Generic Sevco / Rangers meltdown thread

[Seveno]

I'm beginning to think that Craigie has replaced Vlad as my all-time hero. Well, for the time being anyway.

[WindyMiller]

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I'm beginning to think that Craigie has replaced Vlad as my all-time hero. Well, for the time being anyway.

There's a bit of time yet before Vlad becomes the Hibernian Legend we all want him to be.

[Eyrie]

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Liquidation has been the likely outcome for the Huns for quite some time, yet these Admins just carry on burning cash, taking their cut and paying out for expensive court cases - all paid for by the creditors such as HMRC (YOU/ME). At what point do the creditors stand up call a halt to this joke of an Adminstration ? All that D&F are doing is delaying the inevitable and playing monopoly with our money !

The administrators have a duty to get the best return for the creditors, and that means selling the Huns as a going concern. In a liquidation the assets would be worth substantially less (eg who wants a football ground? are player registrations still valid?) and so short term losses may be justifiable.

Now all they need to do is find someone willing to pay £164m - £134m for the creditors and £30m for a 85% shareholding (which may only be 60%).

[PatHead]

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The administrators have a duty to get the best return for the creditors, and that means selling the Huns as a going concern. In a liquidation the assets would be worth substantially less (eg who wants a football ground? are player registrations still valid?) and so short term losses may be justifiable.

Now all they need to do is find someone willing to pay £164m - £134m for the creditors and £30m for a 85% shareholding (which may only be 60%).

I would think a minimum of 30m as I doubt Mr Whyte will only want to break even

[Eyrie]

Had a disappointing thought just now - if the new owners pay off all the creditors then there won't be any liabilities for Whyte to guarantee. Just hope you're right that he will want a substantial profit.

[jgl07]

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Had a disappointing thought just now - if the new owners pay off all the creditors then there won't be any liabilities for Whyte to guarantee. Just hope you're right that he will want a substantial profit.

Like who will put in £160 million plus to pay off the creditors and then have to negotiate with Whyte and possibly Ellis to buy the shell of Rangers?

It is not on and everyone involved must realize that.

The 'bidders' are jockying for positions to determine who will be in the best place to own the Newco Rangers.

[RyeSloan]

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The administrators have a duty to get the best return for the creditors, and that means selling the Huns as a going concern. In a liquidation the assets would be worth substantially less (eg who wants a football ground? are player registrations still valid?) and so short term losses may be justifiable.

Now all they need to do is find someone willing to pay £164m - £134m for the creditors and £30m for a 85% shareholding (which may only be 60%).

I would have thought their first priority would be to stop Rangers creating ever more creditors or owing more to the existing ones. Duff and Duffer seem to have completely failed to even take that step....surely this must put their ability to do the harder stuff in serious doubt.

The Huns are NOT a going concern and there seems no chance that they can be made one, even with severe 'austerity' measures. They have massive debt even leaving HMRC out of it and have already mortgaged a substantial chunk of future revenue...seems patently obvious there is and never will be a going concern to sell.

[Hibbyradge]

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I would have thought their first priority would be to stop Rangers creating ever more creditors or owing more to the existing ones. Duff and Duffer seem to have completely failed to even take that step....surely this must put their ability to do the harder stuff in serious doubt.

Apart from the players accepting 75% wage cuts etc.

[RyeSloan]

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Apart from the players accepting 75% wage cuts etc.

Sorry Mr Duff (or are you Mr Duffer) you are correct £2m trading loss in your time in charge of the club plus your very reasonable fees are indeed an excellent reflection of the fantastic job you have made in turning around the great ship RFC.

[SurferRosa]

To me, the playing staff should have been vastly reduced to cut costs, they are still shelling out thousands a week in wages. Any savings made by the wage cuts are swallowed up by the admins fee...

[Hibbyradge]

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Sorry Mr Duff (or are you Mr Duffer) you are correct £2m trading loss in your time in charge of the club plus your very reasonable fees are indeed an excellent reflection of the fantastic job you have made in turning around the great ship RFC.

WTF?

