Ecojon on the Green/McMurdo Discrepancy and Mr Naqvi’s “Investment” in Rangers

The following is a comment by Ecojon on the previous post, but I thought it worth putting it up as a post in its own right.

Take it away!

————————————-

Some “Rangers Haters” at the time suggested that the very wealthy gentleman in question had indeed invested at least £2 million but that when the original investors were told that they were to be paid in an equity for cash swap that he demanded and received his cash back as per the original agreement.

Now I have no way of knowing whether this is true or not or indeed of checking it.

However the McMurdo outpouring of grief is either sloppy journalism on a par with the Record, Sun, STV or Glasgow Herald or he has been fed mince in the guise of succulent lamb from a man in Ibrox.

However and we have to examine all possibilities – Was McMurdo correct and did Naqvi actually invest £2 million in Rangers. The interesting thing is that, as far as I know, Naqvi has never commented on the matter despite a number of people asking the question.

The only person who has said that Naqvi didn’t invest is Chuckles. So it might look like a straight choice between the Yorkshireman and McMurdo’s version of events.

But is it that simple? Let look in some more detail at the statement made by Chuckles who said: ‘“I would like to clarify that in the case of Blue Pitch Holdings, the legal beneficiary is Mazen Houssami and not Arif Naqvi of Abraaj Capital’.

No one has ever said that Arif Naqvi is the legal beneficiary of Blue Pitch Holdings and I’m fairly sure that last Spring the SFA were probably given the name of Mazen Houssami as the legal beneficiary of Blue Pitch Holdings. What we don’t know and have never known is who are the individual investors that comprise Blue Pitch Holdings and that may well include or have included Arif Naqvi. Basically Mazen Housami as ‘legal beneficiary’ is the legal ‘front-man’ behind which the investors remain legally anonymous.

Chuckles said that Arif Naqvi is a personal friend that he approached ‘early on in the process about a shareholding’. I struggle to see where Chuckles became a personal friend of Naqvi who is not only a fabulously wealthy inividual who founded an investment bank worth £40 Billion and who is regarded almost as Pakistani Royalty with numerous honours bestowed upon him by his native country and others. He has even been welcomed at Buckingham Palace.

Naqvi and his wife have spent a lifetime since they were both students at the LSE in London working especially to help deprived and disadvantaged women and children all over the Middle and Far East by setting up charitable projects. Naqvi is based in Dubai and over the years has become the confidante of Arab Rulers on financial matters.

I have to be honest and say that I just never realised that Chuckles moved in such exalted company. Still stranger things have happened – possibly.

And then the last section of Chuckles’ statement: ‘But HE HAS NOT PROCEEDED on the basis that the investment fell outside the core geography he invests in’.

So what does that actually mean? Chuckles says that Naqvi was approached early on in investing – say £2 million – with his personal friend Chuckles. To Naqvi £2 million is like a Fiver to us so no big deal.

‘But HE HAS NOT PROCEEDED’ – what exactly does that mean? Does it mean that he did invest and at some stage changed his mind – perhaps because the deal had changed as I ruminated above.

I will not waste any time on the phrase: ‘On the basis that the investment fell outside the core geography he invests in’. Seems that Chuckles thinks Rangers has a big Eastern market that isn’t shared by THE financial expert in the region or maybe just PR fluff that means nothing other than window dressing for a crushing blow.

Returning to McMurdo – he does make the interesting and fascinating statement: ‘I am led to believe that it was Orlit Enterprises that introduced Arif Naqvi of Abraaj Capital to Rangers’.

Why would chuckles not approach his personal friend direct and ask him to invest – why would he need to pay £400,000 to an introuction agency?

The story just keeps on getting curioser and curioser and I predict even strangers turns on the long winding road ahead :)

CHUCKLES’ STATEMENT IN FULL:

“Mr NAVIQ IS A PERSONAL FRIEND OF MINE and I approached him early on in the process about a shareholding but HE HAS NOT PROCEEDED on the basis that the investment fell outside the core geography he invests in.”

Posted by Ecojon

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136 Comments

Filed under Charles Green, Guest Posts, Rangers

136 responses to “Ecojon on the Green/McMurdo Discrepancy and Mr Naqvi’s “Investment” in Rangers

  1. cam

    Well i didn’t read any of that but i know it was boring.So for sheer indefatigability i’ll award you a thumbs up.

    • willy wonka

      I did read it. And yes, you are correct. It was boring.
      Green approached a friend to see if he would like to invest. The guy didn’t invest. And, er………….. that’s it.
      Took a mind with a worldwide experience of life to make an ‘article’ out of that.

      Lol.

      • ecojon

        @wonky willie

        Fact is often dry to the fevered but limited imagination of trolls.

        • willy wonka

          A blog about absolutely hee-haw .
          And then reply to it yourself 19 times.
          Lol. That takes some ‘imagination’.
          What’s happening with your own team by the way ? Nothing happening ?
          Hee heee.

      • cam

        The funniest thing is that the old buffer is actually writing a letter to the heidmaister to have us turfed out of the place.
        Thats enough willy! you are lowering the tone of the debate!

      • Merciatic

        If I can distill it for you:

        Chuck says Naqvi is a personal friend of his.

        At the same time he was supposed to have paid £400k to be introduced to him.

        Maybe that makes sense to you.

        • ecojon

          @Merciatic

          Does if I’m getting a cut of a finder’s fee 🙂

          • Curious that a “personal friend” might need to have an introduction fee imposed. Whilst some (such as the UK Retail Distribution Review) view such “fees” as kickbacks or inducements to snare unsophisticated investors, no-one can level such an accusation when it somes to Mr Navqi…. HOWEVER what is this fee for and who is it being paid to? It is certainly very unlikely it is any sort of opportunity to suck some money out of the company to pay to a business partner for work unrequired, that would be daft, given they were querying the invoice, but then why such a palaver…?

            • ecojon

              @jockybhoy

              I wonder how Harte, cardigan and Murray are feeling at the moment as NEDs on Rangers International and the heavy moral and legal reponsibility they carry to ensure good corporate governance.

            • ecojon – you are of course being ironic – historically no Gers executives or directors, Non- or er not-Non, have shown any evidence or moral or indeed legal responsibility, IMHO of course…

    • ecojon

      @chief troll

      It may come as no surprise to you but I value my sanity too deeply to read any of your drivel. Your job here is to deflect and disrupt and this is well-known.

      The sad but disturbed court jester dancing at the end of the puppeteer’s strings, incapable of reasoned debate but only the regurgitation of pre-prepared scripts couched in pathetic doggerel.

      • tykebhoy

        Our trolls don’t seem to grasp that McMurdo is claiming the debt is partly due to the creditor introducing one of Mr Green’s old muckers to Mr Green. This despite the fact that Mr Green even denies his old mucker is one of the original investors.

