Generic Sevco / Rangers meltdown thread

[WindyMiller]

http://www.bbc.co.uk/news/uk-scotlan...-west-17628749

http://www.rangers.co.uk/staticFiles...~174334,00.pdf

http://www.rangers.co.uk/AdministratorsInformation

[StevieC]

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The proposal document has been on the website since early afternoon. Makes interesting reading!

Which website? Where?

[robinp]

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Which website? Where?

See Windy Millers post above, it's on the Rangers site but hidden away!

[Spike Mandela]

These debt figures being quoted are absolutely staggering. The £3m or so owed in footballing debts is chicken feed compared to the rest of it. They are Scotland's disgrace.

[The_Exile]

That's a sare yin, 143 mil in debt? Makes oor pink pals across the toon look minted. Who in their right mind would want to take that lot over? They are screwed, clearly.

[WindyMiller]

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These debt figures being quoted are absolutely staggering. The £3m or so owed in footballing debts is chicken feed compared to the rest of it. They are Scotland's disgrace.

It's the football debts that will interest Uefa though.

http://sport.stv.tv/football/scottis...ootball-clubs/

[Peevemor]

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http://www.bbc.co.uk/news/uk-scotlan...-west-17628749

http://www.rangers.co.uk/staticFiles/fe/a8/0,,5~174334,00.pdf

http://www.rangers.co.uk/AdministratorsInformation

That's some list of Creditors (p48-50).

Yams £800k

[Saorsa]

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It's the football debts that will interest Uefa though.

and hopefully they'll get involved with that and if the stickies are found tae have been fielding ineligible players, as there is absolutely nae will on the part of the fitba authorities in this country tae dae the right thing. When it comes tae the OF they'll dae everything they an tae let them wriggle off the hook.

[Part/Time Supporter]

Rangers total income since going into administration: £1.0M

Duff & Phelps time costs for Rangers work: £1.2M

What is wrong with this picture?

[WindyMiller]

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That's some list of Creditors (p48-50).

Yams £800k

Gives one a warm fuzzy glow.

[jgl07]

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I want HMRC to do a deal and so should we all!

If they don't, Rangers liquidate, HMRC get squat and Rangers return as a newco.

If HMRC do a deal, say £5million a year back over a decade, the taxpayer is reimbursed and Rangers weakened for a long time.

This all explains why liquidation is the only option.

Rangers cannot live within their means even when they spend next to nothing.

How the hell are then going to be able to pay HMRC an extra £5 million a year (on top of the current tax liabilities which they have not been paying)?

Rangers will not pull in 45,000 for each home match with a team built on a Motherwell/Dundee United type budget. We saw that in the early 1980s when Rangers often had crowds below 10,000.

Then Ticketus will be wanting their cash back.

Rangers turnover without a significant Champions' League run is around £40 million and their wage bill around £30 million. There is no way they could run carry that sort of liability to HMRC let alone Ticketus.

Liquidation is inevitable. Paul Murry (and Ticketus?) are the only ones who appear not to have realized this.

[ancienthibby]

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These debt figures being quoted are absolutely staggering. The £3m or so owed in footballing debts is chicken feed compared to the rest of it. They are Scotland's disgrace.

I struggle to find these massive figures believable.

The key matter is the level of wages paid through EBT, so avoiding HMRC PAYE and NIC contributions. So to get to the quoted number, then RFC UNDER SDM MUST HAVE BEEN PAYING MASSIVE UNDISCLOSED WAGES FOR YEARS AND YEARS,

If that is so, then he will be just DM and in court awaiting judgment!

[ScottB]

Apparently they never coughed up the money they collected for the Poppy Appeal.

Shameful, especially considering the stink they kicked up about Celtic at the time...

[cabbageandribs1875]

£134 million squid fer the luv o ****




DIRTY CHEATING BUNS

[WindyMiller]

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and hopefully they'll get involved with that and if the stickies are found tae have been fielding ineligible players, as there is absolutely nae will on the part of the fitba authorities in the country tae dae the right thing. When it comes tae the OF they'll dae everything they an tae let them wriggle off the hook.

It may well be the £1m due to Rapid Vienna that makes Uefa take notice.

[SteveHFC]

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£134 million squid fer the luv o ****




DIRTY CHEATING BUNS

Good Let's hope they go bust

[SteveHFC]

Public bodies The largest estimated amount is to HM Revenue and Customs (HMRC).
Debenture owners - fans who loaned money to the club - are owed £7.7m
And taxpayer-funded bodies also owed money include: Strathclyde Police (£51,882), Scottish Ambulance Service (£8,438), Culture and Sport Glasgow (£10,338), Glasgow City Council (£7,000), Argyll and Bute Council (£406), and Edinburgh City Council (£90).
The report also reveals that Rangers owe more than £2.3m to 12 football clubs in Scotland, England and throughout Europe.
Domestically, Rangers owe: Hearts (£800,000), Dunfermline Athletic (£83,370), Dundee United (£65,981), Celtic (£40,337) and Inverness Caledonian Thistle (£39,805).
English clubs are also owed more than £700,000. This breaks down as: Manchester City (£328,248), Chelsea (£238,345) and Arsenal (£136,560).
European clubs are also owed more than £1.6m, including Rapid Vienna (£1,011,763), St Etienne (£252,212), Palermo (£205,513) and Orebro (£150,000).

