One feels duty bound to express ones approval of this insight :agree:Quote:
Originally Posted by ancienthibby
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One feels duty bound to express ones approval of this insight :agree:Quote:
Originally Posted by ancienthibby
Isn't this just magic .. The win in the BigotFest on Sunday is the last thing they'll celebrate hopefully.Quote:
Originally Posted by ancienthibby
OF GTF!
Just tweeted by a journo an hour ago -Quote:
Originally Posted by jgl07
the SPL have approved Ross County's application to groundshare with Inverness next season
Quote:
Originally Posted by Spike Mandela
Don't worry, it'll be all Whyte on the Knight! :greengrin
Totally Hunbelievable :green grin At this rate, teams will stop playing he Huns long before they go into liquidation.Quote:
Originally Posted by Golden Bear
You just can trust the Hun:greengrin
Quote:
Originally Posted by CallumLaidlaw
Thats one " get out of jail card " we can't play.
Ross Co. plan to build and be ready for 1 July. The ICT groundshare is just a contingency.Quote:
Originally Posted by greenginger
On the charges brought by the SFA against Rangers:
Paul Clark, of administrators Duff and Phelps, said: "The club's legal representatives were ready to make the club's case which in essence is that there are extenuating and unprecedented circumstances in this case and we hope to demonstrate the distinction between the actions of the club and the actions of individuals.
If the SFA agree to this and see it as actions of an individual they might as well rip up the rule book?
The SFA have already stated that they have neither the resources nor the time to vet every appointment at every member club, and they have over 100 clubs as members. They rely on each club to do its own checks and then vouch for the appointment, which is why the Huns can't simply claim Whyte misled them.
I'm still astonished that Duff and Duffer (as supposedly serious admins) came out with the phrase "Craig Whyte is irrelevant to Rangers future", he being the owner and majority shareholder of the football club, and the guy who paid to inherit (and then further scam) the broken and bankrupt company that David Murray had already taken to its knees, via HMRC.Quote:
Originally Posted by Eyrie
Will Duff and Duffer find work again?
Does anyone else here think this is a rather weak excuse?Quote:
Originally Posted by PaulSmith
Excellent news. If this goes wholly aright, it should mean the end of Young, Traynor, Dodds, etc, and their execrable output.Quote:
Originally Posted by grunt
Is there any confirmation yet who threatened Alex Thomson? Was it fat JT?Quote:
Originally Posted by reallapsedhibee
http://www.channel4.com/news/we-run-...olice-sfa-bossQuote:
Originally Posted by reallapsedhibee
Alex Thompson just comes across as an utter **** in this interview.
I'm all for hard questions being asked of how this entire situation has/has been allowed to unfold, but his approach is pretty poor here.
He's getting a fair number of threats and abuse on TwitterQuote:
Originally Posted by green glory
No he doesn't. It's about time some of the authority figures in the game faced some rigourous questioning from serious interviewers rather than the amateurish attempts by the poodles in the Scottish media.Quote:
Originally Posted by The Story So Far...
For the record I think Regan gave a good account of himself but when have you ever heard any sports journalist ask probing questions like this to an official?
Quote:
Originally Posted by green glory
Good question. Surely no wee Chico?
Keep in there, Alex, This is Watergate 2012.
One for the geeks, if anyone's interested;
http://www.rangers.co.uk/staticFiles...~161357,00.pdf
CWG or another clever accountant chappie
Someone was telling me the new "Pheonix" company rules re new company taking on debt of previous regime come into effect on 6 April.
Is this true and if so would it suit Craig Whyte to take Rangers into liquidation before 6 April as Rangers 2012 would not inherit the debt?
:agree:Quote:
Originally Posted by grunt
"A bulging eyed big boy did it and ran away" is about the size of it.
