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FOREWORD: The author would like to thank the author of The Football Tax Havens Blog for the provision of some of the information used in this article. There is one thing I can say with some certainty regarding the HMRC enquiry into Rangers Football Club and that is that it has left a legacy of confusion, contradiction, misdirection ( some of which may either be deliberate or as a consequence of gross negligence) and of course, last but not least, accusation. The fact that some of the key players involved in the whole process now face criminal prosecution should confirm, for even the casual onlooker, that all has not been above board. Allow me to illustrate courtesy of these two links, which contain contradictory information, but nonetheless, were written in good faith by the respective authors. http://sport.stv.tv/blog/203241-rang...ions-answered/ http://www.accountancyage.com/aa/new...kets-by-gbp73m The former link written by Mike Farrell for STV attributes HMRC as the largest single creditor at the time of rejection of the CVA whilst the second link written by Rachael Singh for AccountancyAge suggests at the time HMRC vetoed the proposed the CVA they were in fact the second largest single creditor. What we do know is that at some point Duff & Phelps added the outstanding potential estimated liability regarding EBT’s to the overall bill due to HMRC. A potential bill which never came to fruition due to the rulings of various Tax Tribunals in favour of Rangers. What is both concerning and alarming is that such “confusion” appears to extend to high level executives within HMRC itself as this Public Accounts Committee Q & A demonstrates. http://data.parliament.uk/writtenevi...ral/11443.html In question 54/55, tendered by Anne McGuire MP, Mr Jim Harra – Director General Business Tax HMRC, moves to correct Ms McGuire regarding her apparent “misapprehension” by responding as follows: “It has been in the media. This dispute on employee benefit trusts was not the reason why Rangers went into liquidation. It was for non-payment of their standard pay-as-you-earn and VAT obligations.” No Mr Harra that is not entirely accurate either. That is the reason that Rangers went into administration. The reason Rangers went into liquidation is because, as either the primary or secondary creditor, HMRC the organisation you represent, vetoed the proposal for a CVA. It is really asking too much of HMRC officials, particularly high ranking ones to provide accurate information in response to questions from Members of Parliament who sit on a Public Accounts Committee? Furthermore, just to add some added spice to this bubbling pot of confusion and accusation, the reasons for such refusal are themselves subject to considerable speculation. http://www.eveningtimes.co.uk/news/q...0639n.24716091 http://www.heraldscotland.com/news/h...probe.24725771 In the questions aforementioned Ms McGuire also raises the subject of pre-litigation settlement. It is perhaps worth highlighting at this point that Rangers were not the first football club to fall foul of HMRC. In 2005 during Ray Parlour’s divorce proceedings it was revealed that during season 2000/01 Parlour paid tax at a rate of only 22% courtesy of an off shore benefit trust operated by Arsenal. HMRC reacted to this information billing Arsenal for £12 million which they settled in full. While the differing circumstances of each case make a side by side comparison impractical, it does raise the question of why HMRC waited 5 years to pursue Rangers in respect of an EBT payment scheme previously declared in annual accounts) Returning to the subject of settlement Mr Harra responds: “In terms of when we decide to litigate, we have a published litigation and settlements strategy that states we will settle only for what we believe we are due under the law. If we believe that we have a greater than evens chance of getting more by litigating than what we can get by settling, generally speaking that is what we will do: we will litigate. We are proud of the success record that we have in litigation. In avoidance cases, we win about 80% of all the cases that we litigate, but that does mean we are not successful in 20% of them. We are disappointed by the upper-tier tribunal decision in the Rangers case. It is still something that can be the subject of appeal, so I cannot go into too much detail about the litigation itself, but, as I said, we have a very good track record and we may not have reached the end of the line on this one.” Of course such litigation is at public taxpayer’s expense. Perhaps Ms McGuire would care to ask HMRC at the next Q & A why a government agency whose remit is to bring people to account for failing to keep meticulous financial records, cannot themselves keep accurate records with regard to their own operating costs. http://www.heraldscotland.com/news/h...-case.26228807 So in summary we have HMRC continuing to pursue Rangers FC (Oldco) at public expense, having refused an offer of an earlier settlement, in the belief they will be “getting more by litigating than we can by settling” despite the fact HMRC themselves forced the company they are pursuing into liquidation. Perhaps Ms McGuire would care to ask what financial settlement HMRC hope to achieve from a liquidated company. The more you add up the sums the less it makes logical or financial sense, in fact it only serves to add credibility to the accusation that HMRC’s rejection of a CVA was to ensure an investigation into Rangers directors and owners. If the circumstances aforesaid have caused you to utter the words “scandalous” then you may want to re-think your choice of words. In the Rangers Tax Case HMRC considered that the appointment of EBT funds on to a sub-fund or sub-trust for the benefit of a particular employee and/or their family gave rise to a PAYE charge. HMRC were also of the opinion that loans provided from these sub-funds were not loans, but were akin to a bonus available without any chance of repayment and, therefore, again subject to PAYE. What lifts this above even “scandalous” is such arguments have been challenged unsuccessfully before in the cases of Dextra Accessories ([2005] STC 1111) and Sempra Metals ([2007] STC 1559), yet HMRC continue to put forward this argument, at the tax payers expense of course Sometimes “scandalous” is just not enough.
