Generic Sevco / Rangers meltdown thread

[CropleyWasGod]

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Can't really help you with the analogy thing, but the SPL is an association of clubs - a co-operative if you like. Its role in this respect is to collect income and then distribute it according to the rules - the money belongs to everyone and no-one within the association until such time as it has been handed out. As the rules cover a default in payments between one member and another the SPL board can recalculate the distribution accordingly. Not so much a contingent debtor, more like an assignable one.

I think that makes sense.

Ok, that does make sense.

It also helps to explain how the FA can insist on the Football Creditors rule trumping the law.

[Jim44]

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http://www.express.co.uk/posts/view/315845/


If there is any truth in this article its time some people broke ranks and killed these behind the scenes deals.

Where's Vlad when you need him. This has all the ingredients for Monkeys, etc rant.

Doncaster's a real snake in the grass. Why is he not publicly decrying Miller's outrageous attempts to dictate to the SPL and the SFA?


Alex Thomson on this point - "The Scottish Premier League won’t comment officially as yet, which is a little odd. My hunch would have been that very public rejection of anybody trying to hand conditions like this on a bid serves the interests of football. It’s a no brainer.

That’s the only worrying part, the unwillingness of Scottish football to openly laugh off someone who wants to own a club on these terms.

What’s alarming is that anyone out there – even in the land of soccer – can think for one second that Rangers (if they are liable on tax and registration issues) can possibly exist in the Premier League without major points deduction and loss of a lot of silverware – as a bare minimum for what they would have been liable for."

[Seveno]

It seems to me that liquidation within the next few days is an increasing possibility. If it happens before the end of the season, is the bottom club in the SPL saved from relegation ?

I think that it has been covered before but my constant laughing at this situation seems to have damaged a few brains cells and I can't remember.

[ScottB]

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Alex Thomsom's take on it:

http://blogs.channel4.com/alex-thoms...r-rangers/1236

He floats around the inevitable conclusion; the SPL and SFA will bend down and kiss this guys feet if that's what it takes.

[ScottB]

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It seems to me that liquidation within the next few days is an increasing possibility. If it happens before the end of the season, is the bottom club in the SPL saved from relegation ?

I think that it has been covered before but my constant laughing at this situation seems to have damaged a few brains cells and I can't remember.

If they can't fulfil their fixtures they get punted out the league. It would be the end of them really, there'd be no registration for a newco to take, as the oldco would have lost it.

[WindyMiller]

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Alex Thomsom's take on it:

http://blogs.channel4.com/alex-thoms...r-rangers/1236

Can I just say there must be another WindyMiller!!

If I had the cash they'd have been closed down .

[jgl07]

How things change:

http://www.scotsman.com/sport/ibrox-...head-1-1072724

I wonder if the Newco will revive these plans?

[ScottB]

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How things change:

http://www.scotsman.com/sport/ibrox-...head-1-1072724

I wonder if the Newco will revive these plans?

More room for the 10,000 that'll turn up to watch them win f all for the next few years then

[WeAreHibs]

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It seems to me that liquidation within the next few days is an increasing possibility. If it happens before the end of the season, is the bottom club in the SPL saved from relegation ?

I think that it has been covered before but my constant laughing at this situation seems to have damaged a few brains cells and I can't remember.

Now don't shoot the messenger, I'm only passing on something I was told on Friday night by a mate who was at Ayr Races with a reasonable well known west coast businessman. Apparently, his brother knows Martin Bain who'd had a call from Super Ally saying that he'd been told liquidation is happening on Monday.

Obviously things may have changed over the weekend but wasn't there chat over the weekend of BDO getting involved?

Who knows? All we can do is pray

[R'Albin]

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As each week passes, RFC have less cash. There is therefore a lot of pressure on to do a deal with somebody very soon. Bums are squeaking.

The end.

Sounds good to me


By the way - over 850 posts on this thread :o

[Brando7]

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In another universe, Ibrox and Murray Park might have a value of £109m.

That aside, moving the assets in the way you suggest, before liquidation, would be a complete no-no. A liquidator would demand them back.

I hope you are right on this as i'm reading into this as if this his how they planning it, even bbc have stated "Murray wants to achieve a company voluntary arrangement, where creditors would accept a fraction of the amounts they are due, while Miller is known to favour a hybrid takeover that involves transferring assets to a new company and trying to achieve a CVA with the existing company"

found this link worth reading, something live BM is up to

http://coopermatthews.com/pre-pack-administration.html

[jgl07]

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I hope you are right on this as i'm reading into this as if this his how they planning it, even bbc have stated "Murray wants to achieve a company voluntary arrangement, where creditors would accept a fraction of the amounts they are due, while Miller is known to favour a hybrid takeover that involves transferring assets to a new company and trying to achieve a CVA with the existing company"

found this link worth reading, something live BM is up to

http://coopermatthews.com/pre-pack-administration.html

But surely either option would require the agreement of Craig Whyte?

And that is before HMRC get involved.

A straight liquidation followed by a new club stills seems more likely to me.

[CropleyWasGod]

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Sounds good to me


By the way - over 850 posts on this thread :o

Me?

You actually counted them?

[ancient hibee]

Expect to see Rangers/Cowdenbeath playing in Division 1 at Ibrox next season.

