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Forget Rangers, forget Sevco, forget football even. Rich men, powerful men and institutions were earning money beyond our wildest dreams and paying less tax than honest hard working people. HMRC need to keep their teeth into this like a pitbull.Quote:
Originally Posted by cabbageandribs1875
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Originally Posted by CropleyWasGod
let's hope they reverse the scoreline from the previous round :agree:
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Originally Posted by Spike Mandela
Mr Murray made a Mint :(
3. it would send a massive STFU to the Rangers/Sevco fans who bizarrely still feel that they've been hard done by.Quote:
Originally Posted by CropleyWasGod
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Originally Posted by Smartie
:agree:
It's (h)unbelievable the amount of them that claim that Rangers (the company, whatever) should never have been liquidated and it's all HMRC's fault.
Alasdair Lamont @BBCAlLamont 13m Rangers announce plans to Stock Exchange to try to raise £4m by issuing new shares to existing shareholders at 20p each.
Rangers statement says they had "an unaudited cash balance of £4.258m at 30 June 2014" including £2.72m not currently available
If minimum subscription not reached "Company will be unable to pay its creditors as they fall due and the future will be uncertain...
...The Directors will immediately have to seek emergency financing which may or may not be available
Rangers also say they'll have to seek further external funding, the timing of which depends on success of this offer.
They're desperate. £4m to put a temporary plug in a dyke.Quote:
Originally Posted by grunt
This is all about number 2 friend in Tax office tells me they are not that bothered about rangers its the gates that will open elsewhere ...Quote:
Originally Posted by CropleyWasGod
From Rangers statement to the Stock Exchange
Quote:
Assuming full subscription, the Company will require additional external funding in the latter half of the current financial year in order to meet working capital requirements as a result of the cyclical nature of its business. At the minimum level of subscription additional working capital will be required towards the end of the current calendar year. This funding, could be sourced from lines of credit, other forms of short term finance or as a component of a further equity raise, in line with the strategy identified in the Business Review to re-build and re-establish Rangers as a stable, sustainable and successful business. There can be no certainty that such funding will be available on commercial terms or at all. Failure to secure such funding would be damaging to the business and may impair the value of the Ordinary Shares. The Open Offer is not underwritten. There can be no certainty as to the aggregate level of subscription for New Ordinary Shares. If the aggregate level of subscription is less than 15,000,000 New Ordinary Shares the Open Offer will not proceed and subscription monies will be returned to applicants. Should this occur, the Company will be unable to pay its creditors as they fall due and the future of the Company will be uncertain; The Directors will immediately have to seek emergency financing which may or may not be available.
Hopefully they are screwed! :DQuote:
Originally Posted by grunt
Meaning, if their fans do not stump up---again--- then they will be looking at sevco mark2.Quote:
Originally Posted by grunt
Would they be looking at a 15 point or 25 point deduction if they have an insolvency event ?
Are "The Rangers" the same Club that went into administration in 2012 ?
Could be some contorted arguments about that one. :greengrin
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Originally Posted by greenginger
It's a different company but the same Club Licence, therefore 25 point deduction. Them's the rules.
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Originally Posted by keekaboo
You are all just Rangers Haters ! :thumbsup:
Definitely 25 points. Same club, different owners. The rules are explicit about that.Quote:
Originally Posted by greenginger
So the stock exchange statement is basically saying the rangers cannot survive without a further, fully subscribed share issue? When is the SFA and SPFL going to look into the situation of one of the biggest clubs in Scotland being skint just after the season is underway?
Not only that I read that they also will need cash again in April, how are they still allowed to get way with loosing so much money, while the rest teams need to get by within their means!Quote:
Originally Posted by vince1973
and yet they just signed Boyd and Miller
Disgusting club
And therein lies the answer to their current position. Carry on as though they are still a top club paying top wages. They had a fantastic opportunity to rebuild from scratch and grow organically with a heavy emphasis on youth. Green, McCoist and others soon put paid to that with their flawed transfer policy. Serves the gunts right.Quote:
Originally Posted by Callum_62
And.".................. ?Quote:
Originally Posted by greenginger
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Originally Posted by Taxi for Petrie
And ?
Just anticipating the response from the Govan Grunts.
Would certainly help us! Oldco, newco, still the same deluded arrogant followers.
Shambles of a club who get what they deserve.
Instead of cutting their cloth accordingly when they were liquidated they continued to think they were a billy big time club and spend money on players ala Shiels, Black, Sandaza.
