In which I wonder about the operator of the “Rangers” website, and am rather surprised to see who the only Director is. I also look at the possibility that the liquidator of Rangers Football Club PLC could end up taking court action for payment against Rangers.co.uk Ltd, now owned, presumably, by one variant of Sevco. I am also happy to see that Mr Green is quicker with his forms than Mr Whyte was. Finally I consider whether there is the slightest possibility that the administrators could have missed the chance of raising additional sums for creditors.
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The website Rangers.co.uk is the official website of Rangers Football Club. The terms and conditions of the site state:-
“This website is operated by Rangers.co.uk Limited (“Rangers.co.uk”), a joint venture between Rangers Football Club and Perform.”
“Perform” is still listed at the bottom of each page of the site as “powering” the site.
As Rangers.co.uk Ltd is a separate company, I thought I would have a wee look to see how it has got on, and what its present status is.
I have linked here the last accounts of the Company. rangers-co-uk-limited
The most recent accounts are now overdue. They ought to have been lodged by 31st March 2012. However, it is perhaps understandable that the accounts were not produced on time. After all the directors of the company were both involved in litigation against the parent company, Rangers Football Club PLC!
According to the last accounts and the Companies House website the two directors of Rangers.co.uk Ltd were Martin Bain and Donald McIntyre, and Mr Bain only resigned earlier this year, with his resignation being recorded at Companies House on 20th February 2012.
This leaves the sole Director and Company Secretary as Mr McIntyre, who of course was successful in negotiating a settlement with Rangers whilst Craig Whyte was in charge.
Surely, you might say, that company cannot be of any real importance in the new Sevco era?
The company was formed in 2000. The accounts state that it has “a twenty year exclusive licence for the exploitation of the Internet and certain media rights of The Rangers Football Club PLC, including the operation and hosting of the Club website”.
The last accounts disclosed a turnover to 30th June 2010 of £244,155, and administrative expenses of £640,093, leading to a loss of £395,938.
The company has accumulated total losses adding up to £5,442,658. As of 30th June 2010 there were total creditors of £655,639, with £530,756 owed to other companies in the Group.
It was the confirmed support of the parent company which allowed the business to be treated as a going concern.
The company, as per the accounts, is 100% owned by Rangers Football Club PLC.
This therefore means that it was presumably sold off, with all of the rest of the “assets and business” of Rangers Football Club PLC by the administrators, Duff & Phelps. Here the lack of clarity and transparency causes an issue. Was the transfer to Sevco 5088 Ltd, as the Duff & Phelps CVA proposal said would be the case if the proposal failed, or was it to Sevco Scotland Ltd, which now seems to be ruling the roost at Ibrox?
On a side note Companies House received notification yesterday of the new directors of Sevco Scotland Ltd, namely Mr Malcolm Murray, the Chairman, Brian Stockbridge, Finance Director and Imran Ahmad, Non-Executive Director. It is good to see that the Green consortium seems quicker at fulfilling the requirements of paperwork than the predecessor ownership.
Mr Green remains a director of Sevco Scotland Ltd, as well as the sole Director of both Sevco 5088 Ltd and RFC 2012 Ltd.
However, there are still formalities to be fulfilled. The accounts of Rangers.co.uk Ltd are late, and Mr McIntyre is the only person having legal responsibility for that failure.
Rangers.co.uk has at the least eight years remaining on its “exclusive licence for the exploitation of the Internet and certain media rights of The Rangers Football Club PLC, including the operation and hosting of the Club website”.
Sevco, in whatever guise, could simply agree with Rangers.co.uk Ltd to rip up the contract, but there will still be historical issues to be dealt with by the liquidators of the parent company, BDO. After all, if Rangers.co.uk Ltd was indebted to its parent by over £500,000 in June 2010, might it still have been indebted by the time the parent went into administration? In that case BDO might be looking for Rangers.co.uk Ltd to make some contribution towards the liabilities of the parent company, and could indeed take court action to seek payment! In fact, if Sevco, as the owner of the assets of RFC (in liquidation) broke the contract with Rangers.co.uk Ltd incorrectly, the liquidator could end up suing Sevco for breach of contract, on the basis that the damages recovered could go towards meeting the debts due to the by then liquidated parent company!
I think that, though possible, is unlikely.
On a more likely note, as Rangers.co.uk Ltd is not in administration or liquidation, and if it has been bought by Sevco (whichever one) then that means that the company remains liable for the debts owed, and as such Sevco could end up putting it into administration to avoid having to meet its debts to the by then liquidated Rangers Football Club PLC!
