Generic Sevco / Rangers meltdown thread

[hibs0666]

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How can he possibly promise the bit in bold?

The only reason I can see that he could buy ibrox at a cut price is that no company that might have an interest in the site/property would want the hassle of all the huns blaming them for the demise of the club.

Now that the dirty work has been done and old Rangers are terminal, I'd bet the big hoose that other buyers will now emerge out of the woodwork.

[jgl07]

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How can he possibly promise the bit in bold?

The only reason I can see that he could buy ibrox at a cut price is that no company that might have an interest in the site/property would want the hassle of all the huns blaming them for the demise of the club.

It probably reflects the fact that Ibrox has limited uses unless the City Council rezone it for residential use.

There probably will be a Rangers FC in operation next season, probably in SFL3 or the South of Scotland League.

A company might see fit to buy Ibrox with an eye to future development potential and as a multi-sports arena also capable of holding concerts etc.

The most likely use of Ibrox is as a sports venue with a future Newco Rangers as tenants.

[Vini1875]

So they will weasel out of paying their debts and reappear shortly as a hun newco. Their fans will turn up next season as if nothing had happened and in time they will just blame everyone else.

[Leithenhibby]

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It probably reflects the fact that Ibrox has limited uses unless the City Council rezone it for residential use.

There probably will be a Rangers FC in operation next season, probably in SFL3 or the South of Scotland League.

A company might see fit to buy Ibrox with an eye to future development potential and as a multi-sports arena also capable of holding concerts etc.

The most likely use of Ibrox is as a sports venue with a future Newco Rangers as tenants.

Potential for someone to make money, even to rent back to them! At the going rate+ a tad ..

[mim]

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Now that the dirty work has been done and old Rangers are terminal, I'd bet the big hoose that other buyers will now emerge out of the woodwork.

You would have thought so.
The £5.5 million is only enough to pay the administrators, so zero for the creditors.
Don't think the tax man has that in mind.

[easty]

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It probably reflects the fact that Ibrox has limited uses unless the City Council rezone it for residential use.

There probably will be a Rangers FC in operation next season, probably in SFL3 or the South of Scotland League.

A company might see fit to buy Ibrox with an eye to future development potential and as a multi-sports arena also capable of holding concerts etc.

The most likely use of Ibrox is as a sports venue with a future Newco Rangers as tenants.

I wonder if Mad Vlad could buy it....then refuse to let them use it until Newco Huns pay the money they should have paid for Wallace.

[CropleyWasGod]

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So they will weasel out of paying their debts and reappear shortly as a hun newco. Their fans will turn up next season as if nothing had happened and in time they will just blame everyone else.

You're not keeping up, are you?

[down-the-slope]

UPDATE REPORT.

Her Majesty's Revenue and Customs will reject the company voluntary arrangement proposal made by Rangers' prospective owner Charles Green.
Green's consortium hopes to have its CVA approved by creditors when they meet at Ibrox on Thursday so that the club can exit administration.
But the club needs dominant creditors HMRC and Ticketus to vote in favour to avoid the assets being sold off.
Green will now try to buy the assets and re-form Rangers as a new club.
He said: "The solemn promise I can make to Rangers fans today is that this club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.
"I am hugely disappointed by the decision of HMRC not to support the CVA proposal and that disappointment will be felt acutely by Rangers fans across the world.
"Frankly, I do not see what benefit will be achieved by this decision. My consortium's offer for a CVA amounted to a total of £8.5m.
WHAT IS A CVA?

• A CVA enables companies to reach an agreement with creditors about how debts could be repaid and provides for partial or full repayment depending on what the company can reasonably afford to pay.

