Generic Sevco / Rangers meltdown thread

[lapsedhibee]

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without either side of the "debate" ever defining what they mean by club.

Didn't a lordship recently define it as a 'mythical entity' or sumpn?

[Keith_M]

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In addition to the League Cup game, didn't they also meet in some Glasgow under 18 cup which resulted in damage to Firhill?

Yep, their respective 'young teams' took it as an excuse to set off flares, sing the old sectarian ditties and generally act like wee fann1es

...without a word from our esteemed football authorities.

[grunt]

http://rangers.co.uk/news/headlines/...ment-one-year/

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YESTERDAY was the first anniversary of regime change at Rangers and provides the ideal opportunity to give an update on progress at the Club – on and off the pitch.

Supporters and staff should be proud of their contribution towards the achievements of the past year. The Board is grateful for this support and recognises it as the single biggest contributor to securing our return to the top of the football business. After years of trauma we now have clearly defined goals with everything possible being done to ensure that there is no repeat of the disasters of recent years.

It gives me and my fellow Board members a sense of pride that the focus has returned to football and not the off-field issues that dominated the recent past. We have, for the first time in a number of years, a solid, stable Board and we are more financially secure following years of reckless decisions and spending. The pursuit of personal interest and greed is now a thing of the past.

There is a renewed brightness and energy throughout Rangers with a revitalised staff that had been worn down by years of corporate mismanagement and false promises. We are all buoyed by the marked differences in the football department which had also been low in confidence and inspiration. A completely new management team led by Mark Warburton has been introduced and a more youthful and vibrant squad of players has been assembled.

The current squad was finalised at short notice last year by the new manager and his support staff with the objective of securing automatic promotion. It was always anticipated that further acquisitions would be necessary to compete in the Premiership if promotion was secured. Mark and the football executive are already working on the player-recruitment plan for the close season when we will bring in a number of new players to meet our ambitions to continue to compete at higher levels in the coming seasons.

The team is playing an attractive brand of attacking, winning football that has captured the imagination of supporters who have returned to Ibrox in huge numbers with more than 36,500 season tickets sold this season. Progression in the Scottish Cup has been a welcome reinforcement of the improvements made on the footballing front but the one non-negotiable this year was a return to the Premiership and the team is on track for this, sitting comfortably at the top of the Championship. Despite our current strong position, we will not take success for granted and will continue to approach every league game with the same intensity and attack-minded approach that has been on show throughout the season.

Many of the clubs in the Premiership will also be hoping Rangers is promoted because Scottish football has suffered on many levels since our Club went down to the bottom division.

Together we have demonstrated that our Club will not be kept down. We are no longer powerless to deal with issues that confront us. The Board will not stand by and allow Rangers to be negatively impacted on any front and will continue to challenge decisions made prior to regime change if they are damaging to our ambitions for Rangers.

It is also well documented that, after replacing the board last March, we inherited a number of legacy issues. All of these have been addressed. Some were capable of being resolved immediately but others require longer-term remedies.

In particular, the arrangements with Sports Direct remain problematic. The Club and I were compelled to deal with a number of legal attacks from Sports Direct in its attempt to reassert the dominant relationship that it enjoyed prior to regime change. The new Board and I stood up to this corporate and personal bullying and achieved resounding success in the court applications, including substantial cost orders in our favour. I have already expressed my personal views on the relationship with Sports Direct and its so-called management of the Club’s retail activities. There is no need to repeat them.

It is unfortunate that it required the repayment of the expensive so-called “interest-free” loan before we were able to give notice on the agreement with Sports Direct or to take legal action to protect the Club’s interests and seek restitution. This bizarre state of affairs was caused by poorly-negotiated agreements prior to regime change during which personal interest was put ahead of those of the Club. Additionally, some of the individuals negotiating on behalf of Rangers had a clear conflict of interest. A joint venture should be based on trust and that is clearly absent on both sides.

