Anyone wondering whether or not former football club, Rangers, will be able to agree a CVA with its creditors in the weeks ahead would do well to pay attention to joint administrator, David Whitehouse, of Duff and Phelps.
In his retort to Friday’s press conference by Paul Murray and Brian Kennedy, Whitehouse told Ewan Murray of the Guardian:
“HMRC have made it very clear that they don’t believe in the football creditor rule so it would be contrary to stated policy to accept what the Blue Knights are proposing. Brian Kennedy and his lawyers and advisers are aware of that.”
HMRC conditions for supporting a CVA require debtor companies to “treat all creditors within the same class equally”.
In this instance, HMRC is an unsecured creditor, they therefore require all unsecured creditors to be offered the same deal. Unfortunately for Rangers, the other football clubs they owe money to are also unsecured creditors.
Rangers are in the horns of a dilemma. Pay Hearts, Rapid Vienna, Arsenal, Celtic and others the circa 5p in every £1 they will offer HMRC, which would be unacceptable to domestic and European football authorities, not to mention the clubs, or pay football debts in full, which would ensure that no amount of lobbying last week from the First Minister would be sufficient to force HMRC into accepting a CVA.
It’s not clear why Mr Whitehouse was so open on the hurdles Mr Kennedy’s plan faced but was less forthcoming when Mr Green presented the same plan to the media yesterday. Perhaps he forgot.
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I can see why Salmond would want to pacify the Hun hoards but don’t see what would be in it for Cameron.
Cameron would delight in any grief that came Salmond’s way if the Hun were liquidated.
67Heaven ..
I completely agree with what you are saying.
Peter Lawwell at the last AGM spoke about his fear for the Scottish game.
If the rumours of letters being sent to the clubs by Lloyds trying to dictate football policy are true this leaves the SFA and UEFA completely compromised. I wonder how they will react ?
Then you have the MSM and the BBC doing Alex Salmonds dirty work … maintaining civil obedience but …. how long can they keep this spin up.
The one assumption and MASSIVE FAILURE in all of this is that the paying public will turn up to watch whatever happens. I dont believe that I think many will have been turned off and disgusted by all that they see and may not want to help finance and maintain this crooked profession. It has been too exposed and they (SPL, SFA, UEFA) are not helping themselves. Especially when it transpires that they have been bare faced lied to and manipulated and I am not talking just about the huns here.
I was discussing all of this with some Scottish friends at the weekend and the gist of it was
“How much longer will it be before we are ALL discussing how Sir David Murray killed off Scottish football ?”
Hail Hail
Paul
in hese times of austerity where it must be a challenge financially maintaining the blog, can I suggest that with the knowledge that the bloggers have shared and attained via the CQN platform over the past year or so due to the continual demise of thems, there may be a niche in the market for an online sports finance qualification can i suggest you may wish to give this some consideration, if i may be so bold as to further suggest BSc jiggerypokery may be a suitable title.
Of course Honours may require some further assessment criteria.
pedrocaravanachio67 on 14 May, 2012 at 11:45 said:
“SSB on the way home from the game: Wishart : “first thing green needs to do is secure naismith, davis and mcgregor!!!!! ”
Why is this union rep. lobbying for only some of his members ?I am sure that he is meant to represent all the Ragers players.
He should have said that the first thing to be done is to pay your debts to clubs because the money is needed to help pay my members.
I’ve just read a disgraceful article on http://www.time.com dated May 11, by Bill Saporito. He refers to Celtic fans as vile and violent in an article on TFOD.
I’ve posted a complaint and would urge others to do so too.
Indeed, I hope our club responds to Time Magazine in the strongst terms.
New Owner? I assume this is to nullify the ‘walking away’ clause in the players contracts?
New Rangers owner Charles Green admits he is ‘not confident’ of achieving a company voluntary agreement (CVA) that would preserve the history of the club.
Gers’ administrators confirmed on Sunday an offer made to buy the financially-stricken club by Green’s consortium had been accepted.
The former Sheffield United chief executive has made it clear a CVA is the consortium’s preferred route out of administration rather than restructure the company and create a newco, with £8.5million in the pot for the club’s creditors.
But Green, who claimed he was “mad” to buy the troubled club, admits HMRC and Ticketus are not certain to vote the agreement through.
He told the Daily Record: “No, we can’t be confident. The major creditors, as everyone knows, are HMRC and Ticketus.
“Who could have imagined that Chelsea would beat Barcelona home and away? No one.
“On the same basis, we can’t assume that HMRC and Ticketus are going to vote it through.”
Speaking at a press conference on Sunday, Green stayed tight-lipped over the identities of the members of his consortium, but insists they wanted to take over the club “for the right reasons”.
He added: “We are not dealing with people of disrepute.”
Green did confirm there are Rangers fans among the investors and admits he has concern over their ability to make good decisions regarding the club.
He said: “I worry about them. Sometimes fans don’t make good business decisions. The Sheffield United fans had a go at me because I wasn’t a Blade and didn’t love the club.
