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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In penning the following I have tried to suppress my usual negative tendencies.
I have been speaking to an acquaintance who, from 1963 until the present day seldom misses a home game and up to a couple of years ago, the same applied to away matches.
Over the years, he has attended his share of European away encounters.
He tells me that as Saturday’s match against Thistle was drawing to a close, he found himself wondering if in the long term, Celtic losing might not be a bad thing.
This is guy whose default position has always been to unquestioningly back Celtic both on and off the field
If by any chance the above is read by any of our leaders, it should terrify them.
QUONNO on 5TH JANUARY 2016 11:09 PM
“In penning the following I have tried to suppress my usual negative tendencies.”……………………very badly.
SAINT STIVS on 5TH JANUARY 2016 11:04 PM
when playing Peter Grant was a whipping bhoy for the “never made it experts” all around the ground.
simple fact, if you played next to Paul McStay, your going to look a very ordinary player.
– See more at: http://www.celticquicknews.co.uk/pre-trial-hearing-brings-stark-focus-to-newco-future/comment-page-8/#comment-2748710
Never a truer word written………just check out how ordinary he makes the Deadclub’s players look (the tackle at the start is worth watching a few times) :
https://www.youtube.com/watch?v=AysGdkTu1hU
Time for sleep, too many glory hunters on here.
Hail x2
Paul a wee question.
If all the trialists are found guilty, locked up and the keys thrown away, will it alter one jot the fact that THEY will not only be back amongst us next season, or that Celtic will welcome THEM with open arms.
We’ve all had a good laugh over the last four years
Tine now to put our own house in order.
BAWSMAN on 5TH JANUARY 2016 11:13 PM
QUONNO on 5TH JANUARY 2016 11:09 PM
“In penning the following I have tried to suppress my usual negative tendencies.”……………………very badly.
Me being negative does not mean that post did not have some validity.
– See more at: http://www.celticquicknews.co.uk/pre-trial-hearing-brings-stark-focus-to-newco-future/comment-page-8/#comment-2748717
BAWSMAN on 5TH JANUARY 2016 11:14 PM
Time for sleep, too many glory hunters on here.
Have to say I’ve quite enjoyed the blog today
each to their own I suppose
HH
Wednesday, 13 February 2013, 21:06
by James Traynor
ONCE again Rangers are the subject of an article by Alex Thomson, who appears obsessed by this club’s business.
This time, however, he turns his attention on me in a most callous and disgusting manner.
Fortunately I’ve been the target of many bloggers many times because of the well, let’s just say strident way I’ve gone about my work. So, if you give it out you have to take it back.
This is one of the unwritten laws of journalism but this person’s blog cannot pass without comment. Incredibly, it’s allowed to sit under Channel 4’s name.
This man has set himself up as a paragon of integrity yet he relies on Craig Whyte as a credible source.
Does he not know the former Rangers owner is under Crown Office investigation?
Thomson publishes the content of emails in which I make it clear to Whyte that a story about his spending plans will start with the figure of £15m for new players. It was necessary to let Whyte view the piece so that it would be difficult for him to try to deny it later.
Of course he did try just the same but he knows he said it. I know he said it and so, too, should Thomson. If he’s spoken to Whyte he’ll also know what this man is like.
The email was sent not because Whyte was being given editorial approval, as Thomson appears to be making out, but because I wanted Whyte to see the figure.
Also, show me a journalist who hasn’t used these methods to extract further information and I’ll show a hack who wasn’t doing his job.
It is necessary to get close to people in football if you are to gain possession of the intelligence required to do the job properly. And that brings me on to Thomson’s other point.
He claimed I asked Whyte for a job. How utterly absurd.
This blogger conveniently forgets to mention it was my work, along with that of the Daily Record’s Keith Jackson, which finally exposed Whyte and brought him down.
We had been gathering information about the Ticketus deal and also Whyte’s failure to hand over PAYE and NI. It was a long process and vital that the line of communication with Whyte remained open.
The fact is he asked me to come and work with him on more than one occasion. He also asked if I would advise him privately.
A game was being played out and working for Rangers at that time wasn’t the goal. In fact, I kept my newspaper informed of the offers through a senior editorial executive because it was important they were on side with the operation.
I also made sure a senior person at the BBC, with whom I had a contract, also knew.
One or two trustworthy colleagues also were made aware of what was going on and we actually laughed at the very thought of me working with someone we were determined to expose.
On any other day I’d have dismissed this latest blog without comment but this is a special time for Rangers. We are a year on from administration and are putting in place a solid structure under the new regime.
Rangers have released a documentary on that crucial year on this very site and that’s what we should all be concentrating on. Enjoy, and stop worrying about bloggers.
Now that I’ve broken the blog I’ll say goodnight Timland
HH
following on from that utube clip.
alan thompson hunskelper general
https://www.youtube.com/watch?v=EJ4TrT_Y1ak
Lennybhoy
You brought it on yourself….. haha….
At your work tomorrow “pop in chill out”
Take care pal :)
Hebcelt,
Watched the re-run on BBC Alba at 10pm – very enjoyable hour on the best aspects of what football is all about, or at least meant to be about. Good human interest pieces, and the pies looked awesome!. Well done to all concerned.
HH
Enjoyed the blog last couple of nights guys,
I bid you all goodnight
Catchyeez :)
Alright…..
Just dropping in for my monthly drive-by post.
First Merry Jesus Birthday to all of you. And hoping you all had a safe and happy Pagan-Solstice thing….:)
Mike in Toronto – give your Mammy a big hug, and I hope she has a great night out.
