In Whose Interests

1004
148214

Any organisation’s plan for a top-down review of development would ordinarily be welcome news. Self evaluation, or even better independent evaluation is an ongoing process amongst professionals, individually and collectively alike. In the case of the SFA however a healthy scepticism is required. We are after all dealing with people who are the poster boys for self-interest and short-termism.

The SFA had previously commissioned a thorough review of the game (decades ago) by Rinus Michels, the inventor of “Total Football” and his report was largely ignored, partly because it implied criticism of the then current regime, and partly because it would cost money. A “Total Shambles”.

Henry McLeish also famously recommended (again after being commissioned to do so by the SFA) a more balanced approach to governance between the SFA and SPFL. This would have required a blazer or two having less say in the running of the game – and was therefore ignored.

Mark Wotte, the prominent Dutch coach hired as performance director at Hampden also suggested during his tenure that, in order to improve technique, more ball time should be provided for players in games.

He recommended seven a side competitions as the norm for u-15s (less players – more participation).

To accommodate this, club infrastructures would have required expensive upgrading, and coaches in clubs, not responsive to new ideas lobbied hard for the status quo.

The upshot is that we carried on with the same eleven-a-side games where many players hardly got a kick.
And in this classic Einsteinean definition of insanity, no overall improvements were to be found in the national team’s fortunes.

No wonder Wotte fled the scene in 2014 after three years.

Of course the details are debatable and subjective, but experience tells us;
Anything that
a) costs money or
b) upsets old boys’ networks
has a tendency to be hidden out of sight.

The recent “announcement” is merely a reaction to a couple of poor results, caused in part by inaction in the wake of previous reports’ recommendations.

An increasing number of observers of our game refer to an inferior mindset amongst players in Scotland, that we accept losing as the norm.

Hardly surprising that such a mindset is prevalent amongst professionals.
They must despair at the chronic self-interest, ineptitude and fecklessness of the “leaders” of our sport – an organisation that appointed Gordon Smith as CE (think about that for a minute) based on who his pals were, where McGregor and Petrie can become senior officers – “because it’s his turn!” – despite being unqualified squares in a round ball game, and where fairy-tales take precedence over reality.

As long as the blazers have a seat on the SFA bus, nothing will change.

1004 COMMENTS

1 8 9 10 11 12 15
 

  1. Big Pink 27th October 2019 at 18:15

    '..Seems so counter intuitive to fiduciary responsibilities of directors and I’d be surprised if litigation isn’t being considered.'

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

    That's a right googly to pitch, BP!

    I've always assumed that Celtic had not themselves spotted the possibility that RFC of 1872  and the SFA licensing committee might allegedly have colluded in lying about the true state of RFC's tax position, and that it was the requisitioning of Res12 in 2013 that alerted them to the possibility.

    Interesting scenarios open up to the imagination, at least one of which would demonstrate a masterly skill and readiness on the part of Celtic plc to get into the dirty stuff out of legal obligation as a PLC Board, rather than out of choice as a 'football club , a matter of law rather than of a mere 'sporting rivalry' attempt to do down a competitor at the bidding of the Requisitioners or Resolutioners.

    We could have a lot of fun with that.

    Personally, though, I think I would wish for the kind of direct , uncompromising approach that Fergus McCann of honoured memory might have adopted.

    And I think it is important to stress that TRFC Ltd ,as a completely different football club from RFC of 1872 ,has nothing to lose or gain in the matter of the UEFA licence business. It does not affect them, what the Board of the Liquidated club may or may not have done.

    The rotten SDM's/CW's  rotten RFC is gone, and any monies it may  wrongfully have obtained or been given have gone with them.  It would not be for TRFC to make good any supposed loss that Celtic had suffered through any alleged cheating. ( Although of course if there were proved to have been  any jiggery-pokery any of the then directors of RFC might find themselves in soapy bubble, whether on the board of TRFC now or not)

    "  The matter currently sits with the Scottish FA."-that sentence now , it may be, acquires overtones and subtle hints.

    Or am I indulging in pure fancy? broken heart

     

     

     

    View Comment

  2. On my recent visit to Pennsylvania, I came across the town of Wilkes-Barre.

    When I asked my son about( as I pronounced it ) "wilks- bar" , he corrected me and said it was pronounced 'wilksbarry'.

    I was intrigued, and looked up the origins of the name. Turns out it is the names of two English MP's who seem to have spoken up for the rights of the colonies prior to the revolutionary war. 

