This evening’s announcement by Dunfermline Athletic that they no longer expect to receive timely receipt of the £80,000 ticket money Rangers FC PLC (in administration) owe them will heighten concerns at Inverness Caledonian Thistle, who have a stock at tickets with Rangers right now, money for which will be received by the administrators in advance of their game later this month.
The administrators have yet to decide whether to retain high-earning players or make more funds available for existing creditors, and future creditors, like Inverness. As ticket sales for the Inverness game are on-going, the administrators will need to be aware of their legal position before retaining a premium squad.
One final push (this week) for the Vanessa Riddle Appeal. We have a Celtic top signed by the first team squad available to auction on eBay. You can bid on the auction and help send Vanessa for the treatment she needs by clicking here. Thanks to Penfold for the donation and to Taggsybhoy for organising (yet again).
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How they are staging a game without cancelling season tickets is beyond me. They will have a relatively small amount of sales on Sat. They also get none of the catering money. Now with the revelation no staff will lose their jobs till next week I think D&P are going to give them a final hurrah and bolt the gates Mon morning
The SPL will meet with the hun administrator over Daniel Cousin today as the SFA have rubber stamped Daniel Cousin. The SPL want some assurances.
Note the Scottish government also have been as accommodating as the SFA.
So it´s official and it is truly amazing Rangers FC PLC (in administration) administrators Duff & Phelps whom HMRC accepted seem to hold the upper hand.
Duff & Phelps (Craig Whytes BITCH) are doing pretty well for themselves considering they have been on the scene two day
It didn’t take Duff and Duffer long to get this derogatory nick name.
Why because Whyte maneuvered them into position? No
because one of their staff was present when Whyte took over? No
because they were not well respected within their profession? No
because HMRC wanted to appoint someone else? No
It is because the first thing they have said since taking the reigns; is that Ratners is a viable- sustainable business.
God help us all
Other great observations,
Man will never fly
The earth is flat
Russell Brand is funny
oh and Ratners have money
HaHaHaHaHaHahahhahahahahaah
The conga idea is genius! C’mon Green Brigade let’s make this happen! Actually, if we could join up with the Hibs fans doing it, it would be even better to show a united front against the forces of darkness.
If only Norris McWirter (sp) were here to see it.
FT
ernie lynch says:
16 February, 2012 at 09:15
That’s quite a blow Che. You were all for him last night. Do you ever have an original thought?
Apologies Paul,
I got a little carried away, I guess.
The reason?
This guy is going to screw an awful lot of innocent people, creditors etc.
I felt that he should not be allowed to hide.
I guess I was wrong.
Won’t happen again!
Reposting for the morning crew
THE TRUTH IS ALWAYS THE FIRST CASUALTY IN WAR
For those worrying about the “positive” messages emanating from Ibrox, please remember thee following:
a) There is no tax issue (circa April 2010)
b) Ok, there is a small tax problem but we have been assured nothing illegal was done (circa Summer 2010)
c) Tax problem slight issue but not for Rangers, MIH will pay it (early 2011)
d) All debts cleared, Rangers ok (circa May 2011)
e) Warchest, 4 in a row not only possible but likely (summer 2011)
f) ok, a bit of trouble but the league is won so we’ll sort out problems later (Nov 2011)
g) em, administration might be a good thing (Jan 2011)
h) Administration is first step to recovery but we aren’t in admin yet, just thinking about it, oh and its all “big tax” problem (13 Feb 2012)
i) Ok so its a different tax issue but admin is good and we got our own people in, everything will be ok (14 Feb 2012)
j) Liquidation, nah, admin just temporary, we’ll be fine (15 Feb 2012)
Can everyone see a pattern developing?
Believe not what the LL/Rangers spin is.
Mort
huns also owe Arbroath money.
On a ridiculously nerdy observation I have suspicions over the administrators swanning around with small document wallets, holding conference calls with supporters, meeting officials, MPs and issuing statements after 24 hours.
Had I been appointed to do their job (I’m not an insolvency practitioner but could certainly put together the health check statement of affairs) I would have arrived with a small team. Tasks would be delegated. Payroll. Sales Ledger. Purchase Ledger. Prepayments, accruals, contingencies. Disputes. You’d also need a contracts lawyer. Each of us would find a desk and pore through file after file, print off relevant documentation, do reconciliations, cross check, verify. From that you’d do a rudimentary cashflow, immediate projection of income. This is just a start.
Once all these initial reports had been gathered and you’d met with your team and reviewed the work you’d start to get a feel for the bigger picture.
Now I am not the brightest light in the accountancy world but I would defy anyone to manage this process and not need a week, with lots of staff authorised overtime. Our small gang would be leaving each night laden with laptop and file cases to work on. This is the accountant’s world folks. It’s not all fee notes and golf days. OK, well, it is in the summer.
Maybe there is indeed a small team that we don’t see the on the TV but this double act are utterly unencumbered and able to make very quick pronouncements. In their first 24 hours they had a conference call with the RSA, with Margaret Curran, and the Sports Minister, and with Alex Salmond, with the police, and with HMRC and they met with Stewart Regan. They held a press conference and issued a wordy statement. How could all that other stuff have been done or overseen?