        Meanwhile McMurdo is on the offensive (dropping the “on the” works too) again today. He attacks as dodgy the Records “Rangers in Crisis” article today as well as “Rabid bloggers”. He also seems to be in the know that the debt is nearer £200k which should be even more worrying for Sevconians given the clubs official statement mentions a payment plan not a plan to pay it off immediately. Cash rich? Debt free? Or maybe desperately short of cash flow/working capital, trading at a loss and accelerating head long towards insolvency..

        • tykebhoy

          To be clear its only Charles we have to believe that Arif Naqvi is an old mucker and indeed that he isn’t an investor. But clearly Charlie’s past statements are directly contradicted by what McMurdo is blogging from his sources.

          • ecojon

            @tykebhoy

            Looks as though the hunt that was launched for the mole inside Ibrox failed to either discover or deter him or her from destabilising the ship an diverting its current course.

            • allyjambo

              Ecojon,

              I put my finger to my lips and say shhhh! They haven’t realised yet, so don’t let the cat out of the bag about the mole, please 😉

        • ecojon

          @ tykebhoy

          I have no time for people like McMurdo going in for self-promotion as a ‘rabid blogger’ to attract the lower elements like cameo, wonkie willy and arseon 🙂

        • ecojon

          @tykebhoy

          I think the worry abut the Record and Herald articles is that if they are picked-up and run down south then it could affect the shareprice and perhaps lead to some kind of AIM statement.

          It seems odd that if there was a seemingly long-standing disputed amount of £400,000 with a supplier of services that there was no mention of this in the AIM flotation document.

          Should it not have appeared in the accounts, such as they were, which were included in the flotation info for Ranger International. Could it be that the debt was owed not by Sevco Scotland – which later morphed into TRFCL – but Sevco 5088 Ltd which Chuckles seems to be the only director of.

          Interestingly a voluntary proposal to Strike off Sevco 5088 Ltd was gazetted on 15 January 2013 at Companies House. It is my understanding that a company that is struck-off before accounts have been published is under no obligtion to produce them but if I m wrong no doubt I will be corrected by those more skilled in these matters.

          But if the relevant info is indeed contained in the accounts of Sevco 5088 Ltd then the affair could remain a mystery like many of the Rangers’ shareholders.

        • Budweiser

          tykebhoy

          Was it Alloa who were owed £60k and asked if they could wait 6 weeks? Did they get paid eventually?

    • mcfc

      @cam-TROLL

      You’re taking money under false pretences – no one reads your garbage and there’s zero chance that you are influencing anyone’s opinion on here.

      ps – did you get paid up front – do you know how to issue a winding-up order to get what you are owed ?

  2. ecojon

    I have to say that out of the blue so to speak that the Glasgow Herald has written the most balanced report I have seen in a long time from the paper on the Rangers story.

    It may well be that because it has come from the news department rather than sports that this has made the difference.

    The Herald has not been alone in leaving the reporting of this major Scottish story, which encompasses so many key areas outwith football, to their footie writers.

    As the internet clatterers and bampots know only too well they were not up to the task and I am being charitable in ascribing no deeper motives. Let’s hope they stick to what they are good at: Running PR releases in full, swallowing football agents’ tripe, running exclusives from anonymous sources. And, most importantly, failing to check any of the so-called ‘facts’ and doing no research into the subject.

    http://www.heraldscotland.com/news/home-news/singapore-company-in-debt-threat-to-rangers.20144086

    • Maggie

      @ecojon
      I must say Eco,I was also very surprised by the piece in The Herald
      this morning and also attributed its fairness,indeed its almost sceptical
      tone,to the fact it was by a business correspondent.
      I felt I could almost hear Kevin Bridges in the background muttering
      his disbelieving DID YE? AYE.
      I know we normally leave “hunches” to Adam,but I’ve got a feeling
      we’ve not heard the end of this……. Oh and Mc Murdo going all
      Shakespearean and protesting too much……Mmmmmm,more
      to come.

  3. COYBIG

    “alex thomson ‏@alextomo
    #C4NEWS EXCLUSIVE – Sources close to Orlit Enterprise say: “no settlement has been reached” over Rangers owing them £400,000.”

    But…but…Jim Traynor said…

    • ecojon

      @Coybig

      Well I don’t know anyone at Orlit but I do know that fine upstanding Scots journo Mr Traynor so it’s obvious who my money’s on 🙂

  4. Geddy Lee.

    COYBIG, it matters not a jot what Traynor says. He knows, just like Green, that he will NEVER be held to account by the cowering fan base, and Scottish sports hacks simply don’t have the intellectual capacity, or indeed the will, to follow these events with any semblence of logical reporting.

    It’s still the old, “Jist put ooot the rangers press release with your name at the tap ” method of “reporting for Scottish hacks . That’s all they are capable of, which makes sites like this vital. Having to put up with the likes of cam, bouncing up and down, pretending everything is coming up bluebells, is the price we have to pay ‘m afraid LOL

  5. Cregganduff

    McMurdo
    ” the club are very relaxed about the bill, which they admit exists but is just part and parcel of routine business dealings at the club.”

    Maybe it is routine for a club or company with Rangers in its name to have a winding up order sought against it. Maybe it will even become part of their culture and they will have banners and marches ever year to celebrate their numerous winding up orders.

  6. Adam

    To clarify for Eco’s sanity, as a numbers man, i have no interest in what McMurdo says. He is up there with Leggatt. Dont believe a word of what he writes and have no interest in it.

    Quite why i would feel the need to justify or investigate someone i dont believe, is beyond me.

    • ecojon

      @Adam

      In view of the fact that a prominent and well-respected – in some quarters – Rangers’ blogger, with a famous old man well-in with the redbricks, has all but labelled Green a man with a forked-tongue I thought you might show some interest as a Rangers fan as the whole affair could have serious repercussions for the club.

      However it seems your interest only goes as far as counting and deriding the low number of followers a Celtic blogger has on his twitter site – It’s 12 times what you have according to your own PR but the difference is that the Celtic blogger is happy for his adress to be known whereas your’s is secret and known only to your small band of followers so can’t be checked.

      Believe me, there is little about you that I wouldn’t believe although I would take the trouble to check it first and you may regard McMurdo and Legit as being ‘up there’. My viewpoint places them firmly in an opposite and possiblly apposite location.

      • Adam

        I derided mick for saying the blogger was the real deal and believing he was lunching with 6 top UK CEOs and executives. I do not read McMurdo or Leggatt and would take anything they wrote with a pinch of salt so again, why would i invest anytime trying to prove or disprove them. There is a reason im on this blog and a reason i was on RTC blog. Simply, i respect Pauls views, though i may sometimes disagree with them and i also respected RTC as his information was often aligned with stuff i was hearing.

        There you go. Nice and simple.

        • ecojon

          @Adam

          There have been varied reports on here as to your contribution and its quality on RTC. As the site is now down I’m unable to make any informed judgement on the matter. I would only note that since RTC went dark that quite a few people have popped-up on various blogs with RTC on their CV. Who knows – I don’t.

