“Black Monday” For Rangers’ CEO Craig Mather

Fans of Billy Joel might be familiar with his song “Summer, Highland Falls”. It includes the lines:-

“For we are always what our situations hand us

It’s either sadness or euphoria”.

For some reason those words came to mind last night when I was thinking about Craig Mather, the Rangers International Football Club PLC CEO.

Black Monday

Why Might Mr Mather Have Been Euphoric?

A week ago he was in South Africa along with Brian Stockbridge to see Dave King.

The Board had told the Rebels that they were not getting their resolution to vote on 4 new directors heard at the AGM on 24th October. This had been challenged in court, but Mr Mather had “robust” advice from the company’s solicitors, junior counsel and QC that the notices about the resolution were defective. So even though there was a hearing set for yesterday, he must have been viewing this as positive.

The AGM notices had gone out and the Board were ready to proclaim to the shareholders their success in saving Rangers from disaster, especially when none of the present rebels had been willing to stump up the cash to do so.

The football club was already running away with the third tier of Scottish football and apart from a League Cup defeat to Forfar had a 100% record.

Even the fans who praised Ally McCoist for not walking away but who were sceptical of his managerial talents seemed to be quite. An 8-0 victory does that sometimes.

As for the company there was still enough cash left from the share issue to take Rangers through to April with £1 million in the bank.

He was due to meet with selected representatives of the fans on last Thursday night to answer as many of their questions as rules would allow, and he was hoping to be able to give them good news.

And then came the cherry on the cake. Dave King agreed to come back to Ibrox and join the Board of the PLC as Chairman. He was also willing to invest, although clearly the cash was not needed now, but a nest egg for a rainy day is always a good thing, and indeed he was willing to lead further fund-raising efforts to make the nest egg into a war chest for the return to the top level of Scottish football.

The meeting with the Rangers fans went well – despite the Financial Director being restricted in what he could say about money by Stock Exchange Rules, and despite him having to leave for another appointment during the meeting – Mr Mather would have gone away thinking that the supporters understood the fiscal reality of the massive achievement he had been part of. And if it had cost Rangers £1 million to pay Mr Green for his tenure, this was a price worth paying to get rid of him, and after all it was Mr Mather who had sacked Imran Ahmad.

(The fact that Mr Ahmad’s court action against Rangers is back in court tomorrow (Wednesday) was a small and indeed unimportant matter which he did not need to trouble the fans with. After all Rangers have “robust” legal advice that Mr Ahmad’s case is unfounded.)

And whilst, as a result of Stock Exchange Rules he couldn’t say much about Mr King’s plans, he was able to tell the supporters’ representatives about a statement Rangers were about to release dealing with the problems the fans had with Media House and Jack Irvine, and this seemed to please them.

Then, on Saturday, prompted by leaks suggesting that Mr King was in the Rebel camp, came the piece de resistance.

Mr Mather and Mr King announced that the South African-based businessman, having resolved his disagreement with the tax authorities in his present homeland, was coming back. He would be chairman, bring in money and lead fund-raising.

Mr King also made clear that he was not aligned with any group and wanted to work with the existing directors.

The reaction was overwhelmingly positive.

CM Happy

Rangers message boards lit up with delight. A true Rangers fan, who whilst maybe not a billionaire was clearly far richer than anyone involved with the club just now, was coming back. Despite having lost £20 million when the former company failed, he was willing to put in more money. And the focus on his possible regulatory issues was a sign to the faithful that Celtic supporters were rattled. After all, why should people go on about him and the “fit and proper person” test unless they feared him?

Mr Mather seemed to have succeeded in uniting his team’s fans and in heading off the Rebels too. Mr King had thrown in his lot with the existing board and the press coverage on Sunday was also very much in favour. Some even detected the signs of a retrun to “succulent lamb-ism”.

So What Happened to Change Mr Mather from Euphoria to Sadness?

“Black Monday” happened.

(No, not Ian Black Monday, just Black Monday).

At 7am the Stock Exchange press wire put out Rangers statement amending what was said over the weekend. I wrote about that here.

The result? At least officially Mr King was not yet coming back – there was no agreement on his appointment nor on investment or fund-raising. In fact he was only discussing a possible position on the “football board” and not the PLC. Even worse the clarification was being made because Rangers NOMAD insisted that it do so to remedy possible regulatory breaches in the Saturday announcements.

