A Pre-Pack Putsch

There is only one sports reporter worth reading at The Daily Record. He keeps winning awards but let’s face it the bar in the SMSM is set low. I hesitate to use the term ‘journalist.’ His name is Keith Jackson. Jackson and his colleague Gary Ralston are tame ‘journalists’; the go-to-lickspittles that respond to Jim Traynor’s beck and call. Traynor has been tasked with quashing reports of Administration at RIFC. Traynor reached out to Ralston & McCoist.

One wonders how much McCoist was paid by Traynor. Did the former turn out solely for the appearance fee gigs or did he insist on a tax-efficient remittance to his charitable trust?  Would I be misquoting Charles Green when he asserted that McCoist was:

“A self-serving grasping little bastard.”

Charles reads this site and will be quick to correct me if I left anything out. Perhaps an industrial epithet starting with the letter C, which rhymes with runt, would be more apposite? As we learned from the Craig Whyte trial, reported exclusively on this site, McCoist arranged for punitive penalty clauses in his contract to be triggered should he not succeed Walter Smith. His £750,000 basic, £125,000 expense account requiring receipts and a £125,000 float provided McCoist with a seven-figure stipend as Rangers hurtled into administration and subsequent liquidation. An administration that he backed.

When Charles Green bought the basket case of assets, Ally was quick to TUPE to maintain his seven-figure sinecure, adding some one pence shares for good measure. Did Ally make a call to the Magnificently-Maned Adulterer to confirm Traynor’s spin, or was Paul too busy counting his disguised remuneration as a director of Garrion Security? Or perhaps Paul was engaged launching Vicast, the app that he hosts with fellow nosebag recipient Martin Bain? With so many fish to be filleted it’s no surprise that Paul is dating a clairvoyant to anticipate what’s coming down the pike.

McCoist reminds one of the CSA’s bête noire BFDJ, minus the illegitimate offspring. McCoist has also sired 5 children, but did not choose to forget two of them. The joy of being a Real Rangers Man.

Raving Ralston is unequivocally on Level 5 message. He borrowed BFDJ’s fetching ra-ra skirt and Pom Poms to produce a Ministry of Pishery intra vires palmarius:

“So, that will be Rangers heading into administration then. What do you mean they’ll make the announcement on Monday? My sources (a friend of a friend of a friend) was packing the bags of Dave King’s mum in Tesco and heard her on the phone to her boy in Johannesburg. It’ll be announced on Wednesday morning at 10.37am on the button. Apparently, it’s a pre-pack deal (the administration, not her shopping) and the Ibrox chairman will receive £10million, walking away to be replaced by a consortium fronted by Donald Trump and Kim Jong Un. Further investors will include Bradley Walsh, Paul Sinha, Anne Hegerty and Mark Labbett, offering conclusive proof Rangers do, indeed, welcome The Chase.

Rangers administration odds suspended but eager rival fans are forgetting one thing
As Rumours go, this latest one has been hanging around longer than anything recorded by Fleetwood Mac – and has enjoyed just as many re-releases.

Like the first cuckoo in spring, swallow in summer and robin in winter, the sightings of ‘Rangers in administration’ are certainly consistent and, time and again, have proved to be nothing other than pie in the sky.

King and the Three Bears – Douglas Park, George Letham and George Taylor – have invested heavily to wrestle control from the discredited former board and put their club on a firmer financial footing in the past three years.

Conservative estimates put the total invested at around £20million, much of it from King himself, who has given a further undertaking to auditors Campbell Dallas that he’s good for another £7m to underpin business losses over the next 12 months.

Campbell Dallas are hardly a firm of back street bookies. If they felt there was any likelihood of those sums being unavailable, they would not have signed off in the annual accounts on Rangers continuing as a going concern.

Speaking of the bookies, they apparently closed their satchels on the prospect of Rangers being relegated this season, foreseeing a hefty points deduction and player fire sale if they fall into the abyss.

These, of course, are the same bookies who closed the book on Alex McLeish being named new Rangers boss last month when he had never received so much as a phone call about the position.

Rangers are in debt to no one but their investors, all of them wealthy fans who have pledged to convert much of their loans to equity when a new share issue is launched, most likely later in the year.

Forget the fact they’re supporters, why the hell would they pull the plug and plunge the club into further financial chaos, knowing they would lose almost everything they have put in?

By the end of this year, King will have committed around £40m of his business fortunes to Rangers – half of which was frittered away, much to his disgust, by former chairman David Murray.