"Now that we will have to complete the purchase via the formation of a newco, the purchase price and therefore the amount available to creditors will be £5.5m.
"I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years all that will happen is that there will be less revenue generated by the club and consequently less money paid over to the taxman."
The CVA terms suggest a maximum payout of nine pence for every pound owed but that is a best-case scenario for those awaiting payment.
Rangers entered administration on 14 February and await the outcome of a First Tier Tax tribunal at the Court of Session in Edinburgh over unpaid taxes - the so-called "Big Tax Case".
If that decision goes against the club, it would mean a further bill of anything from £35m to £70m, thereby reducing the pence-in-the-pound deal to close to zero.
The club's total debts to unsecured creditors listed in the CVA was £55m, with HMRC accounting for £21.5m of that sum.
BBC Scotland has learned that administrators Duff & Phelps held a meeting with HMRC on Monday and were told of their decision.
RANGERS CVA KEY FACTS

• Rangers administrators' CVA offers 8-9p in the pound (best case scenario)
• Administrators fees: £5.5m
• Football debts: £3.5m
• HMRC owed: £21.5m
• Ticketus owed: £26.7m
• Total owed to unsecured creditors: £55m

Duff & Phelps say HMRC's decision was based on "its general policy of not agreeing to a CVA where there is strong evidence of non-compliance by a company with its tax liabilities".
They said HMRC had agreed to consider the CVA proposal along with all other options but decided that the club's level of indebtedness made it unacceptable.
The administrators say HMRC would also have rejected the other offers for the club that proposed a CVA.
Administrator Paul Clark added: "HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity.
"The Club will continue to operate as it has always done but within a new company structure."
The CVA requires the approval of 75% or more in value of the creditors, and more than 50% in value of the members, voting on the resolution.
Under the terms of the deal struck by Green's consortium to buy Rangers, it will now proceed to purchase the business and assets of Rangers for £5.5m.
By doing so, Green will try to form Rangers as a "newco" that will have to seek the approval of the 11 other Scottish Premier League clubs to play in Scotland's top tier.
Green added: "We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL

[johnrebus]

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According to D&P Green has a deal in place to get all the assets including Ibrox and Murray Park for £5.5 million

Not a chance that HMRC will stand back and let this happen.

[easty]

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You're not keeping up, are you?

Have to be honest CWG....as far as I can tell that the **** has properly hit the fan for them, I still don't see what this means will happen. Won't Newco Huns just be voted into the SPL next season anyway?

[Since90+2]

Does this mean that all players are effectively on a free transfer?

[poolman]

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This is why a transfer embargo should be put in place. It's nonsense that a buying club should be able to sell on a player, keep the proceeds yet stiff the club they bought him from.

I detest Rangers.

Exactly, I'ts fundamentally obscene that this lot are coming out with all this stuff and nonesense about 19 players on their radar etc. and they still owe money to teams like the Yams (dont mind that much ) and Rapid Vienna

Their arrogance and shameful behaviour knows no bounds

[BarneyK]

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Have to be honest CWG....as far as I can tell that the **** has properly hit the fan for them, I still don't see what this means will happen. Won't Newco Huns just be voted into the SPL next season anyway?

They may well. Mind you, they have created a lot of bad feeling now amongst the other clubs, so who knows...

[Leithenhibby]

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You're not keeping up, are you?

[Seveno]

Wonderful news and my undying love to Hector.

The most recent stench though is coming from the news that the SPL have agreed a sponsorship deal with Weatherseal ( owner - Brian Kennedy ). He is sure to have inserted a clause that the deal falls without Rangers in the SPL. More ammunition for the Donkey to put pressure on when the vote comes.

[At The Edge]

i can imagine Doncaster has just hit the bottle, afterall did he not expect a CVA to go through.
Wonder what nonsense he will come out with now.
Traynor, Dung, Dodds stop greeting, the clyde is at bursting point already with 'we r the peepul' tears

[Hongkong Phooey]

Once in a lifetime opportunity here folks (if all of this is correct of course).

1. Clubs hold their nerve and huns down to D3 (at best)
2. Voting system in SPL, and in turn TV rights etc, changed forever.

If Carlsberg did Old Firm bashing Tuesdays....

[MyJo]

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Have to be honest CWG....as far as I can tell that the **** has properly hit the fan for them, I still don't see what this means will happen. Won't Newco Huns just be voted into the SPL next season anyway?

Only of they get the majority of existing spl clubs to agree to them being allowed back in which is looking more and more unlikely as the fans are pressuring thier own clubs not to allow them back in or face season ticket boycotts

[frazeHFC]

Hun next to me just left the building, probably heading to buy a noose.

[GreenPJ]

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They may well. Mind you, they have created a lot of bad feeling now amongst the other clubs, so who knows...

