It has recently been suggested to me quite strongly by two separate Finance Industry experts that no matter the outcomes of the forthcoming criminal trials into the sale of Rangers and the subsequent disposal of the liquidated assets, it is highly unlikely that the sale will be reversed. In fact BDO (the liquidators of Rangers) see the path of least resistance to any remedy (if guilty verdicts are returned) through the professional indemnity insurance held by organisations involved (I am choosing my words carefully here to comply with the rules surrounding the court case).
There is of course still the dispute between the owners of Sevco 5088 and Sevco Scotland to consider (although depending on the outcome of the criminal cases, that may be moot).
On the face of it, all of this is good news for TRFC and Dave King. After all, one of the main problems they have been facing is the uncertainty over the ownership of the assets, and if BDO are swinging in the direction indicated above, King and his board are free to move forward – you would think.
The recent plans to raise cash from the fans is I think a smart one, but it is still a sticking plaster applied to a gunshot wound. Rangers already have a gate income which is the envy of not just most Scottish clubs, but clubs much further afield. Their problem is their astronomical fixed costs, their dilapidated infrastructure, and possible cash outflow through the fabled ‘onerous contracts’.
Even putting in place a severe austerity package (which may be unpalatable to fans being asked to part with their cash to buy off pesky shareholders who don’t share King’s vision) does not remove the need to capitalise urgently to repair the stadium and build a squad capable of competing in Scotland. So they need to raise cash, and they need it quickly – because soft loans cannot be provided forever.
So the share issue route is the obvious way to go, and to do that effectively, a listing on an exchange is required. However our sources in the financial world don’t think it is possible that this could happen with the current regime for the following reasons (not in order of importance);
- They have absolutely no credible business plan to move forward over the next five years – only a commitment to limping on with soft loans;
- The current chairman is a convicted felon;
- Two directors of the new company were directors of the company now in liquidation;
- They have no line of credit;
- They are already in debt to the tune of at least £12m – increasing as I write;
- They are unable to repay that debt;
- There is still a nominal (even if we accept the BDO position above) doubt over the ownership of assets;
- The football team does not play in the top league – and European income isn’t coming soon;
- The company have astronomical fixed costs which are way in excess of their income.
So even if the doubt over the ownership of assets is removed, there isn’t an easily navigable route for TRFC into calmer waters.
My own conclusion is that perhaps the biggest single thing that is holding Rangers back is Dave King. I really don’t know what his motivation is. There is speculation that he has his eyes on the increasing cash-pot and diminishing creditor list at the Oldco. Some Rangers bloggers are suggesting that a land-grab play is taking place. I think the former is far more plausible than the latter, but if we take his RRM credential at face-value, it seems to me that the Rangers-minded thing for him to do would be to reverse himself out of the position he is in.
That might enable the company to raise some of the cash they need to repair the stadium, rebuild the infrastructure within the club (players, management, youth and scouting etc.).
Are King, Taylor and Park really in this so they can indefinitely fork out £10m per year? Will Taylor and Park continue to ally themselves with King if he is the impediment to inward investment that we think he is? Park will most certainly not, and my information, from sources very close to him, is that he is done.
The fractures in KingCo are beginning to appear, and King himself may come under increasing pressure to do what is best for the future of the club, which is to remove himself from the equation and allow those better placed to take it forward.
It is often speculated elsewhere that SFM is a Celtic blog, and even those who give us credit for being a much broader church than that will still insist that we are anti-Rangers, obsessed with Rangers, and out to get Rangers.
The occasional outburst of Schadenfreude from commenters aside (it IS a football forum after all guys) SFM is quite definitely not editorially anti-Rangers.
I think the evidence shows that we are nothing of the kind, and it doesn’t do Rangers any favours to conflate our position on the corrupt nature of the governance of the game with that of the Ibrox club – new or old. Where we do discuss Rangers (as we have in this article), it is with an acknowledgment that the money flying around in football makes all of our clubs vulnerable to the kind of rip-off merchants who have wandered in and out of Ibrox in the past few years.
There are many areas where the SFM consensus is unpalatable to Rangers fans. But protecting all of our clubs and their fans from mismanagement is hopefully not one of them.
Also, despite the many rivalries within the game, Rangers are an important focus (old club or new) for tens of thousands of fans. As such they are of interest to ALL of us who support football in this country. Anyway, I tend to be more obsessive about my own club – and find it rather easier to be objective about others 🙂
My own preference in moving the debate forward is to get the perspective of Rangers fans on these issues. I am ever hopeful that we can have Rangers fans engage with the blog and look for areas where we have common purpose.
Nobody at SFM wants Rangers fans to have no team to support. Nobody here wants the SFA to stay unregulated and unaccountable. Nobody at SFM wants people to make up rules they go along just for the sake of a few quid. I can’t believe that Rangers fans don’t share those values.
I agree that Rangers fans are victims of this affair to a large extent, but the culprits are quite definitely not us at SFM. They need to look closer to home to find them.
John Clark 28th October 2015 at 7:17 pm #
…
Accordingly, may I ask you, please , to confirm or deny that you aired the opinions itemised at the head of this letter? Or…could you give,as President of the SFA, the considered view of the SFA…
==================
Nice one JC.
