Scottish Football League, rule 23. Members’ Financial Records, “All Members and Associate Members shall keep detailed financial records of their activities and the board may arrange an inspection of all such records”.
In the absence of audited accounts for a new club, the board of the SFL are in a unique position to examine the financial records of The Rangers to ensure its leadership is not running amok with the Scottish game, in the same way previous incumbents of Ibrox did.
Or, a few months after Craig Whyte crashed a football club after telling everyone he had enough money to complete the season, will the football authorities look the other way? Again?
Click here to read the fabulous CQN Magazine for free, or strain your eyes squinting below. You can also buy a hard copy of the magazine here from Magcloud.
[calameo code=000390171a36dad35d58c lang=en page=8 hidelinks=1 width=100% height=500]
415 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- »
SFTB
When you read some of KK’s inclusions, and some from the young team, you can’t but notice that quite a few legends will slip through the cracks.
As a more seasoned supporter (auld b*****d) – Henrik Larsson was the greatest player I have ever seen and every member of the current squad are every bit as great as they carry the torch forward.
The NTV feature ” they embarassed the hoops” was an episode that none of us should be proud of.
Picking individuals from a tidal wave of righteousness doesn’t matter, as we will all end up on the shore of belonging.
Hail Hail
Teuchter ár lá
Henrik Larsson : imo, the greatest player I’ve ever seen, Messi included.
I can’t recall exactly which match, but it was for Sweden and he scored a goal from a high speed horizontal dive….I’d never seen anything like it. It was quite incredible. He was that rarest of all-round footballers, a fabulous individualist, and still a wholly unselfish team player, sure in his own amazing talent with great humility, a great love for Celtic and great servant to the club.
Anyway…..ye olde scratcher calls……gotta sleep sometime,might as well be now.
HH.
Miki67
was against ole Stilian Petrov’s Bulgaria.
Yes siree…..the greatest.
ps..Have ye got that CSC sorted in Bournemouth yet?
Teuchter ár lá
G’night all
I wish ah could dance like the wee zombie.
http://www.youtube.com/watch?v=4zt06w1eEOs
Teuchter ár lá
That was the game! Incredible. No, I’m a CSC of one. It’s all too haphazard here.
When the old place was up and runnng it was brilliant. Gone. Scattered to the winds.
Still happy being a Celtic mad Tim in the south of Ingurland, spreadin’ the good word and wearing the colours free from fear and intimidation.
We seem to be liked everywhere except in the blue alleys and byeways of Scotland.
I even manage decent banter with Chelski supporters down here. I have good craic with one Spurs supporter in particular. No one round here gets lairy…..except the odd hun who’ll occasionally emerge from a sewer and clank around all arrogant and wild-eyed before drowning in hs own alcoholc mist.
But I’m well looking forward to my next pilgrimage to Celtic Park in November. When Messi ran into Big Vic….should be a great night.
HH!
@Wee_Oscar: I’m sure u appreciate, things are changing here by the hour. Highs+lows, smiles+tears. But the fight Oscar is putting up is **UNBELIEVABLE**
MWD
Thoughts and prayers for Wee Oscar
Keep fighting wee man
Morning all,
Trying to put together a list of my 20 favs.I suppose it’s hard when we’ve been listening to our older fans talking about Charlie tully,John Thompson,Patsy gallagher and their ilk.
I think you can only go with what you know.
FWIW,here’s my top 20,in no particular order:
Jinky
Billy McNeill
Hendrick
Bobby Murdoch
Chris Sutton
Roy aitken
Tommy Burns
John Clark
Bobby Lennox
George Connelly
Davie Hay
Kenny Dalglish
Danny McGrain
Packie Bonnar
Harry Hood
Bertie auld
Paul McStay
Tommy Gemmell
Alan Thompson
Paulo Di Canio
Please god help wee Oscar in his time of need !
The wee warrior is an inspiration to us all.
My prayers are with you and your family our wee big man
Morning all!
Thoughts and prayers with wee Oscar and his family at this time.
YNWA!
HH!!
Morning all from a bright North Ayrshire.
