Charles Green’s media team did well a week ago today. The Sun had an extremely damaging story on Green but demoted it to page six while dedicating its front page to the man himself, but the consequences of the story remain.
The Daily Record, who today confirms they are being fed stories by Ally McCoist, also reveal that The Rangers International board’s chairman, Malcolm Murray, is one vote short of being able to sack chief exec Green. Adding, without a hint of irony, “once again, it falls on this newspaper to inform the fans of what is really going on”.
Sacking Green should be fairly straightforward but while this will remove one pantomime act from the stage, the corporate governance issues remain. While he is in charge at least Green is available to assist the club prepare against charges by Craig Whyte that it inappropriately acquired* assets belonging to his company [“You are Sevco”: (Green)], Sevco 5088 Ltd.
If the chairman fails to sack the chief exec and fellow directors, Brian Stockbridge and Imran Ahmed, at next week’s board meeting, several non-executive directors might find it difficult to continue to pick up wages for providing oversight on behalf of stakeholders to ensure the club’s business was conducted appropriately.
Fortunately for Green he retains the support of his fellow collaborators, although his enablers in the media and support are diminishing by the day (bless all their sterling work). Green will go when it suits Green to go, most probably when he has found a suitable proxy to ensure his interests on the board are protected (as Whyte believed he had a year ago). This is likely to happen when he wants season ticket renewal money in. He’ll drift away, “true Rangers men” will front things for a while, but pantomime isn’t over. The serious corporate governance questions overhanging the club right now grow by the day.
I wonder if journo who moved to Ibrox as he couldn’t stomach the dubious integrity of the media industry (Green’s former chief-enabler) has the front to come out batting for Green. Or is he too scared?
Speaking about dubious integrity….. has anyone thought of the excuse the SFA will come up with to overlook the link between Whyte and Green on Newco’s associate membership application? I expect they will appoint Mr Bryson to head up an inquiry which will find, “There was a link but as we didn’t know about the link at the time we cannot take any action”.
* Tried really hard here to think of a less pejorative word or phrase than the one which initially sprung to mind.
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Re Div 3 I think the call should go out.
Strip the Title
EDB
I suppose you’re right …depressing
I think they might be in real trouble this time …Whyte has nothing to lose …he’ll take them all for as much as he can get
Please no one else rise to the ” whyte” bait fish jokes !!!
Pogmathonyahun aka Laird of the Smiles
I live in a one shop village and it’s shut, me and wee Starry will have to wait until the morra, I hear there’s some sunshine on the way, no before time..
Huns maintaining the assets were purchased by Sevco Scotland and not Sevco 5088.
BBC reporting scotland previewing the Scottish cup semi final.
They show Hibs scoring a goal. Followed by Falkirk scoring a goal. Followed by Dundee utd scoring a goal. Followed by Celtic CONCEDING a goal.
Sad and pathetic. Stupid hurting huns.
I am sure once kevjungle reads back his summation will be ….( !)
For three points fill in blank
When the bulldozer’s roll down the Copeland
road……that’s when i’ll celebrate.
They will try to spin this any way they
can with help from the masonic cabal
SHAMELESS the lot of them.
As someone who knows HEE HAW marjorie daw about business dealings ,
But i can remember reading on the brilliant RTC at the time that CW sold of RFC to C g.
That for CW to have any legal claim on assets of said corpse in any shape or form any company that came out of the death of RFC,
HAAAAAAAAAAAAAAAAAAAD to be TWICE removed from what CW sold CG :)).
SOOOOOOOOOOOOO RFC to TRFC (once)
TRFC to Sevco 5088 (twice)
Sevso 5088 to sevco Scotland (sign here craig job done)
Thats before TRIFC was born.
Any business heads remember anything about this clause or am I just imagining this :))
Starry, I’m sure it’ll be worth the wait until that shop opens ;-)
Paul67 et al
Noticed that the family of the late Francis Crick auctioned his Nobel Prize from 1962.
“That is a nice medal you’ve got there, what did you get that for?”
“For my part in discovering DNA”
“Oh Aye, nice one!”
All Set
1830: Doors open
1940: Echo and The Bunnymen
2030: Interval
2050: James
2300: Show ends
clunks
18:02 on 12 April, 2013
Because I think it is going on, on a large scale (even if was just 1% that is massive) but people are not willing to admit it.
Email me if you want to talk about it further.
….PFayr
18:31 on
12 April, 2013
Longmuir at the bigotfest on Wednesday …the audacity is breathtaking
Surely not? shameless is too timid a description for that half wit.
The assets were indeed sold to Sevco5088.
They were then moved onto Sevco Scotland Ltd.
This was done, so I believe, because the original is an English based company and the SFA rules (???) declare that a club in the Scottish leagues should be registered to a company in Scotland.
SPF
“For the avoidance of doubt, Sevco 5088 Limited bought the assets of the Rangers Football Club and then transferred them to Sevco Scotland Limited so that all the assets would be in the Scottish registered company that is Rangers FC.”
Rocket Man:
Doesn’t matter a damn mate. They haven’t grasped how serious this is, not at all.
The club was to be purchased by Sevco 5088. That’s in the agreement with the administrators and the liquidators. In order to change that, there would have had to be a wholly separate agreement, and if that exists somewhere it will have signatures on it. The rights to buy the club would have had to be re-assigned.
Remember, there was an EXCLUSIVITY agreement with D&P, which stopped the Smith consortium from being able to formally submit their late bid. That agreement had to exist in a legal draft, and it would have had to carry the name of the purchasing company.