[calmac12000]

its obvious to anyone who kicks with the right foot, that Rangers will shortly exit liquidation owing to a surfeit of wishful thinking and a judicious application of self interested partisanship. The guardians of Scottish Football will soon devise a totally self serving method by which Rangers seemiessly readmitted to the SPL to continue spreading there particular brand of happiness and light as they have in the past. No notice whatsoever will be paid to their history of blatant sectarianism and their supporters traditional singing. All in all, the rest of Scottish football will come to the conclusion that Scotland needs Rangers just as much say that Germany needed National socialism.

[Keith_M]

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.... All in all, the rest of Scottish football will come to the conclusion that Scotland needs Rangers just as much say that Germany needed National socialism.

Oh dear, you're VERY close to fulfilling Godwin's Law



I suppose we need Rangers about as much as we need Celtc, Mr Calmac.

[Jim44]

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Oh dear, you're VERY close to fulfilling Godwin's Law

Don't mention the war!

[Prof. Shaggy]

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Oh dear, you're VERY close to fulfilling Godwin's Law

Godwin's Law?

About the most Gobbelsian thing I've heard in ages....

I suppose I should have a smiley in there.

[RyeSloan]

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WTF?

You seemed to suggest that the Admins had indeed taken the steps required to stop Rangers losses....I was merely point out that their efforts to date have been too little too late and that casts doubt on their ability to take the required steps to save the RFC that we all know and love (and of course depend on for the successful future of Scottish football)

Don't see what is so confusing about that.

[Dashing Bob S]

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You seemed to suggest that the Admins had indeed taken the steps required to stop Rangers losses....I was merely point out that their efforts to date have been too little too late and that casts doubt on their ability to take the required steps to save the RFC that we all know and love (and of course depend on for the successful future of Scottish football)

Don't see what is so confusing about that.

I'm with you. They are either corrupt jackals and trying to harvest as much from this corpse as they can before it putrefies, and/or incompetent clowns, as they have achieved next to nothing since they took over the reigns of the club, other than rack up more debt while waiting for fantasy bidders to appear.

[hibs0666]

Alex Thomson to get comment from UEFA imminently on political interference in the huns administration process.

[PaulSmith]

Chris McLaughlin (@BBCchrismclaug)
4/11/12 2:51 PM
#SPL to introduce tougher sanctions aimed at preventing clubs going newco. Also to introduce 15pt deduction for administration

[Saorsa]

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Chris McLaughlin (@BBCchrismclaug)
4/11/12 2:51 PM
#SPL to introduce tougher sanctions aimed at preventing clubs going newco. Also to introduce 15pt deduction for administration

Brilliant, wait 'til the stickies get back in and get away with it then change the rules so anybody else is hammered for it.

[SurferRosa]

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Chris McLaughlin (@BBCchrismclaug)
4/11/12 2:51 PM
#SPL to introduce tougher sanctions aimed at preventing clubs going newco. Also to introduce 15pt deduction for administration

No doubt AFTER The Huns are readmitted to the SPL as a newco.....

[blackpoolhibs]

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Brilliant, wait 'til the stickies get back in and get away with it then change the rules so anybody else is hammered for it.

lets hope its the ****s who fall foul of this 15 points deduction very soon. Although i agree with you on this, we will soon see very strict rules on all sorts of things, but only after the huns case is sorted.

[declan macmanus]

Also allowing "insolvency transfer event" with a two season 10 point penalty. If this is voted in I'm finished with Scottish football. I will be asking Hibs for a refund on my new season ticket.


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[IWasThere2016]

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Also allowing "insolvency transfer event" with a two season 10 point penalty. If this is voted in I'm finished with Scottish football. I will be asking Hibs for a refund on my new season ticket.


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http://www.bbc.co.uk/sport/0/rugby-union/17681268

[Green Man]

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http://www.bbc.co.uk/sport/0/rugby-union/17681268

Typical OF media bias again, trying to put it in the rugby section so we won't notice

[jgl07]

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http://www.bbc.co.uk/sport/0/rugby-union/17681268

Is there any significance in the BBC filing that report under Rugby Union?

[PaulSmith]

http://www.scotprem.com/content/defa...2&newsid=11256

[JeMeSouviens]

Detail on the SPL site:

http://www.scotprem.com/content/defa...2&newsid=11256

Financial Fair Play

On 30 April 2012 the SPL Clubs will consider a range of proposals to amend the Articles and Rules of the SPL. A brief description of the effect of adopting the Resolutions is provided below.

