Not for the first time around Ibrox, we’re deep into denial territory than an insolvency incident is imminent. A whole load of irrelevant questions have been answered; they will not go into administration on ‘Sash Wednesday’, nor will a board meeting be convened today, but the pertinent question, whether club consultant Philip Nash, and director Graham Wallace, have held pre-administration talks, remains curiously unaddressed.
My information is that administration is only one of a number of options under consideration.
They have alternatives. A sale and leaseback of the stadium and (still magnificently named) Murray Park could provide the club with enough money to see them through until season ticket renewal time next year, when they have a chance of being in the Premiership. If it was your objective to maintain shareholder value, this must surely be considered. Cast your mind over what we know about the bulk of the shareholders and there should be no doubt about their priorities. These are not shareholders who will accept cumulative losses or even a pound-in-pound-out model.
They could continue to secure assets against borrowing from hedge fund-shareholders at an interest rate of 30%. This is an attractive return for a hedge fund. If they secure the stadium in return for a future loan they will be in a position to earn attractive returns from whichever club plays there for many years to come.
If you are a fan, or indeed, a director of Oldco, who set on a path to liquidation, this reality will feel intolerable. Those responsible for strategy, oversight and governance at Oldco set the wheels in motion; Newco’s burden is a consequence of Oldco trying to put their rivals in their place, and allowing the wolves in.
Intolerable though the situation may be, I’m not sure what can be done about it. Using season ticket sales to threaten to subvert the value of investments made by hedge funds, and shareholders who have made it their absolute priority to remain anonymous, is incredibly risky. Incredibly. Risky.
Here’s the question, are those anonymous investors likely to submit to threats, or are they the kind of people who can afford to play hardball and would raze the stadium to the ground rather than be bullied?
My guess is we are talking about hardnosed, wealthy individuals, who will forever remain anonymous and who have never been bullied by minority shareholder action in their lives. It’s easy to whip football fans into a pitchfork-esque revolt, 10 years of CQN has provided regular evidence of this (mostly over comparatively trivial misinformation), but if this was my club, I’d be going off my head at the behaviour of just about everyone involved and I don’t think I’d be able to sleep at night.
‘Seville’, the book detailing the incredible stories you, the Celtic support, experienced and set down on record, is out this month. To order your copy click on the link below.
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Gentle on my mind ————–
Benny Hill was big in Italia. My elderly Inter supporting neighbor is a big fan . He has Benny Hill Dvds . One of those Dvds includes a skit where Benny does a version of Gentle on my mind.
‘In 1984, Brazilian singer-songwriter Roberto Carlos translated the lyrics into Portuguese (with Erasmo Carlos) and recorded it as Caminhoneiro (“Trucker” in Portuguese), played over 3.000 times on the Brazilian airwaves in just one day’
– clearly wee Roberto did the translation when not practisin’ his ole thundering banana free kicks.
I’ve said here in the past that without competition, our league is devalued. This is not to say I want the uglies back in. Maybe the way to go is for all clubs in the SPFL to pool all season ticket money, gate receipts, league sponsorship funds, tv money etc, and share it equally, or even weight it more to the teams at the bottom upwards.
Clubs could keep their own commercial revenue streams like shirt sponsoring, match day catering / merchandise income etc. They could also keep their own player sales monies.
I’d even share the champions league/europa league payouts amongst all clubs.
Surely this would lead to a more competitive league with sporting integrity?
bashi-bazouks
14:16 on
3 March, 2014
He’s wrong actually. Traditionally Macs haven’t been a target for malware authors etc because of their relatively limited use, and it’s also true that they are more secure than Windows PCs.
However, hackers are now more frequently targeting the exploits that are available and there was a steady increase in the number of osx attacks last year. Nothing major but it’s only a matter of time.
Here’s a decent overview of last year by Sophos
Ultimately there’s very little harm in installing the free software that’s available.
Hello lads
Was having trouble logging in, so I am a bit late on the ‘best cover ‘ debate…. but madness’ It must be love must get some consideration …
http://www.youtube.com/watch?v=vmezIIrFQmY
Cracking cover versions?
I love this version of Lynryd Skynryd’s “simple man”.
http://youtu.be/rgFQ6WmxdMs
From the guy who pops the sugar lumps into the horse’s mouth:
Campbell Ogilvie was not ‘unanimously re-elected’ to the position of President of the SFA.
He put himself forward for a second term.
No one was prepared to run against him.
As the only candidate, he was re-appointed by a procedural default.
Why were there no other runners?
I asked that question.
The answer?
Ask Gary Allan. Ask Eric Drysdale. Ask Neil Lennon. No one had the appetite to bring upon themselves the inevitable reaction. The feeling seemed to be to let the bugger have the second and final 2 years, isolate him, denude the position, make him irrelevant, and reorganise the structures at the SFA and SPFL to put the clubs in control of the Game.
