The Record’s Rangers IPO Speculation and a Polite Correction for Keith Jackson

Keith Jackson has succeeded James Traynor as the “big cheese” at the Record Sports Department (for which read Football Department!)

He wrote a piece yesterday (Monday) which has the temerity to suggest that the Rangers share issue might not be as successful as many have said it will be. Clearly Mr Jackson’s sources must be wrong, bearing in mind all that has been issued officially and unofficially from Ibrox about the IPO.

And I can exclusively reveal some gross errors in his piece today. You can find the article here.

Some extracts are below, but I recommend you read the full piece.

————————————————

THERE’S a touch of the Boycotts about Charles Green. And it has nothing to do with not taking tickets for Tannadice.

For six months this eccentric, torn-faced Yorkshireman has been strutting around Scottish football, smashing almost everything and everyone for six.

His aggressive, sleeves-rolled-up batting style has been fun to watch and, at times, pretty spectacular too.

It must be said, when it was announced only 10 or so days ago that he had secured £17m worth of reasonably blue chip institutional investment in his planned flotation, many a flat cap was doffed in Green’s direction. This was arguably an even more impressive success than his snake charming act on the masses.

Those same supporters now eating out of the palm of his hand have only until 1pm tomorrow to make good on their promises to buy shares in Green’s Rangers. To put their money where their mouths were a few months ago when around £22m was pledged in the online land of lah-de-dah.

If ever there was proof of the dangers of taking the internet’s word for it, then this is surely it. Because, as things stood over the weekend, the total stumped up by these supporters was closer to £2m than £22m. Maybe not even that much.

A total of £10m worth of shares was ring-fenced by Green for fans. But the word from those who know inside Ibrox yesterday was that the uptake has been slow.

In fact, the truth is Rangers will be delighted to break through the £4m barrier in the final few hours of trading. So, unless there is a late stampede to hand over bundles of £500s – a week before Christmas – Green will be left with quite a significant hole in his plans. And someone, somewhere will have badly miscalculated.

Also, Green may have blundered on TV last week by apparently stressing there was very little need for the club’s fans to dig deep. He said unsold shares would be quickly gobbled up by his institutional investors, who wanted to plough around £25m into the club but were scaled back to £17m to satisfy demand from fans. “If there’s any left over I’ll even buy ’em myself,” was how Green put it. But this may have backfired on him because, if anything, it allowed fans to feel as if their larger-than-life chief executive had it all covered.

Green won’t be there with his cheque book to make up the difference. He’s not here to spend his own money. He prefer others to spend for him. Barring a late and intense flurry of investment from supporters today and tomorrow, he’s going to be left with a whole load of unwanted shares on his office desk and a sizeable chunk missing from his budget.

He had better hope his assembled squad of big-money backers in London are indeed prepared to pick up the slack to the tune of up to £7m or suddenly, what had been shaping up as a major success story could become a minor source of embarrassment.

———————————————

Did you spot the errors? They are glaring and cast doubt, with the greatest of respect to Mr Jackson, on his credibility as an all-round man of sporting knowledge.

He said:-

“THERE’S a touch of the Boycotts about Charles Green. And it has nothing to do with not taking tickets for Tannadice. For six months this eccentric, torn-faced Yorkshireman has been strutting around Scottish football, smashing almost everything and everyone for six. His aggressive, sleeves-rolled-up batting style has been fun to watch and, at times, pretty spectacular too.”

Now, whilst the great Sir Geoffrey Boycott might have been fairly called eccentric at times, and indeed torn-faced occasionally, he is a Yorkshireman who would be shocked to be accused of being a “six hitter” and the possessor of an “aggressive” batting style!

In his 108 Tests, 193 Test innings and 8,114 Test runs, Sir Geoffrey cleared the boundary ropes 8 times. Yes – only 48 of his 8,114 runs came by way of a six. Mind you, Sir Don Bradman, who was an aggressive batsman, only hit 6 sixes out of 6,996 Test runs. As Mr Boycott has been telling listeners to the marvellous Test Match Special in India over the last few weeks, “The Don” worked on the basis that, if he did not hit the ball in the air, he could not be caught out!

