Have Rangers Fans Really “Pledged” £17 Million Towards The Forthcoming Share Issue?

Last week Mr Green announced triumphantly that £17 million had been “pledged” so far in terms of the Rangers share issue.

As the official Rangers website stated:-


The response from supporters has been huge.

Charles Green told RangersTV: “It has been very encouraging and I’m now seeing the passion and commitment of Rangers fans financially. We see it on the terraces, of course, but in these difficult financial times the response has been amazing. In the last figures I saw a couple of days ago over 8000 fans had registered – with some 20000 fans on the website – and we have pledges of around £17million. And by the time we get to the cut-off date that figure will have risen.

“I would like to stress that any fan who backs up his or her pledge with a cheque will get their shares. I have had some calls from people concerned about that because we said the IPO would be up to £20million but fans will get their shares.

“It’s much better than I expected. I don’t think anyone could have predicted the response and it’s testimony to what Rangers fans are about. They can see that the club is going in the right direction and this really is the icing on the cake.

“I don’t think there is any doubt that we will know exceed our expectations.

“Ally McCoist and I were at the AIM dinner last week following the announcements and we got a fantastic ovation and following the formalities we were chatted up by fund managers who are interested in meeting us when we do the formal roadshow which will be in about two weeks’ time.

“I said back in May that we would IPO and that we would have a very diverse share base where there wouldn’t be control for one person. To my mind this is the most important and last step of promises we made in May.”


I may be accused of nit-picking, but I have a couple of points to make about what Mr Green was saying.

First, I looked up the dictionary definition of a “pledge”.

Cambridge Dictionaries Online offers the following:-

“A serious or formal promise, especially one to give money or to be a friend, or something that you give as a sign that you will keep a promise”.

That suggests that there is something binding, or intended to be binding, about what is pledged. Truly therefore it is a matter of great satisfaction for Mr Green if he has been able to secure, even in advance of the Prospectus, commitments for over £17 million of the £20 million worth of shares to be issued. Well done Mr Green!

I had a look at the information on Rangersshareoffer.com, the portal for registering interest and making one’s “pledge”.

The conditions are very clear. On the first page it states:-

“The information on the Site does not take into account your particular needs or circumstances and does not constitute a personal investment recommendation. Nothing on the Site should be regarded as an offer to buy, sell or trade in shares. The value of shares or income from them may go down as well as up. If you make an investment you may not get back the amount you invested. If you are in doubt about the merits or risks involved in a potential investment, you should consult a suitably qualified professional adviser.” (Emphasis added).

Then on the next page we see the following:-

“Rangers Football Club is now accepting registrations of interest in applying for shares. This registration process will allow you to provide an indication of the value of shares you may wish to purchase.

Please note that an investment in shares can only be made following publication of the prospectus relating to the offer. (Emphasis NOT added.)

The Prospectus is being prepared and is subject to approval by the Financial Services Authority. The Prospectus will be made publicly available, including on this website, in due course. Following the publication of the Prospectus those persons who have registered an interest in applying for shares and who qualify to participate will be contacted by Capita to complete any Application Form for the investment.”

After providing one’s details the following appears:-

“An email will be sent to you to acknowledge receipt of your registration details. This email does not constitute acknowledgement or confirmation by Rangers Football Club or Capita that an application will be processed and does not constitute acceptance by Rangers Football Club of an offer by you to subscribe for shares.”

Finally there is a page for indicating one’s level of interest:-

“You are being asked to select an amount as an expression of interest only. By selecting an amount you are not obliged to make any payment, either now or in the future. On publication of the Prospectus and Application Form you will be entitled to adjust the level of your investment (subject to the terms and conditions of the offer as set out in the Prospectus) or withdraw entirely from the process.

If you would like to invest more than £10,000 or you are investing on behalf of a corporate entity please contact Capita on 0871 664 9271 for more information (lines are open Monday to Friday, 9am to 5.30pm). “

According to Mr Green over 8,000 fans had registered. Unless I missed it, which as the share offer site is straightforward is unlikely, there is no question asking if one is a Rangers fan or season ticket holder. The site is open for anyone, whether a loyal fan, an astute investor, or a puckish spirit, to register an “interest”.

According to Mr Green, over £17 million has been “pledged”. That works out at just over £2,000 per “pledge”. As the online form allowed “pledges” of up to £10,000, it is actually surprising that the average is as low!

Remember the Rangers Fans Fighting Fund? When it looked as if the team might not make it to the end of the season, Rangers fans rushed to “pledge” huge sums to save their club. By the time donations stopped, I understand a grand total of just under £700,000 had been handed over by the fans. That was a fine achievement by them, but a droop in the ocean of what might have been needed to kept he team afloat.

Now this of course was by way of charitable donation, or purchase of scarves, but was at dark days when it seemed that Rangers might be a game or two from extinction.

One might therefore take with a pinch of salt the “commitments” totalling in excess of £17 million. That is especially so when one reads that the registration of interest is not in any way binding on either party. A person registering is not entitled by doing so to any amount of shares. Equally, they are not obliged to pay a penny.

