BBC today confirmed what we have been telling you would happen for months, HMRC have rejected the proposed Rangers CVA. One of the world’s oldest and most successful football clubs will now be liquidated.
Despite what should have been well-informed opinion from the Scottish accountancy profession, the proposal from Charles Green was always – always – destined to fail. His proposal to investors offered to treat football creditors different from other creditors in the same class, including HMRC, which contravenes the terms within which HMRC are able to agree to a CVA.
The line “All creditors to be wiped clear on consideration of £8.5m save for £3m being owed to other football clubs” ensured HMRC had no choice.
Prepare for the most intense two weeks of lobbying in Scottish history. Once the SPL received notification from Duff and Phelps of their intention to liquidate they will simultaneously receive an application from Sevco 588 to join the league.
My sources, which confirmed all along that the Sevco CVA proposal would contain a deal-breaker for HMRC, now tell me that Sevco will offer to back plans on the SPL voting structure, allowing home gate money to be shared at a vote in the near future as a price of getting entry to the league.
Sevco will gain out of this, as they will be able to sell more tickets to the SPL than the third division, the Gang of 10 will also gain, it is only Celtic who will lose financially as your season ticket money is offered BY SEVCO as an incentive to get them into the league.
Without Sevco in the league the Gang of 10 would be able to change the voting rights anyway but if Sevco acquiesce on sharing gate money, the Gang get to keep sponsors, TV money and earn a whole new slice of income every time they visit Celtic Park.
Enjoy your ice cream and jelly. There will be more soon on the consequences of liquidation of Rangers and what would be left in the event of a phoenix, but prepare for the bedlam that lies ahead.
231 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- »
Paul – thanks for cheering me up and then depressing me almost as quickly :)
Why does such good news sound so bad, so pessimistic?
Here’s my question to the experts, when do BDO go into action and can they scupper Green’s plans? Do they take over from Duff and Phelps or do they work alongside them?
goldstar10 on 12 June, 2012 at 11:29 said:
Any threat to our home gate revenue must be met with a threat of immediate resignation from the SPL by Celtic FC.
…………….
Or we just tell them to go eff off
This is the beginning of the end but something tells me it will be the longest ending since the very beginning of all.
Now wait and see how quickly the SPL resolve the dual-contract issue.
Don’t sell the soul the Scottish Football soul, I just don’t think you understand.
If you sell the soul, the Scottish football soul, you’re gonna have a riot on your hand.
Hi Paul,
Was there a CVA?
Sounds like creditors did not actually receive the formal proposal.
It sinks ‘afore the the creditors meeting, by a creditor D&P intimated were on board all the way thro’
MMMMMmmmmmmmm
Charles Kickham
I will:) I particulary look forward to the images of greeting huns on the steps of Ibrox!
However…the sting in the tail concerns me. If this is our ticket out though, then we could be partying for an extremely long time!
HH
For Sale
1x Mighty Warchest – never been used, unwanted gift….
Timbhoy2
I worked for the Sunday Express in Albion Street in Glasgow when I was a boy.
One Thursday morning (We had played at home on the Wednesday night) the sports editor took a phone call from Jock Stein who said he could not get a copy of the Sunday Express that morning at his newsagents.
The editor informs Jock that it is Thursday, not Sunday.
Jock say’s three of your reporters were in the Press Box last night so I thought there must be an edition out today.
The ground rules were laid right there and then.
I love the smell of liquidation in the morning
Paul67
Surely home gate sharing would contravene all sorts of EU business/competition laws?
A question to the clever clogs bhoys out there – Does Craig Whyte now re-enter the game?
Taking on board the scenario that the Gang of Ten + Sevco could agree to sharing of gate money, surely this cannot be implemented for the forthcoming season. The application for membership of the 2012/2013 SPL will already have been completed and given on the basis of current Ts & Cs.
Furthermore, sharing of gate money would also presumably be detrimental to the income of Sevco, wouldn’t it ?
I also really don’t understand how Sevco can acquire RFCIA assets for £5.5M. Shouldn’t those go to the highest bidder in order to maximise the payout to creditors?
Getting there !!!!
I am in a foreign land. I am grinning inanely and laughing out loud, apparently at nothing. In between I am whistling ‘Liquidation, liquidation, la la la’.
People will think I am mad – and there’s no point in trying to explain – who would understand? Hahahahahahahahahaaaa!
Paul 67
The gang of 10 can push through voting change without them. I’m sure if they don’t get voted back in and are replaced by Dundee, the 11 will outvote Celtic. Either way Celtic are now out on a limb. Time for Celtic to hand in SPL resignation and force the SFA to bring the whole cabal down. Time for Scottish football to rip down the current structures and start again.
Whoop de dooo !!!!!
