I took and made a few calls after the BBC broke the news about Rangers liquidation. So much to discuss, so many possibilities and so much uncertainty remains. Rangers are gone and whatever you think or hear about a Newco, it will be a shadow of the club Rangers were in the early 80s, never mind today. But still, we have plenty to focus on as we prepare for the enormous events that lie ahead.
I then took a call from my Dad who told me to forget about tomorrow. “This day is about history, about all the events over all the years”. How true.
My friends in Celtic, tonight raise a glass to Celtic fans past, who never lived to see how this Battle of the Ages ended, celebrate for each of them. Celebrate all of those league titles and cups you were denied which were ‘won’ illegally by Rangers over the last 14 years. Celebrate for every hard working man and woman in the country who pays their tax every month, no matter the hardship. This is a victory for all of us. LLLLLLLLLLLiquidation Day is here!
We’ll worry about how other clubs plan to get their hands on your money tomorrow.
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Rangers (NL)
Marvellous.
Just back from Poznan, had a ball , was hoping for a quiet few days. To hell with that, I’m off out to celebrate
God bless you Paul67.
A big thanks for the amazing work done by you and a few others – legends one and all. You are part of the history of this monumental day.
Hail Hail.
Dermot Desmond should buy Ibroke and bulldoze it!
T..I..M..B..E..R!!!
Mone lizzie geezaa another bank hoilday.
penny still not quite dropped here…..(FF content)
A summary of current status – fair?
——————————————————————————–
Oldco – To be liquidated
Newco – Buying the actual football club
History – intact
Debts – wiped out
Litigation – ceased
Squad – transferred to Newco under same contract with option to cancel that contract
League – currently SPL as fixtures will reflect, to be voted on by SPL members
Finances – dependant on the consortium injection, spoken of upwards of £20m
Europe – already out for 12/13, out for 13/14 & 14/15 dependant on the SFA and how they transfer membership of club
Transfer fees in and out – dead in water
Fair assessment?
Anything missed?
Best of twitter in the last couple of hours:
Celtic Underground @celticrumours
Turned out nice again.
Frankie Boyle @frankieboyle
F*** it, who wants to go halfers on Kirk Broadfoot?
Electronic Tims @ETimsNet
Knock Knock? Who’s there? Rangers! Rangers who? Thats Football #beautifulday
Jinky Tim @Jinky_Tim
Some of the huns are now saying, well Rangers are over the worst of it. Much like saying Whitney Houston is over her drug problem #yerdead
Mort,
cheers for the reply. I did not realise that our gate receipts represented such a hefty slice of our wealth.
I guess if the Gang of 10 push forward with the notion that they take half then it may give us some wriggle room with UEFA and the European Courts (restriction of trading?) that open up options for leaving the SPHell then.
Well, we have the BRN festival her ein sunny Dresden this weekend! Plenty of singing and dancing and merriment…………..then I suppose we should go to the festival!! Everyone, enjoy today; a day we’ll remember for ever!! Raise a glass to those who went before us, but if you’re out tonight, be careful!!
Hey Charlie boy, howz it goan with that deal with HMRC ? GIRUY !! Paul, was quite happy to go home and have some quiet thoughts about all that is happened but your stirring post has brought me to my senses. Off tomorrow, oot the night and Da, i’ll have one for you later . Stay safe out there bhoys……
philvis
Always keep one handy
ANY CHANCE THE DAILY HUN
WILL PARK A HEARSE OUTSIDE IBROKE
MMMMMMMMMM
Good Afternoon.
Amidst all the furore about the most recent twist in the Ibrox Saga, there will be a small group of men in their resopective toilets regularly pulling the chain to get rid of involuntary mess.
Forget for a moment what the statement from HMRC means for Rangers Football Club– and by the way I don’t think it means that there will be a sale to Charles Green— it sends a clear message to the former Directors of Rangers PLC that in the course of Liquidation, the Liquidator will be funded and indeed instructed to pursue former Directors personally in connection with their mismanagement of the Club.
This will not be limited to Craig Whyte and his team, but will, I believe, extend to David Murray and the others who sat on the board of Directors throughout his Stewardship of Rangers.