I am by no means an accountant chappie but i suspect they would only be applicable for debts accrued after that date?Quote:
Originally Posted by PatHead
Quote:
Originally Posted by stokesmessiah
Like the BIG tax case ! I was wondering about the delay in announcing any decision. :aok:
This was all accrued prior to that date though so i dont think it would be applicable.Quote:
Originally Posted by greenginger
Lorenzo Amoruso fears loss of Rangers SPL titles
http://www.bbc.co.uk/sport/0/football/17556572
Never going to happen - although it should.
You just don't get it Lorenzo. Some of those players shouldnt have been on the pitch in the first place.Quote:
"Nobody will take that away from us and the fans. We won on the pitch, not because of the money. We were better than the other teams, that's it.
I agree with you.Quote:
Originally Posted by Spike Mandela
A lot of the questioning was set by Captain Hindsight... as is much of our discussion on here. Regan's an easy target, but I think he has done as much as he could under the present set-up. He also seems open to learning from what has happened.
What is refreshing is that we have a non-Scottish based journalist asking questions of someone who is a non-Scot. Important questions were asked, and honest answers given.
I'm afraid I have to take the Scott Brown stance on that. I dunno.Quote:
Originally Posted by PatHead
I'm not normally one for shouting at the radio, but this from Chico last night:-Quote:
Originally Posted by Hibernia&Alba
"if Rangers go into liquidation, HMRC won't get a penny."
:grr::fuming::rules::brickwall:take that:giruy::timebomb::slipper::crazy:... and any other appropriate smilies.
Interesting stuff. Stewart Regan apparently walked out of a meeting with RFC fans groups yesterday. Can just imagine the sh@te they were spouting at him.
Yes but the 'shall' is after and dependant on the 'may'Quote:
Originally Posted by mim
Quote:
Originally Posted by CropleyWasGod
To be fair, he may be right. An accountant chap I know said to me that it is not in HMRC's interest to get Rangers wound up. There is a guaranteed revenue stream there in the years ahead from fat huns in horrible replica strips buying season tickets and mainly pies so pushing for liquidation is just plain daft.
Wouldn't put too much faith in the BTC either. It's not as simple as it may appear and is made up of many parts. Some bits Rangers will undoubtly be found guilty of, others are open to much more doubt. Worth remembering too what happened with Arsenal's EBT scheme.
HMRC - You owe us 300m in back taxes and fines for using EBTs Arsenal.
Arsenal -No we don't.
HMRC - Yes you do. We worked it out.
Arsenal - Look here's 10m, now go away and bugger off and never bother us again about this.
HMRC - OK, give us the 10.
The Herald reported today that the American consortium Club 9 were the preferred bidder for Rangers with an offer of £25 million.
They intend to liquidate the club and form a Newco and either apply for the SPL or for to the SFL Division 3.
http://www.heraldscotland.com/news/h...ngers.17178029
Only the Blue Knights seem to be working on the assumption that a CVA will be possible. Their bid seems to be on the point of collapse anyway.
But won't these fans still spend money on other football teams? Be it Partick Thistle or whatever blue slime emerges from liquidation.Quote:
Originally Posted by AndyM_1875
Quote:
Originally Posted by jgl07
I Feel there end game was always Liquidation wipe out all debts and start again SPL Will welcome them back in of course with a red carpet and a brass band.
In the 2015-20016 season!Quote:
Originally Posted by Famous5forever
He's not right, though. If RFC are wound up, the assets will be sold off, and HMRC will get some (possibly most) of the proceeds. Not "not a penny".Quote:
Originally Posted by AndyM_1875
As for the future, we all know that there will be an RFC. There will be an income stream for the Treasury.
Sorry, but Young is just plain wrong, and I'm not going to get my financial information from the likes of him.
Edit.. I wasn't aware of Arsenal's experience. Do you have a link for that?
Finally... someone out there who sees sense. :agree:Quote:
Originally Posted by jgl07
The bit I like best :greengrin
Club 9 Sports made attempts to buy Tranmere Rovers and take a controlling interest in Sheffield Wednesday but both moves were unsuccessful.
