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Day of reckoning draws close for Rangers

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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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858 Comments

  1. ArranmoreBhoyLXV11 on

    The fairy stories emerging from Ibrokes get funnier as they wriggle and squirm … Lies , lies, lies..

     

     

    HH

  2. James Forrest is Lennon on

    One thing worth bringing up today, and it’s Gretna.

     

     

    When Gretna were relegated from the SPL and the nature of their financial position became known, the SFL held a general meeting and took the decision to relegate them to the Third Division to minimise the potential disruption to commercial contracts, sponsorships etc, which would have been inevitable had they collapsed when the season was already underway.

     

     

    The SFL acted in a professional, timely fashion to what was a very real threat. They realised the impact if a club folded during a promotion race … we, here on CQN, have discussed, for example, the effects of Hearts collapsing; it would result in Rangers actually dropping additional points to us. The SFL considered that might happen with Gretna and so took the only step they could, and placed them in the bottom tier where such effects would be minimised.

     

     

    There IS precedent for the SFA and other bodies considering the impacts of a liquidation/administration mid-season which results in a club not being able to fulfil its fixtures … and if the SFA/SPL does not at least consider the possibility that one of these clubs, or both, could actually die mid-season, bringing our league to a virtual standstill, every club impacted surely has to have a case in a court of law for potential disruption to their own commercial interests.

  3. Complete change of subject, but where do we all stand on Tim Tebow?

     

     

    Personally, I love the guy.

  4. Tim Malone Will Tell on

    Semi-serious question.

     

     

    If/when they go into administration, should Celtic buy their stadium and rent it back to them?

  5. James Forrest is Lennon says:

     

     

    9 January, 2012 at 16:46

     

     

    To be fair to the SFA/SPL, Rangers less the tax bill could easiliy become a going concern by doing what Celtic and other SPL clubs have done, downsize. Gretna could not.

     

     

    So they wait, that’s what they does. Tic follows toc as tic follows toc.

  6. IbleaBhoy says:

     

    9 January, 2012 at 16:43

     

     

    Of course the odds would be much greater on a specific set of twins than any set of twins. I can assure you the odds will not be astronomical .

     

    For instance can anybody guess what the odds are that 2 people will share the same birthday (day and month) in a room of 30 people.

     

     

    50/50

  7. celticinthesun on

    Anyone else worried that this transfer window is the time we are going to see Ally using Craig Whyte’s frontloaded warchest?

  8. Tim Malone Will Tell says:

     

    9 January, 2012 at 16:49

     

     

    I’m sure I mooted that on here before.

     

     

    ‘For every tenner you spend on season books, Celtic get a fiver.’

  9. Abmucker says:

     

    9 January, 2012 at 16:43

     

    I saw a fantastic documentary on the construction of the dam some years ago and that sad fact remained with me.

     

     

    dirtymac says:

     

    9 January, 2012 at 16:43

     

     

    I don’t know, The first and last, father and son, 20th of December on both occasions ?????

     

    Bigger chance of winning the lotto methinks.

     

     

    Kojo says:

     

    9 January, 2012 at 16:41

     

     

    Excellent question.

     

     

    But, it’s not the answer that is important, for you have cleverly pointed out just what amazing talent we have signed in the last year.

     

    Not sure who to pick,

     

    Mathews is a class act, and reads the game better then the others.

     

    Izzy can make mistakes, but I think he is better then Mathews at crossing the ball, lethal.

     

    Wanyama is as tough as teak, never shirks his responsibilities, needs to improve his passing.

     

    Kayal, a class act, great leadership potential. Box to box player, might have to cool down some of his more full blooded tackles, but then again we need that as well.

     

    Sorry, can’t make a decision at the moment.

     

    But the other positive thing is ……..their age !!!

  10. My dear,dear,dear,friedn… AuldHeid

     

     

    Hiya,pal?

     

     

    Wanyama,is a Wonderful Prospect, Ah canny

     

    blame ye fur making sich a Glowing Prophecy

     

    aboot That Lad.

     

     

    Adam.. tae me.. has that wee ,wee, bit edge oan

     

    Victor.

     

     

    Fur..

     

     

    Adam, wull Create a Loata mair Goals, than Vittorio.

     

     

    And.. Ah Am a great believer in the saying..

     

    Which Ah jist made up.. Ah think?

     

     

    “A Man who kin Create a Goal…is Worth Two in the Bush!”