In the past 12 months alone he has written a £3m cheque to rid the club of the odious influence on Mike Ashley and £1.5m to UEFA to ensure his team’s UEFA licence.

He has bankrolled Pedro Caixinha, however botched the project, and only this week signed off on a package for Jamie Murphy that will ultimately cost his club the guts of £2m.

There was £1m set aside in an escrow account to pay Aberdeen compensation for Derek McInnes and almost the same again on the table for a salary had the club’s former midfielder decided to leave Pittodrie for Edmiston Drive.

Undoubtedly, King must be held to account. He rode roughshod over the Takeover Panel, for example, who recently concluded he acted in concert with the Three Bears and have demanded he offer 20 pence to all shareholders for their stock, only around two-thirds of their current value

King has launched an appeal, which will keep it kicking around the legal long grass for a few months to come.

He’s confident of his position. If he loses? He’ll have to fork out around £300,000 for a prospectus knowing no-one will sell for the price he is legally bound to offer while his family trust fund, New Oasis Limited, ring fences £10m just in case.

Hold-on, a call’s just coming in – he’s just been spotted at the Ladbrokes on Copland Road.

He’s slapped £100 on Pep Guardiola at 500,000-1 to become his first-team manager next season. Administration? Aye, right.

Rangers fans, would you take up the 20p per share offer?”

One assumes that the original Traynor narrative did not include the pre-pack metaphor. Gout and humour are not easy bedfellows, especially when one has been cut off by Greggs. One would like to think that the Magnificently-Maned Adulterer knows how to source a tart or two to keep the Auchenhowie squatter sweet. Traynor also receives a free calendar, Ibrox Wives, which features a gaggle of women of a certain age risking life and limb while draped naked save a Union Jack g-string on the crumbling stands. A true collector’s item that is all the rage at The Health & Safety Executive.

Then there’s his monthly subscription to ‘Showing Pink in The Louden’ in which he places his copy of the Daily Record as he does not want to be seen carrying this failing organ. This title should not be confused with Mark Dingwall’s “Showing Pink in Delmonicas” which differs anatomically. Cue howls of ‘homophobia’ by the oh so PC herrenvolk.

I digress. There is only one fact in this work of fiction, and colour me surprised it’s inaccurate. King has been granted ‘leave to appeal.’ However the Takeover Panel petition to expedite this hearing was upheld yesterday. King has only bought himself five weeks to stave off the inevitable. The hearing, set for two days, will be heard on February 28/ March 1.

As for ring-fencing £10m has Ralston not been paying attention to King allegedly not having control of NOAL?  Ralston should stick to Traynot’s script and not make things up to suit. Then there’s the fantasy £1m in an escrow account. Perhaps Ralston would like to explain how Milne refused permission when this clause in McInnes’ contract was met. It’s a barefaced lie by Ralston,

Then there’s Murphy whom they had to take on loan as they could not afford a down payment. Things are so tight that the players had to buy their own bucket shop economy airfare tickets to Florida as RIFC have been cut off by their appointed travel agent. I believe the agent is still awaiting payment for a number of business class trips from Johannesburg.

In the unlikely event that King offers 20p per share there will be a clamour to bite his hand off. Only the bent brief’s company would pay 27p per share; or as a disguised pay-off to Ashley.
Will the Gullibillies be suitably mollified by Raving Ralston and Mendacious McCoist? The monobrowed knuckle draggers will but what about the sentient minority who can can spell Phil Macgiollabhain? The Donegal Blogger bursts Raving Ralston’s bubble with a slew of rhetorical questions that are so detailed that one cannot take issue with their veracity. Will they be sent to Traynor in his guise as Ibrox Press Officer? Of course not. The questions are rhetorical. The answers are known:

1. Can you confirm or deny that late last year a representative of your club or a representative of your parent company RIFC contacted several companies to access invoice financing?

2. Can you confirm or deny that one of these financial institutions was Bibby Financial Services?

3. Can you confirm or deny that the invoice financing that was being requested was regarding the potential add ons from the sales of Joseph Garner and Martyn Waghorn?

4. Can you confirm or deny that these attempts to secure invoice financing from these companies was refused by all of them?

5. Can you confirm or deny that a decision (was made) within your club and/or parent company RIFC to seek quotes from licensed insolvency practitioners?

