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Rangers are Rocking; Scottys Financial insight inside.


Speirs  

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  1. 1. Was Speirs talking the truth or lying

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Actually Hearts didn't really do that. They played the youngsters while going down from the Premiership but pulled in a pile of experienced journeymen for the Championship.

Have a look at their first team from last season and you'd be surprised how few youngsters were regulars in the team.

100% correct.

The difference was that the journeymen were a lot cheaper and actually performed compared the what your teams men did..

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100% correct.

The difference was that the journeymen were a lot cheaper and actually performed compared the what your teams men did..

Pretty much a 50:50 split in the Hearts side between young scottish players and more experienced players.

Although i think it's bizarre to refer to guys like Ozturk & Zeefuik as "journeymen", considering they are only 23 & 25.

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Ach, Hearts turned their youth team into their first team in six months, how hard can it be?

And, we'll sell you Charlie Telfer back for £1m if it helps?

Adam, £1.5m please. £1m for the club and the other £0.5m commission for the 3rd parties.

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I'm sure Hearts fans would be able to clarify but my recollection of their team is pretty much this:

Alexander : 36

Paterson: 20

Wilson: 23/24

Ozturk : 23

McHattie: 21

Gomis : 29

Bauben: 26/27

Pallardo: 28

Walker: 21

Nicolson: 19/20

Zeefuik: 25

Hardly a team packed with journeymen, although not a team of little boys either.

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I thought Bauben was older, but just because I remembered him at United, then saw him play for Carlisle, and then Thistle before Hearts. Just seemed like he'd been on the scene for years.

Thinking his passport was from the same guy as Obafemi Martins and Nwanko Kanu.

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So Dave King gets £1.5 million back on the bankrupt Rangers and then invests £1.5 million in New Rangers. Not exactly signs of off the radar wealth being bestowed by the new saviour. Also, note the story about the HMRC appeal, King stands to take out a lot more. Wonder why he was so keen to get back involved?

From the Herald today,

Dave King stands to get £1.4m out of £10m Rangers oldco creditors pot

Wednesday 17 June 2015

RANGERS chairman Dave King stands to get an initial £1.4 million next month as a creditor of the club's liquidated operating company, it has emerged.

The South African businessman's payout comes as he is registered as an unsecured creditor saying he is owed £20 million for his investment in the club 14 years ago.

Liquidators BDO have confirmed they are now set to provide an interim £10 m pound payout to Rangers creditors by the end of next month providing around six to seven pence in every pound owed.

It has further emerged that the payout pot to the creditors in the liquidation of The Rangers Football Club plc has been reduced by a third because of liquidator, legal and other administrative fees.

Nearly £11m has been paid out to accountants, lawyers and other administrative staff since BDO carried out the liquidation in October, 2012, leaving £18m for creditors.

BDO papers show that £5.4m of the £6.2m costs of the liquidation incurred over the six months to the end of April were legal fees incurred over the settlement of a claim against London-based Collyer Bristow the solicitors involved in the controversial takeover of the club by Craig Whyte. The liquidators banked £24m for Rangers creditors.

BDO said the fees went to London-based legal firm Stephenson Harwood as "it had been necessary to instruct" the company on a 'no win, no charge' conditional fee arrangement basis.

The arrangement meant that Stephenson Harwood were entitled to their costs plus an extra 75 to 100 per cent to "compensate them for the risk that they would not get paid if the litigation failed".

According to details revealed in an updated set of BDO accounts over the liquidation, the £10m payout, will leave nearly £9m remaining in the creditors pot to pay off the taxman if they win an appeal over the so-called big tax case.

The Rangers chairman and other creditors could end up having an even greater slice of the creditors' cake if the taxman fails to convince courts that the oldco was liable for £46.2m plus charges over the use of Employment Benefit Trust (EBT) loans to pay players and managers.

It was confirmed that £72m of the £94.4m owed to Her Majesty's Revenue and Customs (HMRC) relies on the outcome of that appeal that is due to start on July 7.

Its failure to win that would cut the debts owed from around £160m to £96.8m.

When Mr King ploughed money into the club, a new share issue had been made to improve the playing squad and develop a strong youth policy through a new academy.

Of that, £20m was described as new money from Mr King, invested through his Ben Nevis Holdings firm. As part of the changes Mr King became a non-executive director at Ibrox. Some of the new cash 14 years ago went towards lowering the club's then £40m debt.

His claim places him third on the list of the biggest unsecured creditors of the liquidated Rangers firm, which was renamed RFC 2012 plc.

Mr King's claim comes amid allegations he has made on the basis of non-disclosure by former Rangers owner Sir David Murray over the club's true financial position in 2000 when he made the investment.

Sir David has previously insisted to the Herald that no financial information was withheld from Mr King and that during his time as chairman he had not made any complaints.

The 14-year-old rights issue involved Murray Sports, which was controlled by Mr Murray, taking up rights through its RFC Investment Holdings subsidiary to the tune of £32.3m.

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He was only 19 when he signed for Utd. And he only signed for United because he couldn't get leave to remain in Holland I believe.

Aye, Debian is just exposing his own intolerances as usual.

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Listen to Casanova here. You forget we've met before ; ) I know what you look like

We met 6 days ago, Hossy. And you were still 20 stone and ugly as feck.

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Just wondered if anyone had any comment on the fact that while the rangers EGM was being held, King was down in London begging Ashley for help??

Well that is my interpretation which may well be slightly biased

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Just wondered if anyone had any comment on the fact that while the rangers EGM was being held, King was down in London begging Ashley for help??

Well that is my interpretation which may well be slightly biased

By begging for help you mean trying to sort out better retail contracts. That's exactly what he should be doing!

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Just wondered if anyone had any comment on the fact that while the rangers EGM was being held, King was down in London begging Ashley for help??

Well that is my interpretation which may well be slightly biased

Oh the wallpaper sticks to the wall.

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Just wondered if anyone had any comment on the fact that while the rangers EGM was being held, King was down in London begging Ashley for help??

Well that is my interpretation which may well be slightly biased

There have been claims that he was trying to sell his shareholding to ashley. Hasnt been denied but that doesnt mean the claims are true.

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