The matter of Rangers tax affairs in the 14 years prior to their liquidation are so lengthy, this video presentation will hopefully provide you with a summation of the salient points, ahead of tomorrow morning’s Supreme Court ruling on the matter.
It’s the most important 6 minutes you’ll spend today………
NEW CQN PODCAST WITH SFA PRESIDENT ALAN RAE OUT NOW!
Episode 2 of ‘A Celtic State of Mind’ finds Paul John Dykes and Kevin Graham discussing a variety of topical subjects concerning Celtic Football Club, including:
* Callum McGregor: The Youth of Today;
* Death of the Cult Hero;
* Norwegian Wood – Ronnie Deila’s Exit Interview;
* Farewell to The Stone Roses;
* Hillsborough: The Truth.
Paul John Dykes also chats to SFA President, Alan McRae, to challenge him over recent comments made about Celtic’s domination of Scottish football.
Connect with A Celtic State of Mind @PaulDykes and @CQNMagazine or just listen using the link below…
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Root and Branch Pedro root and branch…
I’ll get my chainsaw:))
WATP
WELL AND TRULY PUMPED.
As I said before……life without them would be dull.
THE GREEN MAN SAYS SACK THE BOARD
To be fair they do need someone with briar knowledge of the club…
I doubt even King would be bold enough to try to shaft HMRC. From what I gather it’s their directors – principally Park – who are providing working capital.
But they are now in for nearly 15 million and will be tapped for more very soon. It’s unsustainable. Admin a distinct possibility I’d say…
Morning all.
Without knowing the result , I just took a delayed action scroll through CQN from the start of the hun game to the glorious conclusion.
Humiliating is too understated a word for the hun situation.
Gut wrenching ?
” Celtic know all about their troubles ” springs to mind.
Progres join Berwick .
Busy night for Jim. Let’s guess:
“European distraction gone as Gers prioritise league”
Dear Dr
Earlier tonight I simultaneously Pished myself, my sides split and my ars* fell off – is this a record?
We came
We saw
We laughed so much we pished ourselves
The worst result in their 5 year history.
SMSM Non headline tomorrow.
Page 44/74 still nil nil but the huns are getting restless, hoping 37 year old KM will save them or the PART TIMERS knacker out 1st :))))))))))
italiabhoy … I had a similar understanding …but would it not likely be one of the directors then who would need to put them into admin? If that is the case, how likely is that to happen?
any idea where I could see their most recent Financials?
Think I might be late in the morra…………….
Right, Pedro has a 3 year deal and a coaching team, they canny afford to bullet them and they wont walk away. If they get rid it’ll bankrupt them and the latino contingent will down tools and even then it’s Alec Rae and wee Bazza. Let the good times keep rolling.
Now for the dressing room revolt.
https://twitter.com/eirebhoy/status/882343034347802624P
Ole Pedro looks beaten already…
When I was young (a few years ago) my favourite radio station was ( you guest it) Radio Luxembourg). Now one off my favourite football clubs come from Luxembourg.
BANKIE
Just said the same to my wife
Graham Dorrans frantically calling Shaun Maloney for the name of his Chiropractor……..
Goals coming up on BBC News 24 in a few minutes…
Just had the finest hour of my life over on Munter Media.Utter meltdown.To top it off,pictures coming in of Pedro outside the Hotel giving it big licks with scum fans.Standing in a bush shouting at them.The team being held back from the airport for their safety.
Davidopoulos
Im expecting Pedro to give a Brambling interview to Sky shortly. Sure to be asked about Greens boots and his reverse midfield diamond fiasco:)
HH
OOOOOOOOOPS 2 nil progress
“Pedro is like Warburton on glue”.
BSR……
;)
The large tummler is seeing some action………
https://twitter.com/Mac08721612/status/882347661927567361
THETIMREAPER
They haven’t paid the last lot off yet:))
mike in toronto on 4th July 2017 10:20 pm
auldheid ….how you doing, mate?