          Still i’m glad to hear that you are a ‘follower of Paul’ I am sure that will fill him with a warm glow and no doubt he awaits your further epistles 🙂

          As to the lunch guests I take it you do realise this was in London and not Glasgow and I have no doubt that the people said to be there were actually there.

        • COYBIG

          @Adam

          “I derided mick for saying the blogger was the real deal and believing he was lunching with 6 top UK CEOs and executives. ”

          It’s amazing that you, and other The Rangers fans, can quickly spot that @corsica1968 is full of shite, but can’t do so when it comes to Charlie Green.

          • Adam

            I think i have stated on a number of occasions im still wary and cautious about Charles Green and only last night i was on record as saying i wanted to know more about this debt, given his previous statements.

            Thanks for the generalisation though.

            • COYBIG

              @Adam

              But you would agree that as soon as Jim Traynor posted that statement on The Rangers website, the majority of The Rangers fans bought it (or paid it it off in installments), fell back in line and asked their leader, Charlie Green, to lead them?

            • Adam

              COYBIG – When you say majority, you are probably referring to the Internet majority and yes i would accept that, though stress its through belief rather than proof as i dont read club sites anymore.

              Im not sure why anyone is surprised though. It was the same with Craig Whyte on the internet. Totally blind to everything and refused to accept he was a liar. I could do some whataboutery as well on being blind to stuff but wont.

            • COYBIG

              @Adam

              No no, go ahead. I’ll even start you off; Celtic fans are blind to…

              (Oh and by the way, that wasn’t ‘whataboutery’. I was merely stating the fact that the majority of The Rangers fans, and I don’t include you now, believe whatever their leader, whether it’s Murray, Whyte or Green, tells them. You’re even agreeing with me! So I don’t know how you can then claim it’s ‘whataboutery’).

            • Adam

              Sorry, COYBIG i wasnt accusing you of whataboutery there but i can see how that could have been construed from what i wrote. Not sure why i used “as well” in there but it wasnt aimed at you.

            • COYBIG

              @Adam

              It’s OK. No appology needed.

        • ecojon

          @Adam

          Have you tweeted for assiatance from your followers or just clearing cookies?

    • mcfc

      @adam-TROLL

      You’re taking money under false pretences – no one reads your garbage and there’s zero chance that you are influencing anyone’s opinion on here.

      ps – did you get paid up front – do you know how to issue a winding-up order to get what you are owed ?

      • Adam

        Who is giving me money under false pretenses ? 🙂

        Its difficult to influence certain peoples opinions, when they are not open to both sides of the story. I am the one who chooses to read and post on a predominantly Celtic supporting site which in the main, and this certainly doesnt apply to all, could never see anything good in anything Rangers ever does.

        • mcfc

          @adam-TROLL

          If you are not being paid for your TROLLing, you are missing out. Speak to cam-TROLL or carson-TROLL – they can connect you to TROLL-central.

          ps you don’t do irony do you – you are the most opinionated and intransigent poster on here.

          • GWG

            LOL~~~~ just what the place needs… someone that say’s it as it is!!
            I once tried it but got out in “moderation” for upsetting the trolls
            well done brother

        • ecojon

          @Adam

          You do what you do Adam and if you feel the need to defend it that’s up to you.

          I just wonder what kick you get out of posting on a site where you think the majority are anti-Rangers. You also should be very careful about your use of the term ‘Rangers’ as the vast majority of posters on this site have no problem with decent Bears whose interest lies in watching their team play football,

          Sadly most of these Bears have walked away from the internet or hold their own council more because they fear the reaction of their own than from any on here except the trolls.

          I think you have undergone a personality change as you no longer seem to be the same Adam who first came amongst us. I really think your missionary activities would be better spent on some of the Darkside sites where you could lead them on a path towards the truth and light – think of how they would laud a messiah such as yourself in their midst.

          In the valley of the totally deluded the man with mere paranoia is most certainly assured a welcome.

          • mcfc

            @eco

            I admire your patience and determination – over a very long period – to encourage adam-TROLL to engage in reasonable conversation – but I fear you may be feeding the very thing you are trying to discourage.

            My new policy is not to simply ignore TROLL garbage or TD it – but to point and shout “LOOK TROLL”. Let’s all give it a go.

            “All that is necessary for the triumph of TROLLS is that good men do nothing.”, Edmund Burke, Irish political philosopher

            .

          • Adam

            I would not be welcome on those sited, EITHER. The funny thing is that when i used to read and post on club sites, i got accused of being a Celtic fan. On here, i get accused of being a rabid Rangers fan who always sticks up for my team. Its like the Daily Rebel and the Daily Ranger. The Rangers Clyde show or the Radio Celtic show. Theres none so blind as those that cannot see. Damned if you do, damned if you dont.

            mick will be along soon to tell you off for trying to dictate who posts on here though……….well he would if you were blue. 🙂

            • mcfc

              @adam-TROLL

              oh – such a dilemma – why not desist from posting anywhere until you have something interesting / funny / insightful to say. You could build a model of Ibrox or even Jabba out of match stick in your new found free-time.

            • Sorry guys, getting fed up with this harassment of Adam. Some points addressed to him are quite valid, others not so. Adam has extremely useful iopinions from his own perpective … maybe gone off the rails occassionly … but we all do (like me now, i usually don’t get involved in these discussions or whatever you may call them) …. But … he is NOT a Troll

            • tykebhoy

              I have to agree with Newtz here. Adam is an annoying deflectionist trying to throw spanners in the bhampot spokes but he does occasionally have valid points and isn’t guilty, as others obviously are, of towing/spouting “the party line”.

            • Den

              I have found myself posting a few times defending Adam to some extent.

              As I have said before I have had issues with Adam a few times and still have issues with him, but I don’t see him as a troll.

              He does have a tendency to let his rational side get pushed aside in the heat of an argument, and maybe comes across as petulant.

              Recent example, after having made a lot of sense in previous posts.

              “Its like the Daily Rebel and the Daily Ranger. The Rangers Clyde show or the Radio Celtic show. Theres none so blind as those that cannot see. Damned if you do, damned if you dont.

              mick will be along soon to tell you off for trying to dictate who posts on here though……….well he would if you were blue. ”

              Sorry Adam, I started out meaning to give you some support.

