Why Did Professional Investors Buy Into Rangers Share Issue? – Guest Post by Allybhoy

After reading Goldstein’s blog on this site, I thought the article focused far too much on the Whyte angle. Is Whyte pulling the strings or not? In my opinion what and why things are happening matters more than who is pulling the strings.

Firstly, I was amazed at the success of the Rangers share issue. The club claimed to have raised £22.2m. That is a hell of a lot of money for several reasons – the main one being it was a terrible investment. I can understand supporters being willing to make a financial investment to match their emotional investment … and it’s always nice to have a framed share certificate to display at home. Professional investors are another matter. In the article linked above, Rangers manager Ally McCoist says “The fact that it’s in the region of £22m, and for the fans to chip in with roughly £5m, I think is absolutely staggering”. From that quote we can see that institutional investors were responsible for around £17m raised in the issue.

In footballer terms £17m may be about the equivalent of Gareth Bale’s shinpad. But in terms of an investment in a football club, it’s enormous. Football clubs are a notorious money pit, and the wise investor stays well back. So why would they fling £17m of their investors’ money into a notoriously bad area for returns?

The second thing about the issue that amazed me was the valuation, it was massively overpriced. From the share prospectus here we can see that roughly 42% of the shares in the club were put on sale at 70p a share. This gives a total market capitalisation for the club of over £50m.

To put that into perspective, Celtic have a current market capitalisation of £51m. Just think of that for a second! A club that was in the lowest tier of Scottish football at the time is worth the same as the team that looks to win the SPL unchallenged for the near future and therefore have a comparatively easy path into the lucrative Champions League group stages. In financial terms Rangers and Celtic are in entirely different leagues at the moment.

Rangers have a huge fan base and potentially can reach the same level as Celtic are at now, but they have still a long road back before that happens, so why should the market capitalisations be the same?

A realistic valuation would have been around £30m. This would give the shares room to grow in value as the team moves up the leagues and reflect the income disparity between the two teams at the moment. A valuation of that amount would allow the investors to watch their shares grow in value and provide a nice return on investment. Instead the shares were priced too high and quickly halved in value before recovering to around 45p, which gives a market capitalisation of £31m today. This means the £17m institutional investment is now worth roughly £12m.

7% is known as the golden number for investors in the shares market. A 7% return on investment is a solid return after inflation is taken into account. It is the baseline that investors look at when considering an investment. What professional investor could look at Rangers and say this will bring me an annual return of 7%, either by the share price rising or through dividends? The share price was at the maximum already, and the club is cash strapped so there is zero chance of a dividend payment. So why would normally competent financial professionals invest at all?

Were they conned? This is possible, but after the Ticketus fiasco a couple of years back you can guarantee that every word was treble checked by several lawyers in any agreement. Fool me once shame on you, fool me twice shame on me!

If we work on the presumption that it wasn’t a con and the investors were given a cast iron guarantee, then what was it? The only thing that the club owns that has value is property. Ibrox, Murray Park and the Albion car park, which was bought outright by the money from the issue, are the three assets that initially look to be saleable.

On closer inspection though Ibrox is a listed building in a low rate property area, and Murray Park is built on the green belt with little chance of getting rezoned, so the actual value is extremely limited. Basically, Ibrox is only useful as a football stadium, and Murray Park is only useful for a sports facility.

This is where I dip into conjecture. I’m pretty sure everything I’ve written before is easily verifiable, and I’ve tried to link to proof where possible. Some figures may be out a little, but that’s what happens when you scrawl on the back of a fag packet at 9am on a Sunday morning.

NOTE BY PAUL – Allybhoy sent this piece to me yesterday (Sunday) – it is my fault it has not appeared till today.

As I see it, the only way that corporate investors would be guaranteed any return on investment would be by taking control of the assets and leasing them back to the club. Ibrox itself may be unsellable and not able to be repurposed, but it is of value to a football club with around 50,000 supporters.

I probably should have mentioned earlier, there was another thing that troubled me with the share issue. It was that the shares were sold in Rangers International Football Club, the company that owns Rangers Football Club, as opposed to investing in the club itself. So the £22m investment went into one company and was spent by its subsidiary. What I’m guessing what may have happened is that the holding company has financed the club with a loan of £22m using the clubs assets as security. If the club misses a payment then the ownership of the assets reverts to Rangers International and is then leased back to Rangers Football Club at a set amount every year. The rent money would then be used to give the investors their guaranteed return. In this case it would be advantageous for the investors if the club were to default quickly. This would probably lead to “Admin 2” for the club, which would probably force a move by Jim McColl or Paul Murray to take over and try to keep the club operating.

Another similar way the leaseback could be worked is if Rangers International bought Rangers Football Club’s assets with the £22m investment and are now leasing the club the facilities. We should know when the audited accounts are released. Either way the outcome would be the same. The valuable assets would be owned by the investors in Rangers International, which would then lease them to the new owners of Rangers Football Club. This would put Rangers at a financial disadvantage for quite a long term, but would ensure that the investors don’t get scalped. That’s what people who give you £17m of their clients’ money expect to happen.

This would leave Rangers Football Club asset-less and worth very little. All that would be left to do for Charles Green and Imran Ahmad would be to dispose of the shares they hold in the club to any stooges they could find to invest in a company without its main assets.

I mentioned earlier that the final paragraphs are complete guess work, but it is the only way I can see how financial professionals could have considered the investment in the first place. 7% is the golden number, but investors in a company with no credit history and very little in the way of assets would be looking for a higher return. £4m a year rent for 10 years would double the initial investment while leaving the assets intact for a sell back. That’s the kind of return that I’d be looking for in that situation anyway.

Posted by Allybhoy

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158 Comments

Filed under Guest Posts, Rangers

158 responses to “Why Did Professional Investors Buy Into Rangers Share Issue? – Guest Post by Allybhoy

  1. Steven Brennan

    Ally
    That is exactly what I have been saying for ages, the talk of a leaseback deal coming is to late.
    The assets are already out of the club.
    The way you have written this post makes it all very plain and simple
    Well done
    By the way here comes The Methil dolt with his deflections
    Shields up!!!

    • Steerpike

      Good evening Ally,

      One of the best guest posts on here my some way, eco without the pompous pretension and fallacious premises.

      First of all let us clarify one thing, no institutional investor put 17 million into Rangers, a large number of investors( some institutional) invested one or two million each, by any standards this is tiny and the size of these investments demonstrate high risk with high return, a good old fashioned punt.

      The reason people invest is to make money, and if you look at the prospectus one can see the original plan could have made money, always with the guarantee of still owning assets that could be sold or rented to a new party. There is nothing untoward or suspicious in protecting the assets against redundancy liabilities, unpaid tax or even debenture holders. If this is the case with Rangers then it is not evidence anyone intends to run Rangers at a loss, just standard business practice to protect assets in any worst case scenario. History and commercial common sense dictates the value of the assets depends on the viability of the business model, if the model cannot work then the assets reduce in value, just as before. There seems to be a common misconception about the intent behind protecting assets, it is not an indication of a planned insolvency event, it is insurance against a total loss.

      However projections rarely go to plan, and Rangers were forced to spend IPO money on many unplanned items, this does not mean they planned to deviate from the plan, the plan would have earned them more money.

      In summary, the evidence we both have is more or less the same evidence but our conclusions differ on one major thing, the intention behind actions.

      I do not see Dr Evil behind every hidden shareholder, unforeseen expenditure or managerial screw up, I just see the realities of restructuring a business without damaging its customer base,

      I must question the objectivity in anyone who claims SDM, CW and CG were all intent on running Rangers into the ground in order to line their pockets, businesses run into problems and a skilled businessman or investor makes sure he suffers as little as possible.

      • Steven Brennan

        How does hecome on here and position his post so early in the conversation?
        Blah blah blah
        Did Jack Or Jabba clear your reaponse?

