The news yesterday that HMRC would appeal the decision by the First Tier Tribunal (FTT) to reject the part of their tax demand against former club Rangers which was still open to dispute was received by most with passing interest. The FTT returned a split decision, with the minority view giving HMRC substantial grounds for an appeal, and as we have heard often in recent years, HMRC always pursue tax under various circumstances. Reasons include when they believe wrongdoing has occurred.
As such, it seemed strange that The Rangers chief executive, Charles Green, issued a statement on the subject yesterday as the on-going tax dispute “will have no affect (sic.) on us”. He also wrote “in the strongest possible terms to HMRC pointing out the futility of such an appeal”.
If Green expects HMRC to read this letter and to countenance a change of tact he has a regard for his own abilities which are, frankly, a little curious. No mere mortal could write a letter and bring about any change in such a dispute, which leads us to another question, is Charles Green a mere mortal, or does his aim occasionally stretch beyond his reach? I’m sure we’re not dealing with a Self-Certified-Superman.
The point to this exercise is that while Green’s newco is not liable for another company’s taxes, his football club inherited the SFA place vacated by Rangers, including pesky football liabilities. Fifa and SFA rules on paying social taxes are clear – avoid them illegally and face disciplinary action.
As the matter is on-going, the football authorities have yet to issue any disciplinary action for the non-payment of taxes for the five players Rangers conceded to the FTT. Should the courts ultimately decide in favour of HMRC for the balance of players still being disputed, a fresh wave of disciplinary measures would be due against Green’s club.
Last summer we discussed how the toxicity which was attached to the club Craig Whyte inherited, and then relinquished in a worse state, would make going forward as a Newco with any connection whatsoever to the SFA membership of Oldco very difficult. Many, including the Blue Knights consortium, concluded it didn’t look viable.
It still doesn’t. Scottish football needs to consider how to deal with the long term consequences of these matters.
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miki
thats just sick and very possibly illegal
Jimbo 67 and others.
The 1-0 win against the pars in 1971—– now my mind might be playing tricks on me here– but was that a midweek game where Willie scored in the very dying minutes?
En
Just saw the clip you liked on fb about gazza… As anyone who has read my comments about him will know. I am a fan of his and really wish him.the best.
But
I had to switch that clip off as listening to sneaky ally talk about anything turns me against whatever he is saying
BRTH that was the best piece I have read on CQN . As with others I have my own experiences with alcoholism and a very proud, stoic dad who says that in all of his life experience, “burying his wee brother is the hardest thing that he has ever done”. I hope that people read your piece and realise that we are all flawed and that we all need a bit of help sometimes. I think that most people on this blog would help all vulnerable people, and at risk of breaking the blog, I include rangers fans in that.
Stringer..,
I know the manager will do what he thinks is right to keep his dream job.
I know he would have defended us against the trumped up lies, when the board didn’t.
I doubt there are many on here who’ve defended the manager as much as me, I fear you credit him with more power than he has.
In February 1971 Celtic drew 1-1 at Celtic Park with Dunfermilne. Wallace and McBride scored and Cushley did play. (Celtic Programmes)
BRTH
Wonderful read. Thank you for being so open and sharing. Like others I have several family members with long term addiction problems. The most important person to me had addiction issues for more than 30 years and could never conquer them. Missed dearly! Thanks again.
Listen to RS in the way home from work
Actually thought Doncaster came over reasonably well
Spears is an aspiring intellectual but a blue nose Hun nonetheless
Smith…what a treat …utter eejit….came over as so stupid one got the impression that he must have been trying to appear as thick as possible …he was doing a great job …sadly, for him, I think he was being serious ……he’s just dense …the Huns are welcome to clowns like him
Brogan Rogan Trevino and Hogan supports Kano 1000
First class read ma man, was well on that road 35yrs ago (passed masell gon backwords ),was lucky enough to go it alone, hard as it was,however, cue for a song ( even the bad times were good ) can still sing it now,( furst up at a Anna – mae – Wong ) I was fortunate, ( thanks to my wife and my Faith ) God bless the AA for those in need.
Awerabest PJ
Folks – looking for a bit of info. I need to be in Horsham (not too far from Gatwick) next Wednesday morning, anyone know of anywhere I will be able to watch the game with some like minded Tims on the Tuesday night ?
Fantastic read…having lost my mother to alcohol abuse it brought it all back…its all too often a subject people resist discussing,, however, it affects so many. Personally..its a humbling experience where you really can be left helpless.
February was a cup game. In January they played in the league and Wallace scored 1-0. Bobby Murdoch went off injured.
miki67@2131
Now, that’s a complete sexist remark if ever I heard one. You can be dealt with the high court for that. HAHAHAHAHA.
