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


  1. https://philmacgiollabhain.ie/2019/11/19/back-to-school-at-the-thunderer/#more-14709

    A small update from Phil which hints that level 5 puff pieces may not readily find themselves cleared for print so easily in the future (at least at the Times) and a teaser that it was a squirrel for something explosive . On a totally unrelated subject (maybe) are transfer fees subject to VAT ? and if so are they to be paid up front or in instalments alongside the staged payments? 

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  2. I reckon More or Less’s work permit has been withdrawn and he can’t get back into the country ! And it’s been withdrawn due to incorrect info on the application from SFA, via his sponsor RFC. Another imperfect registration then ? If so what would the penalty to RFC be this time ?

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  3. Timtim 19th November 2019 at 14:16

    '.. A small update from Phil …….and a teaser that it was a squirrel for something explosive .'

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

    I suppose it would be too, too much to hope that the truth, or something approaching the truth, about the whole dirty, rotten mess that SDM's cheating, and the Football governance people's cheating and the FCA's ignorant/negligent /wilful authorisation of the RIFC plc IPO might be the 'something explosive'!

    I attended the funeral of a school and university friend today. The kind of friend that , because  your lives diverge and develop along different lines, and in different countries that [ for my generation]it is only in a kind of annual reunion setting that you meet up.

    One result of that is that you really don't know anything about whole dimensions of your friend's life.

    And so, today, when many people whom I had never met but were friends of my friend were whole-hearted in their use of the word 'integrity' as applied to my friend, I thought of the wretches in Scottish Football- SDM, the SFA board and the boards of the then  SPL and SFL – and ,broadly ,of those  in the SMSM who do not tell the full truth.

    Who among those of us who may be alive when the full-time whistle blows ,sooner or later ,to end each of their little individual lives , will not snort in derision  if anyone spoke of them as being men of integrity?

    My friend died an honourable and honoured man of integrity and truth in every aspect of his life.

    May he rest in peace, as 'requiescat in pace' (abbreviated;RIP); is properly translated) 

     

     

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  4. @JC : I find it increasingly disheartening that many people I come across in life are not people of integrity , that lying is 2nd nature to them and many of these people are in positions of authority. I can console myself that I also know a few people who are a shining light in a world too often filled with darkness. I hold out little hope that those responsible for all the lies and skullduggery in many different situations will ever be held accountable for their crimes. In banking only little Iceland took them to task and won. All we can do is present the evidence and expose the criminality in the hope that someone somewhere will act . From the evidence I have seen , we have been lied to on far greater matters than football and cannot hold to account institutions guilty of mass murder and murder of some of the most prominent people our planet has ever produced . They will always find a Patsy to take the rap ,whether it's  Lee Harvey Oswald , Craig Whyte or Osama bin Laden is irrelevant as long as they can walk away scot free .

    George Carlin sums it up best "it's a big club and you aint in it" 

    I hope your friend does rest in peace ,it sounds like he deserves to.

    https://www.goodreads.com/quotes/964648-but-there-s-a-reason-there-s-a-reason-there-s-a-reason

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  5. Timtim 20th November 2019 at 00:07

    '..I hold out little hope that those responsible for all the lies and skullduggery in many different situations will ever be held accountable for their crimes. '

    +++++++++++

    Well, I would imagine that even as I write there are men who know that their names are mud and that their children and grandchildren  know or will learn  that their fathers/grandfathers were/are regarded [rightly] with scorn and contempt by a sizeable proportion of the people.

    I would not like to be such a father or grandfather.

    The baddies as individual persons always, always, always lose out in the end.

     

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  6. Ex Ludo 20th November 2019 at 07:01

    '…I don’t know what quants are either.'

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

    Ha, ha, Ex Ludo:

    '.I'd call someone a quant if they were spending a fair amount of their time doing code development and/or mathematical/statistical analysis of trading strategies, algorithm values, risk assessments, economic signals, market dynamics, etc.'

    Sadly, this is not me talking: I lifted it from 

    https://www.quora.com/Is-there-a-difference-between-a-quant-and-an-algo-trader

    And now I've got a sore heid!

    Who are these people?indecision

     

     

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  7. @KieranMaguire aka "PriceOfFootball" on Twitter has put together an easy to understand Youtube video comparing the financial results of Celtic and Rangers (barring one clear and obvious error). He probably used "factcheckUK" to confirm one number, who being Tories decided that it was OK to go with it. 

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  8. Another CoS hearing tomorrow in the David Whitehouse v The Lord Advocate case.

    TO BE ALLOCATED

    STARRED MOTIONS

    1 hour – A413/16 David Whitehouse &c v James Wolffe – A & W M Urquhart – SGLD

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  9. easyJambo 20th November 2019 at 17:02

    '..Another CoS hearing tomorrow in the David Whitehouse..'

