The Elephant in the Room – The Scottish Football Monitor

The Elephant in the Room

A Guest blog by @heavidor:       

Given The Takeover Panel’s success in procuring a Court of Session order to compel Dave King to make an offer for all Rangers International Football Club Plc shares not owned by the Concert Party it would be impossible for King to remain a director unless he complies with that Order.

The co-option of Barry Scott to the board and the elevation of Alistair Johnston as a person with significant control could be construed as repositioning, however it will be whether King makes an offer of 20 pence per share to all the shareholders not included in the Concert Party or not that will determine what happens next and we shall know later this month.

(King resigning) is the correct thing to do and should have already occurred. Instead, Rangers financial reputation has been dragged through the mud by association.

Irrespective of whether King complies with the Court Order or not this story is far from over, and it will continue to hamper Rangers’ prospects until it is conclusively resolved. A King resignation as a director of RIFC would reduce the prospect of contaminating the club, its directors and advisors from the full effect of cold shouldering should he decline to make an offer.

That would mean that King, as distinct from RIFC, had financial pariah status and not the club. That is the correct thing to do and should have already occurred but, instead, Rangers’ financial reputation has been dragged through the mud by association with King.

What should not be underestimated is the reality of cold-shouldering, not for just the offending party, but for those involved in business with the offending party. The consequences are dire for the individual or organisation who falls foul of the rules, making it impossible to carry out normal business activities within the sphere of influence of The Panel, and the same consequences face those who shelter the cold shouldered.

It should be appreciated that there are members of the RIFC that are members of regulated financial professions who would be further prejudiced through association with a cold shouldered non-resident King.

Perhaps unfortunately for a large slug of the mainstream media and football authorities, financial pariah status pursuant to cold shouldering in the UK coming on top of criminal convictions in SA would be impossible to spin in any positive way or to maintain continued fit and proper status. I mean, we could have the SFA cold shouldered, couldn’t we? All said though, the cognitively dissonant will carry on regardless.

If King does the right thing by resigning from the board, it is still important to appreciate that the ‘4 Bear’ Concert Party as determined by The Panel will continue to exist irrespective of how Kings deals with the instruction to make an offer for the shares. This is the elephant in the room that remains.

The Concert Party via their shares and loans will retain the same level of control they currently have, and therefore remain compelled to abide by The Panel’s rules.

King’s resignation would not remove that impediment.

It doesn’t end there. By challenging the authority and insulting the intelligence of The Panel and the Court, King has ensured all large share transactions in RIFC will be scrutinised and questioned and could additionally determine, for example, that the Concert Party is increased to include Club 1872 and Barry Scott on the basis they are working in concert with King and/or other concert party members.

There are some who think that The Panel has been slow to respond and impose sanctions and that they are all bark and no bite. It would be wrong to think so. The reality is that King has moved the whole dispute into uncharted territory. There has been no precedent for such continued brazen and naïve flouting of Panel rules. Accordingly, The Panel has chosen to move at its own pace, dotting the ‘i’s and crossing the ‘t’s and I suggest they’re being methodical rather than indecisive in dealing with the estimable Mr King.

The true value of RIFC shares was a key point in the recent court case with all kinds of claims being made. Some think that the lack of significant arm’s-length trades makes it impossible to arrive at a correct price, and others say that the price paid to Mike Ashley in recent trades is the benchmark. In my opinion, neither is correct. Current and prospective shareholders have the financial figures in the accounts to work with, and can determine the real worth from there. On that basis it is clear to me the shares are not worth anything like the last alleged trading price on Jenkins. Rather it seems that the shares only have nominal value given the business has never declared a profit, continues to lose money and is reliant upon ongoing shareholder loans to stay in business.

Any subsequent share issue – even with King gone – could muddy the waters further; The Concert Party members may expose themselves to another Panel instruction to make another offer should any of its members acquire more shares without coming to an arrangement with The Panel beforehand.

To illustrate such an arrangement, Dermot Desmond got Panel permission to increase his shareholding above 29.9% the last time Celtic had a share issue. This is preferable to trying to hoodwink the financial authorities with tall tales.

It should be clear to all followers of RIFC’s financial travails that the status quo is unsustainable. So, the question is ‘what’s next’? The chairman’s statement that accompanied the annual accounts once more talked about loan to equity conversion without reference to the impact of the existence of a Concert Party amongst the RIFC Board of directors and providers of loans. This is remarkable any such conversion cannot take place without the permission of The Panel and/or without dragging the other directors and lenders in the quagmire with another possible offer for the shares not owned by the Concert Party.

.. the shares only have nominal value given the business has never declared a profit, continues to lose money and is reliant upon ongoing shareholder loans to stay in business

So, what should happen and what is required for RIFC to rid itself of this terrible yoke? The answers are pretty obvious; King should make an offer of 20 pence per share to all those shareholders not included in the Concert Party. He has said the shares are worth more than that and that no one would accept. If he’s correct he has nothing to worry about and he would create a clear path forward for Rangers. He would also resolve the dispute with The Panel, creating the conditions for a debt to equity conversion.

So, why might that not happen? Because if the shares are worth 27 pence as the directors have suggested that means the loan to equity conversion would have to be at the same price and, of course, if the shares not worth anything like that there would be a rush to accept 27 pence and the ball would be on the slates, so to speak.

It appears to me the board is stuck between a rock and a hard place, that King will resign, and that there will be no offer.

If this happens the position would be precarious. The current board doesn’t have the credibility, money or experience to take Rangers forward. Being a true blue should not be the defining characteristic of what’s required to make Rangers competitive but it appears to be the preferred qualification of most of their customers.

