There are so many plot lines in the epic story that Scottish football has become it’s easy to lose track, especially when the chief executive of the SPL insists that he still doesn’t know if Rangers have a case to answer in connection with improperly registered football players – a completely untenable position on week 11 of the inquiry.
He should know. If he doesn’t, he should resign and allow someone else to pick up the baton.
While this drama has dominated headlines the important storyline happened off-stage. 11 days ago the Blue Knights consortium, fully aware of how time-critical events were, said their accountants needed to be place at 9am on Saturday 12 May for Rangers to achieve a CVA. Even more importantly, they also said that a Newco would not work.
If the Blue Knights men were in place on 12 May creditors could have voted on a CVA this time next week. As it is, creditors still have nothing to vote on, the prospective buyer has not been able to put a deal to them.
Green’s failure to produce an offer since being appointed nine days ago, alongside missing his own deadline to announce a creditor’s meeting on 6 June, are the most important acts in this month’s play, so far. He has to find funders who are able to see a return on investment which Paul Murray and Brian Kennedy tell us does not exist. It’s worth noting that both of these men will be far closer to the financial realities of running Rangers than anyone Green will find in Bangalore.
Unless a consortium can be pulled together that will offer money for the assets of Rangers FC, the company will expire next week when it runs out of money. No CVA, no Newco, no matter what Neil Doncaster does.
Don’t be surprised if Mr Green walks away soon.
You can buy a hard copy of the new issue of CQN Magazine via Magcloud here.
The graphic below is just for a flick through, to read the magazine go here to it’s dedicated site.
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Torrevieja Johnbhoy says:
22/05/2012 at 7:12 am
30 2 Rate This
From KDS:
Right, lads, you do know that until he resigned last week, that Charles Green was Chairman of Nova Resources, a Singapore-based firm supposedly run by local lawyer Chan Fook Meng.
And you do know that lawyers usually act as front men for people with real money.
Meanwhile, Green has mentioned a Singapore family trust as investors in Rangers, plus an Indonesian connection.
Well, Green was appointed to Nova in January, days after Nova Resources was announced as the new name for a Singapore firm called Tembusu Investments.
And why would Tembusu want to change their name?
Could be something to do with this:
11 May 2011
More bad news for Rafat Rizvi, the $600 million (£367 million) tycoon found guilty on corruption and money-laundering charges in Indonesia in late 2010.
Indonesian officials have been infuriated by the difficulty of chasing him and his assets, and have just signed a co-operation deal with public prosecutors in 33 countries, including the UK. Rizvi was sentenced in absentia for 15 years for allegedly stealing from Bank Century, in which he was a major shareholder. But he has been able to live as a free man in London and Singapore due to the lack of an extradition treaty with Indonesia. Could the Jakarta Declaration herald the beginning of the end of such liberty?
Until his trial in Indonesia, Rizvi was chairman and chief executive of AIM-listed Tembusu Investments.
Quite properly, Rizvi, who claims the charges are trumped up and politically motivated, resigned from Tembusu for the sake of the business when the Indonesian investigations surfaced.
Not to mention the fact Rizvi could face the death penalty if sent back to Indonesia.
Could he be looking for a bolthole in G51? :ph43r:
Links are here:
http://www.telegraph.co.uk/news/worldnews/asia/indonesia/7175319/British-banker-could-face-death-over-fraud-charges.html
http://www.thisislondon.co.uk/business/markets/city-spy-law-may-be-closing-in-on-runaway-rizvi-6400392.html
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
I am glad none of our team is involved in Team GB, Olympic football is a nonsense.
Mark Hateley: Ally McCoist may quit with Rangers stars
Thomas Jordan
Sports Writer
MARK HATELEY fears Ally McCoist might be forced to finally walk away from Rangers if the club’s leading stars all quit this summer.
The Rangers manager has been a tower of strength for the Ibrox club throughout their administration ordeal and has continually vowed to remain at the helm and lead the club back from what has often appeared to be an impossible position.
I wonder why i find this hysterically funny?
I suspect Alex Thomson is not so much flagging up any potential saviour in the form of Tristain Whoever… More the deliberate incompetence of D&P…
Why would D&P want liquidation…eh?
Who could possibly have influenced this?
Who appointed them ?
Awe_Naw_
His follow up post is a cracker and if true means there is no way Green or his consortium can pass the fit & proper test.
rangers in administration is the gift that keeps on giving…
A scenario with ranglers somehow rangleing their way into next seasons SPL.
Haveing a squad of youngsters and has-beens could conceivably see them facing a relagation battle!
