“I brought Charles Green in to buy Rangers” screams the BBC headline ahead of this evening’s interview by Chris McLaughlin of the Last King of Rangers, Our Hero, Craig Whyte. Whyte has retained private contact with a couple of journalists but he has previously declined earnest requests to go on the record given the level of investigation he is under. The wrong word could be costly.
But here it is, “I brought Charles Green in to buy Rangers”. An unequivocal assertion.
The interview will be broadcast on Reporting Scotland and Newsnight Scotland this evening and has been trailed by every outlet in the land (first trailed by Phil Mac Giolla Bhain last night). There appears to be genuine surprise in many news outlets. CQN’ers will be busy checking this this is, in fact, news, not a rehash of an earlier established fact (it is genuine news).
It has been a few months since Our Hero was The Only Show in Town but he can still put on a captivating performance.
Charles Green has yet to respond but he will. He has no choice. He could categorically deny the claim, citing Whyte’s court-established reliability, but to do that he’ll have to calculate that corroborating material will not emerge. The wrong word now could torpedo hopes of a successful share issue next month
A bombastic statement from well-polished PR people is what’s needed. I hope we’re not disappointed.
“I brought Charles Green in to buy Rangers”. Kaboom!
Remember, Ballymote to Glasgow Cycle, details here.
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Who owns Ibrox?
CultsBhoy loves being 1st forever & ever
09:40 on
18 October, 2012
Who owns Ibrox?
—————————————–
I never knew that.!
CultsBhoy loves being 1st forever & ever
08:59 on
18 October, 2012
Jim Murphy is not my pal but he was at University same time as me. I spoke to him a few times. He is a TIM.
I suspect as parliamentary representative of a large number of Huns he acted as he should have done- possibly at the request of his constituents. As a self declared Celticseason ticket holder it was probably an important political gesture.
Talk of him being a Hun is lunacy.
………
He might not be a Hun, but he is a Loyal Unionist! Its a pity as he would IMO make a good First Minister in Independant Scotland.
Tough day in australia for me today, lost a great cousin to sucide last night. A Wonderful and intelligant young girl who was suddenly hit with depression.
Homesick to say the least today. Love and prayers to a great family in derry folks if use have the time.
proudbhoy
09:48
Thought and prayers with your family.
YNWA
Proudbhoy
Tragic news. What a terrible thing to happen.
May she rest in peace. God give her grieving family strength.
Fholks,
One question not asked in the CW interview relates to the ticketus cash advancement for season tickets to facilitate the purchase of deadco.
If CW states that the sale of the club had constant references to future administration/CVA/liquidation, why would ticketus put up the circa £24m advance finance to a company that was well known to be “a financial basket case”?
Ticketus must still be in the frame. I am no financial genius but if someone approached me for a cash advance and they were clearly destitute then I would ensure there were guarantees in place that I would get my money back no matter what the future outcome was.
Also noted reference CW made that minty moonbeams company pointed he and his advisors in the direction of ticketus for funding. Anyone else pickup on this yet mmb still claims he was duped.
This is all great stuff.
Hail! Hail!
Top of the morning to you all from a bright and sunny Fife.
Re the Gilding of the Lilly or Polishing of the Turd.
Do the FSA or the AIM take this seriously?
Because Charlie boy was certainly making a pitch to prospective share buying customers by boasting that Ibrox was valued at £80m.
Proudbhoy,
Horrible just horrible. Thoughts and prayers. May she now rest in peace.
Is it just me or does anyone else find it ridiculous that SNP supporters invariably spell the words independent and independence incorrectly?
Proudbhoy
Condolences buddy.
MWD
“Yooz et awra pies”
Ernie
No, its just you. Most people type quickly (perhaps to quickly) and don’t proof read their posts for spelling as they care about the point not being a pedant!
:-)
“Wur rite behine ye Bommur”
Proudbhoy
Terrible news about your cousin. May she rest in peace.
My sympathies are with you and the rest of her family.
Genuine question:
Does anyone know who actually owns Ibrox?
Listening to the interview with Craigie-bhoy it is clear that he is no mug (unlike Chris McLaughlin and Chuckie).
He had a chance of saving them but the combined effect of the delay to the FTT decision (unable to raise more funds while this was hanging over them) and Fat Sally’s abysmal failure on the pitch (5m GBP in budget based on Europa League entry), put paid to that.
Proudbhoy:
Thoughts and prayers with you and your family.
Keep the Faith!
Hail Hail!
Whither DBBIA these days?
