Generic Sevco / Rangers meltdown thread

[Gatecrasher]

I like how they are sayig its Scottish Football in Crisis on the Radio when 11 out of the 12 top flight clubs fans are pissing themselves

[MacBean]

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If you're right (and I think you probably are) that strengthens HMRC's case immeasurably but RFC may be hanging on to the argument that the debt is still in dispute (hence the appeal).

Re the stadium, if Newhun can afford to pay more than a developer then they will get it. The £112m valuation is for current use and the market of large Glasgow-based football clubs in need of a stadium is not huge. I do wonder if Whyte really is a front man and his mission was to get rid of the debt and investigation problems before the real buyer steps up to save the day....

I didn't think I'd ever say this, but I'd love HMRC to win their case.

Thats the stumbling block. The main stand at Ibrox is a registered building therefore any developer or would be buyer would need include a stand in their development

[marinello59]

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Thats the stumbling block. The main stand at Ibrox is a registered building therefore any developer or would be buyer would need include a stand in their development

Is it the entire stand or just the front of it that is listed?

[Smidge]

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Is it the entire stand or just the front of it that is listed?

I think it's just the stand, in which case, any developer would be having a close look at what Arsenal did at Highbury :-)

Of course, the demand for deluxe apartments is a little bit higher in North London than Govan....

[Caversham Green]

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Thats the stumbling block. The main stand at Ibrox is a registered building therefore any developer or would be buyer would need include a stand in their development

It's a stumbling block for a developer because they would have to incorporate the building into any proposed development. That would reduce the amount they would be willing to pay, which is actually beneficial to a buyer proposing to use the place as a football stadium since the offer they have to beat becomes lower.

[cabbageandribs1875]

how the **** can a business take on a new employee (daniel cousin) and pay him between 5-7K/week, then apply for administration a couple of days later surely a director(or whoever sanctioned said purchase) has to be held accountable for this ? or do the huns not have any directors left nowadays due to being booted out by the crooked dwarf

[GreenCastle]

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I like how they are sayig its Scottish Football in Crisis on the Radio when 11 out of the 12 top flight clubs fans are pissing themselves

[NorthNorfolkHFC]

Derek Johnstone just on SSN, decent hun to be honest.
He agreed that rangers cheated their way to glory and that all SPL clubs would say rangers are getting what they deserved!

[jgl07]

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I think a version of pre-pack administration is the route they are likely to take. There are some obstacles, but none seem insurmountable to me.

Financially the IP is duty-bound to get the best possible price from Newhun for the assets of Oldhun. That is all subjective, but usefully their accounts value freehold property at a "recoverable amount" of £112m. That would cover pretty much all of their debts, and HMRC would be justified in questioning why that amount isn't recovered by the administrator. Sadly, there are plenty of legitimate answers to that. Newhun however, would still have to find a fair chunk of cash to buy those assets.

On the footballing front Newhun would have neither a UEFA licence nor membership of the SPL (as I understand it the single share is non-transferable) which would mean no European football for the next three years and a requirement for the other clubs to vote for their membership. The UEFA thing could be remedied by Newhun actually being an existing club (as in Airdrie/Clydebank), the SPL membership could see a serious split between clubs and their fans, since I imagine the majority of clubs would vote for, while most fans would almost certainly be against. I could see Celtc fans in particular mounting a campaign, and it's one time I would back them all the way.

There were suggestions in the Herald today along the lines of "Scottish Football needs Rangers" and hence they (or a Pheonix) would be readmitted to the SPL after being liquidated.

This would be a very dangerous course of action for SPL clubs to take as the resentment caused within the support could cause mass boycotts. It will be bad enough if they are readmitted to the SFL but if they come straight back there would be open warfare and the SPL would lose what remains of its credibility.

The fiasco of the failed attempt to go back to a 10-team SPL caused enough bad feeling. This would top that by far. The clubs need to be reminded of this forcefully.

[marinello59]

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Derek Johnstone just on SSN, decent hun to be honest.
He agreed that rangers cheated their way to glory and that all SPL clubs would say rangers are getting what they deserved!

He gave a very balanced assessment of things as he saw it. Surprised me to be honest.

[GloryGlory]

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Thats the stumbling block. The main stand at Ibrox is a registered building therefore any developer or would be buyer would need include a stand in their development

The developers of the old Arsenal Stadium managed just fine!

http://www.highburysquare.com/

[HUTCHYHIBBY]

After the dust has settled on this a little bit and the initial euphoria of the situation has died down, its hard to believe that Whyte hasn't come into this with his eyes wide open.
Unfortunately, I would imagine he has as Baldrick of Blackadder fame was fond of saying "A cunning plan", I wouldnae be surprised to see him walk away from this with a right few quid after tidying up the mess and selling on to whoever he has been acting as a frontman for.

[marinello59]

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After the dust has settled on this a little bit and the initial euphoria of the situation has died down, its hard to believe that Whyte hasn't come into this with his eyes wide open.
Unfortunately, I would imagine he has as Baldrick of Blackadder fame was fond of saying "A cunning plan", I wouldnae be surprised to see him walk away from this with a right few quid after tidying up the mess and selling on to whoever he has been acting as a frontman for.

Whyte is in the business of making a profit from basket case firms. He won't be a loser and in the long term Rangers won't be either. The rest of us will pick up the bill for this mess.

