Generic Sevco / Rangers meltdown thread

[JeMeSouviens]

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.

[ancient hibee]

Pretty clear the Yanks are in this with Whyte-it's all too pat(if you're allowed to say that about Rangers).

[greenginger]

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.

[Newry Hibs]

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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.

I think that's got the makings of a T-shirt slogan.

[greenginger]

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.

[CropleyWasGod]

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Pretty clear the Yanks are in this with Whyte-it's all too pat(if you're allowed to say that about Rangers).

If that is the case, two things strike me:-

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!!

[down-the-slope]

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If that is the case, two things strike me:-

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!!

you would kind of think it was such a good result..he had planned it all along

[CropleyWasGod]

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you would kind of think it was such a good result..he had planned it all along

If he has... then he deserves a freaking medal... or a statue outside the Copland Road Tesco

[CallumLaidlaw]

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 ?

[CallumLaidlaw]

http://www.channel4.com/news/reveale...ngers-downfall

[Viva_Palmeiras]

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?

[CropleyWasGod]

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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.

[Part/Time Supporter]

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Pretty clear the Yanks are in this with Whyte-it's all too pat(if you're allowed to say that about Rangers).

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.

[Viva_Palmeiras]

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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.

Excellent as the boy with the pipe mentioned in passing whilst promoting his book

[stokesmessiah]

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http://www.channel4.com/news/reveale...ngers-downfall

If those documents are real then RFC really is in trouble.

[WindyMiller]

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http://www.channel4.com/news/reveale...ngers-downfall

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)

[green glory]

Rangers! Hell awaits.

[lapsedhibee]

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Rangers! Hell awaits.

And when they get there, just to maximise their misery, let's hope it's Fenians in charge.

[BarneyK]

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Hearing American Club 9 consortium have untold wealth and well placed friends in the Glaziers, Randy Lerner and Yanks at Lpool #gersinepl ?

Craig Whyte had untold wealth too. He didn't tell them how much he had, and as it turns out, he had **** all.

[Caversham Green]

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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)

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?

[down-the-slope]

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 ....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.....

[greenginger]

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 !

[AndyM_1875]

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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.

Doubt HMRC will waste energy on them in the short term.
There are MUCH bigger fish to fry. Liverpool and Newcastle both rumoured to be on the list PLUS another six Premiership clubs.

[Eyrie]

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.

[CentreLine]

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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.

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.

[grunt]

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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

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?

[StevieC]

Is today European Licence deadline day?

Is that the huns missed the boat on Europe, due to them still in administration?

[grunt]

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.

[ancienthibby]

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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?

Ticketus (as I understand it) have always claimed that they bought an asset from RFC, being the value of forward ST sales.

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??

[blackpoolhibs]

How are Rangers allowed to keep loan players, just noticed Kyle Bartley is playing for them today?