          • Jamie

            Yeah tho I walk through the valley of the troll’s

          • Maggie

            @ecojon
            Re Adam’s personality change. I’ve been thinking the same thing
            over the last week.I’ve even found myself agreeing with him once
            or twice….I know! Shock Horror! Who would’ve thunk it ME !!!!!!!
            I’ve started to sort of warm to him a bit as he’s trying to ditch
            the monumental self regard and has eased up on the borefest posts.
            Whether this is all part of his master plan,only time will tell
            I will reserve my judgement until you tell me you’re going for a
            pint with him 🙂 🙂 🙂

  7. arb urns

    cam its immense fun swapping parodies on here avec tu but this is getting serious…….we all knew jt knew nothing about football but his business acumen is about the size of a flacid gnats c***.

    remember your esteemed leader (in your and his own minds) admits trfc are running at a loss they WILL NOT have the cash flow to pay this in a oner. believe me it is a SIGNIFICANT amount, chico would have to forego a years salary to meet it, ally possibly 6 months, or to put it another way count up how many belisha’s you would have to clean to get to 400k.

    hope this helps btw maltesers are half price in gift box size at tesco’s the aisle past the stables where the cavalry are on burger duty and u should find them if mrs c is in a romantic mood.

    • cam

      Nay Rabbie,this has never been,or shall be serious.
      To extrapolate this nonsense to the preferred ending of the “rabid haters”(i do like that term).RFC cease to exist,the records are deleted,the stadium demolished and a rehab centre for exhausted obsessives opened on the cleared site.
      Some form of ethnic cleansing,transportation to a penal colony(royston) or mind reconditioning for the remaining few who are recognisable by the sackcloth and traffic cone costume that the new regime requires.
      CFC to win everything,for ever.Refs to be done away with and all matches to be played at the Coliseum,where Emperor Coyote the 1st deploys his thumb more than Eco.
      You see where i’m going.
      But now the panto has no villain,no focal point for its hatred.The bloggers are redundant,the giant is slain.
      All of that pent up hatred,years of persecution and paranoia can’t be sated on the demise of the Gers.
      The cracks in the dysfunctional family from hell appear,factions spring up,GB members eats season ticket holder, is the quashed headline in the new Daily Record,edited by someone who fell from his incubator.
      Meanwhile on Cumbrae,the last remaining outpost of Blue heaven, the yearly bike race round the island is held to raise funds for the new Ibrox.Bonnie Cherlie was whisked across from Largs on a jet ski and with new cash input from the Central Amazon young Adam Loyal Defenders,the 2nd Reformation is unleashed.
      Serious?,,,,,Never!

      • arb urns

        get yer drift c and salute your indefat as a wee international capped bonker once said. enjoy yer trip doon the watter, recommend a nardinis ice-a-de-creama before ye walk across the cumbrae straits tae start yer new life in the scilly isles league primera div.

        feel sure tho sally salarycut-looming as manager can sort out this little singapore sling though.

  8. JimBhoy

    G’day to the keyboard clatterers..

    @Eco i think i read or maybe i made this up but rangers made 2 payments to Orlit and defaulted on the latter 2 (£400k)…

    @Creganduff breaking all sorts of records for winding ups..

    Anybody wanna predict the next story breaking outta Ibrox?? My bet is Jabba and Green in Sumo outfits battling it out in the carpark after a bottle of red too many at lunch..

    • ecojon

      @ JimBhoy

      I was going to put the disturbing vision of the pair out of my head and then decided Wiki was worth a look.

      And true enough a whole new meaning for: Heya and the wonderful revelation surrounding the keshō-mawashi and as for the mawashi that’s definitely one for the steamie. http://en.wikipedia.org/wiki/Sumo

      However enough of the serious and back to the comedy.

      I’ve been trying to get my head round just how much in total Orlit was owed for the introduction of one personal friend to another. Seems it could have been £800K so if that is the kind of money these people make for ‘introductions’ of peronal friends to each other – gawd knows what they would charge if the people hadn’t previously known each other 🙂

      And if £400K has already been paid where does that figure in any accounts let alone the £400K still to be paid?

      • lordmac

        well duff and phelps say they did not know whyte so they charged over 3 million yet if they had used 2 million they could have got into the EPL

  9. the thing everybody is not realising is its not £400,000 its more than that rangers had already settled 2 invoices so how much where they for and is there more invoices in the future to follow . remember there is always people willing to give you a helping hand in life but watch your fingers

    • ecojon

      @ do25686

      Listen with this lot you have to watch your toes as well 🙂

    • lordmac

      was there not a payment made to duff and phelps of 500k to have a look at the books, then green paid in another 1.5 and was he not then given accsses to 3 million in the rangers bank account or such thing

  10. Geddy Lee.

    If this IS a problem in terms of repayment, expect Green to announce that he’s in talks with a series of suppliers with a view to finally producing the much sought after “Orange Tap”.

    A final, last decision (possibly) will be made this week, and an announcement will be made, you’ve guessed it, next week.

    Cue delusional celebrations across the interweb. LOL

    I see he has claimed, out in the Middle East, that they will be opening a shop at Glasgow Airport, which will stay open only as long as it is profitable.
    Can you imagine the humiliation of a closing down sale, with all the staff from the established Celtic shop looking on ?

    He also again claimed to have purchased the old club’s carpark plus Edminston House. So development on that site should be starting anyday now I would imagine. Eh Charles ?

    I see he’s back talking of 100 Milion a year revenues, and that’s WITHOUT tv money.
    Also on the horizon, is an “Incredible media platform” (??????????) the centre piece of which will be (wait for it) a phone in hosted by Jabba.

    That will be about 10 quid a minute LOL. Totally surreal. Can you imagine what claims he will be making by the time he reaches Australia.

    Who next for a “royal” visit?

    Monte Carlo Loyal ?
    The Barbados Bears?
    The Hawai Assembly?

    • ecojon

      @Geddy Lee.

      We all know that Rangers don’t do walking away and that is admirable although it could be argued that doesn’t apply to debt but hey that’s history so let’s continue the march.

      A shop at Glasgow Airport which will be closed when it ceases to be profitable. What kind of lease is it on – or are legally binding leases unimportant?

      Och it’s probably on the same kind of lease that charity shops have – week to week 🙂

      As to the carpark plus Edmiston House – there are payments to be made in respect of these before the eals are finalised. One deadline should already have been met, unless extended, and it may well have been. And a second is due shortly,

      The sums involved are significant and totall well above the £400K currently appearing to cause problem for Rangers.

  11. ecojon

    In the continued absence of our Rangers share ticker the lunchtime figure

    Rangers International
    80.00
    -2.00 (-2.44%)
    Real-time: 12:30pm GMT

    25K were sold for 80p at 12.32.

  12. coatbrigbhoy

    “The claim is understood to have arisen from a failure to pay two of four invoices issued by Orlit Enterprises.

    It is believed to have arisen from the Singapore company’s involvement in introducing investors to provide seed capital to buy Rangers from the administrators.”
    ***********************************

    Is this saying Green hired this company to put together a consortium to buy Rangers, then stuck the bill on The rangers after he bought them, is this not a wee bit like the Ticketus deal Whyte pulled off

    • It does seem that way from that statement.

