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Hearts: Club exit administration, signing ban lifted
ian1964 posted a topic in General Football Chat
Hearts have exited administration after documents were lodged with the Court of Session in Edinburgh. The Edinburgh club had been in administration since last June with debts close to £30m. They started the season with a 15-point penalty and will play in the Championship next term after being relegated from the Premiership. Hearts owner Ann Budge “When we do hand the club over to the fans in a few years' time, it will be in the best possible shape” Ann Budge Hearts owner "We kept going and it's wonderful that we're here, eventually," said the club's new owner Ann Budge. "There have been many days when I thought there were just too many challenges facing us but we didn't lose hope. "We want to get a really strong management team in place - I don't just mean on the field, off the field as well - and basically ensure that this club never has to go through this again. "When we do hand the club over to the fans in a few years' time, it will be in the best possible shape." Budge agreed a deal with creditors to buy Hearts and quickly set about restructuring the club with Craig Levein brought in as director of football and Robbie Neilson joining as head coach. Gary Locke, who had been manager during the administration process, left the club at the end of his contract. The move out of administration means the ban on the registration of players imposed by the league last year will be lifted and Hearts will now be allowed to make signings. http://www.bbc.co.uk/sport/0/football/27794267 The Tynecastle club entered administration in June 2013 with debts close to £30m, with most of the money owed to businesses in Lithuania who themselves would undergo insolvency procedures. Hearts' new director of football Craig Levein and head coach Robbie Neilson Levein and Neilson will lead Hearts' football operation "It certainly has been a long year but, with hindsight, it's been a great outcome," said administrator Bryan Jackson. "For that I'm very grateful, happy and very relieved." Jackson has successfully taken seven clubs, including several in Scotland, out of administration. And, asked if saving Hearts had been his toughest task, he replied: "Of course it has because I say that about all of them. "I think genuinely this one has been. It was always going to be a tough one when you saw what we inherited from day one. "With some of the external factors, some of the third parties that were involved as well, it made it very difficult for us. New obstacles kept popping up all over the place. As we solved one, there was another one. "So, I would say in the end it was the most difficult one and there were certainly times when I really didn't think we were going to make it this time. "We were close to running out of money on a couple of occasions. We managed to sell a couple of players to keep us going. "Just about everything that came in was crucial. The fans' donations were crucial as well. It was fantastic the donations we received and the support we received from them "The income in the last few games was very important to us and I'm very grateful to the fans for the numbers that turned up to those games." -
Bawsburst on RM hinting at something happening soon with this recently formed company by Laxey pic.twitter.com/Nc8zHXA8Dn So Laxey's Kingsnorth registers a new company called GreenWhiteStar UK PLC. How disgustingly ironic
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Up on BBC: Rangers' former commercial director Imran Ahmad is to go back to court on Tuesday as he seeks to have more than  £500,000 frozen in the club's account. In February, Lord Tyre disagreed with Ahmad's claim that Rangers were trading while insolvent. Now, with doubts over season ticket sales, Ahmad is concerned about Rangers' ability to pay out should he win his ongoing legal battle with them. The two parties are in dispute over his claim for unpaid bonuses. At the February hearing, Lord Tyre made his decision in Rangers' favour because of what he described as the cyclical nature of a football club's finances. Since then, Rangers have made it clear that a significant drop in season ticket sales would leave them unable to trade without seeking external finance. The chairman of Rangers' football board Sandy Easdale also told BBC Scotland the League One champions are in a "fragile situation". Rangers will again have to satisfy a judge at the Court of Session that they can continue to trade, with the implications of the decision going in Ahmad's favour next week potentially devastating for the board. I reckon he'll get it frozen this time. Wasn't the reason it was declined before because there wasn't enough evidence to say the club was in financial hardship? IMO this is to put pressure on fans to renew season tickets. They are all in it together. How on earth can he get that money ring fenced when the contract he had was pie in the sky ffs..
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Given all the talk about share issues , proxies , who own what , who has proxies for whom , here is an up to date position , ( stands back to be shot down ) , this is from the Rangers International Football club site on shares , http://www.rangersinternationalfootballclub.com/share-information. Sandy Easdale - owns 2,942,957 , proxies of 14,387,003 . This Includes all of BPH (4,000,000) and Margaritta 's 2,600,000 share holdings . Laxley owns -8,292,957 Artemis -5,749,000 River & Mercantile -4,795,500 Hargreave Hale - 4,601,888 BPH - Proxied to Sandy Easdale -4,000,000 Miton Capital -3,143,857 Mike Ashley_3,000,000 Margaritta ,Proxied to Sandy Easdale ,2,600,000 Cazanoza Capital - No longer shown as having a reportableholding Legal & General -No longer shown as having a reportable holding Dont know what this means exactly Currently, 16.24%+ of the Company’s Ordinary Shares are not in public hands. The Ordinary Shares are freely transferable and no Ordinary Shares are held in treasury. + Does not include the 14,387,003 Ordinary Share (representing 22.1% of the issued share capital of the Company) which Alexander Easdale has voting rights over pursuant to the terms of proxy agreements entered into with other shareholders. Should also point out this was last updated on the official site at the end of Jan 2014
