Seven Days Have Passed – Mr Green’s Promised Answers Re Sevco Seem to have Gone Missing

On 2nd July, Mr Green made a statement via the Rangers.co.uk website. I blogged about it here.

I have extracted some of that post, which I think is quite relevant.

Mr Green was quoted, on 2nd July, saying the following:-

“People who know me well say I talk too much but in reality the fans are angry here because I haven’t said enough. It’s because I haven’t answered all the questions but over the next seven days, all the questions will be answered.”

By my reckoning, 2 + 7 = 9. Therefore we should have received the promised answers to all the questions.

Maybe I am not looking in the right newspapers…

Maybe I missed his statements on the Rangers official website…

Maybe I missed his exclusive interview on Absolute 80’s radio…

Maybe someone in the media will ask Mr Green what happened to the answers he promised in seven days…

Charles Green ready to answer all the questions regarding Sevco, its funding, shareholding and plans as promised…

I will repeat the list, with a few additions from the comments last week.

 

1)      Who are his backers?

2)      What are his long-term and short-term plans?

3)      Why is Sevco Scotland Ltd not selling any season tickets this season by Direct Debit?

4)      Did all the major banks turn down Sevco Scotland Ltd as a customer?

5)      Does Sevco Scotland Ltd have an overdraft facility with its new bankers, Metro Bank?

6)      Is the investment by the backers in the form of loans to be repaid by the company or in the purchase of shares?

7)      Have all the “assets and business” of Rangers Football Club PLC been transferred from Sevco 5088 Ltd to Sevco Scotland Ltd?

8)      Do Mr Green and his backers have a contingency plan in the event that he does not have a football team playing anywhere next season?

9)      Can Sevco Scotland Ltd survive with no income from Scottish football next season, and will they become a “Harlem Globetrotter” team to bring in funds?

10)   Did Sevco acquire the rights to receive the balance of transfer fees formerly due to Rangers Football Club PLC, for example the sums due by Everton for Mr Jelavic?

11)   Did Sevco acquire the rights of Rangers Football Club PLC to pursue the damages claims against Mr Whyte, Rangers FC Group Ltd and Collyer Bristow?

12)   What price was agreed to be paid by Sevco for the fixed assets of Rangers Football Club PLC?

13)   Has the full price been paid?

14)   Was Mr Green approached by Duff & Phelps, or did he approach them?

15)   When did Mr Green first have discussions with Duff & Phelps?

16)   What discussions has Mr Green had with the SPL, SFA and SFL since he became involved with the Ibrox team?

17)   Will Sevco need to sell players to remain solvent, in the event of its team being in the SPL, SPL2, SFL1, SFL3 or nowhere?

18)   Were the former Rangers players told that their contracts of employment were to be transferred under TUPE to Sevco 5088 Ltd, to Sevco Scotland Ltd or simply to “Sevco”?

19)   Were the players told who their new employer was to be at all?

20)   Does Mr Green know what it was that he said to John Brown that so upset him?

21)   How far does engaging with the fans go, if it does not extend to doing what they want?

22)   Did any Sevco investors invest in Ticketus at the time of the Whyte take-over?

23)   Is Mr Green willing to legally bind himself not to carry out sale for leaseback of Ibrox and not to sell off Murray Park for development?

24)   Does Mr Green accept that if the “club” he and his fellow investors now own is “Rangers FC” and if they want to continue with that club name, history, club colours etc then as a quid pro quo he will accept full responsibility for their past sporting misdemeanours / outstanding fines, any future punishment (AT, dual contracts etc)??

25)   If no, then please tell what the new name of the club is going to be (without the word rangers anywhere in it) and clearly state it is a NEW football “club” which just happens to play at Ibrox, but which is now completely separate from the “club” which used to play there and therefore cannot accept and liabilities for that past club (sporting or commercial).

26)   How much money has each investor put in so far and how much have they committed to invest in the future?

Just in case Mr Green forgot how long he said it would take for all the questions to be answered…

 

Re-Posted by Paul McConville

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22 Comments

Filed under Charles Green, Football, Rangers

22 responses to “Seven Days Have Passed – Mr Green’s Promised Answers Re Sevco Seem to have Gone Missing

  1. David C MacKenzie

    Maybe the SFA have told him that he doesn’t need to answer them because Oldco already answered questions in 2009 and 2010, and they were fined £160,000 for bringing the game into disrepute by failing to properly answer the question “Where are your audited accounts?” and about Craig Whyte.

  2. TonyD

    What I’d like to know is why did Duff & Phelps sell the assets of rfc(L) for £5.5m and a month later Green’s cohorts valued the club at £50million. If in any way accurate I’m sure BDO will have something to say about this obvious defrauding of the creditors!

  3. David Wilson

    Most concerning of all must be our gallant author’s penchant for ‘Absolute 80’s’ radio. :-)

  4. Why do I get the feeling that next spring/summer the name “Charles Green” will be in the same place in the same headlines as “Craig Whyte” has been in recent months? I’m looking forward to the Mark Daly documentaries already.