6. Can you confirm or deny that the following companies were contacted (either formally or informally) and asked to provide said quotes: Begbies Traynor: Johnstone Carmichael; MLM Solutions; 180 Solutions?

7. Could you confirm or deny that the agreed fee for appointing an Administrator should not exceed £500,000?

8. Can you confirm or deny that a planned insolvency event has been discussed by several directors of RIFC?

9. Can you confirm or deny that a representative of your club recently stated to Brighton and Hove Albion FC that your club did not have the money to pay for Jamie Murphy.

10. Can you confirm or deny that the initial offer to Murphy’s club was zero pounds upfront with the first tranche of £500,000 being paid in May 2018 when the season ticket money was in place?

11. Can you explain why your club has been unable to access an overdraft facility at any bank of financial institution?

So who to believe? Raving Ralston’s farrago of lies that would make a succulent lamb purveyor blush; or the spare rhetoric of Phil Macgiollabhain? Only a fool with the sentient capacity of a Smurf would choose Raving Ralston’s Reportage. However allow your humble correspondent to ask a question of his own:

12. Can you confirm or deny that David Murray is bankrolling Alastair Johnston’s  pre-pack putsch against King and that the ultimate objective is the liquidation of RIFC with TRFC remaining intact?

Would it not be delicious should someone more adept in the dark arts fuck over King for a second time? Arise Sir Bribe & Lie!

 

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28 thoughts on “A Pre-Pack Putsch”

  1. Oh what tangled webs we weave. …….no income,no money to pay flights. No worries! Really? Running on fumes. All the hallmarks of a financially distressed company. Watch for some vulture to pick on the corpse. That will be spun as a triumph. Watch out for SFA collusion.

  2. brilliant jj,oh what a happy saturday this will be,ive always told my local gers fans here in south wales that SB&L was in the background ready to pounce when his plan had come to fruitition

  3. I note that Spiers, in today’s Times, is scoffing at the notion of Rangers being plunged into administration. “Admin II is a no go” is his headline. He goes on to add “I think that some Celtic fans and bloggers, regularly down on vended knee feverishly praying for it to happen, can put it to rest, at least for the next four or five weeks, until it resumes again”. He goes on “putting a club into administration because of internal debt would be a highly unusual scenario”.

    Now then, Graham, keep up. We know that you and your fellow journalist, Michael Grant read this site (Michael aimed a few hefty swipes at this site following the last Celtic-Rangers match. Some contributors had questioned the integrity of the red prior to the match and Grant took exception to this).

    Rangers do indeed have rather a lot of internal debt. And if the debt was solely the result of a few unfortunate events (it happens), then it would be manageable. But that is not the case. This is a club where corporate governance is a complete stranger. This is a club which is incapable of breaking even and haemorrages borrowed money. This is a club which cannot pay its bills without a begging bowl. This is a club whose Chairman and Managing Director have publicly stated will continue to run at a loss until a lottery win is secured in the form of European competition.

    Spiers completely misses the point. This small, loss making business continue to be run by staggeringly incompetent directors. It is living hand to mouth, it has no coherent business plan and it has a decidedly uncertain future.

    When King was garlanded down Edmiston Drive, he promised a war chest which has been proven to be empty. He promised good corporate governance but instead delivered carnage. He promised transparency but failed and instead given the fans a constant stream of spin based on half truths and lies.

    This is a club which is in crisis and whose very existence is under threat. Surely THAT is worth reporting, Mr Spiers.

  4. Good analysis of current situation.

    Two questions:
    1) Is the legal action referred to actually the motion to appeal to the supreme Court? My understanding was that CoS judgements needed the approval of the CoS in order to move to the Supreme Court.

    2) Are you now of the opinion that the money behind any pre pack or CVA would be coming from Sir B&L??

  5. The labour theory of value (LTV) is an attempt by economists to explain why goods are exchanged for certain prices on the market. It suggests that the value of a commodity (or a service) could be measured objectively by the average number of labour hours necessary to produce it.

    Its best-known advocates of were Adam Smith, David Ricardo and Karl Marx.

    Human labour was the only common characteristic shared by all goods and services exchanged on the market. In football, the vital, essential labour is that of the players. No-one goes to a football match to see accountants pochle spreadsheets.

    The Subjective Theory of Value (STV) has superseded LTV for classical/neoclassical economics, stipulating exchange value is not absolute, but relative and based on individual subject evaluations (what is a good or service worth to me?)