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Rangers legend Richard Gough joins forces with Dave King in fresh assault on current club regime and says 'I trust Dave with my life' THE nine-in-a-row captain has agreed to be trustee for an account for fans' season ticket money after King accused the board of "an extreme act of bad faith" an accusation Rangers branded "disgraceful". The nine-in-a-row skipper has joined forces with Dave King in declaring all-out war against the current Rangers regime. Gough has agreed to stand as a trustee for the account into which the Light Blues legions are being invited to plough season-ticket money in return for a direct say in the running of the club. The patience of South Africa-based tycoon King finally snapped yesterday as he claimed Rangers chairman David Somers told him they had no intention of publishing the much-awaited 120-day business review until after the deadline for season-ticket renewals has passed. Rangers last night disputed King’s claims, branding them “disgraceful” on the eve of the Scottish Cup semi-final against Dundee United and are considering legal action. However, Gough is backing King’s version of events and insists the club are being disrespectful to fans who deserve to be given the board’s vision for the future after pumping tens of millions into their club in the last two seasons to help keep them afloat. Gough said: “It’s all quite astonishing. Dave has given the board every chance to come forward and publish the review at the end of the 120-day period and now they are not going to do that. I’m staggered by the board’s decision. I’m amazed the club have no intention of announcing details of the 120-day review until after the deadline for season-ticket renewals has passed. “It’s ridiculous. “It smacks of arrogance and they are cheating the supporters, the very people who have kept the club going these past few years. “Once again they are asking supporters to put forward their money without knowing how it will be spent.” Rangers fans were contacted this week by the club and told season tickets would soon be due for renewal, much earlier than usual. However, such has been the board’s haste to bring money in, fans have not yet been told the cost of season tickets, although price increases of at least 20 per cent from last year have been predicted. Gough, like King, has told them not to go ahead with the renewal process and to pledge the money to a trust fund instead, with the vow of transparency for how it is spent and the demand over the security of prized assets Ibrox and Murray Park in return. Gough added: “Let’s not give this board the money only to be disappointed again. “I’m firmly asking supporters to put their money into escrow and I promise we will look after it and use it for the best purposes of the club to get it back on an even keel. “I’m happy to be involved. I’d urge fans to put their money into this account and we’ll look after it. It will go to all the right places, nowhere else – which seems to have been happening these last few years. “I’m proud and honoured to be given such a trusted position and I’ll do everything within my power to help Rangers return to where we belong.” Rangers supporters have lacked a senior figurehead from among the ranks of former players and managers to fight their cause. Now Gough has stuck his head above the parapet and it’s believed other influential figures, trusted by the rank and file Rangers fan, are ready to join him against the unpopular board. Gough said: “Any Rangers fans I’ve spoken to recently has urged me to get involved, to stand up and play a part, to make a statement. It’s a no-brainer for me. I’ll help the club any way I can. I’m delighted to be involved with Dave. The bottom line is I trust Dave King with my life. I have known him a long, long time, from my days in South Africa. “He is a family friend and I’m proud and honoured to stand with him. Dave has already put £20 million into Rangers and has offered to invest another £30m. “It’s amazing the board have not already bitten his hand off and asked him to play a role at the club.” The cards have now been dealt on a game of high-stakes poker that could see an unpopular regime toppled, the club enter administration for a second time or the board secure finance from other sources to continue into the new season. The latter option is the most controversial as it’s unlikely they could source anything other than high-interest loans, similar to the one struck with investors Laxey Partners before wealthy Rangers supporter George Letham stepped forward and offered better rates. Of course, the loans are more than likely to be secured against Ibrox and Murray Park, which is a scenario Rangers fans dread. The board could also go back to the market for fresh finance but that would require a new share issue, dilution of existing shareholders and there’s unlikely to be a stampede by investors if a war is raging between the club and its support. Newcastle United owner Mike Ashley also owns around five per cent of Rangers and he is flush with cash – he was hardly on the breadline before – after selling seven per cent of Sports Direct this week for £200m. He could step forward and take a more prominent position at Ibrox and although it has been discussed at the highest levels of Rangers for the last 12 months, he is notoriously hard to read and has not suggested he is ready to move. Asked about the future of the club, Gough added: “I don’t want to commit to talking about the future quite yet and what may happen in the coming weeks and months. Let’s see how the next couple of days pan out first.” He also defended the timing of the statement, on the eve of the crucial Scottish Cup semi-final against Dundee United, as did King. King said: “The timing was not of my choice. Rangers jumped the gun with their season-ticket announcement.” Gough added: “No matter what happens in the game against Dundee United, the club’s future is more important than one match.” Rangers fan organisations are keeping their powder dry for now but their support for King remains unwavering. Chris Graham, spokesman for Union of Fans, which represents all the major supporters’ groups, said: “We’re pleased with the statement and will make a full comment on Monday. What Dave Kings says speaks for itself.” http://www.dailyrecord.co.uk/sport/football/rangers-legend-richard-gough-joins-3402766
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By Richard Wilson BBC Scotland There are still challenges to overcome, not least the continuing lack of a title sponsor for the Scottish Professional Football League, but individual clubs can still thrive. The level of debt being carried by top-flight teams is falling, and that presents an opportunity. Dundee United and Kilmarnock recently secured debt-reduction deals with Lloyds Bank. Two clubs whose financial priority had to be servicing seven-figure debts can now maximise the worth of their incomes. Celtic's interim results for the financial year to 31 December showed a surplus in the bank, while Motherwell, St Mirren, St Johnstone and Inverness Caledonian Thistle are all free of long-term debt. Hearts are due to emerge from administration with the Foundation of Hearts having taken over a debt-free club that will eventually be turned over to full supporter ownership when the purchase price is paid back through fan subscriptions. Ross County's rise up the leagues has been enabled by the largesse of Roy MacGregor. Hibernian and Aberdeen are still carrying debt, around £5m and around £9m respectively, but there is an appetite within Lloyds Bank to seek an outcome that protects the community aspect of football clubs, as seen in the deals struck with Dundee United and Kilmarnock. The effect is to present Scottish football with a chance to redraw its priorities and establish a time of financial stability. "Banks are taking more of a pragmatic view, which says that what we really want is out of this situation, so we will do a deal, if that makes sense, and if the club can sustain itself," says Charles Barnett, the professional sports group partner at BDO, whose annual review of football finances will be published at the beginning of next season. "There's been one or two clubs recently, like Motherwell, who since they got out of their [financial] troubles have regularly reported a break-even type model. That doesn't mean breaking even