Whose assets are they anyway?

Avatar ByBig Pink

Whose assets are they anyway?

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);

  1. They have absolutely no credible business plan to move forward over the next five years – only a commitment to limping on with soft loans;
  2. The current chairman is a convicted felon;
  3. Two directors of the new company were directors of the company now in liquidation;
  4. They have no line of credit;
  5. They are already in debt to the tune of at least £12m – increasing as I write;
  6. They are unable to repay that debt;
  7. There is still a nominal (even if we accept the BDO position above) doubt over the ownership of assets;
  8. The football team does not play in the top league – and European income isn’t coming soon;
  9. 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.

About the author

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Big Pink administrator

Big Pink is John Cole; a former schoolteacher based in the West of Scotland, He is also a print and broadcast journalist who is engaged in the running of SFM . Former gigs include Newstalk 106, the Celtic View, and Channel67. A Celtic fan, he is also the voice of our podcast initiative.

1,787 Comments so far

scottc

scottcPosted on3:20 pm - Oct 31, 2015


ianagain 31st October 2015 at 1:45 pm #
Sure is bears will love this explanation!

Scouting? 01

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ChristyboyPosted on3:22 pm - Oct 31, 2015


Or …..” King takes picture to remind him of what a team in blue looks like.”……

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scottc

scottcPosted on3:23 pm - Oct 31, 2015


ianagain 31st October 2015 at 1:45 pm #
Sure is bears will love this explanation!

Since the visit obviously relates to football, what are the odds on RIFC having bought the ticket?

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ianagain

ianagainPosted on3:46 pm - Oct 31, 2015


JJs gonna love this.

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ianagain

ianagainPosted on4:06 pm - Oct 31, 2015


Taps Abramovich on shoulder, 6 heavies pull and cock weapons.

“Eh any spare change big man?”
“If no got any spare strips”?

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ChristyboyPosted on4:34 pm - Oct 31, 2015


” So Roman, that we bolt hole in Siberia we discussed. I think I’m gonna need it…………What ? It’s gone…….Ahmed you say…….”.  

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Kilgore TroutPosted on4:36 pm - Oct 31, 2015


Looks like Robbie Neilson is about to inherit the mantle of the MSM’s most talented, innovative and exciting SPL Premiership Manager.

No disrespect intended towards Hearts in this comment. They deserve the success they are enjoying. 

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ianagain

ianagainPosted on4:39 pm - Oct 31, 2015


Kilgore Trout 31st October 2015 at 4:36 pm # Looks like Robbie Neilson is about to inherit the mantle of the MSM’s most talented, innovative and exciting SPL Premiership Manager.
No disrespect intended towards Hearts in this comment. They deserve the success they are enjoying. 
============================

What not Barraclough?

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tykebhoy

tykebhoyPosted on6:06 pm - Oct 31, 2015


Guys I think you are missing the obvious.  DCK was invited to the Bridge today to discuss the quantum of the compensation package required for Warburton to replace Mourinho.  Chris Jack will be stating in the Herald tomorrow that DCK told Abramovich to do one 22

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easyJamboPosted on7:39 pm - Oct 31, 2015


I’ve played about with some numbers re the RIFC shareholdings following the suggested debt for equity swap by King and the 3Bears, plus new cash investment from the fans organisations.

What I was looking for was the dilution effect on the “co-investors” and other shareholders at different new share price points.

For the purposes of the calculations, I have made the following hypothetical assumptions:

  • RIFC remains solvent with the proposed funding arrangements
  • The AGM passes a motion to disapply pre-emption rights (75%)
  • The 3Bears are currently owed £3M and will invest another £2M making £5M in total
  • King is currently owed £1.5M and will invest another £1M making £2.5M in total
  • RF, RST and RFFF will invest £1.5M up front and another £1M over the next 12 months making £2.5M in total.
  • All existing King and 3Bears loans, new loans, plus new cash investments (£10M in total) will be converted into new shares after the AGM
  • The new shares will be issued at 20p or 15p, or 10p.

The above screen print shows the impact on the current holdings and percentage shares if the new shares are issued at each of the three price points.

What you can take from the info is that at each of the price points the percentage shareholdings will change as follows:

  • The 3Bears’ current 19.5% would increase to 31.1% at 20p, 33.2% at 15p or 36.3% at 10p.
  • King’s “investment” (I know) is currently 14.6% and would increase to 18.5%, 19.3% or 20.3% respectively.
  • The fans groups currently hold 5.6% which would increase to 13%, 14.3% or 16.3% respectively.
  • However MASH’s current 8.9% would drop to 5.5%, 4.9%, or 4.0% respectively.
  • BPH and Margarita could end up with less than 3% each.
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Homunculus

HomunculusPosted on8:03 pm - Oct 31, 2015


Thanks for doing that EJ.

I think the reality of the situation from Ashley’s perspective is that unless they can get him below 5%, where he can call for an EGM without the assistance of others, then it really doesn’t make much difference.

The thing about it is they obviously need 75% to pass the special resolution anyway, and some of the shareholders have had their voting rights removed. It will be interesting to see what happens if they announce the AGM, and put that resolution in, will those shareholders just sit quietly or will they take some sort of (court) action. maybe even take out an injunction to stop things happening.

If The Easdale’s still control over 17% of the voting rights and they side with Ashley to block the resolution then the plan is dead before it even starts properly.

That is of course if any of them want to actually block it. It might suit them for others to put even more money into a dying business.

Oh and just to add, even if they do it the effect you described won’t actually happen when they put the money in obviously, that will take place when the swap actually occurs.