Boycott indeed made his highest Test score of 246 not out at Leeds against India in 1967, only to be dropped after the match, which England won, for scoring too slowly!

Even though this event was 45 years ago, it still clearly rankles with Mr Boycott, as anyone who heard him answering Mastermind-style questions on himself during a tea interval in the recent Third Test could testify.

Boycott seals his return to England duty in 1977 with an on drive to bring up his 100th 100.

Boycott seals his return to England duty in 1977 with an on drive to bring up his 100th 100.

Mr Boycott however does have certain similarities with Mr Green, and significant differences too. He is outspoken, as is Mr Green. However, whilst Mr Boycott rarely if ever tempered what he said to suit his audience, or the politics of the situation, Mr Green is a master of “playing the surface” perfectly. His public utterances are finely tuned to fit the audience to which he is speaking.

Boycott speaks as he played the game – with a straight bat. And this makes him one of the best sporting broadcasters around. However, he would deeply resent any accusation of aggressive batting – Yorkshire people are not known for their frivolity – and Mr Boycott would have viewed that style, with the exception of his stunning hundred in the Gillette Cup final in 1965, when he scored 146, with 3 sixes and 15 fours, as the White Rose county beat Surrey, as anathema.

So, Mr Jackson, you need to brush up on your cricket if you want to use it for the purpose of analogies!

As for your comments on the share issue Mr Jackson – well, we will have to wait till after 1pm today to find out how wrong you might have been.

Posted by Paul McConville

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44 Comments

Filed under Cricket, Daily Record

44 responses to “The Record’s Rangers IPO Speculation and a Polite Correction for Keith Jackson

  1. Ernie

    Good one. When I read that daily ranger piece my first thought was exactly that, never mind the IPO, how could a sports journalist know so little about a sporting great? I have to admit that boycott was a boyhood hero and part of that was that he was the antithesis of a cricketting hero. He didn’t care about entertaining the spectators, supporting his team mates or even winning the game, as long as he remained in.

    • Gortnamona

      Ernie

      “He didn’t care about entertaining the spectators, supporting his team mates or even winning the game, as long as he remained in.”

      You got that right. I hated watching him bat and I hated listening to give his expert opinion in later times, smug, egocentric, infallible in that whining voice. The Yorkshire Corncrake was my personal name for him.

  2. cam

    Karaoke Keef has been caught silly mid wicket.
    Charlie Blue is more of a Fiery Fred with a bit of Kerry Packer thrown in.
    The share flotation looks like a follow on and Chico may be hoping that rain stops play.

  3. The poor soul haha. Pity Jabba wasn’t subject to such scrutiny when he first took over.

  4. dan

    We all know Jacko’s a waco ( Motherwell born billionaire, wealth off the radar, viz Craigie Whyte) but there’s an even bigger Sevco fan over at The Herald. Who he? I give you Richard Wilson.

    I play a wee game most mornings when I get my E-Herald. I look at the headlines in the football section and try to guess if little Dickie’s written a piece. You will have to take my word for it, but judging by the headlines alone, I’v got a 100% success rate. If you don’t believe me look at this mornings offering from Dickie re the Sevconians take up of shares—or lack of it.

    • ecojon

      @ dan

      I was quite fascinated with his piece on the prospectus when he waxed lyrical about money being spent on buying players and expanding coaching and scouting from memory. And of course not a penny was earmarked in the propectus for that so it look as if all he read was the press release from the Ibrox spin doctors.

      He also, like every other journo, has missed or ignored the role the SFA has played in its dubious dealings over the arbitration proceedings on the walk-away Rangers players.