every year, but over a period of time, so a small profit one year and a small loss the next. John Souttar (left) and Ryan Gauld are two of Dundee United's brightest talents. John Souttar (left) and Ryan Gauld are two of Dundee United's brightest talents. "We have less sponsorship income in general around the country, TV revenues aren't going anywhere at the moment and attendances at some clubs are doing well and falling away a bit at others. It's an incredibly challenging environment. But this is an opportunity." The removal of debt burdens allows clubs to focus on reinvesting in sporting performance. Dundee United offer a prime example, since the club's youth development programme has delivered a regular supply of promising young talent into the first-team squad. Transfer fees were inevitably required for the likes of David Goodwillie - £2m to Blackburn Rovers - and Johnny Russell - £750,000 to Derby County - since United had debt payments to service. The Tannadice club can drive a harder bargain now that a group of fan investors have contributed to the wiping of £4m in debt . Clubs will covet the likes of Stuart Armstrong, Ryan Gauld, John Souttar and Andrew Robertson, but United are under no pressure to sell. This allows Scottish clubs more leeway in attempting to keep young talent in the country for longer before the financial pull of the English game eventually draws them south. Aberdeen are among those who have suffered from losing players before they establish themselves in the first team, with Jack Grimmer leaving for Fulham when he was 17 and Ryan Fraser leaving for Bournemouth at 18. Hibernian and Hearts have established a strong reputation for developing young talent, and Scottish clubs can exploit the worth of that reputation. English teams will always be able to offer higher wages, but many young Scots, like Goodwillie and Grimmer, have travelled south and seen their careers stall. To keep young talent in the country for longer, and to the benefit of Scottish football, players need to be certain that their game will develop further through regular first-team experience. That will enable them to become better and so still attract a future transfer, but clubs needs to be financially stable enough to make decisions based on sporting rather than income merits. "The stronger the club's financial position, the stronger they can be in the transfer market," says Ross Wilson, formerly head of football development at Falkirk and now head of football operations at Huddersfield Town. Continue reading the main story “I'm struggling to think of a club that has made significant investment in its youth academy and not managed to produce players” Ross Wilson Falkirk's former head of football development "But also, the stronger the club's brand becomes in terms of being regularly capable of producing young players, so they can eventually leave at a premium. "For example, Crewe Alexandria are a League One club, but when they sell players it's at a premium compared to clubs around them, because historically they have a reputation for being a strong developer and seller of players. "That could be replicated in Scotland, with clubs consistently producing players for the first team." Most clubs will have no option but to live within their means, so the ideal is to improve those circumstances. The benefactor model has been undermined following the financial collapses of Hearts, Rangers and Motherwell, while supporters are less inclined to welcome investment for the purpose of making a return because sporting performance needs to be the priority. There is also little wealth to be made in the Scottish game when external revenue streams are so modest. "No bank is prepared to lend new money into the sector in Scotland," says Barnett. "Therefore clubs have to learn to live within their means. And what's the purpose of a football club? "In my view, the objective should be to operate a balanced budget over a period of time, not making big or regular small profits." Youth development, smart player trading, all from a stable financial basis, offers Scottish football clubs an opportunity to build a sense of optimism. Supporters also tend to bond with home-grown talent, while the national team will benefit from a growing emphasis not only on academy graduates, but finding a way to keep them in Scottish football for longer so that if they eventually leave for England, they are better able to thrive at a higher level. "I'm struggling to think of a club that has made significant investment in its youth academy and not managed to produce players," says Wilson. "If you're making proper investment in it, in terms of the structure and the people you bring in, then it reaps the rewards of players being produced and being sold."
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From BBC website: Kilmarnock close to major debt reduction deal By Richard Wilson and Jim Spence BBC Scotland Kilmarnock are set to announce a deal that will see the majority of the club's £9.4m debt written off by Lloyds Bank. The agreement would involve the chairman Michael Johnston retaining a reduced shareholding in the club. A company headed by local businessman Billy Bowie would take ownership of the hotel, which has been valued at around £2.5m. Johnston and Bowie would also be joined on the board by three new directors. Kilmarnock would be left essentially debt free, while the company that takes ownership of the hotel adjacent to the stadium would take on the remainder of the bank debt, thought to be between £2.5m and £3m. Negotiations have been ongoing for weeks, and became more pressing after the Kilmarnock Futures Consortium - a group of local businessmen - pulled out of takeover talks. It is understood that Bowie will provide an injection of working capital to sustain the club until season tickets are sold later in the year. The three new directors are also likely to provide additional funding, once they have been voted onto the board. Clauses are thought to be included in the agreement that would prevent individuals benefitting from the sale of assets in the future, which would effectively secure the long-term future of the likes of Rugby Park for the Kilmarnock community. Some of the forthcoming investment in the club would, though, be required for stadium maintenance work. The deal would free Kilmarnock from the burden of meeting the repayments on a large debt, but the club would also lose the revenue stream from the hotel, which is a profit-making business. Johnston has stressed at previous annual general meetings the importance of that revenue stream to the club. However the debt, which was accrued in the building of the hotel, was holding Kilmarnock back. Some supporters will remain opposed to Johnston's continuing involvement, and will remain committed to the Not A Penny More campaign that was launched in a bid to oust the chairman. Other fans, though, will accept that a deal had to be struck and one of the consequences is that Johnston is no longer the sole authority at the club and that the board has been opened up to new directors. The Kilmarnock sponsors, QTS, will also continue to back the club in a kit sponsorship deal worth around £250,000. Alan McLeish, the owner of QTS, was a member of the Kilmarnock Futures Consortium that withdrew from takeover talks with Johnston, but he remains committed to financially backing the club.