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Yesterday morning there were rumours from several 'in the know' posters on FF suggesting that there are a couple of loan signings on the way from Newcastle Utd. Obviously, nothing happened on Friday and if such deals were to go through it would have to be at a date when they could have no influence on the League Cup semi-final. Let's go with the rumour for a minute and say they were to sign on Monday. I'd have to ask why not sign them on the previous Monday prior to the semi-final at Hampden ? You could ask a similar but more important question about Kenny McDowelll and why is he still in the dug-out despite resigning, patently not wanting to be in the job and having been prepared to infer that the RIFC board were misleading the fans when making their statement about Novo ? The board have recent previous when it comes to pitching an unhappy McDowell into the hotseat for a vital match. We know what happened at Easter Road that day, we were lucky to come away with a 4-0 defeat. So coming back to tomorrow, the boards, whether it be Sandy Easdale, chairman of TRFC or the collection of what many regard as malfeasent numpties who sit around the RIFC table,.... don't seem to be that interested in allowing or giving Rangers a fighting chance in Sunday's game. Not appointing a new first team manager in present circumstances is to my mind negligence. Are they writing off the Celtic game and preparing the ground for next week and a new manager with a couple of the only thing that comes from MASH/Newcastle, 'loans' ? Or perhaps my imagination doesn't grasp the scale of their disinterest at a time when John Carver is confirmed as caretaker manager of Newcastle for the rest of the season following four straight defeats. Maybe I do the board a disservice, as I forget for a moment their all too obvious priorities. Perperation for the League Cup semi-final started some weeks ago with the Sports Direct commemorative T-shirt for reaching the semi-final. I don't imagine many reading this will have bought one but don't worry, I'm sure the 293rd richest person in the world will have Rangers paying for unsold stock. Maybe he could make enough money to offer us another loan with largely what should be our own money,..... again. Bottomline is that we have a rudderless, discontented football club (other than for the interests of Sports Direct) and the board not only haven't lifted a positive finger but seem intent on pissing off supporters and staff to boot as we head towards Hampden. We might aswell of had a board of McNally, Phil3names and Haggerty. They couldn't have fecked things up as badly for Rangers as recent RIFC boards have, both generally and particularly going into this game. -
Celtic Fans Open to Ridicule Over Rangers “Old Firm” Claims – by Rob Atkinson. http://roblufc.org/2015/01/30/celtic-fans-open-to-ridicule-over-rangers-old-firm-claims-by-rob-atkinson/
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http://www.shareprophets.com/views/10353/rangers-fc-an-open-letter-to-the-scottish-fa-demanding-formal-enquiry By Tom Winnifrith, The Sheriff of AIM | Friday 30 January 2015 Earlier this week I asked if the Board of AIM listed Rangers FC could justify why it had rejected two refinancings in favour of a third proposal put forward by a major shareholder in the club Mr. Michael Ashley. The Board of Rangers RF (RFC) is dominated by business associates of Mr. Ashley. Can Rangers show paperwork to justify its decisions and therefore show that it did not breach Section 994 of the 2006 Companies Act? Rangers has not responded. And so today I have written to the Scottish FA asking it to formally investigate. -
Mysterious owners and main shareholders behind Scottish football clubs must be revealed, a government report has said. A group set up to examine the involvement of supporters in the running of football clubs in Scotland has published its final report. The report, ordered by the Scottish Government last year, has called on clubs to reveal their owner and main shareholders to fans to increase transparency. Another main recommendation is that details of directors and board meetings are made available to fans of all clubs. There continues to be challenges in identifying the owners of some clubs in Scottish football and this should be resolved, the report stated. The report said: "While the ownership of most Scottish clubs is readily apparent, there have been and continue to be challenges in identifying the owners of some clubs. "Given the contribution these clubs make to communities and to the nation it is clear that supporters and others in a community should have the right to know who owns their football clubs." The group involved in writing the report, which involved senior figures in the SPFL, SFA and sportscotland, recommended that the identity of the "ultimate beneficial owner of a club" should be declared. It added that if the owner was a trust involving a group of people, then the individuals should also be identified. This recommendation is relevant to the situation at Rangers where a number of mysterious trusts and firms hold major shareholdings without fans knowing who they are. The report said: "To participate in the Scottish Professional Football League, a club must declare to the SPFL and to the SFA, and publish, the identity of the ultimate beneficial owner of the club. "Should that owner be a trust, the club must disclose the ultimate beneficiaries of the trust and the name of the trustees. "Of fundamental importance to supporters are the risks to their club where an owner does not have, or does not appear to have, that club’s best interests at heart." The report also recommended: "That further consideration is given as to how best to protect supporters and communities, in circumstances where an owner may be seeking to exploit the value of a club’s assets for personal gain. "Naturally supporter interest in club ownership is concerned with clubs’ financial sustainability, and hence tends to be intensified where a club has financial