FIVE YEARS ago on Tuesday Rangers Football Club went into administration. The club was eventually placed into liquidation later that year after a CVA was rejected by creditors, including the largest, HMRC.
A new club was formed by Charles Green and through a devise called the Five Way Agreement Scottish football authorities re-wrote the rule book and came up with a new, more abstract meaning for what actually constitutes a football club in Scotland. They decided that the old Rangers, despite have around £100million in unpaid debts, could remain the same club even if it never could be the same legal entity.
Despite what UEFA would eventually say or what FIFA think, Rangers were to remain the same club because the SFA said so. It was simply for the best.
The mainstream media, which in June 2012, reported on the death of Rangers FC – some even have its coffin being buried – changed their script and the same club myth was born. No-one else supporting any other club in Scottish football believed this myth and few now have any regard for the football authorities who devised the corrupt Five Way Agreement or the media liars who peddle it on a daily basis.
These guys were five years ahead of the game on the concept of Fake News.
Tonight the ‘same club’ that had a holding company they never bothered mentioning for a century or so, has another holding company and it is in deep crisis. Deep crisis on the park. Deep crisis in the dug-out. Deep crisis in the boardroom. Most importantly it is in deep, financial crisis.
The same club is a shambles.
The entire management team have had their resignations accepted by the club/ holding company but Chris McLaughlin from the BBC is reporting that Warburton isn’t aware that he has even resigned!
Maybe he’s resigned from the club but not the holding company that currently owns the club? Who knows.
If there is another insolvency event looming for the same club, they will be faced with a heavy points deduction – although the timing of such an event could be a ten pointer for the club than can’t die.
There are, we can reveal, those inside the game who are currently anticipating another “event at Rangers” in the near future.
For the club that can’t die it’s no laughing matter but maybe Dave King will save the day.
Meanwhile here’s the Rangers statement in full from their official website….
RANGERS has accepted the resignations of manager Mark Warburton, assistant manager David Weir and the Club’s head of recruitment Frank McParland.
At a meeting with the management team’s representative earlier this week the Club were advised that Mr Warburton, Mr Weir and Mr McParland wished to resign their positions and leave the Club on condition that
Rangers agreed to waive its rights to substantial compensation. Rangers’ agreement to waive compensation would assist the management team to join another club. This compensation amount was agreed when
Rangers significantly improved Mr Warburton and Mr Weir’s financial arrangements before the start of this season.
The Board urgently convened to consider the offer made on behalf of the management team and its ramifications and agreed to accept it and release the trio from the burden of compensation, despite the potential financial cost to the Club. It is important that Rangers has a football management team that wants to be at the Club and that the Board believes can take the Club forward to meet our stated ambition to return to being the number one Club in Scotland. We are clearly short of where we expected to be at this time.
The representative acting for the management team subsequently attempted to alter the terms of what had been agreed in favour of the management team. A further Board meeting was held this afternoon to discuss this and it was decided not to agree to this additional request but to hold with the original agreement.
Mr Warburton, Mr Weir, and Mr McParland have therefore been notified in writing that their notices of termination have been accepted.
The Board is very appreciative of the good work previously done by the management team but believes it had no alternative. Our Club must come first and absolute commitment is essential.
On Sunday Under-20s coach Graeme Murty will take interim charge of the team. We know our support will give him and our team their full backing. We thank our support for their loyalty and desire to be the best.
MEANWHILE, always nice to re-produce this…