There you have it.
Happy Mondays-Step On
Who will accuse Ogilvie of lying?
What is the punishment if guilty?
Auldheid
Our club has had plenty of time and knowledge of RC Ogilvie’s antics to have acted a long time ago.
There is a wee bunnetted chappie who wouldn’t have stood for the pash that has been put up with by our club in last few years.
Considering we as a club were the largest single victim of the hun cheating then for me our club shoukld have acted being the most powerful force in Scottish football after the death and destruction of the Orcs fae the soo side.
I ain’t letting them brush over their inaction.
MWD does not trust our PLC
The Delgados, a cracking band from Motherwell, did a fine cover of Mr Blue Sky.
I think it was a Peel Session.
Roberto Carlos played in his last match for the Turkish club Fenerbahçe when he came on in the 89th minute as a substitute against Sheriff Tiraspol in the Europa League on 17 December 2009. Team-mates gave Carlos a goodbye shower after the match as Fenerbahçe fans chanted “I love you Carlos,” giving him a standing ovation.
Roberto Carlos was 1.68 metres
@wiki
Dharma
if you dont allow vocalists who cant really sing then what do you do with Neil Young or Tom Waits.
Covers
Taj Mahal………Senor Blues
Mo Horizons……Pe na estrada (Hit the road Jack)
Susanna Wallumrod…..Who by fire (Cohen)
And one for SOT
FatBoySlims J-Pop version of Radioactivity by Kraftwerk
‘The Lords Prayer’ – Sir Cliff Richard.
Sadly without the Shadows, but enough to have ole Satan throwin’ in the towel.
On 01/03/14 Alan Pardew (Manager Newcastle) was fined £100,000 for trying to push someone away with is head.
‘
‘Team-mates gave Carlos a goodbye shower’
-ole Turkish bath gettin’ fixed?
From the guy who pops the sugar lumps into the horse’s mouth:
Campbell Ogilvie was not ‘unanimously re-elected’ to the position of President of the SFA.
He put himself forward for a second term.
No one was prepared to run against him.
As the only candidate, he was re-appointed by a procedural default.
Why were there no other runners?
I asked that question.
The answer?
Ask Gary Allan. Ask Eric Drysdale. Ask Neil Lennon. No one had the appetite to bring upon themselves the inevitable reaction. The feeling seemed to be to let the bugger have the second and final 2 years, isolate him, denude the position, make him irrelevant, and reorganise the structures at the SFA and SPFL to put the clubs in control of the Game.
There you have it.
________________________
I get that I honestly do, but there’s a big % in here that still want to fire that arrow at PL and they don’t even know how far off the mark they are, it’s actually getting embarrassing.
South of Tunis
Benny Hill was bad enough in English, but excruciating when dubbed into Italian.
Think I watched it once.
I then drank a bottle of gin.
HH!!
Clink/o/
No thanks !
jamesgang 13:16 on 3 March, 2014
Benjybhoy mul @ 12.47
Read the mcmurdo ‘stuff’
———-
McMurdo’s son doesn’t write the blog, he just sticks up press releases from Jack Irvine.
It’s a little known FACT that the gurglin’ cracklin’ cauldron of soup into which John Hartford dipped his cup in the ole backroads of Shangri La, was a gurglin’ cracklin’ cauldron of ole Bourne Soup.
Livibhoy 14.07
By my calculation, that would be the last time a team from Ibrox living within its means was competitive with a properly run Celtic.
And yet the MSM would have us believe that all it needs is for “Rangers” to get two promotions and hey-ho – all of a sudden we have a competitive league……..
Ole Benny Hill was funny even in Italian if prone to a fusilli mistakes.
The only narrative that makes any sense to me, over letting CO stay in place and his brass neck amidst such exposure, is that he has already turned Queen’s Evidence.
There are, however, facts which don’t fit this lifeline I offered to myself. Mainly it is why would he collude in a cover up at the LNS enquiry if he was comfortable with thems going down.
That keeps you in the backroads
By the rivers of my memory
That keeps you ever gentle on my mind
Picking up on a point of detail from previous blog on Ogilviev and ebts.
Campbell Ogikvie’s signature only appears on the letter to an off shore trust authorising it to give Craig Moore shares under a Discount Option Scheme.
There was no side letter uncovered but it is not known if the payment Moore received was notified to SFA.
If it was Ogilvie could claim innocence of misregistration and mispayment as HMRC did not pursue back tax on Moore.
However Ogilvie was general secretary on the remuneration Committee that approved the payment to Moore and embarked on ebts as official employee remuneration policy.
That decision would depend on advice on the operation of the scheme which needed to be followed to make it work. That meant no side letters but within 11 months De Boer was signed using an undisclosed side letter as was Flo 3 months later but Ogilvie did not sign them.
