Rumours


“There are a terrible lot of lies going about the world, and the worst of it is that half of them are true.”  
Winston Churchill

Rarely has the rumour mill surrounding our national game been churning at this speed for this long. In the information gap created by a lack of real news about the Big Tax Case and the daily dollops of PR exaggerations about Rangers’ next saviour being smeared across the print media, something has to feed the insatiable demand for informationScottish football, especially in its Glaswegian form, has long been a fertile breeding ground for rumours.  There has always been a sense that fans were not getting the whole story through the mainstream press and the dramatic events of the last year have done nothing to slow the production of the finely milled football myth.

One legend that keeps coming back around on radio call in shows is the one that says HMRC has recently acquired some kind of legal power to apply the unpaid tax bills of liquidated firms to their “phoenix” successor companies. This is just not true.  (If the people claiming it to be true could also please stop citing this blog a source I would be eternally grateful! :-)) What is true is that HMRC now has the ability to demand a deposit from high-risk companies where it is believed that there is a high risk of non-remittance of withheld PAYE and national insurance. That is a wildly different proposition from actually being able to force a new legal entity to pay the tax bills of an old company- and if a newco-Rangers board does not contain Craig Whyte there is no reason to think that a newco-Rangers would be considered high risk.

Another rumour getting a lot of air play yesterday was that Rangers might go into liquidation this week. In the bizarre world of Rangers at the moment it would be a fool who dismisses any rumour out of hand, but I must confess to thinking that this is highly unlikely. (For the avoidance of doubt, I have no behind the scenes information on what is being said in the private conversations of the joint administrators). It would be a major embarrassment for Duff & Phelps if they were unable to keep Rangers FC trading until the end of the season. With all of the legal powers to cut costs available to them, this should, and would, have been priority number one. As pointed out by the excellent @tonymckelvie on Twitter, there is almost £2m available (11% of the total) from the SPL cash pot for the team that finishes 2nd in the league. (Another 4% is given to each team in the league just for participating. I am assuming that this is distributed earlier in the season). Given the size of offers being reported for Rangers, an extra £2m for the creditors is not to be discounted lightly. So, I am sceptical. If Rangers were to collapse entirely before the season ended, it would be a disaster on such a scale that it would presumably cause even SPL chief Neil Doncaster to roll up the red carpet that is currently waiting to welcome  a newco-Rangers back into the fold without questioning.

Rumours develop where our demand for the information we want to hear exceeds the supply. Even if I get 20 extra tweets a day asking “when will we know the tax case result?”,  I will still not know. It could be today. It will likely be within the next month. However, in theory, we could be waiting for months. Rumours of a 90-day deadline for a First Tier Tribunal (Tax) to publish its findings were simply not true.

Until the crisis affecting Rangers (and the Scottish game more generally) finds some form of resolution and the situation stabilises, we can expect every casual remark and poorly chosen word to spark a frenzy of analysis and fresh innuendo. As tiring as it has been, I see no let up in the drama in the coming weeks. I do hope that I am wrong. One way or another, I just want this story to come to a conclusion.

About rangerstaxcase
I have information on Rangers' tax case, and I will use this blog to provide the details of what Rangers FC have done, why it was illegal, and what the implications for what was (updated) one of the largest football clubs in Britain.

2,200 Responses to Rumours

  1. diamondtim says:

    A guy on SSB said that Alistair Johnston should do his home work on BM and feed it back to the Rangers (IA) fans if he had rangers at heart, he done that about CW and got kicked out of Ibrokes….short memories

  2. redetin says:

    Richard Wilson (@timomouse) says:
    04/05/2012 at 6:11 pm

    Rangers agressively pursued a policy of unsettling and purchasing players from Scottish clubs on the rise, ostensibly to lessen the chance of them catching up with Rangers
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    I could never understand why Theo Snelders went to Rangers to sit on the bench for 3 seasons, and a total of 13 appearances, having been part of a great Aberdeen team along with Miller, McLeish, Nicholas etc.