But Mr McRae ‘could’ enthusiastically reply, quoting the SFA’s 20/20 Strategic Vision, Pillar No.4 ;
“Respected and Trusted to Lead”
…but then claim that unfortunately, in this case he has to ‘plead the 5th’, to prevent self-incrimination !
I dunno. The print media I can just about understand. But the BBC? There presumably isn’t some business development executive creeping up behind them, whispering “Demographic! Demographic!” They are a taxpayer funded broadcaster, and, one would assume, under no obligation to disseminate anybody’s PR unopened and unexplained. In the case of Dave King’s most recent stuff, the PR has the additional quality of being comically eccentric.
The TRFC/RIFC contract with Sports Direct was designed and signed by the founders of Sevco, as they then were, with no apparent threat of violence. Mike Ashley was a major investor in the new enterprise: we may deduce the two events to be not entirely unconnected.
In the modern world, there can be few of us who have never signed a contract for a mobile, an energy provider, payment protection, or gerbil pet insurance, that we subsequently regard as disadvantageous. We generally have the maturity to realise that we aren’t Philadelphia lawyers, you can’t buck the system, and that we need to keep up the payments or sodding else. We lack the victim mentality. And a national broadcaster prepared to share our very innermost sense of persecution.
A national broadcaster who, along with their print colleagues, seem to be constrained from mentioning Sevco 5088, Sevco Scotland, the year 2012 in general, asset purchase, IP purchase, and a dozen other connected concepts and events, as if by a code of Caledonian Omerta. Pity, as they will all be needed when reporting upcoming court proceedings.
Cast Brass would be best- the stuff Dave King’s neck is made of.
As I understand it, Celtic are not “wholly owned by a foreign billionaire” or any other kind of billionaire .
That the club has a major shareholder who falls into that category, is nothing out of the ordinary in these days.
I like this club more every time I read a story about them
FC United
That Dave King statement truly is a thing of wonder. He’s written some strongly worded letters for goodness sake: the gloves are off, take that, Ashley!
Tony Hancock-esque in its impotent rage, it’s actually an explicit admission that he has neither the financial nor legal wherewithal to do anything. I suspect the genuine source of his anger is not that his beloved boyhood team is being held back, but rather that someone found a way to make money out of Rangers and it wasn’t him.
Cup football should be expanded in Scotland at the expense of league matches. 32 league games is more than enough to decide a Champion,and the fewer games the closer the outcome.
Tonights game was not exactly like watching last seasons treble winning Barcelona , however it was tense and exciting. I haven’t thought through how more cup games might work, but given the excitement generated by any game which is decided on the day , then surely we should be looking for more of that
John Clark 28th October 2015 at 7:17 pm # I was recently given an account of some opinions offered in conversation by the SFA President, Mr Alan McCrae
—————————————————————-
JC
Any context JC.
Are the buffoon’s resorting to type ?
Barcabhoy 28th October 2015 at 10:01 pm # Cup football should be expanded in Scotland at the expense of league matches. 32 league games is more than enough to decide a Champion,and the fewer games the closer the outcome. Tonights game was not exactly like watching last seasons treble winning Barcelona , however it was tense and exciting. I haven’t thought through how more cup games might work, but given the excitement generated by any game which is decided on the day , then surely we should be looking for more of that
______________________________________
Agree bring back the summer cup.
Oh and it will be 34 league ones someone needs to win the play off.
Barcabhoy 28th October 2015 at 10:01 pm #
100% agree, Barca ,even with the concept of a 17 team league or a split scenario for another-sized set-up . I would like to see the League Cup once again played in a group format prior to the start of the leagues themselves with the competition finished before the turn of the year . If nothing else, it might help the clubs and the National team figure out strategies to escape the group stages .The clubs would have to wean themselves off the money-spinning pre-season friendlies to achieve that ,though .
John Clark 28th October 2015 at 7:17 pm #
“I was recently given an account of some opinions offered in conversation by the SFA President, Mr Alan McCrae.”
—————————————————————————————
It wasn’t during a job interview by any chance?
Here’s a bit of compare and contrast from:
The leading guide to everyone who’s anyone in Southern Africa
Gary Player
http://whoswho.co.za/gary-player-2145
Who was sued for a million dollars by this crank.
http://whoswho.co.za/dave-king-59286
You can all have fun with this button:
Incorrect information? Click here to report this profile.
ianagain 28th October 2015 at 10:11 pm #
‘..Any context JC…’
_________
Just a report from some one who, apparently, heard the opinions being expressed.As far as I know, there were no ‘TRFC’ people of any faction present or within earshot at the time.
That’s why I went to the horse’s mouth to ask.
Not being an SMSM hack, it seemed to me to be the obvious thing to do ! Their philosophy, which (big wowees!)can win them ‘awards’, seems to be able to be labelled the “Why ask?” school.
They would have been lining up to fill Socrates’ hemlock beaker if they had been around at the time!
Corrupt official 28th October 2015 at 10:35 pm
‘… It wasn’t during a job interview by any chance?’
__________
I don’t think he’d even get on my short-list of candidates!
Tartanwulver 28th October 2015 at 12:14 pm #
….Surreal Rangers Man…..