I know a number of people who have registered but who are probably unlikely, because of the economic climate perhaps, to take up the £10,000 they “pledged”. There is no comeback against them for doing so.

I also wondered how Mr Green could guarantee that any fan who backed their “pledge” up with a cheque was guaranteed to get their shares. However, as the website asks for prospective investment, rather than for number of shares, this means that the IPO price will be adjusted to reflect the interest. Therefore, if there were a firm commitment by enough fans to buy £100 million of shares, then the shares, with a face value of £1, would go on sale for £5 each.

So Mr Green is quire right to say that everyone who wants shares will get them.

And who can blame him for talking up his share issue. I especially like his comment about looking “a couple of days ago” at the figures. If the figures have any meaning, one would expect him to be speaking to Capita Registrars on a minute by minute basis to monitor “pledges”. Or maybe this is an acknowledgement that these figures are of some academic value, but are only a very broad brush?

I wonder if he would be good enough to tell us who the fund managers were who were “chatting him up”. Bearing in mind the opinions voiced by various pundits and analysts, if I became aware that my fund manager was considering investing in Rangers shares at this stage, I would want to move my money to another fund, unless of course I had signed up for the “very risky” option!

The most positive newspaper report was in the Independent, where it was described as being a speculative purchase, but one worth considering, although “not one for widows or orphans”!

Other opinions were less positive, one describing the issue as “prune juice”. Somehow that does not strike me as a favourable opinion!

On the other hand, Mr Green is confident that investors will grow their investment by four times over the next few years, so as a prudent man I registered for the full £10,000 myself. I suspect that I would be able to persuade a bank to lend me that sum – after all, where else can one expect a 400% return over a couple of years!

I am sure that the statement on the website which reads, “The value of shares or income from them may go down as well as up. If you make an investment you may not get back the amount you invested” is only there to comply with some pedantic legal requirement, as these shares are going to rocket. After all, that is what Mr Green has told us, and when has he ever given his team’s fans anything to doubt in what he has had to say?


Posted by Paul Nostradamus McConville

NB Nothing stated above should be taken as a share recommendation or a recommendation not to buy shares. Shares can go up or down in value. If deciding on buying shares, ensure you listen to a reliable Yorkshireman. You know it makes sense.




Filed under Charles Green, Rangers

93 responses to “Have Rangers Fans Really “Pledged” £17 Million Towards The Forthcoming Share Issue?

  1. renfrewdave

    i think i might invest my pension pot in sevco shares as taking mr greens advice it will go up 4 fold in 2 – 4 years… ya dancer .. a wee house in Monaco and drinks with the MBB for me in a few years

  2. OK Paul yes guilty as well of the 10k touch, just wanted to see comments like this appearing from CG, actually we should be calling him CJ (reggie perrin) as its more like him. I know of at least 12 other friends not including yourself who have equally registered the same way with no intention of “fulfilling our pledges” so happy days…………………

    On previous postings re the Green and Whyte associations and various companies great work but there is a step further to go around 6 yrs back there could possibly might have a link to the great puppet master himself in all the various companies………..the info is out there i am sure just needs some diligent individual to find it among the haystacks……

    secret squirrel signing out….:)

  3. JimBhoy

    I liked this piece….“It’s much better than I expected. I don’t think anyone could have predicted the response and it’s testimony to what Rangers fans are about. They can see that the club is going in the right direction and this really is the icing on the cake.”
    Surely he expected a positive result albeit with a 50% comfort blanket £20m or maybe £30m.
    Testimony to what rangers fans are about – Gullible? Desperate? I have heard many rangers fans say they will invest as they see it as the only option for their club, but Chico has said he will make up any difference so why potentially blow your hard earned now on something you have doubts about.
    Icing on the cake – Whose cake Chico? Strange that an experienced man says he is surprised by the potential pledge uptake of the IPO and this will make all the difference. A business with no financial history and no-one knows who owns them… Wee bit risky IMO..
    I think he will be lucky to get into double £m figures, however that will give him the chance to invest in the shortfall, won’t it 🙂
    I am assuming he is trying to beat the HMRC tax case results and the report on dual contracts. The former will not be good PR, the latter, could see the club turfed out of football, never mind the loss of a couple of trophies… Oh and BDO just around the corner… A very attractive investment indeed…
    Chico rocks..!!

  4. paul
    do you know insider trading is an offence
    I should be very careful if I were you
    but you convinced me you must have inside
    info.so I will like you pledge my £10.000 today
    but I dont have a bank account just at the moment
    could you help out here I PROMISE I WILL GIVE IT BACK
    TO YOU just as soon as I receive my shares and sell them on
    yours abbaj [yes i know its backward]

  5. Dcr

    Ohh, that seems nasty…..so by lots of “non-committed” pledges increasing the pledge total, we are likely to see the cost of the shares go up. Resulting in fewer shares actually being bought, but at a higher price. Green is left with lots of unsold shares, fans pay way over the odds for the ones they get, the market price will drop like a stone on opening day and once again the fans will have next to nothing for their hard earned cash. Meanwhile Green will walk away and even institutional investors will lose out big time.

