Wednesday, 6 February 2013

Charles Green Lies to fans, Caught in the act.

I have obtained a copy of Charles Greens meeting with the Dubai Loyal at Ramada Chelsea Hotel, Al Barsha, Dubai on the 3rd of February 2013 were Charles Green stated to his supporters that, "we will never run with debt as long as he is in charge". It is "his philosophy that he believes his role is to build up the coffers of the club".

This meeting took place on the 3rd of February 2013.

Today, 6th February 2013 it was revealed by Alex Thomson of Channel 4 News that Mr Green had in fact been served with a Winding Up Order over unpaid debt to the tune of £400,000 owed to a Singaporean company.

Research has been done and it now seems that a payment plan has been put in place to repay the debt.

One must question, when was the Winding Up Order issued? Did Mr Green know about the debt prior to meeting with the fans and also did Mr Green know about the debt 3 days ago and lie to his own supporters?

Below are statements made by Mr green followed by some questions.

Charles Green – Rangers CEO met with around 70 members of Dubai Loyal at Ramada Chelsea Hotel, Al Barsha, Dubai
Sunday 3rd February 2013

Private members only meeting with Charles, on his way to Qatar then to Australia

During his introduction Charles mentioned that he had lived in Dubai for 4 years running the largest Diagnostic Lab in the Middle East. He then went on to talk about how he became involved with Rangers

· He said when he was first asked to get involved, he said ‘no’ but then again the rest is history.

· £4m of the investment cash came from the Middle East region from Blue Pitch investments.

· Much of the press coverage of Charles Green’s involvement has just been rubbish, in particular the coverage of his relationship with Ally McCoist in the early days.

· He talked about the bidding process for the club and although many people spoke about an interest, no one other than him and his team were prepared to sign the cheque.

· He then went on to talk about the restructuring with many of the current plans being proposed being madness. It seems that in Scotland ‘we enjoyed it so much he want to do it again’ something has to change.

· He believes the title stripping is a sham. When he first met with the SPL he was offered a deal which involved removal of 5 Scottish Cups 6 Leagues cups and 5 titles which he of course refused.

· He said the world is looking at the club and can’t believe what is going on in the way the club is being treated. He’s continued to try to tell the truth from day 1 and to be honest with the supporters.

· Of the 12 IPOs in the UK last year Rangers was the most successful

· He’s trying to look at the bigger picture looking at opportunities for Academies in Far East and Australia

· He then went on to talk about the finances of the club and says that Rangers, under his tenure, will never have any debt.

· He is looking at opportunities to build a communications platform that will ‘blow your mind’

· Other revenue gaining opportunities include new sponsors and stadium naming

· He believes the Rangers turnover could get to £100m without TV, second only to Man United and Arsenal providing we can get into the top tier. He sees the current situation as a real opportunity to change the model.

· The discussed £10m transfer pot is real but it won’t be used for the types of transfers done in the past but he believes there are class players to be bought.

· Rangers are looking at ways to remove the 3 Year Euro ban and are very interested in looking cross border leagues.


Q: Expats were unable to get involved in the IPO
A: They are trying to bottom out a mechanism for this around disapplication rules. The question will be the price of the stock

Q: Discussion of selling the stadium name
A: Naming rights will be sold, but Ibrox will remain part of the stadium name. There are 3 potential bidders but he’s unable to put a value on it as he doesn’t know what league we will be playing in. We had a vote in the club that showed the majority of the Dubai Loyal members had no issue with stadium renaming so long as Ibrox remained in the title

Q: Murray Park Name
A: Name will change if we can add to a sponsorship deal. Mr Green confirmed that RFC owns all assets including Ibrox ,Murray Park and the Albion Car Park

Q: On the question of debt
A: Mr Green reconfirmed that we will never run with debt as long as he is in charge.  It is his philosophy that he believes his role is to build up the coffers of the club

He said that it was a tough decision to maintain all the staff and ’a good’ Chief Executive would have fired 30% of the work force last year but he continued to look at the growing of the club rather than cutting back.

The decisions to buy the Albion Car Park and Edminston Club were no brainers in his opinion and the EC will be redeveloped.

Q: There was a discussion as to whether the club will have another Director of Football
A: Mr Green confirmed his full support of Ally McCoist at this time and doesn’t see any change taking place

He doesn’t believe in people returning to the club and says what we need now is freshness on and off the park

The lease has been signed for a new Rangers shop in Glasgow airport
It will remain open as long as it continues to make money

Q: Communications
A: talking about building our own studio phone-ins with the Jim Traynor where nothing will be off limits.  He wants to open the doors to the fans

The meeting closed with the club thanking Mr Green for taking the time to visit us in Dubai and posing for photographs with the fans.

Link to original.

1 comment:

  1. I see chuckles told the Dubai Bears that he had lived there for 4 years running the largest Diagnostic Lab in the Middle East.

    I can only assume chuckles didn't mention his failed: ‘Last ditch solution’ to save his ‘Jewel in the Crown’ Dubai operation - whether that is the same diagnostic lab he referred to or not I don't know as sometimes I get confused over things he states.

    Chuckles became CEO of Medical Solutions Plc in February 2002 and stated that 2003: ‘Is set to be a fast moving and rewarding year for the Group, which is well positioned for expansion.’

    This duly followed in Dubai, Kuwait and Qatar in 2003 and 2004 but the 2004 Medical Solutions’ annual report described it as a ‘challenging year’ for the company, adding: ‘Having made significant investment into our operational capabilities in 2003, the level of revenue growth we anticipated did not materialise as quickly as we had hoped. This led to a drain on the Group’s cash resources.’

    The disastrous state of the company, which hadn’t turned a profit for four years in a row, was publicly revealed in November 2004 with its value more than halved to £12 million and shares slumping 58% to close at 8.5p. Shareholders bombarded Medical Solutions HQ with phone calls angry at their losses as many bought shares earlier in the year at 35p when the company raised £2 million to fund expansion.

    Fresh money was urgently needed for survival and its ‘jewel in the crown’ Dubai operation, bought only months before, faced being sold as: ‘A last ditch solution’.

    The company acted swiftly and decisively and in January 2005 organised a share placement and offer and raised £5.7 million to stabilise the company. They then set about reversing the 2004 decline and by September 2005, Medical Solutions announced that CEO Green would be concentrating his efforts, for the foreseeable future, on the Group’s Dubai business with a view to ‘maximising shareholder value’ and that his CEO duties would be assumed by the company’s Chief Financial Officer.

    Mr Green’s contract had a 12 month notice period and he left Medical Solutions in August 2006 with a £200,000 compensation package and the Dubai operation was disposed of three months later.