I still think there is a Masonic plan though.
I wish that my Dad could have seen this day.
Hail Hail
HM Revenue & Customs @HMRCgovuk
CVA would restrict action against those responsible for company’s recent finances #Rangers
Retweeted by CelticResearch
OUCH!
Don’t sell ibrox, rundown ibrox.
I just don’t think you understand.
That if you sell ibrox, rundown ibrox.
Your gonnae have a riot on your hands…
Stupid huns…lol!
BYE BYE RANGERS 2012
BY
Charlie and the Bhoys.
http://www.youtube.com/watch?v=7ugVw4xhvbU
GREAT VID
DeniaBhoy on 12 June, 2012 at 11:36 said:
I wouldn’t be surprised if BDO frogmarch D&P out the door of the big hoose and then initiate legal action against them for making such an unholy mess of things.
……….. and now the real battle begins.
The future of Celtic is at stake.
Liquidation will be like signing a new player- Mark Hateley
bournesouprecipe, so I did! Thanks for remembering, better go and look that quote out!
traditionalist88, no Celtic statement for now. Still work to be done with the other clubs. I think it’s good for us to enjoy the day but Celtic have to keep an eye on what is happening next.
Sheik Yerbouti, thanks.
ASonOfDan, I wish I had your faith on the matter. I know one SPL club who remain gravely concerned at the outcome of the forthcoming SPL meeting.
Por Cierto, we can only resign if we have something in place. We have nothing in place but this is a moving target at the moment. Today’s news will break some ice and perhaps create an opening.
Rev Davie, yes, got that.
Chairbhoy, perhaps saving money on the stamps.
Malone19, no.
Kayal33, it remains in the balance.
The Vodafone thing—–
Hector confirmed that Vodafone’s tax liability was £ 1 .25 billion . Vodafone paid Hector £ 1.25 billion..
Everything else is an urban myth.,
The skint cheats were always going to be liquidated. I will celebrate when Scottish football says no to any Hun Newclub / Newco that doesn’t have to get down on its knees and beg to be allowed to start again at the very bottom. I will celebrate when Celtic say no to any Hun Newclub / Newco that doesn’t have to get down on its knees and beg to be allowed to start again at the very beginning . I will celebrate when Celtic say ——- There is no such thing as The Old Firm.
Rangers Tax-Case @rangerstaxcase
Looks like we are finally get to the end of this story, The last decade has been a parody of sport and justice is about to be served.
“It looks as if HMRC are going for the jugular now.”
SKY Sports News.
Woo Hoo!
Hard to know how to feel about this.
Delighted at Rangers plight and an end to an organisation who glorified in their sectarian signing policy.
Concerned about the potential impact on Celtic if the intellectual pygmies and those bankrupt of integrity at other Scottish clubs allow Sevco, playing at Ibrox Park, back into this league.
This isn’t a time to rush to judgement but I can’t imagine circumstances under which I would attend Scottish Football matches where part of my money supported other Clubs rather than fully supporting my own.
CQN more essential in the coming weeks and months than it has ever been in it’s history.
SwanseaBhoy
What now….
Jail time for minty.
Jail time for the bigotted president..
Does this mean the inbred kitman is out of a job :)
The solemn promise I can make to Rangers fans today is that this Club will continue as Rangers Football Club and will continue to play at Ibrox Stadium.
I’m glad Green said that.
I suspect that HMRC’s PAYE, NIC and VAT security deposits are too.
*deposits department
Here’s some reaction from the Duffers :
“HMRC has taken the view that the public interest will be better served with the liquidation of The Rangers Football Club plc as a corporate entity. The Club will continue to operate as it has always done but within a new company structure.
“HMRC consider that the decision will enable a liquidator to instigate a wider investigation into all of the financial affairs and management of the Club in recent years and to bring to task those they believe are responsible for its collapse.
“Furthermore, HMRC believes there will be an enhanced recovery of funds for creditors by pursuing those individuals who they believe are responsible.
“The consequence of the rejection of a CVA outcome is that sanctions will be applied to the Club by UEFA and that the Club will not be able to participate in Europe for three years and the new company will need the consent of the other SPL clubs to the transfer of the share in the SPL, in order for Rangers to continue playing in the SPL.”
Steven Naismith. Free agent.
So Hec is after Craigy and Minty- Wow!
Wooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo
Hooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
So when’s the auction? (thumbsup)
Now, about those dual contracts…
Paul
Who do you think leaked this?
I am assuming that it was not HMRC so perhaps a ‘mole’ in Ibroke that wants to scupper the Green/Whyte ‘deal’. Does this early warning mean that D&P cannot present the Green deal as a fait accompli on Thursday and DBO will be appointed?
Bye Bye Rangers!!!!!