  2. Why Did Professional Investors Buy Into Rangers Share Issue?
    —————————————————————————————
    Why indeed.

    This question has certainly puzzled me, and your guess at why is as likely as any other explanation.

    However, as you point out…”Another similar way the leaseback could be worked is if Rangers International bought Rangers Football Club’s assets with the £22m investment and are now leasing the club the facilities. We should know when the audited accounts are released. Either way the outcome would be the same. The valuable assets would be owned by the investors in Rangers International, which would then lease them to the new owners of Rangers Football Club. This would put Rangers at a financial disadvantage for quite a long term, but would ensure that the investors don’t get scalped”.

    If previous experience counts for anything this could lead to being uncompetitive, and the bears have shown that is something they will not stand for.

    I recall a crowd of 4,000 at Ibrox v Partick Thistle when Rangers languished in mid table.

    Such circumstances may mean the club could not afford the rent for Ibrox and Murray Park therebye ruining the investor’s plans.

    I only see a downward spiral for Sevco, and who is to say they don’t deserve it.

    • @gortchomhor

      Carntyne: “If previous experience counts for anything this could lead to being uncompetitive, and the bears have shown that is something they will not stand for…”

      The truth is they won’t have a choice, just as they had no choice back in the early 80’s. What they going to do, trash the place?

      Rangers are finished. We won’t even get to enjoy it because it’s going to be so boring — they will find out that the one thing worse than a slow painful death is a slow painful life.

      Even with healthy season ticket sales and low running costs they are struggling. Can you imagine what it will be like in 4 or 5 years when they are in the top tier and the ticket sales drop like a stone… just dire. Spiralling misery for years.

      The big problem is the money they spend on people like McCoist and the board. Look at the wages these guys are taking from a company that brings in around 20 million per year… McCoist alone has been taking nearly a million per year — for what? How do you justify that?

      One of the big problems in football in Scotland, aside from the ridiculous wages players get, is the money directors take. That’s why people like Paul Murray are basically begging to get on the board.

      People are scurrying around trying to work out where the scam is at Rangers, asking and wondering how are they robbing them etc… it’s right up front in your face, look at the wages the directors take.

      It’s the same at other clubs too; and it’s a scandal. The average guy is lucky to earn £20k p.a. and these losers are barging through in their flash cars on £400k. Beep! Beep!

      On top of that we are supposed to worship them along with the highly paid players — my experience of people that were good at football is they were they guys you avoided at school. Usually totally thick and thoughtless show-offs.

      Football is just a sick rip off. I would be happy to see the whole thing crumble into dust. You are all being ripped off. They should be paying you to watch it.

    • kilclunylooney

      You’re forgetting the fans investment, its just like a loyalty card. The more they spend, the bigger the divi.

  3. JimBhoy

    Good post AllyBhoy, I don’t think Chico and the original investors were ever gonna walk away with just a couple of £mill profit… I think Chico is still obligated to the initial money men and wouldn’t be surprised if he stiffs the AIM investors at the same time, the man uses people for his own gains, he has a track record.

    Regards the audited accounts I am sure there will be ways and means of putting a positive spin on things (for now).. The AGM should be interesting if the accounts are out, probably would be interesting too if they weren’t..

    http://www.followfollow.com/news/tmnw/discounting_any_spin_on_the_rangers_accounts__167m_will_need_to_be_knocked_off_any_profit_808588/index.shtml

    http://www.followfollow.com/news/tmnw/points_to_note_with_regard_to_the_rangers_accounts_to_june_2013_808587/index.shtml

  4. Rufus Catenian

    I agree wholeheartedly with your analysis. The last thing Green wanted was an AGM and a call for audited accounts prior to his share disposal. There is also a large hole in the P&L which smacks of corporate impropriety. I take issue with one aspect of your piece. Murray Park is leased last time I checked. RFC received money from The Lottery Commission to build an indoor stadium to be used exclusively by RFC. Questions should have been asked about that transaction. I’m sure there is no truth in the rumour that is was payola for dropping a competitive RFC scratch card. Surely not? The club that gave us EBT, VAT fraud, Tax evasion and debt avoidance are surely better than that. S’amuser.

  5. Monti

    Interesting stuff Allybhoy,
    Allybhoy, at time of speaking do you know how much shares are in Wall’s ice cream & Rowntree’s Jelly?
    I’m opening a factory & require some investment! 🙂
    HH!

    • JimB + RMac

      I left a few bombs on the last post “Ally’s paycut” just a while ago.

      The Scotsman has became involved, I’m told Joan McAlpine tommorow in the DR, George Galloway calls it a ‘fascisistic frenzy’.

      It’s all getting hot in the house. One thing is for sure: that stadium will never hold such an event ever again. It’s Over.

  6. mcfc

    @AllyBhoy – good post – well explained and persuasive. I’m just waiting for deNial (or will it be Wonka) to reply with the alternative view of how the investors will make a return – with similar clarity and detail – should be fun – or maybe they’ll just blab on about something entirely unrelated while their “club” suffers a death of a thousand cuts.

  7. joe

    Morning Chaps and Chapeses
    Thought provoking indeed.
    I just can’t get enough.
    Thought I would get in while it’s quiet.
    Monday morning Carson’s got double English, double maths,and PE.
    PE must be torture when you look like a medicine ball.
    He will come on like a bear with a burnt arse.
    Coops will be on when he gets rid of the last of his Big Issues.
    The internet is great for steershite,and he can spell check and filter out his Tourettes..
    Oh happy days

  8. Goldstein

    Hi Allybhoy,

    You say “either way the outcome would be the same” but I think the two scenarios you describe are very different and have very different implications. I actually don’t think either of them is in play just now but that is a guess too.

    From an investors point of view, the lease back deal is much more appealing because it would mean (on paper at least) that the investment would provide returns indefinitely whereas a loan would be repaid at some point and only yield so much over a limited timeframe.

    I don’t need to explain how appealing the prospect of Rangers being tied forever to a lease back deal is to anyone here. It would essentially cripple them though, and they seem to be struggling even now. Assuming it amounted to as little as 2 or 3 million per year (a very low estimate), I don’t see how they would be able to find that money without radically restructuring.

    My expectation is that they will introduce the lease-back option as the only way to avoid another administration some time early next year when the money completely runs out. This is the only way they could get the fans to acquiesce; present it as the only alternative to administration. I actually think hey have already started preparing their fan base for that scenario.

    The premise of your post, Allybhoy, and the reason you assume there must be something in play now along these lines, hinges on the assumption that investors would not have invested in RIFC unless there was such an arrangement in place. I think this is wrong.

    You will know that even lost-making investments serve a purpose in certain contexts. For a company like Legal & General this is such small beer that it amounts to little more than a small punt — worst case scenario they lose a few thousand pounds which they would probably claim back anyway in tax. Even then, in a low/zero interest rate market, it’s no worse than sticking it under the mattress.

    Another assumption you make though, a more interesting subject too, is that all those investors actually invested, that the money came through. We still have no proof that the promissory notes amounted to anything. I have my doubts but we will see. If I am right here then they could go into administration any day now.

    My focus on Craig Whyte earlier, which I stand by, was partly intended to bring the more historical stuff into the context of what is going on now. I think most of us tend to falsely distinguish between what happened last year and what is unfolding now when the same factors, issues, and people have been involved throughout.

    In terms of the share division, I think the most interesting players are the ones that Ecobhoy has been looking into — the ones who were involved in the pre-IPO carve up — rather than the institutional investors you are interested in. That’s where you will find Craig Whyte and if any decision is made to go through with a sale and lease-back arrangement, my guess is he will be a key player and decision-maker in that.

    • Ally

      Thanks for the reply Goldstein.

      “You will know that even lost-making investments serve a purpose in certain contexts. For a company like Legal & General this is such small beer that it amounts to little more than a small punt”

      My point it is that it wasn’t a punt, unless your idea of punting is backing a three legged horse in the national. There is no possible upside. share price was maxed at issue, so no room for growth..and dividends….

