Generic Sevco / Rangers meltdown thread

[Hibs Class]

This smacks of desperation. They're claiming it's a certainty that player registrations would automatically transfer to a newco. It sounds like another bluff to me, and about as convincing as all their previous statements on how things will turn out.

http://www.bbc.co.uk/sport/0/football/18417120

[BarneyK]

http://www.bbc.co.uk/sport/0/footbal...medium=twitter

Despite what any of the actual "experts" have to say, the players apparantly have to join the Newco Huns. Well, so Chuckie says... "If the players choose not to transfer they will then be in breach of contract," Green told the club website. Paul Clark of administrators Duff & Phelps is also sanguine about the prospect of players switching to the newco.
"Once the sale is concluded, all of the players and staff will move over to the new company," he told BBC Scotland. "The newco will honour existing contracts. It's simply the name of their employer that changes."

[HFC 0-7]

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This smacks of desperation. They're claiming it's a certainty that player registrations would automatically transfer to a newco. It sounds like another bluff to me, and about as convincing as all their previous statements on how things will turn out.

http://www.bbc.co.uk/sport/0/football/18417120

Its a strange one as no one seems to be questioning whether Greene buying the club for 5.5 million is a done deal and cannot be challenged. If I was a creditor I would want everything to go on sale and let offers come in.

[VickMackie]

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They are allowed a vote because at the moment they have not been liquidated. The vote is about admitting a newco into the SPL, NOT a Rangers newco.
As it stands, they are a member club and are entitled to vote on this, like it or not.

This is what is confusing. Why are 12 teams voting to allow a new club into the league when there are already 12 teams. Surely for that to be logical we'd be increasing the league to 13.

****ing thing is a farce.

[BarneyK]

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This smacks of desperation. They're claiming it's a certainty that player registrations would automatically transfer to a newco. It sounds like another bluff to me, and about as convincing as all their previous statements on how things will turn out.

http://www.bbc.co.uk/sport/0/football/18417120

It's almost as if they are considering the players to be "assets"...But of course we all know that the players wouldn't have any value in the event of a liquidation...oh wait a minute, I'm confused...

[GreenCastle]

If Rangers get thrown out the SPL - which they better or will be a complete farce and the death of Scottish Football.

Would they then start in SFL 3 or just the 1st division? Surely has to SPL3...if they are voted in ?

[The Falcon]

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Its a strange one as no one seems to be questioning whether Greene buying the club for 5.5 million is a done deal and cannot be challenged. If I was a creditor I would want everything to go on sale and let offers come in.

The individual assets have not been offered for sale. Why do they sell it as a job lot when it may achieve more independently? Will someone ask D+P why MacGregor or Naismith werent sold to realise money. That would be realised now the season is over.

I hope vienna follow thorugh with their complaints to FIFA and UEFA as all the timings here stinks to the high heavens. This administration process and subsequent liquidation was pre planned long before valentines day.

[matty_f]

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Its a strange one as no one seems to be questioning whether Greene buying the club for 5.5 million is a done deal and cannot be challenged. If I was a creditor I would want everything to go on sale and let offers come in.

I'm wondering if BDO can throw a spanner in the works of that deal and stop Greene picking up the club for a pittance, and in the process shaft all the creditors.

Also, can't HMRC just pursue newco Rangers for the debt, given that it's still trading as essentially the same company?

[GordonHFC]

Liquidation day should be 12th July

[matty_f]

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The individual assets have not been offered for sale. Why do they sell it as a job lot when it may achieve more independently? Will someone ask D+P why MacGregor or Naismith werent sold to realise money. That would be realised now the season is over.

I hope vienna follow thorugh with their complaints to FIFA and UEFA as all the timings here stinks to the high heavens. This administration process and subsequent liquidation was pre planned long before valentines day.

FIFA/UEFA should definitely be getting involved where other clubs are getting stiffed for their money.

Are newco Rangers entitled to any of the Jelavic money? Surely it would stand to reason that if they're ditching the debt then they're also ditching what's due to them as well...

I think it's clear that Duff and Duffer have been incompetent in their handling of this administration. Absolute minimal cost cutting has taken place, they actually signed off bringing in a player (Cousin) and only the SPL put the kaibosh on that one. They've led several prospective buyers up the garden path and strung out the process as long as possible, all the while whittling down the money available to the creditors. It's been an absolute sham.

That's not to mention the alleged conflict of interest around the Ticketus deal as well.

Someone's clearly going to be laughing all the way to the bank on this deal, I just hope that the relevant authorities catch them.

[Spike Mandela]

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FIFA/UEFA should definitely be getting involved where other clubs are getting stiffed for their money.

Are newco Rangers entitled to any of the Jelavic money? Surely it would stand to reason that if they're ditching the debt then they're also ditching what's due to them as well...