    +++++++++++

    I'll go in early in case it's a 9.30 kick-off.

     

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  10. I read elsewhere online tonight that apparently some Rangers fans are planning a protest on the steps of Hampden at the League Cup Final. They want a £50m refund from HMRC or at least an apology.

    Remember, that would be a £50m refund on money that has not actually been paid. 

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  11. UTH, a demonstration like that would be both tragic, and hilarious.

    And it might provide the Celtic fans with inspiration to produce a suitably appropriate banner too..  indecision

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  12. Well done Colin,makes me feel something positive is happening in our game.Jags should name the ground after him.

     

    EuroMillions winner Colin Weir has completed his takeover at Partick Thistle and plans to gift ownership to fans next year.

    Weir, 71, has purchased a majority shareholding and a holding in land at the club's Firhill Stadium.

    The life-long supporter will immediately give the land back to the Scottish Championship club.

    His 55% shareholding will then go to a fan group being developed, based on the Well Society model at Motherwell.

    The free transfer of shares will happen "no later than the 30 March 2020".

    Weir has already invested around £2.5m of his £161m lottery win in the Glasgow club and previously set aside £6m for a new training ground.

    But he withdrew his support in August citing "uncertainties" about a mooted takeover by a foreign consortium.

    • Weir-backed fans group makes Thistle bid
    • Lottery winner withdraws Thistle funding
    • Thistle to face Raith in Challenge Cup semi

    An interim board will be established "comprising of a mix of experienced business people and fan representatives", while a working group is to be set up jointly by the PTFC Trust and Thistle for Ever organisations to create the body that will receive the shareholding.

    The land purchased from Firhill Developments is the south terrace area and main stand and it will revert back to full Thistle ownership after 10 years under the terms of the deal.

    'Fan owners will not need to repay a penny'

    "Thistle for Ever planted the thought of fan ownership as a real option in my mind," said Weir in a statement.

    "But this has all happened quicker than anyone might have anticipated. That's why I have offered a three to four month window for fans to get everything in place before handing over shares.

    "They want to get it right and I want to be sure that when the new entity is operational, there is a structure that will allow for a smooth transfer of ownership. This is a major financial commitment on my part as fan owners will not need to repay a penny – but I believe this gives fan ownership the best possible start."

    Weir also promised a future announcement on his plans for funding the club's youth academy.

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  13. Not to wander too far off topic , can I say that I do actually have many other interests.

    One of these is in looking into the local history of the place where I grew up. [ The internet is wonderful] 

    This evening , exploring the history of Dalbeth , I found that the lands of Dalbeth came into the hands of the Hopkirk family in 1754- the family fortunes were made in tobacco, and the Hopkirk chap was a plantation owner (and we can presume, a slave owner).

    One or other of the Hopkirks was connected with, or founded, or owned the Glasgow Arms bank.

    That prompted me to look up the City of Glasgow bank which I knew had gone bust in 1878.

    I was led then into an account of the trial of the directors of that bank

    And all of a sudden, I bethought myself of the trial of certain other directors. 

    And of how murky that interface between 'business' and 'law' and right and wrong and guilt and punishment can be. 

    At the trial, the Dean of Faculty defended the accused in a 4-hour speech. 

    The accused were nevertheless found guilty. And Lord Moncrieff passed sentence.

    And I was struck by this observation in what I suppose was a newspaper of the time :

    [ Curiously, the illustration of the Court proceedings seems to show a jury box with only 12 jurors?]

    The Statist agreed. ‘So far as the sentence goes, it would appear to be a safer thing to make away with six or seven millions of money, and thereby to filch from thousands of affluent families everything they possess in the world, than to pick a pocket of a few pence.’ It would have been interesting to know what a Dundee mill girl, whom Moncreiff had sentenced to eight years in prison back in 1870 for stealing a silver watch and some clothing from her landlady, might have thought of this outcome."

    And I for some reason found myself thinking " plus ça change, plus c'est la même chose"

    Bast.rds with money/influence  get away with things 

    Edit: well, maybe there's a certain up-his-own-royal-.rse personage who might not entirely get away with things.

    Truth is the great leveller.

     

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  14. "Weir, 71, has purchased a majority shareholding and a holding in land at the club's Firhill Stadium.

    The life-long supporter will immediately give the land back to the Scottish Championship club…

    ..The land purchased from Firhill Developments is the south terrace area and main stand and it will revert back to full Thistle ownership after 10 years under the terms of the deal."

    I am confused. What does that mean? 'immediately give the land back..' and 'the land purchased …….will revert back to full Thistle ownership after 10 years…'

    Is it just lousy reporting by someone as fundamentally ignorant of these things as I am? 

    Can any Thistle fan tell me. 