difficulties. "Indeed in the majority of recent Scottish football club financial failures, supporters have been involved in one form or another in the ownership structure which allowed their club to exit administration." The implementation of these recommendations will be overseen by the working group and taken forward by the clubs and governing bodies. Jamie Hepburn, minister for sport, said: "Supporters should be at the heart of their football clubs, but too often they have felt marginalised and excluded. "We established this working group because we wanted to find ways of making supporter involvement easier, and of strengthening the relationship between clubs and the communities they represent. "The group has come up with some interesting recommendations and it is now dependent on everyone involved, including the Scottish Government, to make these work. "These are challenging times for Scotland’s football clubs. The Scottish Government agrees with the working group that a legislative approach to addressing many of these issues is simply too prescriptive and not desirable or necessary at this stage." Stewart Regan, Scottish FA chief executive, said: "The Scottish FA acknowledges the need for greater supporter involvement in the national game. It is also supportive of the need to enhance fan engagement, not just in-stadia but expanding our digital provision. "We have been pleased with the commitment shown by our colleagues in the working group and look forward to working together to implement the recommendations contained in the report." Neil Doncaster, SPFL chief executive, said: "Supporters are the lifeblood of the game in Scotland. We welcome initiatives that are designed to increase fans’ engagement with their clubs." http://sport.stv.tv/football/clubs/rangers/308495-football-club-owners-and-shareholders-must-be-revealed-says-report/? -
In days of old when football was football and only a few anoraks could tell you the names of the club board, the idea of an Old Firm game playing a supporting role in a day of sport would have the wee men in white coats heading in your direction. However that is how I am viewing this Sunday's mouth-watering line-up, and it is a sign of how much trouble our beloved club is in that it has come to this at all. The reality of a league cup semi final against our greatest rivals at Hampden would normally have me all fired up for weeks, and I cannot remember ever going into a domestic semi-final or final without the confidence that our heroes will emerge victorious. Indeed in any other time I would be eyeing up this fixture as the first course in another possible treble, and at the very least the chance to deny that other mob their chance of a treble. This Sunday we have the England v Australia ODI cricket final from Perth, WA, which starts in the wee small hours of Sunday morning. While England will be rightfully underdogs against the home team, this cricketing equivalent of an OF match will have plenty of spice and aggression and entertainment. At the time where that match is reaching boiling point, we then move to Melbourne for the Australian Open tennis final between our own Andy Murray and (probably) Novak Djokovic. These two have played 4 Grand Slam finals between them, each winning two each, and this could be an absolute belter of a match and one I am looking forward to immensely. Of course if Stan Wawrinka wins the SF (at time of writing it is a close match in the 4th set) it pits the defending champion against Murray, who has reached the Oz Open on 3 previous occassions, only to come up short each time against Djokovic and Federer. Then we have the football with our own match at 1.30, and a potentially attractive match between two good footballing sides in Southampton and Swansea at 4pm, and a double header from Spain involving Sevilla v Espanyol & a good looking clash between Barca & 6th placed Villarreal. By the time we have all had our football fix for the day, the biggest sporting event in the USA takes over with the Superbowl, this year between the New England Patriots and the Seattle Seahawks in what promises to be a clash between the best attacking (or offense in USA lingo) team (New England) and the best defence (Seattle), with all the razzmatazz and colour this event brings. When the Vince Lombardi trophy is handed out around 3am, it will signal the end of a near 24 hours of non-stop sporting action for tv viewers, with 3 cup finals, a semi-final, and some good league action along the way. I for one cant wait for it all to start, and I just hope above all hope that what would, in any other era, be the main event for me at 1.30 in the south side of my home town amongst these global events attracting the best part of a billion viewers, and is on Sunday a bit part story, doesnt spoil this day of all sporting days. So come on England, Murray, Rangers for a treble that would have me positively gushing and have me remembering the 1st of February 2015 as a unique day when all that is good with the world was put right. -
“The dark eleventh hour Draws on and sees us sold To every evil power We fought against of old. Rebellion, rapine hate Oppression, wrong and greed Are loosed to rule our fate” I don’t think regular readers of this blog would describe me as what the media refer to as a “pop-pom cheerleader” of the various factions vying for control of our club. I’ve never seen the attraction nor sense of writing a blog to further the endeavours of rich businessmen who can afford their own PR machines. I’ve been highly critical of Dave King’s strategy to gain control of our club, and I stand by such criticism to this day. When I wrote my open letter to him, I envisaged King riding in like the 7th cavalry, scooping up shares to gain control of our club. Thereby uniting a fractured support, and thus enabling us to get behind our club where together we could build a stable future for her. What we got of course was something completely different which has only served to exacerbate such fractures. Furthermore, contrary to some reports, Mike Ashley is not