Today’s pre-trial hearing at Edinburgh Sheriff Court against Charles Green, Craig Whyte and others involved in the business of Newco Rangers brings the state of the football club into stark focus.
Charles Green is accused of raising £21m for Newco Rangers by fraud via their December 2012 IPO. He is also accused of defrauding Sevco 5088 Ltd, the company who were awarded the right to buy the assets of liquidated oldco by administrators’ Duff and Phelps.
Craig Whyte maintained that he, or his associates, had a controlling interest in Sevco 5088 Ltd, and produced a famous recording allegedly featuring Green tell him “You are Sevco”. Although Duff and Phelps contracted to sell to Sevco 5088, another company, Sevco Scotland Ltd, actually bought the basket of assets.
Sevco Scotland was controlled by Charles Green or his associates. The company was renamed to The Rangers Football Club Ltd and is now a football club, sitting top of the Scottish Championship.
While in charge of Newco Rangers, Green’s PR issued a number of confusing statements around Sevco 5088, insisting both that he made certain arrangements with Whyte which he had no intention of honouring, and that he was entitled to switch the beneficiary of the Rangers liquidation Sale and Purchase agreement to Sevco Scotland Ltd. A move he claimed was to give the company a Scottish registration number.
The remainder of the various rap sheets tell grubby tales. Green is accused of fraudulently obtaining the £5.5m he used to acquire the assets of Rangers, and of using £200k from Rangers Youth Development Ltd to aid the purchase. Whyte is accused of defrauding Ticketus and Merchant Capital of £28m, and various other crimes and misdemeanours, but these issues are a side matter. The action regarding the future concerning football is with Charles Green.
Think back to his counsel’s words as he sought funding for his defence from Newco Rangers last month. The £21m IPO money and those assets purchased by Sevco Scotland were ploughed into the club now sitting at the top of the Championship. Should these charged be upheld, the assets would be proceeds of crime.
Green was allowed to issue unfathomable edicts as a desperate PR campaign blamed others for bizarre conspiracies. This was enough for an already-compliant media and he played to the gallery magnificently. Supporters lapped it up.
Under pressure to provide the stock market with a clean bill of health, the club went to the Masons for a report in April 2013, Pinsent Masons, who in conjunction with auditors, Deloitte, found none of the alleged links between Green and Whyte surrounding the asset sale and setting up of Newco. I understand the investigation heard no testimony from Craig Whyte, so found no evidence of anything inappropriate.
All of this provided temporary respite on the park and in the Scottish media but the ultimate Day of Reckoning was never going to be affected by PR. Should charges against Green be upheld, the only unfathomable consideration will be what future a football club with no legally acquired assets has.
There is a chance that all the dominoes will fall in Newco’s favour. That all charges are unsuccessful, that Mike Ashley relinquishes control of all contracts and that investment will be found to meet medium-term cash requirements. It is also possible that one or more of these dominoes will remain standing, and that nothing will ever be the same again.
Best of luck to all parties. I wonder when the penny will drop with those recently rooting for Green to be put away of the consequences……
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Aiden Bhoy
It’s looking that way, maybes then we will see an upturn.
HH
Aiden Bhoy who is this young Norwegian ?
lennon’s passion on 5th January 2016 8:01 pm
Didn’t realise that Ronny Deila’s name translates into English as Ronny Delicious!
Lennons Passion
When I clicked on the link and pressed translate to English…..
It came up as RONNY Delicious :)
See not everybody hates RONNY :)
Hope the boy signs if he impresses the……
Hebcelt
Kristoffer Ajer young 17 year old on trial for a week. Being monitored by a few top clubs apparently.
Lennybhoy
I needed cheering up :)
If she thinks your place was untidy
She’ll need to give us three weeks to gut this place.. Haha.
Good we blether and catchup
Anytime bud.. Take care
Hamiltontim,
Sent the email a few minutes ago and immediately received this reply:
Dear Vale Bhoy,
Thanks for your email. I am normally at Shadow Cabinet on a Tuesday morning but will see what I can do. If I can’t attend, I will certainly speak to the Convener beforehand.
