Category Archives: Financial Services and Markets Act 2000

A Look Back into the Archives – Rangers’ Unaudited Results to June 2011

Who can recall those long ago days of late November 2011?

Remember when Rangers Football Club PLC was not in administration (well, it’s technically not in administration now, but should go back into it on Monday)?

Remember when we had never heard of Duff & Phelps, and when Craig Whyte and Rangers were employing Mr Misha Sher to be their Director of Global Partnerships and World Domination?

Remember when there was the fanfare about the opening of the London office, although I am not sure anyone ever found out where it was?

Remember when, to most supporters of Rangers, Mr Whyte was still the greatest thing since sliced bread, and to the Scottish media, the greatest thing since succulent lamb?

Who would believe those halcyon days were less than four months ago!

I want to look at the Rangers results which came out on 30th November. These were unaudited, and despite promises by Mr Whyte they remain so.

They were announced to the PLUS SX (remember when Rangers shares were still traded there?)

I thought a wee look back at the thoughts of Chairman Whyte might be of interest. His statement is in bold, with my comments beneath.

CHAIRMAN’S STATEMENT

 

When I became the majority shareholder and Chairman of this great football club in May this year, the sense of honour and privilege I felt was overwhelming. Those feelings are stronger than ever within me now.

 

I suspect by November 2011, there were a great many feelings stronger than ever in Mr Whyte! Honour and privilege might have had significant company!

 

First, I would like to address what matters most to every Rangers fan – football. In recent years the performance of the players and the football management team has been quite magnificent and I would suggest their achievements rank among the Club’s greatest.

 

Three successive League titles, three out of the last four Scottish League Cups, plus two Scottish Cups and a UEFA Cup Final appearance is extraordinary by any standard and set the seal on Walter Smith’s outstanding second term as Manager and a truly remarkable managerial career. Every Rangers supporter owes him an enormous debt of gratitude.

 

The outcomes mentioned by Mr Whyte were fine achievements. How many, if any, came from teams receiving untaxed payments and how many had “second contracts” we will await the decision of the various bodies upon. It might, in a footballing sense, be going a bit far to describe the trophies won in recent years as among the Club’s greatest, as the Rangers roll of honour lists many outstanding achievements, but I will leave that debate to Rangers fans. There can be no doubt that it was a significant feat for the Walter Smith led team to win the number of prizes it did.

With hindsight it already seems a bit Freudian of him to be mentioning “owing” and “debts”!

 

Walter also left the Club in good hands and Ally McCoist, Kenny McDowall and Ian Durrant are showing the same tremendous drive for success. All of us wish them – and the players – continuing success this season.

 

A footballing point – if Rangers had not fallen into administration, might Mr McCoist have been dismissed by now? Is he that rare individual, one who owes the continued existence of his job to Insolvency? Again, I will leave that to people better qualified than me to debate.

 

In May, the Club entered a new era both on and off the pitch. Whilst this Statement covers the 12-month period ending on 31 June 2011, it also affords us the opportunity to look forward. Continue reading

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