Bad Money?

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It’s now seven years since the festering sore on the skin of Scottish Football became fully septic, causing the liquidation of Rangers Football Club. Many of us at that time felt that the environment which had enabled the systematic, industrial scale cheating by that club, having now been exposed as unfit to fulfil its purpose, would be dismantled and replaced by something more accountable, more transparent, more honest.

Many more of us thought that other clubs who were the victims of the cheating that had gone on would be seeking a clear-out and a rewrite of the rule book, if for no other purpose than to ensure that a repeat was not possible.

We were all mistaken.

Let’s be honest about this. Football, whether it is played in Scotland or Argentina, at the Maracana Stadium or at Fleshers Haugh, is a rules-based endeavour. The rules of the game – both on the field and in its administration – are there to ensure as level a playing field as possible, to ensure that the constraints put on one club are the same for the rest.

Referees are in place to ensure the rules are complied with on the pitch, albeit with varying degrees of success. No matter what you might think of the guys in black, their craft is carried out in full public gaze, and consequently they are accountable to public opinion.

Off the field though, things are rather more opaque. Without the revelations of Charlotte Fakes for instance, we would never have known that a club had applied for a licence with false information, to a committee partly comprised of two folk who were employees of that club, and by extension part of the deception. Nor would we have known that the Chief Executive of the SFA had written to the club in question looking for approval on how the controversy surrounding the issue of the licence could be managed in the media.

The detail of the crimes of the people in charge of our game are the domain of those who have relentlessly pursued the truth of these matters. The devil is always in the detail, and the real devil is concealed in the fact that many of us are forced to switch off when confronted by the daunting prospect of having to follow that multi-threaded narrative.

In that regard, we owe much to the likes of Auldheid and EasyJambo (and many others) who unravel those threads for us and present the facts in a way most of us can follow. By doing so, they have allowed us to keep our eye on the ball.

Despairingly though, the upshot is that no matter what the facts tell us, Scottish football, at boardroom level, aided and abetted by the mainstream media, has no interest in seeking justice, or more importantly, clearing house.

The sins of the past will be the sins of the future, because the authorities have learned no lessons in the wake of Rangers’ liquidation, and in fact have now enshrined Doublespeak as the official language of the game.
No sporting advantage is a curious phrase used to describe sporting advantage
Imperfectly registered in lieu of not registered
Same for Different

I could go on, but the sins of one club, whilst fundamentally undermining the integrity of the sport in this country, are not the real problem. The authorities who set out to distort, bend, break, and tear up the rule-book are.

So too are the clubs who have refused to back their fans’ demand for proper oversight of the game, who have stood back and said nothing (except: “nothing to do with us guv!”) whilst their Patsies at Hampden do their dirty work, refusing to engage with or explain themselves to fans. These are the real culprits, they who have betrayed the trust of their own supporters. And if we are looking for a reason, look no further than their bank balances.

The recent scandal where the SPFL shared the outcome of its Unacceptable Behaviour report with the Scottish Government on the basis that it would not be made public shines a harsh spotlight on this.

The football authorities currently receive public funds from government, but in a “have your cake and eat it” scenario, they are accountable to no-one but themselves – and that’s how they want to keep it.

Publication of the SPFL report would put them at risk of having the accountability that they fear thrust on them. No-one in football wants the sectarian blight on our game to be cast under the glare of public focus. Especially if it becomes apparent that the game itself is the medium in which sectarianism thrives best.

And they know that it does exactly that. The trouble is that the societal divisions caused by sectarianism is a money maker. The old adage sectarianism sells has never been truer. The divide and rule model of empire applied to football. It is good box office.

But making football accountable could force measures to be put in place to cut out sectarian behaviour – and the clubs do not want that. It’s not the fear of being held responsible for their own fans’ behaviour under Strict Liability that worries the CFOs of our clubs – it’s the fear of losing the hatred which sees the money – bad money if you will – roll in.

Why did the cover up take place? Because losing Rangers was just not acceptable to football. Removing one of the vital protagonists in a money making cartel that thrives on hatred was a greater fear than any altruistic notion of sporting integrity (also now Doublespeak for “lack of integrity”).

Who could have foreseen that amidst the chaos surrounding Rangers demise, that they were only a symptom of the greed and couldn’t care less attitude of the money-men in football, and that our eyes would eventually be opened to the possibility that the football industry in Scotland is itself the enemy of public harmony?

Ironic perhaps, that the beautiful game, born out of the sense of community felt by the founding fathers of all our clubs, would emerge as a major malign influence in those communities.

There is no doubt that football is not prepared to cede any of its sovereignty to its customer base. They will go on – as long as we continue to bankroll them – in exactly the same way, like their bedfellows in the media a self-regulating industry with little or no regard for the public.

I am a supporter of Strict Liability, and we have already had discussions on the pros and cons of such an intervention. It is also clear that there is no SFM consensus on that. I want to leave that aside for the moment, because we do have a consensus surrounding our desire to see greater accountability in the game, and it is clear that fans’ voices, however temperately and eloquently articulated, are falling on deaf ears at Hampden.

The women’s game at the World Cup has recently provided us a window into the past, of the origins of the sport in Scotland. That which is a celebration of each others endeavour, skill, excellence and culture. The spirit of our game nowadays is a million miles away from that, because the market has taken over. 

Taming the wild excesses of the market is the responsibility of government. It’s about time the Scottish Government did just that. It is certainly clear that the SFA or the SPFL have zero interest in reining themselves in.

