Takeover Panel, what’s at stake today


When the Takeover Appeal Board gave Dave King 30 days to make an offer to buy Newco Rangers shares at 20p per share, I didn’t think too much of it. That was 30 days ago. So either King enjoys running things close, or he does not plan to comply with the Appeal Board. The latter would be curious, to say the least.

Making an offer to buy shares and actually buying them are two different things. If all relevant shareholders decided to sell to King, he would have to pay around £11m, but this is fanciful. It’s likely that very few would chose to sell, King is being asked to go through a paper exercise.

So why has this paper exercise it not happened? As I said, it may be that he’s about to rush through a last minute offer, but if he doesn’t, the proof of funds question jumps to mind. King would be obliged to show proof of funds to before any share offer could take place. If he cannot pull together proof of funds, you get an insight into why so many are keeping an eye on finances at Newco.

Then there is the ‘so what?’ question. If King fails to comply with the Appeal Panel he would be Cold Shouldered. This term refers to the prohibition on financial firms working in related fields with anyone who does not comply with their verdict. It is an incredibly rare punishment, which has been handed out less than a handful of times.

In this scenario, King would either have to resign from Newco, blaming everyone else, in his usual manner, and sell his shares. The latter is likely to be a painful exercise. Or, if he didn’t sell up, Newco would be unable to issue shares.

The club would therefore be unable to convert current directors’ loans into shares, leaving it in a position where it is unable to comply with Uefa Financial Fair Play rules. Before you get too excited about this matter, a breach of FFP rules would not inhibit Newco’s ability to enter European football for the first time this summer.

The process would see Uefa impose conditions that, if it complied, would see the club reduce its debt. It is only if Newco failed to adhere to these conditions that their licence to play European football would be withheld.

Failure to make a share offer, or for King to sell up and leave the stage, puts Newco in a horrible situation. It either jeopardises European football, or would lead to drastic cuts in budget – which would have the same effect on European ambitions.

I know many are exasperated at how King has been lauded without any appropriate scrutiny, never mind the microscopic type Celtic executives have had to face, but he and his acolytes are doing a wonderful job. One that no one outside of the Newco family could dream of inflicting on an opponent.

Since the hour King and his concert party of Bears failed to acquire Rangers assets in liquidation, they conspired to grab control of Newco, inflicting incalculable damage along the way. It has been the stupidest undertaking in sport.

There are a few potential scenarios covered above, but you and I know exactly how this will unfold.  You don’t need to be called Sherlock to figure this lot out.  Dave, you’re an inspiration, I hope you hang around forever.  Or at least until the inevitable….

We have two tickets to raffle for the Scottish Cup semi-final on Sunday 23 April at Hampden, courtesy of our good friends and club sponsor, Intelligent Car Leasing. Funds from the raffle go straight to our Mary’s Meals school kitchen appeal.

To enter, make a minimum donation of £5 at MyDonate here then email me to confirm your entry with the words “Scottish Cup” in the subject line. Your money will go instantly to Mary’s Meals.  Competition finishes at 12:00 on Good Friday, 14 April, so you only have TWO DAYS to enter!!!  Put your contact details on the email, just in case.

Two tickets, the Celtic end, fill your boots……… and thank you!

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  1. !!Bada Bing!! on 12th April 2017 2:53 pm


    Open training session with BR and the Bhoys at CP this Friday at 10.30am, see website for details guys.




    Got tickets for me and the weemhan out the Celtic shop

  2. VFR800 IS NOW A MONSTER 821 on 12TH APRIL 2017 3:01 PM


    AULDHEID on 12TH APRIL 2017 2:51 PM







    Does cold shouldering apply to auditors who have to comply with criteria in FFP or national club licensing standards?








    Campbell Dallas LLP are registered with the FCA, so yes, they would have to withdraw services to The Rangers.




    Ya dancer.

  3. Was the offer to be made before the close of play at the stock exchange or midnight? Por cierto

  4. King David has purchased a nice big fleecy warm blanket to protect his shoulders from the cold. SFA and SPFL also have nice blankets in preparation.




  5. !!Bada Bing!! on

    leftclicktic on 12th April 2017 3:38 pm



    !!Bada Bing!! on 12th April 2017 2:53 pm





    Open training session with BR and the Bhoys at CP this Friday at 10.30am, see website for details guys.










    Got tickets for me and the weemhan out the Celtic shop



    Free from the shop and ticket office but print at home has that pesky £2.30 fee….:(

  6. Their fans would not allow it or tolerate it, there would be much baying for (Fenian) blood but is the most logical scenario not to forego European football next year?



