I can’t tell you how many statements I’ve read from those trying to bring down Newco Rangers (bonne chance) but not one comes near to approaching the key question: what can they offer the the men and women who own shares in Newco to convince them to accommodate their future aspirations?
Threats, intimidation and blackmail are all possible incentives, but no one has actually put a case forward which would compensate the investment made by the shareholders who, let’s remember, own all club assets.
An enormous assumption appears to have been made that hedge funds and various Easdales will capitulate and simply walk away and sign their paid-for assets over to a group who are regularly abusive towards them. It’s like 2012 all over again, when parts of the world assumed HMRC would capitulate and agree to a CVA for Oldco, despite all genuine evidence (i.e. published policy) indicating otherwise.
Game Theorists would have a ball with this scenario. Shareholders are being offered a choice, hand over your assets to a hostile opponent or attempt to continue with a vastly reduced business. The former option should not be taken seriously.
Question is, where does this particular game end? It’ll not be in an outcome satisfactory to many of those dreaming of ‘competing with Celtic’ anytime soon.
This mind-set should be familiar. It’s the same one which blamed Celtic, or small-minded small clubs, the SPL and/or SFA, blamed anyone, in fact, apart from those who endorsed years of overspend at Rangers, for their eventual demise.
Walking headlong into unsustainable debt is no different than walking headlong into a conflict with hedge funds who would sell your valued acre for landfill rather than be held to ransom.
I’ll renew my season tickets tonight (still annoyed I didn’t do so in time for the free ticket draw). Whatever happens in the wider scheme of Scottish football, one club will be supported ‘through and through’.
Yogi Bare – The John Hughes autobiography:
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Frazzled.
In saying that, perhaps Mr Wallace will ask for an extension.
120 days is kinda short for a review of this compexity, n’est-ce pas?
Administration
Leeds United went into admin on the last day of the season to take the points deduction due to missing out on a play off place. The FA decided that that was not acceptable and passed the deduction onto the next season. I assume that the SFA/SPFL being a fair minded neutral orginisation would do the….. Ahhh
estorilbhoy
if they had any sense they would do exactly that but sense has proven to be lacking along there for some years.
Fatgulability – describes the nonsenese spouted by Sally McMoist on a daily basis.
MWD says AYE
Foreboding?
A managed administration?
Hmmm.
No season ticket money, no players, no stadium, no car park, no future.
No way out of this vicious circle.
Brilliant.
Fooled and fleeced frice. …
Fraudulent?
PF
I can just about fathom out their level of gullibility initially. It stems from their “WATP” mentality. That air of superiority they inherited from their forefathers. Rules and regulations, indeed decency, have never been something they adhered to, and was strengthened by a complicit SFA, government and police force.
When the proverbial hit the fan, still they refused to conform to normal social behaviour expected of the same species. Maybe that’s actually the key. ” the same species”? I can’t go back any further than my lifetime, but since 1967, my first year following Celtic, and the big cup win, I’ve never seen them as the same species. Their behaviour defies the norm. Did the big cup win really damage their ego so badly they underwent some sort of reverse metamorphosis, or were they always as stupid? They tried to bully and threaten their way to survival, and when that failed and they were slung into the lower level of the footballing structure, it seemed to heighten their stupidity as they threw their cash at anyone willing to give them them a few WATP sound bytes, starting with Charles Green and Craig White ( how fitting is that ….Green and White:-).
Realisation dawns that the burglars have revisited, and what do we see? Added vigilance? Demands for criminal investigations? Nope, they revert to type. Dave King, a man publicly called a flip and shameless liar, a convicted tax cheat, throws them a few lines and they are caught again hook line and sinker.
Was it realisation they fell for? Is King offering a survival plan based on sensible budgetting, on living within their means, on transparency and honesty, on promises of never repeating the same mistakes again? No sir, he fed them some old pony about stopping Celtic getting 10 in a row. Something about £30 million being spent!
When Dave King tells them it’s a hat, and they put their hats on, they shouldn’t be surprised when people start asking where all the toilet plungers have gone.
“The people” deserve all that’s coming their way.
FUBAR
dontbrattbakkinanger
09:15 on 25 April, 2014
Surely shirley we shouldn’t have to wait a decade? How about CQ10.1?
For flip, read glib!
whats the opposite of ….
flockynockynhilpipillification
H.H.
Flockynockynihilipilification……
Snap
….PFayr supports WeeOscar
SNAP….
