There seems to be more confusion than clarity following this afternoon’s press conference at Ibrox where Duff and Phelps gave information on Rangers FC PLC (in administration).
Most important item first. The administrators confirmed that they will propose a Creditors Voluntary Agreement (CVA) in order to avoid the company being liquidated. You should ignore sounds of confidence on this matter. The administrators have to sound confident that they have a good deal for creditors, no point telling everyone, ‘We’ve made an offer, but ooph, don’t hold your breath!”
No indication was given that any creditors were on-side, never mind the 75% by value required. HMRC will have the casting vote in this campaign and are exceptionally unlikely to set a precedent for football clubs to opt-out of PAYE, NI and VAT.
One fascinating wee snippet is the missing £24m from Ticketus. Of course, if you believed Craig Whyte, the money went into the club. Alternatively, the money was paid to Whyte’s solicitors in advance of the club sale and went straight to Lloyds Banking Group. The remainder will be with one of Whyte’s companies and could well be paying salaries next week. Nothing too exceptional.
How Ticketus secured this loan is more intriguing, but there is so little information published this is not particularly surprising. Ticketus might have screwed up, but I reckon there is simply a detail not yet revealed to the administrators or public. A non-committal reply was given to a question on the floating charge over the company originally held by Lloyds, which will possibly reveal more about Ticketus when confirmed.
At some point, possibly next week, the CVA will be proposed. Once the administrator has a response to this they will be in a better position to suggest how likely the company is to be liquidated. Until then, it’s all cheer leading by the guys from London.
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Two mentally challenged with washed out Rangers tops in the boozer tonight listening to
Sky sports reporter reading out Celtic statement.
‘See that Celtic board, they’ve not got a f*****g clue!
Ah mean, who they gonnae play?’
‘Aye an-know Dave, shower of p*****, couldnae run a menage.’
Never mind Celtic, is anyone aware of a single other scottish club or set of fans who have stated they’re sad or upset over rangers tumble?
Also, FIFA and UEFA have very strict rules about politics influencing football. Salmond will end up getting the whole of Scottish football chucked out of world/european competition. I’m sure his view will be “So what? If rangers can’t compete then why should anyone else.”.
I have registered an interest in purchasing Rangers – 99p. Expecting a call soon.
At the moment if the forces of darkness only owe £9 M to HMRC then thats not the 25% needed to veto the CVA? (£16M to whyte + £25M to Tickitus). So a CVA may be possible without HMRC support. But that wont make any difference cause if the big tax case goes against them then they’ll go under anyway. Yeah?
Vmhan Supporting Lenny! says:
16 February, 2012 at 20:23
Evening Celts,
Paul67 great leader article.
I’ve always been of the opinion that a long slow lingering demise (of the huns) would be the best option for us, now however I’m listening to these politicos ex players (tax paid ?) and media type clowns who all think its ok to swindle the country out of up to £75million. Now I want the endgame to be immediate, get them by the throat and squeeze the lifeblood out of them, they deserve bitter!
Vinny
HH
Palacio67 enjoy the do at the Barrow CSC!
V
HH
Paul67 @ 13:47
…Rangers is good for business…Without Rangers…Celtic will deal with this, other clubs should learn to do the same.
Eck @ sometime yesterday
“The most diehard Celtic supporter understands that Celtic can’t prosper unless Rangers are there. The rest of the clubs understand that as well. Therefore you have to have cognisance of these things when you’re pursuing public policy
Given that at least the part of the statement where you mention “other clubs” matches exactly whit Eck said, all I am saying is his statement cannot be said to be blatantly untrue.
I hope that was seen to be the intention of my previous post.
wooft!
Mark Daly @markdaly2 Reply Retweeted Favorite · Open
I’ve just been told ex #rangers c’man Alistair Johnston today asked Crown Office to launch criminal fraud investigation into Whyte takeover
Check Ragers Media – the “Celtic Family” thread, it’s good for a laugh, such bile and inaffective hatred.
Apologies if this has already been posted:-
http://epetitions.direct.gov.uk/petitions/21438
oglach, I’m gonnae beat that with a -98p bid :¬)
V
Phil getting ready for the kill!