I haven’t read back. But it seems wee Oscar is poorly. May the Good Lord keep him and his family in His care.
Good morning CQNers,
After reading Mrs Knox’s blog on Oscar’s bravery and the fortitude of the family in the face of such trials it puts everything else into its proper perspective, may God help and protect them.
So far the Rangers collapse has hardly registered on the consciousness of the English Home Counties folk. Their lack of knowledge, and it has to be said their lack of interest, is quite revealing and in most conversations I have it seems the only common denominator is the dislike of Neil Lennon. Now why is that?
The Scottish media and Rangers apologists have managed to suppress the full extent of the Rangers story.
What is needed is a headline story, something to destabilise the crumbling barricade that ring fences Rangers and undermines the Scottish authorities who have afforded Rangers preferential treatment for so long.
I’m pinning my hopes on HMRC’s much delayed FTT report. When they report the obfuscation will have to cease and the world, even Home Counties folk (who believe the world revolves around them) will take note.
My fear is the Scottish authorities will play on the civil unrest fears in the same way as the Northern Ireland government did when introducing internment (covered in Ciaran MacAirt’s ‘The McGurk’s bar bombing’ and which I thoroughly recommended.
Nonetheless, I’m pinning my hopes the political imperative (Westminster) to highlight the government’s war on tax evaders will take precedence over any Scottish anxieties.
Alex Salmond and the rest of the Rangers protectors can’t possibly continue to defend Rangers when their flagrant criminality is exposed and who knows, they may even criticise that disgraced pillar of the Scottish establishment.
Another Monday dawns and the FTT findings remain gathering dust on someones desk,
will it be this week? will it be next? will it tell us what we want to know?
One thing is for sure
No matter the content within it, there will be more questions than answers,
the trick is of course ensuring that the said questions are asked, and if need be
Asked again.
And again
And again
miki67 I’m a CSC of one. It’s all too haphazard here.
When the old place was up and runnng it was brilliant. Gone. Scattered to the winds.
Still happy being a Celtic mad Tim in the south of Ingurland, spreadin’ the good word and wearing the colours free from fear and intimidation.
We seem to be liked everywhere except in the blue alleys and byeways of Scotland.Pal if u ever get lonely , we hav a Csc across the coast in Southampton . Ud b more than welcome tae come & watch a few games with us hh
Charles Green and his 500 million fans. Those fans who he claims will PAY to watch Rangers games via a smartphone, all over the world. The key to Rangers future off the radar wealth is based on this and other similar staggering claims from the increasingly comical figure from Yorkshire
Now we all know Green is exhibiting strong signs of desperation. Only a desperate man would make the claims he makes. A confident man, with a viable plan, and sufficient liquidity to see him through the next 3 years, would say little now the season books are in the bag. However a desperate man will overhype ,oversell and over exaggerate every position in an attempt to convince the gullible
Lets look at where Green is just now, and where he stands in relation to his previous claims.
Investors
One investor of note, in Dubai, who has committed £2 million. The rest are a collection of unknowns or individuals with as much visible wealth as Craig Whyte. It’s not an impressive list, and its defined by a lack of Scottish investors. The Rangers supporters of substance who know as well as anyone how much of a challenge their club faces have voted against Green with their wallets
Advisors
Zeus Capital are very much Z list. Whilst nobody expected Goldman Sachs or JP Morgan, Zeus really are scraping the barrel. Founded in 2002, they liquidated in 2009 and reformed after a series of name changes, ending up with their original name. Their turnover is a paltry £1.6 million and they have made losses on 3 out of the 4 years they reported. The profitable year showed they made £10,000 ( or one days wages for a decent EPL player)
Board
Malcolm Murray has had a decent career and is a cut above anything else on the board, however he is non exec and won’t be running the business. Greens track record is less than stellar. He claims to have floated 30 companies, although there is no evidence to support that claim . What there is evidence a plenty of however, is involvement with a large number of failed business’. What there isn’t is evidence of success. The other 2 directors are Imran Ahmad and Brian Stockbridge. I have checked on both of these guys and can find no other business where they were appointed as Directors. In fact Equifax are quite explicit in that they have never been a director of any UK company. Rookies by definition have no track record and Rangers is not the gig for a rookie, as the evidence of the team shows.
