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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goldstar10 says:
16 February, 2012 at 09:49
Absolutely correct. There is no viable business as it stands. Any form of payment plan to HMRC and I’d be confident in saying that even if it was done on and interest free £1M for 75 years (adjusted for inflation though) would not be sustainable.
I’m going to go 1 step further. I’m not sure of the viability of running any form of Rangers out of the current Ibrox is viable without a sugar daddy. Simply put the size and quality of the squad they could afford would not guarantee 2nd position (let alone winning) and with that goes the chances of being profitable from European football.
They need to reduce the capacity of Ibrox and thus running costs in order to make ends meet I think.
‘No immediate cuts’ to Rangers squad, say administrators
Administrators Duff and Phelps say meetings on Thursday will not result in immediate redundancies.
16 February 2012 09:45 GMT
Rangers’ administrators have assured players that no job cuts will be made on Thursday.
Duff and Phelps say there will be “no immediate cuts in the playing staff” but have confirmed there will be a review of staffing levels shortly.
Co-administrator Paul Clark met with manager Ally McCoist earlier on Thursday morning and will go on to speak to players at Murray Park.
“Paul will be outlining the administration process,” said a spokesman.
“There will be a review of staff, including playing staff. That will take its course.”
The playing squad are also due to meet with representatives from the PFA Scotland union over their future.
The administrators will then address the media on Thursday afternoon at Ibrox, at which they will outline the outcome of their discussions.
I heard the odious Michael Kelly on Five Live yesterday. The guy’s got some front – talk about trying to alter history.
Kelly told Peter Allen he was the victim of a ‘hostile takeover’ – which, while technically correct on more than one level, doesn’t even come close to telling the true story.
He also described the current Celtic squad as ‘sub-standard’. Maybe Kelly couldn’t see Wayne Biggins through that ludicrous tiger suit.
A total chancer, who was willing to let our club die rather than do the right thing and put Celtic into the hands of people who knew how to take the club out of the 1950s. He really would be better off keeping his mouth shut.
Anyone know the answer?
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?
Mort:
It also gives the players an inflated resale value.
If I was going into Admin, I’d want my available assets to be worth more than they were.
I wouldn’t plan my Admin event 7mths in advance though…
The ole Union flag had better be flyin’ upside down this Saturday…they need to send out all the ole distress signals they can muster.
Article 49 – No overdue payables towards football clubs
1 The licence applicant must prove that as at 31 March preceding the licence
season it has no overdue payables (as defined in Annex VIII) that refer to
transfer activities that occurred prior to the previous 31 December.
2 Payables are those amounts due to football clubs as a result of transfer
activities, including training compensation and solidarity contributions as defined
in the FIFA Regulations on the Status and Transfer of Players, as well as any
amount due upon fulfilment of certain conditions.
3 The licence applicant must prepare and submit to the licensor a transfer
payables table, unless the information has already been disclosed to the licensor
under existing national transfer requirements (e.g. national clearing house
system). It must be prepared even if there have been no transfers/loans during
the relevant period.
4 The licence applicant must disclose all transfer activities (including loans)
undertaken up to 31 December, irrespective of whether there is an amount
outstanding to be paid at 31 December. In addition, the licence applicant must
disclose all transfers subject to a claim pending before the competent authority
under national law or proceedings pending before a national or international
football authority or relevant arbitration tribunal.
5 The transfer payables table must contain the following information as a minimum
(in respect of each player transfer, including loans):
a) Player (identification by name or number);
b) Date of the transfer/loan agreement;
27
c) The name of the football club that formerly held the registration;
d) Transfer (or loan) fee paid and/or payable (including training compensation
and solidarity contribution);
e) Other direct costs of acquiring the registration paid and/or payable;
f) Amount settled and payment date;
g) The balance payable at 31 December in respect of each player transfer
including the due date for each unpaid element;
h) Any payable as at 31 March (rolled forward from 31 December) including the
due date for each unpaid element, together with explanatory comment; and
i) Conditional amounts (contingent liabilities) not yet recognised in the balance
sheet as of 31 December.
6 The licence applicant must reconcile the total liability as per the transfer
payables table to the figure in the financial statements balance sheet for
‘Accounts payable relating to player transfers’ (if applicable) or to the underlying
accounting records. The licence applicant is required to report in this table all
payables even if payment has not been requested by the creditor.
7 The transfer payables table must be approved by management and this must be
evidenced by way of a brief statement and signature on behalf of the executive
body of the licence applicant.
