Are we?Quote:
Originally Posted by Bob Servant
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Are we?Quote:
Originally Posted by Bob Servant
Quote:
Originally Posted by CropleyWasGod
:agree:
The Old Huns (SC004276) is now called RFC 2012 plc.
IIRC the winners of the Highland League and Lowland League will play off against each other at the end of the season to decide who faces 10th spot in League Two in a straight play off to decide if anyone is promoted/relegated.Quote:
Originally Posted by Smartie
Cheers for that.
No idea how but that has managed to completely pass me by until now.
Good point. Really not sure but if they go into liquidation, I can see an extra team getting promoted and whoever got liquidated taking their place I'n the bottom league.Quote:
Originally Posted by Bob Servant
If there is no punishment for liquidation but 15 or 25 points for administration then go straight to liquidation get debt written off and stay exactly as you are. Really can't see that happening unless the 25 points ( for servco ) and 15 points any other team who havn't been I'n admin include going into liquidation as well as administration.
GGTTH
Missing a few points here :)Quote:
Originally Posted by southern hibby
The penalty is for an insolvency event, so not just administration.
Liquidation means the ceasing of trade. Which means that the club stops playing.
Nice :)
Quote:
Originally Posted by CropleyWasGod
That's what I thought would still happen but was asked earlier why I thought they would end up I'n the bottom tier now it's a pyramid system. I was answering as I thought I had missed something about the pyramid system. Sorry if I'm confusing matters.
GGTTH
One things for sure,they are on another shoogly peg,the end of this month come wage day could be interesting
What's the bet that the establishment will see them alright ?.
In what way?Quote:
Originally Posted by greenpaper55
They didn't do them too many favours last time, IIRC :)
Only two home league games in the whole of September and October.
One against us on 29 September which is a Monday and televised so this will hit the gate figures.
At home in mid October to Raith Rovers so not many away fans there.
So that's just two home games to generate cash for two paydays in September AND October.
Not going to add up.
What a shame. :na na:
http://m.bbc.co.uk/news/uk-scotland-...-west-29126451
Another twist
Presumably Mike Ashley paid upfront for his merchandising deal... that money may now be gone, but Ashley won't want Rangers to go bust again because it will hurt shirt sales. With restrictions on him buying more shares, the most logical thing is for him to buy Ibrox from the club and then rent it back to them.
This would have long-term implications for Rangers but might be the only way forward. However, it might also lead to a fans boycott.
Alternatively, maybe they'll flog Murray Park?
Rangers fans looking to have Easdale removed from the board after apparently meeting with some Malaysian businessman who is wanted by interpol, sounds like a perfect fit, the only thing missing form this whole saga is a dodgy foreign owner, maybe a sign that they've run through all the domestic dodgy businessmen!
http://www.bbc.co.uk/sport/0/football/29150212
Quote:
Originally Posted by CropleyWasGod
Or the club name, licence, etc is sold to a new Company, as happened in 2012, and they then negotiate with the SFA/SPFL over which league they are allowed to join.
Which is also quite nice :wink:
In many ways, they were lucky with the timing of the last fiasco. It enabled them to finish one season and start the next.Quote:
Originally Posted by keekaboo
It would be even nicer if it all went t-up in mid-season.
Quote:
Originally Posted by CropleyWasGod
That would be quite funny, yeah.
:greengrin
Such a classy club.Quote:
Originally Posted by hoxtonhibby
Rangers settle over Imran Ahmad court action ....
http://www.bbc.com/news/uk-scotland-...-west-29170975
Paid 'significantly' less than Ahmad wanted.
Quote:
Originally Posted by Newry Hibs
:hmmm:
I wonder how much that particular Pig got from the Trough this time.
Hopefully a lot, just means they've less to spend on wages.Quote:
Originally Posted by keekaboo
GGTTH
Significantly more than they've got to spare though.Quote:
Originally Posted by Newry Hibs
Who's speculating at 50%? That's £250k gone out of the £1.2m cash they've got, plus maybe a five figure sum towards legal expenses incurred so far?
