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The Great Football Swindle

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By on CQN BLOG & Comments

On the face of it, it’s just too crazy.  Why would Craig Whyte become a director of Sevco 5088 Ltd, the vehicle his collaborator and Our New Hero, Charles Green, would use to buy the assets of Rangers from the administrators?

What options did he have?

He was, is, and for the foreseeable future, will be… the only show in town.

Whyte had controlling shares in Rangers and a security over Ibrox and other assets, as well as personal guarantees to Ticketus.  If he wanted to realise the value of these assets, and protect himself from the consequences the Ticketus action which materialised this week, he was probably the only man at Ibrox last year you could guarantee would not, walk away.

Either Whyte had to find a 100% secure proxy to carry out his actions or he needed controlling interest in Sevco 5088, and Whyte is not a man who strikes me as having many strong trust bonds out there.

The Companies House form which STV produced (again, credit where it’s due) was always going to be fatal to Whyte’s plans, if produced, but it would have been no more than an insurance policy against Our New Hero going rogue.

The form hitting Companies House is not the moment you become a director in a company, that happens as soon as an offer is made and accepted.  The company is obliged to inform Companies House within a short period (lazy journalism moment, I can’t be bothered looking it up), but failure to do so only incurs a small penalty fine.

Whyte and Earley were controlling directors and, in case Green reneged on their agreement, they would have documentary evidence to prove it.  If Green had performed on demand, they may never have had to produce the document.

A number of possibilities could explain the fact that Green transferred the assets of Sevco 5088 to Sevco Scotland:

He thought that Whyte would be reluctant to incriminate himself further and would simple go away.

He thought he could transform the business and compensate Whyte with the proceeds.

He is simply not smart enough to know how these things operate.

Or he may have a subsequent agreement with Whyte terminating his involvement with Sevco 5088, although this contradicts his evidence to STV cameras earlier this week.

The weeks ahead are likely to be so busy it will be hard to retain focus on the critical path.  Green has known for some days that he would have to go and replace himself with someone he can sell as a ‘true Rangers man’ to the most gullible people to walk on hind legs before season ticket renewal time, but even that date will seem a long way off.

Whyte will not budge until and unless his money is covered.  We’re talking £18m to Ticketus and no doubt some more for his trouble.  In playing the Sevco 5088 director registration form, his Doomsday Card, he has invalidated Newco’s associate membership of the SFA.  He has called into question the fair and open disposal of assets by Duff and Phelps and the entire administration process.  He even stayed quiet until Green flushed out a fair amount of supporter cash.

Some of the least trustworthy looking people in history, assisted by a supporting cast who were willing to bat away all concerns and warnings for a crumb or two from their table, have trashed every last inch of what we used to know as Rangers Football Club. This was not the act of Green, Whyte and Sir David Murray alone, many authors wrote this story.

On any measure of humanity, the monkeys, the organ grinders, the cheerleaders and their flunkies screwed the Rangers fan in the street to a ridiculous degree.

The next actions are for the stock market and some technically minded police officers as they try to figure out the Great Football Swindle.

At this side of the city we’ve been warning about exactly this link since Green told everyone Craig Whyte was happy to walk away for £2.  It was astonishingly stupid for anyone to believe that.  Really, really, really stupid.  The most stupid thing a whole bunch of stupid people has ever done.

Ever.

Just stupid.
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  1. starry plough on

    Hi Chris Graham if you’re lurking I’m throwing you a cyber bhun, there ye go that’s a good bhoy, well done mate next we’ll get you sitting up in the chair..

  2. angelgabriel on

    Paul67

     

     

    Just dropped in for a lurk while watching the Masters on the box.

     

    Late night article well worth the read.

     

    The whole Duff&Phelps episode was a con of massive proportions,played

     

    out in public glare with the hordes desperate for a hero after Whyte.

     

    Then Green appeared.The Duff & Phelps chosen one.

     

    £9 million worth of shares bought by the zombies.

     

    Will the creditors ever see any dough from this farce ?.

     

     

    Admin again ? Court cases ? Civil war at Sevco ?

     

     

    Aint no fun bein a hun .- ))

  3. Gincher67 on

    Ntassoolla

     

    00:15 on

     

    13 April, 2013

     

    Gincher67 @00:12 “that said, lawyers and accountants never make mistakes, right…….?”