The bids appeared to fail because in both cases the business plan involved short-term restructuring, and drawing consultancy fees, with a view to selling the clubs on.
I am usre this has already been asnwered but ill ask any way:
Rangers are almost certian to be liquidated.
Although the SFA would like them the newco to come straight back into the league I simply dont see the other teams agreeing to this - i would guess the 11-1 voting system would be what is used for this? and I would guess at least 3 -4 clubs would tell them to bolt (hibs, hearts, dundee utd, dunfermline *on the assumption they may be relegated) plus maybe more inverness (sure they have said this already), killi, aberdeen. therefore the SFA CANT let them in no matter how much they want it right? this also leaves open the fact none of us will get relegated and newco will have to re apply to the SFL which im sure would happen and they are left in the wilderness for a few years at least.
basically my question is do the 'experts' on here agree that this is the likely outcome or have i missed 137 pages of the same thing?
Oh... Page 3 of the Craig Whyte Manual of Football Management.... I like, too.Quote:
Originally Posted by Lucius Apuleius
I see that one of Craigie's businesses involves ticketing.Quote:
Originally Posted by WindyMiller
I smell a small furry rodent.
"Experts".... :greengrinQuote:
Originally Posted by Hibee87
The fact that we are now up to 137 pages of argument and speculation tells you all you need to know. As the saying goes, you could lie 1m economists down in a line, and they still wouldn't reach a conclusion.
This bit caught my eye:-Quote:
Originally Posted by Seveno
a breach of any of the undertakings given by The Rangers FC Group in the Agreement will
result in the debt acquired being automatically extinguished. The terms on which the debt
would be extinguished are to be agreed by the parties at the relevant time.
Given that just about all of the undertakings have been breached, I am curious as to how the debt would be extinguished.
Imo the voting system will be changed in this scenario in exchange for Rangers re-entry to the SPL. Quite simply if the OF play hard ball on this then Rangers don't get entry to SPL for 3 years and the other clubs have their chance to change the voting system anyway as It will be 11 votes to Celtic's one.Quote:
Originally Posted by Hibee87
I think that Reagan comes over very well. Disappointing that Thomson keeps flogging the dead horse of the due diligence on Whyte issue. The SFA stance has always been quite clear on this and totally correct in my opinion.Quote:
Originally Posted by The Story So Far...
Agreed. Also like Regan's point about changing the procedure in the future, in light of all this.Quote:
Originally Posted by Seveno
FFS I have already told you about your need to study Yamanomics !Quote:
Originally Posted by CropleyWasGod
Yeah yeah.... :greengrin.Quote:
Originally Posted by Seveno
I suppose I am curious as to how the hell they will actually get round a table and agree. :confused:
Quote:
Originally Posted by CropleyWasGod
Fixed that for you :wink:
Excellent! Cheered up my afternoon....:aok:Quote:
Originally Posted by keekaboo
Oh agreed - El Chico is a balloon.Quote:
Originally Posted by CropleyWasGod
But let's look at the Assets first.
Ibrox - A football stadium in a dreadful part of Glasgow that unfortunately due to the Big Hoose being a listed building cannot be used for anything else. The write down account book value is about 65m. But that figure is laughable. A newco would either rent Ibrox from HMRC who may push for a sale and then get a very low offer price thrown at them. If HMRC refuse to play ball with RFC2012, they'll probably look to rent Hampden instead.
Murray Park - Green belt land. Can't be used for development. Worth little to anyone apart from Rangers.
Players - on liquidation their contracts revert to the league.
Here is some stuff on Arsenal.
http://www.guardian.co.uk/football/2...wsstory.sport9
http://2ndyellow.com/2012/glasgow-ra...premier-league
A good mate of mine is a big Arsenal fan. He said this was all dealt with quietly and behind the scenes. Arsenal paid off to the tune of about 10m. Their demand was much bigger than Rangers one.
