Generic Sevco / Rangers meltdown thread

[Spike Mandela]

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Rangers die today. How sweet does that sound?

The phoenix club rises tomorrow debt free, at Ibrox, training at Murray park and singing their horrible songs. This is a massive VICTORY for Rangers. Expect the chinking sound of champagne glasses in oak panelled boardrooms.

[lapsedhibee]

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Rangers die today. How sweet does that sound?

Unfortunately it's more likely that they will start to be reborn today, which doesn't sound quite so good.

As Alex Thomson has been blogging and tweeting, HMRC, SPL, SFA, etc, will not easily kill the culture. That'll be back.

[Andy74]

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If they remain in the SPL the guy will have bought a company with a turnover of between 30-50 million for 5.5.

Easy option to reduce costs in wages and still finish second each year.

If I had 5 million I'd buy them myself.

He can probably sell them for double that, or more, next year.

Although he may end up with just some property if the SFA revoke their licence, the SPL vote against their membership and the players all walk as fee agents.

I'm sure that is still woth more than £5.5 million though. That figure for everything and the rush to do it before a real liquidation still puzzles me as to why creditors would not object??

[down-the-slope]

McCoist doing Walking Away....will the Gers fans take that well

[Spike Mandela]

Looks like us and the Dons are the vanguard for sporting integrity......

http://local.stv.tv/aberdeen/news/sp...on-gers-newco/


Forget the financial 'argument' sometimes you just have to do the right thing and take the hit.

[HFC 0-7]

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Although he may end up with just some property if the SFA revoke their licence, the SPL vote against their membership and the players all walk as fee agents.

I'm sure that is still woth more than £5.5 million though. That figure for everything and the rush to do it before a real liquidation still puzzles me as to why creditors would not object??

Speaking to a mate todays who seems to be in the know with liquidation etc, he seems to think that creditors cant really kick up a fuss about Greene getting assetts until the vote has taken place today. It might not even have to be HMRC that complains to the courts to get the sale to Greene stopped, it could be ticketus or even the rest of the creditors all fighting as one. You may see all the smaller creditors get together to fight the sale, as they will now get nothing.

[Kojock]

Dont know if this has been answered but here goes.

What happens to the resultant punishments to be dished out to Old Hun FC ie EBT, transfer embargo and Sectarian singing. Do these punishments die with Old Hun or are they transferable to New Hun.

[Ozyhibby]

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Dont know if this has been answered but here goes.

What happens to the resultant punishments to be dished out to Old Hun FC ie EBT, transfer embargo and Sectarian singing. Do these punishments die with Old Hun or are they transferable to New Hun.

Very much transferrable if they want to continue playing football at all.

[Paisley Hibby]

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Dont know if this has been answered but here goes.

What happens to the resultant punishments to be dished out to Old Hun FC ie EBT, transfer embargo and Sectarian singing. Do these punishments die with Old Hun or are they transferable to New Hun.

I think you need to distinguish between legal stuff and football stuff. Legally, I don't see how Newco Hun can be held responsible for what Oldco Hun did. The law will go after the dodgy geezers associated with the Oldco.

When it comes to football, it depends. Here's my take on it. If the SPL decides to let the Newco take Oldco's place then it will not be punishments as such but rather conditions on transfer. These conditions might look very like the punishments the Oldco would have got but it will be a case of 'take it or leave it' if they want the SPL place. If the Newco also gets to keep the history with this then it will be possible for the SPL to subsequently strip them of all titles won during the alleged double contract period (and that would be quite sweet!)

If SPL says no to Newco then the New Huns would need to apply for the vacancy created at the bottom of the SFL. That would not be a punishment, it would simply be the consequence of SPL exercising its right not to let the new Huns take the vacant place caused by Oldco's liquidation. In that scenario I think there could be no punishments and no history. Technically, they would be a completely different club.

[s.a.m]

STV News‏@STVNewsMeeting to confirm rejection of CVA and liquidation of Rangers FC PLC took just nine minutes.(via @mikefstv at Ibrox)

David Cowan‏@stvdavidc#Rangers cva meeting took 9 mins. Told assets go to newco by tomorrow at latest. Admin could take many more weeks before liquidation begins

[HibeeMG]

Chris McLaughlin ‏@BBCchrismclaug
One #Rangers debenture holder said to me as he emerged 'the club is gone.'

[Matty_Jack04]

Ally McCoist on the brink?

If admin could take many more weeks before liquidation starts does this mean rangers start the season in the SPL...still in admin...possibly no players to fulfill fixtures with a 30 point penalty?

[haagsehibby]

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STV News‏@STVNewsMeeting to confirm rejection of CVA and liquidation of Rangers FC PLC took just nine minutes.(via @mikefstv at Ibrox)

David Cowan‏@stvdavidc#Rangers cva meeting took 9 mins. Told assets go to newco by tomorrow at latest. Admin could take many more weeks before liquidation begins

Gone in 540 seconds :-))

[Andy74]

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Chris McLaughlin ‏@BBCchrismclaug
One #Rangers debenture holder said to me as he emerged 'the club is gone.'

