With genuine news stories on Rangers breaking several times a day, recriminations for past failures have understandably taken a backseat to current events, although Sir David Murray and Our Hero have experienced a taster of what is to come.
When the buzz of excitement dies down people will start to ask, ‘Whose fault is this awful mess?’ Board-level management at most public companies includes both executive and non-executive directors. The executives, commonly: chief executive, financial director, and others depending on industry, such as: commercial, technical, HR, run the business on a day-to-day basis. Non-executives are there to ensure the business is on the right course and to act as guardians of shareholders’ interests.
Wikipedia gives a useful summary for non-executive responsibility, specifically for: strategy, performance, risk and people.
Risk is the word I would like to draw your attention to here. Wikipedia suggests:
“Non-executive directors should satisfy themselves that financial information is accurate and that financial controls and systems of risk management are robust and defensible”.
Former Rangers non-executive director, Paul Murray, didn’t have any responsibility for team matters. He wasn’t the man charged with preparing accounts. Health and Safety were not his remit. Paul Murray’s duty was to ensure that financial information was accurate and that financial controls and systems of risk management were robust and defensible.
Risk management! This is the guy who yesterday told the media he was keen to setup a rival bid for Rangers. Good grief! It was his job to ask questions of the financial arrangements at the club which other shareholders were unable to ask. He was there to dig deeply enough into these matters to satisfy himself that the executive directors of the club were dealing with financial matters appropriately.
Whether they win the First Tier Tribunal or not, Rangers have already paid a heavy price for this tax issue, responsibility for which rests squarely on the shoulders of the non-executives who enjoyed the prestige of being a Rangers director (I know) but failed to carry out their duties to a standard that protected the club from meltdown.
Give him the job!
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296 Comments- Pages:
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viewfaethewindae says:
15 February, 2012 at 10:42
What left back issue??????????
And in case any of you missed this earlier.
From Kirsty Wark show this morning.
Spiers says ‘ I can’t believe i’m saying this, but I honestly feel Rangers are going to go into liquidation’.
Nevin says ‘I feel any club that goes into administration should automatically be relegated’.
brimmer
lochgoilhead bhoy says:
15 February, 2012 at 10:44
Little bit of sarcasm, more of an excuse to stick the boot in and not to be taken seriously. I wouldn’t have any of their cast offs near Celtic Park.
Craig WHyte has always wanted to do Shakespeare.
Exit.
Pursued by Bears.
RogueLeader says:
15 February, 2012 at 10:43
2) “If we did get re-instated, we’d undoubtedly have mental restrictions and shackles put on us.”
Oh the irony in that one!
weeminger says:
15 February, 2012 at 10:45
Thanks for the clarification – it does make you wonder what HMRC were doing since last May allowing the bill to increase given their record of Tax evasion
I have been told that the whole of Scotland is in mourning and the outpouring of emotional for Whitney is something to behold,
HAil HAil
Che – Here is your hero….The Gruffalo
http://www.youtube.com/watch?v=rDZLIaFVUPE
ernie lynch says:
15 February, 2012 at 08:12
Reading the Sykes article it now seems blatently clear that Whyte isn’t the wide eyed (goggle eyed) simpleton he likes to portray.
He saw an organisation that was heading down the pan with huge debts owed to the taxman and took a punt banking on the fact that the support, the media and the government would let him away with it because “Rangers aren’t an ordinary business”.
If Whyte had bought a Bank that owed £75 million pounds to the taxman he’d be crucified and the bank liquidated, but because its The Rangurrrrrrrs we should all do our damndest to help them screw over the revenue and carry on with little or no consequences. I am sick of watching media commentators telling me “we need Rangers”, Football Finance experts “we need Rangers”, Ex-players “we need Rangers” and now even elected represetatives who are supposed to be upholding the law are also jumping on the “we need Rangers” bandwagon.
How come nobody can stand back and see the bigger picture!!!! This is effectively a criminal organisation which has been evading it’s responsibilities and now wants a clean slate to start again, yes they will be paying rent to Whyte for years on Ibrox and Murray park but they’ll still be in the top flight unless something amazing happens like the SPL board and the clubs find their backbone.
Please UEFA do the decent thing and demand that if Rangers go down the Swannee then the new club must start at the lowest possible rung in the league system. 3 years and they’d most likely be darkening our door again but at least they may (and I stress may) have learned a lesson or two in humility on the way back up.
Rangers fans tried to get an inflatable banner protest at Ibrox today. The generator broke and it deflated….somebody is trying to tell them something
https://twitter.com/#!/SkyScot/status/169726119044595712/photo/1
ernie lynch says:
15 February, 2012 at 10:25
As I understand it the Administrator has to run the huns at a profit and can’t use any funds lying about (no sniggering) to pay future bills.