We have suggestions if anyone is listening.

738 COMMENTS


  1. I am willing to bet if a court eventually has to award several millions in damages to Sports Direct, one of the arguments Rangers will put up will be that to pay it will impact on their ability to be competitive as a football club. Just like happened with the old club in 2012 when HMRC had the audacity to want paid. 

    There is something rotten to the core about an entity who believes it can break rules at will to it's own advantage, yet wail to the heavens whenever it catches up with them through the legal system. There is something even more rotten about a Football Association who does nothing to stop it. 

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  2. I've just noticed that no less an authority than the club's manager, Steven Gerrard, has rubbished the ludicrous Morelos transfer bid from that Chinese club. That's the second time, at least, he's rubbished a TRFC transfer based PR moonbeam story recently and is obviously playing a different game to the club's board/PR people.

    I wonder if he's deliberately getting up their noses or is genuinely unaware of why the club needs to continually push untrue positive PR stories. He appears to be either completely out of the loop and believes it's all down to the press making up stories to unsettle his players, or he is just not prepared to play along with the out and out lies that the board is spewing out.

    Credit to him if it's the latter.

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  3. TRFC's current officers are Dickson, Blair and Robertson. As I understand it they are now in the firing line over the £445K to be paid to SDI by 4:00PM on 16 August 2019.

    Setting aside the question of contempt of court if payment is not made, would TRFC have Director's Liability insurance for the trio and would that protect them if SDI enforced the claim against the three Directors on a personal basis? Are there any assets left post the Close charges? The stadium?

    Scottish Football needs a strong Arbroath.

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  4. I do like a bit of word-play & noticed this nice, simple one in the Herald's comments used by a contributor to describe TRFC's current legal difficulties: 'deja-blue'.

     

    BTW, Hummel appears to have disappeared from TRFC’s list of sponsors on their home page:

    https://rangers.co.uk/

    Redlichtie @1019hrs:

    Should TRFC prevail against Progres tonight, they'll have a EL Third Round Qualifying game at Ibrox on either 08.08.19 or 15.08.19. That match won't be on the season-ticket & is therefore a cash generator. I wonder if there will be a legal move by SDIR to ring-fence that gate-money for the 16.08.19 bill?

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  5. Jingso.Jimsie 1st August 2019 at 11:29

    '..I wonder if there will be a legal move by SDIR to ring-fence that gate-money for the 16.08.19 bill?'

    +++++++++++++++

    You're thinking like a sharp lawyer, Jingo.Jimsie!

    There was nothing in yesterday's Rolls ( cases listed for action today and into  next week) to show that any petition has been lodged.

    But if I were Ashley, I'd want to explore the possibility and desirability of making such a move.

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  6. redlichtie 1st August 2019 at 10:19

    TRFC's current officers are Dickson, Blair and Robertson. As I understand it they are now in the firing line over the £445K to be paid to SDI by 4:00PM on 16 August 2019…

    =========

    redlichtie, yes this does raise further questions, as per.

     

    And which Internet Bampot would want to be in their position just now?  It must be debilitating being a director there: daily crisis management, frustration and worry.  Can't be a pleasant drive into the office every morning.

    Oh well.

     

    But, these 3 chaps MUST be currently taking legal advice – i.e. reliable, external legal advice and not from Blair – to confirm the extent of any personal liability, and the scope of any relevant insurance indemnity.

     

    Consequently, if the feedback is not to their liking, I presume they would have to seriously consider their own positions before August 16th.?

     

    And finally: the SFA blazers will no doubt be in touch with James Blair – to find out where exactly he acquired his own, industrial grade brass neck !

    indecision

     

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  7. With regard to the recent judgement in the latest SDI v TRFC case, would it be automatic for a judge's comments on a solicitor's conduct to be forwarded to the relevant body in Scotland (Law Society?) for investigation and possible action?

    Calling into question Mr Blair's truthfulness in court and also pointing out what seemed to be clear conflicts of interest are surely issues of concern?

    Scottish Football needs a strong Arbroath.

     

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  8. StevieBC 1st August 2019 at 12:14

    ……And which Internet Bampot would want to be in their position just now?  It must be debilitating being a director there: daily crisis management, frustration and worry.  Can't be a pleasant drive into the office every morning.

    Oh well.

    But, these 3 chaps MUST be currently taking legal advice – i.e. reliable, external legal advice and not from Blair – to confirm the extent of any personal liability, and the scope of any relevant insurance indemnity.

    Consequently, if the feedback is not to their liking, I presume they would have to seriously consider their own positions before August 16th.?

    I think it is notable that there are none of the supposedly wealthy main Board members/shareholders on the TRFC Board. I assume any liability at TRFC will be approached in a joint and several manner.

    I can see an argument about TRFC being an operational (engine room) subsidiary and also the odd 'fit and proper' issue but I wonder how many wished to see very clear blue water between the two organisations, at least in a personal capacity?

    Scottish Football needs a strong Arbroath.

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  9. A fibbing lawyer, who is actually called out as a fibbing lawyer in court…

    is as useful as a;

    – holed bucket

    – chocolate fireguard

    – fart in a spacesuit

    – as nauseam…

     

    But, to be fair, Blair still has some way to go to reach 'glib and shameless liar' level.

     

    Dignified indeed. enlightened 

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  10. So , there we have it, any club interested in buying Alfredo will need to offer him more than 10m a year while stumping up 15m in transfer fee. This has been a Shoot Yersel In the Foot production from level 5 . Part of Alfredo's problem is he believes the hype but cannot match it on the park leading to frustration and lashing out. 

