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It was only fit and proper that Paul Murray should have once again have raised the issue of who it is who really owns a large chunk of Rangers.

For without knowing who they are, there is no way of knowing what their motivation in investing in Rangers was and what their intentions are.

The two major players who continue to hide behind a cloak of anonymity, who keep cowering behind collective names and who operate in the shadows without any clarity are Blue Pitch Holding and Margarita Funds Holding Trust, who, between them own more than 10 per cent of Rangers.

As things stand the combined Blue Pitch Holdings and Margarita stake in Rangers are votes in the bank for chief executive Craig Mather and financial director Brian Stockbridge as they fight to keep their well paid jobs.

The assumption must therefore be that Blue Pitch Holding and Margarita are pleased with the way the board’s only two executive directors – particularly financial director Stockbridge – are doing business inside the Rangers boardroom on behalf of their investment.

That, despite the fact last month Stockbridge was stampeded into going public with an admission that, of the money from two years of season ticket sales, plus various other substantial income streams over the past year, along with the £22.5M from the share issue in December, only £10M remained.

The current Rangers directors have been keen to get to the bottom of who it is who is behind the Jim McColl-Paul Murray led moves by concerned institutional investors from the Square Mile to unseat them at next month’s Annual General Meeting and they have had them jump through hoops.

However, McColl and Murray have been happy to do so. For they are businessmen of absolute acumen, complete probity and reputation. People, just like those institutional investors, with nothing to hide.

On the other hand, the Rangers directors have continually refused to reveal to the rest of the club’s shareholders, including those Square Mile institutional investors who are dissatisfied  with the way they are running Rangers, just who it is who is behind Blue Pitch Holding and Margarita.

Why? If they have nothing to hide, why are they hiding it? If the shadowy people who lurk behind Blue Pitch Holding and Margarita have nothing to hide why do they continue to hide?

A year ago the man who was then the main representative on the Rangers board of Blue Pitch Holding and Margarita, former chief executive Charles Green, denied that Arif Naqvi of Abraaj Capital, was the man behind Blue Pitch Holdings. Green, however, tellingly admitted that Naqvi was a personal friend and that he had approached him to become involved in Rangers, but that he had not invested.

Green then named Mazen Houssani as the front man for Blue Pitch Holdings. But then again, as we know from many of his pronouncements  - Dallas Cowboys and Manchester United, anyone? – Charles Green says more than his prayers.

Something else which Charles Green said, was that the Scottish Football Association were made aware of who all the beneficial owners of Rangers were at the time of them granting Rangers a licence to play.

Perhaps there may be some legal option open to Jim McColl and Paul Murray to get a sight of the list Charles Green says he gave to the SFA.

Or, perhaps the SFA, in the interests of honesty and openness and in the interest of a founding member club’s safety and continued good financial health, may feel they should take the bold step of revealing who all of the beneficial owners of Rangers are.

For as things stand, the men inside the Rangers boardroom seem hell bent on ensuring that the rest of the club’s shareholders cannot decide for themselves just why two far eastern based, seemingly shadowy organisations, should want to invest substantial sums in Rangers when it is almost certain there is no opportunity for their investment to provide any substantial profit.

Therefore, if making a substantial profit is not the motive for the Blue Pitch Holding and Margarita investment, just what is their motive?

That is the question which should be troubling and exercising the minds of all of the other Rangers shareholders, individual fans, supporters organisations, others such as Mike Ashley and institutional investors alike.

At the moment, the only way of getting to the bottom of what may give the appearance of being the sinister purposes of the Blue Pitch Holding and Margarita investment in Rangers, is for the current two executive directors to be voted off the Rangers board at the Annual General Meeting and men who will get to the bottom of this sordid seeming tale and who will unmask who is behind Blue Pitch Holding and Margarita Funds Holding Trust, voted on.   

( Source: Leggo Land BLOG )

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