Generic Sevco / Rangers meltdown thread

[pentlando]

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As I read that the transfer fees are what was due before 12 May - paras 5.14 and 5.15. Transfers after that date are specifically excluded.

What's the significance of 12 May?

Ah I see now, if I'd read the next paragraph I would have seen that season tickets and future sales were excluded assets.

One of the key things I've just dug out of that is Rangers have a provision, in Para 5.15, for future player sales and season ticket money to be used to fund CVA Trading Costs. If I was a Rangers fan my money would be going nowhere where it could be used to fund this speculative at best, derisory at worst, offer of a CVA.

[Brando7]

As per 14th Feb 2012

FIXED CHARGE ASSETS
Freehold Property Including Ibrox Stadium and Murray Park £109,613,870

Now 30th June 2012

Freehold Property Valuation £ 4,590,214.00

Just doest add up for me

[pentlando]

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As per 14th Feb 2012

FIXED CHARGE ASSETS
Freehold Property Including Ibrox Stadium and Murray Park £109,613,870

Now 30th June 2012

Freehold Property Valuation £ 4,590,214.00

Just doest add up for me

It may be that they are valued separately in two scenarios. The first scenario is it's value with a functioning Rangers side using them. The second scenario may be it's value if not used by Rangers. For example if Rangers liquidate and you're left with Ibrox and Murray Park as standalone assets, they would need to be demolished at some cost before they would be valued at basic market value.

[jgl07]

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Maybe they assume that the SPL would retain anything due to other clubs?

On that point, I notice that they show Football Creditors separately. Other than Anglo-centric normal practice, any idea why that is?

I can only think that in the event that a Newco applies to the SPL, there may be a condition that football creditors were paid off before the license could be transferred. Although this would appear to conflict with insolvency law at least as practices in Scotland.

All parties to the Rangers saga including Collyer Bristow, Ticketus, and Duff & Phelps appear to be ignorant about Scots Law so maybe that is at the root of the issue?

[JeMeSouviens]

For anyone who was worrying about a debt free Huns: even if this gets agreed, the £8.5M is, you guessed it, loaded on to RFC as a loan!

[down-the-slope]

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As I read that the transfer fees are what was due before 12 May - paras 5.14 and 5.15. Transfers after that date are specifically excluded.

What's the significance of 12 May?

Day Greene sined exclusivity deal

[StevieC]

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It may be that they are valued separately in two scenarios. The first scenario is it's value with a functioning Rangers side using them. The second scenario may be it's value if not used by Rangers. For example if Rangers liquidate and you're left with Ibrox and Murray Park as standalone assets, they would need to be demolished at some cost before they would be valued at basic market value.

I reckon you'd find quite a few people that would be happy to demolish it for free. Infact you could probably make a fair bit of cash allowing people to swing a sledge hammer around the stadium for a few minutes.

[pentlando]

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For anyone who was worrying about a debt free Huns: even if this gets agreed, the £8.5M is, you guessed it, loaded on to RFC as a loan!

With interest . It's not even a gift loan, if it includes interest then it's geared to make money for the provider surely. If Green is pledging to have investors queueing up with cash, why is the loan made with interest repayable?

[PatHead]

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With interest . It's not even a gift loan, if it includes interest then it's geared to make money for the provider surely. If Green is pledging to have investors queueing up with cash, why is the loan made with interest repayable?

Wonder if he will "do a Craigie" and use the loan to pay off the creditors therefore not putting in anything himself? Surely this consorteum of arabs sheiks, singapore citizens, asian billionaires could have done better than that offer

By the way is there a fit and proper test to carry out or has no one learnt from previous mistakes and we are back to good guy, good guy, w##k, good guy, tests

[Moulin Yarns]

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I reckon you'd find quite a few people that would be happy to demolish it for free. Infact you could probably make a fair bit of cash allowing people to swing a sledge hammer around the stadium for a few minutes.

As i suggested many pages ago, why have they not started a 'Buy a Brick' scheme for the schemies??

They would gain money while demolishing the place at the same time.

win/win for them

[down-the-slope]

I think if I read this correctly - that they are planning on using future income (transfers/ST's to fund the current trading gap) and a LOAN repayable with interest from Greene..