    • ecojon

      @ Der

      I feel duty bound to inform the Cheap Leader of this dastardly plot – it is just so anti-market!

      Wonder when Ashley is going to put his millions 🙂 Or will he wait till shares are rock-bottom? Of course perhaps the shares won’t have any voting rights as I think it’s a given that dividends aren’t paid either which means profit can only come from a rising share price.

      Let’s hope, for the sake of the fans, that there isn’t a series of further share issues to dilute the value of shares already issued.

      Nice to see the Fat Cats enjoyed themselves at the AIM dinner – wonder if they had any Margaritas 🙂

      • Carntyne

        Chazza’s moonbeams are even wackier than Minty’s.

        Is it me or is he losing weight?

        Maybe its the worry of having to buy out the shortfall.

  6. ecojon

    The following par intrigues me:

    ‘Following the publication of the Prospectus those persons who have registered an interest in applying for shares and who qualify to participate will be contacted by Capita to complete any Application Form for the investment’.

    What does ‘qualify to participate’ mean? Is this the ‘Rangers Family’ thing and does this mean it isn’t a public share offer but a restricted one?

  7. JohnBhoy

    Green is no greenhorn at getting the greenback. For himself and his masters. Snake oil, fools, money, parted. Margaritas in Caicos!

  8. Dcr

    So if Green is going to take up the shortfall then those who artificially raise the price by making “nusiance” pledges will force Green to pay a much higher price for the balance of shares. If only it were true!

  9. Now wouldn’t it be wonderfull if Mr. Green was to set up and fund an EBT for all real fans and arrange loans with relaxed repayment plans to enable them to purchase their shares. Hell, at 400% return he could even charge them commercial interest rates and deduct income and capital gains tax at source and still give them a hefty profit. What is he waiting on, I wonder.

  10. i’m guessing that the new “investors” will be told at some point. prior to their actual purchase, as to what the purchase price will be, or will they find out the hard way, after they see the money taken out of their bank !?

  11. ecojon

    @ jimlarkin2012

    I wonder when it has to be announced if spread-betting is allowed and the range of prices? Maybe one of our AIM invester experts could fill us in on that.

  12. Fanzone

    At the AIM dinner, were there any pies for FPLG?

    Surely an investment in Greggs would be a safer option for the Zombie manager?

    • JohnBhoy

      He can’t resist a kick. Might backfire.

    • ecojon

      @ JimBhoy

      I see he doesn’t mention his flitting from safe house to safe house because he was in fear of the Bears and that he doesn’t specifically state this time round it was the Bears. But you’re right an old story so why has it been resurrected?

      One thing it does prove and that’s what a forgiving man chico is – he has every possibility of sainthood for his good work anomg the deluded of Ibrox 🙂

      And, of course, the lazy journos didn’t even check back their files or they would have seen it had been done before.

      They are happy to run tosh rather than look for real news stories they ought to go and get a real job.

  13. mick

    theres breaking bampottery(not msm) news that @4.45 today there might be a statement LSE closing time that the aim is dead in the water ,It’s normal practice for financial news to be released either just before markets open or just after they close.3 years audited accounts highlighted

    kind regards Michel de Nostredame (doomed am telling ya)

    all info sourced @ kds sevco thread

    • Carntyne

      More good news.

      My cup’s full and running over.

    • 100bjd

      Interesting stuff! Aim may be worried about all Chicos statements creating a false market. The revaluaton of the company’s property portfolio to £80m and especially his absurd comments about him underwriting the issue when it is totally not underwritten might be too much “Barnum” for the AIM boys. They obviously are studying the prospectus at present so we will see.

  14. mick

    maybe the lads in charge @ FSA had a look at the world wide exclusive that was scooped on here via ecojons investigation skills (mageritagate) which has not been mentioned today in any msm papers or outlets which is shocking our national media are quiet happy to see the bears lose there hard earned cash and play along with green and fleece them

    • ecojon

      @ mick

      I have to give credit where it’s due and reveal that the exclusive was given by Rangers to The Times of London – probably think the natives up here don’t take the Times my dear bhoy 🙂

      What is more shocking is that The Times ran it on 19 October and as far as I can see not one of the MSM have carried it in Scotland.

      What kind of country are we actually living in – Good journalists all over the world die on an almost daily basis to reveal the truth. Most in Scotland are more likely to choke to death on succulent lamb as they spin another web of deceit.

      There are a handful of fine journos in Scotland mainly on the news side and I have the distincy impression they are not being allowed within a mile of this story by their lickspittle bosses.

  15. John Burns


    Even with a much reduced football wage-bill, previous evidence ( Oldco and D&P) shows that it will still take £25 million (previously £35 million) to run Sevco/The Rangers this year. Season tickets and match-day income (heavily discounted) together with any prize and sponsorship money, will yield, at best, £15 million – so the £10 million ‘black-hole’ is still there – that’s why a flotation is desperately needed.

