Rangers* do not have financial problems. Their Finance Director made that clear last week. They have £10 million in the bank after all!
But the doubts are still there. When former Directors like Messrs Johnston and King talk of administration, that, especially to Rangers fans, should ring warning bells.
So it was against that backcloth that the press reported Mr McCoist’s willingness to consider whether or not to accept a wage cut, if asked.
Recent criticism of spending at Ibrox has mentioned the salaries of executives and management. Mr McCoist’s basic wage is understood to be £700,000 (plus bonuses). As that was his salary with the now liquidated Rangers, he was entitled to insist on keeping those terms when his employer changed from Rangers Football Club PLC to Sevco Scotland Ltd/The Rangers Football Club Ltd and thence to Rangers International Football Club PLC. Continue reading
There are occasional moments, when I have had my last mug of tea for the day (Vanilla Earl Grey, if you’re putting the kettle on thank you) and I think if I should write a blog post for the next morning. Has anything happened which justifies me looking at the legalities of some situation?
On those occasions I can generally depend on one particular football team to be involved in something which has a legal aspect to it.
People ask me why I keep writing about Rangers – is it an obsession?
The short answer is that there has been no other entity in Scotland which has been involved in so many different aspects of the law over the last two years.
Tax, company law, insolvency, family law, damages claims, breach of contract, employment law, defamation, privilege, Data Protection, breach of confidence … you name it, and it has been there. Continue reading
Mr Green has been, by his standards, quite quiet recently. However one cannot keep a good man down!
On the back of the excellent results for Rangers announced last week, Mr Green made some comments. I have extracted them from the STV website here. My observations on his bons mots as in bold.
“No one has got security, no one will ever be given security – Murray Park and the stadium are unencumbered. No one has got a charge over them, we have got no bank debt, no institutional debt and we are never going to have any.”
Excellent! Well done! After all, if there is no debt then the club/company/holding company (delete as appropriate) cannot end up in the same mess as oldco managed!
Just a couple of points come to mind (but as Mr Green’s business record is infinitely better than mine, I am sure I have simply misunderstood the implications of what the Businessman of the Year has had to say). Continue reading
Mr Green is under pressure. His dream of owning the famous Glasgow Rangers was not life long, nor even a year long yet. He never envisaged, I am sure the team playing in SFL3, nor many of his top players leaving with nothing coming to the Sevco coffers as a consequence.
Equally, as discussed by Ecojon in his recent posts on the blog, his investors, thinking that they were buying into an SPL club, might be rather shocked at finding that rather than AC Milan and Barcelona, the visitors to Ibrox would be Annan Athletic and Berwick Rangers!
The twin disasters of being admitted only to SFL3 and the departure of many millions of pounds worth of players, (although he only paid £2.75 million for the rights to them) have crippled his cash flow, and the season ticket boycott urged by many Rangers FC fans is no help either.
Mr Green has commented that Rangers FC has no players, and Mr McCoist has said he only has six, although my count suggested there were over forty.
Mr Green though has accepted that three of his internationals can leave, and they do so with his blessing for their loyalty. Continue reading
Yesterday Mr Green made clear his stance on the players who exercised their legal rights not to go to work for Sevco 5088 Ltd, or Sevco Scotland Ltd or RFC 2012 Ltd…
His statement, from rangers.co.uk is below, with commentary in bold.
The article was written by Lindsay Herron on the official “Rangers” website and therefore the narrative part of the story too can be taken as the official “Rangers” stance.
CHARLES GREEN has vowed to fight to bring in compensation for the players who have walked out on Rangers and he has asked the SFA to play a key role.
The guts have been ripped out of Ally McCoist’s squad by 11 players – headed by Steven Naismith, Steve Davis, Steven Whittaker and Allan McGregor – who insist they are not obliged to join the new company under TUPE. Indeed Whittaker has been signed by Norwich City while Kyle Lafferty is joining Sion in Switzerland. The Rangers Chief Executive, however, is insistent that Rangers are due compensation for all of the players who have gone. Continue reading