Later on, despite the “robust” legal advice he had, Lord Tyre found against Rangers and in favour of the Rebels. As a result the AGM was postponed.

The release of a statement later, which I mentioned here, seemed almost to be a declaration by Rangers that they had won, or at least that the score did not reflect the run of play.

Suddenly Mr Mather was in the frame for illegally denying the Rebels the vote on new directors and, as a result, incurring the disapproval of the judge, the costs of a cancelled AGM, the costs for a new AGM and the expenses, which will be substantial, involved in defending a legal case which, on the face of it, now seems to have been a losing battle from the moment it was raised, as I wrote about here. (On the rare occasion I get a prediction right, I want to tell people!)

This morning’s papers are talking about demands for Mr Mather to resign for his botching of the King news and his defence of the court action.

The good cheer of Saturday night and Sunday will have evaporated.

CM Sad

The Rebels have momentum heading into the AGM and even the positive vibes gained by the imminent announcement about Media House seems to have gone, because, in fact, there has not yet actually been any public announcement!

From the weekend, when Mr Mather might have sat sipping a glass of celebratory white wine from one of South Africa’s finest vineyards (maybe a personal recommendation from Mr King?) to yesterday, when that taste of victory has turned to ashes in his mouth, is summed up by the ever-eloquent Mr Joel.

“For we are always what our situations hand us

It’s either sadness or euphoria”.

Posted by Paul McConville

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283 Comments

Filed under Craig Mather, Rangers

283 responses to ““Black Monday” For Rangers’ CEO Craig Mather

  1. cam

    Setanta owe the money to the creditors pot.BDO shall follow follow my instructions to the letter.
    WATP

  2. cam

    @Sevco Utd

    Can you let Monti,Coatbrig and eastside out of your back pocket at bedtime?

    @Monti
    have the creditors been paid?
    🙂
    No deflecting now,you silly little bhoy.

  3. timtim

    The round a club enters the Scottish cup is dependant on where that club finishes in the league the previous season.
    Last season Rfc* competed in the earliest rounds of the cup alongside the other div 3 teams. That tells us that the SFA treated Rfc* as a new club ignoring the fact that deidco finished 2nd in the SPL .
    It also tells us that the SFA are happy to ignore Sevco misleading their own fans with the, then now forever nonsense.

  4. Monti

    COME ON POLAND, STICK ONE IN!

  5. Ed Paisley

    Well done to Roy Hodgson – he is a true gentleman and I hope he does well at the finals in Brazil (but not win it of course).
    The media and players wanted Redknapp for the job but the FA know that Harry has too many skeletons in his cupboard. He was involved in that tax evasion case – Milan Mandaric paid £180k into Harry’s Swiss bank account – but it was for a business deal, it defo wasn’t remuneration.
    Harry won his case, but don’t these millionaire tax dodgers make you want to puke? They are the lowest forms of life – king turds, all of them.

    • Sevco United

      Is that all millionaire tax dodgers Ed ? Every one of them the lowest form of life ?

      • Ed Paisley

        Sevco Utd
        I would exempt Dermot and Sir William Haughey – these clever men engage in efficient tax planning. You know, cash ISAs and investing in premium bonds where the prize income is tax free, all that wholesome stuff.
        Now Dave King – he is a convicted tax evader; he reached a settlement in order to keep him out of prison for 82 years. I am pretty sure that Dave has a stache of those blood diamonds too – and a hoose foo a they kruggerands that he brought in without paying import duties. To cap it all, he has a shifty criminal look about him and I bet he does tarry stools.
        I’m a St Mirren man so I impartial in this whole Celtic/Rangers bun fight.

        • Sevco United

          You are impartial but you would for some strange reason only exempt Dermot and Haughey because they are clever men. LMAO

          What about all the millionaires who put money into tax haven Film Companies to avoid tax ? Do they meet your lowest form of life criteria ?

          Or like the other 2, does it depend on what team they are connected to ? 🙂

          • JimBhoy

            @sevco the British tax system has thousands of employees from many companies employed to work out loopholes, Alex Salmond last year a £16m grant fo a company to set up in Glasgow (jobs) I posted it at the time. There is a difference between illegal , borderline and legal (according to the complex tax laws)..