It really is utterly unforgivable that they are back in a financial mess two years after forming as a new company.
I forgive them.Quote:
Originally Posted by jacomoseven
Me too; we must always forgive and hope they continue to blow every peent that comes their way.Quote:
Originally Posted by CropleyWasGod
That's very good of you. Can I ask why?Quote:
Originally Posted by CropleyWasGod
http://www.theguardian.com/football/...shares-rangers
Mike Ashley ain't getting involved in this share offer. I'm not surprised - the more desperate Rangers get, the easier it will be for him to buy Ibrox off the club!
Serious question? If it is ,read your own post again.Quote:
Originally Posted by jacomoseven
Because I think it's wonderful the way they are steaming through cash like there's no tomorrow. It gives us all a good laugh and, of course, gives Hibs a slightly better chance of avoiding relegation.Quote:
Originally Posted by jacomoseven
:cb
UEFA rules state that a person (or company) cannot have involvement in 2 or more clubs. As neither is playing in European competitions, Ashley could do so for a fews years but the SFA would need to change/alter their own rules.
One of the papers said he can't own more than 5 or 10% of Rangers as he holds a controlling interest in another club, it is forbidden under UEFA and SPFL rules IIRC.Quote:
Originally Posted by southsider
Alasdair Lamont from the Beeb tweeting that Rangers raised £3.13m from the open share. One wag has already suggested it was from Ian Paisley's will!
He already owns 9% of rangers shares plus the rangers shops in Glasgow, Glasgow airport And Belfast (as well as naming rights to CGS). As well as, i believe a share in all the match day catering. A journo on radio scotland last night was trying to say he would sell his share of Newcastle Utd for up to £230,ooo,ooo and invest in the the rangers. Bit far fetched if truth be told but stranger things have happened.
Quote:
Originally Posted by Bishop Hibee
I wonder how long that will keep them going.
How much do they need to pay back for the two emergency loans they took (Easdale and the Fan)?
Is the share issue now not cancelled ? As it was not underwritten and needed to raise £4 million they could not go ahead with this issue ???Quote:
Originally Posted by Bishop Hibee
They scraped enough together to get past the 75% mark they needed i think. I think they have loans of £1.5m to pay back immediately and now some cash needed for out of settlement for Ahmed. A wage bill of c£850k a month and i would guess this would cover them for sept and october and possibly november.Quote:
Originally Posted by southsider
They want to use agm to approve wider share issue...so its living month by month approach...
After a one year hiatus, due to their shares being suspended, The Worthington Group plan to continue with their ownership claims over The Rangers in the courts.
They're the company closely associated with Sevco 5088 and Craig Whyte.
I'm too tight to pay for the Herald site. Are you able to cut and paste the article?Quote:
Originally Posted by keekaboo
From the Herald... (Admins pls remove if inappropriate)
RANGERS face fresh questions over their ownership after an investment company linked to disgraced former owner Craig Whyte said it would continue staking a legal claim over its business and assets.
The latest twist in Rangers' troubles came as a client of BNP Paribas Arbitrage SNC, the asset management wing of France's largest bank, became one of the club's big six shareholders by taking a 5.23 per cent stake.
The anonymous buyer has purchased 4.265 million shares sold by London-based investment managers Hargreave Hale.
It came on the day fans accused the Rangers board of being "incompetent" after it emerged certificates signed by former chief executive Charles Green and director Brian Stockbridge had been sent to shareholders involved in the recent open offer.
Union of Fans spokesman Chris Graham said: "It does not come as a huge surprise that this has not been done properly along with pretty much every other piece of governance within the club."
The legal action by Worthington Group, which has been connected to Whyte, appeared to disappear when the Financial Conduct Authority suspended trading in its shares at the company's request over a year ago.
But the ban was lifted over four weeks ago and now its chief executive Doug Ware has confirmed that the Rangers court case is back on the agenda.
It comes one year after auditors Deloitte flagged up the legal battle over ownership, saying it was a key uncertainty hanging over the Ibrox business. Rangers have consistently said Whyte's claims have no merit.