“I argued I thought that made be dispassionate because I could make difficult decisions without wearing my heart on my sleeve.”
Anyone know the whereabouts of Dam Majstorovitch? Noticed he was missing yesterday and his name didn’t come up on the big screen.
BTW we should drop the first name big screen thing. Felt a little bit embarrassed for young players like Paul George who do not have name recognition.
Rubicon – My apologies – I had missed your post. It is quite staggering that they are interfering and that we are all running scared of the huns and their reaction.
Rangers really are a cancer – and if we dont cut it out it will continue to fester.
We live in interesting times indeed…….
Paul.
Sorry if anyone’s asked this question before but I’ve only just got back in.
Would I be correct in assuming that if Celtic demanded the full amount owed by thems,then HMRC would also insist that all creditors were fully recompensed, thus preventing the possibility of a CVA?
If that is the case Celtic can force them down the liquidation route n’est ce pas?
As PG Wodehouse might say ” We have them where the hair is crisp!”
aldersyde avenue
Never got a chance to say his name as he gave his full name for himself!
ASonOfDan on 14 May, 2012 at 12:28 said:
New Owner? I assume this is to nullify the ‘walking away’ clause in the players contracts?
He told the Daily Record: “No, we can’t be confident. The major creditors, as everyone knows, are HMRC and Ticketus.
“Who could have imagined that Chelsea would beat Barcelona home and away? No one.
“On the same basis, we can’t assume that HMRC and Ticketus are going to vote it through.”
Think someone should tell Mr. Green that it was 2-2 in Barcelona?
I did get the papers over the weekend and today, wanting to get the special pull outs on the Hoops champion winning season.
However, and I know I shouldnt have,
Leckie & Provan again disparaging untruths about the Green Brigade.
I really do wonder what they see and experience when they come to Parkhead.
I see a wonderful vibrant, colourful and funny group of like minded fans who have brought a new meaning to entertainment at the game.
Let me say, I actually think they are better than the Jungle, thats how good they are.
Leckie and Provan instead see a group of political dissenters.
well you two
giruy.
iki on 14 May, 2012 at 12:24 said:
union rep……hmmm!!!
agree with what your saying re all the players, but my main issue is where the hell are they finding the money to secure these big earners?
ssb / shortbread / msm are peddling the line, that they (rfcia) deserve to be punished but not too harshly PLEASE.
The sfa document released on friday, showed that they (rfcia) had already been shown leniancy, but these fuds are campaigning to get the transfer embargo reversed, ” cos they’ll end up wi’ nae kwallity players and only a youth team”
TAKE YER MEDICINE.
cheetin huns.
I see Gattuso begging for rangers to take him seeing as no-one else will touch him after his eye injury and not playing the entire season.
Anyway, a 33 year old with one eye will be financially beyond rangers for years to come…
bankiebhoy1 on 14 May, 2012 at 11:44 said:
Least we are all talking our title win on the blog.
Thought big sammi was superb yesterday. I’m voting big victor my player of the season.
GLASGOW CELTIC CHAMPIONS
pedro
They can only afford to pay their kwality players 25% of their wages!
SonsOfErin on 14 May, 2012 at 12:04 said:
That’s what Allah hype is about ….to get them to throw their money away on STs ……… 20 investors (sorry ‘vultures’) ……… That will spread the ‘pickings’ a bit thin……wouldn’t it be just dandy if they all renewed their STs, only to see the money disappear with the vultures …….. Silly bhuns..
BT,
Four calls at, say £1.50 a call. Let’s just say £25 seeing it’s you.
ASonOfDan on 14 May, 2012 at 12:40 said:
historically they have been known to sign players with one good knee,
whats an eye amongst friends?
Saint Stivs on 14 May, 2012 at 12:36 said:
Leckie & Provan again disparaging untruths about the Green Brigade.
————————————-
what was their beef with the GB? normally quite like Provan ( probably, more down to his playing days, than meeja work )
but leckie’s a dobber.
Teuchter
Thanks mate
Take care
Hail Hail
ASonOfDan @ 12:40,
They’re going to play a midfield 3 of Gattuso, Peter Falk & Sammy Davis Jr.
Inthelandoftheblindtheoneeyedmanisking loyal rsc
pedrocaravanachio67 on 14 May, 2012 at 12:49 said:
Saint Stivs on 14 May, 2012 at 12:36 said:
Leckie & Provan again disparaging untruths about the Green Brigade.
———————————-
Leckie, uber the title “The Green Brigade is taking over at Ibrox”
includes this paragraph –
Mind you, it might also force a rethink over at Parkhead.
Where suddenly the idea of THEIR hardcore calling themselves The Green Brigade might not seem just so clever.
Though, to be fair, that might no be an issue come August, seeing as they’ve threatened not to renew their season tickets if Rangers are allowed back into the EssPeeEll.
What a loss that would be, eh? The civilised world would miss them like the Victorians would have missed smallpox.
what happened to gattuso’s eye, was he playing squash with sergio?
