Companies have a statutory duty to produce financial reports in line with commitments made to shareholders. The failure of Rangers to fulfil those commitments was put down to a lack of clarity over the future outcome of the on-going tribunal with HM Revenue and Customs. As a consequence of this failure, trading in Rangers shares have been suspended by the Plus Stock Exchange.
The Plus Stock Exchange also told Rangers broadcast partner, STV, they were “currently conducting an investigation into the circumstances under which Craig Whyte’s seven year disqualification from acting as a director in 2000 were not disclosed at the time of his appointment to the board of Rangers FC on May 6, 2011”.
Rangers today suggested there was “little, if any, tangible benefit for the club to be a listed company”. This may be true but the benefit of a listing is heavily weighted towards shareholders and creditors, who should have received structured financial information in a timely manner. Shareholders have also been denied the opportunity to attend an Annual General Meeting, which, in line with stock exchange rules, should have been held before 31 December 2011.
Many of you have watched Rangers speculate wildly for over two decades with the feeling that they would crash and burn. This has been a painful period for those who follow clubs who stick to budget, unprepared to take a seat at the roulette table. The day of reckoning draws closer.
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paulsatim is neil lennon – why did you post that link?
My laughter has just woken up the children.
Hail Hail
BRTH, thanks for your post – about time you looked into this, to say I’m disappointed it has taken you so long is an understatement of quite substantial proportions ;-)
I don’t disagree with what you’ve written, just an observation, that if the vote is 11 clubs, as is likely, then there is no difference in number of clubs required to achieve an 83% or 90% majority. ie Celtic would still need only one other club to vote with them.
hh
bjmac
Bundoran Bhoy, lol.
Lennybhoy, that’s a fine thought.
Brogan Rogan Trevino, 22:£4, thank you for that assessment of the phoenix situation. Although…. “this is just a quick view”. Ermmm.
TopCorner, it’s been New York for 9 days now.
Paul67
Is there anyone at Celtic or the SPL prepared to go on record about the procedure to be followed to allow a newco huns straight into the SPL?
Had the pleasure of meeting and sharing a couple of hours with Saltires in Seville tonight.
A top bloke, a top cqner and a top hoops man. A real and genuine pleasure to share somke time and exchange some stories, not all football.
I’ve been a lucky man with the quantity and quality of people I’ve met through this great site – thanks to Paul67.
hh
bjmac
celticunderground-v-the-lostbhoys-2012 combined podcast
Ernie,
Sorry if you thought I was abrupt with you last night mate.I was raging with Peterhead’s tactics yesterday.
ernie lynch says:
9 January, 2012 at 23:06
From my understanding they won’t talk about it publicly at all, which is understandable. Be rest assured that the SPHell will be filling their pants at the inevitable prospect of having to deal with this when it happens.
I would be interested to know what “What if” scenario planning/modeling they’re doing (if any) – that goes for our board as well.
You would think the media would be interested in finding out….. ha ha ha
hh
bjmac
C A B, did Declan sign for cliftonville? I knew he was training with them. Has he and Boyce been confirmed?
SffS
ernie lynch says:
9 January, 2012 at 23:06
thats a pretty ridiculous question that you already know the answer to
Sir Paul
Yer Mag is going fae Strength tae Strength.
In Ma Opinion..which is valued in anither country..
Ye hiv gethered a fine Team of Bright Columnists.
Kojo
Okay then, and now into the mix comes this question ….
Moonbeams, fire that letter over to me mate by email and my old man will circulate it around his members and see if they want to vote on it, and taking it to the Association as a motion for their next meeting. If other guys are members of supporters buses, can I ask they do the same; to pass Moonbeams your email addresses and get him to send you a copy of his letter?
Here’s the question.
Do organisations like the Celtic Trust have legal recourse, as shareholders, to take independent action if they believe their shares are devalued by a deal like this? What exactly are their shareholders rights in this issue?
And here’s ANOTHER question.
As the commercial contract with the SPL impacts on our club, and others, do the clubs which have mass membership systems even have the RIGHT to vote to change the rules in such a manner WITHOUT consulting their own fans, and would something of this magnitude not, in itself, need to be ratified by the Celtic shareholders at an AGM?
Who are the other clubs, aside from us, who have mass membership shareholdings? Can their clubs ratify such a deal without an AGM?