    We will of course keep the pressure up on, BDO, EBT, SPL, SFA AND HMRC, to do the right things.

    However, I say, let them get on with it. In the position that they are in, they can only ‘splatter’ themselves,when the ‘sh1t his the fan(s)’ – as it surely will!!!

  16. ecojon

    On 19 October The Times of London ran the story about Naqvi and Blue Pitch Holdings being the biggest investor and Margaritas Holding Company being the second biggest although it seemed Rangers wasn’t sure whether the latter were based in The Turks & Caicos Islands or not.

    This was swiftly followed by a grovelling apology from Chico on the Rangers website on 20 October pointing out that Naqvi was never an investor and was never a shareholder in Rangers. And yet Rangers, according to The Times of London had supplied the information for their story. Curious and curioser.

    So let’s see what chico said about shareholders on BBC last Wednesday 17 October when being interviewed: ‘All of them to get to the stage where they are investors at the moment have gone through an FSA regulated process to be able to invest. So, Simply Stockbroking who are an agent who deal with ‘uge amounts of money, put numerous IPOs, have done all the due diligence on the investors.

    ‘To make sure this money is coming from the right sources, from the right individuals and has been proven at source and we’ve done it twice on some of the process to make sure that eveything completely is clean.

    ‘As some investors chose to invest through an offshore trust and we wanted to know who was behind that trust’.

    I must admit that I find it difficult to understand how due diligence could have been done on an investor, according to Rangers, who we are now told was never an investor. And I am unsure how due diligence can be done on an offshore holding company when its location is unclear.

    I also wonder whether Naqvi and Maragrita were on the SFA and SFL list of investors who so impressed the footballing authorities that the rule book was thrown out of the window.

    No doubt answers will be forthcoming in the fullness of time

    • Al Ross

      Only way you could do DD on an offshore trust would surely be be seeing the actual Trust Deed which set the Trust up. That would tell you the Settlor, Trustees and the Beneficiaries are but I dont see that that kind of info would be given over in the scenario we are dealing with, curious !

  17. john

    whats striking is the lack of scrutiny of Green, the share offer replace with 419 offering from Nigeria… yes you give me 400 notes and I will give you millions… The Bbc all hail Mark Daly nailed Craigy Whyte (white) to the cross early doors, not forgetting minute details on the tax fraud scheme that was in play during the moonbeam years… Green has a colourful history of failed businesses… yet .. nothing but the internet bampots bursting the PR and MSM bubble of the new club that keeps inventing world records.. kidding and swanking aside I would like to see some one in the scottish media actually do some due dilligence on this before crisis loans become required to bail out the not so wise monkeys who will throw money they dont have at this ….

  18. Fisiani

    August 2012 Projected assets 15 million
    September 2012 PA 15 million outgoings 2million
    October 2012 PA 15 million outgoings 4 million
    November 2012 PA 15 million outgoings 6 million
    December 2012 PA 15 million outgoings 8 million
    January 2013 PA 15 million outgoings 10 million
    February 2013 PA 15 million outgoings 12 milion
    March 2013 PA 15 million outgoings 14 million
    April 15th 2013 Administration 2

    ” But this is the Titanic . It cannot sink”
    ” It is made of steel and it will sink”

    Even a 20 million share uptake (stop laughing) keeps them afloat till just December 2013 assuming the owners have not taken to the liferafts with the contents of the safe safely squirreled away.
    The fans who buy shares will soon be the bodies in the sea.

  19. ecojon

    @ Fisiani

    So you think the Bears have invested in a Sinking Fund?

  20. JohnBhoy

    Rangers website: “Green Clarifies Death Threats”.

    Thought his tendency to kick out might backfire.

  21. ecojon


    The story behind the Rangers chinese takeaway and a brilliant read while we patiently await TBTC 🙂

    Just a wee taster:

    Glasgow is visited by Satan in the guise of “Professor” Woland, a mysterious gentleman “magician” of uncertain origin, who arrives with a retinue that includes the grotesquely dressed “ex-choirmaster” Fagotto, the fanged hitman Azazello with a death-inflicting stare and glint in his eye, and the witch Hella.

    The group targets Circus Bears along with their trade union MASSOLIT aka Rangers Association of Writers whose HQ is stuffed with corrupt social-climbers and their women – bureaucrats and profiteers – and, more generally, skeptical unbelievers in the human spirit.

  22. COYBIG

    As Mick has said, there’s a rumour going around that, at about 5PM today, AIM will publish that The Rangers share issue is dead, and that they aren’t letting them on the market.

    If true, then what next for Charlie and his new club? Considering they’ve already admitted to needing working capital.

    I think, if the rumour’s true, an either or situation will be put to The Rangers fans. Either we sell assets, or face administration.

    • ecojon

      @ Coybig

      I’ve seen the rumour kicking about and just don’t see it. Rangers aren’t on AIM and haven’t submitted the paperwork yet so firstly I can’t see how they can get excluded.