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  11. It might be too early to call but all the runes are pointing in one direction, ruination. Tonight’s qualifier is going to define Rangers II season and the weans are not back at school yet. There is nothing to suggest in the Ibrox game that Progres could score 3 goals but it’s football. The Rangers II players must surely be consulting with their advisors as to their job security given the most recent developments. Will this uncertainty affect the players ability to perform on the park?. In case no one has noticed, domestic football returns at the weekend. Surely the SPFL are wondering, at least privately, if Rangers II will be able to fulfill their fixtures in the coming season. 

    Scottish football has never needed a strong Arbroath more.

     

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  12. 'Timtim 1st August 2019 at 13:39

     

    So , there we have it, any club interested in buying Alfredo will need to offer him more than 10m a year while stumping up 15m in transfer fee. This has been a Shoot Yersel In the Foot production from level 5 . Part of Alfredo's problem is he believes the hype but cannot match it on the park leading to frustration and lashing out.' 

    ###########################

     

    My recall may be faulty, but wasn't it reported in the SMSM (which doesn't make it true, of course!) that Morelos' advisers secured a substantial contractual improvement for their client from TRFC on each of the two previous occasions that this Chinese Giant Flying Squirrel (Petaurista Xanthotis) was released into the media spotlight by someone unknown? 

     

    (I don’t think it’s Level Sinko; more likely his representatives milking their client for every cent!)

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  13. redlichtie 1st August 2019 at 10:19 TRFC's current officers are Dickson, Blair and Robertson. As I understand it they are now in the firing line over the £445K to be paid to SDI by 4:00PM on 16 August 2019. Setting aside the question of contempt of court if payment is not made, would TRFC have Director's Liability insurance for the trio and would that protect them if SDI enforced the claim against the three Directors on a personal basis? Are there any assets left post the Close charges? The stadium? Scottish Football needs a strong Arbroath.

    ________________

    As the directors of TRFC then it is most likely that they are the sole operators of the club's bank account. As a result I am certain they will pay up the legal bill, and any more bills resulting from the most recent court case, rather quickly but they might be well advised to ensure all the club's funds are ringfenced to ensure Honest Dave can't get his hands on the filthy lucre. I am assuming, of course, that there are currently sufficient monies available to meet those bills.

    In fact, if there is a genuine possibility that failure to pay whatever results from the case might lead to jail time, then they might be well advised to attach these funds accordingly and to hell with what that might mean to the club.

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  14. Must keep up. I made the assumption (madness getting all of eventually I suppose) that the court case left RIFC exposed, and that TRFC would be immune from any harm.

    Not so. In fact it is the club and not the holding company that is in the same kind of (but reduced quantum) doo-doo that the old club was in.

    Close Bros and soft-lenders are into RIFC yes?

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  15. Upshot is that TRFC can't be sold with debt (as yet unspecified) hanging over them. Another observation is that id the SDI deal was so bad for Rangers, how hard would it be to get a better deal from another sponsor which SDI would be less inclined to match?

    Totally snookered in the jaws of a pocket.

     

     

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  16. Big Pink 1st August 2019 at 17:32

    Must keep up. I made the assumption (madness getting all of eventually I suppose) that the court case left RIFC exposed, and that TRFC would be immune from any harm.

    Not so. In fact it is the club and not the holding company that is in the same kind of (but reduced quantum) doo-doo that the old club was in.

    Close Bros and soft-lenders are into RIFC yes?

    ===============================

    No and Yes.

    No – Close Bros are into TRFC (it's TRFC that owns the assets that the security covers)

    Yes – the soft loans are into RIFC (it was RIFC shares that were issued in the DFE swaps)

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  17. Big Pink 1st August 2019 at 17:32 

     

    Must keep up. I made the assumption (madness getting all of eventually I suppose) that the court case left RIFC exposed, and that TRFC would be immune from any harm.

    Not so. In fact it is the club and not the holding company that is in the same kind of (but reduced quantum) doo-doo that the old club was in.

    Close Bros and soft-lenders are into RIFC yes?

    ____________________________

    I got the impression David Low was caught up in a similar madness in the podcast when he seemed to infer that TRFC were not in as bad a position as RFC were (the quantum of debt not withstanding) just prior to the point they fell into administration and ultimate liquidation, because much of the TRFC debt is held by the holding company.

    Regardless of where the bulk of the debt lies, TRFC are basically RIFC's only asset, and should RIFC fall into administration, all of it's assets would be called in to settle their outstanding debt, and that includes all the assets of the holding company's subsidiary. Besides, if TRFC were to transfer any or all of it's debt to RIFC, and then RIFC sold the club for, say, £1, then that would surely fall into the realms of gratuitous alienation and be a criminal act. 

    What a super wheeze it would be if a holding company could borrow money to finance it's subsidiary(s) then liquidate leaving it's subsidiary(s) in clover.

    Make no mistake, if either RIFC or TRFC has an insolvency event, then they are both very much in it together.