HMRC's end goal on the BTC may not actually be getting the cash from Rangers, they know they'll never get it from Rangers as they are rooked. Rather they want precedent - the ruling. As this will allow them to chase much bigger fish in the Premiership with Liverpool and Newcastle both rumoured to be targets, plus another six clubs - all of whom may have allegedly (mis)used EBT schemes.
Worth remembering as well that HMRC's record with football clubs rivals our home form this season.
I agree that the marketability of RFC's assets is low. However, they do have a value.... particularly to someone who wants to pick up the club from liquidation and start again, which has always been my "preferred option", for this lot and HMFC.Quote:
Originally Posted by AndyM_1875
I agree about HMRC wanting the decision, rather than the cash... although, of course, they would prefer both.
I am not so sure, though, about their willingness to negotiate. I haven't read through the Arsenal stuff yet, but I am presuming that was in the "Vodafone days". They are under pressure not to do such deals now. Indeed, they CAN'T negotiate on the amount of tax due, only the amount of the penalties.
I assume listed buildings can have a change of use and can be developed with the correct approval...I would wager that it's incorrect to say that because it is listed nothing can happen to it and as long as the development is 'sympathetic' and has no 'adverse effects' on the character of the building then a development would be more than possible. Arsenals development of Highbury is probably a good example here.Quote:
Originally Posted by AndyM_1875
Also what part of Ibrox is listed...probably the main stand frontage, I very much doubt any of the rest of the stands are listed so the listed part of the site will only make up a small percentage of the land.
Also Murray Park may well be on greenbelt land but again I would suggest that as their is already a development on the site in question that there will be a number of avenues that will allow a change of use/redevelopment.
It will only be part of the main stand that is listed i.e the exterior, entrance and offices etc. That still leaves plenty room for a supermarket, with the grandest entrance in the whole Tesco estate !Quote:
Originally Posted by AndyM_1875
There was talk about swapping Murray Park with West of Scotland and building houses on the latter. Where did that one go ?
I beg to differ. The stands have the potential to be World Heritage Sites. In years to come, school-parties and busloads of Japanese tourists will be shown around the desolate slopes, being regaled by horrific tales of obscenity, religious intolerance and ritual pape-****ging. They may, in passing, glance at the bit where men used to kick a football around.Quote:
Originally Posted by Seveno
I would reckon only the Archibald Leitch designed main stand will be listed, and then only the facade as the interior of the stand has had alterations/new roof etc when the third tier was added in the 90's. It was actually my mate's dad's company who roofed it. Funnily enough he did the first two new stands at the PBS too.Quote:
Originally Posted by SiMar
The other 3 stands we're build in 79 I think. They have a kind of Cumbernauld chic, so couldn't be listed in this or any other sane world.
The Leitch facade could be incorporated into some future development. Makes a grand tombstone though.
Maybe it could be moved to one end of the M8. At the other would be its sister from Tynie.Quote:
Originally Posted by green glory
Monuments to Scottish enterprise. :cb
Heh!Quote:
Originally Posted by Seveno
This is Highbury now.
http://www.highburysquare.com/
Somehow I can't see Ibrox ending up like this. Not too much call for smashed Buckie bottles and pishing in gutters up at Highbury Square.
Remembering all the bigoted goons outside the big house on administration day. Will probably take the day off work for liquidation day. Crack open that bottle of single malt.
I hope I s*it my trousers laughing.
Good thinking. And the grassy bit will be called 'Ivan's land'. The kids will be told, and might even get to see a video, of a wee man in green tearing eleven dumplings in blue totally apart.Quote:
Originally Posted by CropleyWasGod
... and there will be re-enactments of that famous exchange between Mowbray and Gaz, with the legendary words of the latter "what the f's he gonnae dae, like?" on a permanent loop.Quote:
Originally Posted by Seveno
A mate of mine lived next door to the away entrance, and he made a small fortune when Arsenal moved out.Quote:
Originally Posted by AndyM_1875
http://www.heraldscotland.com/news/h...ngers.17178029
Seemingly the Blue Knights bid is around £10M and depends on a CVA.