     

     

    Right?

     

     

    Kojo

     

    yer pal.. who thinks ye are getting Bettah and Bettah.

  11. Tim Malone Will Tell on

    James,

     

     

    We could make it a condition of tenancy that the blue room is painted green :)

  12. James Forrest is Lennon on

    Auld Neil Lennon heid:

     

     

    Yes, but if we accept the situations facing Hearts, and Rangers, present existential risks to those clubs, the SFA/SPL surely has to consider that either club might not survive a full SPL fixture list next season.

     

     

    Rangers position, of course, is the more acute of the two.

     

     

    As the Battered Bunnet said yesterday, there could be a period of months between the total collapse of OldCo Rangers and the birth of NewCo Rangers. If OldCo Rangers collapses during the season, unless NewCo Rangers is born and placed in the league instantly – and I would suggest the legal implications make that absolutely impossible, especially if Celtic resisted with full vigor – there is a very real chance there might not be 12 teams in the league for a period of weeks, if not months, with enormous knock-on effects for every other side.

     

     

    That has to be considered as very real possibility, and as organisations with shareholder/stakeholder responsibilities towards every other club, the SFA and the SPL cannot pretend such an potential outcome does not exist.

  13. good afternoon cqn

     

    just catching up,who in their right mind would sign for them,or buy a season ticket for next year,then again they are the peepil,was at a new year gathering of family,cant pick your in laws,any way all i got was we (them) will win the tax case and will live happily ever after hun believable.

  14. MadraRua says:

     

    9 January, 2012 at 16:55

     

     

    How many construction projects? Ever? Since records of fatalities began?

     

     

    Many tradesmen passed on skills to sons, so the likelihood of both being in the same trade (or at least employed in the same projects) are quite high (indeed very high during the depression).

     

     

    Construction fatalities were very common back then, much more than now.

     

     

    Deaths on the same day (date of month and month) across all construction projects would be very high.

     

     

    First and last also, with a gap of 13 years – almost a generation.

     

     

    I’d say the likelihood was high, but not for a specific project, where the likelihood would be very low indeed.

  15. dirtymac says:

     

    9 January, 2012 at 16:59

     

     

    I think there is a better chance of the Pope celebrating mass in Ibrox.

  16. Strike that last comment.

     

    When they lose to tax case, the chances of Mass in Ibrox increase dramatically.

  17. Ten Men Won The League on

    They say you can judge a man by the company he keeps or thereabouts

     

     

    Mark Hughes entered Loftus Road with Kia Joorabchian at his side

     

     

    Enough said methinks

  18. Tribunal reconvenes on the 16th. It would be just like Whyte to fold up rangers Two days before on the 14th.

  19. The Honest Mistake loves being first on

    The Battered Bunnet 9 January, 2012 at 16:44:

     

    I’m 100% certain that it is massless.

     

    0% certain of where I can find the fix boshun.

  20. DirtyMac,

     

    Yes about 4/7 that a room of 30 people will share the same birthday.

     

    Of course this is how bookies and now anybody on the exchanges make money.

  21. mhaddog Is Mise Niall Lennon on

    Them going bust on the 16th would make for a great weekend. My daughter becomes a teenager (in age only, she has behaved like one for about 5 years) on the Saturday and then (hopefully) a LC Final win on the Sunday.

  22. !!Bada Bing!! Kano 1000 on

    A man in the UK gets knocked down by a car every 36 minutes,and he is getting heartily pi§§€d off by it now.

  23. pedrocaravanachio67 on

    I know this has probably been asked and answered before, but how many clubs in our great wee league are in “financial difficulty”? der hun, der small hun, der lanarkshire hun,der ayrshire hun….. who else?

     

     

    Bottom tier of English leagues and work our way up, for me. Get away from this shambles.

     

     

    PC67

  24. Construction deaths…..

     

     

    Worked on the building of Longannet Power Station 1968 – till – 1973.

     

     

    During that time there were a few accidental deaths.

     

     

    We laterly had a tea boy, who had lost his father & uncle on the site.

     

     

    RIP

     

     

    Paddy T

  25. My dear,dear,dear,friend.. Madra Rua

     

     

    Shucks.. pally.. Ah know that

     

    Ah hiv gien ye a tough Assignment.

     

     

    Assignments, are supposed tae be tough..and tae

     

    get ye thinkin’.

     

     

    Awe Awe the Supplied Candidates hiv

     

    Fitba Talents, in Extremis…

     

     

    and Guys like they or them.. are hard tae come by.

     

     

    They are.. as Fine Restaurant Critics, Rave…. in Doontoon Paris,Rome and New Yoik, Boulevard Cafes.

     

     

    Rarer than .. Truffles!

     

     

    Noo…in case ye don’t know. as Ah expect ye Don’t

     

     

    Genuine Truffles.. weigh in at..

     

     

    Wan Thoosand Yankee Dollahs.. Per..

     

     

    OUNCE!!

     

     

    Noo ye know whit Ah Am Talking aboot..

     

     

    Ah reckon that the Combined Avoirdupois. o the Four Named Celtic Players..

     

     

    Wid Check in …aboot…let’a see..

     

     

    Appoximately.. Well..

     

     

    A Lotta Poundage…besides a Lotta Dollahs!

     

     

    Say.. Seven Hundred and Two .

     

    That’s Pounds…no.. Dollahs!

     

     

    Well at.. The Going Price of Truffles, oan the Milano Market..the day. which is Wan Thousand and Fifty Euro per Ounce..

     

     

    That wid mak.. the Valuation o’ the Four Celtic Prospects

     

     

    at

     

     

    A Helava Loat!

     

     

    Right?

     

     

    Right.

     

     

    So.. Like Ah said at the Beginning..

     

     

    Tae Pick who is the Best Prospect oota that cast o

     

    Choices… is a Hard… Assignment..

     

     

    All o’ Them are.. whit’s the woid Ah am searching fur.??

     

     

    Priceless?

     

     

    That’s It..

     

     

    Fur each wan of them

     

     

    is… Priceless!

     

     

    Kojo

     

    yer pal..who likes ye aloater.

  26. James Forrest is Lennon says:

     

     

    9 January, 2012 at 16:58

     

     

    I think the SFA and SPL clubs will already be looking at the possible scenarios but will be unable to say anything until the FTT rules or Rangers say they cannot continue on account of cash flow. In the latter case the SFA/SPL would probably offer Rangers some assistance to reach seasons end. Did that not happen with Gretna?

     

     

    I note the latest estimate on RTC is April May for a FTT decision and thought that is handy for the authorities. It allows the current title race to proceed on the basis it might be all right on the night , but also to plan for what to do in the event it is not.

     

     

    This lets the everday business of football to continue under the illusion that nothing has changed and until that illusion is run over by reality everyone will have to go with it.

  27. bournesouprecipe says:

     

    9 January, 2012 at 17:11

     

    ‘Police have drawn a Blanc in Antony Worral Thompson allegation.’

     

     

     

     

    They should have charged him with briech of the peace.

  28. Tim Malone Will Tell says:

     

    9 January, 2012 at 16:49

     

    ‘Semi-serious question.

     

     

    If/when they go into administration, should Celtic buy their stadium and rent it back to them?’

     

     

     

    Yes to the first bit.

     

     

    No to the second bit.

  29. SmashingMilkBottles on

    Heard a story from an Orc who told me about the greatest ranger John Greig and his treatment received from the MBB.

     

     

    Anyway, allegedly JG had his gig at Ibrox at every home game to stop and chat to fans in the corporate seating part of their ground.

     

     

    The Orc asked JG what was happening with MBB and he replied that the MBB hadn’t “broken breath” with JG since coming despite them both being present at board meetings. However, JG received approx £200 per gig and the MBB reduced this to £19….twas the last straw for JG who apparently hasn’t set foot back in the ground since.

     

     

    Dignity indeed.

  30. LuxCelt says:

     

    9 January, 2012 at 16:42

     

     

    I don’t think he would be a replacement for Kayal, as you say very small.

     

    I think if we are looking at him it’s to replace a Commons or Paddy type (but hopefully not Forrest).

     

     

    HH

     

    /Bishop B

  31. Ten Men Won The League on

    A quote from Scott Allan after signing for West Brom

     

     

    “I’ve turned down the chance to play for Celtic and Rangers to play in the best league in the world.

     

     

    Considering Lenny was quoted as saying that Allan showed “great promise but we are well covered in the midfield area” it looks as though someone is telling the young lad porky pies as to our interest in him

     

     

    Now if the Huns couldn’t afford £300k for Allan what has changed that the gullible bears believe they will sign Sandancer for the same amount?

     

     

    Delusional fools