            Many companies in the UK work systems set up by HMRC that cut down on admin for them and gives employees some benefits.. But I have never had a huge loan from my company tax free that does not need paid back and I could shred the evidence..! I get family heath benefits that are taxed at source.. My missus is a carer and can claim car allowance but she has to document every day’s journeys, not worth the hassle. I can claim back higher tax benefits on my pension contributions but it takes a year for a return and many hoops.. Child benefit is now taxable.. Whole tax system is Shoite…!

            • Sevco United

              JB – It was Ed who said “don’t these millionaire tax dodgers make you want to puke? They are the lowest forms of life”

              I was just asking if he was going to be consistent in his application. I got my answer and reading between the lines i think it was “No. Only if its connected to Rangers or Sevco in some way” 🙂

          • Ed Paisley

            It depends what the movies are. If it was a movie like “300” starring that marvellous Paisley actor Gerard Butler then it is an acceptable tax exemption vehicle. If it is a movie starring that horse’s arse Robert Carlyle, then no way should investors get tax relief. That is my wholly impartial view.

    • cam

      Aah Ted,read the Glackin report,peruse the Moriarty Tribunal,have a swatch at this.
      http://www.villagemagazine.ie/index.php/2012/07/why-no-prosecutions-until-seanie-this-week/
      It’s a scary world eh Ted?

  6. Sevco United

    Another great result for wee Gordo. Why was he hounded out of the Celtic job ? 🙂

    • JimBhoy

      @sevco He was hounded? Sometimes after 3 or 4 seasons it’s time for change mate, you are just mischief making.. How come Sally isn’t hounded out of rangers like McLeish, wee dick , le guen..?

      • Sevco United

        Because just like Lennon, Sally is “one of them”.

        That was the problem with Strachan and McLeish. They were cut from a different cloth. (tu)

        • JimBhoy

          @Sevco And Brady, Stein, Dalglish, Macari. Mowbray? What cloth was that? Celtic, religion what cloth would that be? You often tar the Celtic fold with the crap that the rangers have embroilled themselves with since the turn of the century..!

        • Monti

          @Sevco
          Been waiting for you to trip & there it is, Alex Mcleish was born in Glasgow & supported Rangers!
          so how is he from a different ‘cloth’??

          If you don’t know what your talking about, just sit down & face the front!
          Also I think you should be more respectful to Paul McConville & watch your mouth…………wee man!

  7. portpower

    Meep! Meep!
    Choo Choo

    sevco

  8. JimBhoy

    Very good Scottish performance tonight, confident, fearless, composed and took our chances… Not a Strachan but I remain optimistic he can take us forward..!! Barry Bannan for a space on the bench though..!!

    • Badgerbhoy

      Best performance in a long time
      Barry Bannan played out of his skin. The only one that looked oot of place was Broony. Too many touches of a Scotsman

  9. For King, however, the judge’s judgment goes downhill from here, faster than an Olympic downhill ski champion with the wind behind them: “Notwithstanding these advantages, he made a very poor impression as a witness.” Judge Smallwood continued: “He is extremely arrogant and obviously thinks that whatever he says is so.” This observation might suggest that King would not feel out of place among the “Rangers men” he may or may not be leading soon. And if it put you in mind of, to pick an example purely at random, former Rangers majority owner David Murray, be assured that you are not alone. And if you think that King was only being glib and shameless in front of his legal adversaries, let Mr Justice Smallwood happily disabuse you of that notion: “He deliberately misrepresented the facts of the case to his legal representatives.” As the ruling notes elsewhere: “Mr King agreed that… he did not want (his) South African legal representatives to know all the facts. He said that this was not necessary.”

    This, it seems to me, was not only “extremely arrogant” (see above) but also mendacity to the point of delusion. And it hardly suggested confidence in his case. Equally bizarrely, he also “deliberately misrepresented the facts” to “representatives and solicitors” of the offshore trust (no true Rangers man is complete without one) involved in the case.

    http://twohundredpercent.net/?p=24189

  10. cam

    Well bhoys how did you get on today? did you manage to solve any mysteries,get closer to the truth,say the thing that unifies all of the current theories?,,,,nah,admit it you all just bumped yer gums and clattered the same tired old pish.