Thanks are due by me to timbhoy in spain and Blantyre Tim @ 9.59am re my query about yesterday’s crowd size. Had a fair bit of Twitter banter last night with a bunch of Orcs who tried to suggest we couldn’t sell out our big day. Grasping at straws they were. It was obviously cruel of me to be having a battle of wits with the defenceless….:-)
Saint Stivs – Leckie just can’t help himself.
It’s impossible for him to write about Rangers without including a snide dig at Celtic.
No doubt it’s because he’s such a diehard St. Mirren fan. (thumbsup)
pedrocaravanachio67 12.56
Naw he went over to Kirk Broadfoots for breakfast.
Never saw that egg shell coming.
Dontbrattbakkinanger on 14 May, 2012 at 10:51 said:
An extract from Sandy Clark’s autobiography “The Heid”:
Just as Pele, in the desperate poverty of shanty squalor, was left to develop his precocious football skills with grapefruits/oranges/balls of rags…so big “The Heid” Sandy Clark born in his Airdrie favela spent a long time practising the art of head butting turnips/his uncles old medicine ball- many of the marks of his formative years can still be seen on his large head to this day. Sandy was literally born with two left feet ( incidentally one of them- the left, left foot- was club footed) but when he signed for Airdrie, then Rangers and Hearts the style of football didn’t call for ball control or football technique. The tactics of these clubs suited his aerial bombardment style, as he rarely, if ever, touched the ball with his feet- whilst others concentrated on fitness to gain advantage Sandy practised running through doors. Sandy had a unique training technique wherein he asked his team-mates at Hearts to pick him up and use him as a battering ram against a “practice wall”. These years of training are still spoken of fondly at after dinner circuits by Hearts legends such as Walter Kidd, Neil Berry and Kenny Black. Sandy Clark scored 153 professional goals in his career. 152 of those were with his head…hence the nickname: The Heid.
philvisreturns on 14 May, 2012 at 13:01 said:
He’ll soon know about boycotts, when his “beloved” st mirren are playing in front of 3 empty stands @ the methadome next year.
On the st mirren theme. how did their EGM go? i think it was meant to be at the start of May.
Green Lantern,
The proposal from Green (or was it TBK?) seems to suggest payment of all football creditors in full. HMRC stated policy is that they will noly agree a CVA where all classes of creditor are treated equally. So if Hector objects to being treated even worser by thems as part of the CVA package, expect a Nae vote from him. Celtic, for their part, would be obliged to represent the interests of shareholders; if CVA meant more for them than liquidating and distributing asset proceeds, they would be obliged to vote in favour.
All of this is academic anyway, Hector will not vote for a CVA. Factor in moral hazard for him in doing so and it’s the big L with an ensuing fight between Whtye and numerous others over the validity of his flooating charge. Oh, and Green’s shares are worth precisely the £2 he paid for them, perhaps less. £2 changed hands yesterday and the MSM are doing their duster about momentous day in Rangers history blah blah blah. The floating charge is where all the power really lies in this saga, the shares have been worthless for about as long as Rangers have been insolvent.
Dick Byrne on 14 May, 2012 at 12:52
That’s just silly. Peter Falk & Sammy Davis are dead.
Couldn’t happen.
InthelandoftheblindeventhemanwithmyopiaiskingCSC
pedrocaravanachio67 – He’ll soon know about boycotts, when his “beloved” st mirren are playing in front of 3 empty stands @ the methadome next year.
I hear he and Chico run the St. Mirren Loyal. (thumbsup)
Alex McLeish’s 11-month reign as Aston Villa manager looks to be over.
The 53-year-old former Scotland manager said his farewell to the Villa players on Monday morning.
Villa have endured a poor Premier League campaign, finishing just above the relegation zone after winning only four of 19 games at home.
The club have yet to make an official announcement about McLeish, who left close rivals Birmingham City to join Villa in June last year.
Villa’s blues
Aston Villa survived the drop despite having one fewer point than McLeish’s relegated Birmingham side achieved last season
Talking of the Green Brigade, who I think are a breath of fresh air, does anyone know what happende to the police chief who was hounding them (while serious violent and organised crime went unnoticed in Glasgow)?
The last I saw Assistant Chief Constable Campbell Corrigan had hit the million mark with his video: “Police Typing Fail”.
http://www.youtube.com/watch?v=rR5bpwd6RwM
——————————————————————– Raggers flatliner <o)))
Anyone have an idea who the £3 Million bid is in for?
Heard we are trying for Holt of Norwich.
Sally best watch his back now that mac leesh has been booted out of Villa. Cant see Peter Grant in the home dugg-out beside him tho.
Me thinks thats a step to far for the hunnery!!
I’m already loving Charlie Green and the Mysterons.
Allegedly he has previous for offering to sort out business disputes in the car park.
Also this is a priceless quote from him in the Daily Record re: why he didn’t speak to Ally McCoist until recently:
“But do you want to take your son to Harrods and show him the big teddy bear knowing you can’t give it to him?
I bet Ally now thinks he’s getting that bike for Christmas, too.
Green’s exactly the sort of man I want to see running Rangers.
Mon the Chairing of the Green. (thumbsup)