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  18. Jingso.Jimsie 1st August 2019 at 15:58
    My recall may be faulty, but wasn’t it reported in the SMSM (which doesn’t make it true, of course!) that Morelos’ advisers secured a substantial contractual improvement for their client from TRFC on each of the two previous occasions that this Chinese Giant Flying Squirrel (Petaurista Xanthotis) was released into the media spotlight by someone unknown?
    …………………
    Hence the need to get him off the ever increasing wage bill and get some needed cash into TRFC
    ………….
    ‘Timtim 1st August 2019 at 13:39
    So , there we have it, any club interested in buying Alfredo will need to offer him more than 10m a year while stumping up 15m in transfer fee. This has been a Shoot Yersel In the Foot production.
    All this speculation may disrupt the player who it has been said does want away, but with a price tag that no one will match. Could be trouble ahead.

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  19. Allyjambo 1st August 2019 at 16:30
    redlichtie 1st August 2019 at 10:19 TRFC’s current officers are Dickson, Blair and Robertson. As I understand it they are now in the firing line over the £445K to be paid to SDI by 4:00PM on 16 August 2019. Setting aside the question of contempt of court if payment is not made,
    As the directors of TRFC then it is most likely that they are the sole operators of the club’s bank account. As a result I am certain they will pay up the legal bill, and any more bills resulting from the most recent court case, rather quickly but they might be well advised to ensure all the club’s funds are ringfenced to ensure Honest Dave can’t get his hands on the filthy lucre. I am assuming, of course, that there are currently sufficient monies available to meet those bills.
    ……………..
    It is times like this, these directors and the SFA will be thankful Mr king never did pass that fit and proper to sit on the club board.

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  20. Big Pink 1st August 2019 at 17:50
    4 0 Rate This

    Upshot is that TRFC can’t be sold with debt (as yet unspecified) hanging over them. Another observation is that id the SDI deal was so bad for Rangers, how hard would it be to get a better deal from another sponsor which SDI would be less inclined to match?

    Totally snookered in the jaws of a pocket.
    …………………..
    Something we spoke about the other day.
    Who would now do a kit deal with the ibrox club? And if any did it would not be in very good terms for the ibrox club, and these awful terms could be easily matched by Ashley.And to add to that, would the ibrox fan base buy replica kit from Ashley? I believe if it were the case they would not buy in the numbers that they have done. Leading to even less revenue that the 10p they were getting form the charles Green signed deal.The ibrox fans blind faith in king will now see their club hung strung for many years(if they survive many years) The old ibrox club relied on european football to generate income, by god this ibrox club will rely on european football even more than the last ibrox club
    Totally snookered in the jaws of a pocket.

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  21. AllyJambo@18.19

    Now that’s a place we’ve not been for a while- the realms of gratuitous alienation. If memory serves that phrase surfaced via the late Paul McConville and again when Charles Green snapped up the assets of Rangers I for £5.5 million which then magically became £70 million in the IPO of Rangers II.

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  22. Progres could do the Bampots a huge favour and knock The Rangers out of Europe tonight.

     

    Then everyone can simply skip X months of kicking the can down the road, and huge volumes of pathetic PR p!sh in the SMSM.

     

     

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  23. Cluster One I believe that TRFC has their next sports goods supplier lined up already: Winfield.

    indecision

    [That one's for the oldies, and/or those like myself whose parents couldn't afford the coveted Adidas trainers, and had to settle for the cheap ‘Adidas 4 stripes’ from Woolworths.]

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  24. 'redlichtie 1st August 2019 at 19:07

     

    I'd just been thinking earlier today that it was about time for a stadium revaluation!' 

    ######################################

    Stewart Robertson has mentioned, on several occasions recently, that many 'unseen' stadium & infrastructure improvements have been made at Ibrox during this close-season.

    Preparing the ground (literally & figuratively!)? 

     

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  25. Ex Ludo 1st August 2019 at 18:44

    AllyJambo@18.19

    Now that’s a place we’ve not been for a while- the realms of gratuitous alienation. If memory serves that phrase surfaced via the late Paul McConville and again when Charles Green snapped up the assets of Rangers I for £5.5 million which then magically became £70 million in the IPO of Rangers II.

    ———————————————————-

    I don't think that's quite right, though the principle is. 

    From memory the £5.5m magically became about £22m or so due to the release of negative goodwill. Basically the assets had a value an awful lot higher than what was paid for the whole kit and caboodle. 

    The £70m or so is a nonsense figure which includes the cost to rebuild the stadium. It does not represent just actual assets.

    So you are right he paid a shed load less than the fair value of the assets, though not as much as you are suggesting. 

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  26. Cluster One 1st August 2019 at 18:19

            Hence the need to get him off the ever increasing wage bill and get some needed cash into TRFC.

    ——————————————–

            Or perhaps the dawning realisation that there has been zero interest, and won't be, especially at the apparent asking price, so they may as well squirrel out a big positive whopper……………And perhaps calm the nervous questioning of supplies and services. 

         So loaded in fact, that they can take the SD, Hummel and Elite hit and knock-back da mega-bucks, on top………….Really?. 

         Is there a piano-wire snapping emoji?…..It's like an episode of Wyle. E. Coyote over there…….Only it's real.  

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  27. redlichtie 1st August 2019 at 10:19

    "…TRFC's current officers are Dickson, Blair and Robertson…"

    +++++++++++++++++++

    Blair is company secretary both of TRFC Ltd and RIFC plc.

    I am not entirely sure that a simple 'secretary' who is not explicitly named as a 'director' ( with  voting seat on the Board) is personally liable under law for any 'wrongdoing' that is the result of the decisions made by the voting members of the Board.

    I don't know, of course, but I suspect that JD Blair will have his personal back covered if or when any kind of balloon goes up. " Don't look at me, I just took notes and filled in forms and gave (crap, as it happens, but the best I could do) legal  advice  as ordered or sought.  I made no decisions!"