Weefra HH
BRHT and others
I think the game the photo is from was a league match and that the 1-1 draw with the same team was in the Cup. ( Joe McBride scored equaliser for the visitors?).
Replay was a one-nil win at East End – I thought it was Harry Hood who scored in the replay but I was only ten at the time. Pretty sure Big Jock gave HH a right bollocking after the 1st game for being less than wholehearted in a few challenges with John Cushley. I need to get out more
Jimbo
A few years ago my brother gave me a video of Celtic games from the
60’s and 70’s, he was keen to know what I thought . After watching I
phoned him and said Willie Wallace was brilliant , he has a few years
on me but even he had forgotten how good he was , that’s why I love
CQN at times, it’s just like being with my brothers and my dad God rest him
jimbo67
21:49 on 5 February, 2013
Well done. Harry Hood scored 1-0. Joe McBride and John Cushley played in all three games.
good evening cqn
My brother phoned today from Singapore where he is currently working,at one point Celtic came in to the discussian,he said at the end of it he wants them gone,im beginning to think hes correct,no administration,liquidation,just end of them finito,does not make me a bad person does it ?
For any of the Clydebank brigade,word is that the lady of the house has applied for a Licence to reopen Chandlers.
Borgo
Reminds me of my brothers and dad too. Always arguing, splitting hairs but always stopped short of continuing the discussion “oot the back”. :o)
Greenyin
Mon the East Dillon Lions….
fridaynightlightscsc
Guys,
Looking for some help.
Need contact details for any buses picking up in Dunfermline that has a couple of spare seats for Juve game.
Needed for son and his mate as I have to return to work unfortunately, they have tickets.
Any help appreciated.
Hail Hail
Celt 55
Cheers. Always enjoy a wee trip down memory lane. 70-71 was the first season I got taken by my dad most weeks – maybe not considered a vintage season in comparison with those which preceded it but a big one in my own development as a fan.
Jimbo
BRTH, your usual high standards. Then a wee bit more… Wise words. That comment from a few years ago was memorable too.
Kolncelt, welcome aboard.
BRTH. Thank you for that article. Inspirational stuff.
Thank you also for the piece on Burns and Earnie Dee Shavers. Absolutely wonderful.
alzipratu.wordpress.com/2013/02/05/39/@caltonlad for a very interesting take on thems share issue. Maybe Ticketus is still on board. Sorry guys canny dae the c+p thingy.
Weefra HH
Brogan Rogan Trevino and Hogan –
I have someone very close to me who has been sober for 23 years and still attends AA meetings and mentors other unfortunates starting out on the difficult road to recovery.
When she told me her story, I started off in a state of incredulous shock and finished up telling her how proud I was to know her, because her story was both heart-breaking and utterly inspirational.
Thank you for sharing an excellent piece of writing.
OG Rafferty: what happened to the news regarding the windup petition?
Or was this simply an attempt to put the wind up Chuckles circus?
Sorry to go off topic but I won`t sleep tonight if I don`t get this last one!
Famous couple or pair on Television :
– – – – – a – – and – – – m –
??
BRTH and those who have taken solace from your words……….
the blog feels right when the Bhoys post from the heart – whether it be about the Celtic or our multi-coloured life styles.
Unusual for me to post a wee track – but always think this one sums us up:
http://youtu.be/-LtN7evu-eI
jimbo67
22:02 on 5 February, 2013
The Hisory of Celtic Programmes site is excellent for memory lane, http://www.celticmatchprogrammes.co.uk the season by season section is really good reading, especially for old codgers like myself.
alzipratu
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Yesterday I tweeted that 6 major City players had told me that Sevco had only raised c£9m in the recent share flotation. I promised to explain more today…
A few weeks ago I had arranged a lunch in the City with some contacts to discuss a work issue. Given their backgrounds and knowledge, I took the opportunity to ask about Sevco and the recent flotation on AIM.
Obviously there are no paper trails only supposition, rumour and guesswork. But these people are not amateurs or idiots and I would trust their judgement 100%. If you don’t believe me that is your lookout. For obvious reasons, I will not name my sources other than:
A, Director of global private equity and securities firm
B, Partner in international asset manager
C, major UK entrepreneur
D, Director of global niche bank & asset manager
E, CEO of a UK bank
Between them these people control, own and/or manage well in excess of £100bn.
The discussion threw up some interesting points which I sent to a couple of people simply to add to the gathering body of evidence and rumour. The key point here was:
The only cash raised in the flotation was from individual investors (ie fans). Everything else was in the form of promissory notes and loans and the “institutional investors” were acting on behalf of and directly under instruction of clients (in other words, not your pension fund).
One of the people to whom I sent the info raised a very valid point which was that they understood one could not use promissory notes and loans in a share flotation. Not being an expert, I promised to go back and clarify matters.