“c’est n’est pas un holding company”
From CQN here- http://www.celticquicknews.co.uk/ladbrokes-spfl-use-level5-to-dig-into-celtic/?utm_source=dlvr.it&utm_medium=twitter
oddjob 28th October 2015 at 8:10 pm #As I understand it, Celtic are not “wholly owned by a foreign billionaire” or any other kind of billionaire . That the club has a major shareholder who falls into that category, is nothing out of the ordinary in these days.
=====================
If Celtic are wholly owned by a foreign billionaire, someone at the company has been wasting a fortune sending out all those financial statements and shareholder communications to those that don’t have any ownership, however miniscule.
I’m always astounded to read Delia Smith being described as Norwich City owner, when as with DD she is just the leading shareholder of a properly constituted and fully functioning PLC. How lazy can the press get? (That was rhetorical, of course
)
After last night’s league cup QF, my enthusiasm was such that I was thought I’d find out what the semi-final draw had produced, after all the English league cup had seen 8 matches over two days and had a QF draw made last night.
Of course, being Scottish football it doesn’t work that way. There is still another tie to be played next Wednesday, but the SPFL site does helpfully show that the draw takes place on Monday 2 November on the competition dates page of their website http://spfl.co.uk/league-cup/dates/
But no, wait a minute, the news section says Monday 9 November http://spfl.co.uk/news/article/league-cup-semi-final-draw-details/
And they wonder why we have no faith in the governing bodies of Scottish football. Is it really as difficult to run a cup competition and a website as they make it look?
The Cat NR1 29th October 2015 at 10:54 am
It’s not even that they can’t run a competition or that they make mistakes on a website, it’s the lack of insight into how to market a ‘product’ and get people talking about it.
So fair enough, for some reason the DU/Hibs game has to be played a week after the others ( I can’t be bothered trying to find why). Does this prevent the draw being made? NO!!! We’ve all seen draws in the past with “Team A will play Team B or Team C”.
Could making the draw now when, as you say, there’s interest and enthusiasm after the other 3 QFs. provide a talking point ahead of next week’s match? YES!!!
Would Hibs and DU fans be more likely to attend/talk about the match if they knew they had been drawn at home against, say, Celtic? YES!!! More likely to attend/talk about the match if a home tie against StJ or RossCo was on the cards with perhaps a greater chance of reaching the final? YES!!!
If they think at all (!), I can only imagine they’re thinking they’ll get a bit of press coverage this week and some more next week when the draw is done, but surely it’s better to give fans a dream/conversation topic now that might lead to some of them buying tickets for the QF in anticipation of a known SF?
Maybe they get it and I don’t.
The Cat NR1 29th October 2015 at 10:54 am #
And they wonder why we have no faith in the governing bodies of Scottish football. Is it really as difficult to run a cup competition and a website as they make it look?
……………………………………………………………………………………
Was that rhetorical or were you hoping that Wee Stevie fae IT has the time to look in here and offer an explanation for their inadequacies?
John James now suggesting that The Jetting King is only here cos Big Mike has made a move.
It’s an amusing distraction.
And his speculation seems as valid as any other right now.
https://johnjamessite.wordpress.com/2015/10/29/has-ashley-made-his-move/#comments
Big Mike making a move might explain the release of the comedy script oops I mean statement on Tuesday.
Does anyone know – has Ol’ Big ‘ands been back in Yorkshire recently ??
The BBC are keeping the “World Famous Sporting Institution” in this story a Secret, but this Institution has uncovered a very valuable antique, valued at over £1,000,000
i wonder if it is something Ol’ Big ‘ands bought for £2 in a fire sale?
THE LOVING CUP ?
THE SAINT ETIENNE BIKE ?
THE OLDEST SASH IN THE WORLD ?
http://www.bbc.co.uk/news/uk-england-york-north-yorkshire-34659885
PMGB’s latest tweets suggesting John James is correct and big Mike has asked for his money back.
In a very recent blog JJ alerted his audience to the [] jetting in to Blighty. We then had Radar Jackson asking searching questions in his sports column. According to JJ, King did come to Glasgow this week, so why did Jackson not avail himself of the ideal opportunity to doorstep the Ibrox Messiah? Don’t tell me that Jackson or any of the other distinguished stenographers would have been unaware of the visit.
The other point JJ has made in his last two scribblings is that Level5 no longer act for the Ibrox club. Twitter messages (for what they are worth) suggest that a large bill to Level5’s principal client remains unpaid and that Traynor & Co are contemplating recovery action. Having sunk his pension into creating Level5 I’m sure that Traynor will not simply write-off such a substantial debt, regardless of any loyalty he may have to his now former client.
It will be interesting to see if Phil’s source(s) agree with JJ that King is about to make legal moves to recover his £5m loan. According to JJ, such action would be pursued under English law. With regard to King’s statement about Ashley’s on-going litigation, JJ suggests that Rangers has yet to settle the costs for its unsuccessful court action and that Ashley’s legal team is becoming rather impatient.
Be it Traynor or Ashley, will we see the sheriff officers down Edmiston Drive anytime soon?
(Tykebhoy, I haven’t had a chance to read Phil’s latest – thanks for the heads up.)
Big Mikes timing is impeccable.
