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 like your analogy Paul 67, of oldco being “flushed away”. Unfortunately they are turning out to be a bit of a lingering floater, with all the attendant bad smells. Let’s hope these forensic investigator guys have brought a very big plunger with them.
SFTB
Always read your posts especially your match reports from away games . After suffering the live updates its good to hear the measured and thoughtful views of somebody who has been at the game
Good luck and make sure you come back
sipsini @13:48 although I am biased, I know teachers down here are gravitating towards private and Catholic schools because there they can get on with their job – teaching.
This questioning of state money for Catholics schools is envy dressed up in the language of pseudo-intellectual principle.
These New Labourites are always flummoxed when asked what they propose to do about the charitable status of Eton and the accompanying tax breaks.
“If it’s not broken don’t fix it.” Leave our schools alone.
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
Not sure how genuine this is
Disclaimercsc
niallo83 and mearns 2 milton
Fair points on Ibrahimavic. Barcelona were able to sell him as they had already got other top class players but I still think if the price is right and the player wants a new challenge, no club would turn down crazy money.
If Man City offered Barca £150m for Messi and Messi was offered £1m per week and wanted to go, Barca would sell him.
Mort
pogmathonyahun aka laird of the smiles
Hahahaha.
Ernesto- ‘weltanschuung’- word of the day, well done.
SFTB
..*serious point alert*
Respect your views and decision immensely but will greatly miss your contribution to the Dear Green Place……..
It saddens me that the sleekits can have such an effect………….
…..we should always strive to disappoint them.
Anyway, haste ye back – you will be missed.
HH.
Twitter.
Has there been one single muttering by any Scottish journalist with regards to Dunfermline having been “punished enough”? Anyone?
Setting Free The Bears .
Mmmmm —–
I have a PTFC pal who clicks this blog purely for the wow-eee fun provided by the Roasters from The Rubber Room.. It seems they wonderfully fill the hole in his life which ensued when his ” Reverend ” Jerry Falwell tape broke.
SFTB,
I think you have made a wise decision and I hope you understand what I mean, when I say that I was disappointed with the content of some of your poste last night.
You are much better than that.
It has always been a vain hope of mine that politics, along with religion and the ladies, is left outside the door.
Over the last few years, this site has deteriorated in respect of the quality and manner of debate.
Too many people peddling their own agendas.
Obviously, with differing agendas and viewpoints, we are always going to get dissension, which degenarates into verbal abuse and cyber hooliganism.
That you allowed yourself to be drawn down to that level is very sad.
There is enough to unite everyone on here in Celtic matters, without insinuating one’s prejudices onto the blog.
Enjoy your break and I hope your research goes well.
P.S. Hope you can take a wee break and come over for the pint and our wee AGM.
Thats all well and good but right now I couldnt care less bout the zombies.
We are champions, and I just passed my driving test.
Hail Hail chaps!
livibhoy
Ntassoolla
Have either of you seen the film, That Damn United, is biophic about Clough, excellent wee film and worth a watch..
danso_1888
13:58 on 23 April, 2013
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
==========================================
Can’t imagine this to be true. There just aren’t enough brave pills to go round!
danso 1888
If true, that would be a jaw dropping development.
Fat Swally is wrong. Sevco Scotland TRIFC or whatever they’re called don’t need cleansed.
They need excorcised.
MickTT
Read the book and saw the film. The acting from the Welshman playing Clough is superb but as you can probably tell I am a massive admirer of Clough and a more positive movie would have been superb on the mans life.
LB
BT, it’s been a very long time since I was in a UK hospital, wish I could say the same about a German one. My memory of NHS nursing was hands on and caring with nurses being readily available on the ward. Over here you are left alone and it is very hard for us Ausländers to get our heads round using the “buzzer” to ask for nursing care.
So if you are in pain and in that room on your own use that “buzzer” and request some form of pain relief. As ma auld Ma used to say ” if you don’t ask, you don’t get ” please do not suffer in silence.
stoics”r”uscsc
yeah itwould be a brave move if true,
Who would win in a fight with a bite, or just an ole head butt?
From cartuja.
Ooooooh… http://t.co/MpqnmiAerB
Would be good if true.
Apparently Donald Findlay wants to see DIGNITAS at Aye Broke.
At least I think that’s what he said.
thomthethim – nicely put though the inclusion of politics etc. is not an issue for me but some of the intolerance of alternative views is sad.
son of gabriel-well done.
