https://twitter.com/swissramble/stat...496263680?s=21
Worth a read on Sevco and SPFL finances in general.
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https://twitter.com/swissramble/stat...496263680?s=21
Worth a read on Sevco and SPFL finances in general.
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David “Spotty” RowlandQuote:
Originally Posted by Smartie
Still ignores the elephant in the room of the £4m additional funding needed during this season.Quote:
Originally Posted by Ozyhibby
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Phil Mac is saying that they are heading south today in search of more loans.....Quote:
Originally Posted by CropleyWasGod
https://philmacgiollabhain.ie/2018/1...ur-characters/
I stopped reading at the word "today" and did a wee dance.Quote:
Originally Posted by HoboHarry
But you went and spoiled it [emoji2955]
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Sorry mate :greengrin. On the positive side they will only get themselves deeper in hock.......Quote:
Originally Posted by CropleyWasGod
Their options for getting hold of cash must be very slim now.
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Sort of covers that in the comments aided by a question from a celtc fan. 😉Quote:
Originally Posted by CropleyWasGod
Cheers. I missed that. I tend not to read the comments on these things, as it usually descends into a melee based on what team you support....:rolleyes:Quote:
Originally Posted by vince1973
They have managed to get away with it though and the Goodwill remains Do t underestimate the cash the European venture has and continues to generate Still in with a chance of progressing out the Group StagesQuote:
Originally Posted by jacomo
I expect Gerrard will be backed again in the next Transfer Window to give him the Zayers needed to Finish second
So I would imagine the loss will start to lessen going forward unless they fail to get to Group Stages next Season
The £4m they need to finish the season is over and above the money they get from the EL groups. Whether their forecasts include money from the next stage, we can't know.Quote:
Originally Posted by Ronniekirk
Their forecasts will also, I'm sure, include a budget for spending in January. That may well be cut if they don't get the £4m.
I don’t buy into conspiracy theories very often but I do wonder why little old Scotland is one of the only nations not to adopt FFP.
Could it be that a certain club would not meet them?
I can’t understand why Scotland is too good for FFP.
I hear what your saying but I know one of the three Bears and its pin money Rangers Fanatic since he was a kid The Goodwill will continue from that source for a few Seasons yet So would be surprised if that was to dry up nowQuote:
Originally Posted by CropleyWasGod
Given whete they have. been they can see light at the end of the long tunnel I would suspect
I'm not sure the Premier League has anything more than what Scotland has. https://www.premierleague.com/news/102374Quote:
Originally Posted by Hibs4185
Man City have got into bother with UEFA, not the FA.
So do you expect a few players will be sold in January to bridge the gap?Quote:
Originally Posted by CropleyWasGod
Think only Morelos and Tavernier would raise any sort of decent fee
I read that they are trying to get 2 of their expensive Mexicans off the wage bill in January, I’d forgotten all about Herrera and Pena. Think both are on big wages as well, allegedly around £25k per week
It’s been a while since any of the 3 Bears put in money?
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The football Leaugue has some pretty strict rules for the championship though.Quote:
Originally Posted by CropleyWasGod
It will be interesting to see if these payments the Man City players were receiving were registered with the FA and if that is even an issue in England?
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This is telling, in a hand-washing sort of way...Quote:
Originally Posted by Ozyhibby
Outside of these obligations it is up to individual clubs, who all have their own directors and senior executives, to make decisions over how they spend their income.
I'm guessing, of course, but the forecasts will already include assumptions about income from selling players in January. Those assumptions might be overstated, but equally so.... if someone offers them £2m more than they've budgeted for, then that's half of the shortfall gone.Quote:
Originally Posted by Billy Whizz
If they can't do that, then yes, it will be the player budget that will be the obvious place to look at to save cash.
Edit. Just looked at the accounts again, and the word "quantum" has made a comeback. :greengrin
Sevco pressing the gas on the statement race.