      It also seems that TRFC is liable rather than RIFC – since RIFC didnt exist when Green obtained ‘Rangers from the administrators’. This raises a question over whether Mr Green meets the fit and proper person criteria. This requires administrative intervention – the SFA and SFL now need to pay attention and get involved.

      So, we are asked to believe that despite RIFC having raised £22m from a recent float (maybe only £9m cash), the holding company is unable to provide £400k (possibly only £200k) to its subsidiary football club company to settle a debt that, at its origin, Mr Green agreed upon.

      • Carl31, I asked this question yesterday, but it passed unnoticed. I don’t see thatt the bill can have anything to do with any of the mutations of the rangers based companies. This bill is from pre all that as it ws to raise the cash for his bid. Therefore nothing connected with rangers could have entered into agreement with Orlit Enterprises. Having rangers pay the bill is certainly a bit whiffy!

  13. I hear McC is to be replaced as manager with the chap currently in charge of Iceland…

    … correction: its the guy in charge at Farmfoods.

    • arb urns

      …. or Knackeryfoods theres loadsa donkeys grazing on the ‘blue pitch small holding’ that are in the knackery q.

      good news is that yon c half has been unable to find a scots granny that shook her lettuce in an ayrshire tumshie field many moons ago.

  14. JimBhoy

    @Eco i think the prospectus said it would cost approx £2.5m for the IPO in admin and various other charges.. A lot of companies, my first one included used to wait to the very last minute before paying their bills and I expect this is what rangers would have done or maybe they disputed the high charge, either way a bit remiss of them given the sensitivity surrounding the club and Chico verde me thinks.. A good story nonetheless with some good comedic value. With Chico, Jabba and Sally at the helm much more to come.. I reckon the majority of rangers fans if they were honest with themselves would want to see the back of the three of them, personally I think they represent a fantastic comedy tag team.

    Calm doon bears it’s only a wee bit of humour. 🙂

    • ecojon

      @JimBhoy

      I think the £2+ million for flotation costs were for costs solely involved in bringing Rangers International to market and I am sure this trade debt would not be included in that.

      It was a debt apparently run-up as part of the introduction fees for the formation of the original investors consortium and their capital pot which was used to pay D&P for the Rangers assets.

      There is the point of course that as Zeus Capital sought out Chuckles in the first instance, I think via Imran from memory although there are as usual are contradictory statements from main players, why have we not heard anything about any finders fees owing to Zeus or is that taken care of by shares issued possibly at 1p each?

  15. JimBhoy

    @eco #2 …and Jabba didn’t need any additional padding in his sumo suit… 🙂

  16. Cregganduff

    Leggo
    “Yet there are still those sour faced fans who will resort to claiming that Charles Green is only trying to soft soap supporters.”

    ” I doff my bunnet to Charles Green, the man who, on behalf of Rangers supporters, puts Jules Verne’s Phileas Fogg and his Around the World in Eighty Days journey in the shade.”

    Leggo is now in full soft soap mode, but a rat or a rabid dog can turn on one without warning.

    A local expression comes to mind:
    “Rubbing butter on the fat pig’s arse”

    JimBhoy
    The next battle is Fringe Theatre and already started. The battle for supremacy as chief modern day Defender of the Faith (Fid. Def.), between McMurdo and Leggo. So batten down the hatches Paul, Phil, Alex, Eamon de Valera etc and steel yourselves for the onslaught. The conspiracy theories will grow wilder and the insults and accusations more heated and virulent.
    Eventually however they will turn on each other as to who has the truest blue (or orange) credentials and the fur and feathers will really start to fly.

    • ecojon

      @Cregganduff

      They’ve already turned on the guy who went to Dundee to watch the game and who was vc of the Rangers Assembly.

      Bad days when they start devouring their own.

  17. ecojon

    @Carl31

    Do you think coisty will keep his £700K salary when he’s kicked upstairs – I mean after all doesn’t he still have 24 yers left on his contract and surely he could rely on Tupe to safeguard his position. I wonder if ex-players continue to be represented by the players’ union?

  18. JimBhoy

    @eco #3 SUMO: Mind you I can’t talk, nice relaxing bath after work last night, stoating about in boxers after that, ran out of deoderant, heard my son go down for his tea, so nicked into his room to get some of his deod, he gets all the expensive stuff, stuck the light on and was rustling about his usual stash, his playstation on in the background awaiting his return, I hear this shout, ‘Jiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimmmmmm !’ turns around to see the ipad on when he was on facetime to his pal playing call of duty… His pal waving at me shouting Jim Jim nice boxers!!… I made a hurried retreat..

    The age of technology!!!

  19. JimBhoy

    @Geddy Sally must have been demoted cos I am sure Chico said previously you could phone Sally after match on a premium tariff…
    Sally could tell you directly how he is Disappointed or Delighted yada yada yada, delete where appropriate.

    • ecojon

      @ JimBhoy

      You’re correct that was announced but was another financial failure as ally ended up, as usual, talking to himself with not even his players listening.

  20. mcfc

    So what do you need to do in Scotland to bring the game into disrepute – in the eyes of the timorous authorities ?

    Mr Green, “then it was like we were almost being blackmailed by the authorities to the point where we got our licence only two or three days before the season started.”

    http://www.thenational.ae/events/areas/dubai/charles-green-reaps-the-rewards-from-glasgow-rangers#page1

  21. ecojon

    Some lovely PR pin on Green at:

    http://www.thenational.ae/events/areas/dubai/charles-green-reaps-the-rewards-from-glasgow-rangers

    Succulent lamb is obviously on the menu in Dubai but Panceltica and the ultimate fate of the Dubai jewel in the crown of Medical Solutions isn’t.

    • mcfc

      @eco

      Gawd – this bloke does ramble on – is he paid by the word – certainly not by the idea.

      It’s never occurred to me that I might be part of “a network of fans and websites dedicating large portions of their life on ruining our club.” Did i miss the initiation ceremony – do we have regalia, grandiose titles, secret symbols and stuff ?.

  22. COYBIG

    Right so Charlie stood in front of x amount of bears in Dubai and announced, with a straight face, that The Rangers will soon have a turnover of £100m before any TV income is counted. And not one of the bears there questioned that statement?

    Does anyone on here know anyone who was there, and if they would be inerested in buying a bridge in Brooklyn or a tower in Paris from me? I need the money to buy a Opera House in Sydney.

  23. JimBhoy

    @mcfc Jeez you can’t say the Scottish footballing authorities are TIMorous mate, they’ll all be up on the “rangers haters wall..”. Names and addresses all over the web. 🙂

    I read the article you linked, I thought it was gonna show a true representation of what Chico has and will reap from the cash cow at the big hoos…Instead it sounded like it was written by old sticklebricks, reminiscing over an old pal after a couple of haufs…

    • mcfc

      @jimbhoy

      wondered how that would be interpreted – I’m still not safe out putting my size elevens in my big English gob – damn – just like Chico – hope the similarities end there 🙂

  24. martin c

    And the BBC carries this. . .

    http://www.bbc.co.uk/news/uk-scotland-glasgow-west-21370477

    I need to get my cola and popcorn!