We know what expenditure he’ll have just to keep going. Player and staff wages, police costs, utility bills etc, auditors bills, lawyers bills (I noticed the huns agreed to pay HMRC’s legal costs on Tuesday).
But what income is there? How many pay at the gate tickets are there likely to be? It’s only that and TV income ( no idea how and when that’s paid).
I can’t see this going on for long unless the season books are cancelled.
+++++
I thought about this last night and came to that conclusion too. Wipe the ST and make each holder a creditor. Charge at the gate.
I recall newspaper articles back in the day informing us, to a person, as to how many people we required through the gates each week in order to break even. IIRC, it was immediately after we decided to boycott the games (or as various media outlets would recently have you believe ‘deserted Celtic’) and the figure was placed somewhere around 17,500, including the 8-9,000 St holders we had at the time ergo we needed around 9,000 pay at the gate punters to stay ‘afloat’.
Think about that for a moment: Celtic needed around 9,000 pay at the gate customers each week to keep a club whose average running costs, discounting transfer fees, were approximately £500k per month, but whose waged monthly costs were much, much less than that, e.g. £150k – would that be a fair figure? Running costs would have sat somewhere in between.
Rangers running costs are somewhere northward of ten times that of Celtic in 1994. Ticket costs are three and a half times the cost of those in 1994, so it doesn’t really take a genius to figure out that if nothing changes in terms of outgoings and they can’t use existing cash at hand, Rangers must now need approximately 27-35,000 paying customers each game to stay afloat.
As the doctor said to the man with a piece of lettuce hanging out of his rear end, administration is only the tip of the iceberg.
twists n turns says:
15 February, 2012 at 10:48
TWISTY!!!
your account has been hacked some git is on here talking sense and using your monicker
RL
Cheers he looks like a fine upstanding gentleman, one if your daughter (or son) introduced as a friend youd immediately
boak.
Rogue Leader
“If we did get re-instated, we’d undoubtedly have mental restrictions and shackles put on us. Starting every season on minus 15 for 3 years for example.”
See that is the kind of thinking that sets me off on a rant. It did the same thing to me when Bonty Bhoy proposed it too.
If they are effectively banned from Europe for 3 years as a Newco, then any contemporary points penalty is just window dressing, a pretendy punishment.
How does it harm them to get a 15 point penalty in the SPL?
They will be uncompetitive in the league race anyway and it will only determine whether they finish 3rd,4th or 8th. If they finish in the top two or win the SC or League Cup, they only get prestige not European participation.
If their points penalty places them below 6th, it would have to be reversed or the TV contract for 4 games between us is unfulfilled.
If it relegates them, it would have to be reversed, because, if they cannot go out of the league “because they are too big”, then they can bump along on the bottom playing their women’s team, and the 2nd bottom club would have to be relegated in preference.
Rangers as a newco in the SPL, with penalties, is a farce that Brian Rix could not write.
6 Rangers players at the least to be released today.
Off jelly and Ice Cream today. Just ate a hot crossbun aggressively. Could I be charged? Is there enough tax money to charge me?
I really wish George Galloway was in the Scottish parliament to bring this up about Rangers. Have they even discussed what could be bought with the with held tax money?
LB
Shall we run a sweep to guess when dunn and phelms join the famous FF banned list?
RogueLeader says:
15 February, 2012 at 10:43
Thanks ,fair cheered me up …..even more.
Whitney Rangers
HAil HAil
Awe_Naw_No_Annoni_Oan_Anaw_Noo says:
15 February, 2012 at 10:46
Anyone
How much do administrators charge ?
Hunners!
“The basis for fixing the administrator’s remuneration is set out in Rule 2.47 of the Insolvency Rules 1986, which states that it shall be fixed either:
as a percentage of the value of the property which the administrator has to deal with, or
by reference to the time properly given by the administrator and his staff in attending to matters arising in the administration.”
I think it’s normally calculated on a daily rate with a sliding scale based on the type of staff involved. Given the complexity of this I think some of them will run to several hundred pounds a day.
“let’s all stick together like we have done before in Barcelona in 1972 and in Manchester in 2008”
-good idea, Rambo, cite two cases where Rangers fans wrecked the place. Poor G51.
RogueLeader: 15 February, 2012 at 10:43
“Or at least the RST should be using this as an opportunity to do what they’ve always wanted to do.”
Make money out of gullible Huns?
setting free the bears 15 February, 2012 at 10:45:
Warchest!! doo doo doo What is it good for? Absolutely nuthin, oohhhhh yeaahhhh!!