Best wishes.
Jackie
St stivs
Allegedly – there are websites where you can hire a looker by the hour / day / overnight
With the pots of cash our hero fleeced from the huns I’m happy to see him use some of his I’ll gotten gains to provide moral and emotional support at a stressful time
A non scoring striker and a project so far,we’ve cracked this Transfer Window malarkey again…..
“£5m PLUS penalties” ?!?
Help ma’Boab – A double whammy !!!
I don’t think that’s ever happened.
Can you imagine: paying back a loan AND losing even one penalty ?!?
“Hard Time Killin’ Floor Blues” CSC
Vale Bhoy
Many thanks. Would you mind replying asking her to inform you of any discussions which take place between her and the Convenor and the content of those discussions.
Thanks mate.
Ht
I have sent numerous e mails to my local mp … Margaret ferrier. In particular about the bullying of children by the police at the Hamilton game ( her constituency )
No reply from her… my last email mail advised her she had lost a voter
TBJ
that was funny, thumbs up.
BB,
the transfer window list is not fulfilled until we find a “currently injured centre half” who is nearly ready for 1st team football , who can them promptly breakdown on his celtic debut, for at least 10 weeks out.
TBJ
Ha no much point contacting her again then ya smoothie! :-)
Auldheid at 4.45pm on 4/1/2015.
I can relate to the black ash pitches at the Green and at the ‘Plantin’ at Yorkhill, before the hospital was built.
I also spent a lot of time with some good mates in the Calton. One was from a family of fifteen who lived above the Braemar, in the close next to Davy O’B’s, and worked in it part-time when big Cecil owned it. We also drank in the Lough Erne and Francie’s Clyde Vaults.
We also used to get the old double decker, once a month out to Loreto, which, if I remember correctly, had three football pitches and two rugby pitches, even played there for the FPs in the Scottish Amatuer League.
Did you move back to Glasgow with the POSB which became NSB at Cowglen? I started there in January 1967 and left in September 1973 for pastures new overseas.
TBJ
She’s your MP not your MSP mate!
Lennybhoy
Good to see your name light up the blog.
It’s all to infrequent these days, seems like that to me anyway
Give my regards to the happy go lucky one of the twins :))
Btw, the wee mhan isn’t so wee now…
Anyhoo, I’m happy hope your happy too.:)
No wonder so many good guys avoid this place.
Just a quickie re Proceeds of Crime.
If proceeds of crime are identified and able to be recovered, who owns them – the Government? I think so.
Does it follow that IF a football club/company/celestial entity were found to be at the end of the rainbow, purchased with the proceeds of crime, does that original transaction get ‘undone’ – so in the case of, say, Rangers, it would all revert to Whyte and then to Murray?
Or would it become the property of HM Govt, thence to be sold to the highest bidder, cash only please?
Just wondering…trying to game out the possible scenarios.
Ht
Have you had a hard day – tired and worn out?
I never said she was my msp – don’t put a red x beside my name :))))))
EDB
I thought the blog had been ok today mate. No?
TBJ
Aye but it’s your MSP that you need to be contacting for this amigo :-)
Excuse my fiscal ignorance here but….
If the assets of Sevco are returned to the liquidators is that not a chance for ‘Real Rangers** Men (and women)’ to buy the assets lock stock and two smoking barrells?
I am hoping someone will be able to tell me NO and that it would mean Ibrox, Murray Park and the Albion Car Park getting concreted over by a property developer……
But I’m worrying that this might, just might, be a wee way for the formation of a Third Rangers which will of course be treated as the Original by the media, SFA et al.
What are the mechanics of this? How does it all work?
If it’s not fraud = things continue as they are now?
If it is = criminally acquired assets returned to liquidator and sold to whoever wants them at a reasonable price this time?
Is this too simplistic?