October hols????
estorilbhoy
09:53 on 18 October, 2012
‘If CW states that the sale of the club had constant references to future administration/CVA/liquidation, why would ticketus put up the circa £24m advance finance to a company that was well known to be “a financial basket case”?’
The explanation offered, so far as I understand it, is that in English law it’s possibly to acquire some form of security over the future ticket sales which would survive insolvency. No such security applies in Scotland.
If that’s what happened then either the lawyers got it spectacularly wrong, and will be facing a negligence claim, or they made it clear to Ticketus that they wouldn’t have a security and Ticketus ploughed on regardless.
Neither scenario is plausible.
It’s more likely that directly or indirectly they have a security that’s still enforceable.
That might go some way to explaining why D&P sold the heritable assets to Greene for £1.5m.
Proudbhoy
Sorry for your loss
Big Nan
09:53 on
18 October, 2012
Top of the morning to you all from a bright and sunny Fife.
Re the Gilding of the Lilly or Polishing of the Turd.
Do the FSA or the AIM take this seriously?
Because Charlie boy was certainly making a pitch to prospective share buying customers by boasting that Ibrox was valued at £80m.
……..
Hopefully BDO will cancel of Ibrox the sale and put it up for sale at £80m. Green can’t say its not worth it can he?
ProudBhoy
Tragic. A reminder to all that depression is potentially fatal and a long way off just being fed up- as is commonly misconceived.
Proudbhoy terrible news and very sad to hear about a young life gone too soon. My thoughts and prayers with you and your family . Take care mate. Find some friends in Oz to take you closer to home.
greenjedi
10:01 on 18 October, 2012
But invariably spell only independent and independence incorrectly.
Maybe it’s Freudian.
YNWA Proudbhoy, condolences to you and yours pal.
They can never claim they weren’t warned…
The Scotsman
Adam shakes Ibrox pillars with warning of bankruptcy
Published on Saturday 2 February 2002
THERE are licensed premises in Glasgow where the regular patrons will consider the recent deeds and utterances of the former Rangers director, Hugh Adam, to be nothing less than acts of treason.
This should be regarded as a natural, almost understandable, reaction from immovably devoted supporters of the Ibrox club to the decision by Adam to unload his 59,000 shares in Rangers on the basis that they were heading towards worthlessness, thanks to the unsatisfactory business methods of the chairman, David Murray.
Almost certainly viewed as an even more heinous offence would be Adam’s claim that Celtic are run much more competently and that investment in the Parkhead club would be a much sounder proposition for anyone wishing to purchase shares in a football institution.
It would be tempting for many to dismiss Adam’s action as merely a gratuitous attack on Murray by a disillusioned, 76-year-old ex-employee carrying a grudge. But Adam has been a candid critic of the way Rangers have operated for years, ever willing to voice his unease – indeed, his incomprehension – at losses he has always insisted were unsustainable.
He also has impressive credentials, having been chairman and managing director of Rangers Development and Rangers Pools since 1971, raising the millions which built the modern Ibrox. Adam’s efforts brought the club around 18million, about 60million at today’s values.
To say that his final severance with Ibrox, after three separate terms as a director amounting to about 15 years of service, was done in a fury would be inaccurate, but in conversation this week it became evident that his decision is underpinned by unmistakable disgust.
Not given to sensationalism, this essentially conservative disciple of prudent forward planning and low-risk business principles did, however, cause something of a shock by observing almost matter-of-factly that, if Rangers continue on their present track, their ultimate destination will be bankruptcy.
“That’s the logical conclusion to a strategy that incurs serious loss year on year,” said Adam. “In the past five years – and it’s all there in the last annual report – Rangers have lost 80million.
“Now, the banks are well known for being a bit more tolerant of companies whose core business is a popular pursuit like football. But there is a limit to how far backwards they can bend to accommodate you.
“David Murray has always had an amazing persuasiveness when it comes to getting people to put money into his businesses, but the signs are that those sources have dried up.
“The 40million worth of shares that ENIC (English National Investment Company) bought a few years ago are now worth about 15million, with no evidence to suggest that they will recover. The money itself, that which was actually invested, was lost some time ago.
“Now the latest investor, Dave King from South Africa, will know that his 20million shareholding is worth around half, or even less, of what it was when he bought. No proper businessman will want to buy into that kind of loss.”
ADAM sold 12,000 of his 59,000 shares last year and the balance of 47,000 just recently. For the latter, he got 1.15 each; three years ago, they were valued at 3.45. He is convinced Rangers cannot trade their way out of trouble, unless they gain access to a league that will attract higher-bracket income from TV. He was in favour of the proposed Atlantic League, involving the Old Firm and clubs from Holland, Portugal and other countries, but is extremely sceptical of their chances of joining the English Premiership.