    Sort of Nuremberg defence?  

     

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  28. Allyjambo1st August 2019 at 18:19====================
    One of the interesting points David Low was making in the podcast was that the intercompany debt with RIFC could be written off prior to sale. The Close Bros loan could be repaid/refinanced and the SDI amounts due could be paid off by a new American/Chinese/Far East investor who may be willing to buy TRFC itself for say a £1. In essence this TRFC is more saleable because it doesn't have a huge tax debt. But of course does it actually own the assets it claims to.And does anyone want to buy it?

    Obviously there is nothing in this for King & Co other than to have pride in selling to someone willing to fund the club and keep it alive!

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  29. Ex Ludo 1st August 2019 at 21:07

    '…A very reasonable request to make I feel. I wonder what’s holding them back?'

    ++++++++++++++

    I suspect they are paralysed by fear that they might only make things worse or are so blindly thirled to the nonsensical propaganda that comes from their fuhrer ( a German word for 'leader', I believe?) that they do not see any problem. 

    (And, of course, they have the SFA 'backstop'- permission not to die with arrangement s suitably made to 'prevent' death)

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  30. JC@21.39

    My question was rhetorical but I agree with you that it is fear that is holding them back. 

    Rule 1 : The Dear Leader is always right.

    Rule 2 : If the Dear Leader is wrong, see  Rule 1. 

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  31. Nice to see the BBC finally waking up to the level of p1sh that emanates from Ibrox – on their match commentary on the website last night they put up a tweet from Tom English along the lines of Aberdeen will be bracing themselves for multi million offers from China (for Cosgrove) following his hatrick.

    It certainly gave me a laugh  and maybe a wee glimmer of hope of a more rational editorial stance going forward…..

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  32. I appreciate it's just wishful thinking, but…

     

    Karma would be cruel indeed, if…

     

    TRFC hit the buffers…

     

    whilst still involved in the Europa League competition.

     

    Fingers and toes crossed.  broken heart

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  33. Headline from The Daily Mail, (I know).

     

    "Millwall given just a £10,000 fine for racist chanting after fans sang 'I would rather be a P*** than a Scouse' in Everton FA Cup tie – as they agree to 'action plan' to stop discrimination at The Den"

    =====

    A £10K fine for EVERY game where an SPL team's fans sing similarly, offensive songs – should resolve the problem rather promptly, you would think?

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  34. John Clark 1st August 2019 at 21:12

    Blair is company secretary both of TRFC Ltd and RIFC plc.

    I am not entirely sure that a simple 'secretary' who is not explicitly named as a 'director' ( with  voting seat on the Board) is personally liable under law for any 'wrongdoing' that is the result of the decisions made by the voting members of the Board.

    +++++++++++++++++++

    Good catch John. Must be squeaky bum time for the other two who are now really at the sharp end.

    Have had my share of managing tough cashflows in the past but what these guys have to face is probably way, way beyond that.

    Scottish Football needs a strong Arbroath.

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  35. Bogs Dollox 1st August 2019 at 21:14

    Allyjambo1st August 2019 at 18:19====================
    One of the interesting points David Low was making in the podcast was that the intercompany debt with RIFC could be written off prior to sale. The Close Bros loan could be repaid/refinanced and the SDI amounts due could be paid off by a new American/Chinese/Far East investor who may be willing to buy TRFC itself for say a £1. In essence this TRFC is more saleable because it doesn't have a huge tax debt. But of course does it actually own the assets it claims to.And does anyone want to buy it?

    Obviously there is nothing in this for King & Co other than to have pride in selling to someone willing to fund the club and keep it alive!

    ++++++++++++++++++++

    How about this as a rough scenario for King & Co getting out with some dosh :

    1. RIFC take the stadium and other assets in exchange for the loan to TRFC being written off (can't remember the figures) – properties are now owned by 'RRM holding company'.
    2. Incoming investor (lets call them 'SevcoUSA') pays off/comes to separate agreement with Close and effectively takes over the 'Rangers' franchise for £1. 
    3. 'RRM holding company' receives rent from SevcoUSA for a guaranteed period after which Sevco USA has the right to buy the stadium and assets for an agreed price. 'RRM holding company' agrees not to sell to any other party. BTW SevcoUSA are on a full repairing and insuring lease.

    And they all live happily ever after. Well there’s still Big Mike to make peace with…

    Scottish Football needs a strong Arbroath.

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  36. It is said that a recession is when your neighbour loses his job and a depression is when you lose yours. Living in Euroland and looking across the sea it looks like my neighbours are (if the Bank of England are to be believed) heading for a recession. In the good old days the football industry was one of the few business' that benefited from hard times as people took to the terraces to vent frustration and lose themselves for 90 minutes from the harsh realities of life. That of course was when it was affordable to do so . Recession of course doesn't just affect the man on the street ,they affect the businessman as well and more importantly as far as this subject is concerned their ability to fund shortfalls in hard times. When bad news homes into view in the football world the squirrels are released to divert attention to, for example, China . In the murky world of politics and finance squirrels tend to take on a far more menacing appearance like Saddam, Assad , Gaddafi etc . The current dispute with Iran and the ratcheting up of war talk is more by design than accident . Those who are aware of General Wesley Clark's warning of the plan to take out 7 countries in 5 years starting with Iraq then Sudan Somalia Lebanon Libya Syria and finally Iran realise how cold and calculated these events are planned and executed. It is here I have to apply my own brakes before diverting into a rant on 9/11. But back to the plan , those who fail to plan ,plan to fail . Does Dave have a plan ? Not in my opinion , evidence would suggest he has knee jerk reactions to events . How do economies collapse ? Well they say very slowly at first and then all of a sudden. The current economic woes have been festering since pre 2008 when we were informed we were just 2 hours away from total global collapse , I believe we didn't fix anything then but merely kicked the can and we are now in cul de sac territory. This won't just affect the UK , Deutsche bank is in a precarious position and will be Lehmans X10 if it collapses , the contagion and domino effect will be global . Those living on credit and in debt will be the first casualties and when the sharks smell blood it's time to get out of the water. 

    best wishes

    Private James Fraser , Funeral Director.