We have now had sufficient time to analyse the voluminous documentation supporting the establishment of the numerous agreements and side agreements with Sports Direct. Discussions have commenced with our legal advisors to review our findings and to devise the most effective legal strategy. This will be presented to the Board for approval at the end of this month.

It remains possible that the seemingly inevitable lengthy and costly litigation can be avoided. There is a far better alternative if Sports Direct recognises that the present arrangements are not working for either party and agrees to renegotiate the present arrangements to create the win-win situation that should have been reflected in the original agreements if Rangers had an effective negotiating team at that time. It would be an immediate boost for Rangers if the Board can be put into a position to endorse a revised deal prior to the launch of new kit for the coming season. It would be great to see our supporters once again being able to wear kit at games while being certain that their purchases will benefit the Club and the team.

It is also encouraging to know that a working group is currently assessing the best way in which to bring all our fans closer together. It will continue to be important to have unity through a truly independent fan group that represents and speaks for Rangers fans wherever they may be found. This would be a powerful body that should connect with the Board and influential agencies throughout Scotland.

The Club continues to require funding to meet its ongoing cash shortfall. This has largely been provided by me and the 3 Bears, however we have recently spread the investor base by securing a portion of the required investment from a group of Hong Kong based supporters. I will continue to look for like-minded investors who can share the financial burden. The recent history of Rangers has shown that it is better to have more investors than few. Hopefully, in time, we will see the broad-based supporters group having an increased stake in the Club.
I am also pleased to report that Rangers now has no third-party debt whatsoever. There are not many Clubs in the world that are in that enviable position.

Thank you again for your support. We are now approaching the business end of the season and we look forward to completing the journey back to the top together.

[Jim44]

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http://rangers.co.uk/news/headlines/...ment-one-year/

[Hibs Class]

Presumably they have no third party debt because oldco walked away from all their obligations and no-one will lend to newco?

[CropleyWasGod]

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Presumably they have no third party debt because oldco walked away from all their obligations and no-one will lend to newco?

I'd be interested in their definition of "third-party debt".

The Club continues to require funding to meet its ongoing cash shortfall. This has largely been provided by me and the 3 Bears, however we have recently spread the investor base by securing a portion of the required investment from a group of Hong Kong based supporters.

[JeMeSouviens]

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I'd be interested in their definition of "third-party debt".

The Club continues to require funding to meet its ongoing cash shortfall. This has largely been provided by me and the 3 Bears, however we have recently spread the investor base by securing a portion of the required investment from a group of Hong Kong based supporters.

They owe it to themselves! Now where've I heard that before ...

[Keith_M]

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Presumably they have no third party debt because oldco walked away from all their obligations and no-one will lend to newco?

They share that distinction with Hearts, who dumped their debt in the same shameful manner.

[GreenLake]

I saw a great match between two clubs with a much greater history than Sevco last night. LA Galaxy 4 DC United 1. Both clubs have 21 years of history.

[SuperAllyMcleod]

If ever there's going to be a game for the Huns to dust off the old songbook it's going to be this one.

The rest of Scottish Football needs to listen carefully and then call them to account.

[jacomo]

Dave King has turned the smug dial up to max.

I'd love to see the crook brought down. Why are the media so scared to ask the questions?

[HoboHarry]

What are the chances of Sports Direct being on the Sevco jerseys next year as part of these "negotiations"?

[Eyrie]

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If ever there's going to be a game for the Huns to dust off the old songbook it's going to be this one.

The rest of Scottish Football needs to listen carefully and then call them to account.

Not just Sevco - the other lot will be at it too. Ban the pair of them and clean up Scottish football in one move.

[greenginger]

http://rangers.co.uk/wp/wp-content/u...iew_070316.pdf


Sevco's 6 month figures.

The comparison figures for the 6 months to Dec 2014 are not the same as those published by the old regime, although the bottom line is the same.

I think they have stripped out the Rangers Retail element because it is now controlled by Ashley.

[greenginger]

https://twitter.com/jamesdoleman?ref...Ctwgr%5Eauthor


BDO asking to be allowed to take Dead Rangers tax case to supreme court.