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justshatered

justshateredPosted on9:23 pm - Oct 31, 2015


I, like most people on this site, am amazed by last nights proclamation.
After Tuesday’s rant (copyright Ronnie Diela) surely there was no need for yesterday’s notice. After all the club was in good health on Tuesday but not happy with MASH (cue little tin men laughing for those of a certain age).
It was interesting that they spoke about “existing shareholder / lenders” did they mean the shareholder’s that have already loaned money or have they accessed new lenders? Surely there is no company on the planet that would get involved in an organisation in such a perilous state and certainly not one that brags about “institutional investors” only until they want a return on that investment then they morph into parasites!!
It has been mentioned here before that when the loans are changed into new shares then the debt just starts to accumulate again. Next year, if they survive that long, then they will require bigger, better signings which in turn will increase the wage bill so the tipping point will arrive even earlier in the season.
This has financial implosion written in large letters.
Until this business can implement some form of cost cutting to balance the books then financial disaster is never more than three months away. That isn’t any way to run a business never mind a football club.
Meanwhile Mike Ashley, in the shape of MASH, looms large in the background with an as yet undisclosed agenda which could bring the whole journey shuddering to an abrupt end.

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tykebhoy

tykebhoyPosted on9:35 pm - Oct 31, 2015


Some questions.

  1. As Homunculus points out RIFC were making noises about removing voting rights from certain shareholders.  Did they actually take any action?
  2. If so would that hold up legally?  Especially as much of the argument revolved around transparency.  Rumour has it that DCK’s holding is actually via a Trust and said trust may have been ahem lent the money by one or more of the three bears.
  3. If voting rights aren’t removed from “the Easdale bloc” would not their votes combined with those of MA/SD not be enough to prevent a 75% vote?
  4. Is there any reason why Mike would not vote against disapplication?  Given the plan is to convert every other debt to equity could MA legally enforce this on RIFC’s debt to him too thereby suffering no dilution.
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John ClarkPosted on10:12 pm - Oct 31, 2015


easyJambo 31st October 2015 at 7:39 pm #
‘…I’ve played about with some numbers re the RIFC shareholdings following the suggested debt for equity swap by King and the 3Bears, plus new cash investment from the fans organisations.’
________
And I am very grateful for that piece of work: I keep forgetting all the other percentage shareholdings’
This being Hallowe’en and all, I would suggest that , if they were to go for an issue, they will be attracted to a price of 15p per share: it produces some lovely ‘666’ numbers!03

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The Cat NR1

The Cat NR1Posted on10:14 pm - Oct 31, 2015


tayred 31st October 2015 at 12:18 pm #The Cat NR1  31st October 2015 at 11:16 am #Phil’s been on the Ibrox case since way before MA appeared on the scene.Think back to Downfall. ____________________________________________________________
As with everything in this saga, do we actually know exactly when MA became one of the cast?
======================================
Judging by the myth cult entry below, it could be way back in the 1870s, but I suspect it may be post 2012 as the JJB Sports deal was in place in 2012 with the previous Ibrox Franchise operator, and MA wouldn’t have wanted to have been seen near one of his rival’s flagship billboards.
https://en.wikipedia.org/wiki/Rangers_F.C.

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The Cat NR1

The Cat NR1Posted on10:20 pm - Oct 31, 2015


tykebhoy 31st October 2015 at 6:06 pm #Guys I think you are missing the obvious.  DCK was invited to the Bridge today to discuss the quantum of the compensation package required for Warburton to replace Mourinho.  Chris Jack will be stating in the Herald tomorrow that DCK told Abramovich to do one 
=====================
No wonder that Chelsea are the laughing stock of the EPL, if they can’t even steward their own directors’ box properly. I was reminded of the film Zelig when I saw that.

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The Cat NR1

The Cat NR1Posted on10:28 pm - Oct 31, 2015


Kilgore Trout 31st October 2015 at 4:36 pm #Looks like Robbie Neilson is about to inherit the mantle of the MSM’s most talented, innovative and exciting SPL Premiership Manager.
No disrespect intended towards Hearts in this comment. They deserve the success they are enjoying. 
=========================
Being linked with the Villa job must be a huge embarrassment after a second tier manager snubbed the Liverpool job.

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redlichtiePosted on11:05 pm - Oct 31, 2015


Kinda O/T…
I’ve just finished reading David Farrell’s book (“Taxi for Farrell”). DF was never a ‘top’player so we are treated to a more ‘real world’ experience than in the usual superstar auto-biography.
One of the interesting things to me was the behaviour and attitudes of people in the game. I hope that I am not extrapolating too much from the book but it sadly seems to explain a lot about how the whole TRFC mess could happen – selfishness and short-termism at all levels.
Worth a read if only to hear about the journeyman side of the game.
Scottish Football needs a strong Arbroath.

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The Cat NR1

The Cat NR1Posted on11:12 pm - Oct 31, 2015


redlichtie 31st October 2015 at 11:05 pm #Kinda O/T… I’ve just finished reading David Farrell’s book (“Taxi for Farrell”). DF was never a ‘top’player so we are treated to a more ‘real world’ experience than in the usual superstar auto-biography. One of the interesting things to me was the behaviour and attitudes of people in the game. I hope that I am not extrapolating too much from the book but it sadly seems to explain a lot about how the whole TRFC mess could happen – selfishness and short-termism at all levels. Worth a read if only to hear about the journeyman side of the game. Scottish Football needs a strong Arbroath.
============================
I would recommend the book Pointless.
http://www.amazon.co.uk/Pointless-Jeff-Connor/dp/0755313526

Scottish football may need a strong East Stirlingshire, but it can probably get by without it for a wee while.

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woodstein

woodsteinPosted on11:27 pm - Oct 31, 2015


The Cat NR1 31st October 2015 at 10:14 pm #
 

As with everything in this saga, do we actually know exactly when MA became one of the cast?

 
 
Sometime  after 24th June 2012 ? if the above attachment is accurate.

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woodstein

woodsteinPosted on11:36 pm - Oct 31, 2015


Confirmation

Sports Direct signs Rangers deal
Friday 24 August 2012 – Editorial Assistant
Sports products & clothing retailer Sports Direct has today confirmed a joint venture with Rangers football club which will see the company sell its merchandise across its stores.
 
http://www.retailgazette.co.uk/blog/2012/08/20212-sports-direct-signs-rangers-deal

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ianagain

ianagainPosted on11:50 pm - Oct 31, 2015


I think it was at least back in CW time. Possibly not as SD.

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ianagain

ianagainPosted on11:53 pm - Oct 31, 2015


Charlotte is source.

