Jim White has just said it`s a dark day for football - my arse
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Jim White has just said it`s a dark day for football - my arse
It's potentially a wonderful day for Scottish fitbae'!!Quote:
Originally Posted by Irish_Steve
Couldnt have happened to a nice club.
Find it ironic that this was announced when I was in a cinema watching 'The Muppets'.:greengrin
ha ha
ha ha
ha ha ha ha ha ha
ha ha
ha ha
ha ha ha ha ha ha
I think we have a winner! :thumbsup:Quote:
Originally Posted by Frazerbob
Ironic that today is the 320th anniversary of the massacre at Glencoe when the Mcdonalds failed to pledge there allegiance to King Billy, Karma? Lol
Actually, I'm a bit of a hypocrite ! Does not seem that it will turn out to be such a bad thing for Rangers.....long term. They will survive and should eventually emerge stronger. But then I'm not exactly an expert in such matters.Quote:
Originally Posted by hibernianyank
But if it does not bother me whether Ranger's enter administration or not, why do I want Hearts to suffer greatly?
:flag:
Even If that's true about there assets?Quote:
Originally Posted by EasterRoad4Ever;31
12633
Rangers will be examining ways of transferring their assets out of reach of creditors-who will then get nothing.Rangers will be given a 10 point deduction and will then go on as before.
Craig Whyte Statement:
RANGERS chairman Craig Whyte has made the following statement:
The Club announces today it has served notice of Intention to the Court of Session to appoint administrators.
Since I took over the majority shareholding of the Club in May last year, it was clear to me the Club was facing massive financial challenges both in terms of its ongoing financial structure and performance and the potential consequences of the HMRC first tier tax tribunal.
http://aka-cdn-ns.adtech.de/images/4...65174V1Id3.gif
I have taken the decision that the most practical way to safeguard the long term future of the Club is to go through a formal restructuring process. It may still be possible to avert this but that is not the most likely way forward.
What is of paramount importance is the long-term security, survival and prosperity of this great football club. That is the job I knew I was taking on when I became majority shareholder in the Club and it is in the best interests of Rangers that it is completed before the end of this season.
It has meant turbulent times. We have gone from a Club mired in excess of £20 million bank debt to a club which is trying to stand on its own feet, earning more than it spends.
From my early days as chairman I saw that administration was a very real option to enable the Club to address these challenges and make a fresh start. Frankly, the case for administration in pure financial terms was compelling but I was acutely aware that such a great institution as Rangers could not be viewed exclusively in financial and business terms.
The fact is that Rangers ongoing financial position and the HMRC first tier tribunal are inextricably linked. As I have said before, Rangers costs approximately £45 million per year to operate and commands around £35 million in revenue. From the outset I have made it clear that I do not think it is in the best interests of Rangers to throw good money after bad. Against a backdrop of falling revenues, costs have to be cut significantly. Painful as though that may be, it is the future of clubs such as ours.
There is no realistic or practical alternative to our approach because HMRC has made it plain to the Club that should we be successful in the forthcoming tax tribunal decision they will appeal the decision. This would leave the Club facing years of uncertainty and also having to pay immediately a range of liabilities to HMRC which will be due whatever the overall result of the tax tribunal. In blunt terms, if we waited until the outcome of the tax tribunal, the risk of Rangers being faced with an unacceptable financial burden and years of uncertainty is too great.
We should not forget the tribunal relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001 which, if decided in favour of HMRC, the Club would be unable to pay.
If HMRC were to agree, even at this late stage, a manageable agreement with the Club, then a formal insolvency procedure could yet be averted. It goes without saying that would be our preferred outcome.
If not, further investment in the Club would be impossible as the threat of winding up by HMRC cannot be removed. The Rangers FC Group, the majority shareholder in the Club, is prepared to provide further funding for the Club on the basis the funding is ring-fenced from the legacy HMRC issue.
The club has engaged Duff and Phelps, a specialist restructuring practice, to assist in finding a solution to the present position. As a result of that advice, it has been decided to seek the protection of a moratorium from HMRC action whilst a Company Voluntary Arrangement (CVA) proposal is made to creditors.
