Generic Sevco / Rangers meltdown thread

[stokesmessiah]

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They do pay their won subsidiary company when a player is promoted from their youths but according to wiki, the youth development company is wholly owned by Rangers ...

http://en.wikipedia.org/wiki/Rangers...d_Youth_squads

Until we find out that CW secured a years supply of chewable toothbrushes against it and Rangers no longer own the rights.

[BurghHibby]

The big man is coming to the big house tomorrow

http://www.youtube.com/watch?v=SUB__PR7EiI

[JeMeSouviens]

I wonder if the HMRC position rumoured by Forsyth should be viewed in light of Danny Alexander's (chief secretary to the treasury) speech to the Lib Dems last week:

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The treasury chief also warned there would be no "hiding place" for those who tried to avoid or evade tax - and he made it clear that such a tough approach would apply to Rangers and other football clubs.

He said: "People who dodge taxes are on the same moral plane as benefit cheats. Whether you are a wealthy person or a small business, a football club or a bank, our message is a simple one. You must pay the tax you owe, and we will make sure you do. There is no hiding place.

Maybe a shift in HMRC strategy? Force them onto some kind of long term repayment scheme? Not sure how that fits with other creditors though.

[Andy74]

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That was my response. Although, nothing would surprise me now!

Mental!

[IWasThere2016]

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They do pay their won subsidiary company when a player is promoted from their youths but according to wiki, the youth development company is wholly owned by Rangers ...

http://en.wikipedia.org/wiki/Rangers...d_Youth_squads

That is correct. Youth Co is a wholly-owned sub of the Gers. Development of a player to the level of a first team performance result triggers a payment. However, this co. could be collapsed and the payment avoided if need be.

[CropleyWasGod]

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That is correct. Youth Co is a wholly-owned sub of the Gers. Development of a player to the level of a first team performance result triggers a payment. However, this co. could be collapsed and the payment avoided if need be.

If it is a wholly owned subsidiary of RFC, then it's 83% owned by RFCG. In that light, SDM couldn't still be involved.

[DH1875]

This is really starting to P me off. What other companies are given this amount of time to sort things once they've gone into administration? I worked for a company that went into administration. The administrators came in in the morning and we were all sacked by the afternoon and I'm talking about over 100 people here. We werent offered any deals or pay cuts or anything like that. GET ON WITH IT.

[green glory]

Administrators' Statement

Thu, Mar 8, 2012
Tweet

Duff and Phelps, administrators of Rangers Football Club, issued the following statement today.

David Whitehouse, joint administrator, said: "As part of the financial recovery process we made an emergency application to the High Court in London last week to secure money held in the client account of a firm of solicitors, Collyer Bristow, who had acted for the purchaser of the Club in May 2011.

"Following the court hearing last week Collyer Bristow paid approximately £3.6m to our lawyers, Taylor Wessing, to be held securely by Taylor Wessing until the High Court decides whether or not it is the Club's money.

"We are very pleased with the decision by the High Court today to order a further hearing on this matter on March 30 and I am sure that all Rangers Football Club supporters will be encouraged that this issue will be dealt with as speedily as possible.

"If we are successful in retrieving these funds that will help the recovery process of the Club and will be an important step towards the Club emerging from administration.

"No-one should be in any doubt however about the overall financial situation of the Club and every effort is being made to ensure its survival.

"We are continuing to meet prospective purchasers over the next few days. This does not mean that the Club has to be sold within the next 24 hours - we are establishing how quickly we can get to that point.

"There has been much speculation in recent days about the administration process.

"We should at this point repeat that, as administrators, our preferred strategy is that we work towards achieving a Company Voluntary Arrangement through which the Club can emerge from administration.

"There has also been comment on the decision-making process and whether so-called tough decisions should have been taken earlier in the process, such as making players redundant.

"This would not have been a tough decision - it would have been folly.

"The scale of the cost-cutting required is very substantial indeed - and making a few players redundant along the way would not have achieved the necessary savings.

"Furthermore, we are striving to strike a balance where we retain valuable assets of the business such as players, both for their performance and their potential value and this strategy is understood by major stakeholders.

"We continue to reach agreement with the players on cost cutting measures that will be a real benefit to the Club - the players themselves want that but they are being asked to make big sacrifices.

"These are difficult choices but the survival of the Club is of paramount importance.

"As administrators, we believe that most Rangers supporters will understand that from the moment the Club went into administration every effort has been made to keep the business alive.

"The reality is that the perilous cash position of the Club meant that even staging games was a major challenge and required a substantial collaborative effort between the administration team, the Club staff and suppliers who have certainly gone the extra mile.