    And I remember with fondness my personal, if sort of family second-hand links with Thistle, so I am not being critical or unappreciative of the generous gesture by Colin Weir.

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  15. Anyone having access problems ? Had a very strange report today about some difficulties. All seems good on the server end, but if anyone has heard anything please let us know.

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  16. I am confused. What does that mean? 'immediately give the land back..' and 'the land purchased …….will revert back to full Thistle ownership after 10 years…'

    Is it just lousy reporting by someone as fundamentally ignorant of these things as I am? 

    Can any Thistle fan tell me. 

    Basically 10 years ago a group of supporters bought the main stand and land behind goal as 'Firhill Property Ltd' or similar to help club out financially at the time with intention that club would buy them back at a later date. Colin Weir has now done that. 

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  17. Nothing to report from the CoS this morning. JC and I were there, but the hearing hadn't been allocated to any judge as yet. With no indication as to when the hearing would start and in the absence of the usual legals and others, we decided that it wasn't worth hanging around.

    Anyway, there was much more interest in what was going on across the road at the High Court with a media scrum awaiting some former political figure emerging from court.

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  18. A document lodged with Companies House today notifies us that the Accounting Period for LBJ Sports Apparel Ltd (trades as Elite Group) has been extended from 21 November 2019 to 31 March 2020.

    You could speculate whether or not this relates to the ongoing SDI v TRFC court action, either to simplify or complicate the accounting for their profits, which may be referenced when assessing any damages levied. 

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  19. Just in from my wasted trip to Parliament House and a mere 800  metres in the Commonwealth pool.

    It must be quite difficult to schedule available work to match the expected availability of judges so I wouldn't want to be too critical of the Scottish Courts and Tribunals Service for perhaps hoping that a judge might become free earlier than thought because of last minute withdrawal or settlement of a case.

    And there was a wee bonus: a courteous step-aside by Lord Brodie as we met head-on going round a corner in the corridor.

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  20. easyJambo 21st November 2019 at 13:16

    '..the Accounting Period for LBJ Sports Apparel Ltd (trades as Elite Group) has been extended from 21 November 2019 to 31 March 2020.'

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

    I gather that one set of circumstances in which  a company might wish to change its accounting year end is when profits are falling. The Companies House guidance  gives an example:

    Example: Your profits for the 12 months to 30 June 2014 are £50,000.  The Corporation Tax on this will be £10,000 (£50,000 x 20%), payable on 31 March 2015.  For the 6 months to 31 December 2014 the Company made a loss of £20,000.  If the Company extends its reporting period to 18 months to 31 December 2014, then total profits will be just £30,000 (£50,000 – £20,000).  Two thirds of this will be taxed in the 12 months to 30 June 2014 and one third in the 6 months to 31 December 2014 (tax periods cannot be any longer than 12 months).  This will result in Corporation Tax of only £4,000 being due on 31 March 2015, compared £10,000 if the year end was unchanged.

    This is not an illegal fiddle, but if a company was feeling the pinch it might find it helpful to defer paying tax due. [A company can do this only once in 5 years, though]

    Is LBJ  Apparels finding things difficult?

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  21. dpj 21st November 2019 at 08:39

    '...will revert back to full Thistle ownership after 10 years…'

    +++++++++++: 

    Thank you, dpj : I was reading it as meaning the land would be handed over ten years from now!   

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  22. Hi John Clark 

    I think it's true a limited company can extend their accounting period beyond 12 months thereby this becomes 2 x reporting periods but their payment date remains the same 9 months and 1 day after last day of each accounting period.

    i.e. 1st payment due 9 months after 12 month period and 2nd payment due 9 months after short period.

    Please keep up your relentless quest for justice on our behalf we are all greatly indebted to you and the others on the blog who keep us all up to date with this ongoing saga.

    Cheers

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  23. If I was one of the RIFC/TRFC suppliers STILL waiting to receive any long overdue payments from Ibrox…

     

    and if I then saw the worrying RIFC accounts released recently – which also showed a c.£10M balance for all the suppliers…

     

    and if I recently read that in January the whole TRFC squad is off to Dubai for an expensive jolly and some winter training…

     

    and if I then read in Phil's blog that the recent £2.1M fundraising at Ibrox was to pay 'urgent' legal bills – and not other, outstanding supplier payments…

     

    I wouldn't be happy – at all.

     

    And with December year end rapidly approaching for most RIFC/TRFC suppliers – it's traditionally a time when you put in an extra special effort to recover any overdue customer payments.

     

    We saw it with Rangers FC in 2011/12: IIRC, a small legal firm initiated court proceedings for about £30K owed to them?  Rangers settled out of court – but the story still became public.

     

    I think we could see stories like that appearing soon for RIFC/TRFC.

