Loving The Bomb at Ibrox

It had occurred to me that the three week Scottish Football hiatus could have been used to focus on serious issues. Issues of more import than the vicissitudes of Rangers Lite. However when I’m provided with two pieces of exclusive information I owe it to my well-informed readers to keep them up to date. One other strand in this article is in the public domain. The challenge faced by your humble correspondent is to thread all three together.

Murphy’s Law – anything that can go wrong will go wrong – does not apply to the unraveling debacle that is Lite’s bid for Jamie Murphy. I note that Phil Macgiollabhain has referred to this clusterfuck of an omnishambles but I’m not riffing off a fellow award-winner. My sources are two football agents who have apprised me of the fact that Murphy is ‘in limbo.‘ Seagulls’ Chairman Tony Bloom has advised those close to this putative deal that the terms offered were risible. The bid of circa £600K had accelerators which could yield a seven figure fee. One of these accelerators is Europa League Group Stage football participation. Forty per cent of the Lite bid, £240,000, which would ordinarily be paid upfront, would, should Bloom have accepted the deal, be paid prior to season’s end.

Bloom made a couple of calls to movers and shakers in the City who informed him that Lite are trading whilst insolvent and are teetering on the brink of Administration. He was also informed in no uncertain terms about the Takeover Panel dispute and that the club will be a financial pariah as its Chairman will soon be subject to The Cold Shoulder. He has insisted that his valuation of £1.2m is paid up front. Unless the ‘penniless’ King brings that quantum to the table, minus accelerators, all bets are off.

The realpolitik is a far cry from the Doctor Feelgood fantasy being peddled by Traynor and his SMSM lickspittles.

In jj passim: Red Flags & Sunsets I outlined my rationale for a pre-pack administration and the ousting of King. This prompted some interesting correspondence:

” It occurs to me that King might be better off with a full insolvency for the Club. That way he presumably only loses his share value and some portion of his loans. His mates would lose £10-15m, but this may not concern him? It would certainly muddy the waters regarding King having to find £12m plus to stage an offer for the shares. Not sure what can be done if the company has already gone bankrupt and (whether this) might give King something to argue in court.”

Phil Macgiollabhain can be inordinately cryptic. However when he refers to The Serious Professional one assumes that he is referring to Stewart Robertson with his tongue firmly in his cheek. The source of  the comment is the real deal. He’s from the top drawer. Unlike King, NOMAD are climbing over themselves to work with him.

As is always the case with my sources and those who engage in private correspondence, he will remain anonymous. His point is well made. King has the board over a barrel. His ursine chums are holding £13.1m in chits. Given the burn rate at Ibrox, one would be surprised if Johnston and Scott had not ponied up £1m per skull. NOAL has loaned the beleaguered board £2.8m. This loan is secured. What is not known is whether it’s secured on the stadium/Murray park, season ticket revenue or the intangible assets being shown the door in the transfer window.

King could burn all five, be first in the queue for the CVA and as his initial share purchase was made via a loan – probably from Ross or Scott in Hong Kong – he could walk away from the carnage with less of a hit than the others.

King is a master of the dark arts. His £2.8m loan salted the mine. The Three Bears obliged with a quantum north of £13m. When their pips squeaked, Johnston & Scott took the strain.

King is in the box seat. He can pull the house down. If the board attempt to oust him his ICBM, like those of Trump, will hit home harder that those fired by the North Korea of football clubs.

This ‘Cold War’ is playing out in full view of those who have bent over backwards to appease King. These odious venal individuals, namely Stewart Regan and Neil Doncaster,  created the laboratory conditions in which King’s Doctor Frankenstein gave birth to this monster. Scottish Football’s leading  stem-cell protagonist, the equally odious Rod McKenzie, has accepted a part-time gig at the SPFL. One laughs out loud when the SPFL states that his appointment resulted from a rigorous selection process. Did this process have all the rigour of two men shaking themselves dry at the SPFL executive urinal and shaking hands on the deal once they had washed them?

 

Doctor Strangelove McKenzie wants to finish what he started. Should one ‘Learn to Stop Worrying and Love the Bomb’ that he has created at Ibrox?

 

 

 

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23 thoughts on “Loving The Bomb at Ibrox”

  1. We live in interesting times JJ

    I’m in no rush to see this played out…every day Lite lasts just makes the explosion that bit bigger..

    I look forward to the day the MSM have the headline “A glib and Shameless liar”

  2. Without some idiot wanting to divest themself of a few millions in the next few days this company will crash. Administration costs $600,000 minimum and there is no money for Murphy, no money for a professional manager and not enough to pay wages and creditors this month. Get the popcorn and ice cream and jelly ready. Will some Florida hotel get stiffed?

    1. I did meet Traynor in a street off the Champs Elysees in 1998 during the World Cup. I was there with my wife and children, recognised him so went up and spoke to him. He was very friendly until he asked me which team I supported. I told him it was Celtic and he said ‘That Mob!’ and turned and walked off, In those days before internet bampots I was naive enough to believe that a fellow Scot in Paris during the World Cup would at least be polite with my family if not with me.
      It was at lunchtime so perhaps he had a less than succulent lamb which had disagreed with him.

