Quantcast

Day of reckoning draws close for Rangers

858

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.

You can order a hard copy of CQN Magazine, issue 5, with credit/debit card or Paypal and buy direct from the UK for only £3.50 + £1.50 postage and packing.  Shipping costs £2 to ROI, £3 to Europe and £4 to elsewhere.  Click on the link below to order.

Click here to view the new issue of CQN Magazine online for free. You can support the online edition by making a discretionary donation here.

Click Here for Comments >
Share.

About Author

858 Comments

  1. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    LIVIBHOY 1156

     

     

    De mortuis nil nisi bonum

     

     

    Google him instead,or better still,talk to your Dad and his mates.

     

     

    I’ll give you a quick example-every year The Celtic View proudly trumpeted about our £1m+ improvements over the close-season.

     

     

    On view when we arrived were yellow lines along the edges of the steps,and some green paint on some-not all-of the crush barriers..

     

     

    He was a very highly-respected accountant. That came in handy!

  2. ”Beram Kayal underwent surgery last night on his injured ankle and the club can confirm that, unfortunately, our worst fears have been realised and Beram will be out of action for at least four months.”

     

     

    Shame for him as he was hitting form again. Thank God for big Victor.

  3. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    SYDNEY TIM 1157

     

     

    I can imagine!

     

     

    Tell him next time he’s over I’ll introduce him to some blue-tinted glasses.

     

     

    It will make him appreciate the happy clappers that bit more!

  4. Hamdi Salihi

     

     

    They were getting excited about him over on FF at the weekend as a potential target

     

     

    We dont want to get dragged into a bidding war with whytey warchest do we ?

  5. Hi just in from the doctors I mentioned to him that I was addicted to twitter…he replied…….. “sorry but I dont follow you”

  6. Aye Bobby. Remember the poll in the Celtic view

     

    Result. Celtic fans want an Aston villa type stand for the Celtic end

     

     

    Nothing happened

     

    Then 2 years later another poll

     

    This time result desmond wanted

     

    A bigger roof and err concrete steps all over

     

    What a con

  7. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    Right,not posting any more.

     

     

    For a bit.

     

     

    I’m podium-chasing.

     

     

    Mind,I’m miles behind,so you lot havea chance while I catch up,haha!

  8. Am currently experiencing the worst customer service in history via Dell.

     

     

    Now into my fourth hour of phone time over 3 days.

     

     

    Please choose another brand! Save yourself this pain.

  9. BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS says:

     

    10 January, 2012 at 12:18

     

     

    I will speak to my old man. I do remember that the improvements at Celtic Park were minimal and that the attendances never added up to what was in the ground but I have never heard about the Cayman Islands story.

     

    Celtic board members along with most other clubs in the country had been skimming cash for years.

     

    I did see on the net that Desmond White got the World Club money from Racing Club in a bag in Argentinian Pesos rather than the expecting US dollars.

     

    I will ask my Dad. His mates know less about Celtic than I do. The Celtic historian is a dying thing in Livingston. It’s quite sad but people remember less these days due to the internet. I used to be able to quote scores, attendances, line ups and stats from well before I was born. No piont now. Any clown on the supporters bus can google and tell people more.

     

     

    LB

  10. SydneyTim says:

     

    10 January, 2012 at 11:51

     

    Drogehda

     

     

    Let’s do this together

     

    Type in google. John Reid club debt

     

     

    Hey presto what comes up by john Reid telling us all the size of the debt

     

     

    First three relevant results:

     

     

     

     

    Chairman Reid hails ‘outstanding’ Hoops after bank debt is slashed …

     

    http://www.dailymail.co.uk/…/Chairman-Reid-hails-outstanding-Hoops-ban…15 Aug 2011 – The club’s net bank debt stood at £530000 – well down on the … Chairman John Reid said in his annual statement: ‘Both of these higher debt …

     

     

    This one is quite clearly referring to net bank debt – the clue is in the ‘net bank debt’ part. Again, John Reid does not state that the club’s debt is £500k

     

     

    Fußball 2012: John Reid hails Celtic’s drop in debt

     

    fifa12cheats.blogspot.com/…/john-reid-hails-celtic-drop-in-debt.html15 Aug 2011 – The club’s net bank debt stood at £530000 – well down on the previous … Chairman John Reid said in his annual statement: “Both of these …

     

     

    Again, Reid does not state that club debt is £500k and the article again relates bank debt only.

     

     

    Celtic chairman hails Neil Lennon after club posts profits – ESPN …

     

    soccernet.espn.go.com/…/celtic-chairman-hails-neil-lennon-after-club…15 Aug 2011 – Celtic chairman John Reid has praised manager Neil Lennon for … as the club reported a return to profit and a reduction in bank debt of more …

     

     

    And once more, just for measure ‘reduction of bank debt’ pops it’s head in there.

     

     

     

    Have a read through the results yourself and look for trade creditors, debts falling after 12 months etc – Celtic are/were easily upwards of £20m in debt (IIRC) when those figures were published. This whole “spend some money, get into a little debt” nonsense needs to be knocked on the head – we are in debt and more than just a little.

  11. LiviBhoy says:

     

    10 January, 2012 at 12:26

     

    BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS says:

     

    10 January, 2012 at 12:18

     

     

    I will speak to my old man. I do remember that the improvements at Celtic Park were minimal and that the attendances never added up to what was in the ground but I have never heard about the Cayman Islands story.

     

     

     

    Haha, I recall a game in the early 90s, when our capacity was cut from 61,000 to 53,000 and we played home games against the orcs and then Aberdeen in quick succession with the former being all-ticket; the latter not.

     

     

    I used to stand under the old scoreboards in the Celtic end and the usual (aside) discussion as we approached HT was always the crowd.

     

     

    This particular day, the Aberdeen game, we were saying that we were packed in as close at our part than for the orcs game a week or two previously. The main stand was full. The jungle looked overfull and certainly had more than from the previous match (as there was overspill onto that massive swathe of yellow steps). The Aberdeen third was jammed packed and the rest of that end had a good number within.

     

     

    ‘45,000 for sure’ big Ped says to me, ‘they cannae have it any lower than that’

     

     

    34,000 IIRC – cue much laughter.

     

     

    Looking back, I’m quite angry that everyone seemed to simply joke about it.