Generic Sevco / Rangers meltdown thread

[Part/Time Supporter]

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Neck sticking out time here.

I am with Cav... I don't think the £5.5M is for the lock, stock and barrel. The CVA document clearly sets out the £5.5m payment as split between £200k for the exclusivity fee, and £5.3m for Intellectual Property Rights, Goodwill and Players' Contracts. There is no element allocated to Property.

http://www.rangers.co.uk/staticFiles...~177097,00.pdf Page 37

Also, the fact that the deal has been done so quickly suggests that no property was involved. Conveyancing, especially of 3 different properties, one of which has Listed status, another of which has Planning restrictions, would take a lot longer.

The question has to be asked.

There is also a n/a beside property under the CVA scenario.

Today's events are potentially disastrous for Rangers. Civil war is likely between Green (who now holds the assets and has paid £5.5M for them) and "Rangers people" and their friends in the media. All of which makes it much more difficult to get things in place to put up a serious bid to get in a league next season.

[CropleyWasGod]

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There is also a n/a beside property under the CVA scenario.

Yeah, because the property was irrelevant to the CVA. The only time the property value comes into play is when there is a liquidation.

[Part/Time Supporter]

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Yeah, because the property was irrelevant to the CVA. The only time the property value comes into play is when there is a liquidation.

The liquidation and newco scenarios mention a deduction of £600,000 due to SportScotland. This relates to the failure to adhere to the terms of a grant given for building Murray Park. Ergo I believe there must be a change in ownership of Murray Park from RFC (IA) to the newco.

[Paisley Hibby]

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See this really hacks me off - how can his deal to buy them lock stock and barrel for 5.5m be allowed? Why arent the HMRC trying to get the assests seperated and sell them off seperately - surely now they get absolutely zero back from what they were due?

Me neither mate. I get the bit that HMRC did not want a CVA because that would have prevented them going after the real culprits. But as biggest creditor they held all the cards anyway? So why agree to the £5.5m sale in the event of the CVA failing - it was always going to fail?

[CropleyWasGod]

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The liquidation and newco scenarios mention a deduction of £600,000 due to SportScotland. This relates to the failure to adhere to the terms of a grant given for building Murray Park. Ergo I believe there must be a change in ownership of Murray Park from RFC (IA) to the newco.

If that is the case, then the intangible assets, as I said above, are valued at £5.3m... and the fixed assets at £nil.

The notes to that statement talk about a "change of use" for Murray Park triggering the repayment to the SSC. If the football assets (ie the club) are now owned by another company, there is arguably a change of use. It is no longer used by that company (RFCIA) as a football training facility... it is used by another company (NewCo), and RFCIA merely own it, and allow NewCo to use it/lease it to them.

[Paisley Hibby]

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Yeah, because the property was irrelevant to the CVA. The only time the property value comes into play is when there is a liquidation.

So does that means the Newco now has the property?

[CropleyWasGod]

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So does that means the Newco now has the property?

I am suggesting that they don't. In fact, I would be surprised now if they do.

However, like I say, somebody has to ask the question.

[Brando7]

Charles Green says the newco have applied for a place in the SPL but surely there is no vacancy if the original Glasgow Rangers are still in the league?????????. Should the administrators not first resign from the SPL to create a vacancy for the new club? Obviously if they were to resign, or be expelled, they would quite rightly not be able to vote on their replacement???

[hibs0666]

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There is also a n/a beside property under the CVA scenario.

Today's events are potentially disastrous for Rangers. Civil war is likely between Green (who now holds the assets and has paid £5.5M for them) and "Rangers people" and their friends in the media. All of which makes it much more difficult to get things in place to put up a serious bid to get in a league next season.

The is how it will play out:

• Greeny boy will state he's in it for the long haul but has little or no dosh for working capital
• huns want their heroes in place so will refuse to buy season tickets
• Smith will offer Green less than 5 million to take a potentially disastrous investment off his hands as season ticket sales fail to materialise
• Walter will come riding in on the white charger to pick up the pieces.

However, if Green recognises this scenario quickly enough he can walk away quickly with a wee wedge for his troubles as a pay-off from Smith.

However, with a bit of luck, these shenanigans will take weeks to play out.

[greenginger]

http://www.sportyou.es/blog/futbol/2...ce-416012.html


This Spanish site already has the Rangers in the 3rd division next season. Hope they are ahead of our media.

[poolman]

Good article.......apologies if already posted


http://www.scotsman.com/sport/footba...ault-1-2352653

[Gus Fring]

STV are claiming that Green DOES on the Stadium and Training ground. http://sport.stv.tv/football/clubs/r...s-memberships/

[CropleyWasGod]

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STV are claiming that Green DOES on the Stadium and Training ground. http://sport.stv.tv/football/clubs/r...s-memberships/

STV also said, earlier in this whole affair, that CW was taking VAT off players' wages.

