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?
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Looking for three tickets for Barca away – flights and accomodation already booked.
Anybody help ?
Thomtheleedstim
Done, email and mobile from paul67 and we can sort it out HH
Morning CQN,
A new name for the Sevconians…?
http://en.wikipedia.org/wiki/Ship_of_Theseus#Automobiles
barcabhoy
Excellent analysis – as usual.
These mysterious investors are very – well, mysterious!
A Dubai-based one has invested all of £2 million! Hearing that it could be a certain Sheik Mahaun!?
Coat on!!
HH!!
I dont buy either that Ticketus have shrugged their shoulders and said ” oj thats a pity” …and if they have then its Murray that is saying so.
HH
Are Ticketus not pursuing Whyte’s assets? Although he may have transferred any into his auld man’s name!
BBC May 2012 – Ticketus has formally launched legal action against Craig Whyte over money owed to it by administration-hit Rangers.
The finance firm purchased tickets from the club at the time of the businessman’s takeover last May.
It has been revealed that Mr Whyte gave personal guarantees to Ticketus over the capital issued on the basis of future season ticket sales.
“These guarantees form part of the additional protection built into the ticket purchase agreement that Ticketus made with the club in May 2011.”
“In addition, demand will be made against Liberty Capital Limited.”
It added: “As previously stated, Ticketus will claim upon these guarantees to recover any potential shortfall in monies owed to Ticketus by the club.”
Liberty Capital, which is registered in the British Virgin islands, is Mr Whyte’s finance company.
alex thomson @alextomo
@art_vandelayRFC I’ll doorstep anyone my editor asks me to. Anyone.
They should be careful what they ask for
onlymallony-A bhoy selling tickets in last couple of pages mate.
Anyone got a Google Nexus 7 Tablet,or any opinions?
Ticketus put money in at a time when everyone knew that things were going very wrong. So to me either:
They are very stupid and lost a lot of cash;
They will get their money back somehow; or
They are part of a big scam and will make money somewhere.
Bada Bing,
I usually just take aspirin or nurofen masel…
Gordon_J backing Neil Lennon
11:25 on
15 October, 2012
Ticketus put money in at a time when everyone knew that things were going very wrong. So to me either:
They are very stupid and lost a lot of cash;
They will get their money back somehow; or
They are part of a big scam and will make money somewhere.
……..
Agreed, they cannot possibly be that stupid!
kikinthenakas – cheers mate. I have emailed Paul asking for your details and vice versa.
many thanks.
TTLT.
KICKINTHENAKAS
I need two tickets for the Barca game please.
Pat
Morning CQNer’s
Auldheid
10:34 on 15 October, 2012
“…If yes when will the guardians of law in this country get the finger oot?”
_____________________________________________________________
Sorry to say this but – the huns ARE the law !!! imo
Or have I missed something ?
Any club whose fans can wreck an entire city(Manchester 08) and
‘walk away’ without as much as a slap on the wrist then, that club
can do as they please. Unchallenged. imo
Only saying – CSC
If Ticketus don’t have a plan to recoup their money then would their shareholders be entitled to sue them on the grounds of gross stupidity and negligence?
greenjedi,
As a business decision it appeared to make no sense at all. Why would you buy up future tickets for a club that had no future?
I am getting a few request for the barca away tickets, get my mobile or email from Paul67 and I’ll try and sort you out
Kikinthenakas
!!Bada Bing!!
11:18 on
15 October, 2012
Anyone got a Google Nexus 7 Tablet,or any opinions?
———————————————-
not got one, but looking to buy a 7″ tablet for the wee fella’s Christmas and this one is looking good at the minute. It’s been out in the states for about a year as has the kindle fire ( which is the market leader in this size of tablet ).
however apple are meant to be launching a 7″ tablet here and stateside very soon (this/next month) to combat sales of the 2 previously mentioned and i believe they are looking at a launch price of somewhere between £170 – £200.
We are holding off to see if this happens, but if not i think we would lean towards the kindle fire.
Kickinthenakas
You a tout??? ;-)
Bada Bing – from what I’ve heard/read the Nexus is a decent wee bit of kit for the cash. Only limitations i can see are storage, display contrast and the fact that it’s not 3 or 4G enabled. I would be tempted to wait till Christmas when they might bring out an enhanced/upgraded version that answers all the minor problems described. Hope that helps!
HH
AoW
Busy working this weekend just catching up prayers and thoughts with the Knox family
However if they had a deal for a % of Rangers Football Club season books, surely as the ownber of Rangers Footbal Club is insisting that t hey are still the same club, they can still claim the season books. Or is this just more proof that Green is talking even more rafael?
Bought a tablet last week from Amazon, does what it says for a right good price, other screen sizes and budgets available
http://www.amazon.co.uk/A1CS-FUSION5-9-1-ECONOMY-TABLET/dp/B009B0C0KI/ref=sr_1_9?s=computers&ie=UTF8&qid=1350298016&sr=1-9
HT
How very dare you!
Got 6 then two of the bhoys couldn’t go, we are in the usual spot at the Camp Nou but someone is trying to get us hospitality tickets! Simples!
You going?
Wee group meeting up of cqners so hope to meet up.
Hamiltontim
11:35 on 15 October, 2012
‘If Ticketus don’t have a plan to recoup their money then would their shareholders be entitled to sue them on the grounds of gross stupidity and negligence?’
#####
Stupidity doesn’t give grounds for a legal claim. If it did we would need more lawyers. A lot more.