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redlichtiePosted on12:03 am - Nov 1, 2015


Thanks The Cat NR1. I’ll check it out.

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yourhavingalaugh

yourhavingalaughPosted on1:34 am - Nov 1, 2015


So what’s changed that the 3 bears are willing to plough more of their families inheritance as opposed to Kings ,has King resorted to horse trading with the 3 bears,something has been offered but what.

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Corrupt official

Corrupt officialPosted on2:26 am - Nov 1, 2015


The listing was never really going to happen, despite the fact they are now blaming it on the court case. This being the case, then gaining 75% support was never the aim. Am I correct that 51% will suffice for them?
    The statement in real terms has changed nothing, except maybe comfort the auditor that they have a puncture repair kit for the bubble, but no mention of how many patches in the wee tin. 
   I am more intrigued with the retail deal and the gagging order. We thought we had the retail deal pretty much explained and understood, so why the need for the gagging? A seven year notice period (which for some reason hasn’t been posted) seems rather long, but will take it into year 10/11 of the new clubs lifespan. Is there a termination fee that dwarfs the outstanding £5m loan holistically into chicken feed. 
    That whether they pay it back or not and have the securities over the assets and IP quashed, Ashley still has them by the hawmaws. 
   It reminds me of the time a guy returned home early from work to catch his wife in bed with his pal. In a rage he dragged him outside to the garden shed and clamped his dangly in the vice, chaining and padlocking it, before swallowing the key.  He then picked up some rusty old garden shears. 
     “Aw Naw” screamed the adulterer, “You’re no gaunnae cut it off are you?” 
   “Naw you are!” said the disgruntled husband, handing him the shears……..”I’m gaunnae set the shed on fire !” 
    The adulterer had always, as most folk would, viewed his nuts as rather important..,….. But holistically..?.

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John ClarkPosted on5:56 am - Nov 1, 2015


John Clark 31st October 2015 at 1:24 pm #
‘….Any non-defamatory pithy definitions spring to mind? [ of ‘ a Bryson approach’]
______________
No, I’ve not been up all night! Just since 5.30 a.m.
My attempt at a description of ‘ a Bryson approach’ :
” to take the Bryson approach is to assert that a breach of Rules undiscovered until long after its occurrence cannot be held to have been a breach of the rules once it is discovered, and no penalty can be imposed on the person or persons guilty of that breach”
Does that capture the essential idiocy of Bryson? Or was he even more stupidly perverse than I believe he was in his desperate attempt to prevent the expulsion of RFC(IL) and/or the stripping of unmerited ‘ sporting achievements’?

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Corrupt official

Corrupt officialPosted on6:47 am - Nov 1, 2015


John Clark 1st November 2015 at 5:56 am #John Clark 31st October 2015 at 1:24 pm #‘….Any non-defamatory pithy definitions spring to mind? [ of ‘ a Bryson approach’]
     ——————————————————————————————-
   Morning John. 
        Same for me. I must get myself some night nurse…..Or at least one, who will keep me in bed a bit longer. 
     Doing a “Bryson”…..Lying to a retired high court judge doing a “homer” 
     To “Bryson” someone…….Convince an elderly confused pensioner that the loose slate on his roof, means his house will fall down if he doesn’t part with his life savings. 
    I’ve been “Brysoned” …..Lead to believe the ice-lolly won’t melt  and drip down behind the radiator causing a sticky mess, because the ice-lolly doesn’t know it’s supposed to melt.

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Danish PastryPosted on6:53 am - Nov 1, 2015


Morning all. Passed the national stadium in Copenhagen yesterday. Big posters up for the play-off match with Sweden. This is as close as it gets to Scotland v England over here. But it got me thinking what might have been. Sigh. Good luck Ireland, though. An absolutely winnable play-off. 

Alternative interpretations of ‘The Statement’ voiced by Phil and Mr @sitonfence. The idea that DK was ‘summoned’ to a meeting in London and asked to hand over his shares (or at least the ones supposed to be his) is fascinating. If alternative scenarios true, it would suggest a disconnect between the current PR dept. and the real world. Guess we’ll know soon enough. 

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yourhavingalaugh

yourhavingalaughPosted on7:57 am - Nov 1, 2015


Can we take it that King will be flying out to SA ,visit over,no time to squeeze in a game for the club he is Chairman off,pesky taxman has set the rules,oh well,as long as the reason for the visit has been dealt with that’s the main aim of the visit,wouldn’t you all agree,RRM.

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Tartanwulver

TartanwulverPosted on8:08 am - Nov 1, 2015


(The) Rangers and Leeds United, two clubs whose success in Europe was based on financial over-priming, and who have subsequently suffered massive crashes, and have opened their doors to all kinds of chicanery. Three major differences at Leeds – they are not being hoodwinked by having dodgy characters portraying themselves as ‘Real Leeds Men’ in order to blindside the fans to their real intentions; the media are highly critical of what is going on at Leeds; and the football authorities there are waving red flags all ver the place about their current boss. 

And now now another difference – the fans there are trying to ‘lead, lead’, where others submissively ‘follow, follow’.

http://www.theguardian.com/commentisfree/2015/nov/01/fans-leeds-united-football-money-supporters-buy-club?CMP=twt_gu

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Tartanwulver

TartanwulverPosted on8:46 am - Nov 1, 2015


Mark Warburton seems to be a decent football manager, and has the sense to avoid most of the pitfalls put in front of him by Scottish ‘journalists’ eager to lead him astray (and credit him with calls for the Rangers goalie to become an England international, for instance). But he has his moments of weakness…

http://www.theguardian.com/football/2015/oct/31/mark-warburton-rangers-champions-league-scottish-championship

A champions league club. It turns out that he means in every way except being a million miles away from eligibility / qualification for the actual competition. A not inconsiderable detail!

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oddjob

oddjobPosted on9:15 am - Nov 1, 2015


Perhaps Messrs King and Warburton should have attended the match at Celtic Park yesterday, to assess the extent of the task which lies ahead, before Champions League football is even considered.
Presumably, they will be together at Easter Road today ?