I am sure that Mr Green and his cohorts are well aware of the separate legal identity of the operator of the website. I am sure they will be working to ensure that the late accounts are produced as soon as possible. I am sure that they will have been in touch with Mr McIntyre to have him step down as a director, and to be replaced by someone from the Sevco stable.
As a final thought, as the holder of the exclusive licence, might there have been some scope for Duff & Phelps, in the interests of the creditors (hah), to seek to exploit that value, perhaps by selling Rangers.co.uk Ltd to a specialist website content provider? It might be that the company was tied in to costly deals with the parent, but maybe not.
Is it possible that Duff & Phelps missed a chance to exploit value for the benefit of the creditors?
As with many issue surrounding the takeover, naïve and uninformed people like me have great trouble working out what on earth is happening. I have no doubt though that Mr Green and Duff & Phelps have the matter under complete control.
Posted by Paul McConville
Random Thoughts Re Scots Law by Paul McConville 
I’m no expert in finance or IT companies but how on earth do you lose that amount of money running a web site?? You have an exclusive contract and presumably no shortage of news on RFC to peddle to the fans and the MSM….just how much of those losses we’re actually real bills to keep the site up, and how much went elsewhere and to whom?
its a other tax dodge no doubt and its a sunday wit will open for business hours find next week it just gets better and better
great article nice to see some dirt being uncovered what a week were haveing with it all now news some1s sything of a there website lol
I don’t understand a word you are saying. Use punctuation and learn to spell please.
what you adding to the topic how spell or up load it doesent matter its the point that matters iain s add a pian s
hun media might be going off air soon then lol pmsl haha karma
Interesting listening back to the BBC programme today on international clearance on transfers.
verbatim:
“We’ve had some further updates on that. We understand the the SFA would possibly reject the international clearance because both the new club and the old club, Rangers, have to both sign it. Rangers won’t sign it so it then becomes a dispute which the SFA would then hand over to FIFA. That’s when FIFA would get involved and it’s understood that they will probably seek a temporary transfer registration form the world’s football governing body. It’s a dispute between the new Rangers and the old Rangers. Again, it’s just thoroughly confusing. We need clarity and clarity is something that we just acannot get on this story because it’s two clubs involved. One doesn’t exist, one does exist, almost, and where do you go with it?”
Let there be no further consideration of the notion then that the same club will continue and let the transfer documentation for each of the players be all the proof positive that anyone should ever need.
I am a little lazy by nature and can’t be bothered following the trail of linked companies that crop up from time to time. I usually conclude that the complex set up is designed to:
separate assets from liabilities,
aid manipulation of accounts
confuse the victims.
I am usually right, not because I am smart but because simplicity works in business and Finance and if you choose complexity it is because you have something to hide/ people to dupe (should that be DOOP).
The Murray and Whyte regimes at Ibrox were characterised by complex Corporate structures. Sevco have hit the ground running.
Anybody who buys a season ticket to watch the club that plays at ibrox or extends them credit for the supply of shredding equipment, pies, power, policing, First aid/ ambulance, face painting etc deserves all they get (or dont get more likely).
I hope that the HMRC are watching and don’t get absolutely gubbed as they did in the case of OldCo Rangers.
As a young 22 yr old (30yrs ago) i drank in the same pub as DM and many of his potential/future empoyees at that time. I was asked if I wanted to join the new MIM group as an employee. I did nt but many other fellow drinkers did. Within 6 months each of them and I recall around 10, were all driving new BMW 320’s as company cars and each of them was MD of a company within the new group. This was before DM was interested in RFC but where he no doubt learned his trade of “group companies”. His business was “revolving” trade purchases from company to company both on and off shore with obvious tax and financial benefits. Nothing changed when he “bought” RFC and they were merely an extension of this practise.
Plaidits for international business scams…….? Surprised at the mess the RFC were/are in?? Why did no one want to buy the club for the 5 years it was on the market? Why did the club enter administaration with absolutely no liabilities to any bank?? How many other companies are unfortunate to enter administration or liquidation where there are no banks as creditors? i would suggest none.
The relationship between board executive members and bank employees and relevant conflicts of interest/ colussion still has to be explored…… not soon enough though.
naive and uninformed? I doubt it paul nice piece of work again.