The case revolves around Whyte's allegations that Mr Green had acted as a "front man" for him to take control of the club - through the Sevco 5088 consortium that bought the liquidated assets of Rangers oldco RFC 2012 plc. Last year it emerged Worthington Group had 26 per cent of Law Financial Ltd, then one of Mr Whyte's companies and one which claims to have Sevco 5088 as one of its subsidiaries.
Included among Law Financial's assets was the legal action instigated by Whyte against Mr Green for the claim on Rangers' assets.
Mr Ware said yesterday: "Rangers litigation is a small and reducing part of our rapidly expanding investment portfolio.
"That said, the litigation will take its course and we'll have to see where it ends up, it's not on top of my agenda."
On Tuesday Whyte was barred from being a company director in the UK for 15 years. He has always insisted he was the main driver behind Sevco 5088.
Rangers assets were bought for £5.5 million in June 2012 and were transferred to a different company called Sevco Scotland, which then became The Rangers Football Club.
Whyte's main argument is that the transfer was illegal and Sevco 5088 remained the rightful owner of the club's assets.
Rangers said last night that their position remains the same as in May last year when it said it was preparing a "robust response" and that as legal proceedings were threatened it would not be appropriate to make public any further.
Mr Green has always denied he had ever been a "front man" for Mr Whyte.
Interesting French purchase.Charles Green lives in France.
HeHeHe....a little something to lighten the long winter nights ahead
Thanks for posting that up.
A couple of points:-
1. the share sale doesn't really help RFC in their current cash problems. However, as AH says, there could be a French-based move on les cartes.
2. the fact that Worthington are still pursuing their legal claim, and that RFC will have a "robust" defence, is not good news for the hordes. Cos that'll cost money. :cb
Thought it was Mike Ashley that bought these shares?Quote:
Originally Posted by ancient hibee
According to the BBC story, the shares were bought by BNP on Ashley's behalfQuote:
Originally Posted by Billy Whizz
According to various papers, Dave King has been meeting with Graham Wallace to discuss an (alleged) £16M rescue package.
Apparently, the Easdales still favour Mike Ashley.
FULL ARTICLE:
DAVE King has returned to Ibrox in an attempt to push through a rescue bid for the crisis-hit club.
The South African-based businessman was pictured leaving the stadium after flying back to Scotland for talks with the League One champions' board.
The former director has been engaged in a long-running battle for control with the ruling regime at Ibrox and has recently found himself faced with a fresh rival in the shape of Newcastle United owner Mike Ashley, who has increased his stake in the Ibrox club to nine per cent.
It comes after it emerged Mr King had teamed up with Paul Murray and supporter George Letham to launch a £16 million investment plan.
Asked if he was optimistic his bid would be accepted, Mr King told Sky Sports News: "Yes we are."
Earlier this year Mr King, who lost £20 million when the Light Blues were liquidated in 2012, vowed to plough another £30m into the club in return for a controlling stake.
His rescue plan has been privately backed by chief executive Graham Wallace, while Sandy Easdale, the chairman of the club's football board, wants to forge ahead with Ashley.
It is understood neither Sandy Easdale nor his brother James were at the meeting following a family bereavement. It is Mr King's first public appearance in Glasgow since March.
Sandy Easdale owns 5.21 per cent of the club and holds proxies for another 20.94 per cent.
Rangers declined to comment.
Archive Editor
BBC North Britain
Benedict Arnold Boulevard
RATVILLE
NB
Sir,
Is it two days or three since you showed the picture of Dave King leaving Glasgow Airport, looking for the nearest toilet?
Jim Treanor
PLAINS
Just an idea, but if he's serious King could just try buying some shares. Isn't that how people normally take control of publicly listed companies?Quote:
Originally Posted by keekaboo
Except that gives money to the anonymous backers. And won't go to cash strapped clubQuote:
Originally Posted by jacomoseven
However more importantly I didn't think FFP allow individuals to simply pump cash into Clubs anymore.