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yourhavingalaugh

yourhavingalaughPosted on10:09 am - Nov 1, 2015


Tartanwulver
oh dear ,it seems Rangersitis is still as catching as the flu at this time of year,is Warby morphing into Charles with the European spiel,what next,a Xmas speech ,a plea for more investment from supporters,well if King has exited stage left without a fanfare from his trumpet then the begging bowl speech has to come from someone and Warby is the last chance saloon ,at this time of year the man with the magic hat will have to do a Fagan rather than a Merlin and mill around on the concourse’s at Ibrox to try and empty a pocket or two,interesting weeks ahead.

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AuldheidPosted on10:58 am - Nov 1, 2015


Cognitive Dissonance and what it causes.
http://mattleslie74.weebly.com/blog/when-cognitive-dissonance-blinds-objectivity
Interestingly accurate article on what TRFC core beliefs create  by Matt Leslie.

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AuldheidPosted on11:29 am - Nov 1, 2015


John Clarke
The  Bryson interpretation is absurd and was designed to justify not removing titles.
That in turn was helped by keeping details of illegal ebts  and clearly dishonest behaviour from SPL lawyers. A total sham that some in the media are well aware of given they were sent the documents by SFM posters last September and again more recently.
Going back to Bryson. If I managed to  rob some deposit boxes in June this year but robbery was only discovered yesterday.  Do I have a rock solid alibi that yesterday I was having lunch at my local tapas bar with friends so no breaking of the law took place?
I read your letter to McCrae and hope it helps him realise what an absurd organisation he is President of.

Bonkersville.

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bfbpuzzledPosted on11:47 am - Nov 1, 2015


Bryson is a version of strict  anti-liability a crime ceases to be crime as soon as it is discovered. On this basis every convicted person shoul have their sentences quashed.
This strikes me as a kind of quantum mechanics where innocence is proven by guilt 
As Feynmann said anent quantum physics “if you think that you understand it that proves that you don’t”

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Homunculus

HomunculusPosted on12:00 pm - Nov 1, 2015


John Clark 1st November 2015 at 5:56 am #

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Rangers were found guilty of all three charges against them.

Bryson’s evidence only affected the punishment, not the decision.

They were found guilty of lying and cheating. The fact that the supporters and media painted is some sort of victory is irrelevant.

(1) We find the breaches in Issue 1, Issue 2, Issue 3 (except Issue 3(c) and the concluding passage of Issue 3(b)starting with “such that Rangers FC . . . .”) and Issue 4 proved against RFC 2012 Plc (in liquidation), formerly The Rangers Football Club Plc. (2) We fine RFC 2012 Plc (in liquidation) £250,000 in respect of Issues 1 to 3, and admonish it in respect of Issue 4. (3) We make no separate finding of breach by Rangers FC and impose no penalty on it.

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AuldheidPosted on12:06 pm - Nov 1, 2015


One more thing if a bit off topic.
Sir David Murray was majority shareholder at Rangers in October 2010 when HMRC first wrote to RFC about tax owed as result of their use of a tax evasion scheme from 1999 to 2002/03.
He was still in that position and so had ultimate authority at the club in Feb 2011 when HMRC presented their case for payment of £2.8m owed as result of payments made to De Boer and Flo using a Discount Option Scheme. The case for pursuing payment outside the normal 6 year time frame was justified by HMRC because RFC had lied to them in 2005 about side letters associated with the illegal ebts. (All documentation NOT provided to Harper MacLeod btw).
RFC accepted liability of this unpaid tax in March 2011 and it appeared as such in Accounts published on 1st April. Alistair Johnstone the RFC Board Chairman called it a potential liability at the AGM in April 2011 but there was no “potential” about it. He said it had been discovered in the accounts when in fact RFC had sought QC advice in March on whether to pay or appeal. It was on his advice to pay because of the lie in 2005 that the liability was accepted.
Now the SDM bit. He could have authorised payment of liability at anytime in April or the first week of May but instead chose to sell it to CW for a £1 along with the disputed ebts.
Is that the act of an honourable knight of the realm? To pass on a liability caused by a decision he himself made in 1999 to embark RFC on the disastrous ebt policy?
How duped was he really now we know CW did not have a pot to piss in, and the RFC Board itself had serious doubts?
Truth is the first casualty of any war, but it has been bludgeoned beyond recognition by an establishment desperate to hide the full extent of SDMS’s crimes against Scottish football and Scottish society, who still have not been paid the £2.8m tax bill that was conveniently held back by HMRC until 20th May 2011 after CW took over the helm of the sinking ship on 6th May.
SDM appears still to have a few million in his kitty so are HMRC going to pursue settlement with him or do they believe he was duped or do they simply have no evidence he was party to further evasion of payment of that £2.8m in his dealings with CW?

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John ClarkPosted on1:21 pm - Nov 1, 2015


Auldheid 1st November 2015 at 11:29 am
‘…I read your letter to McCrae and hope it helps him realise what an absurd organisation he is President of.’
_________
This morning, very early and having drunk far more coffee than usual, I found myself suddenly wondering just how much the people other than the signatories of the ‘5-Way Agreement’ and the ‘parameter-setters’ of the LNS enquiry actually know even now about the dirty deeds of the handful who were orchestrating the master plan that was aimed at both allowing  Rangers FC to shed its shameful debts virtually without punishment AND( those rogues clearly expected) to carry on as before without that burden of debt.
In the poisonous, deceitful atmosphere of the 6th Floor, who might have felt competent and knowledgeable to challenge Ogilvie and Regan and Doncaster-and their Bryson-type lackeys?
It seems inconceivable to me that an astute businessman, with, as far as we know, great sporting and personal integrity, could so far have forgotten himself as to throw in his lot with that handful.
He surely would not have accepted the post of President if he knew what a disgraceful function he would have to discharge, as, in effect, the rubber-stamper of a great act of abuse against the entire Scottish Football community, and as the keeper and preserver of the Big Lie?
If he was fully cognisant of what was happening, shame on him for endorsing it.
If he did not know, then he has found himself at the head of a highly questionable organisation that he will need to sort out and rectify if he is indeed a man of any integrity.
In my opinion.