    5 minutes ago I looked up Barre , Isaac 

    http://www.historyofparliamentonline.org/volume/1754-1790/member/barreacute-isaac-1726-1802   

    and had a wee read.

    I stopped reading when I came to this, from one of Barre's (there's an acute accent over the 'e', so it would be pronounced like Barray)

     

    ‘their appetites for dishonest lucre and foul gain were as insatiable as their consciences were easily satisfied’,

    because it's in those kind of words that one would describe the whole sordid dirty crowd of folk in Scottish football and Scottish Football governance that we now have, from the cheating SDM through the MBMB to the miserable wretches who signed the 5-Way Agreement to the even more wretched SMSM propagandists for the Big Lie.

    Barre told it like it was then, and we have to tell it like it is now.

     

     

     

    View Comment

  3. I didn't know that Boris was a 'Rangers' hater.

    And it was set up so nicely too.

    Brexit was – absolutely, definitely, no joking or I'll die in a ditch – going to happen on October 31st, this Thursday.

    So said Boris.

    And who were we to doubt an MP's word…?  indecision

     

    And Traynor had it all pre-arranged.

    The scary, RIFC Halloween Accounts were to be released late on Thursday evening.

    On Friday morning everybody and their dug would be totally engrossed with an EU-free UK.

    The media wouldn't be interested in talking about mere footy financials.

     

    …and now: the Brexit deadline is pushed back to January 31st!

    Traynor will be red faced with anger, whilst simultaneously wetting himself!

     

    The best strategy Level42 can come up with now is to use the tried and tested Friday late night statement release – with simply the worst ever RIFC accounts attached.

    And then RIFC/TRFC will benefit from the full focus and financial analysis from the Internet Bampots,

    …and even the wilfully ignorant SMSM will find the Ibrox financials difficult to ignore.

     

    Popcorn at the ready.

    [Caveat: unless the accounts are delayed.]

    View Comment

  4. Am I alone in thinking that the lesser-spotted Compliance Officer may stagger into the daylight with a statement after the Celtic Board have dealt with/ dismissed Res 12 ?

    View Comment

  5. paddy malarkey 28th October 2019 at 19:11

    Am I alone in thinking that the lesser-spotted Compliance Officer may stagger into the daylight with a statement after the Celtic Board have dealt with/ dismissed Res 12 ?

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

    Unless there is something going on that the Celtic Board are keeping to themselves, then in my view they have presented the SFA with an open door to close the case and say there is no point in going to CAS. They have also presented the media with an opportunity to ridicule those fans who have worked so hard on this case. Yet if the same media had the guts to actually do their job on this matter it is highly likely the case would have been dealt with a while back. However, history shows the media will label Celtic fans as paranoid rather than properly looking into whether they have a point. 

    View Comment

  6. upthehoops28th October 2019 at 19:58

    Unless there is something going on that the Celtic Board are keeping to themselves, then in my view they have presented the SFA with an open door to close the case and say there is no point in going to CAS. They have also presented the media with an opportunity to ridicule those fans who have worked so hard on this case. Yet if the same media had the guts to actually do their job on this matter it is highly likely the case would have been dealt with a while back. However, history shows the media will label Celtic fans as paranoid rather than properly looking into whether they have a point. 

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

    If that is how the scenario plays out I wonder if the Res12 group will report their suspicions of a crime to the Police.

    That would certainly open an even bigger can of worms than going to CAS.

     

    View Comment

  7. StevieBC 28th October 2019 at 19:00
    And Traynor had it all pre-arranged.

    The scary, RIFC Halloween Accounts were to be released late on Thursday evening.

    On Friday morning everybody and their dug would be totally engrossed with an EU-free UK.

    The media wouldn’t be interested in talking about mere footy financials.
    ………………
    Best keep it until Jan. That bill from Ashley and all that it will entail, who cares Boris has something to say;-)

    View Comment

  8. From the Chris Jack copy/paste article in The ET tonight;

    "…

    An email to [Club 1872] members on Monday read:

    “The Club 1872 board is pleased to inform members that we have the opportunity to purchase a further 2.5 million shares in RIFC, from the company, at a price of 20p per share – the same terms as the recent conversions of soft loans by other investors."

    "This purchase will cost £500,000 with all funds going into Rangers.

    Available funds from Club 1872 Shares CIC can be committed for this purpose by the Club 1872 board but in order to purchase the full share allocation, a poll of members is required for the use of funds from Club 1872 Projects CIC.

    “Members are asked to vote below on whether they authorise £235,000 of funds from Club 1872 Projects CIC being used to purchase 1,175,000 shares in RIFC to be held by Club 1872 Projects CIC.