Re Ash pitches, best/worst I played on was the OHR ‘pitch’ in Clydebank
Evening all, missed my first home league game on Saturday, why??, because I couldn’t be arsed. The team is boring to watch, we have players who were superb last season, who cannot find a team mate. How can the player of the year last year become the dud of the year this year (Johansson) . Bitton has dropped from a £10m player to a free agent. Stuart Anderson and GMS had a fantastic start to their Celtic career, wtf has happened to them. Don’t get me started on Scott Allen. We are desperate for a midfielder who can deliver a killer pass, we have one with this young man. What is happening at our club, I do not believe so many players can lose form at the same time. I blame the football set up. Forgot to mention Lustig. I will probably renew next season, but I am holding my decision till the end of the season. Who is responsible for this decline??? Hmmmm I have my own thoughts. Thoughts??? All IMHO. HH
Evening all
Jan Aage Fjortoft @JanAageFjortoft 4m4 minutes ago
One of the greatest talents in Norway, Kristoffer Ajer (17), has travelled to @celticfc – the midfielder scored 8 goals last season
Scored a hat trick there for St Eunans boys guild
HT & TBJ
Unfortunately for TBJ and myself, our MSP is the guy that is proposing the Members Bill.
Not sure there is much mileage in sending him the e-mail asking him to support his own Bill.
However, a few wee words of encouragement might not go amiss.
P.S. Do any of the Regional List MSPs have a responsibility to our constituency?
SS-aye,an injured on loan CB for the set,………..
MARSPAPA on 5TH JANUARY 2016 8:39 PM
The happy go lucky one is sitting beside, about to go get the not so small Bhoy, she sends her regards…:)
I’m always happy, well most of the time…:)
Keep the Faith!
Hail Hail!
The Spirt of Arthur Lee,
Just what we need another mid fielder!
Anyhoos, away to watch the Stoke v Liverpool game on my Firestick. Brilliant, unbroken stream. Night night all. HH
Weefra
1 free kick in first half
Fieldofdrams
Look up Proceeds Of Crime Act 2002
The section pertaining to Scotland is easily identifiable ….
From memory i think it begins around s96
PB-We could field 11 midfielders
He looked casually around the Cafe as he waited on his order. A sudden awful realisation dawned on him. The Cafe was entirely populated by Minecontents and Malshafters. He quickly stood up, and made for the exit. He was a long way from the nearest Happy Clapper community. Blending in, as best he could, he hurried through the throng………….
Bada Bing
In your opinion ;), where do you think Ryan Christie will play in the team and who
Do you think will drop out, if indeed he gets a game.
BT
Meant to mention, we don’t half miss Scott Brown. Hope you and K and mini are well and had a Happy New Year. See ya soon kiddo. HH
Pfayr, thanks bud.
Hamiltontim, letter sent to MSP and list (Regional) MSP’s. I predict one response at least – there’s a LibDem in my region who was at least willing to correspond over the ‘kettling’ incident.
Here’s a draft that covers all the bases, I hope – and it is definitely worth writing to your regional MSP’s as well as your constituency MSP. If you can personalise each letter, even just a wee bit, so much the better because these people talk to each other and they discuss what’s arriving in their inboxes.
Draft
In June 2015 the Scottish Government reneged on its promise to carry out a full and transparent review of the Offensive Behaviour at Football Threatening Communications (Scotland) Act 2012.
Instead, the Minister, Paul Wheelhouse, in a twenty minute statement to Parliament, quoted selectively from a single piece of research and a highly skewed YouGov poll commissioned by his Department. During the ten minutes of questions he also misled the Chamber by saying that Fans Against Criminalisation supported his diversion from prosecution scheme. This is a matter of public record. I was concerned, and still am, at his continued refusal to withdraw this comment despite being requested to do so by that organisation.
On Tuesday 12th January 2016 a petition will go before the Petitions Committee asking that Parliament carry out the promised review of the Offensive Behaviour at Football Act, which the Government has conspicuously failed to do so far.
I am writing to you as your constituent to ask you to support the petitioner and the aims of the petition either in person at the meeting on the 12th or by writing in that vein to the Convenor of the Petitions Committee in advance.
If you are unable to attend the meeting on the 12th, or are unwilling to write to the Convenor of the Committee as requested above, may I ask that you inform me of any discussions which take place between you and the Convenor and the content of those discussions.
I look forward to your response.
Yours sincerely,