      The SFA role is clearly exposed in the Prospectus and I have written about it on here a couple of times but the journos do and say nothing. With Richard’ SFA connections you would think he would be in a position to write a cracker of an exclusive. Maybe not, maybe journos don’t do actual exclusives any more.

      That’s probably why the Scotsman and Herald are staring into the financial abyss at the moment and maybe journos realise that PR is their last refuge so don’t bite the hands that feeds the succulent lamb.

      Maybe some, including Richard, might grow a pair.

  5. cam

    In Jacko’s defence,whilst cricket might be a fun game to play,watching it is akin to televised squash.
    At the risk of upsetting cricket fans,i can’t treat a game where you trudge off for dinner and spend hours doing next to nowt, sport.

    • Ernie

      As opposed to 45 minutes each way? Probably 60 hours per annum for most fitba athletes.

    • ecojon

      @cam

      I can only surmise you have never spent dyllic days, relaxing with good company, against the unny backdrop of a village green cricket match armed with a few sarnies and tinnies. It has a helluva lot to recommend it 🙂

      • cam

        Yeah,thats what i mean,its just a backdrop to a day out with a picnic.
        They can stand out there for days rubbing parts of their anatomy and then declare a draw and the crowd wouldn’t know, as they are all steaming!

      • ecojon

        I can only asume by the TDs that Bears either don’t do or don’t get cricket but they’ve alwasy had difficulties understanding rule books and perhaps cricket rules are beyond them which is good as one boycott in the game was all it needed 🙂

        • EJ having lived in the southern state of england for many years and in a “cricketing county” I can wholeheartely agree with Cam , its nothing to do with understanding the rules, its just THE most boring “game” ever other than maybe US football or baseball. The drink does of course help but you can do that anywhere, give me a day at the races for equal drink fuelled day and the occasional high or low point..:)

    • PaddyK

      Feel you have not watched all the forms of the game Cam. Twenty20 is real fast. Test cricket is a great game to watch over several days as you can go and get a beer and miss nothing! Seriously, like a Laphroaig, you have to learn to appreciate it. Go watch a game on a nice day, enjoy a picnic and have a knowledgable person explain the game. Your lot even used to train at the West of Scotland cricket ground.

      • Paddy,

        20/20 is only exciting for the last few overs of the game, so to cut it all out as it invariably ends the same way, one team draws a number from a hat and they have to get the nominated runs in 4 overs. Short sweet and precise.

        Ironic don t you think that cricket fans introduced 20/20 to give the watchers some excitment and entertainment, asuming of course they are sober enough to watch…..:)

        • PaddyK

          Michael, not a fan of Twenty20 tbh. I feel one day is plenty short enough. Give me a good test match, though, and I am a very happy chappy. Can’t get into baseball and that also encourages extended drinking.

          • Paddy, I understand where you are coming from, for some reason my aged mother avidly follows the game and even cheers on england…..speechless…!! but then she was a hearts fan as well 🙂

  6. cam

    If there’s one thing thats sums up the madness of the Rangers, Celtic bunfight,its the naming of the Daily Record.
    Daily Rebel,Daily Ranger,,,,utter madness,,,we are all doomed!

    • Ernie

      Sorry Cam, not trying to be argumentative (the cricket/fitba one was a bit tongue in cheek) but the Daily Ranger has been the Daily Ranger up here for all my time as a fan and documented since at least Fergie’s early days, nothing to do with Celtic. I do agree that we’re all doomed though, for as long as people think it has to be either rangers or celtic that is.

      • cam

        No probs Ernie,its just that i always viewed the Record as Celtic minded and it just encapsulates how all us nutters see things through our blue/green glasses.
        I gave cricket a good attempt one summer many years ago and gave up.
        Tennis seemed boring until i learned the rules,now its my favourite sport.
        Cricket,baseball and American football are my idea of hell.

        • Ernie

          I always knew that there was something wrong with me, on top of following the Dons that is, as i got hooked on test cricket (none of this limited over stuff) when a young loon recuperating one summer then got well into American Football when working in the US. Easily pleased.