This has the makings of a Perfect Storm. A decent film in its own right
but the sequel should be a belter!
fishnish 29th October 2015 at 12:54 pm #The Cat NR1 29th October 2015 at 10:54 am # And they wonder why we have no faith in the governing bodies of Scottish football. Is it really as difficult to run a cup competition and a website as they make it look? …………………………………………………………………………………… Was that rhetorical or were you hoping that Wee Stevie fae IT has the time to look in here and offer an explanation for their inadequacies?
=====================
The original version of my post did actually mention Wee Stevie, but I deleted it during the final edit. I did manage to leave at least one error in there though, which I noticed only after hitting the submit comment button.
@Billy Boyce to be clear PMGB’s comments are on Twitter not a blog.
Speaking of Twitter, Craig Whyte may be trending soon as recent Tweets suggest the Motherwell Born Billionaire with wealth off the Radar has just been declared bankrupt in London’s high court.
Press Association @PA 7m7 minutes ago#Breaking Former Rangers owner Craig Whyte declared bankrupt at the High Court in London
hangerhead 29th October 2015 at 3:13 pm #Press Association @PA 7m7 minutes ago#Breaking Former Rangers owner Craig Whyte declared bankrupt at the High Court in London
=================================
So, is that “well played Mr. Whyte” ?
Declared bankrupt prior to any potential criminal conviction; ergo any subsequent civil actions against the ex-MBB are rendered pointless ?
[And assuming nobody finds his offshored wealth – allegedly.]
Well Radar
would you like to update us all what happened to your ,Off the Radar Billionaire ,doesn’t need to be a long explanation ,couple of lines will do,we have an idea ourselves but it would be nice to have a few words from the author of the title.
StevieBC 29th October 2015 at 4:03 pm #hangerhead 29th October 2015 at 3:13 pm #Press Association @PA 7m7 minutes ago#Breaking Former Rangers owner Craig Whyte declared bankrupt at the High Court in London=================================So, is that “well played Mr. Whyte” ?
Declared bankrupt prior to any potential criminal conviction; ergo any subsequent civil actions against the ex-MBB are rendered pointless ?
[And assuming nobody finds his offshored wealth – allegedly.]
******
They could always pursue his French company La Tourilliere. It’s not got a lot of capital but it still owns that lovely villa in Grasse (despite Craig’s attempts to sell it off-market over the past three years). Estimated value = €7.5m. Unless, of course, he’s done a wee switcheroo there too.
StevieBC 29th October 2015 at 4:03 pm
“So, is that “well played Mr. Whyte” ?”
——————————————————————————
I would say that is a “Well played Mr Whyte”.
Coupled with his legal aid being granted, I would say that if he has any money, they can’t find it.
Hardly the position you would expect of a member of an allegedly extremely profitable organised crime syndicate. More like the position of someone who has been shafted.
FWIW Twitter is awash with forecasts of impending doom for RIFC,
Guys with “good” sources all on and agreeing somethings brewing.Phil is using “Cease & Desist” a lot.
As a first stab at getting some credentials to gain access to football clubs, I have today written to all of the top division clubs plus Hibs and Rangers to ask to be put on their mailing list.
Tomorrow, I will start working my way through the lower leagues.
If anyone has any ins at any club at all, can you please get in touch?
I am also planning to mail all of our members to try to build a skills and networking database. Probably be early in the week before that happens, but in the meantime we really do need input from anyone with contacts at the clubs meantime to help us achieve a bit of recognition.
I won’t be expecting any more replies than we have had from the fan websites we have contacted.
The Cat NR129th October 2015 at 10:40 am
What I find astonishing is that Dave King is treated by the media, whether it be print or broadcast, as the “owner” of Rangers. Every statment or proclamation he makes is him speaking as Rangers. His actions are the actions of Rangers, his words are the words of Rangers, his opinions are the opinions of Rangers.
As I understand it he doesn’t actually hold any shares himself. A trust he is believed to control holds just under 15% of the PLC. Hardly what one would describe as the “lions share” or anything like it.
I suppose it’s all down to PR, propaganda and how things are reported. He has been described and treated as the owner from when he re-appeared, no one has really questioned that. He has become in the public’s perception the owner. It really isn’t true.
Now if you believe that he and another three people are working together and between them they control over 30% of the PLC that may be a different issue. However that would then be a Concert Party, opening up an entirely different can of monkeys. One wouldn’t want other shareholders to be made the offer of buying their shares from them. That would be money out of the Concert Party’s pockets without any of it actually going to the PLC.
Heaven forfend smaller shareholders like Mike Ashley / MASH, be offered their legal rights.
torrejohnbhoy(@johnbhoy1958) 29th October 2015 at 5:05 pm
FWIW Twitter is awash with forecasts of impending doom for RIFC,Guys with “good” sources all on and agreeing somethings brewing.Phil is using “Cease & Desist” a lot.
———
Phil’s Certainly dropping hints about something. And JJ annaw. Reading the tealeaves it seems to suggest a short burly stranger looking for his dosh 🙂
RIFC are done for, the pending debts are too high, cash flow problems, no funding available and depending on various court outcomes potential large liabilities for both the asset transfer and the IPO monies. (insurance will not cover those if fraudulent)
So it is simply a matter of timing, what we are seeing with DCK & Ashley is simply a fun game of brinkmanship or ‘pass the parcel’ where DCK is desperate not to be left ‘holding the bag’ and blamed when they do go down and hoping he can goad someone else to pull the trigger and Ashley giving DCK enough rope and estimating the best time to minimise losses without being blamed.