SFTB – I agree. If it were to happen I would be outraged but the only way I could live with it is if the punishment was for the same time period they cheated for. 15 points each season and no Europe for 10 years.
I noticed it all starting to go down hill when they stopped receiving Davy Weir’s winter payments
Brimmer – “Nevin says ‘I feel any club that goes into administration should automatically be relegated’.”
I wonder if he had the same view when he was in charge of Motherwell when they went under?
HH
Cancel the season books ????????????????????????
Did anybody note the attendance in the last competition where they could still have provided some income
HAil HAil
Gordon_J
I was kind of hoping for tens of thousands :-((((
HAil HAil
Paul67 – Since administration is such an awesome option why have we not done it? It all seems rather excellent according to the media?
SACK THE BOARD!
GET YOUR FINGER OUT LAWELL!
brimmer says:
15 February, 2012 at 10:50
viewfaethewindae says:
15 February, 2012 at 10:42
What left back issue??????????
And in case any of you missed this earlier.
From Kirsty Wark show this morning.
Spiers says ‘ I can’t believe i’m saying this, but I honestly feel Rangers are going to go into liquidation’.
Nevin says ‘I feel any club that goes into administration should automatically be relegated’.
brimmer
+++++
Is that this Pat Nevin?
NHS Scotland GPs have written to Cabinet Secretary for Health Nicola Sturgeon seeking an immediate release of funds to deal with an unexpected increase in patient attendances,
Glasgow GP has told the BBC
“in the past few days we have seen numerous patients and taken calls looking for advice on ice cream and jelly overdoses”
Nicola Sturgeon was unavailable for comment
Gordon_J backing Neil Lennon says:
15 February, 2012 at 10:58
Several thousand pounds per day, actually. Somebody earlier mentioned £500 per hour, which is probably on the low side (given that they’ll be charging London rates).
cavansam \o/ says:
15 February, 2012 at 10:53
‘Reading the Sykes article it now seems blatently clear that Whyte isn’t the wide eyed (goggle eyed) simpleton he likes to portray.’
If you don’t mind me saying so, that has been obvious from the start.
What we have to grasp though is that it was obvious to Lloyds bank and David Murray (who had no say in the matter anyway) right from the start is that this was what was going to happen. They are all implicated.
My hunch is that Lloyds panicked when the EBT case came out of the blue.
They didn’t want to be involved when the huns were liquidated.
More importantly they would have been concerned that the tax case could have spilled over and threatened the existence of MIH. The bank’s exposure to MIH was in the hundreds of millions. The company was already teetering on the brink of insolvency.
Lloyds knew that the huns were unsellable as a going concern. They knew the only way they could sell it was to someone like Whyte who would make money by bursting them.
I suspect Lloyds found Whyte and put the deal to him.
Awe_Naw,
There will be a fair few staff working for a lot of days. It will add up to a tody sum.
Ernie
I suspect Murray found Ellis and Ellis put the deal to them.
Hail Hail
I think we should definetly sign Sone Aluko…after all another £50k that he would give us would come in very handy for the party…HH
Gordon_J backing Neil Lennon says:
15 February, 2012 at 11:07
All good news !!! :-)))
goldstar10 says:
15 February, 2012 at 11:01
dirtymac \o/ says:
15 February, 2012 at 11:03
The very same chap. He did also went onto say he thought that should have happened to Murderwell also.
I’m starting to think he possibly woke up with the old horses heid in his bed.
brimmer
ernie lynch says:
15 February, 2012 at 11:04
All true and when you add in the whole “Rangers are too big to fail” angle you have the perfect storm for Whyte. Liquidate the club pick up the assets and then rely on compliant media, SPL and Government to give you a football club which should be in the toilet, but is actually still sitting in it’s SPL position only now with no big tax debt and buyers willing to take it off your hands.
Throw in a tree and a fat guy in a red suit and Whyte could end up with Christmas.
We can only hope that common sense and decency take over very soon.
The Pantaloon Duck says:
15 February, 2012 at 11:04
Gordon_J backing Neil Lennon says:
15 February, 2012 at 10:58
Several thousand pounds per day, actually. Somebody earlier mentioned £500 per hour, which is probably on the low side (given that they’ll be charging London rates).
———————————————————————————————————————————
Nice wee earner… min £8000 per day for two senior administrators plus other admin back up say £10k per day all in or more[based on 8 hour day] plus expenses…..min £50k per week…looks like they wont be able to stay around too long? or maybe a fixed lump sum fee has been agreed previously?..hmmmmm…also legals will be involved.
johann murdoch says:
15 February, 2012 at 11:08
Aluko will be last out the door mate. Don’t forget he pays for all his own stuff.
brimmer