    Which would be nice.  no

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  24. StevieBC 21st November 2019 at 19:11
    7 2 Rate This

    If I was one of the RIFC/TRFC suppliers STILL waiting to receive any long overdue payments from Ibrox…
    ……………….
    You would only have yourself to blame. How could you have missed the 276 creditors left behind the last time an ibrox entity overspent what it did not have and with some the same people hovering about at the top of the stairs now who were there when the creditors were left behind before. You should have asked for cash upfront a long time ago. Or was the status of having an ibrox club on your books worth more than the damage they may cause.
    SO be grateful and happy StevieBC 21st November 2019 at 19:11
    You are not one of the RIFC/TRFC suppliers STILL waiting to receive any long overdue payments from Ibrox…
    I believe you would be to strude and smart for that;-)

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  25. StevieBC 21st November 2019 at 19:11

    If I was one of the RIFC/TRFC suppliers STILL waiting to receive any long overdue payments from Ibrox…

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

    …but surely it is an honour to be stiffed for your money by the majestic Rangers? There were even some politicians, including the most senior Scottish one at the time, who thought HMRC should write off all the money Rangers stole from them. That's how much of an honour it is.  Also, it is clear you can be the biggest tax cheat, con-man or shyster around, but if you are head honcho at Ibrox you will be treated with more respect than any other head of any other club in Scotland. Look no further than David, Murray, Craig Whyte, Charles Green and Dave King for evidence. 

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  26. upthehoops 22nd November 2019 at 07:09

    " There were even some politicians, including the most senior Scottish one at the time, who thought HMRC should write off all the money Rangers stole from them."

    Is this the same politician who appeared in The High Court of Justiciary yesterday charged with fourteen serious sexual offences against ten women?

    If the same logic is going to be followed we may hear a Jury being told that there should be no convictions because the subject of the charges is a "Scottish Institution". 

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  27. From The ET;

     

    "The World Anti-Doping Agency (WADA) are meeting next month to discuss possible sanctions against Russian athletes due to alleged inconsistencies in anti-doping data.

    The Scottish Sun [is] reporting that a potential punishment could include Russia being banned from the Olympics next year as well as missing out on Euro 2020, which could result in Scotland being entered into the competition in their place."

    =====

    indecision

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  28. One of the usual barriers to change in Scottish football is to step down. Stewart Milne is expected to sell shares to US based Dave Cormack, the vice chairman, resulting a change of control at the club.

    I don't know if this will herald a change in approach though.

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  29. LUGOSI 22nd November 2019 at 11:27
    22 3 Rate This

    upthehoops 22nd November 2019 at 07:09

    ” There were even some politicians, including the most senior Scottish one at the time, who thought HMRC should write off all the money Rangers stole from them.”
    ………………….
    Sometimes when a name comes up i often wonder to the younger generation looking into SFM, Who is that? I missed that, what did he say back then.As we lived through the ibrox downfall some younger people may have only have been about ten years old when it all happened and are now just coming around to what happened over at ibrox.
    Anyway, since Mr Salmond is in the news, and some younger readers may wonder his part in the ibrox saga. Here is a small reminder.
    https://www.the42.ie/rangers-cannot-be-allowed-to-go-bust-says-salmond-357419-Feb2012/

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  30. Ref Milne standing down – Hallelujah!

    One less ‘Lets move on’ advocate and, I strongly suspect, invisible party to the 5WA

    I suspect and hope that Dave Cormack will stand up to the SFA and bring them to task over their lack of integrity, obvious bias to RFC and to a lesser extent CFC

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  31. Cluster One 22nd November 2019 at 18:44

    LUGOSI 22nd November 2019 at 11:27
    22 3 Rate This

    upthehoops 22nd November 2019 at 07:09

    ” There were even some politicians, including the most senior Scottish one at the time, who thought HMRC should write off all the money Rangers stole from them.”

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

    Anyway, since Mr Salmond is in the news, and some younger readers may wonder his part in the ibrox saga. Here is a small reminder.
    https://www.the42.ie/rangers-cannot-be-allowed-to-go-bust-says-salmond-357419-Feb2012/

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

    We should all be careful not to misquote or misrepresent what people actually say, as we all know that they can end up as urban myths.

    Like him or loathe him, and I've no desire to defend Salmond, but I don't ever recall him suggesting that HMRC should write off the money owing to them.

    From the quotes in the linked article. 

    "We’ve certainly been arguing to HMRC on one hand, and indeed to Rangers, to for goodness sake get a settlement, get a settlement and a structure over time whereby Rangers can continue because Rangers must continue for the future of Scottish football and for the fabric of the country."

    The same article also quotes from a Celtic statement expressing their disappointment about the suggestion that Celtic needs Rangers. I wonder if the writer concurs with the current Celtic response to the Res 12 motion as not being "in the best interests of the Company".

    ——————————————-

    The other non-quote that has become an urban myth is Sandy Bryson's "imperfectly registered". There is no record of him actually using the term, unless someone knows differently.    

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  32. Menace 22nd November 2019 at 19:36 

    Ref Milne standing down – Hallelujah!

    =======

    Are you getting him mixed up with Ref Willie Miller?

    I'll get my whistle…

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  33. easyJambo 22nd November 2019 at 19:51
    We should all be careful not to misquote or misrepresent what people actually say, as we all know that they can end up as urban myths.

    Like him or loathe him, and I’ve no desire to defend Salmond, but I don’t ever recall him suggesting that HMRC should write off the money owing to them.
    ……………….
    That is a great reminder.

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  34. Rasy Jambo 22 november 2019  19.51

    '..we should be careful not to misquote.'

    *****??

    And I agree.attending court makes one a wee bit more careful of how one ecpresses one's thoughts!

    Nebertheless Salmond seemed to try to make a special plea for the distressed club when he was in a position of some political clout and might have excpected his intervention to bave had some effect even if only in playing to the gallery .

    The local MSP had enoigh sense not to get  involved if I  remember correctly

     

     

    .

     

     

     

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  35. My post at 22.49 was written on the Glasgow-Edinburgh train, and me without my glasses! Rasy Jambo?ecpected?enoigh?

    That was the shoogly eyesight and shoogly train! No drink taken. Well, perhaps a small glass or two of  very nice Chianti at the meal with congenial and entertaining former fellow students played a very small part!

    The Christmas lights in Glasgow are quite good, I have to say. 

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  36. Now THIS is interesting.

    I have copied the DR article in full below.

    If I was a cynical Internet Bampot, broken heart  then on the face of it, this looks like RIFC/TRFC needs to wave a big flag to a very specific target audience – like creditors? – to reassure them that cashflow is not a problem.

    'We're not selling Morelos, we've got more cash coming in January – and better still, there will be additional, major investment coming too.'

    All good news, and nothing to worry about…honest guv'.

     

    Just a bit weird that Traynor chose a rank average, ex-player to share this information though.  Didn't realise Alex Rae had his finger on the RIFC pulse WRT financing. 🙂

    The bears should really start worrying NOW, IMO.

    ===========

    "Alex Rae in Rangers investment claim as he predicts January cash boost at Ibrox

    The former Light Blues midfielder insists there will be an influx of money arriving at the club. 

    By. Chris Doyle 22:26, 22 NOV 2019

     

    Alex Rae claims there will be major investment coming into Rangers in January and the club will not be forced to sell the likes of Alfredo Morelos.

    The former Light Blues midfielder insists there is a cash injection on the horizon after the club announced they needed £10million before the end of the season.

    The figures released earlier this month stated Rangers had suffered an annual loss of £11.3m resulting in claims the club would resort to cashing in on Morelos in the New Year.

    Rangers boss Steven Gerrard and sporting director Ross Wilson insisted the Colombian striker will be going nowhere in the upcoming transfer window.

    And Rae believes that will be the case as Rangers will receive the required funds from elsewhere.

    He said on Clyde 1's Superscoreboard: "Now it is my understanding at the turn of the year there will be another share issue done, which will provide considerable money.

    And there will be major investment coming into Rangers."

    Host Gordon Duncan probed Rae, saying: "We have heard this stuff quite a lot though, haven't we?"

    Rae added: "I've heard it from a very high source in Ibrox so I would prefer to believe that instead of anybody from Twitter."

    ======

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  37. StevieBC 23rd November 2019 at 00:27

    '…Just a bit weird that Traynor chose a rank average, ex-player to share this information though.'

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

    Well, it is an entirely deniable piece of nonsense, of course, and obviously not aimed at shareholders or creditors of TRFC, and worth no more than a version of 'the cheque's in the post' to try to stop a sudden demand for instant payment. 

     I had some fun earlier this evening explaining to a Newcastle United fan ( an intelligent, scholarly kind of chap who appeared to know very little of Ashley v TRFC ) the extent of the damage that Ashley has inflicted on TRFC in the shape of the (as yet not finally determined) amount of damages ( not whether millions, but how many that will be awarded following the judgment that TRFC was in breach of contract. 

    It stands to reason that creditors of TRFC  will be experiencing anxiety. 

    It s therefore important that every effort be made to keep, say, Club 1872 and non-season ticket holders aboard, to keep the direct debit donations and the walk-up admission monies coming in.

    Rae's bumph ( in the event that it turns out to be bumph: and if there was any possibility that it might not be bumph the news that millions were on the way into the coffers would have called for banner headlines and a 'statement' from King) can be dismissed as the claims of ..of…of., well of Alex Rae, and no other. 

    No?