Everything else is just a sideshow.
Extracted from Derek Johnstone piece in the ET;
“…Ashley has everything in his favour with the contracts and so on – everything is legal and above board.
So it’s up to him whether the situation changes. But if he wants more of his merchandise to be sold then he is going to have to reach a compromise with King as the Rangers fans won’t let up.
They are staying together and staying strong. A few years ago the club used to sell 500,000 strips and now that’s down to 50,000…
It’s coming up to Christmas but the Rangers fans won’t be buying the merchandise…”
=================================
So Johnstone, [or his ghost writer to be more accurate], is conveying a commercial threat via a newspaper column to Ashley, for the benefit of the Ibrox club ?
Bullying, intimidation, threats…nothing learned, nothing changes.
@Stevie BC and the irony is that if the boycott happens Ashley probably makes more moneybecause he appears to have RIFC contractually obliged to pay more for the unsold stock then he would get if he sold the stock at discounted prices through SD outlets.
Why would anyone listen to a word Derek Johnstone says, particularly in relation to business and more importantly Rangers’ business. Where does his knowledge of the subject come from.
Unless things have changed recently he is employed by Rangers TV. So he has a fairly obvious incentive to get the propaganda out there.
The fact that he is allowed to do it in an article published in what claims to be a newspaper really is appalling.
He does pretty much the same thing on Radio Clyde, get’s the party line out to the masses.
Conflict of interests perhaps.
Homunculus 29th October 2015 at 6:25 pm #The Cat NR129th October 2015 at 10:40 am
What I find astonishing is that Dave King is treated by the media, whether it be print or broadcast, as the “owner” of Rangers. Every statment or proclamation he makes is him speaking as Rangers. His actions are the actions of Rangers, his words are the words of Rangers, his opinions are the opinions of Rangers.
As I understand it he doesn’t actually hold any shares himself. A trust he is believed to control holds just under 15% of the PLC. Hardly what one would describe as the “lions share” or anything like it.
I suppose it’s all down to PR, propaganda and how things are reported. He has been described and treated as the owner from when he re-appeared, no one has really questioned that. He has become in the public’s perception the owner. It really isn’t true.
Now if you believe that he and another three people are working together and between them they control over 30% of the PLC that may be a different issue. However that would then be a Concert Party, opening up an entirely different can of monkeys. One wouldn’t want other shareholders to be made the offer of buying their shares from them. That would be money out of the Concert Party’s pockets without any of it actually going to the PLC.
Heaven forfend smaller shareholders like Mike Ashley / MASH, be offered their legal rights.
====================================
Concert party may be something that we will be hearing more of fairly soon.
jimlarkin 29th October 2015 at 2:33 pm #Does anyone know – has Ol’ Big ‘ands been back in Yorkshire recently ??
The BBC are keeping the “World Famous Sporting Institution” in this story a Secret, but this Institution has uncovered a very valuable antique, valued at over £1,000,000
i wonder if it is something Ol’ Big ‘ands bought for £2 in a fire sale?
THE LOVING CUP ?
THE SAINT ETIENNE BIKE ?
THE OLDEST SASH IN THE WORLD ?
http://www.bbc.co.uk/news/uk-england-york-north-yorkshire-34659885
=============================================
Is it the long lost legnedary Dallas Cowboys email that has become almost a modern day holy grail? Even Charlotte was unable to reveal that.
After the Dad’s Army remake is it “It ain’t half hot mum” next?
Is it a concert party if they all subsequently fall out?
Some heavy hinting going on that the “Cease and Desist” my relate to the litigating mentioned in DCK’s comedy script on Tuesday. Is SD getting precious over IP it currently holds the rights over which may be being used by a Clumpany to which it relates?
JohnJames joins in the speculation:
Cease and Desist.
The conflict between Mike Ashley and King’s concert party has escalated. If informed speculation is accurate, Sports Direct Retail Ltd (SD) have now issued a ‘cease and desist’ interdict against RIFC. King’s inability and downright refusal to honour the £5m owed to SD, has forced their hand. The terms of the loan facility included ceding control of the intellectual property, the training facility known as Murray Park, Edmiston House and The Albion Road Car Park.
The car park, which affords access to, and emergency egress from, the Club Deck, is a prerequisite of planning permission. An SD cease and desist order effectively mothballs 7,000 seats. The intellectual property, the badges and crests, must also be removed from the players’ shirts or in some way obscured from view.
Of course this could be settled with a late offer of £5m that King claimed he had access to. But he was, as we have come to expect, lying. King, who led the underfunded unsuccessful coup d’etat, will naturally oppose this interdict and find himself instructing significantly inferior counsel to Mr Ashley’s retained counsel, Adam Lewis QC. Mr Lewis is without peer in sports tort litigation.
Of all the theories as to what prompted King’s clandestine emergency board meeting, I find this one to be the most persuasive. The terms of the loan facility, which King breached when losing the AIM listing, ceded control of all the fixed assets with the exception of the stadium.Mike Ashley is King’s landlord.
Of course, when RIFC comply with this interdict, having thrown good money after bad in litigation, should King still continue to renege on his corporate debts, the ultimate sanction of appointing receivers could then come into play.
torrejohnbhoy(@johnbhoy1958) 29th October 2015 at 9:32 pm #JohnJames joins in the speculation:
…… An SD cease and desist order…The intellectual property, the badges and crests, must also be removed from the players’ shirts or in some way obscured from view…
===========================
Interesting speculation there.
And shirley, King couldn’t allow a situation where the players run out onto the pitch with the badge/crest taped over ?
That would be an incredibly powerful visual for even the hardest of thinking bear: proof that King is just another chancer – taking them all for a ride ?
If what JJ is suggesting is even partly true it would be massive. Looking at the IP for example, if SD were able to tell Rangers that they could no longer use the crests on their shirts then no-one could possibly hide that fact. The fans would simply have to accept that things had gone badly wrong.
I really don’t understand how SD could do any of the other things he is suggesting, based purely on them having security over these assets. Though to be honest without actually seeing the contracts it would be impossible to say. Perhaps Rangers have broken the terms of the loans in some way and Ashley now has these sanctions within his gift.
The use of the IP seems more likely to be a threat. For example Toffs now seem to list Rangers as “Glasgow”, there was the recent discussions with regards Rangers name not appearing in popular football management games. It is easy to believe that SD have flexed their muscles on this one. It is not outwith the realms of possibility that they may try to do the same with the first team strips.
In fact it could easily soon be the case that if you want anything with an official Rangers crest on it you walk into a Sports Direct Shop and buy it. So much for threatening Mike Ashley with boycotting his shops.
As I said before, what a wizard wheeze messrs Houston and Chugg came up with.
Serendipity.
This very morning I was to be found on Princes St , beneath the other Walter’s monument ( Sir W Scott, that is), extolling that great man’s heroic efforts -which perhaps led to his early death) to clear his debts rather than opt for ‘bankruptcy’.
I have just looked up what ‘bankruptcy’ -personal bankruptcy- actually is.
“Bankruptcy is a legal status that usually lasts for a year (see ‘How long does bankruptcy last’ below) and can be a way of clearing debts you can’t pay. When you’re bankrupt, your non-essential assets (property and possessions) and excess income are used to pay off your creditors (those you owe money to). At the end of the bankruptcy period, most debts are ‘discharged’ (cancelled).”
All other things being equal, and fair dos, allowing for circumstances in particular cases, that to me equals any dirty cheating liar’s ‘get-out-of-debt- free’ card.
Not that I would really advocate a return to throwing people in jail for debt ( although, in some cases, maybe…..!).
But for the debts to be cancelled after year? A shyster’s charter, that seems to me.
What kind of society do we put up with, that these people who deliberately screw the rest of us, should go unpunished in any terms that mean something to them?
Sir Walter Scott’s sense of honour and decency made him work like a Trojan to preserve his good name. Today’s scoundrels are incapable of that give two fingers to such notions of decency.
Worse, they are more likely to be praised and honoured, possibly with the big ‘K’, for their dishonesty and ‘financial cleverness’.
May they in every appropriate and highly individualised, way reap the just punishment that their sheer arrogant rottenness and deceitfulness truly deserves.
Bad cess to all such.
Pure speculation on my part, but I imagine that Mr Ashley considers himself to be an infinitely superior businessman to Mr King, but that opinion is not reflected in the MSM.
To compound things, when they last went head to head in public (at the EGM in March, was it?) Mr King won.
This defeat will rankle; to exorcise this hurt, Mr Ashley will want to defeat Mr King in their next battle; not only that, he will want to win big, and publicly (and possibly repeatedly).
The thought of getting his revenge will determine when that battle will be – to mix metaphors Mr Ashley holds all the aces and if he is putting all his chips in the middle now it may be to maximise the humiliation.
Does anyone have a copy of the attendances figures that have been on here previously that proved Armageddon was another of the great myths….if someone could PM me. Trying to open a few eyes with some figures after a university debate on all things sevco..they are actually starting to listen ….although they still reckon club that were demoted, punished etc all due to a conspiracy
was there not also a blog that debunked all this nonsense ..if someone could point me in the right direction.
Keep up the good work folks…still the best site for informed debate….the truth will out.
On the badge stuff…i did notice that the RIFC website don’t have no stars above the scrolled letters..Is this new ??
If the licensor had spoken the licencee would do well to respond especially as said licensor has an expensively obtained court judgement backing him up.
Respond as in do as I say. Not take the huff. V costly otherwise.
McCaig`s Tower 29th October 2015 at 10:20 pm #…
‘….This defeat will rankle; to exorcise this hurt, Mr Ashley will want to defeat Mr King in their next battle; not only that, he will want to win big, and publicly (and possibly repeatedly)…’
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I’m sure you’re right.
And I pray in aid of that view, the words of ‘Sir John Wilder’ in that brilliant TV series that I know I’ve mentioned before, “The Power Game”, in which Patrick Wymark played the part of Mike….. no, Sir John Wilder.
In an interview in 1966 about the series, Wymark said,
“The whole idea of the programme is to show how, in big business, there are ruthless, ambitious, but not necessarily materialistically minded people. Most people think that big businessmen are only out for money. Well, so a lot of them are, but I think more big businessmen are out for power; control of other people, control of big business. And this programme, I hope, shows the conflicts that go on.”
