Generic Sevco / Rangers meltdown thread

[BarneyK]

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

Think it's down to them being "Ra Peepul" or somethin'

[James70]

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Think it's down to them being "Ra Peepul" or somethin'

Shortly to be "they was the peepul" !

[Hibernia&Alba]

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Is today European Licence deadline day?

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

Yes. Accounts not signed off, so they aren't eligible for europe next season. More revenue they won't be earning.

[The Falcon]

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Yes. Accounts not signed off, so they aren't eligible for europe next season. More revenue they won't be earning.

Is that our Yam chums goosed as well then?

[Caversham Green]

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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.

A guess at the way it worked is:

CW approached T saying he was about to buy RFC and wanted to do a future ST deal with them. To seal the deal now they could put the money in a 'neutral' bank account held by those honest upright solicitors Collyer Bristow and if the purchase of RFC fell through they would give the money back to T. CW then showed SDM the statements for this account saying that it was the funds already in place to repay the LBG loan (SDM needed to verify that the LBG loan would be repaid as a condition of the sale). He then handed over his quid to SDM, confirmed with T that he was now the owner of RFC and the ST deal went ahead, after which he paid off LBG.

Of course SDM was totally 'duped' in all this because Ticketus would almost certainly not have thought to discuss the matter with him in any way .

[Hibernia&Alba]

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Is that our Yam chums goosed as well then?

I don't know acutally. Anyway, they needn't worry about europe

[CropleyWasGod]

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Is today European Licence deadline day?

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

It's also SFA Licence deadline day, Stevie.

Technically, Rangers and Hearts are in default on that as well.

Shame.

[Seveno]

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A guess at the way it worked is:

CW approached T saying he was about to buy RFC and wanted to do a future ST deal with them. To seal the deal now they could put the money in a 'neutral' bank account held by those honest upright solicitors Collyer Bristow and if the purchase of RFC fell through they would give the money back to T. CW then showed SDM the statements for this account saying that it was the funds already in place to repay the LBG loan (SDM needed to verify that the LBG loan would be repaid as a condition of the sale). He then handed over his quid to SDM, confirmed with T that he was now the owner of RFC and the ST deal went ahead, after which he paid off LBG.

Of course SDM was totally 'duped' in all this because Ticketus would almost certainly not have thought to discuss the matter with him in any way .

You have to wonder though, why did Ticketus agree to lodge the money in the Solicitors bank account before the purchase. What was in it for them ?

[Caversham Green]

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You have to wonder though, why did Ticketus agree to lodge the money in the Solicitors bank account before the purchase. What was in it for them ?

Possibly just a guarantee that the deal would be done. It seemed like a lucrative deal, and CW could have stressed that he would need the cash as soon as he bought RFC. Ticketus had nothing to lose by putting it in a neutral account (it might only have been for a few days) and were guaranteed a good deal and future goodwill if they did it.

Edit: Of course it could have been a three-way stitch-up that would never have been discovered if RFC had qualified for the Champions League, but I'm sure it wasn't.

[CropleyWasGod]

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Possibly just a guarantee that the deal would be done. It seemed like a lucrative deal, and CW could have stressed that he would need the cash as soon as he bought RFC. Ticketus had nothing to lose by putting it in a neutral account (it might only have been for a few days) and were guaranteed a good deal and future goodwill if they did it.

That's my take on it.

T had dealt with RFC for a few years, and were perhaps anxious that the change of ownership would mean a change in the ST arrangements. So it made sense to keep in with CW.

[Northernhibee]

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

Hosed myself at the ugly f***er shouting "WE ARRA PEOPLE" at the start of that. No for much longer!

[Seveno]

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Possibly just a guarantee that the deal would be done. It seemed like a lucrative deal, and CW could have stressed that he would need the cash as soon as he bought RFC. Ticketus had nothing to lose by putting it in a neutral account (it might only have been for a few days) and were guaranteed a good deal and future goodwill if they did it.

Edit: Of course it could have been a three-way stitch-up that would never have been discovered if RFC had qualified for the Champions League, but I'm sure it wasn't.

I never, for a moment, thought it might be some sort to stitch up. I am confident that every party involved in this situation is totally above board and of the highest level of integrity.

[CropleyWasGod]

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I never, for a moment, thought it might be some sort to stitch up. I am confident that every party involved in this situation is totally above board and of the highest level of integrity.

...said Alice.

[The Falcon]

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I don't know acutally. Anyway, they needn't worry about europe

I was just thinking if they managed to scrape in on the grounds that Rangers were in administration/liquidation and how much I would piss myself as I watched the penny drop. I may have to watch a while as their small brains attempted to process and calculate the information but I feel sure it would be worth the wait.

