I got it wrong on Malky MacKay. In August I wrote, “Malky’s unforgivable sin is not racism, homophobia or anti-Semitism, these matters are often overlooked as ‘banter’, after all. He’ll not get another job because he blew millions on players who were useless to Cardiff. That’s the only kind of offence football really tales notice of.”
Then up stepped Dave Whelan, a man who is widely respected in the sports retail and football, largely for not being Mike Ashley, but who has watched his club slip from the Premier League and now sit in a relegation spot in the Championship.
Football is harsh enough without clubs creating their own distractions. Wigan and Malky are unlikely to prosper.
So Craig Whyte faces up to four weeks in jail if/when he is arrested. You have to wonder what his police interviews will reveal. Craig doesn’t strike me as someone to take a fall for anyone.
Redundancies are sometimes necessary for a company losing money and without the resources to pay bills, but Newco Rangers cutting the payroll by 10, none of them from the well paid football department, is pointless tokenism. Savings made will keep the lights on for only a few days more, so why do it?
I have some sympathy for their new management. They need to make significant cuts into football costs, but those costs are contracted to the end of the season, or beyond, these cuts are perhaps a gesture towards what’s ahead.
Management have a problem, how do they meet commitments to creditors and protect shareholder value? No bank has ever extended credit to this club, and I suspect HMRC have them on a short leash. There will be some trade creditors, but they are likely to be of the face painter variety. By far the biggest creditor, and therefore most influential after an insolvency event, is Mike Ashley. He would be in a position to appoint an administrator, and to approve any settlement.
Dave King continues to play an important role, encouraging fans not to support or spend with the club. I fully endorse his views.
King still thinks he is playing poker but his hand has been called and we all know he’s all out of aces. His rantings are not part of a coherent plan. His calls could precipitate the end, but he has no way of transforming this into a new dawn.
Remember to keep an eye on the long-term fundamentals, you cannot operate a large football club with the size of Newco’s infrastructure without regular Champions League income. Nothing that has happened in the last three years has changed this.
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Natknow
RIFC claim ownership of them, so they’re included in the books.
Worthington dispute this, and the auditors include an Emphasis of Matter statement in the accounts drawing attention to the material uncertainty over the outcome.
RIFC can claim title to the assets until a court tells them otherwise.
BTW The Land Registry has a definitive status as regards ownership. The registry (as I recall) confirms RIFC as having title. In the event that a court nullifies the original transaction, the assets won’t (necessarily) belong to some other party, but RIFC will be required to compensate the other party accordingly.
The Battered Bunnet
Excellent explanation. Thank you.
Didn’t big hands flash a piece of paper at the smsm claiming it was the deeds for ipox?
I might be wrong, as is usually the case.
Happy Families at Ibrox – episode number 4,892
15:28: Easdale ‘wanted personal assurances’
Richard Wilson BBC Scotland Sandy Easdale, chairman of the Rangers football board, sought assurances that boardroom changes would not force him out of Ibrox, Dave King has revealed.
During discussions about a proposed £16m investment by King and a Rangers fans’ consortium, he wanted reassurance that his position was safe.
He was advised there was “no immediate intention to remove him or his brother [James] from the board”.
Sandy Easdale subsequently supported Mike Ashley’s offer of a £2m loan.
The Battered Bunnet
15:28 on 20 November, 2014
Natknow
RIFC claim ownership of them, so they’re included in the books.
Worthington dispute this, and the auditors include an Emphasis of Matter statement in the accounts drawing attention to the material uncertainty over the outcome.
RIFC can claim title to the assets until a court tells them otherwise.
BTW The Land Registry has a definitive status as regards ownership. The registry (as I recall) confirms RIFC as having title. In the event that a court nullifies the original transaction, the assets won’t (necessarily) belong to some other party, but RIFC will be required to compensate the other party accordingly.
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Thanks TBB – clear explanation as usual.
I’ll let you get back to your bromance… ;-)
Gordon_J
Surely even young Fleck would have known better than that.
Unfortunately the the Sunday Mail story referenced seems to have been removed.
Burning_Bush
15:24 on 20 November, 2014
Natknow – precisely my point and the source of my confusion.
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‘Twas a good question dude…
Natknow
Ask PF Ayr about the way the Land Registry (RoS) statutory guarantee works.
Essentially, if your name in on the title to a property, you – and the rest of us – can “absolutely rely upon it”.
