When directors and creditors are one and the same


Thanks to everyone who contributed questions for the Forum last night.  It was an open, frank and productive meeting.  Draft minutes will be distributed to attendees to be checked for accuracy before being formalised, after which the meeting’s outcomes will be made public through various outlets.

One thing which is evident, and goes largely unacknowledged, is the significant contribution made by Auldheid in building the channels needed for constructive dialogue between the club and supporters.  Well done, Pat.

I see Neil Lennon in the news being “flattered” after Norwich City chief exec, and former Celtic commercial director, David McNally, told the media he believed it only prudent he keeps an eye open for a new manager, should Chris Hughton ‘leave’.  Neil answered well, refused to comment on a job which is already filled, while setting a standard answer, suitable whether he was interested or not.  There is no point firmly denying interest in a job as a subsequent refusal to do so for a different position would leave too much information on the table.

McNally is right, it is only prudent you keep an eye on these things, but can you imagine how Hughton feels when reading this stuff, or what the resulting speculation will do to the club’s relegation chances?  There is now far too much information on the table now for Hughton to be effective.

A football manager needs authority and respect, Houghton has been denied both.  Norwich should do the decent thing and pay the man his contract before they sleepwalk into the lower leagues.

It’s funny how different people read the same thing in different ways.  An announcement that a club is in discussions with a couple of existing shareholders to borrow money to provide working capital is self-explanatory in most respects.

The announcement by Newco Rangers this morning establishes that the club needs a fresh injection of money to pay its bills.  We all knew this, but the sharp-eyed will also have noted that this loan will create the club’s two major creditors.  No bank will lend to Newco, their creditors will be limited to trade suppliers, HMRC and other football clubs, all pretty low values.  This £1.5m loan is likely to give the lenders sufficient control to vote through anything they desire, should administration occur.  The controlling directors and creditors will be one and the same.

Newco Rangers has been rag-dolled since its inception by various pressure groups within the broader family who seem determined to stamp on whatever green shoots of recovery exist.  What it really needs is the kind of strong leadership this directors-creditors group can provide, leaders who will do the right thing, take the necessary medicine and stand firm against the quislings.  While others tried to get the club for free, they paid their money, continue to do so, and deserve the chance to run their club as they see fit.  For what it’s worth I think the club and its current controllers are a perfect fit.  I hope they use their largest creditor status to protect their interests.

Congratulations to STV’s Peter Smith (aged 12 ½), who scooped the Royal Television Society’s Young Talent of the Year award, achieved partly because he was prepared and able to ask hard questions, when many of his elder peers would rather eat their own toe nails.  He’s still not uncovered that Dallas Cowboys email, so more work still to be done.

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    Mea Culpa



    11:52 on 20 February, 2014



    Rather in the way that Salmond’s and the other SNP bigwigs’ contributions to the debate might make more sense if you assume that they have accepted defeat and are positioning themselves for the aftermath so too might the Grimsdales and Laxleys actions make more sense if you assume that they view insolvency as inevitable and this is all part of their game plan for the next stage in their fleecing the hun hordes.

  2. Laters JJ




    David bowie beat off all the young dudes at the brits last night.



    Ooh err Mrs.

  3. Paul67



    You said in your article –



    “The announcement by Newco Rangers this morning establishes that the club needs a fresh injection of money to pay its bills.”



    The share price has recovered slightly in the last few days, up about 2p a share.



    If the club are in such poor shape why does this not reflect a drop in the share price?

  4. Thank you for the update Paul and for the recognition of Auldheid – at times I think he should be called variously wiseheid or calmheid.



    Let’s hope this article has less of the nastiness, in the comments, of the last one. I can’t be the only one whose enthusiasm for reading CQN is waning.

  5. Paul67,



    Credit is indeed due to auldheid for his outstanding work on both this blog and in respect of Celtic. His response to tonydonnelly67 on the previous article says much about him.




  6. coatbridge paper bhoy


    12:04 on


    20 February, 2014



    Haha, thank-you, I would like to thank my family, friends, Paul Mcstay, Henke, Neil Lennon, Chris Sutton, Paul67, fellow posters, craig whyte, and God for making all possible……;-)



    #awards season

  7. LiviBhoy - God bless wee Oscar on




    Unfortunatley won’t be at CQteN. Would love to be there but my current financial situation means I am not at much these days. A pint with the wife on my birthday is about as far as it goes in March. Got two weddings this year too.


    My mates are all getting to that age!




  8. Re Nevin interview



    Anybody else find it hard to forgive Pat Nevin after that interview? I certainly don’t shed a tear at the fact he doesn’t cover as many of our games.



    Effectively he is a man who feels he has the right to condemn fans for singing a song he doesn’t know the words to and he cannot hear because somebody at the BBC “told him”



    He then suggests that Jack Irvine has no influence over what happens because he doesn’t know him personally. Did it ever occur to him that the “Third-Party” who informed him of this singing DOES know Jack Irvine?



    The most unsettling part of the interview is the abuse. I am typically ashamed by those in our own support who think its acceptable to send death threats and horrid abuse but in the modern age who’s to say they weren’t “Chelsea fans” in disguise? Either way there are a lot of mouthbreathers out there.








    Somebody mentioned books. It gives me an excuse to invite recommendations about which Eugene O’Neill plays to read. It is very tempting to read ‘The Hairy Ape’ which has class struggle themes.



    Enjoy the day everybody. Off oot.