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upthehoopsPosted on2:44 pm - Nov 1, 2015


I was out earlier but caught the last 20 minutes of the Hibs v Rangers game. I was particularly interested to see whether Rangers would have the crest on their strips given the talk of a cease and desist order from Ashley. They did have so we can just wait and see what happens now, if indeed anything at all. I imagine such matters would initially be a lawyers letter, with a subsequent submission to court for non-compliance. Of course, it could all come to nothing. We’ll see. 

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upthehoopsPosted on2:58 pm - Nov 1, 2015


Tartanwulver 1st November 2015 at 8:46 am #
===============================

I’ve become rather hacked off at people from Rangers being given a free hand by the media to talk of Champions League participation.  No matter what happens to them financially at the very least they are not going to have mega cash to splash on players. Yet it seems winning the top league at the first time of asking then successfully negotiating three play offs with zero co-efficient behind them is a straightforward procession rather than a challenge.  The basis for all of this is largely predicated on success against lower league teams with a one dimensional brand of football which many opponents seem to have woken up to now. 

I didn’t believe it was possible for the media to become any more sycophantic towards Rangers, but every day they confound me with their sterling efforts. Long may it continue.

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auchinstarryPosted on3:48 pm - Nov 1, 2015


Great Summary Auldheid . As always. The main complaint I would have about the reporting from Day one, would be the almost anonymity of SDM to the apportioning of any blame. 
This I realise has been covered many times . Even recently his audited accounts were lauded as a sign of a recovery in the Financial world. The truth was rather different. When broken down it transpired he had sold his shares in ADL. (Alexander Dennis LTD.)for almost identically the amount of profit achieved. 
 Murray is a well advised individual who seems capable of the old Canal, Salmon, Eau de Cologne trick….
 

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StevieBC

StevieBCPosted on3:58 pm - Nov 1, 2015


1) Statement o’clock.
On Friday I was about to post to the effect that it was almost a surprise that no TRFC statement had been issued at 4.59PM that day, what with all the speculation last week.
And then they go and issue a statement at 8.00PM instead !
Sounds like it would have been better to have not issued anything at all.
[No Level42 PR advice available ?]

2) Dave King attending Chelsea match ?
If it was him, was that not a massive PR own goal ?
He rarely attends TRFC games, so what are the bears to think when he is hobnobbing in the Chelsea directors’ box ?  Regardless of any spin from his side, it just doesn’t look good.
King is most definitely not a ‘real’ RRM at all, IMO. 

3) Next week ?
Shirley something major is imminent ?
And whatever it is, I don’t think it is going to be good for Dave King…or TRFC either.
Answers on a postcard.  14

4) The SFA ?!
I know.
Could somebody give that new President Alan McRae a shake to wake him up please ?
With all this publicly admitted uncertainty about funding etc., you would think that the SFA would show an interest ?
On second thoughts, best to just let McRae continue his snooze along with the rest of the blazers at Hampden.  We know they are ineffective, and whilst that are asleep – or looking the other way – I suppose they cannot get involved in any more corrupt practices on behalf of one favourite, SPFL club. Allegedly. 09

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RaymacPosted on4:15 pm - Nov 1, 2015


Was there not a piece written by one of the MSM where Davy Murray was about to sign “Rangers” over to someone else. Apparently he looked them in the eye, and with all sorts of dignity, decided “they” (whoever “they” were) were not Real Rangers Men. What a guy!! Anybody recall this?

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StevieBC

StevieBCPosted on4:53 pm - Nov 1, 2015


Raymac 1st November 2015 at 4:15 pm #Was there not a piece written by one of the MSM where Davy Murray was about to sign “Rangers” over to someone else. Apparently he looked them in the eye, and with all sorts of dignity, decided “they” (whoever “they” were) were not Real Rangers Men. What a guy!! Anybody recall this?
================
Yes, IIRC it was a Russian – who failed [S]DM’s ‘sniff test’… whatever the hell that means !
Did Mr.Whyte smell of roses to the perceptible Minty snout ?!

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upthehoopsPosted on4:54 pm - Nov 1, 2015


Raymac 1st November 2015 at 4:15 pm #Was there not a piece written by one of the MSM where Davy Murray was about to sign “Rangers” over to someone else. Apparently he looked them in the eye, and with all sorts of dignity, decided “they” (whoever “they” were) were not Real Rangers Men. What a guy!! Anybody recall this?
===================================

Yip, it was described as him treating them like a vintage wine from one of his vineyards. He waited on Craigy the connoisseur to come along before parting with his pride and joy.  

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Big PinkPosted on5:08 pm - Nov 1, 2015


I think the talk of a debt-for-equity swap which could dilute Ashley’s shares (among others) whilst boosting the percentage ownership of the 3Bs et al is missing the point a little bit.

In a business being run like Rangers, to buy shares at any price at all only buys you the privilege of losing £1m per month – and an added pressure to continue funding those losses to protect the value of your shares.

The real control over that business lies not with the shares, but with the creditors – and Ashley would emerge from any such deal as the major creditor – and the real Big Chief.

I don’t see how any shuffling the of deckchairs can get around that.

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SmugasPosted on6:09 pm - Nov 1, 2015


There is a step in the middle that can’t be overlooked BP.

a share issue gets money in (causing the dilution) which then funds the £1m per month for 3 or 4 months more.  If I was a philanthropic type I might be tempted to at least see them into the SPL and then let someone else come in.  

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Danish PastryPosted on6:19 pm - Nov 1, 2015


upthehoops 1st November 2015 at 2:44 pm
I was out earlier but caught the last 20 minutes of the Hibs v Rangers game. I was particularly interested to see whether Rangers would have the crest on their strips given the talk of a cease and desist order from Ashley. They did have so we can just wait and see what happens now, if indeed anything at all. I imagine such matters would initially be a lawyers letter, with a subsequent submission to court for non-compliance. Of course, it could all come to nothing. We’ll see.
————

Ha, I was also a little curious, but I think the message was that if the badge was kissed — ‘would it be for the last time?’. Any potential legal wrangles will come after the Easter Road appearence, I suppose. Nonetheless, there is a huge amount of tweeting going on referencing 2011. Phil appears to tweet in partial riddles at times, but that could be down to playing cute due to sources. 

