Celtic’s Questions to Answer

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There are a number of quite separate elements in the allegations of corruption which have been made against our Football Governance bodies and some of our clubs.

There is the allegation that RFC of 1872 lied to the Licensing Committee of the SFA about their tax indebtedness as at 31 March 2011;

there is the allegation that the Licensing Committee either colluded in that lie or, through carelessness and incompetence, simply accepted what RFC of 1872 told them , and passed that on to UEFA without any check as to its truthfulness and accuracy. The result of that was that RFC of 1872 was awarded a UEFA Competitions Licence to which, under the strict rules, they were not entitled.

The SFA has thus far refused to open up an independent investigation into all that was involved in the application made for that licence.

That refusal raised and continues to raise suspicions that the SFA has something to hide. [RFC of 1872 is in Liquidation, and TRFC are quite a different legal entity so are not involved and can legitimately say ‘nothing to do with us, Squire!’.. except, of course that some of the personnel involved in TRFC were also involved with RFC of 1872…at the material time.

As a football matter, until there is a full, independent investigation into the Licence matter, then the SFA is under a cloud of suspicion, and so are the then members of the Licensing Committee.

And as a football matter, the resistance by Celtic FC to the request that they insist on a full independent investigation being carried out within the football context is indicative of an unwillingness , rather than an inability, to do so. And that puts Celtic FC under suspicion of underhand complicity in a dirty football cheating arrangement.

And since no other club has raised any hue and cry about dirty work at the footballing crossroads [and the late Turnbull Hutton must have been sickened at their supine rolling-over], they all are under suspicion of consenting to dirty deeds destructive of the very essence of what their businesses are predicated upon being done in their name.

Taking the matter out of the football context and into the world of corporate business, there is the allegation that the Sports Governance body may knowingly and with deliberation colluded in fraud to obtain money by falsely representing to UEFA on behalf of a member club (RFC of 1872) that that club was entitled to a Licence to participate in a competition the mere participation in which would guarantee a financial gain for that club of £xM, with the possibility of £x+M more if the club achieved any kind of sporting success in the competition.

The consequence of any such alleged false representation was that the properly entitled club was denied such a Licence, and therefore was, in effect, cheated out of at least £xM.

Since that properly entitled club is a PLC, the Board of that club are required, required, by law to protect the interests of its shareholders.

It is not for the Board of Celtic plc to decide that the loss, in circumstances where there are prima facie grounds for suspecting that there may have been fraud and deceit [or even incompetence] involving some millions of pounds, should not be investigated.

It is not for the Celtic Board to try to kick a shareholders’ requisitioned resolution at an AGM into touch indefinitely without explanation, debate, and a vote.

It is failure by the Celtic Board to give adequate and justified and sufficient reasons as to why they have not insisted on such investigation that arouses suspicion in the mind of shareholders ,to whom they are accountable, that they too have something to hide.

This whole UEFA licence matter cannot be dismissed and corrected and put right until full investigation of the allegations is made, resulting in a proper assessment as to the truth or otherwise of the allegations.

The other allegation of corruption , namely that a huge lie was manufactured to try to have a brand new club regarded as being one and the same as the RFC of 1872 , and as being entitled to the sporting achievements of that failed club which currently exists as a liquidated football club, can be fixed almost overnight!

All the SFA has to do is renounce that part of a very dubious, highly secretive (and possibly illegal in itself) binding agreement under which it exceeded its legitimate Governance powers by awarding sporting honours and entitlements to a club that had not existed long enough to earn any one of them on the sports field.!

In doing so the SFA Board made a farcical mockery of the very idea of sporting competition and of their role as guardians of the Sport.

Let the SFA state publicly and with suitable apology that they gravely erred in so doing, and that the record books of the SFA (and the SPFL in consequence) will show that the Liquidated RFC ceased to be able to add to their impressive list of such honours and titles on the day they died as a football club.

Doing that will not, of course, save anyone from possible criminal investigation in relation to the Res 12 matter if that matter has to be referred to Police Scotland, but it would enable some kind of return to sane and proper and honest sports governance.

I will add one other remark. I have been posting for seven years or thereabouts about the cheating RFC of SDM and CW, and of the (what I believe to have been ) underlying dishonesty of the RIFC IPO prospectus and the blindness of the SMSM.