I agree the numbers are probably similar, but last time, was it not a case of an outside party (Hector the tax man) to whom the money was owing, and who refused to go along with lie …. hence the crap hitting the fan. Otherwise, the zombies and the league would have continued to try to keep the truth from being discovered …
I am not as up to date on their current financial situation as I am sure you are …. are there larger external creditors this time? I have sort of assumed that their Board are likely financing this …which would likely mean they can cover it up for a while longer …. unless, of course, the league actually bothers to check on their financial situation (sorry, a bit of humor there) . but I could be mistaken.
=============
Yes there is that difference in the transparency of the two situations.
It is impossible to tell what their current financial position now is but in truth it should not be supporters asking that question, it should be the Chairmen of all Premier Clubs from Aberdeen down because their income forecasts will include an element of income from 3 or 4 games against TRFC.
How sure can they be that those games are guaranteed and if they are who is underwriting the guarantee?
Scottish Football is only going to get out of this vicious circle when it becomes more transparent and this from an old CU Blog of June 2011 (six years ago) using Financial Fair Play is way to deliver it,
The Licensing Service
This needs to be more transparent. As it stands it is likely to approve Rangers licensing application that enables them to play in next season’s UEFA competitions. This, despite question marks over Ranger’s ownership; the intent of that ownership; (an intent that has still to be conveyed to the other small shareholders in Rangers), not to mention (Scottish media style) a potential crippling tax bill.
Not only is it likely to approve a license this year in spite of the above, its role in not preventing Rangers getting into the situation they now find themselves in has surely to be investigated and changes made to prevent Rangers, or any Scottish club, endangering themselves and their fellow clubs in the future. In short the Licensing Service that is supposed to protect the financial well being of Scottish clubs has failed and that failure has undermined the integrity of our game.
The process the SFA use is governed by UEFA and the new UEFA Financial Fair Play (FFP) rules that stipulate amongst other things what is to be treated as allowable income and allowable debt come into force for the new season. The problem with the FFP rules is that they are designed to stop rich owners putting money into clubs and thus help restrict player wages, the high cost of which is why so many clubs are carrying so much debt.
Whilst an indirect wage cap will indirectly help Celtic (and Rangers) by making us more wage competitive with our neighbour’s in the Championship and lower EPL, neither ourselves nor Rangers are particularly high wage payers nor do we get income Abramovic style from our major shareholder.
However what Celtic have had to compete with in the last decade is our main rivals Rangers first indulging in a questionable method of paying player wages (EBT’s) and then borrowing beyond their means to repay. This has all but destroyed the integrity of our game, something that can be inferred from the Scotsman article where it says,
‘which last season led the SFA’s legal and moral authority to be undermined by constant challenges.’
It is therefore clear to any observer that the processes that have allowed Rangers to damage themselves and with it the game that the SFA is supposed to protect must be tailored to reflect the reality of the SPL not the EPL.
In Scotland, unlike England where 4 clubs can qualify, the risk of failing to get CL money means the loser can be condemned to being the perpetual bridesmaid or not getting a wedding invite at all, forcing them into taking risks/gambles that can seriously damage the well being of each club, if not end it. So the licensing processes in Scotland have to be tighter to take more of an account of a clubs debt and to confirm that all players at all clubs are contracted on a basis that complies with standard tax law principles. ( a tick against “ Are your players wages subject to PAYE should suffice)
A way of balancing debt with income and expenditure would be a triangulation profile for all clubs. A triangulation profile would have income (A) in one corner, players wages (B) in another and debt (C) in the third. The triangle has to be equilateral and kept in balance and the figures from the accounts supplied to the SFA by clubs have to feed each of the balance points.
It gets more complicated in that what is counted as income has to be defined because some has to be allocated to non football costs,but as these need to be met they have to be included in the formula to set (A). What can be allowed as income will be defined by the UEFA FFP rules but is generally gate money, TV income, merchandising and UEFA money.
Players wages including PAYE and NI should be easy to arrive at and the debt level would have to bear some relationship to the income and wages.