[MacBean]

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The developers of the old Arsenal Stadium managed just fine!

http://www.highburysquare.com/

That is awesome!!!

[Andy74]

They do believe this would shield them from the HMRC demand.

It's a real fault in the whole system where they can come out the other end and spend money again that is due to the tax payer.

The whole of the UK went a bit mental when a bank Chief Exec got offered less than a million for doing what he was asked to do. Will there be a similar amount of time spent on something far more damaging to the tax payer?

[Spike Mandela]

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how the **** can a business take on a new employee (daniel cousin) and pay him between 5-7K/week, then apply for administration a couple of days later surely a director(or whoever sanctioned said purchase) has to be held accountable for this ? or do the huns not have any directors left nowadays due to being booted out by the crooked dwarf

Surely people are waking up to the fact that ALL sectors of big business, banking, politics, establishment and indeed football are morally bankrupt. Their efforts and money are all safeguarded by dodges and loopholes cleverly created over the years and made perfectly legal. With the aid of their fellow gaurdians of corruption the media and the slavish ignorant masses Rangers' phoenix like rise from tha ashes will be hailed as good business by whichever 'white knight' turns up to join the gravy train.

Cynical, moi?

[alfie]

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That is awesome!!!

Indeed it is, unfortunately I cant see the same business opportunity for Ibrox. I'm sure Phil Spencer could try calling it 'an up and coming area' but no building developer is going to fall for it in the current economic climate. Which, as has already been stated means that the phoenix company/new investor could pick it up for less than the value that it is currently claimed. In a way it means that HMRC could end up not getting all the money due, and the phoenix company pays less in total terms than it would if it didnt go down this route. They will still be massively out of pocket, but not to the extent of £50-75M that they could be facing now. I wouldn't be surprised if Whyte is not part of the phoenix company, he will have taken his profit from the Ticketus deal, minus the money paid the Lloyds and moved on to another opporchancity!

[YehButNoBut]

Breaking News....................................seemingly

HMRC moves to put Rangers into administration

HM Revenue and Customs have lodged an application to put Rangers into administration.The club had lodged a notice of intent to appoint an administrator.
However, on Tuesday HMRC lodged an order with the Court of Session in Edinburgh calling for the court to appoint an administrator.
It will be heard before a judge at midday and HMRC are due to make a statement afterwards.

http://news.stv.tv/scotland/west-cen...dministration/

[Haymaker]

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Breaking News....................................seemingly

HMRC moves to put Rangers into administration

HM Revenue and Customs have lodged an application to put Rangers into administration.The club had lodged a notice of intent to appoint an administrator.
However, on Tuesday HMRC lodged an order with the Court of Session in Edinburgh calling for the court to appoint an administrator.
It will be heard before a judge at midday and HMRC are due to make a statement afterwards.

http://news.stv.tv/scotland/west-cen...dministration/

So... this makes what difference?

[stokesmessiah]

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Breaking News....................................seemingly

HMRC moves to put Rangers into administration

HM Revenue and Customs have lodged an application to put Rangers into administration.The club had lodged a notice of intent to appoint an administrator.
However, on Tuesday HMRC lodged an order with the Court of Session in Edinburgh calling for the court to appoint an administrator.
It will be heard before a judge at midday and HMRC are due to make a statement afterwards.

http://news.stv.tv/scotland/west-cen...dministration/

Not sure what difference if any this makes ?

[YehButNoBut]

Not sure either but I would imagine it would benefit HMRC rather than Rangers.

[Haymaker]

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Not sure either but I would imagine it would benefit HMRC rather than Rangers.

I am guessing that if they put themselves in admin, they can organise and pick an administrator (who might be kinder?)

By HMRC forcing them into it then it is court appointed Admin?

[surreyhibbie]

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Not sure either but I would imagine it would benefit HMRC rather than Rangers.

Has to be a bad thing for the Hun, taken out of their hands now. HMRC running the show.

[Hibby Hippy]

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Not sure what difference if any this makes ?

I think it means that an administrator would be appointed by the court instead of one of craig whytes choosing.

[Andy74]

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Not sure either but I would imagine it would benefit HMRC rather than Rangers.

An administrator should be independent. Dont really know. I see Whyte was talking about appointing a restructuring firm.

I'd think if HMRC had their choice they would be looking for sales of anything that could be sold first and foremost.

[marinello59]

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I think it means that an administrator would be appointed by the court instead of one of craig whytes choosing.

Craig Whyte was going to appoint Duff and Phelps, the same firm that advised Whyte on the takeover. I would guess they would have been much more kindly disposed to Whyte and Rangers than a court appointed administrator will be.

[lapsedhibee]

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The developers of the old Arsenal Stadium managed just fine!

http://www.highburysquare.com/

And the Huns' site would have a marketing advantage over Highbury in that it has historically had "Castle" in its name.

Would a concierge really be necessary in Govan?

[Haymaker]

Where's Caversham when you need him?!

[CropleyWasGod]

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Where's Caversham when you need him?!

Like me, he is probably waiting for HMRC's statement after the hearing.

IMO, this is about control of the process.

Remember that RFC have filed notice of their INTENT to go into administration. It appears that HMRC are trying to make it happen NOW.

It will be clearer later today. Maybe

[magpie1892]

Apologies if already posted, but this will swing it the huns' way for sure:

http://www.change.org/petitions/her-...-the-clubs-ebt