This afternoon’s statement from Octopus Investments was very professionally written piece. It was designed to give investors a sense that the business has taken appropriate steps to secure money spent with Rangers.
For a start, we now know their company, Ticketus, “purchased tickets for Glasgow Rangers games for a number of seasons”. This clarifies one matter, money received by Craig Whyte’s solicitors back in May last year was a straightforward purchase, not a loan, so VAT was applicable, and should have been declared and paid. We can assume this VAT was not paid, whether it was declared or not will determine future consequences.
Octopus explain their investments are “designed with capital preservation in mind”, with “appropriate security being available” and “extensive due diligence”.
A reasonable interpretation of this is that the company have sufficient security to ensure that they have rights to sell Rangers tickets for parts or all of the stadium in years to come, although, the company stop short of making a firm statement on what is, after all, a private commercial matter. They add that “no trading activity is risk free”, no one can assume there will be a Rangers in the future, and while their statement mentions Glasgow Rangers, it does not specifically mention a legal entity.
A floating charge exists over the stadium in Craig Whyte’s favour. This would see the stadium revert to Whyte in the event of the club being liquidated. Octopus may, or may not, have a claim on this floating charge.
Armed with this information, the administrators and Strathclyde Police will be keen to learn why none of the money for Rangers tickets went into the club. Perhaps more importantly for any potential phoenix, questions remain over exactly who owns what claims on the stadium.
There could be a lot of sentimental photos being taken at Ibrox tomorrow.
All levity aside, this club is enduring a seemingly unending trauma.
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There was some incredible late night action on the eBay action for the signed Celtic top in aid of the Vanessa Riddle Appeal. I’m stunned, check out the link below. You are pushing the reputation of supporters of Celtic Football Club ever higher.
Bid and help send Vanessa for the treatment she needs by clicking here. Only one day left.
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Apologies if this has been mentioned already, not read the blog today, but a mate of mate is a big hun and the story goes that this Sunday night there was supposed to be a Huns FC Hall of ahem…Fame dinner in the Grosvenor.
£125 ex VAT a head.
My mate’s mate bought a table of 10.
he was told yesterday that the Dinner has now been cancelled on Administrator’s orders and no money is being refunded. The VAT on the tickets has also been kept by the adminstrator ;-)
Those who have bought tickets are now officially creditors of the huns.
They are not a very happy bunch of campers just now…..unlike us ;-)
HAIL! HAIL!
Token
How many times did we hear the words” he brought on himself” of course I mean Lenny last year.It does not seem to apply to Going to the Wall(Derrys)FC
****TKF PREDICTOR****
This weeks fixtures are now up on the website.
HAIL! HAIL!
Token
Ho Ho, a cheeky wee First and completely unintentional, merely good timing
:-)
HAIL! HAIL!
Token
TimJim says:
17 February, 2012 at 16:59
How many times did we hear the words” he brought on himself” of course I mean Lenny last year.It does not seem to apply to Going to the Wall(Derrys)FC
Missed out the word it
Repost
We keep hearing RFC are more than a football club and in essence that is true to a degree for various reasons I will not go into here. We have also heard from politicians they form part of the fabric of Scottish society.
What we don’t hear is that if RFC are more than a football club then by default they have more responsibility than a football club and by default more responsibility than your average business. So if we assume RFC have a bigger responsibility to their customers than most other businesses why have they acted with financial abandon to the point of ruin.
Surely because of their extra responsibilities in society they had to act above reproach more so than any other footballing business.
RFC should atone for their gross dereliction of duty to Scottish society’s fabric and there should be no bail out for any business charged with so much responsibility getting it so grossly wrong to the point of almost criminal carelessness.
–
Its probably been mentioned before (might be a bit late) but now would be a good time to form something like a Celtic taxpayers alliance and fronted by a well versed legal spokesperson to counter the gathering political campaign for the bailing out of RFC
I would gladly contribute to any campaign that decided to take on this quest for taxpayers justice
No one should be too big to fail again and that includes RFC
Top 10?
‘A floating charge exists over the stadium in Craig Whyte’s favour. This would see the stadium revert to Whyte in the event of the club being liquidated. Octopus may, or may not, have a claim on this floating charge.’
That’s not quite correct. The charge would give him the right to sell the stadium to recoup the money he’s owed. Any surplus over and above would go to the Administrator/Liquidator. It’s not like he just gets to keep the stadium.
As for Ticketus they will have security of some sort. My hunch is they’ll have a floating charge over Wavetree.
SFA to conduct full inquiry into the NoPopePaupers- on shortbread just now
7 is my favourite number!
Paul67 – “all levity aside……” You’ll forgive me for turning down the offer?
The historic front on the big hoose will look good when Ibrokes is sold and turned into a supermarket instead of the current sign showing Rangers FC it will be a nice green sign saying ASDA. H.H.
Unbelievably generous bid for the signed top for Vanessa.
Take a bow whomever you are.
HAIL! HAIL!
Token
The octopus put out its hands,but there were to many takers..The octopus will have to start selling Rangers memoribilla..
\\\\o////
Scott Brown impersonates the Octopus
I wouldn’t be getting my hopes up re the SFA statement.
Hot air, they should have taken action before now as should the SPL. NADA.
A feckin joke, every damned last one of them.
levity? what levity? ;-p
Paul,
to further complicate the mire that they find themselves in, Close have a fixed charge over the assets of Rangers.
Looking forward to the Easter (Road) Uprising on Sunday.
Hail! Hail!
DavieL
Wee craig sends his apologies for not goin’ to the game ramorra.
He’s stayin’ in to wash his hair.
While the SFA statement is welcome, I worry a little bit about the final paragraph.
‘It is essential that we work together to improve the overall sustainability and competitiveness of the game in this country’.