  3. Goosy says:

    1. jonny says:
    04/05/2012 at 5:52 pm
    .
    Does your view mean that Minty will be getting his cash back via 100,000 ST or will he go for a lease back of Ibrokes
    ,,,,,,,,,,,,,,,,,
    There`s no way SDM wants back to Ibrox
    You make an interesting point re SDM, STs and Ticketus
    If we assume SDM was the prime mover in this drama then in late 2010 he will have approached a senior Director of Ticketus with a proposition and probably negotiated for weeks if not months before getting the rubber stamp by the Octopus Board
    Ticketus have more at stake than just their Clients investment.If this now goes pear shaped the Ticketus brand will be dead.This may be the reason an Octopus subsidiary called Fern Trading took out a floating charge on Ticketus
    i.e. Octopus may be giving themselves the option of liquidating Ticketus as a toxic brand

  4. Moi says:

    Goosy says:
    04/05/2012 at 7:00 pm
    ——————————-

    Thanks for that Goosy, as usual every day’s a school day. 😉

  5. nowoldandgrumpy says:

    ETimes

    If RFC not in SPL £16m per year deal with SKY and ESPN could come under threat.

    So says Matthew Lindsay (not SKY or ESPN then).

  6. noname says:

    I am fascinated with values and I think they are relevant here.

    The SPL and SFL shares that clubs own seem to have restrictions on their transfer. This would depress their value. If the SPL and / or SFA change those restrictions then arguably the value of those shares have changed.

    For Rangers (IA) the value has clearly gone up. If it has not then D&P would not be allowing this avenue to be pursued. You can prove this at a high level by saying that the new earning potential less the new sanctions is greater than the current earning potential less the current debts.

    If the rules change then I think that a lot more people would be willing to buy the share for more than £11.2m. Are D&P allowed to transfer the share at undervalue? Should they open up the bidding process again?

    It is also arguable that the value of, let’s say, Celtic’s share in each of the SPL and SFL has decreased by the change in the rules. They could potentially win more money without Rangers Newco. Has there been a Value Shift in a Close Company?

  7. Michael says:

    Money Laundering.

  8. dellbell67 says:

     0 0 Rate This
    Quick question if newco to be formed next week and oldco to carry on to get rid of the toxic debt.
    Who is paying Duff & Duffer their 200k per week fees ?

  9. noname says:

    @DavidHillier: “@RJMcL: @DavidHillier Hi David, in your opinion is a debt free Rangers not worth more the £11.2m?” 30k STs at £400 each: £12m. Of course.

  10. Brendan says:

    corsica says:
    04/05/2012 at 2:46 pm

    Apologies if this has already been asked and answered, but why didn’t the bidder go public after being ignored?

  11. campsiejoe says:

    dellbell67

    It come out of the £11.2 million pot

  12. dellbell67 says:

    Campsie joe I meant who will pay the ongoing costs for the oldco ?

  13. campsiejoe says:

    dellbell67

    In theory, there shouldn’t be any
    If there are, I would imagine it will come out of the pot also
    Remember, Miller will have bought Ibrox, Murray Park etc, so he will be responsible for running them

  14. Bhoywonder says:

    Excellent posts today from ALL persuasions….but feck this. I’ve read enough…a beer wins it….Hi ho, Hi ho…

  15. dellbell67 says:

    Campsiejoe,

    Surely oldco will still be in admin until the toxic debt is cleaned as stated by duff&duffer.
    This could take months and they will be due 200k a week for this

  16. BigChris says:

    Its nice to read all the soccer ball news over the past 48 hours. Sadly its a work of MWM made up nonsense of the highest order.

    MSM understands, the administrator insist Miller has comfort, etc.

    Give me peace!

    Its all a concoction, a total work of fiction like the previous piles of p***, except this one is golden.

    Alas what we have is a farce, and on Star Wars day too, May the 4th be with you.

    Unless you are MSM and its may the farce continue.

    What you are witnessing is the last roll of the dice. The light at the end of the tunnel. Rangers have 10 days until the opening of the liquidation window on Monday 14th May 2012. (After the season ends).

