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. PFayr , cheers . Knew i could rely on you



    Just had a thought. With the winding up process tomorrow and the FTT and dual contracts inquiry , it’s not looking very rosy on old sevconia . What are the odds that they’ll have a few players ‘leaving’ come the transfer windae ?




  2. Lennon n Mc....Mjallby on




    To my knowledge it is all one n the same thing,the point being club and company arent different entities that can avoid the consequences of each others actions,my point is that if Sevco want to claim to be the original then they can open the door when HMRC chap it.

  3. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    I will collate the questions and put them up over the weekend. Too much work and too many questions to do it any justice today.




  4. philvisreturns on

    I don’t know why anybody would doubt the motives of Charles Green. I hear he’s sold football clubs to Brockway, Ogdenville, and North Haverbrook.



    And, by gum, it put them on the map!



    Has Ra Bommur seen Ra Deeds yet?



    Has anybody found out why Souness, while employed by another club, was being paid large sums of money by Rangers’ EBT?



    Have Charlie Green’s multi-gazillionaire investors come forward to identify themselves yet? (thumbsup)

  5. .



    When l Read of a NewCo share offer..



    I think of 2 Things..



    “When the seagulls follow the trawler, it’s because they think sardines will be thrown in to the sea”.



    Def of Trawler; 700 Million Aquatic park/Stadium/Casino/AppartmentComplex..



    Def of Sardines: Smelly Rotting Flesh..



    Def of Sea: Mainstream Sports Media..



    Def of Seagulls..I Knew a Guy in Inverness Who would put Potatoes in a Microwave for 4-5 Minutes and then throw them out for the Seagulls..They would Grab them in there Beak and then Dive Dive Dive into the North Sea.. Then come back the Next day (And the Days after) and di the Same Again..



    Summa of SeagullsFollowingTrawlersCSC

  6. The Celtic Football and Athletic Company Limited is a wholly owned subsidiary of Celtic PLC who are listed on the Alternative Investment Market (AIM) of the London Stock Exchange.




  7. Hermit crab- I love that latest description of that club, a bottom feeding crustacean flitting from home to home to protect it’s soft underbelly.

  8. philvisreturns on

    I don’t know why anybody would doubt the success of a Sevco share issue.



    Back in 2004, when the economy was a lot stronger, the old Rangers FC raised £51m in its share issue.



    And only £50,275,000 of that came from Sir David Murray’s own company.



    So, all Charles Green needs to do is get Sir David Murray to write a cheque for £50m to replicate that success. (thumbsup)

  9. The term “football club” is pretty much redundant these days, with the exception of the odd fan owned enterprise.



    A club is a collection of people who come together through a shared interest. The administer things jointly or through a committee. They are collectively liable for what is done in the club’s name.



    Now that isn’t the way that a “football club” runs. Those cosy little clubs long ago turned themselves into companies. Shareholders are the owners, not members. Boards of directors run things, not committees.



    Companies run football teams. Clubs don’t matter any more, at least in the original sense of the word.

  10. The Battered Bunnet on




    Hmmm… not the greatest billet in the country.



    Loads of nice towns in Warwickshire, none of them are called Coventry. It’s like Cumbernauld without the charm or community bonds…



    Advise you look for accom in Kenilworth rather than Coventry, and skip out of town when the bell rings at the end of the day.




  11. saltires en sevilla on

    Brogan et al



    Thanks for link I will enjoy that later






    I understand that Lance us still highly regarded in cycling because he was recovering from cancer and everyone else wasn’t. The only thing they had on common was EDP doping if bloods etc ( not EBT. :-)



    David Miller talks about the shame if being a doping cheat…then surprised that the normal cycling fans gave him support ( I France) …he says… Because they know it happens and the race would be cr@p without it



    Sprint up Tourmalet today then same again tomorrow on Ventoux …aye ok boss you better sort me out with some of that gear….

  12. Green Lantern (((((0))))) on

    Roll Up Roll Up! Get yer Snake err Galapagos Giant Turtle oil here. It’s selling fast so don’t be disappointed all you mugs err shrewd sevconian investurrers.



    Gimme the wonga now!



    It makes reet good sense tha knows!

  13. I take it that Minty will be leveraging his assets to invest in this stellar opportunity? A vast fortune is to be made from ploughing cash into a third rate 4th. tier gang of no-marks.


