This afternoon’s statement from Octopus Investments was very professionally written piece. It was designed to give investors a sense that the business has taken appropriate steps to secure money spent with Rangers.
For a start, we now know their company, Ticketus, “purchased tickets for Glasgow Rangers games for a number of seasons”. This clarifies one matter, money received by Craig Whyte’s solicitors back in May last year was a straightforward purchase, not a loan, so VAT was applicable, and should have been declared and paid. We can assume this VAT was not paid, whether it was declared or not will determine future consequences.
Octopus explain their investments are “designed with capital preservation in mind”, with “appropriate security being available” and “extensive due diligence”.
A reasonable interpretation of this is that the company have sufficient security to ensure that they have rights to sell Rangers tickets for parts or all of the stadium in years to come, although, the company stop short of making a firm statement on what is, after all, a private commercial matter. They add that “no trading activity is risk free”, no one can assume there will be a Rangers in the future, and while their statement mentions Glasgow Rangers, it does not specifically mention a legal entity.
A floating charge exists over the stadium in Craig Whyte’s favour. This would see the stadium revert to Whyte in the event of the club being liquidated. Octopus may, or may not, have a claim on this floating charge.
Armed with this information, the administrators and Strathclyde Police will be keen to learn why none of the money for Rangers tickets went into the club. Perhaps more importantly for any potential phoenix, questions remain over exactly who owns what claims on the stadium.
There could be a lot of sentimental photos being taken at Ibrox tomorrow.
All levity aside, this club is enduring a seemingly unending trauma.
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There was some incredible late night action on the eBay action for the signed Celtic top in aid of the Vanessa Riddle Appeal. I’m stunned, check out the link below. You are pushing the reputation of supporters of Celtic Football Club ever higher.
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Away to ASDA with Mrs TimJim see you all later.Bye wee billy bruce mind and get to bed early still nae school the morrow
My reflection on this week is that it just got better and funnier day by day.. MRS AB knows now I CAN multi task.. Radio, text, pc, tv, papers , CQN.. all at once !!
If we knew last Fri what a week lay ahead.
Lost in the midst and vapour of the liquidizing Rankers is the fact
WE TOP THE LEAGUE, and Big Dan M was wrongly sent off…
The odiouses liquidisation is pending I firmly believe…
Do the Maths.. Figures do not add up ..
They are DOOMED…
There is zero wriggle room.. The administrators need to attempt to stir up support..
Positive mental attitude..
They’re gonna die.. It may take a while and there will be a few false bouts of optimism but I firmly expect the full force of HMRC to lose patience with them and consign them to history…
HH
It’s joyous to behold…
Paul 67
I would just like to thank you for providing the blog that, makes me feel like Gerry Marsden did when, he stood in the centre-circle of CP singing, YNWA in front of 60k of us and, Liverpool fans. The bit were Gerry say’s- “I LUV yeah, LUV yeah, LUV yeah!!!”
It’s taken me a while to, dispense with my(sack the board stuff) but, given the public stance taken by, PL especially, I now have the feeling that the whole of Timdom are, singing from the same hymn-sheet and, that makes beautiful music! IMO!
Hail! Hail!
Does a full independent inquiry mean that he knows he can’t trust his organization to hold an inquiry?
The ps we’ll not comment until the inquiry completes takes the sfa out of the media spotlight for a few months.
Myself and the missus spent a very enjoyable evening at cinema last night where we saw the new Muppet film. I was struck by one of the pigs who was dressed in a navy suit and appeared in the scenes in the renovated Muppet theatre. I recognised him from somewhere, Pigs in Space? Well yes his name is Link Hogthrob, a very stupid and self loving pig who relishes his position as head of the space craft and generally leads it to it’s destruction. But it wasn’t from Pigs In Space that I new him from, but his likeness to former Rangers Supremo David Murray. Seriously it’s uncanny!
Ma heid’s spinning with aw this accountancy stuff
http://i.imgur.com/wZhfA.png
yet Awex is pluggin away at the books. Wonder if he’ll eventually change his mind?
http://i.imgur.com/KWVXI.jpg
For those who are interested the judgement in the One Stop Roofing case is now available online
http://www.scotcourts.gov.uk/opinions/CA327_10.html
yet more suckers in the southside panto.
keep it coming!!!!!!!!!!!!!!
Hen1rik – From previous article
You are some man for posting the belly rumbles on FF / RM
However the numbers you have included as very welcome.
I was about to post some figures that have been posted up on RTC.
You have the cash position when CW took over – £8mill in the bank.
The poster on RTC has a number for the cash position when he left – £4.5mill.
Explains a lot, suggests that they had more cash in May 2011 than I had envisaged.
My thoughts are that near the end of the season and SDM’s style would have had them pretty Skint without recourse to ant short term bank finance.
However SDM seems to have left him enough money to pay the May + June wage bill and probably enough to pay season end bonuses for the squad. I wonder how much money CW would have saved if Killie had fought enough for a draw.
