Generic Sevco / Rangers meltdown thread

[marinello59]

According to STV he is going to be named the preferred bidder so the deal still has to be done. Green claims to have been working on this around three months now. How long have Duff and Phelps been in there again?

[Hibs Class]

Has a deal actually been done as BBC suggests or is green just today's preferred bidder?

[stokesmessiah]

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What's the situation with the players contracts will they revert back to normal wages once todays game is over and done with?

From most reports it seems to be accepted that they revert back on the 1st of June.

[Mon Dieu4]

Sky sports said the deal has been agreed but won't be finalised til a meeting with creditors on June 6th so a long way to go on this one

[greenginger]

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http://company-director-check.co.uk/director/902819485


I think it might be more than a 5 minute job to get through this lot.

Must be the wrong Green Date of Birth 1925 ? I'll keep looking.

http://company-director-check.co.uk/director/907595268

Right guy this time, I hope.

[CyberSauzee]

DUFF and Phelps, the administrators of Rangers Football Club, issued the following statement today.

David Whitehouse, joint administrator, said: "We are very pleased to announce that we have accepted an offer from a consortium headed by Mr Charles Green for the purchase of Rangers Football Club.

"Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the Club and this is expected to be finalised at a creditors' meeting on June 6.


"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors.

"Mr Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football Club plc so that the administrators can propose a Company Voluntary Arrangement which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners. Work on issuing a CVA proposal has already started and will proceed with utmost urgency.

"If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green's purchasing vehicle to acquire the business and assets of the Club on agreed terms, through a newco structure. It is Mr Green's strong preference to achieve a CVA.

"We would like to thank Rangers supporters for their patience as a purchaser for the Club has been found and hope they will now support a bid that has the capability to take the Club forward.

"We would also like to thank the professionalism and dedication all the staff at Rangers have shown throughout the sale process. Furthermore, we thank again the Rangers players who made a major financial sacrifice to ensure the Club could continue to function."

Charles Green commented: "I am delighted our proposal to purchase Rangers has been accepted and we are working night and day to finalise matters.

"This is a great football club with a tremendous history and we will preserve that while building a solid platform for the future.

"Rangers supporters have every right to believe their Club should be a success on and off the pitch and that is exactly what we will strive to achieve.

"At all times we will make decisions that are in the best interests of the Club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth.

"We will do everything in our power to achieve a CVA and we already have a detailed written commitment from Mr Craig Whyte for the transfer of his shareholding.

"I look forward to working with everyone at Rangers, staff, players and supporters, in building a better future. It's what this great Club deserves."

[BEEJ]

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So rangers last two owners will have been green and whyte?? Hahaha.

[grunt]

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Has a deal actually been done as BBC suggests or is green just today's preferred bidder?

More shoddy reporting from the BBC.

[TheEastTerrace]

Whyte has signed over majority shareholding to consortium according to RFC media man

'Majority shareholder Craig Whyte has signed documentation to transfer his shareholding in #RFC to the Green consortium.'

[mim]

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More shoddy reporting from the BBC.

Sporting Life reporting same.
http://www.sportinglife.com/football...s.html&BID=165

[grunt]

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The indications are that the CVA has been worked on and IS acceptable to the creditors although a back up plan has been formulated. Seems all is ok.

Where did you hear that the deal is acceptable to the creditors?
And if it was acceptable to the creditors, why would you need a back up plan?
Sounds like more spin to me...

[Barney McGrew]

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Sounds like more spin to me...

[Gus Fring]

What is the likelihood of a CVA being achieved? I would assume the Tax Man has to decline?

[grunt]

Alasdair Lamont‏@BBCAlLamontCg also says doesn't believe it's in hmrc's interest to turn down deal, faced with alternative of nothing

So his reign at Rangers starts out with intimidation - no change there, then.

[BEEJ]

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The indications are that the CVA has been worked on and IS acceptable to the creditors although a back up plan has been formulated. Seems all is ok.

Not long to find out what the sfa agree now with the challenge on sanctions imposed.

Still, Rangers owned by a london consortium would realise their ambition to move south, not quite how they imagined.

Highly unlikely that a CVA will be acceptable. We're headed down the Newco route here, I reckon.

[TheEastTerrace]

I don't believe anyone in this saga anymore. Green has said that he and his consortium have been meeting in private with Duff and Duffer for the last five weeks and whilst others ahead in the process they have had the cash in place. Interestingly, Green says the agreement is irrevocable.

So, was Miller, the Blue Knights and whoever else all just a smokescreen for this bid???