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  37. rougvielovesthejungle 2nd August 2019 at 07:52

    '…the BBC finally waking up to the level of p1sh that emanates from Ibrox – on their match commentary on the website last night they put up a tweet from Tom English along the lines of Aberdeen will be bracing themselves for multi million offers '

    ++++++++++++++++++++++

    Very brave, and that'll be Complaint 13 against the BBC to join the other 12 cited recently by Supporters’ Voice!broken heart

    I heard laughter in the studio as English mentioned the £30m bid, clearly mocking the supposed Morelos bid.

     

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  38. redlichtie 2nd August 2019 at 09:57

    ++++++++++++++++++++++++++++++++++

    I suspect there would be an "adverse" reaction from the fans if the holy stadium was seperated from the "club" and John Brown Esq's heid may well explode this time but in a less controlled way than last time.

    Isn't there an issue with ownership of the stadium and the small matter of an outstanding legal claim?

    If the new owners bought the company for a £1 they would have assumed around £19m of debt not counting the players purchased on the never never and at the same time will have incurred a new rental liability and the need to find £20m(?) at some future date to buy the stadium. An alternative would be to pay off part of the interco debt which allows RIFC to wipe its face together with some pocket money for King to restock his wine cellar.

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  39. You may recall that the RIFC "Loan Note" conversion approved in June allowed for around 70m new shares to be issued.

    Companies House is now showing that RIFC issued 27,542,721 of those shares on 28 June, indicating that at least some of the outstanding loans have now been converted to shares. Indeed the number of new shares issued comes to the exact total of those allocated to cover the Loan Notes held by Douglas Park (21,124,906) and George Letham (6,417,815).

    As it stands, King, Taylor and Scott have yet to convert their Loan Notes to shares. I'd expect to see further notifications as their Loan Notes are converted. However, the three remain creditors of the company for the moment.

    The partial conversion will probably mean that some debts will remain in their end of year accounts (to the end of June) with around £8.5m of the £14m loans still outstanding.

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  40. As an aside to the above Loan Note conversion, Douglas Park is, for the moment, RIFC's largest shareholder with 30m shares, against NOAL's (King) 21m.

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  41. Bogs Dollox 2nd August 2019 at 12:15

    '..Isn't there an issue with ownership of the stadium and the small matter of an outstanding legal claim..'

    ++++++++++++++++++++++

    Didn't I see a post some considerable time ago to the effect that someone had checked the Title Register and Title Plan ( at a cost!- £30.95 currently) ) only to find that it named 'Rangers football club' as the owners at time of last purchase in 2012?

    If there is a problem, perhaps it might be because which of the two 'Rangers' . (Remember, the original, now dead ,Rangers had the word The in their Articles/ Incorporation when it became a limited company.

    That's maybe just my idle speculation, but I can't think what other legal problem of ownership there could be?

    And I'm not going to spend £31 quid to check!broken heart

     

     

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  42. easyJambo 2nd August 2019 at 13:06 You may recall that the RIFC "Loan Note" conversion approved in June allowed for around 70m new shares to be issued. Companies House is now showing that RIFC issued 27,542,721 of those shares on 28 June, indicating that at least some of the outstanding loans have now been converted to shares. Indeed the number of new shares issued comes to the exact total of those allocated to cover the Loan Notes held by Douglas Park (21,124,906) and George Letham (6,417,815). As it stands, King, Taylor and Scott have yet to convert their Loan Notes to shares. I'd expect to see further notifications as their Loan Notes are converted. However, the three remain creditors of the company for the moment. The partial conversion will probably mean that some debts will remain in their end of year accounts (to the end of June) with around £8.5m of the £14m loans still outstanding.

    _____________

    Now there's a surprise! RIFC/TRFC getting deeper into debt and the man causing so much of that debt is currently holding off converting his loan notes into shares. EJ, do you know if there is an irrevocable undertaking to convert these loan notes, or could King in, say, an insolvency event, decline the opportunity to turn his notes into shares? I wouldn't be surprised if he's got that eventuality covered – in his own best interest.

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  43. Allyjambo 2nd August 2019 at 13:37

    Now there's a surprise! RIFC/TRFC getting deeper into debt and the man causing so much of that debt is currently holding off converting his loan notes into shares. EJ, do you know if there is an irrevocable undertaking to convert these loan notes, or could King in, say, an insolvency event, decline the opportunity to turn his notes into shares? I wouldn't be surprised if he's got that eventuality covered – in his own best interest.

    ===================================

    That thought had crossed my mind, but I'll give King & Co the benefit of the doubt that there was ulterior motive in holding back at this stage. The GM that approved the conversion was held on 19 June and the conversion is time limited up to the next AGM (probably November/December), so there is still plenty time to exercise the conversion option.