I would be some kind of hypocritical liar if I were to attempt to excuse or turn a blind eye to the possibility that the Celtic Board have questions to answer.

I think they do have questions to answer, but have shown a marked reluctance to do so.

And, as both a shareholder and supporter, I object to that.

325 COMMENTS

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  1. easyJambo 24th November 2019 at 19:02

    '…based on a valuation report prepared by F G Burnett Limited.'

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

    The view of the Board (as reported in the Press in 2016) was that the sale of Pittodrie would raise £18M, about half the cost of the proposed new stadium.

    A write-down to £11M is good for the purchaser, certainly. 

    But it must have quite a significant  knock-on effect on the funding requirement for the new stadium, three years on from 2016.

    I think if I was considering investing in the new stadium  I'd be getting a second opinion on the valuation, and be looking sideways at the purchaser!

    [no disrespect to F G Burnett Ltd of course, but as a rule of thumb two opinions are better than one]

    (I can add that speaking of land and property valuations brings a tear of nostalgia to my een: my first job in Her Majesty's Home Civil Service was as gopher to the Surveyor in the District Valuer's office  in Carlisle. His brief at the time involved determining the value of land on each side of the old A74 from the border down through a chunk of Cumbria , in connection with the compulsory purchase of lands and property required for motorway extension/ road widening and such. It was a great job, and Carlisle was a smashing place to work in the swinging sixties)

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  2. Didn't realise it's the RIFC AGM tomorrow.

     

    Financials aside though, the DR seems to be possibly preparing the ground with a couple of articles speculating on;

    – the likelihood that Gerrard is a target for English clubs

    &

    – there are "widespread rumours" that King is going to step down.  Did anyone else hear about these rumours?

     

    And according to Level42 – I mean the DR – one of the key points at the AGM will be King's comments on the recent 'allegations' that HMRC blundered with tax bills.

     

    And would King, the GASL with 42 criminal convictions for tax fraud against the SA tax authorities…

    manage to keep a smile off his face… when commenting on the accuracy and honesty of the UK tax authorities?

    smiley

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  3. StevieBC 25th November 2019 at 11:33

    '..Did anyone else hear about these rumours?.'

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

    Ralston is an idiot of a 'denier':

    he has this, about supposed plans to increase the ground capacity of Ibrox:

    "Will it be undertaken in time for the club’s 150th anniversary in 2022, or will the costs prove too prohibitive in comparison to the likely return?"

    The utterances of  a journalistic ars.hole like that  have to be treated with the highest degree of contemptuous ridicule.

    What a sordid way to earn a crust!

     

     

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  4. From £18m down to £11m ?  This isn't reflected in property prices anywhere else in Aberdeen or Scotland as a whole  and mores the pity as it would take that level of decline to tempt me back to Scotland. Maybe these kind of wild swings are restricted to football stadiums , one on Glasgows' south side was sold for 1.5m then revalued just a few months later at 50m. Maybe the deeds at Pittodrie are currently difficult to locate.

    Talk of King stepping down maybe problematic , who will step up to cover the 5m promised to the auditors to help see out the season ? Maybe the recent media proclamations that Ryan Kent is the greatest player in Scotland , mainly due to scoring 2 goals against Hamilton will bear fruit but somehow I doubt it . He joins Morelos ,Tavernier, Jack and Kamara on the please "buy before we die" section of the January sales. I expect the usual waffle from tomorrows AGM and possibly the opportunity for the fans and general public to buy into the dream with talk of a share issue to raise funds . I would be surprised to see King walk away for the simple reason it's not in his nature to do so , why would he give up control ? If he does then it can only be that something is waiting in the wings that will finish him in the eyes of the support . One question we still don't have an answer  for is why attack HMRC? I'm sure it will all come out in the wash once the spin cycle is complete.

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  5. Timtim 25th November 2019 at 12:56

    "I'm sure it will all come out in the wash once the spin cycle is complete."

    – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

    That's brilliant Tt.

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  6. Timtim 25th November 2019 at 12:56

    "I'm sure it will all come out in the wash once the spin cycle is complete."

    – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

    That's brilliant Tt.
    —————————————-

    Hear, Hear. A real stotter.angry

     

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  7. Douglas Fraser@BBCDouglasF2m

    BREAKING: Mike Ashley is rebranding Sports Direct International as… Fraser Group plc. As owner of House of Fraser, this "reflects the elevation strategy encompassing the group as a whole"

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

    Going upmarket?  They will need to upgrade their customer base too, along with their working practices.