So say for arguments sake (and the multiplier would have to be argued) the debt allowed was 3 times the difference between income and wages (like they used to do in my young days when mortgages bore some relationship to income) then everyone would know if a club was overborrowing if (C) > (A)-(B)*3
A simple spreadsheet drawing on the figures from the accounts with a pie chart to present the picture could be published for each club without divulging the figures beneath and any club not meeting the result of the formula would have their licence to play in UEFA competitions refused as well as it triggering an SFA audit of their accounts.
There is for Scottish Clubs (usually Celtic and Rangers) however an additional issue of what is allowable income for triangulation purposes because of the “skew” affect of Champions League money and the fact that it cannot be depended upon.
Because of the consequences of the proposed profiliing, a club borrowing would have to take a risk that they were always going to have that money as guaranteed income as its loss would risk a refusal of a UEFA license or an audit under the proposed profiling rules.
So what any sensible club would do is not to include money that could not be depended upon in the income, and if they get a windfall (like CL money) that is used it to avoid or to reduce debt levels, not to keep using debt to try and ensure they get the money that enables them to stay in debt, as Rangers have done.
In fact any sensible measure of governance in Scotland with only two realistic competitors for CL money should insist on the CL money being excluded from the debt affordability calculation by removing it from the allowable income. (since Euro Cup money is more dependable and a lot less this could be included as allowable but not CL money)
The principle of limiting debt to what you can afford is one which our banks abandoned to everyone’s cost and is a principle that needs to be restored everywhere never mind being introduced to football. The triangulation profile is a simple representation of that principle and a more detailed one looking at what is and is not admissable as income and what the debt multiplyer might be in the context of Scottish football is required. Any club who wishes to operate as if CL money is guaranteed and is allowable for financial profiling purposes could only do so if they have good reasons to believe that this is the case. Those reasons should be supplied and made public.
Whatever approach is adopted Scottish football needs a more relevant process and the SFA should be saying something about the lack of transparency in the Licensing process and what they intend to do to address it.
You can’t stand in the way of Progres.
Borrowed from Cartuja on Twitter, worth following if you are on twitter btw.
https://twitter.com/mac08721612/status/882347661927567361P
The huns are revolting…..swerry words as you expect…
They are saying on FF this result is worst than Berwick. Was that the with super Ally in charge :0)
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Rangers lost to a club in Luxembourg. Not Luxembourg but a club in Luxembourg. Not the best team in Luxembourg, the 4th best in Luxembourg.’
HRVATSKI JIM
I wasn’t going to go tonight – I go to quite a few games, but the atmosphere here today was so toxic, I was having second thoughts.
I only went through fear of missing seeing history made.
I NEVER imagined they would actually go out though
What a chanter this lady was:
http://www.irish-folk-songs.com/song-of-the-dawn-lyrics-and-chords.html
These adult incontinence pants really do work a treat.
On another unrelated matter; is it too much to ask that we play pre season friendlies against teams that don’t try to kick us off the park?
Pedro will bough out before the turn of the year, his root and branch changes aren’t working. He just hasn’t twigged yet.
Rangers were playing Niederkorn – ‘Lower Korn’. Is there an Upper Korn? Were they playing not only the fourth best team in Luxembourg, but the second best team in Korn?
Pedro will be lucky to see the 1st league game according to deadclub media hahahahahahahahahahahahah
Well, this chap on The Bears Den forum is taking it with a stiff upper lip and a sense of perspective that is so easily lost in the aftermath of an embarrassing defeat:
standup 325
standup
First Team
1,229 posts
Posted 29 minutes ago
The only thing that could save Rangers now is real violent militant action by thousands of Rangers fans. That wont happen.
Maybe something like a large group of fans invading the boardroom and dragging them into the street to be stripped naked tarred and feathered then hung from a lampost with their club ties.
Dave King has sent Pedro out to get financing from a Hedge Fund
Ach well, it could be worse, they could be trading whist insolvent. What’s that you say…?
Oh dear.