    • duplesis

      From the BBC article:

      “BBC Scotland understands Orlit Enterprises are investigating the possibility of raising a winding up order against the company which currently runs Rangers within the next seven to 10 days, if the dispute continues.”

      If this version of events is correct then there isn’t a winding up petition raised yet. I assume that Orlit are proceeding on the basis of a statutory demand, and if so, then on the face of the BBC report that may in fact not have expired yet.

      Still not how I’d want my club to be doing business, but potentially a bit less serious than was being suggested.

      • ecojon

        @duplesis

        The level of seriousness depends on perspective IMHO.

        For example if the debt is payable – and it doesn’t seem to have been denied – why does Rangers need to enter into a stage payment agreement to clear it if as cash-rich as claimed. Their services were carried out last March/May so it’s quite a time ago.

        Why is there no mention of the debt in the flotation info – even if it was a contested debt it should be there.

        Why is a compaany being paid potentially £800K to introduce chuckles to a personal friend?

        As I say it all depends on perspective and to me the £400k is neither here nor there it is all the other issues which have crept out from under the desert sands which seem to have potentially lethal stings in their tales and need answered.

        Btw I know the difference between tale and tail 🙂

        • duplesis

          @ecojon,

          If we’ve had to agree a repayment plane for £400k (or perhaps slightly less depending on the source), then I would agree that’s odd and concerning. If it’s not a payment plan, but a compromise settlment figure payable immediately then that’s less so.

          The £800k figure you mention I take is on the basis that the “disputed” 2 out of 4 of the invoices amounted to £400k. To be fair though, we don’t though know if the 2 which were paid were for similar amounts to the ones which weren’t.

          I agree of course that if we paid £800k (or even £400k) for an introduction to someone Green already knew, that would also be odd and concerning. That I take it is coming from Bill McMurdo’s blog – and I’d like to see something which supports his understanding on this given Green’s previous statement.

          The point I was making though is that the BBC article appears to move things away from there actually being a winding up petition, to Orlit being in a position to make such a petition in 7-10 days.

          I think where we’re at is that a statutory demand has been served by Orlit. As you know, a ltd company can’t just deny a statutory demand (as an individual can), but have to either pay, reach an agreement to pay, or apply to the court to set aside the demand. If the ltd company does none of these things then a winding up petition can follow.

          On the face of it, there’s still time for The Rangers Football Club Ltd to do any of these things, including applying to the court for the setting aside of the demand, although we are perhaps two thirds of the way through the statutory demand notice period.

          The point about the disputed debt not being in the prospectus is a good one though – I haven’t checked but assume you’re right that it wasn’t declared. I suppose it may depend on when the invoice(s) were actually rendered by Orlit though.

          • COYBIG

            @duplesis

            But it isn’t The Rangers Football Club Ltd that’s being served. It’s Rangers International Football Club plc. Which is strange because RIFC didn’t exist when Orlit sourced out potential investors to buy the assests. I guess the juggling act is in full swing.

            On another wee note, when trying to find the exact name of RIFC, this caught my attention:

            http://en.wikipedia.org/wiki/Enugu_Rangers

            Let’s hope Enugu don’t find out about Charlie’s RIFC or there might be a legal battle re naming rights.

            • duplesis

              @Coybig,

              I’ve not seen anything suggesting it’s RIFC plc which has been/will be served with the statutory demand and/or winding up petition, but if you point me to something confirming this, I’ll check.

              It would, as you say, be odd if that’s the case given this company’s date of incorporation, but the point about time to apply to set aside etc would still apply.

            • COYBIG

              @duplesis

              “I would say that there is a club and a company (TRFC Ltd) which owns and runs it as well as a holding company for that company(RIFC Plc), yes, but that’s a whole different argument!”

              So you’re saying TRFC Ltd is one entity then? Therefore RIFC Plc is the holding company/company running TRFC. Because if you’re saying that there’s 2 TRFC Ltd entities, wouldn’t that be illegal in regards to SFA/SPL rules on a 3rd party paying wages?

          • COYBIG

            @duplesis

            Well it’s being reported as, “The company which runs Rangers Football Club” Is that not Rangers International Football Club plc? Or are you telling me that there’s a The Rangers Football Club AND a The Rangers Football Club Company as well? I guess it all depends on what you class as ‘the club’ and what you class as ‘the company’ doesn’t it?

            The Rangers. Footballs equivalent of a russian doll.

            • duplesis

              @Coybig

              I would say that there is a club and a company (TRFC Ltd) which owns and runs it as well as a holding company for that company(RIFC Plc), yes, but that’s a whole different argument!

              Mr Mac Giolla Bhain’s blog says that it’s “Sevco” which is subject to this procedure – so it appears to be The Rangers Football Club Ltd which is involved. (I don’t think it can be Sevco 5088 Ltd, since that’s being struck off, and doesn’t seem to have had any assets, so a winding up petition would likely be a pointless exercise.)

            • It is the Clubco being served, not the holdingco, from AT and PMacG reports.
              In the LNS/LC/LG context, it cant be the clubFC being served, since that has no legal personality. Consistency of MSM reporting would help, but given the track record that cant be expected.

            • @coybig @5:27

              “So you’re saying TRFC Ltd is one entity then? Therefore RIFC Plc is the holding company/company running TRFC. Because if you’re saying that there’s 2 TRFC Ltd entities, wouldn’t that be illegal in regards to SFA/SPL rules on a 3rd party paying wages?”

              I’m not exactly sure what you mean by that, but I was simply referencing the argument that the club and the company which owns it aren’t the same thing.

              It looks like The Rangers Football Club Ltd are the company subject to this statutory demand/winding up order. The Rangers Football Club Ltd pay the wages (I assume) and are the legal personality which contracts etc though. Rangers International Football Club plc have the shareholding in The Rangers Football Club Ltd.

              I would say that The Rangers Football Club Ltd owns the assets which form “the club,” and others would say this company actually is the club. Whilst I’m always happy to get in to this argument, it probably isn’t that relevant for the purpose of discussing which company has been served with the statutory demand and/or winding up petition.

    • Bill

      And the BBC got all this from Orlit not commenting and finding no connection to Allenby .???

  25. JimBhoy

    @Coybig LMAO Chico hasn’t got that far to go for the target, he has that £30m in the bank from the end of July… Season book money, IPOs, no debts, All his pals in Dubai, tapping into china and india cos they have no football teams (Yes he said that), sally/jabba phone in at premium rates, new shirt deal, new sponsor, new orange tap, selling ground name, 30% capped wage bill, new SBs to sell ASAP, should be a dawdle…

  26. JimBhoy

    @mcfc you have been away too long mate… Don’t mention you know anyone called ‘Declan’ 🙂

    • mcfc

      @jimbhoy

      cheers mate – I usually have time to read but not post – I don’t like to post and disappear. My wife and boys say I’m obsessed – and they don’t even know what that means -) . . .