      It may well be that they aren’t allowed to float once they have submitted the paperwork and it’s been looked at but that will just be announced through the usual AIM news services.

      AIM would have to make the rejection public I would reckon but in a low-key way as otherwise they shoot themselves in the foot with the adverse publicity and further damage what is IMHO and the opinion of literally millions of others is nothing more than a casino.

      Maybe it’s TBTC that’s going to be announced 🙂

      • COYBIG


        I was only commenting on the rumour that’s doing the rounds. I don’t know if it will happen or not. I was just asking what people think will happen, if the rumour did come to pass. And gave my views.

        The involvement of AIM comes from the time of the supposed anouncement ie. after the close.

  23. JimBhoy

    @coybig my share flotation idea has stood the test of time (weeks now), big raffle at Ibrox, £1 for a raffle ticket, if it ends in a 0 or 5 you get one share… Simples…!

  24. Andy

    To be fair to Green, it is his job to talk up the share issue at every oppurtinity…and the share issue site that allowed others outwith season ticket holders does reek of a PR stunt…I think Green is wise enough to know the numbers mean nothing, but why not use them to promote his share issue.

    I have registered an interest, but as a season ticket holder, I would expect an invitation to buy when that time comes….Having said that, after thinking long and hard, I have reluctantly chose not to invest at this time. My reasoning….

    1. I dont feel their should be a need for this investment considering the club ran at a profit the year before whyte came in, and with no debt to manage (i.e. bank loans, ticketus, overdraft – I am not saying there is no creditors, but there shouldnt be a constant drain on cashflow). Followed by trimmed costs, the club IMHO should be able operate with out need for extra funding, and I base this on the last audited acounts having a profit!

    2. Secondly, after the club was hurt so badly by previous owners, it will take a long time to gain my trust. And as I beleive the funds should not be required, I feel if I were to invest in such a manner that I would need to see a few years of running a tight ship whilst still managing on-field targets, and then perhaps at the time of return to the SPL, would I say, yes game on, I will invest, and we can have a crack at winning it upon our return (PS: I also make the assumption that no real change is made to the games structure as nobody will agree, and that Green will not refuse entry to SPL).

    It’s simply not investable at this moment in time IMHO, although I do hope that Green is going to do the club a good turn and if a successful share issue helps that then I am supportive of this and I hope he raises what he needs if his intentions are good…however for me there is some good evidence thus far, but enough to invest. I dont feel a fans loyalty to should be doubted by an unwillingness to invest in owning their club, but by their willingness to buy the tickets and take the time to support the team.

    I may be wrong, but I do think properly managed the club should be able to sustainably as it had done in Murrays latter couple of years…

    • mcfc


      A tough choice, but a wise one I think..The next few months look to be pretty turbulent with FTT, Nimmos Smith etc. You’ll soon see if Green has the stomach for the long haul or whether he’s all mouth and trousers.

    • ecojon

      @ Andy

      Testing fans loyalty at any club by seeing how many shares they buy is a relatively new concept and dates largely to the founding of the AIM Market and possibly the PLUS as well although I know nix about the latter which is now defunct. It is no surprise that strangers moving in as major investors to football clubs all over the country wanted to profit and the surest way was selling shares to fans.

      Unlike your analysis I don’t think Rangers is in a healthy state vis a vis income and outgoings and I don’t think they can survive until next year’s ST sales so cash has to come from somewhere. If chico was being open with fans and saying that I would have no problem with him having a flotation for some operating cash and even to pay-off original investors at a profit.

      What worries me is the tales that original investors aren’t selling shares and yet you suddenly learn a couple of days ago that the major investor – Naqvi – has never been an investor and that the second biggest one is an offshore trust near Miami although Rangers seem unclear of its location.

      There is no need for player money or nonsense like building railway stations and grand Ibrox development schemes – the club needs most management and Board attention focussed on it. I accept the bar and club thing is sensible but there are a lot of helluva cheaper ways to raise the required £3 million than with an AIM Flotation.

      But my biggest concern is the ‘we won’t join the SPL’ and by extension Europe – any club with Ranger’s ambitions just can’t do that as it is damaging to the whole of Scottish football which actually includes Rangers. Talk of moonbeam Euro Super leagues and SPL construction meaning the top league won’t be called SPL but the XYZ League WTF?

      I just keep worrying that there is a very short-term agenda in place and I partly base that on the previous business histories and experiences of some of the players and some of the things I see happening. If it is a short-term agenda then I fear that Rangers might not survive another financial collapse no matter how deep the Bears dig into their pockets.

      I also worry at the isolationist fan mentality which seems not only to be growing at Ibrox but which seems to receive support from the top. This is bad for Rangers, Scottish Football and Scotland. At the end of the day when the wide-boys have gone we will all be left in this bloody fractured land having to try and repair the social damage created.

      • Andy


        We could argue on reasons I guess supporting our opposing thoughts on the current financial health of the club, though I guess neither of us will know until Green shows us this balance sheet he has been boasting about!!