This is uncharted territory here. Scottish football has never faced anything like it. The legal positions of Rangers, the SPL, the SFA and every club which takes a vote will need to be 100% … or this thing is stone dead.
Which is exactly what we all want it to be haha.
ernie lynch, I have spoken to a journo who has discussed the matter with the SPL and I have spoken to an SPL club a number of times on this matter. The club were initially under the impression that any two of the remaining 11 could block a phoenix but after legal advice were informed that it was a matter for the SPL board.
I have read through the arguments here and I’m not really in a position to explain the legalities of the information I have been given, but I have two sources, one from an SPL club and one from a major broadcaster who has sat down with the SPL to discuss this.
If this is to be blocked, the action will take place after a club goes into administration. Once this happens, no one really knows what the major creditors will do, though we can speculate. This is where those with an interest in the SPL retaining its integrity are focussing their minds.
BJmac, you’re v welcome.
Kojo, the’re just brilliant, ain’t they! Many thanks.
paulsatim is neil lennon says:
9 January, 2012 at 22:49
This been posted yet?
http://www.youtube.com/watch?v=kmdhDf7m8W8&w=480&h=360
THAT. IS. SENSATIONAL!!!! :D
Funky guitar as well!
Paul67 says:
9 January, 2012 at 23:17
‘ernie lynch, I have spoken to a journo who has discussed the matter with the SPL and I have spoken to an SPL club a number of times on this matter. The club were initially under the impression that any two of the remaining 11 could block a phoenix but after legal advice were informed that it was a matter for the SPL board.
I have read through the arguments here and I’m not really in a position to explain the legalities of the information I have been given, but I have two sources, one from an SPL club and one from a major broadcaster who has sat down with the SPL to discuss this.’
Is anyone prepared to go on record?
And to say ‘it’s a matter for the SPL board’ looks to me like an attempt at legalistic prestidigitation, it’s not untrue, in that all of a company’s affairs are matters for the board, but it’s misleading.
A bit like Keevins pouring cold water on the Sheriff Officers at Ibrox story ‘I’ve spoken to Rangers and they have said it’s news to them’.
Paul,
I’ve just read some of the posts from earlier this evening.
Perhaps you should shut the blog down between 6pm and 7pm each night thus preventing some poor Celtic fans from raging about what is being said by Goodi, Raman, Heevins & Delahun
Does anyone in South Korea get their news output from North Korea’s state Broadcaster?
Then why should any Celtic fan listen to anything from Radio Clyde, Real Radio, STV etc?
According to North Korea’s state television the late Kim Jong-il achieved eleven holes-in-one during his first ever round of golf.
According to UnBonnie & Clyde, Real Ale Radio & RTV ……….
It is actually a good thing not to produce accounts
Whyte is a billionaire
Ibrox is located at the edge of the world’s brightest rainbow
Rangers will win the league because Dorothy lent them her red slippers
Gordon Smith found that the third bowl of porridge was just right, and
Ally’s foot was found to fit the glass slipper perfectly
These loonies deserve each other. Leave them to it.
Hail Hail and Good Night All.
Some like Pizza Pie..and they say Indian is Grand,
Chinese, can be Yummy, and Even French kin Beat the Band
But, Ma Auntie’s Champet Totties,wi’ Ingens oan
a Plate,
Is My Idea of Heaven,
It’s the Best Ah Ever Ate!
Paul67
It is interesting that a major broadcaster has been afforded privy info by the SPL on how this scenario will play out.
That is very interesting. Sounds like the ground work has been done by the SPL to ensure a particular outcome.
MWD
Seven Fishes Four Steaks says:
9 January, 2012 at 23:11
C A B, did Declan sign for cliftonville? I knew he was training with them. Has he and Boyce been confirmed?
SffS
*************************
Declan was training with Donegal Celtic and receiving physio treatment there as well. He was signed by Bangor at the start of the season but hasn’t kicked a ball in anger due injury. He has, by all accounts signed today, in fairness though it’s not on the official site but then again neither is the Liam Boyce signing. Boyce is 100%, Bunting will be confirmed tomorrow by all accounts. It brings our forward count to 6 in the 1st team squad, a bit top heavy perhaps in that part of the team.
Zut Alors!