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  44. Excuse me for going off topic, but I wanted to post this before it disappeared from the BBC website.

    https://www.bbc.co.uk/news/uk-scotland-49202980?intlink_from_url=https://www.bbc.co.uk/news/scotland&link_location=live-reporting-story

    Can anyone confirm whether or not the Record used the same panel (top right) in editions sold in Aberdeen? Leaving aside the tenous factual accuracy, I would have thought last night's results would have merited a different emphasis.

     

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  45. Bogs Dollox 1st August 2019 at 21:14

    =======================================

    Who on Earth would want to buy a Scottish football club which has made substantial losses in every year of it's existence, is predicting ongoing losses, has made itself a toxic brand and has the fanbase they have.

    They must be running out of multi-millionaire fans willing to lose a fortune funding an expensive hobby by now. 

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  46. Companies House today : 

    RANGERS INTERNATIONAL FOOTBALL CLUB PLC

    2 Aug 2019 SH01 Statement of capital following an allotment of shares on 28 June 2019

    SFNASA

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  47. Homunculus 2nd August 2019 at 13:57 Bogs Dollox 1st August 2019 at 21:14 ======================================= Who on Earth would want to buy a Scottish football club which has made substantial losses in every year of it's existence, is predicting ongoing losses, has made itself a toxic brand and has the fanbase they have. They must be running out of multi-millionaire fans willing to lose a fortune funding an expensive hobby by now.

    ___________________

    I've always felt that if no sugar daddy was prepared to buy the basket of assets, debt free, for any more than £5.5m, then it's difficult to imagine someone coming in to pay off millions of pounds worth of debts, even if the club cost them no more than £1. I have my doubts, too, that many/any of the concert party would not be looking to get something back to cut their not inconsiderable losses.

    There's also the thought to consider that there would be no point in buying that club unless you were prepared to sink many more millions into it just to catch up with Celtic.

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  48. Allyjambo2nd August 2019 at 14:10

    Back in 1994 with a bankrupt company and a dilapidated stadium a businessman bought Celtic and the rest is history.
    Rangers can be rebuilt but not under the ownership of the current amateurs.
    Maybe the company/club needs to crash and shed it's debt and then be bought by a real businessmen who will keep the zealots out and win over the sensible members of the community who are willing to connect with another new club minus the historical baggage and bigotry.
    The SFA, a few years ago, changed the rules to enable a new franchise to stand in the shoes of the old one.
    For the avoidance of doubt I'm not advocating this. Merely pointing out that there is a route out of this debacle and it's toxic effect on Scottish football.

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  49. easyJambo 2nd August 2019 at 14:03

    '…JC – Is this what you were looking for'

    +++++++++

    Yes, thank you, eJ, I think it probably is.

    I clearly conflated the wee footnote reference to the new name , with the SevcoScotland, and that makes my speculation about the grounds for dispute a bit futile.

    It was the Henderson &Jones action , aiming first at a large sum [£19m/] , dropping to £3m[?] only to be raised again to  a significantly higher figure ( and BDO's readiness to 'discuss' settlement] that inclined me to think there was some kind of claim to a supposed Sevco5088 pre-novation title to ownership of Ibrox.( I remember you explained to me that you didn't think it was)

    Is the central question still 'was there a novation? ' Was Sevco5088 the original purchaser of the assets, but before any change in title could be effected, SevcoScotland claimed ownership, renamed SevcoScotland as 'TRFC Ltd.

    Are such deeds of novation 'public documents' , able to be seen , for  fee, in the same way as title deeds?

     

     

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  50. Bogs Dollox 2nd August 2019 at 16:07

    I'm not saying no one will come in to buy TRFC, just that no one was prepared to spend any more than £5.5m for the basket of assets when it came debt free. Not an indication that many 'Rangers' people are prepared to dig deep, and we can be pretty sure that those who did step up, eventually, are tapped out now. What's more, Alistair Johnson, a man most would think has plenty of contacts in the US/Canada, has failed to come up with anybody in 7 years and looks to have given up on the club (when was the last time we heard anything from him?).

    The situation, and the reputation of Celtic, was quite different when McCann took over than what is to be found at Ibrox. and we don't know what might await there over and above the known debts. In addition, there was no recent history of court cases (and who knows what might be ongoing or about to appear?) and no bad feeling with kit suppliers etc. In addition, TRFC supporters have shown themselves only too ready to chase off genuine billionaires just because they don't show genuine Rangersness. They've also shown themselves only too happy to boycott when their club's board looks to run the club on a sustainable model.

    All they have going for them is a big support, but they already fill Ibrox and are still making a loss.

    Ultimately, any prospective buyer will have to be prepared to spend mega bucks, from the off, and not be expecting to see any return for a very long time – if ever. There might be someone, or some company, out there prepared to do that, but they've been waiting and watching the club become less viable for some 7 years now, and the longer they wait, the worse the prospect becomes.

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  51. Bogs Dollox 2nd August 2019 at 16:07

    —————————————————–

    I know you didn't say it, but can I just point it out anyway, it is important to bear in mind that Celtic did not shed it's debt. The debt was paid and the club grew from there. The businessman of whom you speak did not want to see the club die, so he put his money in to prevent it. He could easily have gone the way of others.

    I suppose it is possible for Rangers to shed it's debt. If the people running the PLC are willing to write off a vast sum of money. It's difficult to imagine why they would do that though. 

