They could be sold in advance of liquidation by the Administrators to the Newco. Alternatively they could be sold post-liquidation by the Liquidators to the highest bidder.
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the big tax case surely cant be included in any CVA if it not been made final? either way i hope HMRC be telling them to bolt?
another thing wil CW still get sued by ticketus or that now for green to sort out? wouldnt have thought CW be selling anythnig if he stands to lose £30million??
It's a stone wall certainty that a Newco will emerge. Maybe in the SPL, maybe in the SFL3.
Either way Ibrox and Murray Park will be worth a punt by an investment company with a view to renting them to the Newco in the future. This is whjat happened to Elland Road when Leeds got into financial bother.
Spot on.
Basically if the CVA fails (with no chance of recovery) then Duff and Duffer are required to take the Huns into Liquidation. At that point Duff and Duffer are required to sell off the assets to pay the creditors, they need to maximise any return and can either sell everything off seperatley or the whole lot to another company, if the Admins cant show they got the best deal then they would end up liable for any deemed gap in monies......
From what I've read "the Yank", the blue knights and the green ones have ALL created shell companies in recent weeks so we might see a 3 way bidding war for the assets..... By that time tho the huns as we know then will be dead.
This is like coming to the last few pages of a gripping book, you just can't wait for the sequel ..... :greengrin
I'm a bit disappointed in how the first book is turning out. Was looking forward to an execution in the final chapter and it's looking like a "not guilty" verdict is on the cards.
Thinking about the plot...... Mr Whyte takes them to the brink then a Mr Green apparently rides in to the rescue (Fans of Rankgers take note re: the Green & Whyte connection).
On Radio Scotland today (Tam cowan/ Stuart Cosgrove show) someone called to say Charles Green is an anagram of Rangers Leech.....Go Figure.
How else can it end? Newco leave Scotland altogether courtesy of their new benefactors from all over the world and enter the lower leagues in Engerland?
The Newco buys Stain Mirren just to please Chuk Young?
Other options below please!
i dont post on this thread as im less knowledgable on the subject than most of the wonderful authors who have made this such a readable and informative journey into the dark underbelly of the inner sanctum at ibrox...may i say, if this is a book, which it could be, and it's coming to an end, which hopefully it isn't, i am setting up a councilling service for readers whose lives will now be empty without their daily dose of possibly the most entertaining thread of all time...gentlemen, a sequel from tynecastle may be on the horizon in the not too distant future but i hope you can keep me amused for a few more weeks with the closing passages of this particular story.
'if you only read one thread this year make sure it's this one'
Fat Freddy has a point... What do we do after this?!
Well depending on how benignly and sheepishly the SPL and SFA react to the Houdiniesque upturn in the prospects of the cheating barstewards, maybe a concerted campaign by fans of all other clubs to unite and show the 'blazers' that their financial 'priorities before sporting integrity' will not be tolerated. Before the events of the weekend, plenty threats of boycotts and reprisals were being banded about but I wonder if, since everyone really thought Rangers were heading for serious oblivion, this will die a death in the inactivity of the close season. I know that a lot is still to happen in this saga but the cynic in me fears they will emerge from it, humiliated and battered, but relatively unscathed in real footballing terms.
In a thread about a CVA over there they seem to think it's all plain sailing now.
"Kennedy stated the BTC wasn't a problem in a cva, I agree as some money is better than hee haw" " I think it has already been agreed tbh and its just a case of going through the process and legalities." " D and P have been in contact with our creditors well big one anyway and know a round a bit figure of what will be accepted"
The attitude of 'we're getting out of this relatively unscathed' stinks. I would liken it to a convicted rapist asking how little the victim would accept for her trouble.:rolleyes:
**** me. The ****** Scotsman weighs in with a "Scottish football needs Rangers" editorial. Luckily I never buy it any more anyway, saves me a boycott. :wink:
http://www.scotsman.com/the-scotsman...gers-1-2292603
They are not going to get a CVA, and Green knows this. His argument that a CVA would be 'logical' because in liquidation the creditors would get 'nothing' doesn't stand up to scrutiny in any way, and I don't think threats/blackmail will play very well with Hector. It's just bluster to keep the idiotic huns (i.e. 98% of them) on side while he works out how he's going to make a newco pay.
Don't panic. The one consistency in the sorry saga so far is that the Hun optimists have had their hopes dashed at every turn.
There is next to no chance they will get a CVA agreed: the marginal cash over liquidation is buttons if anything.
There is next to no chance that their appeal to the SFA will succeed. The appeal panel is chaired by a famously tough judge and is independent of the goons at the SFA.