Unfortunately I don’t believe that the Peterhead led rebellion is true, although there should be an investigation into it. But it’s a sign of the SFA/SFL/SPL impotence that nothing will be said and that others should just take their punishment for playing within the rules
Only in this country would you find the media mocking the phrase “sporting integrity”. They would rather that sevco were allowed to start again the SPL and maybe qualify for CL/EL cash this season unhindered.
danso_1888
13:58 on 23 April, 2013
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
—–
I wonder if we can start fund raising to help with court costs?
Always like to help part-time clubs. :o)
HH
/Bishop B
Son of Gabriel
Congratulations on your pass! Well done. It is a very important life skill. Ask Hugh Keevins who can’t drive and thinks everyone who can operate a computer or tweet on a mobile is a bampot.
* Overheard on the train *
Man “Hi – how you doing?”
Mantwo “Fine – not seen you for ages”
Man “Still going to see Cambuslang”
Mantwo “Aye they’re playing really well, – was there on Wednesday”
Man ” Years since I was up – what Division are they in now?”
Mantwo ” Division three ”
Man ” Are they – do all The Rangers play in Division three now “
I don’t believe it’s true either………….would be hugely satisfied if it did come true.
More likely to be a zombie-inspired hoax.
Just had this text.
If Suarez had been playing against Paul Dickov would the headlines have been.. Suarez bites Dickov?
MickTT @14:08 re The Damn United. It’s here on DVD. Brian Clough on surround sound can make a grown man jump in his own living room. Especially when he barks through 6 speakers “Pay attention!” – or some such like.
HH Brian Clough.
I’ve been on the SFL site and see nothing of the above statement about Peterhead. So I don’t believe it comes from any SFL source, sorry.
neveralone
14:12 on 23 April, 2013
thomthethim – nicely put though the inclusion of politics etc. is not an issue for me but some of the intolerance of alternative views is sad.
*******
It shouldn’t be an issue, but, human nature being as it is and those being particularly emotive subjects, some can’t discuss without resorting to the sort of anonymous neddish behaviour that frequents the blog.
It is an old saying that, “Religion, Politics and the Ladies are never discussed in polite company”.
All I am asking is that we return to the CQN of polite and forceful debate, at which SFTB excelled.
SPL champions thank fans with £100 season book reward
By: Newsroom Staff on 23 Apr, 2013 12:50
AFTER a magnificent season of success at home and abroad, Celtic announced today that it is to make a sincere thank you to supporters for their wonderful commitment, by giving a one-off reward of £100 off the cost of a standard adult season book for next season.
The overwhelming success of the club’s 125th anniversary season means that the club is in a position to make this significant one-off gesture.
The club will also be introducing a range of fresh new season book prices for kids and a new family layout within the stadium:
* U-13 years – £50: Just £2.38 per match
* 13-17 years – £105: Just £5 per match
* 17-18 years – £186: Just £8.86 per match
* Purchasing one adult and two child (U13) season tickets means all three can attend a 2013/14 match at Celtic Park for the equivalent total of £22.19 per game.
Current Season Ticket Holders can renew their Season Tickets for the 2013/14 season exclusively online from tomorrow morning, Wednesday, April 24 at 9.30pm HERE
Celtic Chief Executive Peter Lawwell said: “Celtic has enjoyed a wonderful title-winning 125th birthday season and I congratulate Neil and the players for all they have done.”
“We have now won back to back SPL titles, secured a Scottish Cup final place and have put Scottish football back on the map at the highest level, as one of the top 16 clubs in European football”.
“Such a run of success has led to a very positive year off the field for the club and we wanted to make sure that our fans share in this success.”
“The backing of our fans has, as ever, been crucial. Domestically and in Europe they have once again been right with us and we felt it important that we rewarded their commitment by making this gesture.”
“As we saw from Sunday’s match, there is also a huge appetite from the next generation of supporters to be part of Celtic and that is why we have also made a strong commitment to younger fans and families.”
“Our foundations are strong, we have real stability and we look ahead to a bright future for the club with absolute confidence.
“We will be aiming for three SPL titles in a row and we will endeavour to make an impact on the UEFA Champions League, a place where we have enjoyed some fantastic nights this season”.
“All of our fans have played their part in our season and I would also like to take this opportunity to thank our supporters’ groups for their commitment to the club.
“Joe O’rourke and John Andrews at the CSA, Alan Horne and Anne McElhinney at the Affiliation and indeed other supporters have all assisted the club directly with our plans for next season.
“I thank them for all their hard work on behalf of the club.”
Celtic manager Neil Lennon, who addressed the Celtic support on Sunday after clinching his second SPL title added: “Once again this season our fans have been absolutely magnificent, coming in huge numbers and giving us the drive we need to keep on winning.
“Sunday was a great example of this as it was a day which celebrated the hard work and commitment of players, staff and fans together.”