Broonie – definitely and improved player. Previous coaches had him in a 4-4-2, with wingers on each side. Every pass had to be a long pass. When we get people in around Brownie, he is a much better player, giving and receiving 10 yard passes. And – 10 times the player that Peter Grant was. I liked Peter. He gave everything for the cause. But he just wasn’t a very good player.
As for the current team. Pretty much on the slide, I think. Saturday was really bad. I suspect that Lou McCari’s team would have taken points off us. Partly because the current coach isn’t any better than Lou was. This will end in tears.
And with that, I wish you all the very best for the New Year…..:)
The Green Man, circa 13.00 Tuesday 5th…
Probably some of the best posts on here for many’s a year.. How true, every word.. Crisis at ipox,? yer jokin!!.. they see no crisis.. they are lookin at bringing in more signings this month.
Quick in and out..
We need a bit of this back in our team > https://youtu.be/0CreIU5dKSo
All Hail the Paddy..
HH
Interesting comments earlier tonight. Seems we should have signed McGinn – a midfielder – but there have been numerous views that we have too many midfielders already.
All will be well with the return of Scott Brown. I thought he was injured in the closing minutes of a dreary draw with Kilmarnock.
Marspapa and Friesdorfer glad you both enjoyed it I shall certainly pass on your comments. This was her directorial debut she also did a lot of the camera work and chose the music, basically “her baby”. So as you can guess Mrs Hebcelt and I are highly chuffed and proud of her, She is the last name on the credits, thanks to everyone who commented on the programme. Hail Hail Hebcelt
The Huns take another £6.5 mil loan and still bring players in? Did Hearts not do the same a couple of years back,and Dundee were relegated as a consequence? Regan still hiding under his desk.
Aha
HEB as in He brides.
:-)
No flies on you eh Macjay!! Did you manage to see the programme? H H Hebcelt
Hamiltontim
Email away to Alex Neil. I won’t hold my breath, as he is a balloon.
HH
BGFC
MACJAY
He brides?
Holidaying in Thailand recently?
I always feel that peter grant gets a hàrd time on here, I felt he was type of player missed most when he didnt play. He prôvided protection for Paul mcstay to play..
Every team needs a balance and in my humble opinion,a smattering of supporters. When chips are down it’s players like peter grant who stand up for the team
P.s. I am not a relative:-) :-)
HEBCELT on 6TH JANUARY 2016 12:28 AM
No flies on you eh Macjay!! Did you manage to see the programme? H H Hebcelt
==============================================
No mate.
Hopefully the program will appear on Oz T.V. at some stage.
They usually do.
Ron Bacardi 8.50……what year? who against? who was the ref? who was your manager……….Mr McGinley?
BBB.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 6TH JANUARY 2016 12:39 AM
MACJAY
He brides?
Holidaying in Thailand recently?
======================================
On my bucket list,mate.
Incidentally,you seem well informed about the local delicacies.
I hardly missed a game home or away during the Peter Grant Era.
Peter knew what his strengths were and played to them. He gave everything he had and always knew how big the club was.
One of my least favourite players of the time who also partnered the peerless Paul McStay was John Collins. JC was a talented individual but I would say he was less supportive of McStay than Grant was.
JC probably considered himself before the team or the club.
Evening bhoys….unbelievably, im still awake.
Ive been rattling the keyboard for the last two days in an effort to make a writing deadline.
I should be able to finish tomorrow.
Only the laughs ive had on CQN today has kept me going.
Hopefully, i will be fresh enough in the morning to crack a few sevco gags.
But…at the moment…im still awake:)
HH
Reading the BBC’s unbelievable reporting of the horrendous events that took place in Cologne, on New Year’s Eve – It really has reached unprecedented levels of insanity,political correctness.
The corrupt politicians whom forced their suicidal policies upon the population, without permission – they are finished, gone.
People are finally beginning to wake up.
HH.
16 roads – Celtic über alles… on 6th January 2016 1:37 am
Friends,now absent from the blog,were vilified for daring to suggest that there may be a ” religious ” aspect to some of the horrific events we have seen unfolding round the globe.
And continue to see.
Merkel`s legacy……………..the end of the E.C.
Apathy Quick News
Peter Grant was a good player.
Nae wunder the Celtic board pull awe yer nickers aff….with ease.
No point in saying any more….apart from…
See how good yer Jelly & ice cream tastes when the died(LOL) huns are back doing what the board does to yeez….ripping the p#sh oot yeez on a grand scale.
What a bunch of…Country Yokel Dullards.
Guid luck….you’ll need it.
…….Zzzzzzzzzzzzzzz…….
MACJAY 124
Touché,old bean.
BEEBAWBABBITY, year was 1961, was against OHR, ref was Mr McGinty, our manager was indeed Mr McGinley who reached the ripe old age of 94 before passing away in 2010. Our goalie was Ian McGinley, our centre forward was Michael McGinley and our outside right was Brian McGinley!
Early morning bus journey to Glasgow isn’t what I’m used to but Mrs BT has been up all night
Hail Hail comrades
Re pop up
I’ve got an ex wanting to FaceTime me
My ex was over 25 years ago and we didnae have FaceTime
BT,
Happy New Year to you and yours, hope you are well.
Trust your current (not bun…) disnae lurk!
HH
Friesdorfer
Mrs BT been up all night hence my bus journey.
Hope it’s a great year for you and your family mate
See you sometime this year