        Where I do agree, is there just isn’t a need for many of the projects talked about…..,they might give people a job I guess, but is it something Rangers should be embarking upon…probably not.

        I dont think you need worry too much about his rhetoric about not joining the spl etc, its not his decision and his investors and the fans wouldnt let him say no, its just more BS to get some of the ‘idiot’ element to part with their cash. As for reconstruction, I think this would be great for the game and the top league can still be called SPL for all I care, (they made their decision and we all move on), I see no reason for holding grudges. However, can I see all our governing bodies coming togehter for the good of the game with a decent proposal, absolutley not. And chances are we will be stuck as we are for a while longer. Euro super league….10 years away at the earliest, and again I dont think any plan that simply abandons domestic games will happen.

        As for the fans mentality, I think the seige mentality is actually waning a little now, and the atmosphere albeit an impressie turn out, was subdued in all honesty. Its like Walter Smith used to say, ibrox is a hard place to play if your the home team – the expectancy levels of having to win every game there hasn’t changed. Most fans that go are decent people just going to watch their team, yes there a not insiginificant bad element, but they are the minority by some distance.

        I do agree, if there is another financial collapse, then thats it….What happens afterwards if that was to happen….who knows, I can only guess that it would be a disaster for scottish football long term…

    • carl31

      Profit for a footy club cycles annually, and one could declare a profit and also go further into debt, depending on the view the management board take. Dont judge the health of a club simply on profit, would be my point.

      • Andy,
        I agree with all posts but I add that it was Lloyds who were running the club in the final years, any savings/profit were down to them and not the ‘rangers’ guys still on board.

  25. JimBhoy

    @Andy i do not envy you that decision mate, but the guy is just in the door and been pretty economical with the truth… I think my decision if it were Celtic would be the same… let’s see Green take up the unwanted shares… Rangers need truth, honest, visibility and stability..!!

    • COYBIG


      Good point, why should The Rangers fans fell the need to invest? Charlie’s already said he’ll take-up any short-fall, so nobody actually needs to invest anything then. Therefore, there should be no need for a share issue.

  26. JimBhoy

    Why has chico brought up the story about being threatened again??? Is this his escape route being planned in the event the IPO doesn’t happen.. Is this story gonna go full circle…?

    • mick

      @jimbhoy green mentioned the bomb threats to highlight if the people in charge of dissision making go agianst what he says it could be them its greens spin and keeping people on there toes as to what can happen if you up set the bears pr spin

      • COYBIG


        I was going to dismiss your assumption, then I remembered Alistair bringing up those two girls suicides. So, you may well be right.

        • ecojon

          @ Coybig

          I think the linking of those unfortunate deaths by Ally was more down to him showing he isn’t very good in the thinking department. I just don’t believe it was a PR ploy as it had too much potential to backfire and did.

          • COYBIG


            I didn’t say it was a PR ploy, just shocked that Ally tried to bring the two deaths into an arguement. Therefore, I wouldn’t dissmiss Mick’s suggestion out of hand. Whether he’s right or not, I don’t know. But after the former, I wouldn’t put it past them.

            • ecojon

              @ Coybig

              Apologies Big Man and mick – I was thinking out loud more than anything and I just felt that if Jack Irvine of Media House is still on the payroll that he would have been wary of using it – and it left a real bad taste no that Ally would notice wi aw they rancide pies he’s eating wi the juice runnin aw ower his guid tin flute.

              Ah see Leggo obviously been over here again as he’s run the Margarita exclusive today – just a day late and £20 million short. Still he mentions that Irvine of Media House has just been on holiday in the Turks & Caicos Islands. Popular place these days it seems 🙂

              probably chico setting up cheap holiday freebies for Bear investors although nudity isn’t allowed on the beaches.

            • COYBIG


              No apologies needed 😉 . There was nothing for you to apologise for anyway.

  27. COYBIG

    The MSM seem to be going with:

    “Ibrox hosted a crowd of 49,463, setting a new world record for a fourth-tier game”.

    But what about the 2009 League 2 Playff Final, Gillingham versus Shrewsbury, at Wembley? The attendance for that game was 53,706.

    Or what about a fourth-tier game in Brazil, Santa Cruz v Treze? The attendance for that game was 59,966.

    Now, there might be a slight chance that i’m wrong here, but I think i’m good enough at mathematics to know 49,463, is not more than 53,706 or 59,966.

    So why are the MSM printing a load of shite? And why are they printing false claims of world records as well?

  28. JimBhoy

    @Andy – of the £17m figure that could work against Green if the IPO goes ahead if most Bears who like yourself are thinking maybees ayes maybees naws, they could see that big number and think ah well they have almost raised the amount they need anyways and make their mind up not to invest.. It could backfire big time and Chico did nothing to describe further that these pledges are not legally binding and at the most £17m was a bit speculative..