Not forgetting the £800k on Templeton.
Or the £750k per year wages for McCoist.
Hurry up and die soon.
Every club should have to prove they have the funds to see out the season, if they can't they should be punished or relegated, as happened to Monaco in France.
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Originally Posted by ScottB
That would be too difficult to enforce. Nobody could be expected to forecast accurately how much they're going to get from things like Pay At The Gate punters or lucrative Cup Ties.
It's been suggested here before that a Bond system could be used, whereby each club puts up £x to guarantee at least some recompense for the other clubs if they go bust during a season.Quote:
Originally Posted by keekaboo
How much that would be set at, and how clubs would fund it..... .....:cb
It is the model the French leagues use, so it mustn't be too hard.Quote:
Originally Posted by keekaboo
Presumably you make a forecast of you likely income, and if your expenses are wildly out of whack with that, you're in trouble.
To an extent, a correctly run club is doing that sort of thing anyway, I'm sure Hibs have a rough figure of the income they expect to generate over the course of this season and have sat our budget accordingly. Rangers just seem to be pouring money down the drain with no thought given to how sustainable it is, so as said I don't think it would be hard for the league to judge whether a club can meet its financial obligations or not.
Notwithstanding the ludicrous salary for Sally I thought the main issue was that Green had walked off with several barrowloads of cash - including the proceeds of the previous share issue.Quote:
Originally Posted by KeithTheHibby
Chuckie and his cohorts did very well out of newco but the transfer policy has been unbelievable.Quote:
Originally Posted by Liberal Hibby
I thought German clubs were subject to financial oversight on a seasonal basis?Quote:
Originally Posted by keekaboo
Not sure if this has been posted here. Sorry if you've already seen it.
Ally McCoist interview.
http://m.stv.tv/sport/football/clubs...ffering-fails/
For April read Christmas is what I heard on the news.Quote:
Originally Posted by semaj64
That's a man under serious strain. Won't be popular but it's not nice to see.Quote:
Originally Posted by grunt
I normally like to be even handed, pragmatic and reflective on issues like this about football clubs. But in this case hurry up and die you disgusting, filthy, poisonous, despicable, cheating, robbing, bigoted, lowlife bunch of wife beating knuckle dragging plague on Scottish society *******s!
Yes, I am just in from the pub. But I would still say the same sober
Fingers crossed for a 25 point deduction, or worse
Sounds like 25 points would be the least of their worries. :)
From a comment in today's Herald article (before it's removed) :greengrin
"There's a hole in our bucket,
dear Ally, dear Ally,
there's a hole in our Bucket,
dear Ally, a hole."
"With what shall I mend it?
dear Graham, dear Graham,
with what shall I mend it?
dear Graham, with what?"
"You could use your wage packet,
dear Ally, dear Ally,
You could use your wage packet,
it must be big enough."
"You must be bl**dy jokin,
dear Graham, dear Graham,
You must be bl**dy jokin,
Ahv jist bought another Boat?"
"When can I get mair players?
dear Graham, dear Graham,
When can I get mair players?
the team's no good enough"
"Are you bein serious?
ya numpty, ya numpty,
Are you bein serious?
what part of 'we're fec-ked' don't you get?"
If a football club (or any business) keep selling more and more shares then does not the original share issue not get devalued to such an extent that they become almost worthless ? If a fan bought 100 shaes @ £1 each back in 2013 do the club have to send him or her 500 @20p in the new share issue ? Thanks for any help with this. GGTTH
You are correct which is precisely why the current shareholders seem reluctant to buy more shares.Quote:
Originally Posted by southsider
Existing shares would be devalued. All other things being equal, the value of each share (the value of the club divided by the number of shares) would go down due to their being more shares issued. The club don't give existing shareholders any more shares though. At most they give the existing shareholders the right to buy the new shares but they aren't obliged to do so.Quote:
Originally Posted by southsider
That's the rub.Quote:
Originally Posted by Hibs Class
The intention, of course, is to grow the club so that its value rises, as does the value of each share.
