Yesterday Rangers International issued a statement saying, “Rangers International Football Club plc (“Rangers”) has instructed the law firm Pinsent Masons, supported by forensic investigators from Deloitte, to investigate the connections between Craig Whyte and former and current personnel of Rangers and its subsidiaries.”
Mr Green is both the club’s former chief executive and is a current director.
So what are Pinsent Masons going to look at?
Sevco 5088 Ltd paid Rangers administrators, Duff and Phelps, an exclusivity fee to become preferred buyers of the company’s assets. The company submitted a formal offer which was accepted irrevocably, whether the pending CVA stood or fell (it fell and liquidators were appointed to flush the club away).
However, Duff and Phelps subsequently reported to creditors that the assets were owned by Sevco Scotland Ltd (subsequently renamed The Rangers Football Club Ltd, which is now wholly owned by Rangers International Football Club PLC).
The entitlement which Sevco 5088 Ltd bought and paid for is now under the control of The Rangers Football Club Ltd.
Two publicly listed companies claim control of Sevco 5088, Worthington Group PLC (Craig Whyte’s vehicle) and Rangers International Football Club PLC (Charles Green’s vehicle).
A director cannot simply transfer a company’s assets to another company without shareholder approval (Peter Lawwell cannot setup Sharp Suit Stadiums Ltd and as a director of Celtic sell his company Celtic Park for ‘a Rangers’ (£1) without attracting the attention of the authorities). The assets can only be transferred by shareholders at a properly constituted and minuted general meeting.
If this authority was not granted, the transfer of assets (or entitlement) did not occur, no matter how long Sharp Suit Stadiums operated an illegal football business from Celtic Park. The stadium, and any other assets, would belong to Celtic.
Law firm, Pinsent Masons, together with forensic investigators from Deloitte, will establish if Sevco 5088 shareholders authorised the company’s entitlement to be passed to The Rangers Football Club Ltd.
The stakes could not be higher.
Just over two weeks ago, Rangers International Football Club PLC director, Charles Green (he still is), through the club web site, said, “In a discussion with Mr Whyte, who taped some conversations, I am alleged to have said: ‘You are Sevco, that’s what we are saying.
“This is correct but at that point I had signed a resignation letter and a stock transfer form because it was decided that a Scottish company should buy a Scottish institution. Sevco 5088 wasn’t required.”
This position is still being represented by the company on their web site. That stock transfer form (again, the existence of which is still being asserted on the company’s web site) will be a document of interest.
This claim by Rangers International PLC was updated by their stock market announcement yesterday morning, where they assert, “in addition to the directorships disclosed in the admission document, Charles Green… held directorships in… Sevco 5088 Ltd”. On the same statement the club admitted to 21 directorial omissions relating to Mr Green and fellow director, Mr Stockbridge.
Yesterday’s stock market statement does clarify one issue. Membership of the SFA was granted to Newco Rangers on the condition that Craig Whyte had nothing to do with the club. The club’s position now is that this is not the case. This club is not a member of the SFA. Peterhead and Queens Park have just had a championship door opened to them.
If you hope for effective oversight from the SFA I suggest you forget it, they are not up to the task and have no intention of applying their own rules. Pinsent Masons, not to mention City Regulators, are another matter. The Rangers International board have taken appropriate steps to quickly clarify matters.
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If and when they get their house in order I’m in no doubts they’ll be back up to their old tricks eventually, they could only win titles with a helping hand and they have so much hatred for our success they will do anything to keep up and that will be their downfall again.
They never learn, they were on the radio the other night wanting the same old directors of oldco back on board, if it was my club I would want a clean slate, it’s someone like the bold Turnbull Hutton they need on board :)
sftb
Haste ye back – Celtic man
Hail Hail
Hector loved Cloughie . . Hector got Cloughie to give him £600 K .—Cloughie learned that money in brown envelopes was taxable after all.
“they are not up to the task and have no intention of applying their own rules.”
Not a legal eagle by any means but would this not make the SFA complicit? I’m sure the stock exchange will have something to say about the share offer recently carried out. Did the prospectus carry all the relevant information? There appears to be no dispute now to the fact Whyte was a director of Sevco 5088. (how I wish that was Sevco 1888, just for additional comedic effect of their team being shafted by Green and Whyte).
Are we not now dealing with criminals rather than naughty boys? If there are any prosecutions I find it hard to imagine the SFA will sit idly by….or maybe not.
As an aside….I think the Green brigade are the product of Charles himself. It would explain a lot about his determination to sink the Govanites…..
Paul67
Also think that the SFA will do SFA. The cost of all these lawyers
wont come cheap, and the time frame could be years.
Financially they are fkd and could be out of business(again) before
the legal dispute is settled.