  10. I'm Neil Lennon (tamrabam) on

    a funny comment on phils blogsite from dan the man about the imminent sevco administration along the lines of



    if the current tribute act fails and a new tribute act (to the tribute act) is established, it will be the worst tribute act since three white guys tried to be the four tops!

  11. Supply and demand…..when you have a fixed amount of something and more people want to buy it then the price goes up…….regardless of the condition.

  12. Fed up Philbhoy


    12:07 on


    20 February, 2014





    You said in your article –



    “The announcement by Newco Rangers this morning establishes that the club needs a fresh injection of money to pay its bills.”



    The share price has recovered slightly in the last few days, up about 2p a share.



    If the club are in such poor shape why does this not reflect a drop in the share price?





    Oops……replied above :)

  13. Fed up Philbhoy



    12:07 on 20 February, 2014



    The shareholders are for the most part either corporate spivs who can turn the situation to their advantage or emotionally committed fans, and so both will have their own reasons for hanging on to their shares.



    Also the volumes traded probably aren’t great and the price can therefore be easily manipulated.

  14. Livibhoy



    I’m sure you will still have a great birthday!



    Best wishes to you and your good lady!

  15. TheOriginalSadiesBhoy on

    From last blog:



    rock tree bhoy



    11:38 on 20 February, 2014





    Not agreeing with a poster is no excuse for a collective ganging up and bullying session






    As I said earlier, he had a go at all teachers. He generalised and stereotyped a whole profession. I was a teacher for 37 years. I put a lot into it and got a great deal out of being a teacher. I’m not standing for Tony Donnelly’s drivel. I tried to empathise with him at one point and was had it thrown back in my face. I don’t mind that but don’t call standing up for yourself, bullying.

  16. Think Graham might have got the wrong person! Or maybe he’s working of the list of potential shareholders who pledged to buy in the IPO.




    Dear Supporter,



    At our recent AGM I outlined our intention to undertake a comprehensive review of the entire Club and I am pleased to report that we are making excellent progress with this.



    A key element of looking at how the Club operates and engages is to understand what is important to you, the Rangers supporters. If we can obtain your constructive input and suggestions then we can develop a comprehensive insight into what is needed to address the areas that are important to the fans.



    We are in the process of rebuilding how your Club operates and based on feedback from many of you, it is clear that there is a need for professional business management, honest conversation, transparency and greater communication to allow us to move forward together.



    Your Club Executive and Board is wholly open minded on how we can work together for the better development of Rangers.



    The Club, and you the supporters, have continued to be tested in recent months as we work on developing the long term strategy for rebuilding the Club. We need you to know that by working together, we have the ability to position your Club for a stable, successful and sustainable future.



    We hope that you will engage with the Club and talk to us openly. We value your input and we are Ready to Listen.



    To start us on this journey together, I would ask if you could take a few minutes to complete this short survey which will give you the opportunity to commence the process of sharing your thoughts and opinions with us. We will consolidate all input received and use this as the basis upon which to move our wider supporter engagement initiatives forward.



    Please click here to start survey.



    Thank you for your support.



    Graham Wallace


    Chief Executive Officer


    Rangers Football Club

  17. So what does this mean? Admin a couple of games away from the end of the season? They have enough points to still get promoted.



    They can then get rid of players they don’t want like Shiels etc



    Will the other clubs, trade suppliers, HMRC ever get their money back?

  18. embramike supporting wee Oscar and Res 12 on

    LiviBhoy – God bless wee Oscar @ 12:10



    “Got two weddings this year too” – 2 daughters and a grand daughter in her 20s – tell me about it (I was obviously a child bridegroom!)



    You mentioned Malone’s in Forrest Road – is it a decent drinking den ? Always looking for down town alternatives to the the Roseburn.

  19. Dharma Bam \o/ stands up for Neil Lennon



    12:20 on 20 February, 2014



    They may well do so, Kevjungle however they won’t be the same club.




    How ?


    Whit’ll be different ?

  20. The Battered Bunnet on




    £1.5M will provide influence of course, but it is way short of a decisive share of any creditors’ vote. A single month’s PAYE return matches the figure, let alone the trade creditors accumulated in the ordinary course of business – around £6M at last report.



    Moreover, it’s not needed as leverage. TRFC Ltd are debt financed by RIFC plc. There will be something in the order of £25M debt owed to RIFC from the football operation by now, and that’s the touchstone in this affair.



    If/when the excreta hits the impeller, it’s the voting control over TRFC’s debt to RIFC that will determine the outcome imo. A convertible £1.5M debt adds perhaps 10% equity and proportionate influence. Not insignificant, but is it a critical number? I suppose the boys will have crunched the numbers…

  21. Philbhoy, the club is in no worse shape now than two days or two weeks ago.



    Bawsman, I know but I’m trying to resist the need to ‘protest too much’ on that fact. They are a Newco in corporate terms, they are a new club in football terms, and just to be totally accurate, they are technically called ‘Rangers’, just as Airdrieoneans are known by the name of a former club.



    Dharma Bam, indeed.



    antipodean red, true.

  22. corkcelt- SUPPORTING THE DAM 5 on

    Kev, I for one never had any doubt that a team playing out of ibrox will in time be back in the top Division and within 2 or 3 years from then will become our main competitors for the Title. I don’t welcome it but I don’t fear it. My preoccupation now and then will be on Celtic.

  23. embramike supporting wee Oscar and Res 12 on

    Like this one …



    “OneAfternoonInLisbon ‏@kenjo74 1h



    So they’ll have gone from being ‘Clone Rangers ‘ to being ‘LOAN Rangers’?”

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