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  8. StevieBC 25th November 2019 at 11:33

     

    And according to Level42 – I mean the DR – one of the key points at the AGM will be King's comments on the recent 'allegations' that HMRC blundered with tax bills.

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

    Will King be foolish enough to antagonise HMRC? They rarely speak out in public but felt moved to go very public in their debunking of the shameful nonsense the Times printed.  Or would King be quite happy to have some digs given that he knows there are several slavering lap dogs writing for the chip wrappers who are willing to repeat anything he says without challenge? 

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  9. I've just sent an email reminder to Ms Gosia McBride Clerk to the Treasury Committee, having received no acknowledgement of my email of 10 days ago.

    Is it  inefficiency, incompetence, huge volumes of correspondence, indifference, rudeness and sheer lack of class that prevents the FCA and now the Treasury Committee from even properly acknowledging  letter/emails?

    Or  have they a problem with my questioning of the authorisation of what appears to me to have been a misleading IPO Prospectus, contrary to statute?

    Red faces all round? How the hell to deal with that kind of breach of the rules when they know how much trouble King was to the TOP ?  

    Or is correspondence from members of the public just not dealt with at all, in the hopes that people will get fed up and stop reminding them?

     

     

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  10. Oh! Hello
    Having trouble logging in,
    On a different browser that i’m just not sure off. Anyway thanks to the fine chap from SFM via email that is helping me out here.The problem may be my side of things.
    AGM tomorrow for the ibrox fan base, Nice to see Mr Alistair Johnston has flown or jetted over to join Mr king. Maybe the two of them can ask the SFA if they are both yet passed as fit and proper. Mr Johnston has been waiting for an answer for a few years now and Mr king must be desperate to know after his cold shoulder. Just how bad is your company if a corrupt cartel like the SFA can’t find a way to pass these two guys fit and proper?

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  11. 10 mill needed to see out season.

    What if …

    TRFC don't win the League Cup, don't qualify for Europa knockout stages and are around 6 points behind CFC at end of December (entirely possible)?

    I accept that, as a Celtic supporter, I am more than a little biased, and will readily accept that, should they triumph at Hampden on 8th Dec, and are not behind in the league (who knows they may even be ahead) – then we're set for a 'battle royale' right enough.

    I feel they have a much tougher upcoming league fixture list than Celtic:-

    Hearts (H); Aberdeen (A); Motherwell (A); Hibs (A); Killie (H); and Celtic (A)

    Celtic by comparison have:-

    Ross County (A); Hamilton (H); Hibs (H); Hearts (A); Aberdeen (H); St Mirren (A): TRFC (H)

    Fair play if they outperform CFC, but … (January Sales?)

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  12. Celtic has just made a statement about a partial closure of the rail seating area for the Rennes game on Thursday.

    http://www.celticfc.net/news/17146

    Celtic has ultimate responsibility for the safety of all our supporters and it is a responsibility which we take very seriously.  

    We need to tackle any behaviour which can compromise the safety of our supporters including the use of pyrotechnics, overcrowding and offensive chanting or banners.  

    Following the latest UEFA disciplinary decision we can confirm that there will be a partial closure of the rail seating section at Celtic Park for the forthcoming match against Rennes.

    All those supporters affected will be notified and will receive a refund.

    This decision follows similar significant sanctions being imposed against the Club already this season for the use of pyrotechnics during the matches against CFR Cluj and AIK Stockholm.

    The Club also faces another UEFA charge for the use of pyrotechnics during the match in Rome recently and this will be heard on 12th December 2019.

    Regrettably, these charges and sanctions continue to damage the Club’s reputation and this behaviour continues to threaten supporter safety.  

    UEFA’s rules and the Club’s long-established ground regulations are very clear. Indeed, the Club engages in regular dialogue with all supporters groups to ensure these are well known and understood.

    We have considered this matter very carefully. It is disappointing that behaviour which is unsafe and which we all know will breach UEFA and Club regulations has continued.

    N.B. supporters in rows A-M will be affected. 