Club9's bid is £25M to buy the assets of the company following a liquidation.
A no brainer you'd think, except that the BK bid involves Ticketus, so presumably a big chunk of C9's £25M would go to them. For the other creditors the bids aren't miles apart.
My feeling is that for HMRC, a CVA says, "go ahead, cheat your taxes, we'll come to an arrangement later" whereas liquidation gives them a prominent head on a stick. Either way, the ££££s on offer are comparable so they're much more likely to go for the latter.
The "L" word is very much out in the open now. :wink:
NewHuns are coming, so it'll soon be time for us all to make a stand against them getting into the SPL. If you haven't lobbied Hibs on the subject yet, I would suggest a wee email might be in order. :agree:
It appears that the end game is approaching and the only real option is liquidation.
Time is certainly not on Rangers' side. They have negotiated temporary wage reductions for the staff but this will expire at the end of the season.
Will the likes of Whittakar and Davies be able to claim breach of contract and effectively become free agents. If Rangers try and transfer them they could sit tight and refuse a move knowing that Rangers cannot afford to keep paying them. This could mean that they will be freed and will be able to get better terms as a free agent. I cannot see how Duff and Phelps could even think about selling season tickets for next year so there will be no real revenue stream after the end of the season.
They current have a home match against St Mirren and possible post split home matches against Motherwell and Dundee United. None of these appear to be money-spinners especially once Celtic are confirmed as champions.
So Rangers playing 'assets' will become a major liability at the end of the season and are not likely to be retained or to generate much transfer income. Why pay a transfer fee for a Rangers player when you can wait a few weeks and pick them up as a free agent?
Liquidating the club would resolve the issue of HMRC including the £15 million currently due and the cash probably due from the BTC and the WTC. Liquidation would also deal with Ticketus once and for all. It would deal with every other sundry creditor such as HoMFC and Dundee United. It would presumably deal with Craig Whyte unless he can substantiate his claim to be a secured creditor and take Ibrox and Murray Park.
The SPL10 would be advised to keep any Rangers Newco out the SPL so that they can force through the changes in voting pattern. This would have the added bonus of p*ssing of Celtic as well.
Get the Rangers Newco set up now and start working on a business plan for the next three years in the SFL. Then get the application for membership of Division Three prepared. The SFL clubs would love the income that two home match against Rangers for virtually all of them over the next three season.
Basically, then, they are buying the properties, and the name, for £25m. Do they know they won't get the players? (if not, dinny anybody tell them.)Quote:
Originally Posted by JeMeSouviens
I think that's a good deal all round. The buyers get a decent set of assets. Ticketus get a slice. HMRC do, too, and get their sacrifice, as you say. There also will be a future business for them to leech off :greengrin. The fans (like I care about them) get a fresh new, debt-free, club. And us?.... that depends, of course, on the stand, as you put it.
I'm happy with all that.. maybe Hibs.net should send the admins a bill for our sterling advisory work.
Edit... forgot one other thing. Hearts get shafted too!!
You forgot ...... Duff and Duffer get a whacking great fee for doing f*** all.Quote:
Originally Posted by CropleyWasGod
Wait until they get MY bill. :greengrinQuote:
Originally Posted by Seveno
remember in assets the most valuable one is ironically the car park - its massive (maybe as big as stadium foot print) flat and no real planning issues, with great road links to M8 / M77 & now M74 extention pretty much a stones throw away.....
An asset stripper could flog this and then clean things up still leaving the stadium & training facility (and no long term duffer player contracts) to then sell on to 'blue nose 2012' for football purposes...making a healthy wedge in he process and caring little about reduced annual income / asset reduction....