‘Eric Cantona announces bid for French presidency’
http://www.telegraph.co.uk/news/worldnews/europe/france/9003925/Eric-Cantona-announces-bid-for-French-presidency.html
ernie lynch, if that’s not the answer you were looking for there’s not much I can do about it, but the SPL have discussed this matter with several media outlets, you are as free as I am to seek them out and ask the same questions I did.
I wrote my first article on this subject in October after an SPL club told me the decision would be a matter for the whole league (and said so in the article). The club have subsequently taken legal advice which told them this is not the case.
As several CQN’ers have also said, the league are in no position to make a step out of line on this one. Suggesting legal prestidigitation is absurd. This is not similar to a red card appeal.
Back to Basics, good call.
MWD, forget it. The SPL have not changed a single rule in this area since its inception. The rules are the rules. We can interpret them here, but the lawyers will have the final say.
Every time something’breaks’ on their financial front I’m busy at work ……haven’t read back, but on the snippets I have been ‘hearing’ today, the one question I am confident the LL haven’t asked today is…….
WHY HAVE THEY NOT PUBLISHED AUDITED ACCOUNTS……?????
This is not all about EBTs /tax avoidance……they have been reporting dodgy accounts for years, valuations etc…..and this is now catching up with them also…..!!??
WHAT IS THE TRUE STATE OF THEIR FINANCES….??………we all know cw borrowed £28m to pay Lloyds, so that debt is still within rfc accounts……
Shamefully, the LL are STILL trying to put a POSITIVE spin on all this…..forget the cracked crest…..forget the biscuit tin……this is Armageddon for them, and good news for Scottish Football, crime figures and Scottish Society……..SCOTLAND MAY NOW HAVE THE OPPORTUNITY TO ‘MOVE ON’, AS ENGLAND DID TO A GREAT EXTENT
TIIIIIIICK TOOOOOOCK …AND THEY CAN’T EVEN TRANSFER THEIR VILE CULTURAL BEHAVIOUR TO TYNECASTLE…..
Craig Whyte….
Does he have an ‘end game’?
Paul67 says:
9 January, 2012 at 23:44
Is the scenario that’s been discussed the huns’ liquidator requesting consent from the SPL to transfer their league membership to a newco huns?
James Forrest is Lennon says:
9 January, 2012 at 23:16
Any group of shareholders can get together and form a resolution that then needs to be ratified by a certain number of shareholders and which they can then submit for inclusion at the AGM with the Celtic Company Secretary. An EGM will I assume follow a similar pattern although numbers etc might differ.
The Celtic Trust know the ropes in this respect and if more shareholders joined the CST their voice would be so much the greater…. and if all groups spoke with one voice it would be greater still and become a roar if other club’s supporter trusts were to join in.
But first there needs to be debate around the issue then on the aims and then form and content of the resolution. This is perhaps the contingency/preperatory work that needs to take place beforehand.
Back to basics …glass half full.23.29…..LOL….brilliantly put
Cabbage an B,
Guy was telling me Rory Patterson to leave Linfield and sign for Derry City this week.
Said that he is totally ostracised by his so-called team mates.Don’t know why he went there in the first place.
Kojo’s Yankee Bet.
Perm, any.. Wan fae Three.
The Bomber, Vardy, El Alagui
Ah Fancy , The Bomber
But..
Ah widnae turn up Ma Toes..
at.. Vardy or El Alagui.
Kojo
67Heaven … I am Neil Lennon..!! Tick Tock !! says:
9 January, 2012 at 23:46
For the first time on Clyde tonight doubts were expressed about CW and questions asked why the Ranger’s support were buying into the spin.
The main stream media environment is changing.
Not too long now.
Paul 67- Do you think we can challenge the SFA on granting the huns previous Euro licences?
Gotta Go
Good Night Scotland
Good Night Ireland
Good Night Wales
Good Night England
Good Night Canada
Good Night New Zealand
Good Night Australia
and
Good Night .. Tony McMahon, wherever you are.
Paul67 says:
9 January, 2012 at 23:44
Option A. The SPL Board decide or Option B the clubs decide only affects the chance of a decision favourable to Rangers but against integrity coming about.A making it more likely, B less so but still possible.
The integrity argument has to be argued with force and some authority regardless of which Option is taken.
Paul
Your exchange with ernie highlights the point I made earlier today. The legalities are not uncomplicated. Do you have any information to suggest they are already discussing this with the SPL to prevent challenges when the time comes ?