I believe Rangers need a need owner with a controlling shareholding and deep pockets to sort out this mess, and I have reason to believe this view is shared by some of those with influence.

That is not to say that a solution is imminent, but the reality check is at least a start.

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1,315 Comments
  1. fan of football


    ALLYJAMBOJANUARY 11, 2018 at 21:40
    Oh dear that pesky £300,000 figure rears it’s ugly head again ,that should rule sevco 2012 out of the running .
    Maybe SN got a tinkle from his old pal KL to look at the jambos be interesting to see if his pay for nowt offer extends to the Hearts 

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  2. upthehoops


    FAN OF FOOTBALLJANUARY 12, 2018 at 07:25

    Oh dear that pesky £300,000 figure rears it’s ugly head again ,that should rule sevco 2012 out of the running .Maybe SN got a tinkle from his old pal KL to look at the jambos be interesting to see if his pay for nowt offer extends to the Hearts 

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

    I like to think the English media have no agenda in terms of promoting feelgood stories to soothe Rangers fans. It is noted therefore that they are reporting some clubs are willing to meet the terms Norwich have placed on a loan deal for Naismith. I’m guessing, but I think it’s highly unlikely Naismith will be allowed to play for Rangers for nothing in that case, and that Norwich will decide where he is allowed to go, not the Daily Record!

    It’s only a few days since the Record reported the feelgood story that the Mexican club who have loaned Carlos Pena are willing to pay all his wages and have also agreed a future transfer fee which will fully reimburse the fee Rangers paid for him. The Mexican club President has since come out and rubbished the story.  I see Barcabhoy who sometimes posts on here took it up with Scott McDermott, a Daily Record journalist, on Twitter. McDermott replied about ‘double bylines’ and mentioned the hack who should be getting asked about it. At no time did he try and insist the Record were right. 

    Why does any newspaper these days think it can print a story which is very difficult for most sane people to believe, then think it won’t be challenged? Now, what were all those soothing stories the Record have recently printed about no financial issues at all at Ibrox!

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  3. gerrybhoy67


    I hope the TV and advertising money is covering the cost of staging The Florida Cup because the crowds are certainly not boosting revenue – it’s very sparse for a Scottish club this morning Freeviw Channel 95 

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  4. jimbo

    jimbo


    The Daily Record’s Mark McDougall is reporting Ally McCoist blaming Celtic Fans for the rumours about administration threats down Ibrox way.  So that’s you Jambos off the hook!
    “Ally McCoist has blamed a section of Celtic fans for rumours Rangers are going to go into administration.
    The former Ibrox boss insists ‘everything is fine’ at the club and bookies only suspended betting because of Celtic supporters.”

    Well at least that’s a relief to hear.  No worries. 19

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  5. jimbo

    jimbo


    Rumours abound that Hearts are interested in Steven Naismith.  This is the player who said recently that he would play for nothing!

    However in the spirit of this site – financial expertise – I would caution Ms. Budge that even professional footballers have to be paid the minimum wage.  Don’t want you falling foul of the law.  No need for thanks! just doing my bit for inter club harmony. 04

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  6. shug

    shug


    I see mr mccoist is blaming Celtic fans for the rumours of sevco administration lol.

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  7. bordersdon


    shugJanuary 12, 2018 at 10:51
    I see mr mccoist is blaming Celtic fans for the rumours of sevco administration lol.
    ———————————————————-
    Just like the last time then re oldco! (assuming Phil is a Celtic fan) 10.

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  8. Allyjambo

    Allyjambo


    jimboJanuary 12, 2018 at 10:17 
    The Daily Record’s Mark McDougall is reporting Ally McCoist blaming Celtic Fans for the rumours about administration threats down Ibrox way. So that’s you Jambos off the hook!“Ally McCoist has blamed a section of Celtic fans for rumours Rangers are going to go into administration.The former Ibrox boss insists ‘everything is fine’ at the club and bookies only suspended betting because of Celtic supporters.”Well at least that’s a relief to hear. No worries.
    ______________________–

    I always love these stories when financial analysts like Ally McCoist state in the papers that TRFC aren’t going into administration based on the fact that the rumours are all the fault of Celtic supporters, and nothing to do with things like cumulative disastrous balance sheets, cold shoulders, inability to pay agreed transfer fees, etc. etc. Ignore these known facts and everything will be alright.

    RIFC/TRFC may not be about to go into administration, but people like McCoist do not know, and have no way of knowing, one way or the other. Their opinions are based on little more than blind faith (as it was just over six years ago) and will not be as a result of a close look at the accounts, nor an understanding of the effect that King’s cold shoulder could bring to their club; but they will, of course, be having chummy talks with Real Rangers Men and members of the SMSM, which are basically the same things, who, whether they know the reality or not, will be pushing the preferred narrative. 

    I wonder why these ‘newspaper’ reporters choose to ask people like McCoist, rather than going directly to the directors of the club, for the statements that will give succour to their main readership. Could it be fear of the answer, or, the more likely result: the refusal to answer definitively.

    Of course, most newspapers will, in all probability, have already asked the questions of the board, or, at least, tried to.

    The reality is that Ally McCoist will know no more than John Brown, who knows no more than any other TRFC supporter, about what’s going on behind the Ibrox veneer.

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  9. Allyjambo

    Allyjambo


    jimboJanuary 12, 2018 at 10:34 
    Rumours abound that Hearts are interested in Steven Naismith. This is the player who said recently that he would play for nothing!However in the spirit of this site – financial expertise – I would caution Ms. Budge that even professional footballers have to be paid the minimum wage. Don’t want you falling foul of the law. No need for thanks! just doing my bit for inter club harmony.
    ______________________

    Steven Naismith is, from what I’ve read, a very charitable person, perhaps his working for free at TRFC would be his version of ‘Rangers Charity’?

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  10. redetin


    John ClarkJanuary 11, 2018 at 23:15
    I hope these help..’___________They do, indeed, Ballyargus. Kind of make me embarrassed , though, at how little I know of my native city!
    _________________________________________________________
    John, many folks post their Glasgow recollections here:
    http://discuss.glasgowguide.co.uk/lofiversion/index.php/t7964-100.html
    My own wee memories as a barman in the Drum in Shettleston are here.
    http://pub41.bravenet.com/forum/static/show.php?usernum=3476257201&frmid=676&msgid=0
    The Drum was always exciting after a Celtic Rangers match; scarf burning and head butting occasionally seen. But it was a “mixed” pub and everything settled down after about 7pm. I’m sure a lot of pubs were similar.

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  11. Jingso.Jimsie

    Jingso.Jimsie


    JIMBO

    JANUARY 12, 2018 at 10:17

    The Daily Record’s Mark McDougall is reporting Ally McCoist blaming Celtic Fans for the rumours about administration threats down Ibrox way. 
    ———————————–

    Gary Ralston’s on-line DR puff-piece:

     https://www.dailyrecord.co.uk/sport/football/football-news/rangers-heading-administration-thats-more-11834964

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  12. Big Pink


    Dave King been given leave to appeal. Will be heard on 28 Feb. Two days set aside. Motion for Early disposal by ToP brief appears to have been granted. More from JC later.

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  13. jimbo

    jimbo


    Talking about ‘blind faith’ I never know whether to laugh or feel sorry for big DJ on Radio Clyde.  ‘The money will be found’, ‘the money will come from somewhere’!  Is his mantra.

    This was especially true during the McInnes saga.  Caller after callers were pointing out that the problem might have centred around finance (amongst other things). 

    He doesn’t seem to really grasp that things have changed.  The money, to solve problems and make things happen, will just magically appear.

    Those days are gone DJ.

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  14. easyJambo


    BP – Another “exclusive” for SFM. 21

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  15. wottpi


    Like Gary Ralston I am not convinced administration is right around the next corner.

    However his Daily Record puff piece does no favours at all to Scottish Football in general or Bears fans specifically.

    The Ibrox club is a shambles in terms of its financial arrangements. Repeating the mantra that Real Rangers Men won’t let the club go under is just daft.

    Yes we know that spivs can get involved in football clubs but we have examples of Motherwell, Dundee, Airdrie, Livingston and many a club down south where, for a number of their administrations, well intention people who were fans of the club had to say at some point enough was enough.

    The head in the sand stuff along with trying to boost Kings investment level to £40m by including the supposed £20m in the old club is just laughable when the official figures are out there in the accounts and in the public domain.

    As Phil Mac has shown, there are questions to be asked.

    If there is nothing to worry about then the answers could easily flow out of Ibrox to explain exactly where the money will be coming from to meet their aims and objectives of winning the SPFL and easily getting into the group stages in Europe and we could all get on with our lives.

    In most right thinking and knowledgeable people’s minds that money will of course be more than the stated amounts in the accounts that are required over the next year or so the merely keep the lights on.

    Very lazy stuff from Ralston but can’t really blame the guy if someone is paying him for such poor copy.

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  16. Homunculus

    Homunculus


    Big Pink January 12, 2018 at 11:35

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

    I take it that means they will be looking for an answer on the day or shortly thereafter.

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  17. Christyboy

    Christyboy


    Excellent work JC, and many thanks.

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  18. Allyjambo

    Allyjambo


    wottpiJanuary 12, 2018 at 12:11

    As always, there’s a reason for everything, and there will be a reason why the media are not reporting what the RIFC/TRFC board have told them. It may be that they haven’t asked them if there is a possibility of administration, but there will still be a reason for them not asking the question(s).

    Right now, with so many questions already in the mainstream media, and not just those emanating from bookies or Celtic supporters, the club should be desperate to allay fears of any financial problems as they need/desire to strengthen their squad. Who is going to give them the time of day if they can’t make it clear they have the money required, not only to finance player transfers, but also to see the season out. Yet they leave it to their oh so obvious PR outlets to make the unattributable statements for them.

    One thing we can be pretty sure of is that the promise of European football weighed heavily on Murphy’s mind, and that of his agent, when persuaded to move to Ibrox (he’s a supporter, but TRFC (or another Scottish club) present the only realistic chance he’s got to taste the European stage). There’s no doubt, too, that they will use it as a lure again if they try signing any other biggish names. If they know there is a chance of administration, they should not be making such promises, or even leaving the players to think it’s on the cards. Probably not actionable, but the SFA, and possibly the SPFA, should be keeping an eye on exactly what any new players think they are signing up to.

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  19. wottpi


    ALLYJAMBOJANUARY 12, 2018 at 12:40
    From what you say can teams like Hearts & Hibs then genuinely offer the potential January signings the chance of European football on the basis T’Rangers are going to lose points (currently a drop to 7th) due to Admin.
    07

    Surely Budge and Levein must be reminding Naismith how these things tend to pan out!!

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  20. paddy malarkey

    paddy malarkey


    BIG PINKJANUARY 12, 2018 at 11:35
    Did you get permission from JJ to post that ? His exclusive (or will be) ,you know .

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  21. Allyjambo

    Allyjambo


     What to make of this tweet from Daily Record Sport? Are Hearts somehow not worthy of such a player? How about Aberdeen or Hibs? Kilmarnock are known to be close to his heart, too.