    • mick

      its a big day judging by the reponce on kds about the 4.45pm news via lse 2 and a half hours to go T MINUS 2 AND A HALF HOURS batten down the hatches as if its what we expect there will be mud flying throw the air lol

    • Andy


      It could do, Im just a naw for just now to be honest. Feel Ive spent enough on tickets and everything else for a third div club already, lol. Though, I think the point of the artice was to raise confidence levels in the success of the share issue…a sort of come invest, look everybodys doing it, so it’s okay? and in turn for major investors (say for example mike ashley, who I beleive is only meant to be buying 9%),its a bit of dont worry, the fans are forking out as well.

      I personally cant see this bit of PR doing much harm to the success of the share issue….theres a looming prospectus that may or may not do far more damage. I hope not, I hope the prospectus is a good one, and investors invest, but regardless of what is in it, I wont be someone that is investing. To be honest if there is a £10m black hole as is speculated, then I cant see any serious investor putting money in, so I dont think this number is true IMO, and the need for working capital may well be explained by initial year one costs like buying out JJB etc. though it is still worrying that there is a need.

      And if there is a £10m black then we will have to ask what the hell where all the signings about if we couldnt afford them…..I actually think most of them could be okay if we had a decent manager in charge….for all use that question our world records, I think we actually did acheive one for definite on saturday by being the first team to play 4-4-2, but abandon the position of right midfield, we had 3 cm playing cm, and one left winger. Remarkable stuff from super ally. Great ambassador, not a football manager for me..

  29. Violet Carson

    Foreign media, FIFA Officials, European Clubs, Fund Managers, Institutional Investors, Clubs worldwide – just some of the groups who are viewing Rangers in a miraculous light. This IPO cannot fail – my cheque is in the post.

  30. I wonder if all the people in the public arena, who at the time of oldco going into administration said that oldco should be given preferential treatment, will be investing their pension plans into Mr Green’s sure-fire share issue? One in particular, a Mr A. Salmond, politician of great fame, and I ponder would he have been so blase if it had been the treasury of an Independent Scotland that was cheated out £93 million of due income.
    Maybe Mr Green could offer his shares to the Scottish banking sector, they are notorious for their inability to recognise a pig in a poke. But sadly for Mr Green I don’t think even the average bear is stupid enough to cough up £500 minimum in a holding company ( a separate entity from the club, as we have been informed by Duff & Phelps, who seem to have attended ‘The Wing and a Prayer School of Finance’) that has expert analysts wondering why there is a need to rush the share issue through at the moment.
    As for institutional investors, I think Mr Greens issue will only appeal to investors who should be or are ‘institutionalised’.

  31. JohnBhoy

    On 11th October Charles Green was interviewed by the The Times about Rangers’ intention to float on AIM. Mr Green was asked to clarify what stake Arif Naqvi held. Mr Green stated Mr Naqvi held the biggest stake “personally” through his vehicle Blue Pitch Holdings, as opposed to his company Abraaj Capital. When Rangers issued The Times a list of shareholders the following week, Blue Pitch Holdings was confirmed as the biggest shareholder. Hence the resulting article – putting two and two together – headed ‘Rangers Reveal Who Rode To Their Rescue’ and identifying Arif Naqvi as the main shareholder. Charles Green on Saturday issued a ‘”clarification” with regard to Arif Naqvi on the Rangers website stating the “legal beneficiary” is Mazen Houssami not Arif Naqvi of Abraaj Capital.

    • COYBIG


      “Mr Green stated”

      Is that you surmising, or do you have proof that Charlie himself, told The Times? Is he quoted anywhere?

    • ecojon

      @ JohnBhoy

      It went much further than that because it stated that Naqvi had never been and investor and declined to be a shareholder when approached by his good pal chico. Gawd if his pals won’t inest why should anyone else.

      And then of course we have the new 2nd biggest investor – the Margarita Holding company – which Rangers thinks is based in the Turks & Caicos Islands.

      So we have an original main shareholder who wasn’t and now the replacement main shareholder disnae have a Giro address – there must be a world record in there somewhere 🙂

      • COYBIG


        But is Green quoted as saying:

        “Mr Naqvi held the biggest stake “personally” through his vehicle Blue Pitch Holdings, as opposed to his company Abraaj Capital.”

        As JohnBhoy suggested?

        • ecojon

          @ Coybig

          October 21, 2012 at 7:25 pm

          Abraaj chief emerges as leading Rangers shareholder

          The Times

          Blue Pitch Holdings, a vehicle controlled by Abraaj Capital chief executive Arif Naqvi, is the largest shareholder of Rangers Football Club with a 15.68% stake, according to details of the Scottish franchise’s top investors published following pressure from fans’ groups.

          Other prominent investors include Margarita Funds Holding Trust, a fund believed by Rangers to be based in the Turks and Caicos Islands, which holds 10.19%, and finance company Zeus Capital. A consortium of almost 19 investors, led by Rangers chief executive and venture capitalist Charles Green, acquired the club out of liquidation in June for £5.5m.