      You are right, investments can go up or down and downs can be written off. But investment managers have to answer to their bosses or shareholders. If I make a mistake a work I can say to my stakeholder I had the best of intentions. These are the reasons I made that choice and I thought I’d have this outcome. They guys who invested had no reason whatsoever, there just was no upside in that deal. I actually think the share issue was as much a refunding disguised as a share issue.

      “From an investors point of view, the lease back deal is much more appealing because it would mean (on paper at least) that the investment would provide returns indefinitely whereas a loan would be repaid at some point and only yield so much over a limited timeframe.”

      Yeah, sorry that’s exactly what I meant, just not clearly. I meant that RIFC could invest as a loan, or they could have bought the assets with the cash..at the end the result would be the same because RFC would default the loan and RIFC would collect the assets anyway. Why else would they let McCoist spend money like a lottery winner?

      “Another assumption you make though, a more interesting subject too, is that all those investors actually invested, that the money came through.”

      I’d argue that the fact they are trading at this minute means at least a large portion did come through.

      “My expectation is that they will introduce the lease-back option as the only way to avoid another administration some time early next year when the money completely runs out. This is the only way they could get the fans to acquiesce; present it as the only alternative to administration. I actually think hey have already started preparing their fan base for that scenario.”

      That’s what I thought too. But I couldn’t get around the investment. I still don’t believe anyone would make that investment without an upside

      • @Goldstein/@Ally

        Fab posts both, adds to the intrigue.

        Can you clear this point up for me chapsin simple terms?

        Could Craig Whyte (alledged) be one of the “un-named investment groups”? Is that one of the pionts eco is driving at?

        • Goldstein

          I think Eco thinks that is a possibility, OD. I think it’s a certainty. It will most likely be impossible to find out though since so much is hidden away overseas.

          The SFA have more or less admitted that their fit and proper persons testing is fundamentally flawed in that they have no way of getting visibility on subsidiaries inside subsidiaries that are registered abroad.

          • Cheers Goldstein appreciated. Eco i think more than suspects this, it’s the way he works.

            In the coming weeks all ‘i hope will become more transparent’. And the SFA must get involved or they also face a doomsday scenario. Thanks.

        • Ally

          He could be involved. Chances are he is to some extent. Would he put more money in though, has he even got that type of money? As Goldstein says its impossible to find out foreign subsidiaries. It could be Ticketus. Grab the assets and get the money back

          • Thanks Ally, I don’t think he has anymore money. My guess though is; all will out in the end, the press pack when they know it’s safe to hunt the wounded and on the run, will go out of their way to find out IMO. Cheers, i look forward too the coming weeks.

      • Goldstein

        Hi again, allybhoy.

        I see your point. But I think there are a couple of issues that might be affecting your view. Obviously, with the benefit of hindsight, we can see now that investing in RIFC was a bad idea.

        At the time though this wasn’t so obvious. I myself would have invested if I had a few thousand to spare but only on the basis that i would sell within a few weeks. Had I done so, I would have done quite well since the share price continued to rise steadily at first (as I recall for around 2 months). This suggests it wasn’t as bad an investment as you are suggesting as the price went from around 70p to around 95p. Clearly a few people thought it was a good investment in those early days. For a limited time it definitely was.

        The prospectus wasn’t altogether bad, I would argue. I’ve definitely seen worse. On paper there was room for the company to grow and for its standing to improve as the team inevitably climbed the leagues and opened up new income streams. I never for a second believed the global brand stuff and doubt if anybody did but that aside it seemed plausible enough, with room for growth and a limited degree of risk.

        I wouldn’t take too short term a view of the share value even now; it could still rise, depending on developments, and it wouldn’t take much for it to get back to where it started. I wouldn’t rule the possibility out.

        This might seem like I’m contradicting other stuff I have hinted at regarding the general state of affairs at Ibrox, but it isn’t that simple — it is possible that they could improve the company’s appeal in the eyes of investors and scupper its chances on the field at the same time (by slashing players’ wages and how much is spent on the team, for example).

        In other words, you could make RIFC a really good short term investment on one hand whilst effectively screwing up its long term prospects on the other; there’s no contradiction in this and I think that is exactly what the sale and lease back scenario would do.

  9. Steven Brennan

    Ally
    The lack of a quick response from the ferengi deflectors might be because you got it right.
    And WikiNiall is away asking Jabba traynor for advice on how to change the subject again.

    • Monti

      @Steven
      What’s the chances Niall comes back in with something alluding to the Vatican, Catholics or Irish Catholics?
      East Fife fan tho…..

      • Steven Brennan

        “He hates irish catholics especially dead ones”
        His P45 is getting closer every day.
        Perhaps he is Jabba!

        • Steerpike

          @Steven,

          I was winding up Monti, and more importantly he took it in the spirit it was intended, for you to involve yourself in this joke in order to blacken my name just demonstrates weakness.

          Come on out from behind the curtains sweetie wife, the manly way to blacken my name is in a heads up debate about substance, but gutless twats like you don’t have the bottle.

          • Steven Brennan

            Gutless twats?
            I am on here under my own name, posted where i live (Mollinsburn ) a village of less than 50 dwellings. Easy to find.
            You on the other hand apparently live in Methil, east kilbride, central belt, and in the middle of nowhere, and change your name at the drop of a hat.
            You sir a gutless lying arsehole.
            And for the record you are not kidding anyone on, you are on record.
            Monti has you in his back pocket.

          • now now sneerpike, ‘who said it’ your names blacker than a black bag at the bottom of a coal mine.

      • cam

        Probably not about homosexuals though,,,i mean, if word gets out this place could be under pressure!

  10. mcfc

    I can’t help thinking about Bill Miller and his “30 million black hole” analysis. Ironically, if he’d been made welcome he could have been just the man willing and able in fill that hole with fresh investment, trim costs and give Rangers a new start.

    Thing is, he quickly got the message that no-one at Ibrox wanted that – they wanted something entirely different – they wanted exactly what David Murray had provided – money for nothing and you’re cups for free – and we all know where that ended. They were too thick to realise that what they wanted was commercial suicide again – they scared off all genuine business people with a way forward and created a honey pot for the cunning and the avaricious.

    Que sera sera
    What ever will be will be
    The future is ours to see
    Here’s to Admin 3

    • Goldstein

      Interesting, mcfc, but, regardless of what Bill Miller wanted and seen, it was preordained that Craig Whyte’s front man (Charles Green) would come through admin’ with the assets.

      Once they have milked the club for everything they can, they will hand it over to the blue knights or someone. By then it will not matter if those in charge have good intentions because they’ll be tied to a lease-back deal with no way out and be unable to afford a team that can even guarantee staying in the top tier.

      Rangers are simply finished. There’s no alternative for them.

      The only thing they have left to muster their fans with is bigotry and controversial stuff like doing the bouncy with the troops — they’ll use that stuff to distract and galvanise the fans as and when they can, but as an institution and a dominant football club in Scotland they are completely spent.

      • mcfc

        @Goldstein

        Can’t disagree with any of that – but if the fans – not to mention MSM – had been slightly less bent on repeating history, more options would have been available and more questions would / should have been asked about the desirability of the Green solution vs genuine potential buyers with infinitely more practical experience.

      • JimBhoy

        @Goldstein I agree with your earlier summary that the AIM fund investors can afford that gamble… My take on it at the time was one of surprise but I am sure there are some snr Hedge fund managers who can easily play roullette with £1m or 2 without much justification or approval and may well have Rangers at heart…. Who knows, that’s my conspiracy theory anyways.. 🙂

        I know a couple of HFM’s based out of jersey and when we meet up they tend to remind me what they earn, they get paid a hefty sal even if their investments bomb, when they guess right their bonuses are huge.. No lose situation.
        In the investment game I am sure they have tax breaks and loopholes to cover most smaller losses.