the devil incarnate. He is a powerful, ruthless and opportunistic businessman who appears to maximise to his full potential, the misfortune and weakness of others. Sentiment does not appear to come into it – just ask the employees of USC. http://www.independent.co.uk/news/business/analysis-and-features/mike-ashley-wields-his-iron-fist-once-more-at-usc-9994171.html Alarmingly, our football club appears to be the latest victim of Mr Ashley’s growing business empire and he has been assisted in this to the full by a thoroughly incompetent, self-serving and shambolic Rangers board. Having comprehensively failed to balance the housekeeping budget they have then compounded the problem by rejecting all offers of outside investment thus leaving our club on the equivalent of a life support machine – relying on short term cash infusions where only the good grace and will of the donors prevented us from going under, as this shambles of a board failed to meet the repayments within the agreed time period. While the Man who would be King issued sound bite statements to the press, Ashley continued to increase his powerbase within our club, but of course every power grab carried a considerable financial caveat. Our retail, our historical assets, even our very trademark were considered fair game. Where there were dissenting voices within our boardroom, people who dared to highlight that such deals were not in the best interests of our club – Ashley eradicated them. Messrs Wallace, Nash & Crighton – RIP. A number of leaked e-mails demonstrated that the remnants of the Rangers board appeared to be more concerned about preserving their places on the board rather than pursuing the best financial deal for the club. http://www.telegraph.co.uk/sport/football/teams/rangers/11247379/Sandy-Easdales-true-role-in-Rangers-takeover-talks-thrown-into-question-by-release-of-emails.html Further confirmation of this was provided courtesy of Colin Kingsnorth of Laxey, who clearly felt it was appropriate to call time on this acquiescing of power to the Ashley Empire. http://www1.skysports.com/football/news/11788/9626770/scottish-championship-laxey-partners-sell-rangers-shares The consequence of course, is that we now have a Rangers board dominated by Ashley men. These are the same men who control the destiny of our retail, our historical assets (with the exception of Ibrox – for now) our very trademark. I will ask you a simple question. When it comes to a crucial vote in our boardroom whose interests will these men move to protect – Rangers or Sports Direct? The situation is beyond dire but it is still salvageable. Dave King has called for an EGM which will present us with the opportunity to replace the current board. I’m not being melodramatic when I say the destiny and future of our club is in the hand of shareholders. Furthermore I will not mislead you. I’m convinced Dave King does not have the financial muscle which the Ashley Empire has at its disposal. If we vote to remove the current board and replace it with a Dave King one, I believe our club will be on its knees for a longer period. But I’d much rather be on my knees under my own strength, striving and aspiring to restore this club to its former glory with every part of the body working together to achieve that aim, than be on my knees bended in servitude and reliant on the quick fix solutions of others at a cost which threaten to take away my very soul, my very heritage and my identity, What answer from the North? A resounding “Thanks, but No thanks Mr Ashley”
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It is now a fortnight since Dave King submitted his call to stage a shareholder summit that could see the removal of chairman David Somers, chief executive Derek Llambias and directors Barry Leach and James Easdale. The South Africa-based businessman is seeking election to the board alongside Paul Murray and John Gilligan, but the Gers hierarchy have yet to set a date for the crunch vote. Their only response to King's call came 11 days ago when they stated they were checking that the notice was 'properly constituted' and valid, but they now have just a week left to comply. A deadline of a further 21 days then comes into play, and Sons of Struth chief Craig Houston told SportTimes: "I, like all fans, want this situation resolved as quickly as possible, so the sooner the General Meeting is called the sooner it can be held and, hopefully, the board will be removed. "The majority of Rangers fans want to see change on the board. "The expectation is that they will spin it out for as long as they can and then look to hold off actually holding the General Meeting for as long as possible. "I don't want any compromise because that could wrangle on for years. The outcome the fans want is for this regime to be removed and we can then start rebuilding our club. "If it goes the right way, it should be a line in the sand and we can move forward. If it doesn't I can see more unrest from the fans and more financial difficulties at Rangers." As revealed in SportTimes yesterday, a petition from the London RFCSA has attracted huge interest from fans in the aftermath of Mike Ashley's latest Ibrox power grab. The Association will hand the document to Nominated Advisor WH Ireland next week as they urge Paul Shackleton, who previously handled Rangers' Stock Exchange affairs while on the books of Daniel Stewart before the firm lost its licence, to accept the King EGM call. Houston said: "For the London branch to get more than 7,000 fans signing their petition in such a short space of time is great and it shows that Rangers fans are united in their views and opinions. "All we can do now is hope that the Nomad take it on board. Unfortunately, we have past experience and know that might not happen. "Everything seems to be done for the benefit of some shareholders and not the majority of shareholders." http://www.eveningtimes.co.uk/rangers/clock-is-ticking-for-rangers-board-egm-decision-as-fans-call-for-ibrox-195863n.117321739 That last sentence . . how do they get away with this ?
