Generic Sevco / Rangers meltdown thread

[Benny Brazil]

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Did that include the change in voting from the current 11:1, or is that set for a different meeting?

Alasdair Lamont‏@BBCAlLamont

Re vote on voting structure: adjourned to SPL agm

[jgl07]

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Was supposed to be this one.

That will be first item on the agenda after Rangers go tits up.

[Hibs Class]

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I asked Al Lamont - his reply Alasdair Lamont‏@BBCAlLamontRe vote on voting structure: adjourned to SPL agm

Ta - any idea when AGM is?

[silverhibee]

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And votes were taken but nobody is speaking to the media.

Sneaking out the side door.

[grunt]

Alasdair Lamont‏@BBCAlLamontAn SPL board meeting taking place now regarding Rangers dual contracts allegations. Hopefully an update later

[joe breezy]

DUFF & PHELPS administrators are likely to rack up about £17.9m in fees for their work at collapsed Scottish football club Rangers.

Paul Clark and David Whitehouse were appointed joint administrators to the club on 14 February.

According to details contained within proposals to place Rangers into a company volutary arrangement (CVA), the administrative team has run-up about £5.5m in fees for their work in compiling an exit from administration.
However, as a supervisor of the CVA they are likely to add a further £6.2m, and another £6.2m as liquidators, to their tab. A CVA and liquidation process can run for several years, but no details have been provided within the proposals as to the estimated timescale for Rangers' CVA.
The £5.5m fee for the administrators' work so far includes time costs and legal fees for several legal actions, including forcing ex-owner Craig Whyte's lawyers, Collyer Bristow, to hand over £3.9m, and a separate legal action against them which is due to finish later this year.

The administrators also managed to convince bidder Sevco to transfer £200,000 for running costs in exchange for exclusivity rights to the club.
Sevco, a consortium of investors fronted by Charles Green, are willing to advance Rangers £8.3m following CVA approval.
The club hopes to exit administration through a CVA which needs 75% or more of creditors, by value of debt, to approve the deal.
However, after administrator fees and other costs such as player transfer fees and trading costs it is likely unsecured creditors will receive between 3p - 9p for every pound owed.
HM Revenue & Customs are the second largest unsecured creditor with debts of £21.5m and Ticketus is the largest with £26.7m.


Read more: http://www.accountancyage.com/aa/new...#ixzz1wM3DMtph
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[joe breezy]

Charles Green voting at an SPL meeting????!!!



CelticResearch ‏@CelticResearch
WTF! How can Charles Green vote in an SPL meeting? Astonishing.

[Benny Brazil]

so as I read it these are the proposals that have been approved:

SPL PROPOSALS
•Minimum of 15 points deducted from any club entering administration
•10-point penalty for two seasons for any club that transfers its share in the SPL to a new company
•75% reduction in payments to any club relaunched as a new company for a period of three seasons
•Requirement for clubs to pay players on time and to report any failure to pay wages
•Requirement for clubs to report any failure to pay PAYE/NIC
•Player registration embargo imposed on any club failing to pay PAYE/NIC

But that does nothing to clarify the position on a newco admittance to the SPL - or did I miss that discussion?

[jgl07]

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Charles Green voting at an SPL meeting????!!!

CelticResearch ‏@CelticResearch
WTF! How can Charles Green vote in an SPL meeting? Astonishing.

He is the preferred bidder and presumably is acting on behalf of the administrators?

[JeMeSouviens]

These were passed:

•Greater of 10 points or 1/3 of previous season's total deducted from any club entering administration
•Requirement for clubs to pay players on time and to report any failure to pay wages
•Requirement for clubs to report any failure to pay PAYE/NIC
•Player registration embargo imposed on any club failing to pay PAYE/NIC

These werent:

•10-point penalty for two seasons for any club that transfers its share in the SPL to a new company
•75% reduction in payments to any club relaunched as a new company for a period of three seasons

Additionally, all clubs to vote on transfer of share to any Newco and any sanctions applied to the Newco to be decided on an individual basis.

[joe breezy]

http://www.celticquicknews.co.uk/?p=...medium=twitter

Doncaster Newco proposal doesn’t get the votes

Posted on 30 May, 2012 by Paul67

An SPL general meeting today passed several less-significant Financial Fair Play rules (pay your taxes and players) but did not approve a proposal from chief executive, Neil Doncaster, that a mechanism should be introduced to parachute a Newco into the top division in Scottish football for the first time in history.

It would have taken 8 votes to see this controversial proposal pass, which it clearly didn’t get. The SPL reserves the right to vote a Newco in at any point in the future, but those hoping to buy the assets of Rangers were not issued a ticket to the SPL today.

Surprised?

Perhaps connected to the above matter…. The SPL board will this afternoon consider issues relating to allegations Rangers rigged the system for over a decade with dual contracts.

