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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 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?

     

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

     

    Nearly right TD..

     

     

    Although there is NO provision anywhere in UEFA rules to have three years accounts clean or dirty there is, under Article 12 of FFP, a requirement that any club applying for a UEFA licence has to be a member of their national association (The SFA) for three years going back from the licencing season.

     

     

    Thus in August 2012 TRFC were not eligible to apply for a UEFA licence because as far as UEFA were concerned TRFC began their membership (as a club/company) of the SFA that year and only in August 2015 did they become eligible to apply for a licence on sporting merit.

     

     

    What can be deduced from the para in UEFA’s letter to Res12 lawyers is that whilst the SFA or SPFL might view TRFC’s membership and attached history going all the way back to 1872, UEFA did not view the transfer of Rangers SFA Membership as providing membership continuity and UEFA are the ultimate football authority. In fact the SFA have never said TRFC are the same club and although Doncaster did speak , there is no record if this was with the approval and authority of the SPFL Board.

     

     

    The UEFA letter with relevant new club/company para on page 2 can be read at

     

     

    https://drive.google.com/file/d/0B6uWzxhblAt9ckdxNTU4bFIyNFU/view?usp=sharing

     

     

    Had they won the cup between 2012 and 2015 there is an Article (15) that could have opened the way for a licence to be granted but that article was intended to allow entry to well run teams from lower divisions not normally subject to UEFA Licensing standards and who were good enough to win their national cup competition, not tax dodgers and over spenders who had been liquidated but somehow were able to don the clothing of their deceased predecessor and take their name.

     

     

    It is only my opinion but had the situation arose, UEFA would have given Article 12 supremacy over Article 15 and refused a licence although the SFA would probably have chanced their arm and put TRFC forward to UEFA. This is supported by the way UEFA refused Derry City a licence in similar circumstances of becoming able to apply for a licence on sporting merit grounds but not having three years membership of the Irish FA.

     

     

    Article 12 of UEFA FFP is there to STOP or at least deter clubs doing what Rangers attempted which was to dump debt and carry on as if they were the same club to the detriment of the integrity of UEFA’s competitions.

     

     

    The over riding problem in Scotland, often coming from the Rangers tradition for some reason, is that there is too much focus on the wording/interpretation of rules and not enough on their intent. If interpretation undermines intent then it’s wrong. Just like the big tax case.

  2. Dolores O’Riordan or Imelda May?

     

     

    Decisions or Decisions.

     

     

    Think bigamy is better than the rap it gets lol

  3. Sevco won’t win the Scottish Cup so no wucking furries.

     

     

    They’re not even good enough to win an arse kicking competition with a one legged guy as an opponent.

     

     

    They are equivalent of a 4th tier English club. Their players are 3rd tier rejects.

  4. Saint Stivs @8:06pm

     

     

    Worried about the away goal!

     

     

    We’ll definitely have to score over there to get through!

  5. RUDICANTFAIL 12.16am

     

     

    Which chip shop in Yorkhill.

     

    I was born and raised there from 1949 to 1974 and only knew the Kelvin, on Old Dumbarton Road, between Yorkhill Street and Lumsden Street run by Margaret ? It was next to Dr. Connell’s office and before you got to McLean’s th Newsagents and Brown’s the grocers.

     

    Do you remember them?

     

     

    TherewasayorkhillCSC

  6. Outside the Cladden I Witnessed an Alledged Fight.

     

     

    Dido Diamond even went top Half nAKED – hE rIPPED AFF HIS sHIRT – iMPRESSIVE, bACK THEN.

     

     

     

    jUST MISGUIDED DOODS.

     

     

     

    Russia America.

     

     

    Only Yeshua can be Believed in. :))

     

     

    The BIBLE is Rock Solid.

  7. Every Road leads to Damascus.

     

     

    Wow.

     

     

    The Old Testament, for those that can say that they are Familiar.

     

     

    Incredible the LORD Yeshua.

     

     

     

    LivingonborrowedTimewhoNEEDSinformation.CSC

  8. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    Quiet overnight!