        • Gortnamona

          Cam

          ” No probs Ernie,its just that i always viewed the Record as Celtic minded”

          Yea just paid a visit to McMurdo’s den and those who would be bereft of speech without the F – word seem to agree with you.

  7. ecojon

    As soon as you start downing the succulent lamb you start farting hot air – Looks like Jackon wants to remain apprentice to Jabba and follow him to Ibrox which would be no loss to Scottish journalism.

    However, let’s go to some great news for Rangers with the announcement that Ally is investing as a fan with 70,000 shares. Well for someone estimated to have a basic £700k annual salary out of Ibrox plus bonuses I don’t suppose buying a few shares will dent his bank account or prevent him buying Xmas pressies.

    And our fearless MSM have all run the touching story of the faithful club servant and fan.

    Problem is that not one of them seems to have asked him what he paid for his 70,000 shares. Was it 70p a throw or was it 1p like 19 million other shares that went down the Penny Arcade route.

    He may well have paid 70p into the struggling fan offer which will have boosted it by £49,000 and as they say in Yorkshire every little helps a local lad live the dream. At a penny right enough it would only be £700 so he must have paid full whack.

    Of course he already has 1 million shares and not one journalist has ever asked him what he paid for them either. Ally is designated a key employee in the flotation Prospectus and has already invested either £700,000 or £7,000 or indeed anywhere in between for his one million shares.

    At the end of the day the succes or not of this share offer won’t be decided on the number of shares sold but on the net capital raised and that depends largely on what prices shares were sold at. It will take quite some time for that information to emerge although smoke signals will emerge from Ibrox beforehand IMHO.

    As usual these are my musings and no one should listen to a word I have to say if they are thinking of buying shares and, if they are, they are well advised to seek profesional advice.

  8. cam

    Can the Celtic fans give suggestions for journalists that they would approve of,stories they would like printed,editorial policies they approve of?
    I honestly don’t understand why Dermot Desmond with his friends and contacts hasn’t brought out a Celtic friendly paper that could print the “truth”.
    I realise that printed publications are losing ground to online material but there would be a market amongst the Celtic faithful and rather than whinging on endlessly they could do something about it.

    • ecojon

      @cam

      Look to the ‘succes’ of the Rangers boycotts cam – what businessman would throw money away in something so easily damaged if it didn’t do the bidding of a small crazy section of a team’ support to the disadvanateg of the main stream support.

      But get with it cam – we are in the electronic age and soon the trees will breathe a sigh of relief and just deal with greenhouse gases and not hot air produced by boring MSM journo farts 🙂

      • cam

        Nah,thats just the victim mentality that the bhoys revel in.Its the papers,its the refs,its the SFA,its the establishment.
        Endless greetin and mumping.
        Get off your backsides and do something about it.
        I would buy the Daily Craic and read the chunterings of Cellic minded hacks for a good laugh.
        Burn Kindles you can’t swat flies with them and chips get the screen greasy!

    • ecojon

      @ cam

      I should have also said – what name a Celtic friendly journalist – now you must be joking. Should we print their address as well 🙂

      People vote with their dosh when it comes to editorial policies and stories – if they don’t like them they don’t buy and that’s even without an organised boycott. And that’s what’s happening with the print media in general and it is well in its death throws.

      Surely there is an even better marketing opportunity for producing a Blue Paper – I realise Murray tried that and failed – but with a world-wide fanbase of 500 million it’s bound to be a sure-fire success and you could do international editions in different languages and give Rangers a truly global reach.

      Traynor is just the man to create this dream and chico, who I’m sure drops in, will shortly be informing Jabba he has a new, even more important, role for him 🙂

      • JimBhoy

        @Eco The 500M rangers sevconians will read the papers on their internet ready tablets just prior to picking up the rangers games in the inter-galactic league, PPV of course… Chico said..

