SFM Podcast #6: Dave King & Oldco

davidLowDavid Low spoke to SFM today about the latest focus on Rangers Oldco, but thinks that Dave King’s words about Oldco being the real Rangers matters less to King than the increasingly improving health of the Oldco, now in liquidation.

In the last week it has emerged that HMRC may have lost their appeal against the improper use of EBTs, and that coupled with Dave King’s £20m claim being thrown out, has reduced liabilities so dramatically that Oldco could be solvent – especially if the asset sale from Oldco to Sevco Scotland is overturned as a consequence of current criminal proceedings involving all parties to that sale.

Low says that Rangers cannot possibly raise public investment for Newco whilst that uncertainty surrounding the assets is resolved.
“Nobody will put money into a business whose main assets are under dispute, and if they tried to raise funds in a prospectus, they would have to declare that nature of the dispute”
But the single most important aspect of the new developments?

“Everything depends on the criminal case outcome” says Low, who also observed that King is not alone in his repositioning with respect to Oldco.

The Worthington Group, of which Craig Whyte is a former director, have recently sprung to life and filed three years of returns. They have also made a claim to Rangers’ liquidators, BDO, that they hold a floating charge over the assets (currently around £20m net in cash) held in the current creditors’ pot.

“They also just appointed a new corporate director, Liberty Corporate – a name associated with Whyte”.

Low thinks that criminal proceedings and litigation could drag on for a number of years until the uncertainty over asset ownership is resolved. He thinks that this will critically impair Newco’s ability to raise funds for that period of time, but that improvements on the field will take the pressure of King in the meantime.

“At the end of the day, fans are only interested in what happens on the field.” says Low; “Rangers have a good manager, they are playing well and winning consistently. The fans will be happy with that”

Is it possible that TRFC have not repaid Mike Ashley because potentially there may not be any assets in Ashley’s ownership? In any case, even for Rangers to limp on with soft loans (which he says are the only funding options available), they need to try to put an end to the factional disputes which continue to plague the company.
“Peace needs to break out. There is no consensus, nobody is in control, so there is no way forward at boardroom level”
“The directors find themselves in the situation where they either continue to drip feed the club out of their own pockets, or face the alternative which is far more unpleasant.”

Curiously, Low gives the SFA a pass on their handling of the situation, and feels they were in an impossible position. That is not something that fits in with our consensus on SFM, and in fact the next blog, which will be published later this week, focuses on one of the SFA’s many dysfunctional episodes – their inability to scrupulously apply the rules and carry out their obligation to UEFA.

The podcast will be on iTunes, on our rss feed , and on the web here

271 Comments
  1. woodstein

    woodstein


    jimmci 24th September 2015 at 11:14 pm #

    Keith McLeod

    “The club went into administration and subsequent forced liquidation by HMRC over a “phantom” £80million tax bill, The club were later cleared of having ever owed the taxman.”
    —————————————————————–
    You beat me to it, that jumped out of the page at me.

    Perhaps the daily record Editor Murray Foote should have a little word, if he wants us to believe things like :-

    “Inside THE VOW: How historic Daily Record front page which changed the course of Britain’s constitutional settlement was born. ”

    Or anything else the “Histrionic” Daily Record wants us to believe..

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  2. woodstein

    woodstein


    neepheid 25th September 2015 at 9:53 am #

    I’ll pay for the stamp.

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  3. woodstein

    woodstein


    upthehoops 25th September 2015 at 7:38 am #
    Forgive me this observation Tris, but premises like that have a very SFA feel to them
    ———————————————————
    Yes, Park Gardens, if memory still working. Funny, the number of expensive cars parked outside? My youngest almost jumped out of my car (Ford Escort) when he saw a new red lamborghini parked outside. Had to restrain him , owner would not have wanted slavers all over shiny red paintwork! 🙄

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  4. torrejohnbhoy(@johnbhoy1958)


    New one from John James.Class action?.

    https://johnjamessite.wordpress.com/2015/09/25/greens-litigation-cover-could-include-defending-an-investors-class-action-suit-re-ipo/

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  5. neepheid

    neepheid


    My emailed letter (no need for a stamp, Woodstein, but thanks for the offer) which I sent this morning to the editor of the Daily Record. The final sentence is an attempt at irony, by the way.

    Dear Sir

    I wish to point out a factual inaccuracy in this article- http://www.dailyrecord.co.uk/sport/football/football-news/old-rangers-board-signed-deal-6510560

    The relevant paragraph reads as follows-

    “The club went into administration and subsequent forced liquidation by HMRC over a “phantom” £80million tax bill, The club were later cleared of having ever owed the taxman”

    The “club” were, of course, put into administration for failing to pay over to HMRC several months PAYE tax and VAT. The “Big Tax Case” is still in the appeals process, so the “club” haven’t been cleared of anything yet, and even if they eventually win on all outstanding appeal points, there will still be over £20m owed to HMRC. That sum is not in dispute, and was the reason for RFC entering administration.

    To say that “the club were later cleared of having ever owed the taxman” is clearly untrue. Here is a link to the liquidators’ report of last November-

    http://www.bdo.co.uk/__data/assets/pdf_file/0009/879165/Rangers-Creditors-Circ-13-November-2014.pdf

    From that report-

    “5. EBT
    As previously reported to creditors, HMRC appealed
    the First Tier Tribunal (“FTT”) decision in
    respect of the EBT Scheme previously operated by th
    e Company, commonly known as the “Big
    Tax” case. The Big Tax case represents c£72m of the
    £94m claim submitted by HMRC in the
    Liquidation proceedings, and may therefore have a ma
    terial impact on the dividend payble to
    unsecured creditors.”

    So the HMRC claim was £92m, of which £72m is subject to an ongoing appeal process, and £22m is undisputed. It is impossible to reconcile these facts with the statement in your article that “the club were later cleared of ever owing the taxman”. On any construction the taxman is owed between £22m and £94m, the precise sum being contingent on an unfinished appeals process, but in any event not less than £22m.

    Please let me when a correction is published. I really do expect better from a reputable newspaper.

    Yours faithfully

    Would there be any value in future in some sort of communal response from SFM to this sort of garbage? That might carry more weight than my ravings.

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  6. jimlarkin


    http://www.hitc.com/en-gb/2015/09/25/martyn-waghorn-has-a-theory-why-rangers-are-winning-so-many-pena/?

    A Sevco player’s ‘theory’ on WHY Sevco get so many penalties !!

    My goodness, why didn’t I think of that (as a theory)

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  7. Homunculus

    Homunculus


    “The club went into administration and subsequent forced liquidation by HMRC over a “phantom” £80million tax bill, The club were later cleared of having ever owed the taxman.”

    I know people are rightly annoyed about this nonsense. As several people have pointed out Rangers had admitted to failing to pay millions in tax, both from the wee tax case and the admitted stealing of PAYE, NI and VAT. ( say stealing because this is money they had collected from employees and customers. They had it and it wasn’t theirs, but they spent it anyway).

    However can we also consider this, in the same para. “The club went into administration and subsequent forced liquidation …”

    The man doesn’t get everything wrong. Not a holding company, not some other myth. The club is in liquidation.

    I suppose if you throw enough words at a piece of a paper you are bound to get something right. Even if only by accident.

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  8. Homunculus

    Homunculus


    Sorry, missed the edit window.

    He goes on to say

    “The club’s assets were bought by Green’s Sevco company”

    Correct, not the club, it’s assets.

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  9. Allyjambo

    Allyjambo


    Does anyone else think the SMSM are finding it ever harder to keep up the veneer of the ‘same club’ nonsense? Are events leading them down roads that require them to marry club and company in order to comply with the latest Ibrox (Level5) requirements?

    At the moment, those requirements seem to be to ramp up the Green hatred, and to do this it is necessary to highlight the damage he has done to the ‘club’. It clearly carries greater impact to use ‘Rangers Football Club’, or ‘The Club’, when accusing Green, and others, of certain crimes, rather than to use the, up till now (except when their guard slipped), ‘the company that runs…’, ‘the plc…’ etc.

    As has been mooted here many times, the problem with telling lies is that you have to have a good memory. There’s another problem, though, and that is that the lie, once told, doesn’t always fit the required future narrative or agenda! Still, that doesn’t stop our media continuing to peddle such nonsense, mainly, I think, because they don’t have the nous to realise what they are doing and how, ever more, stupid they look!

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  10. John Clark


    neepheid 25th September 2015 at 12:42 pm #
    ‘…My emailed letter (no need for a stamp, Woodstein, but thanks for the offer) which I sent this morning to the editor of the Daily Record..’
    ______
    Good one, neepheid.

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  11. Bayview Gold


    Re Latest John James Blog and also the good comment from Ally Jambo on the company.

    (watching my words so I don’t end in moderation – the below is all hypothetical and may or may not relate to an actual ongoing situation)

    There is an ongoing narrative that a set of people have ended up being charged with fraudulent activity against a company and its ethereal club, to which patrons and supporters of said club are happy and looking forward to the consequences.

    Eh – here is the part that isn’t being reported, (and is assuming that some of the charges relate to post company formation – say a money raising round?)

    While some individuals are correctly facing criminal charges it cannot be forgotten that they may have taken these actions while representatives of their company. This means that the company also shares civil liabilities. The criminal case does not help this situation, quite the opposite – if found guilty it raises the chances of successful civil actions against the company.

    The critical point here is who is being defrauded? The likely suspects (charges detail will clarify which) are:

    Prior Co (in liquidation)
    Prior Co creditors
    HMRC
    New Co investors & shareholders

    Note that the “club” or new company do not figure in that list, as AJ rightly pointed out the club owns nothing (being this floaty spiritual holding) and the newco was actually the construct of the people facing the charges.

    The prior Dirs leaving a company do not remove any civil liabilities from a company. There is currently a good example just now – Herr Winterkorn leaving VW does nothing to reduce the liabilities that VW are facing.

    If (I stress the ‘if’) it is found that charges do relate to money raising on behalf of the new company and are proven in court. Then if I was an investor my immediate move would be to raise a civil action against the company. I don’t see how the present dirs of any company in this situation see this as a good thing and how any followers of the spiritual club attached to that company can see this as a good thing. But then propaganda and spin go a long way.

    I believe this is why a new dir raised the notion of the oldco (IL) as the unconnected newco may be facing a long and very expensive set of cases and liabilities over and above the criminal case raised.

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  12. Bayview Gold


    Re my prior post – and that is without even going near any potential shenanigans relating to company formation or purchase and transfer of assets. Add those into the mix and it doesn’t make it in any shape or form better for the new company.

    In short a complete basket case of potential liabilities that will take more than a man in a magic hat to make disappear.

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  13. StevieBC

    StevieBC


    neepheid 25th September 2015 at 12:42 pm #
    My emailed letter

    Would there be any value in future in some sort of communal response from SFM to this sort of garbage? That might carry more weight than my ravings.
    ====================
    Good effort there nh.
    In the absence of a ‘correction’ in the DR, is it possible to complain to the Press Complaints folks [?] to force a retraction and apology ?

    And yes, now that SFM has a “Park Gardens-esque” mansion house office 😉 mibbess the SMSM might mistake SFM for part of the establishment ? Well we know how lazy they are…

    But seriously, this has to add some weight and credibility to the SFM cause ?
    Not just a bunch of Internet Bampots, but an incorporated ‘movement’.

    Not a ‘phantom’ website but an online community with physical premises / registered office.

    Why not issue official press releases when deemed necessary ?
    The SMSM might not give recognition, but they would probably read a release if only to learn about what is really going on in Scottish football.

    Good job Tris/BP. Who gets the desk by the windae then ? 🙄

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  14. easyJambo


    It had to happen – The Swiss authorities finally start criminal proceedings against Blatter

    https://www.news.admin.ch/message/index.html?lang=en&msg-id=58891Full

    Criminal proceedings against the President of FIFA

    Bern, 25.09.2015 – The Office of the Attorney General of Switzerland (OAG) has opened criminal proceedings against the President of Fédération Internationale de Football Association (FIFA) on suspicion of criminal mismanagement as well as – alternatively – on suspicion of misappropriation.

    Swiss criminal proceedings against the President of FIFA, Mr. Joseph Blatter, have been opened on 24 September 2015 on suspicion of criminal mismanagement (Article 158 Swiss Criminal Code / SCC) and – alternatively – misappropriation (Article 138 Swiss Criminal Code / SCC).

    On the one hand, the OAG suspects that on 12 September 2005 Mr. Joseph Blatter has signed a contract with the Caribbean Football Union (with Jack Warner as the President at this time); this contract was unfavorable for FIFA. On the other hand, there is as suspicion that, in the implementation of this agreement, Joseph Blatter also violated his fiduciary duties and acted against the interest of FIFA and/or FIFA Marketing & TV AG.

    Additionally, Mr. Joseph Blatter is suspected of a disloyal payment of CHF 2 Mio. to Michel Platini, President of Union of European Football Associations (UEFA), at the expense of FIFA, which was allegedly made for work performed between January 1999 and June 2002 ; this payment was executed in February 2011.

    On 25 September 2015, representatives of the OAG interrogated the defendant Joseph Blatter following a meeting of the FIFA Executive Committee. At the same time, Michel Platini was heard as a person asked to provide information (Article 178 of the Swiss Code of Criminal Procedure). Furthermore, the OAG conducted on 25 September 2015 a house search at FIFA Headquarters with the support of the Federal Criminal Police. The office of the FIFA President has been searched and data seized.

    As for all defendants, the presumption of innocence applies for Mr. Joseph Blatter.

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  15. upthehoops


    Bayview Gold 25th September 2015 at 3:22 pm
    ===================================
    To a layman like myself the best option would be for a completely new club to be formed and groundshare with Queens Park. Forget the claim to all previous honours – they still stand anyway, they just don’t get added to. Take the spirit of Rangers to the completely new club and kiss goodbye to the various fly-by-night’s and chancers forever. I’m sure the SFA would accommodate this idea.

    Too simple, or will circumstances possibly force this anyway?

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  16. Smugas


    UTH

    It intrigues me that you feel that the SFA would feel the need to ‘accomodate’ a membership transfer but then would somehow have a problem with the transfer of what they would consider the associated honours 😈

    When our club membership certificate versions 1,2,and 3 goes up, to win the Scottish cup dum de dum, dum de dum

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  17. Allyjambo

    Allyjambo


    Been a busy few weeks on all things TRFC related, has it not?

    Multiple arrests over the various moves surrounding Ibrox.

    A new word, ‘sist’, has been added to the Scottish football lexicon, with the announcement from Messiah King of a cunning plan to rescue ‘Rangers’ from… ‘Rangers’ 😯 .

    New ways for the SMSM to make the leaders of the second tier of Scottish football sound like La Liga’s finest, while the search goes on for the right words to describe a scenario in the top tier where Celtic can, at the same time, be too good (for everyone else) but not good enough (for anyone else)! In the meantime, Aberdeen’s perfect league start is somehow eclipsed by said second tier club’s good start, that hasn’t, yet, matched Scottish football’s top team!

    Then Charles Green has advised TRFC/RIFC (never clear which one is being referred to) that they are liable for his legal costs – then he hasn’t – then he has!

    Meanwhile, lowly top tier club St Johnston do the unthinkable, and stuff the really very mighty team that’s a fair few league positions below them, right out of the League Cup that was destined to provide TRFC with much need revenue, but they don’t really need it coz it’s quite good for them to be knocked out and, for the first time in football history, a club manager is saying he doesn’t want any new players while his chairman is saying they will be signing plenty. Something to do with a magic hat, I think.

    The next night the club that’s got no chance of catching the club two league places above them beat the not so mighty top team in the league (top, but only by 5 points) and the SMSM manage to see this as a lesser achievement than those cheeky Perth guys managed the night before against that mightier than mighty club half a dozen places lower, but in, we must accept,the bestest league in the world!

    And to keep this ‘feel good factor’ going in Scottish football, we find an intrepid ‘journalist’ has found yet another way (they must be exhausted by now) of describing what happened to a liquidated club!

    Phew! But as if that wasn’t enough, the men at the top of a marble staircase somewhere ethereal, must send their legal mates (they must all be mates by now, they talk so much) back to court to try to persuade a judge that it’s fit and proper to ignore a previous director’s contractual rights.

    With all this going on, how on earth can a multi millionaire supporter, with a seat at the top of that marble staircase, possibly stay away? Of course, it’s warming up in SA as we here enter autumn, and there’s lots of golf to be played! Fore!

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  18. Corrupt official

    Corrupt official


    upthehoops 25th September 2015 at 3:59 pm

    “Take the spirit of Rangers to the completely new club and kiss goodbye to the various fly-by-night’s and chancers forever.
    ————————————————————————
    I think there has never been a more pressing need for fans of TRFC to form a breakaway club more than now.
    As it stands i believe they are looking at a 50/50 chance of total obliteration. Guilty or not guilty.!
    I am not in a position to even consider putting a probability figure on the eventual verdict, that will only be decided by the courts, but my feeling is that any guilty verdicts will not mark the end of it…….merely the beginning of a new chapter.
    This time the outcome of the chapter, will be decided by the courts, and real legal law….not the SFA.
    I will also hazard a guess, that guilty verdicts may widen the scope of the current investigations,
    Maybe a plea bargain will be entred into, and the charge of involvement in organised crime, will be reduced to the lesser charge of involvement in dis-organised crime. 😈

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  19. Cluster One

    Cluster One


    Allyjambo 25th September 2015 at 5:14 pm

    brilliant

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  20. easyJambo


    I wonder if we will get a statement from Stewart Regan re his continued(?) support for Michel Platini’s FIFA presidential aspirations, given that Platini is alleged to be involved in receiving a “disloyal payment”.

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  21. bfbpuzzled


    Is there anyone involved in the Govan imbroglio who might give experiential advice about financial crime allegations of organised crime racketeering and similar? It would be hard to believe that there would be such at a place so invested in dignity. Maybe the dignity should come with a capital letter, all that is missing here is a Swiss involvement.

    The Record has gone beyond self parody and into drop the dead donkey regions of trustworthiness – if anyone regrets its passing remember today is just a wee leitmotif for all that is wrong there .

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  22. woodstein

    woodstein


    neepheid 25th September 2015 at 12:42 pm #

    My emailed letter (no need for a stamp, Woodstein, but thanks for the offer)
    ————————————————————–

    Excellent letter, neepheid.

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  23. paddy malarkey

    paddy malarkey


    And I thought RIFC had woes .

    http://www.bbc.co.uk/news/uk-england-northamptonshire-34358704

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  24. Bayview Gold


    Allyjambo 25th September 2015 at 5:14 pm #

    AJ – I have got to say that was one of the funniest posts on here for a long time,

    I must admit it reminded me of this: (for those of a certain age)

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  25. valentinesclown

    valentinesclown


    Lies lies and more lies from DR and legal fees legal fees who pays legal feel on Ibrox board.
    DR rumbled thanks to DK.
    So below decide if this is the DR crew or Ibrox directors board.

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  26. wottpi


    I see that Platini is now being questioned about unclear payments. No doubt our lads in the MSM will have something to say about that. However no one has had the balls to ask Souness about his EBT payment from the oldco and what that related to given he didn’t appear to be an employee at the time.

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  27. Corrupt official

    Corrupt official


    valentinesclown 25th September 2015 at 7:29 pm

    “So below decide if this is the DR crew or Ibrox directors board”
    ==========================================
    Looks more like a saturday afternoon in Govan next season. 😆

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  28. redlichtie


    JohnJames makes the following statement re Directors and Officers cover :

    “As for insurance, this evidently was not purchased or maintained….”.

    If this is in fact the case and at the same time the company directly indemnified CG, etc against legal costs that seems to have been an unwise if not reckless course of action.

    I know nothing should surprise me about all this but such a failure to effect or maintan cover would be a stunner.

    Without such cover the financial implications for RIFC/TRFC are potentially substantial and possibly terminal – what sort of guarantee(s) will Campbell Dallas now need to avoid them issuing a Going Concern notice?

    This looks like being a most interesting training ground for Campbell Dallas auditors….

    Scottish Football needs a strong Arbroath.