    Celtic's position on this appears to accept their responsibilities for the safety and security of all fans in the stadium, but it's at odds with their previously stated stance against such liability in the domestic game. 

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  13. I love football. I particularly love Hearts. I even love football, and Hearts, when Hearts are absolutely crap. I used to like squibs. A long time ago I grew up and realised squibs (pyrotechnics) are not all that loveable – or great. Why the Falkirk do some folk think they make football better? Or even think they look good?

    How thick do you have to be to think throwing a farking flaming lump of sh*t is better than shouting 'come on the …. ', whatever team you love?

    I think the pyrotechnic football fans all belong in the Jeremy Kyle waiting room, especially now it doesn't exist.

    PS if anyone thinks there's a place for pyrotechnics in football, please explain.

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  14. Allyjambo 25th November 2019 at 21:47

    '…PS if anyone thinks there's a place for pyrotechnics in football,'

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

    That's a temptation I can't resist, Aj:

    the proper place for pyrotechnics at football matches is up the jaxies, and lit,  of the numpties who smuggle them into  the ground, dangerous pests that they are. That'd larn them.

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  15. I have been thinking about the ibrox, HMRC  issue of last week and why the story broke and died. The only thing i can come up with is. 1. The ex players who had EBT's have handed the ibrox club their side letters indemnify them that this (same club) will pay.

    A lawyer working for a number of ex players handing a collective bill for this (same club)to pay would have sent shockwaves round ibrox.

    So how to deal with something like that and not letting go of same club myth (the side letters are worthless against this new club)

    Shout from the roof tops and blame the tax man.

    It is the only thing i can come up with to explain the non HMRC story of last week.

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  16. On the pyrotechnics. (In this day and age). if the fans and the clubs think it adds something and they can work together on a solution,there must be some kind of water based vapour that can create a coloured specticle that does not harm fans or is against any rules.
    The first company that could come up with something like that may make a fortune.
    I don’t like the danger in the pyrotechnics myself, but if some kind of safe solution could be found.

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  17. Selfish people do selfish things , those who  engaged in this have given zero consideration to people who suffer from lung conditions , with asthma or bronchitis where being in a position where it is impossible to avoid the effects of pyro can be of a serious if not life threatening situation. They will no doubt care even less that fellow fans who have done no wrong will now be punished because of their actions. I have experienced being stuck in a packed stand when a change of wind engulfed us with putrid smoke , it was not  pleasant . Zero tolerance policy to pyro at any game is a must 

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  18. CO @ 23.15

    There is a claim that the £2.1m  on the recent share purchase was to fund a legal bill . That's a hell of a bill if the rumours are true . Is there a connection between that and the EBT indemnity? I would think that RIFC/TRFC would fight it tooth and nail and any lawyer for the players concerned would need a court judgement before they handed over a penny. I would imagine that the lawyers would at least try playing the same club* card  and the players concerned would encourage them to do so . I suppose it depends if HMRC see them as the same club* or not. The club* themselves have certainly made a strong case that they are , the IPO stated that they are , the collection of titles they boast of would hint that they are , Doncaster said he believes that they are . Can anyone see EJ and JC being called to give evidence on behalf of  TRFC that they actually are not ? 

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  19. Re pyros .

    I complained to the SFA years ago after being affected by the smoke display at Hampden prior to a Scotland International match . I can share the correspondence if you wish , but basically they use good smoke and fans use bad . Plus theirs is controlled and the fans' is random . (where's Jean Brodie when you need your punctuation checked /admired ?).

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  20. Cluster One 25th November 2019 at 23:15

            It is the only thing i can come up with to explain the non HMRC story of last week.

    —————–

        It's always a possibility C1, but as you point out, the death of Rangers(I.L.) occurred before Sevco arrived on the crime scene. It is natural that we have become accustomed to looking towards Sevco, as the largest exporter of fake news, but I am sure they are not the only kids on the block. 

        We on this site know, and can freely admit, discuss, and sometimes chuckle at Minty's cheating and the dishonesty that preceded the judge with the black hanky.. Documentation, and court testimonies under oath, are delivered to us undoctored by honest men to whom we owe a great debt. It is black & white who did what, for why, and when……. For others that is not the case….They get their news from the papers.

        I think it more likely the Times squirrel was tossed from a different tree this time. The bottle of blame must not be allowed to stop spinning, because it will end up pointing at the guilty. 