All in all the Sevco tealeaves are probably the most interesting they’ve been in a very long time.

PS Excellent game of football, btw. Hibs are a real treat to watch. Very pleasing on the eye. And as far as refs go, I thought Collum was decent yesterday and Beaton pretty much ok today.   

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Homunculus

HomunculusPosted on6:49 pm - Nov 1, 2015


Smugas 1st November 2015 at 6:09 pm

——————————————————————–

£1m a month is probably just the losses, rather than the running costs.

Based on the audited accounts the club was spending around £2.5m per month. I assume they have cut costs like players salaries. However even if they have saved £6m a year that still leaves an average spend of around £2m a month.

Borrowing money, to be repaid in equity at a later date is not a business model. Certainly not a sustainable one.

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upthehoopsPosted on7:13 pm - Nov 1, 2015


Has anyone else noticed the similarities between November 2011 and November 2015? In 2011 Rangers were riding high under McCoist, with a significant lead over their nearest rivals. The web was awash with stories of how cash strapped they were but the official line was they were fine and they had a plan. The media obeyed that official line and didn’t attempt to look under the bonnet. The fans were firmly lined up behind their shyster Chairman who they believed had riches aplenty. Anyone saying otherwise was branded a ‘hater’. The team were riding high and that’s all that matters. We all know what happened however. It’s uncanny how similar everything is. 

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HaywirePosted on7:32 pm - Nov 1, 2015


Danish Pastry 1st November 2015 at 6:19 pm #
PS Excellent game of football, …………………………………. and as far as refs go, I thought Collum was decent yesterday and Beaton pretty much ok today.   
…………………………………………………………………………………….
Haven’t been on for a bit due to all sorts of unwanted (but not too bad) events.  However, Danish, regarding referees’ performances, I give you a certain Mr. Madden’s ‘performance’ at Rugby Park yesterday – watch the highlights!
JC – I shall certainly be trying to attend one or two of the ‘truth-telling’ events in due course.
BP – I was pleased to hear that the getogether had gone well.  However, when is the next one a wee bit closer to Englandshire?  Also, I may have missed this, but where, exactly, are you in the Dear Green Place?  I may be visiting Glesca in the next month or so.
Regards to all!

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John ClarkPosted on8:00 pm - Nov 1, 2015


Raymac 1st November 2015 at 4:15 pm #
‘….Apparently he looked them in the eye, and with all sorts of dignity, decided “they” (whoever “they” were) were not Real Rangers Men. What a guy!! ‘
StevieBC 1st November 2015 at 4:53 pm #
Yes, IIRC it was a Russian – who failed [S]DM’s ‘sniff test’… whatever the hell that means !
‘..upthehoops 1st November 2015 at 4:54 pm #
‘…Yip, it was described as him treating them like a vintage wine from one of his vineyards. ‘

___________________
I remember this piece,but it might not be the original :
“How a man who has amassed  fortunes and countless honours could have been fooled by Whyte remains an enduring mystery of the tale.
‘He’s quite affable,’ he says of Whyte. ‘He is plausible. I always remember someone said: “Does it pass the sniff test?” Meeting him, you know, he was Scottish, he wasn’t a foreigner, he was supposedly a Rangers supporter, he had the money.”
[ full article at   http://www.dailymail.co.uk/sport/football/article-2114649/Former-Rangers-owner-Sir-David-Murray-admits-mistake-selling-club-Craig-Whyte.html  ]

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John ClarkPosted on8:12 pm - Nov 1, 2015


Haywire 1st November 2015 at 7:32 pm
‘..JC – I shall certainly be trying to attend one or two of the ‘truth-telling’ events in due course…’
_______
The first up is, I think, CG’s expenses question, on 12th/13th November. I intend to attend , but it wouldn’t surprise me if the judge was persuaded to hear it in private at the Board’s request on grounds of ‘business confidentiality’ ! If you can attend, I’d be happy to have a coffee with you beforehand.
I don’t know whether 7th December was settled on as a further ‘preliminary hearing’ in the ‘alleged fraud’ matter? It will be  case of looking at the Rolls of Court often enough not to miss it when it appears. (Unless someone has hard info that I’ve missed?)

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oddjob

oddjobPosted on8:58 pm - Nov 1, 2015


Any sightings of Mr King at Easter Road ?

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easyJamboPosted on9:23 pm - Nov 1, 2015


Big Pink 1st November 2015 at 5:08 pm #
I think the talk of a debt-for-equity swap which could dilute Ashley’s shares (among others) whilst boosting the percentage ownership of the 3Bs et al is missing the point a little bit.
===========================
You are right in respect that money, including debt, is currently the key issue for the club.

However there are debts to be repaid, rolled over, converted to equity or written off by the end of December.  The recent statement indicated that these will be rolled over then converted to equity at some point in the new year, as will any new loans made in the interim.  Thus there will be some plays to further isolate the smaller shareholders and those others who do not share the same views as the current Board.

For RF and RST equity is important as I can’t see even loyal fans gifting the club cash for nothing in return. If they can achieve something like a 15% holding within a year, then I think they will see that as success.

The ability of the supporters groups to provide ongoing monthly income will be attractive to the current or future owners/operators of the club in whatever form that end up, whether it is with or without an insolvency event.  A lump-sum payment up front will buy them a seat at the table, but ultimately the future income stream is the real attraction.  It is worthwhile looking at what happened at Tynecastle as a comparison to the position that RF and RST find themselves at the moment.

In pretty similar circumstances, Hearts fans effectively gifted £1.08M to the club in a share issue, just 5 months before it went into administration in May 2013. That money was lost into the Romanov/UBIG/Ukio Bankas black hole, but that is what fans tend to do if they think they are helping save their club.