    10 days to buy a club, do due diligence on it, create a new company, transfer the assets, get approval for a foot balling license, etc all before next Saturday. (which is Bill Miller’s deadline).

    Bill Miller’s solution, if the MSM and his statement are to be believed, is to have 2 companies (oh no not 2 again) , the old and the new, 1 is toxic and the other an incubator, so that when the debt collector comes Rangers can pull of one last Jedi mind trick and say these are not the debts you are looking for.

    Then merge so that the history is retained.

    What is being proposed is 8th Dimensional Quantum Theory, this is Schrodinger’s Club that is both alive and dead at the same time.

    That is just pure nonsense.

    The reality is right now no one is buying Rangers. Watch as Bill Miller walks away with the unconditional conditional bid on tow.

    Then the penniless Blue Knights will return to then walk away.

    Will be interesting to watch Rangers if it survives into June still in administration, having to sell the entire first team and with the Big Tax Case still looming.

    As I said before, Don’t believe the Hype!

  17. Slimshady says:

    dellbell67 says:
    04/05/2012 at 8:06 pm

    Dellbell

    the toxic debt will never be cleared; oldco will die in a matter of weeks, that’s the whole point, as soon as there’s only enough money left for the current D&D costs, the plug will be pulled

  18. dellbell67 says:

    Slim,

    Agree totally unless they fancy a slice of the 11 million coming oldco way.

    Not that I think tht gonna happen.

    This will end next week with miller walking away

  19. The Glen says:

    dellbell67 says:
    04/05/2012 at 7:44 pm

    As campsiejoe says: it comes out of the pot, at the end of the process and is approved by the Court.

  20. Slimshady says:

    they are saying Miller has shown D&D proof of funds of £11.2M lodged in his lawyers’ client account

    you don’t think he’s forward sold 4 years’ of tickets for Newco at Hampden?

  21. Bhoyant says:

    BigChris says:

    04/05/2012 at 8:09 pm

  22. mailroomtim says:

    Does anyone know if the money owed to Rangers by it’s football debtors eg Everton’s scheduled future payments for Jelavic fall under Bill Miller’s “toxic” bad elements of the club? Or is this more of the good assets that he plan’s to transfer over to newco, then back to oldco after a CVA has been agreed with his £11.2m pot the sum total of all that’s available for creditors.

    Not an insolvency expert but given what he’s proposing to do with the other assets can this be done?

  23. twopanda bears says:

    The Chattanoogan.com
    Some Scottish Fans Don’t Like Idea of Takeover by Chattanooga Businessman
    Friday, May 04, 2012

    Some Scottish fans of the popular Glasgow Rangers football club don’t like the idea of a takeover of the venerable club by Chattanooga businessman Bill Miller. There were a number of protest signs at the Rangers’ match against Dundee on Wednesday. The owner of Miller Industries in Ooltewah appears to be in line to take over the financially-troubled club.

    Meanwhile, the Scottish press is trying to find out everything they can about Bill Miller.
    One Scottish reporter told Chattanoogan.com that journalists there are digging into his personal life and trying to find out every tidbit.

    Extraordinary idiocy by those in MSM who profess to support RFC – quite extraordinary

    MSM complicit in RFCs downfall – RTC wasn`t half right

  24. Vin says:

    Normally its a rag I’d never touch but was at the chippy for a Friday fish supper on my way home from work and noticed an article in the Sun about BM and his cunning plan.

    There was an unbelievable comment from a supposed financial expert representing Ernst & Young (Neil patey) who said the CVA would be worth about 10p in the pound then finished by stating “I cannot see any reason why a CVA would not be accepted by the creditors”

    Being just home from work I haven’t been through all todays posts (so forgive me if this has already been discussed) but how can he come to that opinion? Have I missed some major announcements from CW / HMRC / ticketus

  25. easyJambo says:

    Excellent piece by the 200% blogger, with added satire. Basically, it ridicules Neil Doncaster’s arguments from earlier this week.

