-scoring purposes then I’d hate to see you getting in the gutter mate.
I’m not point scoring.
That lad was murdered for wearing a Celtic Top in the street.
it May well have been 20 year ago but the fact is Sectarianism/Bigotry and the mentality that comes with it is very much still prevalent today.
The fact the muppets at Ibrox have pandered to a faction of their support that dwell in this same place seems to have escaped you in your attempt to dismiss this as some harmless wee side show to get a few likes on a blog?
Seriously wise up and think about the wider context of this move by those in control at Ibrox.
Lastly the murder of Mark Scott was an extreme but by no means an isolated incident when it comes to the subject matter of Team colours and bitter rivalries in Football.
Folk do get hurt and maimed simply for wearing the wrong colours in the wrong area.
Wise up.
By the way I never dwell in the gutter all I do is highlight it when I see it.
Allyjambo,
“Interesting that in his (Nick’s) first post on the blog for a while….”
Nope!
Re the share “purchase” the “sale” document suggests there was no change of money. This more looks like a change of investment vehicle from privately owned to company owned but perhaps still with the same individual or “group”
The latest offering from Nick, apart from being offensive, is just straightforward trolling. I trust the Mods will do the necessary.
JustTheFactsJuly 6, 2018 at 10:42
Folk do get hurt and maimed simply for wearing the wrong colours in the wrong area. Wise up. By the way I never dwell in the gutter all I do is highlight it when I see it.
————————————————————————————-
Yes one of my sons was badly beaten up a couple of years ago by 3 guys with non Aberdeen accents for wearing a Dons top, in Aberdeen! We had beaten Hamilton that day. All teams, including mine, have nutter supporters. There was nothing sectarian about that incident.
ps He has no evidence it was guys from Hamilton.
There seems to be some confusion over who actually served the papers on King. Was it TOP (who weren’t 100% sure from their statement) or the Court?
I also read on another blog someone suggesting that the reason the tops, (the harmless, hilarious ones) aren’t available to purchase until October might be that Ashley is still owed money by King. What if the 3million King paid Ashley was only the first instalment?
Anyone have any idea what Ashley’s involvement at Ibrox is presently? Is he completely out of the picture now?
BTW, the reason that the SMSM are sheepish in their reporting about King’s contempt of court is because they ALL supported his being found fit and proper on account of ‘he’s got money.’ It is quite incredible that the two principle reasons that would bar him from going back on the Board
– He was on the Board that went bust.
– He had been found guilty of criminal charges and was a known tax cheat.
were waived. And not one of the SMSM questioned it. They’ll be keeping their heads down.
BOGS DOLLOXJULY 6, 2018 at 11:21
Final comment on this issue as it’s gone down a rather depressing route but my comment was neither intended to be “trolling” and I struggle to see how anything I’ve ever posted on here could be perceived to be “offensive”.
I’ve have for a lengthy period of time commented in a polite manner on various topics on this forum, generally I agree with the majority on most issues but occasionally my views are contrary to the general thought process on here. I consider that healthy, lets face it the world would be a dull place if we all agreed on everything.
Hearing Dog the Bounty Hunter is heading to SA.