Will the SFA act before the stock market?
Yesterday’s move by Rangers International to claim Sevco 5088 as a subsidiary company added substance to the claims of Craig Whyte that he was a partner in Charles Green’s deal to create a newco in the summer.
While the SFA were largely powerless to prevent Whyte from paying Dave Murray £1 for his shareholding it was the national association that granted an eleventh hour licence to Green and associate membership of the SFA.
The complex five day deal involving the football bodies, oldco and newco has never been revealed but would surely have ensured that Whyte wasn’t involved and clarified the ownership of assets such as Murray Park and Ibrox.
Since challenging Green on his links with Whyte there has been no further public comment from the SFA despite further damaging revelations, the launch of an enquiry from within Ibrox and Green’s resignation as chief executive.
Yesterday’s Stock Market announcement is believed to have raised concerns with the regulators of the Alternative Investment Market who approved the December share issue.
If Rangers International failed to fully disclose details of company links, including directorships of key personnel the AIM may be forced into disciplinary action which could include the suspension of share trading.
Last summer the SFA and SPL failed to cover themselves in glory as they attempted to engineer a way back into the game for Green’s club following the appointment of liquidators to Rangers.
The conflict between the commercial interests of the game and it’s governance were clear to see as supporters groups urged their directors to ensure that no favours were granted.
With another crisis gathering from Ibrox it’s time for Stewart Regan and Campbell Ogilvie to show some leadership rather than allow the stock market to set the agenda throwing Scottish football into another summer of turmoil with clubs unsure of what division they’ll be playing in come August.