We, small fry as we are, all have egos. The mega-billionaires have egos to the power of infinity.
( and , way off into the land of Nostalgia, does anyone remember Ego the Ostrich? In the Beano, I think?)
A bit off topic in terms of the ongoing T’Rangers saga but was listening to Sportsound tonight I had to recheck my understanding, from being present, of Leigh Griffiths’ yellow for his celebration after his first goal.
Chic Young and other regaled us of how Griffith’s celebrated in front of the Celtic fans then taunted the Hearts fans which led to the yellow card.
Looking at the highlights I find my pint filled memory from last night was correct. After the goal Griffith’s momentum and direction of travel took him behind the goal and towards the Hearts fans. In the corner he gave us stick for the friendly banter directed at him earlier in the game. That was spontaneous.
However once that was over and everyone was heading back for the restart Griffith’s then heading to the Celtic fans to rouse them up.
From my point of view that was when Beaton decided to go for his card.
Like the contributors to Sportscene I thought the yellow was not necessary but that seems to be the way of it these days. Over celebrating is a bad thing!!
My main concern is how the professional contributors, to a man, all appeared to have the whole incident back to front and then waxed lyrical about it.
Lord knows what else they may be getting mixed up!!!
Homunculus 29th October 2015 at 10:00 pm #
For example Toffs now seem to list Rangers as “Glasgow”,
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Glasgow’s Green & Whyte’s?
John Clark at 11:24pm.
For what its worth John, I remember the ostrich in the Beano (sad to say!). I think he was referred to as Big Eggo though!
McCaig`s Tower 29th October 2015 at 10:20 pm #Pure speculation on my part, but I imagine that Mr Ashley considers himself to be an infinitely superior businessman to Mr King, but that opinion is not reflected in the MSM. To compound things, when they last went head to head in public (at the EGM in March, was it?) Mr King won. This defeat will rankle; to exorcise this hurt, Mr Ashley will want to defeat Mr King in their next battle; not only that, he will want to win big, and publicly (and possibly repeatedly). The thought of getting his revenge will determine when that battle will be – to mix metaphors Mr Ashley holds all the aces and if he is putting all his chips in the middle now it may be to maximise the humiliation.
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Neither King nor Ashley attended the EGM.
King gained gained a pyrrhic victory by proxy at that EGM that was lauded in the supportive press as some kind of RRM takeover.
In fact MA achieved exactly what he wanted in extracating his colleagues from the boardroom to minimise wrongful or fraudulent trading allegations further down the line and leave the “victors” with all the risk but at the same time retaining all the reward for himself via SD through the retail contracts. MA had no interest in running TRFC or RIFC on the terms that the press or supporters had in mind, the OPM they so covet won’t be MA’s.
The £5M is secured, and as I mentioned earlier we may be hearing more about concert parties if MA decides to recoup the losses incurred on his investment in RIFC PLC shares. We may yet find out the quantum of DK’s warchest, although not quite in the way that the SMSM envisaged when they heralded his glorious ascent of the marble staircase of dignity.
tykebhoy 29th October 2015 at 9:13 pm #Cat NR1 Concert party may be something that we will be hearing more of fairly soon.After the Dad’s Army remake is it “It ain’t half hot mum” next?
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Oddly enough I’m working through the Dad’s Army boxset at the moment, having got to half way through series 3 tonight. It was a strange coincidence to see it mentioned when I checked back after watching a few more episodes. (insert X-Files emoticon thingy)
Prohibby 29th October 2015 at 11:54 pm #
‘… I think he was referred to as Big Eggo though!’
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And memory now tells me you’re right. Thanks for that!
Smugas 29th October 2015 at 9:15 pm #Is it a concert party if they all subsequently fall out?
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It wouldn’t be a very tuneful group, would it?
Having said that, as individuals they could sing like canaries if subjected to appropriate conditions.
At the time of the share purchases and the EGM, if it were the case that they were acting de facto in concert and deliberately avoiding the takeover rules, they could leave themselves open to action. At the time of the EGM, the PLC was still listed so takeover rules would have applied and an offer should have been made for all the other shares if the total holding exceeded the threshold for a full takeover offer. The difference between that offer price and the current value could be seen as a loss that could be subject to litigation should the party suffering the loss be so litigiously inclined.
wottpi 29th October 2015 at 11:39 pm #
‘…From my point of view that was when Beaton decided to go for his card.’
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I neither saw the game nor heard the Sportsound prog tonight.
But when I came in at nine o’clock after my woodwork class, Mrs C expressed to me the same view that the Sportsound people seemed to be in a parallel universe , sort of working backwards in time to arrive at the ‘present’ as they would wish it to be.
Even from their description of events, she said, she thought that Griffiths was being booked for going to his own team’s fans! She added that the ‘panel’ spent about 15 minutes rabbiting on about it, Chick Young incoherent and inarticulate as usual.
But, of course,she knows that I am biased.
She knows that I believe that for BBC Radio Scotland , from the top down, directorially and editorially, there was only one club that mattered.
And that their partisanship has led to them into betrayal of the most hallowed BBC traditions of objectivity in reporting,and of diligent examination of facts and evidence.
