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High stakes forensic investigation, SFA membership

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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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  1. 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 :)

  2. South Of Tunis on

    Hector loved Cloughie . . Hector got Cloughie to give him £600 K .—Cloughie learned that money in brown envelopes was taxable after all.

  3. twists n turns on

    “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…..

  4. 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

  5. hamiltontim

     

     

    13:00 on 23 April, 2013

     

     

    Both my sisters are teachers.

     

    It’s not the easy job that most think.

     

    Far from it.

  6. 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

  7. sftb

     

     

    I only occasionally contribute but will miss your opinions. Enjoy your close season.

  8. setting free the bears

     

     

    Enjoyed reading your posts. Will be sorely missed.

     

     

    Hail Hail

  9. 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.:-((

  10. Dontbrattbakkinanger on

    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.

  11. Paul,

     

     

    Any truth in the rumour that RIFC are proposing another name change to Rangers Internicene Football Club?

  12. Kilbowie Kelt on

    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

  13. Dontbrattbakkinanger on

    B/Tim- best wishes on a full recovery. Remember, if you need any professional advice Old Tim taught me all I kno.

  14. 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.

  15. Starry

     

    No. op yesterday another couple of days in the jubilee clydebank.

     

    Private roim wi fi freeview etc

     

    Pity im in feckin agony o ))

  16. NatKnow - "We welcome the paper-chase..." 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.

  17. 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!!

  18. 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!!

  19. NatKnow - "We welcome the paper-chase..." on

    bournesouprecipe

     

     

    12:39 on 23 April, 2013

     

    “Could the steak bakes not be higher?”

     

     

    Allez LeCoist

     

     

    There. Fixed that you you. :-)

  20. 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

  21. 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.

  22. 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.

  23. 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!!

  24. Dontbrattbakkinanger on

    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.

  25. twists n turns on

    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.

  26. 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 :))

  27. twists n turns

     

    It was McStay who missed that chance at the end of the game.

     

     

    SPF

  28. 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.

  29. Nuclear Bovril and a Half Munched Pie on

    SFTB

     

     

    Damn you. You have made me break my own self imposed exile in order to say, I do hope you return.

     

     

    NB

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