Sounds like a plan for STF.Quote:
Originally Posted by down-the-slope
The Final Curtain draws closer!:thumbsup:
http://www.bbc.co.uk/sport/0/football/17568752
I'm not so sure that Ticketus will be so easily pleased. I suspect that even a liquidated Rangers will face lengthy court actions, especially if they are still playing at Ibrox and allowed to stay in the SPL.Quote:
Originally Posted by CropleyWasGod
THE American frontrunners in the race to buy Rangers are prepared to pay £25 million for control of the club – but their preferred option is to put the Ibrox side into liquidation.
The bid from Chicago-based Club 9 Sports, who have been linked to Rangers director Andrew Ellis and by association shamed owner Craig Whyte, is one of three offers which, if successful, may result in the new owners taking the highly unpopular option of winding up the club and reforming it as a new company (Newco).
All taking shape now, Whyte remembered appointed Duff and Phelps
Channel 4 news has new Hun content tonight. From Alex Thomson's twitter:
"Inventor of EBTs says he told SDM's company to do one thing - RFC went off and did another"
Bang goes the acting on advice of advisors defence. :greengrin
Pretty clear the Yanks are in this with Whyte-it's all too pat(if you're allowed to say that about Rangers).
The bit I liked best was when Thomson said that when the Tax Tribunal results are announced , other football clubs BOTH NORTH AND SOUTH of the border will be getting early calls from the HMRC.
I think the PBS might be on the list. :aok:
:greengrin I think that's got the makings of a T-shirt slogan.Quote:
Originally Posted by green glory
If there was any doubt as why Martin Bain dropped his claim against Rangers, I think it is pretty obvious Craigy's lawyer would crucify him in the witness box.
Under oath and facing a prison sentence for not telling the " truth, the whole truth , and nothing but the truth " , All the corrupt and cheating practices of Der Hun would be out in the open.
If that is the case, two things strike me:-Quote:
Originally Posted by ancient hibee
1. a shrug of the shoulders. Former owners buying the old business... happens all the time.
2. uncontained glee at the thought of Craigy asset stripping them and shafting them AGAIN!! :flag:
Quote:
Originally Posted by CropleyWasGod
:agree: you would kind of think it was such a good result..he had planned it all along :rolleyes:
If he has... then he deserves a freaking medal... or a statue outside the Copland Road Tesco :greengrinQuote:
Originally Posted by down-the-slope
I want some of what this guy is on (some rangers fan on twitter that's been abusing the C4 journo) -
The Blue Knights and Brian Kennedy joining together to save Rangers. Can't wait till next season now #futuresbright
Hearing Paul Murray met with Ally. Woodgate, Cuellar and Hutton all practically signed for next season!
Rumours also of Darren Fletcher on loan as he recovers and Bendtner on loan from Arsenal #WATP
“@eddiedocherty1: @CelticTaxcase how can that be if were still in admin? :-\” we will emerge in the next two weeks with TBK
Hearing American Club 9 consortium have untold wealth and well placed friends in the Glaziers, Randy Lerner and Yanks at Lpool #gersinepl ?
Sorry for not keeping up but one thing that was raised as a question for Tomo was the EBTs are clearly "tax avoidance not tax evasion" if this - whih seems reasonable - is true then is there a real issue morals apart?
It's not the fact that RFC used EBT's that is the problem. It seems to be the way that they used them that is.Quote:
Originally Posted by VivaPalmeiras
There was a story in one of the papers a while back claiming that Whyte was angling for a "finder's fee" (circa £100K) from the Yanks.Quote:
Originally Posted by ancient hibee
Excellent :agree: as the boy with the pipe mentioned in passing whilst promoting his book :greengrinQuote:
Originally Posted by CropleyWasGod
If those documents are real then RFC really is in trouble.Quote:
Originally Posted by CallumLaidlaw
Quote:
Originally Posted by CallumLaidlaw
Martin Bain should be hauled up and questioned about this, as should Oglivie, as there is no way he wasn't a part of this.
How can Channel 4, with less than 2 weeks involvement, find this stuff and publish it when the Scottish press haven't? (this is a rhetorical question)
Rangers! Hell awaits.