     

     

    I hope our NZ correspondent,TAURANGATIM,is fine and dandy.

     

     

    More tropical storms heading that way.

  9. Good morning CQN from from a cool, overcast but dry East Devon. No change there then.

  10. Good morning friends and Happy Holy Thursday from a dry, mostly clear skied but still rather breezy East Kilbride.

  11. VFR800,

     

    JP Taylor still hasn’t responded to my emails about the Lisbon article that I have.

     

    Anyways I am hoping to go and see The Hoops training tomorrow morning, and I’ll take it with me and see what happens if I ask for him or anyone from Celtic to show some interest ?

     

    JP may well be a busy man no doubt, but I am very unimpressed with the lack of response from his office.

     

    Poor public relations imo.

     

    I suppose that I can now say that I have been ” COLD SHOULDERED” ?

     

    Me and Dave King on the naughty step…..think I’ll cold shoulder that Glibby also !

     

     

    As I’ve posted for a few weeks now, I have been having problems trying to get access to the blog, cos of pages freezing…..have CQN also been giving me the “Cold Shoulder” treatment, haha. ?

     

    Hail Hail.

     

    Hail Hail.

  12. Re King and the TAP.

     

     

    Arnold says there is nothing to worry about and is predicting a big bonus heading down Ibrox way.

     

     

    Dear oh dear!

  13. This is what Keech Jackass write today,

     

    Dave King could be dragged into yet another high-profile battle against the authorities after effectively choosing to stick two fingers up at the Takeover Panel yesterday.

     

     

    The Rangers chairman is in hot water after flouting an order to launch an £11million offer to buy out the rest of the club’s remaining shares as a penalty for breaching strict financial rules when he succeeded in ousting the previous regime two years ago.

     

     

     

    The authorities ruled King was leading a “concert party” when he teamed up with a group of fellow fans known as the Three Bears – George Letham, Douglas Park and George Taylor – to hoover up 30 per cent of the club’s shares and boot Mike Ashley’s allies out of the Ibrox boardroom.

     

     

    After losing a long running appeal against that decision last month, King was given a 30-day deadline to offer to buy all remaining shares at a price of 20p. But that deadline came and went yesterday afternoon without King meeting the watchdog’s demands.

     

     

    While there will be no punitive repercussions for the club, sources in London expect the Takeover Panel to react angrily to King’s defiant stand. At the very least they could effectively render him a pariah in the financial world, causing further damage to the reputation of his club.

     

     

    But they could also seek a court order to force King’s hand. Should that happen, he could then face a contempt of court charge unless he stumps up enough cash to cover the cost of a possible buy-out.

  14. The whole world should “Cold Shoulder” that cheatin scummy mob from Govan in every possible way !

     

    I see that Sandy Clark ( That wonderfully talented centre forward that the Huns used to have) son Nicky is one of the Tribunal Four who have appeared to settle out of Court with Sevco.

     

    His son ( Nicky ?), has now ensured that his dad Sandy, will also be “Cold Shouldered” by Sevco, if he ever applies to become Pedro’s number 27 ?

     

    Seriously though, numpties like Sandy Clark ( who has always been a true hun), and who have always had nothing but positive and nice things to say about the old club and Sevco, MUST now despise that hun mob for treating his son the way they did …………or will he ?

     

    If any child of mine was badly treated by an employer, I don’t think I would think too kindly of them !

     

    Do these Huns never learn about ANYTHING ?

     

    HH

  15. Morning from darkest Lancashire. It is indeed Holy Thursday, start of the Easter feast. My Lenten fast is almost over, will I “go early” on Good Friday, or wait till Saturday?

     

    I’ve booked a lunch table at La Lanterna for Saturday, based on reviews from here.

     

    Hope you do not let me down guys. I will probably hold off till Saturday.

     

    My own parish priest used to tell me that today is the official end of Lent, I have always waited till Easter Sunday. Anyway, have a good day everyone. Off to Keswick soon via Bury, as I heard back home. HH

  16. cathedral view on

    Will the SFA and FCA give us a Glasgow football team with a UEFA license but no bank account.