I wouldn't necessarily rely on them, in other words. They don't mention the Albion car park either.

[Captain Trips]

Rangers: Definitely not the smartest guys in the room.

[Caversham Green]

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Surely after all the hoo ha about "fit and proper" persons, the chairmen can't be seen to vote on it until the deal is completed. Then the newco would apply for membership, the SPL would take 2 weeks to gather, the new owners would be known and the chairmen can vote.

By that time time the oldco wouldn't actually exist ( no stadium no ground etc.) and would not qualify as a member of the SPL and therefore be unable to vote.

The oldco will exist for some time yet - as CWG pointed out liquidations can take years to complete - it just won't have any assets. It will continue to be the SPL share owner until such time as a transfer is approved or it surrenders the share to the SPL board.

[Paisley Hibby]

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I am suggesting that they don't. In fact, I would be surprised now if they do.

However, like I say, somebody has to ask the question.

Thanks CWG. I'd love you to be right but the property issue is so fundamental it must be covered somewhere else - or Greene's advisers have made the most enormous cock up...

[IFONLY]

Rangers latestLIVE

Former manager Walter Smith leads a new bid to buy Rangers as the club decline to comment on speculation regarding manager Ally McCoist.

[HIBERNIAN-0762]

Who cares?, and anyway where's he getting all the money from?

[johnrebus]

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STV are claiming that Green DOES on the Stadium and Training ground. http://sport.stv.tv/football/clubs/r...s-memberships/

Going to get very messy now.

Over to you Wattie, are you just going to stand there and take this?

[CropleyWasGod]

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Thanks CWG. I'd love you to be right but the property issue is so fundamental it must be covered somewhere else - or Greene's advisers have made the most enormous cock up...

I am sure that HMRC/BDO will be asking the relevant questions, even if STV aren't

[IFONLY]

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Who cares?, and anyway where's he getting all the money from?

I think a lot of people WILL care!!!!!!!

[Steve20]

It's too late. The guy Green already has bought the club.

[Golden Bear]

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It's too late. The guy Green already has bought the club.

That's the news from the Beeb anyway.

You really wonder what is going on what with the timing of Walter's bid and the supposed imminent departure of Fat Ally.

[CropleyWasGod]

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The oldco will exist for some time yet - as CWG pointed out liquidations can take years to complete - it just won't have any assets. It will continue to be the SPL share owner until such time as a transfer is approved or it surrenders the share to the SPL board.

What's your latest view on the "assets", Cav? Do you think the property is in there?

[Gus Fring]

Charles Green claimed that Ian Hart was a member of his consortium only for Ian Hart to flat out deny it and say he is actually supporting Walter Smith! Crazy!

[Spike Mandela]

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Going to get very messy now.

Over to you Wattie, are you just going to stand there and take this?

He managed to take it for four months until the club he loves is liquidated.

[Viva_Palmeiras]

All that were missing here is a seriously nasty hostile takeover bid. Has Spotty run out of puppets?

[johnrebus]

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He managed to take it for four months until the club he loves is liquidated.

Ach, give him a break. His wife only just woke him up.

[oxymoron]

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This is just the start. It's clear to everyone that a 'clean' Rangers (Oxymoron I know!) that retains Ibrox and Murray Park will, in the medium term, be an investment worth considering.

I fully expect a significant amount of interest in securing the assets and goodwill and Green will be left well out of the picture. There is also an intersting prospect of rival newco's being set up, each purporting to be the new Rangers and each attempting to get a hold of the assets...the picture being painted is one of a complete package being sold to a single investor or group but I see nothing stopping one investor gettign a hold of Murray park, another one Ibrox but neither actually having an interest in running a football club, that may be left to a third (or fourth) party to do and provide the rental income for the new owners of the physical assets.

Considering the above scenario it's patently clear the £5.5m figure is bolloc*s and a sale on the open market (sealed bids for the different parts by a set deadline would be very interesting!) would provide signifcantly more to the creditors.

I think Green's moaning yesterday was driven by the realisation his moment had come and gone and the chance to fill his troosers with cash off the back of Rangers was gone.

Lastly I don't see how any of this can be resolved in time for the new season and I think there is a significant chance there will be no Rangers at all in Scottish football next year. Now that would be a real shame.

...Hey, keep me out of this - I was an innocent bystander enjoying the banter!

[down-the-slope]

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The oldco will exist for some time yet - as CWG pointed out liquidations can take years to complete - it just won't have any assets. It will continue to be the SPL share owner until such time as a transfer is approved or it surrenders the share to the SPL board.

thanks Cav saved me posting as you have...

Question to think about...could the SPL share not be considered an asset? (potentially very valuable) as Any NewCo (Greens / Wattys etc) will want RFCIA to vote Yes for it...that surely has a 'value' ...presumably its D&P who have that Vote as they still Administer RFCIA and they should act in best interest of creditors....so......