But wait a minute – the ranglers cannot be relegated!!
They have to be kept in the SPL at all costs.
A strange league we have here.
ASonOfDan
I would like to have seen our entire squad made available for the Olympic team.
It undermines the SFA.
HAil Hail
ST renewed on Friday,fortunate enough to have had it 26 years in a row.I’m not sure what lies ahead,but I must support the team whatever the opposition.I hope PL and DD do right by us and the Club.
The olympics is a bloated, sponsor fest which serves to distinguish between the haves and have-nots. The ludicrous ‘running the torch’; vip routes in london; the iron grip on merchandising. Most of the olympics is a monument to boredom, couple it with the yoobilee and you’ve got the perfect storm of stupidity that is great britain.
dannysbeard-What googybhoy doesn’t know about cardigans,isn’t worth knowing…:}
PS. The brokers for Tembusu were
Allenby Capital, founded by Imran
Ahmad, financial adviser to Mr Green.
Pop went the Green balloon…
AWE NAW 1330
Truly Macchiavellian-you’ve surpassed yourself there,bud!
AsonofDAn
What follow up post ?
I couldn´t find any on RTC.com
HAil Hail
Awe_Naw_
Undermines us finally geting back into the CL more…
I sincerely hope they don’t survive in any form. It doesn’t matter where or when they re-emerge, or what they are called if and when they do.They will always be the putrid agent of the devil incarnate . They are as incapable of change as they are of contrition.
Awe_Naw_
Just put it on.
BADA BING!! 1330
26 YEARS!
Did they allow you into the ground wi yer cot strapped to yer back in those days?
DBBIA @ 13 07 .
Wasted 30 minutes trying to research a man with such an Italian sounding name .
Niente . Nulla . Nada . Zilch…
Surname is very Neapolitan——— several Neapolitan families have left Naples and have moved their massive wealth [ and their South American income stream ] to places like Malaga and Marbella.. .
It fits. .
ASonOfDan
What and tours to America , Japan and Australian dont ?
Ok then only our fringe players
Hail Hail
BADA BING! 1330
Sorry,bud. I think VOGUEPUNTER hijacked my moniker for a bit there.
How’s your new business coming along?
Sof Tunis – along the lines of ‘Italians from Outer Space’ by Alberto y Lost Trios Paranoias?
Saint Stivs on 22 May, 2012 at 13:09 said:
Lol
Well seeing your guvnor is across the pond mate
Jealous as hell :)
HH
M
I remember being in the Broomloan stand one saturday afternoon when, we beat them 2-1 with, McGarvey and Burns scoring for us. It was round about the time when we played Nottingham Forest in the UEFA cup.
Anyway, the quickest i’ve seen the hun hordes leaving in their droves was when, the Broomloan started chanting – “Relegation, relegation, relegation!”
John Grieg was the manager of them then but, not for much longer as, he was sacked a couple of days after that defeat from us. I’ve always wondered if the Broomloan chanting hastened Greig’s demise ?
Hail Hail
Paul67
Having no inside info whatsoever, what you say makes perfect sense.
Rangers are £100m+ in debt.
Rangers have an operating deficit of 33% of their turnover.
Rangers have almost no opportunity to increase turnover substantially.
There is no business deal here. Anyone involved in buying Rangers (excluding billionaire lifelong die-hards) is in it for a scam of some sort. Whyte realised this and went for the scam. Bill Miller realised this and walked away. Whether Green does the former or the latter I don’t know, but it isn’t going to be good news for the bears either way.
‘crushed nuts?’ ‘Naw, Layringitis!’ on 22 May, 2012 at 13:32 said:
Excellent post
Sporting integrity is another laughable point where the 5 rings are concerned
Certainly i will be giving the bore-fest of union flag waving, London loving Olympics a big miss
More rain for the Giro today. Great to see Glasgow continue to trump Italy for weather.
!!Bada Bing!! on 22 May, 2012 at 13:30 said:
ST renewed on Friday,fortunate enough to have had it 26 years in a row.I’m not sure what lies ahead,but I must support the team whatever the opposition.I hope PL and DD do right by us and the Club.
………………………………………………..
How will you feel if, PL and DD, DON’T do the right thing by us ?
Only asking ?
Hail Hail
Ole Olympics have more or less sportin’ integrity than the FIFA WC?
I’m not a big fan of the Olympics, but I think the Games are now, post the Salt Lake City clean up, less modern sport is rubbish than the WC.
Murphy to Ipswich for £300,000 this week.