  27. COYBIG

    Did Allenby Capital buy shares in Rangers International’s IPO?

    • ecojon

      @coybig

      I don’t remember seeing their name listed on any of the shareholder lists but most lists only covered those with 3% shareholding and over.

      • COYBIG

        @ecojon

        I was just wondering why the BBC felt the need to ask Allenby Capital about Orlit Enterprises serving Rangers International Football Club plc with a winding-up order. It seems they did so just because Brian Stockbridge used to work there. So why didn’t they ask Sheff Utd then?

  28. COYBIG

    Here’s how the BBC reported Kilmarnock’s winding-up order: http://www.bbc.co.uk/sport/0/football/21151496

    And here’s how the BBC reported Heart’s winding-up order: http://www.bbc.co.uk/sport/0/football/20241385

    Compare them reports to how the BBC has reported The Rangers winding-up order: http://www.bbc.co.uk/news/uk-scotland-glasgow-west-21370477

    The question that needs to be asked is – Are The Rangers the only football club in the world that has a holding company?

  29. nickmcguinness

    From that Dubai article:
    As Green watched the news unfold on television in his London apartment, he received a text message from Imran Ahmad of Zeus Capital offering him the opportunity to become the chief executive of one of football’s biggest football clubs. He replied: “No thanks”.
    “I thought that was the end of it,” Green told The National in Dubai this week. “But a few days later he hounded me again and we met in London. That was when I realised not only that Rangers had to be bought by someone, but that Rangers could be bought by my group.”
    Last summer, while sourcing investors for a consortium that would eventually acquire the business and assets of the financially-stricken club, Green managed to raise close to £4 million (Dh23.1m) worth of investment from the region. And with substantial finances also arriving from Singapore and Indonesia, the Englishman’s international consortium eventually completed its takeover for £5.5m.
    ___________

    So it was Ahmad and Zeus Capital (linked to Octopus, owners of Ticketus) who were the drivers behind the takeover, with Green as the front man. And he got £4m from the Dubai region, where he’d lived and worked for three years, yet he’s had four bills from Orlit Enterprises (the last two totalling £400,000) for “introductions” to investors in Singapore and Indonesia who only contributed between £1.5m and £3m.
    How queer . . .

    • ecojon

      And it all gets stranger when you note that in the article it makes no mention of the role chuckles played in Panceltica as deputy chairman or in the decision by Medical Solutions to ditch the Dubai jewel in the crown which charlie backed the purchase of as CEO of the company before he left fter his duties were taken over by the CFO.

      And then there is the alternative story of how Charlie became involved in Rangers at the direct request of Indonesian investors – perhaps that for another day as there is already enough confusion today 🙂

      • COYBIG

        @ecojon

        I know it’s probably, most likey, definitely been said before. But ain’t it strange how there always seems to be a wee Timmy subtext to it all? i.e. PanCELTICa, Green, Whyte etc, etc.

  30. COYBIG

    DUPLESIS. I CAN’T GET TO REPLY UNDER YOUR LAST POST SO:

    @duplesis

    “I would say that there is a club and a company (TRFC Ltd) which owns and runs it as well as a holding company for that company(RIFC Plc), yes, but that’s a whole different argument!”

    So you’re saying TRFC Ltd is one entity then? Therefore RIFC Plc is the holding company/company running TRFC. Because if you’re saying that there’s 2 TRFC Ltd entities, wouldn’t that be illegal in regards to SFA/SPL rules on a 3rd party paying wages?

    • @Coybig,

      your reply did appear, but I’ll give a similar answer here:

      It looks like The Rangers Football Club Ltd are the company subject to this statutory demand/winding up order. The Rangers Football Club Ltd pay the wages (I assume) and are the legal personality which contracts etc. Rangers International Football Club plc have the shareholding in The Rangers Football Club Ltd.

      I would say that The Rangers Football Club Ltd owns the assets which form “the club” but isn’t actually “the club,” and others would say this company actually is the club. Either way it’s the limited company which pays the wages though.

      Whilst I’m always happy to get in to the club v company argument, it probably isn’t that relevant for the purpose of discussing which company has been served with the statutory demand and/or winding up petition.

      • COYBIG

        @duplesis

        OK. Thanks. So, just to be clear, you think it’s TRFC Ltd that’s being served, not RIFC Plc. Correct? If so, do you think it’s right that the club is being made to pay for something which morally should be paid by Charlie et al?

        • Duplesis

          Yes, I think it’s TRFC Ltd that’s been served.

          If I’m right about that then it must be the case that Orlit’s contract was with TRFC ltd, so whatever the moral position is, the legal position is that it’s that company which is liable(if the debt is due.)

          Personally, I’d prefer that the “seed capital” had been raised without the need to employ “finders” such as these at all, though.

          • Den

            It is always galling to see money being paid for such pseudo services. That is money that could be used in running the club. It is not a trifling sum and I would bet that there a number of other ones too.

            The fans are doing all the paying in and the fat cats are funneling it out.

            I hope that the club gets decent owners who try to run it as a football club with prudent finances.

          • ecojon

            @Duplesis

            Especially when the finders found chucks old Pal – probably used chuckie’s facebook 🙂

  31. JohnBhoy

    THE RETURN OF JABBA

    The matter that was “unworthy of further comment” is now worthy of further comment (http://www.rangers.co.uk/news/headlines/item/3317-club-statement) but it “isn’t what people want to hear but this is the new reality.”

    • mcfc

      @JohnBhoy

      Absolutely astoundingly bad PR management – unless you think PR means Puerile Retaliation. This would be too ridiculous as a John Cleese “What not to do” Public Relations example.

      It this is indicative of the level of professional competence at Ibrox then the fun will just keep coming until Admin II.

      BTW does anyone else smirk when they read Andrew Dickson’s job title – Head of Administration – good to see they are planning ahead – he’ll be busy soon.

      • ecojon

        @mcfc
        @ johnBhoy

        I have just read the offishal statement and I wonder if someone has hacked into Rangers website – I cannot believe that a PR professional has had any hand in the drafting of the document.

        If they have then what next?

  32. John C

    Jabbas response is class :oD)))))))
    Pure kwality man, just what the boors need to hear :o)

  33. mick

    hi ecojon what a great article and reponce from the commenters its quiet a week bluepitch holdings gets a mention in glasgow radio online ollie the ticketus man mentions them

    it mentions the tecnicalitys of how ticketus lost out via scots law a must listen the 2 guarentees personal wealth and then business law in england states if liquidised and phenoix then deal stood but they forgot about scots law is diffrent mentions far east to must listen

  34. mick

    part two the deal and ticketus and who done introdutions at deals

  35. COYBIG

    RE Jabba’s rant:

    “In an ideal world, for instance, one in which journalism wasn’t at such a damning low it has to be investigated by the highest authorities with culprits facing jail sentences, there would be no need for this Club to respond.”