However, there's only so much shecht that one can pile on to weeds, before one realises that they ain't gonna do owt but die. :greengrin
What WOULDN'T be nice to see would be any of the 'SFA's 3-man Disciplinary-Panel' or their wives, children, families etc as they received 'Death-threats' and had to be given 'Security-advice' from the Police after this piece of human-filth, McCoist, set about releasing his animals on them under a laughable call for 'Transparency' - lots of things in life deserve some sympathy but this s*um deserves none whatsoever.Quote:
Originally Posted by JJP
http://www.bbc.co.uk/news/uk-scotland-29050877
Former Rangers commercial director Imran Ahmad has returned to court for a third time in a bid to have £620,000 of club assets frozen.
Lawyers acting for Mr Ahmad claim he is owed a £500,000 bonus for the time he spent working at the Ibrox club
The Court of Session in Edinburgh heard Mr Ahmad is worried about the potential prospect of Rangers becoming insolvent.
just close them down i say :agree:
Rangers investor Mike Ashley bought naming rights of Ibrox Stadium for just £1
http://www.dailyrecord.co.uk/sport/f...ashley-4161063
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Originally Posted by Billy Whizz
And Rangers even wasted a further 250 grand trying to get it back.
You couldn't make it up
:thumbsup:
Rangers big interview: Keith Jackson speaks to Sandy Easdale about the desperate financial position at Ibrox
http://www.dailyrecord.co.uk/sport/f...ackson-4161079
Latest shennagins on this
Not sure what the source is for the naming rights story, but Hunbelievable stuff once again. Given the lack of humility and blatant profiteering that's gone on since they went bust, I hope they go bust again. It won't teach any of those involved anything, but might encourage others to act in a more responsible fashion.Quote:
Originally Posted by Billy Whizz
Ashley paid £1 officially, I wonder how much he paid Green on the side?Quote:
Originally Posted by Billy Whizz
Wonder if Better Together will let them keep the pound.Quote:
Originally Posted by lord bunberry
:faf:Quote:
Originally Posted by Ozyhibby
:top marksQuote:
Originally Posted by Ozyhibby
This will sound like name dropping but anyway here goes. In the early 2000s I'd sometimes end up drinking in London round Blackfriars with Allan Brazil and his pal Malcolm Murray who went on to become chairman of Sevco. MM was a successful UK equity fund manager who liked a bevvy. One day he tells me "Yes that Hibs team if only you could have held them together for a couple of more years etc." in that OF blinkered manner of bemoaning the lack of competition in the league. Needless to say "I don't do rolling over" to paraphrase Sally so I verbally launched him and he left. MM is a dedicated Hun and it's true when he told them that he's always had season tickets for him & family. However not the person I'd put in charge of any Club even such a new one as TheRangers. I say this as part of the background of the directors Sevco have had since they launched in a way to try and show how they have stumbled along since birth. In fact I've recently left the Rutland (now the Huxley) and I saw a number of current Sevco directors past & present in my opinion on their way to some official meeting. They are in the brown stuff and I hope that the fan blows it back over them and down their throats to kill off the delusional protests once and for all.
Best joke of the evening!Quote:
Originally Posted by Smartie
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Originally Posted by cabbageandribs1875
Im gonna get a job at rangers,they pay brilliant wages
Ahmed successful; funds arrested. The Rangers to appeal.Quote:
Originally Posted by cabbageandribs1875
Poor wee G's being Hunted by the debt collectors. :faf:Quote:
Originally Posted by grunt
Sauce?Quote:
Originally Posted by grunt
Tick Tock!
https://twitter.com/BBCBMcLauchlinQuote:
Originally Posted by jacomoseven
Wow, only 3 weeks into the season and they only have 1.2 mill left in the bank!
:thumbs up:Quote:
Originally Posted by grunt
Falkirk for the league then
Not been following recent developments but can someone just tell me if they're likely to go bust again?
Would really cheer me up
Ok ahl tell ye, aye they are. Enjoy your wkend :-)Quote:
Originally Posted by Del Boy
Excellent! Thanks :)Quote:
Originally Posted by SMAXXA
They really are right in the sh*t now! 1.2 million in the bank.....and £620,000 of that has now been frozen and they reporter said they have massive day to day running costs and bills to pay......
Think the closing date for the share issue is next Thursday. Going to be an interesting week for them
Indeed.Quote:
Originally Posted by marti1875
The Rangers FC could face the old winding up orders sooner than they think.