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http://www.thelawyer.com/analysis/ma...016288.article Cohen & Stephen (The Liquidators of Rangers FC) & Ors v Collyer Bristow Late 2013, 5-10 days, Chancery Division For the claimant Cohen & Stephen (The Liquidators of Rangers FC): South Square?s Mark Philips QC leading South Square?s Stephen Robins previously instructed by Taylor Wessing partner Nick Moser, taken forward by Stephenson Harwood partner Stuart Frith For claimants the Trustees of the Jerome Group plc Pension Fund: Outer Temple Chambers? David E Grant, instructed by trustees David Simpson, who is also a qualified barrister For the claimants HMRC: South Square?s Lucy Frazer For the claimants Merchant Turnaround: Maitland Chambers? James Clifford and Matthew Smith of the same set, instructed by Macrae & Co?s Julian Turnbull For the respondent Collyer Bristow: 3 Verulam Buildings? Cyril Kinsky QC leading Matthew Hardwick of the same set, instructed by Clyde & Co partner Richard Harrison . The financial collapse of Rangers FC put in the public eye the club?s relationship with its professional advisers, including Collyer Bristow and former partner Gary Withey. Withey quit the firm in March after he became embroiled in the Glasgow club?s administration because he had advised businessman Craig Whyte on his takeover of the club in 2011. Duff & Phelps were appointed as the original administrators of the club and, in March last year, announced it would take action against the firm. When liquidators Cohen & Stephen took over the wind-down of the club it pledged to carry on the case. The firm has lodged a Part 20 claim against private equity firm Merchant Turnaround. Collyer Bristow stands accused of ?deliberate deception? over Whyte?s doomed bid for the club. The court heard at a pre-trial hearing in April that Collyer Bristow is alleged to have been involved in conspiracy, breach of undertaking, negligence and breach of trust, with Withey - who acted as the club?s company secretary - complicit in the allegations. It was revealed that when Whyte agreed a majority stake takeover offer in May 2011 he also pledged to pay off the club?s £18m debt to Lloyds Banking Group and invest £9.5m of ?new money? in the club. This included £5m for players, £2.8m to HMRC and £1.7m for capital expenditure. That offer persuaded then director Paul Murray and the board not to launch an alternative £25m share issue to generate the money needed to stabilise the club. Instead, the court was told, they agreed to Whyte?s takeover, with Collyer Bristow acting for Whyte. Administrators were called in February 2012 and various parties - including HMRC, private equity firm Merchant Turnaround and Jerome Pension Fund trustees - lobbied to reclaim their stakes in Rangers. The firm says it will vigorously defend the claims. Withey had originally applied to intervene in the case, but has now withdrawn his application. This battle will be closely followed by firms and fans alike as it promises to lay bare the firm?s relationship with Whyte and the club.
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IAN Black has vowed to earn a new deal with Rangers - and help the Ibrox club complete every stage of 'The Journey'. The former Inverness Caledonian Thistle and Hearts man is out of contract at the end of next season. But he is keen to pledge his future to Rangers so he can help them compete against their Old Firm rivals. Black said: "I have been consistent this season and the manager has been happy enough to play me every week. I have been doing something right. "I just need to work hard, keep my head down and try to earn myself a new contract. "I have got this year and next season just now. When you have got a year-and-a-half left then you obviously look to get a new deal and a bit of security for my career and for my family as well. "I just want to work hard and hopefully things behind the scenes can work out for me." He added: "My aim is to play in the top flight. Coming here when we were at the bottom my aim was to help the club get back up. "Hopefully I can be rewarded with getting a deal to play in the Premiership with a club this size. It is up to me to keep playing well and trying to get one." http://www.eveningtimes.co.uk/rangers/black-aim-is-a-ticket-to-ride-on-journey-152249n.23438571
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As the draw is to be made after the Dundee Hibs v St Midden game, I just thought I'd start a thread on it. What will be the best draw for us?, I want Albion Rovers @ Ibrox:rfcbouncy:
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It's the Sun so hopefully as untrue as many of their stories, but, it does chime with Keith Jackson's recent statement that we'd have no money in weeks, not months and if you remember the original estimate of "last million by April" and deduct unseen pay offs since that prediction then this is scary enough, despite the source. The emboldening at the end is by me, not the paper, to perhaps give a more hopeful reading experience for you - though again it is a dodgy source. "RANGERS are at the centre of a financial cover-up investigation over claims the club will be broke within two weeks. The stock exchange inquiry was launched after an Ibrox official is alleged to have forecast they would run out of cash by mid-February. New chief executive Graham Wallace has assured fans there is no danger of a second plunge into administration — two years after ex-owner Craig Whyte steered the club to its doom. But in a complaint to the AIM exchange, a disgruntled investor writes: “It’s the worst-kept secret in Scotland that the club is running out of money in the next few weeks, yet the board has made no announcement.” The shareholder says Rangers should have disclosed any projected shortfall under stock market rules. AIM chiefs have vowed to investigate the claims. An Ibrox spokesman said they could not comment on regulatory matters. But a source said last night: “It’s untrue — there are people trying to undermine the board." (By Cameron Hay) -
Being reported by BBC & STV that the players have refused to take a 15% pay cut.