The Foundation of Hearts then started collecting pledges from September 2013 and provided £1M to Hearts as a lump-sum when they exited administration in May 2014. Since then over 8,000 members have contributed an average £16.20 a month, meaning that the club has had an additional £2.3M towards their working capital requirements in the 18 months since exiting administration.  These contributions to working capital are scheduled to continue until May next year, when they will be diverted to repaying the £2.4M loan provided by Ann Budge. 

Most of the FOH contributors appear to have the view that their pledges are for life and will continue the direct debits after the loan is paid off and FOH assume ownership of the club. There are some suggestions that they may be used to help fund a new main stand, but that has yet to be put to the membership.

Hearts accounts for 2014/15 will be published next week, with the AGM scheduled at the beginning of December.  The accounts will show a modest operational loss in line with expectations, but that will be before the FOH contributions are taken into account.

Taking the comparison back to Rangers, there must be a potential for the Rangers fans groups to provide at least double the income stream that the FOH has achieved.  While it is not sufficient to cover the current funding gap, it may do so if there is a forced or voluntary reconstruction of club’s financial base.

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easyJamboPosted on9:28 pm - Nov 1, 2015


John Clark 1st November 2015 at 8:12 pm #
—————————————-
I won’t be able to attend on Thursday 12th, but hope to make it on the “unlucky” (for whom?) Friday 13th.

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Big PinkPosted on9:32 pm - Nov 1, 2015


Just a wee plea folks about the ads. Remember that clicking is fun – and good for us 😉

I’ve also added the Amazon ads because I know many of you may be doing some Christmas Shopping there. If you arrive at Amazon via SFM, we get between 1-5% of what you spend, so we’d appreciate it if you will consider doing that.

Lots of good footie books on there 🙂

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jean7brodie

jean7brodiePosted on9:48 pm - Nov 1, 2015


BP, where are the ads?

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John ClarkPosted on10:01 pm - Nov 1, 2015


easyJambo 1st November 2015 at 9:23 pm #
‘.. but hope to make it on the “unlucky” (for whom?) Friday 13th.’
_______________
Good. I’ll see you in Parliament House, if we’re allowed in!02

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HaywirePosted on10:06 pm - Nov 1, 2015


Big Pink 1st November 2015 at 9:32 pm #Just a wee plea folks about the ads. Remember that clicking is fun – and good for us
I’ve also added the Amazon ads because I know many of you may be doing some Christmas Shopping there. If you arrive at Amazon via SFM, we get between 1-5% of what you spend, so we’d appreciate it if you will consider doing that.
…………………………………………………………………………….
BP, I’m not even going to say I’m sorry that I cannot even consider looking at the Amazing Tax Avoider.  I’m just a wee bit surprised that you are pressing their case.  You would have to pull teeth (without anaesthetic) for me to put any money towards that bunch of shysters.  The only difference between them and our bete noir is that, nominally, their wheeze is legal (for the moment).
In passing, and ‘for the avoidance of doubt’, I would mention that the following entities are also sub-species of Amazon:  Abe Books and Book Depository.
Wordery (AFAIK) properly pays its dues.
For the benefit of our less worldly readers, there are a couple of coffee chains which also fall into the corporate villain category.  No doubt you can enlighten them in due course.
P.S.  Although I suspect that the advertisement on show for the Russian dating site was somewhat enhanced (photoshopped?) compared to what was on offer, it’s just possible that they actually pay their appropriate taxes!

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justshatered

justshateredPosted on10:30 pm - Nov 1, 2015


Danish Pastry 1st November 2015 at 6:19 pm
I originally listened to Hibs winning goal today on the radio and to me it sounded as if the commentator was quite hesitant in saying it was a goal and then I watched it on Hibs twitter account.
The referee watches the ball go into the net and the Hibs player wheel away but at no time does he raise his arm towards the half way line to signal a goal. I’ve long ago gave up celebrating goals until I see this movement. I always firstly glance at the linesman and then look at the referee. If the commentator today was the same then it is no wonder he was hesitant in stating categorically that it was a goal.
As for yesterday at Celtic Park I always thought the first goal would be crucial. Aberdeen had two or three good chances before losing a moral crushing goal on the stroke of half time. The second goal was a defensive calamity with a needless challenge which I initially thought was outside the box. Even after the third goal went in Aberdeen still created other chances. It was a great open game but I’m sure or media, who refuse to talk up the top flight for obvious reasons, will call it an error strew match which signalled the end of the league before November began. While the is now a gap Aberdeen started the month five points clear before a terrible run of results.
I certainly would not say any league is over until there is a gap of at least 12 points and all the major protagonists have played each other three times. By that time there is a law of diminishing odds with fixtures also running out.
Whilst I know this is a Football site I think a special mention should go to the All Black player who gave a young fan his winners medal. It is this interaction between supporters and heroes that maintain and enthuse the next generation of fans. Football should learn a lesson of this. At the end of a match why can players not go to different parts of the ground and give their shirts to young fans. It would be great for the individuals and grounding for the players as most of our clubs are linked closely to there local communities.

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essexbeancounterPosted on10:43 pm - Nov 1, 2015


  Doing a “Bryson”…..Lying to a retired high court judge doing a “homer” ===================================================
…as a CA apprentice, my Principal (RIP) used to refer to “homer”, i.e.. doing accounts and tax on the side, as “a Greek poet”…but I do not think he had retired Scottish high court judges in mind…!

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John ClarkPosted on11:17 pm - Nov 1, 2015


essexbeancounter 1st November 2015 at 10:43 pm #
‘….…as a CA apprentice, my Principal (RIP) used to refer to “homer”, i.e.. doing accounts and tax on the side, as “a Greek poet”…’
__________
Nice to see that you have nothing against Homer the genius [ and I am convinced that there was only one Homer] in the way that you have against Wullie Shakespoke!02
Last evening, on Radio 4 at 9.00 p.m, there was a kind of Monty Python-esque run-through of the ‘Odyssey by “The Penny Dreadfuls”.
I didn’t catch it all, but the bit I did catch  was not only funny ‘ha-ha’ , but in the oddly successful way  of skits and comedy brought the saga ( no, not that one, the Greek one!) to life.
I don’t know if it’s on wan o’ they ‘listen again’ thingies, but if it is, I recommend it .