If I was a skeptic I would allege that they have plenty of pre information. Plenty. And have been part of the plan/stitch up since the beginning. If I was at HMRC I’d be planning a pretty swift move.
Although had I been in charge we’d have needed the first month for pass the parcel on the pitch, musical chairs in the Trophy Room and jelly and ice cream in Blue Room before we even opened a file.
Iain Brines….the only copper certain to be paid at the bigot dome on Saturday.
Homer Simpson discovers Schadenfreude
Whyte’s tactics will be unused to the coming level of scrutiny. He might find that his MO is about to bite him big time.
.
Fritz song..
Re; London Evening Standard..
I have been Searching everywhere what the Feeling is Outside the Bubble that is Glasgow.. Our Media etc..
Spoke to Some Aussies and Kiwis last Night.. No one has a Good word to say about them..
It’s a Pity the Record won’t Print some of the Stuff from Down South.. Aberdeen etc..
The Truth is Out there..
Summa
Pogmathonyahun @ 20 49.
That Banner —– ?
It suggests that wee Brenda went down on her knees for wee Silvio..
Will UEFA declare it have been political/offensive or both ?
Quickdraw says:
16 February, 2012 at 08:21
‘Why all the venom for Salmond and only praise for McFall? Salmond merely suggested that keeping them going is the only way to get all the tax they owe.’
The huns can’t and won’t be repaying any tax.
It’s not possible.
Salmond knows this. He’s not stupid, though many of his supporters are. He knows they’re stupid and he treats them accordingly.
Salmond said the most important thing is that the huns survive.
Salmond wants the huns to survive.
They are a great Scottish institution.
They represent many of the characteristics that make Scotland a distinctive nation.
It would hurt his sense of pride if they fail.
Especially if they fail due to financial incompetence and recklessness, just like the great Scottish banks he used to boast about.
These failures contradict those characteristics of Presbyterian prudence and probity that were once regarded as so much part of the make up of Scottish life. That’s what is causing Salmond so much pain.
Hissing down here in North Ayrshire this morning.
hen1rik says:
16 February, 2012 at 08:44
Hi henr1k,
Margaret Curren is a labour MP. She is not in the Government anywhere. Shona Robinson is the Sports Minister, she’s in the SNP and she said similar things. Margaret Curren has now backtracked to some extent to say “we want our tax back” and “we want to save Rangers”.
Just opened my P60 and saw how much tax and universal social charge I paid last year… I’m begining to wish I’d appointed an adminstrator.
Heard Henry McLeish this morning.
His message to Rangers?
You’ve been very naughty. Now just run along and don’t do that again.
ernie lynch says:
16 February, 2012 at 09:30
Che. Answer the question. Why is it OK for John McFall (and Margaret Curran) to be saying the same as Salmond? Do you ever have an original thought?
A banner with Hector on it, flown over Poundland by a small plane on Saturday would be nice.
BlantyreKev – Parcel=> says:
16 February, 2012 at 09:25
The administrators need to keep the show on the road until the FTT tribunal decision is announced. They’ll then liquidate. That way Whyte can still blame Murray.
They must run at a profit until then.
Their only source of income is ticket sales.
Everything they do should be seen as a way of boosting ticket sales.
Goldstar10 @ 9.04
What we are now seeing is a price discovery process for the TFOD and their ‘history’.
The big push from Civic / Political / Corporate Scotland is the building of a lifeboat.
This will allow Rangers to get out of Administration using the CVA route, keeping their history but paying off everyone in full.
New owners – Corporate Scotland, hello JMcC / TH / Ludge Select – will re-float the TFOD and pay off their non HMRC creditors.
Wee Eck – Political Scotland – will beg HMRC / Westminster – yes i do get the irony of this scenario – to allow a long term re-Payment deal. My thoughts are probably £6-7mill pa for 15-20 years to sort out everything. Not sure what the HMRC interest rate is so the figures are approximate.
Everything HMRC is Big, Small and last 10 months of financial vandalism.
I think that HMRC will be offered Ibrox as security and the SFA will give an undertaking that the TFOD cannot use Hampden as an alternative venue to sidestep the deal. Belt and braces would involve the SRU and Murrayfield.
The alternative is a NewCo.
That can be organised – Administration and a PrePack.
That can be disorganised – Liquidation and some hot auction room action.
Big downside is that the TFOD will re-emerge having only paid pennies in the pound for their debt.
No history but we the tax paying public lose out.
Consequently what price history?
This I think was part of the story JMcF tried but failed to tell on Tartan Newsnight.
Wee Eck builds a lifeboat so that they can pay everyone including the Taxpayer back.
Consequently the choice looks to be between
1) NewCo – PrePack. – No JJB contract
2) NewCo – Bits and pieces aka Build-a-Bear option – No JJB contract but the bidding for Ibrox could get interesting if anyone wanted to play Silly Billy boys and ramp up the bidding on a non commercial / just for a laugh basis.
3) Lifeboat / Old Co – Sold complete to new investors.
£7mill pa to the HMRC and with the JJB contract still in place.
All debts paid off But financially hobbled for the medium to long term.
Consequently what price history?
The Ulster Scot siege mentality so prevalent in the North of Ireland is alive and well in Scotland. The Protestant Establishment for a Protestant people are manning the walls of their ‘New Derry’ in readiness to repulse the Irish Catholic assault on their heritage. Cries of ‘No Surrender’ resound across the West of Scotland. In the halls of the Scots Parliament and Masonic lodges machinations of Machiavellian proportions are underway. The combined forces of the Scots media and government are mobilised to ensure that under no circumstances the law, morality, right and common sense are allowed to enter debate. The Ulster Scots lexicon of excuses is dusted off to defend the indefensible – Heritage, Culture, Society and of course failure to acknowledge any responsibility for their plight. The British public are being bombarded by a Pro Rangers propaganda blitz that Dr Goebbels would envy. Educated articulated dissent is ‘Verboten’. Dissidents are portrayed as irrational and openly dismissed as being motivated by hatred other voices are drowned out by the media openly calling them liars.
I fear they will survive virtually untouched.
I watched STV (huns news) last night.
Nice of them to let the tea woman ask the questions.
My cousin sent me this, its funny. I hear Celtic will be looking to introduce it if the SPL cheat and go against their own rules ant let Cousins in.Anyway, if not, it could be used if Elbows is still there.
Bubble Football
http://www.youtube.com/watch?v=xIl45f6i1PU&feature=youtu.be
Let’s look at this objectively. If you were a politician what would you say? We will do all we can to save Rangers, blah, blah, blah.
It’s just spin. I don’t believe a word that comes out of their mouths anyway. They are thinking about votes and they have to be seen to be doing something. What is clear is that the people have spoken. From John O’Groats to Lands End the position of the masses is clear.
Rangers must pay.
There will be no deal.
The Tax must be paid.
The incidents in Manchester are still fresh in peoples minds. The Scottish footb all fans have also spoken. I never thought it would be a blanket NO but it appears to be. I assumed some would want to keep Rangers for their coffers to be swelled twice a year but it would appear not. There is a revolt coming if any deal is done. It won’t be there is too much at risk for all parties. Rangers must be finding it very lonely right now. Their song no-one likes us we don’t care appears to be their most accurate.
They are finished and they know it. Stay safe in the coming months Bhoys. First there was shock, then denial, then anger and if I know Rangers fans and their history supports this next there will be violence!
LB
ernie lynch says:
16 February, 2012 at 09:39
Pure guesswork, and probably garbage as usual, Che. How can they run at a profit from ticket sales? Most of them have already gone as season tickets.
What is State Aid?
State Aid refers to the distortion of competition between any organisations involved in economic activity across member states of the European Union. State Aid rules state that no governmental body can give financial or competitive advantage to entities within their member state
“Its all about rangers.”
http://www.youtube.com/watch?v=rlFpHriMd8A&feature=related
BBC Scotland have still not updated the SPL table.
I have complained but no response.
My god they ate hurting.
Fitba —–
Milan 4 Arsenal 0 .
Should have been more .
First time I’ve seen Arsenal since Celtic played them . They were dire —suicidal formation /suicidal tactics.
First time I’ve seen Arsene Wenger since Celtic played Arsenal . He has really aged . He looked tired ,stressed and ill.
Can I just say this for Salmond.
What he said about the huns came from the heart not the head.
Statements from other politicians have been calculated to gain a political advantage (that’s what you would expect).
I don’t think Salmond was looking for political advantage.
He genuinely wants the huns to survive.
They are traditionally the quintessential Scottish club encapsulating distinctively Scottish characteristics.
I just lost a post to the spam filter !!!
15 minutes of my life GONE !!!!!!!!!!!!! :-((((((((((((((((((((((
Hail Hail
Ahem, the BBC has not adjusted the table, becuase the hun is not yet in administration.
It will be updated as soon as they are.
lochgoilhead bhoy says:
16 February, 2012 at 09:42
It’s clear that you’re an ardent SNP supporter and a fervent admirer of Alex Salmond.
I appreciate therefore that you will be feeling a bit sore at the moment.
Let’s just leave it at that, shall we?
Madmitch- Option 3 £7m a year, it would take a hell of a long time to pay off all the debt if the The Big Tax Bill crystallises, which with compounding interest could mean a period of around 12-15 years.
I don’t think that could ever be sustainable within the confines of Scottish football finance, unless they downsized to a squad of Aberdeen/Hibs quality.
HH
Morning everyone, sun still shining brighter then usual I see.
A quick question and I hope someone can answer it.
Dingbat on STV last night said that the Supporters Ass-ociation had held a conference call with the administrators and that they had admitted there would be no accounts and no AGM.
So the question is this (to quote Davina): How does this affect licensing either for Scotland or Europe next season?