        Seems logical to me that as this squirrel was dressed as a whodunnit, then it's pretty certain the real whodunnit released it. 

        Pinning the rap on wee Craigy flunked, and the D & P dynamic duo are out of the running. 

       Charlie, Imran, Stockbridge et al are all post mortum…..

        Although Sevvies claim it a lot, I doubt many would realistically believe it was Peter Lawell….Or even Peter Grant who sucker-punched them with an unseen karate chop, so that only leaves Hector, and the guilty one racing towards the second from last.  

        I imagine BDO's report will be lengthy and exact when they have completed their autopsy……….

    Perhaps it is close to completion……Perhaps it is very detailed with no colourful nom-de-plumes to spare the scarlet blushes of the guilty. 

        Unfortunately for the guilty, The Times squirrel had nae legs………….

        Even the useful idiots in the SMSM could hear it's wheel squeaking when they half-heartedly pushed it.

       Must try harder Minty !!!!

       I'm 100% he will……Something has rattled his cage.

       

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  21. Cluster One 25th November 2019 at 23:15

            It is the only thing i can come up with to explain the non HMRC story of last week.

    —————–

        It's always a possibility C1, but as you point out, the death of Rangers(I.L.) occurred before Sevco arrived on the crime scene. It is natural that we have become accustomed to looking towards Sevco, as the largest exporter of fake news, but I am sure they are not the only kids on the block. 

        We on this site know, and can freely admit, discuss, and sometimes chuckle at Minty's cheating and the dishonesty that preceded the judge with the black hanky.. Documentation, and court testimonies under oath, are delivered to us undoctored by honest men to whom we owe a great debt. It is black & white who did what, for why, and when……. For others that is not the case….They get their news from the papers.

        I think it more likely the Times squirrel was tossed from a different tree this time. The bottle of blame must not be allowed to stop spinning, because it will end up pointing at the guilty. 

        Seems logical to me that as this squirrel was dressed as a whodunnit, then it's pretty certain the real whodunnit released it. 

        Pinning the rap on wee Craigy flunked, and the D & P dynamic duo are out of the running. 

       Charlie, Imran, Stockbridge et al are all post mortum…..

        Although Sevvies claim it a lot, I doubt many would realistically believe it was Peter Lawell….Or even Peter Grant who sucker-punched them with an unseen karate chop, so that only leaves Hector, and the guilty one racing towards the second from last.  

        I imagine BDO's report will be lengthy and exact when they have completed their autopsy……….

    Perhaps it is close to completion……Perhaps it is very detailed with no colourful nom-de-plumes to spare the scarlet blushes of the guilty. 

        Unfortunately for the guilty, The Times squirrel had nae legs………….

        Even the useful idiots in the SMSM could hear it's wheel squeaking when they half-heartedly pushed it.

       Must try harder Minty !!!!

       I'm 100% he will……Something has rattled his cage.

       

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  22. So it’s the afternoon before the big game. 

    Ticket – ✔️ 

    Scarf- ✔️ 

    Wallet- ✔️ 

    Phone- ✔️ 

    Distress Flare- ✔️ 

    Away we go, happy in the knowledge that the Club will be embarrassed and will have to pay a fine. Oblivious to the safety of the people in the vicinity when the flare is lit but what a story to tell your mates in the pub.

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  23. Corrupt official 26th November 2019 at 01:07

        Unfortunately for the guilty, The Times squirrel had nae legs………….

        Even the useful idiots in the SMSM could hear it's wheel squeaking when they half-heartedly pushed it.

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

    I wouldn't say it was half hearted in the immediate aftermath of the Times story. Initially the rest of the media went after it like a pack of rabid dogs, until HMRC put their gas at a peep. Worse still, their initial reaction was based on a subjective article which the Times could not stand up.

    Compare that to the media's attitude to Resolution 12. Forget for a moment that the Celtic Board don't seem to want to progress it, as we have often discussed on here. The media were all presented with compelling evidence on this matter some time ago, yet none of them are willing to expose a scandal where others have even gone to the bother of doing all the leg work for them. Whether the Celtic Board want to progress it or not it is a complete dereliction of duty in what the purpose of a free media is for them to ignore it. Why on earth do they not want to call out the SFA, Rangers, and even the Celtic Board on this? Surely Scottish football would be a far better place if governance levels were enhanced to prevent a repeat event?