[Lungo--Drom]

GreenGinger that is some list of directorships eh? The obvious football / sports related ones are:

PLAYERS WORLDWIDE LIMITED	Dissolved	(Company Secretary Resigned 17/08/1998)
FOCUS SPORTS AND LEISURE INTERNATIONAL LIMITED	Active	(Director Resigned 05/04/1997)
SHEFFIELD UNITED PLC	Active	(Director Resigned 30/06/1998)
BOBBY CHARLTON INTERNATIONAL LIMITED	Active	(Director Resigned 22/04/1998)
PREMIER SPORTS SERVICES LIMITED	Active	(Director Resigned 22/04/1998)
SHEFFIELD UNITED ACADEMY LIMITED	Active	(Director Resigned 22/04/1998)
SHEFFIELD UNITED (DEVELOPMENTS) LIMITED	Active	(Director Resigned 22/04/1998)

but that is only seven out of thirty-nine so it looks like football / sports is not his main thrust in life. I see a lot of medical / bioscience companies on the list so maybe he's the ideal man to try and bring Der Hun back to life lol. Let's hope not

Am I reading the full list of 39 directorships wrong or is he actually not a director of anything at the moment?

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http://company-director-check.co.uk/director/907595268

Right guy this time, I hope.

[calmac12000]

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Highly unlikely that a CVA will be acceptable. We're headed down the Newco route here, I reckon.

I'm afraid liquidation in some form or other has ALWAYS been the likely scenario. Unfortunately, the legal semantics have been a bit too much for the gutter press and Billy Hun to comprehend. I'm sure that today on TV/radio we'll have the usual defiant expressions i.e. we're back etc..The truth is that at best they are a severely damaged "brand" and the Rngers we know and love is at best in abeyance for a few years.

[TheEastTerrace]

Try Nova Resources in Google. The names Chan **** Meng and Chung Dongwook may be the Far East interest in the consortium.

[Lungo--Drom]

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"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors."

Here we go again. Quantum. Quantum? That's a Latin word but in my understanding used in that context doesn't make sense. Do they mean 'amount' and if so why can't they just say 'amount'? I bet the jabbering masses on RM, FF et al won't like the Administrators using Latin, except of course they are all too thick to know it is Latin. Well here's some more Latin for everyone at Duff & Phelps, SPL, SFA, Glasgow media and RFC...

....putrescet in inferno

In sermone finita. Amare et colere Dominum in pace

[s.a.m]

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Here we go again. Quantum. Quantum? That's a Latin word but in my understanding used in that context doesn't make sense. Do they mean 'amount' and if so why can't they just say 'amount'? I bet the jabbering masses on RM, FF et al won't like the Administrators using Latin, except of course they are all too thick to know it is Latin. Well here's some more Latin for everyone at Duff & Phelps, SPL, SFA, Glasgow media and RFC...

....putrescet in inferno

In sermone finita. Amare et colere Dominum in pace

I'm going to make a point of saying that to someone today. It's my 9yr old daughter's birthday party today, so I should have plenty opportunity.

[Paisley Hibby]

I'd love them to go completely bust. However, that would result in a Rangers Newco which would probably get voted back into the SPL by the spineless ones. Freed from all the financial baggage they could quickly run amok in Scottish football. An Oldco that is financially and legally hamstrung for years to come is a much better option - especially if the SFA sticks to its guns on transfer embargo.

Am right in thinking that even if a CVA is agreed, creditors have a 4 week cooling off period? So if creditors meeting agrees in June, the Bearz can't be sure they are out of the woods on this until July?

[Hin10]

At all times we will make decisions that are in the best interests of the Club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth.

Reading between the lines, this says everything. Newco will be the result.

[cabbageandribs1875]

so, it's actually the GREEN knights that have saved them

[ScottB]

If the CVA is rejected, surely there's a very high chance that they won't be around next season at all?

After the 4 week cooling off period, we'd be into early July. I can't imagine creating a newco would be a speedy process. At what point is next season deemed to start? Presumably before the first ball is kicked anyway.

I think it's time that the SFA / SPL make a call, otherwise the entire SPL and SFL is going to be up in the air, who will be in what league? Fixture decisions won't be able to be made, clubs won't know their budgets, fans will no doubt still be holding off renewing etc.

It's an already massive mess that's potentially going to get a lot, lot messier.

[joe breezy]

Going by some twitter posts I've read Green has mentioned European football, which Rangers will be exempt from for the next 3 years...even with CVA UEFA have apparently said a CVA is a loophole they are going to close...

Also, what are the motives?

Huns are celebrating but Sheffield United fans could tell them a thing or two...(from Sheffield United message board below)

"Charles Green was the Chief Executive when McDonald was in charge. He is a very controversial figure and not liked by many United fans. He is a lad from Doncaster that has made a lot of money from deals that many might claim were not legitimate. The majority of these he has done working for Mike McDonald.