    Not sure if I’m correct in saying this but for Rangers to be allowed in Europe they way things stand they would have some sort of transfer restrictions/ban? Or is it that they would need to do better than break even next season – which would require a self-imposed ban?



    That would set them back in terms of football progression and there’s only so much their fans will suffer before they turn away and they lose a generation. The coming generations are going to be increasingly difficult to convert into supporters as it stands. Going into Europe just now they would drop out at the first stage so wouldn’t benefit from it financially – so is it not better for them to just not re-apply?

  7. Ra peepul are now having to deal with a cocktail of rules, regulations, the law and financials.



    Therein lies the rub.



    It’s now such a disaster of compliance, naepunter has a scooby what is going on.



    In conclusion they will get away with whatever they so choose.



    Their toxicity protects them, in that no sane person would ruin their reputation by getting involved.

  8. Brogan Rogan Trevino and Hogan on

    Afternoon All.



    Lisbon Update.



    Very positive communication from the Estadio Nacional today about the stadium visit on the 25th of May.



    The stadium are about to make their own wee memorial with a plaque being erected in the “Celtic” dressing room commemorating the fact that the victorious Celtic team who won the European Cup used that dressing room in 1967. The ceremony etc will go public in the next few days.



    Arrangements for visiting the stadium are well in hand with details to be revealed within the next two weeks. The stadiun is conscious of the fact that the cup finalists may well want to train at the stadium on the 25th and we will have to work round their timings but that is something that has been considered and taken into account.



    We are also working on a street party type event for the night of the 25th but details of that to follow.



    There are some places left for the dinner on the 24th of May and anyone interested should drop me a line on jjoe88@hotmail.co.uk



    I also note that Easyjet have put on a much bigger plane for their flight out of Edinburgh on 23rd May and as such there is availability on that flight whoch wasn’t there before. If anyone wants suggestions as to how to get to Lisbon and where to stay just get in touch.




  9. Glibby’s devil-may-care disregard of the Takeover Panel ruling is shocking, but what’s shockinger is my inability to come up with a cold shoulder pun…



    and my grammer…

  10. Lotsa cash lying around, and King hanging around like a bad smell, could all end in tears , going by the media…i know I know…..no one seems to be bothering , so someone has had the Chinese whisper me thinks, it would have kicked off way before now, that’s if the experts have the dates right,?

  11. blantyretim is praying for the Knox family on

    David O



    What about the cannibal who was late for dinner


    He was given the cold shoulder

  12. blantyretim is praying for the Knox family






    I’m suffering with a cold this week (no seriously) so my punning powers are not at their peak.

  13. South Of Tunis on

    Mr Cannibal was so late getting back from the pub He missed Mrs Cannibal’s lovely dinner.She gave him the cold shoulder at bed time.

  14. VFR800 is now a Monster 821 on

    Just to be clear, there are 2 streams in play here:



    1. The Share issues & Cold Shouldering by the Takeover Panel/FCA


    This will prohibit and FCA registered (therefore reputable) financial company (Banks, Auditors etc.) from providing services to The Rangers and King (in the UK). No banking facilities and no credit; it’s difficult to see how they can operate enthuse circumstances (This also means they cannot even convert their soft loans to shares, so it will impact their FFP status.)



    2. The UEFA Licence from the SFA


    The SFA need to send the info to UEAF by the 20th so they need (from The Rangers) full financial disclosure by Good Friday (sic) in order to process this and decide IF they will sanction the Rangers for a European Licence.



    There is a fair level of symbiosis between these 2 elements so if one or other comes crashing down (or both) it will have massive implications for The Rangers.



    One possible way out of this mess is for King to be forcibly removed as Chairman but this will need to be a coup in very short order to give them any hope.



    It could indeed be The Long Good Friday!








  15. MWD


    Glad it went well. I was going to email you but I no longer have your electronic address.



  16. There will be a way out for the Ibrox club, even although right and reason are against them. There is simply no way that the establishment in Scotland will countenance a world without a ‘Rangers’.



    After all his bluster, his Rangersitis tripe and, staying till the Champions League anthem is played at Ibrox, I remember Green saying just before Sevco’s first season started “we will play wherever we are told to play” – that was the football equivalent of “the big hoose must stay open”. Desperation had set in and all the ‘stops were pulled’ out to ensure that they were playing somewhere in the Scottish game.