    Listening to the podcast now, and they are asking why TRFC have not moved for him (at just past 5 mins), completely ignoring the money issues, and coming up with reasons/excuses, like, he might not fit in the team with Murphy there now!

    OK, they’ve stopped the Naismith discussion, and the only mention of money was that Naismith said he would play for TRFC for free. They’ve left it that it all depends on whether or not Murty fancies him!

    Steven Naismith would be great for Hearts but it’s astonishing Rangers haven’t moved for him. Watch @GordonWaddell @gavinberryDR & @MichaelGannon on latest transfer newshttps://t.co/LLOM3xgqTr

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  22. Allyjambo

    Allyjambo


    wottpiJanuary 12, 2018 at 13:05 
    ALLYJAMBOJANUARY 12, 2018 at 12:40From what you say can teams like Hearts & Hibs then genuinely offer the potential January signings the chance of European football on the basis T’Rangers are going to lose points (currently a drop to 7th) due to Admin.
    Surely Budge and Levein must be reminding Naismith how these things tend to pan out!!
    ____________________

    Well…Strangely enough, I was thinking earlier how Hearts, who I expected to have decided to consolidate in this window, with maybe a left back (much needed) their main concern, but not to go all out for Europe. They look like they might be going all out for Europe.

    I wonder if they don’t believe what they read in the papers!

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  23. Bogs Dollox


    “OK, they’ve stopped the Naismith discussion, and the only mention of money was that Naismith said he would play for TRFC for free. “
    +++++++++++++++++++++++++++++++++++
    I sincerely hope that Fraser Wishart will nip this kind of silly talk in the bud.

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  24. John Clark


    ChristyboyJanuary 12, 2018 at 12:36
    ‘…Excellent work JC…’
    __________
    And, my goodness, ‘work’ is not the word, but tedium! 
    To explain:
    I got into Parliament house at 8.40.Saw with annoyance that the entry on the Court 2 notice board referring to the TOP petition had been scribbled out. It was not on any of the other court-room lists. I went back to reception: their clipboard entry was still there, unchanged. So, back I go to look again at the notice boards, and by chance there was an official passing by, so I asked. She said she would go and find out. Presently she came back with an attendant who  assured me that that the business would be on at 10.00 a.m, Lord Malcolm presiding.
    So I kicked my heels for forty minutes , had a cappuccino in the National Library, read the paper, and returned, and sat outside Court 2, until 9.50, when a young female lawyer went in, and I went in.
    By 10.00, there were two be-wigged chaps, and three non- be-wigged legals ready for the off. Along the wall were three or four other legals, including a  bewigged female ( whom I had seen at previous ‘Rangers’ hearings) , obviously waiting their turn.
    Then not one, but three judges entered. And then began a case about expenses relating to some case that had begun in 2013, and had been appealed to the Sheriff Principal,then to the Outer House,and now to the Inner House. 
    I sat through that until 11.55, when the judges went into a wee huddle before announcing ‘avizandum’, and toddled off. 
    At 11.00, the TOP Petition business started, before a single judge ( whom I don’t remember having seen before, there have been so many involved in TRFC/RIFC business).
    This business lasted about 20 minutes in total (including a short break)
    The female QC (Mrs double-barrelled name which I have forgotten for the moment) was for TOP.The motion was a motion for ‘urgent disposal’ , given the seriousness of the matter.(I think the Appeal was lodged on 4th January 2018)
    The Judge good-humouredly remarked that unlike some time ago,when Appeals could only be scheduled for months ahead, today things were much quicker. For instance, he had 28th February and 1st of March available for the King appeal . He didn’t want to prevent present counsel from speaking, of course, but maybe they could take five minutes to discuss among themselves whether these dates would be suitable. They agreed, the Judge left Court , came back a wee while later, and the parties had agreed that 28th February would be fine. And maybe the 1st March as well, just in case.
    They then agreed the date by which the grounds of appeal and notes of argument were to be submitted (7th February) and the date (15th February)by which the note of authorities and case law was to be submitted, along with an appendix of the documentation ( there was not thought to be very much by way of documentation).
    And that was that.
    ( Mr Mulholland , free-lance reporter, turned up half-way through the tedious, irrelevant earlier case. I passed him a note saying that the case was not the TOP case. He left. He did not come back, so he missed the TOP proceedings. I’m glad I hung on, bored as I was)

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  25. wottpi


    ALLYJAMBOJANUARY 12, 2018 at 13:29

    Not wanting to get into individual club issues but looking back to games after the 1-3 defeat at Murrayfield to the Ibrox club, goals against Hearts are running at 15 in the first 12 games reducing to 4 in the last 10.

    Hearts have gone six games without losing a goal against everyone around us in the table bar T’Rangers. 

    Signing a solid and consistent left back may be on folks minds as it has been seen as a long term issue but maybe its not the problem people think it is in terms of holding the fort domestically.

    Midfield dynamism and more consent goal scoring is probably where (McPhee’s) stats say the squad needs strengthening.

    Therefore taking a punt at Naismith may not be as daft as it seems if Levein is happy that the left back slot can be rotated around those who have played there and the new loan lad from Man Utd.

    IMHO it is the above simple analysis (along with avoiding all the walking away from the Old Club stuff, the Glasgow media goldfish bowl etc etc) that makes an approach to Naismith a goer for Hearts and, as you say, just as relevant for others who may see second or third as being achievable, if the player does indeed want to settle back down in Scotland.

    Not sure how his legs are given the lack of playing time this year but the likes of ex Championship old boys like Whittaker and Berra show that they can still do a decent job in the SPFL in the right set up. Even Kris Boyd appears to have re-awoken given the right coaching so maybe Naismith – Kilmarnock is as good a shout as any.