So based on Investors and advisors and the board there has to be huge question marks over Green . It is therefore best to turn to what he has achieved and to look at his promises to date.
CVA
Well he didn’t guarantee the CVA would be accepted, but he told anyone who would listen that he was very confident it would be. In fact he went further , he said he had been told verbally it was , and was just waiting for a letter from HMRC to confirm. I think we can take it now that this was either an outright lie or he is a an who doesn’t understand what he is being told.
Playing staff
Tom English reminded us that Green claimed to have 19 players lined up, 5 of whom were playing at Euro 2012. Not only did he fail to deliver a single player who was at Euro 2012, he only delivered 40% of the number he wanted and his manager was desperate for.
SPL entry
Green was desperate or this and told anyone who would listen that the SPL needed Rangers and commercial contracts would not be honored without Rangers. Green told potential investors he was very confident that SPL entry would be confirmed with sanctions which had minimal financial impact on Rangers
SFL entry
Having been made to look foolish over SPL entry you would think Green would have learned the lesson, however he and his media attack dogs such as Traynor and Young continued to offend the very people who held Rangers future in their hands. Threats and intimidation of Armageddon had no effect, and Green’s arrogance and condescending attitude contributed to the decision to allow Rangers entry only at the very bottom of the SFL . The Blue Knights financial plans always envisioned an SFL 3 start, however Green did not and reacted predictably by appealing to the worst element of his fan base.
Having failed miserably on the CVA , Squad recruitment and League entry it’s wise to be highly skeptical about Greens other claims. These claims are so many in number and wild in their nature it would take a mini series just to dissect them. However I want to return to the claim of 500 million paying subscribers for Rangers games
500 million paying subscribers
Lets look at the key elements of this claim .
That’s 7% of the worlds population. However crucially 32% of the world is under 18 and 6% is over 75. That means that Greens 500 million is actually 13% of the population in the age groups with economic decision making
However Rangers are almost completely unknown in Africa and Asia, so using the demographics of Europe , North America and Oceania , Green expects over 40% of these people to pay to watch his club. When you factor in the age groups he is claiming that over 7 out of every 10 men and women in these continents will pay to watch Rangers
That is itself is so grossly overstated , it should make any statement he makes subject to scepticism . To make statements like this in the pursuit of cash from a financially unsophisticated audience is both shameless and shameful
To put his claim into context it is best to compare the worlds most successful leagues and their record in this area.
The NFL have a contract with Verizon , the mobile company, to provide exclusive live coverage. Verizon initially provided this free to subscribers, however now change $5 per month to watch this. Verizon’s total subscriber base is 102 million and of these approximately 14 million pay for the NFL service. That’s to watch every single team in the league. Every single one of these 32 teams is bigger than Rangers
The smallest team by revenue in the NFL is the Jacksonville Jaguars with annual revenue of $239 million or 3 times the size of Rangers
That puts Greens nonsense into perspective . He is claiming that he can sell to 35 times as many subscribers as the entire NFL. Baseball has even less subscribers than the NFL. Green claims he has been in discussion on Wall St regarding investors . I seriously doubt that claim, however if he did manage to get in front of anyone to make his pitch, then the certainty is he would be told he is certifiable, delusional and in serious need of a reality check
It’s not a pretty picture for Rangers fans . They are being asked to buy into a man who has failed time after time, has not delivered any key objectives so far and makes claims of a future which is a figment of his imagination
They should trust their initial instincts that he was a charlatan. We as Celtic supporters should hope he remains, because as long as he is there it prevents the credible and capable from taking over
Visiting family in Donegal since Saturday so have missed out on much of what’s been happening , just got online now and discovered Wee Oscars setback .
Please God help this wee man and his family , they have been through enough .
Thoughts and prayers , as always with Wee Oscar and his family.
Magnificent barcabhoy.
That’s going to every sevconian I know.