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  29. The Cat NR1

    The Cat NR1


    briggsbhoy 24th September 2015 at 6:14 pm #
    briggsbhoy 24th September 2015 at 6:14 pm #

    The Cat NR1 24th September 2015 at 1:18 am

    If we’re looking at lyrics of The Who songs, I would suggest that “Won’t Get Fooled Again” may be more appropriate than “Who Are You” when it comes to the machinations of the Ibrox franchise

    You could come up with a multitude of song titles that would so fit what’s go on Govan way.
    ==============================
    Indeed.
    I’m watching Leeds Rhinos’ Superleague match at Huddersfield at the moment, and the players came onto the pitch to the strains of Harry J Allstars’ The Liquidator.
    I know that Chelsea have used that tune at Stamford Bridge for many years, and it got me wondering as to whether any SPFL clubs use it.
    I was well impressed that they still use Into the Valley by The Skids at East End Park (the late Stuart Adamson was brought up in Dunfermline).

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  30. The Cat NR1

    The Cat NR1


    wottpi 25th September 2015 at 7:35 pm #

    I see that Platini is now being questioned about unclear payments. No doubt our lads in the MSM wil have something to say about that. However no one has had the balls to ask Souness about his EBT payment from the oldco and what that related to given he didn’t appear to be an employee at the time.
    ================================
    Did they ever clear up the mystery surrounding the £100K David Longmuir bonus that surfaced two years back?

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  31. Auldheid


    easyJambo 25th September 2015 at 3:42 pm #

    It had to happen – The Swiss authorities finally start criminal proceedings against Blatter

    https://www.news.admin.ch/message/index.html?lang=en&msg-id=58891Full
    ======================
    I read Andrew Jennings book “Foul” a few years ago and concluded there were a lot of chickens out there looking for a home to roost i.

    Cluck, cluck, cluck, cluck cluck

    Ally Jambo.

    Very amusing. Reminded me of a book 198tysumfin.

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  32. Bayview Gold


    in reference to my earlier post this excerpt from John James (@sitonfence) wordpress blog ( https://johnjamessite.wordpress.com/2015/09/25/greens-litigation-cover-could-include-defending-an-investors-class-action-suit-re-ipo/ )

    =========================================
    However there is another legal action that few have had the foresight to recognize. There is the distinct possibility that the IPO was predicated on misappropriated assets. If this is the case, the legal costs of defending Green from an investors’ class action suit would render RIFC insolvent.
    ========================================

    as I mentioned earlier there is this prevailing thought that investors would have issue with a certain individual but this is not the case, the investors were investing in a company, not an individual, the company produced the prospectus, the company received the proceeds.

    Therefore any follow on action around investment loss would be against the company not any ex director.

    the company would NOT be defending an individual but would be defending itself – so it is not just the legal costs that they are exposed to but any liabilities attached to any claims. Which could dwarf the legal costs.

    And again this may be brought against a company who could have lost its major assets in another case. (personally I’m not sure they would lose the assets but could be stung with a sum for redress)

    One thing is for sure – if they make it to the next accounts reporting cycle then the contingency section may make interesting reading.

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  33. Auldheid


    Attachment

    Bayview Gold 25th September 2015 at 3:11 pm #

    If I supported TRFC I’d read that and

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  34. StevieBC

    StevieBC


    The recent fallout from the VW scandal might have some parallels with Sottish football, and perhaps puts things in perspective re: media compliance / political compliance.

    If the claims against VW are upheld, IMO, it is truly astonishing that such a massive and reputable organisation could even contemplate deceiving regulators – and customers – on such a scale. It now seems that the EPA in the USA had the info as early as December 2014. Oh dear.

    We know that the Scottish media, football governance and political establishment is complicit in trying to whitewash the whole RFC/TRFC saga, but it is still astonishing that e.g. the ‘same Rangers’ mantra continues to be observed, even though it makes those who spout such nonsense look ever more ludicrous.

    Like the banking fallout, this VW story, IMO, is just further proof that big business cannot be trusted – and that the politicians are simply bought and paid for – e.g. via lobbyists – to look the other way.

    The RFC/TRFC and (S)DM disgrace is just another example of unapologetic, crooked business practices in modern times.

    No apologies or repentance forthcoming from Ibrox – just continued bullying to get their own way, and being confrontational to try to stay relevant or influential.

    And that is why TRFC will always – IMO – be the pariahs of Scottish football.

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  35. Auldheid


    StevieBC 25th September 2015 at 9:16 pm #

    In one of Terry Pratchet’s many funny books called Mort, DEATH TAKES A HOLIDAY.

    In modern times ETHICS has retired.

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  36. Homunculus

    Homunculus


    One thing which confuses me, if BDO thought that they could “repatriate” (if you know what I mean) the assets, for the benefit of the creditors why have they not tried to do it.

    Or, have their investigations uncovered evidence, which they then passed to the Police, for the current ongoing action. If so are BDO holding back because of the ongoing criminal cases.

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  37. Bayview Gold


    Attachment

    Auldheid 25th September 2015 at 9:15 pm

    Auldheid I think it is more like this 😆

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  38. Auldheid


    Homunculus 25th September 2015 at 1:04 pm #

    I suppose if you throw enough words at a piece of a paper you are bound to get something right. Even if only by accident.

    The infinite monkey theorem states that a monkey hitting keys at random on a typewriter keyboard for an infinite amount of time will almost surely type a given text, such as the complete works of William Shakespeare. However an accurate narrative of Scottish football skulduggery by all our media would take to infinity and beyond.

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  39. Bayview Gold


    speaking of the intro tunes for clubs – the mighty Fife always grace our presence to this classic

    (Scottish Football needs a strong 60s instrumental)

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  40. Auldheid


    Bayview Gold 25th September 2015 at 9:31 pm #

    Through the Looking Glass eh? 🙂

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  41. Bayview Gold


    wow – truth is sometime stranger than fiction, I was just looking up the wiki entry for Telstar song and at the foot there is the comment that two football teams use it, EFFC and Telstar who it turns out are a lower league Dutch club formed in 63 from VSV and Stormvogels – yes, you are all asking but where is this leading.

    Well here is the weird part – in 1938 a certain lower league Scottish club won the Scottish Cup, meanwhile across the North Sea a certain dutch club was also winning the Dutch (KNVB) cup both events being the respective clubs only wins of that trophy.

    my trivia fact for tonight!

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  42. John Clark


    easyJambo 25th September 2015 at 5:59 pm #
    ‘…..I wonder if we will get a statement from Stewart Regan re his continued(?) support for Michel Platini’s FIFA presidential aspirations, given that Platini is alleged to be involved in receiving a “disloyal payment”.’
    ____________
    It has taken me several googlings to discover what a ‘disloyal payment’ may be.

    Apparently,
    “Under Swiss law, a payment is classified disloyal if it is against the best interest of the employer — in this case FIFA….”
    ( https://www.veooz.com/news/QJkxfk7.html )

    A wee bit different from ‘loyalty’ payments made to former workers and kept secret in the best interests of the employer! 😉

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  43. John Clark


    Auldheid 25th September 2015 at 9:21 pm #
    ‘…In modern times ETHICS has retired.’
    ———–
    Whit? Oor Ethics beancounter? Surely not.Mind you, he hasn’t posted for a while, has he? 🙁 😆

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  44. The Cat NR1

    The Cat NR1


    Bayview Gold 25th September 2015 at 9:37 pm #

    speaking of the intro tunes for clubs – the mighty Fife always grace our presence to this classic

    (Scottish Football needs a strong 60s instrumental)
    =================================
    Excellent tune.
    I’m fairly sure I’ve got that on vinyl somewhere in the house.

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  45. tykebhoy

    tykebhoy


    [blockquote]Bayview Gold 25th September 2015 at 9:08 pm #

    One thing is for sure – if they make it to the next accounts reporting cycle then the contingency section may make interesting reading.[/blockquote]
    They are in that cycle now and almost half way through the 6 months they have to finalise. The new auditors will almost certainly insist on the continuance of the contingent liability on Ibrox and MP and despite being post balance sheet, I think the fact that much of the working capital not from loans (IPO) has provenance on a shoogly peg and the potential legal bills will merit a mention.

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  46. Trisidium


    New post up.

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