HH
hamiltontim
13:00 on 23 April, 2013
Both my sisters are teachers.
It’s not the easy job that most think.
Far from it.
SFTB, you will be missed, I look forward to your return.
SFTB
Hope to see you on 10th May
Afternoon bhoys n ghirls.
Paul67, If the sfa fail to take the action they would, for ANY other Scottish Football Club, then it’s clear (yet again), that we have a corrupt football association unfit for purpose.
Disband the SFA
V
sftb
I only occasionally contribute but will miss your opinions. Enjoy your close season.
blantyretim
How’s going? Was offline all weekend, you back home yet??
Gute Besserung!!!
setting free the bears
Enjoyed reading your posts. Will be sorely missed.
Hail Hail
Sftb.
Don’t leave the site mate.
I find your posts informative and enlightening.
>>>>>>>
Kojo, stick to the football, your words are wise until you get political.:-((
The first CQNer I met face-to-face was SFTB, at the ole 5 -a-sides.
He is the kind of intelligent, knowledgeable humorous contributor who has helped to make CQN the best supporters’ bus on the ole information super-highway.
We are not so rich in talent that we can afford to lose him, although I understand 100% his reasons for hittin’ the ole lurk switch.
He was right to keep faith in 2008, he was right to keep faith in Fraser Forster, I’ll agree to disagree about Ms Diana Ross.
Paul,
Any truth in the rumour that RIFC are proposing another name change to Rangers Internicene Football Club?
SFTB,
You have made your decision & I respect it.
However, I think you are wrong to take your leave at this juncture.
The inhuman, racist utterances of this attention-seeking pair should ALWAYS be challenged.
Good Luck.
‘ The only thing necessary for the triumph of evil is for good men to do ( or say) nothing.’
Edmund Burke
SFTB
I never liked you !
B/Tim- best wishes on a full recovery. Remember, if you need any professional advice Old Tim taught me all I kno.
Paul if your still around can you answer this ?
Why is our club accepting any punishment from the SFA yet they don’t apply the rules to the cheats.
Starry
No. op yesterday another couple of days in the jubilee clydebank.
Private roim wi fi freeview etc
Pity im in feckin agony o ))
The Quiz will be a breeze from now on
Paul67 –
I agree that the SFA will do…SFA about this. They have proven over and over again that they are not for for purpose and are simply a cabal.
The question we should all address is how to get rid of them. Do they receive public funding of any kind? It should be removed until there is complete transparency in all of their policies, processes and procedures.
The SFA are are an utter disgrace and have been a big part of the problem for a long long time.
UEFA Cup 1983/84
Third round: Celtic v Nottm Forest (managed by Brian Clough).
After coming away with a 0-0 in the first leg in Nottingham (on a frozen pitch) expectations were high for the return.
On the way to CP for the return leg, Clough told the coach driver to make a detour and to stop outside Davie Hay’s pub in Paisley – Davie was the Celtic manager at the time.
He marched in with all the players and his coaching staff, and to the astonishment of the bar staff ordered a round of drinks.
Once the drinks had been consumed he informed the manager to put it on Davie’s tab, and they all marched out again!
They won the second leg 2-1 as well!
HH!!
lol! lol! lol! and it looks great on my phone too…
blantyretim
Nurse Nurse BT needs his medication, I’m just watching Saturday’s game, good goals, great to be Champs again..
Take it easy Mate at your age ye hiv tae!!
DBBIA
I will ask oldtim before I seek youd opinion sir
bournesouprecipe
12:39 on 23 April, 2013
“Could the steak bakes not be higher?”
Allez LeCoist
There. Fixed that you you. :-)
setting free the bears
12:59 on
23 April, 2013
************
Great post SFTB, good luck with the project and I’m sure you’ll skoosh the CQN 125 abstention.
HH to ye!
V
By Monica Villar
April 23 – Controversial Sevilla
president José María del Nido
has said that although they are
still chasing a European place,
the club’s financial crisis is such
that every player has a price on
his head and any of them could
leave in the summer.
Sevilla FC are currently 10th in
the league, eight points away
from Europa League, 12 from
Champions League, del Nido
believes that not qualifying for
Europe next season “isn’t
considered a failed season, it’s
the normal thing”. Nonetheless
he believes the squad he has is
more than capable of playing in
Europe.
“With less than two months to go
for the season to finish, I don’t
want to name names on players
that are up for sale. Every single
player has a price and any of
them could leave us in the
summer”. However he hopes
that Sevilla’s best players –
Navas, Negredo, Medel – will stay
next season.
The 55-year-old insists that they
need to sign players with great
care, “We need to get it right, it
seems that now we have a good
technical team, but it’s hard to
sign good players, even more so
without money”.