There is next to no chance the forced transfer of player contracts to the NewClub will succeed. They are relying on the players and their agents turning down bumper pay days for the good of the Rainjurs. Good luck with that!
Sadly there is every chance the Scottish football "authorities" will roll over and write whatever new rule books they need to let NewClub back in at the top tier of the game but given all the above they are well ****** anyway.
My prediction is the Hun NewClub will choose to start its life in Div 3 because they will have no stomach to stay in the SPL knowing they're in for a struggle.
And the final bit of good news: there isn't much serious money behind this bid. 20 odd investors to total less than £10M? What self respecting mega-rich egomaniac is going to splash the cash but share the limelight around like that. Even in their best case scenario, the Huns have some serious financial realities to face up to.
Meanwhile, some Yank nails it.
:top marksQuote:
Saporito said: “It’s not often that a professional sports team appears willing to run itself into the ground. But Glasgow Rangers is giving it a go.
“It’s possible the team could be liquidated. And it’s more than possible this is a great thing.
“Rangers and Celtic have dominated the Scottish Professional League forever but their bitter, sectarian-based rivalry has helped to undermine them.
“Their vile and violent fans are everything that’s wrong with football.
“If Rangers were to fold, some of the religious hatred could be drained and perhaps new rivalries might develop in the SPL.”
http://www.dailyrecord.co.uk/news/sc...6908-23858106/
Rangers supporters spokesperson says "we are not a sectarian club." He is named as Mark Dingwall who is the or one of the leading lights on Follow Follow and has the user name of 'Grandmastersuck' ....... No reference to chess expertise methinks.""" :rolleyes:
Excellent article by Graham Spiers in the Sunday Herald
http://www.heraldscotland.com/sport/...eport.17575469
This is the most shallow, ill-informed, historical revisionist trash. A new low for the Hootsmon. No wonder the traditional newsprint press is facing a crisis in sales. The internet is full of sharper and better informed analysis of the Rangers situation.
Utter drivel.
Just heard on talksport rangers are to play portsmouth, and are billing it as the el brasico.
Something's not quite right :hmmm:
Taken from Paul McConville's blog
Bearing in mind that Mr Green has said he has only ever met Mr Whyte three times (and I hasten to say I am not doubting him when he does so), that might have been through bad luck as they move, or seem to have moved, in similar circles.
From an article in The Sun today
And he also took time to scotch rumours both he and Whyte had worked together on a previous deal, declaring they had NEVER met before their hush-hush talks began.
Anyone know where a copy of the SFA report released last week can be found online?
Rods made up his mind then
@BBCLiamMcLeod: #Hibernian chairman Rod Petrie says sporting integrity comes before any financial benefit to clubs. Hear him on @BBCNewsdrive at 1730ish
Bravo Mr Petrie
According to STV news Mr Green has told Rangers fans that members of his consortium are 'good people.'
Oh well then, due diligence done.:rolleyes:
Livingston write to SFA saying if Rangers dont get at least the same punishment as they did they are going to demand £1.2M in lost revenues :aok:
Nice work Livi.
Livingston seeking compensation from SFA if Rangers get off more likely then them for the same offence.
http://forum.followfollow.com/showthread.php?t=869569
not happy with rod on followfollow. apparently we are going to be boycotted...happy days!:thumbsup:
Anyone know how the SPL get away with making any vote on a newco an 8-4 vote? Surely as important a decision as this should fall under the umbrella of the OFs precious 11-1 vote.:rolleyes:
Just listening to BBC Scotland, was actually going to say that I cannot believe the guff emanating from the likes of Traynor and Paterson, but thinking about it its just parroting the party line. Unlike, the drivel perpetrated by the apologists for the status quo the whole drama involving the Rangers is perfectly simple i.e. you can't run any sport with a total neglect of the sporting ethos.
:flag::flag::flag::flag::flag::flag::flag:
Coming from 'supporters' who subsist on a diet of industrial estate snack van offal.Quote:
Originally Posted by Jim44
Snapped beak and cow-pube burger anyone?
He should've finished it off with a link.
http://www.youtube.com/watch?v=iq9txi2Su1o
Aye, or perhaps try a more direct approach!! :rolleyes:
http://www.youtube.com/watch?feature...&v=0BU0_Wp5MHs
Popped over to afc-chat, primarily to see what they were making of Rodders principled stand, then noticed the banner headline and sponsorship... To be honest haven't been there for ages.. but now PMSL :-) as they say ...
To cut to the chase - note the EBT reference !!
Attachment 8252
The meeting last week when all the clubs pulled back from sanctions till the 30th on the request of Duff and duffer im wondering if there is more than meets the eye here.
