According to Joe McHugh at VideoCelts, the Ibrox club has issued another £1 million in worthless shares, to meet this month’s payroll.
It’s clear that the cash for Patterson is gone already, with much of it pissed up the wall to acquire Aaron Ramsey.
This comes just a week after the 10th anniversary of Rangers entering administration and a round of Ibrox interviews painting the club as in good financial health, with big predictions of “breaking even” or even posting a profit … claims this site and others said were ridiculous.
Those who run that club have no credibility on these matters whatsoever. They continue to brazenly lie to the media, which swallows up every word. They continue to mislead their own supporters about the need for player sales.
They continue to be a financial basket case, who if they had to rely on what they earned wouldn’t be challenging Hearts for third far less us in second.
No-one in the press ever asks how all this equity confetti fits in with the SFA’s responsibility to license them properly under Financial Fair Play. Nobody ever asks at which point this tips over into something UEFA should be concerned about.
A lot of us think this is something Celtic should bring to the attention of the European governing body; certainly there seems to be no appetite whatsoever for those who run our game giving this lot the proper scrutiny.
Questions continue to be asked about how much longer this can go on for, but the only people asking them are us.
I said earlier in the week – in the context of Hugh Keevins – that a fool and his money are soon parted.
Over at Ibrox some of their directors have, allegedly, been carrying the egos of The Peepul for the last five years … although one suspects that there is money flowing through that club which they would be loath to explain to their fans or anyone else.
What is not in the least doubt is that the club at Ibrox has no chance of breaking even whilst it remains addicted to spending, and in particular when the uses for its money are so utterly ridiculous, like expensive Sky Sports Scouting bling.
Let’s call it out in its entirety.
The mordor board have previously stated that two board members…park and Bennett…would give any shortfalls between Jan and the end of the season.
They do this by giving money to the charity known as Newco….disguising the loans as investment and instead of an IOU, recieve instead “new shares”…..which is total bollicks.
You can’t create new shares….
This is simply a debt declaration avoidance to circumvent uefa ffp laws……because this way the sfa can ignore the true debts.
In return the investment is not taxed….but the investor gets tax relief.
Parks was called in by his bank managers..both of them…and told he could no longer fund the mordor club from parks business…because it was in trouble financially…and he does not have the financial clout to support in excess of a 2 million pounds a month shortfall.
Bennett I can’t comment on.
The SFA have a duty of diligence to obtain supporting documents to show clearly where these funds originate from….
Call it out….there’s dodgy money floating through mordor…from even dodger people.
This whole can of worms will eventually spill over and when it does ALL of Scottish football will be in trouble.
It’s high time other clubs…all of them who wish to have a future as a club or a business…directed the sfa to investigate.
It’s high time the authorities…tax especially, took a tour of the mordor finances….a thorough one….and got to the bottom of their conundrum, because there’s financial laundering going on there….and it doesn’t take a genius to work out you can’t have a 2.5 million monthly shortfall and stay in business with a 100 million plus debts
Our club sat back and allowed this to happen as much as our media all for the blue pound. Lawwells legacy.
And we are doing it again simples.
Why hasn’t European big wigs done anything about this flagrant breaking of their FFP rules?
Aye it’s not looking good for the newco club but 25p for toilet paper is a good deal ??? & a question were are they getting the money from ? Banks won’t touch them so many wonger loans & what about the money they owe to so many people shameful is not the word but terrible from them I think hector will be knocking on there door again or the sheriff officers to put them outa bunisness