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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I know its been posted already,
but just think about the situation for a moment.
CelticResearch@CelticResearch1h
And yes. It really is this Andrew Dickson who sits on the SFA Club Licensing Committee. Suspend your disbelief now. pic.twitter.com/8INBofM0Gq
Paul just for you
“only in Scotland”
The SFA are a joke of an organisation and even calling them an “organisation” is giving them too much credit. They apply rules selectively and most of the key positions are held by people who were previously, or even presently, employed by the biggest cheats in Scotland. The very fact that Campbell Ogilvie is still in a job says it all about the SFA and what they stand for.
The only positive thing that can be said about them from my point of view, is that their selective application of the rules, and turning a blind eye in an attempt to help Rangers/Newco/Sevco/Debtco has totally backfired. The Ibrox outfit are now in more trouble because the SFA have not applied their own “fit and proper person rules” than if they had have been strict and applied the rule book.
Deadco, the only club ever to go from Institution to destitution avoiding virtually any proper retribution. Administration part 2 will hopefully follow in the next couple of months and we’ll be treated to the further spectacle of the SFA contorting themselves into an even more grotesque position to save them again.
Marti
What a tangled web we weave as we practice to deceive.
DBBIA @ 13 19 .
Diana Ross ———- Booooooooooooooooo..
I have a framed —-The Supremes White Bread – packaging on my kitchen wall..
A spectacular piece of marketing kitsch guff from mid 60s Michigan . White plastic bread, .wrapped in plastic- bearing mugshots of The Supremes .
Mary Wilson / Florence Ballard CSC ——Way down south.
DOOOOOOOOOOOOOOOOOOH
https://twitter.com/CelticResearch/status/326658912763908098/photo/1
SFTB, as part of his MPhil on the erosion of social values in the post-industrial period, is spending the coming 4 months researching the impact of Motherwell’s new generation of Billionaires on social bonds and community integration in the town.
Ordinarily, it would take just 2 weeks of field research, but he’s having difficulty finding a cohort.
I’ve been reading SFTB’s posts since day one and always looked out for them as I always enjoyed them.
Lurking isn’t a bad place to be! hope you do well on your 125
Hail! Hail!
The Lurking Clique CSC
ScotPatsFan
13:35 on 23 April, 2013
Very interesting read. Thanks very much for that. Appreciated.
Livibhoy
“Oh I don’t know if I’m the best manager in the country but I’d say I’m in the top one.”
– B. Clough
SFTB-HH
Surely the clubs, and I mean all clubs can’t stand back and allow this farce to continue much longer.
A much use phrase we have heard recently is “For the good of the game”, mainly as an excuse to ignore the latest outpourings from the swamp.
To my mind and “For the good of the game” justice has to be seen to have been done. All clubs, and Scottish football in general will be badly weakened if blind eyes continue to be turned.
Without fear or favour is the only way forward.
Off topic but very interesting
http://www.thedetail.tv/issues/195/finucane-case/judge-orders-downing-street-to-hand-over-finucane-documents
twists n turns
I was at the game at CP in the Celtic end – it was heaving.
Official attendance was 67,000 – my erchie!
Took us about 20 minutes to get to the exit after the match – just as well I was younger and fitter then, and sober!
HH!!
“Impeach McCrummoch”
time for a total clean sweep of the spl and sfl to remove the dead wood thats kept this country back for way too long…..too many of the complete buffoons running this countries football with rangers links…i would introduce foreigners to run our game that way we could have no complaints about anything to do with rangers being seen as the ‘untouchables’……..wink wink, funny handshakes and all……….
Haste ye back
So the ‘independent investigassssshun has begun,Deloittes as forensic accountants have a conflict in that they advised Challs’fasteye’green.I still find it the height of arrogance that they investigate themselves.wrong wrong and wrong again.
I think the city should look at challs non disclosure about his prior directorships.The shenanigans going on over at the liedome should be brought to an abrupt end with a visit from the fraud squad.
Independent ma bahooki….that shower have more faces than a weans dabbity pack.I mean do you think they would conclude anything that endangers their associate licence.
Anyway back to roamin
An T
SFTB
Like KK above I think you are taking the wrong decision.
I really think you should reconsider.
And if not then when you do make it back that you are well rested and fighting fit
KTF
Expect more self damaging revelations coming from the Newco and the deadco in the next seven days ! Have a wee feeling that someone will break ranks within and confirm to us the evidence we suspected all along of highly illegal dealings !
niallo83
Even those clubs you mention are “selling clubs” when it suits them. Not too long ago Man U sold Ronaldo to Real Madrid, Barcelona sold Zlatan Ibrahimović to Milan a couple of years ago.
I don’t think there is such a thing in modern football as a “non-selling club”.
Mort
Hurricane Sandy – – New York
SFTB. Haste ye back.
If this blog gets any more like FF I think there’ll be a few more people joining you.
Paul 67 –
Maybe someone in the MSM will ask Queens Park and Peterhead what their opinions are on this latest scandal…p
Enough good ole bhoys lurkin’ to start SevcoCQN.