    It's also worth bearing in mind that Rangers are running at these losses with pretty much full houses, Celtic weren't getting full houses at the time so there was a whole lot of potential income if the club could bring the fans back. There was also the ability for the club to be floated on the stock exchange and bring in a load of money by selling shares in itself. The current situation is not analogous with Celtic no matter how many times people suggest it. The share issues have happened and the money has simply been (over)spent. 

    I think it's very unlikely that the PLC will write off tens of millions of pounds, then give away the subsidiary, with all of its assets, for someone else to come in and take over. Even if that did happen that person would then have to start covering the losses, make the brand attractive again and pander to the supremacist supporters who would expect instant success. 

    How many times do people expect a new messianic figure to appear. How much money do they expect thrown at this broken entity.

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  52. Further to David Low's assertion that he thought Hearts would be a buy-out target, Ann Budge has released a statement today, looking back, then forward to her plans for the club. If you're a Hearts fan you will recognise the transformation in the club, whether or not you agree with everything she has done (current performance on the park notwithstanding). 

    https://www.heartsfc.co.uk/news/article/chairmans-statement-1

    She concluded the statement with a commitment to continue leading the club for at least the next two years to oversee the transition from private to fan ownership.

    I promised to look after the Club… on behalf of the fans… for 5 years.  At the end of this current financial year, I will have been filling the joint role of Chairman / Chief Executive for 6 years.  Becoming the largest majority fan-owned club in the UK will require a smooth transition, particularly when we can anticipate considerable change in the Scottish/European football landscape. Additionally, given all of the good work that has been done over the past five years, we absolutely do not want to stand still during this transition. To help achieve all of this, I am fully committed to leading the club forward for a minimum of a further 2 years in order to provide both stability and continued growth and development so that we can continue to reach new heights in both a business and footballing sense.

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  53. Allyjambo2nd August 2019 at 16:52

     

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    Bogs Dollox 2nd August 2019 at 16:07

    There might be someone, or some company, out there prepared to do that, but they've been waiting and watching the club become less viable for some 7 years now, and the longer they wait, the worse the prospect becomes.

    =======================

    And with every day that passes the club gets cheaper to buy and with franchising already allowed under SFA rules it must be attractive to buyers who can pick it up cheap, run it within it's means and build from there and sell at a premium at some future point.

    I'm not considering a Rangers supporting billionaire to be the one to do it because there are non and the turnaround needs to been by outsiders who can sideline the rougher elements and change the culture.

     

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  54. Bogs Dollox 2nd August 2019 at 17:34 Allyjambo2nd August 2019 at 16:52

     

    Bogs Dollox 2nd August 2019 at 17:34 Allyjambo2nd August 2019 at 16:52 Bogs Dollox 2nd August 2019 at 16:07 There might be someone, or some company, out there prepared to do that, but they've been waiting and watching the club become less viable for some 7 years now, and the longer they wait, the worse the prospect becomes.

    =======================

    And with every day that passes the club gets cheaper to buy and with franchising already allowed under SFA rules it must be attractive to buyers who can pick it up cheap, run it within it's means and build from there and sell at a premium at some future point. I'm not considering a Rangers supporting billionaire to be the one to do it because there are non and the turnaround needs to been by outsiders who can sideline the rougher elements and change the culture.

    _______________

    I'm afraid that while the club might become worth less as ST money is used up and it's debts mount, it doesn't become cheaper to buy, for all it's (external) debt will have to be covered, either repaid in full, or taken on as an ongoing liability. And that's assuming the current majority share holders are prepared to write off all the money they have put into it – and that's not a given.

    As Homunculus correctly said, when Fergus McCann took over at Celtic, the crowds were at a very low ebb leaving a huge income stream just waiting to be tapped. Similarly at both Partick and Hibs there is seats to be filled on a regular basis making a potential increased revenue stream available in the short term, and that without the need to trim back vastly on spending to create a sustainable future.

    Added to it all, of course, is the spectre of Celtic's 10 in a row. Imagine if a new owner came along within the current season and immediately made noises about trimming back on player costs to create that sustainable future, just as Celtic were about to complete 9 in a row? Try to sell Ibrox STs with the prospect of watching that procession for the next season! And the next…

    If there's one set of supporters that only understands spend, spend, spend, it's that lot at Ibrox, and they won't accept anything less. At least McCann had a support grateful to him for saving the club from oblivion (the SMSM helped him with that) and so he had a bit of leeway before the overwhelming calls to catch up with Rangers were made (as I remember it).

    Regardless of RIFC's shareholders preparedness, or not, to walk away with nothing, TRFC cannot be sold without first ensuring both RIFC and TRFC's creditors are satisfied in full (or, in the event of administration, by a CVA).

    Again, I'm not saying there isn't someone out there ready to sink many millions into TRFC, I'm just saying it's not as straight forward, or as cheap, as you might think. And certainly not really comparable with what happened when Fergus McCann took over at Celtic.

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  55. Cluster One 2nd August 2019 at 18:46

    macfurgly 2nd August 2019 at 13:51
    …………..
    If it is not a loss it’s a win the positive has always to be peddled.

    ————–

    … and the smsm lapdog lackeys are off and running, heids doon, peddling like Lance Armstrong on crack (shurely shome mishtake. ed.), hair streaming in the wind, legs pumping, £30M for Morelos, title's in the bag, no 9 in a row Hello, Aberdeen is full of sheep, Stevie G Superstar, better breakfast than at Tiffany's……. (continued page 103).

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