This, if approved by creditors within a month, would minimise any points deduction and allow the club to participate in European football. In short, if the Club proceeds into administration then it will have to emerge from that process, with the agreement of creditors, within a month or so in order to be able to play in Europe next season.
An administration process will, regrettably, lead to a cost-cutting programme and the potential loss of jobs across the business. It gives no one any pleasure to consider that possibility, but it is one that is facing businesses in any walk of life.
There will, no doubt, be people - some of them who presided over the Club in past years - who will contend that the steps we are announcing today are unnecessary. All I would say to these people is that if they want to step up to the plate and invest money in Rangers to avoid a restructuring of the business, then I would be most willing to talk to them. In the past unfortunately, there were people who not only failed to prevent Rangers being engulfed by our current problems but chose not to invest their money to help put it right.
As I said recently, these are tough times but I can reassure Rangers supporters that the Club will continue and can emerge as a stronger and financially fitter organisation that will compete at the levels of competition our fans have come to expect.
As chairman of the Club, every action I take will be in the interests of Rangers and there are many people working at the Club who are dedicated to making Rangers a success.
I would like to thank supporters for their great commitment to Rangers. This great football club can recover from the situation in which it now finds itself and be the force in football that the fans deserve.
Simply Depressed
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Originally Posted by PaulSmith
:thumbsup::thumbsup::thumbsup:
The Ranger fans are revolting! :wink:
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Originally Posted by blindsummit
Black Monday?? http://t3.gstatic.com/images?q=tbn:A...7JYfRwB-1gl1lq
Could be a disaster for Hearts.
They certainly are :wink:Quote:
Originally Posted by Supermac
And the cry was we've surrendered http://i19.photobucket.com/albums/b1...rsurrender.gif
surrendered and we've died http://i19.photobucket.com/albums/b1...rsurrender.gif
http://i19.photobucket.com/albums/b1...s%202/dead.gif
Attachment 7911
How kina no post pics anymare?
What seems strange to me is that they have got 24.4 million from ticketus and money from the Jelavic deal, they are operating at a 10 million pound loss per year but they must still have a decent wedge sitting somewhere. I find it strange that they have mortgaged so many future ST's recently, more than is needed to cover their annual loss. If they go into administration the money that is left over from the ticketus deal will get eaten up quickly. I wonder, and there is probably people on here that confirm if its possible, if Whyte has been taking money out of Rangers already so that creditors cant get to it and when they come out of administration or when a phoenix company is born they will immediately have money from an 'investor'
Anyone listening to Ex director Alistair Johnson basically washing his hands of any blame in this for the old board. "Craig Whyte knew all the facts before buying", "they were working on a deal prior to takeover" and the best one "lloyds bank are responsible for loaning the money to Rangers knowing they couldn't repay it". Incredible.:rolleyes:
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Originally Posted by PaulSmith
That just sounds like feeding time in the local kebab house after chucking out time at some dive of a pub in Govan. :protest:
:hilariousQuote:
Originally Posted by HibbyAndy
http://www.hibs.net/attachment.php?a...1&d=1329158415
That's a cracker :greengrinQuote:
Originally Posted by Spike Mandela
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Originally Posted by Desperate Dan
Tell me ya bam:greengrin
Hope that means the Yams will lose out on Wallace payment..
You couldn't make this up.
Whyte claimed that one of his companies has underwritten the debt to Ticketus.Quote:
Originally Posted by H18SVG
Saturday's result is a disappointment in hindsight.
2 important points dropped in the race for 2nd.
The writing's on the wall
The writing's on the wall
They stood so high but smelled like sh—te, and now it's time to fall
And millions come to see it, rejoicing one and all
Who'll remember Rangers now
The writing's on the wall :bye:
Sorry, just in and cant be bothered reading through the 200 odd posts on the subject.
Why can HMRC not enforce the sale of assets in order to get the tax bill paid, i.e. murray park, sale of fleet of cars etc.
Surely ibrox and all other assets are worth more than the overall debt of the club...why is winding up the club and selling all they have not an option?
sorry if im being very thick, or its been discussed on the other thread.
:confused: