Companies have a statutory duty to produce financial reports in line with commitments made to shareholders. The failure of Rangers to fulfil those commitments was put down to a lack of clarity over the future outcome of the on-going tribunal with HM Revenue and Customs. As a consequence of this failure, trading in Rangers shares have been suspended by the Plus Stock Exchange.
The Plus Stock Exchange also told Rangers broadcast partner, STV, they were “currently conducting an investigation into the circumstances under which Craig Whyte’s seven year disqualification from acting as a director in 2000 were not disclosed at the time of his appointment to the board of Rangers FC on May 6, 2011”.
Rangers today suggested there was “little, if any, tangible benefit for the club to be a listed company”. This may be true but the benefit of a listing is heavily weighted towards shareholders and creditors, who should have received structured financial information in a timely manner. Shareholders have also been denied the opportunity to attend an Annual General Meeting, which, in line with stock exchange rules, should have been held before 31 December 2011.
Many of you have watched Rangers speculate wildly for over two decades with the feeling that they would crash and burn. This has been a painful period for those who follow clubs who stick to budget, unprepared to take a seat at the roulette table. The day of reckoning draws closer.
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Paul67- thanks,keep fighting the good fight HH.
James Forrest……SPOT ON, as usual…….you and Auld Heid are making my day, big time………Hail Hail to the Famous Glasgow Celtic (Our Board are sitting, ready to pounce….of that, I am convinced)……..well, they had better be……)
witnesses wanted please read .
Paul67 says:
10 January, 2012 at 00:04
‘ernie lynch, the question I was answering was what would the SPL board be able to do if a club went into administration and the owner of the stadium asked to phoenix back into the league. I understand the SPL board can decide this with a simple majority.’
The only thing I can see in the articles that could conceivably allow that is this, under the pretext that the matter requires immediate attention (notwithstanding that article 14 (ii) lays down a specific procedure to be followed in the circumstances) ….
’65. The Board shall:-
(v) make decisions upon any and all matters of procedure to be followed by the Company where matters require immediate attention.’
If that’s the case then we’ve entered a Farryesque world, and to all intents and purposes Scottish professional football and Celtic are left without a shred of integrity.
Paul67
I didn’t suggest they have changed a rule. Merely suggesting they (SPL Administrators) have been exhaustive in their recognition of a particular rule/loophole. To have primed a journo from a major broadcaster prior to any liquidation event whether it be Admin, Receivership or Liquidation suggests they (the SPL) have been preparing the ground for Rangers for some time.
Priming a journo throws any question of their integrity right out the window past your tanks, up the marble staircase into lodge 1690.
MWD C’mon the Celtic board. \o/
This is a legal minefield and irrespective of the legal advice given, as Paul 67 has said, no one will know what facts they are working with until the event actually happens.
I know I have mentioned this before but irrespective of the governing body’s rules and the rules of the SPL they can be brushed aside if they are ultra vires.
Is this when competition law comes in? Even if they do decide to set aside the integrity of the game and try to let a Newco in, they may not be allowed to do so.
James F
I enjoy your posts but that last one was a wee bit hysterical…
My guess is it will come down to commercial impact therefore I expect Huns to get off lighter than they should…
Moonbeams @22:40/ Ernie
Sorry after the last post– which was belted out in a bit of a hurry– I headed for the Monday night pint.
You are both correct in that article 14 reinforces my view that a phoenix application and transfer requires a 90% vote.
Now, as ol RP McMurphy pointed out in between buying me no drink whatsoever, if you are first in the league you get around £3.5M, if you are second you get circa £3m, if you are 3rd you get something like £1.5m– that is a huge jump.
What do you say if you are Motherwell or another team who in the absence of Rangers thinks that there is a good chance of finishing in the top three?
How would you vote?
How would your bank ask you to vote if you are in debt?
If you are Stephen Thompson and you and your family have put money in to preserve and enhance Dundee United– how would you vote if another club ran up a huge bank and revenue debt and were able to just walk away from it because the rest of the league voted you in?