ßjmac ♥ Kano 1000 °¿° says:
9 January, 2012 at 23:07
One of the very finest pleasures in life is meeting a fellow Celt for the first time, and having a good oul’ natter. Invariably an uplifting experience and tonight was no exception.
Hope all goes well this week, and good luck with your plans.
Thanks for dinner and next time it’s on me.
Paul67: I can only echo Bjmac’s sentiments and thank you for creating an opportunity to bring Celts together thro’ this wonderful site.
HH
M
ernie lynch, the question I was answering was what would the SPL board be able to do if a club went into administration and the owner of the stadium asked to phoenix back into the league. I understand the SPL board can decide this with a simple majority.
Bada Bing, the SFA acted in according to information they were given when granting a Uefa licence. In this instance, they were correct. The real question is, were they given correct information? They have asked Rangers new owner for information in relation to his fit and proper suitability. They may be able to get more information from this (or may not) but I suspect they will have their work cut out before they are able to pin down a transgression.
Auldtim, aye.
Back to Basics – Glass Half Full says:
9 January, 2012 at 23:29
It’s only the 10th. of January, but I don’t think we will read a more succinct and sensible post for the rest of the year.
Over to you, Paul! :>)
Auld heid….this is all getting too much for me….I need to go and lie down…..LLLLLOOOOLLLLL…!!……judging by the number of posts tonight, think Paul67 is getting excited also……Good night to all…!!!!!
Mission going well, cw…won’t be long now until you return to base….!!!!!
Auldheid:
I know this much … Celtic knows, or should know, the feelings of the fans on this. It will be a disgrace without precedent if Rangers are allowed to slide here.
What I wonder is what the fans of other clubs make of it. I have said before, this is a matter which impacts on every club in the country, and the idea, the very notion, that it could be taken by only a small group of people, with a vested interest in voting a certain way, is frankly too ludicrous to comprehend.
The integrity issue will not simply boil down to the decision that is made here. The issue of integrity will come down to the very manner in which that decision is taken, as it could damage the overall reputation of the Scottish game if it ends in giving fraudsters and cheats a free pass.
Potentially, it could send banks, sponsors and others who might one day find themselves cheated out of their due money by clubs running for the hills, once a rule is established which allows clubs to duck out of those responsibilities by simply ripping up the rulebook and starting again.
The knock-on effects of such a decision will be catastrophic. Season ticket sales at all the clubs – Rangers probably included – plummeting. The costs to sides could dwarf the TV deal, and in the case of Celtic certainly would nulify any benefits which could accrue from it.
It is inconcievable that such a mammoth decision, affecting every club in the land, can be taken by six or seven people, who actually have a vested, commercial, interest in voting to allow NewCo Rangers to take that place.
Yes, there are major obstacles in the way. The timescale, in all likelyhood, will not allow Rangers to have phoenixed by the time the season starts … there could be weeks, even months, of delays to matches because no club called Rangers exists in the twilight between liquidation and reconstruction … but the SPL had better have a Plan B in case that comes to pass, and they will need an explanation for shareholders, fans, TV companies and others as to why they allowed Rangers an SPL license at all with an existential risk hanging over them.
The decision is too big to be left to a small group of men, some of whom don’t even have a stake in the clubs involved in the league. It may well be the LEGAL right of the SPL board to take this decision, but they certainly do not have the MORAL right to do it, and condemn this league to shame and damnation.
I don’t even think it should be an SPL issue, but one requiring the support of every club in the SFA. When Annan and other clubs were submitting their license applications in the wake of Gretna they attended a meeting of ALL the member clubs, and each had to submit a proposal to the assembly in order that the clubs themselves had a vote on the issue.
Nothing less should be expected in this case. We can argue law all we want here, but if we followed the law to the letter Rangers would not only not get a license to play next season, but an phoenix club would automatically start in the bottom tier. Someone, somewhere, will be blatantly ignoring the rules in allowing this happen, so the “legal position” of the SPL board does not impress me.
This comes down to more than words on paper. If the integrity of the game is not to suffer a calamity the likes of which we have never seen, and from which the game in Scotland might never recover, the manner in which this plays out is just as important as the end result, and it cannot be done in a sneaking, stinking back-room deal where only a few people have their say.