Werentwarnedmyass CSC
TGSC,
Sailing On….
Excellent from Barcabhoy.
Green been in discussion with Wall St????
More like discussion with the wall in a Shirley Valentine sort of way.
Barcabhoy
08:47 on
15 October, 2012
One investor of note, in Dubai, who has committed £2 million.
…wusnae me!
Excellent article barcabhoy
So the Zombies are a new business pretending to be an old one being floated by a company that liquidated and started over. They are run by a CEO who has more business failures on his record than Del Boy and managed by a bad comedian with all the football management skills of Rodney.
Never mind. Next year they will all be millionaires …
Barca
cracking analysis
Mr Green is getting his Wall Street confused with his Derrys Walls
lets be honest you would need to be well short of some grey matter to buy into this moonbeam, unless of course you had wealth that was off the radar,
now where could they get someone like that?
Barcabhoy
Once more you have shown the MSM how the bampots of the new media are the best source for what’s really going on with Sevco.
Excellent.
Barca
Good post. (btw Imran Ahmed was a director of Allenby Capital.)
Looking at the options for exit of the original Sevco investors, assuming of course that they want an out, and have no long term interest in managing a football club.
The proposed IPO looks likely to be needed in full or in part to support the cash call over the coming 3 years, so it’s unlikely the original Sevcovians will see any return from it. Green’s recent comments indicate as much.
Given above, there is no material prospect of a cash return over the same period.
Unless there is a seismic change in the Scottish football landscape – EPL/Euro league – it seems unlikely that the market value of Sevco’s shares will ever exceed coupon, thus a market dump is off.
Which leaves us with a second share issue in due course, or a hive up of property assets? The IPO will set a benchmark for the appetite of ‘the market’ for Sevco’s offering. If it falls below target, I think the original Sevco investors will be looking at more imaginative ways to get their money out. I’m expecting headlines in due course such as…
…Green’s hive up is no honey pot for angry bears
Top of the morning to you all from a sunny but frosty Fife.
Interesting article by Paul McConville and this humourous/optimistic one in yesterday’s Sunday Post:-
Headline:- Green: Gers supporters are ready to dig deep.
CHARLES GREEN claims Rangers’ supporters have shown great enthusiasm for the club’s proposed £20-million share issue, writes BRIAN FOWLIE.
Earlier this week the club’s Chief Executive announced plans to seek admission to the Alternative Investment Market (AIM) of the London Stock Exchange.
Raising up to £20 million through an Institutional investor placing and limited public offering would, he said, provide money to strengthen the squad and improve club facilities.
With fans being asked for a minimum outlay of £500, there were some doubts about how high the take-up would be.
However, Green (below) said: “By close of business last night, Capita, the company handling share registration had received registrations of interest in buying shares which, on completion, would be a very significant step towards us achieving our objective.
“Although these are registrations of interest at this stage, we find this a very encouraging early response.
“This is an early indication of interest but I would like to thank fans for the support they have given the process so far.”
Rangers aim to join the AIM by the end of November.
Green added: “I think this shows once again that Rangers are a big Club with a big support.
“Now we are a debt-free business there is every opportunity for the Club to be run efficiently, effectively and successfully.”
Bazza Ned has millions stick away in dubhai and would be pliable as would John Viola
HH
Bhoys Barca away tickets!!
I have 2 extra tickets for the Nou Camp if anyone wants them. Message me or get my mob and email from paul67
Kikinthenakas
Just remind the prospective Sevco share buyers of what happened to the share holders of ‘Real Rangers’.
That should inspire confidence.
I know there are many on here who still believe that Ticketus are somehow ‘on the scene’, hidden amongst the ink at the bottom of an impenetrable paper trail. @rangerstaxcase, however, has said on more than one occasion that they believe Ticketus’s involvement to be over, and that they have taken the hit (an almighty one at that).
Amidst the thicket of questions surrounding this topic, I’m still bemused as to why Ticketus gave Whyte all of that dough in the first place, or for that matter why clubs like Hearts and Rapid Vienna allowed themselves to get involved with Rangers.