Sevilla FC, like most Spanish
clubs, is riddled with debt. Del
Nido defended himself by saying
that Sevilla isn’t the club with
the most debt, “Look at the debt
that the rest of clubs have, that
way you would ask ‘why aren’t
you jumping with joy at the
Sánchez Pizjuán (Sevilla’s
stadium)?’ Out of the 42 current
professional clubs, around 10 will
have to disappear.”
However, he does admits that
some of the Sevilla’s players are
owed money. “Approximately
50% of the squad is owed 10% of
last year’s salary,” he said.
“To put it in another way, a
player that gets paid €2m is
owed €200,000. Anyway, when a
player goes on the pitch, they
just think of doing a good match
for the team. I have been
involved in football for 20 years,
and I don’t believe otherwise.”
Del Nido believes the new LFP
president Javier Tebas will
change things. “It looks like he is
coming with new ideas and the
same criteria as 10 or 11 football
clubs in the Spanish first
Division.” Tebas is not coming to
the LFP cold, he is currently a
vice-president.
A reform of the playing schedule
is considered imperative by del
Nido. “We have to find a solution
to the matches on Fridays and
Mondays, especially the later
ones, we have to get rid of them,
or our stadiums will be empty.
Javier Tebas is aware of this.
There is a possibility that there
will be no football on Mondays
next season.”
But it will be a difficult decision
for Sevilla to go against the
demands of the LFP. “We have a
budget of €55m, of which around
€35m comes from the television
rights. If we decide to tell Media
Pro ‘you can’t televise any of our
matches’ we may win more
members, but we would not have
enough money to pay salaries.”
Del Nido has always been
surrounded by controversy. He is
charged with misappropriation
of public funds when he was the
lawyer of both Jesús Gil and
Julián Muñóz – former Mayors of
Marbella – and could be
imprisoned for seven and a half
years. He is in the process of
appealing this decision and has
said he will remain president of
Sevilla FC until there is a final
sentence.
sipsini @13:12 I did it for 2 years and it was the hardest job I’ve ever done. In those days discipline was not a problem.
There’s nowhere to hide in a class room.
On the funny side I decided one wet morning to take the bus from the station rather than get soaked. My first class mentioned nonchalantly having seeing me on the bus – and that I hadn’t paid my fare.
Cue the jokes about tight-fisted Scotsmen.
For 2 weeks after that these cheeky little minxes walked past me in the corridor, saying nothing, but jangling in their open hands the exact fare. How I wished I had just coughed up.
If you were a Dortmund fan you would pretty pissed off right now. Their club is in the Cl semi final (with a good chance of winning it) and their best young player decides to join their arch rivals!!!
A lot of posters on here slate Celtic for being a “selling club”. This transfer just proves that all clubs except Barca, Real, Bayern and possibly Man City and Chelsea are selling clubs!!
Archie Mcpherson wrote 2 great biographies of 2 great Celtic figures, Jock Stein and Jimmy Johnstone.
The latter book ‘Undefeated’, reveals what an inspiring man Jinky was, the courage he showed in living with MND a true reflection of the courage he showed on the pitch.
Tallybhoy
I was at both legs. The away leg was the closest I came to ending up in hospital due to inadequate policing. The scenes trying to get in that ground were frightening. There were thousands of Celtic fans being sent down a very narrow entrance to the turnstyles. I managed to grab a pole at the entrance to the gate, but the crowd swayed and nearly snapped my arm!.
My memory is bad but I’m sure we had a chance to score in the dying seconds of that away leg. Think it was McStay, but as I say, my memory is poor.
Moonbeams WD. Kano 1000 \o/ Supporting Neil Lennon 100%. Champions. C’mon Wee Oscar.
12:35 on 23 April, 2013
Interesting Paul!
What is our clubs SFA representative/s doing about this?
MWD
———————-
Good Question.
SFTB
I respect your decision but haste ye back, you are missed already :))
twists n turns
It was McStay who missed that chance at the end of the game.
SPF
Green Lantern (((((0)))))
12:33 on
23 April, 2013
So do Pinsent Masons have different handshakes to Freemasons?
More to the point.
Does a Freemason build Big Hooses for nothing.
SFTB
Damn you. You have made me break my own self imposed exile in order to say, I do hope you return.
NB
twists n turns
http://www.thecelticwiki.com/page/I+was+there…Nottingham+Forest+v+Celtic,+UEFA+Cup+3rd+rnd,+1st+leg,+23+Nov+1983
http://www.thecelticwiki.com/page/1983-11-23%3A+Nottingham+Forest+0-0+Celtic%2C+UEFA+Cup+-+Pictures
SPF