Article 50 – No overdue payables towards employees and social/tax
authorities
1 The licence applicant must prove that as at 31 March preceding the licence
season it has no overdue payables (as defined in Annex VIII) towards its
employees or social and tax authorities as a result of contractual and legal
obligations towards its employees that arose prior to the previous 31 December.
2 Payables are those amounts due to employees or social and tax authorities as a
result of contractual or legal obligations towards employees. Amounts payable to
people who, for various reasons, are no longer employed by the applicant fall
within the scope of this criterion and must be settled within the period stipulated
in the contract and/or defined by law, regardless of how such payables are
accounted for in the financial statements.
3 The term “employees” includes the following persons:
a) All professional players according to the applicable FIFA Regulations on the
Status and Transfer of Players; and
b) The administrative, technical, medical and security staff specified in Articles
28 to 33 and 35 to 39.
4 The licence applicant must prepare a schedule showing all employees who were
employed at any time during the year up to the 31 December preceding the
28
licence season; i.e. not just those who remain at year end. This schedule must
be submitted to the licensor.
5 The following information must be given, as a minimum, in respect of each
employee:
a) Name of the employee;
b) Position/function of the employee;
c) Start date;
d) End date (if applicable);
e) The balance payable as at 31 December, including the due date for each
unpaid element; and
f) Any payable as at 31 March (rolled forward from 31 December), including the
due date for each unpaid element, together with explanatory comment.
6 The employees schedule must be approved by management and this must be
evidenced by way of a brief statement and signature on behalf of the executive
body of the licence applicant.
7 The licence applicant must reconcile the total liability as per the employee
schedule to the figure in the financial statements balance sheet for ‘Accounts
payable towards employees’ (if applicable) or to the underlying accounting
records.
8 The licence applicant must submit to the auditor and/or the licensor the
necessary documentary evidence showing the amount payable (if any), as at 31
December of the year preceding the licence season as well as any payable as at
31 March (rolled forward from 31 December), to the competent social/tax
authorities as a result of contractual and legal obligations towards its employees.
Article 51 – Written representations prior to the licensing decision
1 Within the seven days prior to the start of the period in which the licensing
decision is to be made by the First Instance Body, the licence applicant must
make written representations to the licensor.
2 The written representations must state whether or not any events or conditions
of major economic importance have occurred that may have an adverse impact
on the licence applicant’s financial position since the balance sheet date of the
preceding audited annual financial statements or reviewed interim financial
statements (if applicable).
3 If any events or conditions of major economic importance have occurred, the
management representations letter must include a description of the nature of
the event or condition and an estimate of its financial effect, or a statement that
such an estimate cannot be made.
29
4 Approval by management must be evidenced by way of a signature on behalf of
the executive body of the licence applicant.
Article 52 – Future financial information
1 The licence applicant must prepare and submit future financial information in
order to demonstrate to the licensor its ability to continue as a going concern
until the end of the licence season if it has breached any of the indicators
defined in paragraph 2 below.
2 If a licence applicant exhibits any of the conditions described by indicator 1 or 2,
it is considered in breach of the indicator:
a) Indicator 1: Going concern
The auditor’s report in respect of the annual or interim financial statements
submitted in accordance with Articles 47 and 48 includes an emphasis of
matter or a qualified opinion/conclusion in respect of going concern.
b) Indicator 2: Negative equity
The annual financial statements (including, where required, the
supplementary information) submitted in accordance with Article 47 disclose
a net liabilities position that has deteriorated relative to the comparative
figure contained in the previous year’s annual financial statements, or the
interim financial statements submitted in accordance with Article 48
(including, where required, the supplementary information) disclose a net
liabilities position that has deteriorated relative to the comparative figure at
the preceding statutory closing date.
3 Future financial information must cover the period commencing immediately
after the later of the statutory closing date of the annual financial statements or,
if applicable, the balance sheet date of the interim financial statements, and it
must cover at least the entire licence season.
4 Future financial information consists of:
a) a budgeted profit and loss account, with comparative figures for the
immediately preceding financial year and interim period (if applicable);
b) a budgeted cash flow, with comparative figures for the immediately preceding
financial year and interim period (if applicable);
c) explanatory notes, including a brief description of each of the significant
assumptions (with reference to the relevant aspects of historic financial and
other information) that have been used to prepare the budgeted profit and
loss account and cash flow statement, as well as of the key risks that may
affect the future financial results.