    So, on to the Celtic AGM tomorrow. Right now we don't know how the Celtic Board will respond to what will be tough, pressing questions from the floor. They are not stupid people so they may well have something up their sleeve – time will tell. However, the media will be in the room and if past reporting is anything to go by the Requisitioners will be ridiculed, rather than having their case explored. Add that to any other sh*t stirring they can conjure up to get their negative headlines. 

    I have never understood why the media are allowed into the Celtic AGM, unless there is a need for listed companies to allow it. I would not allow them near it. There will be plenty of people there to relay proceedings to Celtic fans via social media. Allowing the mainstream media in is akin to inviting the neighbours into your home, only for them to publicly trash you to the rest of the street the next day. 

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  24. upthehoops 26th November 2019 at 07:09

    "…I have never understood why the media are allowed into the Celtic AGM'

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

    From the Press Gazette,September 11, 2019

    "Listed companies are not obliged to allow journalists into their annual general meetings, but most generally do.."

    https://www.pressgazette.co.uk/sports-direct-decision-to-block-journalists-from-agm-not-a-good-look/

    And any sports editor  worth his salt would probably want to make sure that some stringer or other had shares in a major newsworthy club so that, if there was no formal invitation to the Press, his paper could nevertheless get a first-hand report of the AGM, rather than a Press Release!

    Mmmm! There's a thought. Could I do a wee report of tomorrow's Celtic AGM for the DR? I certainly could. Would I? Not for as many thousands of pounds as there have been lies and half-truths and arrant nonsense printed by the DR about 'continuity' Rangers.

     

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  25. John Clark 26th November 2019 at 09:08

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

    In a normal society it probably would be foolish to ban the media from the AGM. However the society we live in is far from normal when it comes to how the media report on football matters. As I said, a history of negative coverage of the Celtic AGM would see this very minor shareholder in Celtic absolutely delighted to see them banned from the AGM.  

    I imagine after their guaranteed sycophantic coverage of today's Rangers AGM they will be thirsting for a huge dose of negativity from the Celtic one.

    It's just the way Scotland is. 

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  26. Ex Ludo 26th November 2019 at 01:17

    Ex Ludo, you could add terrorist related banners to your list.

    easyJambo 25th November 2019 at 20:21

    EJ as you say Celtic have their head in the sand re the Green Brigade and the double standards applied to the domestic game.

    The latest UEFA fine relates to various banners including a banner and card display mirroring the logo of an Italian terrorist organisation.

    Celtic, as a club, know this group of supporters have form on using terrorist iconography and similarly the club being fined for it.

    Look at the pictures and you will see that such a display requires a degree of organisation and pre- planning. The Green Brigade didn't suddenly chose their display 5 minutes before kick off!!

    I have it on good authority members of the Green Brigade are given the run of their area in advance of games to set up such displays and  go through less security checks than staff who actually work in the stadium.

    Phil Macgiollabhain is keen to continually remind us the Celtic have oodles of cash in the bank.

    Given the consistent fines, home and away in Europe, why is some of that money not spent monitoring the Green Brigade and ensuring there is appropriate sanctioning of banners/displays and proper searches of fans  going into that area at home games?

    The club has that power and that level of control, if it were serious about addressing the issue.

    Don't get me wrong I have no problem with the aims of creating an atmosphere and all the genuinely humourous stuff.  I support efforts to call out fascists and have sympathy with innocent Palestinians, but there are other ways to draw attention to such plights.

    Supporting noble causes and doing charity work is all well and good but I can't help feel there is a twisted darkness within the heart Green Brigade that isn't doing the club and the majority of their fellow fans any favours. 

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  27. Both the Record and the Herald are providing updates from the RIFC AGM.

    https://www.dailyrecord.co.uk/sport/football/football-news/rangers-agm-2019-live-dave-20961315#

    https://www.heraldscotland.com/sport/18060405.rangers-agm-live-latest-updates-dave-king-rangers-board-meet-shareholders/

    Some snippets so far:

    King: "We continue to be bedevilled by Sports Direct’s influence on retail."

    King on investment: He was willing to do it but can’t do it for too long “without risk of collapse.” Says the club needs to get to get back to financial security.