    If the vote passes, this will mean that the combined Club 1872 shareholding will rise to 16,202,838 shares in RIFC representing 6.47% of the company. This will move Club 1872 from the 6th to the 4th largest shareholder in RIFC and increase our current percentage shareholding by 1%.

    This poll will close on 2nd November 2019 at midnight.”

    =======

    This raises a few points, IMO.

    1) The RIFC 2018/19 are unlikely to be released before 2nd November.

     

    2) How the hell can any financially responsible person recommend buying ANY shares in RIFC?

     

    3) How can any financially competent person recommend buying RIFC shares at 20p each?

     

    4) Shirley, the prudent recommendation is to advise Club 1872 members to delay their voting until a date several days AFTER the 2018/19 accounts have actually been released – to allow members to make an informed, group investment decision?

    View Comment

  9. @Stevie BC

    Bernard Mathews is pleased to inform turkeys they have the opportunity to vote for Christmas , the sad thing is that they will . As you point out these shares are not worth anything close to 20p after the constant dilutions. Will be interesting to see if the accounts are delayed til after this goes through . It does however indicate that Directors loans may be a thing of the past if they are resorting to this to raise capital. 

    View Comment

  10. easyJambo 28th October 2019 at 21:57
    1 0 Rate This

    Dundee United seems to be the latest club to have discovered a magic money tree.

    Turnover £3.124m

    Wages £4.159m

    Wages to turnover ratio 133%

    Loss for the year £3.7m
    ……………….
    Dundee United to put on free meals at Tannadice for those living alone at Christmas
    …………..
    Well done.

    View Comment

  11. StevieBC28th October 2019 at 21:59

     

    4) Shirley, the prudent recommendation is to advise Club 1872 members to delay their voting until a date several days AFTER the 2018/19 accounts have actually been released – to allow members to make an informed, group investment decision?

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

    An excellent point .

    But look on the bright side that's £735k they won't have to help set up Sevco 2.0 after Sevco Mark I goes bust.

     

    View Comment

  12. Bogs Dollox 28th October 2019 at 21:24

    '..If that is how the scenario plays out I wonder if the Res12 group will report their suspicions of a crime to the Police.'

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

    I cannot and do not speak for the Res 12 group, but I suspect they will. 

    Failing that, if they were to ensure that I was fully briefed and armed with something more than my own view of things, I would quite happily make an appointment for interview at ,and/or  write to, the appropriate police office.

    There is no question but that a reference to the police could not in the least be regarded by them as anything other than a serious reference, requiring to be taken seriously enough in the scale of things. 

    Indeed, I might expect to be chivvied for not having reported a possible crime as soon as I thought there were grounds for so doing.

    Have no fear, Bogs Dollox: reference will be made to the police by me, if no one else will do so. The potential offence is so bloody utterly offensive that we need to know the truth.

    And that requires a proper investigation by people who know how to investigate.

    And, of course, the SFA can scarcely block a police investigation.

     

     

    View Comment

  13. LUGOSI 28th October 2019 at 20:59

    'John Clark 28th October 2019 at 16:10

    Yes, there was.'

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

    Thank goodness for that confirmation! I had begun to think  of drafting a comment in broad agreement, but when I went back in to the blog I couldn't find yours

    But the point you made was, I think, made well, and humourously.

     

    View Comment

  14. StevieBC 28th October 2019 at 21:59
    ………………..
    This poll will close on 2nd November 2019 at midnight.”
    ……………………
    Why the short notice and time frame to get it done?

    View Comment

  15. Seems to me that TRFC is desperate to raise half a million quid. So desperate they've had to make it public, at least to those sentient enough to realise that a sudden call to raise funds in the run up to the release of the annual accounts just can't be good news. So desperate they've not had time to make up an accompanying story to sweeten the appeal.

    What could it be for?

    Working capital? Settlement of some court case we've lost sight of? Transfer fee instalment? Legal fees from SDI case?

    Whatever it is, it's better news for all us internet bampots, who always enjoy such speculation, than it is for the Club 1874 members, though it's questionable just how many of them might realise it.

    Just a wee thought. Not only is there not a cunning little sugar coated story from TRFC, there's nothing in the email to justify the change of use of funds other than to take up an 'opportunity' to buy more shares at a clearly inflated price.

    View Comment

  16. Another wee thought.

    In the run up to our (Hearts) administration, the club made an appeal to supporters to buy shares to raise £1m to keep the club alive. The money was raised but the only difference I can see between this and TRFC's sudden appeal for cash is that Hearts made the purpose of the appeal clear.

