In Whose Interests

1004
147083

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. I've just been listening to Sportsound, mainly about Craig Levein's departure ……… IMO not before time, but more interestingly FIFA's letter from July to the SFA urging them to implement the protocols on sectarianism and racism into demestic competitions.

    The protocols were those that were invoked during England's recent visit to Bulgaria, and mirrored to some extent in UEFA's "strict liability" policy, 1. a warning over the PA system, 2. taking the players off the pitch for a period, 3. abandoning the game.

    The SFA (the clubs) and SPFL (the clubs) have repeatedly failed to act on these issues. It will be interesting to see if there is any appetite this time round. I suspect that lip service will again be paid with some watered down protocols implemented as an acknowlegement of FIFA's concerns rather than a determination to eradicate the problems from the Scottish game. 

    View Comment

  2. I've been reading, taking my time in doing so, through the Inner House's decision on the Lord Advocate's immunity from damages claims in respect malicious prosecutions (the Whitehouse and Clark claims).

    Concern was expressed by the Lord Advocate that there might be an increase in claims of malicious prosecution if his previous immunity was diminished.

    Lord Carloway clearly didn't agree, barring cases involving a certain football club.

    The second ground is that there may be a diversion of resources. There could be some increase in malicious prosecution cases following upon failed prosecutions. There are probably almost no such cases now, other than those relating to the Rangers’ winding up. Given the strictness of the test to aver and prove malice and want of probable cause, such actions ought to remain very few and far between

     

    View Comment

  3. Is it just me or is anyone else having connection problems with the SFM site / this page ?

     

    I keep getting an on screen error message;

    "Error establishing a connection with database."

     

    I can still access all other websites though – so don't think problem is at my end?

    Been getting this error message with increasing frequency over the last 2 or 3 days.

    View Comment

  4. StevieBC 31st October 2019 at 21:56

    '..Is it just me or is anyone else having connection problems with the SFM site / this page ?'

    +++++++++++

    Not just you, StevieBC. I sat down at my laptop about an hour ago. Kept getting that database error connection message. Got so enraged that I messaged Admin about ten mins ago. 

    I had tried to get in using Firefox instead of Edge which I think we normally use. When Mrs C came off her exactly 59 and a half nightly free phone call to her pal in Glasgow 5 mins go,  she told me to switch off, wait a wee while and sign in again on Edge. 

    And lo and behold, here I am!

    View Comment

  5. easyJambo 31st October 2019 at 19:33

    '..I've been reading, taking my time in doing so, through the Inner House's decision ..

     '

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

    So have I, eJ. It's tough going, I have to say, referring to the precedent cases cited. 

    In the excerpt you quote, I am particularly struck by 'other than those relating to the Rangers’ winding up.'

    I wondered for a while  why Lord Carloway used 'winding up' rather than ' liquidation'. I then realised that as a matter of fact RFC of 1872 has not yet been 'liquidated , but is still (under another name) in the process of being liquidated.

    and, when I think of it, 'winding up' has a very definite air of finality about it!

    ( I'm nevertheless surprised that Lord Carloway didn't just leave it at 'there are probably almost no such cases now' without mentioning Rangers.)

    View Comment

  6. JohnClark@23.05 yesterday 

    The judge’s words are interesting indeed. Given his line of work so to speak, any statement by any Law Lord is always measured. If the words referencing RFC are not some Freudian slip then could this not be a hint that there are other cases of a similar ilk lurking in the system? Pure speculation on my part of course. 

    View Comment

  7. easyJambo 31st October 2019 at 19:23

     

    The SFA (the clubs) and SPFL (the clubs) have repeatedly failed to act on these issues. It will be interesting to see if there is any appetite this time round. I suspect that lip service will again be paid with some watered down protocols implemented as an acknowlegement of FIFA's concerns rather than a determination to eradicate the problems from the Scottish game. 

     

    I believe they're still waiting for a response to their email "Why cant we just continue to turn the microphones down" EJ. 

    View Comment

  8. Unsurprisingly, the 'Halloween Accounts' didn't rise from the dead last night.

     

    Doesn't make sense to release the financials until after Club 1872 members have voted to be mugged – I mean agree to – buying more RIFC shares, [and at an unexplained premium to the most recent trade at 18p].

     

    Mibbees this Tuesday night could be a convenient time to release the RIFC Accounts?

    As its Guy Fawkes Night, the fireworks might be a useful distraction?

    Failing that, late on a Friday night is the preferred, sneaky way to quietly slip out bad news at Ibrox.

     

    Have the Accounts actually been signed off yet?

    Who knows?

    But if you currently hold RIFC shares, you would reasonably have expected sight of the 2018/19 numbers yesterday – as per last year's timing.

    Likewise, in their absence you would reasonably expect RIFC to issue an updating statement about why there is a delay?

    View Comment

  9. I think there would be serious issues for Directors of RIFC if they knew  the accounts would not be signed off yet were arranging for club 1872 to invest 500k , it really depends how desperate they are or if they believe they could spin their way out of it . With the Chairman already subjected to the cold shoulder they have to tread very carefully lest they get infected with same. There is the slight possibility that King could "shoulder" the blame as he believes there is no more they could do to him. Promises of funding could have been made , then delaying tactics employed to get the share issue through then the excuses get delivered afterwards, it's not as if King doesn't have previous . 

    View Comment

  10. Timtim 1st November 2019 at 11:21

    I think there would be serious issues for Directors of RIFC if they knew  the accounts would not be signed off yet were arranging for club 1872 to invest 500k , it really depends how desperate they are or if they believe they could spin their way out of it .

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

    I agree that there could be serious issues but I doubt they are the type where spin would get you out of it.

    In the same vein there must be the same question mark over the reliability of the half year to Dec 2018 numbers if the full year results produce substantial losses.

    An investor could have seen the reported half year profit and the upbeat message for the full year and thought: "you know what I'm going to get on the blower to that matched bargains geezer and see if I can't scoop up some shares in the holding company of the engine room subsidiary". Imagine his disappointment when the results for the full year are released!

    View Comment

  11. Have I been too harsh a critic of a certain lawyer who was criticised by a High Court (England) judge?

    the 'Scotsman' today carries a supplement  " Scottish 2019 Legal Review"

    There is an article 'Signing up for inclusion' by a chap who is involved in the research work for the Chambers UK 2020 Guide. [This seems to be an organisation that  ranks legal firms]

    This article contains the following observation: " Clients expect their legal representatives to be an extension of their own values and philosophy"

    The lawyer I'm thinking of certainly seems to have become so.  But it's hardly to his credit, is it?broken heart

    View Comment

  12. Smugas 1st November 2019 at 10:20

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

    Coincidentally, at the same time as Sportsound was being broadcast last night, Ann Budge was attending a Hearts shareholders association dinner (I wasn't there). There was a Q&A after the dinner, with the departure of Levein the main topic, but there were a few questions asked on the subject of fans' conduct, the answers to which may indicate the direction of travel.

    Q12 – After the Rangers game there was allegations of racist behaviour buy a Hearts fan and the press laid into Hearts and we haven’t heard anything since, what’s going on?

    AB – It’s frustrating and unacceptable behaviour, however, we’ve done everything by the book and passed all our evidence to the police and it’s now in their hands and that takes time.  We’ve got excellent new CCTV and are able to gather evidence when something like this happens, however, we can’t comment now as it’s with the police.

    Last night there was graffiti sprayed onto the plaza, we’ve got the 4 lads who did this on camera coming up Russell Road wearing masks, spraying the plaza and then heading up to Gorgie Road.  As they’ve got masks we can’t see who they are but we’ve passed the evidence to the police and hopefully they’ll have cameras later which show them taking off the masks so we can catch them but again it can take a long time to sort and in the meantime we’re stuck in limbo.

     

    Q13 – I’m not excusing the behaviour of some fans during the Rangers game, however, clubs need to do more to sort this.  The behaviour of Morellos in provoking the Hearts fans was shocking and yet nothing is ever done?

    AB – We’ve been having meetings with clubs for about 18 months and at last all clubs are taking part, however, clubs need to be honest about problems they have.  Morellos’s behaviour was included in the match report, but not all clubs follow up and accept the problem as it’s easier to ignore.  It needs all clubs to acknowledge the problems for us to be able to deal with them.

     

    Q14 – We saw again this week UEFA having an impact on certain clubs in Scotland and this continues to happen with UEFA.  Why doesn’t the SFA or SPFL ever do anything?  I read last week Rangers telling their fans that they can’t sing certain songs IN EUROPE (but it’s ok for SPFL games)?

    AB – We really need the SFA/SPFL to step up more and to do more to improve this, however, we have a very top heavy league with certain teams exerting a lot of pressure.  It is getting better but very slowly and whilst we need heavier penalties, some clubs scared of these.  What we need is a sliding scale of punishments, 1st offence a warning, 2nd offence a fine, 3rd offence another fine and final warning, 4th offence closing parts of the stadium etc.  But we need clubs to agree to this.  I know the Scottish Government would like this to happen.

    Q16 – Whilst the SFA have an issue making decisions regarding supporters, surely the police can do something about the away fans at Tynecastle as the songs they often sing are illegal?

    AB – It’s not always that simple, the police often don’t want to incite trouble and potentially making a small situation bigger. What we ideally want is less police as it saves us money in the long run.

    After each game, we walk around with the stewards, police and representatives from the opposing teams and often inspect any damage, we then try and pin point individuals using CCTV. During games the police will often identify them and then deal with it at half time which is easier than trying to go into the stand and pull someone out during the game.

    There are often arrests and fans ejected (often for alcohol related offences) and we get a report each game, however, we don’t look to wash our dirty linen in public and it’s not always just the away fans.

    View Comment

  13. John Clark 1st November 2019 at 13:05

    This article contains the following observation:

    " Clients expect their legal representatives to be an extension of their own values and philosophy"

    =========

    On the face of it, that quote deserves an "Oooft!!"

    If Joe Beltrami – who had some rather 'colourful', but no doubt well paying clients – was still with us, I think he would have a robust response to that assertion.

     

    If the article writer is a lawyer, then mibbees he wasn't that bothered about being too precise…as it wasn't billable? indecision

    View Comment

  14. I was going to read the most recent decision in the seemingly neverending saga of T'Rangers when I noticed it was 82 pages long and decided I'd leave it until I had more time. Even a cursory glance at the report shows that the same names keep coming up; on the bench, in the dock, on the Prosecution/Pursuers side, on the Defence/Defenders side. To select one name at random Senior Counsel for the First Pursuer, Paul Whitehouse, is Dunlop QC. I think Roddy Dunlop QC must have featured in more T'Rangers related cases than most. He certainly appeared, without success, in the Supreme Court when he argued EBTs were fine. He has also featured in some appeal(s) against SFA decisions. In between I am sure he has featured in a number of court cases although I can't remember on which side. I'm not sure that there were many cases in which he was standing up to The Man but if Police Scotland and the Lord Advocate don't count as The Man I don't know what does.

    Even before reading this decision I get the feeling the Lord Advocate might emerge lighter in the pocket but relatively unscathed while Police Scotland might have bigger problems. At some point someone is going to ask how much time and money was spent on an inquiry into seven(?) potential accused which ended up with one going to trial and acquitted with the rest not even getting to trial far less convicted of anything. Following this the public purse is going to take a severe hit, already in legal bills and potentially in reparation claims. It is possible to have smoke without fire. Ask any smoker. It is also possible to have fire without smoke. Police Scotland seem to be in danger of spontaneous self-combustion. It's hard to see how they talk themselves out of the situation they created although if they're looking for inspiration they could look at the SFA and SPFL.

    As ever with T'Rangers it's nigh on impossible to keep up with things.

    In the middle of all these things whatever happened to Imran Ahmed? Who was he? What did he do? Who is he? Where is he now? From memory he was the only one who had the smarts to the extent that he was the only one who didn't have at least one overnight stay at a Police Office before appearing in Court. At least a couple of his former business colleagues had not just an overnighter but an overweekender before appearing in Court and then being pushed out of Glasgow Sheriff Court to cameras, press and baying mobs. As far as I know Imran Ahmed has never been in Court in connection with T'Rangers although I recall that at one point he recognised a gravy train when he saw one and there was talk of suing for wrongful prosecution. When you see a chance odds are you're a chancer but if you're Imran Ahmed and you look around you why not?

    Maybe, as a bit of light relief, we'll get some Accounts and an update from Sports Direct.

    Accounts=We're not telling you.

    Sports Direct=Next year's away strip will be green, white and gold as a tribute to Glasgow Corporation buses.

    View Comment

  15. Timtim 1st November 2019 at 11:21 I think there would be serious issues for Directors of RIFC if they knew the accounts would not be signed off yet were arranging for club 1872 to invest 500k , it really depends how desperate they are or if they believe they could spin their way out of it . With the Chairman already subjected to the cold shoulder they have to tread very carefully lest they get infected with same. There is the slight possibility that King could "shoulder" the blame as he believes there is no more they could do to him. Promises of funding could have been made , then delaying tactics employed to get the share issue through then the excuses get delivered afterwards, it's not as if King doesn't have previous .

    _________________________-

    While what you say makes sense, I would imagine that a member of Club1872 would have to make a complaint before any action could be taken, and even if there was one or two angry enough to consider it, could you honestly imagine them being brave enough to lodge such a complaint?

     

    View Comment

  16. Don't suppose any of the SMSM bothered to ask about the availability of the RIFC 2018/19 accounts at Gerrard's press conference today?

     

    You know: public interest / on behalf of the small RIFC shareholders / on behalf of TRFC supporters?

    [Rhetorical question.]

    View Comment

  17. EJ

    Whilst not one to single particular offenders out – every club has its bad apples etc etc – I can't help but notice that once again one named player in your article after scoring on Wednesday night makes a point of turning away in celebration and then apparently turning back towards the home support to do the knee slidey jersey tugging thing.  Quite sure, in fact I know, he takes dogs abuse in a game but hes the one who just cant resist the 'return fixture' given the opportunity.

     

    But then I assume his club is one of those top heavy ones referred to as "exerting a lot of pressure"    

    View Comment

  18. A subtle change in the PR p!sh trickling out of Murray Park…

     

    Rather than dreaming up unknown foreign clubs with crazy money offers for Morelos…

    it's now – apparently – Morelos who is pushing for a move away from Ibrox. 

    Yes, just when he's in sight of winning some silverware, he wants to talk about leaving.

    Even more strange is that the DR has been instructed to copy/paste this in the run up to the TRFC semi on Sunday.

    =====

    From the DR today;

    "Alfredo Morelos drops Rangers transfer bombshell as he broaches January Ibrox exit.

    The Colombian's goal-laden start to the new season has teams circling and he admits a fresh start could be on the cards.

    …"

    View Comment

  19. Just to update myself, I've had a look at

    https://www.scotcourts.gov.uk/current-business/court-notices/contempt-of-court-orders

    from which I note that reporting restrictions still apply to the following cases which were/are of interest to readers of sfm.scot  :

    HMA for restraint order re Craig Whyte, Court of Session, Edinburgh, 11 September 2015

    HMA v Craig Thomas Whyte, Gary Martyn Withey, David Henry Grier, David John Whitehouse, Paul John Clark , Charles Alexander Green and Sheik Imran Ahmad known as Imran Ahmad, High Court of Justiciary, Edinburgh, 16 October 2015

    Charles Green v Rangers International Football Club Plc, Court of Session, Edinburgh, 12 November 2015

    The Rangers FC Group Ltd re Adjudication of Claim, Court of Session, Edinburgh, 15 March 2016

    I have some notes taken at two of those hearings.

     

     

     

    View Comment

  20. StevieBC 1st November 2019 at 15:52

    A subtle change in the PR p!sh trickling out of Murray Park…

    …it's now – apparently – Morelos who is pushing for a move away from Ibrox

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

    Two possible reasons spring to mind:

    Morelos will be sold in January, but not for £20m. He'll be sold for perhaps a quarter of that sum & will be portrayed as unhappy at TRFC for some spurious reason. Level Sinko is laying crumbs now to explain/justify moving on an unsettled player for an 'undisclosed' fee.

    or:

    He's become unaffordable for TRFC in their current financial situation. His agents have done too good a job ramping his salary after all the transfer 'speculation' of the past few windows (perhaps they've been in touch with the club looking for more dosh already after the recent bout of media micturition?) & with Gerrard reportedly looking to reduce his squad size/payroll in January, a fee for Morelos & his substantial salary freed up is a simple fiscal necessity.

    Level Sinko & breadcrumbs again…

    View Comment

  21. The big question re Morelos is whether he will jump or whether he will be pushed. I recommend that he doesn’t listen to Bobby Gentry and to go nowhere near the Tallahatchie bridge.

    View Comment

  22.  “So far there is nothing official. There is a lot of speculation of teams things I've read on Twitter and stuff, but there's been nothing concrete"  

    Sounds like Morelos isn't buying the propaganda any more either.

    View Comment

  23. Big Pink 31st October 2019 at 23:03
    7 4 Rate This

    Site has been unresponsive according to monitors, but it’s loading super quick for me.
    ……………
    Had problems this morning with it, but looks ok now.

    View Comment

  24. John Clark 31st October 2019 at 23:05
    I wondered for a while why Lord Carloway used ‘winding up’ rather than ‘ liquidation’. I then realised that as a matter of fact RFC of 1872 has not yet been ‘liquidated , but is still (under another name) in the process of being liquidated.
    ………………….
    So yesterday should be known as Happy winding up Day (In more ways than one) instead of Happy Liquidation Day;-)

    View Comment

  25. Timtim 1st November 2019 at 11:21
    I think there would be serious issues for Directors of RIFC if they knew the accounts would not be signed off yet were arranging for club 1872 to invest 500k ,
    ….
    it’s not as if King doesn’t have previous .
    …………………..
    Like the time king told the fans he ripped up the Ashley retail contract so run out and buy last years replica kit.
    And what he did not tell the fans at the time was he paid £3mill to renegotiate a worse contract than the one Green signed.

    View Comment

  26. Stevie @ 15.52 1 Nov 2019

    I love that phrase "goal-laden" – it not only applies to Morelos , Lawrence Shankland @ DUFC has had an even bigger "goal-laden" start to the season & there are some malicious rumours that The Rangers could sell Morelos & replace him with Shankland – well he's yours Stevie (for £10m – cash upfront , of course) .

    View Comment

  27. LUGOSI 1st November 2019 at 13:25
    In the middle of all these things whatever happened to Imran Ahmed?
    ……………………..
    Mr Ahmad’s lawyer Eric Baijal told BBC Scotland: “We can confirm that Imran Ahmad has initiated legal proceedings against the chief constable of Police Scotland and the Lord Advocate in relation to what he argues was a wrongful prosecution brought against him.
    “Our client maintains he is entitled to significant damages as a result of the prosecution against him.
    “Our client understands that there are now five court actions raised against either Police Scotland and/or the Lord Advocate, arising from the investigation and prosecution.
    “As these proceedings are under way it would be inappropriate for our client to comment further at this time.”
    https://www.bbc.co.uk/news/uk-scotland-47707934
    ………………….
    And that could take us back to.
    easyJambo 31st October 2019 at 19:33 post.
    Concern was expressed by the Lord Advocate that there might be an increase in claims of malicious prosecution if his previous immunity was diminished.

    Lord Carloway clearly didn’t agree, barring cases involving a certain football club.

    View Comment

  28. BBC Sport Scotland@BBCSportScot

    Rangers announce a loss of £11.3m for the year ending 30 June 2019, with turnover up by 63% to £53.2m.

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

    Ouch

    Edit: I’m heading out shortly so I’ll have a look at the results in more detail later

    View Comment

  29. Last post before I head out:

    At the time of preparation, the forecast identified that the Group would require £10.0m by way of debt or equity funding by the end of season 2019/2020 in order to meet its liabilities as they fall due. The first tranche of funding is required from investors in November 2019. However, the final amount required is dependent on future football performance, European football participation and player trading amongst other factors. The Board of Directors have discussed the Club’s forecast cash flow shortfall and have reached agreement with Laird Investments (Pty) Limited whereby it will provide additional loan facilities as necessary to meet shortfalls to the above requirements and any further amounts that may be required a result of variances to forecast cash flows. Further to this, Laird Investments (Pty) Limited have agreed to provide a £5m facility to October 2021.

    View Comment

  30. Ex Ludo 1st November 2019 at 17:42
    5 0 Rate This

    The big question re Morelos is whether he will jump or whether he will be pushed.
    …………….
    Or did he resign and never knew it Warburton style;-)

    View Comment

  31. easyJambo 1st November 2019 at 19:28
    ……………..
    Wonder if anyone from club 72 is having a read and thinking you know what, I can’t wait to get my hands on more shares in RIFC.

    View Comment

  32. Paddy @ 18:58

    Thanks for that link to the 'Annual Report of Rangers International Football Club plc'.