Which it did. Sevco 5088.
The only way the shares could have been transfered to another company instead is if Sevco 5088 legally assigned those rights to the other company … and if THAT links exists then either Adam Earlie and Craig Whyte agreed to it … or it was fraudulent.
This is hard for the wee souls to wrap their brains around … but it won’t change the facts.
Hun on Clyde, thinks John Brown is ‘vilified’ now……
This is the $54000 question: agreement or fraud?
…or a decent transfer and Whyte is on the board?
Rocket Man
Whit happened to the other ten thousand?? I demand a recount Challs…
Jackie Mac, not meaning to rub it in but they have just put cask conditioned Arran blonde on ! I am quaffing as I type.
A song, some would say topical, others tropical.
A Green Day.
http://www.youtube.com/watch?v=ci5D5r6ZjXA
been away all week and cannot believe how bad things have got for the Mankies, no pity from me of course. How the SFA can be silent despairs me though.
As ever they will get the wagons in a circle and simply stay there until somebody from above tells them what to say. The plain fact is , as has been stated here before, that they will survive..no matter what. They are the football equvalent of the post apocalypse cockroach. The whole license shambles will be explained away as an honest mistake,” no problems Campbell how were you supposed to know what the sharp suited bad men were doing ?”
Repeating myself for the umpteenth time, FFS Celtic ..get us out of here!
Excuse me! I mentioned “decent”.
Googybhoy, the Tullie has really changed since the renovation. There are very few young uns in, no sky sports, no live bands etc. but did I mention the free beer ?
Show us ra deeds!
Excerpt from:
http://en.wikipedia.org/wiki/Ownership_of_Rangers_F.C.
“Sevco 5088 Ltd was formed on 29 May 2012 as a means for Charles Green to acquire the assets of The Rangers Football Club plc (subsequently renamed RFC 2012 plc), should it go into liquidation. Green agreed a deal with the administrators of Rangers to purchase its assets for a £5.5million fee, if a proposed CVA were to be rejected.
On 14 June 2012, the HMRC’s formal rejection of the proposed CVA[32] meant that the company would enter the liquidation process.[33] The accountancy firm BDO were appointed to reveal why the company running the club failed.[34][35]
Hours after the CVA’s rejection, Green completed the purchase of the assets and various contracts for Sevco 5088 Ltd.[36] The company acquired Ibrox Stadium and Murray Park on 14 June 2012 after the rejection of a proposed CVA meant that RFC 2012 plc would enter liquidation.[37] along with various other assets including intellectual property, goodwill and various contracts.[38][39] The assets were then transferred to a company called Sevco Scotland Ltd[40] which changed its name to ‘The Rangers Football Club Ltd’ at the end of July, 2012. An application to transfer the Scottish Premier League membership from the ‘oldco’ to the ‘newco’ was rejected on a 10–1 vote.[41] Thereafter, an application to the Scottish Football League was successful with Rangers securing associate membership and a place in the 4th tier of Scottish Football, Division 3, for the 2012–13 season.[42][43] Agreement was reached on the transfer of SFA membership, with the new company accepting a number of conditions relating to the old company.[44] The club also awaits the conclusion of an investigation of alleged rule breaking by use of dual contracts by Rangers over the period 2001 to 2010.[45] Former Rangers owner David Murray has denied any cheating took place during his stewardship.[22]
As a result of Rangers’ “assets, business and history” being sold to a new company when The Rangers Football Club plc (subsequently renamed as RFC 2012 plc) entered the liquidation process, the extent to which Rangers can be regarded as a continuation of the club officially founded in 1872 has been interpreted differently.[46] The Rangers Football Club has been described by some in the mainstream media as a “new club”,[47][48] whilst Chief Executive Charles Green has maintained “this is still Rangers”,[49][50] with the SPL chairman Neil Doncaster saying “it is an existing club, even though it’s a new company”.[51][52]
In December 2012, a company called Rangers International PLC was formed and listed on the London stock exchange and became the holding company for the The Rangers Football Club Ltd which, in turn, owns the football club.”
Eldiegobhoy, seems to be a lot of folk enjoying the food. I guess you would recommend it ?
Are Sevco about to set a new world record?
Most 0-3 defeats by a club in the fourth tier of football?
Two replies so far re e-mail sent regarding Green Brigade kettling.
E-mail from Ruth Davidson ,thank you and received letter today from James Kelly
including correspondence and replies he sent to relevant bodies,thank you too.
“I said at the start he didn’t have any money at all” BFDJ
Hahahahahaha CSC
let’s see what the sfa do now…surely last chance saloon for the suits..Ogilvie must be brought to task..its now or never…oh there’s another song…wish i could do the link thingy haaa
great link on twitter of the shares panic from “trading places”..re..sevcovians black monday
lets enjoy the ride bhoys h.h
Be interesting the attendance at the bigot dome tomorrow.
Hope the 20,000 that get free tickets remember their manners.
Sevoc 5088, Sevco Scotland, Sevco smevco, doesn’t matter this will be a mere detail to the SFA Registration Officer, Sandy Bryson.
Move along now Timmy nothing to be seen here.
Who started the fishy tails earlier?
BFDJ – floundering like a haddy!
:-)
tommysbhoy
http://www.youtube.com/watch?v=S8H2FIf1oH4
JMccormick
Look back ….someone put up a picture of him and Ballantyne in the Sevco directors box
Expect some live hun on hun action next time they play!