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Takeover Panel, what’s at stake today

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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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337 Comments

  1. tonydonnelly67 on 12th April 2017 5:01 pm

     

     

     

    HOT SMOKED

     

     

     

    Thems got Dundees license when the new club was registered, and Dundee got thems who died license.

     

    =======================

     

    Purely in the interests of accuracy there are three distinct criteria a club has to meet/acquire to play football.

     

     

    1. Is a SHARE in the SPFL (which as you say was given to Dundee when Rangers were no longer capable of paying a side to play in the then SPL.)

     

     

    2. Is SFA MEMBERSHIP which clubs joining the SPFL acquire as a result of joining the SPFL.

     

    Back in 2012 there was only the SPL and SFL and the normal way to acquire SFA Membership was first to become a REGISTERED SFA member as result of admission to the SFL. Then to apply for an ASSOCIATE MEMBERSHIP of the SFA within 14 days of joining the SFL and after 5 years apply for a FULL SFA Membership. In 2012 however it would have been impossible to create the same club myth had this process (which was normal for all new clubs joining the SFL ) been followed.

     

     

    Charles Green knew this so instead and as part of 5 Way Agreement, he applied for the FULL MEMBERSHIP of Rangers FC held by the SFA to be transferred to his new venture and this was application was granted using the discretionary powers under Article 14 of SFA Articles of Association amusingly called Prohibition of Transfer of Membership. (when SPL and SFL merged to form SPFL the “REGISTERED” SFA Membership category was removed leaving “Associate” and “Full”.)

     

     

    3. Is a National Club licence which is awarded annually subject to clubs applying for one and which comes in Platinum, Gold, Silver, Bronze and Entry level sub divided into compliance under Ground, First Team, Legal/Finance/ Administration and UEFA with an overall award applied. See

     

     

    http://www.scottishfa.co.uk/resources/documents/ClubLicensing/2017/230317CL%20current% 20status.pdf

     

     

    Clubs in the top flight are also licensed against UEFA FFP standards at the same time as national club licensing is being assessed by a Licensing Committee who undertake the work.

     

     

    in 2011 Andrew Dickson a current TRFC Director sat on 3 of the 4 LC meetings. He no longer is on that LC but I’m not sure who are and of course Mr Ogilvie is not hovering in the background as he was in 2011 when a UEFA Licence was granted on what appears to be as a result of dishonest statements, subject to confirmation when CW trial is over, followed by more of the same lack of candour from SFA when questions started being asked after Sherriff Officers called in August 2011 to collect overdue tax.

  2. According to hun media it was for holiday pay and was settled at £300,000 in total.

     

     

    I hope the name of the judge didn’t influence Sevco’s decision to settle.

  3. the post-split fixtures up now

     

     

    2nd rangers vs templeton and others – court 1

     

     

    mash vs 2nd rangers – high court

     

     

    2nd rangers vs the warby 3 = glasgow sherrif

     

     

    wifi supplier vs 2nd rangers – lanark

     

     

    2nd rangers vs hmrc – supreme court verdict.

  4. Hot Smoked

     

     

    Why did the Newclub enter the Scottish Cup in season 2012-13 as early as the second round (away(!) to Forres Mechanics), when Rangers had finished second in the SPL the previous season, and Dunfermline, who had finished bottom, didn’t enter until the fourth round?

  5. GuyFawkesaforeverhero on

    I’ve checked the Rules for CQN puns and Parliamo is allowed:

     

     

    Dave King’s Club Statement later tonight, as scripted by Jim Diamond; ” I-I-I-I-I-I-I-I-I-I…………..shooder known better.”

  6. ERNIE LYNCH on 12TH APRIL 2017 6:56 PM

     

    According to hun media it was for holiday pay and was settled at £300,000 in total.

     

     

     

    I hope the name of the judge didn’t influence Sevco’s decision to settle.

     

     

    ———-

     

    Hahahaha taigs, bheggars and tarriers everywhere these days.

