As newco chief executive, Derek Llambias reported to his AGM yesterday, he meets the SFA today to discuss further involvement of Newcastle United owner, Mike Ashley at his club. Ashley is nearing the end of a power-struggle between his faction, which appears to include the Easdale brothers, and pretty-much everyone else who goes to Ibrox, as well as Dave King and other worthies noticeable by their absence when the assets of oldco were to be paid for.
One of this morning’s newspapers appears to suggest SFA board member Peter Lawwell may retire from this meeting on account of him apparently having a conflict of interest, however, I believe this would be extraordinarily unlikely. Peter is no more or less incentive to see business being conducted appropriately than anyone else.
That’s not to say there’s not a conflict of interest. SFA president, Campbell Ogilvie, will also attend the meeting. Ogilvie passed his Rangers shares to his wife when he became an executive director of Hearts. SFA Articles of Association expressly forbids a person from having an influence with one club while “directly or indirectly” being a shareholder in another without the prior written consent of the SFA.
Mr Ogilvie may have attained prior written consent of the SFA on this subject before accepting the Hearts job, but if he did, I don’t see the need to transfer his shares to a family member. This makes Ogilvie look like a tawdry ducker and diver, wholly inappropriate to lead the Association. If I was Llambias I’d challenge Ogilvie the first moment he opened his mouth.
As I said earlier in the week, don’t get too hung up on Ashley’s shareholding. If it proves a stumbling block he could play The Offshore Game and quickly disinvest to an entity based in the British Virgin Islands (seems to be the hot location for these types), the control of which could never be traced to him.
Those hoping the SFA will inhibit Ashley’s land-grab of retail and other rights are also likely to be disappointed. JJB and Wigan Athletic owner Dave Whelan established precedent that he was able to conclude extensive trading contract with other clubs while in charge of Wigan without compromising multi-ownership principles. Ashley can own and exploit all commercial rights of newco.
The key point Ashley will be concerned about in SFA rules is article 13. (3), which forbids persons from having “any power whatsoever to influence the management or administration of another club”.
The rules permit the SFA to grant Ashley permission to increase his shareholding but the phrase “any power whatsoever” is patently clear. Ashley cannot appoint board members or offer loan players.
The Dear Green Place
Yesterday’s uncertainty alarmed many in Glasgow but the reality of the news brought disaster to some. May God help each of them.
There’s always a spring in the step when news of our pal Kano arrives. That changed when I opened the email from Carolyn yesterday to hear Martin was in Intensive Care. We know through his time on the blog that Kano brought vigour and resolve to his life years before his illness struck. If anyone can overcome this, it’s him.
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We’ll be shopping in Scandanavia is my feeling, makes sense. RD will get the backing of the board for anyone he fancies over there.
Who knows maybe he knows a couple o wee gems from his days there.
Gie wee Leigh a go
Neganon
I hope there is a clear-out of deadwood in the Winter transfer window.
But I hope you’re not part of that process!
That said I might buy you a bone for Christmas cos you do go at it some and bite a good few ankles in the process(!) as alluded to in HT’s post @ 12.26. Important to remember that we’re (almost….’very almost’) all on the same side on this site.
HH jamesgang
Just received an email from Celtic re Christmas gifts etc..
seems our tiny tim is being used for the hospitality seats…
HH
It’s a tough day living in Glasgow & we all recognise the pain of yesterday’s tragedy..
Our thoughts are with everyone..
In football, to see conflicted men with no decency still involved sticks in the craw..
In years to come,people will reflect on how it came to pass that Scottish football was destroyed..
The names Rankers, Murray,Masterton, Ogilvie,Regan will be mentioned longer & before the names Whyte & Green
HH
This year in CQN’s Santa Grotto we’re offering a whole selection of gaily painted replica Trolls all your favourites will be there, take home your own very own Neg Anon or Kev Jungle,find out if your Troll is a multi poster or just a common old garden Troll,dress him up in his own special flouncing suit and hear him loudly declare ” aff oot” hours of mindless fun for all the family with your wind up bendy toy at Christmas..
C’mon down and Merry Christmas..
Keep on Trolling…
Gordon_J backing Neil Lennon
12:51 on 23 December, 2014
Why would the CEO of Celtic have a conflict of interests when considering the affairs of a lower league club?
Correct but you would also have thought a greater conflict would be from your main competitor for a play-off place i.e. Rod Petrie of Hibs.
Short dinner break. Only read back a couple of pages.
On Izzy.
This guy is not a world class full back. His defensive work & cross ball attempts could certainly be improved. However…
Izzy has had little or no support from the club regarding a back up. The wee man obviously volunteers to play when not 100% fit. Laziness is another characteristic not mentioned as he isn’t.