I'll try not to worry too much :-)
Oh aye, i'll certainly not lose any sleep if they go mammaries up again! :greengrinQuote:
Originally Posted by Canongatehibs
If they do go to the wall that's two massive Scottish clubs in the last few years. First Rangers and now The Rangers ... worrying :greengrin
Have to say there must be huge concern at Ibrox about this. Nothing to Parkhead mind you, they will be beside themselves with worry :greengrin:greengrin
Plenty of Sevconians won't be too concerned either. Aren't they starving the club to try and take it back from all the dodgy characters that have frequented their boardroom over the last few years?
Don't you mean the last 100+ years?Quote:
Originally Posted by JJP
Sevco Huns have only been around for just over two years.Quote:
Originally Posted by emerald green
Whats their next name going to be? The The Cannae Get A Loan Rangers?Quote:
Originally Posted by NAE NOOKIE
Better than Glasg owe Rangers I suppose!
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Originally Posted by weonlywon6-2
the more cash that gets taken out of Sevco for salaries, the better :agree:
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Originally Posted by grunt
good stuff :greengrin http://www.bbc.co.uk/news/uk-scotland-29087653 but i bet they still wiggle out of it :hmmm:
Talent like Sally doesn't come cheap you know... actually, his level of talent normally does come cheap, but the generous peepul have made an exception in his case.Quote:
Originally Posted by marti1875
Hopefully they will manage to leap out of the frying pan into the fire.:greengrinQuote:
Originally Posted by JJP
What the hell would they be called this time?? The The Rangers? The Club Formerly Known As The Rangers? Maybe they could just do a Prince and change their name to a symbol?
RANGERS Football Club has tonight released the following statement:Quote:
Originally Posted by grunt
“Further to the Stock Exchange announcement regarding the court action taken by Imran Ahmad against Rangers, whatever the outcome of the court process, we agree with Judge Lord Stewart when he told the court: 'This does not mean to say that insolvency is an actuality or is going to happen.'"
Nothing to see here move along now...
Third Rangers?Quote:
Originally Posted by stokesmessiah
As the SFA/SPFL view them as the same club (boring argument tbh) administration will be seen as Admin 2 by the beaks at Hampden and therefore it's not -15 points they'll get hit with its -25.
Further to this, I notice that all and sundry, including themselves...i.e. club crest, website etc...still refer to them as 'Rangers'. Am I missing something, or is there not a legal requirement for them to refer to the club by a different name as 'Rangers' are still in Liquidation?Quote:
Originally Posted by stokesmessiah
Swastika?Quote:
Originally Posted by stokesmessiah
:dunno:
You can bet your arse they'll argue for minus 15 thoughQuote:
Originally Posted by AndyM_1875
St Rangers? :wink:Quote:
Originally Posted by stokesmessiah
I think until the original company is liquidated it has to be a different name.Quote:
Originally Posted by Jack Hackett
The name of the company that is in liquidation has to be different from the one that owns the club at the moment. I'm not certain, but I think the Oldco did change its name after it went into liquidation.Quote:
Originally Posted by ScottB
The current owners did buy the crest and the club name for a fiver, so they are entitled to call themselves Rangers. That process would be repeated in the event of a similar situation.
Fingers crossed. :cb
https://www.youtube.com/watch?v=D7Z_...ature=youtu.be
The current twitter hashtag for Germany v Scotland tonight is abbreviated to GERSCO which strikes me as the perfect name for a newly liquidated The Rangers. Perfect combination of Rangers, Sevco and Huns.:cbQuote:
Originally Posted by CropleyWasGod
😊 Gers cumQuote:
Originally Posted by Spike Mandela
Better to leave out the G and call them ERSCO.Quote:
Originally Posted by Spike Mandela
Derangers? a gathering of their fans could be known as deranged.
Oh I'm sure they will but it won't matter. They made such a song and dance about how they are the same club that the League will say 'OK, you're the same club. Minus 25.'Quote:
Originally Posted by BH Hibs
It's Admin 2 and if it happened today they'd be bottom of the Championship on -16
Now I'm hoping for Liquidation for the newest team I'n Scotland. Really do hope they end up I'n the bottom tier like last time. Now that would make me smile.
GGTTH
If they recover from a second administration, what will be the punishment for a third administration? Permanent exclusion?
For the avoidance of doubt, as they are so fond of saying, Dave King will surely ride to the rescue with his £30m in the event of the club going into administration again.Quote:
Originally Posted by southern hibby
I mean, won't he?
Attachment 13429Quote:
Originally Posted by stokesmessiah
fc ??
We're operating a pyramid system now, so what would the bottom tier be for them?Quote:
Originally Posted by southern hibby