He is adamant that Rangers do not have the customer base to improve their financial standing through merchandising. “Rangers’ so-called global appeal is a myth,” he said. “When I was there, we did an exercise which involved asking 50,000 fans on the database to recommend a friend or a relative abroad.
“A big response was expected – some were even talking about getting 100,000 names – because everybody in Scotland seems to know somebody abroad.
“We got back 2,800 names and three-quarters of them didn’t know they had been nominated. It’s no surprise that Celtic are officially the best-supported football club in North America, with more official clubs than anybody else. The difference is the Irish connection.
“Many Irish people may support Manchester United, Liverpool or whoever, but they all – every one of them – have an affection for Celtic. And, of course, Celtic also have a great Scottish following.
“The difference is that, while the Irish all have an allegiance to Parkhead, there are millions of Scots who not only don’t support Rangers, but actively dislike them.
“Despite the claims of international appeal, Rangers are, essentially, a West of Scotland club. They talk of supporters’ buses leaving from all parts of Scotland, but if you look closely, you’ll see there aren’t many from each area and they are not all full.
“This doesn’t mean that even Celtic will earn fortunes from emigrant supporters. There may be more of them than Rangers fans, but it doesn’t mount to the kind of income necessary to fund their ambitions. But Celtic have been, since Fergus McCann’s arrival, much the better-run club.
“Fergus was the most unjustly maligned man in the history of the game, when you consider that he took the club from bankruptcy into the mainstream and built that stadium along the way.
‘NOW, the Celtic board have more financial heavyweights than Rangers, with people like Brian Quinn, Dermot Desmond and Sir Patrick Sheehy.
“It’s only in the last couple of years that Celtic have sustained losses, but over the five-year period they break even. But Brian Quinn and his board are taking steps to warn people that they are not in the business of heading towards bankruptcy.
“For their pains – for doing their job properly – they get crucified in the media, accused of penny-pinching. I don’t understand it.
“They are determined to keep Celtic properly managed, while Rangers, with Murray, is a one-party state and the man in power has an allergy to any form of personal criticism. But he’s not a businessman in the long-term sense of planning and prudence, he’s more of an impresario.
“But what has been happening is unfair on shareholders, and they’re being short-changed.
“It’s a nonsense, too, to say that Rangers’ shareholders are all supporters who aren’t interested in dividends or profits.
“That’s okay for the man with 50 shares, framed and hung on his wall. The number of shareholders in that category would amount to a minuscule percentage of the equity.
“But I’m 76 and haven’t had a dividend in years, so what’s the point of me keeping shares until they dwindle to nothing? And I’m certain the people at ENIC won’t be too pleased with their investment.”
ProudBhoy
My condolences, I lost a cousin in the same way 6 years ago
Jim Murphy. No more jibes please . Think about his position.. Just think about it before posting s**** about his motivations.
He is a Celtic Supporter. He is also an elected representative, representing many Huns. He is a member of a pro union political party.
He will be as good or bad as many politicians.
He is still a Celtic Supporter.
ernie
If you have plenty of time look back over my posts, plenty of spelling mistakes in them and I usually notice just after i hit the post button
Soooooooooooo,
Who’s going to be going back to the Midden to support their team in the future when the greatest sporting scandal in history is resolved?
And a CQNer…
proudbhoy:
Sincere condolences.
Dont know if anyone spotted this yet, but have the Daily Ranger and Jabba finally admitted its a NEW CLUB?…
He also added: “What other country in the world would deal with one of their biggest clubs in the way they have and demote them to the Third Division.”
Wrong again, Craig. Rangers had to go there because they were a new club starting over.
How on earth did that happen?
JJ @ 09:14 – you could organise a night out for that CSC. Let us know if the guest of honour actually turns up! :-)
Proudbhoy – tragic news mate. Thoughts with you & your family.
Various – the breakdown of the money Chuck supposedly spent, showed that he only paid £1.5M for Ipox, Murray Park and the Car Park! These were previously valued by D M Hall at somewhere between £120m and £140M, admittedly at cost to replace.
PUBLIC ENQUIRY FFS….!
T4
Proudbhoy
So sorry to hear that. Deepest condolences to you and entire family circle.
Marti
proudbhoy
Terrible news, I also live abroad and I know how much you would like to be home right. Thoughts and prayers
winning captains
And a CQNer…
Who?