Trending
Celtic News Now
Celtic Quick News on News Now
Celtic Quick News
You are at:»»Great Football Swindle reaches court

Great Football Swindle reaches court

701
By on CQN BLOG & Comments

So the day has come. Several of the alleged conspirators in the Great Football Swindle have arrived at the High Court in Edinburgh to face their charges.

It will be four years next week since I first asserted that Rangers would be liquidated, with all of the consequences that would entail. For the last two years I’ve tried to stay away from the subject and to concentrate on the matters which brought us together in the first place, but this issue deserves coverage.

In 2012 the illegal Discounted Options Scheme and Employee Benefit Trusts (only some of which are still subject to appeal) put HMRC in a position to demand payment, and subsequently reject administrators’ attempts to agree a CVA.  Thank you, Sir David.

Charles Green must be a great poker player. He raised enough seed capital to buy the rights to pay £5.5 for Rangers assets in liquidation. From that moment, we thought one of two things would happen:

Green would pull Newco together and within a few years things would look like the old days.

Or, Green would be undermined by those he out-manoeuvred, leading to a likely insolvency for Newco.

There were suggestions early on that Green and Whyte were acting in concert, but, as someone with more experience than I have on matters like this pointed out to me, to be convicted for this type of crime you need to take a billboard advert out explaining your misdemeanours, it’s so difficult to prosecute. Or you need to be very stupid and fall out with your co-conspirators.

Stupidity is alive and well.

Green’s claim for legal fees against RIFC will have a profound impact on the club’s finances within weeks, but the bigger issue at hand is what happens at the outcome of the various criminal charges relating to the disposal and acquisition of the assets of Rangers Football Club, now in liquidation.

If it is proven that the assets were acquired criminally, the transaction is likely to be struck down, meaning the club currently trading as Rangers would lose ownership of whatever assets they have, including stadium and the name “Rangers”, irrespective of who actually controls those assets.

I’ve discussed this matter with many well-informed people and no one actually knows how it will play out, or what the consequences of guilty verdicts would be. The only thing that is known for sure is that outcomes are currently indeterminate, cannot be planned for, and contingencies cannot be made.

The club itself has to get on with business as best it can until whatever happens, happens, but no one should believe that a Duff and Phelps-type liquidation-bounce is normal, or remotely possible again. Assets could be hamstrung for years and left derelict.

Back in 2012 I said the only way forward with any certainty is to start with a clean sheet. Find a tiny club on the brink (there are enough of them), change their name, give them blue shirts, ask St Mirren or Partick Thistle to ground-share, and build your way up the leagues. Let the courts take their course and bid for the assets you want when the dust settles.

But that’s not going to happen. It would require more strategic thinking than is possible right now.  My guess is they’re finished.  Finished.

Click Here for Comments >
Share.

About Author

701 Comments
  1. Pages:
  3. 1
  4. ...
  5. 7
  6. 8
  7. 9
  8. 10
  9. 11
  10. 12
  11. 13
  12. ...
  13. 19

  2. starry plough on

    Dallas Dallas where the heck is Dallas

     

     

    Cracking night that:))

     

     

    I can’t remember what happened they didn’t play in the Cul-De-sac we were all hyped for that:((

  5. mike in toronto on

    not sure why (but I can feel it in my water ….as my old gran would say ) I think we are going to give Well a skelping tomorrow.

  7. Dallas Dallas where the heck is Dallas on

    TontimeTim at 9.17, great post.

     

     

    The victim was the only person punished after shame game 2 .

  9. beatbhoy on

    Was a bit worried the International break had come at a good time for the sheep, but they’ve failed to take advantage tonight, badly, thus giving us the opportunity to affect a 7 point turnaround since the loss to them in September.

     

     

    They’re feeling the pressure, so squeeze hard tomorrow Bhoys, and weaken their morale even further by getting the win.

  11. Delaneys Dunky on

    Dallas

     

     

    Chris is playing left mid for RC u20s. Scored two left peg boomers against Inverness.

     

    He loves MacIntyre and Dodds compared to his DUFC MacNamara management team.

