Charles Green’s hopes of a successful The Rangers share issue are in danger after a damaging report in The Times highlights the tax issues of a key investor in the club.
The double page investigation by Special Correspondent Alex Mostrous, sub-titled ‘Secrets of the tax dodgers’, looks into the role of Richard Hughes, co-founder of Zeus Partners, and a 7% shareholder in Sevco which subsequently renamed itself as The Rangers.
Hughes is believed to be under investigation from HMRC over a £134m film investment scheme and could be in line for a significant profit if Green is successful with the share issue which hopes to raise £20m from the AIM before the turn of the year.
Green has been fiercely protective of his investors after initially claiming that he had 20 individuals each investing £1m in the new venture.
In order to gain membership of the SFA Green was required to provide details of his backers but that information was never made public.
Some information has leaked out with the Ibrox roles of Imran Ahmad and Brian Stockbridge explained with both men previously directors of Zeus Capital.
While the fresh tax investigation involves Zeus Partners and not Zeus Capital the link with Hughes, who owns 2 million Rangers shares, will cause concerns for any share issue.
Announcing his intention to have a share issue last month Green said: “For me, our share valuation of £20 to £30 million is a real opportunity for investors. I quite openly acknowledge that the real investors can get a good return but we have not chosen to force that value up.
“We have decided to leave value on the table for the next stage – when we get to the point where are we going now. There is a sensible and a realistic value there.
“Apart from the fact people will want to buy shares because they love Rangers there is also a real opportunity for future growth opportunities and for it to be a worthwhile investment.”
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“Secrets of the Tax Dodgers”, says it all really.
Do the sevco fans really believe that any of these reptiles in suits give a toss about football fans or football teams. Every one of them would sell their children for a few percent profit.
Oldco. newco, history, no history, sink or swim, it means nothing to them.
Why is Rangers such a magnet for these types?
It’s called “Money Laundering” Bertie
Too many involved all looking to line their pockets. What they really need is a complete meltdown and a fresh start none of this garbage about being the original club. No self respecting supporter would ever believe that, so building on sand is a sure fire way to yet more failure.
Share issue will never raise anything like £20-30m be astounded if it raises more than £ 2m.
A lot more to be unveiled yet
Every time Charles Green opens his mouth its a combination of deception, contradiction, lies, deceit and spin. Unfortunately for the Sevco fans people believe what they want to believe – facts only get in the way. Charles Green has not spent one penny from his own pocket and stands to get away with a tidy sum once he has fleeced the sevconians of money they can ill afford to lose. Its a mess Ally McCoist should have steered well clear of.
This is from an article written by a Rangers fan…
Records held by Companies House reveal that nine of the companies Charles Green has been involved with have been dissolved.
He has a track record of moving very quickly between posts, resigning from 31 different appointments during his time in business.
He is known among Sheffield United supporters as “the hatchet man” who sold off some of the club’s most valuable players (Brian Deane/Jan Aage Fjortoft) before resigning.
He left Sheffield United “in a mess”
“As if things couldn’t get any worse, up pops Charles Green” (Sheffield Utd fans quote on his prospective ownership of Rangers)
“Don’t let that man anywhere near Rangers or football” (Anonymous quote to Evening Times)
You can’t say sevconians haven’t been warned! 🙂
Title stripping next please
Just like Jimmy Saville, DON,T LET THEM, REST IN PEACE
Welcome to the Sevco Disco where loud mouths have replaced loud music; the dancing beat from the turntable has been replaced by the smoke and mirrors of the spin table. Dancing shadows illuminated on the brightly coloured walls are now menacing shadows with upturned collars slipping in and out of the Ibrox back door; briefcases in hand. Stilted figures duck and dive in a strobe light of anonymity to the rhythms of the night while the sevco disco dancers writhe and jerk in complete ecstasy at D.J Green’s choice of listening.
Its a pulsating crowd pleaser but its about to be gate crashed by the h.m.r.c punk rockers who have their hands on the power switch. The Saturday Night Fever manager continues to make excuses rather than dance the dance or walk the walk. After the final slow dance to ‘Please Stay’ the hordes look up to find that DJ Green has left the building along with all the music. Even their old records have disappeared; all gone. Nothing left but a few tainted memories of some songs that only they had ever danced to.
Disco. . .ah those were the days eh!
I regularly buy The Times as it is a quality read. Perhaps the good work of Alex Thomson at channel 4 is being noticed down south. This could be an opportunity for us all.
Finally we have a paper that is not afraid to speak the truth when it comes to the smoke n mirrors and dodgy dealings at Ibrox. We know that the sycophantic complicity shown by the Scottish media over the years is partly down to bulk of their staff having blue tinted specs and partly down to economics.
Say something negative about Rangers – lose readers / lose money. Speak the truth about Rangers – receive death threats & intimidation. Criticize Rangers fans for racist behavior – lose access to exclusives leaked from the top of the marble stair case.
Fortunately for “The Times” they have a sophisticated cosmopolitan readership and do not rely on sales to the “white underclass,” as Mr Speirs would put it. I cannot see them being too phased over death threats and intimidation either.
If Celtic fans start buying this paper then they might see the economic benefits of reporting the truth here in Scotland.
For once in my lifetime, we could have a national broadsheet that is prepared to tell it how it is.
Dodgy deals done behind doors. Shadowy figures in the background. Funny handshakes. Honest mistakes made by Refs.
Or maybe I am just dreaming!
I urge all celtic fans, if you do one thing this week, buy a copy of the Times.
You never Know!
Hail Hail
Think this guy works for the Times ;D
H H