Must be plenty of situations though when title is disputed after registration, and I’ve no idea what happens or what the remedies are.
Chap like PF of course will have it all down off pat :¬)
G’day,
I’m practicing my australian for my upcoming (dec 22 – Jan 8) trip to australia. I will be in sydney and newcastle.
I looked on Celtic bars, and saw that the Hunter Valley CSC is based in the Stag and Hunter Hotel in Newcastle. But when I clicked on the link, it didn’t work. Does anyone know if there is still a CSC in Newcastle?
lookingforwardtoxmasonthebeachCSC
did I break the blog again? sorry.
since no one else seems to be on, I’ll go for a hatrick
boredwhilewaitingforaclientwhoislateCSC
Toronto Mike …looked at that twice …first time I thought you were going to be dtoxing with a mason!!!cfc
braw
Mike in Toronto
I have a Celtic friend in Newcastle – will check with him and let you know. Give me a few days.
Australian is easy – English with every 3rd word a swear word.
NB …
LOL
Based on that, I’m thinking that, if me and the mason do decide to go to detox, you’ll be joining us?
mike, just go to the irish club, home of the tyneside csc.
brilliant people and a great club
NB
I had a problem, too. I thought Mike was looking forward to kissing a mason on the beach 0:-) !
JJ
Jim
Cheers.
I have noticed that … and every second work is ‘yeah’… makes me laugh
but KT and I watched Riff Raff (an old Robert Carlyisle film about workers on a job site in London) … she couldn’t even understand half of what was said, so I probably shouldn’t laugh too much at the aussies!
mike it right on the edge of china town, at the corner of sid james park.
Jungle Jim
I can already hear the chant going around Celtic park … ‘who kissed the mason in the black?’ …. I’m going to be famous.
oh, that newcastle, near sydney.
mis information csc
Re: LiviBhoy’s Andre Agassi tale, I have long thought that if our players were as fit as the top tennis pros we would steamroller opposition on a regular basis.
saint stivs…
thanks, is there a bus that leaves from Australia? :)
hehehe.
while your there see if macjay needs oiled.
Calling all CQN music fans
I’ve got two tickets I can’t use for the Jesus and Mary Chain gig at Barrowland this Sunday. £30 each. If anyone is interested pop a response on here and I’ll check in later.
HH
IPaddy
I’m jealous … I still have a bootleg tape of a few of their shows from their first tour … brilliant… and Never Understand and Sometimes Always …. two of the greatest singles ever!
Mike
Are you still charging your client an exorbitant hourly rate for waiting on them?
Saint Stivs
There are a few bloggers who scare me a little bit …. after last night, not sure I want to be bothering macjay at the moment :)
Hrvatski Jim
It would be a steal at even twice the rate!
Bognor
Thanks for your help earlier. Re ticket for Fir Park. I got in touch with HT. Sorted.
mike in toronto:
Macjay is good company, trust me.
‘who kissed the mason in the black?’ ….
Methinks you’re going to be infamous.
NatKnow
15.38 on 20th November, 2014
The Battered Bunnet
15.28 on 20th November, 2014
Guys,
If indeed Worthington Group is successful in their challenge for ownership and as a result RIFC were required to compensate the other party as you suggest, would this not open a claim by Ticketus since I was always convinced that Ticketus would not have advanced £18 M to CW without requiring a security over Ibrox and/or Murray Park?
Kitalba
I was only jokling about macjay. I am sure he is good company. I have yet to meet a CQN’er who hasn’t been.
mike in toronto
c’mon. You fibber. You met me. ;-)
MWD said AYE
‘who kissed the mason in the black?’ …
It`s a secret.
JJ
jungle jim hot smoked
16:36 on 20 November, 2014‘who kissed the mason in the black?’ …It`s a secret.
geeza kiss and i’ll tell ye x
I knew a guy called Sidney, but he was from Sunderland
A Fiver
Nope. The assets were ‘sold’ in liquidation. The Ticketus claim, whatever it is, stays with the Oldco, with the Liquidators, and they’ll get their dividend in due course.
The Newco problem (in part) is based on the legitimacy of the sale, not any outstanding claims to the title which were void on liquidation.
The Battered Bunnet
16.43 on 20 November, 2014
Thanks, my head’s hurting working it out, I had assumed that if the legitimacy of the sale was successfully challenged then the ownership and assets would return to CW/Worthington Group.