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http://www.dailyrecord.co.uk/sport/football/football-news/rangers-bring-new-financial-guru-3009812 FORMER Liverpool and Arsenal financial chief Philip Nash is recruited as a consultant to help streamline the club’s massive outgoings and slash budget. RANGERS have stepped up plans to wipe millions from their budget – by employing a new financial guru to help oversee cuts. Record Sport can reveal former Liverpool and Arsenal financial chief Philip Nash has been recruited by the Ibrox board in a “consultancy” role to help oversee streamlining of the club’s enormous spending. Yesterday the club’s share price fell to 27p and Nash joins chief executive Graham Wallace along with financial director Brian Stockbridge to become the THIRD highly-paid chartered accountant at the top end of the regime. Two further money men, Andrew Dickson and Ken Olverman, are also employed by the club which now needs Nash’s expertise to help turn around losses of an estimated £1m per month. Nash was headhunted by Liverpool in 2008 after helping Arsenal finance their multi-million move from Highbury to the Emirates Stadium. He survived a regime change at Anfield and was credited with helping the club tie up £20m shirt sponsorship with Standard Chartered Bank before standing down in December 2012 citing family reasons. Rangers’ financial position has deteriorated alarmingly in the past 12 months and Stockbridge has admitted they may be down to their last million in little more than two months. As another high earner arrives, Ally McCoist is readying himself for cuts. But he insists Wallace accepts that dramatically slashing the playing budget will undermine progress through the divisions. But the manager admits he does not know the extent to which he will be forced to cut – even after a lengthy meeting with Wallace on Tuesday. McCoist said: “Graham hasn’t told me I need to sell players or get rid of them. “It was just an overall view of the football side and we will meet again next week. “He hasn’t made it known to me where those cuts are going to take place and in what shape or form. “It would make sense to Graham that just cutting and selling is not the right way to go about it in terms of the progression of the club, the team and the squad. “If you need to take one step back to take two or three forward again, that will be Graham’s decision.” McCoist hopes he does not have to lose players during the transfer window. He said: “I would be thrilled to bits if there were no bids.”
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The Reqs the facts. http://www.rangersmedia.co.uk/requisitioners-the-facts/
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This makes interesting reading. I await 'sporting integrity' campaigns and boycotts of Rugby Park. Premier League strugglers Kilmarnock are set to have millions of pounds worth of debt written off — at the taxpayer’s expense. The Sunday Post can reveal that the Bank of Scotland — part of Lloyds Banking Group — is considering writing off the majority of the £9 million debt owed by Kilmarnock as part of a deal to settle the club’s future. It is understood owner Michael Johnston has put a proposal to Lloyds, which is 32.7% owned by the taxpayer after the Government’s 2008 bail-out, that will see just a fraction of the debt taken on by Johnston and co-director Billy Bowie. The football club would then be left with no bank debt, instead owing the cash — between £1 million and £2 million to Bowie and Johnston in a “soft” loan. Johnston is under fire from a large section of the Ayrshire team’s fans who want him to give up control of the club and sell his stake to a community-led consortium. But it is understood that even if the club is sold to fans’ groups and local business leaders, most of the club’s bank debt is still likely to be written off. Critics last night hit out at the prospect of a taxpayer-funded bank, wiping out the debt. Eben Wilson, director of campaign group Taxpayer Scotland, said: “Taxpayers, as shareholders in this bank, should be wary that any write-offs do not benefit one individual. “We need all toxic loans made in a time of madness to be made visible and accounted for. “Whether clearing out toxic loans or standing firm on our behalf is the best course of action is up to the bank, but we hope that they will recognise we want the money back that has kept them trading in the past few years.” The Sunday Post understands bosses at Lloyds have already classified Kilmarnock’s debts as “impaired” — an accountancy term for a debt unlikely to be repaid in full. However, this does not mean they have given up on getting some of the money owed. It is thought the plan being worked on is to try to avoid any prospect of the club going into administration, a move which would wipe out much of the money owed to the bank. Paul Goodwin, head of Supporters Direct, which helps start football fan ownership schemes, said: “A deal has to be struck with the bank but the hard reality is that no matter what the outcome is, the club has big debts which need to be addressed.” Kilmarnock chairman Michael Johnston failed to respond to a request by The Sunday Post for a comment. Lloyds Banking Group declined to comment. http://www.sundaypost.com/news-views/scotland/critics-blast-kilmarnock-debt-write-off-plans-1.162896
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I know I will get Pelter's for posting this, but thought I may get the other side of the coins thoughts. It was taken from RM and put together by a poster called TheLawMan "I recently posted about the Murray myths around debt reduction and Break even Domestic policy however i see today he is still claiming he helped reduce debt. His fans appear to believe him as well, despite the facts disputing what he says. Anyway, i thought i would take things a little further and look at the facts and figures of the people we are being asked to vote for. I know this type of thing normally bores people but I would urge you to read through Murrays CV. First an in-depth look at Paul Murrays Directorships – Past and present. Source : http://companycheck....ector/907102823 Lets start with his current active Directorships: Delamore Holdings (2007 to present) ( -£5m Net worth) – A flower and plant wholesaler – Assets of £1.68m and Liabilities of £1.78m. Cash in bank depleted from £652k in 2008 to £184k in 2012 year end accounts. Points to note. 2012 was a £973k loss following on from a £733k loss in 2011 and a long term loan was taken out to repay short term commitments. R.Delamore Limited (2007 to present) (£1.4m Net Worth) – A flower and plant wholesaler – Assets of £1.5m and Liabilities of £1.45m. Cash in bank depleted from £652k in 2008 to £0.8k in 2012 year end accounts. – Points to note. Due to cash depletion and a Going Concern issue, the company took out a new £2.25m loan to repay other loans and made a £628k loss last year. MGI Investments Limited (2004 to