YOU WIN :-))
Fornicated?
Bognorbhoy
Spooky
Spooky doesn’t start with F…
PF, spooky indeed, that word came up yesterday in a conversation at work!
yorkbhoy
That’s exactly what should happen .
Spending money you can’t afford to buy a league title then deliberately going into administration before that season ends is cheating , plain and simple.
Why are the other clubs in that league not kicking up hell . Do they just do the same next year to get into the top league ? And nobody says or does a thing .
Corruption doesn’t begin to cover what’s going on in Scottish football .
Do we know what time the report is to be released?
Sad news about Sandy Jardine.
May he rest in peace.
LB
‘Floccinaucinihilipilification’
-we can’t have ole ANNOAN complainin’ about dumbin’ down and bad spellin’.
RIP Sandy Jardine a fine footballer
I had dinner last night with some who are well versed in Scottish Football affairs and who beyond the world of fitba live in a professional and intelligent environment.
I put the following scenario to them as professionals.
We all know that since the financial crash of 2008 the construction and development industry has been on its backside.
There are signs of recovery but they are small and slow. However, there is construction and development taking place in Glasgow and there is EEC money to improve inner city areas in certain ways.
So.
Imagine you are the fund manager for Laxey or anyone else and one day you have an appointment with one of your colleagues and some other folk he brings along.
They lay out before you a set of plans showing a new retail, hotel and car park complex on the site of Ibrox, Edmiston House and the Albion car park.
They provide an opinion that they think it likely that Glasgow City Council would have no grounds to refuse a planning application for this scheme and that in light of the opinion, planning permission could be achieved with a spend of say £400,000 in fees.
Further, they produce two opinions from surveyors saying that the ground concerned ( even with the existing buildings still standing ) would be worth say £25M as soon as the planning permission is granted.
Remember that Edmiston House alone was recently sold at £2m with no planning permission at all — just a derelict building.
The corner stone of the new development would be a key tenant and it is reasonably estimated that such a tenant could be found. The opinion goes on that should the development be built and let it could be worth circa £200Million.
Right now you sit with an asset which is operated by a company ( in which you have invested ) which runs at an annual loss of between £7Million and £19Million — and it is likely that this company will not achieve a profit in the next three years without further investment.
Football investments are deemed “risky”.
The property investment is deemed less risky, based on expert and professional opinion. and appears to deliver a profit even if you do not build out the development itself but do get the planning permission.
The question is this.
At what point will your investors sue you for negligence if you do not follow the development route?
Can you afford to ignore potential development completely and should you ( to protect your own professional reputation ) explore the opportunity of making money for your clients through a non footballing operation on the site?
At what point do you extract your investors from a currently loss making operation, and do you report back to them on all of the possible scenarios as to how the assets held might be used to generate profit?
Discuss.
Raman Bhardwaj @STVRaman · 6m
Update on Graham Wallace’s 120 day review of Rangers’ business operations will be announced to stock exchange this morning.
BRTH
Ans. Now I hope.
That’s one helluva kebab shop you done in. Discuss. Touché.
HH jamesgang
Brogan Rogan Trevino and Hogan supports Oscar Knox, MacKenzie Furniss and anyone else who fights Neuroblastoma
09:44 on 25 April, 2014
Did you have peas, and if so, were they fresh or frozen?
lionroars67
09:47 on 25 April, 2014
Raman Bhardwaj @STVRaman · 6m
Update on Graham Wallace’s 120 day review of Rangers’ business operations will be announced to stock exchange this morning.
Is this normal practice?
BRT&H
Unlikely that the site would receive planning permission for such a project with Silverburn close by and city centre so close. IMO
MWD says YEAH
!!Bada Bing!!
I would say it’s the first time they have done things by the book!
LB
!!Bada Bing!!
09:50 on
25 April, 2014
http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/rules/aim-rules-for-companies.pdf
Point 10 Principles of disclosure
Flat broke?
BRT&H
Don’t think it would get planning permission , that’s already been given to a super casino , football stadium with a floating pitch and hotel complex .
BRTH,
Could be feasible. Good transport access network via motorway and airport ( & underground ).
Hotel and leisure complex with some room left to accommodate a small community stadium housing circa 500 spectators :))
BRTH
Fabulous…
If the huns go into a “managed administration” is that considered to be –
1. Good business practice.
2. More cheating.
3. The last resort.
Happy Friday!