The infamous incident that Green oversaw was selling Fjortoft and Deane in the same day. All his good work before that (signing Della's and Borbokis etc) was undone when he sold our 2 best players. It seems he had overspent, by brining in the Greek due and offering big contracts to Deane etc and then panicked. It is a real shame, as we'd assembled a good team (Kelly/Tracey, Quinn, Borbokis, Marker, Ward, Patterson, Deane and Fjortoft) and he ended our promotion chances in one foul swoop. Realistically we had been struggling since McGraph was injured and then Whitehouse, but selling 2 goal machines on the same day was nothing short of criminal.

I know someone quite close to owd Charlie boy and I have it on good authority that he made a lot of money from SUFC. He amassed a substantial sum when we were floated on the stock exchange and I think he got a bit pay out at the end. Green reckoned he was the fall guy and he was just doing what McDonald told him, but I just do not buy it. I am not sure there was any malice in his decisions, just greed and extremely poor judgement.

I remember the cries of 'Charles Green, you've ****ed up our team' ringing round BDTBL in 1998 and also a car park protest. I despise the guy, but no more so than Trevor Birch. Both blagger idiots that got exposed when they were clearly out of their depth when facing difficult circumstances. Taking hefty salaries whilst making very poor decisions and then crippling United for years to come.I'd like to sit down and have a pint with both of these two (amongst other things) and ask them exactly how they managed to pull the wool over people's eyes in the first place."

[cad]

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Here we go again. Quantum. Quantum? That's a Latin word but in my understanding used in that context doesn't make sense. Do they mean 'amount' and if so why can't they just say 'amount'? I bet the jabbering masses on RM, FF et al won't like the Administrators using Latin, except of course they are all too thick to know it is Latin. Well here's some more Latin for everyone at Duff & Phelps, SPL, SFA, Glasgow media and RFC...

....putrescet in inferno

In sermone finita. Amare et colere Dominum in pace

"Quod Spero they operor"


" Vos can tantum tripudio per diabolus pro adeo ,then vos exuro quod intereo"

[Dirkster23]

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Going by some twitter posts I've read Green has mentioned European football, which Rangers will be exempt from for the next 3 years...even with CVA UEFA have apparently said a CVA is a loophole they are going to close...

Also, what are the motives?

Huns are celebrating but Sheffield United fans could tell them a thing or two...(from Sheffield United message board below)

"Charles Green was the Chief Executive when McDonald was in charge. He is a very controversial figure and not liked by many United fans. He is a lad from Doncaster that has made a lot of money from deals that many might claim were not legitimate. The majority of these he has done working for Mike McDonald.

The infamous incident that Green oversaw was selling Fjortoft and Deane in the same day. All his good work before that (signing Della's and Borbokis etc) was undone when he sold our 2 best players. It seems he had overspent, by brining in the Greek due and offering big contracts to Deane etc and then panicked. It is a real shame, as we'd assembled a good team (Kelly/Tracey, Quinn, Borbokis, Marker, Ward, Patterson, Deane and Fjortoft) and he ended our promotion chances in one foul swoop. Realistically we had been struggling since McGraph was injured and then Whitehouse, but selling 2 goal machines on the same day was nothing short of criminal.

I know someone quite close to owd Charlie boy and I have it on good authority that he made a lot of money from SUFC. He amassed a substantial sum when we were floated on the stock exchange and I think he got a bit pay out at the end. Green reckoned he was the fall guy and he was just doing what McDonald told him, but I just do not buy it. I am not sure there was any malice in his decisions, just greed and extremely poor judgement.

I remember the cries of 'Charles Green, you've ****ed up our team' ringing round BDTBL in 1998 and also a car park protest. I despise the guy, but no more so than Trevor Birch. Both blagger idiots that got exposed when they were clearly out of their depth when facing difficult circumstances. Taking hefty salaries whilst making very poor decisions and then crippling United for years to come.I'd like to sit down and have a pint with both of these two (amongst other things) and ask them exactly how they managed to pull the wool over people's eyes in the first place."

I think Alex Thomson tweeted last week that UEFA have confirmed a CVA would be a 1 year ban, possibly extended to 2 or 3, depending on the circumstances.

[hibs0666]

Rangers leech is an anagram of Charles Green.

[cad]

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so, it's actually the GREEN knights that have saved them

Sure is , Charlie was at a function last night after the bid was accepted , no sure who else was there difficult to make out ,if you enlarge it the guy on the left with the Celtic away hood he has tattoos on his hand from where who knows .




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