    Link to Blog

  26. tomtom says:

    Ref Newco, what happens to the deal with JJB? Are they able to walk away (no pun intended) from it.

  27. scapa says:

    All the deals would be left with RFC(IA). BM is buying the assetts, not the company.

  28. WOTTPI says:

    Ok here is the last thought for this week.

    Read some of Douglas Cameron’s blog and relatively impressed. Well written and balanced. Similar views to RTC on the MSM. However he seems to have been on the ball with regard to the protection of the assets approach put forward by BM. Fair play to him.

    So from what I have learned over the last few days is that it may be perfectly legal to hive off the ‘assets’ to another company and effectively stiff the creditors. Yes they are going to get £11.2m into a pot, minus, Diff and Duffers fees but one will never know if a fire sale on the open market would have generated more cash.

    Unless there can be some legal challenge to this ‘bid’ I can see it happening.

    That then leaves us with what the newco actually is. I take on board the argument that ‘the Club’ can exist and isn’t reliant or directly tied to ‘the company’ which owns it. I think I am correct in believeing that this vague element is perhaps caugth up in the ‘intellecual property’ that is the name, the badge, the strip, the history etc.

    Fine, I don’t like to see the tax man getting shafted but I can accept the legal argument on that one, while acknowledging it is wholly immoral.

    The problem then is that if you are able to make a distinction between ‘the club’ and ‘the company’ you then have to decide which one has the right to a history and the continuing membership of the footballing authorities.

    If you say ‘the new company’ is applying to be members of the SPL and SFA then it appears to me that in contractural terms you have a broken history.

    However if you claim it that doesn’t really matter because there is no distinction and it is ‘the club’ that is the higher authority, then you can claim the history is unbroken as ‘the club and company’ are for all intents and purposes, for footballing purposes, are seen as one entity.

    Therefore in this latter case the sins of ‘the club’ will hold regardless of how the ownership is structured. In the case any fielding of ineligible players in the past, any punishment must righlty be applied to ‘the club’ in its present form, especially if that same ‘club’ wants to hold onto and boast about its famous history.

    Douglas Cameron says he thinks Rangers, presumably as ‘a club’ proabably deserve punishment but that it should be under the present rules.

    Therefore IF it is proven that ineligible players were fielded in relevant games then I fully expect expulsion from Scottish and League Cups and the record books redrawn accordingly. I also fully expect all relevant SPL games will be awarded to the oppostion 3-0 and the league tables for relevant years redrawn. I also expect ‘the club’ involved to face charges of bringing the game into disrepute and be dealt with accordingly.

    I can just about stomach the lawyers wriggling their way out of things on the money side but if the SPL and SFA fail by passing on the good assets (history, league titles cups etc) without passing on the bad, the game is a total sham and proof that regardless of who is in control at rangers they will always want their cake and to eat it too.

  29. scapa says:

    WOTTPI says:

    04/05/2012 at 9:35 pm
    Ffair assessment I think, if you want the glorious history, then you all get the vainglorious crimes and any punishment that goes along with them!

  30. Local Chatanooga news video and article about Bill Miller

    http://www.newschannel9.com/news/top-stories/stories/vid_637.shtml

    Money quote

    “Miller faced trouble as his wrecker empire grew. In late 1997 a group of shareholders brought a class-action lawsuit against Miller and his company alleging they released false financial documents in order to boost sales of stock. In early 1998 the U.S. Department of Justice launched an anti-trust investigation on accusations the company attempted to create a monopoly in the towing and recovery industry. The issues were either settled or dropped after Miller launched an aggressive public relations campaign.

    What we don’t know now is whether Miller’s interest in Rangers is pure business or love of the game. We asked Rustand if Miller ever expressed local interest in soccer.

    “Not that I know of and in my casual, quick conversations with other board members non of the rest of us had known anything about it,” Rustand said.”

  31. StevieBC says:

    Re: the newco/ hybrid alchemy proposal from Tennessee.
    ================================================

    This proposal is a high risk strategy…for both Doncaster and Regan personally, (but not for the MSM).