[Lago]

Unfortunately they seem to be getting their finances in order.

[Ozyhibby]

Breaking Rangers liquidators to be given permission to appeal tax case to UK Supreme Court.


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[Ozyhibby]

Judges rule "Rangers tax case" raises significant issues and should be heard by Supreme Court. M/F


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[CropleyWasGod]

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http://rangers.co.uk/wp/wp-content/u...iew_070316.pdf


Sevco's 6 month figures.

The comparison figures for the 6 months to Dec 2014 are not the same as those published by the old regime, although the bottom line is the same.

I think they have stripped out the Rangers Retail element because it is now controlled by Ashley.

That's exactly what they have done:-

The loss of control over Rangers Retail Limited on 27 January 2015 resulted in the financial performance of the
retail business being shown separately from the football club operations. This is shown as “discontinued
operations” with adjustments made to prior year figures to ensure comparable presentation. The results for
this period are compared against the continuing operations for the period to 31 December 2014.

No Balance Sheet, though?

[greenginger]

http://johnjamessite.com/2016/03/15/...g-controversy/

Seems Craig Whyte has been in court today, got a judicial revue for a claim on Dead Rangers assets. That is the money BDO have been pulling in for the creditors.

Maybe there won't be much left after the Supreme Court appeal.

[HoboHarry]

Maybe CWG will have some input into the end paragraphs but would be rather funny if true.

[grunt]

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http://johnjamessite.com/2016/03/15/...g-controversy/

Personally I think JJ is completely at sea when it comes to analysing corporate and financial matters. His analysis of the Rangers interim financial statement was woefully lacking in any coherent factual content and only served to display his lack of understanding of financial statements and the difference between profits and cashflow.

His recent blog posts appear increasingly scatter-gun, and he seems to wander from point to point with no coherent or consistent strategy. I sometimes struggle to work out what point he's trying to make.

Although maybe that's just me.

[cabbageandribs1875]

i see Mr Sports Direct has been told to appear before some government committee in regards to treatment of SD employees


http://www.bbc.co.uk/news/uk-england...shire-35811254

MPs have decided to issue a formal summons ordering Sports Direct boss Mike Ashley to give evidence to them about the treatment of his workers.
He previously declined an invitation to appear before the Business, Innovation and Skills select committee.
In a letter he accused MPs of "abusing Parliamentary procedure in order to create a media circus".
The committee has warned him that he could be in contempt of Parliament if he ignores the summons.

[CropleyWasGod]

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Maybe CWG will have some input into the end paragraphs but would be rather funny if true.

I'm with Grunt in his opinion of JJ's financial nous. I've given up questioning him, as I just get ignored :)

I'm still puzzled, though, at the Liberty Capital thing. If there was such a loan, why is it only surfacing now? Why was it not in the accounts pre-admin?

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[Ozyhibby]

https://drive.google.com/file/d/0B_X...RZNzZ1elU/view


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[CropleyWasGod]

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https://drive.google.com/file/d/0B_X...RZNzZ1elU/view


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Who is it from?

[Super_JMcGinn]

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Quite possibly. But this is definitely the first time they'll have met in the Scottish Cup. (Sorry CWG, I know you think differently, but no one will ever convince me otherwise, and the more they protest like earlier this week, the more I'm convinced they know it too)

I know a few Rangers fans and not one of them are bothered what a % of other football fans in Scotland think about them. Had they lost Ibrox as their home the argument that they might be another club might bear some weight, as it is they didn't, so I think any claims that they are a different club is just silly.
FWIW I don't care either way.

[grunt]

http://www.heraldscotland.com/news/1...ld/?ref=twtrec

New blow for Rangers creditors as legal claim on £18m oldco liquidation pot is put on hold.

A COMPANY previously linked to Craig Whyte has had its legal claim for the whole of the £18 million creditors payout pot of the liquidated Rangers plc put on hold because of the on-going club fraud case. The development will further delay payouts to creditors of the liquidated Rangers oldco. Rangers FC Group has previously lodged a defence at the Court of Session over its claim, rejected by oldco liquidators BDO, that it is owed up to £25 million. Rangers FC Group says it holds a security over the assets of Rangers oldco RFC 2012 plc.