    What the fuck does the News International phone hacking scandal have to do with the reporting of The Rangers being served a winding-up order?

    “However, because it has become clear Rangers cannot rely on basic honesty, decency or integrity from enough of the country’s media outlets we must speak for ourselves. We have a duty to our supporters to put the record straight.”

    Put the record straight? By “record” I hope you mean your former employer. And I wouldn’t go about calling other people dishonest, when your club’s CEO has chronic verbal diarrhoea.

    “What we have said and what we are telling our supporters is that not all of the invoices submitted with regard to this bill are legitimate.

    Clearly there has been a lack of understanding within the media about this when all we have done is refuse to be forced into paying sums we do not owe. It is as simple as that.”

    No, what the statement you put out yesterday said was that you will pay this bill. After you sign some ‘paperwork’. That’s not the same as saying you don’t believe you owe the sums (which is plural, so are you saying you have more than 1 debt to pay?) asked of you.

    “Who on earth would pay out when faced with a spurious request for money?

    No matter what anyone else says, Rangers have agreed a figure to settle this issue and it is a figure which, as we have already tried to explain, is significantly less than the initial demand.”

    Again, your statement yesterday said you where paying it, even tho you thought it was unlawful. Doesn’t Orlit Enterprises opinion matter then? And now you’re saying The Rangers have not only agreed to pay Orlit, but they’ve actually managed to make them accept less than they originally agreed?

    “Only the wording, which would put this matter to rest once and for all, has still to be signed off.”

    And Celtic’s only got to get Messi to sign on the dotted line…

    “And despite what some over-excited but desperately ill-informed bloggers claim, there is no threat of this Club being closed. That is downright malicious and ludicrous.”

    Would that be the same bloggers that exclusively broke the story of The Rangers owing Orlit Enterprises £400k? Hardly ill-informed then, are they?

    “But let’s make one thing clear: If Orlit wish to instruct their lawyers to go to court then we will defend our position vigorously.

    We are absolutely convinced we’d win but we did think it would be better to avoid giving our many detractors another bar with which to beat us over the head.

    That’s why we made an offer to settle but we now find we are still being harassed.”

    And i’m absolutely convinced that, given the chance, I could talk Kelly Brook into bed.

    “The thought process seems to be that if we have £22m from the recent IPO we should just pay up. Bizarre. Why should we?”

    No. The thought process was – why is a club/company that’s just, supposedly, banked £22m not paid a £400k bill and is now trying to pay it in installments?

    “Of course we can pay the amount demanded – it is, as we’ve already stated, a small amount – but it is ridiculous to hand over more than is due.”

    So what was an insignificant amount 24 hours ago, is now a small amount today. So will it become a moderate amount tommorrow and a decent amount on Saturday?

    “The money belongs to Rangers and we will not give it out to anyone who comes along with invented invoices.”

    Tell that to the creditors of the dead club, who didn’t get THEIR money?

    “That would be reckless in the extreme and suggest that nothing has been understood from the past when Rangers were in effect mugged by money grabbers.”

    As would paying players thousands of pounds a week to play in a league full of part-time players. Along with paying the manager £750k per year. Good job The Rangers haven’t done that either. Oh wait…

    “We are here to make sure that does not happen again. We do pay our bills on time and we have always been prepared to pay this one.”

    I think Alloa would disagree with you on that.

    “There are many people and journalists who will choose to disbelieve this truth but that is up to them.”

    AKA This is pure true by the way, honest.

    “They will continue to attack Rangers no matter what we say but this statement is not for them.

    It is for our supporters. They deserve to know and understand the exact and precise state of play, Rangers will not be closed.”

    Yes, your supporters do deserve to know and understand the exact and precise state of play, so why are you not telling them? And nobody has said The Rangers would be closed over this debt.

    “This Club will never run up crippling debts and we will not pay over-inflated salaries to players.”

    First it was ‘no debts’. Then it was ‘no external debts’. Now it’s ‘no crippling debts’.

    “However, we will have a sensible pay structure which won’t threaten the club’s existence. That is what we believe the fans want.”

    So you think The Rangers fans want a mediocre team that can’t compete with Celtic? Because that’s exactly what you’ll have with a 33% wage cap in place.

    “Having said that, Rangers are rising and we will return to the top flight where we will be competitive again.”

    When did The Rangers morph into a loaf of bread?

    “Rangers are no longer soft touches. We will not bow to or run from bullies and we will not be pressured into handing out even £1 if it is not merited.”

    I think you’re getting The Rangers situation mixed up with your school days Jim.

    “We are sorry if this, or the fact that Rangers are financially healthy, isn’t what people want to hear but this is the new reality.”

    Currently running at a loss, with significantly less income next season than you recieved this season. But The Rangers are still financially healthy? Bullshit.

  36. mick

    “We are sorry if this, or the fact that Rangers are financially healthy, isn’t what people want to hear but this is the new reality.”

    is the the quote to beat the agent whyte bilioniare story lol time will tell lol

  37. Den

    Traynor’s response was as belligerent as last night’s statement was insipid. Has the hallmarks of a ‘coming out fighting’ response to a bad story. maybe a bit of a PR faux pas to cast a slur on the honesty and competence of the media who are still key in the PR game.

    What does he have to say of the debt that has caused all this furore.

    “Rangers have been disputing a payment to a foreign company”
    “Rangers have agreed a figure to settle this issue, a figure significantly less than the initial demand. Only the wording, has still to be signed off. ”

    Note Rangers have agreed a figure.

    If Orlit wish to instruct their lawyers to go to court then we will defend our position vigorously. We are absolutely convinced we’d win but we did think it would be better to avoid giving our many detractors another bar with which to beat us over the head. That’s why we made an offer to settle.

    Rangers have made and Offer, that is not an agreement. He suggests that fear of bloggers etc are forcing their hand, are they paying up just to get it out of the road.

    “but it is ridiculous to hand over more than is due.”
    “The money belongs to Rangers and we will not give it out to anyone who comes along with invented invoices.”

    “Invented invoices”

    “Rangers are no longer soft touches, we will not be pressured into handing out even £1 if it is not merited.”

    Not even if it gives your “many detractors” another bar with which to beat you.

    When you take away the bluster there is inconsistency in his statement. It seems to me another panic response and hints at a darker side to this story.

    I don’t believe that Rangers are in immediate danger but something about this affair suggests that all is not rosy.

    • Willy,

      Thank you for that analysis.

      I note one sentence which seems to agree with the “gratuitous alienation” case –

      “WoW! Financial suicide to buy the biggest supported club for a fraction of it’s true worth (in a fire-sale) and not expect to make money from it?”

      I suspect the author of the piece might not have meant to bolster the “alienation” theme!

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