I think it's clear that Duff and Duffer have been incompetent in their handling of this administration. Absolute minimal cost cutting has taken place, they actually signed off bringing in a player (Cousin) and only the SPL put the kaibosh on that one. They've led several prospective buyers up the garden path and strung out the process as long as possible, all the while whittling down the money available to the creditors. It's been an absolute sham.

That's not to mention the alleged conflict of interest around the Ticketus deal as well.

Someone's clearly going to be laughing all the way to the bank on this deal, I just hope that the relevant authorities catch them.

This is now the blueprint for all clus chasing success..........

Spend, spend, spend, withhold tax, administration, liquidation, newco then start again. If the SPL do not nip this in the bud by not allowing the newco in I will be expecting Petrie and others to be spending millions in this summers transfer window.

[BarneyK]

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FIFA/UEFA should definitely be getting involved where other clubs are getting stiffed for their money.

Are newco Rangers entitled to any of the Jelavic money? Surely it would stand to reason that if they're ditching the debt then they're also ditching what's due to them as well...

I think it's clear that Duff and Duffer have been incompetent in their handling of this administration. Absolute minimal cost cutting has taken place, they actually signed off bringing in a player (Cousin) and only the SPL put the kaibosh on that one. They've led several prospective buyers up the garden path and strung out the process as long as possible, all the while whittling down the money available to the creditors. It's been an absolute sham.

That's not to mention the alleged conflict of interest around the Ticketus deal as well.

Someone's clearly going to be laughing all the way to the bank on this deal, I just hope that the relevant authorities catch them.

Very good point

[Viva_Palmeiras]

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I'm wondering if BDO can throw a spanner in the works of that deal and stop Greene picking up the club for a pittance, and in the process shaft all the creditors.

Also, can't HMRC just pursue newco Rangers for the debt, given that it's still trading as essentially the same company?

Tsk tsk Matty - did you not catch (any) episode of Watchdog where these dodgy workmen get barred and setup under a different name? ;) presume it's same rules apply just on a grander scale.

Where Lynne Faulds-Wood when you need her? "it could be a potential deathtrap!"

[CropleyWasGod]

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Very good point

It will be recovered for OldCo by the liquidators, and paid out to the creditors in the normal way.

[BarneyK]

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It will be recovered for OldCo by the liquidators, and paid out to the creditors in the normal way.

It's not due until January next year I think. Are they likely to still be hanging around then? That must be a scunner for the Huns. The papers had them bumping Rapid and collecting the £5m themselves once the CVA was all done and dusted

[CropleyWasGod]

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It's not due until January next year I think. Are they likely to still be hanging around then? That must be a scunner for the Huns. The papers had them bumping Rapid and collecting the £5m themselves once the CVA was all done and dusted

Liquidations can go on for years. The Airdrie one was only completed a couple of years ago.

Besides, if they weren't, Everton would have no-one to pay.

[DH1875]

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FIFA/UEFA should definitely be getting involved where other clubs are getting stiffed for their money.

Are newco Rangers entitled to any of the Jelavic money? Surely it would stand to reason that if they're ditching the debt then they're also ditching what's due to them as well...

That's one of the things I could never understand. Green was talking about the money Everton owe them and how they'd use it and then in the same breath trying to get a CVA and bump Vienna out of the money they owed them, for Jelavic .

[number9dream]

If, and it's a big if, Rangers can take players with them to newco. What's to stop Green & co selling McGregor & Naismith for £6m on Friday - £500,000 up 24 hours after shedding potential debts of £100+m!

Not sure HMRC come out of this very well. Creditors get nothing through liquidation.

Surely taxman would have been better off compelling Rangers to sell off assets such as top players and Murray Park to top up CVA. Why on earth did Duff & Phelps not do this from minute one? Instead they have carried on paying salaries to folk like Sandy Jardine for being a "club ambassador" and continue to fork out £20,000 a week for Media House PR. I guess it's not their money but they are duty-bound to serve best interests of those owed cash. Are they just interested in filling their own pockets and maybe giving wee Whytie a back-hander? Don't bother answering that...

Rangers getting a vote on a new Rangers getting back into the SPL? It's like a Kafka story!

It needs to be 8-4 in their favour right? Hibs, Celtic, maybe Aberdeen and Dundee Utd to vote against. With that dimwit Doncaster will be peddaling the "loss of TV revenue" line, I just can't see any of the others looking beyond their coffers...

[BarneyK]

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If, and it's a big if, Rangers can take players with them to newco. What's to stop Green & co selling McGregor & Naismith for £6m on Friday - £500,000 up 24 hours after shedding potential debts of £100+m!

