EBT – The Sequel

Those of you who follow my Twitter feed were given a hint of one of my most explosive exclusives. I’m not referring to Pedro’s dismissal and plans to dust down The Cardigan with Miller as his number two. Nor am I referring to Pedro’s severance payment which I understand is six months salary. What I’m about to reveal will render these exclusives as inconsequential.

A Qatari company is behind the recent player acquisitions made by Pedro. The quintessential British club is being propped up with a lease back deal from a company operating in a rogue Arab state.

Did anyone really believe that the ‘Penniless‘ career criminal would put his hand in his own pocket? Even his ursine concert party chums could not stomach the capital expenditure. However Pedro, who was hired on Skype, had an interesting solution, one might call it revolutionary, to bring players such as Pena, into the fold.

The fact that the real movers and shakers in the Middle East have ostracised Qatar for supporting terrorism does not seem to bother the career criminal. This could lead to an interesting conflict on Forces Day:

Will the players bought by the ISIL financiers sabotage the abseiling bigots? Will the roof literally fall in on this Sectarian Fuckfest?

When it comes to Rangers Lite the truth really is stranger than fiction. As I understand matters Pedro was only due three months salary in severance, but this was doubled for him to keep shtum about The Qatar Connection.

Which leads one to King and his ursine friends ‘out’. They are planning to sell out to Qatari money. As no-one will touch the Qatari riyal, what better way to launder it than via the quintessential British club, with the SFA guaranteed to look the other way?

I wonder how Stewart Regan now feels about approving King as fit and proper?

Won’t this all come out in the accounts that have been diligently prepared by Campbell Dallas? No it won’t. It took a crack team of forensic accountants to unravel the Off Balance Sheet Financing at Enron. This sordid deal would have been kept under wraps. For a quick heads up on this artifice there is no better port of call than Investopedia:

In off-balance-sheet financing, large capital expenditures are kept off a company’s balance sheet to keep the debt to equity (D/E) and leverage ratios low, especially if the inclusion of a large expenditure would break negative debt covenants. Examples of off-balance-sheet financing include joint ventures, research and development (R&D) partnerships, and operating leases, where the asset itself is kept on the lessor’s balance sheet, and the lessee reports only the required rental expense for use of the asset.”

The lessor in this case being a shadowy Qatari outfit.

Will the Qatari flag be hoist high at Ibrox?

Those reading our site today may be disappointed that there is no report on the actual game that so dismayed the career criminal who was sulking at the back of the South Stand. It could be summed up as The Moult Show. Moult so bossed Alves that all the latter could do was to kick him, repeatedly. One of BBC Scotland’s cabal of EBT recipients, with a £190,000 tax-dodge under his belt, opined:

Billy Dodds, BBC Scotland summariser at Hampden Park:
If the ref spots it, Alves is gone, 100%.”

Moult even tried his luck with a shot from his own half. It did not find the net. Alves’ response to this impudent strike was yet another kick. Did our man in Qatar finance his deal? Money for old Qatari rope.

Plans were well-advanced to present an AGM prior to the November 26 Final. The Gullibillies would have been so seduced by thoughts of silverware and ending Celtic’s invincible run that any discussion of King’s impending Cold Shoulder would have been swept away on a thermal of back-slapping rhetoric.

However the career criminal has The Cardigan up his sleeve. When the shit really hits the fan who better to call on than a Real Rangers man?

 

As one knows from reading this site, Primark Pedro has a penchant for calling his opponents ‘A Cheating Cunt‘ then hiding behind a melee of players like the girly-man that he is. He was up to his old tricks last night. Steve Robinson did not take too kindly to this descriptive epithet and threatened to piss on him. Robinson would have wiped the floor with Mourinho’s Mannequin. It was fortunate that they were both sent to the stands to separate them as Primark’s teeth were on the endangered species list.

 

 

One wonders what was more uncomfortable for Pedro: Being in the dugout watching his Qatari-owned players being taken apart by a provincial club? Or being in the stand with King measuring up his body for its internment?

Call me Mr Bright Side but Primark should console himself with the thought that no-one ever really dies at Rangers. They are just reborn, shorn of debt and ready to ride on money that was siphoned off from the ISIL fighting fund.

We have had bread wrapping adorning the heads of the Gullibillies at Ibrox. Will there now be strict segregation of women? Will Burkas now become de rigeur? Just the very dab for slipping out of Murray Park unnoticed.

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25 thoughts on “EBT – The Sequel”

  1. I’m afraid it could be the dirtiest money there is from child robbing mafioso and the peepul would welcome it. Our DUP supporting marchers don’t give a simian for the morality of moneyvas longvas they are given more than anyone else. Lots more. Cold shoulders, EBTs, morality schmorality. As long as there is a sugar Daddy. Sadly they are too stupid to see that none of these sources give a shekel about football. It’s all about the money, theirs feathering others nests. Bloody cuckoos 😂😂😂😂😂

  2. JJ, your article is interesting reading indeed. However, an alternative view point… If Dave King and Co were really hoping to sell out to Qatari money would this not signify improvement on what is currently in-situ at the stadium John Brown played for? Furthermore, if the Riyal is so tainted, why are PSG currently favourites for the Champions League and spending at free will like drunken sailors? I dont see anyone backing away from their Parisian Qatari funded Euro?
    Your revelation is great but I don’t fully agree this would be bad for Rangers. In fact, I would be worried it would have the opposite affect, i.e. being owned by the richest country in the world with infinite wealth? Hardly something to condemn, irrespective of the country’s purported other agendas.