Resolution 1 proposes an increase in the sporting sanction (points deduction) on any Club which suffers or is subject to an Insolvency Event from 10 points to the greater of 15 points and 1/3 of the Club’s SPL points in the preceding season.

Resolution 2A proposes further sporting sanctions in the event that any Club undergoes an Insolvency Transfer Event (i.e. transfers its share in the SPL to a new company where this occurs because of the insolvency of the transferor) of 10 points in each of two consecutive seasons from the Insolvency Transfer Event.

Resolution 2B proposes revisions to the fee payment arrangements i.e. SPL fees to any Club which has undergone an Insolvency Transfer Event will be reduced by 75% in each of three consecutive seasons from the Insolvency Transfer Event.

Resolution 3 proposes extending sporting sanctions where an Insolvency Event is suffered by a Group Undertaking of a Member Club of the SPL (Group Undertaking is defined in Section 1161(5) of the Companies Act 2006).

Resolution 4 proposes updates and extensions to the definition of Insolvency Event in the SPL Rules.

Resolution 5 proposes updates and extensions to the definition of Insolvency Event in the SPL Articles and clarifies the process in the event that a Member which is the subject of an Insolvency Event is required to transfer its share in the Company.

Resolution 6 proposes a specific requirement in the SPL Rules that Clubs must pay their Players in terms of their Contracts of Service on due dates and places a duty on any Club to report any failure to pay its Players in a timely manner to the SPL. Failure to pay Players and / or to notify such failure to the SPL would be a breach of SPL Rules.

Resolution 7 proposes a requirement in the SPL Rules that Clubs report to the SPL any failure to make payments to HMRC in respect of PAYE and NIC (a Default Event). Any Club suffering such a Default Event will be subject to a Player Registration Embargo. Any failure to report a Default Event shall be a breach of the SPL Rules.

Resolutions 2B and 5 require the support of a minimum of 11 Clubs to be adopted; all other Resolutions require the support of a minimum of 8 Clubs to be adopted.

If adopted the amendments to the Articles and Rules will have effect from and including 14 May 2012 (the day after the last day of Season 2011/2012).

No further comment will be made in respect of these proposals until after the General Meeting on 30 April at which they will be considered by the Clubs.

I think Resolution 5 will be the key. It almost certainly is bending the existing article regarding the transfer of SPL share requiring an 11-1 vote. I bet there is absolutely zero press coverage or explanation of what Resolution 5 involves. This is the behind closed doors stitch up we've all been expecting.

Resolution 5 itself requires an 11-1 vote.

Hibs and the rest: 19 days to avoid the mother of all corrupt back door deals.

[grunt]

Keith Downie ‏ @STVkeithRangers administrators put off naming a preferred bidder due to SPL's proposed rule changes which include increased points deductions

You couldn't make it up.

[H18sry]

http://www.rangers.co.uk/news/footba...rticle/2731298

Duff & Duffer Statement
Duff & Duffer, administrators of Rangers Football Club, issued the following statement today.

Paul Clark, joint administrator, said: "As administrators we had hoped to announce today the acceptance in principle of an offer for the purchase of Rangers Football Club, which would be followed by a period of exclusivity while due diligence is undertaken.

"Regrettably, this is not now possible as we were informed over the Easter holiday period that the SPL is proposing to consider at a general meeting on April 30, significant rule changes in relation to clubs which find themselves in an insolvency situation.


"The effect of such revised measures being considered at this juncture is that we, as administrators are duty bound to inform those parties who have submitted bids of the proposed resolutions the SPL intends to consider. Failure to do so would constitute material non-disclosure on our part, which is a serious matter.

"Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their individual bids as they now stand. The result is a delay in the sale process. We hope to receive feedback from bidders as soon as possible in order for us to take the sale process forward as quickly as we can.

"We fully respect the right of the SPL to review its own rules and regulations and will not comment on the detail of what is being proposed for the meeting on April 30 at this stage. However, the fact that such measures are being considered at such a sensitive point in the sale process at Rangers is disruptive and regrettable. We hope to issue a further update by the end of this week."