  11. Joseph Kerr

    Yes indeed, this as perplexed me too, as to why professional investors would go anywhere near this when there are thousands of alternative places to put their money.
    Why would companies like Legal & General be crazy enough to inject money into this corrupt outfit with all its history of cheating and sectarianism?
    Why did TRFC have a market cap much higher than Celtic who are guaranteed Champions League money and have a far bigger support and superior stadium. It’s quite astonishing.
    It must be because they are stupid or perhaps something more sinister?

    • Goldstein

      If you spent a million on shares in December and sold them at the end of January you would have made around 350 thousand in profit. It wasn’t that bad an idea at the time and my guess is the hedge fund people are happy enough with the decision to invest even now.

  12. dan

    I see the gorgeous one will be raising Saturdays events at IOUbrox in parliament. Should be interesting this. Wonder if the SFA will have anything to say?

    What amazes me is that with all the P45s being handed out in the forces that there were enough squaddies going spare to take part in the hate-fest. I mean, is it possible they were actors or extras or something like that? I mean would real forces personnel give the time of day to people who supported a club (albeit a dead one) that dodged paying taxes that could have been used to provide soldiers with fighting kit and stuff?

    Or maybe they came from Carseon’s old mob, the Catering Corp ( motto: Ut coquus quoque ut excolo—to cook is also to serve). I guess they could have been spared for the day.

    Whit a riddy though.

    • joe

      Hot of the press a lot of top brass not impressed.
      Service personnel in uniform with keep Ulster protestant scarves and banners.
      The Army is fully committed to the peace agreement in Northern Ireland
      .Saturdays spectacle describe more like a BNP rally than a mere game of football
      .People being named in dispatches.
      HO FECKING HO
      Dignified Not

    • JimBhoy

      @Dan I think the men leading Scottish football will have loads to say, although not to the public, all behind closed doors as they lock themselves away from their responsibilities.

      Apparently all the SFA need are two complaints, you telling me they have not had two complaints on this (at least) disrepute charge? Looney Lunny where re you..

      What has Alex Salmond got to say? He could grow a pair and come out and condemn the behaviour he was so eager to see the back of with some crazy legislation.. But I fear not…

      What are the police going to do about it, not just sectarian singing. What about H&S issues? Squaddies with some choice banners and scarves?

      I hope some of the UK media take it forward as it is a disgrace. I have no problem with support of our armed forces but not one of them joining in at a sash bash..!!

      There will be condemnation from the armed forces top brass once things have died down a bit…

      That’s what happens with young guys, some music, hysteria, some singing and a free bar..

      • joe

        Very well put Hats off to you

      • Geddy Lee

        Jimwhy should the First Minister get involved in gutter politics. Can you imagine what Labour would make of any comments on the matter.

        This is for the Police and the Military to deal with, not Alex Salmond.

        Scotland is too primitive, in a political sense, to deal with that objectively.

        • JimBhoy

          @Geddy the current Scottish government bullied by Salmond apparently pushed thru the crazy sectarian law that has been effectively written off by many judges as being unworkable. yet we see a major public spectacle where armed forces are dancing to ‘so called’ banned sectarian songs and posing with sectarian banners and scarves.. I don’t expect Salmond to do anything but I think there should be some statement made, especially as this goes mainstream which I am sure it will do eventually..!!!

          I would expect you need license for these events much like other similar events… It’s not like it is the first time..

          I do not disagree with your comments about our primitive society..

      • JimB

        In the Scotsmans piece on this subject, sevco said there was an ongoing Police Scotland investigation and “they would not interfere in that” Naff, cowardly, certainly a fudge.

        sevco sold the tickets at that corner of the ground ‘on the link i provided’ taken from the media forum now known. They, sevco must know who they sold the tickets too, they must hand this information over to the dibble.

        When all is said and done, they wont be having anymore ‘armed forces day’s at that stadium’. That’s a foregone conclusion.

        For what’s it’s worth from me, i think like you that the sectarian, fascist mob seduced these young men into their hatefest. Yes some probably reacted and were caught up in it, but the fascists were the people responsible.

        They cfuck everything they come into contact with, always have always will.

    • Kerrygirl

      As I stated dan you couldn’t give this lot a red face at a bonfire

    • Monti

      Or RAT O VAN 🙂

      • Monti ! Fancy a wee ride in ‘old Johnson’s motor car’?

        • david

          @Officer Dibble
          If you are making Monti an offer, at least tell him how much youre willing to pay.

          • @david, johnstones motor car does not work in that way. ‘im not gay, deviant or otherwise’. It’s an old dubliners song found easily on you tube.

            david; your a guy with feelings, we can all see that, try not to wear it so much on your sleeve. If you make a cfuck up here, the story moves on.

            I have not made any attempt to ridicule or dride anything you say, other than i thought last night you got a bit mixed up in trying to answer so many posts at the same time. Hence the ‘doppleganger’ thing.

            I’ve also taken on board your comments about being a supporter of neither clubs. You and Monti should make up, he’s funnier than you, but he know’s what he is and where he’s at. That’s a compliment to Monti.

            Chill out david, most on here are really nice people.

  13. ecojon

    @Ally

    There is a lot of what you say I agree with and other bits I could see come to pass. One thing for sure is the disaster at the weekend and the extent of the fan protests requires major deflection and IMO it can only come in the shape of the accounts being published imminently.

    This Board realise they are now clinging by their fingernails and it’s time for a major throw of the dice as they ain’t for walking just yet IMO which means they still have some flensing to do.

    However as to the Institutional Investors and why they invested I think that it’s easy to ridicule Green but always remember he was carefully chosen as a front man for one thing and one thing only and that was to carry-out the AIM Flotation and he has a brilliant record in raising cash on that market. A look at the companies down the line might show a more depressing picture but I have no doubt that the original core did well.

    It should also be remembered that the AIM Flotation was hoped to raised £27 million and that until very close to flotation a price of between £1.20 and £1.50 was being touted. I have never been able to work-out whether that was thought to be realistic or just part of the talking-up process. In fact the last tranche of TRFCL shares went for £1 a time. Laxey of course were reimbursed ‘shares’ which they had paid £1 a time for when the flotation price ended-up at 70p.

    I used to severely doubt the argument that anything less than £17 million had been raised by Institutional Investors but have found myself to be more amenable to that in recent weeks and have posted on this.

    And tied-in to all this is the failure to provide a complete annual return for TRFCL or any annual return for Sevco 5088 Ltd.

    These companies are at the core of understanding how the shareholding of RIFC Plc was made-up and the core of original mystery investors many of who were repaid for their commitment by the allocation of 1p shares and eye-watering interest and arrangement fees on loans advanced or guaranteed by them.

    Still look out for the accounts at any moment – perhaps we need a big squirrel trap handy 🙂

  14. cam

    Yawn,more rockets doing their thang.
    What about the “Housekeeper variable?”
    I see that no one has factored this into their quantum equations..
    Mounting speculation within financial circles suggests a link or even a cuff link along with the Document of Holding has gone missing.
    This little known Scottish tenet of property law transfers all floating charge assets to DoH holder under Googly eyed legislation brought in to ensure ignorance and omissions in form filling is not a legal defence that can be relied on at a later date.
    Under the FSA Consumer Act,any office bearer of a British Registered Holding Co.can broker a lease-lend system whilst using the assets of the DoH as collateral to obtain higher credit limits.

    For the intellectually challenged this simply means that Rangers are now a wholly owned subsidiary of the Provident personal loans company and are outwith the jurisdiction of Companies House.
    The Armed Forces day was a simple statement of intent.
    If you want the deeds,,,come and try, if you think you’re ard enough guv.

    • Monti

      ……but you still won’t be marching down the Garvaghy road or the Ormeau bridge!
      Low lie the fields……

    • Steven Brennan

      All this from a guy who polishes belisha beacons in the night time.
      Who told you them old stories Cammy bhoy?
      On the fiasco at sevco towers over the weekend, you can be sure it will be the last time the military are paraded round there.