    In the case of football ‘me’ has numerous possible interpretations, including the owner, commercial sponsors and even (but no longer primarily) the fans.

    This replacement of LTV by STV has had devastating effects on football, and will ultimately destroy it – as it did Rangers. This is because the ‘industry’ cannot sustain surplus value extraction, but instead acts parasitically on outlying industries for external sources of revenues it cannot then control to develop a strategy towards surplus extraction within football.

    The wages of the footballer bear no relation to the exchange value of his labour – but rather subjective value it has in relation to the owners and sponsors an the means of obtaining external resource.

    Wealthy individuals across the globe are eager to own, control and pump capital into elite clubs (but apparently no longer Rangers/Sevco), often debt-financed, as in the case of the Glazier £790 million takeover of Manchester United, or from surplus capital as in the case of Sheik Mansour’s£210 million take over of City in 2008.
    Media conglomerates such as Sky compete with each other for lucrative television rights.
    Elite football is increasingly dominated by commerce eager to convert all aspects of the sport into a means for generating money.
    However, unlike a normal industry driven to expand and accumulate capital (which is how it may appear) – football is simply a vehicle for other ambitions, whether those of an oil-rich sheik, TV mogul – or indeed –of a career criminal.
    Football, therefore – and crucially – does not generate capital for accumulation – it acts as a drain on capital – although that may incidentally generate capital for advertisers, sponsors or the like: think Sports Direct and Mike Ashley.
    This means that a football club, is not a business in its own right, but a tool or plaything – and the labour that provides its apparent commercial offer is not subject to the normal principles and constraints embedded in the LTV.
    This problem lies at the heart of present liquidity issues for RangersLight/Sevco.
    The essence of capitalist production is based on the relation between capital and labour, and is the expansion of capital through the extraction of surplus value from the labour power of workers.
    Money is promised in the form of a contract to purchase human labour power (football skills and match performance) which are then combined to produce commodities that have extra value over the contracted value of the initial outlay.
    This is clearly not the case for most football clubs – even highly successful ones, where players are paid far in excess of the value of their labour power.
    For successful clubs either rents are extracted elsewhere (advertising, TV rights, and promotion) or clubs are simply subsidized by such rents, or by inputs from wealthy individuals.
    The latter is the case for LiteSevco – or at least it was – until now!
    In a true business the entire value is realized in the sale of commodities produced, which is to say, they are reconverted into money.
    However, the final commodity in the football industry – the match-day spectacle – has less value than the combined value of living and dead labour that went into producing it.
    This means that over the long run – and in Lite/Sevco’s case the short – indeed immediate run – football is unsustainable as a business model.
    This is because, ultimately, even ‘successful’ elite clubs are not true self-sustaining businesses, and even more importantly the ‘lesser’ clubs that they need to compete against, are in a continuously precarious position – even if the big clubs appear financially successful.
    In the case of the football ‘industry’ there is no surplus value and therefore no profit of production derived from the business activity itself.

    All marketing fees and interest paid to the money capital who ‘own’ the clubs or satellite activity, is financed by a mixture of debt and revenue syphoned from other outlying industries sponsoring football in various ways.
    There is no way out of this.
    Up to half a century ago, UK and Scottish football had teams that were (mainly) composed of working class men with genuine talent, who were paid two to five times the average wage to provide a spectacle for their peers that gave respite from the miseries of wage-slavery on a Saturday afternoon.
    This was largely economically self-sustaining. As with so many other aspects of life at present, the rot set in when these activities were taken over by business conglomerates, for whom the purpose of the organisation was not an end in itself (whether education, medicine, music, art or in this case, football) but as a vehicle for some other purpose, whether ego or money-making elsewhere (or indeed money-laundering). STV (or racketeering) trumped LTV.

    Sevco/Lite will inevitably go bust – but this will not end with them.

    The present business model for football, for the reasons cited above, is simply unsustainable.

  6. JJ am totally sick of this guff that Phill says every few weeks Sevco are not going into administration we’ve heard this guff from him 7 or 8 times in the last 4 years and it’s not happened then and it’s not happening now he’s a fantasist and in my opinion you’d be better doing your stuff independently rather than reading his guff and using his words no matter if they are lucarative for you.
    What is interesting is Gary Ralstone was the creature behind the phantomsco5088 account off twitter and he’s had to give up the account because James F threatened him with legal action lolol Hun loser.