He must though having been present at Rangers when they switched from DOS ebts of the wee tax case to ebts of the big tax case of which he was a beneficiary.
However at no time in his public utterances to the media or in testmony to LNS did he make a distinction.
By the time of those statements in 2012 the wee tax case was public knowledge and knowing the genesis of the DOS ebts it is stretching it to believe CO did not know the DOS ebts payments were irregular, otherwise there would have been no wee tax bill, but he never mentioned anything in his LNS testimony and was able to avoid mentioning because the evidence of Feb 2011 and De Boer letter of 30 Aug 2000 were not availble for LNS to examine and the date of The LNS Commission 23 Nov 2000 excluded right to examine.
The devil is in the detail and CO might have answers but he has to be questioned first.
Problem is no one wants to ask for fear of the answers which suggests something to fear.
C’mon Tony Donnelly all 6’s and 7’s
You appear to be the Oracle of all thins Celtic, PLC, SFA. Please furnish us with all the factual evidence you have that our PLC have been whiter than white in the whole Orc death dance and replica orc reincarnation. Oh aye and while you are at it let’s see all the detail that shows the PLC top be the good guys and the GB to be the naghty little bhoys that you have.
MWD propaganda fae the Brazen CSC
Auldheid 14.14
I take it you are using the word “irregular” in the context of “improper” rather than “discretionary”. Murray always claimed the EBT payments (sorry, “loans”!) were non-contractual/discretionary. Went somewhat against what Billy Dodds said mind you:
“It was money that was owing to me when I had six months left on my contract and I moved to Dundee United.”
Most people would think that getting your contract paid up would be a contractual payment!
GlassTwoThirdsFull
If and when that mob do make the Premiership and they are unable to compete with Celtic what do they do then? Change the rules to give them a better chance?
I really hope Aberdeen and Dundee United and possibly Hibs are very strong in the next few years and make the league more competitive. It is important that teams start to compete in Europe. That will give them the revenues to be stronger in the league. What is the starting point for Scottish clubs in the Europa League? Is it two qualifiers? If the Sheep can make the league stages it would be a real shot in the arm to the Scottish game.
LB
Much as I want to see Ogilvie hung ,drawn and quartered, Campbell, that is. perhaps the best option would be for him to still be in office when, hopefully, Auldheid’s balloon goes up.
We are too far down the road of corruption at the SFA to allow any of them to slink away in the night.
On the other hand, the rewriting of the rules re Insolvency events, suggest that there will be no chance of integrity until Sevco have fully replaced RFCiL and perhaps that is why he is being kept in situ.
Jungle Jim,
If you received a reply from JP, why not post it, rather than invite others to waste his time answering the same question. Give the lad a break.
Greendreamz,
Aye, sanctions against Gazprom. I await Platini’s announcement.
I think the joint Russian – Ukraine league will be put on the back burner for now.
Oor Phil…..
The gentle art of asking detailed questions
9 Replies
Journalism is about asking questions.
Questions answered, answers questioned.
That’s the game.
Last night on Twitter the award winning journalist Alex Thomson of Channel 4 News caused something of a stir by simply posing some questions about matters Ibrox.
At first some of his twitter followers seemed to mistake his questions for assertions.
However they were undoubtedly interrogatives, but highly detailed ones.
His first foray into this was to relate that at least one senior accountancy chap in Glasgow thought that Rangers would go into Administration on Wednesday.
“@alextomo Rangers to go into Administration on Wednesday? At least one senior Glasgow accountant is saying so tonight.”
Apparently this seemed to send-according to Thomson- Sevco PR chap Jack Irvine to launch into a flurry of activity.
Two hours after his first tweet Thomson told his followers:
“@alextomo Why is Jack Irvine contacting journos quite unsolicited tonight to deny possible imminent Admin to people who hadn’t asked about it?”
Then the Channel 4 chap got specific:
”@alextomo And will Rangers further deny Nash and Wallace have settled on one of them as potential Administrator?
”@alextomo Will Rangers deny that Nash and Wallace have met 2 potential Administrators in the past 48 hours? #c4news”.
A quick general denial about going into Administration was shuffled out to the mainstream media in Scotland, but Thomson’s specific questions remain unanswered.
We have, of course, been here before on Planet Fitba.
I recall in August 2011 the outright denials of a story that I broke here about the imminent visitation of Sheriff Officers up the Marble Staircase.
Despite the outright denials and the ad hominem attacks on me I knew the information to be strong and I told my readers of the arrival of these two chaps.
I had my own freelance snapper outside Ibrox and, through a buddy, I tipped off The Sun.
I then allowed my chap to sell his spare images (the ones that I did not use on my site) to the Daily Record.
This means that the following morning the Fitba world could see these guys entering Ibrox.