“We fully appreciate the contribution our fans make to our success and it is great that we are able to thank our supporters in this way through their season tickets.”
“This has been a special year, celebrating our 125th anniversary, enjoying such a great Champions League journey and now lifting the SPL title.
“We are now fully focussed on trying to secure a league and cup double for our fans.”
“As we look ahead to next season, we will need our fans behind us again – it will be the aim of myself and my players to repay our supporters as we always try to do – by bringing good, entertaining, winning football and of course even more silverware to Celtic Park.”
Clearly Celtic has made a tremendous impression on Europe this year and we will be aiming to do the same next season.
As we saw last year there was huge demand for the UEFA Champions League experience at Celtic Park and the only way fans can guarantee access to these matches is by having a season ticket.
During the course of this season, Celtic has also taken the opportunity to carry out an extensive survey of its supporters in order to ensure that we continue to respond to our fans’ needs.
Thousands of fans took part in our season book holder survey and the club is acting on our supporters’ feedback.
This means that in addition to our season ticket rewards, we are delighted to announce a range of additional new features for our supporters at Celtic Park next season.
These improvements will include:
* A new matchday experience and entertainment
* Improved family stand area
* Brand new disabled supporters’ facility and viewing area.
* Upgraded hospitality suites
Celtic Football Club is delighted once again to be SPL Champions. We sincerely thank our fans for all they have done for the club and we are delighted to reward them in this way.
We look forward to welcoming our supporters back to Celtic Park next season as we unfurl the Scottish Premier League flag.
For all season book info, click HERE
niallo83 and mearns 2 milton
Agreed, some clubs wouldn’t turn down obscene money but other “big” clubs must sell players. The most glaring example being Arsenal. Imagine paying £1400 p/y knowing the board intends on selling your best players which enables you to win sweet FA.
I read that Messi’s buy out clause stands at £300M, only one team in the world can afford that.
Mort,
I guess I’m not really disagreeing with you.
I just get frustrated when people come on here accusing Celtic of being a selling club when in reality pretty much all clubs are.
The reason I think Bayern, Real, Barca and Man U are slightly different is that very few players want to leave these clubs (even for each other). I can’t ever see Rooney leaving Utd, Messi/ Iniesta/ Xavi leaving Barca, Schweinsteiger/ Lahm/ Muller leaving Bayern. Even if the other club make a huge offer to them (e.g. Messi to Man U)!!
However, name the top players in any other club teams (Bale, Falcao, Gotze, Lewandowski) and it’s not as hard to see them moving.
The The Sevco will be playing their home games at St Mirren next year. That was the deal struck by Green & Gilmour. Gilmour with a large chunk of gate receipt money. That’s why he voted against reconstruction.
Nothing else makes sense.
A Hun Cabal if there was ever one!
SherlockHomesCFC
Paul 67,
Another well thought out and reseached piece. IMO, To summarize it is now unquestionable to doubt that “Rangers” are gone. To quote and aptly put, reference the CVA ” It fell and liquidators were appointed to flush the club away”
As a relatively new poster welcome Mick TT.
The celebrations are over for the moment and with a sore head its back to reality.
I was lurking last night and it seems almost fashionable to continually demonise the MSM, in particular Clyde SSB and Hugh Keevins in particular.
I do not hold Hugh Keevins in high regard, but he is not the enemy. I might not agree with his comments but I will always defend freedom of speech as long as it is not libellous. In common with many other Celtic supporters,I will not be hypocritical and say I don’t listen to any phone-ins or buy papers.
Due to the internet, journalists have to resort to sensationalism to get their rather droll and sometimes dire points of view across on paper.
I can maybe understand the sentiments of banning certain journalists from CP, but IMO it is self defeating, intolerant and franky embarrassing for our great club. Previously I can remember reporters being turned away from a Celtic Press conference in the days of having them in the pub. Good public relations ?? Professional ??
If and when we are being ignored then that is the time to worry.
Let us show by our actions on and off the park that we deserve to be the best and to quote the late great Jock Stein ” If you’re good enough the referee doesn’t matter”
Let us also not forget that the “Rangers” demise was instigated by Fergus McCann who got so much right and received much abuse from various sections in Scotland, including and it must be said from within the Celtic family. Sometimes actions have to be taken although they are not popular at the time.
Fergus McCann is now becoming a legendary figure as his pivotal contribution is now being fully recognised. His five year plan and share issue { Which is still the most sucessful in British football ) left Rangers having to resort to dubious methods and greatly contributed to their demise.
The future is bright, in this league or the next.
SFTB. Do not be away for too long, I looked forward to reading your posts and will definately miss them. Remember the beauty of CQN is that it is a broad church.