      1. Ah, don’t forget that Celtic had just stopped 10-in-a-row back then. He must’ve been hurting pretty badly

  3. Donation made as agreed with you last month ending 6991.
    It appears the truth is eventually emerging to prove what you and others have been predicting all along.
    Well done for sticking it out and a guid new year to you and yours.

    JJ: Very gratefully received.

  4. I have also wondered if King would pursue a nuclear option. As you have stated, King is less exposed than the other directors. But he is also safely ensconced in South Africa away from the direct ire and wrath of the Ibrox fans unlike the UK based directors. Which leads me to a further question for which I don’t have an answer: would any Ibrox fan(s) take their frustration out on any of the other non-football related businesses belonging to the UK Ibrox directors?

    1. Do Bears shit in the woods? Of course they would. They would conveniently forget that they welcomed and assisted The Lying King when he carried out his Blue Room takeover. They will blame the current board and then the SMSM for not warning them. Lets face it most of them think King is being victimised by the Scottish legal system because he is their “Champion”. “Every body hates us but we don’t care”.

  5. Tell you what JJ…. if you were to write an open letter to the SFA demanding they properly examine the situation at Rangers in the interests of governance and the credibility of the Scottish game; I think you’d find a lot of support within supporter clubs, bloggers and general fans.

    Particularly so if it covered:
    – financial fair play and solvency
    – a business plan that is credible
    – revisitation of ‘fit and proper’ in the light of recent court cases
    – unsporting unsettlment of managers and players
    – official statements that bring the gane into disrepute

    None of this is ‘raking over old coals’ it’s just dealing with a lunatic club that’s tearing itself apart in the boardroom and about to blow up to the detriment of Scottish football in the smouldering spot where its predecessor did the same, cheered on by the SFA.

    1. Couldn’t agree more. The sfa,spfl have been VERY conspicuous by their silence on these issues.
      It wasn’t that long ago D Desmond was being door stopped at Parkhead by the Bent Bigot Co. now where are these intrepid reporters when there are real issues to deal with
      Hh

  6. I was told skybet are giving odds of 150/1 on Lite finishing outside top 6, with admin looming and possible 15 point deduction surley worth a few quid wat ye reckon?

  7. I see approximately an hour ago at 11:00 hrs, a contributor yclept “tributearebust” on the Scotsman website has transcribed/copy and pasted your first four paragraphs virtually verbatim in a comment in the Rumours thread, right down to a misspelling of vicissitude. I don’t know how you feel about someone passing off your material as their own, unattributed as to the correct source.

    Anyway, there is still the elephant in the room. Am I not right in thinking there is likely to be a case of gratuitous alienation of assets both for the various iterations of the club as well as any EBT trustee who has moved assets into other names ?

    1. This is becoming a more regular occurrence. I was informed that in one recent thread a number of my posts were used to deride a gullibilly. Drop by their site and point out the rip-off. I have corrected the spelling error. I don’t read The Scotsman.

      1. JJ I can assure you you that not one of the self-obsessed bampots who upload their second-hand posts to the Scotsman forum ever read it either.

    2. Keith Jackson and Gordon Waddell did the same with my online comments years ago. Copy pasted several paragraphs. Plagiarists.

  8. The time has come, that not only are Sevco are an embarrassment to themselves, they are an embarrassment to the whole country, me included and I don’t even like them. 🙂

  9. I have to disagree JJ.

    The Rangers fans, particularly Chris Graham, Houston and those that advocated getting shot of MA and his crew created the perfect conditions, the SFA\SPFL just went along with it.

  10. Stunning disclosures and analysis JJ. If the Ibrox club couldn’t afford MacInnes I was sceptical of the SMSM choir hailing the splashing the cash to capture Murphy. The deal clearly hasn’t been agreed, and the imminent cold shoulder is already taking effect.

    Despite your warnings as to the cut of King’s cloth, our ursine friends failed to do due diligience before allying themselves with a convicted criminal so have no-one to blame but themselves when they are done for a kipper and lose their unsecured quantums, while the chairman marches into the sunset with his ill-gotten gains.

    A lot of people are going to lose out, some for the second time, thanks to the mismanagement of the delusional Board. Meanwhile the governing bodies are complicit by their silence and in-action. Heads should roll but those in positions of influence are true-blue.

  11. JJ

    A clarifying note regarding the loan from NOAL to RIFC may be in order. The loan in question is provided on an unsecured basis as was disclosed on page 57 of the most recent set of accounts.

    https://media.rangers.co.uk/uploads/2017/11/Rangers-Reports-and-Accounts-2017.pdf

    Should RIFC end up in Administration, King will have the same legal standing as a creditor as all the other Directors who have provided loans and will not have priority claim on the assets.

    1. Thank you Benjamin. I should have spent more time reading them despite the blatant lies that were accepted by Campbell Dallas. King/NOAL’s level of hock surprised me.

  12. Bye Bye ranjurs again wonder what the excuse will be now and who’ll get the blame its about time the corrupt sfa spfl stood up to they cheats in govan and kick them out of Scottish football cause no one wants them cheating bastards in our game while doing that Regan Doncaster McRae just follow them right out of our game aswell..Hail Hail

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