When some on here talk about replacing him can you point me in the direction of a left back who not only is better but play’s for the jersey week in week out.
Unlike some of his pampered team mates.
BSR.
I read somewhere last night that resolution 8 covered the spivs if resolution 9 failed to achieve the required votes. HH.
Minutes silence at CP on Saturday to remember the victims of yesterdays tragedy
I would leave Ogilvie and Regan where they are. They are doing a first class job of master minding the Sevco fiasco, long may they continue to be involved and conflicted por cierto!
Just catching up with yesterday’s tragic events.
Thoughts and prayers with all the families of the victims of yesterday’s accident,The injured and also theEmergency services and the good people of Glasgow who as usual rise above all human expectations.
A song for Glasgow. http://youtu.be/RlsgnuX5f1c
HH
I think Izzy is not a left back but a left sided wide player, and should be played further forward por cierto
A heard oor Pete an wee Rod are drawing up a master plan to stop the sevvies in their tracks. Right under the noses of Lambasa + Regan
Por Cierto. That might be an option for Izzy but would it improve his crossing ? H.H.
Joe
Sometimes I think it’s the forward players who don’t make the right runs into the box at times.
I believe his crossing is not as bad as some make out, but I have lost count of the number of times his crosses, especially those at the far post, are not met, by either the right sided midfielder or the other full back por cierto.
prestonpans bhoys,
Yes there is definitely a case for saying a direct competitor might have a conflict. But the SFA should have rules set up for this type of thing – funny how it only ever becomes an issue in relation to a club with Rangers in its name.
fanandpatriot – the juniors must have improved since my playing days!
Anya has his limitations for sure but he is so fast and – crucially, determined and willing – that he can cause the likes of Germany the exact same problems that he would cause Morton!
Didier Agathe and Sammi also had that great attribute. You can be the best defender in the world but if someone with real pace gets in behind you then you can forget it.
Now, is there an end product once you get in behind? Not always with Sammi and Didier but it did make teams reluctant to play a high line. Anya would offer us that threat whilst also being capable of playing right or left back.
If it makes sense financially then its a no brainer.
Por Cierto. I cant disagree with that also often Scepovic makes some great runs but is usually not given the ball.H.H.
Starry Plough,
The trolls are having our annual gathering in the Nick Cave tribute bar in Belgium. While the clique will be drinking hot milk, eating cookies and backslapping one another – us trolls will be lamenting the loss of a few of our own in the CQN battlefield this year. Join the Rhebels.
Captain Beefheart
12:59 on
23 December, 2014
I don’t Joe but I expect Celtic to invest because we have made millions in recent years. There is a striker from Steau who my Romanian mate drones on about but he is probably out of our reach.
Who would you go for?
==============================================================
If you really think that there are £millions ‘sloshing’ around the CP coffers – then look at all the accounts going back to 2003/2004 when Peter Lawwell stepped in.
Add up the income and subtract the outgoings and then tell us how many £millions we have ‘made’
Perhaps NEG ANON, might also want to try it and in addition tells us all – what exactly is it that he and his fellow travelers would have Peter and the board do in order to satisfy his constant dissatisfaction? A list would be good!!!
Italian radio 2 pm fitba ” news ” -. stating
Inter will not be signing Alessio Cerci . .Claim is that Chelsea have agreed to AC Milan loaning Fernando Torres to Atletico Madrid and in return Atletico will loan Cerci to AC Milan .
Could be true , could be guff.
Now the fat SLEEKIT one is saying that Sevco should sort out the 12 players who are out of contract before they sort him out?
Doing the am a great guy Thingie again , knowing full well he has already been sorted,
Unbelievable, then again it was just on the DR there.
Three quick points
Onerous contracts – I suspect these are lengthy (10 yr) contracts with no termination clauses. To get out of them rangers may simply state they are hereby terminated, in which case the other party would make a claim for lost profits over the course of the contract, which may need to be settled in court. Imagine they are worth 1m profit per year over 10 years, a court may award the other party 10m, which would then become a debt. Once the figure is settled the contract is cancelled and rangers could theoretically enter administration and agree a penny in the pound deal to clear the debt. The problem is if Ashley is signing up his own favourable contracts then this cycle will simply repeat as each new major shareholder/spiv enters the fray.
Ashley/Llambias – I expected rangers to make some claim that Llambias was appointed following a thorough and transparent recruitment process, and therefore his previous ties to Ashley are merely coincidental. Having Llambias represent Ashley at the SFA meeting into extending his shareholding scuppers this argument, or are they brazen enough to try it anyway?