For that litigation to mean anything– and as a matter of practice in any event— a full report will have to be prepared as to exactly why Rangers PLC has failed and who if anyone was responsible for such failure. Such a report will scrutinise the behaviour of the Directors and will focus on their business practices and policies.
When Directors ought reasonably to have known that their business was in danger of failing, then they automatically and by law assume a duty to govern the business for the benefit of the CREDITORS as opposed to the SHAREHOLDERS, and to ignore that duty is to leave yourself liable to the forces of the law.
Accordingly buying players on Credit at a time when you would be struggling to pay that Credit must be viewed as questionable practice. Buying players and paying them at a time when you should have been paying or making provision for legitimate taxes instead– is not in the interest of creditors.
Deliberately ignoring advice on proper tax management, with the result that the company remains in, or descends into, an impecunious state cannot be condoned.
The misuse of a tax avoidance scheme to the detriment of Creditors…. well it goes without saying.
The presentation of documents (to any official body) which purports to represent the full financial position with regard to renumeration and contracts, whilst all the time knowing that there are in existence other financial, contractual and business related documents which paint a completely different picture, and which grant an indemnity to certain parties should certain taxes become due as a result of these very documents……… smacks not only of mismangement of the business against the interests of the creditors, but the deliberate attempt by the Directors of misrepresenting the true facts to the powers that be….. and to creditors, and shareholders.
Now is not the time for an indepth discussion of the relevant sections of the Insolvency Act, Companies Act or the provisions surrounding the grounds for disqualification of Directors– that has been discussed before, and no doubt will be discussed again once the detail of the BTC judgement is released and considered— but this morning’s statement gives fair warning of the approaching Tsunami that is the taxman.
The tax Tsunami brings a football Tsunami in its wake.
Tsunami’s by their very nature take with them the unwitting and the blameless in many respects, who just happen to be in the wrong place at the wrong time– or in this case who just happen to do absolutely nothing and who say the wrong thing at the wrong time.
We have already seen from the Judgement written by Gary Allen QC that “doing nothing” is not an option in the world of Corporate Governance, and the Pontius Pilate act in the board room will meet with condemnation and criticism when examined externally and tested.
Only days ago, we have heard from Stewart Regan, that the SFA Board are fuly satisfied with the conduct of Campbell Ogilvie during his time at Rangers, and that the same SFA board have had a full disclosure of the facts as Ogilvie knows them. This has allowed them to publicly state ( through Regan ) that if there was any wrongdoing at Ibrox, then that wrongdoing was conducted by others who were far higher up the command chain within the Ibrox inner sanctum.
Ogilvie, in his public statements, would say only that player contracts and payments, EBT Administration and all other such matters were the responsibility of, and under the control of, “whoever dealt with the financials” or some such similar phrase.
It is now clear from the HMRC statement that all of the former Directors… and anyone who could be deemed to be a shadow Director ( and shadow directors are not anywhere close to be being beyond a possibility in this case ) is to be investigated and potentially held liable.
Effectively HMRC have today openly said that amongst others, Campbell Ogilvie will be investigated and along with others will potentially be held liable for Rangers losses. In such court actions Directors ( or shadow Directors ) can be asked to make a contribution towards those debts.
This completely and utterly compromises the President of the SFA. Regan and his cohorts had better strap themselves in and be very VERY sure that they have covered themselves in the eyes of UEFA and indeed FIFA because if they have a serving President who is even the subject of a claim by national tax authorities, then that suggests that the game has been brought into disrepute especially if it is proven that he lied and continues to lie whilst a serving officer.
There is a clear conflict of interest, as the SFA would have to take cognisance of any court finding that ultimately results.
Further, many of the former players– who are very VERY rich men– will be shown to have a completely useless indemnity against sums due by way of tax. Do not think for a second that HMRC will not rattle cages in connection with the sums that they deem to be due. I suspect that they will threaten players with the result that some players will cough up. Such a course of action makes sense when the indemnifying company is bust, and it sends a clear message to all footballers and their agents— EBT’s are finished in football!
I was told two years ago that this is one of the very real messages that HMRC want to get out as a result of the Rangers Tax Case.