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Even on the Gersnet we may have spies.
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Excellent statement from The Blue Order. TBO Backs Rangers First and Buy Rangers. 29th Jan 2015 The Blue Order are pleased to confirm that the group has made a £500 contribution to both RST BuyRangers and Rangers First, to include life membership of both schemes. This outlay represents a very significant amount of our group funds but we felt that it was crucial that we played our part in committing to the current collective effort of the Rangers support to attain as many shares as possible ahead of the upcoming EGM. Within TBO, there is a strong appetite for significant and meaningful fan ownership and we wish to urge all our fellow fans to pursue this aspiration as much as possible. The journey to Fan Ownership will be a long and testing one, but the momentum currently carrying all fan share investment schemes is very encouraging to say the least and within our fanbase, is certainly unprecedented. TBO would like to think that the days of the Rangers support sitting idly by, whilst various self-serving custodians take advantage of the club are over. Rangers Football Club should be managed for the benefit of Rangers and the fans, not for anyone else. Given recent events and the latest disgraceful decision to hand more assets and revenue streams to asset strippers, we all know how difficult this will be, but we must campaign and organise for the fight and hope that a successful conclusion to the EGM issue will not be the end but instead will be a catalyst for real change toward significant fan ownership. Ahead of the League Cup Semi Final v Them, TBO had discussed putting funds toward a display as we have done previously at Hampden. Current group issues and logistics meant that this would be difficult to produce, to live up to the standards of previous efforts by ourselves and others. There was already talk of buying shares and we believe that our funds are better to be used at this current time on fan share schemes than a one-off display. Considering this, TBO would encourage all fans going to the game at Hampden to bring a flag or banner. A sea of red, white and blue in the Rangers end can look as good as any organised display. We ask those who have not already joined Buy Rangers or Rangers First to do so immediately, get yourself involved and ask your friends and family members too. This is something that all Rangers fans can be part of, from as little as £5 per month. This is not about TBO or any other group. This is about our Rangers which belongs to us all. This is about a collective effort that can make a difference if we all want it to. Two schemes, join either or both but do join! Are you in? #sharesforthebears www.therst.co.uk www.rangersfirst.org
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The Rangers Supporters Trust wishes to express its concern at what we consider to be a clear attempt by some online elements of the Celtic support to incite trouble ahead of an Old Firm game which already has the potential to be a powder keg fixture. We, along with the vast majority of the Rangers support, noted with some amusement the recent advert taken out by Celtic supporters in a once respected Sunday newspaper. However, what has followed makes us considerably more uneasy. There is now no question that a hardcore element of the Celtic support are not content with the troubles which have plagued our club over the past few years. For them, Rangers Football Club, and by extension its fans, must cease to exist. Whether this stems from an inferiority complex amongst part of a generation who had to live through Nine-In-A Row, or whether it is down to a more ingrained bigotry, a fierce football rivalry is not sufficient for these people. We are extremely concerned that the rhetoric and hatred spewed out by the likes of Phil MacGiollabhain, Angela Haggerty, Paul Brennan’s CQN website and others, is a deliberate attempt to try to stoke sectarian fires and incite violence at the upcoming fixture. One need only view the reaction of some Celtic fans to the recent blog by MacGiollabhain entitled “The ****** Blood Festival” to see how these people operate. MacGiollabhain himself has never challenged the assertion that he is “tarred with a sickening sectarian brush” and he has willing servants in Miss Haggerty, CQN and several other online Celtic sites. We urge all sane Celtic fans to ignore their bile. We hope the upcoming fixture will be fiercely contested. We hope, despite being clear underdogs, that Rangers will win. We also hope that fans of both teams will be able to travel to and watch the match safely. We hope that Police Scotland, as well as policing the day effectively, will take careful note of those who continue to try to incite violence at the upcoming fixture. It would be an odd legal system that arrested people for singing songs but ignored hate speech and incitement of violence. Should the worst happen, we hope the full force of the law will be brought to bear not only on the perpetrators of any trouble but also those who encourage it online. Rangers and our fans have many challenges to face in the months and years ahead. Challenges which are considerably more important to our long term future than this upcoming Old Firm game. We urge Rangers fans to stay safe, behave in a way which can make us all proud of our club and enjoy their day." - See more at: http://www.therst.co.uk/news/rst-concerns-over-upcoming-old-firm-game/#sthash.dvHYDWc2.dpuf