Share issue – I’m surprised this was rejected at the AGM, especially as the Easdale consortium (who are apparently Ashley’s allies) control a significant portion of the votes. This suggests the shareholders are telling Ashley “If you want to own more, you can buy our shares”. Does someone want out of rangers?
Beefy,
Check you out trying to align yersel with the shafters…
They wouldn’t have ye ;)
Captain Beefheart
Nick Cave tribute bar drop me right out of that one! Not my scene goodly Captain, now Georges Soul Bar in Tokyo now there’s a place full of history to quaff a quiet cuppa coffee…
Horrid Henry. I cant speak for Negative Anon but I would like Celtic to tell us what involvement they had in the 5 way agreement if any ? also what are there plans for the future of the club and when will the down sizing stop ? also give a full answer to resolution 12 ? H.H.
Sanna,
Great to meet Sunday, and let me know you fancy a beer in the ole railway tavern
Is JM on this blog?
You’re doing a grand job
P
Perhaps NEG ANON, might also want to try it and in addition tells us all – what exactly is it that he and his fellow travelers would have Peter and the board do in order to satisfy his constant dissatisfaction? A list would be good!!!
_______________________________________________
Horrid Henry
I watched a movie last night called the riot club.
Thats who your dealing with here ;))
As usual expectations will be lowered, I have my doubts about who will be brought in to fit Ronny’s style of game plan, I expect more projects that won’t fit Ronny’s style but he will be told to become more pragmatic and adapt to the players he’s been provided with, young resale potential, any that turn out any good will be flogged on as usual and we will continue to struggle to move on players he wants moved on.
Serious doubts that Ronny will ever see his style played at Celtic Park.
Aw naw no anotherlist :)
just saw Ronny describe us as a “Sleeping Bear”unfortunate choice of words,still prefer sleeping GIANT
HH
From phil mac on twitter.
Ah dear reader these are dark dark days at the Bleak Big House.
Very dark indeed.
It was clear from the Annual General Meeting of the Rangers International Football Club yesterday that The People are revolting.
I personally hope that Mr Somers stays on in the Blue Room as I think that he is a decent sort.
As he spoke yesterday it was clear to me that he was just asking for a little faith hope and charity.
However he and the rest of the directors had to endure some…ahem… heckling as they addressed the AGM.
I thought that they all showed some grace under fire especially Alexander Easdale who was there in his capacity as chairman of the football board.
Sources tell me that Mr Somers was indignant immediately after the AGM yesterday at his treatment from the assembled throng.
Moreover I am told that his lexicon explored the industrial when describing some of the hecklers.
This shows spirit and is to be admired.
This report from STV has reaction on camera from the thwarted requisitioners of last year Paul Murray and ex-RIFC Chairman Malcolm Murray.
Last night the board had a post AGM meeting and the agenda was dominated by money or rather the lack of it.
I understand that Mike Ashley will find the funds to enable Sevco to make payroll this month.
However, further external finance will have to be accessed in January, but that is for another day.
In the meantime the austerity continues apace.
The low hanging fruit in the staffing establishment have all been plucked by Mr Llambias.
What comes next is major surgery.
The fat has been trimmed, but soon it will be the sound of bones being sawed through.
So far the austerity has been brutal enough especially this close to Christmas.
However I understand that it will get worse.
Mr Super was reported to have been affected by the departure of Ms Laura Tarbet.
She had been providing secretarial services to managers at Ibrox since the days of Willie Waddell.
The fact that she was let go was widely reported in the mainstream and rightly so.
However what was not disseminated was that Ms Tarbet was only given severance for two and half years’ service.
Mr Llambias was quite clear that this fine lady was being made redundant by a two and a half year old…ahem… entity.
Then, now and forever…
Sure, whatever.
I am told that Mr Super was not too pleased that his lavish expense account was revealed to Planet Fitba by your humble correspondent.
Apparently there was a fair and free exchange of views on this matter between Alistair and Mr Llambias.
Mr Super was assured by the new Chief Executive that he was not the source of the leak.
Now that Mr Super is tending to his geraniums there is, in effect, a confidentiality clause in place for the next twelve months.
If, say, Mr Llambias thought our Ally was speaking to his pals in the media then this could be considered gross misconduct and grounds for instant dismissal.
However I am sure that the iconic ex-player would never dreams of such a thing.
So of course that will not happen.
The statement to the London Stock Exchange yesterday by Chairman David Somers was approved by both Mr Llambias and by Deloitte.
This was a clear message to the market that austerity is now the only show in town and that the days of sugar daddy indulgence are every much over at Ibrox.
You will also note dear reader that events that were reported here ,pretty much in real time at the start of the year, were admitted to in that statement.
For example that the RIFC approached City institutions for money in early 2014, but were rebuffed.