  13. Dallas Dallas where the heck is Dallas on

    Starry, I had two great nights then. Rapid getting cuffed then the Clash the night after then about forty hours later , we won the Scottish cup.

     

     

    It still grates that we had a good chance of getting by Christmas in Europe and going on to the final but Uefa backed that mob’s appeal.

  15. Gerryfaethebrig on

    Almore 9.58pm

     

     

    During the BoS sponsored 9@row my young nephew was 14, he was allowed in our local as long as he was in the corner out of the way, one game, as usual, we dominated they won Laudrop or somebody else they couldn’t afford scored, he actually had a tear and said “uncle, do we ever beat them” for all the people that say they are still with us, they will never die and so on, trust me his tears back then are now tears of joy, they are a busted flush then, now and in the future……

     

     

    He is now married wit 2 daughters but still remembers those tears as a wee teenager, but like most of us he is enjoying their misery whatever club they are following

  20. Gordon64 on

    Will the trial of the century solve one of the great unanswered questions of our time. Who owns the deeds ?

  21. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Quonno.

     

     

    Dermot Desmonds vision of Rangers or Paul67’s ?

     

     

    Or bioth I suppose.

     

     

    Cards on the tlhe table I go for Dermots. I.E The Old Firm dlugging it out in the confines of the SPL without a hope in hells chance of playinng outside of thecauspisces of the SFA. Dermotv will still be main shareholder.

     

     

    HH

  22. BGX on

    Goodness me, We can go top of the League Tomorrow, Looks like the Mibs and the Masons aint doing their Thing, , Im Worried , Their Retribution will be Terrible, Im Off to Hide Under My Bed with The Rest of The CQN conspiracy Brigade…..ScarrieshitlessCFC……

  24. jc2 on

    Just to be smug

     

     

    we only need a point tomorrow to go back to top on goal difference

     

     

     

    ps Better win i go to 2 or 3 away games a year and as always Murderwell

     

    usually one of them

     

     

    pps Was surprised i got a tkt for Jambos cup game

     

     

    pps Kidding

  33. Dallas Dallas where the heck is Dallas on

    Gerry,if Izzy doesnt start tomorrow ,I have every confidence in Kieran.

     

     

    When you get to meet Delaney’s ,you will enjoy his company.

     

     

    Delaney’s, Jackie lost it after Utd’s run of games against us last season. All the griping he did , as well as losing Stuart Armstrong and Gary Mackay – Steven , seemed to have a real detrimental effect on them.

     

     

    Jackie’s focus should have been getting his team up not having a pop at the decisions he felt went against his team.

  35. quonno on

    AWE_NAW_NO_ANNONI_OAN_ANAW_NOO on 16TH OCTOBER 2015 10:20 PM

     

    Quonno.

     

     

     

     

     

     

    Dermot Desmonds vision of Rangers or Paul67’s ?

     

     

     

     

     

     

    Or bioth I suppose.

     

     

     

     

     

     

    Cards on the tlhe table I go for Dermots. I.E The Old Firm dlugging it out in the confines of the SPL without a hope in hells chance of playinng outside of thecauspisces of the SFA. Dermotv will still be main shareholder.

     

     

    Is that how you prefer it or like me, how you see it panning out.

     

     

     

     

     

     

    HH

     

     

    – See more at: http://www.celticquicknews.co.uk/great-football-swindle-reaches-court/comment-page-9/#comment-2697550

  36. leftclicktic on

    Wheres yon charachter Cowiebhoy? :))))))))))

     

     

    There is a buzzzzzzz abooooot the place must be nearly Celllllllltic time.

  37. Gerryfaethebrig on

    Roy

     

     

    Magic photos

     

     

    Can you find one of the Maestro flinging his boots into the jungle ?

     

     

    I like to give you a challenge

     

     

    Cheers GFTB

  40. BGX on

    Watching ITV news…

     

    Regarding the Rugby, Since when did Ireland become one of the Home Nations, Aw i get it, Its a Better Together Thing

  1. Pages:
  3. 1
  4. ...
  5. 7
  6. 8
  7. 9
  8. 10
  9. 11
  10. 12
  11. 13
  12. ...
  13. 19