Equally, any former board Members who may just have had a similar type of guarantee and indemnity from Murray International Holdings may well find themselves in a similar situation.
The statement from HMRC today– and the very specific reasons given for reaching their decision, takes this fiasco into a whole new realm, and for some a very dark place.
It would appear that HMRC don’t do walking away
I assume there will be another legal batlle between the club and players as the the Players Association stating they can walk away and the club trying to transfer them to Newclub.
Also on this day (12th June)
1931 – Al Capone is indicted on 5,000 counts of prohibition & perjury.
Oh and finally done for tax evasion. I think HMRC have just played their very own wee joke! Hahahahahaha, nice one Hector.
alcaponecsc
New track top.
Huns convinced history transfers to newco.
Lurking huns: you really sure you want that history…
HH
FF content;
“Does this mean we can buy players now?”
On an otherwise grim day for the Huns, they can at least console themselves that they have been more successful than any of the other liquidated clubs.
Speaking of which … how will the referees top up their pay packets now that RIA are RIL?
rangers in administration to rangers in liquidation. They have their name change already…
Whit’s happening ghuys? Is it a lock in?
Sheik Yerbouti
Not much, – but CQN will.
kingsnake – Oh agreed – And clearly now the game is up. All D&P have to look forward to is many months of explaining what they’ve been up to.
Kayal33,
Oldco – To be liquidated
Newco – Forming a new club
History – in the history books
Debts – scraps from the sale of assets to creditors
Litigation – expect lots
Squad – registrations revert to the SFA
League – none
Finances – ask Charlie Green
Europe – I would worry about league first
Transfer fees in and out – see finances. And league.
Party/Huddle in George Square tonight
HH
Don’t click on that like to the new track top that I posted,it will shrink to blog page.
Just go to the superstore website to view it.
Sorry if anyone has already hit it.
Never saw so many silent buns-lost sheep-the golden goat has smelted-historic time indeed-champers still on ice-Q-what are all those clowns-who want to be knee deep in it-(liquidate me)-going to do now? a real test for the “government “coming up-
Kayal33 on 12 June, 2012 at 16:20 said:
penny still not quite dropped here…..(FF content)
A summary of current status – fair?
——————————————————————————–
Oldco – To be liquidated
Newco – Buying the actual football club
History – intact
Debts – wiped out
Litigation – ceased
Squad – transferred to Newco under same contract with option to cancel that contract
League – currently SPL as fixtures will reflect, to be voted on by SPL members
Finances – dependant on the consortium injection, spoken of upwards of £20m
Europe – already out for 12/13, out for 13/14 & 14/15 dependant on the SFA and how they transfer membership of club
Transfer fees in and out – dead in water
Fair assessment?
Anything missed?
————————————————-
“Anything missed?” Surely his medicine at two o’clock…
Its a beautiful bright glorious evening here walking through the centre of Glasgow making my way home. Beautiful.
MWD
RFCIA finally hit a real dead line.
‘The SPL have told BBC Scotland’s ace reporter Alasdair Lamont that Rangers will be in the SPL fixture list when it is issued on Monday.’
@P67 – thank you for the blog, and for all your time and sacrifice that make it possible.
Wonderful news to wake up to this morning.
As NFL said, ” this is just the beginning.”
Have a laff:
“Aston Villa defender Carlos Cuellar has told countryman Juanma Ortiz he would be joining the Real Madrid of Scotland if he moved to Rangers from Almeria. (the Sun)” (2011-07-06)
http://www.bbc.co.uk/sport/0/scotland/14043738
This has to be a joke(both from BBC feed):
‘A-A-And, Rangers will have a vote when the SPL clubs decide on a newco Rangers being admitted to Scotland’s top league.’
MWD – cut that `walking’ talk out! ;-)
http://www.bbc.co.uk/sport/0/football/18410999
BBC’s live news feed on the liquidation.
Latest comments from the SPL
The SPL have told BBC Scotland’s ace reporter Alasdair Lamont that Rangers will be in the SPL fixture list when it is issued on Monday.
A-A-And, Rangers will have a vote when the SPL clubs decide on a newco Rangers being admitted to Scotland’s top league.
WTH, how is that possible if there is no Ragers?