This will come as no surprise to regular readers here.
In fact the entire statement is a reasonable summary of the narrative constructed here apropos the financial woes of this new entity at Ibrox.
I understand that Resolution 9 fell because, in the main, Laxey Partners and the institutional investors were not having it.
The hedge fund chaps now see a £3m tail loaned by Mike Ashley wagging the entire AIM listed dog.
However Laxey Partners are not for putting in another penny.
The most likely scenario now is that Mr Ashley will keep the lights on by drip feeding in life support funds.
He can do this by a Shareholder Share Option(s) or through more secured loans.
The only major assets that are not currently in hock are, of course, Ibrox stadium and Murray Park.
Mr Ashley is well aware that those pieces of real estate are not unencumbered.
The problem with the Sevco 5088 contingent liability is that it does not have a definitive value.
This is the obstacle that stumped Graham Wallace and Philip Nash when they tried to raise finance against these assets in the City last January.
Another issue now is that the published arithmetic of survival at Sevco might be out of date.
The £8m that is stated is required to keep the show on the road was calculated before the utter collapse in match day revenue.
After the AGM I cannot see those attendances going up.
I understand that Big Mike is now the largest creditor so a snap administration cannot be ruled out.
The advice that he continues to get from Mr Llambias is to do walking away.
At the end of the day, of course, the decision will be made by Big Mike alone.
I doubt that the chaps at the SFA will prove to be too much of an obstacle to his grand plan.
My best guess is that the future of this entity at Ibrox will to be a self-financing advertising hoarding for Sports Direct.
Both in terms of the merchandising side and the exposure to his brands Big Mike will be quids in, but The People will not be watching superstars in Sondico tops.
The irony is that The People have been praying for a billionaire owner of Ibrox and now they are about to witness just that event.
Sources tell me that caretaker boss Kenny McDowell has been told to look at the younger players at the club as senior pros will be moved out the door in the January window.
That is certainly the intention of Mr Llambias.
Undoubtedly some of The People are still hoping for the eleventh hour arrival on stage of Mr David Cunningham King.
Recent events in South Africa means that such an event may not now be possible.
——
HH jamesgang
Neil canalamar. I think you may well be right and if Rony is any good he will move on to a club who can support his ideals. H.H.
Had to laugh at the Scotsman back page headline today;
‘Arrogant’ AGM angers Rangers fans
The poor wee zombies have just discovered that spivs are arrogant! LOL
joe filippis haircut
You would think that all the dealings the people had with the club on resolution 12 that someone would have asked that question to them, the question being …was Celtic Football Club involved in the 5 way agreement, or was it an oversight?
Now I’m just asking so don’t go all Tonto on me now, it’s a simple question, there are a lot of accusations flying around here that the board where in on it, now I will ask this One More Time, does anyone have any proof that CFC where involved in it? I don’t want your views, or what you think, or what you heard, or a guy told me this, or any guessing, PROOF, if there is none then to be very honest you are flogging a dead horse with conspiracy theories, and to be honest three years of it does get really really boring.
I see Izzy’s final link up is being examined.
Having endured a couple of seasons where Lee Naylor’s crosses were being aimed at hamiltontim’s seat (it seems to be the Celtic players preference over the crossbar challenge) I feel Izzy is much better. Aiden used to get the same criticism for failing to find Scott McDonald when he was surrounded by half a dozen 6 foot defenders.
I don’t have this years figures but, last season, Izzy was 2nd in the Scottish Premiership Assists list with 9. Only Higginbotham of Thistle had more
Tony…,
Provide proof they were not involved, we’re treating the board the same way they treat Celtic supporters, prove your innocence
Res 12 is not and never was about the 5 agreement, try and keep up.
If Laura Tarbet was only paid redundancy on the basis of her two years plus of service with the new club then they have acted illegally. Her years of service with the former club should have been retained under the TUPE transfer.
I hope she has the number of a good employment solicitor to hand.
Or are they gambling on saving a few quid on the basis that such a “Rangers minded” person would not take action against the new club?
Beannachtai na Nollag oraibh.
Árd Macha
tonydonnelly67. Fella no I wont go all tonto on you I admire your loyalty( a poor choice of word ) to the board I just happen to think it is misplaced.The silence from the Celtic board about the Rangers situation for me is deafening if they are not complicit in anyway just come out and make a statement.There is no proof that I know of but did we need proof during the banking crisis that the bankers were complicit in silly deals with each other which nearly started another Great Depression ? I dont know we will ever get the truth from the Celtic board but until they are more open and have proper dialogue with the fans on all things Celtic in my opinion the rumour of them assisting the football authorities and the Rangers will hang around like a bad smell. H.H.