Two important questions for Sevco share issue


There are two questions to look out for when The Rangers provide information on their public offering share issue:

Are the public being offered shares at the same price as investors who sign up prior to the public offering?

In 1994 Fergus McCann offered you shares in Celtic at exactly the same price he paid, giving fans the same value as the consortium which acquired the club from the old board.  Will Charles Green do the same?  A £20m offering will dwarf the existing share pool but, if the new shares are worth a lot less, the existing shareholders will be able to retain control and the majority of benefits.

How will the prospectus explain to investors the potential consequences of the SPL Commission, and any future investigation if the First Tier Tribunal report, due this month, finds that Rangers did not pay their social taxes as Fifa regulations require?

The SPL Commission into the improper registration of players at Rangers, whose SFA membership the new company acquired, will, if Rangers are found guilty, impose sporting and financial penalties on the successor club which is benefiting from its membership.

If guilty, this will involve the return of prize money for each of the 12 years which are under scrutiny.  The league awards prize money to each member club from TV income with the top two clubs earning a significant slice. This alone could consume the majority of funds from the share issue.

Sporting penalties would also be a consequence of a guilty verdict.  There is no reference point in world football for issues on this scale, so speculation on what the penalties would be can only be regarded as such, but, if The Rangers eventually win promotion to the SPL, they are likely to face points deductions for multiple years, making it difficult to gain access to lucrative Champions League revenue streams.

The latter question will considerably influence when the new company can hope to break even and allow an informed estimate to be placed on the scale of working capital requirement.

Former directors of Rangers, including Sir David Murray, remain confident HMRC will not succeed at the First Tier Tribunal, but the possibility remains that the verdict will go against the soon-to-be-liquidated club, leading to a fresh wave of football penalties.

The Rangers should now issue potential investors with enough information to decide if this week’s Forbes Magazine article questioning the club’s feasibility is accurate. It should be quite a read.

Although the Sevco consortium promised a share issue since before they bought the assets of Rangers today’s announcement has the appearance of something carried out in haste.  The domain name for investors to register interest ( was only registered yesterday and there is no web site yet.  Visitors are presented with an alert from their browser informing them that the web site they are visiting has a problem with its security certificate.

Why the hurry?

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  1. traditionalist88 on




    I like the analogy but.. how do we quantify the value of the bigot pound to them?



    Only last week the current ‘owner’ was talking about bringing out another orange strip!



    They are infested from top to bottom and should be punished accordingly if they aren’t seen to make more attempts to deal with their own problems.




  2. Summa of Sammi….



    00:45 on 12 October, 2012.



    Lovely story of the power of hope & faith.


    Nobody is beaten until he believes he is beaten.


    Wee Oscar needs what we would call a miracle.


    Miracles DO happen.


    On a far more trivial issue, Europe were already written off in the Ryder Cup going into the last day.


    We all know how that panned out.


    Wee Oscar is braver than any of those mere sportsmen.


    He is a proven hero, fighting for his life.


    We all have to believe he CAN do it.

  3. Steinreignedsupreme on

    ernie lynch 11:37 on 12 October, 2012


    The Battered Bunnet



    ‘Dear readers,



    “Please note that from today we are turning off the facility to comment on all football stories on our website.’



    “No point paying Media House to plant stories in the Record if a bunch of internet bampots can then ridicule them in the comments section.



    “I suppose the best and brightest at the Record are maybe hoping to switch to PR when the paper closes.



    “And it doesn’t do any harm to keep in with a prospective employer.”



    It has long-since become Scotland’s answer to Viz – but a sub-standard version.

  4. ASonOfDan



    11:14 on 12 October, 2012



    I assume he could not train with them until 1st of September and would have no pre-season training then.



    Fat Sally never ceases to astound me…





    Nope, they can train with them, but cannot be registered to play.



    Greenjedi: the likes of Rory McAllister, etc?




  5. greenjedi




    Keep upto date.



    Chuck is going to sit Celtic down and tell them HE is running Scottish Football now! Whereupon we will let them win the league for the next 10 year.



    He will then tell Platini “UEFA NEED RA PEEPUL!” and they will get a bye into the next CL Final.



    Why would you not invest…

  6. 1st …………………………………






    Get in their son……………………….



    Have it……………………………….






    Still the old thread…………………………







  7. ‘invest’



    I meant ‘sign’.



    Still, why would you not invest after hearing all that. lol!

  8. Well done to AT for his blog this morning.


    Salmond, MacAskill and Strathclydes finest must be asked at every oportunity to comment on it.

  9. Philbhoy - It's just the beginning! on




    I wouldn’t be surprised if the celebs you mentioned have been making the threats.



    So, they won’t comment.

  10. jc2, 11:16


    Yes. He was going to film something to go with the blog but it didn’t come off. There’s still another story bubbling away though

  11. JC2



    I have just read Thommo’s latest blog.


    If that is what O.G. was alluding to ,then on this occasion he is guilty of serious over hype.



  12. Steinreignedsupreme on

    dirtymac » fast forward to the G.O.D 11:46 on 12 October, 2012





    “Biffa Bacon was simply the adolescent(er) version of the fat bully Jabba.”



    The Legless Loon must be Big Vern

  13. O.G.



    His latest blog is consistent, but it is not the embarrassing revelation that you hyped up.



    You raised my expectation’s, and this is a bit of a damp squib.


    Better do better next time.(:-)



  14. tomtheleedstim:



    A Parkhead spokesperson said: “Celtic Football Club opposes all forms of offensive behaviour and unacceptable conduct and our supporters are well aware of what is expected. We are surprised and disappointed that after providing a significant volume of evidence and information about our safety procedures, that today’s hearing was actually necessary.




    I read that as we (Celtic) are rankled

  15. Andrew67



    11:54 on 12 October, 2012






    There’s nothing new in it.



    Though I suppose we have to remember that we’re not the intended audience, and it will be news to those who are.



    We should be grateful that someone down south is taking an interest in what goes on up here, given that the Scottish media are part of the problem.

  16. Steinreignedsupreme on

    Andrew67 11:54 on 12 October, 2012



    I’ve noticed before you seem to go after O.G Rafferty in much the same way way Chrstine Graham goes after Alex Thomson.



    Just an observation.



    I’m sure the Bhoy Rafferty will address your post anyway.

  17. RobinBhoy,


    Interesting that reference number is 15858. I registered my “interest” late last night and my number is in the 27thousands.


    Lots of interest then so question is how many will part with case and how many just want a giggle…..


    Stupid, stupid, huns

  18. starry plough





    Take it from a Green.


    There are no Greens in Larkhall.



    We got chased out after dodging the witch hunt.


    To think its catholics known for inquisitions, the lodge have their own version of the Malleus Maleficarum, something along the lines of


    “vidi lenny da timmy.”

  19. Andrew67:



    Can you point me to a more intrepid Scottish journalist than our rather busy and cowering English cousin Alex Tompson?



    He might not be setting the heather on fire but that is because the MSM in Scotland have their heads buried in the sands.



    Which Scottish journalist has been more diligent, more informed, more open, more honest, than channel fours Thompson?