present) ( -£64k Net Worth) – A Management Consultancy firm – Assets of £23k and liabilities of £90k. Cash in bank depleted from £91k in 2008 to £3.6k in 2012 year end accounts. Vicast Limited (2013 to present) – A Business and Domestic Software Company – No information as no accounts filed but should be noted that fellow Directors are Martin Bain, John McLelland and Jacqueline Gourlay. St Marys School, Melrose (2009 to present) – (£2.85m net worth) – Education – Assets of £99.6k and Liabilities of £91.2k. Cash in bank depleted from £85k in 2008 to £6.7k in 2012 year end accounts. In summary, he holds 5 active directorships(there is a duplicate listing for MGI on the website) with a total Net Worth of Minus £814,000. Assets of £3.3m and liabilities of £3.4m. Total Cash of £189k. Now lets look at Past Directorships. Urban Life Properties Limited (2003 to 2009) – Dissolved in 2009 RFC 2012 PLC (2007 to 2011) – In Liquidation Wireless Systems International (2000 – 2002 ) – Dissolved in 2004 Martin Currie European Partners and Martin Currie Investment Management Limited (2003 – 2004) – Dissolved in 2007. Paul Murray was brought on board as MD of this business to launch a new £200m private equity fund. He only managed to raise 10% of target and left the business in 2004 after Currie suspended the launch of the fund. 3i PLC (September 1999 to April 2000) – Still active and a huge business with a £80m deficit of Liabilities v Assets Scientia Ferovia Limited + Scientifics Group Service Limited + Harwell Scientifics + Atesta Trustees Limited + Atesta Holding Limited + Scientifics Limited (all 2005 to 2006) – All non trading. It isn’t rocket science but looking at the above list, his Executive Directorships have been an absolute failure. 3 Dissolved, 1 liquidated, 6 non trading and the only 1 of any note, he only lasted less than 7 months in, and that was 13 years ago. Add that to his current directorships and we really need to ask...... WHY PAUL MURRAY ?? Anyway, lets now look at the total current directorships of Paul Murray, Malcolm Murray, Scott Murdoch and Alex Wilson from the above source. 10 COMPANIES NET WORTH = Minus £27.3m ASSETS = £29.4m LIABILITES = £86.3m CASH in bank = £2.23 million Now lets look at the other half which is principally Somers and Easdale. 13 COMPANIES NET WORTH = £294.9m ASSETS = £3.5 billion LIABILITIES = £3.4 billion CASH in bank = £1.3 billion SUMMARY The current record of Paul Murray, Malcolm Murray and Scott Murdoch is dreadful. Liabilities running at 300% to assets, dissolved companies, liquidations, cash only going one way over last 5 years in all of their companies yet we are expected to believe they are the team to take us forward. Contrast that with Somers companies whose cash has multiplied by millions and hundreds of millions in his companies. Huge assets, huge network, just huge all round."
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Certainly didn't do us any favours. Britain’s two State-backed banks have been accused of ruining thousands of small firms by using ‘unscrupulous’ business practices. Royal Bank of Scotland and Lloyds ‘harmed their customers through their decisions and caused their financial downfall’, according to a bombshell report released today. Read more: http://www.dailymail.co.uk/news/article-2512791/Banks-ruin-firms-just-make-killing-RBS-Lloyds-branded-unscrupulous-profiteers.html#ixzz2leLh4Wer Follow us: @MailOnline on Twitter | DailyMail on Facebook
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chucks gona get the jail
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http://billmcmurdo.wordpress.com/2013/11/06/whyte-and-the-missing-millions/ I am told that former Rangers owner Craig Whyte could be getting his collar felt in the near future. BDO investigations have thrown up what will be an absolutely gigantic story of fraud and forgery on a staggering scale involving Whyte’s purchase of Rangers. Police Scotland are believed to be closing in on Whyte and it is reckoned he could get the maximum sentence available if found guilty. I would imagine Whyte’s extraordinary unpopularity and toxic name might be a problem in terms of his getting a fair trial. No doubt anyone involved with his trial would have to prove they were not bluenoses! On a serious note, this trial will be one of the biggest news stories in years and involves alleged misappropriation of millions. Some of the allegations being made are astonishing and will be sickening for Rangers fans to hear. Should Whyte stand trial for fraud it would certainly strengthen the case made by many Rangers fans that the club’s recent woes brought unwarranted punishment by the footballing authorities. If Whyte is subsequently convicted it would mean that Rangers were themselves the victim of a crime and questions would then have to be asked about the SFA’s role, particularly over how much was known at Hampden about Whyte’s suitability to be involved in football or lack thereof. The scale of wrongdoing alleged is quite stunning and will definitely enhance Craig Whyte’s “bogey man” status used so much recently by the Requisitioners and their mouthpieces. Ironically, someone on the Requisitioner side is far closer to Whyte than anyone at Ibrox, being a former drinking buddy of the disgraced former owner. Although I expect the Whyte story to be hot news for quite some time, the reality is that he is now part of history as far as Rangers is concerned. Despite the pathetic and hypocritical attempts by some to spook the Rangers fans with “Whyte is still involved and pulling the strings” scare stories, the reality is that Whyte has left the scene. The vital thing now is for Rangers to build a board that is not only competent but beyond reproach. The appointment of a great CEO and good Non-Execs would be a giant step forward. The big problem for Rangers fans is the constant pressure to look back to things like the latter years of the SDM Years, the Big Tax Case and the Whyte fiasco, as well as liquidation. These things are referred to relentlessly by enemies of Rangers and a hostile media. The upshot of this is shown in the chronic suspicion that many Gers fans are gripped by in relation to the club’s governance. Yet the real need is to look forward and to be positive about both the present and the future. Fear and paranoia do not make for a healthy environment and Rangers need to eradicate this kind of mindset from the club. I am aware this is easier said than done but I do speak to many Gers fans who are far more upbeat about the club’s condition than the so-called spokesmen who are spreading fear and alarm at this present time. I have been approached very seriously about heading a new fans group and I think if I accept I will make one of the conditions of membership a positive mental attitude in relation to Rangers! As the song goes, “Don’t worry. Be happy. Cos every little things going to be all right.” Gers fans like to sing it. It’s about time we lived it.