    He should know.


    This is a scam.


    He should know.


    This will all end in tears and the courts.


    He should know.


    But the huns are stupid. They’ll go for it.

  14. tomtheleedstim on

    Philvis – that’s a very cynical attitude to take.


    If this share issue is meant to keep the hun show on the (mono) rails then I for one am in. We can’t let this fabulous entertainment end – Ally and Lyle must stay.

  15. “”People had the opportunity to walk away over the summer and chose not to. They’ve stuck with the league and that’s important.”



    Fantastic use of words from Doncaster, “….walking away”, heard that phrase somewhere before.



    Did nobody ask him why the clubs are short in TV money this year, why Hearts have received only half the cash they were expecting?

  16. Incorporation.


    This is when the ‘club’ and the ‘company’ running the club are joined as one entity.


    There is no seperation.


    Celtic and rangers football ‘clubs’ were incorporated into their respective companies in the late 19th century.


    Don’t believe this keech about rangers club surviving.


    They’re deid.

  17. Neil canamalar Lennon hunskelper extrordinaire on



    there is no Celtic Football and Athletics Club, its called Celtic FC Ltd and there is more than one shareholding company, Celtic FC Plc inly owns part of the club from what I understand.

  18. traditionalist88 on

    20h Hector_1888 ‏@Hector_1888


    @alextomo Pray tell you report the news you write a blog why the need to explain yourself to the Sevco pack



    20h alex thomson ‏@alextomo


    @Hector_1888 because if people ask it’s courteous to try and reply.



    18h Marc ‏@marc15277


    @alextomo so you lower yourself to answer Rangers fans out of courtesy Alex? Is your sly work done now? No need to hide your agenda?



    18h alex thomson ‏@alextomo


    @marc15277 No. I don’t do walking away x

  19. Neil canamalar Lennon hunskelper extrordinaire on

    Celtic FC Ltd has capital shares not all are owned by Celtic Plc

  20. philvisreturns on

    dirtymac » fast forward to the G.O.D – I hope you’re not suggesting that a knight of the realm and owner of a private jet might not be entirely trustworthy? (thumbsup)



    Philbhoy – It’s just the beginning! – Fnarr! Fnarr! (thumbsup)



    tomtheleedstim – I call the big one “Bitey”. (thumbsup)

  21. So the pantomime goes on, keep it running for another few weeks please!


    I saw the headline on the BBC site “Murray sees power shift in Scottish football” , now being a fair minded person I thought that the penny had dropped with SDM , but wrong on two counts.


    Firstly it was the failed ex boss of the Mankies ( Paul Murray) and secondly yhe balance of power has not shifted towards the Gallowgate, but instead the SFL is now the big shot on the world of Scottish football.


    Have they no shame? No need for an answer.

  22. Neil canamalar Lennon hunskelper extrordinaire on

    Put it this way, DD and one other shareholder could sell the club right out from under you and theres noithing you can do about it.


    I’m not arguing about history, I’m concerned DD will do a manure on the Celtic support.

  23. South Of Tunis on

    philvisreturns .



    Moonbeams was a star —



    Some of his star turns ———-



    Selling @ 20% to Enic for @ £ 40 million in 1996



    Buying back Enic ‘s 20 % in 2004 for @ £ 9 million..



    Agreeing to allow the Bank of Scotland a 7% stake in a failing business..



    Some man –

  24. philvisreturns on

    Neil canamalar Lennon hunskelper extrordinaire – I’m worried that if your auntie had a different genital configuration, she’d be your uncle. (thumbsup)

  25. tomtheleedstim on

    CHARLES GREEN is confident Rangers’ proposed share issue on the AIM market will raise the £20million it is hoped it will generate.



    And he has stressed every single penny which is brought in under the initiative will go straight back into the club.


    Green, along with manager Ally McCoist and financial director Brian Stockbridge, was in London today to announce Gers’ intention to float once more on the London Stock Exchange.


    And given he helped generate an eight-figure sum to get the club moving forward over the last few months, he expects interest in investing to be high.


    Chief executive Green said: “I’m definitely confident. I mean we raised £12million at the start of the year when there was no guarantee we’d even be playing football.


    “We didn’t know then either if we’d be allowed back into the league so to go to the market now, when people have seen what we’ve done, is good.