So has anyone in the last 20+ years actually invested any of their own money in this shambles...or is it just serial cases of smoke mirrors and fleecing the club/fans of its own money while appearing to be the saviour

I just wish there was a way the creditors could say bolt to CVA an be allowed to have assets signed over to them in lieu of debt...wouldnt take them long to make more out the situation that way...facilities rental income / flogging car park etc

[hibs0666]

The way I read this document is that, at around £4 million, the services of the Duffs is worth about the same as Ibrox and their training park.

Can someone explain to me how the stadium is worth less than £4 million when it enable income of around £30-50 million per annum?

[grunt]

I hear that the court of session has upheld the sfa transfer embargo

[hibs0666]

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I hear that the court of session has upheld the sfa transfer embargo

Poor lambs - they should take it up with the United Nations now.

[pentlando]

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The way I read this document is that, at around £4 million, the services of the Duffs is worth about the same as Ibrox and their training park.

Can someone explain to me how the stadium is worth less than £4 million when it enable income of around £30-50 million per annum?

That's the whole point, it enables that income, it doesn't generate that income itself, and is valued as such. It's a means to an end, the end being Rangers. Without Rangers playing at Ibrox, Ibrox itself is pretty much worthless as it is. Unless another similar size team (possibly NewCo Rangers) would want to use it in it's current state.

[hibs0666]

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That's the whole point, it enables that income, it doesn't generate that income itself, and is valued as such. It's a means to an end, the end being Rangers. Without Rangers playing at Ibrox, Ibrox itself is pretty much worthless as it is. Unless another similar size team (possibly NewCo Rangers) would want to use it in it's current state.

And without Ibrox the Rangers income stream immediately diminishes. Assuming that Ibrox will generate income for the next 20 years the stadium is worth only £200,000 per annum to the new owner as a revenue enabler. Total pish.

[grunt]

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I hear that the court of session has upheld the sfa transfer embargo

Now I'm hearing something different. Sorry for posting rubbish. (Don't know why I said that, it's all I seem to do).

[CallumLaidlaw]

#rangers have won - the decision has been referred back to appeal tribunal.

[Wembley67]

And been awarded expenses

[CallumLaidlaw]

Judge decided the registration ban was not a sanction which was available to SFA disciplinary tribunal for bringing game into disrepute.

[Greentinted]

News seeping out from STV at the Court of Session
Rangers 'win'

https://twitter.com/#!/carasulieman

[grunt]

So, what now?

[ScottB]

So the SFA need a new punishment then? Given the previous statements, expulsion?


Presumably the giant UEFA branded sword of Damocles is about to come crashing down on the lot of us in 3... 2...

[hibs0666]

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Judge decided the registration ban was not a sanction which was available to SFA disciplinary tribunal for bringing game into disrepute.

FFS the SFA had a judge on the appeals panel and he couldn't provide the appropriate guidance?

The moment of me turning my back on the Scottish game is getting closer and closer.

[Kaiser1962]

In fairness to St.Mirren they sold their ground in order to clear their debts.

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Don't know what we are worrying about.

Whilst Rangers have won umpteen trophies with the taxpayers money, shafted everyone on and off the pitch and been invited back into the SPL with next to no punishment. Hearts have signed players whilst not paying there own, bumped the taxman and anyone else they can get away with and won 2 Scottish Cups and qualified for Champions League and Europa League whilst behaving like this, Motherwell have been in administration twice and have qualified for the Europa League and now qualify for Champions League. We, along with Celtic and St Mirren, have been awarded a gold star for running our business correctly. I'm sure there will be a nice rosette in our trophy room for being a good boy.

Now can someone remind me why I should spend my hard earned cash on watching such a tainted product?

(I'm not bitter honest)

[Benny Brazil]

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Judge decided the registration ban was not a sanction which was available to SFA disciplinary tribunal for bringing game into disrepute.

Laughing stock of world football in every way.

[marinello59]

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So, what now?

They get off with it.

[PatHead]

Suppose that will mean the ultimate sanction then. Expulsion!!!!!!!!!!!

Go on SFA dare ye.

[hibs0666]

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Laughing stock of world football in every way.

So the available punishments are:

• fine
• suspension
• expulsion from Scottish Cup
• termination of membership.

Have the SFA got the danglies for the battle?

[marinello59]

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So the SFA need a new punishment then? Given the previous statements, expulsion?


Presumably the giant UEFA branded sword of Damocles is about to come crashing down on the lot of us in 3... 2...

Expulsion was an available sanction I think. What do you think the chances are of that happening though.