  3. Vast amounts of Qatari capital have been laundered through sport worldwide. There will be no World Cup in 2022 without Qatar. Both the British and French horseracing/bloodstock industries depend heavily for survival on the Qatari bankroll. Sevconians will 100% welcome redemption from any financial source, however tainted, to keep the zombie on its feet. It will also open the door for Regan and Doncaster to petition Qatar to invest more in Scottish football. All very sad, but that’s the long and short of it in today’s amoral maze.

  4. The player registration must sit with TRFC to avoid third party rules and this deal is not really different to having to pay the original club in installments, which is perfectly standard practice in the football world – negotiations with the selling club are often not so much about price, but how the installments are paid.

    If there is some sort of financial intermediary here offering better terms to TRFC then Ok, they might be able to have a smaller or no down payment and then more evenly spaced payments, probably for a price. A pity this arrangement would only be notified in the next set of accounts…. So they will end up paying more overall for a player, but avoid the large initial portion of the fee which has presumably been paid by these intermediaries. Given the lack of financial credibility at TRFC/RIFC, the selling club should have insisted on it all up front so this was an alternative.

    The key is where is the player registration. Only with TRFC or with this other company?

    Interestingly, if RIFC/TRFC go into administration, do these debts to the Qataris becomes a normal debt or a “football” debt. The former gets p in the £, the latter gets 100% from whatever the new entity becomes.

    1. To give an idea on one way of how this off-balance sheet trick works: (this is just one way, their are many ways to go about hiding assets/debt)
      TRFC sets up a shell company/subsidiary, The middle east men then give the shell some assets to manage in the form of a lump sum of money. From here the TRFC/shell will manage the assets by spending it on players. Due to TRFC not borrowing the money, it won’t show up as a debt. Because the assets (the lump sum of money) is not the TRFC, it will not show up on the balance sheet as either an asset or a debt, since the asset itself is owned by other party/company. The only thing that may or can show up is a fee, small compared to the amounted being hidden.

      Most likely, these middle east men have provided the asset(money) on the understanding that their assets when due to be called in, will grow by 10% or more. Either that or a cash for equity swap. My guess is the former since RIFC shares are worthless and a cold blizzard is blowing in.

      You know TRFC have grown my asset by 10%. They may have a terrible football team, but they have a world class asset management team

  5. is the leasing of players legal? didnt west ham do the same for mascarano and teves then the rules in both scotland and england got changed to ensure the players are registered with the club and not owned by a 3rd party? If your claims are true then the SFA should investigate.

    someone left a comment about Qatari money being a plus, citing psg as an example. the Qatari money is looking to make money and not spend it. they see the quintessential british club as a bit of a cash cow.

  6. Rangers are now being funded by Isis supporters . That’s fcuking wonderful . The champion of British sectarian nationalism is managed by an rc , has a team packed with Catholics and is funded by Muslims. Have a great day

  7. JJ

    One can only assume that with 3rd party involvement (From Qatar or anywhere else) that there should be truthful disclosure on the player registration documents. This has either been done & the SFA have chosen to ignore or (B) a full disclosure on the registration documents was not given.

    Either way, the SFA have previous for both scenarios – and in fact have a long standing track record of such abdication of duty – the difference however is stark, previously they were propping up an on-field success, delusional support & duped public at large. Now however, there is no on-field success to hide behind, check the box for the delusional support & half check the box for duped public at large.

    Thanks to you there is a new narrative fueled by honesty and no short amount of wit/humour to keep all our feet on the ground.

    Keep up the outstanding work

    BT

  8. No third parties are allowed to buy or partly buy players for Association clubs.

    All financing of player purchases must be on the club books.

    Sevco accounts show they have broken Financial Fair play rules. They should not have had a Euro license this season.

    CCK and chums are selling the club (assets) to Arabs. They are Servants of Arabs.

    Do the Arabs know it’s a con and it’s a 5 year old club? With no titles. This league cup was their evasive first title.

    I presume the SFA is in on everything. Anything to get TRFC on top. We must stop title stripping for the sake of dirty Arab money.

    The Neymar deal was a game changer. It’s back to anything goes and money talks. Bring back Blatter.

  9. If the Qatari-financed acquisition of players is accurate, I would be very surprised if such transactions are not recorded/mentioned in the audited financial statements. There are several reasons for this. Firstly, the auditors should/will be testing new player registrations as part of their audit procedures to ensure that all liabilities for transfer monies to the selling clubs are complete and free from material understatement; i.e. that the accounts do not show a lower amount of future liabilities than actually exist. Additionally, they will be required to satisfy to themselves that the registration contracts exist and are valid; and that the calculations of the liabilities owed by the Club are accurate.