Yorkston came out first saying its wrong and the huns should be punished - Now Rod has come out a week later saying the same thing . I like a good conspiracy and remember they were in talks for a good few hours so maybe they all said this is our chance lets punish and rightfully so IMO for what they have done but maybe we should do it carefully so as not to look like we are all ganging up on them. here is what we will do.......
Dunfermline Yorkston this week as were going down - hibs next week RP then more mutterings Dundee Utd and Kilmarnocks chairmens have stated Money or Integrity . Before the 30th and they sit down again all clubs and fans want action . There was no plan or ganging up we just all decided it was the correct actions and way forward now we ave seen all relevent information.
The rumour I heard through here in Weegie land was that Celtic, Hibs and Dunfermline voted no, the others presumably a mix of yes and delaying tactics hoping the situation would resolve itself...
Will be interesting to see if Celtic make good on their supposed threat to resign from the league. I'd fully support Hibs following suit. If the other Chairmen are so interested in money, lets make it a choice between a league with fully financially healthy Celtic and Hibs, or a league without them but with the broken, crippled Rangers, with their moron fans probably boycotting half of them anyway.
Alex Thompson's latest blog on Groundhog Day
Definitely a spring in my stride as I head to Manchester this afternoon to cover City’s open-top bus parade. Whether buying it or not they’ve widened the club of English Premier League winners and that has to be good.
And some finish – even as they prepared to roll out the red carpet for the Reds…with five added minutes still on the board for City.
So optimism in the air and yes, across the border too perhaps at Rangers, with – can it be – the backing at last to pay off their creditors: the charities, councils, colleges, small businesses – and the larger ones too.
All Rangers fans, all football fans, will want the debts paid – as will all taxpayers no doubt.
But last time Rangers were sold this was the situation:
1. The seller was desperate to sell the club;
2. The process was taken at the fastest possible pace;
3. The new buyer talked big about plans for the club;
4. The buyer was greeted as a saviour in many sections of the media;
5. Large statements were made about the buyer’s finances with little by way of hard information to back them up;
6. The buyer had a chequered record of company directorships;
And whaddya know? This time around all six apply all over again.
True, this time around there’s been some considered observation of Charles Green’s background. Helen McArdle’s excellent piece in the Herald on Saturday sets the required tone of caution.
By way of filling in the (no doubt minor) details, here’s what comes to light about Mr Green’s almost lightning ability to flit from boardroom to boardroom:
It’s mobile. It’s dynamic. It’s also a list of dissolved companies.
What Rangers needs, what football needs, what business needs in these times above all else is sustainability. This looks, on the face of it, a doubtful CV to bring that to troubled Ibrox.
After Craig Whyte and the fiasco of his Ibrox ownership, what Rangers fans deserve is openness and transparency from Mr Green about his past and his present.
There are commercial limits of course but some disclosure of his financial backing would boost confidence. So too, real disclosure concerning the 20-strong consortium. Glasgow and Scottish football needs more than vague noises about Middle East and Singaporean connections.
And they need it fast. Avoiding liquidation remains far from assured and nobody should believe the administrators Duff and Phelps with their catalogue of absurd hype, missed deadlines and pantomime rescue deals.
Dispassionate, forensic, cautious work is now needed. We can only hope that finally Rangers have found men of their word and wallet, to lead.
But you have the CV – warning sign or otherwise.
Follow Alex Thomson on Twitter @alextomo
[QUOTE=Mainboy19;3226593]http://forum.rangersmedia.co.uk/inde...owtopic=220274
Bloke on there says our debt is now four times our annual turnover? How did that happen?
PETRIE !!!!!!!
To be honest, I used to hate rangers fans because they're a bunch of thick inbred sectarian c***s who would s**t in my stairwell when they came to Easter Road.
Now I think they're a bunch of thick inbred sectarian c***s who can't s**t in my stairwell because I don't live there anymore.
Scottish football needs rangers my archie.
Is there much difference between the current bid and the Miller bid. Both seem to have. Been based on meeting certain criteria prior to completion, with little chance of the criteria being met. Miller needed the figures to be right for completion .. they weren't, and he stated as much when he said that D&P were more than a little optimistic with the figures. The Green bid seems to be hingeing on a CVA that has little chance of success. D&P have even been careful to point out the 28 day cooling off period, I'm assuming in anticipation of a court related objection (HMRC?).
I could be wrong but this doesn't seem as cut and dried as some of the media/Huns are making out?
In regards to the 28 day cooling off period, I assume that a creditor(s) has the full 28 days to lodge an objection?