http://www.bbc.co.uk/news/uk-scotlan...-west-17628749

They're ****ed

[Jack]

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and hopefully they'll get involved with that and if the stickies are found tae have been fielding ineligible players, as there is absolutely nae will on the part of the fitba authorities in this country tae dae the right thing. When it comes tae the OF they'll dae everything they an tae let them wriggle off the hook.

The Swiss FA went as far as taking UEFA to court to try and save Sion. The Swiss FA lost, the precident was set. The SFA would lose too :-)

[StevieC]

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Rangers total income since going into administration: £1.0M

Duff & Phelps time costs for Rangers work: £1.2M

What is wrong with this picture?

The thing that jumped out at me .. Duff & Phelps time - £400 an hour!!!

I'm in the wrong business.

[Leithenhibby]

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The thing that jumped out at me .. Duff & Phelps time - £400 an hour!!!

I'm in the wrong business.

£400 an hour aside, how sweet would it be to put the lights out for the last time ...

The plot thickens by the second, very enjoyable

[Prof. Shaggy]

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The thing that jumped out at me .. Duff & Phelps time - £400 an hour!!!

I'm in the wrong business.

I'd do their job for free.

[ancienthibby]

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Public bodies The largest estimated amount is to HM Revenue and Customs (HMRC).
Debenture owners - fans who loaned money to the club - are owed £7.7m
And taxpayer-funded bodies also owed money include: Strathclyde Police (£51,882), Scottish Ambulance Service (£8,438), Culture and Sport Glasgow (£10,338), Glasgow City Council (£7,000), Argyll and Bute Council (£406), and Edinburgh City Council (£90).
The report also reveals that Rangers owe more than £2.3m to 12 football clubs in Scotland, England and throughout Europe.
Domestically, Rangers owe: Hearts (£800,000), Dunfermline Athletic (£83,370), Dundee United (£65,981), Celtic (£40,337) and Inverness Caledonian Thistle (£39,805).
English clubs are also owed more than £700,000. This breaks down as: Manchester City (£328,248), Chelsea (£238,345) and Arsenal (£136,560).
European clubs are also owed more than £1.6m, including Rapid Vienna (£1,011,763), St Etienne (£252,212), Palermo (£205,513) and Orebro (£150,000).

http://www.bbc.co.uk/news/uk-scotlan...-west-17628749

They're ****ed

The really staggering sums are the monies owed to players in their own business.

For this alone, they should be relegated to the third division for no less than ten years!!

All the clubs owed monies by RFC should have the RFC players' contracts cancelled and the players returned to their original clubs!

[Part/Time Supporter]

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The thing that jumped out at me .. Duff & Phelps time - £400 an hour!!!

I'm in the wrong business.

The partner rates (~£500 ph) for a London firm aren't surprising. £300 ph for seniors (trained staff) is.

[Viva_Palmeiras]

And so supposedly to liquidation ?
Does t this make the debts involved irrelevant (football authorities ahem aside?)

Is it a case of Blue Knights in particular the King-makers and Kennedy the unnecessary goodwill that will never be put to the test (but curry favours a-plenty) ?

[hibs0666]

So it would appear that the huns need to wrap £134 million into the CVA to avoid liquidation. The best-possible bid seems to be coming in at around £20 million, making an offer to creditors of around 10p in the pound possible.

Surely creditors will be better-served by liquidating the club and selling off the assets??

[JeMeSouviens]

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Debenture owners - fans who loaned money to the club - are owed £7.7m

Happy days in the club deck then. They might want to think about putting a net up there.

[Dan Sarf]

Shouldn't we be having a celebration party or something?

[Kojock]

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That's some list of Creditors (p48-50).

Yams £800k

Had a look through it and the list is incredible, they owe money for Gas, Electricity, Telephone they even owe £567 to the local newsagent shop.

They owe the Police, Ambulance, G4S, Glasgow City Council (Council Tax) etc, how on earth are they still allowed to continue. If that were you and I we would have been dead and buried a long time ago.

I know being a member of the Lodge has some advantages but this is taking the P155

[Onion]

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Happy days in the club deck then. They might want to think about putting a net up there.

What possesses ANY company to run up £134m in debts just to win a few football trophies in Scotland Utter madness

[Mon Dieu4]

If they owe that much to the police and ambulance services then how the hell are they still allowed to hold games at ibrox, surely the strayhclyde force should be refusing to police games until they are paid, can't see this happening anywhere else or in any other sector, it stinks