  9. cam

    My fav. Sun headline was when Pope Benedict came to Glasgow recently and revealed his liking for Fanta.
    Cue the Sun;

    The Pope’s an Orangeman!
    I still have that edition,its an all time classic.

    • Joe

      Cam, I also remember the cartoon in the Scotsman that same day which ran a fantastic parody with his Holiness’s early youth and Rangers FC….needless to say it was promptly removed due to the angry reception by the soon-to-be Sevconians.

    • @ Cam

      🙂 should be pointed out that Fanta also comes in diferent flavours……some of them even green 🙂

  10. http://www.bbc.co.uk/news/business-20765983

    comet’s history comes to and end = liquidation

    . . . or does it . . .

    • ecojon

      @jimlarkin

      An interesting par in the story is: ‘Comet’s secured lenders will also be stung by the firm’s failure, receiving only £50m of the £145m they are owed, as the assets on which their debts were secured could not be sold off at a high enough price’.

      I wonder who valued the assets?

  11. Upmyloft

    Sports journalist of the year dontcha know, i would love to have seen the shortlist!

  12. You keep “forgetting to put up posts” delaying them for anything up to a day, so they do not get in the way of the fairytales being spun…lol

    alex (@thekublakhan)
    December 17, 2012 at 11:03 pm
    Link works ok for me.

    They were not ‘free’ to the recipient, who was obliged to provide hospitality on a reciprocal basis.
    The fact that Celtic was obliged by a third party (UEFA) to accommodate the visiting players removed the gratuitous element which is characteristic of hospitality. Lord Avonside described it like this:
    ‘…if I entertain a person, or give a person hospitality, I do so on my own volition. I do not wish or ask payment from the person whom I entertain, nor do I expect that that person must entertain me in turn or be under any form of compulsion to do so.’

    http://bit.ly/UMWFjF

  13. JimBhoy

    chico hailing the fans’ shares pickup as a major success between £3-5m, takes him to the target of £20m or was the target 50% more than that at one point, not a bad margin of error, relates nicely to most of what he normally comes out with, ie, give or take 50% of the truth… 🙂

  14. Another good link on the Comet failure and how to make millions from the collapse of a well known brand:

    http://www.mcvuk.com/news/read/vince-cable-to-investigate-opcapita-s-handling-of-comet-collapse/0108365

  15. http://www.dailyrecord.co.uk/sport/football/montrose-issue-unreserved-apology-to-rangers-1494611

    Wonder if CG will apologise for all the lies and crap that he has spouted over the last 7 months.

    At least the programme got the basis of the truth and published it, the editor obviously was nt aware that you have to run every printed words by jabba now………:)

  16. COYBIG

    I bet Charlie wishes he had the technology they had back in the 90s, eh? I remember watching things like Red Nose Day back then and they were able to tell you, right away, the exact amount the public had given.Or even the technology they had at the weekend when they knew it was £1.6m worth of shares the fans had bought.

    Using todays technology tho, poor Charlie can only estimate that it’s anything up to £5m that fans have spent. Why stop at 5? Why not say anything up to 10, 20 or 50 million? The final amount would still fall within any of them estimations.

    Unless you button up at the back, you know that £1.6m was put out to try and make the real amount look like a success. Which to be honest, at this time of year, in the current economy, it probably is. It must be, Derek Johnstone said so. He also said it’s not fair that Celtic had a share issue when people had lots and lots of money to throw away. Eh?…

  17. COYBIG

    2 Questions re the institutional investors:

    Did Charlie pay any guarantees to get them to invest? And are the pledges only binding if the share issue was full subscribed, i.e. could some of them now withdraw?

  18. COYBIG

    Is this the full list of institutional investors that bought shares in the IPO?:

    Hargreave Hale Limited
    Cazenove Capital Management
    Legal & General
    Insight Investment

  19. Dhougal

    Paul please get Radio Clyde on,! SSB , Some ”legal guy” sayin THEY ! are still the same club !! ………sorry auld fogey here …..only way i knw how to get in touch

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