If so, bearing in mind the nonsense thats gone on so far, would anyone put it past HMRC (or any other creditor) to wait till the last moment then object, therefore dragging the process out further and making it much difficult to get at newco/cva in place before next season? :devil:
Maybe..my thinking is that he (and who ever the 20 investors behind him are :rolleyes:) are really wanting a NewCo as that is clean and a cheap way to get the assets / brand / money making vehicle without all the baggage.....BUT they have to be seen to try CVA for PR reasons and to placate the moronic masses...when that fails they can blame everyone else, say they tried and explain that due to this we are forced to cut cut cut...but please turn up and Support your club / buy ST's XXXXL shirts etc.
The irony is there is plenty money to make out of Rangers if costs are controlled as it does not need that much to be compeditive in SPL - given the level of 'investment' (less Than Murray paid for Tore Andre Flo lets not forget :greengrin)if you can bury the debt and don't mind living without morals then its a winner :rolleyes:
So when do the fixtures come out for next season?
Delighted to see that Livingston intend to sue the SFL if the sanctions imposed on Rangers are overturned.
Decided to have a quick glance on FollowFollow at their thoughts on this and the level of ignorance on the subject is beyond laughable.
I dare say my post making points to this effect may see me banned right enough, but hey ho :greengrin
Anyone got a link to this Livingston legal action?
I fail to see how that could work against the SFL given that it's separate from the SPL. Maybe a case against the SFAX?
The appeals committee which will oversee Rangers transfer embargo appeal is comprised of SFL/SFA members rather than SPL and will be the same "body" which overseen Livingston's punishment and subsequent appeal, hence why they'll be able to take action.
I don't have a link, but it was discussed on Sportsound last night.
Thanks. That makes sense.
Had a look on Follow Follow and came up with this gem
"Rangers were the victim of whytes actions. Can you imagine a victim of crime being told it was your fault and you are being punished?"
They don't get it do they. For any Teddy Bears reading....................... Your club were fu%%ed before Craig Whyte came along. All the Directors, especially SDM and CW have systematically raped your club and the taxpayer over a number of years whilst shafting Scottish football. That is why you should and are being penalised. For what it is worth you do not have a hope in hell of a CVA and will be liquidated as your assets are worth far more than the offer from Green. Green and friends will then buy the club lock, stock and barrell and pass it into a newco.
Even if you take that argument at face value, what did the club do to stop him? What did the Bains and the 'Good Rangers Men' like Greg do? Oh yeah, they either bailed out or said nothing. What did the fans do? They turned on any bit of media that was trying to warn them, like the Rangers Tax Case Blog, while they lapped up the Record and co's nonsense about Whyte's off the radar, billionaire wealth.
So to use this chumps analogy, it'd be like expecting your insurance to pay out for your house being robbed by a burglar that you invited in after your neighbour telling you that's what they were, then just sat there and watched them loot the place.
It's probably been brought up already but could this be a likely scenario ;
CVA accepted at whatever in the pound.
HMRC , further to this, agree some sort of payment plan with huns stretching over a number of years.
Would leave them financially jiggered for a few years but allow them to carry on.
Channel 4 Graphic on Rangers
Attachment 8256
Alex Thomson explains the graphic
http://bcove.me/97nmpxfm
Whats stopping Rangers doing a deal with the tax man, with say £10m a year for 15 years if the debt is £150m, with a bit extra at the end in interest? Or do the HMRC not do deals like this?
Is this too simple, as it does seem the best outcome for them and the tax payers?:confused:
Just to add to that, the amount they withheld from HMRC (and will not now repay so effectively they stole it) is equivalent to the total annual turnover of Hibs and Hearts combined. That's money that Ranger FC - not Craig Whyte, who made no personal gain from it - used towards an unfair sporting advantage over the rest of the league.
HMRC can agree to payment by instalment, and often do. However, I have never heard of anything longer than 3 years. 15 years would be a real departure. Also:-
1. the interest on that might double the amount due.
2. it would set a precedent, and every slow taxpayer in the country would want the same deal.
So creditors meeting on 9th June if agreed there a 28 day cooling off period agaainst objections so we now around 7th July 3-4 wks before the new season starts, if the CVA agreed then somone objects n they try to form a newco no chance it be done in 3-4wks
just hope to god the 30th May meeting does not get put on hold again which i'm goot a feeling it might & wot happens with the Sky deal, they gona sit about till 3 wks beforew the season starts to get a deal put in place?
A company can be formed in a matter of hours.
The transferring of the main assets shouldn't take very long. IIRC, there are agreed terms for that already, so there should be no negotiation needed. The problem, to my mind, is the player situation and the licence.
Sky will wait.. they can afford to, indeed are probably in the stronger postion.