If only. Who would tell the difference in the club they are about to have debt free and assets intact in the next 24 hours?

Hopefully the players walk and things won't quite be the same.

[joe breezy]

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If only. Who would tell the difference in the club they are about to have debt free and assets intact in the next 24 hours?

Hopefully the players walk and things won't quite be the same.

I do wonder about some people, are you actually following this. Things certainly won't 'quite be the same' for a very long time...

[Stevie Reid]

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Looks like us and the Dons are the vanguard for sporting integrity......

http://local.stv.tv/aberdeen/news/sp...on-gers-newco/


Forget the financial 'argument' sometimes you just have to do the right thing and take the hit.

In addition to all the ridiculous amounts of cheating that has been going on, the SPL club chairmen would do well to remember two things: -

1. Rangers and Celtic wouldn't have given a **** about the rest of the SPL had they gotten their move to England

2. Rangers fans are insisting that they will boycott many of the away fixtures next season.

[Spike Mandela]

Reports saying club will be in administration for further 6-10 weeks prior to liquidation. Surely this means Rangers still can't sign anyone under SPL rules.

[col02]

I would have had a minute amount of sympathy for Rangers and their support had they shown any remorse or humility but given their collective stance I only want the right and proper thing done in their newco starting in the 3rd division. They can blame others all they want but in reality the blame lies within Ibrox and Murray park.

[lapsedhibee]

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Reports saying club will be in administration for further 6-10 weeks prior to liquidation. Surely this means Rangers still can't sign anyone under SPL rules.

If they're still in administration when the season starts, doesn't this mean that they are in the SPL?

[YehButNoBut]

New name for the Huns is

The Rangers Football Club

According to Sky

[Andy74]

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If they're still in administration when the season starts, doesn't this mean that they are in the SPL?

Yes and no. The SPL membership will sit with the oldco.

However, the newco will be set up in the meantime and assets transferred to enable them to be a football club.

The SPL, including oldco, will then vote on whether the transfer of the membership from oldco to newco will be accepted.

[Spike Mandela]

Sky sources saying now McCoist will NOT walk away. Has Ally had a wee tantrum, stamped his feet and got his way again? What a weasly little man this guy is

[s.a.m]

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If they're still in administration when the season starts, doesn't this mean that they are in the SPL?

Not sure, but presumably there will be an ongoing signing embargo (IIRC for being in admin.)and a points penalty. Plus a possible, pending, expulsion when liquidation does kick in, depending on the SPL vote, which SHOULD have happened by then.

[Andy74]

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I do wonder about some people, are you actually following this. Things certainly won't 'quite be the same' for a very long time...

If a newco is set up and all the assets transferred then what's the difference?

Forgetting for a moment potential charges still under investigation that may lead to football penalties.

As fas I can see only the potential for players to walk and the potential for the SPL to vote them out would change that.

Was there any need for the tone of your response by the way on a subject where it's actually quite difficult to see from day to day what the real picture is?

[Kato]

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I would have had a minute amount of sympathy for Rangers and their support had they shown any remorse or humility but given their collective stance I only want the right and proper thing done in their newco starting in the 3rd division. They can blame others all they want but in reality the blame lies within Ibrox and Murray park.

I think there are plenty Rangers fans who want nothing more than to put this behind them, take any punishment due and start building their club from scratch again. They just aren't being given a voice in the press who are more interested in plying the "don't they know who we are?" line from Huns (huns as opposed to Rangers fans).

[Paisley Hibby]

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Sky sources saying now McCoist will NOT walk away. Has Ally had a wee tantrum, stamped his feet and got his way again? What a weasly little man this guy is

I don't have much time for McCoist but to be fair, we don't know what (if anything) has happened here.

[Paisley Hibby]

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If a newco is set up and all the assets transferred then what's the difference?

Forgetting for a moment potential charges still under investigation that may lead to football penalties.

As fas I can see only the potential for players to walk and the potential for the SPL to vote them out would change that.

Was there any need for the tone of your response by the way on a subject where it's actually quite difficult to see from day to day what the real picture is?

I'd just like to agree with all that you say here Andy74.

[lapsedhibee]

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Not sure, but presumably there will be an ongoing signing embargo (IIRC for being in admin.)and a points penalty. Plus a possible, pending, expulsion when liquidation does kick in, depending on the SPL vote, which SHOULD have happened by then.

I don't see them being kicked out during the season - that would cause genuine disruption. I think if they manage to play even one league fixture after their pre-season tour, they've cracked it.

[greenginger]

Was there any announcement of the voting for/against the CVA ?

How Ticketus or any other major creditors voted, and was the whole exercise a waste of time as well as a good fee earner for the Duffs.

[HibeeMG]

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Yes and no. The SPL membership will sit with the oldco.

However, the newco will be set up in the meantime and assets transferred to enable them to be a football club.

The SPL, including oldco, will then vote on whether the transfer of the membership from oldco to newco will be accepted.

This, folks, is where we stand at the moment.

I take it the NewCo (THE Rangers FC) will be able to buy players as they are not under the same administration transfer embargo as the OldCo.