"In addition to this, there has also been a heavy focus on retrieving funds that we believe belong to the Club and we are making good progress in this area as today's proceedings at the High Court in London indicate.

"These are unquestionably difficult times for Rangers but we can assure all those involved we remain wholly committed to achieving the best outcome."



Hopefully the end of the month will be too late.


With the SFA and the SPL making a statement today, things could get interesting. They'd better not turn this into a whitewash.

[CropleyWasGod]

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This is really starting to P me off. What other companies are given this amount of time to sort things once they've gone into administration? I worked for a company that went into administration. The administrators came in in the morning and we were all sacked by the afternoon and I'm talking about over 100 people here. We werent offered any deals or pay cuts or anything like that. GET ON WITH IT.

The two situations are very different, I'll bet.

You weren't on fixed-term contracts, I'm guessing. With the greatest of respect, you probably didn't have a sell-on value.

What you did have in common, though, is your rights under Employment Law.

Edit:- the above statement from D & P might be useful.

[green glory]

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The two situations are very different, I'll bet.

You weren't on fixed-term contracts, I'm guessing. With the greatest of respect, you probably didn't have a sell-on value.

What you did have in common, though, is your rights under Employment Law.

With the players holding out for the best deals for themselves because of the above, and costs racking up the longer it goes on, thus pushing them closer to the brink. If the admins can't get their paws on the 3.6m before the end of the month surely the club can't last much longer now?

[Benny Brazil]

"These are unquestionably difficult times for Rangers but we can assure all those involved we remain wholly committed to achieving the best outcome."

For who?

[CropleyWasGod]

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"These are unquestionably difficult times for Rangers but we can assure all those involved we remain wholly committed to achieving the best outcome."

For who?

The creditors and shareholders. That's their job.

[PatHead]

On a seperate note, Paul Murray who is making all the running to be the next owner of Rangers, was previously a Director of Rangers at the time they were making all the alleged payments to players. HOW THE F@~K IS HE GOING TO PASS THE FIT AND PROPER TESTS AT THE SFA??????????????????

Thinking about it I hope he does become the preferred buyer, the SFA then refuse him a "licence" and Rangers are so far into debt no-one else can take them on.

[heretoday]

Ironic that players' agents scuppered the deal yesterday. Parasites who have done so much to ruin the game are now bent on destroying a golden goose.

[alfie]

The longer this farce goes on, the less money there is in the pot to split in a CVA, and the less likelihood there is of the creditors agreeing to one. Which just helps us along the road to liquidation.

It sounds like Cala could be interested in MP and if they can do a deal with WOSRFC then they could be quids in. The fact that they want to build on a flood plain has never bothered them before after all. That would give the administrators, or liquidators if it takes them time to agree a deal, a bit of cash. That just leaves Ibrox to be squabbled over in court for a couple of years.

The only outcome I can see for the supporters is to do an Airdrie and buy their way into the SFL and work their way up from there, but I cant see all the supporters going to the same newco. Some will drift off to the likes of St. Mirren, Motherwell and Partick, or just spend their free time practising the flute and watching the EPL on Sky. Cant see them back as a force in the SPL for a long time!

[CropleyWasGod]

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On a seperate note, Paul Murray who is making all the running to be the next owner of Rangers, was previously a Director of Rangers at the time they were making all the alleged payments to players. HOW THE F@~K IS HE GOING TO PASS THE FIT AND PROPER TESTS AT THE SFA??????????????????

Thinking about it I hope he does become the preferred buyer, the SFA then refuse him a "licence" and Rangers are so far into debt no-one else can take them on.

He can be the major shareholder without being a Board member. The SFA's rules only seem to cover Board members:-

The SFA's articles of association describe how any office-bearer, secretary, director or member of the board of management must pass a fit and proper person test.

It states: "The board must be satisfied that any such person is fit and proper to hold such position within Association Football. The board hereby reserves its discretion as to whether or not such a person is fit and proper, as aforesaid, after due consideration of all relevant facts which the board has in its possession and knowledge."

[green glory]

www.rangerstaxcase.comDespite the positive statement from the admins earlier today, the clock is ticking down.As a certain band would say. "Two Minutes to Midnight".

[PatHead]

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He can be the major shareholder without being a Board member. The SFA's rules only seem to cover Board members:-

The SFA's articles of association describe how any office-bearer, secretary, director or member of the board of management must pass a fit and proper person test.

It states: "The board must be satisfied that any such person is fit and proper to hold such position within Association Football. The board hereby reserves its discretion as to whether or not such a person is fit and proper, as aforesaid, after due consideration of all relevant facts which the board has in its possession and knowledge."