The writing was on the wall years ago, in 6ft high letters, that this was a club in freefall. Why would anyone in their right mind expose their company for multiple £millions by engaging financially with an impoverished company run by a well-known shyster who had been disqualified as a director in the UK, and who technically faced imprisonment for his actions?
There’s either going to be a ‘Usual Suspects’ style reveal, or we’re just left with yet another resounding piece of evidence that intelligence is no prerequisite for being in finance.
Barcabhoy
Not forgetting any ‘Super League’ prior to 2018 would be under UEFA and they cannot compete in any UEFA competitions until they have 3 years of accounts.
Glasgow’s Green & Whyte!
And long may it continue…
Former Collyer Bristow partner and ex-Rangers Football Club company secretary Gary Withey has dropped plans to join the £25m trial over the football club’s finances as a defendant.
The Lawyer reported in August that proceedings had been delayed after Withey expressed a desire to defend himself against allegations regarding his conduct in a claim for damages against his former firm (13 August 2012).
Withey could not be contacted, but The Lawyer understands he no longer wants to be a defendant in the case.
The case has been brought by Rangers’ administrators at Duff & Phelps against Collyer Bristow. The firm is accused of “deliberate deception” in relation to Withey’s role in businessman Craig Whyte’s doomed takeover of the Scottish club.
Withey, who is now a consultant for Segens, had instructed Mayer Brown partner Will Glassey and Wilberforce Chambers’ John Wardell QC to represent him.
But he is now represented by the same Clyde & Co team acting for Collyer Bristow.
Taylor Wessing restructuring partners Nick Moser and Neil Smyth and South Square’s Mark Phillips QC are instructed for the administrators, with Clyde & Co partner Richard Harrison and senior associate Nicole McKinnon and 3VB’s Cyril Kinsky QC and Matthew Hardwick and Wilberforce Chambers’ Ian Croxford QC representing Collyer Bristow.
The trial will be heard in 2013.
Rangers has since been reformed as a ‘newco’ and this week announced its intentions to float with a £20m IPO. Field Fisher Waterhouse and Travers Smith are involved (11 October 2012).
myboysnowatim
nah I wouldnt be reminding them of anything at all,
as the old saying goes
eejits and their money are easily parted, (okay I paraphrased a bit here)
leave them to it
anyways why would they worry about chuckie and his investors are already committed to under writing any short fall.
with leadership like that their ship is heading in the right direction, from our perspective
full steam ahead chuckie
TBB
Or Winnie the Green is Pooh.
Or
Winnie the Green Talks Poo.
More seriously surely the ahem “leaders” of our game should be thinking that our game is currently goosed and be looking at the factors leading to the kind of radical change in your article I see is mentioned at the top of the home page.
Che,
Point taken.
Either way I’m hopeful its a win/win situation.
They invest and waste valuable resources believing in the apocryphal proclamatiions of Green, ultimately crashing and burning.
OR
They do not invest in the chancer’s new world order thus bringing them all down never to scourge this countries football environment again.
A wee question. If Rangers are now in liquidation are the liquidators free to commence or do they still have to wait on the report on D&P that Lord Hodges(?) requested before they can proceed?
If yes when will the guardians of law in this country get the finger oot?
kikinthenakas – I will definitely have them if they’re still spare mate.
I will email Paul67 immediately.
TBB – Good point that begs the question…..what the hell did they tell the SFA regarding their financials if they are needing a public flotation to plug a funding gap a mere 7 games into their season? Also what the hell sort of cretin is Green to have set the company up, from basically a clean slate, so as there is a trading shortfall so great he is looking for £20m a mere months after taking over?
No bond posted.
No questions asked.
This will blow up again.
UpOverGoal
I am in the Ticketus do not do walking away camp simply based on human and business nature.
Time as ever will tell but if rtc is right (and he does have the inside track) then CG’s boast if being tax free can add the £27m Ticketus lost to the debt that Rangers walked away from.
Why anyone but a blinded football supporter would want to put money into an organisation with Rangers history of walking away from what they owe, I have no idea.