    And another wee thought. If TRFC are now at the stage where the begging bowl has to come out for half a million quid…

    Of course, that half million may only be a part of the quantum required…to, say, allow the accountants to sign off the accounts! Which, on reflection, might be the 'least bad news' purpose of this amazing 'premium priced' share purchase opportunity.

    View Comment

  17. Mibbees other Bampots who are clued up on current FSA / IFA regulations could clarify, but…

     

    Does this RIFC cash grab not break some/several Code of Conduct rules around investment advice / behaviour?

     

    • Club 1872 has conducted a mass – unsolicited – e-mail campaign to its members.
    • Purpose of the campaign is to force a quick decision.
    • Purpose of the campaign is to force a "Yes" decision.
    • Unless the e-mail contains additional small print: there seems to be a distinct lack of explanation of the risks involved.
    • There is no mention of the imminent 2018/19 RIFC Accounts – which should surely be referenced before a decision is taken by any Club 1872 member?

    etc.

     

    As Club 1872 is a 'CIC', I guess [?] it is not an FSA regulated organisation? 

    […and if it was, how could it do business with King? indecision ]

     

    On the face of it, the people running Club 1872 are sailing close to the wind with this investment advice / demand, IMO.

    View Comment

  18. And if we ever needed any more evidence that the SMSM is unfit for purpose, and fully deserves its decline…

    This Club 1872 story should be thoroughly questioned / reported – by any proper journalists.

    Instead, all I've seen so far are very similar copy/paste articles – and written in a favourable, unquestioning manner.

    An SMSM which is willing to be complicit in enabling its favoured football club to rip off its own supporters?

    angel

    View Comment

  19. Someone on here mentioned having trouble getting info out of the FCA. Doubt anything will come of it, but worth sharing the response I just received:

    Thank you for your complaint of 23 October 2019 regarding Rangers International Football Club plc (the Company). We have noted your concerns around the Company’s conduct in regard to the prospectus used for its admission to AIM in 2012.

     

    This matter has been passed to the Market Integrity Unit in the Market Oversight Directorate (MO) of the FCA.  MO is responsible, among other things, for monitoring issuers’ compliance with the FCA’s Prospectus Rules and Disclosure Guidance and Transparency Rules.

     

    We are reviewing the issues that you have brought to our attention with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.

     

    Once we have completed our review, we will consider whether it is appropriate for the FCA to launch a formal investigation via its Enforcement Division, whether some other form of intervention is required or whether the case should be closed with no action. In particular, an important part of our consideration is the potential seriousness of the misconduct.

    View Comment

  20. al62 29th October 2019 at 10:20

    '..Someone on here mentioned having trouble getting info out of the FCA'

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

    Ha ha, al62! That someone was me!

    You must have the magic touch to get such an early response! I've still not even received an acknowledgement of my two most recent emails!

    Well done.

    View Comment

  21. The Club 1872 Board could do with some lessons in basic arithmetic.

    The proposal is to purchase 2.5m new shares, which will apparently increase their holding to 6.47% (from 5.48%). That's all very well if they were purchasing existing shares, but if they are new shares issued by the "company" (RIFC) then the total number of shares allotted will also increase by 2.5m which will dilute everybody's holdings by approximately 1%. Club 1872's holding will therefore be 6.41% should the purchase go ahead.

    What we don't know is whether or not anyone else will be purchasing new shares at the same time. If there are other buyers/investors then again there will be further dilution of existing holdings. 

    View Comment

  22. John Clark 28th October 2019 at 22:56

    Still doesn't explain where/why it's gone.

    Does the site have a Comments Graveyard? If it does how do you visit it to pay your respects to the Fallen Comments? Is there a bugler playing the Last Post (which may or may not vanish shortly thereafter)?

    On the other hand I like your "…the point you made was, I think, well made…". In the absence of the post and the point (whatever it was) nobody can disagree.

    In the meantime if anyone finds a lost comment please return to sender.

    Alternatively please doctor it; bravissimo, your most forensic yet, unsurpassed et cetera and claim it is Password Protected and comes in a limited edition. The edition is limited to as many as are willing to pay for it. Which, in effect, means it's unlimited.

    View Comment

  23. Will be interesting to see if the accounts are released before the purchase of the 2.5m shares, which, if they're not, might indicate that the share issue/purchase is, indeed, necessary to give the auditors enough comfort to put their signature to the accounts. In the past it's been enough for the directors to promise to provide the necessary working capital, but maybe not now.