If Ticketus don’t have an enforceable security then it’s because someone got the law wrong and I’d anticipate a claim against the legal advisers arising from that.
I’m yet to be convinced they don’t have an enforceable security.
I got thisin an e-mail months ago:
Ticketus own The Rangers
First up how the money is being siphoned out of Ibrox back to Ticketus.
The motivation to invest £5.5 million into a club which you have no conceivable interest in has baffled people all over Scotland ever since Charles Green intimated that he wanted to take control of Rangers football club.
Some think £5.5 million seems to be a bargain now that the club has been liquidated but at the time when Charles Green came onto the scene it was potentially a £140 million money pit. Green was still intent on purchasing the club through a CVA but with a paltry offer of £8.7 million for creditors, some would say a deliberate low offer to induce the Liquidation of the club thus ridding Charles Green of the HMRC bill.
So Charles Green bought the assets of Rangers football club for £5.5 million and started a new company called Sevco 5088 which will operate from the premises which used to house Rangers football club.
So the question is still, what is Charles Greens motivation?
First of all Octopus Investments are the parent company of Ticketus. Ticketus are the company who were left £26 million out of pocket when Craig Whyte put Rangers into Administration. Ticketus were Rangers second biggest creditors (first being HMRC) when Rangers went into Administration.
Octopus are investors in the company Zeus Capital who are running Sevco 5088 with Charles Green.
Let me bring to your attention Imran Ahmed and Brian Stockbridge.
Imran Ahmed founded and was Chief Executive of a company Allenby Capital Limited. Brian Stockbridge worked as a nominated adviser at Allenby Capital.
Allenby Capital were brokers and advisers for Octopus on numerous occasions in different business transactions.
On January 2012 Brian Stockbridge joined Zeus Capital and in April 2012 Imran Ahmed also joined Zeus Capital. On the 14th of June Charles Green bought the assets of Rangers and installs these two guys to help run Sevco 5088.
How does Charles Green fit into the Octopus/Zeus cog?
Charles Green is the only man in the whole equation that has any back ground in football or sports when it comes to business in all of this.
Zeus Capital worked with Charles Green when he was at Sheffield United.
Zeus worked with Charles Green when he disposed of Sports Management company, Gresham PE. Now Formation Group.
Remembering that Octopus are financial backers of Zeus Capital and Zeus are nominated advisers and brokers for Octopus there is only one man for the job. Charles Green. And the job is? Getting the Ticketus money back.
It was very recently announced that Sevco 5088 will be using Metro Bank as their banking facility as RBS refused an arrangement with Sevco 5088 and Fast Pay a direct debit company. I believe this to be bull.
Octopus will get their money back……………
Through a company called Caerus Wealth.
Their Group Investment Director is Ronan Kearney who is also the Venture Fund manager at Octopus Investments.
Their Chairman and CEO is Keith Carby who is the founder and Non Executive Director of Metro Bank.
(return of the friendly bank manager)
Octopus get their money without the Sevco 5088 (t)rangers fans even knowing it. Once the money is recouped, Green, Ahmed and Stockbridge sell the assets and that’s their bonus.
Or if an offer comes in that covers all cost and monies its a quick sale and thanks for the £memories£.
Auldheid
BDO have not yet been appointed. there was a creditors’ resolution last week to move to a Winding Up, following which D&P need to get Lord Hodge to dismiss them and asign BDO. I haven’t seen anything in the court Listings today to that effect, but I;m guessing it won’t be terribly long. that said, Hodge has still to give his view on the conflict issue raised by Mark Daly earlier this year. Might not be quite so straightforward for D&P to get rid of the job.
Rogue – yip, it’s all a little troubling. On the one hand, it’s very common for new starts to plan a series of capital raising exercises timed to coincide with certain milestones being reached. On the other hand, it’s rather unusual to start a business that is reliant on raising external funds within 6 months of initial fund raising to fulfil contractual obligations. As you are, I’m rather surprised that SFA/SFL did not ask for a bond, but that was the least of their problems at the time.
I’m more interested to consider what the ‘conditions’ are which attach to Sevco’s ‘conditional membership’.
new article posted.
Kickinthenakas
Sadly no I can’t make it due to work.
Great holidays in my line of work but the downside is not being able to choose when to take them!!
Ernie
I think it’s even more straightforward than that…
… you cannot contract competently using ‘clip art’ logos from someone else’s business…
“The evidence available to the Joint Administrators suggests that the claims made by Ticketus against the Company are unenforceable. The Joint Administrators have taken advice from both solicitors and counsel in both England and Scotland on the validity or otherwise of the claims. The advice received is to the effect that there are a number of grounds on which the claims can be disputed in full.”
Seems they were duped.
4 Corners ABC documentary exposing Lance Armstrong comprehensively outs him and the governing cycling hierarchy. Reminiscent of the RFC and SFA situation.
No longer LA (Lance Armstrong) Confidential.
Barcabhoy
A very informed post.
I felt like I was haudin’ yer jaikit’ as I read it.
Brilliant.
Teuchter ár lá
First time poster here and typing on phone so please bare with me. Have to say i am shocked by the amount of pro independance views on hear . Even more dussappoined when the religion card is played . This was and sadly remains one of the tactics of division used by pro union people. I also find it staggering the amount of people who i assume believe an independent Ireland is essential but under no circumstances should this happen in Scotland. Here was i thinking Scotland was a country that produced some great minds , produced excellent products and in general added to the wealth of the world. I now realise however we are nothing but a bunch of scroungers that need to be attached to the union merely to feed our children .
Sorry for pro independance it should read anti inpdependance