This, presumably.Quote:
Originally Posted by Treadstone
They knew the appeal would fail, but it's served its purpose. The statement has the same purpose as one by Trump. It raises supporters' level of anger against their perceived enemies so that they'll continue to hand over their cash and won't take any kind of rational look at reality.Quote:
Originally Posted by Treadstone
If all they'd wanted to do was highlight the potential for injustice in the current rules all they'd have done was announce the intention to propose an amendment to procedure at the next league or SFA agm.
I'm guessing they appealled on "mistaken identity" grounds, on the basis that Collum was mistakenly identified as a referee.Quote:
Originally Posted by lapsedhibee
😂😂Quote:
Originally Posted by CropleyWasGod
https://www.scotcourts.gov.uk/docs/d...5.pdf?sfvrsn=0
Another court loss for King today. [emoji23]
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In terms of time-wasting, Dave King makes Craig Gordon look like Speedy Gonzalez. On speed. And in a hurry.
https://stv.tv/amp/1432849-judge-rej...mpression=true
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So that leaves him, where? From that piece I get that it was an appeal about whether or not another judge could decide if he was in contempt of court. Will there be instant punishment without any further hearing if the judge decides he is contemptable, or a trial?Quote:
Originally Posted by Ozyhibby
Has he not bought these shares yet?Quote:
Originally Posted by Ozyhibby
He was trying to stop a contempt hearing already scheduled for the end of the month. It goes ahead ...Quote:
Originally Posted by Jack Hackett
Got it now...Quote:
Originally Posted by JeMeSouviens
:partyhibb
I remember the days when the only real fiddle football chairmen would have, was crowd scamming. :greengrin
Christ if they just got on with paying their way properly, their lawyers bills would dwarf most SPFL clubs income alone. :rolleyes:
For someone who claims he’s skint, King is certainly racking up some amount of legal costs.Quote:
Originally Posted by blackpoolhibs
The hearing at the end of the month looks ominous for him. I don’t see how the footballing authorities can ignore him being found in contempt, which is looking likely. “Fit and proper” chairmen do what the law requires them to do.
When it comes to King the Whole Fit and Proper definition defies Belief But he carries on regardless as the Football Authorities have Sold their Soul bending over backwards to assists him and courting The Rangers back to the Top TableQuote:
Originally Posted by Pescarese
The no money line is laughable , but it's no joke that this just drags on and on The sooner he is held to account the better
Am I correct in thinking that the SFA set the criteria, the club declares the person to be fit and proper? They then tell the SFA that they have found the person fit and proper.
What could possibly go wrong?
You're spot on.Quote:
Originally Posted by PatHead
The club simply gives that assurance.
:top marks
Don't know what you mean. Not that different from self-certifying mortgage applications a decade ago, and that worked out fine.Quote:
Originally Posted by PatHead
😂Quote:
Originally Posted by lapsedhibee
You are correct. But the club has to report a change in circumstances, based on a list of stuff, and a Court of Session contempt finding is reportable. If the club fails to report, they’re in trouble too.Quote:
Originally Posted by PatHead
After all that’s happened you really think so?Quote:
Originally Posted by Pescarese
Formal complaint made to the SFA regarding Collum by the the Rangers.
King lost again in court today. He is now liable for the takeover panels legal fees as well. And they are higher than normal due to the complexity of the case apparently. Shame.
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Who will pay the fees? King or Sevco?Quote:
Originally Posted by Ozyhibby
Should be him.Quote:
Originally Posted by HoboHarry
https://www.dailyrecord.co.uk/news/s...mpression=true
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Oh I know that it should be but I'd be willing to bet you a nice bottle of South African wine (not one of those that were removed by the courts from King by the way) that King doesn't pay......Quote:
Originally Posted by CropleyWasGod
There are tax consequences for the club if they do pay it.Quote:
Originally Posted by HoboHarry
Alternatively, it may be knocked off the amount that the club currently owe him.