Rangers FC Group was formerly known as Wavetower, the company Mr Whyte used to buy Sir David Murray’s 85.3% stake in Rangers for a nominal £1 last May. The Court of Session claim, if successful, would make Rangers FC Group the only secured creditor and first in line ahead of HMRC, even if successful in the Rangers Big Tax Case. It could also earn Mr Whyte £6 million. The ongoing criminal case surrounds the 2010 acquisition of Rangers and the 2012 Sevco purchase of the club’s business and assets.

A Scottish Courts spokesman said: "The case has been sisted until the end of the criminal proceedings." The Rangers FC Group, has taken over the claim from Law Financial Ltd, the company also previously linked to Mr Whyte. The Herald revealed last month that new documents show that LFL had now taken control of Rangers FC Group which claims to hold the security. Rangers FC Group says it holds the security over the assets reassigned to the company after an £18m bank debt was paid off as a condition of Mr Whyte's purchase of the club from Sir David Murray in May 2011. He raised funds by organising a deal to sell off three years of future season ticket rights to Ticketus activated when he became owner. The security over Rangers income and assets was originally set up in 1999 in favour of the Bank of Scotland in response to the club's ballooning debt figure.

Mr Whyte, who presided over the Rangers oldco's plunge into administration in February, 2012, always insisted that the company he used to buy the club had inherited that security over the Ibrox outfit's assets. Documents showed that ultimate controllers of LFL and the action are the Worthington Group, an investment firm also once connected to Mr Whyte and who in October, 2014, said would continue to stake a legal claim over Rangers’ business and assets.

Worthington Group plc, confirmed in filings two years ago, that when it had the option of purchasing a 100 per cent stake in LFL, it was obliged to pay Mr Whyte £1 million in unsecured convertible loan notes and one third of the proceeds of any assets, claims or rights owned by his companies.

An interim £10 million payout to unsecured creditors of the in-liquidation oldco was due to have been made at the end of July to the tune of around seven pence, but has been held up because of the case. BDO has previously asked the court to dispense with any potentially time consuming and potentially expensive future hearings. The liquidators has also previously indicated to creditors that if the claim was pursued, as it has been, it could hold up payouts for some time. LFL is now owned by the Worthington Group, an investment firm also once connected to Mr Whyte and who in October last year said would continue to stake a legal claim over Rangers’ business and assets. Filings show that Craig Whyte is no longer a director of Rangers FC Group, and the four directors are Worthington Group executives Doug Ware and Richard Spurway, LFL and Liberty Corporate. Mr Whyte was a founding director of LFL, which claimed to have former Rangers newco Sevco 5088 as a subsidiary, but he stood down from the board in August, 2014.

Worthington Group were approached for comment.

[CropleyWasGod]

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http://www.heraldscotland.com/news/1...ld/?ref=twtrec

Still none the wiser.

How can CW/Wavetower/LFL/Worthington be owed money, when CW used the Ticketus money to pay off the bank?

Either I'm missing something, or CW has confused the hell out of the Court as well. Not sure why BDO haven't been able to put up a simple case that effectively says "GTF".

Edit.. there's that Spurway name again. Shivers up my spine.

[AndyM_1875]

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I know a few Rangers fans and not one of them are bothered what a % of other football fans in Scotland think about them. Had they lost Ibrox as their home the argument that they might be another club might bear some weight, as it is they didn't, so I think any claims that they are a different club is just silly.
FWIW I don't care either way.

HMRC should have taken Ibrox & Murray park off them at the CVA and redeveloped them for housing and told Rangers to go on their way without liquidation.

That would have delivered a far greater return for the public purse than this protracted shambles.
Just think Ibrox could have been developed like Highbury and Rangers would be homeless which is what would happen to me if I didn't pay my bills.