Sportsound is an integral part of the Big Lie, a sub-text of which is the imperative to have a go at any other club that seems to present any kind of challenge in virtue merely of being legally and legitimately alive, and paying its way, and not being some crazy ,ersatz manufactured new club which lies about its ‘bastard’ origins to try to legitimise itself.
I listened in respectful, Warburton-like, respect to what Mrs C had to say.
I posted at 1.01 .m.
It has gone into moderation.
It may re-appear, so I won’t try to re-write.
It was merely to say that Mrs C agreed with wottpi’s post of 11.39 pm.
With a few obiter dicta on the perfidy of BBC Radio Scotland, or words to that general effect.
wottpi 29th October 2015 at 11:39 pm #
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As always the most frustrating thing about players being booked for off the pitch goal celebrations is the inconsistency. Some players get booked for it and others don’t. The SFA seem to love ‘discretion’ as a basis for applying their own rules (or not!).
upthehoops 30th October 2015 at 5:59
I have some sympathy with the refs as many appear to just apply the rules, not just those relating to goal celebrations, regardless of putting any context to the events.
From my viewpoint I got the impression from Beaton’s body language that he wasn’t overly keen to issue the card but felt he had to otherwise he may have got collared himself after the game.
However UTH you need to be careful here as you would be agreeing with Chic Young with regard to inconsistency as he believes there are times that Jim Goodwin gets a card for a tackle, based on his reputation, when other players go unpunished for similar or worse.
I was looking through some old stuff and i came across old heads of terms article. I’m sure most of you will be familiar with it.
http://www.celticquicknews.co.uk/sale-and-leaseback-of-ibrox-murray-park-heads-of-terms/?utm_source=dlvr.it&utm_medium=twitter
As we know, Craigy’s Ticketus agreement was deemed a bit naughty, so it would be daft to repeat such a mechanism. However I was struck with how closely it can be mirrored, using another mechanism, such as a retail deal
Good Morning.
If you haven’t yet seen it, I heartily recommend this Revisionist Spectacular from Keith McLeod in today’s Record.
Former Rangers owner Craig Whyte does yet ANOTHER disappearing act – failing to attend court as he is declared bankrupt
It contains the following lines:
It completely fails to mention that the Record gleefully ran with the ‘billionaire’ line and arguably did Rangers fans a huge disservice!
And then there is this…
Company running the club? Resuming?
Oh dear!
I sometimes wonder if folk in the media are simply utterly brazen, or think we are too stupid to see through this nonsense!
Enjoy the rest of the day.
The Clumpany (still churning out the blogs over on https://theclumpany.wordpress.com/)
Anyone know if the Ibrox superstore is stocking Rangers masking tape yet?
Scottish Football needs transparency (except when using tape).
redlichtie 30th October 2015 at 9:46 am #
Anyone know if the Ibrox superstore is stocking Rangers masking tape yet?Scottish Football needs transparency (except when using tape)
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Duck Tape?
Corrupt official 30th October 2015 at 9:53 am #redlichtie 30th October 2015 at 9:46 am # Anyone know if the Ibrox superstore is stocking Rangers masking tape yet?Scottish Football needs transparency (except when using tape) ——————————————————————————– Duck Tape?
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You mean DCK tape?
Scottish Football needs U…
redlichtie 30th October 2015 at 10:01 am
The Presser for the Hibs match could be interesting.
“With the utmost respect to our opponents in a very respectful way we will very respectfully be playing in vests and underpants.
Intellectual property? Cease And Desist? Great song-Adam and the Ants, wasn’t it?
Tonight Matthew I’m going to be Aretha Franklin.”
The latest John James blog about “cease and desist” is only speculation with nothing to back it up. It is just one theory of many that JJ has put forward in the last couple of days.
He has also suggested that it is a simple as Sports Direct asking for its money back. He has also said that King’s rant resulted from Paul Murray failing to secure the second £5M tranche from Sports Direct. Other theories included antagonising Ashley sufficiently that he would seek to serve an insolvency notice so that King would have someone to blame. Another that it was simply a deflection tactic to take the discussion away from King’s failures on funding and transparency. He also stated that the club’s deal with Level5 had been terminated, thus had to make their own PR in response to Keith Jackson’s piece.
Take your pick. One or more theories may be correct, but I don’t think JJ has a clue as to which either.
All we can be certain about is that the club needs more cash, preferably sooner rather than later.
I may have pointed this out before, but trade mark UK00002364579 (owned by Sportsdirect.com Retail Limited) covers the use of the name Rangers in a whole bunch of situations, including the “organisation of sporting events and competitions” and “presentation of live performances”. Rangers Retail Limited have exclusive licence RC000015048 under this trade mark which allows them to use the name Rangers, but only on various types of merchandise. It looks to me very much like a Cease & Desist could leave Rangers in the same “no name no logo” situation Steaua Bucharest found themselves in last year over a trade mark dispute with the Romanian Army.
Of course, if such a hypothetical event came to pass, the SPFL would surely need to take some action to protect the integrity of the competition.
Stevo does that mean the team taking to Easter Road on Sunday may have to play in a badgeless shirt and be known as Sevco or alternatively taking a leaf out of the Purple Pain’s book TFKAR (Team formerly known as Rangers)