    • Gortnamona

      On the Rangers’ terracing continued:

      This ragged army of insanitary pests was lavishly provided with orange and blue remnants…. Practically without cessation, the vagabond scum kept up a strident howl of the “Boyne Water” chorus. Nothing so bestially ignorant has ever been witnessed, even in the wildest exhibitions of Glasgow Orange bigotry……
      Man in the Know” from the 1920’s Glasgow Observer in one of his reports relating to an Old Firm game in 1924,

    • I liked that cammy bhoy, but you missed one thing old chum. “You’ve been on your backside so many times on this blog, your developing a cauliflower arse”.

  15. ecojon

    @Goldstein

    I read your guest post with interest and lots I agree with but other bits I see differently.

    But only a very few people are aware of all the details and they have been releasing lots of squirrels to confuse observers while the blueprint is enacted at Ibrox.

    I am still unsure whether CW was stiffed or is still totally in control. But I find it difficult to believe the McColl line that they could persuade the Institutional Investors to pony-up more capital. I also doubt there would be anything worthwhile coming from the fans.

    And the mystery men aren’t going to want share dilution. Much better for them to hold the balance of power and get their annual dividend through a leaseback arrangement and when the financially denuded ‘club’ loses supporters to an extent it can no longer pay the ground lease then it’s a final golden cheerio with the sale of Ibrox back to the Blue Knights for a bargain basement £15-£20 million.

    What true Blue Rangers Man could refuse that offer and retain face as far as the fans are concerned. They might even be able to raise £3 million towards it.

    IMO Murray Park will be sold separately; the Albion will be hived-off; catering will go too; kit sales will remain hived-off and so will security. Bits and bobs will be left but what a dire financial prospect for the club and fans should this all come to pass.

    All that I can see to prevent it is a billionaire and the strange thing is if anyone is capabale of selling sand to the Arabs then it;s Charlie. And he has past form for that with Panceltica 🙂

    • Goldstein

      Hi Ecobhoy,

      Anyone who thinks the Charlotte Fakes show is genuine or thinks it’s just a bit too clever and elaborate, needs to remind themselves how important it is that Craig Whyte is not seen to be involved. Words cannot stress the importance of this — if Whyte was known to be involved with Rangers all along and was known to be behind the scenes, the whole thing collapses. The fans boycott everything, the SFA get involved and withdraws their license, BDO take an interest along with HMRC, potentially the police, etc.Talk about nuclear.

      Looking at it like that, nothing is too elaborate. Anything that convinces people that Whyte has nothing to do with Rangers is a price worth paying.

      Sure, Charlotte seems to have leaked stuff that would be counter-productive in terms of hiding Whyte’s role and in fact arguably gave emphasis to his involvement with Green. But that stuff was almost bound to come out anyway. The fact that Green and Whyte were in cahoots initially but fell out is a better cover story than saying they had no relationship whatsoever and getting caught.

      If you imagine it’s like a crime scene and you are trying to prove Whyte was involved. If he says he wasn’t ever there and you find proof that he was well that’s totally damning. Case closed — easy. But it’s going to be much more difficult to convict him if he says he was there for such and such a reason but nothing came of it…

      If you listen to the audio recording of Green talking to Whyte where he is talking about giving fees to FFW he says something revealing, he says words to the effect that he will tell them Criag Whyte has gone, “Craig’s gone… Craig’s gone…”, Whyte isn’t involved. Green sounds very stressed in this recording, indicating it is a very serious matter for them: http://news.stv.tv/west-central/220791-charles-green-agreed-to-receive-25000-from-craig-whytes-associate/

      It follows that if there was a (legal) reason to convince FFW that Craig wasn’t involved, there must be a rationale for convincing everyone else too. This is evidence, I would say, and it’s hard to argue against it. Here we have proof that the issue of Whyte’s involvement was a huge concern and that they would have to hide it. Interestingly, this audio recording wasn’t released as far as I know by Charlotte and first appeared on The Sun website, if my memory serves me correctly.

      • Interestingly, this audio recording wasn’t released as far as I know by Charlotte and first appeared on The Sun website, if my memory serves me correctly.

        It was eco, i remember it well. Thought that was strange at the time; in fact i thought at the time the currant bun had access to Charlotte and this was a sign of ‘mutual respect/sharing of knowledge etc.

        I expected more from the sun, then it went cold, no more exclusives, or trust had gone?

  16. Alec McAulay

    Just a note to Paul: a comment bearing your name as author has been deleted from Roy Greenslade’s Guardian Media blog – I wonder if someone’s using your name to post stuff that will cause trouble?

    • Thank you Alec.

      It definitely was not me!

      • Paul

        I posted the link to u tube early morning through this blog, (Dibble on nightshift guard) lol, and the variety of links to the SMSM reports on the saturday game which included ‘the armed forces day’. I also personally emailed some friends, if people caught onto that later on Sunday morning, ‘i’m happy to be the culprit’.
        Or
        If driveby onlookers saw the posts and alerted media, then so what; it’s all true.

    • Allfanstogether

      Is that Alex McAuley friend of The Craw,

      I that Alex McAuley friend of Craw

  17. eastside

    The investors are well covered, there’s no chance that Newco convinced investors without guarantees their money was safe, i’d say that half the invested money has been filtered off already back to the main players and more will be filtered off with a long term lease back. The Spivs will leave that is certain, but they will be in possession of the assets when they do.

  18. dan

    Wow! Check Thomo’s blog re the hate-in at IOUbrox. Whit a riddy!

    • Eastside

      I genuinely think that Thomo feels sorry for the Sevconians. Misplaced sympathy IMO, he is an intelligent man and clearly doesn’t want to pick on what he sees as a weak deluded bunch of idiots. That’s fair enough as we would all agree they are weak and deluded, however they are also dangerously misguided and Thomo and his kids are not the ones left with the aftermath of their behaviour. Like feeling sorry for the disruptive angry kid with behavioural problems who’s parents are the root cause, yes we have some pity, just as long as the wee s@@t isn’t in your kids class messing up your kids education.

  19. cam

    I see the Parkhead Loonball Organisation have changed tactics recently.The hard learned lessons of FTTT and LNS have convinced them that a wide front is a better strategy.
    With various guesses ranging from Ticketus,Zeus,Poseidon,Blue Pitch,Margarita,Richard Hughes,SDM ,Craig Whyte-his faither,his burd,his housekeeper,some geezer on the run from Interpol(don’t fret Eco will find him via Google),Dave King,the Illuminati, and the entire cast from Rainbow,they have covered all the bases.Outstandingly weird!

    In response Brigadier Carson has unleashed mechanized units of the Govan Veterans Unit and with incontinence pads fully laden they shall strike at councillors surgeries and Citizens Advice Bureau’s where infestation of the PLO is suspected.
    A bombardment of toothpaste and shower gel will commence at midnight and a leaflet drop of giros will be used to weaken the enemy.
    Loudspeakers are broadcasting to enemy trenches top level help in filling out ATOS cheat sheets and defection is at an all time high.

    A counter attack is expected on every Saturday night when Brigadier Carson is in the officers mess,,,like a normal human being.
    We have many Carson lookalikes well placed to confuse the enemy.Finding folk who look like a cross between George Clooney and John Knox is difficult in these mean times.
    Willy Wonka our very own Lord Haw Haw Haw is preparing more propaganda and Field Marshall Steerpike is continuing with his Eastern front to drain enemy resources.
    Coop and Clarkeng are preparing a commando raid into the enemy bunker at George Sq.
    Cutting off financial aid from alleged neutrals is a key strategy.

    A special mention goes to our very own secret agent,who has been in situ for ages,has waffled countless pish,thrown many a hissy fit,changed positions more times than a bishop in a conclave and has come under disgraceful abuse and harassment bordering on criminal,,,,,

    Eco take a bow!