    Just say in the next week or so, the ‘Vietnam war hero’ pulls out of the deal – and walks away.

    The MSM are going to look stupid for supporting his bid and not asking tough questions. So the MSM is consistently poor – so no change there then.

    However, Doncaster has given support by talking misleadingly about ‘English equivalent examples’ and Regan/the SFA has implied support by ‘entering discussions’ with Miller.

    So, after cultivating in the general public a perception that the Scottish football authorities will bend/break any rules to support the bid, it would appear that a Tennessee Tow Truck manufacturer – with no interest in football/soccer, and apparently with no passport – has just been leading them a merry dance…

    If Miller does walk away, he should be quickly followed by Doncaster and Regan as both would then have even less credibility than they have just now.

  32. Gwared says:

    Today 14th May I am sitting in my Tardis contemplating what aw the kerfuffle was aboot. I had decided to bugger off to Chatnagoogoo Land to inspect this Incubator thingy, the MSM reports really had it up there alongside ma trusty Tardis, however upon further inspection I found out it was just a figment of wee Bill’s imagination.
    So Ladies and Gentelmen withoot any further adoo, noo that I um back at the 14th I can exclusively reveal that the Ragers are no more, gone, nada, vamoosed, zilch in historical terms just an ugly carbuncle that will forever be a plook on our good history.

  33. Cortes says:

    Did il Don Dionisio not have remarks last year re likelihood of “hive down”?

  34. nowoldandgrumpy says:

    scapa says:
    04/05/2012 at 9:34 pm
    0 0 Rate This
    All the deals would be left with RFC(IA). BM is buying the assetts, not the company.
    —————-

    or

    Not the Club

  35. scapa says:

    Oh god not another twist in this sordid tale?

    “alex thomson‏@alextomo

    Anybody from Lloyds Bank want to talk anonymously about letters sent to SPL clubs?

  36. scapa says:

    nowoldandgrumpy says:

    04/05/2012 at 10:13 pm

    Depends on how you define club, could see this ending up in fron milord!

  37. George A says:

    Agree very much with noname at 7:34

    It is hugely relevant for creditors whether the soccerball authorities in Scotland have granted a dispensation for a new company to take the place of RFC in the SPL

    Without such dispensation all Miller has is all of the infrastructure to run a football club. If you add to that a guaranteed place in the top league in Scotland you automatically increase the value

    It’s like the difference between selling a piece of land that might get planning permission for residential development and land that already has permission

    If the Spl and the SFA have granted dispensation then surely that means the whole bidding process should be re opened

    Anything else short changes the creditors

  38. yojimbo56 says:

    Goosy says:
    04/05/2012 at 6:27 pm
     6 0 Rate This
    yojimbo56 says:

    04/05/2012 at 5:34 pm
    Thank you for that
    Sorry for upsetting you a few posts ago
    I know I`m out of line when decent bears are annoyed

    #######

    Forget about it Goosy, your playing a blinder tonight. In fact if my wee janitors moan helped you up your game then I’m looking for some reflected glory. lol.

  39. david cecil says:

    Just a bit of life relief after all the hard research and quality appraisal done this week. This goes back to discussions earlier this week about the early 80s, when Rangers were, quite frankly, rubbish and the rest of Scottish football has the terracings bursting at the seams. Enjoy.

    http://v8.nonxt5.c.youtube.com/videoplayback?app=youtube_gdata&devkey=AX8iKz393pCCMUL6wqrPOZoO88HsQjpE1a8d1GxQnGDm&el=videos&upn=cP7Vt0dFQlw&uaopt=no-save&source=youtube&itag=18&id=9aa6b20fc21d572b&ip=0.0.0.0&ipbits=0&expire=1338759038&sparams=id,itag,source,uaopt,upn,ip,ipbits,expire&signature=47100B96F27E8389419132A495DE74368956E8A5.A349C8999589FF912C98CE9BF9A189DAB9EE8C7C&key=yta1&cms_redirect=yes&redirect_counter=1

  40. frank's boy says:

    Re Scapa’s post @ 10.17 re LBG letters, I look forward to BRTH’s take on it, given that he seems to look at the situation one lens further out. Wonder how that info came to AT ? Perhaps a disgruntled Club Secy or Chairman ?

