Generic Sevco / Rangers meltdown thread

[Seveno]

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

Oh, you bad person.

[Onion]

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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

what's for sure is that every penny anyone spends from now on RFC is dead money. No chance of winning the SPL, no chance of getting into Europe. Suppose they get their weekly opportunity to sign their bigoted songs without any chance of the authorities clamping down :green grin

Will enjoy dancing on their grave

[Onion]

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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

over the next few days, this and many more questions will be asked about RFC still being in business.

Nothing to do with the £400 an hour rate the Admins are getting, like

[Saorsa]

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

[Brando7]

That report is the best thing I have ever read

[Seveno]

This is my favourite bit :

The Joint Administrators‟ agents, Lambert Smith, were appointed to provide an indicative valuation of Ibrox Stadium on an existing use and alternative use basis.

[IWasThere2016]

The end is nigh

Like Onion, my thoughts on hearing this was how I want to dance of the filthy badstars' grave! We are the corpses!

[Hibs7]

£135m !!!!!!!!!!!!!!!!!

Who the **** is going to buy them.?

[ancienthibby]

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This is my favourite bit :

The Joint Administrators‟ agents, Lambert Smith, were appointed to provide an indicative valuation of Ibrox Stadium on an existing use and alternative use basis.

That instruction to the valuing agents is completely normal - nothing to see here!

[Hibs7]

Nobody in their right mind would take on that amount of debt, can't see any way they can just write this off and still stay the same Rangers.

[Brando7]

On Reading the report is says Duff & Phelps been having dealing with the club since January 2011 so must me well aware of the background of the club before going into administration?

[Kojock]

Even without the monies owed to the Big Tax Case, The Small Tax Case and the Employees they still owe £55,415,632. They're doomed a tell ya, they're doomed

Creditor -Claim (£)

Trade & Expense Creditors - £5,544,508

Ticketus (amount of claim to be confirmed) - £26,700,000

HM Revenue & Customs – Excluding Big and Small Tax Cases - £14,372,042

HM Revenue & Customs – Small Tax Case TBC

HM Revenue & Customs – Big Tax Case TBC

Supporter Debenture Holders - £7,736,000

Football Related Creditors - £1,063,082

Employees TBC

Total - £55,415,632

[Seveno]

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That instruction to the valuing agents is completely normal - nothing to see here!

Yes, I know but stop spoiling the fun.

[Gala Foxes]

Rangers & New Rangers / Rangers 2012 or whatever they call themselves should be banned from signing any players / S Forms etc until every last penny owed to other football clubs is repaid

[Hibernia&Alba]

Before I permit myself a stauner here, let's look at worse case scenario; that is worst case for the rest of the world.

Circa £75 million, may be less, is HMRC big tax case which hasn't yet been resolved. Rangers might win the case.

£26 million or so is Ticketus deal which was done by Craig Whyte and which Rangers are disputing the legality of. The might win that case, too.


Hence their two biggest potential debts might not come into play at all.

I'm still keeping the jelly and ice-cream in the fridge. So many twists and turns with this.

[JeMeSouviens]

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Before I permit myself a stauner here, let's look at worse case scenario; that is worst case for the rest of the world.

Circa £75 million, may be less, is HMRC big tax case which hasn't yet been resolved. Rangers might win the case.

£26 million or so is Ticketus deal which was done by Craig Whyte and which Rangers are disputing the legality of. The might win that case, too.


Hence their two biggest potential debts might not come into play at all.

I'm still keeping the jelly and ice-cream in the fridge. So many twists and turns with this.

They're not disputing that Ticketus had a valid deal, that's uncontested. What they're disputing is whether the Huns coming out of admin would have to honour the deal or whether they could just say, ok Ticketus, you're not getting the tickets so we owe you £27M instead. Join the queue of shaftees and get your p/£.

[Hibernia&Alba]

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They're not disputing that Ticketus had a valid deal, that's uncontested. What they're disputing is whether the Huns coming out of admin would have to honour the deal or whether they could just say, ok Ticketus, you're not getting the tickets so we owe you £27M instead. Join the queue of shaftees and get your p/£.

It's the big tax case that will decide all of this really. Win it and they get their CVA, paying their creditors a few pence in the pound, as you say. Lose it and we then have to hope HMRC refuse any kind of CVA deal.

[Onion]

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Nobody in their right mind would take on that amount of debt, can't see any way they can just write this off and still stay the same Rangers.

All the bids will be on the basis the company can agree a CVA. If the main creditor (HMRC) decides against a CVA then the Huns are dust. Then probably one of the bidders will start the 1690Huns FC from scratch and look to rent Hunbrox for a quid.

[Brando7]

My ideal scenario would be rangers to get bought over come out of administration then get hit for the £75M from HMRC and have to go back into administration

That would make my year!!

[JeMeSouviens]

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It's the big tax case that will decide all of this really. Win it and they get their CVA, paying their creditors a few pence in the pound, as you say. Lose it and we then have to hope HMRC refuse any kind of CVA deal.

On the figures quoted by D&P, HMRC are over 25% even without the BTC. So Hector can block a CVA whatever. A quick glance over other football administrations shows they've not voted in favour of one yet (that I can find anyway).

Also, you have to think the Salmond thing is going to count against Der Hun. The very last thing Cameron & the Tories will want is his smug pus claiming his part in saving The Rangers.

[Bighoose]

Excerpt from BBC report reads - The report reveals that since Rangers went into administration - some six weeks ago - the club has lost more than £2.5m

How the **** then haven't some more players been let go?

Reserve keeper, Neil Alexander is still getting £7K (£28K reduced by 75%) for sitting on the bench each week. There's £42K min that could have been saved.
same for Davis, Whittaker, McGregor, etc, etc...

It is so they can get the cash for finishing second by paying players that the Admin's admit they cant afford? Whole thing stinks.

[Iggy Pope]

Edinburgh City Council - £90 !!!!

Parking fines? Lee Wallace' Ridacard? Kevin Thomson's Mammy's rent?

[HUTCHYHIBBY]

Just watched the story re Rangers debt on STV News which finishes off with them offering Aluko a new contract, how does that work then?

[NAE NOOKIE]

The surprise is the amount they owe the newsagent ... I'm just impressed somebody at the new Govan TESCO can read.

But seriously folks:

For as long as they owe money to other clubs for what I presume are transfer fees, is it the case that they will not be allowed to sign players until that debt is paid?

How can they be allowed to participate in next seasons League cup or Scottish cup, if when the draws are made they still owe money to other clubs ( principally to Dundee Utd ) from the previous seasons Scottish cup?

From the look of the possible final debt total, how can any of the 4 ( now 3 I understand ) bidders have any way of dealing with such a huge deficit? As far as I am aware even the largest bid comes nowhere near offering to put that kind of money into the club.

It looks like liquidation as far as a total layman like me can see.

When that happens then we will see just how much integrity Scottish football has left ........... if any.

Anything less than newco huns starting again at the bottom of SPL2 with or without a points deduction will be totally unacceptable to fans of every club in Scotland. Especially Livingston, Dundee and Gretna. Not to mention clubs who fear getting to the top of the first division coz they cant afford the thousands of pounds required to bring their grounds up to scratch.

I say SPL2 because if the current buns do re start as a new club the other clubs will put SPL2 into place in order to avoid sending newco huns into the 3rd division, giving them the chance to get back into SPL1 in at the most 2 seasons.

[Hibrandenburg]

Damn, my bid of bratwurst and cyanide capsules has been turned down.

[Hibernia&Alba]

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On the figures quoted by D&P, HMRC are over 25% even without the BTC. So Hector can block a CVA whatever. A quick glance over other football administrations shows they've not voted in favour of one yet (that I can find anyway).

Also, you have to think the Salmond thing is going to count against Der Hun. The very last thing Cameron & the Tories will want is his smug pus claiming his part in saving The Rangers.

Another 'small tax case' has been listed which invloves payments to a couple of players. Interesting.

[StevieC]

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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.

Remember that CW is still trying to claim that he is secured creditor and due £30m.
If he can confirm this in the courts then there's nothing left in the pot for unsecured creditors.

[bingo70]

Would have been better if the debt was lower imo so they would have spent years trading out of it, with the debt being as it is it seems inevitable they'll go into liquidation and back debt free in the SPL in no time, even if it is with a slightly different name

[heretoday]

It's imperative that Rangers are saved.

We don't want thousands of morons wandering about the West of Scotland with nothing to do on a Saturday afternoon.

No more than usual that is.

[CentreLine]

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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

Perhaps CavG or CWG can explain if these figures ensure that HMRS can vito a CVA. Also how are they counting such a big figure for Ticketus if their deal doesn't kick in until tickets are due for sale? Finally, where is CW in all this?