The momentum that you´ve helped build is now out of control and Brennan´s return to use the term “GOT” signals a degree of desperation from the Celtic boardroom (re.SPLvoting structure).
Why let due process run it´s course when you have weak leadership in the Scottish game and can successfully push a hypocritical bandwagon to which it becomes popular to allign yourself.
CFC are now really scared of the financial implications. After hedging their bets and hoping that 8 SPL teams other than themselves voted yes now they will lobby for a solution that retains Rangers as close as possible to the SPL.
This despite the mainly hateful bloodlust within the clubs support.
Question for Celtic supporters.
As fierce upholders of Clarified Sporting Integrity can you support a team that goes against that principle ?
ThumbsUp for yes
Thumbs down for no
Good to see you won´t be back at Celtic Park if your club goes against the sporting integrity principal.
About 20,000 average at CP for next season ?
your cups halve empty oscar why the negitivity ,the celtic fans like the board
Just to add.
Barcabhoy of RTC seems to have become the unofficial spokesman of a club that doesn´t like to say anything.
This was his latest on RTC speaking about the recent document on league reconstruction
“For the avoidance of any doubt , I am informed that Celtic were not aware of, and do not endorse his latest effort”.
That suggests to me that CFC are at the very least hedging their bets which means they aren´t valuing Sporting Integrity in the same way as their support.
Would you be hypocritical and renew your ST with those type of people in charge of your club ?
Or do you push for a change in stance, threatening your unconditional support ?
CO once again you excel in your predictability. If there’s ever a need for any more biased journos at MSM to deflect from the issue, your my candidate.
Re. Barcabhoy and his “nuclear misinformation”.
His little “nuclear soundbite” has been out there and unidentified for some time. I don´t think it´s real, it´s misinformation to further agendas.
celtic are just 1 club in this that have done no wrong every club wants them buried for cheating so it doesnt matter what celtic say our board dont need to say a word why put there necks on the line with angry huns better to say nathian and let scotland sort it not celtic its a scottish issue and scotland wants them out pmsl hahalol the bully is being bullied now karma
Mick,
If CFC are following an agenda to help ensure that Rangers stay as close to the SPL as possible what will you think of your own club ?
By using CQN & Barcabhoy (RTC) to unofficially ressure supporters otherwise it points to the club that will use “plausible denial” when the facts become known.
If you could answer the question in the first paragraph please.
charlie celtic are powerless in this theres a diidy team rising on the boil sevco will be lucky to get a game at junior level scotlands had enough of it ,its game over regan long muir ogilve doncaster are trying to safe there jobs for months they have ignored scottish opion nows its all coming back to hount them its games a boggie they have said nothing since febuary and thats that club policie say nathian ,the rest of scotland is dealing with rangers the big 2 are a big 1 now
no 1 can blame the board we win the league were in europe lennons a great dealer in the market the crowds are buzzing the strips are selling well 8mil for ki ,the board are powerless sevco are being kick about the lower divisions its no lawwells fault it was the diddy teams pmsl
the bully of scottish soccer is dead and its corpse has been kicked all over the country karma or what
there conduct has been admirable throw out this mess ,not 1 bad bit of media during the death of there rivals ,a feel there doing well lawwell is taking a silent approach and no wonder theres hate mobs out there were the voice on here and othere blogs there welcome to use the blogs as a channel of communication why not its fast free and saves trees well done to the board throw out it
the board will be loving the blogs to ,the celtic board have been admirible throw out the death of the dodo they have a great relationship with the fans and we hope it stays this way
theres more roumours of the nuclear theroy this week involving brown envolopes regan and ogilvie and longmuir and doncaster and mark thommo even form refs involved gamma level they have detials bank statements gordon smith keeps poppin up its brown envolope outting week at ch4 news the suits are fucked its out the brown evolope week
Of course there is Mick, you just keep taking it all in !
the nuke has been its the fall out your witnessing the inquest ???gamma no other level for it
Hi Paul, Stunning absolutely stunning! any chance of you getting into politics? First Minister maybe?
Hi Paul, Stunning absolutely stunning! any chance of you getting into politics? First Minister maybe?
Hi Paul, Stunning absolutely stunning! any chance of you getting into politics? First Minister maybe? sorry k not kj
Paul,
Doesn’t a 20 year exclusive licence for Internet business signed in 2000 suggest a lack of confidence in new media amongst Rangers’ management at the time? Perhaps even a lack of understanding of its reach and capabilities?
Bet they wouldn’t have signed a deal like that in 2005.