Mark Daly @markdaly2 Reply Retweet Favorite · Open
I’ve just been told ex #rangers c’man Alistair Johnston today asked Crown Office to launch criminal fraud investigation into Whyte takeover
SS1 – crowd at the darts in Aberdeen singing ‘lets all laugh at Rangers’!
I’ve yet to see the mass outpouring of grief from fans of other Scottish clubs over the predicament of the huns that you would expect.
Or do they not realise that Scottish football cannot survive without them either?
Spearman –
If the Big Tax Bill has not yet crystallized then HMRC are not a major creditor.
If so, a CVA could be agreed with other creditors ….. BUT …..
As soon as the 49m/50/75m (delete as appropriate) materialises HMRC could simply chuck Rangers (as they are the same legal entity as before) straight back into administration.
Hail Hail
Daly tweeting that Alistair Johnston today asked Crown Office to launch criminal fraud investigation into Whyte
sixtaeseven says:
16 February, 2012 at 20:46
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Yes, possibly the most attractive investment since ”Dr Bob’s Fertility and Hair Growth Snake oil’ Ltd. Or the ‘buy a square mile of the north sea’ or ‘find the lady, you can’t lose!’ or http://www.youtube.com/watch?v=oK0NRgbZVmA
It is laughable to think anyone will come in and take over Rangers with the amount of debt the club has there is just not enough money in Scottish football to make it worthwhile.Despite the flannel from the administrator today the only way forward (assuming they are hit with a 49 plus million tax bill)is for them to go into liquidation and for somone to start a newco Rangers.In my opinion that is when we have to make our views known as that is when the movers and shakers will do everything in there power to see Newco go straight into the SPL.H.H.
Watched the darts from Manchester last week, Kevin Painter walked on stage to Just Can’t Get Enough. Fast forward one week to Aberdeen and he walks onto a different song. Only in Scotland Mr Salmond, do Depeche Mode need a strong Rangers?
It’s blindingly obvious that Whyte is an utter crook who never had any intentions of playing by the rules.
My concern is that Rangers FC plc (in administration) will be portrayed by the media and, it seems, our pathetic politicians, as the innocent victim of a con man and should be treated accordingly, i.e. debt forgiveness and back to SPL business after a 10 point ‘punishment’.
Hector must stand against this nonsense or else a precedent will be set for any and every football club to, as Paul 67 puts it, simply opt out of paying tax!
it’s absolutely outrageous what has been going on and it is encouraging to see how fans of other clubs are reacting. I work in an office in Edinburgh and have discussed the situation with season ticket holders at Hibs, Hearts, Dunfermline and Inverness. To a man and woman they want Rangers FC plc (in administration) to be punished properly for years of out and out cheating, i.e. demotion to the third division.
Nothing less will do and the fans of all clubs should be making their feelings known by way of chants and banners at matches, starting this weekend.
If, as the administrators say, the Ticketus money never went through Rangers’ books, does this mean that Ticketus are not creditors? If that is the case, does that not mean that HMRC cannnot be outvoted for a CVA even without the Big Tax Case going in their favour?
HMRC would only have the power of veto on the CVA if the total debt is less than £36M right? If it is more than that, and the big tax case debt is excluded , then their share of the debt would be less than the 25% it needs to veto any CVA deal.
However the big tax case is an appeal, therefore the £49M invoice should already be counted as part of the debt, until the unlikely event of the FTT finding in favour of Rangers.
Anyone know which, if any of these scenarios is correct?
Back to Basics – Glass Half Full says:
16 February, 2012 at 20:54
Cheers bud… thats what i thought.
Interesting looking at the background to Ticketus operation, the information from companies house is illuminating, one of the directors on the board has had 296 directorships :0 and the rest of the board have had a considerable amount also, just saying like!
Another interesting company was set up 1 year ago which deals in fund trading and such like, guess who is a director on that particular ship?
Makes ya think!
Vaultbhoy
We’ll see this weekend what fans of other teams make of Rangers’ troubles. I hear Killie fans have Jelly & Ice Cream and HMRC banners.
“Tickitus might have screwed up”. Ho ho, that will be a masterpiece of understatement if they’ve handed over £24m without security to a company with a £49m contingent liability hanging over it.