Not sure HMRC come out of this very well. Creditors get nothing through liquidation.

Maybe HMRC has another plan to screw more money out of them? We'll need to wait and see.

[Cropley10]

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It exists at the moment, when do they cease to exist? When they go into liquidation? The way I have read the new co route is that they would leave the old co in existence, however HMRC may move quickly to liquidate meaning old co is no longer a member of the spl and this could all happen before the spl votes. If that's the case surely new co couldn't vote?

HMRC may move to liquidate etc.

Well if they don't and Oldco still exists they still exist.

RFC 1872 may soon be no more but if they turn up at ER next season, same badge, same strip, same songs, same ******, then what, exactly, is the difference?

[ScottB]

I can see plenty clubs going bust if they get back into the SPL.

Why? The banks.

What we will have is a precedent that says SPL clubs can ditch their debts and basically carry on scot free. Just watch how quickly the banks cancel overdrafts and call in loans as that money will overnight become a massive toxic risk to them.

[ehf]

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It will be recovered for OldCo by the liquidators, and paid out to the creditors in the normal way.

Suspect the plan is that it will transfer to Newco under "Receivables" as part of D+P/Green/Whyte's tawdry little scheme, but HMRC/BDO will not be having any of that!

[Brando7]

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I can see plenty clubs going bust if they get back into the SPL.

Why? The banks.

What we will have is a precedent that says SPL clubs can ditch their debts and basically carry on scot free. Just watch how quickly the banks cancel overdrafts and call in loans as that money will overnight become a massive toxic risk to them.

Couldn't agree more, have said this a few weeks ago n hope the clubs have this at the back of their minds come vote time

[snooky]

"If the players choose not to transfer they will then be in breach of contract," Green told the club website.

"But we want all of the staff and players to get behind what we are trying to do."
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If I was a RFC player, the first statement would kinda sour me to the second.

[Andy Bee]

This maybe controversial but would keeping them in the SPL be such a bad thing.......I'm starting to think that SFL3 wouldn't be as bad as some people may think for them. If you think about it, and assuming they retain Ibrox and the rest of the assets, they're going to steamroller the lower leagues, they'll spend just enough to make sure they walk it, hundreds of thousands as opposed to millions of pounds on wages, all the time gathering in around £15m in season ticket sales and more in renewed sponsorship deals. It would be business as usual within four years with a war chest at the ready.

Personally I'd like to see them stay in the SPL but be held responsible for every penny of debt they've managed to rack up, a payment plan put in place, the Euro ban still being imposed and somehow the transfer embargo re-instated.

RFC......The whipping boys of the SPL...........that's the stuff dreams are made of.

P.S and they chuck in a free slap, without prosecution, at Barry the crab, Mark Hately, Sally, Peter Lovenkrands, Barry the crab again, Ian Black (yup I know he's not a hun but he has been linked) McGregor, McGregor, McGregor and Barry the crab again

[Brando7]

http://www.sfo.gov.uk/fraud/what-is-...stripping.aspx

Greens plan down to a t all here

[The Green Goblin]

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Errmmm - the whole point is that they haven't paid money due to the taxman. Is this guy for real?

Totally. I thought that was an outrageous statement.

[cabbageandribs1875]

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"If the players choose not to transfer they will then be in breach of contract," Green told the club website.

"But we want all of the staff and players to get behind what we are trying to do."
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If I was a RFC player, the first statement would kinda sour me to the second.

took this from a thread on swallow swallow



RANGERS stars have been told they CAN walk away from an Ibrox newco.

Players’ union chief Fraser Wishart has advised Ally McCoist’s stars that they are free to leave a liquidated club.

The registration row could end up in court though, as administrators Duff & Phelps are at odds with PFA Scotland’s stance.

Anxious Gers heroes were last night considering their futures after the hammer blow of liquidation.

Kirk Broadfoot told SunSport: “The PFA have told the players that we can leave the club if it’s a newco. If the PFA are right, the whole team could walk out for nothing.

“Most of the boys are big Rangers fans, that’s why you’ve not really seen anyone leave.

“I’m sitting here worried about what the future holds.”

PFA Scotland have already briefed the stars on their employment rights. New laws brought in six years ago allow staff to leave businesses which plunge into liquidation.

Wishart insists the rules are straightforward.

The former Gers star said: “They would be free agents. Registration dies with the club and the player would be free to go.




not too sure about broadfeet being a gers hero though

[jgl07]

The Scotsman's predictions on the vote:

http://www.scotsman.com/sport/footba...ight-1-2351524

[ScottB]

Good, frankly I think it's only going to take one or two legal battles to hold this nonsense up long enough that there'll be no Rangers at all next season.

I really can't see a full newco being created with a usable squad in what, a month / 6 weeks tops?