Didn't take my bet then? Feartie......Quote:
Originally Posted by CropleyWasGod
...picks splinters out of bum...Quote:
Originally Posted by HoboHarry
No thanks, I'm fine on this fence.... :greengrin
In all seriousness, I'd love to know how much Sir Glibness has paid out of his own pocket for all of these legal cases? I'll bet it wouldn't amount to a nice bottle of South African wine........Quote:
Originally Posted by CropleyWasGod
Why are the courts chasing King rather than the other bears?
I bet it wouldn't amount to rancid bottle of South African pish.Quote:
Originally Posted by HoboHarry
Was it not that King bought shares that took the overall holding over the 30% limit despite George Letham's EMail warning him of the consequences?Quote:
Originally Posted by PatHead
Therefore he is the one being chased?
Ah, wondered why.Quote:
Originally Posted by Tynie01011973
Thanks for answering.
"No laps of honour if you pump the huns cos they can't take it" - Police Scotland Chief
https://www.dailyrecord.co.uk/news/s...onour-13644875
Only way to suppress the exposure of the uglies natural response to a defeat.Quote:
Originally Posted by Antifa Hibs
Wonder how they'll manage to spin the huns exuberance should they ever actually win anything and end up on the pitch celebrating as only they can.
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It would be quite refreshing if someone from the police were to come out and state that Rangers fans should take a bit of responsibility and behave themselves.
For a change.
If it's not Neil Lennon bringing it on himself, it is one of various different types of goading.
Agree but can you imagine being the first one to openly comment on it?Quote:
Originally Posted by Smartie
Blackballed at the lodge, blanked or victimised in the work place, standing in the street on your own on match days while all your colleagues are in ibrox watching their team.
And that's before all the huns find out where you live[emoji6]
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https://www.bbc.co.uk/sport/football/46359606
Seems all is well in the big house
14 Million in Debt was Reported on T V They are doing. better on the field than was anticipatedQuote:
Originally Posted by Billy Whizz
I wonder what Lennon could do if he was allowed to spend that type of money Just seems that the figures now get overlooked They are. back do no one wants to upset the Hoardes
Quote:
Originally Posted by Antifa Hibs
All the problems in Scotland right there
Violent bigotry and senior copper makes wrong call so blames someone else.
How can the glib and shameless one claim at the AGM that he is giving loans but tell the court he is skint?
Quote:
Originally Posted by PatHead
:hmmm:
Is it because he's glib and shameless?
Quote:
Originally Posted by PatHead
Maybe he's only skint cause of all the loans.
Dave King in court today on contempt charges. Will be interesting to see where this ends for the takeover panel. Their reputation is very much on the line today.
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He probably should just owe it all to himself, this form of debt conversion is seen as a quick solution to the hard of thinking and enables them to carry on as if there's nothing wrong.Quote:
Originally Posted by Keekaboo
Owning a bank is another panacea.
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From SFM site:-
Looks like we will have a full house at the CoS this morning. King and Blair are here. Photographers lurking outside. JC is currently engaged in a conversation with Chris McLaughlin of the BBC.
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John Collins?Quote:
Originally Posted by Ozyhibby
Jason Cummings?
Jesus Christ?
****ing Clarkson?
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It's Jaffa Cake, a colleague of Biscuits'.Quote:
Originally Posted by CropleyWasGod
Is he a cake, or a meringue?Quote:
Originally Posted by lapsedhibee
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Is it not John Clark? He is one of the Celtic Res 12 guysQuote:
Originally Posted by CropleyWasGod
Neither, he's a biscuit as well.....Quote:
Originally Posted by CropleyWasGod
Attachment 21432
Naw yer right, its a cakeQuote:
Originally Posted by CropleyWasGod
Thank you, Lex McLean [emoji23]Quote:
Originally Posted by JXM73
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You are. The people have spoken, 55% to 45%.Quote:
Originally Posted by CropleyWasGod
Slightly controversial comment from Gerrard ....Quote:
Originally Posted by Billy Whizz
Gerrard paid tribute to the support he has received from King, managing director Stewart Robertson and director of football Mark Allen since his arrival.