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http://www.rangers.co.uk/news/headlines/item/5288-chief-executive-steps-down CRAIG MATHER has today left his position as Chief Executive of Rangers International Football Club Plc by mutual consent. Mr Mather has agreed to stand down in an attempt to help calm speculation over the governance and executive management of Rangers. Mr Mather said: “The interests of the Club are of paramount importance and I believe these are best served by me leaving the Club. “Despite recent events and speculation, the facts of the matter are that the Club is financially secure and in a far better place than it was a year ago. “Unlike most football clubs Rangers has money in the bank, no borrowings and this season we have assembled a squad which is capable of progressing through the leagues. “I have enjoyed a very constructive relationship with Ally McCoist and wish him and the team every success. “My short tenure as chief executive has been beset by incessant attempts to destabilise the operations of the Club, all done supposedly in the interests of Rangers. “I had real faith in the rebuilding of Rangers and invested significantly in the Club. Sadly, those who have been most active in upsetting the very good progress we have been making were not willing to do the same. “I leave with my head held high and will remain as a shareholder and a supporter of Ally and his team. “I would also like to pay tribute to the outstanding commitment and loyalty of Rangers supporters. “No individual is more important than Rangers and my departure will hopefully alleviate some of the pressure surrounding the Club and herald an end to the current hysteria, which I believe most fans desperately want to see. “I have always tried to do my best for the Club and the fans and I will continue my support of what is a fantastic Club. “There are a great many good and thoroughly decent people working with Rangers and I am proud to say that I was able to stand alongside them for a time. “It is often forgotten that I put in £1m of my own money but I can assure everyone that it was never about the money for me. “I consider it to have been my privilege and I am certain that once the Board is settled Rangers will be restored to the top of Scottish football. “I wish Rangers and the fans every success in the weeks, months and years ahead. I will continue to follow the Club’s fortunes and support the team which is playing an exciting style of football. In fact, I hope to return to Ibrox and take in as many matches as my time will allow.”
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Whilst I am very happy with the statements released tonight I do however have one major concern. That is the return of a certain Martin Edward Bain. This man in my opinion has done some serious damage to our great club, a lot of which has been hidden by the media and not discussed. This includes negotiating with Strathclyde's finest "not" to charge a certain manager of another club for racial and sectarian abuse. Allowing most media outlets to have a free for all against our club and its supporters without defending them once in a court of law. Vastly increasing his salary when our club had to downsize and reduce debt. Forcing the sale of certain players and lying to them personally about it. (Pedro Mendes being just one example). If Dave King returns there is a strong chance that this chancer will be making an appearance as well. Whilst Craig Mather may have put the nail in one coffin we must always be very aware of another return of the living dead. Please don't let this idiot ever get his feet under the table again.
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DAVE KING made the following statement tonight: "I confirm that I held talks with Rangers Chief Executive Craig Mather and Finance Director Brian Stockbridge in South Africa. I wished the discussions to remain confidential until something definite was agreed- one way or another. I have maintained that confidentiality. However, given my awareness of incorrect inferences being drawn in the media I would like to make a limited statement at this time. "The discussions were, to my mind, very positive and it was agreed that subject to the normal regulatory approval I would put my name forward to join the Board and to serve as Chairman. "Such an appointment is of course subject to the approval of the existing Board members and ultimately the shareholders of the company. There are also mandatory regulatory requirements that must be complied with and take time. I have already submitted all the necessary documentation. "News of the meeting has found its way into the public domain and this has unsurprisingly resulted in speculation as to the nature and the outcome of the meeting. In reaction to this speculation and to give some clarity to the club's fans I would like to address a couple of points at this time. "First, my willingness to become part of the future of the football club is based simply on my love for the club and my desire to support the club with a combination of my business expertise and my willingness to make a further investment. "In particular I see a present need to utilise the time we have over the next few seasons to be prepared, both financially and on the pitch, to compete with our Glasgow neighbours when we get back to the top League. "My involvement is not linked in any way to any other individual, albeit I have my private thoughts as to certain individuals that might add value to the club going forward. Ultimately it is for the shareholders to make such decisions. The recent settlement of my litigation in South Africa removes any impediment to my appointment to the board. "I want to make it clear that I agreed to join the Board only after intensive and detailed discussions with the existing executives and because I believe I can help them by playing a significant role in driving Rangers forward and finally putting the past behind us. "It is sad that every month of the continued disunity between the fans and other stakeholders is eroding our ability to be ready for the step up to the premier league. We do not have time to waste. "It was also made clear by Mr Mather and Mr Stockbridge that Rangers are not in need of an immediate financial injection but we agreed that now is the time to commence a new round of funding to ensure that it is available in an orderly and cost effective manner when required. I wish to lead that fund raising exercise and being on the Board will greatly assist me in that regard. "I believe that the timing is right for me to take this step and I look forward to the opportunity to work with the current directors albeit I would have preferred to have my appointment confirmed prior to communicating my further thoughts. Unfortunately the rumour mill necessitated this short statement. If matters proceed as I hope over the next few days then I will be present at the AGM." http://t.co/LgzX419pNl