Just hope we can get Rasmussen out the door.
Good afternoon folks from a hot and sunny Sahara desert.
Just a quick question for anyone with a twitter account, who is worth following on it? Joey Barton, mental but entertaining anyone else?
Hearts owner focusing on sale of club, not Sergio future
By Brian McLauchlin
BBC Scotland
Hearts owner Vladimir Romanov says he is not giving any thought at present to the future of coach Paulo Sergio.
The Portuguese boss is out of contract with the club after Saturday’s Scottish Cup final against Hibernian.
“I’m not thinking about these things. I am just considering selling the club. Seven years is a lot for me,” Romanov told BBC Scotland.
“This depends not only on myself. If a buyer appears and gives us a good proposal we will consider that.”
And he continued: “It is also based on other ideas, like a stadium. Edinburgh needs a stadium.
“Also, I have invested more than £30m so I need to consider that also.”
Hearts have an option to extend Sergio’s deal and the manager himself would prefer to stay, at least in the short term .
However, as the club continues to cut its budget, it is not clear if it will choose to retain his services.
Continue reading the main story
“
I want to raise the question why Hibernian did not want to play in Edinburgh, why they wanted to play at Hampden
”
Vladimir Romanov
Hearts owner
Romanov is in Scotland to watch his team contest the historic meeting of the two capital teams in Glasgow, but he would prefer that the fans were not making the journey west.
“I want to raise the question why Hibernian did not want to play in Edinburgh, why they wanted to play at Hampden,” he said.
“I think it’s a very important game. It [a Scottish Cup final featuring Hibs and Hearts] was last played in the 19th century.
“This is a big event for the players, the fans and the coaches.
“I think it should be in Edinburgh.”
In a wide-ranging interview, Romanov repeated his dislike of the “monopolies” that exist in the Scottish game.
And, on the live issue of whether a “newco” Rangers should be admitted to the Scottish Premier League, he said: “To keep sporting integrity is very important.
“Football federations should be independent, run according to the country’s laws and regulations.”
Reflecting on his time in charge at Tynecastle, Romanov felt he now had a greater understanding of the local culture and that that experience had in part repaid the £30m he says he has put into the club.
“Not everybody understands that sports like basketball in Lithuania or football in Scotland are not just a sport, they are part of the culture of a nation,” he added.
“It is our lives.
“I now see a different picture and understand the local culture in different ways so it’s good what I got back.
“I’m more relaxed now because I know the players and the team and the coaches and my enemies are not so powerful.”
Cashflow problems have caused Hearts players to be paid late on four occasions this season. Romanov’s aim is for the club to become financially viable without the aid from his parent company, Ubig.
“It’s up to the club to find a way to be sustainable themselves,” said the former Soviet nuclear submariner.
“You have to work a lot on the academy, on the youngsters who will step up into the team later.
“It’s difficult to find good foreigners, as I did earlier.
“Also, I don’t have the time to try to buy good foreign players that will be a good fit with Hearts so it’s better just to establish a good policy in the academy.
“When I came at first, I always tried to find a mix of local and European guys in the team. My goal was to find a good balance.”
How will you feel if, PL and DD, DON’T do the right thing by us ?
– I shall get on the blower to S.P.Jardine and insist he starts walkin’ in protest.
Sandy’s shoes are made of mithril.
Crushed Nuts
Olympics just a big drug fest and business opp. disguised as true sport.
Jubilee just an excuse to wave a union jack and have a street party while waiting for Madge to turn into Queen Mum.
Paul67
Greene is the new Duff and Phelps he has become the new administrator for RFC IA he is now actively looking for buyers (joint) to take on the club. It is a total farce and a disgrace to the sport of football in Scotland. Someone should step in and end it all.
ISTANBUL CELT
Sahara desert?
Did GOOGYBHOY run you home from the pub the other night?
The talk of renewing season tickets again I see. I renewed right away, did not think twice about it.
The board know how strong our feelings are on the matter and while rangers in administration are doing such a grand job of putting themselves out of business why would they interfere.
To have spoken out now would have dragged us down to the level of FPLG, Jardine & HATEley.
HH
ASonOfDan
And Paul Brennan and Alex Thomson and Phil Mac Giollabhain ?
Hail Hail
The Moon Bhoys
For Green, it’s all to do with deadlines and due diligence to salvage something for next season.
As for due diligence on Tristan Loughren/Loughrey, well it stumbles at his name. No one can find anything out about him, and the whole proposal on Thomo’s blog sounds very Craig Whyte and Moonbeams.