     

     

    One can only dream.

  17. Good morning, from what I’m reading on this Takeover Panel regarding RIFC&King to me it looks like everyone is dipping they’r toe in the water and no one seems sure what the consequences will be, if there will be any at all that is, no one seems to know if it’s a rule , an act, or a corporate law?

     

    I think I’ll just sit back and see how it pans out, as Iv said before, I know king is toxic, a liar, and a convicted criminal, but daft he isn’t.

  18. Haud oan a minute…….IF no bank will co operate with Sevco and King ….how do they intend to pay for all the damage that they will inflict on Hampden next week after The Mighty Celts knock them oot the Cup ?

     

    Maybe the Sevco support can organise a bucket collection outside Hampden before the game, to try and cover any damage that they will no doubt inflict ?

     

    Maybe The SFA should be DEMANDING MONEY UP FRONT from these Animals !

     

     

    HH

  19. Predicted Daily Record Headlines:-

     

     

    “Rangers dissociate themselves from the corrupt world banking system”

     

     

    “Dave King re-invents the money supply: The Bigotcoin a rival to bitcoin”

     

     

    “Dave King clears the temple of moneymen”

     

     

    “The Three Bears now have to eat Dave’s porridge”

  20. archdeaconsbench on

    Had a swatch on FF to get the experts take on the King’s stramash with the Takeover Panel. Apparently he is now engaged in a spat of ‘Fiscal Shadow Boxing’ no biggie apparently……. ;-))))

     

     

    They’re a worry.

  21. Off tack, but I am having a wee go on these 3 horses today in a “TREBLE” ?

     

    Chelmsford 5.10 ” Son of the Stars”

     

    Chelmsford 3.40, ” Poets Word”

     

    Chelmsford 3.10 “Pure Shores”

     

     

    Not great prices at the bookies, but a Treble ?

     

    I was “unlucky” yesterday……..three horses fecked me for a Treble !

     

    Hail Hail.

  22. ……Speaking exclusively to the Rekord Fox Channel from his palatial, (leased) Lazy Eye Ranch in Uganda, Dave told the assembled “Jim Whites” that while the banks had cold-shouldered his latest plans for Govan, he had it on good advice (Bommur) ….that The Bears will back him all the way……Speaking off-the-record the mercurial fantasist bandied words like “money” , “investment”, “fiscal financials” and “humped” while eyeing the exits furtively……..

  23. Breaking news :

     

     

    Since the financial meltdown of 2008 , I have been looking to find ways of bypassing the systematic bleeding of customers by corporate bankers. As of this week I believe I have found the solution .

     

     

    D . king ( financial genius and really nice guy )

  24. VFR800 is now a Monster 821 on

    Word of The Day (inspired the Takeover Panel)

     

     

    ostracize /ˈɒstrəˌsaɪz/ 

     

     

    verb (transitive) 

     

    1. to exclude, by general consent, from society, friendship, conversation, privileges, etc.:

     

    2. to banish or expel; abolish

     

    3. to banish (a person) from his or her native country; expatriate.

     

    4. (in ancient Greece) to punish by temporary exile

     

     

    Derived Forms

     

    ostracism, noun 

     

    ostracizable, ostracisable, adjective 

     

    ostracizer, ostraciser, noun

     

     

    Word Origin and History for ostracize

     

    v.

     

    1640s, from Greek ostrakizein “to banish,” literally “to banish by votingwith potshards” (see ostracism ). Figurative sense of “to exclude fromsociety” is attested from 1640s. Related: Ostracization ; ostracized ; ostracizing.

     

     

    KTF

  25. An Teach Solais

     

     

    Dunno what David Low’s going on about in that quote in the JohnJames article:

     

     

    “The Cold Shoulder is the biggest calamity to befall Rangers(sic) since liquidation”

     

     

    I’d have thought that after death you’d be pretty calamity-proof!