Wednesday, April 30, 2014

Ally McCoist: The man who led the charge on the £67m?

For a man who claims not to be aware of much, there are no flies on Ally McCoist when it comes to trousering a bob or two. After his public pronouncements in the last few days, it's worth noting the facts before making a judgement on Ally and some questions that need answered.

It was the end of December 2012, days after the IPO, that Ally appears made his first grab for the cash. Prior to that in June 2012, and after discussion with Charles Green, he took a reduction in salary to £600k, he tuped over, therefore was entitled to the £750k, but being the good guy that he is, ended up happy with a million shares (expected to trade between £1.20 and £1.50 at IPO time), and a reduction to 600k. 

Remembering that the shares were offered to get Ally onside so as to ensure season books were viable. 
Sevco fans that followed Ally's recommendation were blissfully unaware of his deep pockets being filled.

So, for a guy who just signs whatever is put in front of him, he then performed another tactic.  He got his agent to raise an instruction for immediate reinstatement to the £750k level PLUS all previous reductions paid back to him in a lump sum.  So another 6 months arrears were paid out as well as his salary whacked up. 

Not bad for a confirmed 4th tier manager eh?

Looks like the first to make a move for the IPO money from inside the club.

His agent of the time, Andrew McCormick of m.a.d. sports management, a company which initially consisted of McCormick, McCoist and Ian Durrant.

Whilst Durrant had resigned as a director a few years ago, it appears McCoist kept on his 1/3 share with McCormick having the 2/3 part.  It is know that tip off to Craig Whyte to watch out, McCormick was chasing him for the signing on fees relating to Naismith.  

Charles Green then restated that McCoist was fully aware of all financial details relating to his signings, and played an active part in this. 

Were there secret discussions between the other directors (not Charles Green) which suggested binning McCoist in favour of a young up and coming Scottish manager (name never proposed) but with a salary not exceeding £250k? On that matter, that was Kenny McDowall's salary after tupe over to Sevco, with Durrant on half that level of McDowall.

It is believed that Charles Green and the board rubber stamped his payment of arrears, because it was all done verbally. Therefore Ally always had a contract showing £750k.

Not only that, but did the request for arrears also highlight that McCoist specifically asked for his salary to be reduced to £200k but with undisclosed guaranteed bonuses so that his true salary could be hidden from the fans?

Could some creative accounting mean that supporters couldn't be sure of his salary as the IPO only stated a payment amount covering a short period?

I'm sure Ally will be aware of the answers.


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