One of the bits of spin was that what had been snapped were two innocent chaps trying to book a room!
This is what PR people do in such situations. In their trade it is called ‘firefighting’.
I have several close colleagues in the NUJ who are in PR.
The union’s current President Works in that trade and the chairman of the Irish Executive Council performs that function for a government body in Dublin.
I therefore know something of their trade and how they view the world of the media.
I can’t think of a single PR who doesn’t adhere to the wisdom that ‘less is more’ when dealing with a problematic story.
Bill Clinton believed in the ’10 day rule’ the idea that the media would tire of a story after then and move onto something else.
There is of course a corollary to that dictum.
If it is still alive on Day eleven then it aint going away.
Therefore the worst thing a PR can do is to give extra life to a story that takes it beyond that time frame.
Tony Blair’s spinmeisters Alastair Campbell modified Clinton’s rule and added a day.
The people who brought the British public the…err… truth about Saddam’s WMD hoped that things would blow over in a week or so.
It didn’t.
A very experienced PR chap in Glasgow has often remarked to me that “in this game you have to know when to turn the tap off”.
File under ‘less is more’.
Therefore it probably wasn’t such a good idea to be sending out unsolicited emails apropos Thomson’s tweets out to journalists.
Especially as he was likely to learn of this behaviour given his excellent sources of information.
Later that year when it was clear to anyone working the Rangers story that the Craig Whyte flying circus had simply run out of cash.
Once more there were steadfast denials.
You all know the rest.
Since he arrived on Planet Fitba the man from Channel 4 has had something of an explosive effect on the people at the top of the Marble Staircase.
This is not what they are used to because a basic assumption in Scottish life is that if you control the home dressing room at Ibrox then you have slavish obedience from the local media.
So last night we had an award winning journalist asking very pointed and detailed questions through the medium of Twitter.
The way to kill a story is to answer each detailed question with a similarly detailed answer.
That makes it all go away.
However, if that doesn’t happen then the story tends to linger, like a smell.
If journalism is about asking questions then churnalism is about obediently queuing for press releases.
I know which approach to my trade most pleases the people in the PR game.
For the avoidance of doubt if Graham Wallace and Philip Nash have not been meeting with prospective Administrators then RIFC/Sevco, through their highly paid PR chappie, should simply say so.
The PR fellow should also state that no plan for administration has been compiled for consideration by the RIFC board.
I’m sure Mr Thomson will be grateful to have that cleared up.
Auldheid / MWD
This could be the reason why no correspondence have been forthcoming
http://www.snspix.com/6153233/print/6153233.html
These photo’s were taken days after D&P came in.
Shocking that no-one intervened once these photo’s emerged!
HH
/Bishop B
SoT
somehow I thought you might pass on that one lol
FOLLY FOLLY 1355
A rare laughoutloud moment!
Cap duly doffed,sir.
Wee Lara and Wee Uri – back in the day
Good afternoon all
BMCUW
I read back the previous blog, and you are, of course, correct. And, I meant every word. :-))
Weefra HH supporting Wee Oscar.
A wee birthday wish….
Happy HOOPY birthday to you,
Happy HOOPY birthday to you,
Happy birthday,dear …
Happy birthday to you.
The three dots are for you being twentyone again. Next year I’m gonna post four links to as Ringo song and one to The Beatles.
Have a smashing day,sweetheart.
XXX
XXX
XXX
SFTB
I think there was genuine fear of the consequences of title strippong.
I also think there was and is an absolute aversion to admitting Rangers cheated.
Now what exactly is cheating but not following the rules. In 2005 HMRC asked Rangers if they had side letters for De Boer and Flo. Such side letters meant the trusts they were in respect of were not properly operated trusts indeed were not truts at all and just a device to cheat the taxpayee.
The side letters were also concealed from the SFA who would not have had any reason to enquire but the concealment from HMRC strongly indicates that Rangers knew revealing them would lead to a tax demand with the reasons why coming out and registration questions arising as did happen in the big tax case.
What the wee tax case does is add to the weight of evidence that Rangers were cheating the taxpayer and football and I believe this is impossible for them to admit with their claims to dignity etc.
So rather than admit wrong, that the spirit of the laws were broken, like the Pharisees they interpret the law in such a way that the words are not broken but the spirit is. You see that in the defense of ebts put to the FTT, you see it in the bizarre Bryson ruling, you see it in the even more bizarre no sporting advantage ruling of LNS. So bizarre btw I bet they cannot find a way to incorporate it in the registration rules.
When there is a mindset that is thinks honest, it is difficult to comprehend one that thinks dishonest, and vice versa and I think the behaviour from 1999 at least is a manifestation of a dishonest mindset that knows the words but not the ethics they are intended to uphold.
Thus clear evidence of cheating is buried, especially by the guy who started it.