     

     

    They just settle out of court..

     

     

    I understand that has happened on the odd occasion ;-)

  4. THE EXILED TIM on

    Off to bed now, up early doors, have a couple of Pergolas to get rid of, going cheap >}

     

     

    Just afore I retire….

     

     

    We have a dead club, who have a licence, that was frauduently given to them, said club are in the grubber, court cases are inevitable, will the sfa help them out again ???

     

     

    I know where my money will be wagered.

     

     

    HH

  5. Fortunes Favour Mibbes on

    “Blow, winds, and crack your cheeks! Rage! Blow!

     

    You cataracts and hurricanoes, spout

     

    Till you have drenched our teeples, drowned the cocks!

     

    You sulphurour and thought-executing fires,

     

    Vaunt-couriers to oak-cleaving thunderbolts,

     

    Singe my white head! And thou, all-shaking thunder,

     

    Strike flat the thick rotundity o’ the world!

     

    Crack nature’s molds, all UTTERINGS spill at once

     

    That make ingrateful man!

     

     

    Yes, it’s Shakespeare. Yes, it’s edited, but only one word. Yes, I edited it. And, no, I don’t really know what it means. Well, I think I do. :))

  7. Gincher67 on

    So that’s Ticketus chasing their 18m and the recent AIM investors wondering WTF they’ve invested in….smells like a scandal to me.

  9. FourGreenFields on

    bournesouprecipe

     

    Thanks for reply , can’t argue with your opinion but just can’t bring myself to believe that justice will be done . Given the lack of application of the rules so far I can only see a masonic cover up attempt .

     

    Hope Im wrong .

     

    HH

  10. John O Neil on

    Evening Tims.

     

     

    Paul’s comments usually appear in yellow. On my computer tonight, they start a little pink and then become dark red as one scrolls down and then it all gets even worse. This is akin to a Jan Svankmajer puppet on acid! Does anybody else have this problem?

     

     

    JungleJim, have you read ‘Monsignor Quixote’?

     

     

    Boycott the SFA.

  12. ArranmoreBhoyLXV11 on

    HH

     

     

    Great rebuttal of Chuckles late night spin Paul.. I m intrigued by the deafening silences of so many old and new co people and of course our esteemed cheerleading journalists..

     

     

    In my mind, genuine rebuttals will be convincing. Greens statements is a bit anaemic..vague…

     

     

    I go to sleep a happy man.. Which is not bad , cause today was challenging ..

     

     

    More power to CQN…a barometer of truth

     

     

    HH

  13. 31003 on

    I watched the Masters for inspiration for tomorrows medal…….but….reading CQN has given me every inspiration that I need….I’ll tell you all…..stroke by stroke how I won….tomorrow

  15. Gincher67 on

    THE EXILED TIM

     

     

    The SFA have been proven to be toothless once, and so it will prove again. There will be no punishment for this. This will take months to play out in court. The Rangers will be playing football at ibrox next year, business as usual. The SFA wil always find some way to fudge a new licence for them to play. I’m fairly certain of that….only my opinion, like. I do think CG will get punted though. Longmuir or Gordon Smith or any other ‘gers type football administrator as new CEO anyone? I spose Smith might have burned his bridges…

  21. Gincher67 on

    starry plough

     

     

    pretty sure they cant have spent that 20m already……? season tickets for next year. yes, i know, i know…..!!!

  23. garygillespieshamstring on

    Paul 67

     

     

    Just back from cocktails. Great article. Looking forward to the next one.

     

     

    Ggh

  24. starry plough on

    Gincher67

     

     

    Ole Wiggy will be raiding his wee orange piggy bank as we speak, seriously though they are already bleeding 1mil a month and falling apart so who is going to fund their next resurrection, just can’t see it myself, the SFA have bent over backwards literally to save them and here we are on the cusp of another jelly and ice cream fortnight maybe there’s just nothing left to save…

  25. Fortunes Favour Mibbes on

    SFTB @ 00:20

     

     

    I think I see where you’re going here. We need calmed down, and I need to go to my bed!