"I feel I'm in such a blessed position to be here as manager," he added. "I hope I stay here for a very long time and we share some really good times together."
Any sign of Mr T to put a spin on things?
A few snippets from this morning's proceedings
A slip of the tongue from King's QC – he mentioned shares in the "club" and quickly corrected himself to the "company".
Lady Wolffe, when referring to tweeting noted that Lord Hodge had allowed it when dealing with the insolvency of Rangers no. 1.
King is expected to go into the witness box later. It appears that King's side is putting up a defence using "men's rea" in that King's understanding of what he was told was different from TOPs so he didn't know what he was doing /not doing was wrong.
TOP appears to have accepted that the new shares will be included in any offer. That will make it unlikely that King will reach the 50% threshold required to make the offer unconditional.
TOP has received inquiries from several shareholders who wish to sell though.
——————-
From SFM site.
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https://www.scotsman.com/regions/gla...mpression=true
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Quote:
Originally Posted by Ozyhibby
mens rea - no apostrophe, it's latin for "guilty mind".
Bonus vir semper tiro.Quote:
Originally Posted by JeMeSouviens
:thumbsup:
What's the Latin for 'The Ba's on the Slates'?
Datsit fuctus.Quote:
Originally Posted by Famous Fiver
https://twitter.com/BBCchrismclaug/s...974686209?s=19
King takes the stand tomorrow
From SFM again.
————————-
Today's Court of Session proceedings were relatively dull, compared to what I might have expected. That was down to all the witnesses having submitted affidavits beforehand, then questioned, first by Dr David Johnston QC for TOP, then cross examined (at length) by Jonathan Mitchell QC for King. The public doesn't get to see the affidavits, so we are limited to the bits and pieces discussed in court.
Johnston limited himself to a few questions to each of the witnesses, just to highlight a few key points, then it was Mitchell's turn. He did his usual and talked a lot about not very much, boring the pants of everyone.
The first of the witnesses, Christopher Jillings, one of three Deputy Director Generals of the Takeover Panel, was the lead person on the King case, so he was party to most of the correspondence and calls that went between King and the TOP.
He knew the code inside out, and on the odd occasion the Mitchell drew his attention to a provision of the Takeover Code, he was was quick to respond, telling Mitchell that he was not reading it properly, e.g. Mitchell referred to the code only applying to listed companies, but Jillings quickly retorted that Rangers was listed at the time of the Concert Party acquisitions, and in any event, if he read the next point he would see that the code applies for 10 years after delisting anyway.
Jillings had a comprehensive record of all the emails that had bounced back and forth and appeared to have been consistent throughout. At one point he confirmed that if King had complied, then the contempt proceedings would most likely have been halted.
The second witness, Jeremy Evans, an Assistant Director General, had taken over the case when Jillings was on holiday, but his expertise appeared to be in relation to the role of "Cash Confirmer" (the person/company who confirms that they hold access to the funds needed to satisfy an offer, preferably in an accredited UK financial institution. King has never had a financial advisor far less a Cash Confirmer, which is the essence of the issue that has allowed King to prevaricate for so long.
The third "expert" witness was Kevin Cron, an attorney from South Africa who has the best part of 40 years experience in exchange controls. It turns out that King, through Laird made an application to clear funds on 6 August, but he then requested that the application be suspended later in the month, prior to the share placing. Cron advised that the level of Laird's application, ZAR 188m, meant that an authorised dealer could approve the transfer of funds to the UK. If the request was for more than ZAR 1bn, then it would have to go to the SA Treasury. Cron thought that Laird's application, was lacking in detail, so may have prompted some questions from Investec, the authorised dealer, but should have been approved within a couple of weeks. Had it gone to the treasury, then it could take up to six weeks for a decision. He also commented that the application didn't need to have a tax compliance statement as the transaction was being carried by for a company rather than an individual.