    The same will happen now – no matter how bleak things will look for them, there will be accommodations made to ensure their survival – it will be interesting and convoluted.

  17. MATS NILLOC on 12TH APRIL 2017 4:36 PM


    There will be a way out for the Ibrox club, even although right and reason are against them. There is simply no way that the establishment in Scotland will countenance a world without a ‘Rangers’.



    They already have, only the SMSM keep the myth going, the establishment RFC died in the year 2012 last time looked, ?

  18. I wonder if, on CQN, we could create a very simple list which could be presented to those perpetuating the `same club` myth.




    1. If they are the same Club , whose SFA membership was transferred and to whom was it transferred?




  19. VFR,


    Would prefer if it was the Long GOODBYE Friday, but we know how the last one went….



    Cold Shoulder of Ham is delicious with sliced peach, but the preferred choice of SMSM will obviously be Cold Shoulder of Succulent Lamb.



    BRTH, do you ever get a day off ?

  20. !!Bada Bing!! on

    Hot Smoked- why were no transfer fees paid for McGregor, Whittaker, Naismith, Lafferty? Because they were unemployed …..

  21. Bada


    OK That is number 2.



    What about this, though. Is it a load of nonsense? :



    THE WORLD’S football’s ruling body has entered the heated debate over Rangers’ status after liquidation by promoting an article indicating it is not a new club.



    Promotional material from FIFA ( Federation Internationale de Football Association) headquarters to promote the content of its weekly magazine, states: “After their enforced relegation in 2012, Glasgow Rangers are in the hunt for promotion back to Scotland’s top flight.”



    It later emerged the comment promoted an ‘On The Inside’ article headlined ‘Rangers eye top-flight return’ written by Swiss writer Peter Eggenberger.



    It states: ” In spring 2012, Rangers were placed into liquidation and relegated to the fourth tier of Scottish football. The 54-time champions overcame another obstacle on the long road back to the Premier League last weekend but, after winning two successive promotions in style, that final leap is proving a little more difficult.



    A group of Celtic fans caused controversy when they paid for an advert in a newspaper saying Rangers are a new club.



    The advert was a lengthy statement which claims Rangers became a new club following liquidation in 2012.



    Those Celtic fans who feel Rangers are a new club, have objected to any commentary that indicates that if successful in the Scottish Championship play-offs, that they will “return” to the top flight.



    Rangers Football Club plc, the former operating company, went into administration in February, 2012, after a £9 million PAYE and VAT debt was amassed to the taxman under Craig Whyte’s leadership. The oldco renamed RFC 2012 plc is now being liquidated.



    The Celtic fans ad said the term The Old Firm was now redundant “following the liquidation of Rangers (1872)” and stated the new club came into being in 2012.



    Many diehards will only refer to Rangers as Sevco, the name given to the Charles Green-headed consortium that bought the liquidated assets with a £5.5 million loan in 2012.



    In December SPFL chief executive Neil Doncaster insisted Rangers are the same club which existed before liquidation.



    He said: “In terms of the question about old club, new club, that was settled very much by the Lord Nimmo Smith commission that was put together by the SPL to look at EBT payments at that time.



    “The decision, very clearly from the commission, was that the club is the same, the club continues, albeit it is owned by a new company, but the club is the same.



    “It’s the same club, absolutely.



    “The member club is the entity that participates in our league and we have 42 member clubs.”



    That commission’s decision referred to “the board of directors of Oldco as a company, as distinct from the football management or players of Rangers FC as a club…”



    The Advertising Standards Authority in December, 2013, in considering challenges to Rangers’ claims as “Scotland’s most successful club”, supported the view that continuity of history continued.



    It has emerged that UEFA confirmed to the ASA that its rules allowed for the recognition of the “sporting continuity” of a club’s match record, even if that club’s corporate structure had changed.



    The European Club Association, the sole independent body recognised by UEFA and FIFA as representing clubs at European level confirmed Rangers remain as members of the organisation in December, 2012 after the transfer of ownership.



    In June, 2012, Lord Glennie in considering a decision to uphold a transfer embargo on Rangers referred to “Rangers Football Club plc, a company presently in administration.. .that presently operates Rangers Football Club.”

  22. Bada (4:55 )


    Could they respond that the company owned them, not the Club?




  23. If any other `Deid R Us ` points are made, I will have to look later. Must dash.


    Cheerio for now,




  24. !!Bada Bing!! on 12th April 2017 5:16 pm


    Willie Collum semi final


    better him than madhun or beaton though Collum is just a #### poor referee