  5. Well said, Big Lad, as ever and always. I don’t know how you summon up the energy to blog about these people so much. They must have really, really brassed you off. For someone who’s always so calm when they speak, Paul, you are one hell of a force of nature when you get going.

    Sir, I salute your indefatigability!

  6. JimBhoy

    I think the oldco/newco/rangers fans have nowhere to turn and comments from Green mean nothing to them right now in their comatose state. He could tell them he is merging with Man Utd now and there would be an inch of type in a newspaper about it….

    The circus now seems to be at the Hampden big tent and i believe it will stay firmly there for a few months…

    If Regan came out when green took over and said you are too much of a risk and too much uncertainty around what you have here you are going sfl3 right now, dem’s the rules, he would have met a week’s worth of resistance and we would all be looking forward to the new season..

    If doncaster/regan would then have said these are the results of the appellate, the dual contracts, the verdict is….Blah ! They would not have all clubs looking out pitchforks and making sure they had enough kerosene for the torches.

    They would be heroes… Next step drag Scottish football into the 21st Century but now that cannot happen, vote of no confidence. All SFL clubs abstain from the vote and UEFA/FIFA listen to the stakeholders in Scottish football, namely the fans..!!!!

  7. DCR

    I am at a loss to think that the SFA are willing to leave themselves wide open in the event that Green fails over the next 12 months and then have to explain why their failure to carry out appropriate levels of due diligence has once again led to an embarrassing debacle. Every member of the SFA panel are presenting themselves as cannon fodder if the slightest failure occurs.
    unbelievable!!

    • redetin

      No, DCR! The SFA have already scripted their reaction to financial collapse of Green’s venture. “We were duped”, they’ll cry.

  8. bayviewgold

    could it be seven business days? :) i wouldn’t hold your breath though

  9. The Roon

    Green was an unknown entity to the Scottish public when D&F announced Sevco as preferred bidder. Apart from some negative comments from Sheffield Utd supporters, Green started with a pretty clean slate.

    Without any evidence some people (unfairly) pre-judged him before he had been given a chance to show his true credentials. But that was over 2 months ago. He has now had ample time to promote himself and allow people to make a balanced judgement about him.

    He made the bold statement on 2 July and has spectacularly failed to deliver. Nobody else created the 7 day deadline – it was his own therefore if he cannot honour his own voluntary commitments then this casts serious doubt on his honesty and integrity (2 attributes that, coincidentally, are very close to most Scottish football supporters hearts at the moment).

    If Green, for a legitimate reason (giving him the benefit of doubt), was unable to answer all the questions within 7 days then he should have made a statement that he was not going to meet his deadline (and set a new deadline) BEFORE his original deadline expired. His apparent willingness to ignore his own commitment (and therefore to continue the uncertainty) makes it difficult to reach any other conclusion other than he cannot be trusted.

    If Green genuinely has good intentions for Rangers FC then he has scored a major own goal. The biggest asset Sevco possess (which did not appear to have been properly valued by D&P) is the supporters as they are critical to the success of any business plan (even if there is one) of Sevco.

    However if the business plan of Sevco does not require the fans support then alienating them (by not being transparent) may be part of the plan?!

  10. Alexander Kerr Murphy

    This Saga seems to have no end, it is very tiresome !

    Newco will play no Football in the coming Season, the previous incarnation known as RFC has brought the Scottish game into such chaos and disrepute that it would appear that the whole of Scottish Football will suffer Financially for a few years to come.

    I believe that the Sponsors who, if we believe the mainstream Media are about to jump ship, are admitting that they support Bigotry over Integrity.

    This situation should provide an ideal situation for Sponsors to uphold and support the will of the Fans ( RFC Fans Included ) in supporting a League that puts the Integity of Sport above Financial needs, rather than saying if we do not get our 360 Minutes of intense Hatred and Bigotry next year, we are off !!!

    I would have thought that any Major Corp ( Coca Cola, Mc Donalds ect ) would be willing to support the ideals of a League that puts Sporting Integrity first.

    Sadly, those in charge of our Game and the Media in General fail to see how much of a postive it is to support Integrity, rather than Bigotry and choas, time to wake up people and promote the very positive circumstances that we actually have at this crucial point in the History of our Game.

    Paul, why not do a piece on the Sponsors who support Bigotry and Division rather than Integrity and Unity ???

  11. bayviewgold

    something still niggles me from the CVA period – CG offered 8.5M for RFCia – but when the CVA was turned down they bought the same assets for 5.5M – what happened “overnight” that the assets lost 3M in value? – the creditors and debts were the same? is this not something for BDO to look into? can someone explain the legal rational behind the change.

  12. Drew Adamson

    Notice that the financial aspects of the Ibrox Debacle have been pushed quietly aside by the lamb-munchers, the big issue is now “we must get New Rangers” into SFL 1. mostly, I suspect, because they’ll be out of a job with nothing to write about for 3 years if they don’t. However, my suspicion, and I think a lot feel the same, is that Green’s finances are severely stretched, at best, most likely crashing and burning, and that without SFL1 and SPl in only one year, in 6 months time the receivers will be back in.