Would a person of "considerable influence" not fall into this category as although they may not actually be on the board they could exert an awful lot of power.

[CropleyWasGod]

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Would a person of "considerable influence" not fall into this category as although they may not actually be on the board they could exert an awful lot of power.

I think the spirit of the rules are probably more important than the letter, which is of course what I've quoted. That said, a decent lawyer could argue that "it disny say shareholder, so it disny mean shareholder!!".

There is the concept of "shadow director", which covers the situation you describe. From memory, I'm sure that it is defined in law; it can be particularly important in insolvency situations. I think it might have been wise of the SFA to add it to their list.

Talking of Paul Murray, apparently Graham Spiers described him last night as "the same Paul Murray who said no-one in their right mind would buy Rangers with the Big Tax Case hanging over them."

[CropleyWasGod]

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www.rangerstaxcase.comDespite the positive statement from the admins earlier today, the clock is ticking down.As a certain band would say. "Two Minutes to Midnight".

Good reading, but I can't agree with the debt calculation. I'm still sticking to my guns about Wavetower/RFCG not being due a farthing.

[CentreLine]

Lord Nimmo Smith says CW not fit to be Chairman of Rangers. Also highlights other breaches of the rules by the club. Since it may lead to judicial panel review they will not publish all findings as yet and can’t talk about illegal payments leaving it to the SPL to investigate. Club face discipline if they do not pay Dundee Utd so watch that space.

Radio Scotland right now

[WindyMiller]

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Lord Nimmo Smith says CW not fit to be Chairman of Rangers. Also highlights other breaches of the rules by the club. Since it may lead to judicial panel review they will not publish all findings as yet and can’t talk about illegal payments leaving it to the SPL to investigate. Club face discipline if they do not pay Dundee Utd so watch that space.

Radio Scotland right now

Should the not have said that 10 months ago?

[ancienthibby]

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Lord Nimmo Smith says CW not fit to be Chairman of Rangers. Also highlights other breaches of the rules by the club. Since it may lead to judicial panel review they will not publish all findings as yet and can’t talk about illegal payments leaving it to the SPL to investigate. Club face discipline if they do not pay Dundee Utd so watch that space.

Radio Scotland right now

'The Big Hoose' is falling apart at the seams!

[CropleyWasGod]

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Lord Nimmo Smith says CW not fit to be Chairman of Rangers. Also highlights other breaches of the rules by the club. Since it may lead to judicial panel review they will not publish all findings as yet and can’t talk about illegal payments leaving it to the SPL to investigate. Club face discipline if they do not pay Dundee Utd so watch that space.

Radio Scotland right now

... right back to the Unfair Preference discussion that we had earlier.

[PaulSmith]

Wonder what grounds they found Whyte not to be a fit and proper person.
If its previous business dealings and non payment of taxes then I suspect Dave King would also fail?
More pressure on Whyte to sell up the cynics would suggest and keep Rangers alive a little longer.

See also that 10 non OF clubs to meet ASAP, I tell ya SPL 2 is on its way very soon

[CropleyWasGod]

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Should the not have said that 10 months ago?

... nahhh.... just think of the fun we would have missed!!

[stokesmessiah]

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... nahhh.... just think of the fun we would have missed!!

CWG - Your child like enthusiasm for all things RFC at the moment is truly refreshing, keep it up

[Caversham Green]

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Wonder what grounds they found Whyte not to be a fit and proper person.
If its previous business dealings and non payment of taxes then I suspect Dave King would also fail?
More pressure on Whyte to sell up the cynics would suggest and keep Rangers alive a little longer.

See also that 10 non OF clubs to meet ASAP, I tell ya SPL 2 is on its way very soon

I would guess it's the disqualified director thing since that's what has been talked about so far.

Anyway, here's the SFA statement - sorry if already linked.

http://www.scottishfa.co.uk/scottish...36&newsID=9459

[CropleyWasGod]

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Wonder what grounds they found Whyte not to be a fit and proper person.
If its previous business dealings and non payment of taxes then I suspect Dave King would also fail?
More pressure on Whyte to sell up the cynics would suggest and keep Rangers alive a little longer.

See also that 10 non OF clubs to meet ASAP, I tell ya SPL 2 is on its way very soon

I don't think Dave King has been found guilty of anything as yet, although there are something like 321 charges against him FFS, including fraud, money-laundering and racketeering.

[Andy74]

I don't get the latest announcement. If the required cuts are so severe doesn't that tell them they should get on with it? Do thery really expect that a buyer will come along with the investment to plug the funding gap of the playing squad and other costs they have kept intact as well as covering the outstanding debt claims?