  7. Game on. Monaco seemed to sit back from start of second half and invited Dortmund on.

     

    Dortmund accepted invitation 1-2.

  8. JMCCORMICK on 12TH APRIL 2017 6:59 PM

     

    ‘Which Hun media? There’s a lot of it about.’

     

     

    ##

     

     

    That’s because they are ra peepul.

     

     

    I was referring to one of their cesspits of a forum.

     

     

    They could certainly do with a word of the day thing on there. Their collective vocabulary extends to about 50 words, and most of them are obscenities.

  9. !!BADA BING!! on 12TH APRIL 2017 6:52 PM

     

    More Courts than John McEnroe that mob….

     

     

    —-

     

    You cannot be serious!!

  10. Wonder if Michael O`Halloran wakens up each day and wonders “what the hell have i done,”

     

    or does he just look at his bank balance

  11. SAINT STIVS

     

    Very good….

     

    ERNIE LYNCH

     

     

    Prehaps we could help them out with a couple of words….e.g. Shame, sorry, No, not in their lexicon.

  12. EMPLOYMENT TRIBUNALS

     

    (SCOTLAND)

     

    Case No: 4105211/2016, 4105212/2016, 4105213/2016 & 4105214/2016

     

    Mr D Templeton Claimant

     

    Mr N Law Claimant

     

    Mr N Clark Claimant

     

    Mr D Shields Claimant

     

    The Rangers Football Club Ltd Respondents

     

    JUDGMENT

     

    The claims, having been withdrawn by the claimants, are dismissed under Rule 52 of the

     

    Rules contained in Schedule 1 of the Employment Tribunals (Constitution and Rules of

     

    Procedure) Regulations 2013.

     

    Employment Judge: M. Kearns

     

    Date of Judgment: 27 March 2017

     

    Entered in register and copied to parties: 28 March 2017

  13. hun media has a thread.

     

     

    should we congratulate the lisbon lions for the 50th anniversary.

     

     

    the polarisation is incredible, surprisingly a few regular posters, are like our old contributor william ursulan, the other side is quite incredibly ugly, and i am sure actionable under the offensive internet act thingy.

  14. AULDHEID

     

     

    What about the three years of clean and updated books sevco had to go through, I was led to believe that if they had won say the Scottish cu in they’r second year of existence they couldent play in Europe as the three year rule was a pre requested one? Not sure but?

  15. VFR800 is now a Monster 821 on

    AN TEACH SOLAIS on 12TH APRIL 2017 5:28 PM

     

     

    The Takeover Panel needs to release a formal statement Cold Shouldering King.

     

     

     

    KTF

  16. yesterday on a hospital visit, my sister was sharing facebook pictures from the family site, of which i aint a member,

     

     

    a picture i never seen before. my granny and 5 of her daughters , at an event , picture taken with billy mcneill, they are all small, but billy looks like a giant and most lovely man in the frame. i am guessing its around 1975 – 1980.

     

     

    i felt quite emotional looking at it, and had to take a walk to the window to compose myself.

     

     

    just rambling sharing.

     

     

    keep it lit.

  17. JMCCORMICK on 12TH APRIL 2017 6:45 PM

     

    Are the new Huns still breathing? Thought it was game over today. Or were we all getting ahead of ourselves?

     

     

    When are people posting here going to get it into their heads that THEY did not die, are not died and are not going to die? Or be allowed to die.

  18. An Teach Solais on

    VFR800 IS NOW A MONSTER 821 at 7.15pm

     

     

    Thanks for clarification. Presumably it gives “thems” a bit of wriggle room. Hope Takeover Panel has an expedited procedure.

     

    Cheers, again. HH

  19. TONYDONNELLY67 on 12TH APRIL 2017 7:18 PM

     

    AULDHEID

     

     

     

    What about the three years of clean and updated books sevco had to go through, I was led to believe that if they had won say the Scottish cu in they’r second year of existence they couldent play in Europe as the three year rule was a pre requested one? Not sure but?

     

     

    There is not a rule that cannot be dodged round.