    Wee Paul Murray is talking the talk,Randy Dave is lurking,Scott Murdoch a property magnate and Alex Wilson are hovering.
    Big Jim McColl knows a thing or two about pumping,there are just too many good Gers men for Paul and his army of rockets to resist.
    We’re coming tae get ye!

    @Willy Wonka
    You seem to think the Easdales are also heading out m8.I don’t know enough about them to judge but if they are just representing Chico’s gang then their time’s up.

    I’m feeling good about the future,we can see the light now and it ain’t a train heading towards us.

    C’mon the Glasgow Rangers!!

    • Ed Paisley

      Cam
      I’m so pleased to hear your spirits have revived. I was worried you were about to throw in the towel and depart the scene. It’s great to have you back.
      BTW – who is Scott Murdoch, what has he done time for?

      • cam

        I don’t think he has loaned anybody any money and won any contract tenders Ted.
        My spirits are always up Ted,it’s a by product of being a good Protestant.

        I have noticed a terrible habit of the Celtic bhoys in here.When the rage is upon them and they are losing yet another debate they like to target some poor fellows mum.
        Now i thought with all those statues of wee Mary that mums were sacred,not to be used as a point scoring exercise,off limits.
        I know it’s just internet banter for the socially defective but we gotta have limits Ted.
        I realise that some lunatics think they can say and do anything and a visit to a wee man in a cubby hole squares it up but for the rest of us, we know that we’re going straight to hell.
        Imagine some muppet said something about yer wee maw Ted in the street.
        Words aren’t the answer then Ted.

        What have you done time for Ted?
        Criminal patter?
        Double standards offences?
        Genetic crimes against mosquitoes?

        • Ed Paisley

          Hypocrisy and double standards Cam? I thought that was the whole point of the exercise – Rangers are down, lets rub their blue noses in it. Partial truths, hypocrisy – anything short of an outright lie is an acceptable strategy. Don’t take it too seriously and we will all be fine. Are you referring to the ma jokes re Niall? Harmless and affectionate fun poking.
          The mosquito bites have all gone but I’ve just found out my wee great-nephew Cameron has Hand Foot and Mouth disease and he slobbered all over me at the weekend. Now I’m waiting for the spots to appear. What a life.

      • Arb urns

        So poor craigy m’ s been dumped by ye cam…. Can’t believe he don’t make the hairs on yer Belisha stand up anymore….I hear Steerpike has opened a new angling shop in larkhall he’s called it The Master Baiter……..

        • @Arb
          Master Baiter, cunny funt hahaha

        • cam

          Apart from Walter and Greigy and Sandy and all the Bears who have Royal blue blood they are all transient.
          There is nothing in this life or the next,more important than the continuing glory of the famous Glasgow Rangers,well apart from Morag’s birthday.

          Craig has a chance yet,he must publicly leather Stockers,get a Gers tattoo and show me the deeds at my next barbie.

          Niall’s lures are tied by a master of the black arts.I’m sure that in time you will go fishing with him and be found by the banks of the Leven clutching his rod.

  11. Raymilland

    All Things Must Pass

    There’s a man talking on the radio
    What he’s saying I don’t really know
    Seems he’s lost some stocks and shares
    Stops and stares
    He’s afraid I know
    That’s the way it goes

    There’s a man talking of the promised land
    He’ll aquire it with some krugerrand
    Subdivide and deal it out
    Feel his clout
    He can stoop so low
    And that’s the way it goes

    There’s an actor who hopes to fit the bill
    See’s a shining city on a hill
    Step up close and see he’s blind
    Wined and dined
    All he has is pose
    And that’s the way it goes

    There’s a fire that burns away the lies
    Manifesting in the spiritual eye
    Though you won’t understand the way I feel
    You conceal, all there is to know
    That’s the way it goes…
    That’s the way it goes…
    That’s the way it goes…

  12. Arb urns

    Now that small Paul thinks the coast is clear and is venturing out in the rain risking the perm and dave has turned over a new leaf and become all compliant how about BDO luring them in then announcing lack of fiduciary by the previous previous board, the ebt loans are called up, the ebt boys wave their indemnities and nialls yer uncle everybody gets their money back from the original blue knights off the radar wealth…. Just in time for TRFC or Sevcotoo as they might be known by then ,getting back to ‘the premiership’

  13. lordmac

    latest storys to emerge from the maternity wards, baby’s with inherited memory’s, ask “daddy” what was the glasgow rangers really like. lol

  14. Ed Paisley

    Who the f*ck ordered beans for the Sevco AGM:-

  15. portpower

    “Wee Paul Murray is talking the talk”

    I`m coming back to the spiritual zombie home.