And finally, surely Dave King doesn't fly in he 'jets' in, and isn't he a 'tycoon'?
Sent from a phone
It's a disgrace the Orange Order and the BNP haven't worked together to save The Rangers 2012 before now. Where are the loyal when their club needs them?
TODAY'S HERALD UPDATE:
---------
RANGERS are believed to have just days to accept a £16 million rescue package offered by former director Dave King.
The deadline came as it emerged the controversial (dodgy) businessman has put up £8m of his own money in a bid to take control of the Championship club.
It is understood that, during talks at Ibrox on Tuesday, Mr King set out proposals to invest heavily in Rangers with half of the cash coming from his own pocket and the remainder from other investors, including wealthy fan and shareholder George Letham.
Mr King, a South Africa-based businessman, is believed to have committed to remaining in the UK for a week (you've gotta week or I'm outta here) as the board decides on its next move, with a large influx of cash needed ahead of an annual meeting that must be held before the end of the year.
There are concerns that Rangers do not have the money to see out the season, while it has also been suggested they may struggle to pay staff wages this month.
Sources close to Rangers say it is highly unlikely the club's auditor, Deloitte, would sign off its accounts ahead of the annual meeting, as they would have to be strong enough to show the club is in a healthy enough financial position to trade for another year, whereas it appears to need a significant cash injection. (Admin 2?)
In a further development, it is understood the Rangers board is also in contact with shareholder Mike Ashley, owner of Sports Direct and Newcastle United, who could offer his own rescue package as the power struggle (Fight!) over the club's future enters a crucial phase.
Mr Ashley, who owns almost 10 per cent of the club, is understood to oppose Mr King's comeback and is attempting to oust chief executive Graham Wallace and director Philip Nash.
The only other realistic option to raise cash is a fresh share issue. However, after a similar move last month raised little more than £3m, significantly less than had been targeted, analysts believe the club is more likely to turn to Mr King or Mr Ashley.
Rangers declined to comment (shockerooney!)
----------
Sarcastic comments in brackets are my own :wink:
:tee hee:Quote:
Originally Posted by Hibernia&Alba
Why would existing shareholders accept the offer? Their holdings will be halved and there will be no significant increase in the value of the business so they can expect share prices to drop 50%. I don't see Laxey, Ashley or the off-shore investors agreeing to that.
If for some reason the offer was accepted, a lot of the new money will disappear in covering this season's losses, so there's not as much new investment as it sounds at first glance. In addition, wouldn't the new controlling group have to offer to buy all other shares at the same price? That would mean more millions going to faceless institutions rather than into the club.
I think this offer's either designed to be rejected to give King PR as the man who tried to save the club, or it's an initial stance for further negotiations. I can't see it happening as reported.
Quote:
Originally Posted by ballengeich
There's no chance they would agree.
In most cases, it's the money they would lose but there's also 'the battle of the egos' in play here as well. The Easdales, for instance, would go back to having no influence at all in The Rangers and would have to return to their main business... of burning other people's buses.
Quote:
Originally Posted by Phil D. Rolls
:faf:
I must predicate my statements by confirming I have no source, I'm not an accountant and I dont have any crystal balls :greengrin to tell the future.
Stanard post disclaimer out the way, here it be:
1) "the" rangers of first division championship fame and trading for a few years in the lower reaches of Scottish football appear to have continued to pay their players, management and staff salaries not comensurate to their "level" in the pecking order of the footballing world...
2) This means they have taken out more than they are likely to have taken in
3) One cannot magic money from nowhere unless one adopts the Yamathematical model
4) Therefore, they are hopefully royally screwed <<< I picked these words with much due care and attention :greengrin
...and now I off to converse with the Almighty to improve our chances/only hope of ascension back to the top tier in Scotland, the brucie bonus being the permanent and repeated demise of "the" rangers.
I bid thee, Good Day :aok:
ENDOF
If i could give one i would.
But i dont give a F*** about anything that outfit say, do or anything else.
Honestly?Quote:
Originally Posted by Canongatehibs
I for one would give a massive f*** if they were to go under again. In fact - I'd maybe give enough of a f*** to go out and celebrate it.