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KEITH JACKSON follows the money trail at Rangers which reveals the staggering sums of cash that have changed hands at the Gers. OK, so you’re just back in from the paper shop. First off, congratulations on your purchase, needless to say you’ve made an excellent choice. Now, turn out your pockets and sift through the shrapnel. Is there a single shiny pound coin in the change? If so, what do you have planned for it? How far can you make it stretch? To help out, here’s some research on what you’ll get for your money. Homer Simpson novelty socks, a pack of chewing gum, a McChicken Sandwich, a three-minute hair colour revitaliser or de-frizz treatment, two second-class stamps, a track from iTunes, a pack of hair-clips, half a dozen morning rolls, two pints of milk or a kilo of sawdust. Alternatively, you could take it for a punt. Turn it into millions for the price of a pair of Primark knickers. Or, if you don’t fancy the odds of 125,000,000/1 here’s an even better idea. Buy Rangers Football Club. There is, of course, an old adage that you don’t make money from investing in football but this ongoing omnishambles at Ibrox bucks that trend quite spectacularly. Just lately, Rangers have been a sure thing. When Craig Whyte handed over his £1 coin to Sir David Murray on May 6, 2011, (he did hand it over didn’t he?) he was in fact, unlocking a jackpot. He was also opening up a financial scandal. Ever since, the level of sheer greed around this bloated cash cow of a club has been truly shameful and staggering. Also, it appears to be unrelenting. Just last week the club announced annual losses in excess of £14m. This was eye-watering stuff which might just have shaken a massive rump of the Ibrox support to its core. Yesterday’s protests against the board at Somerset Park suggest many of these fans have now woken up to the fact their club is being milked once again for all of its worth. So let us strip this story back to its starting point and examine the enormous sums that have come and gone between then and now. All for the price of Whyte’s pound. There is no precise way of knowing how much Donald Muir, the financial fixer who plucked Whyte from obscurity and delivered him on to Rangers’ doorstep, profited from his seminal role in this debacle. But given his paymasters at Lloyds wiped out an £18m debt overnight and also freed itself from the spectre of a £50m tax bill, it seems safe to assume Muir’s reward would have been suitably juicy. It was certainly an extraordinary piece of business. A great deal for Murray and Lloyds, a bargain for Whyte, almost certainly a lucrative pay day for Muir. But the onset of an unimaginable and unmitigated disaster for Rangers. And this was only just beginning. One of Whyte’s closest allies during his takeover was David Grier of Merchant Corporate Recovery. In 2011, shortly after Whyte was in place, MCR was bought over by Duff and Phelps. Again, it is safe to assume Grier was no worse off as a result of this buy-out. He was also given a leading executive role with Duff and Phelps. And Grier, having already been paid by Rangers to give Whyte financial advice, was now also about to cash in on the club’s administration. On February 14, 2012, Whyte succeeded in having Duff and Phelps appointed as administrators. The final bill for their services came to more than £5.5m. This, of course, was after Whyte had raised £27m from a season ticket deal with Ticketus. In his nine months as chairman he also stuffed the taxman for around £15m in unpaid PAYE. And the £18m of debt that he bought from Lloyds for a pound? That disappeared too in June 2012 when Charles Green, the man hand picked from nowhere by Duff and Phelps as the club’s saviour, failed to agree a CVA and liquidated the old company. Green then picked up Ibrox and Murray Park for a £5.5m snip, which was another astonishing deal given that it was conducted in a closed shop without other offers being invited by the administrators. OK, so how far has Whyte’s pound stretched by this stage? Conservatively – and even without that phantom £50m EBT bill – over £70m worth of solid trading has now been accounted for on the back of his initial transaction. And Green’s big hands haven’t even started rubbing yet. We know the rest inside out. Two lumps of season ticket cash, fetching a combined total of around £16m. An initial cash injection into the Newco of £12m. In December 2012, an IPO worth a further £22m. Now admittedly, this is back of a fag packet accounting but even so these figures add up to £50m. And yet last week the club’s financial director Brian Stockbridge signed off on a set of results and admitted almost all of it had vanished. In fact, a mind-blowing total of around £6m of the IPO cash was emptied out the back-door on ‘fees’ almost as soon as it had come in through the front. By June of this year, according to Stockbridge, £11m was all that was left in the Rangers’ account. Green, meanwhile, was buying himself a retirement castle in France (What is it with Rangers? How come everyone ends up in a castle in the end?) after trousering more than £1m in wages, bonuses and pay-offs in less than a year. In fact, he was sent on his way with a £600,000 goodbye when he should have been sacked for gross misconduct and told to leave the premises with nothing. Well, nothing more than his £3m worth of shares. The ever-generous Stockbridge signed off on that one too, having just awarded himself £200,000 for watching Ally McCoist win the Third Division title. The Rangers manager, of course, was also handsomely rewarded, with wages of £825,000 for winning the one title this club never previously had ambitions to win. And yet McCoist came cheap at half the price. Were it not for his public validation of Green then a wary Rangers support would not have rushed to stump up for 38,000 season tickets. And without this phenomenal level of backing, Green’s plans to make a killing on a hurried share issue would also have been up in smoke. So what is the Ibrox totaliser standing at now? £125m? Maybe a good deal more? All divvied up on the back of a one pound deal. Yes, this Rangers story is a disgusting tale of sickening greed, dragged out over a sustained two-and-a-half year period of obscene scavenging. All the while the club itself continues to drift towards the rocks for a second time with those at the helm seemingly too busy barricading themselves in to notice the imminent danger. And, really, who could blame them? In this shameless orgy they’ve enjoyed quite a bang for their buck and groped a great deal of flesh for a pound.