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...Celtic and Rangers fans ridicule police safety warning ahead of Old Firm clash. FANS who take flags to Sunday's League Cup semi final will be asked to prove they are fireproof by showing safety certificates to police. FOOTBALL fans taking flags to Sunday’s Old Firm clash at Hampden will have to show safety certificates proving they are fireproof, it was revealed yesterday. Celtic and Rangers fans have also been told all banners will be inspected before being allowed into the stadium. Any banners or flags judged to have provocative, sectarian or objectionable messages or images will be confiscated. It’s understood police will return the banners to their owners after the powder keg League Cup semi-final. Celtic tweeted the warning to their fans and also told them that canes supporting flags must be a certain size or come with a safety certificate. Celtic fan liasion officer John Paul Taylor said: “All banners will be subject to inspection and must be fire retardant material. Take a certificate if you have one.” An insider said: “This is not a new requirement but it’s being enforced due to the background of the teams playing. Police are being extra cautious.” Fans took to social media to mock the rules for attending the sell-out match, which will see the bitter rivals meet for the first time in three years. Chaznoon tweeted: “Fireproof? Really?! In a non-smoking stadium? It’ll be no shell suits next!” Another user, Croppybhoy69, said: “I take two flags to home games. No certificate ever asked for. Police are ridiculous.” And Rodfather67 mocked the conditions imposed by Police, saying: “Obviously they are all proper militia fire retardant issue.” Celtic have advised fans to attend their local fire station with their flags and firefighters will be able to check them and issue a safety certificate. Police refused to comment. http://www.dailyrecord.co.uk/news/scottish-news/prove-your-flags-wont-burn-5062138
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From the Record. And what is allowed. -
Following detailed legal advice, the Rangers Supporters Trust (RST), with the financial backing of the Rangers Fans Fighting Fund (RFFF), submitted a petition to the Court of Session in Edinburgh on Monday 26th January, seeking an interim interdict to stop the Rangers board from granting security over Ibrox in favour of Sports Direct. Discussions between our lawyers and the board’s lawyers continued over the past three days. The conclusion of these discussions was the that board has agreed not to grant security over Ibrox for a period up until the 17th February covered by the advance notice they submitted. We are disappointed that we were not able to secure the extension of this commitment until the date of the upcoming EGM, as this now leaves a short period of time in which the board could grant security over Ibrox before they are hopefully removed. This is particularly concerning given the announcement yesterday that a further period of due diligence is required for the second £5m tranche of debt that the board has decided to saddle the club with. We believe our actions had a material impact in stopping the board from granting security over Ibrox. The revised deal with Sports Direct was agreed late on Monday night according to Paul Shackleton, the club’s AIM nomad. This was immediately following the petition submitted to the court, the announcement of which delayed what would have been a necessary interdict hearing in the Court of Session on Tuesday. We do not believe that the filing of a notice of intention to grant security over Ibrox was an error and we believe that a fixed security over Ibrox would most likely have been granted to Sports Direct had it not been challenged. We would like to register our disappointment that it was necessary to take legal action to hold this board to their public promises to shareholders and fans. Whilst we are pleased that the immediate danger posed to Ibrox has been averted, we share the anger of other fans at the latest act of corporate piracy perpetrated by the current Rangers directors. By accepting this deal with Sports Direct, they have plunged our club into unnecessary debt and, by pawning off further revenue streams including shirt sponsorship, have limited our ability to repay that debt. They have done this in their own interests and those of Mike Ashley. David Somers, Derek Llambias, James Easdale and Barry Leach have, in our opinion, neglected their duties to the PLC they are meant to represent. Our fans have one chance to remove these directors before they cause even more damage. We urge them to sign up at http://www.therst.co.uk/buyrangers and ensure that this board is removed at the upcoming EGM and replaced with directors who put Rangers Football Club above their own personal positions and the financial betterment of their masters. We will continue to liaise with our lawyers, the RFFF and other major shareholders regarding the actions of the Easdale brothers, David Somers, Derek Llambias and Barry Leach. We look forward to a forensic examination of their conduct following the EGM. We would like to thank the RFFF for their continued support, without which it would have been very difficult to challenge the actions of this discredited board. - See more at: http://www.therst.co.uk/news/ibrox-court-action-statement/#sthash.GhlaIbzq.dpuf
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Rangers International Football Club plc - Is it breaching the Companies Act? Is its Nomad a cretin or worse? http://www.shareprophets.com/views/10306/rangers-international-football-club-plc-is-it-breaching-the-companies-act-is-its-nomad-a-cretin-or-worse -