Quote:
Originally Posted by Canongatehibs
That's a shame because, among other things, there's a potential 25 point penalty looming if they can't reach an agreement and go into Administration.
Even aside from the fun of watching it, that part could well benefit Hibs.
p.s. You care so little that you took the time to post on here telling us just that :wink:
No agreement with King and Newco.
What does this mean now ?
http://www.bbc.co.uk/sport/0/football/29731672
Sounds like there's still the possibility of it happening. Surely administration again is the alternative?Quote:
Originally Posted by DaveSo
Fun as it is I'm not sure it's a great thing for Hibs if they were to go into admin again. They've got a better chance of catching hearts than we do and I'd fancy our chances in a 2 leg play off more against hearts than I would the rangers.
Them going to admin would go a fair way to gifting hearts the title imo.
Interesting that it is described as 'a meeting'. Easdale was so interested that they only spoke by phone on the day King left.Quote:
Originally Posted by DaveSo
Here are the (alleged) details of the conversation:
King: "So, Easdy, how's about ma offer then?"
Easdale "...yir Maw"
...click.
I'm not discounting the possibility that Dave King is a fantasist.Quote:
Originally Posted by DaveSo
Maybe they now need to give Mike Ashley whatever he wants to stave off administration.
Where's Brian Kennedy? Is it time for Mr Quantum to put his 'consortium' back together?
Must admit I thought King got most of his money back that he had invested in the old club and lost nothing like to £20m reported. Can anyone back me up on this?
I know he wouldn't be a Director but I never ceases to amaze me how convicted fraudsters/tax evaders are allowed to own football clubs.
I wouldn't.Quote:
Originally Posted by bingo70
Looks like the The Rangers have jumped the gun on this one. Apparently he meets all the FTP criteria rather than FFP. Rethink on the cards.
http://www.bbc.co.uk/sport/0/football/29749325
Seems Mike Ashley has offered emergency loan funds. In return he'll take over day to day running of the club. He's no mug.
Meanwhile, King ask to meet Ashley but didn't even get the courtesy of a reply. There are also certain, ahem, 'compliance' issues to be dealt with. King also complaining that Ashley using his influence as a shareholder to get his own way...
Messy. I think Ashley is going to win this one. He's treating King like a mug.
Brian Kennedy come in with late offer
Now reportedly interested in putting a large cash injection into the Rangers.
Wasn't this the same guy who was willing to plough funds into Hibs not so long ago?
Quote:
Originally Posted by Golden Bear
http://www.heraldscotland.com/sport/...plans-1.323287
SEVCO and Kennedy sound like a perfect match.Quote:
Originally Posted by Golden Bear
I got speaking to a few Stockport County fans a few weeks ago and he's basically eked every last dime out of that club - and moved their ground into personal ownership.
Kennedy is no football fan, that is for sure.
Sounds like turmoil continues at Greyskull. :greengrin I think I might have heard on the news at 6 o'clock that a board meeting was currently taking place.
Did I hear correctly that they could be struggling to meet the November payroll?
Yeah they need cash and quick, they will take a loan from Ashley on really bad terms. Happy days :)
So, possibly sinking deeper into the brown stuff? I wonder what the chances of administration are here?Quote:
Originally Posted by bighairyfaeleith
Will they ever learn? doubt it,they deserve everything they get,arrogant *****.
According to SSN, even if they take the loan from Ashley, it will only give them enough cash to get them through til April
aye its gid eh 😉Quote:
Originally Posted by CallumLaidlaw
I'm no expert on all this stuff, but that might just see them through until the end of the season without going into administration. Time will tell.Quote:
Originally Posted by CallumLaidlaw
The could always get a Wonga loan.......... eh?Quote:
Originally Posted by emerald green
There's this barry company called ticketus who I'm sure could advance them a few quid.Quote:
Originally Posted by Sudds_1
:tee hee: The way its heading over at greyskull, if Kennedy was to throw in all the chips they can eat that would probably swing the deal - got to be better than discounts on shell suits made in Bangladesh for every The rangers fan from Mike the Geordie Ashley.Quote:
Originally Posted by portycabbage
That Schum are just like the neighbours ... Probably come out in a better position than they were.. :agree:
Don't like the look of Kennedy. He's a bit of a corner boy I reckon.