    … Which includes this nugget: 'Club chairman Dave King said:'

    Anyone else see a problem with that … ?

    View Comment

  33. SDI Retail Services Ltd

    The Company is engaged in ongoing legal proceedings relating to its retail arrangements. Judgment has been granted against the Company in respect of certain breaches of contract but, at this stage, the extent of the Company’s liability other than with regard to legal fees has not been decided by the Court. As negotiations are ongoing regarding the legal proceedings, the Directors are of the view that it would be seriously prejudicial if it were to disclose the information usually required by IAS 37 (Provisions, Contingent liabilities and contingent assets). The Company has dealt with its estimated liabilities, insofar as it is practicable for its Directors to estimate them at this stage, when calculating its accruals.

    Known in financial circles as the Ostrich approach to unsustainable housekeeping. SDI are the elephant in the room and they have for all intent and purpose ignored the potential gravity of the situation. 

    View Comment

  34. "At the time of preparation, the forecast identified that the Group would require £10.0m by way of debt or equity funding by the end of season 2019/2020 in order to meet its liabilities as they fall due."

    They have just announced an £11m loss for last year and are already predicting a shortfall of £10m for this season.

    That would explain Morelos being reported as wanting to go to the EPL, and the papers talking about it happening in January.

    The thing is, they have also just announced that they need to sell. That does not make for maximising your income.

    In other news, the good people on follow follow are currently discussing the positives from these results and how it shows the club is moving in the right direction.

    View Comment

    1. POST BALANCE SHEET EVENTS The following events have occurred subsequent to the year end: Acquisition and disposal of player registrations The Group contracted for the purchase of four permanent player registrations in addition to the temporary registrations of one player on loan. The amount payable in respect of above amounts to £11.5m, after taking account of direct costs. The Group also disposed of six player registrations on a permanent basis, eight registrations on loan and became entitled to sell on fees on player registrations previously disposed. The amount receivable in respect of above totalled £0.3m.

    Not sure if this is the Kent and Helander transfers but looks like an extra  £11.2m costs on top of the losses announced , this looks like car crash figures already setting up for next year . 

    View Comment

  35. Ibrox club accounts yet again huge losses. Mr King cold shouldered, SFA do FA in both cases. Our game is beyond embarrassing now, as this new club have free reign to financially cheat like RFC (IL). Also to add more embarrassment EUFA found this club guilty of racism on 2 accounts and our SMSM prefer to state the term sectarianism, shocking but expected.  These actions would not be tolerated  by any other club in Scotland, why these  issues are not approached by our SFA and smsm is shocking.  

    View Comment

  36. Surely with TRFC indulging in third-party ownership regarding Billy Gilmour's transfer to Chelsea , there should have been a greater sanction than a £7.8 k fine , given that they recieved £600 k rather than a development fee , and allegedly add ons as well . Deliberately breaking the rules of the game in pursuit of money ( and , of course , putting it in writing and communicating it to the Scottish FA who saw nothing wrong in their actions ).

    View Comment

  37. Dunderheid 1st November 2019 at 19:55

    '..Which includes this nugget: 'Club chairman Dave King said:'

    Anyone else see a problem with that … ?'

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

    The SFA certainly won't. They are so steeped in iniquity with their Big Lie that their readiness  to turn a blind eye to King being 'de facto' power behind the throne at TRFC is scarcely worth a shrug of the cold shoulders!

     

     

    View Comment

  38. John Clark 1st November 2019 at 20:56
    is scarcely worth a shrug of the cold shoulders!
    ……………..
    Brilliant JC, My tea was almost all over the screen;-)

    View Comment

  39. How are everyone interpreting that Laird announcement.  He’s putting up a £5m facility.  But it almost reads like he’s covering the entire shortfall whatever that may be.  Brave lad…

    View Comment

  40. Timtim 1st November 2019 at 20:16

    '..they have for all intent and purpose ignored the potential gravity of the situation. '

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

    IAS 37 says this:

    "Recognition of a provision

    "An entity must recognise a provision if, and only if: [IAS 37.14]

    • a present obligation (legal or constructive) has arisen as a result of a past event (the obligating event),
    • payment is probable ('more likely than not'), and 
    • the amount can be estimated reliably."

    The Courts have pronounced judgment against TRFC. (Legal obligation? 🗸)

    Payment is probable. (🗸)

    Can the amount of damages be estimated reliably?

    Well, is there any likelihood that Ashley will agree to a damages settlement in a sum other than at least a million or three?  Or that , in the event that Ashley and King do not reach agreement between themselves, the Court would award damages in an amount less than that?

    King, I think,  is acting the goat here:  instead of telling something like the naked truth to shareholders, namely, that TRC Ltd will have to shell out at least a million or two at a conservative but realistic estimate, he is using IAS as a feeble excuse to hide the fact.  

    Par for the course, I suppose.

    View Comment

  41. Smugas 1st November 2019 at 21:22

      How are everyone interpreting that Laird announcement. He’s putting up a £5m facility. But it almost reads like he’s covering the entire shortfall whatever that may be. Brave lad…

    —————————————————-

         Errrrrr, No quite……..according to the auditors 

    As stated in note 1 the risk that key cash flows are not achieved as forecast , along with the absence of a binding debt facility for any shortfalls, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter

    View Comment

  42. Memorial Walls
    Following the decision not to proceed with this project, legal proceedings have been raised by Memorial Walls Ltd
    against the Club. The Club accepts some compensation should be payable in respect of the abortive work carried out
    on the project but does not believe there was any prospect of the project proving a commercial success. Accordingly,
    it will resist the proceedings whilst hoping that a more realistic approach by the pursuer might allow the proceedings
    to be resolved. An estimate of the Club’s liability in respect of this matter has been included at the year end.
    …………………
    This is still ongoing then.

    View Comment

  43. Ex Ludo 1st November 2019 at 21:55

     

    Pure spin and poorly written at that.

    He is no more than a propagandist, helping to lead their support down the garden path.

    In the best traditions of Keith Jackson and his "under the radar" magnum opus. 

    View Comment

  44. https://www.uefa.com/community/news/newsid=2064391.html

    losses cannot exceed 30m euros over a 3 year period , these latest figures make it £32m  (€37m) , is it fair they are allowed to compete in uefa competitions (and profit from that) by buying players they could otherwise not afford …… sorry deja vu moment there. I know that monies used on certain projects /ground improvements are not included so they may just be able to limbo dance under the tape here but they are sailing very close to the wind. The notes regarding their ability to continue as a going concern are a massive warning sign and Lairds promise of £5m til 2021 will not be nearly enough. 

    View Comment

  45. Here's why they need vast sums of new money, and soon.

    Note 16 – Transfer installments outstanding at at the end of June.

    £9.568m during this season plus £3.711m in future seasons.

    Note 30 – Since the year end they have agreed to pay a further £11.5m in transfer fees.

    There are incoming  transfer installments to be set against the above, but they barely register against the outgoing figures.

    Note 13 – £348k during this season and £90k in future seasons

    Note 30 – Since year end another £0.3m in transfer fees to be received.

    In total – commitments of £24.8m in transfers to be paid with just £0.73m incoming.

    View Comment

  46. easyJambo 1st November 2019 at 22:50

    They have spent vast sums of money they don't have in order to try to win football matches you say.

    Financial doping on a scale akin to match fixing.

    Surely that is without precedent in Scottish football. 

    View Comment

  47. @EJ 22.50

    Wow!!!! so they need 10m just to pay transfer fees on players already purchased this season , add on running costs , wages , memorial walls , Ashley , possibly Hummel and Elite claims , the Close loan (which looks like 3m not including interest) the rent on that big gun …………… but not to worry the man the City of London says isn't trustworthy has promised £5m to cover it. The balls have just fallen off my abacus.

    View Comment

  48. [Lost 2 lengthy posts already to the ether – logged out.]

    Only managed a first skim read of the statements and Notes.

    Purposely haven't read accompanying Reports or the above SFM Comments – yet.

    Some points jumped out for me;

     

    1) I suppose a reduced loss will be trumpeted as 'progress'?

     

    2) Funding shortfall for the current year has indeed ballooned: from £3M to £10M.

     

    3) Big Mike's bill as a Contingent Liability: RIFC managed to waffle without giving a clear range of potential values/probabilities.  As indicated, the Accruals has increased from c.£4.5M to c.£7M which 'could' mean that the SDI liability is estimated at c.£2.5M.

     

    4) Trade Creditors [suppliers] has virtually doubled to c.£10M.

    Could indicate more, free working capital but at the expense of increased late payments to suppliers – and an increased risk of legal action?

     

    5) Going by the numerous caveats and stated assumptions in the Notes, it looks like the Auditor knows that RIFC is a dog with fleas and should be humanely put down.

    But with its backside suitably covered – and especially WRT promises of additional funding – the Auditor can continue to collect c.£120K+ per annum in client fees in the meantime.

     

    6) I guess Club 1872 should give its members some feedback on these numbers, before the polling deadline, to justify buying more RIFC shares – and at a premium.

     

    On the face of it, the RIFC numbers and Notes could have been a lot worse I suppose…

     

    View Comment

  49. I have to say that the accounts are much worse than I had anticipated. I thought that they may have turned around their first half profit of £5.2m into a loss of similar magnitude, but certainly not as much as £11.3m. 

    Chris Jack's £14.3m EL windfall mostly disappeared with a £10.35m increase in wages.

    Those wages won't have gone down any this season, but they have incurred massively increased liabilities in terms of future transfer payments. 

    View Comment

  50. A footnote to the increase in Operating Expenses which went up by £19.2m.

    "Other operating charges include matchday costs, such as policing, stewarding and pitch costs. A £9.1m increase is caused by fulfilling the nine extra home games in the season, and a £3.6m increase to legal and professional fees"

    View Comment

  51. About to start catching up, but has anyone mentioned that the Chairman's Report is only dated YESTERDAY, "31 October 2019".

     

    Last year King signed it off 17 days earlier, on "14 October 2019".

     

    I'm guessing he was advised that he had to issue the Annual Report – reluctantly – before Club 1872 handed over the shares cash?

    View Comment

  52. Again there is no mention of any indebtedness to Close Leasing, barring a reference to their securities. I would guess that the "loan" facility was paid off before year end from early ST sales.

    It is likely that they borrowed more this time round than the previous year, as interest charges have gone up by almost £100k.

    "Interest charges on finance leases and other finance facilities increased to £258k against the previous year of £159k."

    Edit: They may have covered Close in page 15.
    “As at 30 June 2019, there are interest-free, unsecured loans with investors amounting to £10.3 million, other commercial loans of £3.0m, whilst the Group also has finance lease agreements totalling £1.2 million. “

    View Comment

  53. Homunculus@22.59

    Financial doping you say? Meanwhile, Hearts, having been saved from liquidation through the sterling efforts of their supporters and Mrs Budge, languish at the bottom of the league but continue to maintain financial probity. 

    Maybe it’s time other clubs raise their own “Resolution 12”

    View Comment

  54. …the Chairman's Report is significantly lacking in coverage of future prospects for RIFC.

    And with all the plaudits included for fans, staff, directors, etc. – it reads like a precursor to his resignation as Chairman?

    Mibbees.

    View Comment

  55. Their Retail income went up substantially

    "Retail income of £3.3 million relates to royalties and profit share of the season’s merchandising arrangements."

    I suspect that Elite and Hummel would have made similar sums between them, So that might be the starting point for SDI's damages claim(s).

    View Comment

  56.  "Accordingly, they continue to adopt the going concern basis in preparing this report and the statutory financial statements"

    +++++++++++

    And when their 'tough it out' approach fails, and the new club goes into Administration, what then from the SFA?

    And to think of the agonies of the Castlemilk boy at having to put his personal monies on the line!

    It must have choked him.

    And I will say that I believe that almost any of the posters on sfm.scot could have written an infinitely better 'annual report' than the tawdry, amateurish, toe-curdling crap that the PR machine employed by Ibrox has produced.

    Traynor must go, I hear the loyal support cry!

    Seriously, isn't it absolute mince! King's statement, Gerrard's (more forgivable) crappy nonsense?

    Gie's a job, Dave! The fat man frae Airdrie is not up to the job!

     

    View Comment

  57. easyJambo 1st November 2019 at 23:18

    I was thinking similar. Speaking about the EBIDTA break even in the interim accounts suggested an actual c£4m – £5m loss at the end of the year to me.

    The fact that it is more than double that is a bit of a shock.

    Adding to that a predicted loss of £10m this year, based on player purchases over the summer (Kent et al) strikes me as just recklessness. 

    Meet the new club etc.

    View Comment

Comments are closed.