The elevation of Barry Scott to a position of significant control – on the holding company board of which the member club is a 100% subsidiary – seems to have passed unnoticed at the SFA. When Mike Ashley bought 8.92% of RIFC’s issued capital, he knew he was capped at 10% due to his majority holding in Newcastle United. Barry Scott, with his partner in crime David Ross – who is as bent as one would expect from a Real Rangers Man – invested in Workington Reds. Scott’s transition on the 15th November has not raised an eyebrow at the SFA rest home for the unemployable and infirm. Maybe they have been sleeping off a hangover having donned sombreros and raided Regan’s drinks cabinet when the SFA supremo was engaged in some Greyfriars Bobby business in his executive water closet.
Is it not high time Regan dropped by Dickson’s desk and asked him how he should handle it? Given that Regan has so much time on his hands in his £300,000 per annum sinecure he might go the extra mile and take an unprecedented second meeting of the day with his old chum in compliance, Tony McGlennan, who replaced Vincent ‘No Lunettes‘ Lunny on Friday 8th August in 2014.
McGlennan joined the SFA from the criminal law firm, Penmans, with whom he had been a Partner since 1998, having joined the company in 1996. He was a solicitor advocate who had conducted criminal litigation at all levels of the court structure, including the Appeal Court and the Supreme Court.
Given McGlennan’s background it won’t have escaped his notice that The Blue Bounders at Ibrox had a penchant for paying players off the books and picking the pockets of the Exchequer. Brown Brogues are preferred to cat slippers by the Ibrox Cat Burglars.
Is McGlennan fully up to speed with the concomitant criminal activity of the rogue board? HMRC accused the board of Rangers (in liquidation) of fraud. A board that was prepared to lie to hide the side letters. When HMRC presented Sir Bribe & Lie’s team with prima facie evidence of two side letters, the Real Rangers Men were sitting on another twenty-nine. How quintessentially mendacious of them.
McGlennan cannot throw the SFA under a bus, so he must be labouring over finding a way to exonerate the SFA’s eleven of dishonesty. He must be consistent with the findings of the LNS Whitewash.
A compromise would be to throw McGill under a bus, but he might sue. Another whitewash will indubitably be the order of the day. We expect no less.
Should Regan mention the Scott elevation to Tony! Toni! Toné (It never rains in southern Mount Florida) will the latter offer some soothing counsel? Not that we expect McGlennan to be the brightest and the best. Criminal Law rarely pays well, hence McGlennan jumping at the chance to quaff Tequila with the corrupt cabal.
I’m indebted (but not as much as the rogue board) to Benjamin who wrote:
“Mr John James,
I took the liberty of reviewing the relevant documents relating to ‘Persons With Significant Control’ at the Companies House.
Mr. Scott’s position is clear cut based on publicly available evidence detailed below.
Mr. Johnston’s position is less clear.
I believe both of these gentlemen are excercising ‘significant influence or control’ by virtue of their position on the RIFC board and their status as creditors of the company. They can unilaterally extend the term of their loans, or alternatively refuse to extend the term and force a default event. Mr Scott, as an existing creditor of the company as specified in the annual report, became a person with significant influence or control the minute he took a board seat on Nov 15th which was disclosed on Dec 11. His buying Gilligan’s shares was a coincidence and not really relevant.
Mr Johnston, as an existing board member, fell under the same category because of something that hasn’t been publicly revealed yet, but I believe it to be a shareholder loan to cover Pedro’s buyout. His shareholding alone isn’t enough to trigger the 25% threshold, so there has to be some other event that occurred on Nov 15th whereby he gained significant influence irrespective of the shares he bought from Gilligan.
Something happened on/about Nov 15th with respect to Johnston and the rest of the board. Was he told to basically put up or shut up with regards to shareholder loans? Looking back, Gilligan resigned (or was forced out?) from the Board on May 22, just days before the £3M payment to Sports Direct. Was he given an ultimatum to pony up some cash and did he step aside or was he forced out when he refused? And after seeing this back in May, did Johnston succumb to a similar demand in November to retain his board seat? There’s no proof one way or the other, but the circumstantial evidence is persuasive.
If I am right about Johnston becoming a creditor, that means that all Directors except Graeme Park are now creditors of RIFC and can individually force a default event if they so choose. And I think we need to look past Graeme Park’s status as he is likely nothing more than a proxy for his father who is a creditor.”
This is a point well made. My deepest of deep throats will have a look at this and attempt to add some meat to Benjamin’s bone. With debt and invoice financing preventing insolvency by a thread, where is our glib and shameless chum with his £7.2m cavalry? Surely he was not lying again? With the SFA turning a blind eye the best one can hope for is that the oh so pompous Johnston suggests a spell on the marble naughty step for the arch criminal.