     

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  38. The 'engine room subsidiary'.
    Whoever came up with that label was a master of spin. It subliminablly paints an image of a perpetual motion machine. An engine which can never die. Some sort of Platonic form which exists eternally outside the bounds of reality.
    The dialectic of TRFC and RFIC was born out of a need to cement this idea in the mind of supporters.
    This was a mistake. Imagine that they had spread their assets over several companies. The Rangers Football Stadium. The Rangers Football Team. The Albion Car Park. Whatever. As far as Close goes, there would be no sound, no picture and no pies but you would still have a stadium and a football team and investors would still own a part of the main business.
    All the money which has been pumped into TRFC has actually been pumped into RIFC. Worse still this money was unsecured on TRFC assets and even worse still was converted into shares in RIFC.
    TRFC, as a separate company, does not actually have any external debt bar the Close brothers loans.
    It does have major cashflow problems with a huge amount of outstanding accounts payable and, of course, the Sword of Ashley hanging above it's head, but those are problems which could be solved.
    As a stand alone business, TRFC is a saleable asset with a future.
    RIFC, however, is an ex parrot and is actually a hindrance to the business.
    If TRFC goes into administration, RIFC have no claim as a creditor. The only thing they can do is to try to sell it before that happens.
    I can see a possibility of an Ashley/USA Sports Franchise company picking up the carcass of TRFC for pennies, downsizing and implementing a sensible business plan.
    TRFC would still be the second biggest sport business in Scotland and would qualify for UEFA competitions each year. They have a massive support (bums on seats) and a large, if geographically limited, support.
    RIFC would be gone. All that money would be worthless paper. All down to stupidity and hubris. My heart bleeds for all those millionaires betting on the wrong horse.
    I can't help feeling that it would be good for Scottish Football.
    On condition that the titles won by cheating are stripped and the SFA is investigated for alleged fraud!

     

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  39. StevieBC 23rd November 2019 at 00:27
    He said on Clyde 1’s Superscoreboard: “Now it is my understanding at the turn of the year there will be another share issue done, which will provide considerable money.
    ………………….
    That last share issue did not provide considerable money, just enough to keep the lights on until January.
    ……………
    Rae added: “I’ve heard it from a very high source in Ibrox so I would prefer to believe that instead of anybody from Twitter.”
    …………
    I wonder if this high source has once been accused of being a glib and shameless liar and nothing he says should be taken as truth unless accompanied by proof of documentation.

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  40. I think people like Rae and Johnstone are employed quite often as useful idiots by Rangers. It is of course the deluxe version of what clubs do all the time trading on the loyalty of fans, in these cases high profile ones.

    I think JC is correct in his inference that had any kind of investment been imminent that the news would have come from a higher, and less plausibly deniable source than Rae.

    Of course one thing we have all learned over the past seven or so years is that we should always expect the unexpected.

    I am however convinced that the "no sale" signs over Morelos's head would be very difficult to backtrack on, unless an "unbelievable" offer were to come in.

    Spinning that would be almost impossible one would have thought.

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  41. Re Alex Rae. He works for Radio Clyde, where pundits talk of Morelos being worth £25m, Kamara being worth £5m, and HMRC potentially owing Rangers money.

    A radio station staffed by clowns who make a living out of 90% of those who phone in also being clowns. 

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  42. I've just heard some numptie called Maxwell on  'Off the Ball' telling us that Morton was Liquidated but came back! Even when Tam said 'You mean 'Administraton' he persisted.

    He's maybe too thick to appreciate the difference between being brought out of Administration and going into Liquidation. 

     

     

     

     

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  43. Alex Rae's recent declarations about the Ibrox financial Shape Of Things To Come should not be dismissed out of hand.

    If you're considering money matters at Ibrox Mr Rae might be just the person to shed light on things.

    I always had the impression that Mr Rae was a bit of a fixture down Ibrox way (Legned, I believe, is the technical term) but apart from some youth level involvement it seems he was there for two seasons amassing a total of 34 appearances. I believe he was deprived of a further three possible appearances due to a European ban for kicking an opponent in the head.

    I don't know what he earned by way of signing on fee, salary, appearance money, win bonuses, image rights etc. but I do know he got £569,000.00 through an EBT. Accordingly, on top of whatever normal folk would call pay or wages, after tax, every appearance Mr Rae made resulted in an additional +£16,500.00, with no tax liability.

    Mr Rae's views on football, management and grammar may be suspect but he should be an expert witness when it comes to Ibrox and money.

    All it needs is the right questions.

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  44. Of course there is going to be a cash injection at Ibrox.

    There has to be or the business will fold.

    It will not be additional funds to be spent though, it's just required to balance the books 

    They have already admitted that, in the audited accounts of the PLC.

    Miss important bits out and people will believe what you want them to believe, especially if it's what they want to believe already.

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  45. Homunculus 23rd November 2019 at 14:41
    Of course there is going to be a cash injection at Ibrox.

    There has to be or the business will fold.
    ………………
    Club 72 asked to donate. (I mean invest) again. But with only a short spell from the last club 72 donation (i mean investment) How much can club 72 gather over three months?)

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  46. Just had a mischievous thought.

     

    A couple of sites we know have speculated as to the reason for the recent £2.1M share issue: legal bills, VAT bill or perhaps something else.  But whatever is was for, it seems the cash was urgently needed.

     

    And we know that RIFC has a rather large funding gap to fill this season.

    And we also know that Res.12 is not welcomed by the CFC Board.

     

    So, that being said – and with dwindling financing options left available to RIFC…

     

    would/could a cash rich CFC become RIFC's 'lender of last resort'?

    indecision

     

    It's probably against the rules, but when has that ever bothered Hampden?

    And it would have to be another 'secretive' agreement.

     

    Mibbees far fetched?

    Would RIFC even ask?

    Has RIFC asked before now?

    [Pure speculation on my part.]

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  47. StevieBC 23rd November 2019 at 22:13

    '….would/could a cash rich CFC become RIFC's 'lender of last resort'?'

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

    That made me chuckle to myself, StevieBC. Not in amusement.

    In recognition of the possibility.

    In simple terms, as I read things, the stance of Celtic plc is based not on principles related to sporting or other kinds of Truth, but on the tawdry commercial view that  "geez, if the Big Lie is exposed, if the (alleged) jiggery-pokery of the 5-Way Agreement and the UEFA licence  award ends up in the criminal court, we at Celtic plc lose money".

    Would Celtic plc give the troubled TRFC interest-free loans to bale that club out of the risk of suffering an 'insolvency event' ?

    Sadly, their buggering about on the UEFA licence issue suggests to me that they would.

    All sporting principle jettisoned . 

    Pretty much in the way that the arch-cheat SDM behaved. 

     

     

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  48. I would like to think you are wrong in what you say John  but Celtics continuing stance of doing and saying diddly squat about it all does make you wonder. There is something they are afraid of thats for sure and the more they try and dodge the issues the more guilty they look

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  49. I noticed the SFA went to the bother of advertising for a Head of Refereeing. Why go to the bother and expense of advertising a post that even the highest qualified candidate can't get if they are not in the inner circle? 

    Worryingly I have seen rumours that Hugh Dallas is coming back. Nothing would surprise me, and the media would carry him into Hampden shoulder high. 

    How refreshing would it be if a foreigner was given the role? However such a scenario reminds me of when Alex Ferguson knocked back Rangers in the 1980's as he could not sign the players he wanted based purely on ability. Why would a German, or an Italian take a job on the basis only certain types can become grade 1, as is the current position. Clearly when over 80% support one team there is a huge problem to be addressed, no matter how honest they try to be. 

     

     

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  50. Roddybhoy
    Celtic’s public proclamations have always been of the nature that Celtic are a stand-alone business whose success and prosperity depends on no-one else. They are also on the record that pursuing Res12 is against the best interests of the club.
    Logically we have to infer from both statements that this is not a statement about financial interests. The nature of these is left deliberately vague.
    So we are left to speculate. Would pursuing Res12 expose Celtic in some other way? If so, in what way?
    What other ways are there?

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  51. roddybhoy 24th November 2019 at 01:23

    '..I would like to think you are wrong in what you say..'

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

    Believe me, roddybhoy, so would I.

    The insidious, poisonous cheating of the knighted arch-cheat , as well as bringing about the death of RFC of 1872 ( and the wee Whyte gnyaff  is really irrelevant) ,worked its way into the very bloodstream of Scottish Football, infecting 41 other businesses causing them to panic and believe that their own survival depended on Lies and the abandonment of the very essence of what their businesses were built on.

    Only the late Turnbull Hutton seems to have been man of enough moral fibre and common sense to see what was happening, and publicly protest on the steps of Hampden.

    God Almighty, the sheer absurdity of it all, that sports cheating should be sanctioned by sports clubs out of fear of loss of income.

    It requires no great stretch of imagination to see our club directors as a scaled down version of the inhabitants of Sigmaringen 'state': if they are prepared to sell their souls for a few bob, what might they not be prepared to do to save their miserable lives?

    There are times when good guys have to stand up to evil, or be themselves part of the evil.

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  52. Big Pink 24th November 2019 at 09:50

    So we are left to speculate. Would pursuing Res12 expose Celtic in some other way? If so, in what way

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

    It will be interesting to see how they play this at the AGM, because there is sure to be heavy questioning from the floor. I don't think simply stating 'it is against the company's best interests because it just is' is going to be acceptable. Neither is saying 'we will just let the SFA process take its course'. How long are they prepared to allow the SFA? 

    I have often wondered why the SFA don't just come out and say 'we made a blunder, and we apologise to Celtic and the other clubs who lost out'. This of course would let a massive amount of people off the hook, but Celtic and the other clubs are quite clearly not wanting to purse this and I am sure they would all be happy to find a way out. 

    I am not saying the above is what I think should happen, but clearly there are a number of people looking for a way out of this. 

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  53. Big Pink , I hear what you are saying but my understanding of it all is that this is no lomger a Rangers issue . This is a SFA/SPFL issue. This is how they ( allegedly indecision ) worked in tandem with another club to gain access to the HUGE financial bonanza that is the Champions league when that former team were not entitled to do so as they never met the eufa criteria . Im not being sarcastic but for the life of me I dont understand why they will not pursue this . It would make no difference to the new Rangers now as it was the old club that done the dirty deed. This might sound wimpish and weak but could it simply be that if Celtic successfully pursue this and bring about a new SFA etc probably one of the first things to come into play would be FFP. Celtic and anyone half clued up about this know that , that alone could be the death of the new Rangers ? I do think Celtic want a Rangers in the league ( I do but only if they play by the rules and FFP is brought in ) Celtic were playing in a Half empty stadium not so long ago when Rangers were'nt there.  I know I know but honestly  cant understand Celtics stance in any of this

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  54. Roddybhoy

    You are correct that Res12 is about governance and not about Rangers. However you are also correct in that the unintended consequences of reform would be likely to impede any progress the new club might be able to make.

    Also worth mentioning that SFA reform might entail greater transparency, accountability, and democracy within the game also. None of which would have much attraction to Celtic (or other big clubs for that matter).

    Making the SFA answerable to fans or individual shareholders for example is something NO-ONE in the game wants. Gate sharing is probably regarded as a greater evil (to the top five) than systematic and relentless financial doping by one particular club. Celtic have contingency plans to fight developments such as this in the courts. I'd be surprised if they were alone in that.

    As we have always said on here – particularly to those claiming victimhood on behalf of both Rangers – this is not about either version Rangers; this is a battle between consumers and unregulated suppliers, between the interests of capital and those of us who maintain those interests in return for no say in how the industry is developed.

    Rangers were daft enough to get caught. The genie is now out of the bottle because of them, and it can never go back in. 

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  55. upthehoops 24th November 2019 at 10:08

    '…I have often wondered why the SFA don't just come out and say 'we made a blunder, and we apologise to Celtic and the other clubs who lost out'. '

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

    Even I could begin to think 'truth and reconciliation' rather than  'crime and punishment', if there were to be any hint that the SFA would open up and

    tell the truth about TRFC being a new club unentitled to the honours and titles won on the field of play by a club that ceased to be entitled to membership of a league and membership of the SFA  and

    either demonstrate in the public forum that the Res 12 issue is unfounded in fact and that RFC of 1872 had definitively met all the necessary conditions of entitlement to be awarded the UEFA competitions licence.

    or confess to a blundering, uncaring incompetence in the checking procedures, an incompetence that allowed a club to obtain monies to which it was not entitled

    and, in either case, publicly apologise to Scottish Football , to UEFA  and to the shareholders of Celtic plc

    I could be persuaded that that ( with, of course, the resignation of anyone still   in 'governance' office who was in office at the time of the 5-Way Agreement. [ I don't suppose there is anyone on the present boards of either the SFA or SPFL who was in office in the SFA or the SPL or SFL at the time of the licence award?]) might go some way to restoring integrity and trust.

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  56. BTW, a wee click on the ads from time to time would help us take advantage of the relentless consumerism of the festive season. Our monthly subscription revenue has all but dried up in the last couple of years, and any wee bits of ad revenue we can get to mitigate that loss is welcome.

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  57. Aberdeen has just published its annual report together with notice of the impending change in control of the Boardroom.

    https://d2cx26qpfwuhvu.cloudfront.net/aberdeen/wp-content/uploads/2019/11/24181429/Annual_Report_Online.pdf

    Turnover up, wages up, and a loss of just over £5m posted (£4.25m of which is dues to a write down in the value of Pitoddrie).

    The cynic in me just thinks that this could be a step to reduce the cost to a buyer of developing the Pitoddrie site. Now who might have an interest in developing the site? A former chairman perhaps?

    The impairment of the carrying value of Pittodrie Stadium was assessed by the Directors as at 30 June 2019, based on a valuation report prepared by F G Burnett Limited. The value of Pittodrie Stadium has been affected by a downturn in the local economy accompanied by a consequent drop in property values throughout the North-East of Scotland. The carrying value of Pittodrie Stadium has been assessed against the estimated realisable value of Pittodrie Stadium and surrounding car parks and ancillary land, and an impairment charge of £4.25 million has been recognised in the Financial Statements. Further information is given in Note 12.

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