On completion of the TOP submissions, there was some discussion about tomorrow's witnesses, i.e. King and Blair only. There was a concern about two other affidavits submitted from King's side, as there was no opportunity for the witnesses to be cross examined on their content, if they weren't going to be called. In that case, Lady Wolffe indicated that she would have to consider the weight she gave to their statements.
Mitchell went on to confirm that King had written his statement himself, and described that as "good" as it reflected his state of mind at the appropriate times. (the "mens rea" defence again)
Proceedings resume at 10am tomorrow.
Note: I spoke to a couple of the TOP guys after the court adjourned and asked about the effects of the share placing. They confirmed that it was allowed by Takeover Code with certain restrictions, but they couldn't do anything about the position of the smaller shareholders who wished to sell, and might have been able to do so prior to the share placing, but may not get the chance if the 50% threshold is not met to make the offer unconditional, because of the enlarged share base.
King appears to have a number of irrevocable undertakings from the placees (and Club 1872) confirming that they won't take up the offer. If King can get 50% of the 66% non concert party shares mandated in that way, then he won't have to make an offer at all. I suspect that he is still shy of that mark but it won't stop him making the point tomorrow.
Edit: It was the TOP who recommended to King that he obtained the undertakings, as it would reduce the amount of cash that he has to provide up front when he finally makes an offer.
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Thanks Ozy.
Might have to get more popcorn in with the weekend's shopping by the sound of things.
FFS no one is obliged to become a director of a company are they? If you do decide to become a company director (particularly the chairman of a company) you are expected to know the rules.
King is playing the legal system for fools. Just find him in contempt of court already and get one with the next stage.
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Following the break King has provided the court with an undertaking which will be published on the RFC website by 3rd Dec.
A cash confiirmer to be appointed by 14 Dec.
11 Jan for the cleared funds to be in place in the UK.
25th Jan for the offer to be made.
Appoint a legal advisor familiar with the Takeover code by 14 Dec.
The undertaking is not opposed by TOP.
Lady Wolffe is not minded to discharge the action and will continue the proof until 4 February with King ordained to attend if it goes ahead.
A check will be made on progress by 29 Jan. in a "by order" hearing. If all is in hand by then the proof will be discharged.
Lady Wolffe addressed King directly and made it clear that he will be obliged to attend in February.
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Now it's really time to sit back with a bucket of popcorn lol.......Quote:
Originally Posted by Ozyhibby
Quote:
Originally Posted by Ozyhibby
Sorry but didn't he basically say all that before and didn't go through with it?
He's just stringing them along, again.
Yes but he has been ordained to appear in front of Lady Wolffe on February 4th if he has not followed through this time. Others will know far more than me but that suggests that Her Ladyship will be a tad irate if he has strung her along. Seems clear to me that the judiciary is out of patience with Sir Glibness.....Quote:
Originally Posted by Keekaboo
https://www.bbc.co.uk/sport/football/scottish
Wonder who the 4 are
It doesn't matter. It's bull****, designed to take the light off him. He would still have to make the offer, no matter what. And, presumably, reported his suspicions to the authorities. :rolleyes:Quote:
Originally Posted by Billy Whizz
So King says in court Easdale won't take up the offer, yet Easdale has said he has given no such assurances. Lying in court? Isn't that perjury?
Perjury is no big deal. It happens in almost every court case.Quote:
Originally Posted by vince1973
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Easdale wasn't in Court, though. :greengrinQuote:
Originally Posted by vince1973
In a world where Dave King, Donald Trump and Boris' bus seem to be able to achieve great things, I have absolutely no idea what the penalties for dishonesty anywhere are any more.Quote:
Originally Posted by vince1973
Funny how there seems to be something very much in common between those who really behind these three.
Would be hard to prove he lied, he would claim it was a misunderstanding....Quote:
Originally Posted by vince1973