    An element of cash will however no doubt be king at the end of the day despite what the papers say.

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  26. StevieBC

    StevieBC


    Well done JC – you’re doing the Bampots proud!

    …and showing up the SMSM yet again for not bothering to have anyone attending court to report the truth.  

    I presume the ‘churnalists’ are awaiting their next copy/paste article from Level42 ?

    09

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  27. bordersdon


                           Big PinkJanuary 12, 2018 at 11:35
    Dave King been given leave to appeal. Will be heard on 28 Feb. Two days set aside. Motion for Early disposal by ToP brief appears to have been granted. More from JC later.
    ———————————————————————
    I assume this kicks the can down the road again? Nothing TOP can do until after 28 Feb/1March?

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  28. John Clark


    StevieBCJanuary 12, 2018 at 14:54
    ———–
    That reminds me, StevieBC-  Mrs C and I had spoken about getting in to New York city, and my son would have been happy to drive us.
    If I had seen your PM before we came home [I seldom think of looking at the PM page] I would surely have contacted you about the possibility of a meet for a pint! Thank you for the offer.
    In the event, though, I think the weather scene would have caused difficulties: certainly a friend of my son gave up the idea of coming to Scranton from his place near NY because of the weather at his end.
    (Scranton itself did not have much snow: there was enough to need clearing from the pavement, maybe about 3 cm)

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  29. Finloch


    Well done and thanks JC. 
    Great tenacity!

    Just heard SPFL have extended the Ladbrokes deal. 

    When will the custodians of our game realise the damage gambling wreaks in our communities and mindful of their responsibilities decline the dirty money available and go for more wholesome and potentially contributory partnerships?

    When will the government UK or Scottish consign the gambling sponsorship option to thedustbins via sensible guidelines and or legislation to protect the young and those more susceptible?

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  30. jimbo

    jimbo


    Apparently it’s bad form to issue statements from a company rumoured to be in financial trouble.  It kind of gives the rumours a credence in a back handed sort of way.

    Someone mentioned yesterday about a firm who placed job adverts and ordered furniture in order to indirectly counter the nasty rumours, ‘all is well’ you could almost hear them say.

    I found the piece by Gary Ralston, link posted by jingso.jimsie,  to be very interesting.

    It was an unusual article in the sense that it was so hyper that things at Ibrox are not just trouble free but positively wonderful.  He throws figures about right left and centre, some of which were new to me, which made me think where are you coming from?

    He mocks the rumour mongers in the sense that ‘we have heard this all before’!  Omitting the fact that back in 2012 it turned out to be true!

    Now I’m not saying he is working on behalf of TRFC.  But if I were the PR guy at Ibrox I’d stand Gary a few drinks at the bar for doing the job of rumour defence for them.

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  31. scottc

    scottc


    JIMBO
    JANUARY 12, 2018 at 15:41

    I was particularly amused at his assertion that £1million pounds was sitting in an escrow account pretaining to the McInnes deal. Hmmm

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  32. StevieBC

    StevieBC


    No problem JC – catch you next time.
    =========

    FINLOCH
    JANUARY 12, 2018 at 15:30
    Just heard SPFL have extended the Ladbrokes deal. 
    When will the custodians of our game realise the damage gambling wreaks in our communities and mindful of their responsibilities decline the dirty money available and go for more wholesome and potentially contributory partnerships?..
    =======================================

    Agreed Finloch.
    Rather than trumpeting a rather pathetic deal, the SMSM should be asking why the SPFL relies so much on the betting industry ?

    The English FA – I believe – last year decided to avoid betting company sponsorship in future.  I suppose English football has more suitors to choose from.

    Mibbees this is another unintended consequence of the RFC/TRFC/SFA/SPFL/SMSM incompetence / corruption in recent years: which more appropriate organisations would now be interested in choosing to be associated with Scottish football ?

    So, the SPFL is just glad to pick up the peanuts from any company willing to sponsor their damaged ‘product’.

    …and the obedient SMSM is happy to spin this as a good news story.
     

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  33. jimbo

    jimbo


    Recruit a new manager – tick
    Order some cladding – tick
    Puff piece in the media – tick
    All is well – tick

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  34. John Clark


    bordersdonJanuary 12, 2018 at 15:12
    ‘…..Nothing TOP can do until after 28 Feb/1March?’
    ___________
    That’s an interesting question, isn’t it?

    If you go to the courts to get them to enforce an order that you are entitled to make under your own rules , do you lose the right you already have to take disciplinary action ?

    The ToP  could have ‘cold shouldered’  King  last April under their own authority!

    Have they actually made a farce of things  and shot themselves in the foot by going to Court unnecessarily?
    If King were to win his appeal, what can the TOP do to exercise control over other directors who break their rules?

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  35. jimbo

    jimbo


    Yes I agree about the Betting industry being unsuitable sponsors.  Remember when the big tobacco companies sponsored everything? It’s unthinkable now.  I wouldn’t allow sponsorship from the drinks industry too. 

    Why can’t they seek out a firm with a modicum of ethics and responsibility?  Like The Co-operative Group for instance.

    View Comment
  36. Allyjambo

    Allyjambo


    SCOTTCJANUARY 12, 2018 at 15:52
    JIMBOJANUARY 12, 2018 at 15:41
    I was particularly amused at his assertion that £1million pounds was sitting in an escrow account pretaining to the McInnes deal. Hmmm
    ___________

    They must have forgotten they had it there when they couldn’t find the readies to sign Murphy on a permanent deal, then. 

    Yeah, a football club with a million lying around allows itself to be dragged into an embarrassing failure to pay for a player when they only require half of it (the million they have lying around) as a down payment.

    When will those hacks learn to question everything, even when what they are told is what they are desperate to hear?

    View Comment
  37. Allyjambo

    Allyjambo


    JOHN CLARKJANUARY 12, 2018 at 16:21
    bordersdonJanuary 12, 2018 at 15:12‘…..Nothing TOP can do until after 28 Feb/1March?’___________That’s an interesting question, isn’t it?
    If you go to the courts to get them to enforce an order that you are entitled to make under your own rules , do you lose the right you already have to take disciplinary action ?
    The ToP  could have ‘cold shouldered’  King  last April under their own authority!
    Have they actually made a farce of things  and shot themselves in the foot by going to Court unnecessarily?If King were to win his appeal, what can the TOP do to exercise control over other directors who break their rules?
    _________

    On the other hand, John, it keeps the uncertainty at Ibrox going; and in business, uncertainty can kill, especially at a loss making company.

    From King’s perspective, though, there’s always the chance the company will be in liquidation before he can make the offer, regardless of how the appeal goes.

    View Comment
  38. West Ham Fan


    any appeal by King only affects the COS order, it would have no effect on the TOP ruling that would still stand.. 

    View Comment
  39. jimbo

    jimbo


    A wee thumbs up to Glasgow Live today for a satirical piece on opposing fans views on the MSM.

    This one made me laugh. Pure parody.  It’s supposed to be a bear’s opinion on the Celtic FC official twitter account:

    @CelticFC: Blatantly anti-Rangers. With 556,000 Twitter followers, this is the most prominent account in Scottish football. Does it handle this responsibility in a balanced manner? Does it ****. The favouritism towards Celtic is apparent in every post. It’s bad enough that Celtic are mentioned in LITERALLY EVERY TWEET, but consider this – when Celtic played Rangers, the account LITERALLY tweeted “Come on Celtic“.
    1210

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  40. Cluster One

    Cluster One


    JIMBOJANUARY 12, 2018 at 10:17
    The Daily Record’s Mark McDougall is reporting Ally McCoist blaming Celtic Fans for the rumours about administration threats down Ibrox way.  So that’s you Jambos off the hook!“Ally McCoist has blamed a section of Celtic fans for rumours Rangers are going to go into administration.The former Ibrox boss insists ‘everything is fine’ at the club and bookies only suspended betting because of Celtic supporters.”
    Well at least that’s a relief to hear.  No worries.
    —————
    Did Ally not say everything was fine days before he got the call on the training pitch that the club had gone into Administration.

    View Comment
  41. jimbo

    jimbo


    I take everything Ally McCoist says with a pinch of salt.  Ever since April 2012
    At the time he said: “Who are these people? I want to know who these people are.
    “I’m a Rangers supporter and the Rangers supporters and the Scottish public deserve to know who these people are, people who are working for the SFA.
    “Make no mistake about it, this is an SFA decision. They have appointed the panel, so therefore they are working for the SFA, but who are they?”

    It turns out he knew fine well all along who these people were.  Merely rabble rousing.

    View Comment
  42. Cluster One

    Cluster One


    JIMBOJANUARY 12, 2018 at 19:51
    1
    0 Rate This
    I take everything Ally McCoist says with a pinch of salt. 
    Agreed.
    But why is he saying it?
    And why was he asked?
    Who asked him for his views.And why was Ally the go to guy and not someone on the board?
    was ally paid for his views?

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  43. sannoffymesssoitizz

    sannoffymesssoitizz


    Bogs Dollox January 12, 2018 at 13:58
    “OK, they’ve stopped the Naismith discussion, and the only mention of money was that Naismith said he would play for TRFC for free. “
    +++++++++++++++++++++++++++++++++++
    I sincerely hope that Fraser Wishart will nip this kind of silly talk in the bud.
    —————————————————
    Fraser Wishart commented that he would not like to see anyone play for free when he appeared on Superscoreboard earlier this week. http://podbay.fm/show/307483087/e/1515441600?autostart=1

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  44. jimbo

    jimbo


    C.O. There was no board at the time.  They were being run by Duff & Phelps.  Ally, as manager, was the only go to guy.  He wasn’t as I remember asked the question directly ‘do you know who these people are?’  More what was his opinion of the panel’s decision.

    View Comment
  45. Cluster One

    Cluster One


    Attachment

    Agreed Finloch.Rather than trumpeting a rather pathetic deal, the SMSM should be asking why the SPFL relies so much on the betting industry ?
    The English FA – I believe – last year decided to avoid betting company sponsorship in future.  I suppose English football has more suitors to choose from.
    Mibbees this is another unintended consequence of the RFC/TRFC/SFA/SPFL/SMSM incompetence / corruption in recent years: which more appropriate organisations would now be interested in choosing to be associated with Scottish football ?
    So, the SPFL is just glad to pick up the peanuts from any company willing to sponsor their damaged ‘product’.
    …and the obedient SMSM is happy to spin this as a good news story.
    —————-
    Level5PR – Ladbrokes ‘Track Your Acca’ PhotocallOctober 26, 2015 Level5News0Level5 arranged a media conference and photocall for SPFL sponsors Ladbrokes promoting their new ‘Track Your Acca’ app.
    http://level5pr.co.uk/level5-portfolio/
    ——-THEY ARE ALL IN IT TOGETHER.

    View Comment
  46. Cluster One

    Cluster One


    JIMBOJANUARY 12, 2018 at 20:11
    —–
    Cross wires01
    Why was Ally asked today?

    View Comment
  47. jimbo

    jimbo


    I was just thinking about what McCoist said there.
    “Make no mistake about it, this is an SFA decision. They have appointed the panel, so therefore they are working for the SFA”

    Was that not the case with LNS?