ToffeeTim
Graigy is due a “new release” from his tapes greatest hits album.
Till later all
ntassoolla
13:27 on 23 April, 2013
Was it the old transcard trick or did you just swerve the fare?
I get apprentices to train they can be hard work as they are more than likely from the other divide.
Still, I will teach them if they are willing to learn.
Teach the tims better though, whenever they start one???
BT I hope all went well with op mate. If you need anything give me a call and I will drop in to the Jubilee with it, it’s only 10 minutes down the road.
Sftb Enjoy your sabbatical mate always enjoy your posts. Maybe when you get back the right wing tits will have moved on. If everyone else ignores them they will get bored.
KTF
HH
stirlingbhoy
13:44 on 23 April, 2013
The only way we’ll get fairness and decency in the running of the Scottish game is to do away with the SFA and have a British football association.
DR……………………………….setting free the bears lurkin, will be like signing a new player
The Mark Hateley
SFTB,
Haste ye back
this site needs more Celtic supporters on here.
Thank you for all the time and erudite posting on here, demolishing the Kojo, collie,pookah, tsd etc. collective’s gibbering. Among others.
Mort,
I actually meant to put it in my post about United selling Ronaldo. It’s a good point because united probably didn’t want to sell him but the player wanted to leave. Ibrahimovic was different because Barca wanted to get rid of him.
paul76 i have been conducting my own fourensic investigation into rangers football club cos i dont think the high heid yins at hampdun can be trusted to do it. now that i have my laptop back i am doing a fivensic investigation though as i am sure me and big beano can do at least one better than there fourensic one. i have been watching lots of telly the now and i know clever people like mr ogilvee and mr green will try and cover there traks so me and big beano are taking our time to work out what they are up to. we started with doing some barnstorming on what we no the now. first thing i spotted was pinsent masons. talk about hidden in plane hearing that is so obvious. first hing i did was str8 onto yon google searching about crabs as they have two pinsents. this is when we hit our first spot of bother when i serched for crabs loads of stuff came up about the clap and that. thats when i realised that these guys we are deeling with are smarter than i think and craig white must have got them onto his guys the ones that run google and they are messin up the serch. at the point big beano went out for a couple of cans of monster and i went for a slash but i left the laptop down and the missus saw wot we were looking at. she lonched beanos jaiket oot the windae and locked the door and she wont make ma lunch for me cos she said i am a klatty wee tramp and i can make my own. i will get bak on the case once she has kammed doon a bit. shell no give me the laptop bak and am havin to use my fone. thats y my spellnig is crap.
mon the hoops
It’s going to get messy
Mort,
I take your point, however I would say that a “selling club” sells their best player to make money on him. Ibra was not Barca’s best players. Ronaldo was at United. Barca felt they could sell Ibra as they had better talent at the club
Twists n turns
I was at both games too. We were lucky we didn’t have our very own Hillsborough that night. I remember being within about 50 metres of the turnstiles that night and walking past a whole line of police who stood chatting to one another. They didn’t have a clue about policing a football match. As you say we were shuttled into the first available section as we’re the LFC fans. There were dozens of Celtic supporters on the floodlights and the crushing was unbelievable. My brother-in-law had both feet off the ground as was in a diagonal position. My mate and I had to wrestle him into an upright position.
None of the cops or stewards inside the ground seemed to have a clue what was happening until we all started chanting, “we are overcrowded” and eventually a cop opened a trackside gate to allow fans to spill onto the track. Cloughie appeared with a green flag on a pole and told Frank Connor to wave it at us and it might get us to behave. Connor who realised the urgency of the situation told Cloughie to get out of his way or he’d shove the banner up his ****.
I’ve been involved in some crushes in 50 years of following Celtic. We were lucky that night.
seen this on kds,23 Apr 2013 10:53:28
3rd Div clubs led by Peterhead are about to go to court to block rangers promotion and get them thrown out the league. They will object on grounds that RFC have broken SFL’s rules on transparency of ownership and CW still being involved with RFC. A new vote will be proposed that allows RFC back into the SFL Div 3 only when all matters are cleared up – source SFL
Although every SEVCO cheerleaders in the Scottish Press & Media will have viewed this article and will no doubt be plotting to take the edge off it or blatantly ignore it, the flip side is it is now out in the open and you have given it clarity. The internet bampots will have to do the job again of bringing order to this corrupt little cespit of Scottish Football.
bhoywithseethrougheyes
13:40 on 23 April, 2013
“For the good of the game”
######
‘In Marxist philosophy, the term Cultural Hegemony describes the domination of a culturally diverse society by the ruling class, who manipulate the culture of the society — the beliefs, explanations, perceptions, values, and mores — so that their ruling-class Weltanschauung becomes the worldview that is imposed and accepted as the cultural norm; as the universally valid dominant ideology that justifies the social, political, and economic status quo as natural and inevitable, perpetual and beneficial for everyone, rather than as artificial social constructs that benefit only the ruling class.’
######
Replace the words ‘ruling class’ with the words ‘Sevco huns’ in that sentence and you have Scottish football in a nutshell.