Voting for Rangers 2012– whoever that might be– is like having voted Rangers in the money era some completely free money!!!
Also if the SPL create a precedent– what is to stop Kilmarnock and any other club just repeating this insolvency exercise, avoiding tax, escaping the bank and resuming and SPL place by way of a Phoenix?
If the SPL granted a Rangers new co application but then refused a Kilmarnock new co application could they legally justify such a stance?
CultsBhoy:
There was nothing hysterical about what I just said.
If Rangers were any other club in the land, ourselves included, the SFL would already be on notice, talking to non-member clubs and telling them to get their draft proposals ready for next season. We all know it.
Commercial considerations? Try this. Rangers NewCo starting in Division 3 will be the redistributive event of all-time in our national game. The match we played yesterday against Peterhead was their highest attendence ever, and probably sustains their club for at least 2 seasons. Rangers NewCo starting in the place the rules say they should would reinvigorate every club in that league to the same effect … twice. It would do more to enhance the Scottish game than ANY government programme ever could or ever would. In the meantime, I predict SPL attendances would rise too, and for three years clubs would need to cut their cloth to suit new circumstances.
After three years without them, where would be the argument against league reconstruction be? I’d say greatly improved.
There ARE commercial considerations here, but they affect a very small number of clubs and I would argue no benefits would come in the long run – on the contrary.
The commercial benefits of NewCo Rangers starting in the lowest tier … they would be enormous. And you think on this … a Celtic v Rangers cup draw would be the pay-per-view event of the last ten years.
RATM,
my condolences. to non-pet owners it probably sounds maudlin and stoopid for grown men to be upset by and sympathising over the loss of a ‘dumb’ animal.
I’m now onto my fourth
1. a lovable , mental chow chow called Thor who wandered down to the Clyde , blind , aged 16 and died on the beach and had to be cut out of the ice that had formed around him
2 cats , named Samantha and Tabitha who loved for 18.5 and 19 years and died within months of each other – Tabitha had to be put to sleep and i drove her to the vets , her snuggling in the footwell – she always hated baskets , me with tears in my eyes and probably a danger to other road users. Sam just passed away while we were at work.
currently , a loveable rough collie named Megan who greets us all as though she hasn’t seen us for a week even when we’re just emptying the bins .
You choose to have a pet for various reasons but you give them the time and emotional input that is repaid a 100 times over.
Yes , they’re not human
Yes , they don’t talk – that might be a plus point
Yes , they’re loyal
What’s not to like ?
Chin up RATM . We’ve all supporting you.
Sanna
Due to my perception of the unsavoury nature of our Tory contributing Bored.
If the current Celtic bored in any way shape or form facilitate Bornagainhun Govanites Utd
it will be the end of my world as I know it and will serve you all right.
Paul 67/ Bj Mac
Paul,
It genuinely was a quick look– making a few notes as you go and then heading out to the pub as I normally do of a Monday after the football– that I no longer play because of the aged and decrepit knee!
I genuinely don’t think it is a board matter, and I think that there is enough poor draftmanship in the rules to persuade any lawyer that the “safe” thing to do is to get the company to rule on the 90% basis.
Lawyers cover their backs– and if the lawyers want to be safe then the 90% rule applies!
The transfer of shares is clearly only a mechanism and a device for implementing the wishes of the members. The board– as in all companies— are acccountable to those members, and that is just basic company law and common sense– so why would board members take the risk of acting in a fashion that may well incurr the wrath and the legals of their members?
To do so– without consulting the members– makes no sense at all?
What I would say, is that all of this is best explained and argued with all the documantation and rules printed off and available in front of you, and discussed in person rather than by PC screen. When it comes to it that is what the SPL will do– and I genuinely believe that at that point the “board” driven scenario will be seen to hold no water!