However at least the full picture of the TFOD’s finances is starting to appear.
Starting cash = £8mill.
To this can be added –
Ticket money 2010/11 = Small
Player instalments outstanding = Substantial from memory.
TV / SPL / EUFA / Sponsor / JJB money – 2010/11 = Not sure of the timing.
Then we have the 2011/12 monies –
Player sales / instalments paid
Season ticket sales – 35K is my guess.
Individual ticket sales
TV / SPL / EUFA / Sponsor / JJB money – 2011/12 =
Odds and ends.
Money owed to SPL teams for tickets.
Money left in the TFOD = £4.5mill.
Any thoughts on how the club has managed its Cashflow?
Running costs of £3.5mill is a red herring.
Is this the figure if the PAYE / NI / VAT had been paid?
RST to ban Bruce Springsteen after the Boss’ statement on the launch of his ‘Wrecking Ball’ album-
‘ Once a Catholic, always a Catholic.’
They’ll still have Marti Pellow, though.
Is it actually a distinct possibility that they will be liquidated next week? Genuine question. Please say it’s so!!!!!!!!
Finally …
The story of the TFOD having £4.5mill cash would seem to support the way they are acting – no big changes until Feb is out.
Players paid
Season tickets honoured.
No first day / week slash and burn of their cost base.
I think D+P get it.
Dignified end on Saturday then the chainsaw gets started up.
Paul67
Do you have any idea if the club have a strategy in place for some form of recourse should Rangers walk away scot (as in ‘scot’tish national party) free?
I’m in no way as well informed or knowledgeable as some on here such as Paul, JF, BRTH et al, however from what I can see there are 2 likely outcomes, (1) they limp through admin, come out the otherside with the CVA due to government intervention to bully HMRC (2) HMRC have the gohones they should have and obliterate the club leading to liquidation and a pheonix.
What I hope is that should there debt be zeroed and they continue as if nothing happens, our club will pursue everyone involved in a civil action. This season should be written off. It should be easy enough to link the £9m PAYE and VAT fund to paying key players who have contributed to their points total. They wilfully withheld this money and what could NL have done with an extra £9m?
If everyone from salmond, Reagan, to UEFA acquiesces to this, we are as well closing the door on scottish football and sporting integrity.
If Scotland and her culture ‘need’ a club who have shown consistent and malicious disregard for the country’s catholics, for the national sport, for the taxpayer and for the Queen (oh the irony), then what kind of country are we?
The fundamental position is this: if you cannot pay your debts using finance, you will pay for them in sporting sanctions.
Pub name
Squids Inn ?
Roger More gullible huns meets his match?
Ex Rangers Chairman on the left?
http://images3.wikia.nocookie.net/__cb20110616152719/muppet/images/thumb/0/06/MuppetsBeingGreenTeaser07.jpg/378px-MuppetsBeingGreenTeaser07.jpg
Paul67 –
“All levity aside…” – as someone more profound than me once said…not bloody likely!
Anyways – no-one’s considered the REAL victims here. That’s right – those who participated in the “Buy A Brick At Ibrox” scheme.
Surely THEY have the most legitimate claim to ownership of the stadium?!!
paul – do you know how much it costs to police a glasgow derby?
a lot of lolly for the threadbare, tainted title 11 (1988-99 – 1996-97) plc in administration.
how can they pay for this?
pabloh_AKA_NEIL LENNON says:
17 February, 2012 at 17:12
If we still relied on the meeja in this country,
your correct ,the huns would have gotten away
with even this ,bad news would have been suppressed and sfa would have released no info.
Too much info now on our sites,loving every moment
of this,and huns still in denial…..a think craigie
is playing this verrry cleverrrly,the big hoooose
must stay opun ,etc……………..magic time in timland.
re the octopus
rangers pubs
masonic loads of arms
The thing that is most obvious is this – The hun.They are not embarrassed by any of this,they are shameless.
Did anybody have the misfortune of witnessing that gathering,outside of their old,asbestos stadium the other night?
The dregs of humanity.
It was like something from a zombie film.
Some folk refer to the hun as being animalistic,others claim that they are sub-human.To me though – they are zombie-like creatures.
Hi Paul67,
I just wanted to say I don’t understand what the issue is here…
RFC is a business with an income in excess of 30 Million WITHOUT any European Income.
It should be perfectly reasonable for them in administration to remove the high earners and agree a settlement to ALL creditors of around 5 million a season to pay off their debts (after the ‘big tax case’ this could mean this takes 11 or 12 years). I am sure HMRC as the biggest creditor would agree.
In future like EVERY other club in Scotland they will have to learn to ‘cut their cloth’ accordingly.
Realistically they will still be able to spend more on players than the other teams in the SPL (other than Celtic).
If this means they struggle to win.. so be it.
Forget any further point deduction or previous title removals.
PAY BACK WHAT YOU OWE!!!!
B
Sparkle … @ 17.12
I think this is where CW and his floating charge start to get creative.
Either CW has passed over the charge Tickerus as security for the money they gave him or they have some sort of Contract on the revenue generated at Ibrox.
Consequently Ibrox then becomes an indirect pawn in the post CVA / NewCo situation.
Either Ticketus are agreeable to a GTF settlement and the new mob move forward as masters of their own destiny / stadium or they will have three years of playing to entertain a crowd who in the main 25K / 27K seats have paid others for the priviledge.
Ibrox is key – totem for a lot of fans.
NewCo could always try and play elsewhere.
SFA / Hampden, even the SRU / Murrayfield are worth watching on this.
Malcye 17.13
I was wondering when kafflik schools would get the blame for the currant buns demise.
I think we will hear the full repertoire from the songbook tomorrow. Mr Salmond may be in for some embarrassment.
It’s been a great week to be a Celtic supporter.
Headtheball says:
17 February, 2012 at 17:10
While the SFA statement is welcome, I worry a little bit about the final paragraph.
‘It is essential that we work together to improve the overall sustainability and competitiveness of the game in this country’.
Meaning Ranjurs must still be around?
Maybe I’m just being paranoid.
No matey that’s what i was thinking, league reconstruction.
I may be slow on the uptake:
So if Ticketus own the tickets for rangers games, do they have a claim on all cash paid for entry to ibrox on Saturday?
Does thie man that rangers have no income stream from tickets for the next 3 or 4 yeara, if rangers (any version) try to sell future tickets in this period do Ticketus geot the cash, if ticketus don’t get the cash then rangers (any version) may be ted up in court action for years to come?
I’ll now be a bit Ben Elton and get a little bit political:
My vote is for the Jelly and Ice Cream Party
James Forrest:
That is a great email. Well done and very good timing in sending it too.
Regans statement is good news, but, I am very concerned by his last paragraph:
“Finally, I would like to reiterate the need to learn the lessons from this unedifying episode. It is essential that we work together to improve the overall sustainability and competitiveness of the game in this country. This is a matter that the Scottish FA is already in discussions with the relevant league bodies to address.”
This to me is indicates that the huns will get off with a slap on the wrist whatever the outcome of the inquiry.
Hail Hail
Just a quick post,
I’ve been avoiding all the naturally emotive and ‘what we want’ stuff rather than ‘what we think might really happen’ stuff.
I need to maintain a level of sanity if the stuff I posted on etims this morning is to be left behind in the Cuckoo’s nest.
Fortunately in my search for real substance and analysis, Rioskorrie sent me this.
Best article I’ve read yet on
Why Scotland Doesn’t need Rangers
Hail hail
Estadio
Call of Juarez,
Agree. The return of the billy boys tomo no doubt. (while they still can)
Forget about the highways:
http://www.youtube.com/watch?v=Z32IXBERjdA
How is it possible for Craig Whyte to have broken the rules of the SFA, with ex SFA chief Gordon Smith and ex Scotland assistant manager Ally McCoist at ibroke, both these men held senior executive positions at the SFA, Craig Whyte had a wealth of knowledge and experience of the SFA and their rulebook available to him on a daily basis, the club and Craig Whyte have no excuse
MadMitch says:
17 February, 2012 at 17:40
I think any newco has to play out of Ibrokes .If they lose their history the bears will go ballistic .If they are then not able to go the the place that epitomises the essence of that history ,I would be surprised if they even bothered to turn up anywhere else .
hail hail
SFA launch inquiry into Ragers two months after they launch an inquiry into Ragers.
lionroars67 says:
17 February, 2012 at 17:48
IMO Duffield needs looked at in any investigation .
hail hail
A Guy walks into a bar with an octopus. He sits the octopus on a stool and announces that this is a very talented octopus, which can play any musical instrument in the world.
Everyone laughs at the man, calling him an idiot. So he says that he’ll wager £50 to anyone who has an instrument that the octopus can’t play.
A guy walks up with a guitar and puts it beside the octopus. Immediately the octopus picks up the guitar and starts playing better than Eric Clapton. The guitar man pays up his £50.
Another guy comes up with a trumpet. This time the octopus plays like Miles Davis.
This guy pays his £50.
Then a Scotsman hands over a set of bagpipes. The octopus fumbles with it for a minute and then sits down with a confused look.
“Ha,” the Scot says. “Can ye no play it?” The Octopus looks at him and says: “Play it? I’m going to make love to it as soon as I figure out how to get these pyjamas off…
sorry!
Why is Ogilvie still in a job?..
Sixteen roads to Golgotha@ 17:38
Love the Zombie analogy…
Saturday will see the biggest MASS gathering of the vile creatures coming together one last time to feast on the putrid rotting flesh of the foetid remains of Scotland’s Shame.
HAIL HAIL