    Just my wee thoughts, and complete speculation, of course, but it's hard not to link the timing of this rather rushed share sale to the potentially disastrous report and accounts. It's not as though there's a queue of potential buyers for these shares that might make it an act of kindness by the board of RIFC to offer CLUB1872 the shares quickly before someone else snaps them up. In fact, we can be pretty certain that those shares would still be available if Club 1872 waited until there was enough cash in the kitty to purchase them without using funds allocated for another purpose.

    View Comment

  24. StevieBC 29th October 2019 at 09:38

    On the face of it, the people running Club 1872 are sailing close to the wind with this investment advice / demand, IMO.

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

    Relax you worry too much.

    I'm pretty sure the razor sharp legal mind of Jimbo Blair will have been all over every clause, sub clause, warranty, comma and full stop of the entire agreement and investment advice from top to bottom and back again!

     

    View Comment

  25. Bogs Dollox 29th October 2019 at 12:28

    '…I'm pretty sure the razor sharp legal mind of Jimbo Blair will have been all over every clause,

    +++++++++++

    If I were a Club 1872 donor I don't think I would take much comfort from that, and I would imagine that a certain English High Court judge would probably be with me.

    View Comment

  26. I don't think an extra 500k will be enough to convince auditors to sign off accounts when in previous years it required King to guarantee to fund a shortfall of a few million, Club 1872 simply don't have the funding in place. I would also doubt that with his cold shoulder Kings' guarantees are now of any value so other Directors will need to come forward. This could simply be an exercise in emptying the biscuit tin while they still can in the hope they limp on until the January transfer window. This has all the hallmarks of panic and desperation about it , they are literally staring down the barrel of a gun , which is ironic really …………………

    View Comment

  27. Timtim 29th October 2019 at 15:29

     

    Agreed that the £500,000, of itself, would most unlikely be enough to satisfy the auditors, but it might just be the only shares issued that have had to be publicly announced, or is perhaps a necessary make-weight to the personal guarantees of future loans from the directors. Regardless, though, of the actual purpose, they need that money now, so desperately that they can't take half the quantum now and the rest once the Club 1872 coffers have enough in the required kitty to buy up the balance without the embarrassment (for the football club) of having to seek the members authority to abandon whatever project(s) the money was earmarked for.

    It's the (apparent?) desperation that intrigues me most as it would suggest that all other avenues, that could have remained unannounced and so not indicative of desperation, have been tapped out.

    View Comment

  28. Re. Above "holding statement" from (FCA?)

     

    I'm sure this will be followed by;

     

    Having checked into this issue, consulting with relevant authorities, (SFA, SPFL, RIFC, ASA, SMSM, ECA, UEFA, NOAL and the big guy who says "the big hoose must stay open"), we can assure you this is the same Gers as the auld Gers and the company was floated via an accurate prospectus. Nothing to see here….now move along

     

    Or words to that effect!

    View Comment

  29. Timtim29th October 2019 at 15:29

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

    There are three factors that will be troubling the Auditors:

    Continued substantial losses

    An established liability to SD believed to be around £8m

    Future committments to pay transfer and loan fees

    The Auditors would need to convince themselves that the company is a viable going concern for 12 months after the balance sheet date and will have to consider cashflow analysis.

    If there are guarantees from Directors or others that they will provide funds to enable the company to continue trading none of the above issues would result in the accounts being qualified.

    If given the guarantees will need to be verifiable by the Auditors and not accepted on a nod and a wink given the precarious state of the company and what might happen next.

    That I believe is the difficulty. Hence the scramble for 1872 cash.

    View Comment

  30. easyJambo 29th October 2019 at 10:44
    Club 1872’s holding will therefore be 6.41% should the purchase go ahead.
    ……………..
    Not long now until they have that many shares they have to make a bid to buy the club. Err company. What! by that time they will be tapped out. Just how much do they have to spend to go backwards?
    ………………….

    What we don’t know is whether or not anyone else will be purchasing new shares at the same time. If there are other buyers/investors then again there will be further dilution of existing holdings.
    ………..
    I think everyone else is tapped out and this is the only revenue stream they have, but how long before that dries up.