    Choo! Choo!

    sevco

  16. cam

    Poor Monti,caught between a rock and a hard place.

    C’mon now son,tell us about the poor creditors,tell us how you cry for them at night,let us gather all the poor souls at the banks of the great river Insolvency and pray with them.
    Mistakes were made,the good times were good,the bills were paid and then along came Hector.
    Like the House of the Rising Sun,he’s been the ruin of many a poor fitba club, and legal firm, and his vengeance is biblical.

    Let us pray;

    Our Walter,send Arty to hell
    Hallowed be thy name
    Thy helicopter come
    Thy will be done in Hampden
    As it is in Ibrox

    Give us this day our Rangers news
    and forgive us our naughty songs
    as we forgive them that sing against us
    and lead us not into Parkhead
    and deliver us from Lennon
    for thine is the treble
    the double and the glory
    for ever and ever
    We are the people.

  17. @Niall………..re your response to my post on previous blog.
    No one…., well not that I’m aware of, is suggesting that there is a nationwide anti Catholiic – Irish ethos in Scotland, however many of us conclude, as does Phil Mac Giolla Bhain, that an unhealthy racist subculture exists in NI & West Central Scotland, in sufficient numbers as to be a matter of concern.
    If People are suggesting that the whole of Scotland is plagued with anti Irish bigots that in itself would constitute a racist sentiment.
    In my experience, which I tend to trust more than statistics, I have encountered anti Catholic violence & the more well groomed parochialism & resentments of middle class Protestant Scotland. Equally, & more importantly, my experience also tells me that the majority of people in Scotland don’t give a shit what your second name is, but enough people do for it to be a continuing problem.
    This is where there is an ongoing confusion regarding the prejudices that are often made reference to on this site. No one is suggesting that there are tooled up gangs of Protestant Zealots, marauding the streets of Scottish cities, However bigotry is often exhibited in a more nuanced form, than just calling someone a tarrier, or hitting them over the head with a bottle.
    (just look at cam’s posts :))

    • cam

      Looking at the strange timings of your comments i’m thinking pole dancer or artificial inseminator?
      As to the main thrust of your contention? crazy Phil tried to garner support for his little east end Republica la Shettleston but got told tae bolt ya rocket.

      Taking the ferry home, he continues his rather sad diatribe and ekes out an existence strumming his one string banjo to an audience of Clampetts.

      The pathetic victim status is so last century,go tell wee Kearney he can come out now,Benny is in sanctuary. 🙂

  18. cam

    My final thought for the evening,a Protestant Last Call if you will.

    Watching schools fitba over the years i have noticed the penchant amongst out Roman brethren for Papal nomenclature.
    Many a game has been quite hard to follow, as John Paul passed the ball to JP and Paul on the wing berated John Paul II for not delivering the ball earlier.
    With Francis on the hot seat at least we shall have some variety.Benedict was always a sub.

    Heavenly father, please let them elect a Pope called Sandra!

  19. cam

    Ah know Morag,i shouldn’t keep annoying them but i can’t help myself.

    Peter Lawwell’s influence at the SFA is apparent as the morning warm up for the staff unfolds.

  20. portpower

    I wait in anticipation for the next product placement.
    In Jack & Jabba we trust.

    Choo! Choo!

    sevco

  21. Monti

    CARNAGE AT IBROX TODAY, LISTEN IN FOR MORE DETAILS!

    • hector

      @monti Morning brother Monti I see Mr Mather has done the honourable thing and stepped down.Cam will be beside himself with grief .I cant believe that greasy little worm Stockbridge is hanging on in there.

  22. Micky Burt

    Another one bites the dust
    Just gets better and better

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