    Ross Wilson asked to give valuation of the squad and provided two estimates. Present market value and projection if they progress. Uplift of £55m at present and £103m projection. An estimate but educated and shows the value of the investment.

    New share issue in January
    Funding initiative for new shares that will deal with the money needed to this season.
    He sees no need to continue the ad hoc investment and can sit down with an approved financial plan for squad.
    There is no longer a strategic need to incur losses. Funding initiative for new shares that will deal with the money needed this season.

    King plans to dismantle the Rangers holding company and fold the shares into the football club.

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  28. I was a witness to the bank driven sham sale to Craig Whyte and watched on on horror.

    King says ‘crisis is behind us’. This will be his final AGM and he will step down in the New Year.

    King will redirect more time to his private affairs. Rangers doesn’t, he says, need his support anymore. An emotional King received a standing ovation from the floor. Being chairman has been ‘by far the greatest privilege’ of his business life. Will stay on to fight Sports Direct

    AGM open to questions from the floor. Club 1872 thank DK for their dealings and being ‘welcoming’ to fan investment. Thanks for huge personal contributions in time and money that supporters will ‘never forget’

    Question related to HMRC story and King says it is ‘not a club issue’. RIFC would have no claim and ‘real victims’ would be supporters and shareholders.

    Question on ticket allocation policy and fans being treated ‘with contempt’. Fan unhappy are missing out on cup final ticket. Stewart Robertson ‘understands frustration’ and club are looking at a new membership scheme.

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  29. Final questions

    Fan wishes Gerrard all the best for the rest of the season. Gerrard jokes ‘I get four tickets and I need 20’ in relation to cup final. Thanks board for their support and pleased with progress of the team. It is ‘game on’ and he can’t wait for upcoming matches.

    Supporter raises concerns of segregation barriers at certain matches and says he’s waiting on a reply from Rangers and Police. SR asks for fan to discuss it personally with him. James Blair draws AGM to a close.

    ————————-

    Just the usual soft and planted questions with nothing on the SDI case or funding shortfall. 

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  30. Was he pushed or has he jumped? My own feelings are he was pushed , no more cash left and with his cold shoulder has become a hindrance to the running of the club. He states they don't need him any more but that contradicts the statement in the accounts regards funding. Strange comments re the holding company no longer being needed and folding it into one easy to manage package with TRFC . They've allowed him to exit stage left to rousing applause but the trail of carnage he has left behind will still have a negative affect. Staying on at Rangers* Retail ltd until he defeats Ashley ? It's almost as if the board have said " this is your mess,clear it up" All in I am sorry to see him go , he was a massive hindrance and at times great entertainment . We just have to sit and wait to see how much damage he has done .

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  31. He is charging them interest on his most recent loan, it's the SA authorities' fault obviously. 

    "King plans to dismantle the Rangers holding company and fold the shares into the football club." is interesting, is there any further detail on that ej. I'd be interested in the mechanics of doing it and why they would want to. 

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  32. So it looks like King, and presumably his desire to put monies into the Ibrox coffers, will shortly depart these shores.

    'The club' then will possibly become the sole legal entity controlling the football aspect of the business and therefore more or less fully reliant on 'fan investors' if it needs more cash.

    The club therefore will mainly rely on its income from gate receipts, retail, TV monies, sponsorship and progress in competitions.

    So we are back to the situation where Celtic have the bigger ground, the better sponsorship deals and cash in the bank.

    The Ibrox management team will apparently now be set a more defined wage and transfer budget, which of course blows all other Scottish Teams out of the water, but is unlikely to be anywhere near what Celtic can spend if  both clubs wanted the same player.

    T'Rangers still have no record of significantly benefitting from the development and selling on of younger players and have a number of older high wage earners on their books. So they are trailing in that department, even if they did manage to sell on Morelos.

    Given the eventual lack of interest in oldco shares issues in the latter part of SDM's reign it is difficult to see how King is leaving the club in any better shape than when SDM exited stage left with a pound in his pocket. There has been no obvious appetite for years for anyone other than fans to invest in the clubs from Ibrox and the folk on the terraces only have so much spare cash.

    IMHO the last sugar daddy has now left the building.

    You can't take away from the fact that some folk have put their money where their mouth is to keep the show on the road and make progress in footballing terms and that the fans have remained staunch and loyal.