    View Comment

  31. John Clark 29th October 2019 at 13:20
    11 1 Rate This

    Bogs Dollox 29th October 2019 at 12:28

    ‘…I’m pretty sure the razor sharp legal mind of Jimbo Blair will have been all over every clause,

    +++++++++++

    If I were a Club 1872 donor I don’t think I would take much comfort from that, and I would imagine that a certain English High Court judge would probably be with me.
    ……………………
    Maybe he was just “untruthful” in the sports Direct row, and he is honest and truthful with club tropicana, but then again maybe not, maybe he strives to be a person”not to be trusted” or even a higher accolade of “A glib and shameless liar”

    View Comment

  32. Off the top of my head, the RIFC accounts last year included a Going Concern Note stating that the funding shortfall expected for 2019/20, was estimated at £3M.

     

    IMO, that could have been a 'best case' scenario – and it was certainly before factoring in;

    – Big Mike's bill(s)

    – an increased Close loan

    – any increase to the cost base 

    – any net increase in player transfer fees.

     

    Ball park: I would guess that the estimated £3M funding shortfall for the current financial year to June 2020 has now ballooned to a conservatively estimated c.£10M+.

     

    Who in the Blue Room will be prepared to commit to funding this bottomless pit?

    Perhaps more importantly: who will be able to provide proof of funds – and to the satisfaction of the Auditor?

    View Comment

  33. @StevieBC 20.34

    Would they accept the word of a BBC journalist that he has seen a verbal offer from a Chinese club that equals the shortfall in the accounts? The past few weeks has seen the MSM hype anything in blue to the moon and back , more evidence that the January window is a do or die matter now (if they last that long) .If only they had a Souness or a Walter to bail them out . 

    View Comment

  34. I was listening the other evening to 'Sportsound', and an interesting discussion between Jim Spence,Alan Preston and Kenny McIntyre developed, on the state of Dundee United's finances.

    In a few minutes, Preston and McIntyre demonstrated that they are far from independent and objective in anything they have to say about RFC of 1872.

    Spence mentioned 'the demise of Rangers'. Preston came back with an acknowledgment of  the damage Craig Whyte had done, with nary a word about that disgusting tax cheat SDM. 

    And McIntyre swiftly moved the conversation on.

    They simply will dare  face up to the fact that it was SDM's hubristic reckless spending and tax-cheating that killed RFC of 1872. They are afraid for their jobs, or afraid of Murray and his apparently very long reach in Scottish society. 

    Difficult not to despise them.

     

     

    View Comment

  35. Anent the Club 1872 plea to members, is it perhaps just simply that RIFC/TRFC are running out of cash? Funds from SA and other foreign parts take time to transfer and additional loans at the moment, if available, may not be on very good terms. Liquidity is almost always the problem for a company making losses.

     

    View Comment

  36. upthehoops30th October 2019 at 10:06

    John Clark 30th October 2019 at 09:12

    ==========

    At times Sportsound might as well be recorded in a Rangers supporters club. I no longer listen. 

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

    If you think that's bad spare a thought for the Superscoreboard listeners on Clyde 1. It's gone completely downhill ever since Big Deek Johnstone "retired".

     

    View Comment

  37. @Giovanni 09.30

    RIFC/TRFC are running out of cash, funds from foreign lands take no more time to transfer than funds from the UK , there may be costs involved especially Sth Africa but they are sent electronically not by pigeon. Additional loans will not be on good terms if as you point out are available at all. The fact club 1872 are buying shares isn't the issue after all that is part of their remit , the main red flag for me is why include the 235k that is set aside for other projects and why the unreasonably short time to make that decision and not wait til fans have seen the accounts. Why are the other Directors not stepping up with more loans? Is there now an issue with lending money to a company whose Chairman has a cold shoulder? 

    View Comment

  38. Assuming that RIFC will be releasing its 2018/19 Accounts to a similar timetable as last year…

    and assuming that RIFC will not be DELAYING their release…

     

    The accounts were first reported in the DR on October 31st last year.

    The Chairman's Statement was dated as 17th October last year.

     

    Ergo, the Accounts 'should' have been signed off a couple of weeks ago.

    Which would suggest that this Club 1872 mugging is perhaps not related to the issuance of the Accounts.

     

    But as others have mentioned: the rushed, desperate looking demand e-mailed to Club 1872 members should raise yet another huge, red flag…

     

    Which is nice.  no

    View Comment

  39. In the case of Whitehouse and Clark againt the Lord Advocate, the Inner House of the Court of Session has ruled that the Lord Advocate does not have immunity from prosecution and that the case can go to "Proof before Answer"

    https://www.scotcourts.gov.uk/docs/default-source/cos-general-docs/pdf-docs-for-opinions/2019csih52.pdf?sfvrsn=0

    They went further and ruled that the oft cited precedent of  Hester & McDonald was wrongly judge.

