The Offshore Game and their bias against Rangers
We have seen recently The Offshore Game’s George Turner attempt to blacken the name of Rangers FC with their blog not a report on their website. This however is the second time they have attempted to do the same. Last year they tried through the footballisfixed bigoted blogger Jerry Bullivant’s website.
We covered that attempt in this post just over a year ago in which Jerry lets go with a shotgun and shoots his foot.
The deal between The Offshore Game’s George Turner and Alex Cobham fell through last year in May 2015, very acrimoniously with Jerry spilling the beans on The Offshore Game’s secret attempts to gain traction to strip Rangers of titles. This is the same guff pedaled around the traps by the Celtic blog or should I say the Rangers hating blog, SFM.
In the blog post, Jerry isn’t very nice about both Mr Turner and his associate Alex Cobham. No trust between these conspirators so it seems.
You have to wonder why a so called ‘bona fide’ tax consultancy, The Offshore Game is owned by the Tax Justice Network, would use a sectarian bigot to push their agenda against Rangers. As they say you can tell a person character by the company they keep.
Well it has taken another year before The Offshore Game printed the ‘blog/report’ on their own website because no major media outlet would print their edict. Funny it’s always around the time Rangers are going for promotion in May that these attacks have come.
The Offshore League Table and it’s Corruption
One of the first analyses The Offshore Game created was a league table of UK football clubs ranking them in order of foreign/offshore control called The Offshore League Table. In fact it’s the only thing they have done themselves.
You can see their bias against Rangers by their distorted analysis:
Here we have Rangers and Celtic’s positions on the table:
Rangers are placed right below Celtic even though there is a great deal of difference in the Total Finance Offshore, Proportion Finance from Offshore and Score. That’s not the only problem the Celtic figures are wrong.
The Line Nominees (Dermot Desmond) % figure is out by more than 57%. The Offshore Game is trying so hard to get Rangers next to Celtic they cannot even access the celticfc website Share Capital figures which shows Line Nominees at 35% not 20%. Mr Desmond has been above 30% for over 10 years:
Line Nominees Limited is a Gibraltar registered with their offices at 57/63 Line Wall Road, Gibraltar. Gibraltar is a tax haven.
Notice also in Celtic’s share capital that Line Nominees Limited/Dermot Desmond also owns, which The Offshore League Table does not include in it’s analysis other financing which is on Celtic’s balance sheet funding their operations:
Convertible Preferred Ordinary Shares: 8,000,000 [61.29%]
Convertible Cumulative Preference Shares: 5,131,300 [31.93%]
Convertible shares are important and used extensively as a takeover block. If anyone starts buying Celtic ordinary shares, accumulating a large holding with view to takeover, then Mr Desmond’s convertible shares can be converted to ordinary shares keeping him in control.
He therefore has sealed up control of the whole of Celtic without paying for the whole company. The Convertible Cumulative Preference Shares, detailed in a previous post, deliver Mr Desmond tax-free annual 6% interest/dividends to Gibraltar.
Gibraltar is of course a Tax Haven: http://www.secrecyjurisdictions.com/PDF/Gibraltar.pdf
This document was kindly created by The Offshore Games owners Tax Justice Network and it says:
“Gibraltar has been assessed with 78 secrecy points out of a potential 100, which places it towards the top end of the secrecy scale”. “If it wishes to play a full part in the modern financial community and to impede and deter illicit financial flows, including flows originating from tax evasion, aggressive tax avoidance practices, corrupt practices and criminal activities, it should take action on the points noted where it falls short of acceptable international standards.”
So The Offshore Game has Celtic as 20% owned offshore BUT BUT Rangers, says George, have Blue Pitch holdings with 7%. How could any index have Celtic and Rangers so close when the capital structures are so completely different in size. I have no idea where Blue Pitch Holdings is held but 7% versus 35% it doesn’t matter given the degrees of difference.
You can see why no national or European newspaper would take anything to do with The Offshore/SFM blog/report. Until yesterday that is. The Glasgow Herald a parochial Scottish paper decided to publish some of the details of The Offshore Game’s blog/report by lazy journalism on 26 May 2016.
The Herald newspaper’s Neil Cameron ‘interviewed’ George Turner to distance the newspaper legally from any repercussions. Now Rangers bloggers have already shot the premises and exclusions of The Offshore Game’s case so I will not go over the same ground.
George Turner explained in The Herald interview, while trying not to look too biased, and he used words to the effect that ‘It’s not about Rangers, it’s the SFA we are after’.
The Herald journalist used was Neil Cameron and after Cameron tweeted about the article, The Offshore Games twitter feed controlled by George Turner retweeted Cameron’s tweet:
As you can see in the tweet ‘We talk Rangers, tax, stripped titles and loopholes’. Of course George, we believe it’s only about Sporting Integrity and the SFA. Just like we believe your Offshore League Table.
The Offshore Game are using Rangers hating bloggers work and used a bigoted blogger to hawk their blog/report around. But it’s ‘all done in the best possible taste.’ All with sprinklings of ‘Sporting Integrity’.
George must have studied at the Kenny Everett school of financial analysis. Look out for Kenny or is it George saying ‘Enough of mathematics’:
Next post will be on another Celtic tax avoider shareholder which makes The Offshore Game’s League Table look even more distorted.