BJ Mac
You are a cheeky big Toley and I hope your legs fall off overnight!!!! ;-0)
James Forrest is Lennon says:
10 January, 2012 at 00:42
Good stuff
I agree that clubs could benefit in a more sustained way- missing rankers in the top league would be more than compensated by an additional 500 home or away fans at each league game – not a huge amount really, in a revitalised environment.
Not sure how the tv money would work out – though suspect that with more clubs contesting the 2nd spot it may entice more provincial fans and sponsors to get involved
Plus -Celts are by no means guaranteed to be first as the ‘gap’ that builds up between 1&2 and the rest would not be anywhere near as huge when we consider only one super -strong team building a max lead of 12 points over anyone team (rather than the usual 24 points the two Glasgow clubs can achive against 3rd -if that makes sense?
The 80-86 is a case in point when the currants were not a force – the other clubs were capable of chipping away at Celts and overcame us 3 or 4 times.
This could be great for Scottish fitba..if it’s allowed to happen ;-)
HH
M
the best thing about all of this is that even without the tax case rangers have to find 10 million to simply cover the blackhole of money this year, no way they will be able to compete with celtic on that basis. for that a thankyou to PL
major cuts (10 million per year) are coming to a pitch near you very soon
if the tax case goes against them, administration would hurt badly
insolvency is my biggest wish, have no problem with a newco entering the 3rd division, as i will never look upon that club as glasgow rangers, to me its over and i’ll be only to happy to remind any who forget
i do find it amazing that rfc supporters call the phone ins and seem to have no idea/ understanding of thier clubs position, yet at the same time it confirms everything i know about that group of peeple
p.s t.v money is so poor the potential of 2 cl places i am sure means clubs like hearts, dundee united and aberdeen would not mind trying to challenge and their gate would potentially increase, could also open the league up to 14 teams with split after 2 x 13 =23 games, then 6x 7 =13 (total 36 games), with two automatic relegations and third bottom placed playoff, with winnder of play off in firdt division. a more open league with lots of good meaningful games would i think improve scottish football.
if ranger’s are drafted in third teir then, every club from the third division to the first devision gets richer and the premier league is more competitive on their return
i’d change the league strucutre to being bigger no matter what happens
CultsBhoy loves being 1st says:
10 January, 2012 at 00:31
I think JF is spot on, the thought of them being let off almost scot free makes my blood boil.
The bottom line is they’ve cheated their way to countless trophies by spending money the didn’t have, our money as taxpayers!
They have also cheated our Club and other Scottish clubs out of European participation and the benefits that go with it.
Here’s a scenario. I run a business and one of my competitors isn’t paying the taxman what he should. I’m paying the correct taxes and competing for the same work, except I cant offer the same rates as my competitor who is cheating the taxman.
Is this fair competition?
6x 7 =13 = 2×6 =12
13×2=26
total 3
its late
Brogan Rogan Trevino and Hogan supports Kano 1000 says:
10 January, 2012 at 00:57
Are you hoping I get legless!?! Surely that would be among the worse things I could possibly do ;-)
hh
bjmac
stephbhoy:
In a nutshell mate, absolutely bang on.
This is what no-one in the MSM or the Rangers support seems to have given thought to. Not one of them has sat down and calculated what £10 million of cuts will do to their first team squad, even without the FFT going against them.
Note; this is not ten million worth of sales, to cover a one-time run-off. This is ten million in CUTS, overall spending, to a level at which they will STAY for the forseeable future … and we’re talking years here.
Sandaza was offered £5000 a week. If the Express is to be believed Rangers are now offering EVEN LESS than that … and this will be their level with cuts that deep and a new bottom line. How long before that bottom line drops again, as fans stay away? It’s all well and good saying the Rangers fans are loyal, but they’re not, not really. In the 80’s before first Marlborough, then Murray, the average was something like 10,000. These people have existed, ever since, on big names and high profiles. What happens when they grasp the reality that those days are done?
