My interest was piqued yesterday by this dignified post.
I then checked with a well-placed source and this is what I was told:
“That blog post is essentially accurate.
“A facility to borrow two million has been put in place and, as far as I know, the members of Club 1872 are not aware of this at the moment.”
Presumably, this is all in order in terms of the constitution of that Churchillian organisation.
No need for any of that messy EGM stuff.
My source did tell me of the identity of the high street bank that has agreed the finance, but I agreed it withhold this information in order to protect the source’s identity.
Moreover, he stated to me that it could be that the loan was being financed by the monthly subventions of the members of Club 1872.
However, I told him that such move would be undignified and therefore, I discounted such a possibility.
I must say though, those Club 1872 chaps are very generous and trusting.
For the avoidance of doubt, Club 1872 is not a loss-making business, but they do have a credit line from a bank.
In a parallel universe, Peter Lawwell has just told the Association of Celtic supporters and the Celtic Graves Society that the money they take in from their members is now going to keep the Parkhead club afloat.
Addendum
It has been brought to my attention that the post that I alluded to has now been taken down.
However, it was there, but it has subsequently been replaced by a heartfelt statement concerning child protection.
Here is another post from June 8th which also references the behaviour of Club 1872.
The ignorance in the replacement is only to be expected.
Club 1872 talk of paying into share issue investment and supporter-led projects and I think it is the later objective that will prove to be their downfall.
I assume it would come under the umbrella of supporter-led projects if Club1872 were to fund the club directly in any way and the website clearly states that ‘All projects will be formally scoped and costed and subject to member vote at all times’.
I think Club1872 should be investigated by the relevant authorities and fans of the team playing out of Ibrox need to hold on to their cash while this plays out.
These schemes where fans pay into a fund but never personally own the shares are, in my view, open to abuse.
Phil, me as a layman could you tell me/us how serious this really is?
Ta much.
Let me think now. How many ways could TheRangers spend £2m?
x1 pay the scaffolder
x1 pay off Breadman and Caravanman
x1 pay off Wallace and Gromit
x2 pay back Close Bros
x3 pay back director loans
x10 buy a decent squad to aspire to second
x6 pay a decent squad for a year
x10 fix the roofs and re-furb Ibrox
x12 pay day to day running costs for a year
x2 pay off outstanding invoices
x6 fund Kings’s TOP share purchase
x1 get re-listed on AIM
x? is there any PAYE/NI/VAT overdue
So I reckon if King can find 50-60 other clever wee sneaky scams like this one – he’ll be able to deliver his wet dream of getting back to square one and stopping TIAR.
There is an old legal maxim which goes ” Justice delayed is justice denied” and it seems to be quite apt with regards to Sevco. Whether DK’s recent actions will be of benefit to the Sevconians in the long run is one of debate but if not, perhaps they could have been saved from themselves if the old fox had been dealt with in a timely, appropriate and “tip TOP” manner.
One more cunning, bearly-legal move from the grand master of rule-proving, authority-taunting manupulation. But what this is NOT, is a step in the right direction towards a successful company running a successful football club. This is not a step to faciitate a turnaround. This is the product of a criminal mind that doesn’t know when it is beaten. This is not a step to rebuild credibility with the finacial community. It buys a little more time – but time for what – time to think up the next criminal ruse in the same downward spiral.
p.s. whichever bank is involved, really oought to take another look at the due dilignece process and the colour of the spectacles worn by those who conduucted it. They are heading for a severe haircut.
Who the hell offered a loan to an organisation with no assets other than some cash in the bank and some worthless, untradeable, soon-to-be-diluted shares? Especially when they are intending to blow both the loan and their remaining funds on buying up more worthless, untradeable shares and when there is now an additional risk that people who opted for their money to be used to fund investment projects (rather than share purchases) might sue them for mismanagement of funds. Also, while they may have an income stream of sorts to service a loan with, it’s based on lots of fairly small subscriptions and ad hoc payments that could be cancelled at any moment (especially if, as may now be the case, people feel that their funds are being mismanaged). Hardly what you would call a stable, reliable income stream. Phil – if you know who is offering them this, maybe you should try to get yourself a couple of million on the back of subscriptions to this site. Looks like they are giving it away.
Oh and ‘Dutch giants Breda’ finished in 14th place out of 18 in the Dutch league last season.
What happened to the £5m man MacBurnie, all’s gone quiet.
Latest target is a young Nigerian striker currently plying his trade at Roma…on loan of course.
Apparently burnt it up last season on loan in Holland with ‘Dutch giants, Breda.’
Ajax, Feyenoord, PSV Dutch giants?….no doubt.
Breda……yet another loanee at a provincial club who have been tagged as ‘Giants’ as if to add some relevance to a potential bid.
i
Excellent piece Phil.
That’s a bit like me going down to the bank and requesting a loan, and the question arises how will you be repaying us sir ah says I the boys down the local will be having a whip round every month for the repayment. Mmm says he watch the door doesn’t hit your bahokie on the way out.