    Of the SPL posters out there who have copies of their club’s annual accounts, how many SPL clubs bank with LBG ?

    Having managed to get themselves out of RFC and without much flak since, they must be concerned to see themselves thrust back into the fray (once they find out that they are in AT’s next blogpost). Can’t wait !

  41. frank's boy says:

    ‘They’ being LBG, for clarity among the pedants (including, obviously, myself).

  42. En attendant Hector says:

    david cecil says:
    04/05/2012 at 10:34 pm

    Great memories, Davie. Where did you get that from? United was a terrific team and Ralph Milne a great winger. He scored an identical goal at Celtic Park that was very important in winning the league for United. Then along came the forces of darkness……..

  43. Goosy says:

    Why is Bill Miller interested in buying RFC?
    The short answer is that he isn`t
    ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
    The speculative long answer is some variation of the following
    Starter for 10
    Why have the SPL not signed the contract for Sky coverage?
    Answer
    Sky are playing hard to get, talking about reduced terms and blaming loss of RFC
    What is the SPL response to Sky?
    Answer
    “The SPL are in discussions with ESPN to give themselves another option”
    What have ESPN said to the SPL?
    Answer
    “If we can fix the RFC problem and nearly match the Sky offer will you sign the deal?”
    Answer “Yes”
    So ESPN (USA) have a look at the RFC problem via their NASCAR (motor racing) contact Alistair Johnston VP of IMG (remember him?)
    Alistair Johnston`s view to ESPN is” The only realistic bidder is the TBK” but they are skint
    So the TBK need the following
    -RFC liquidated without TBK involvement
    – SPL /SFA concessions declared to any bidder for RFC assets
    -No other bidder in sight
    Alistair Johnston knows Bill Miller business wise through NASCAR which has ESPN coverage and has met him several times at big race meetings
    Bill Miller needs favours from IMG. Alistair Johnston agrees to help Bill Miller
    And off we go. The rest is in the public domain
    If this scenario is roughly correct
    ESPN will cover the SPL from next year
    Bill Miller will extract public concessions from the SPL and SFA then walk away without buying
    RFC will be liquidated
    The RFC assets will go to CW who will sell on to TBK with a Ticketus debt of £xm pa until £27m has been repaid (Alternatively CW may double cross Ticketus by liquidating RFCG but that means double crossing SDM so perhaps he won`t)
    Either way
    RFC are saved but financially weakened
    CW wins, D&P wins, Ticketus wins, SDM wins, BM wins, and AJ wins
    The SPL and SFA lose their integrity (for the 10th year in a row given they knew about second contracts for a decade)
    SPL fans lose faith in their national game
    But who cares?
    It’s just business eh?

  44. easyJambo says:

    frank’s boy says: 04/05/2012 at 10:45 pm

    Of the SPL posters out there who have copies of their club’s annual accounts, how many SPL clubs bank with LBG ?
    ====================
    Aberdeen BoS
    Celtic Co-Op
    Dundee Utd BoS
    Dunfermline BoS
    Hearts offshore
    Hibernian BoS
    ICT ??? – Don’t have an overdraft
    Kilmarnock BoS
    Motherwell ???
    RFC(IA) ex BoS
    St Johnstone ???
    St Mirren Clydesdale

  45. frank's boy says:

    Nice one, EJ. I’m impressed despite expecting that it was a question that would be answered. 20 mins. That’s why I love this place.

  46. Thornlyboy says:

    Easy Jambo: Given the above, why doesn’t everyone bank with the Co-op like you-know-who. After all, it could pay dividends. (Ouch!)

  47. Not a parody I’m assured

  48. US journalist Dubbs Bill Miller “The “stealthmaster,”

    http://www.towman.com/2/bestofat0012.html

    (via @BillyBhoy68 on tweet )

%d bloggers like this: