Rumours were swirling about for a few days about a debt due by “Rangers” to somebody from “the East”. Details were hard to pin down, but there was frequent mention of a winding-up order, or at least the possibility of one. Phil Mac Giolla Bhain was at the forefront of the story, although, as is often the case, his reportage was dismissed by those who ought to have paid more attention to what he had to say.
Alex Thomson of Channel 4 News took matters further and he heard from Orlit Enterprises that they claimed to be owed £400,000 by Rangers as the balance of its fee for introducing investors to Sevco Scotland Ltd (now Rangers Football Club Ltd). He was told that an application for a winding up order was the last resort, but a step Orlit were on the point of taking.
After Mr Thomson blogged about this, and mentioned that, despite efforts to elicit same, there had been no response from Rangers, there came various additional reports and comments.
What I am interested in, and writing about in this post, is that follow-up reaction. Continue reading
The following is a comment by Ecojon on the previous post, but I thought it worth putting it up as a post in its own right.
Take it away!
Some “Rangers Haters” at the time suggested that the very wealthy gentleman in question had indeed invested at least £2 million but that when the original investors were told that they were to be paid in an equity for cash swap that he demanded and received his cash back as per the original agreement.
Now I have no way of knowing whether this is true or not or indeed of checking it.
However the McMurdo outpouring of grief is either sloppy journalism on a par with the Record, Sun, STV or Glasgow Herald or he has been fed mince in the guise of succulent lamb from a man in Ibrox. Continue reading
In June Mr Green promised that all of the questions about his consortium and investors in Rangers would be answered “in seven days”. Well, he did not say which seven days!
However last night he has addressed one of the issues – the mysterious Blue Pitch Holdings. His statement from the official Rangers site is below, with my comments beneath.
CHARLES GREEN, Chief Executive, issued the following statement today:
“There has been renewed speculation and media comment recently regarding the current shareholders in The Rangers Football Club. A full list of current shareholders will be published in the share prospectus which will be issued within the next few weeks.
“A lot of attention has focused on investment funds which have taken a shareholding in the Club to date.
“For example, I would like to clarify that in the case of Blue Pitch Holdings, the legal beneficiary is Mazen Houssami and not Arif Naqvi of Abraaj Capital. Mr Naqvi is a personal friend of mine and I approached him early on in the process about a shareholding but he has not proceeded on the basis that the investment fell outside the core geography he invests in.”
We can therefore expect the prospectus in a “few weeks”. Even better, this is the “next” few weeks!
A full list of current shareholders is to be published. Bearing in mind that previously Mr Green announced it would be breaking the law to reveal some of the shareholders, this is an interesting change in his stance. I wonder if any present shareholders would be looking to divest themselves of their shareholding prior to publication of the list in the prospectus?
Blue Pitch Holdings and Mazen Houssami Continue reading
I have huge respect and affection for the BBC. We are lucky to have an organisation of its calibre providing information and entertainment to us here in the UK.
However it is interesting to see the pace at which it moves, and the journalistic use of the word “revealed”.
Tonight, for example, in this piece Chris McLaughlin, BBC Scotland’s Senior Football Reporter, declares, under the headline ”Rangers: Ibrox club’s largest shareholder revealed” :-
“BBC Scotland can reveal that a Dubai-based businessman is currently the single largest shareholder in Rangers.
Arif Naqvi, chief executive of private equity firm Abraaj Capital, owns just under 18% after agreeing to invest £2m back in June.
Naqvi is the man behind Blue Pitch Holdings, but BBC Scotland understands that he has a personal holding in the club….
Other investors include Imran Ahmad … from Zeus Capital, who owns 9.8% ….” Continue reading