30
5 Future financial information must be prepared, as a minimum, on a quarterly
basis.
6 Future financial information must be prepared on a consistent basis with the
audited annual financial statements and follow the same accounting policies as
those applied for the preparation of the annual financial statements, except for
accounting policy changes made after the date of the most recent annual
financial statements that are to be reflected in the next annual financial
statements – in which case details must be disclosed.
7 Future financial information must meet the minimum disclosure requirements as
set out in Annex VI. Additional line items or notes must be included if they
provide clarification or if their omission would make the future financial
information misleading.
8 Future financial information with the assumptions upon which they are based
must be approved by management and this must be evidenced by way of a brief
statement and signature on behalf of the executive body of the reporting entity.
£49,000,000= 2,450 nurses
cavansam,
No accounts = no Europe
In administration = no Europe
It was mentioned yesterday a potential points deduction for failing to pass on ticket monies. Can’t find anything on the SPL rule book, but interest does accrue:
C14.5 The Visiting Club shall, unless it and the Home Club agree otherwise, return
any unsold tickets for a League Match in its possession to the Home Club not
less than 48 hours prior to the scheduled time of commencement of the
League Match and shall pay the Home Club for any tickets which it sells for a
League Match no later than 10 days after the scheduled date or dates for
such League Match.
Any Club making late payment shall pay interest to the
Home Club on any balance or balances from time to time outstanding until
paid in full, at the rate of 5% above the base lending rate of the Bank of
England as same may vary from time to time compounded on the first day of
each calendar month.
Note to Administrator: You are running up more debt the longer you keep them on life support.
ernie lynch says:
16 February, 2012 at 10:03
“I think……
“I suspect…..
“She probably…..”
As usual all guesswork.
“Salmond genuinely…..” – more guesswork. You are doing it again, Che. You are guessing and passing it off as knowledge.
new article posted.
Steinreignedsupreme says:
16 February, 2012 at 10:06
I heard the odious Michael Kelly on Five Live yesterday. The guy’s got some front – talk about trying to alter history.
Kelly told Peter Allen he was the victim of a ‘hostile takeover’ – which, while technically correct on more than one level, doesn’t even come close to telling the true story.
He also described the current Celtic squad as ‘sub-standard’. Maybe Kelly couldn’t see Wayne Biggins through that ludicrous tiger suit.
——————-
Wayne Biggins, Carl Muggleton etc etc – i laughed when i read he described the current suqd as sub standard – Oh really Mick compared to what team you put on the park?
BlantyreKev – Parcel=> says:
16 February, 2012 at 10:10
Yes, but if the Administrators then give out pennies in the pound then the interest rate doesn’t matter.
I can answer this quick question- is Mark Dingwall the ugliest thing on TV?
-yes.
Meanwhile in the colonies…………..
From:
Sydney City Celtic Supporters Club
To:
Sydney City Celtic Supporters Club <sydneycitycsc@hotmail.com
Hail hail SCCSC Members, a quick update on our events/games:
Next Event: Jelly & Ice Cream with Marty Higgins – SATURDAY 18th FEBRUARY – Free event
All the way from Co.Antrim, Marty will be playing a gig dedicated to Celtic fans in Sydney at The Cock n Bull, in Bondi – please note the change of venue. Marty has supported the Wolfe Tones and has recently played in the Mercantile Bar and Durty Nellys. Unfortunately The Shannon Hotel has had to close due to financial difficulties. A bit like Rangers.
The Cock n Bull Hotel
89 Ebley Street
Bondi Junction
Saturday 18 February
Seemingly,the word has spread.
In excelsis deo,`n`at.
I am led to believe that it will be nine days before they are officially in administration. If I am wrong then I accept that. If I am right, then I expect apologies!
Incidentally, Mars is ok, a little hot and dusty.
amadeus says:
16 February, 2012 at 09:47
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.
SPL changed their table on Tuesday.
I really hope it is updated as soon as possible.
I also hope that due to their circumstance they slide down the table like a drunken lizard.
It’s a pity that their players are so rubbish, nobody would want them.
They might sell Shagger and Davis, but after that, who would want any of them?
Bhoys sent this email to Shona Robison.
Dear Shona,
I am shocked by the outcry from MSP’s on the situation at Rangers Football Club.
Here is an article below I would love you to comment on because its puzzling me why there isn’t the same outcry from you and other MSP’s on this, it really does puzzle me and the taxpayer.
500 jobs going at a major Retailer Peacocks yet Rangers Football Club have 185 employees on their books yet you and other MSP’s are hell bent on looking after 185 employees of Rangers Football Club.
This company paid all their taxes yet Rangers Football Club have cheated the tax payer out of millions and they have cheated other teams out of millions by buying players that other teams couldn’t afford.
So please Shona can you explain this to me because I’m seriously astounded by the government’s stance on this.
We have a club who have deliberately not paid tax, we have a legit company who has played by the rules, how can you try and explain this to an honest taxpayer in this country.
From what I’m hearing Mr Salmond has lost a lot of supporters on this matter.
What message does this send out to the 500 employees and to other Scottish Businesses and to other Scottish teams in this country.
These companies work hard to keep their businesses afloat and pay all their taxes, I’m sure they wont be happy with this outcry from our MSP’s.
What about Dunfermline Football Club who have now lost £80,000 because of Rangers Football Club, or Hearts of Midlothian Football Club or Dundee United Football Club, yet I don’t hear you or any other MSP mention this.
Being an honest hard working member of the public would it not be in the interests of MSP’s to try and help both companies but surely a company with 500 employees they have to be more of a priority.
The establishment circles the wagons…
Published on Thursday 16th February, 2012.
140 years of ‘history and tradition’ or fiscal honesty and sporting integrity – take your pick.
I was sitting having a cup of tea after my dinner this evening, reading my preferred Glasgow evening paper (I think there might only be one!), when I read of a Scottish firm which had recently gone into administration. The piece was only a small one (two columns on page 7) but it talked about the role of the administrators and it talked about the fear of the workforce and the number of jobs that would be lost. The jobs numbered 487 and, whatever the reason was for the demise of the firm, you had to feel sorry for every one of those nearly 500 people who, through no fault of their own, are facing the threat of unemployment in this harsh economic climate. However, in the case of the firm in question, the chain store Peacocks, which has 40 stores across Scotland, there did not seem to be a queue of MSPs waiting to voice their support for the workers and call for all measures to be taken to save the company and secure their jobs. There was no appearance on television of our First Minister telling the world that Scotland ‘needs’ Peacocks; that the creditors of Peacocks need to come to a sensible solution to keep the firm in business. No, there was none of that, and yet the job losses involved here are nearly double that of Rangers FC, another large Scottish firm recently forced into administration. Funny that…
Yes, dear reader, it didn’t take long, did it? Two days into administration and the Establishment in its many guises is getting to work to save Rangers FC. From our Sports Minister, Shona Robison, to the Deputy First Minister, Nicola Sturgeon (who at least has a constituency interest), to Alex Salmond himself (not to mention Labour’s Patricia Ferguson and Margaret Curran, who want to give themselves a good talking to!), they all waxed lyrical about the importance of this great ‘institution’ to Scottish society; its vital role in Scottish football; its’ 140 year illustrious history and its great ‘culture and traditions’. I’ve left the best till last and I still can’t believe he actually said this, but our First Minister actually argued for retaining Rangers because of the ‘fun’ they bring to Scottish society. I’ve just checked all the dictionary definitions of the word ‘fun’ and I’m fairly certain Alex has made a mistake here…
For the moment, lets leave aside the specifics of what they mean by the history and traditions of Rangers – no-one spelled it out but could they actually mean their 114 year sectarian signing policy, followed by 22 more years of sectarianism in other forms, flavoured with a healthy dollop of anti-Irish racism to pep it up a bit? I don’t know but I am much more concerned, as a tax-payer and as a ‘consumer’ of Scottish football about what they didn’t say.
There are two fundamental issues here which the press, the television and politicians of all sides are desperately trying to ignore. The first is that if large firms fail to pay the tax they owe then the public, and the public sector loses out. So, while as a life-long trades unionist, I would never want to see workers made redundant, I can’t see why a particular group of workers should be given any more protection than those employed by the smaller creditors of Rangers for example. I also care about those who may lose their jobs in the public sector because of cuts which are made more necessary when firms don’t pay their taxes. I also care about those who rely on public services and welfare spending, both of which are also being cut as the government tries to cut public sector debt. Shona Robison doesn’t seem to care about those things – or at least not to the same extent. Robison’s ‘key concern’, she assured the administrators, is ‘the future of those employed by the club and the potential economic impact of administration’. I don’t know what lead Peacocks into administration but its owners cannot be more culpable than those at Rangers who are alleged to have withheld tax and VAT that they had collected from employees and customers. How come their workers don’t merit the same high-profile interventions that those employed by Rangers FC are now getting?
The second fundamental issue here is the concept of sporting integrity. If Rangers is so ‘crucial’ to the game of football in Scotland that they must be allowed to continue to compete at the highest level even after having cheated their way to titles and cup wins by fielding players they had no right to be signing, then there is no sporting integrity in the SPL. What precisely would I, as a paying customer, be paying to watch? If the SPL and SFA collude with Whyte or anyone else to ensure that Rangers stays in the SPL no matter what, then what value can possibly be placed on the top-flight game in Scotland? It would mean precisely nothing. We might as well all just watch our teams playing exhibition football. Now I’m no economist….no, wait, I am an economist…..but the regulatory mechanism that allowed banks to be ‘too big to fail’ has been severely criticised by all and sundry and we are all still paying the price for that policy. Are we now to see the same ‘too big to fail’ logic applied here because, in this case, we would lose all the ‘fun’ that Rangers bring to our lives?
Salmond, Robison, Sturgeon and the rest could have supported the view that paying your taxes honestly and letting the public sector create jobs directly and indirectly is what is ‘vital’ to Scotland. The could have said one word of condemnation of those who dishonestly and deliberately fail to pay what they owe. Instead they chose to speak out on behalf of a company which has allegedly cheated the taxpayer and the sporting public for years. Maybe we should all visit their surgeries, or write to them, and ask them to justify that choice.
Thanks and I look forward to hearing from you and i look forward to listening to the same outcry from MSP’s on this.
Apologies to any SNP supporters but my disdain and distrust for Salmond and his party grows with every move he makes. Ever since his wooing of David Murray, he has been pandering to the west of Scotland orange / bluenose vote. With great success going by the last elections and the swing of votes from Labour to the SNP. I will admit Salmond is an excellent politician, an intelligent man and no fool. I believe his actions are deliberate and tactical. We are the minority, our votes have been written off.
Fortunately HMRC vs football is bigger than Scotland.
It is widely reported that this is a test case. I think HMRC may have already accepted that it is high unlikely they will recover what they are due from Rangers and will be lucky to get a fraction of it. They have bigger fish to fry in the EPL, by unmercifully banjaxing the quintessential british institution that is Rangers it sends a stark warning out. Gives them a greater leverage when the real scrap begins. Well this is my theory anyway and I have to admit it didn´t go to well with my hun mates that they are essentially a pawn in a much bigger fight.
“Roger HMRC Mellie @RogerMellie67
There were bigger protests at Ibrox when Rangers signed a Catholic than there are now at the death of their club. #apathy”
Incredibly perceptive comment on twitter
the problem with being a subject, is that you don’t know how to object
http://www.scotsman.com/sport/football/spl/rangers_fans_unite_in_call_for_rebirth_of_stricken_club_1_2119198
I just knew he would appear one day……
the life model for this painting photographed outside Ibrox yesterday
http://www.museumsyndicate.com/item.php?item=4998
Apologies if this point has been made before.
Many rangers (in administration) “fans” have made it clear they intend to regale us with the full range of their vile anthems tomorrow.
When this happens,Alex salmond should be asked if he supports his offensive behaviour legislation or his rangers must survive campaign.
As far as I can see the two positions are mutually exclusive.
Thoughts?
Wee treble for tonight at Kempton.
5.15 SILLY BILLY/7.45 DARK RANGER/5.45 LAUGH OUT LOUD.
Sorry,not tomorrow,on Saturday
Itis nailed on they will be singing the Billy Boys on Saturday.
The last act of a dying dinosaur.
Top of the morning to you all from a mild grey Fife.
Politicians of all parties are whores for votes. They will always take the populist view and if the public change their mind then the politicians swing right in behind them.
Remember Murdo Fraser condemning the heavy-handed Manchester police at Holyrood? Then an hour later when film is shown of the policemen getting their heads kicked in the bold Murdo does an emergency 180% turn. It’s what they do.
Just occasionally a decent one comes along but they are few and far between and normally don’t get far.
Salmond is in awe of Sir Angus Grossart, the most powerful man in Scotland and a best pal of SDM and I would imagine all are Masons with pro-Rangers sympathies.
If the public get angry about fat-cat footballers paying no tax the politicians will swing right in behind them, while at the same time mouthing platitudes about jobs lost at Rangers.
I still think we ain’t seen nothin yet and criminality will surface. Then what will the politicians say?
Big story about to break regarding the first minister. Watch this space.