Generic Sevco / Rangers meltdown thread

[Lucius Apuleius]

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It does but we're going to slaughter it at the next meeting..,

So now they are getting slaughtered instead of *******??????

[Hibbyradge]

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Aye, and does that no' get on yer goat.

Sorting the mess Rangers are in will take a lot of hard work.

The new owners will just have to roll up their trouser legs and get on with it.

[Kojock]

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Aye, and does that no' get on yer goat.

No point in bleating about it though, thats what happens living in a nanny state...

[Fat Penlon]

I think that list of creditors puts to bed any ideas that this situation is purely down to the behaviour of craig whyte. Rangers have been racking up these debts since before whyte came in and should be punished accordingly for the corporate decisions they have made.

[Dan Sarf]

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Sorting the mess Rangers are in will take a lot of hard work.

The new owners will just have to roll up their trouser legs and get on with it.

[Hibrandenburg]

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I think that list of creditors puts to bed any ideas that this situation is purely down to the behaviour of craig whyte. Rangers have been racking up these debts since before whyte came in and should be punished accordingly for the corporate decisions they have made.

Agreed. Surely there must be grounds for criminal charges buried in there somewhere. Everybody is talking about how to mop up the mess and ensure that Rangers are still a leading force in Scottish football instead of holding those responsable for this mess to account. It should be torches and pitchfork time at Hampden instead these con men are being treated like they've just been down on their luck and have no fault in the whole state of affairs. Or am I just so thick that I can't see the bigger picture?

[Hibrandenburg]

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Sorting the mess Rangers are in will take a lot of hard work.

The new owners will just have to roll up their trouser legs and get on with it.

See what you've done there. Like it :-)

[Lucius Apuleius]

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Sorting the mess Rangers are in will take a lot of hard work.

The new owners will just have to roll up their trouser legs and get on with it.

Which one?

[green glory]

The Herald are reporting about Bill Miller the American tycoon wanting to save them. ****** hope not.

[Hibernia Na Eir]

hurry up and wind the beggers down

[Part/Time Supporter]

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I would expect the admins are paying for current policing and that the debt relates to pre-admin times. There's a £204k expense item in the admin accounts for policing and security.

If the policing bill for a normal Rangers game is £50K, and £100K for a game against Celtic, then it makes sense. They've had three home games since going into administration (before today) - Killie, Hearts and Celtic. The police were threatening to not provide cover before the Killie game, so presumably the administrator has been paying them up front. The £50K debt cited in the report would relate to their last home game before administration (possibly the Dundee Utd cup game).

[Seveno]

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Maybe I'm being thick but I'm not seeing the need for TW1 - unless you're suggesting that has already happened . Other than that I think it's not far off what would happen if they go down the Newco route. Their problem would still be convincing UEFA that they weren't a new company. I doubt if they would have any problems with the other two given the noises (or lack of noises) that have been emanating from them recently.

Regarding CW, I don't think he's in as strong a position as he is claiming. He bought the club for a quid and proceeded to diminish its value by selling future revenues. As it stands, the club is not a going concern and has no net asset value, so it's worth about £1 less than he paid for it. If he doesn't agree to part with his shares the administrators could (and should IMO) conclude that the club cannot continue under his ownership and liquidate it.

My thoughts were that using the two companies means that the Rangers brand, licence, history etc isn't part of the liquidation process.

[Seveno]

I see that the rest of David Murray's empire, that was built on debt, continues to crumble.

http://www.scotsman.com/news/sir-dav...toll-1-2221170

He'll never be skint though. Just too bad on his employees.

[cabbageandribs1875]

i was reading the other day that murray is trying to buy the princes mall(waverley market) for 40p

http://www.scotsman.com/the-scotsman...-40p-1-2197787


great, he will still have 60p left from the sale of the huns for a £1

[Spike Mandela]

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It's crossed my mind that there's some image-laundering going on.

RFC in deep financial doo-doo and SDM needs them out of his empire so they need a patsy to buy it, clean out the debt and sell it on. Along comes just such a person, finances the purchase through the Ticketus deal and is then forced to take the club into administration - and possible liquidation. And then along comes a consortium headed by one of the previous directors (who got the club into the doo-doo in the first place) and rescues the club and gets it debt-free after the administration. Said former director is now a hero to the heaving masses while CW becomes the swivel-eyed bogeyman who is now seen as being responsible for all the club's former ills.

I haven't worked out Ticketus's role in all that yet though.

What, and you didn't suspect as such from day 1? Didn't take you for naive Cav.

[jgl07]

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I think that list of creditors puts to bed any ideas that this situation is purely down to the behaviour of craig whyte. Rangers have been racking up these debts since before whyte came in and should be punished accordingly for the corporate decisions they have made.

Indeed.

Looking at some of the 'Football debts' I see Manchester City are owed £328,248. The only thing I can think of is the loan fee for Vladamir Weiss dating back to last season well before Whyte took over.

[CropleyWasGod]

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Indeed.

