Charles Green finally published the prospectus for Rangers International overnight giving investors 10 days to make their commitment.
After almost two months putting the document together the figures reveal a boardroom bonanza with way over £1m being spent on director salaries with expenses coming on top of that bill.
A bonus of 100% salary is also mentioned for promotion from the SFL but it’s unclear if this is from the Third Division or First Divisionl.
The 121 page document gives little away but contains some previously guarded information but constantly switches from newco to oldco with the only published accounts being for a three month period which is almost certain to put off any institutional investors despite claims of pledges worth £17m.
Green is revealed to be on a salary of £360,000 per annum with fellow directors Imrin Ahmed and Brian Stockbridge getting combined salaries of £550,000 plus expenses.
Five other non-executive directors are drawing a salary of £40,000 a year plus expenses taking the boardroom bill to way over £1m without a ball being kicked or bill getting paid.
The document gives coverage to the SPL investigation into dual contracts and the likelihood that HMRC may appeal the big tax case. Also covered is the on-going investigation into the sale of assets to Green for £5.5m despite claims of a market value in the region of £80-100m.
On-going football difficulties are mentioned including league reconstruction and UEFA’s licencing system which requires three years of audited accounts before a new club is allowed to play in the Champions League or Europa League.
Despite being in control of Ibrox for almost six months the prospectus is unable to reassure investors about the condition of the buildings admitting that no Asbestos Risk Agreement has been issued.
The prospectus states: “Our inspection of the subjects did not constitute a structural survey nor did we inspect woodwork or other parts of the structure which were covered, unexposed or inaccessible.
“Also, the various services have not been tested and we are not in a position, therefore, to report that any of the properties are free from defects.
“We have not had sight of an Asbestos Risk Assessment relative to the subjects and cannot report that they are free from risk in this respect. Accordingly, we have made the assumption that such an investigation would not disclose the presence of any such material in any adverse situation or condition.”
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“Accordingly, we have made the assumption that such an investigation would not disclose the presence of any such material in any adverse situation or condition.”
Whit??!!
Any mention on how Ticketus will get their money back?
vultures hovering over the rotting corpse that was rfc.they’ll end up with food poisoning.
Anyone stupid enough to invest deserves to be scammed…better sending money to Nigeria
Anyone with sense can see that investing in anything connected with Charles Green is as sensible as driving the M8 in thick fog without headlights. I wonder how many people are aware of just how much of the old R*ngers fan base are beginning to walk away from their club due to the continued lies by this man.
mibbees aye mibbees naw.
must nave mice,full of holes.
need to think about this good thing.
I’LL just invest in dundee utd.
looks like they’ll be around longer.
does the threat of asbestos mean that say,a ST holder that has been going say 10yrs+ contracts asbestosis may have a claim against them?
totall guff and bufoonery , investest in this dodgey club at your peril , trust in this man and your mad !
Sounds like a good deal for Charlie and his fellow directors, but a bit of a worry for the fans and other would be investors.
The huns filling ibrox celebrating their 6 months history today, will, as always, be contributing towards auld Greeny and his directors over inflated wages.
And nothing else!
“Gees awe yer money ya bambots (sorry peeple)” Charles Greene 2012
So the ‘Big Hoose’ might be asbestos ridden which if it is, would cost a fortune to fix.
Dear mr rangers fan
My name is nguemo rangers fan, we are long lost relatives and my father was your 21st uncle, he died a very rich man, and left you a share of his 1888 million pounds, all i need is your bank details to transfer the money so my corrupt government cant steal it, please hurry, i hear you are very gullible – i mean wise – and you will not be easily conned, ps beware of very dodgy man in your area, he called one suit charlie, speaks funny, very simple, you no trust him just me
No disrespect to the man who posted this but, who cares. All this Rangers talk is boring, I couldn’t give a f**k about their situation, lets just get on with our own. Let them stick to the Ramsdens Cup and we will continue along in the Champions League.
Please please you lovely bears give this man all your hard earned girls. U couldn’t have hoped for a more honest man
Giros even, fuckin predictive txt