    The decision will keep JC and I busy next spring.  

    View Comment

  40. " ….we have the opportunity to purchase a further 2.5 million shares in RIFC, from the company, at a price of 20p per share ."

    The J P Jenkins website shows the latest trades were two lots of 300 000 at 18p per share and that the current 

     Indicative price  18 GBp

    https://www.jpjenkins.com/companies/rangers-international-football-club-plc

    I know little about these things, of course, but I think it's a buyer's market, and one would need to be awful stupid to pay 20p when the last buyers paid only 18?  

    It's  not  a very sensible thing to buy RIFC plc shares at all given the risk that the company will suffer an insolvency event, which would bugger up the football club's aspirations of European money next season.

    View Comment

  41. https://www.jpjenkins.com/companies/rangers-international-football-club-plc

    It states that the 2 latest trades , both for 300k shares were traded at 18p but I cannot see when or who was involved. It isn't an earth shattering amount of money (54k) but it begs the question why are club 1872 having to pay 20p if the indicative price is 18p. The last time they bought shares they paid over the odds to Ashley at 27p. Are they attempting to paint the tape here? 

    https://www.investopedia.com/terms/p/paintingthetape.asp

    View Comment

  42. John Clark 30th October 2019 at 12:30

    Timtim 30th October 2019 at 12:31

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

    Re the recent trades on the JP Jenkins site, it is likely that the two 300,000 transactions were part of the same matched bargain, i.e. one was the sale and the other was the purchase.

    View Comment

  43. easyJambo 30th October 2019 at 12:20

    '…They went further and ruled that the oft cited precedent of  Hester & McDonald was wrongly judge.

    The decision will keep JC and I busy next spring'

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

    I'm just about to read the judgment, eJ, and I look forward to further Court business ( for the intrinsic interest, rather than the 'Rangers' connection.)

    Have I missed the outcome of David Grier's case?

    View Comment

  44. John Clark 30th October 2019 at 12:56

    I'm just about to read the judgment, eJ, and I look forward to further Court business ( for the intrinsic interest, rather than the 'Rangers' connection.)

    Have I missed the outcome of David Grier's case?

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

    Lord Bannatyne's decision in the Grier case is still awaited. I suspect that he may have been waiting for today's judgement before publishing his decision, as there is a fair bit of overlap between DG's case and that of DW and PC, in terms of the issues raised. 

    View Comment

  45. paddy malarkey 30th October 2019 at 15:08

    They've turned the judges against us noo ! Lord Carloway in particular being outed as a hater in some quarters.

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

    Lord Carloway's recent involvement with "Rangers" pre-dates his role in the EBT case. He was on the SFA's tribunal judges list when the club went into administration. 

    You may recall that an SFA tribunal chaired by Gary Allan that imposed an 18 month transfer embargo on the club when it was in administration.  Rangers appealed that decision which was heard by a different SFA appellate tribunal that was chaired by Lord Carloway. The appeal was rejected.

    Rangers, against all precedents, took the SFA to the Court of Session where Lord Glennie ruled that the SFA had acted "ultra vires" by imposing such a ban.  The SFA chose not to appeal.

    Following Lord Glennie's decision, Lord Carloway removed himself from the SFA's list.

    Ironically, the transfer ban was subsequently accepted by Charles Green on behalf of the newco, as part of the widely discredited 5-way agreement. 

    View Comment

  46. Perhaps the fact that The Rangers have no home league matches in the entire month of November might be a reason for the sudden requirement of funds.

    They have the League Cup Semi, an international break and two away games.

    View Comment

  47. Gee69 30th October 2019 at 15:32

     

    I had wondered about that, myself, but that wouldn't explain this sudden urgency to raise money so publicly, as they'd surely have been aware for some time of an income free month and budgeted accordingly. Alternatively, could it be that they had budgeted for it but the proposed source of funds has just given them the 'cold shoulder' instead of a cheque? Was it not about this time last year that they had to borrow a few millions from Close Bros to keep the lights on?

    View Comment

  48. I wonder if the Club 1872 cash is not to keep the wolf from the door,

    …but Hector?

    mail

    No – lightning doesn't strike twice does it?

    [Disclaimer: based on nothing more than wishful thinking!]

    View Comment

  49. easyJambo 30th October 2019 at 14:10

    '….Lord Bannatyne's decision in the Grier case is still awaited.I suspect that he may have been waiting for today's judgement before publishing his decision,

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

    Good. I'll look out for it appearing soon.

