Generic Sevco / Rangers meltdown thread

[grunt]

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

Thanks

[JeMeSouviens]

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

From SPL press release:

It was agreed that, in future, any decision on the transfer of a share to a newco from any club will be considered by all member clubs, rather than the SPL Board, with flexibility to impose sanctions appropriate to each individual circumstance. The resolutions proposing fixed penalties on a newco were therefore withdrawn as being obsolete.

http://www.scotprem.com/content/defa...2&newsid=11407

[JeMeSouviens]

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

You must concede that an 8-4 vote will be harder for the New Huns to get than a simple majority of the SPL board?

[Newry Hibs]

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You must concede that an 8-4 vote will be harder for the New Huns to get than a simple majority of the SPL board?

So that's 5 no votes needed ....

Celtc and Sheep - because their fans would demand it even if they wanted RFC in the league
Hibs - Petrie's integrity speech (+ fans ...)
I would hope Motherwell and Dundee U would see it as a chance to do better in the league.

Others ?

[Andy74]

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From SPL press release:



http://www.scotprem.com/content/defa...2&newsid=11407

Thanks.

[PatHead]

Know its 8-4 required but why should oldco get a vote in this at all? Surely they should step aside.

[MyJo]

What Doncaster wanted was for the green light to be given to allowing newco's to rejoin the spl in place of the club that is liquidated with a fixed set of penalties, in this case a 10 point deduction and financial restrictions for two years. This would mean that it was pre-approved for the Huns to get back into the spl straight away without a vote. By rejecting those two proposals the rest of the spl have knocked that on the head and it means that any attempt to get a newco into the spl will be dealt with case by case and it's approval and any sanctions imposed with re-entry will be decided by a majority vote of the spl member clubs and not the spl board.

As it stands if rangers are liquidated they need the majority of the clubs in the spl to agree to allow them back in, not the sfa, not the spl board, and certainly not Doncaster, and if they don't get the majority vote then it's applying to the sfl and division 3.

[johnbc70]

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What Doncaster wanted was for the green light to be given to allowing newco's to rejoin the spl in place of the club that is liquidated with a fixed set of penalties, in this case a 10 point deduction and financial restrictions for two years. This would mean that it was pre-approved for the Huns to get back into the spl straight away without a vote. By rejecting those two proposals the rest of the spl have knocked that on the head and it means that any attempt to get a newco into the spl will be dealt with case by case and it's approval and any sanctions imposed with re-entry will be decided by a majority vote of the spl member clubs and not the spl board.

As it stands if rangers are liquidated they need the majority of the clubs in the spl to agree to allow them back in, not the sfa, not the spl board, and certainly not Doncaster, and if they don't get the majority vote then it's applying to the sfl and division 3.

Good summary, also how I interpret the events today. Could scupper Greene's masterplan.

[Twa Cairpets]

An oldie but goodie

Die die die die ya Huns
Die die die die ya Huns
Die die die die, die die die die ya Huns
Die die die die ya Huns
Die die die die ya Huns
Die die die die, die die die die ya Huns.

Repeat.

[CropleyWasGod]

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Good summary, also how I interpret the events today. Could scupper Greene's masterplan.

Greene's offer is conditional on an SPL place. That much is explicit in the CVA document, even if little else is.

If there is a delay or uncertainty in that SPL place being granted, then it is little wonder that there is now the reported delay in the sale process.

[jgl07]

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Greene's offer is conditional on an SPL place. That much is explicit in the CVA document, even if little else is.

If there is a delay or uncertainty in that SPL place being granted, then it is little wonder that there is now the reported delay in the sale process.

It all depends on the decision on the CVA.

Is there any indication as to when this will happen?

[Barney McGrew]

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It all depends on the decision on the CVA.

Is there any indication as to when this will happen?

The creditors will vote to accept/reject the CVA on 14th June.

[CropleyWasGod]

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It all depends on the decision on the CVA.

Is there any indication as to when this will happen?

It may not even get to that. This is one of the conditions of Green's offer:-


4.22.6 all consents or other requirements of the SPL and SFA having been obtained or complied with so that Rangers Football Club can continue to participate in such domestic leagues and competitions as it currently participates in.

[jgl07]

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The creditors will vote to accept/reject the CVA on 14th June.

Who will pay the wages in the meantime?

That will be half a months' wages at full whack.

The creditors' pot will be negative at this rate!

[joe breezy]

Sorry if already posted


Besiktas suspended from European competition for one year by Uefa
Uefa have suspended Besiktas from all European competition for one year, and fined them €200,000, due to financial problems at the Istanbul club, according to Turkish media.

http://www.telegraph.co.uk/sport/foo...-by-Uefa.html#

The move comes after Uefa scrutinised Besiktas' accounts in the second and third quarters of 2011 and ruled that they breached articles of the ruling body's financial fair play regulations.
Shares in Besiktas tumbled more than 9 per cent following the news.
Besiktas chairman, Fikret Orman, and the club's lawyers attended a meeting with Uefa's disciplinary committee for a second time on Wednesday after the club was earlier warned about its financial status and high debt.
Orman said Besiktas would appeal to the Court of Arbitration for Sport (CAS) regarding the ban, but added he was not very optimistic about a ruling in favour of the 13-time Turkish champions.
"We will defend the club's rights until the end, and will appeal to CAS as the first step," Levent Erdogan, a lawyer and club board member told Turkey's Dogan news agency.
"I think it's a dramatic decision, and it will hit us pretty badly, but there's nothing we can do."

[green glory]

Looking forward to news coming from this afternoon's SPL meeting regarding the dual contracts. Exciting!

[grunt]

Graham Fraser‏@STVGrahamFor those interested in SPL board meeting into alleged use of dual contracts at Rangers - no announcement expected today. Possibly tomorrow.

[jgl07]

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Follow, followed by a 28 day cooling off period which is how we get the 12th July date.

This gets more farcical by the hour.

So everything has to wait for six weeks before HMRC bomb out the CVA and it is too late to expel them.

meanwhile the debt will be mounting and D&P will continue to bleed the CVA pot dry with their fees.

FIFA and UEFA will have to act soon.

[Stevie Reid]

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Looking forward to news coming from this afternoon's SPL meeting regarding the dual contracts. Exciting!

Alasdair Lamont ‏@BBCAlLamont
No SPL update on dual contracts investigation/allegations today after all

[CropleyWasGod]

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This gets more farcical by the hour.

So everything has to wait for six weeks before HMRC bomb out the CVA and it is too late to expel them.

meanwhile the debt will be mounting and D&P will continue to bleed the CVA pot dry with their fees.

FIFA and UEFA will have to act soon.

The SFA can expel them at any time. In that event, the CVA process falls.

[Mon Dieu4]

When is the SFA response and the FIFA thing likely to happen, is it feasible that green could buy them then the SFA/FIFA finish them off after that? Kinda like the idea of them thinking its sorted then having the rug pulled out

[Jim44]

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Sorry if already posted


Besiktas suspended from European competition for one year by Uefa
Uefa have suspended Besiktas from all European competition for one year, and fined them €200,000, due to financial problems at the Istanbul club, according to Turkish media.

http://www.telegraph.co.uk/sport/foo...-by-Uefa.html#

The move comes after Uefa scrutinised Besiktas' accounts in the second and third quarters of 2011 and ruled that they breached articles of the ruling body's financial fair play regulations.
Shares in Besiktas tumbled more than 9 per cent following the news.
Besiktas chairman, Fikret Orman, and the club's lawyers attended a meeting with Uefa's disciplinary committee for a second time on Wednesday after the club was earlier warned about its financial status and high debt.
Orman said Besiktas would appeal to the Court of Arbitration for Sport (CAS) regarding the ban, but added he was not very optimistic about a ruling in favour of the 13-time Turkish champions.
"We will defend the club's rights until the end, and will appeal to CAS as the first step," Levent Erdogan, a lawyer and club board member told Turkey's Dogan news agency.
"I think it's a dramatic decision, and it will hit us pretty badly, but there's nothing we can do."

I take it this literally means CL and EL competitions and not domestic Turkish league and cup competitions, which is where Rangers are at presently.

[grunt]

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Here's an odd story - which I don't quite think is correct. I've emailed the author asking where she gets her figures from - will post if and when I hear back...

http://www.accountancyage.com/aa/new...medium=twitter

This journalist writing for "Accountancy Age" posted a headline saying that D&P were going to get paid £17.9m as administrators. I wrote to ask her where she got the figures from, but I've had no reply. If true, this would have been a major news story. But looking at the CVA Proposal from D&P, I think I can see her mistake. Schedule 4 to the Proposal sets out D&P's estimated outturn for RFCIA under three possible (different) scenarios - CVA, NewCo and Liquidation. Ms Accountancy Age journalist has added the three numbers for D&P's fees under each of the outcomes together! Oops.

[CropleyWasGod]

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When is the SFA response and the FIFA thing likely to happen, is it feasible that green could buy them then the SFA/FIFA finish them off after that? Kinda like the idea of them thinking its sorted then having the rug pulled out

I reckon Green won't complete the sale until he is certain that the SPL and SFA places are assured.

[Stevie Reid]

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When is the SFA response and the FIFA thing likely to happen, is it feasible that green could buy them then the SFA/FIFA finish them off after that? Kinda like the idea of them thinking its sorted then having the rug pulled out

Alasdair Lamont ‏@BBCAlLamont
No contact between FIFA and SFA re rangers going to Court of Session since yesterday's verdict

[Dashing Bob S]

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This journalist writing for "Accountancy Age" posted a headline saying that D&P were going to get paid £17.9m as administrators. I wrote to ask her where she got the figures from, but I've had no reply. If true, this would have been a major news story. But looking at the CVA Proposal from D&P, I think I can see her mistake. Schedule 4 to the Proposal sets out D&P's estimated outturn for RFCIA under three possible (different) scenarios - CVA, NewCo and Liquidation. Ms Accountancy Age journalist has added the three numbers for D&P's fees under each of the outcomes together! Oops.

She has a future in the accountancy game, possibly a future financial controller of a Newco Rangers, or even a senior administrator at Duff and Phelps.

[Caversham Green]

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This journalist writing for "Accountancy Age" posted a headline saying that D&P were going to get paid £17.9m as administrators. I wrote to ask her where she got the figures from, but I've had no reply. If true, this would have been a major news story. But looking at the CVA Proposal from D&P, I think I can see her mistake. Schedule 4 to the Proposal sets out D&P's estimated outturn for RFCIA under three possible (different) scenarios - CVA, NewCo and Liquidation. Ms Accountancy Age journalist has added the three numbers for D&P's fees under each of the outcomes together! Oops.

Now that's what you call creative accounting.

[CropleyWasGod]

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Now that's what you call someone who failed basic accounting and went off to write about it instead.

Fixed.

[PatHead]

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She has a future in the accountancy game, possibly a future financial controller of a Newco Rangers, or even a senior administrator at Duff and Phelps.

Hear Vlad is interviewing her as we speak.

[cad]

I wonder when the film of this will come oot ,going by this thread it could be worth millions .