    “We’ve got the club playing again, we’ve got big crowds and while there are still problems to overcome which we shouldn’t lose sight of, we don’t have some of the issues we had before.


    “The reality is we have got the fans engaged and we have got the institutional markets looking at us.


    “When you look at Manchester United raising £200million and being valued at £1.5billion, why can Rangers not be worth £30million?


    “Ours’ is a long-term strategy and part of the money which is raised will be put towards very important infrastructure projects around the stadium.


    “We announced recently that David Murray has agreed to sell Edmiston House back to the club and we want to turn that into a megastore and a café/bar.


    “That will require investment. I’d like to put something similar to Bar 72 into the Broomloan Stand as well.


    “There are a whole raft of things we’d like to invest in which will generate income for many years to come.


    “It is very important for Rangers fans to understand there is no confusion about where this money is going to go. None of the original shareholders are selling shares.


    “Every penny we rein will go into Rangers Football Club and will be used for the club and when the transfer ban comes off, Ally will have cash to enter the market.”


    It isn’t just from home Green anticipates there will be interest in investing. He believes people from further afield will be keen too.


    The Rangers story has gripped football fans from around the world and the way the club has galvanised itself has intrigued so many.


    Green added: “We had one of the big German financial papers come to do a big article on the club along with publications from France and America.


    “People have taken an interest in Rangers and not just the sporting press worldwide but the financial press too.


    “The whole world understands now what the value of soccer is as a product and that’s why people are showing an interest in us outside the media as well.


    “When Imran (Ahmad) and I were in America, we had a meeting in New York on Wall Street with potential investors.


    “They see and know the Rangers brand and name and I think there will be very good interest in this initiative from abroad.”

  26. Neil canamalar



    You are wrong I’m afraid.



    The Celtic Football and Athletic Company VERY much exists.



    Celtic PLC is the parent company and has a board of directors.



    The Celtic FAC also has a board of directors.



    The Celtic Football Club is the name the club plays its matches under.




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

    Will that be another world record?



    A 4th division club worth £30,000,000.




  28. Sannabhoy


    Neil Lennon CSC in Leicester, but I think there’s a CSC in Coventry itself.


    If you hear the clippity clop of horses hoofs, stick yer head oot the windae – you might get a fly peek :)



    Heid’ up Curly


    Teuchter ár lá

  29. philvisreturns on

    South Of Tunis – Sir David Murray is a man of unimpeachable character and entrepreneurial vision so I can’t help but feel that we won’t be hearing any financial or legal bad news about him in future.



    The future’s so bright at Charlotte Square, you practically need night vision goggles to see it!



    Take a quick look at this company website:





    The HTML source includes the following keywords:



    Glasgow Rangers, Glasgow, Rangers, News, Statistics, Soccer, Stories, Players, Match Report, Old Firm, Club, News, Scottish Football, European Football, Rod Wallace, Andrei Kanchelskis, RFC, Football, Scotland, Gers, Ricksen, Jorg Albertz, Lorenzo, Amoruso, Ibrox,



    Let’s party like it’s 1998! (thumbsup)

  30. Newgate Threadneedle handles Rangers Football Club IPO



    Newgate MD Graham Herring is leading the account. He explained that the agency was already making plans about next year’s activities.



    He said: ‘We’re handling the IPO process and there are also ongoing activities. It’s a very good opportunity.’







    Two questions Graham; when you say “The IPO….It’s a very good opportunity” who is it a good opportunity for? Charles Green? Newgate Threadneedle?



    And if I buy shares and my investment turns out ot be toxic can I sue you given your recommendation that that taking part in the the IPO was a ‘ very good opportunity’?

  31. traditionalist88 on

    ‘The Rangers story has gripped football fans from around the world and the way the club has galvanised itself has intrigued so many.’







    People get paid to write this s*%+E?





  32. If Chuck raised £12million why did he only offer a ‘loan’ of £8.5 Million to Duff&Duffer that rangers had to pay back by 2020 with interest and only then if they remained in the SPL.



    When the CVA was rejected he paid £5.5 Million.What happened to the outstanding £6.5 Million?

  33. Lennon n Mc....Mjallby on

    “Why cant Rangers not be worth 30m?”



    Charlie,you bought them for 5.5m,players left,theyre in div 3 and wont have Euro income for a long time,thats why!

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