American football remains a minority sport in the UK, and especially in Scotland, where the urban English fascination with US culture, especially those of minorities, is less firmly felt. Even so, some of you may have read about the 'inflategate' scandal which erupted after last week's semi-finals, in which Boston's New England Patriots were, apparently, found to have deliberately under inflated the footballs used, presumably giving them an advantage. Quite how it did so I can't explain: perhaps their players are more used to handling squishy balls than the firm-tested team they beat. But the comeback against the most successful side in recent years in the NFL has been swift and bitter. Patriots' owner, Robert Kraft (presumably of the atomic-orange 'Cheesey Pasta' and suspiciously mushy, not-very-cheesy Dairylea Triangles family) has angrily stepped up to the plate, to mix our American sports, and lashed out at the coverage his side has received. Get this: “I’m disappointed in the way this entire matter has been handled and reported upon,” Kraft said, pointing directly to reports citing anonymous sources. “We expect hard facts rather than circumstantial leaked evidence to drive the conclusion of this investigation.” Sounds mighty familiar. I doubt many folk in the Greater Boston area would be thrilled at a comparison with Rangers, the bastion not only of quintessential Britishness but the Protestant Ascendancy, Conservative Values, Stout Monarchism etc etc. Just the same, it does sound familiar to the bluenose ear (now there's an image), does it not? “I am confident that this investigation will uncover whatever the facts were that took place last Sunday and the science of how game balls react to changes in the environment,” Kraft added. “This would be in direct contrast to the public discourse, which has been driven by media leaks as opposed to actual data and facts. Because of this, many jumped to conclusions and made scarring accusations against our coach, quarterback and staff questioning the integrity of all involved.” At least throughout all Rangers' travails no-one accused them of under inflating their footballs. Balls of a different sort will be needed on Sunday, when probably the least anticipated Rangers - Celtic game of all time rolls around. The air has certainly gone from this fixture, and it would be appropriate if Rangers turned up on a series of old Raleigh bikes with flat tyres. Clown horns would not be amiss either, given the standard of play we've seen. I daresay Celtic fans can't wait for it. If I was in their shoes I'd be hoping for double figures. All very defeatist and in line with the mood of gloom which not only surrounds but suffocates anything and everything to do with the Ibrox side, but I don't apologise for that. On the pitch, in the boardroom, on the stands, can anyone see any light? As a long established handwringer, I'm split 3 ways between worrying about a total doing, the off field ramblings of various boards, and the potential for embarrassment from the stands. My wishy-washy attitude to this last has never been about being personally offended: as someone of no religion I shed few tears for sensitive clerical types of whatever stripe. It's always been about what hurts Rangers; but there's no sign of anyone else giving much of a toss. An afternoon long Sash Bash awaits, say some. Oh, the joy. I just felt it would show more balls, inflated to maximum, to call for decorum before the game, rather than wading in afterward. Who knows? Maybe it will all pass off in a manner which doesn't damage the club's image, what's left of it. Can't see it, though. And it's all such a waste of energy, anyway, shouting meaningless insults which don't insult the other side and bring harm to your own. I suppose everyone - and certainly, every club's fans - is guilty, from time to time, of saying things they don't mean. Only last night on the radio, Soviet Jim Spence, the Tayside Trotsky, suggested that the 80% of football fans who don't follow Rangers are bored with the saga. He might be more convincing if he didn't spend quite so much time talking about it, mostly in the manner chastised by Robert Kraft above. I doubt the US capitalist rotter, who seems more than a little aggrieved at being questioned at all - a sense of entitlement is rarely attractive - had the Couthy Commissar in his mind when he complained about 'circumstantial leaked evidence' but if the caps fits...and if 80% of fans don't care about Rangers, they've a funny way of showing it! Certainly, football worldwide is often the refuge of the unreconstructed, simple minded soul, and a sense of social awareness has never been a qualification for media work at all, let alone in sport. Last week's superb game in the FA Cup between Arsenal and Brighton, for example, was marred only by Robbie Savage's shrieked commentary, in which he not only encouraged Brighton players to put opponents into Row Z, play long balls into the channel and hoof it clear from defence, but persistently referred to co-host Ian Darke as 'darkey'. Even allowing for 'PC gone mad' considerations, this was brutal, throwback behaviour, as if the last 30 years on and off the field had never happened. I was ready for him to suggest Albion start the second half in flares before going on strike. But the game doesn't have to be so stupid: who in their right mind wants to use Robbie Savage as an exemplar? Maybe we can set an example for whatever future awaits our club by ignoring the existence of opposing fans and trying to lift the team. Well, there you have it, the depressing thoughts of a depressed handwringer on a depressingly wintry morning. We wait to see what happens on the pitch. I am sure the ground staff at Hampden will have the balls at the right pressure. I wonder what pressure mine will be come kick off.