Meaning Ranjurs must still be around?
Maybe I’m just being paranoid.
I have read the statement from Ra SFA and whilst it does give the idea that there has been a lot of shenanigans going on I have to say it is too little, too late from a Euro Licence and Fit and Proper Person perspective. That aside, I was also drawn to the last paragraph –
“Finally, I would like to reiterate the need to learn the lessons from this unedifying episode. It is essential that we work together to improve the overall sustainability and competitiveness of the game in this country. This is a matter that the Scottish FA is already in discussions with the relevant league bodies to address.”
TO PARAPHRASE – NO MATTER WHAT THEY HAVE DONE, NO MATTER WHO THEY HAVE CHEATED, NO MATTER WHO IS RUNNING THEM – WE NEED TO LET THE GERS BACK IN.
Two men have been arrested for allegedly posting threatening comments online aimed at senior staff at Celtic FC.
Strathclyde Police raided two properties, one in Aberdeen and the other in Stamford, Lincolnshire, early this morning.
A 21-year-old man was arrested in Aberdeen by officers from the force’s hate crime unit. He is expected to appear at Glasgow Sheriff Court on Monday.
The National Football Co-ordination Unit arrested a second man, aged 18, during a raid at his home in Stamford.
Both men are alleged to have posted threatening and offensive comments on a social networking website.
Chief Superintendent Wayne Mawson, divisional commander at London Road police office in Glasgow, said: “Given recent events, some individuals may take the opportunity to post abusive or offensive comments.
Read more: http://www.dailymail.co.uk/sport/football/article-2102645/Two-men-arrested-alleged-threats-Celtic-staff.html#ixzz1mezGrBi0
James Forrest
Brilliant piece, as usual.
Octopus looking to get their squids back.
Ticketus (again)
Does the deal relate only to STs or to gate money generally?
If newco inherited the deal but orcs decided to pay at the gate rather than buying STs?
Is the 4-years binding or would a certain amount have to be paid back over that time?
I know it probably doesn’t matter really but it’s bugging me…
What happens when the Octopus meets the Gorilla?
1) it seems certain that the signing of Cousin is not be permitted by rules related to the transfer embargo to which Rangers FC (in administration) are subject – it is therefore official that the last player that they sign (but will not pay for) is Celik!
2) Glasgow’s anticipated boom in tattoo removal services appears to be overestimated as the “No Surrender” types are pointing to a 5-star cluster f@#K which is unquestionably all theirs
Must admit, I am loving this panto across the city. I would go as far as to say ‘I just can’t get enough’!
Thank god we love in the age of the Internet. Imagine having to rely on the radio phone ins and newspapers to be kept up to date? Cheers Paul 67, big phil, rangers tax case, etc.
More arrows from all angles but are they sharp enough to wound the beast
The Scottish Football Association has announced a formal investigation of Rangers, citing: “The Scottish FA’s previous efforts in obtaining information relevant to the fit and proper person requirement has been restricted by the club’s solicitors’ continued failure to share information in a timely or detailed manner.”
http://news.stv.tv/scotland/west-central/297910-rangers-owner-craig-whyte-will-not-return-to-ibrox-during-administration/
SFA Independent inquiry complete !!
Conclusion – Catholic schooling is at the heart of the present debacle.
The Scottish FA can today confirm its intention to conduct a full independent inquiry into the activities of Rangers FC and, specifically, a number of potential breaches of the Scottish FA’s Articles of Association.
We are concerned by the developing situation at the club and the new information that has come to light since the appointment of the club administrators, Duff and Phelps. The chairman and his panel will be briefed by the chief executive, Stewart Regan, next week and will consult further with the administrators, Duff and Phelps, as part of their inquiry.
We have been guaranteed full co-operation by Paul Clark, representing the company.
The Scottish FA’s previous efforts in obtaining information relevant to the Fit and Proper Person requirement has been restricted by the club’s solicitors’ continued failure to share information in a timely or detailed manner.
We now feel there is no option but to undertake an independent inquiry to establish the clear facts and to determine the extent of any possible rules breaches.
Stewart Regan, Scottish FA chief executive: “Since we have been unable to receive any detailed information requested in relation to Article 10, we feel we have no option but to appoint an independent committee to investigate a number of concerns we have raised.
“We expect the investigation to be concluded as quickly as possible and will confirm the outcome in due course. We will be making no further comment on the investigation in the meantime.
“Finally, I would like to reiterate the need to learn the lessons from this unedifying episode. It is essential that we work together to improve the overall sustainability and competitiveness of the game in this country. This is a matter that the Scottish FA is already in discussions with the relevant league bodies to address.”
sixtaeseven says:
17 February, 2012 at 17:12
What happens when the Octopus meets the Gorilla?
The octopus would win, all hands down.
Has Octopus lost out before the ink was even dry on the contract? :-)
Octopus familiar with many of the 20,000 leagues under the sea, which is where the newco will be playin’.
wel well well, every time you turn a corner there’s another corner, the twists just keep on coming.
No wonder Sherlock Holmes & Hector are getting on so well.
http://i.imgur.com/l8NBr.jpg
1 boot in the tenticles and he’ll go down :)
Well, I’m putting a few squid on the Gorilla.
You do have to love the optimisum being shown about meeting the 31st March deadline so they will be able to play in Europe next season!
Which part of the current situation makes them believe they will even exist at the start of next season, unbelievable arrogance on their part as usual.
I have still to meet any supporter from any other club that I have spoken with, I include Hibs, Hearts, Dunfermline, Livi, supporters in this, that wish them to survive as an entity at all! Everyone I have spoken with is of the same mind, this is a golden opportunity to rid Scotland of not only a blight on football but on society as a whole.
Vaultbhoy