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fishnish

fishnishPosted on11:43 pm - Nov 1, 2015


For last night’s Odyssey….
try here:
http://www.bbc.co.uk/programmes/b06kb0g6
I’ll likely listen myself in the a.m.  🙂

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The Cat NR1

The Cat NR1Posted on12:16 am - Nov 2, 2015


Big Pink 1st November 2015 at 5:08 pm #I think the talk of a debt-for-equity swap which could dilute Ashley’s shares (among others) whilst boosting the percentage ownership of the 3Bs et al is missing the point a little bit.
In a business being run like Rangers, to buy shares at any price at all only buys you the privilege of losing £1m per month – and an added pressure to continue funding those losses to protect the value of your shares.
The real control over that business lies not with the shares, but with the creditors – and Ashley would emerge from any such deal as the major creditor – and the real Big Chief.
I don’t see how any shuffling the of deckchairs can get around that.
======================================
I refer back to concert party.
Any minority shareholder in RIFC PLC with a litigious attitude could take action. DK hasn’t got a pot to piss in as it is, and defending that would tie the company up in the courts for way longer than than the life expentancy of the company.

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The Cat NR1

The Cat NR1Posted on12:28 am - Nov 2, 2015


Big Pink 1st November 2015 at 9:32 pm #Just a wee plea folks about the ads. Remember that clicking is fun – and good for us
I’ve also added the Amazon ads because I know many of you may be doing some Christmas Shopping there. If you arrive at Amazon via SFM, we get between 1-5% of what you spend, so we’d appreciate it if you will consider doing that.
Lots of good footie books on there
=========================
The blonde lady on the Russian dating site looked very interesting, but I think Mrs The Cat NR1 would quickly become ex Mrs The Cat NR4 if I succumbed to that clickbate. I’ll stick to the dubious tax practices of Amazon instead.
Every little helps. (I’m not sure what though)

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The Cat NR1

The Cat NR1Posted on12:45 am - Nov 2, 2015


oddjob 1st November 2015 at 8:58 pm #Any sightings of Mr King at Easter Road ?
========================
DK is way ahead of the game.

He’s already done a Warb for Mourinho swap and tomorrow’w ESJ and DR will both have exclusives (??) about Roman Abromovich being so dedicated to getting the Ibrox Franchise back to their rightful place that he’s prepared to change his Christian name by deed poll before providing the OPM fix that the junkies have been suffering cold turkey for a wee while.

Well, that’s what I was told earlier. Allegedly. 15

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John ClarkPosted on12:55 am - Nov 2, 2015


The Cat NR1 2nd November 2015 at 12:28 am #
‘.. but I think Mrs The Cat NR1 would quickly become ex Mrs The Cat NR4 if I succumbed to that clickbate…’
______
Snap!
As various characters in the wonderful world of Damon Runyan would say, the everloving wife, Mrs C, raised an eyebrow at what was on the screen as she passed by,and had a wee look over my shoulder , discreetly( as she thought), at what exactly this SFM may be, that I appear to be addicted to, that should show such specimens of female pulchtritude  ( or, perhaps, turpitude)!
After 45 years , I draw some quiet satisfaction that the little green-eyed monster might still be of influence!
Might be?02

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Big PinkPosted on1:10 am - Nov 2, 2015


Haywire

I understand your point about Amazon. We would be delighted to have an ethical ad policy, but at the moment we see revenue as our priority.

Note we are not encouraging people to buy from Amazon, just asking that those will do so anyway should do it in a way that benefits SFM.

The goal of SFM is still to raise funds through local sponsorship. We ask people to be patient with us in the meantime.

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The Cat NR1

The Cat NR1Posted on1:13 am - Nov 2, 2015


John Clark 2nd November 2015 at 12:55 am #The Cat NR1 2nd November 2015 at 12:28 am # ‘.. but I think Mrs The Cat NR1 would quickly become ex Mrs The Cat NR4 if I succumbed to that clickbate…’ ______ Snap! As various characters in the wonderful world of Damon Runyan would say, the everloving wife, Mrs C, raised an eyebrow at what was on the screen as she passed by,and had a wee look over my shoulder , discreetly( as she thought), at what exactly this SFM may be, that I appear to be addicted to, that should show such specimens of female pulchtritude  ( or, perhaps, turpitude)! After 45 years , I draw some quiet satisfaction that the little green-eyed monster might still be of influence! Might be?
=========================
I assume that the targetted adverts were a wee bit off target with that, but logging on to SFM and seeing Norwich mentioned in the ads sometimes is quite impressive. I assume DP and EBC must get similarly regional ads occasionally. Dubrovnik flights doesn’t do a lot for us down in NR1, but it beats ads from the bookies that don’t want me as a client any more.

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The Cat NR1

The Cat NR1Posted on1:22 am - Nov 2, 2015


Big Pink 2nd November 2015 at 1:10 am #Haywire
I understand your point about Amazon. We would be delighted to have an ethical ad policy, but at the moment we see revenue as our priority.
Note we are not encouraging people to buy from Amazon, just asking that those will do so anyway should do it in a way that benefits SFM.
 
The goal of SFM is still to raise funds through local sponsorship. We ask people to be patient with us in the meantime.
====================
Ethics and advertising are not easy bedfellows.

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upthehoopsPosted on7:06 am - Nov 2, 2015


Re the talk yesterday of a Russian failing in a bid to buy Rangers the name Vladimir Anontov came to mind, so good old google threw me up these two gems. I bet they’re really glad he didn’t get them. God knows what kind of a mess they might have ended up in!
http://www.eveningtimes.co.uk/news/13221627.New_Pompey_boss_tried_to_buy_Rangers/

http://www.dailymail.co.uk/sport/sportsnews/article-3070349/Former-Portsmouth-owner-Vladimir-Antonov-loses-appeal-against-fraud-extradition.html

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yourhavingalaugh

yourhavingalaughPosted on7:29 am - Nov 2, 2015


Out of curiosity ,do we know the last time DK went through the front door of Ibrox.

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