    View Comment

  50. Bogs Dollox 30th October 2019 at 10:43
    If you think that’s bad spare a thought for the Superscoreboard listeners on Clyde 1. It’s gone completely downhill ever since Big Deek Johnstone “retired”.
    …………………
    Even Sisyphus would have a problem pushing that program up a hill to begin with.

    View Comment

  51. I too listened to snippets of Monday’s Sportsound. Quite amused of the shock and horror by McIntyre and Preston on the DU situation. 
     

    lmagine my surprise to catch BBC Scotland news tonight with another piece interviewing the “owner” of DU. Nice linkage with Hearts under Romanov. No mention of any other clubs operating at significant losses or having previously went into liquidation. I wonder why?

    View Comment

  52. From the Inner House's judgment published today (line 5,para 2 of the Introduction)

    [   https://www.scotcourts.gov.uk/docs/default-source/cos-general-docs/pdf-docs-for-opinions/2019csih52.pdf?sfvrsn=0  ]

     "The second [issue] is whether, if Hester was correctly decided, it should nevertheless by [sic] overruled on the basis that the policy considerations which existed in 1961 are not applicable in the 
    modern era. "

    Boy, doesn't that make me realise how swift the years have flown. In 1961 I was19 years old and at yooni abroad. I have outlived my era!  heart(Frankly, that's just about my only achievement!) angry

    [ In 1961, Lord Carloway was a wee boy of about 7, Lady Dorrian was about 4, Lady Paton was about9, Lord Menzies was about 8, and Lord Brodie was about 11.]

     

    View Comment

  53. AJ@16.38

    "Was it not about this time last year that they had to borrow a few millions from Close Bros to keep the lights on?"

    The registration of charges were made in February in both 2018 and 2019 for the Close loans so it seems like the well is running dry a lot earlier this time round (I'm assuming registering the charges occurs at the same time as the borrowing occurs)

    View Comment

  54. dom16 30th October 2019 at 19:56

    '..No mention of any other clubs operating at significant losses or having previously went into liquidation. '

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

    It is quite extraordinary, dom16, that the BBC , the feckin BBC , that countless millions of desperate folk worldwide still look to as some kind of beacon of truth, should have people among it here in its wee provincial outpost on Pacific Quay in Glasgow who know not Truth  and feel themselves entitled at licence payers' expense to propagandise in support of the biggest sporting lie that there has ever been in Scotland's sporting history.

    Shades of Peter Thomson,and his malevolent influence on shaping the BBC's approach to reporting on Scottish Football.

     

     

    View Comment

  55. A missed opportunity down Govan way today.

     

    If RIFC was prepared to release its 2018/19 Accounts today, it could have had an appropriately themed 'Halloween Press Conference' with;

     

    – Dave King wearing The Joker mask – to hide his non-existent shame whilst reading out the spooky financials

     

    – James Blair sitting alongside – with his pants very obviously on fire – as he remains oblivious to any concerns about the future viability of the Ibrox club

     

    – alongside Steven Gerrard wearing a tracksuit, a black curly wig, and thick moustache – a la Harry Enfield – shouting at the 'journalists' to "Calm down! Calm Down!", as the numbers aren't really THAT bad.

     

    – with a red faced Traynor lurking at the back of the conference room as a malevolent presence, [no costume required].

    etc…

    View Comment

  56. Just a reminder of where RIFC was at the half year point (31 December 2018).

    The net impact of these factors is that the operating result increased, from an operating loss of £1.1m in the comparative period, to an operating profit of £3.8m. Given that the bulk of the Club’s income falls into the first six months of any season, the Board is satisfied that the results for the full year will be good, with the Club forecasting to be close to break-even for EBITDA for the year.

    During the period the Club posted a gain on the sale of player registrations amounting to £2.8m. Amortisation of the playing squad increased in line with the investment in it, from £1.8m to £3.0m.

    As a result of the above, the Club posted an overall profit for the period of £5.2m.

    View Comment

  57. easyjambo @ 12.58

    Just a reminder of where RIFC was at the half year point (31 December 2018).

    Indeed EJ. Even if the audited accounts ( I assume that the interims are unaudited) are half as bad as some on here are suggesting (hoping) there will need to be a masterclass in spin to explain the contrast/movement. Not  sure what the prophets of TRFC/RIFC doom on here base their forecasts on but we will see. For the avoidance of doubt I will be more than happy to see the brown stuff hit the fan (preferably Chris Jack angryangry) ! But I doubt it.

     

    View Comment
1 8 9 10 11 12 15
 

Comments are closed.