    However they are not out of the woods by any means as their costs remain high and to avoid future losses, whoever takes up the reigns are going to have to cut their cloth accordingly which will clearly have an effect on the potential for success on the pitch.

     

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  33. Looks like I was right regarding sycophantic media coverage of the Rangers AGM. 

    Celtic really need to get some convicted tax cheating criminals on the board, preferably ones who have also had the financial cold shoulder. They really need to rack up tens of millions in losses over a few years. They really need to get involved in constant court battles with all and sundry along with the huge cost that entails. They really need to tell everyone their squad is worth £100m more than what no other club has ever offered in the first place. They really need to have an association with an entity which owes the public purse and others tens of millions.

    If they did all that, Celtic would receive fantastically positive coverage from the media at their AGM. Well they clearly would, wouldn't they?

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  34. Thanks eJ for your virtual AGM reporting.

     

    Yes, the 'folding the shares into the football company' sounds curious. 

    But, it could also create further confusion though re: the holding company / engine room subsidiary boll*x ! indecision

     

    And if the DR has this quote correct, it is even more curious;

    "…There is no longer a strategic need to incur losses…"

    If King meant to say the focus was on e.g. growth or squad stability rather than profit, that's one thing.

    Amazon is the best example of a company which for years wasn't fussed about making a profit as it accumulated mounting losses – because it's long term strategy of world domination indecision was sound and very profitable.

    RIFC/TRFC is not Amazon but just a crappy football club, racking up relatively big losses every year – and with no apparent strategy to break even – nevermind make a profit.

     

    And as for King leaving…

    we should really throw him a party for entertaining us all these last few years!

    Can only imagine he'd only leave – quietly – if he was bought out, to his full satisfaction.

    If not, King could be just as toxic whilst pulling strings from SA?  He could still be the majority shareholder.

     

    Oh well, CFC AGM tomorrow.

    Good luck to Auldheid et al.  Their relentless Res.12 efforts more than deserve a positive outcome.

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  35. "King plans to dismantle the Rangers holding company and fold the shares into the football club."

    I think I've worked out the code.

    The PLC is being liquidated. 

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  36. Does this make sense. If he wants to liquidate the PLC and move everyone's shares into the limited company he won't be on the board of that company, so by leaving just now it is less of an obstacle. No issues with that whole fit and proper nonsense.

    This is from his proclamation to his followers.

     

    "A consideration of our more devolved decision making has made me reconsider the question as to whether there continues to be benefit in a holding company for The Rangers Football Club versus the more traditional model of a single operating entity with a board that comprises executive and non-executive directors. I have therefore asked the company secretary to investigate the possibility of dismantling the holding company and issuing shareholders with the equivalent shares directly into the football operating company, The Rangers Football Club Limited. I would certainly rather own my shares directly in the football club. Further announcements will be made in due course if this proves to be viable and desirable."

     

    The question remains, what is the advantage in liquidating the holding company, killing off that entity.

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  37. The PLC has no longer adds any value. It hasn't really had any value since raising funds the original IPO. There is no listing, no public trading facility.  The PLC itself runs at a loss.  The funds raised by the PLC in loans and share issues can be done equally as well by TRFC itself.

    I'd expect a fairly straightforward issue of shares on a one for one basis from RIFC to TRFC shares.

    What I would be looking at is whether or not RIFC is liquidated with any debt attached to it, or on the other hand any dividend is paid to shareholders who don't want to take up shares in TRFC, e.g. a pay-off for King. I don't think either scenario will apply but its worth keeping an eye on what will be a voluntary liquidation.

    The downside I see for Rangers fans and shareholders is that TRFC, as a limited company, is a private company, therefore their need for disclosures and transparency might take a further hit.        

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  38. Generally, there are tax advantages with a holding company structure – but your operations do have to make a profit sometime to derive the benefit, typically.

     

    And based on the Ibrox financial history since 2012…

    mibbees a more appropriate legal entity would be a 'Not For Profit'…?  enlightened

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  39. Timtim 26th November 2019 at 11:40

    '..Was he pushed or has he jumped?.'

    +++++++++++

    I'd like to think that the FCA has told him that RIFC plc was bogus and has to go, and that shareholders have to be made shareholders in the football club. And that he peronally might be in soapy bubble again and would be well advised to get the hell out!

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