As for the cheer-leading, they ain’t half doing a good job. The outpouring of support and sympathy for a “great institution” (sic) that stands accused of defrauding the public exchequer is truly disgusting.
Socks round the ankles and no shinnies says:
16 February, 2012 at 20:57
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Shifty & Swifty walked on to http://www.youtube.com/watch?v=bCZ9zo6Z58w
I have no clue here but could this work?
Whyte taps Ticketus for 24mill, pays Lloyds 18 for the huns and pockets the six. Separates hun FC from Ibrox and Auchenhowie. Stops paying PAYE and NI to the point HMRC go tonto. Bish bosh, admin then liquidiser for Hun inc. He bequeaths Ibrox to Ticketus and does a bolter with £6 millyoneees. In and out before the big tax case.
Genius
A great institution with a “proud history”……………….apparently.
gerald766 says:
16 February, 2012 at 19:45
The Court of Session (civil law) and the High Court of Justiciary (criminal law) are the Scottish equivalent of the High Court in NI (which sits in Belfast)and sits in Edinburgh . The Sheriff Court is the equivalent of the Crown Court and sits in most large towns.
The Justice of the Peace Court is the Scottish equivalent of the Petty Sessions in NI
share
Lizard King, “air of incompetence”. Nail on the head moment. Hurricane of incompetence.
Vmhan, on an intellectual level, I can see the value in a drawn out business. But…
Pggtips, you quoted me correctly but seem to have only read the second part of the sentence. The quote you use is:
“If you are in the media, and on this one and only occasion, I will include Celtic Quick News in this category, Rangers is good for business”
“If you are in the media…. Rangers is good for business.”
At no point did I say “If you are Celtic Rangers is good for business.”
What is good for the media is not necessarily good for Celtic. Thought this was not necessary to point out.
When will Alistair Johnston ask the crown office
to go after dodgy sir dave?
Roddy Forsyth(5Live): if HMRC take 5 or 10 pence in the pound then maybe a sheik mansoor could invest in the club. Really? You Sure????
Has Celtic thanked mr Whyte for the Ten Points deduction yet?
makes sense to me
Paddy Gallagher says:
16 February, 2012 at 20:48
Two mentally challenged with washed out Rangers tops in the boozer tonight listening to
Sky sports reporter reading out Celtic statement.
‘See that Celtic board, they’ve not got a f*****g clue!
Ah mean, who they gonnae play?’
‘Aye an-know Dave, shower of p*****, couldnae run a menage.’
.
Response
Problem is PG, that the smartly dressed hun in a BMW holding his Ibrokes season ticket is thinking and sometimes saying the same thing.
They, the MSM and sundry others all cannot consider Scottish Football without the mighty Gers.
Thus, they refuse to accept any other view, dismiss those that do not correspond to their world view, and then shrug their shoulders in a perplexed fashion
Spiers and Keevins did the same two nights ago on Clyde. They were so desperate to force their line that they called disagreeing Tims – liars (keevins did).
They think that Peter Lawwell’s statement is just posturing and bluff.
As someone else pointed out to me today,
If Rangers were/are so good for Scottish football – how come it’s in the mess it’s in now. RFC have been like the beast that eats more and more so that others around it starve. When most other clubs have been playing by the rules, paying their taxes, paying their bills, paying a realistic market wage to their players while RFC have been paying money they don’t have for players they don’t need…why is that good for Scottish football.
I fully expect that a club of some sort will survive, but in what division in Scotland I’m not sure.
If the hordes who flock to Ibrokes now do not have an “establishment” club in the SPL to follow, I expect some will transfer allegiances temporarily just so they can howl at Celtic. Other huns will follow the reduced variety huns in whatever division they are in. Cue the sort of thing we had at Albion Rovers and Cowdenbeath when Hibs played there in the cup.
These hordes will not go away. Simple displacement means they will disperse and relocate to groounds all over Scotland, and spread their bile anew. This time, they’ll be even angrier huns with all that that entails.
HH
RWE CSC
Paul67
You are playing a blinder!
Thank you so much!
Surely HMRC can currently block a CVA.
They have presented their Tax Bill + Interest. Rangers have appealed this via a tribunal.
So surely as it stands Rangers owe £36M to HMRC.
MWD