I asked D about this as the person with most knowledge of shares, market regulation and flotation. I provided them with a copy of the flotation prospectus. They explained it thus:
Firstly, remember there are two companies:
Sevco (or, The Rangers Football Club Ltd if you prefer);
Rangers International Football Club plc (RIFC).
Right now, we are only interested in RIFC plc because Sevco did not float on AIM and it is now owned entirely by RIFC (ie. all shares in Sevco are owned by RIFC plc and not by individual people). RIFC plc is owned by its shareholders who (subject to any legal restrictions) may buy and sell shares in RIFC plc.
Secondly, think of there being 3 types of shares – equity swaps; placed shares; offer shares.
1. Equity Swaps – these shares were simply given to existing shareholders of Sevco at a pre-determined rate (eg 2 for 1) prior to the flotation. No cash changed hands.
2. Placed Shares – these shares were pre-sold to a number of institutions (but see above) subject to certain conditions. If you read the Prospectus very carefully not all of the conditions have been revealed. It is our understanding and perfectly feasible therefore that no cash has been paid to RIFC plc for these shares. Furthermore, if you read the Prospectus very carefully again, there is no definitive statement that cash is guaranteed to be received for these shares. They do ‘though have a cash value hence the Prospectus and subsequent statements refer to “Share Capital”. The suspicion is that these are a front for Ticketus. In other words, Ticketus have swapped the money they are owed by Rangers FC for shares in RIFC plc. At some point in the future, Ticketus will sell these shares in order to recoup its losses and/or may even just be holding them as security against repayment from season ticket income.
3. Offer Shares – these are the shares which fans were invited to purchase. The Prospects is unequivocal that these – unlike the Placed Shares – are irrevocable, ie they must be paid for in cash and effectively constitute a legally binding contract between purchaser and RIFC plc.
Therefore the cash that was generated for the company by the flotation potentially only came from the fans who bought the Offer Shares, ie c£9m.
Note also that there is no definitive guarantee that the money supposedly raised by the Placed Shares will be spent on the list of improvements set out in the Prospectus. Now contrast that with how the funds raised by the Offer Shares will be spent. Spot the difference?
Note also that the flotation also allows for further delays to the production of any meaningful accounts for Sevco. RIFC plc must produce interim results every 6 months under AIM regulations but audited accounts can be delayed to August 2014.
My contacts have made clear they can see nothing illegal in what Sevco/RIFC plc has done here. Immoral and unethical perhaps, but not illegal. The fans have paid to save the club several times over because the current directors have already had their initial outlay (in the form of loans) handsomely repaid; fans’ season ticket funds have been used to keep the club going to date; and funds from the fans through the Offer Share are being used as new working capital. The Prospectus also sneakily gets the fans to pay the costs of the flotation. You really have to hand it to Chuckles…
I should add that prior to discussing the matter with me:
Nobody had heard of or seen the fabled institutional investor roadshows;
Bar two people with strong football connections and who had previous knowledge of Charles Green from Sheffield Utd, nobody had heard of Charles Green;
Nobody had heard of Zeus Capital or Imran Ahmad.
Every single person at the lunch was incredibly scathing about the idea of any institutional investor going into football shares now let alone in Scotland. It’s “just financial suicide” was the unanimous verdict. The consensus opinion was that there would be another insolvency event because the numbers just do not and could not stack up and they do not have enough cash to see them through 2013 (their only hope is immediate league restructuring to parachute them back into the top league).
“As the matter is on-going, the football authorities have yet to issue any disciplinary action for the non-payment of taxes for the five players Rangers conceded to the FTT.”
Paul/Anyone,
Has Sevco decided not to appeal those? Can they appeal?
Rosemary and Thyme
JJ. Rosemary and Thyme?
djbee
Thanks for that.
Weefra HH
BRTH –
absolutely outstanding. A great read to end a long day.
Goodnight all (and apologies again for earlier ;-) )
BRTH
just read your excellent piece from earlier , I have read many of your posts and enjoyed or learned something from them all but would have to say that was an exceptional piece of writing.
HH
If that is all true I don’t think it was in eatery I go to.
Paul67– and anybody else for that matter
Aye– I am not bad with a word or two—- but the piece from a couple of years back was better– by far.
Anyone who has walked that walk and been down that road stands head and shoulders above bozo’s with keyboards– and that is the point.
Rock Bottom is a place where lost souls find themselves and start to climb… and climb… and climb.
It’s a bit like saying that form is temporary and class is permanent—- once people get of the rock bottom step then their strength of character can really shine.
Anyway– I am out your way and up the stairs tomorrow at 1pm— that building has to see someone who can swing a putter properly at least once a year!!!