    • Arb urns

      Mien gott herr cam…. U sound like Bruno ganz as AH in his bunker towards the end of that movie……. What was it called again….. Amazingly..

      Downfall……get ze panzer division round to BDO not deflecting on here..ve hav vays of saving ze clubbe…..

      • joe

        WORSHIPPED by his men, the soldiers of the Argyll and Sutherland Highlanders would have followed Lt Col Colin Mitchell to hell and back – but while the troops and the public loved him, the top brass were unhappy

        I was there when he paraded his troops through Stirling Dignified
        Military parades Dignified
        Military Tattoo dignified

        Saturdays rent a mob.
        Ach ve vere drinking zum schnapps.eating zum sausage ant sinking zum songs next ting you know ve ver int Poland…………….

    • Incontinence pads indeed !. Who’s wearing them now boy? Cartoons.

  20. joe

    Zombies substitute the words Happiness for bitterness.
    We are laughing at you not with you

  21. joe


    opps to my last post Woof Woof from the dog

  22. cam

    Only in Glasgow could an ethnic minority, of which a varying percentage support the aims and/or methods of proscribed terrorist organisations,who denigrate Remembrance Day and who are anti British on many levels,have the brass (not top) neck to whinge and greet about active British service personnel having a fun day out under the auspices of the GOC.

    Hypocrisy gone insane.

    • Geddy Lee

      Wow cam, you used to be funny. Sadly your now becoming down right embarrassing.

      Is the humiliation really hurting that much?

      • cam

        Milan,Morton and Barca,,,,humiliation?,,,hurting?,this is great fun!
        A beautiful holiday weekend,heroes at Ibrox celebrating and 8 goals!

        Fan dabby dozy

        • I once saw Third Lanark beat Stenny 8 -2.

          If you go up to Mount Florida you can still see where Thirds played.

          Its a sign I tell you.

        • Gortnamona

          We will be trying to repair some of the damage done by the Barbarian Huns

          “To show their respects to their warm & friendly hosts, Rangers barbarians pissed on the statue of Francesc Macia, equivalente if a Spaniard went & pissed on a statue of “St.Andrews” or “Robert The Bruce”. A fairly understandable mistake if you take into account the zero culture of the individuals & their lack of mental evolution since 800 years ago.”

        • Kerrygirl

          Was it a spectacle you testicle ? 8 goals against a team with a budget that is half of what super swali gets per year ,cam you used to be funny ,,, but now you are hilarious

        • Geddy Lee

          Agreed , in a “normal” political enviroment, that would be possible, and expected. Glad to hear Galloway is going to raise the matter in the Commons.

          That display is just what the idiots in “Nor’ Iron” could use as provocation to start a riot.

    • R. MacGeddon

      So this excuses military personnel showing support for sectarianism and terrorism? Looks like I’m of the same ‘ethnic majority’ as you, yet personally I thought it was out of order. The photo of the soldiers with the ‘Keep Ulster Protestant’ scarf will probably now be the greatest recruiting tool for IRA wannabes that this and the next disaffected generation will ever have. Well done. More prejudice and division stirred up by using the military, it’s just what we need. Hypocrisy? Look in yon mirror, Mr. Cam.

      • R. MacGeddon

        …great to see The Scotsman have now picked up on it, joining the Guardian, Thomson and probably Channel 4 News tonight…once again Scotland is made to look Neanderthal in the eyes of the world thanks to the glorious Gers.

        • R. MacGeddon

          ..and now STV News…looks like the ‘ethnic majority’ will likely get the lovely pictures on their TV screens tonight…what’s the betting most of them, and other ethnic minorities, will also think the whole display was f***ing idiotic?

    • Gortnamona

      On the Rangers’ terracing continued

      “These complaints do not apply to the Celtic brake-clubs (supporters’ clubs) whose members, reasonable sentient human beings, are models of decorum and possess official testimonials to their blameless behaviour…..They are fond of singing, and to this no-one can reasonably object. On Saturday, the boys sang to their heart’s content. They gave us so many rousing choruses. “Hail Glorious St. Patrick”, “God Save Ireland”, “Slievenamon” “The Soldier’s Song”…. When Cassidy’s goal made victory sure, it was fine to hear the massed thousands at the western end of the Ibrox oval chanting thunderously “On Erin’s Green Valleys’..”
      Man in the Know” from the 1920’s Glasgow Observer in one of his reports relating to an Old Firm game in 1924,

  23. Geddy Lee

    Why were the “Ned Brigade” calling for the board to be sacked? (AGAIN)

    I thought they were lapping Mather and Co up.

    What’s gone wrong? have they had an advanced swatch at the accounts ?
    Are they objecting to the “sleazedales” or has some guy wearing a shirt AND a tie got them doing this.

    That’s generally all it takes to have the Sevcovians swooning. Would they not be better off waiting until they actually
    saw the state of the accounts?

    As for the weekend, it won’t be long before those scenes are a thing of the past, as the British Army continues to be dismantled and consumed by the coming EDF.

    Latest signs, currently exercising with the Italians (GASP)

    Military now openly advertising for FRENCH speakers. Many of our Piolets are already having to use it to land on the French operated Aircraft Carriers.

    The Royal Regiment of Fusilliers is now to be disbanded. A total bolt from the blue, especially when you consider not only how well they fought in Afgahnistan but they are also the best recruiting Regiment currently in the Forces.

    2 Ex Officers from the regiment were removed from a meeting at the weekend when they attempted to take the Defence Sec to task.

    He had till then, ignored ALL correspondence from the Regiment. The Officers openly accused him of Lying to the British People about the destruction of the Army as a whole. Cue immediate ejection.

    Finally (for the moment) the MOD have announced they are delaying the sell off of Hyde Park Barracks (Home of the Horse Guards in London) due to complaints from the Royal Family.

    Tough your Majesty. Trooping the colour is simply too expensive in terms of finance, security and manpower.

    It’s coming to an end.

    The British Government don’t have the gumption to tell the public what’s happening, but you won’t see many “British” Army escapades in the future.

    Soon they won’t be able to Fart without help and permission from the Germans and French.

    Fell free resident Military groupies, to howl at the moon in protest, but your protests will fall on deaf ears in Westminster.

    It really is all rather pathetic.

  24. cam

    Before FTTT we never had a victory,after it we never suffered a loss.

    • joe

      A sad zombie shouted to me you lot will soon be out of The Champions League we will still be in the Ramdens Cup.
      I asked politely do you know what irony means……………………………………………………………………………………………………………………………………………….Tumble Weed……
      The very same guy that shouted in the pub when the Lisbon Lions were shown ” look at these taigs still living in the past” when I pointed out loudly for the pub to hear “that’s class coming from you with a 1690 tattoo on your arm” He slinked out with laughter ringing in his ears.
      Oh happy days
      Woof

      • joe

        That’s the tumble weed blown past again
        woof

        • JimBhoy

          @Joe Not many who could be classed Taigs in the Lisbon Lions.. Even more irony me thinks..!!

          • joe

            I have had the very great privilege to have seen the Lisbon lions play at Parkhead and to stand next to Jock Stein for a cherished photo.
            Oh happy days

            • JimBhoy

              beats me joe i know one have met maybe 3 or 4 others. my first Celtic game i believe was packie bonner’s first game in 1978…

            • joe

              JimBhoy
              Hows this 1967 line up.
              I had a few pints in Bobby Lenox’s bar in Saltcoats a true gent by the way
              1 Scotland GK Ronnie Simpson
              2 Scotland DF Jim Craig
              3 Scotland DF Tommy Gemmell
              4 Scotland MF Bobby Murdoch
              5 Scotland DF Billy McNeill (Captain)
              6 Scotland DF John Clark
              7 Scotland FW Jimmy Johnstone
              8 Scotland FW Willie Wallace
              9 Scotland FW Stevie Chalmers
              10 Scotland MF Bertie Auld
              11 Scotland FW Bobby Lennox

      • For you Joe, happy days buddy.