     

     

    A lovely wee song that might be sung (or mibbes not :))) in the hun boardroom tomorrow…

     

     

    Would be nice to think CH4 would have introduced a bit of reality TV to Sevco in the past year – obviously Chuckles saw the danger in that, else he’d had have run off with the loot already, along with Craigey, Moisty and Longmuir :)))

     

     

    Moisty to appear on Celebrity Big Brother within 2 years? Odds anyone?

     

     

    http://www.youtube.com/watch?v=XnMajQgYgqo

  26. setting free the bears on

    Well, I think it’s an apt summary of how bears treated their suitors:-

     

     

     

    Oh, it’s fiddle-de-dum and fiddle-de-dee,

     

    The dancing bear ran away with me;

     

    For the organ-grinder he came to town

     

    With a jolly old bear in a coat of brown.

     

    And the funny old chap joined hands with me,

     

    While I cut a caper and so did he.

     

    Then ’twas fiddle-de-dum and fiddle-de-dee,

     

    I looked at him, and he winked at me,

     

    And I whispered a word in his shaggy ear,

     

    And I said, “I will go with you, my dear.”

     

     

    Then the dancing bear he smiled and said,

     

    Well, he didn’t say much, but he nodded his head,

     

    As the organ-grinder began to play

     

    “Over the hills and far away.”

     

    With a fiddle-de-dum and a fiddle-de-dee;

     

    Oh, I looked at him and he winked at me,

     

    And my heart was light and the day was fair,

     

    And away I went with the dancing bear.

     

     

    Oh, ’tis fiddle-de-dum and fiddle-de-dee,

     

    The dancing bear came back with me;

     

    For the sugar-plum trees were stripped and bare,

     

    And we couldn’t find cookies anywhere.

     

    And the solemn old fellow he sighed and said,

     

    Well, he didn’t say much, but he shook his head,

     

    While I looked at him and he blinked at me

     

    Till I shed a tear and so did he;

     

    And both of us thought of our supper that lay

     

    Over the hills and far away.

     

    Then the dancing bear he took my hand,

     

    And we hurried away through the twilight land;

     

    And ’twas fiddle-de-dum and fiddle-de-dee

     

    When the dancing bear came back with me

  27. THE EXILED TIM on

    Gincher67

     

     

    Toothless only once, dearie, dearie me, get with the programme >}

     

     

    In saying that, I have my doubts the bigot dome will be where they ply their trade.

     

     

    I wager that hampdump, cowdenbeath and pisly are all in the running.

     

     

    Odds, difficult, some say the home of the sfa are well favs, others, like me reckon fife is a cert, but coming up on the rails is pisly.

     

     

    My odds…

     

     

    hampdump……. evens

     

     

    fife………8/11

     

     

    pisly…..5/1

     

     

    the bigot dome……100/1

     

     

    HH

  29. angelgabriel on

    31033

     

    Enjoy your round, nae golf for moi,working tomorrow,sorry today.

     

     

    CRC.23.59

     

    Not heard that track for yonks,cheers.

  30. petec on

    Whilst the The Rangers are struggling we should never forget where we are going.

     

     

    I cannae wait until next seasons CL campaign, hopefully we get a fairer crack from the refs when it really matters.

     

     

    Barcelona are a sensational team and IMO are everything that is right about Football in the way it is played. Celtic Beat them and we still have a lot of improvement to come IMO.

  36. johann murdoch on

    My guess it was

     

     

    Mr Green

     

    In the blue room

     

    With the rolled up share issue !

     

     

    # bluedo

  40. Gincher67 on

    starry plough

     

     

    nothing would please me more. there’s hardly a day goes by that i dont get angry about the oldco’s assets being sold for tuppence and all the creditors getting screwed by duff and phelps. THAT was the opportunity for the gates to be padlocked for good. Didn’t happen. Cant see it happening now, until, as you say it runs out of cash. there’s then the opportunity for current investors to re-invest. that’s when the investors play double or quits….interesting times, but i wdn’t expect to see them wiped from the face of the earth just yet, as disgusting as it is. i wish we prosecuted white collar crimes as vigilantly as peaceful demos, but i think the police are going after this for once….

  41. WeefratheTim on

    Right, off to ned, animals to attend to in the mo. So, night night Timland and keep the jelly and ice cream in the freezer ready for use. YYYYEEEEESSSS. They are STUFFED.

     

     

    Weefra HH

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