I'm seldom wrong.
So, did we miss a trick when Farmer wouldn't sell to Kennedy? I'd love to hear from any of the large number of fans who thought he was our saviour in 1998.
No trick was missed.Quote:
Originally Posted by Phil D. Rolls
If they went into admin again, would they not be docked 25 points? If that happened there is every likelihood they would miss out on a play-off spot. Surely that's a scenario that suits us.Quote:
Originally Posted by bingo70
Imo they'd still make the play offs comfortably.Quote:
Originally Posted by Jim44
Phil MacG has been all over this for weeks and has imo, again, , got more of an insight on it than the MSM......
http://www.philmacgiollabhain.ie/she...pen/#more-5249
Depends what players they had to get rid of.Quote:
Originally Posted by bingo70
Im not discounting the possibility that he's a fantasy. There seems to be only one piece of footage of him in existence.Quote:
Originally Posted by jacomoseven
yeah, but he is a bigoted **** stirring nob.Quote:
Originally Posted by Spike Mandela
That's what I think ,they would rather just cobble things together in the short term to get them to the end of the season , when they are assuming they will then shift all Thier season tickets on back of playing Celtic again and Sponsers will be flocking back .Quote:
Originally Posted by emerald green
What I stuggle to get my head round is the way it's just accepted that they have been allowed to overspend in the way they have and get themselves into this mess ,as the SFA are so blatantly desperate to get them back into the top flight .The Easdales will do whatever it takes to still be in power as they know when they are back in top flight ,it's pathetic to watch .
Totally agree, sounds like they will just overspend to get through, bump all the debts again and start afresh, Only the Ashleys. Kennedy's etc of this world will make cash out of this. Seems to be no rules/laws against this behaviour. Authorities quite happy to allow this Fair Financial play. Fantastic if they did not get upQuote:
Originally Posted by Ronniekirk
You're not paying attention. It's essential that Farmer sells and irrelevant who he sells to.Quote:
Originally Posted by Phil D. Rolls
If only he'd taken advantage of Kennedy's generosity back then we could be renting at Almondvale whilst Edinburgh Rugby play at Easter Road and that has to be a good thing because we wouldn't be owned by Farmer and have his conduit pulling the strings behind the scenes.
Looks like Ashley is going to be the new Ibrox ( sorry Sports Direct Stadium ) king-pin.
http://www.bbc.co.uk/sport/0/football/29761396
I wonder if our football chiefs will have anything to say about his duel ownership issues.
'The SFA and SPFL would like to once again remind concerned parties that it is well established that the rules do not apply to Rangers in the same way they do to everyone else.'Quote:
Originally Posted by greenginger
Quote:
Originally Posted by DarlingtonHibee
But, there was people talking about him taking over at ER in the summer. Hey, what if they don't know about him trying to buy us, then destroying Stockport County, maybe we should warn them.Quote:
Originally Posted by Eyrie
Quote:
Originally Posted by Pretty Boy
The Bears are already on it.
http://www.eveningtimes.co.uk/ranger...hip.1412888034
Mind you if Ashley promises millions and says FTP a couple of times , he'll be accepted with open arms. :greengrin
I think the robbing Peter to pay Paul springs to mind at Ibrox just now,what a mess.Quote:
Originally Posted by emerald green
Hilarious. Considering their current situation, Ashley is offering a lifeline. Of course he probably just wants to make money out of the club, but so does everyone else.Quote:
Originally Posted by greenginger
Yet another example should we need it of the case for clubs owned by their communities rather than the profiteers. Big business is ripping the heart out of clubs while the Scottish Government stands idly by.
Ever since the first bond launch those Rangers fans have ploughed cash into their club only to see it end up lining the pockets of directors.