[CentreLine]

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It's also SFA Licence deadline day, Stevie.

Technically, Rangers and Hearts are in default on that as well.

Shame.

Is this for sure? I don't want to wake up Monday morning and find that they have come up on the rails and submitted (cooked or otherwise) books over this wekend.

[CropleyWasGod]

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Is this for sure? I don't want to wake up Monday morning and find that they have come up on the rails and submitted (cooked or otherwise) books over this wekend.

31st March is the deadline for both. Which is today. So, they have another 8 and a half hours....

[down-the-slope]

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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?

That will be a point for argument...as they still could have right to sell seats at Ibrox whether its Rangers / NewHuns / WWF or whatever

[greenginger]

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31st March is the deadline for both. Which is today. So, they have another 8 and a half hours....

There nothing to stop them submitting their signed account to the SFA without registering them with Companies House.

Completely irrational of course as they would be greatly increasing the Penalty they pay for late filing of accounts. Saying that their accounts last year are dated 31st March and they were registered at Companies House until 13th May.

[ancienthibby]

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That will be a point for argument...as they still could have right to sell seats at Ibrox wether its Rangers / NewHuns / WWF or whatever

Not being an advocate for Ticketus, but as an ordinary observer, I have no doubt that the rights to the value of forward season ticket sales lies with Ticketus.

They are due all the forward value from that commercial transaction with Craikie's Newco.

[ancient hibee]

Under English Law -yes

Under Scots Law -no.

Even though the contract was under English Law it has no standing in the matter of conferring rights.

[jgl07]

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That will be a point for argument...as they still could have right to sell seats at Ibrox whether its Rangers / NewHuns / WWF or whatever

What if NewHuns ground-shared with fellow Division Three team Queens Park?

[MrSmith]

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Under English Law -yes

Under Scots Law -no.

Even though the contract was under English Law it has no standing in the matter of conferring rights.

I tried that with a credit company and their reply was, come ahead! And on further research/advice found that, if indeed the contract is made in England, it stands!

[jgl07]

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I tried that with a credit company and their reply was, come ahead! And on further research/advice found that, if indeed the contract is made in England, it stands!

But Ibrox is in Scotland (?) so would this be enforcable?

Either way it should keep the courts busy for the next five years.

[Seveno]

I think that we are agreed that liquidation is inevitable and I think that the sale to Club 9 Sports has always been the planned endgame. They have already said that liquidation is their preferred option.

So when are HMRC going to make a move and ensure they get their Receivers appointed to avoid Duff and Duffer continuing to call the shots ?

[PaulSmith]

Quick question, would the same admin team also be the receivers if put into liquidation and would it be the current admin team that puts them into liquidation?

[down-the-slope]

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What if NewHuns ground-shared with fellow Division Three team Queens Park?

Then they would have contract to sell seats to the WWF at Ibrox....

[AndyM_1875]

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What if NewHuns ground-shared with fellow Division Three team Queens Park?

That is my one fear about a Phoenix Rangers being placed in Division 3. Quite simply the impact they would have on the clubs who are in their natural home in that league like East Stirling , Montrose, Stranraer and so on. The presence of Rangers requires much greater infrastructure than those teams (none of whom are particularly strong financially) can hope to have and will also require far more expensive policing and security. Having an attendance norm of 300- 500 suddenly multiplied by 10 could be catastrophic financially for the would the revenue from a league game with Rangers be enough to cover costs?
Personally, I just don't know.

[Peevemor]

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That is my one fear about a Phoenix Rangers being placed in Division 3. Quite simply the impact they would have on the clubs who are in their natural home in that league like East Stirling , Montrose, Stranraer and so on. The presence of Rangers requires much greater infrastructure than those teams (none of whom are particularly strong financially) can hope to have and will also require far more expensive policing and security. Having an attendance norm of 300- 500 suddenly multiplied by 10 could be catastrophic financially for the would the revenue from a league game with Rangers be enough to cover costs?
Personally, I just don't know.

They'll be rubbing their hands (and probably other parts of their bodies) at the thought of a couple of home games against the huns..

[green glory]

They're their Union Jack boxers over on Hunmedia. The Herald meant to be running a story tomorrow where the admins are now talking about liquidation now being a real possibility. Bottom line, no one but Club 9 can really buy them. Liquidation is their preferred route. This week is going to be a . Get the tissues in boys.

The ostriches might actually be taking their heads out of the sand now. Shame it's too late eh?

[SmashinGlass]

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Quick question, would the same admin team also be the receivers if put into liquidation and would it be the current admin team that puts them into liquidation?

Yes to both, although they would be liquidators as opposed to Receivers