    Furthermore, the auditors are required to look beyond the legal contract and look at the underlying economic exposures of any obligations. This concept is called “Substance over Form”. It means that the economic substance of a transaction must be recorded in the financial statements rather than just their strict legal terms so that the financial statements present a ‘true and fair’ view of the club’s affairs.

    “Substance over form concept entails the use of judgment on the part of the preparers of the financial statements in order for them to derive the business sense from the transactions and events and to present them in a manner that best reflects their true essence. Whereas legal aspects of transactions and events are of great importance, they may have to be disregarded at times in order to provide more useful and relevant information to the users of financial statements”. (source: http://accounting-simplified.com/financial/concepts-and-principles/substance-over-form.html).

    Of course, such transactions may not be recorded or revealed in the financial statements and the auditors may not be aware of any transactions if senior management/Board do not reveal such transactions. Contrary to what the public believe, an audit of financial statements is not meant to catch fraud. However, such deliberate omissions leaves senior management open to severe legal exposure. In this case, everybody and their dog knows that Rangers brought in a basket of new players over the summer. With such public exposure, it should be considered a high risk area for the auditors to test – along with the resulting, and critical, “Going Concern” assessment.

    1. This corrupt board will go out of their way to conceal these transactions. The auditors can only address the information that is supplied to them. Forensic analysis is not within their gift.

      1. You may be correct: the auditors may not have the necessary forensic accounting skills. However they do have an obligation to determine whether they have the necessary capabilities and competencies to deliver a high quality audit. As Registered Auditors, they can’t hide behind an excuse that they are incompetent in forensic accounting. Otherwise they should resign from their engagement.

  10. Looks like Pedro might be here for a while yet. If his backers supplied the wherewithal to buy the players, then it might be prohibitively expensive to sack him

  11. Alves, the new Captain Unbookable, “reveals he’s trying to tempt Portugal team mate Pepe to join him.”
    I laughed at that revelation but it’s all begging to make sense now.
    Get Ronaldo in as well. The Qatari mob will sort out the financial stuff.

    It’s not possible that Celtic don’t know about these lastest durty deeds down Govan way.

  12. The truth of it is that the summer season ticket money was owed on last season’s operation.
    There was no cash to buy new players.
    Most monies to operate this season and any player purchase amounts had to arrive as loans from somewhere (breaking FFP).
    Whether it was from Directors, Mafia, Arabs, bent Government or drug dealing NI terrorists.
    Pedro was poached from Qatar. I assume his wages are still paid by Qatar and those of the players he brought in.
    Qatar has many Scots (Freemasons) in the gas industry. They have persuaded a gullible Qatari it’s a good investment. Is it a way of buying the SFA vote at FIFA and UEFA to support Qatar? Pump cash into Sevco Rangers?

  13. JJ
    Yesterday’s semi final displayed a perfect illustration of our standard of football. Games can be physical, it’s a mans game. While Rangers set out to play football, the Motherwell players went beyond that. Premeditated brutallity to unsettle opposing team… SHOCKING. On their players own admission this was stated. Also mentioned on observation by Mr Rodgers. You played football like I did JJ, and you must surely agree that methods deployed by Motherwell would be hard for any player not to retaliate. Reckon I would have.
    My point is to tactics deployed by Motherwell is the reason Gordon Strachan is out of work. As a Rangers fan our players were not good enough to deal with this unorodox Motherwell tactics. A Sunday pub game without a referee ending in a free for all. Don’t start me on them.
    Evidence in abundance that referees don’t favour Rangers was on display yesterday and to suggest otherwise would be ludicrous.
    To conclude, yesterday’s game not funny in the least as it was a perfect illustration of reasons we haven’t qualified for international finals since 1998.
    As much as you dislike my team, they were the victims yesterday and you didn’t write objectively to state the seriousness of Motherwell’s brutal tactics shown globally of the low negative standard of our football.

  14. Life use to be simple as a Rangers fan. You bought a season ticket and a scarf and you cheered on the boys in blue. You either came first or second, usually first.
    Now your songs are illegal, your team is second rate and cannot win three games in a row. The manager is out of his depth but he cannot make strikers kick the ball into the goal or make defenders know how to defend. The Cardigan is not the answer, just another throw of the dice at the luckless casino. the future looks bleak. Your grandchildren will be Celtic supporters.

  15. I am curious as to why you haven’t published my post, which was an informed and reasonable account of why the scenario you suggest is unlikely.

    1. Do you contribute to our site? I cannot find any record of you ever doing so. Comments are approved at my discretion. I tend to favour those who believe in our site and the quality of my sources.

  16. While the ‘Gullabillies’ keep putting everybody who have walked up the marble staircase on a “PEDESTAL’ instead of seeing the true reality of the situation ‘Their club” finds itself in, they are going to repeat their sins of the past. This is a crooked football club with the Chairman of the company that owns shares in the CLUB still in situ.

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