To rebuild Rangers FC, newco or not, will take money, mountains of it, before a single player is bought. A completely new infrastructure. It has taken us years to get the scouting system working, years to build the youth networks. It took us years to win our commercial links to Asia and elsewhere, and their new board will have to go out and win back every contract they hold up until now, and will certainly not have time to examine new markets beyond that.
The effects of the takeover are calamitous, even without the FTT. The bad credit ratings, the negative relationships with suppliers, with tax authorities, with the legal establishment … this takes years to repair, if it can be repaired at all, and if Whyte is in this for the long haul – unthinkable – it certainly will not happen whilst he is at the helm, which means more trouble not far down the line.
All of it, even without the FTT, points to Hard Times. This is a version of Rangers which has not existed since the 80’s, on the same par as a Hearts, only with a bigger stadium. Their fans have a lot of adjusting to make.
Most teams in Scotland are hun teams. So now the vanguard changes. Mibbe.
Big deal! Huns are huns. It can be Peeterheid kickin lumps outta Celtic,
Hertz, Newco, embdy will dae, huns are huns.
My point is better watch Celtic in a cow field than watch this Phoenix shuffle.
As for the continuous mind numbing incessant banality of quoting rules, laws and morality
like huns give a rats arse. ..Gee us peace.
“The Scottish Football Association also wrote to the club seeking clarification over the issue.”
..eh? does the BS ever end?
sannabhoy says:
10 January, 2012 at 00:45
RATM,
my condolences. to non-pet owners it probably sounds maudlin and stoopid for grown men to be upset by and sympathising over the loss of a ‘dumb’ animal.
I’m now onto my fourth
1. a lovable , mental chow chow called Thor who wandered down to the Clyde , blind , aged 16 and died on the beach and had to be cut out of the ice that had formed around him
2 cats , named Samantha and Tabitha who loved for 18.5 and 19 years and died within months of each other – Tabitha had to be put to sleep and i drove her to the vets , her snuggling in the footwell – she always hated baskets , me with tears in my eyes and probably a danger to other road users. Sam just passed away while we were at work.
currently , a loveable rough collie named Megan who greets us all as though she hasn’t seen us for a week even when we’re just emptying the bins .
You choose to have a pet for various reasons but you give them the time and emotional input that is repaid a 100 times over.
Yes , they’re not human
Yes , they don’t talk – that might be a plus point
Yes , they’re loyal
What’s not to like ?
Chin up RATM . We’ve all supporting you.
Sanna
—————–
You pretty much summed it up there. Animals give us something that humans seldom manage to achieve – unconditional love. You are correct, we can be gone for all of five minutes and they think you have been gone forever.
I remember spending a night, sleeping on the livingroom floor with my boxer, when she was nearing the end of her life. I loved that dog to bits. I had a special casket hand built for her ashes. I can remember the night she went to the vets. I was up at Celtic park and we beat Motherwell 5-0. I remember a Naka special freekick but I could not celebrate in the way I wanted to, because I knew she didn’t have long. She was put to sleep the next day, aged eight. My wife, my kids and me, cried like babies for days. We were heartbroken.
They’re not animals, they’re family.
HH
ßjmac ♥ Kano 1000 °¿° says:
10 January, 2012 at 01:04
Brogan Rogan Trevino and Hogan supports Kano 1000 says:
10 January, 2012 at 00:57
Are you hoping I get legless!?! Surely that would be among the worse things I could possibly do ;-)
hh
bjmac
————————-
Not with me watching you ;-)
BJ Mac
On the contrary, I am bestowing on you the wish that your manhood stretches all the way to the floor!!!
SpongeBhoy SquarePants says:
10 January, 2012 at 01:11
hail hail .
i’ve spent 38 years of my life with various pets . with the exception of mrs sanna , who i would NEVER compare to an animal of any kind (honest darling , i case you’re lurking) , that’s way more than i’ve spent with any other member of my family .
Pets can bring out the best in us – i wouldn’t have it any other way.
Sanna
bjmac , i’ve seen you trying to fly a banner . getting legless is not the worst thing you can do !