        • joe

          For some reason this made me think of HAIR the musical that I saw in the Greens Playhouse in Glasgow don’t know why anyway look at this from Google WOOF AND THE TRIBE GET A FEW MENTIONS

          Act I

          Aquarius – Tribe and soloist (often Dionne)
          Donna – Berger and Tribe
          Hashish – Tribe
          Sodomy – Woof and Tribe
          I’m Black/Colored Spade – Hud, Woof, Berger, Claude and Tribe
          Manchester England – Claude and Tribe
          Ain’t Got No – Woof, Hud, Dionne and Tribe
          I Believe in Love – Sheila and Tribe trio
          Air – Jeanie, Crissy and Dionne
          Initials (L.B.J.) – Tribe
          I Got Life – Claude and Tribe
          Going Down – Berger and Tribe
          Hair – Claude, Berger, and Tribe
          My Conviction – Margaret Mead (tourist lady)
          Easy to be Hard – Sheila
          Don’t Put It Down – Berger, Woof and male Tribe member
          Frank Mills – Crissy
          Be-In (Hare Krishna) – Tribe
          Where Do I Go? – Claude and Tribe

          Act II

          Electric Blues – Tribe quartet
          Black Boys – Tribe sextet (three male, three female)
          White Boys – Tribe Supremes trio
          Walking in Space – Tribe
          Yes, I’s Finished/Abie Baby – Abraham Lincoln and Tribe trio (Hud and two men)
          Three-Five-Zero-Zero – Tribe
          What a Piece of Work Is Man – Tribe duo
          Good Morning Starshine – Sheila and Tribe
          The Bed – Tribe
          Aquarius (reprise) – Tribe
          Manchester England (Reprise) – Claude and Tribe
          Eyes Look Your Last – Claude and Tribe
          The Flesh Failures (Let the Sunshine In) – Claude, Sheila, Dionne and Tribe

  25. ecojon

    I robustly defended what I saw as better behaviour this time round by the Services Personnel and said that I hoped a few other lessons would be learnt for next year to hopefully remove any further need for criticism. I made my posts on the basis of the Offishal video and stated that as well as the fact that was the only one I had seen.

    I came under heavy incoming for my views but as many on here well know I am a Big Bhoy who can take dish it out and also take it.

    I have also now had the opportunity to view other videos and will now put my hands-up and say I got it wrong. What happened on Saturday was a stain on the British Forces caused by about 10/15% of those taking part from what I could gauge. It was a minority but that doesn’t excuse anything as it was a total breakdown in discipline which led to totally unacceptable and possibly criminal behaviour. The fact that this was witnessed by senior officers apparently including Nick Eeles GOC Scotland simply beggars belief.

    There are many other comments I could make but will refrain from doing so because it might consign the post to the dustbin. However my considered view now is that if a normal uniformed unit of the Forces – as opposed to an ad-hoc detachment of volunteers who are supporters of one club – is unable to carry out its public duty in an orderly manner that doesn’t besmirch their uniform and honour of our military then no further such events can be allowed in Scottish football grounds.

    Our military units are comprised of all faiths (including people with none) , creeds and colours and all have to be able to trust each other implicity as their very life might depend on it. So there is no room for anything that creates division and I realise how idiotic my thinking was in believing it was OK to create that division by allowing certain members of a unit to decide what duties they would attend as representatives of the Armed Forces while others who didn’t fit an unwritten but clear ‘selection’ criteria were excluded.

    As many know I try so see the positives and ways of moving forward with an inclusive agenda and perhaps this weekend will finally waken-up our politicians to the desperate situation that Scotland is in the grip of and which must be changed as a matter of extreme urgency not just for the sake of football but for society as a whole.

    It has shaken me out of my complacency that things have been slowly getting better. I still believe that but as this Nation stands on the cusp of momentous decisions then there will never be a better time to grasp this nettle, which still divides us, and desperately needs uprooted.

    • Ecojohn

      When I first heard reports I thought it was just a bit more of folk looking for offense to score points.

      There was another thought too which was that after the events of Remembrance Sunday last year neither RIFC or the Armed Forces could possibly be as stupid as to let something so distasteful happen again.

      Mea culpa.

      I underestimated their capacity for stupidity. Now if it were only RIFC I would be “so what else is new?” but given it is the Armed Forces I’m thinking has some nation launched a stupidity virus at them but if not, are they just stupid and if so why are we giving stupid people guns?

      In short I found the truth too hard to believe.

      In fact it is that bad I’m half wondering did some bright spark in London who wishes to keep the UK as the UK authorise this?

  26. joe

    cam
    September 30, 2013 at 3:38 pm

    Before FTTT we never had a victory,after it we never suffered a loss.

    Playing diddy teams with the second biggest wage structure you must be so so so very Plowed

  27. hector

    I see Phil is on fine fettle on the Royal bouncy regiment at Ibrox and Sallys pay cut.Now that some of the media are picking up on the farce at Ibrox I hope the wee squaddies proudly posing with that scarf are good at peeling spuds as they are about to get plenty practice. Not long till the accounts have to be coughed up they should be well and truly cooked by now.Tic toc tic toc.

  28. Monti

    Have the creditors been paid today?

  29. Monti

    ANDREW KERINS, GREAT MAN OF THE POOR,
    WE’LL NEVER FORGET WHAT YOU STARTED IT FOR!

    BROTHER WALFRID, YOUR CELTIC IS FLOURISHING,THEIR RANGERS ARE GONE!

  30. joe

    Going out with Mrs Joe
    I will be back later to educate,amuse,impart some more home spun Philosophy.
    I hope to converse with queerpipe later after he gets back from the over eighties nudist glee club.

    • Ian4300

      Joe, he did not want to go as he is not feeling very gleeful

      My poor wee boy InDeNIALL is not happy about things,

      No Accounts to prove him right, even after that nice letter he sent Mr Mather enclosing all his calculations… Talk about a lack of gratitude.

      See those Catholic Schools they must have done something, I mean WHY would those poor soldiers react unless there was an unseen Fenian hand in all this?

      Anyway No one can PROVE it was Sectarian, I mean this is the British army we are talking about, InDeNIALL said it could have been St Vitus Dance & everyone is just jumping to conclusions.

      As his Mummy did not want him sitting in, all alone & Fretting, awee night out will do him good.

      Enjoy your night out with Mrs Joe but please STOP calling my pride & joy Queerpike & Steerpike.

      His proper name is InDeNIALL WALKER, please use it in future.

      Love to all,
      Mrs Walker.

  31. Monti

    £10m in the bank hahahaha!!!
    Really? 😀

  32. Monti

    Forgive my ignorance, but what is a share? Is it a physical thing?
    How many does Craig Whyte hold?

    Another bowl please 🙂

    • Ian4300

      I’ve figured that one out monti.

      a Share is a bit of a Thingy-ma-jig. Now you buy the thingy cheap & create shares which you all buy for ONE Penny… NAW, NAW, Monti, concentrate, RFC(IL) wisnae a SHARE even if it did sell for a PENNY.

      Anyway when you & your mates have all bought your shares for a PENNY or have been given them, you create a NEW Thingy-ma-jig & sell shares in it for 70p each to others, then you swap YOUR 1p shares for 70p Shares in The New Thingy-ma-jig, see?

      Now about Whyte I’m not sure about him… Is HE that unseen Fenian? If so he was pure dead smart putting his Shares in that Blue thingy Holdings

      The Fuds will never catch him.

      😉

  33. Raymilland

    The general view from the above posts suggests that leaseback of Ibrox is inevitable (if not already in place) and would place further strain on already over stretched funds.

    It also appears that the plan is to jump ship and leave some ‘blue knights’ type to struggle on without ownership of the assets.

    TRFC would require huge investment just to get near to challenging Celtic for Champions League qualification.
    The consensus from above is that contrary to any challenge to Celtic, TRFC is set to spend years in the doldrums unable to muster adequate funds.

    If the above is a realistic appraisal of matters, how long will it take for the crowds at Ibrox to dwindle below a sustainable level? I would imagine that SB sales would plummet very quickly.

    How soon would it be before the leaseback figure cannot be met; and what benefit would that be to the landlord?

    In the end, if Rangers are not competing in Europe, they are a spent force with no prospects of a revival. The one and only constant is the value the assets which may be used independently as real estate.

    I disagree with the view that Ibrox is only valuable as a vehicle for TRFC. What good is that facility with dwindling crowd and a struggling football club?

    Ultimately, when all else fails, the assets are what they are; and that is PRIME REAL ESTATE.

    Whatever else Craig Whyte and Charles Green may be, they are no fools. Having raised millions from a contentious IPO, they have also contrived the fate of the club, in the form of the 5 way agreement, the terms of which, gift them the power to jettison the club once it has out grown its usefulness.

    What is the motive of the Charlotte Fakeovers Twitter account, if not a vehicle to hold the club to ransom?

    My own view is that Green and Whyte would be doing Scotland a great service if they both contrived to compel the SFA to expunge TRFC from the face of the earth.

    Pray for the day when the Ibrox turf is the last remnant of TRFC to be sold.

  34. Apart from the cretin waster wanker, a very good blog today

  35. hector

    Just back from a quick dash through that wee tyke Billy McMurdos witty and informative blog.It seems the little scamp is for the avoidance of doubt not getting a wage out of sevco central or toxic Jack.Next he has a go at the rangers haters who without any evidence have a go at the heroic troops and if he had is way would parade at every home game.Took a quick peek at his book stall then threw up and came home for a shower.It will be fun to see the positive spin he puts on sevco tits up again and all the spivs giggling at him from warmer climes.No mention of Sally taking one for the team wage cut that will have to wait for a nod from the dark lord.

  36. timtim

    I would just like to thank Paul for this forum where all people can express their views on nearly any topic without their comments being deleted.
    TSFM is denying their posters the right to comment on Saturdays shenanigans, those who do have had their posts deleted, those who disagree with those actions in the moderation comments thread have been banned (yes, I mean me)
    I may not enjoy some of the rants on here but I value the right to free speech
    Paul McC 1-0 TSFM

    • Ian4300

      I agree with you timtim,

      I have never posted on TSFM. It seem s to be run by a sanctimonious wee shit or a clique of them.

      When you boil things down it is ALL opinion & everyone is entitled to one this side of breaking the law.

  37. dan

    I’ve just pished myself laughing–again. I was listening to Superboreboard and this guy came on and asked what the panel thought about events at IOUbrox on Saturday, only to be told that as the POLIS, the fucking ARMY, and SEVCO themselves, are all ‘investigating the matter’ the Superbores couldn’t comment. I mean what other ground in Scotland could provide us with such entertainment? I repeat, the POLIS, the fucking ARMY and SEVCO themselves! And this entertainment is free!

    You know it almost—almost—makes you hope ‘Son of Admin 2’ or even ‘Admin 3 Meets The Wolfman’ doesn’t come to pass and that the hate-in does become an annual event!

    You know, as I watched the vid on Youtube I was reminded of this guy that grew up in our street. He was a class A bam, and was in possession of the full suite of bammery. He supported the late Rangers, followed Orange parades, and, in his cups, was given to singing from that dire hymn sheet despite the fact that he lived in a mixed community.

    Imagine my surprise when, on returning to the old street, I was told that he had joined the army and had gone to NI. I mean, firstly, I couldn’t believe he’d passed the physical on account of his eyes—-you could scarcely get a fag paper between them—and what about his ‘partisanship’ I wondered. How would that pan out in such a divided community? But then I thought, give the guy a chance. Maybe he’ll see things differently ‘over there’.

    Alas, no. He did his stint, and just a few years ago I read that he, and his son, had been done for ‘sectarian singing’ .

    So maybe I should have been prepared for Saturday’s hate-in and been surprised by nothing I saw there. What a shame. And what a riddy for the country.

    • I’ve just pished myself laughing–again. I was listening to Superboreboard and this guy came on and asked what the panel thought about events at IOUbrox on Saturday, only to be told that as the POLIS, the fucking ARMY, and SEVCO themselves, are all ‘investigating the matter’ the Superbores couldn’t comment. I mean what other ground in Scotland could provide us with such entertainment? I repeat, the POLIS, the fucking ARMY and SEVCO themselves! And this entertainment is free!

      @Dan
      Insane lol, priceless 🙂

  38. Monti

    doo doo doo doo doo doo doo doo doo doo doo doo SEVCO 5088 BULLSEYE!

    Stay out of the black & stay in the red
    not long now ’til Sevco are dead
    there’ll be fire & brimstone & lots of incense,
    But fear ye not, Ogilvie, Doncaster & Regan
    Will conjure up a dodgy new license.

  39. Raymilland

    Rule Britannia?

    Andrew Dickson, who presents the club’s official TV channel – Rangers TV – suggested detractors should “take a look at their passports and remind themselves of where they come from…”.

    http://newsnetscotland.com/index.php/scottish-news/8103-journalist-questions-media-silence-after-military-day-sectarian-chanting-at-rangers-game

  40. Where are the P2? Are any of the P2 in the house tonight? 🙂

  41. 10 and counting (that’s days before RIFC must publish accounts in order to satisfy the requisitioners of the egm request re the agm)

  42. Chris McLaughlin 28 mins ago on PMGB twitter, see below…………

    Investors have written to club with proposal for change. They want Malcolm Murray, Paul Murray, Scott Murdoch, Alex Wilson appointed.

    • Sky sports better than the post i did, ‘No doubt references to sectarian, fascist’ songs here. Where are the SFA?

    • Firstly, I acknowledge that not all 400 service peeps were involved in truly concerning scenes but at up to100 were. The first investigation must come from SFA or SPFL (?) where there was said number of home fans engaged in a pitch side political or otherwise, rally.
      Now if that was in any ground at any time in EUROPE, it will be investigated and in some manner punished.

      However, I am really not bothered. It did not concern me nor will I concern myself of it.
      I was really pleased that todays blog neared what it was intended to be, a sharing of thoughts. Yes I had my own negative ones, but that cunt does that to me
      🙂

      • cam

        TAKE A LENGTH!,,, 🙂

      • Hi Jedi01
        I’m totally with you mate. My take on watching the first ‘utube’ was that the military boys split into sections across the ground, and the poor cfunts that landed there were caught up in it. Upon watching the sky news video from a different angle, yes, i do think, most of the group at that end knew where and what was going on. It’s all sad jed, the outcome in the end will be that it’s “the last post” there, that game is over before they conclude the rights and wrongs.

        However, the perpetrators in the sevco ranks have done nothing to further the cause of their club, new investors etc…………. they’re dead jed, dead, the game is now over.

        All that’s left is for the politicians to put them to bed, along with the proposed annual report.

  43. James wallace

    Well put together blog with some very clear and concise theory on why so called hardened financial professionals have invested in on the face of it a poor return on investment.

    I was aware of a number of very wealthy individuals and institutions being approached prior to the flotation on merely the strength you know you want to invest in The Rangers. Also know a few who actually invested significant funds against all known financial logic.

    Sometimes we give too much credit to so called very smart financial professionals but in this case I can only see the promise of leasing back the “assets” of The Rangers is most likely scenario “sold” to the investors, but never rule out poor investments decisions from these professionals.

    I have seen some very wealthy individuals and institutions part with mind boggling amounts of money on worse basket cases than Rangers.

    Never forget about a fool and their money being easily parted!!!

    But on the balance of probabilities the sale and leaseback is most likely best return in investment.

    Again congrats on a very good blog.

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