My uneducated take in this now is that its now the time for other spl fans to determine what they want to happen. Up until this stage it was possible if a cva had been accepted that no matter what other fans and clubs wanted they were restricted. Now it looks as if the clubs will determine where they ply there trade for the next 3 years at least and so fans need to let their boards know in no uncertain terms what there feelings are.

[CropleyWasGod]

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Have to be honest CWG....as far as I can tell that the **** has properly hit the fan for them, I still don't see what this means will happen. Won't Newco Huns just be voted into the SPL next season anyway?

There is a lot to be played out, TBH, and I'm not getting the jelly out yet.

Yes, the SPL vote has still to happen.

But the Newco scenario is not done and dusted either. As I say, HMRC will be on the case to make sure that doesn't happen.

[stokesmessiah]

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Wonderful news and my undying love to Hector.

The most recent stench though is coming from the news that the SPL have agreed a sponsorship deal with Weatherseal ( owner - Brian Kennedy ). He is sure to have inserted a clause that the deal falls without Rangers in the SPL. More ammunition for the Donkey to put pressure on when the vote comes.

I think you are giving that announcement a little too much thought, they have been appointed the official home improvement sponsor of the SPL.

[johnrebus]

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You're not keeping up, are you?

How will liquidation affect the other charges, eg. duel contract, EBT's etc. etc.

Will they (the other charges) be dead in the water now?

[down-the-slope]

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Hun next to me just left the building, probably heading to buy a noose.

Make sure and sympathise with him at every opportunity...try not to smile as you do it...and make sure to mention that it must be comforting to know that Mr Green has promised it will all be ok

[MB62]

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HMRC have indicated who they would prefer as liquidators, should that happen;the creditors (and administrators) have accepted this. That much is in the public domain.

Given the statement today from Green that he now intends setting up a newco at a cost of £5.5m, how certain is this?

HMRC have 'preferred' liquidators but who actually 'appoints' the liquidators? is it Duff & Duffer and what role do they now play for the future?

Green states that he will be buying the assets e.g. ground training ground but can the new liquidators put a stop to this? £5.5m for Murray Park and Ibrox seems a bit short in value.

Will players contracts now be taken over by the SFA/SPL and newco will have to buy these contracts back?

[easty]

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Hun next to me just left the building, probably heading to buy a noose.

It wasnt by the window was it?

[down-the-slope]

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How will liquidation affect the other charges, eg. duel contract, EBT's etc. etc.

Will they (the other charges) be dead in the water now?

in terms of Hector...all finished...in terms of SPL investigation...still all to play for on Dual contract stuff (which would have to be bigger punishment than disrepute one if found proven

[GreenPJ]

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They may well. Mind you, they have created a lot of bad feeling now amongst the other clubs, so who knows...

My uneducated take in this now is that its now the time for other spl fans to determine what they want to happen. Up until this stage it was possible if a cva had been accepted that no matter what other fans and clubs wanted they were restricted. Now it looks as if the clubs will determine where they ply there trade for the next 3 years at least and so fans need to let their boards know in no uncertain terms what there feelings are.

[down-the-slope]

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My uneducated take in this now is that its now the time for other spl fans to determine what they want to happen. Up until this stage it was possible if a cva had been accepted that no matter what other fans and clubs wanted they were restricted. Now it looks as if the clubs will determine where they ply there trade for the next 3 years at least and so fans need to let their boards know in no uncertain terms what there feelings are.

with a CVA they would have escaped with 'cuts and bruises'....now they need to grovel for their very existence to those they have spent the last few weeks alienating even more than ever.......

[EskbankHibby]

I genuinely think this is the only part of the process that has not gone to plan for Whyte.


Buy club with someone else's money - check

Shaft HMRC/SFA/other clubs for money - check

Administration - check

Employ pals as administrators and tell them to ramp up fees and prolong process - check

Arrange for pal to 'buy' club/assets for vastly reduced amount - check

Prepare CVA which creditors will agree to as they will be privileged to receive 9% of what they are owed and will not let the great Glasgow Rangers go to the wall - oops.

Just need the SPL to show the same baws as HMRC and sort these criminals out once and for all.