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Been trying to get my head round things for a while now..... Exactly what influence does Mike Ashley have over the current board??? Recently, we have seen investment proposals from King, Sarver & 3Bears all knocked back in favour of offerings from MA, which have been very heavily weighted in favour of the lender. What interest does MA have in the club??? Personally I think he wants to control the merchandise. However, if he turns the fans against him (as he has), no-one will buy the stuff he's selling, so where's the benefit??? MA has been told that he can't own any more shares by the SFA, therefore he can't invest directly into the club. Any money will come in the way of loans, therefore increasing debt - debt that will be more difficult to repay since SD now control 75% of the retail channel. Couple that with the reduced attendance etc & cash flow is severely impacted. Has MA been the one really pulling the strings all along??? Was he the main force behind Chuckles?? Could he be the Easdales true puppet-master??? To me nothing about MA's involvement makes sense. He is a very successful businessman - no-one can argue that - but the way things are being run @ Rangers, it's as if people want it to fail!!! The Board etc appear to be trying their best to drive the fans/customers away.
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https://www.facebook.com/rangersfansboard
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We have considered the views of many fans regarding action against Sports Direct. After to today's announcement we would be surprised if any self respecting Rangers fans spent money in his shops. Stopping him taking others money is a priority and as such we shall be starting a series of action to do this very soon. To hit his pocket via a series of actions nationally would not go amiss and as should be possible. What i suggest we do is set up a national network of Sons of Struth branches to coordinate future actions and as such would request as many as possible join us and those willing to coordinate from a local level can contact us to offer their services. sosnofstruth@aol.com As usual any action from SoS will be legal and non threatening to any staff or customers JOIN US http://www.sonsofstruth.co.uk/join-sos.html Craig
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Statement from the bears due at 6pm (approx) keep the faith guys please, from FF
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The Sun saying he has been banned because he joined RF. Someone asking if Foster has joined yet.
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Just sent a quick note to the RFB chair (tomclements@rangersfansboard.co.uk) to respectfully suggest his organisation discuss a vote of no confidence in the RIFC board asap. In the absence of any other organisation meeting with the club, I think the RFB should be forced to hold the club directors to account at the earliest opportunity. Feel free to join me... -
We are f----d. 27 January 2015 Rangers International Football Club plc ("Rangers" or the "Company") £10m Credit Facility and associated transfer of 26% of Rangers Retail Limited The Board of Rangers announces that Rangers Football Club Limited ("the Club") has entered in to agreements with independent.co.uk/news/business/news/sports-direct-stops-20000-staff-taking-other-work-by-using-zero-hour-contracts-9661746.html Retail Limited and associated companies ("SD"), to provide a long term on-going credit facility of up to £10m (the "Facility"). The Company's financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The Directors have implemented a cost cutting program with which they have made significant progress. There is however an immediate need for a substantial injection of capital, and the Directors have considered a number of options. The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the Company time to arrange permanent capital which can be used for strengthening the playing squad. The Facility is structured in two separate interest free tranches. GBP 5million will be available immediately for working capital purposes and for the repayment of the credit facilities with MASH Holdings Limited which was entered into on 27 October 2014. All rights and security associated with the MASH facility will be cancelled. The Club will transfer 26% of the share capital in Rangers Retail Limited ("RRL") to SD for the duration of the Facility (the "Transfer"), which will be transferred back, at no cost, upon repayment of all outstanding sums owed by Rangers and its subsidiaries to SD. There is no specified repayment period for the first tranche of the Facility. The Facility is to be secured by (1) a floating charge over the Club's assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club's registered trademarks. None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security. SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies. If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26% of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease. The second tranche of GBP5 million, which repayable 5 years after drawdown, will be used, if required, for working capital purposes and is subject to due diligence by SD prior to drawn down. The Company has also agreed that from the 2017/8 season, for the duration of the Facility, any future shirt sponsorship proceeds will be for the benefit of RRL. RRL will declare a dividend of a total of GBP 1,610,000 prior to the Transfer. The Club will use the proceeds of its share of this dividend, inter alia, to repay sums owing to SD in respect of the cessation of onerous leases on unprofitable stores entered into by a previous Rangers management team. RRL is a joint venture between the Club and SD whose business is selling merchandise both on-line and in stores. In the period ending 27 April 2014, RRL made a profit before tax of GBP 1,172,893. SD is a Related Party under the AIM Rules and accordingly the Facility is a Related Party Transaction pursuant to AIM Rule 13. The Independent Directors, consider, having consulted with WH Ireland its nominated adviser, that the terms of the Facility are fair and reasonable insofar as shareholders of the Company are concerned. The Directors would like to thank all the Rangers Stakeholders who showed an interest in helping the Company. Commenting on the Facility, David Somers said: " The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future. This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course. In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile. We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition. The Board now calls upon all shareholders to rally together to achieve this goal."
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26/01/15 12:13pm Chris Graham, of the Rangers' Supporters Trust, is confident that the fans will have an influence in the club in the coming weeks. http://www1.skysports.com/watch/video/sports/football/teams/rangers/9670177/graham-confident-of-fans-influence
