I winced slightly reading that Deliotte’s suggested Celtic were a ‘top 40’ club in terms of turnover. The days we featured in their annual Top 20 report are long gone, lost in the raft of TV deals which flooded into England, France and elsewhere.
This is a problem for Celtic but at least we have a decent shot at Champions League income each year. Others in Scottish football have been left to wither on the vine (phrase of the week), as the likes of AFC Bournemouth cherry-pick their talent.
Celtic need a solution to help them compete with their peer-group of European heavy-weights but the solution has to accommodate the other top Premiership clubs. Dundee United have the ability to produce remarkable talent, if only they had the TV deal to allow them to retain it long enough to build a team. The same could be said for Hibs, Hearts, Aberdeen, Motherwell, Inverness and Ross County.
Scottish football would benefit enormously by federating with a neighbour.
You would think after administration and liquidation those who look to Ibrox for their football fix would, to adopt a popular phrase around those parts, have suffered enough from financial ‘ambition’. Not a bit of it, it seems. Not when the spectre of “being battered” by Celtic looms like an enormous green and white tidal wave.
For the last 12 years of its existence, Dave King was one of the non-executive directors of Rangers, paid to ensure that financial controls and risk management [role of non-execs defined by government 2003 Higgs Report]were in place. I am not being glib or shameless when I say he did a remarkable job.
With Newco appearing to be in some financial distress, King told the Daily Mail he opposes planned cutbacks: ‘If we cut the club back to a level that’s just enough to win the League One or the Championship then that’s fine. But the gap between ourselves and Celtic when we get to the Premiership will be obvious.
“But I don’t feel the club should respond by cutting the costs to the point of saying ‘we only have to do what is necessary to beat East Fife or whoever.
“Because if you do that Celtic will build up to 10-in-a-row and we could be so far behind them that even when we are back in the Premiership we are not in a position to catch up.
“We cannot risk going to Celtic Park and being battered 6-0.”
Those trying to keep Newco Rangers afloat will not welcome suggestions that current shareholders don’t have the “appetite or willingness to invest”, a few months before they will ask fans to buy season tickets.
Learn your lesson, there is no shame in losing 6-0 to Celtic, this is sport, bad results can happen, but there is enormous shame in failing to live within your means.
I’m off to contemplate 10-in-a-row for a while. To hyphenate or not?
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JimmyQuinnsBits
Goooooooooooooooooooooooooooood evening
Good to see you on :))
BCW
Am in bud.
Evening all,
2 spare tickets for Sunday email me at patmcg1888@aol.com
Beanie hats beanie hats beanie hats beanie hats
Tri coloured ribbon email me for your beanie hat for it is now ready
Fill your boots get your own personalised beanie hat become the 50th CQN’er to obtain your very own beanie.
Hail Hail Paddybhoy
Burghbhoy – I agree – think he would be a terrific striker for Celtic.
He’s more prolific than Scott McDonald when he signed, and he went on to score a lot of important SPL and CL goals. He’s a big game player, young and hungry. Works his socks off and scores free kicks.
Mad as a a box of frogs, but Celtic could be the making of him.
TJ
leftclick
Allah’s blessings upon you
BCW
Count me in plz mate
BIG-CUP-WINNERS
20:58 on
Where’s my starter for 10?
Paddybhoy
Goldstar 10 was looking for 2 fix earlier today
Tix even
BCW – this contestant is rrrrreeedddddy!
Ok lads, a nice easy one to start……
Question 1 (2 points):
Who is MON describing ?
“x??x can be a strange lad on occasion – I suppose anyone who lives with goats, hens, cows, ducks, horses, dogs and cats, possibly all in the same house, could be considered a little eccentric”.
Dave Kings comments today are a real ray of sunshine
They will implode in their new clothes as efficiently as they did in their old.
Marvellous.
Sutton
Big smutty
Thursday, 18 October 2012
Ticketus must own New Co Rangers
I would like to explain why Ticketus own everything Rangers. I know it’s Sevco or whatever but for the benefit the blog just stick with me.
To help explain this here is a copy of the CVA proposal.
https://mail-attachment.googleusercontent.com/attachment/u/0/?ui=2&ik=92e6d5bcda&view=att&th=13a5fbab3bd34fe2&attid=0.1.1&disp=inline&safe=1&zw&saduie=AG9B_P_DCm0FodCM68kMjydBS4_0&sadet=1350561326923&sads=pEKLIyEYU7iPihk8RkBz5_6jRvA&sadssc=1
We must look at the conditions that relate to the execution of an agreement Section 4, it relates to the “agreement” for a “LOAN” (not investment) of £ 8.5 million to the Rangers Football Club plc (oldco) to be repaid by 31st December 2020.