There are too many permutations for me to digest these developments with any accuracy. At first pass, the news appears to be on the upside of what I was expecting earlier in the day.

[Caversham Green]

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He is the preferred bidder and presumably is acting on behalf of the administrators?

He might even be the owner if he's paid his two quid to Craigie.

[Part/Time Supporter]

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These were passed:

•Greater of 10 points or 1/3 of previous season's total deducted from any club entering administration
•Requirement for clubs to pay players on time and to report any failure to pay wages
•Requirement for clubs to report any failure to pay PAYE/NIC
•Player registration embargo imposed on any club failing to pay PAYE/NIC

These werent:

•10-point penalty for two seasons for any club that transfers its share in the SPL to a new company
•75% reduction in payments to any club relaunched as a new company for a period of three seasons

Additionally, all clubs to vote on transfer of share to any Newco and any sanctions applied to the Newco to be decided on an individual basis.

Sounds good, the two rejected proposals were the ones that would have given a legitimate path back into the league for any newco.

[joe breezy]

Should result in a vote of no confidence in Doncaster...is what some are saying on the twittersphere

[Spike Mandela]

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Sounds good, the two rejected proposals were the ones that would have given a legitimate path back into the league for any newco.

Depends how you read it. Looks to me like any proposals which would be a sanction on a newco has been voted against and each newco application will be treated on an independant basis. I think it has made a route back to the SPL easier.

[calmac12000]

I'll take all this under advisement, particularly as I doubt we're anywhere near having all the facts.

[joe breezy]

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He is the preferred bidder and presumably is acting on behalf of the administrators?

He's thinking about buying a football club with a group of shady characters...being able to vote on behalf of Rangers already is bizarre

Surely it should be ascertained if these people are fit to be Directors of a football club first?

[joe breezy]

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Depends how you read it. Looks to me like any proposals which would be a sanction on a newco has been voted against and each newco application will be treated on an independant basis. I think it has made a route back to the SPL easier.

I don't see how you can say it's made it easier when a Doncaster penned motion to allow newcos into the SPL was rejected?

[Andy74]

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Depends how you read it. Looks to me like any proposals which would be a sanction on a newco has been voted against and each newco application will be treated on an independant basis. I think it has made a route back to the SPL easier.

Yep. What I said the last time! They can be voted back scot free.

[green glory]

Admins saying a 'delay' in the selling process.

More walking away?

[Andy74]

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I don't see how you can say it's made it easier when a Doncaster penned motion to allow newcos into the SPL was rejected?

They are allowed now with a vote. This proposal would have made a link to the old co and introduced sanctions.

There seems to be huge misunderstanding on this point generally.

[JeMeSouviens]

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Depends how you read it. Looks to me like any proposals which would be a sanction on a newco has been voted against and each newco application will be treated on an independant basis. I think it has made a route back to the SPL easier.

The confirmation that all clubs (presumably in 8-4 vote) are required to approve the transfer rather than just the SPL board makes the New Club's entry harder. I think you'll find if they get over that hurdle the sanctions on a Hun New Club will be at least as tough as those not voted in. The barrier to getting them passed today is probably the much more severe effect they would have on a smaller New Club being written into the rules.

[blackpoolhibs]

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Admins saying a 'delay' in the selling process.

More walking away?

I cant believe the whole thing is not stopped now, and dealt with when all the facts are out in the open?

[easty]

http://www.bbc.co.uk/sport/0/football/18265663

McBeth, who was a vocal critic of FIFA president Sepp Blatter while in office, also claimed that SPL clubs could survive in a league without Rangers.

''Football would survive without Rangers, maybe not at the same level, and the game would may be lose some fans - but so be it,'' he said.

"If you look after the sport the money will follow you, if you look after the money you'll kill the sport.''

Quite right.

[grunt]

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Admins saying a 'delay' in the selling process.

Where did you hear this?

[CropleyWasGod]

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Yep. What I said the last time! They can be voted back scot free.

.. and they can also be refused entry. The way I read the rejected proposals is that a Newco WOULD get back in, but with those sanctions.

[Andy74]

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The confirmation that all clubs (presumably in 8-4 vote) are required to approve the transfer rather than just the SPL board makes the New Club's entry harder. I think you'll find if they get over that hurdle the sanctions on a Hun New Club will be at least as tough as those not voted in. The barrier to getting them passed today is probably the much more severe effect they would have on a smaller New Club being written into the rules.

What sanctions would that be? There are none currently allowed for?

[green glory]

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Where did you hear this?

https://twitter.com/tonymckelvie/sta...14881146191875

[Andy74]

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.. and they can also be refused entry. The way I read the rejected proposals is that a Newco WOULD get back in, but with those sanctions.

No, it didn't make it any more automatic.

[CropleyWasGod]

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[url]

If you look after the sport the money will follow you, if you look after the money you'll kill the sport.''

Quite right.

Yep.. that is a superb sound-bite.