Surely a prospectus or price guide must have to be issued ??? Or is it just going to be a £3m donation???
Keep up the good work Phil.
HH
Here is me thinking things were starting to look rosy!
Christ on a bike I still have those glasses on.!?
Presumably this loan is to allow them to buy 2m worth of shares in the forthcoming share issue, thereby essentially underwriting it. And that would imply that Club 1972 has been unsuccessful in raising that funding from its members.
One right in the baws!
Didn’t I read that Rangers were having problems with their European licence in part because of a loan from club 1872 on their books that needed to be converted to equity? It couldn’t be the case that Club 1872 have already advanced what cash they have? Not that anyone has actually come out and said so. And then would the share issue be just to clear that loan off the books since Rangers year end for accounting purposes is the end of June. If nothing else just to stop anyone asking awkward questions at the next AGM.
I wonder if the people tasked with monitoring FFP compliance are aware of this development?
Well dodgy…
I saw the reference to the World’s Most Successful Team. Can anyone explain what a Real Madrid blog has to do with Celtic?
This is madness. A fund raising scheme borrowing against potential future income to throw money at Rangers.
Surely this will lead to a drop in Club 1872 subscriptions putting at risk the repayment of any loan.
Only a fool would continue to subscribe if this goes ahead.
Indeed. Club 1872 exists to pump money into Sevco. If the next 2m+ in subscriptions would go to the bank – Sevco having already got the money – why would you bother? Better to walk away and start a new investment club where the money would go to Sevco, not on bank repayments. Of course, if this happened and Club 1872 went to the wall, it would leave the bank owning a load of worthless Sevco shares. That may not be the preferred outcome for the Sevco board.
hmmm, I think the last sentence of your comment sums them up succinctly.
No worries there…..
The ‘Buckle-eyed one’ gets the cash but not the duty of repaying it. It’s manipulative complexity is quite staggering. The Peepul have been hustled by their saviour.
When /if (seems likely but who knows with the ‘sheepul’) the monthly subscriptions fall of – it won’t be King that the (high street) bank come chasing.
More last ditch desperation income tactics. They are running out fast. If only there was an ‘orange tap’ available up to 5XL !
Expect IBrokes banner taxes, advance bovril loyalty schemes, euro away tickets only available with ‘Davies Rainjuurz’ travel scheme ….. It could be quite funny watching, although I’d much prefer they just folded now!
Funny how such a serious subject doesn’t warrant a mention on their main fans blogs.
It would appear that someone wants to keep whats going on under lock and key.
Would contributing to player transfer fees constitute a project?
Goldson jetting in this week for his medical before signing on the dotted line, a coincidence?
I thought club 1872 money would be used to stop Close bros bagging sevcos assets. I guess they’ll have to throw more of their hard earned into the pot to make the glib one look as if he’s got everything under control. Desperate times calls for desperate measures….and they are desperate.
Ingenious variation on Ponsi. This bank, whit’s the compliance function daein’ Phil, whit’s it daein’?
It would appear that the post in question has been taken down. Reminds me of my young brother asking to go to the toilet on the beach.. and discreetly marching off behind a rock, only to be seen a few minutes later atop another much larger rock, squatting for all to see on, fortunately, a rather empty beach.
In other matters… what is a ‘tarrier’…is this in some way associated with notifiably racist terms? It could be that the poster aforementioned has clambered onto an even bigger rock to do his business?
Surley no Dumbarton Rock?
Quality mate ?
Have you seen what’s in place now instead of the blog??
Undoubtedly, the most stupid fans in World football.
Club1690 just need to utter the phrase “stopping the ten” and the pelicans will be fine.
Pelicans ? They’ll swallow anything.
Keep at ’em Phil
Pelic-Huns
Can’t be pelicans you get get a pelican crossing ?no chance of them lot having anything to do with crossing ?
Don’t you be giving Peter ideas now!
🙂
Why ever would an organization with only minimal expenses, and significant regular income, need to take out a whopping big £2 million loan!?
Could the secrecy involved here have anything to do with the European License? Just curious.
So, there are actually people of a Sevco persuasion paying attention!
King needs to stamp this kind of thing out as quickly as possible.
Openness and transparency by all means, however, not at the beck and call of the fans.
I mean, where will it all end?
Who are these rivals they speak of?
Aberdeen? Hibernian?
I’m pretty sure they mean Alloa, their bogey team and close rivals.
Same old Alloa, always cheating and running Ponzi schemes on their supporters
Can’t wait to read the club statement ?
Excellent Phil.
Reminds me of “Forrest Gump.” Stupid is as stupid does.
How do these reprobates and recidivists get away with all of this?
If only Carlsberg did stupidity and gullibility.
Many thanks.
Nah! They could NEVER do it like that mob! They’ve turned gullibility and stupidity into an art form.