1. Clause 4.21 From 6 June 2012, Charles Green will be appointed to assist in the day-to-day management of the business of the Company (at no cost to the Company or the Joint Administrators), in
order to manage the ongoing trading costs of the Company and allow for a smooth transition in ownership.
The CVA was for £ 8.5 million, the acquisition cost of the “assets” (item 4.11) was £ 5.5 million. Charles Green and Imran Ahmed borrowed £ 8.5 million from Zeus Capital. The “confidential agreement” outlined in item 4.20 states that £ 8.3 million (less D&P exclusivity fee of £200,000) is a loan and will be available once certain conditions are satisfied. These funds would be distributed to the creditors, less the joint administrators fees outlined in item 11. In effect the CVA was for £8.5 million, minus D&P £3m, in compliance with item 11. The rejection of the CVA was still the same amount involved, although it was a sale of the assets (£5.5 million) with Charles Green and Imran Ahmed paying the fees of £3million, equating to £ 8.5 million. Basically Sevco 5088 Ltd paid for the liquidation of Rangers, which is what they required to get the assets out to an English Company. Remember ENGLISH COMPANY!
Should the CVA be rejected, an “acquisition of the assets” agreement would be executed on 12th May 2012, with Sevco 5088 Ltd.
If the CVA was accepted D&P would have became creditors and wouldn’t have been paid so it was in everyone’s interest to Liquidate Rangers.
Now we’ll take a look at the New Co.
Sevco 5088 Ltd is an English Company, formed by Field Fisher Waterhouse.
35 Vine Street, London, EC3N 2AA, incorporated on 29.03.2012.
Field Fisher Waterhouse are the Solicitors of Octopus, owners of Ticketus. Coincident?
Now all the assets outlined in the CVA were acquired on the 12th May 2012 by Sevco 5088 Ltd based in England. The reason for the acquisition of the contract being by an English Company was to transfer the legal jurisdiction out of Scotland. Lord Hodge ruled the Ticketus contract could be dissolved under Scots Law, but not under English Law.
By acquiring the contract by an English company, under English Law this allows Ticketus to pursue Craig Whyte.
SFA rules state that the “company” must be registered in Scotland to play in the Scottish League so they formed Sevco Scotland Ltd registered in Scotland which allowed them to play football in Scotland.
Charles Green and Imran Ahmed could have transferred the assets from Sevco 5088 Ltd to Sevco Scotland Ltd, but the lender wanted jurisdiction to stay in England.
Sevco 5088 Ltd borrowed the £8.5 million to complete the acquisition. This loan was a 12 month interest only loan. However they could not afford the interest payments so equity was transferred over to Zeus. They knew this was in breach FSA rules and put pressure on Green and Ahmed to find an alternative arrangement. As of the mid September the loan had not been repaid. On a trip to America and Canada by Charles Green and Imran Ahmed found some funding by selling a further 20% of equity for £8.5 million.
Now if we take a look at Financial Director Brian Stickbridge.
He worked for Allenby Capital (founded by Imran Ahmed) until January 2012 when he joined Zeus Capital with Imran Ahmed following in April 2012. He then re located to Glasgow in Febuary 2012. This is 100% a strategic move on behalf of Ticketus. People are looking at what Charles Green is up to but Brian Stockbridge is the man we should be looking at. Charles is merely a distraction.
The Share Issue
Charles Green was reported to the FTSE rules in 1998. Sheffield United’s Board of Directors reported him for similar misselling of their floatation. Charles Green alone has set back Sheffield United 12 years and almost bankrupted them at the time.
Would you buy shares with this guy?
The Demise Of Rangers In Pictures at 09:27
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sutty
BIG CUP WINNERS
Count me in till I get fun’ oot!
Chris Sutton
BIG-CUP-WINNERS
Wee Fra
TNT was for BCW’s quiz of the week!
Chris Sutton
Sutty ffs!
Stockbridge showing the Bears how to spend IPO money shamelessly hahaha…..
http://www.alanhutchison.co.uk/weddings/wedding-photography-loch-lomond-golf-club/
BCW
Either WEEFRATHETIM or Chris Sutton.
Big Chris
BCW –
Would that be Christopher Sutton?
JIMMYQUINNSBITS
Haha,beat me to it!
Got to be Chris Sutton
TJ
I hope we do sign Griffiths he has a lot of talent. Similar to Scott McDonald.
Can’t understand why others would be against the move. It’s not as though we currently have Larsson, Hartson and Sutton strutting about the park. Also it doesn’t mean we can’t go after someone better.
The Great Chris Sutton
Easy peasy….
John Sutton’s big Bruv.
Or Kojo
Aff oot wi Henrik the dug……
Quiz is too easy peasy…….yawwwwwwnnnnnn……lol
Big Chris, Wee Fra or Niall Quinn
Tooting tim……
Wee Fra is a great shout actually.
Answer Q1: Chris Sutton.
Is it Noah?
Chris Sutton