Looking at some of the 'Football debts' I see Manchester City are owed £328,248. The only thing I can think of is the loan fee for Vladamir Weiss dating back to last season well before Whyte took over.

I am only following this thread briefly, in between dodging camel sheet, but in round terms RFC had at least £93m debt when CW took over. The £75m to HMRC for the BTC (and I am only taking the admins word on that), plus £18m to Lloyds. Add on all the other old debt that you're talking about, and one can see that that SDM's regime is probably more culpable than CW

[grunt]

This is fun

http://scotslawthoughts.wordpress.co...dministration/

[jgl07]

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This is fun

http://scotslawthoughts.wordpress.co...dministration/

Oh dear.

Why does the Conservative MSP for Mid Scotland and Fife need to intevene on behalf of the tax-dodging soap-dodging dsgrace to Scottish Football?

[WindyMiller]

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Oh dear.

Why does the Conservative MSP for Mid Scotland and Fife need to intevene on behalf of the tax-dodging soap-dodging dsgrace to Scottish Football?

They're the Establishment's Club?

[cabbageandribs1875]

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This is fun

http://scotslawthoughts.wordpress.co...dministration/

he should STFU and concentrate all his energy in serving his constituency, instead of associating himself with the shame of scotland



TAX-DODGING CHEATS

[sparky]

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I am only following this thread briefly, in between dodging camel sheet, but in round terms RFC had at least £93m debt when CW took over. The £75m to HMRC for the BTC (and I am only taking the admins word on that), plus £18m to Lloyds. Add on all the other old debt that you're talking about, and one can see that that SDM's regime is probably more culpable than CW

It has all been settled now. The 50 thousand loyal at Castle Grayskull held up some red cards to say "no to liquidation". Now I'm no financial expert but I believe that will be enough to save them.

If only the steerage passengers on the Titanic had thought of a similar scheme and said "no to sinking", think of the lives that could have been saved.

[snooky]

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Oh dear.

Why does the Conservative MSP for Mid Scotland and Fife need to intevene on behalf of the tax-dodging soap-dodging dsgrace to Scottish Football?

The blue wagons are circling.

[...WentToMowAnSPL]

Time to liquidise ... kenwood-multi-pro-fp586-food-processor.jpg

[greenginger]

Dunfermline F C is probably in his constituncy yet he his pleading for help for the Club that shafted them, instead of trying to help the Club he should be assisting.

I Know what to do with the letters pleading for cash from the Tories at election time. A rather short and to the point letter with my views on tax dodgers and con-men will accompany their mail in the return to sender envelope.

[...WentToMowAnSPL]

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Dunfermline F C is probably in his constituncy yet he his pleading for help for the Club that shafted them, instead of trying to help the Club he should be assisting.

I Know what to do with the letters pleading for cash from the Tories at election time. A rather short and to the point letter with my views on tax dodgers and con-men will accompany their mail in the return to sender envelope.

Absolutely - it's incredible the hypocrisy and bias that surrounds any allegation against the ugly two... Imagine what the English media will think if the government are seen to bail out a failed scottish club after all the banking problems... ( just testing out the new avatar )

[johnbc70]

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This is fun

http://scotslawthoughts.wordpress.co...dministration/

This really makes me mad. Why use Scottish Parliament headed note paper if he was writing in a personal capacity, he knew fine well what he was doing and was clearly trying to exert some kind of influence. A disgrace and he should be pulled up for it.

[Jim44]

If, in the end it, it comes down to liquidation, what are the implications for Rangers? Can their assets, stadium, players etc. be sold off to meet debts or do all creditors lose what they are due?

[John_the_angus_hibby]

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This really makes me mad. Why use Scottish Parliament headed note paper if he was writing in a personal capacity, he knew fine well what he was doing and was clearly trying to exert some kind of influence. A disgrace and he should be pulled up for it.

The guy is a waste of space. A dick.


Sent from another universe!

[jgl07]

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If, in the end it, it comes down to liquidation, what are the implications for Rangers? Can their assets, stadium, players etc. be sold off to meet debts or do all creditors lose what they are due?

Their players will have zero value as their contracts revert to the SPL(?) on liquidation. In any event the players with any value will have their contracts declared void and move as free agents to the club of their choice.

Ibrox probably has little value other than as a stadium. Part of the main stand is listed so they will have to work around this in any redevelopment as with the case of Highbury. But Govan is not Islington! Most likely it will be sold to the Newco. The Scottish Gobvernment wil block any development prior to 2014 as it is a venue for the Commonwealth Games (Rugby Sevens). It could be sold toa property company and then rented back to the Newco

Murray Park seems to be mired in legal problems in the event of change of use so this could end up with the Newco assuming that they have the cash and want a training ground. There could be an alternative training facility on the edge of Edinburgh becoming available soon!

They have no other viable assets other than the club name, crest and trophy cabinet. Another for the Newco?

Rangers assets will not raise that much. The cash that is available to the creditors will be very limited and most will come from the company taking over and creating the Newco in return for the stadium and the club regalia (and history?).