    I don’t remember the integrity of LNS commission, appointed by the SFA, being brought into question down Ibrox way.  I wonder why?

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  48. jimbo

    jimbo


    C.O. Sorry!  020221

    Here’s the link, but we warned it’s a DR one in case your against that sort of thing!
    https://www.dailyrecord.co.uk/sport/football/football-news/rangers-legend-ally-mccoist-blames-11839231

    View Comment
  49. Corrupt official

    Corrupt official


       Thinking out loud, and I may be talking through my hat….. But about this 25% required to block a CVA……
        Is it possible that the Murphy deal would have taken him across the threshhold, hence it was scuppered?….. Will this appeal provide the same opportunity for him to increase his keep the lights on loans, gaining the reqd percentage? 
        Then what?… Will we see a situation whereby T3B’s refuse his loans, a lá Uncle Mick?.
        There is some sort of competition at play, and its not fitba’

    View Comment
  50. Cluster One

    Cluster One


    Attachment

    JIMBOJANUARY 12, 2018 at 20:26
    I don’t remember the integrity of LNS commission, appointed by the SFA, being brought into question down Ibrox way.  I wonder why?
    ———
    Let me refresh10

    View Comment
  51. jimbo

    jimbo


    I stand corrected C.O. it was the SPL not the SFA who set up the commission, although they were just different sides of the same coin! 5 way agreement anyone?

    I laughed at Chucky Green’s description of it being a ‘Mickey Mouse event’.  That was before it had started!  I suppose he, like everyone else, was expecting a title stripping event.

    He needn’t have worried it turned out to be a manipulated damp squib.

    View Comment
  52. Cluster One

    Cluster One


    JIMBOJANUARY 12, 2018 at 20:49
    even the biggest Celtic fans in the country will be HOPING he’s right about administration rumours.
    He added: “I think Dave King’s got to legally offer shareholders 20p in the pound for their shares because of the takeover.”Responding to Brazil, McCoist added: “I HOPE so anyway. Look at your face, it’s shocking what I’m looking at right now!
    “At this moment in time, I don’t see any problems and HOPEFULLY that will be the case.
    “A false alarm. And I think deep down, every supporter in the country would HOPE it’s a false alarm.”
    ————
    So a lot of HOPING,HOPE,HOPEFULLY and HOPE from Ally and nothing much else.

    View Comment
  53. Cluster One

    Cluster One


    JIMBOJANUARY 12, 2018 at 21:23
    I laughed at Chucky Green’s description of it being a ‘Mickey Mouse event’.  That was before it had started!  I suppose he, like everyone else, was expecting a title stripping event.
    ———-
    That was before….Now it’s the goto for anyone hurting down ibrox way. But LNS said this.Lns said that.yet all were in agreement with Mr Green before it had started that it was a ‘Mickey Mouse event’.
    —–
    One day i will look out the before and afters12

    View Comment
  54. John Clark


    Cluster OneJanuary 12, 2018 at 22:02′..hat tip here to EasyJambohttps://thecelticblog.com/2018/01/blogs/old-friends-and-new-ones-bleeding-sevco-fans-of-every-last-bean/..’_____________
    And,of course, what does one do but look up ‘Vicast’ on the Companies House website.

    It started life as ‘Lemac No 6’ [[ some folk do seem to need to add a number to their outfit] on 09/10/12, changed its name to ‘Vicast’ on 23/10/12 .

    And one is tickled to death when one reads that Shareholding 7 in ‘Vicast’ at 28/10/17 was ‘Scottish Enterprise Tayside’, with 1,085,201 ordinary shares.

    Scottish Enterprise is ,of course, a body sponsored by the Scottish government.

    There were at that date three directors of ‘Vicast’,  one of whom is Paul Murray.

    Previous directors were Bain and McLelland..

    Some bad people might think “Nice to have your new app, for your new football club, developed in part by the public money invested in your company”.

    I could not possibly comment. (I know, I know, I know: other clubs will (presumably)be able to buy the app adapted for their own uses…….. and the fact that one of the directors of the comms. company that developed it is also an RIFC plc director has absolutely nothing to do with its development.)

    As Zebedee used to say, ‘time for bed’.19

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  55. ThomTheThim

    ThomTheThim


    As the game in Scotland stands just now, no repuable company would wish to be associated with it, hence the reliance on betting companies, those parasites of the common man.
    Furthermore, if TRFC were to officially deny Admin rumours and, Heaven forfend, an insolvency event were to occur, it would place the clumpany in a tricky position.

    View Comment
  56. Homunculus

    Homunculus


    Another exclusive

    sitonfencesays:

    January 12, 2018 at 12:56 pm

    A lie. King has not been given permission to appeal. Court of Session playing catch up after recess. My legal eagle has not heard a peep. I will be taking Raving Ralston to task presently.

    View Comment
  57. jimbo

    jimbo


    Read this today on Ibrox Noise:
    “Jordan Rossiter, Herrera, Kranjcar, Bruno Alves, Dalcio, Lee Hodson, Joe Dodoo, and many others are taking up thousands of pounds a week. Weekly figures suggest those seven alone cost the coffers around £80,000 and that is money Rangers cannot afford to waste”

    If this figure is accurate then that’s c£4m per year!
    Why on earth are they operating in this type of wage structure?  They can’t afford these sort of wages.  How will they ever get to a break even point and negate the need for soft loans?

    I don’t imagine for a minute Aberdeen, Hearts and Hibs etc. are paying this level of wages and yet they can attract good, decent players.  There is no measurable gulf in performance which justifies this.

    It’s not rocket science!

    View Comment
  58. jimbo

    jimbo


    I sense another transfer saga looming.
    Apparently Hamilton have had an approach from Ibrox with a fee of c£600k suggested for Greg Docherty.

    But now Hamilton have raised the bar closer to £1m.  Oh dear!

    Payment terms have yet to discussed presumably!

    Hold on folks.  Maybe they have learned a lesson from Jamie Murphy.

    View Comment
  59. tony

    tony


    JIMBO
    it is to keep up the “we are a big club”mantra,reality is that this show of pretend force will eventually kill them

    View Comment
  60. Bogs Dollox


    tonyJanuary 13, 2018 at 14:36
    JIMBO it is to keep up the “we are a big club”mantra,reality is that this show of pretend force will eventually kill them
    +++++++++++++++++++++++++++++++++++++++++++
    Shoosh the noo. They might be listening.

    View Comment
  61. tony

    tony


    BOGS DOLLOX
    it’s ok,they never heed the advice from anyone unless you have brown brogues and a blazer

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  62. Homunculus

    Homunculus


    JIMBO
    JANUARY 13, 2018 at 14:14
    ===============================

    Aberdeen were second in all three competitions last year.

    They posted an operating profit of just over £500k

    The wages to turnover ratio was just c51%

    Between them and Rangers one is a well run club and team. Can you guess which one it is. 

    View Comment
  63. Allyjambo

    Allyjambo


    JIMBOJANUARY 13, 2018 at 14:35
    I sense another transfer saga looming.Apparently Hamilton have had an approach from Ibrox with a fee of c£600k suggested for Greg Docherty.
    But now Hamilton have raised the bar closer to £1m.  Oh dear!
    Payment terms have yet to discussed presumably!
    Hold on folks.  Maybe they have learned a lesson from Jamie Murphy.
    __________

    It’s almost like there’s a concerted effort to put out an ‘everything’s well financially’ message, what with the Ralston ridiculous puff piece yesterday, with £1m in an escrow account (that couldn’t be used to fund the Murphy transfer fiasco), this supposed offer of £600,000 for Docherty, and earlier I read some nonsense about the wonderful food at TRFC’s Florida base (reminded me of that world class breakfast) with a bit thrown in about Murty being kept busy arranging transfer deals by phone.

    All seems like very obvious PR overkill at a time when a statement from the club, or the holding company, board would be of greater, and far less comical (assuming it was honest), value.

    It’s almost like someone published a list of difficult questions, that basically only require yes or no answers, put to the club, and, unable to answer them, a PR campaign of squirrel stampede proportions has been launched.

    I wonder why they’ve picked on a player currently at Hamilton to use as their latest ‘target’, could it be that their chairman (a bit of a bear, I believe) is less likely to call them out publicly than, say, someone from the boardroom of an English Championship side? Maybe they are learning something, at last.

    View Comment
  64. jimbo

    jimbo


    Yes I too mentioned something yesterday about no official PR coming out from Ibrox regarding admin. speculation.  Instead they appear to be using deflection techniques.

    But Thomthethim posted a comment early this morning which might have something in it:
    “Furthermore, if TRFC were to officially deny Admin rumours and, Heaven forfend, an insolvency event were to occur, it would place the clumpany in a tricky position.”

    So if an insolvency event were to take place down the road – after a reassuring statement – would the directors be accused of some type of criminal deceit?

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  65. jimbo

    jimbo


    Well I’m off oot to buy my bottle of wine (£3.49 1718) to listen to Take The Floor and my new sporting & musical hero, Gary Innes (sorry BP).  I’m hoping he might give me and SFM a wee shout out.  I got a lovely reply from Jennifer the producer and told him, through her, about my shinty posts here.

    View Comment
  66. Allyjambo

    Allyjambo


    JIMBOJANUARY 13, 2018 at 16:42

    I am pretty certain that is the case, Jimbo, and have never doubted that is the reason for their failure to comment. That doesn’t necessarily mean they are close to insolvency, just that they are not confident enough to deny that they are.

    I’ve a feeling that the recent puff pieces have not contained the ubiquitous ‘sources close to the club’ line to give them gravitas, which may be to avoid the appearance of leaks from the boardroom, and the use of McCoist falls into line with that. Pure speculation on my part, of course, but there is more than a hint of desperation in the most recent PR mince, while kept to such a nonsensical level that it couldn’t possibly be coming from official sources.

    View Comment
  67. tony

    tony


    JIMBO
    look who’s on the board,do you think they care about criminal deceit 2121

    View Comment
  68. shug

    shug


    Scotland’s shame right enough.

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  69. StevieBC

    StevieBC


    Like Whyte and Green before him, I’m going to miss Dave King.
    His stewardship of the Ibrox shambles has been nothing short of …erm… shambolic?

    So who will be wheeled out as the next Panto Villain to keep us Bampots entertained?

    And I wonder if, when King is finally shown the door of the Blue Room, he will stomp off in anger and turn around to shout;

    “I never supported Rangers anyway!!!  They’re sh!te.
    I prefer the bowls…”   09

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  70. Cluster One

    Cluster One


    Attachment

    STEVIEBCJANUARY 13, 2018 at 19:12
    Like Whyte and Green before him, I’m going to miss Dave King.His stewardship of the Ibrox shambles has been nothing short of …erm… shambolic?
    —————
    God save the king, and the rest of scottish football

    View Comment
  71. jimbo

    jimbo


    Things are quiet.

    It’s a real pity that Regan and Doncaster didn’t have an annual New Year Message to Scottish football.  You know, a kind of ‘state of the nation’ speech.  I’m sure it would give us enough material to discuss until April Fools Day.

    Clumpany – get on to it!

    View Comment

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