    1. Interesting. Do you have any evidence? I’m a cynic. I think that Mr. Macgiollabhain is on the money on invoice financing and the rogue board reaching out to insolvency practitioners. I’m not easily convinced.

      1. Im not a fan of Phils and was a little disappointed with your olive branch to him. Phil has been saying they are going into admin for 36 months now. His sources “inside Ibrox” are really just “inside his head”. Its ludicrous to believe that anyone in the Ibrox conclave would be sharing secrets with such a high profile anti-Rangers blogger.

        Its like believing Dingwall on FF having access to meetings of the Board at CP. A load of utter nonsense.

        As for financing, two of the companies he referenced have already denied it to be the case on Social Media.

        Throw 5000 darts at the Bull. Some of them will hit.

      2. In the final analysis there are many of my readers who read both sites. He picked up the personal travel snippet from our site but did not accord a hat tip, so one can only assume that we are not on speaking terms.
        I, like you, could not envisage any board member briefing a former Sinn Fein reporter directly. However when I tracked down his source, who is being briefed by an anti-King director, it all made sense.

    2. Think the word you were searching for was lucrative not lucarative? In any case id guess jj doesnt find it so under any spelling.
      I quite see how a rangers supporter might become sick of prophecies that dont come true .
      Fact is for reasons spelt out on Phils site and here barring infusion of massive funds from an oil sheik or something of that ilk admin/liquidation is going to happen.
      Far more likely club placed into admin and investors pick up the pieces for pennies on the pound dumping debt
      If it goes to liquidation someone enlighten me -how is it possible under company law a company can be set up using a liquidated firms name however slightly different?
      Thought the point was to prevent people from folding accompany ,dumping debt and then carrying on as if nothing had happened?
      At any rate Im a football fan and although the team I support is Celtic what is happening to Scottish football (because of these vultures)in general is criminal and what they do to their own support even worse(if such be possible)

  7. When is the Liquidation of the old Rangers due as only when this happens will the real extent of the farce be revealed. The new club will be revealed and all directors of old will be banned from holding office in companies for the mismangaement of shareholders finaces.
    The loan from Murray you speak of will not happen in his name, AJ will be found out as will PM with MB who will or should be hauled over the coals when it is revealed they are trading a company using the brand name of a liquidated company to make money.

  8. “ and £1.5m to UEFA to ensure his team’s UEFA licence. “

    Ok, did I miss something? What is this £1.5m to UEFA?

  9. So JJ, is this Sir B and Ls ‘in’?
    When do you see this all coming to a head?
    Really, the players bought there own Florida tickets… surely there’s a reputable journalist out there who could easily run that story?!

  10. Why would Murray be stupid enough to go near this as he does not have the unlimited free money being thrown at him from the bank like he did with the last club named Rangers plus they will need to try and convince people to invest in a 3rd Rangers entity or the present one where the shareholders have been getting stiffed left right and centre to date and possibly going to be shafted out of their shareholding if they do go far an Administration and if they don’t there share value is going to be watered down big style to the benefit of the shysters on the board. Anyone from now on stupid enough to invest in this club I have a bridge here in Paisley I will sell you worth more than “Rangers” and needing far less work on it than them and their ground.

    1. Those who once basked in the media spotlight crave a return. Murray, who borrowed and bribed to procure Rangers, made upwards of £12.3m from EBT. When one adds the fingers he had in every enterprise that he allowed in the door, I would conservatively estimate his swag at circa £35m. When one has the Mercedes and Mont Blanc all that’s missing is the mistress. Owning Rangers drops knickers faster the traps open at Catford. It’s the perfect platform for an ageing lothario.

    1. Bribe to get in because they don’t meet FFP?

      Incidentally the shares have not been converted hence they are still FFP non compliant.

  11. So Rangers Lite sign another two suckers on a loan deal as they do not have enough money to buy them. I wish the suckers agents demanded six months wages up front.

  12. JJ. Like yr site, your brutal honesty is refreshing. I read that you had three articles which could be read by those paying-donating £5.55. Payment sent, looking forward to the articles.
    I’ve not got much spare change, but will donate from time to time.

    1. Welcome to The Sitonfence Speakeasy. To procure any premium article this year one must be a member of our site. 2018 subscription is a mere £5.55. Once this is paid articles may be purchased. There are a number of caveats. If one pays £5 per month, subscription is waived. At £10 per month premium articles are free. Those donating £100 in 2018 in non-recurring donations are also eligible to receive free access for the entire year.

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