          • ecojon

            @ Coybig

            Naqvi obviously blew a gasket and I have posted chico’s apology from rangers website higher-up. Naqvi is a really really poweful guy in the Middle and Far East and could squash chico if he had a mind. Having said that and read everything, but not wanting to be squashed, I have written extensively on Naqvi, Blue Pitch and Rangers dating back to June I think.

            As to whether chico said anything or not I don’t know but I believe the story was released to The Times possibly as a press release from Rangers.

          • COYBIG


            So The Times surmised that Mr Naqvi was behind Blue Pitch Holdings. I thought JohnBhoy said Charlie had been interviewed, and said Mr Naqvi is one of the investors?

            • COYBIG


              My last post was a reply to your second last post.

              I think it probably was given to them by The Rangers, but I thought that JohnBhoy had quotes of Green talking about Naqvi being an investor. Glad to have it cleared up 😉 .

            • JohnBhoy

              He was interviewed by The Times, he did say that Mr Naqvi was the biggest stakeholder “personally” through Blue Pitch Holdings, The Times went with that story once they received the share listing (identifying Blue Pitch Holdings as the biggest shareholder). Charlie, as we know, later “clarified” Mr Naqvi’s (lack of) involvement.

  32. Sandro

    I’m curious whether the prospectus will contain the information whether the investors will buy into the football club or into a holding company. The 26.000 shareholders of Rangers FC thought to have bought into the football club…. I hope that Charles will be very keen and clear in order to avoid another misunderstanding in this matter….

    (btw. Lance Amstrong was just stripped of the Tour de France titles)

  33. BadBoy

    I hang my head in shame but twice, while pi55ed, I “pledged” to invest £20000 each time. I have since changed my mind. I do not recommend that anyone else does this because it only makes it difficult for the promoters of the share issue to assess the true level of interest.

  34. ecojon

    @ Sandro

    Well I reckon there’s no point in asking Green as the city streets seem to think that Ahmad is the main man putting the paperwork together and a fine job he’ll do I’m sure.

  35. A question for the collective:

    Has Green said whether existing The Rangers shareholders intend take take up their entitlement under the share offer (assuming it goes ahead) or are they accepting their holding will be diluted?

    Green said that the group would buy shares that fans don’t (like others, i’d then ask why and risk-averse fan would invest), so I wonder if its their entitlement that’s being sold to the fans?

  36. COYBIG



    Can you tell me what email company you used on your account with KDS, and how much it cost, please? Thanks.

    • mick

      @coybig you dont have to be a member its free view and share theres no part of the site thats not visabile to view so you dont have to waste your hard earned cash on a email ,every single part of site is open to public and for all soccer fans to view theres no need to spend on it

  37. Pensionerbhoy

    That is as enjoyable a piece as you have written.
    The subtleness of your persuasion is as delicate as a fairy cake compared to the obscurity of the mix kneaded for the Yorkshire pudding. Your faint touches of humour are light finger-tapping compared to the heavy fisted pounding of duplicity. Your deftness of advice has spring-water clarity whilst the gaucheness of the adamant has the awkwardness of uncertainty.
    You have delivered a simple mix of technicality and ‘man-in-the-street’ explanations. The piece is both a impartial guide and prudent warning to the layman about how to approach all financial ‘sweetmeats’, but perhaps more than most, particularly at this present time, those of the Green persuasion.

  38. carl31

    IMO this share issue will raise a fair bit more than the last time (SDM’s c.2004?) but wont reach anything like £17m. Optimistically, I’d guess £4m.

  39. ecojon

    @ carl31

    Well that will fill the £4 million blackhole caused by Naqvi’s disapearance or is it non-appearance?

  40. mick

    @every1 this is the criteria for AIM a dont know if todays 4.45 statement might be related or its some young lad at it but heres a look at the rules the main focus on line is the lack of money to last a year as required


    • cam

      cracked open the wine and waited patiently for the prophecy to come true,,,jeez,further proof of the boulders bashing about in your napper,,,,c’mon Mick,get summit right!
      What do the loon tunes on the other weirdo sites imagine tonight?
      Maybe the prophecy is Turks and Cakeholes time?
      I hear there are some hard core bigots on that site you visit,,,deffo dodgey.

  41. Chris

    This question may be redundant and I am not trying to be facetious but will investors be buying shares in the club (as stated on the website) or the company?

  42. Has Green stated whether he and his consortium are intending to fully subscribe to their entitlement under the share offer, or are their holdings being diluted?

    Also, i recall those same shareholders had an option to buy further shares at £1 – was that at IPO or was it a true “option” to be exercised at any point before their expiry?

  43. Just curious. Did those of you who ‘pledged’ £10k (presumably in names like Donald Trump) receive the e-mail ackowledgement?

  44. K19

    When the SFA granted Sevco membership it was after being “satisfied with information on Sevco’s shareholders and business plan.” I assume this means the named people passed the ‘Fit and Proper Person Test’, the SFA clearly not wanting to fall into the trap of approving another Craig Whyte.

    So what happens if the key shareholder named by Charles Green and upon whom the SFA undertook due diligence was Arif Navqi? Does this invalidate their membership?

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