Yer pal
Sanna
Ps . did you know that Rabiu Ibrahim was born in Kano , Nigeria !! Sign him . NOW !!
Evening all,
Think we’re reaching fever pitch now!
I want Rancid FC to go to the wall as much as anyone else but can’t see anything like a NewCo in 3rd Div happening – more than likely they’ll make it to the end of the season and every Scottish Football statute book will be hastily re-written (if it’s not being done so already).
“had a pretty good source round at mine tonight n he said tht he was talking to john greig and john mcclelland. and they said in all the bored meetings they had with whyte he wore the same thing. i was like so? but apparently its cause hes absolutely skint!! ‘
Just an idea here but,if rangers were demoted,can the remaining top flight clubs allocate more tickets to visiting fans?,if so,this would be an excellent way to offset any losses incurred by the absence of the horribles,with the added bonus of greatly enhancing the appearance of the away enclosure.
We all owe a debt of gratitude to Murray Mints
Hickory, trickory, dock,
The huns sang about big jock.
The stock struck one,
The huns cant run
Its time to run out the clock
Margaret McGill says:
10 January, 2012 at 01:25
Ach…that is a common misconception
what billionaires do is buy hunners of the same suits, shirts, ties and shoes
they wear them once then just chuck them out
it’s the billionaire way
Johns are mistaken but that is excusable because they only have thousands and would never understand the singular weys of the high rollers
HH
M
saltires en sevilla says:
10 January, 2012 at 01:30
True,
However, where is the rule that thousandaires have to wear the same smelly underwear every day? eh? huh? splain that one tae me then…..
Maggs
aye never thought about that right enough ..flummoxed ;-0
HH
M
BRTH, Spongebhoy, Sanna
I’m for sleeps, had enough abuse on here tonight ;-)
On th pets, I’ve never lost one and up to 4 and a bit years ago would be someone that could never understand and I’m ashamed to say found it mildly amusing someone getting upset over the death of an animal. Today, I couldn’t be further from thinking that. Wee Yoda is part of our family and actually behaves like he is human!!
Did any of you see Graham Norton this week, with the wee dog that could stand on the surf board, go a skateboard, act, pretend to be shot etc, well see ma wee Yoda, he can’t do any of those things ;-)
RATM, I don’t yet fully appreciate how you feel, but I will one day unfortunately, I do know that you’ll be hurting. My thoughts are with ye, mate.
hh
bjmac
Look you lot may be engrossed by the huns ability to manouevre deftly through the legal minefield and sectarian backdrop that is Scotland, but what really sickens me is the uncoordinated chanting of “Achtung”, “Mein Fuhrer”, “Gie us Himmler or death” and “Eichman wizny that bad”. This undisciplined rabble might go down well at Ibrokes, but there is no place for them in any self-respecting Scottish Schutzstaffel unit. Sorry.
Sanna
That would be some welcome for Ibrahim!!! Running out and seeing a big banner dedication to a charitable foundation for the town of his birth. Worth getting a photo of the banner to him, that could swing the deal ;-)
hh
bjmac
ßjmac ♥ Kano 1000 °¿°
I caught your post the other day where you pointed me to an early morning discussion re article 14, excellent points made by all and veryn insightful. It seems like Them’s tying knots in the rope for years and trying to untangle it won’t be black and whyte :). I also think that that they tried to cover their tracks so well that they have forgotten what path they have followed, maybe that’s their defense. I don’t think that Whyte is quite the bumbling idiot he portrays, at least not from a motivational aspect.
Anyways, thanks again for the direction on the info
HH
gsu
A Bankers Homage to the Huns…And then, ironically, The Rest of Us….
Roll On the Hard Rain Falling…..
Morning Celts from a dry and mild NW of engerlund, is this Ibrahim fella a goalscorer, anybody got the stats?
Happy birthday to my eldest son Ryan out in Aus, 28yrs….. I feel old :>)
Vinny
Vmhan, what part of Aus.