And when they get there, just to maximise their misery, let's hope it's Fenians in charge. :agree:Quote:
Originally Posted by green glory
Craig Whyte had untold wealth too. He didn't tell them how much he had, and as it turns out, he had **** all. :na na:Quote:
Originally Posted by CallumLaidlaw
:agree: The president of the SFA received a 'discretionary' £95,000 tax-free from the scheme while he was a director of the club that implemented it and the SPL investigation haven't even spoken to him yet. So what are they doing?Quote:
Originally Posted by WindyMiller
Duff & Phelps are court appointed...and have to report to Judge on activity where they have sought to restructure / sell etc 'in the best interests of creditors'
So just who do we think ARE the creditors? I think that there is a long way to go to even establish this with legal certainty....right at this moment I would ascertain there is only 25/30 million debt (Ticketas is not in my view a debt - its a right to sell seats at future date - with only any money due from this restrospectivly )... (yes it makes selling club as going concern harder...but not impossible)
Surely Ibrox / Murry Park / Car park are worth more than that...so best interests of creditors is liquidation :confused: ....the EBT case is irrelevant right at this moment as that is a potential FUTURE liability only...
Would love to be a fly on the wall when D&P are answering to Judge on thier Administration.....:aok:
Has a Fit and Proper Person test been carried out in these Yanks if they wish to own the RANJURS ?
Like Eh, What school did you's go to ?
None o' you's left footers are you ?
How many are Kaffliks like ?
The Loyal masses have a right to know ! :greengrin
Doubt HMRC will waste energy on them in the short term.Quote:
Originally Posted by greenginger
There are MUCH bigger fish to fry. Liverpool and Newcastle both rumoured to be on the list PLUS another six Premiership clubs.
I could see HMRC looking for a relatively easy second target to confirm the judgement in the Rangers case before moving on to the big money in the Premiership. And with Ogilvie's involvement at the PBS we can keep our fingers crossed.
:agree: In both HMRC's view and also as far as SFA/SPL rules are concerned. I am much more interested in how the SPL and then the SFA deal with this. I don't care what club is involved, if they have broken the rules then they must be emptied and earn their place back from the bottom. Failure to do this will be a total abdication of responsibility and all the proof I need to convince me that there will never be a level playing field in Scottish Football and we may as well turn out our own lights on the way out because the game is dead.Quote:
Originally Posted by CropleyWasGod
But surely if Ticketus have bought the rights to a future event, then until they exercise those rights the money they paid to RFC will be a debt owed by RFC to T?Quote:
Originally Posted by down-the-slope
Is today European Licence deadline day?
Is that the huns missed the boat on Europe, due to them still in administration?
Saturday morning musing. Still can't get my head round the sequence of events over the Ticketus deal and Whyte paying off Lloyds Banking Group. Did CW get the money from Ticketus to pay LBG before he owned the club? Did he sell something to Ticketus (the rights to future season ticket sales) before he had ownership of the club, and therefore ownership of the season tickets? If the sale took place after he bought the club, where did the money come from to pay LBG? Sorry if this has been dealt with already, but there just seems to be so much wrong with that transaction.
Ticketus (as I u:top marksnderstand it) have always claimed that they bought an asset from RFC, being the value of forward ST sales.Quote:
Originally Posted by grunt
I would think instead that they have bought a portion of a forward revenue stream (which is not the first time this has been done and, outside of football).
Many of you will be familiar with the concept of invoice discounting whereby a company finances the value of its receivables (in this case ST sales) in order to get cash in today rather than over a period of time, and pays a discount for the value provided. Nothing wrong in that itself.
However, where it gets murky is in relying on repeat ST sales for the same or similar value in years 2, 3 and 4, let's say.
The concept is completely valid. The issue is what happened on the other side? In this case BulgingEyesCraikie paid off the Bank, so if there is an issue about ripping up the T deal then there must be a major issue about the paying-off of the RFC Bank loan??:cb