[jgl07]

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Me?

You actually counted them?

You don't need to.

Hover over the icon on the main forum menu and it will tell you how many postings you have made.

I have 161.

[WindyMiller]

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Expect to see Rangers/Cowdenbeath playing in Division 1 at Ibrox next season.

That's my concern too.

[joe breezy]

Would be terrible if the Blue Brazil become the Blue Bigots

[joe breezy]

A bit of a buzz about Rangers being liquidated tomorrow but Phil MacGiollaBhain, who so far, has been pretty clued up on the subject says this isn't the case.

He says they have enough money to keep going till May 14th...

He also says that death = death

Although tell that to an Airdrie fan...

[down-the-slope]

D&P will be getting concerned that the money is draining away...and where their over inflated fees will come from

They need to get selling season tickets for next year (who ever is in charge of what ever they are / have become) for where ever they are playing...or they are toast..

So a resolution one way ore another will not be far away if they can sort it....so lets hope for as many spanners in the works / delays that will waste more money...

Come on Cragie Boy....no selling your shares easily / quickly / cheaply

[SurferRosa]

Taken from RM.....

TBK have won the race to take over Rangers, and will be announced as Preferred Bidders tomorrow.

Final details have been ironed out over the weekend and agreed with D&P.

Ticketus are involved, but Kennedy is not, at this stage anyway.

The BK will now proceed with D&P to agree a CVA with creditors before the deadlines for further footballing sanctions to be imposed.

Whytes shareholding to be secured In exchange for him not being sued for his PG by Ticketus.

CVA likely to agreed as talks already taken place between D&P and HMRC and HMRC are not going to be too difficult to deal with, and as they will have the major say, this will see the CVA go through.

The club will NOT be liquidated!

.......not good IF true.

[joe breezy]

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Taken from RM.....

TBK have won the race to take over Rangers, and will be announced as Preferred Bidders tomorrow.

Final details have been ironed out over the weekend and agreed with D&P.

Ticketus are involved, but Kennedy is not, at this stage anyway.

The BK will now proceed with D&P to agree a CVA with creditors before the deadlines for further footballing sanctions to be imposed.

Whytes shareholding to be secured In exchange for him not being sued for his PG by Ticketus.

CVA likely to agreed as talks already taken place between D&P and HMRC and HMRC are not going to be too difficult to deal with, and as they will have the major say, this will see the CVA go through.

The club will NOT be liquidated!

.......not good IF true.

\


I just can't see how this will be possible.
Rangers Football Club were seriously breaking the law for years with almost the whole squad on EBTs (overseas accounts paying wages to avoid taxes)

http://rangerstaxcase.wordpress.com/

HMRC can't let a big business away with fraud on such a massive scale? If they do, Scottish football is rotten to the core and is pretty much finished.

[grunt]

What's RM?

[SurferRosa]

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\


I just can't see how this will be possible.
Rangers Football Club were seriously breaking the law for years with almost the whole squad on EBTs (overseas accounts paying wages to avoid taxes)

http://rangerstaxcase.wordpress.com/

HMRC can't let a big business away with fraud on such a massive scale? If they do, Scottish football is rotten to the core and is pretty much finished.

I completely agree with you mate. I cant see how they could get away with it either.
The hun who posted it is a Mod on their site and seems to be sure of his source although quite a few of the posters are sceptical.

Hope HMRC are prepared for the backlash if its true.
I certainly hope it`s a load of baws but i guess we`ll find out tomorrow.

[SurferRosa]

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What's RM?

Rangers Media. A Hun messageboard.

[grunt]

So have TBK offered more than Miller's £11.2m?
This whole thing stinks.

[down-the-slope]

Don't panic...RM is hardly a reliable source (poorer than .Net )

[jgl07]

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Rangers Media. A Hun messageboard.

A deluded Rangers messageboard.

Are there any that are not deluded?

[SurferRosa]

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Don't panic...RM is hardly a reliable source (poorer than .Net )

True.

The Blue Knights were in talks with Dumb and Dumber this weekend but how they`ve suddenly come up with the cash to trump Miller is a mystery when they couldn`t stump up the £500,000 exclusivity fee.

I still find it hard to believe that HMRC would agree to any CVA given the huge figures being talked about.....there would be a national outcry and every dodgy company in the land would be rubbing their hands with glee.

[down-the-slope]

Lets assume that someone buys them...via CVA.....(unlikely)

what do they have.... a club that was spending £1 million a month more than its income (and that cost base is still there after player wages bounce back) ...no UEFA income in the coming year....a toxic brand that sponsors will not be keen on...and still the BTC outstanding...

As was pointed out on TV the other evening...being sold for less than Tore Andre Flo cost...shows the level to which they have fallen

[Kaiser1962]

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Ticketus are involved, but Kennedy is not, at this stage anyway.

The BK will now proceed with D&P to agree a CVA with creditors before the deadlines for further footballing sanctions to be imposed.

Can Ticketus enter into any kind of deal independent of the other creditor's and still remain a creditor?

If Ticketus have struck a deal with BK then that will/should leave HMRC as by far the biggest creditor and, therefore, the likelihood of a CVA is remote at best.