  13. Mr. Scullion

    Hi,

    I was wondering about the claim at the bottom of the Sevco (rangers.co.uk) website. It says, “The Rangers Football Club, a trading name of Sevco Scotland Limited (No SC425159) Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD.”

    I was under the impression that no one has been given permission by Companies House to trade under the name “The Rangers Football Club” until Rangers are finally liquidated or if BDO give permission. Is this claim on their website permitted?

  14. JimBhoy

    http://sport.stv.tv/football/clubs/rangers/110361-charles-green-paid-275m-for-rangers-player-contracts-and-registrations/?

    £1,5m for the ibrox, murray park and the car park property…. FFS, these are the real assets of the club… On a bad day the newco is worth £50m??? The playing staff cannot have a worth. The intellectual rights would have a worth, difficult to quantify, but there is no way they had a professional come in to assess the value of these properties/land and come up with a figure of £1,5m.. Surely..!?

    • ecojon

      Just going to read the full report but £1.5m for “heritable properties”, for Ibrox Stadium, Murray Park and the Albion car park. By just turning Ibrox Stadium into a car park and using The Albion an investor could build a carpark to serve Glasgow City Centre and the Airport and make a fortune on a measly £1.5 million outlay. And a nearby subway to run the mororists into the City Centre and beyond.

      And before anyone gets hot and bothered thinking I’m suggesting turning Ibrox into a carpark I’m not I’m just looking at the craziness Rangers was sold for especially when £2.5 million is allocated for players contract value – seems the administrators were well aware that players would walk away under Tupe Regs so why is Green getting so hot under the collar – if he was getting ‘slave’ players he would have had to pay a helluva lot more than £2.5 million. For a guy with a footballing background he seems to have glaring blindspots.

      And as to I brox being turned into a carpark I seem to remember Green making a comment about another football ground to the effect tghat if he could make more money growing potatoes on the pitch than playing footballs then he would live up to his green credentials.

    • Sandro

      £1,5m for Ibrox Park, Murray Park and car park…….this is unbelievable. I really hope that BDO is going to challenge this deal.

  15. JimBhoy

    http://www.rangers.co.uk/staticFiles/a2/b6/0,,5~177826,00.pdf

    If I read this correctly:
    >£7m for D&P alone from Feb to end June it seems, £1k an hour to engage the 2 main men. A further £1m for other support counselling through administration most of which remains to be paid…a £4m shortfall in administration (ie, outgoings £4m more than incoming, includes a £1m payment from Everton).

    So with D&P guaranteed their £7-8m does that mean the oldco creditor list will inevitably grow…? ie, those still owed (for in administration costs)..

    Paul, would love for your dissection of this document.

  16. ecojon

    Right have just read it the once – will need a few more reads to get more of a feel.

    But a few things jump out: Goodwill is estimated at £1 – Even if you hate Rangers as a club and its support I don’t believe anyone can accept that figure and Rangers fans will feel insulted. They have really supported the club as much as they can financially since it went into administration and a significant percentage will support Rangers come hell or high water or whatever division they are in.

    D&P make it clear the ‘history’ was part of the sale to sevco and I don’t think it’s too big a stretch to conclude that D&P in reality are placing a value of £1 on that history and the goodwill that it creates within the Rangers support. Even in the current climate re season tickets Green stated at his meeting with fans last week that £100,000 had been raised in seat sales for next season. If placed in a league for next year I reckon Rangers fans will spend money on season tickets and will probably raise a £2miilion+. That is driven by Goodwill so why the £1 valuation. It seems crazy to me.

    I may have missed it but I see no mention of when players were advised of their position, as is required under Tupe Regs, re their position as this would obviously have a direct affect on the sell-on contract value of these players to the new owners.

    My reading of events from D&P’s position is that Green came in late to the process and seems to have known exactly what he was about – the so-called Rangers ‘Men’ investors by contrast appear to have been shambolic and half-hearted in their approach and perhaps had all the fight and drive knocked out of them by Murray over the years. The political analogy I draw is that of Thatcher and her cabinet ministers who in general were brow-beaten by her and frightened to question her decisions.

    And I still can’t get my head round the £1.5 million for all the property – no wonder we have so many foreign hotel investors turning up trying to get a slice of the action on the cheap. And Murray Park – what is that worth once planning restrictions are eased?

    Another thing that clearly jumps out looking at revenue & expenditure is that sevco, if it actually does get into a league this year, will need to go on an immediate frenzy of cost-cutting at Ibrox. If they don’t I would be amazed if they lasted a few months. Even if they do I really wonder who would invest in what looks financially like a ‘crock of sh*t’.

  17. Pingback: Fun With Forms! Could Sevco’s Change of Name to Rangers Be Invalid? | Random Thoughts Re Scots Law by Paul McConville

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