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.
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There will be a few CQNers backtracking today . . . seem to recall quite a few posts declaring that HMRC would approve CVA.
Do not stand at Ibrox and weep,
I am not there, I do not sleep.
I am the stench that fills the air,
the rancid smell of disrepair,
I am the pish that stains your brogues,
when the pub urinal overflows,
I am the mood of dread and fear,
which you instilled when full of beer,
I am the darkest time of night,
the haunting hour, a time of plight,
do not stand at Ibrox and cry,
for Timmy’s watching – and his smile is wry.
GIRUY.
Rangers about to be liquidated and the blog hasn’t crashed yet?
I’m sooo disappointed but lovin’ it!
Hallelujah!
In Paul, Phil and RTC we trust.
Well done Paul for all your amazing work and being a calm, steady voice amongst all the nonsense that’s been said and written by MSM.
Looks like HMRC have taken their gloves off and are on the offensive.
Time for good old Edward to sing
http://www.youtube.com/watch?v=oavMtUWDBTM&feature=youtube_gdata_player
Remember the CVA proposals and how players were no longer listed as assets in the ‘liquidation’ column?
::innocent whistle::
I’m guessing it’s too late to touch this up-coming season’s money. If HMRC manage to get their own liquidators in then there are other options.
THERE – indicating the position of something…
example: THERE is an elephant in the room.
THEY’RE – shortened form of THEY ARE…
example: dont worry about rangers, THEY’RE f*cked
their – possessive and plural. use this if something belongs to something…
example: THEIR players are a bit pish
SIGN mc shagger free lol
tomthelennytim
Just brilliant.
SwanseaBhoy
Paul
Forgot to add to last post that a little bird told me that HMRC met with D&P yesterday and read the riot act!
Have you heard anything?
COMRADES! Men and women compatriots!
The great day of victory over the huns has come. Fascist hundom, forced to her knees by Jock Stein, Fergus McCann and the Green Brigade, and the troops of our Allies in Aberdeen and Europe, has acknowledged herself defeated and declared unconditional surrender.
On June 14 the preliminary protocol on surrender will be signed in the relic of Ibrox. Then, representative administrators of the huns, in the presence of representatives of the Court of Session will sign the final act of surrender, the execution of which will begin and liquidation commences.
Being aware of the wolfish habits of the hun ringleaders, who regard treaties and agreements as empty scraps of paper, we have no reason to trust their words. However, this morning, in pursuance of the act of surrender, the hun troops began to lay down their arms and surrender to the SPL. This is no longer an empty scrap of paper. This is actual surrender of the huns. True, one group of hun troops in the area of Bridgeton is still evading surrender. But I trust that the Green Brigade will be able to bring it to its senses.
Now we can state with full justification that the historic day of the final defeat of the huns, the day of the great victory of our people over hun imperialism has come.
The great sacrifices we made in the name of the freedom and independence of our beautiful game, the incalculable privations and sufferings experienced by our people in the course of the war, the intense work in the rear and at the front, placed on the altar of pure, inventive, beautiful football, have not been in vain, and have been crowned by complete victory over the enemy. The age-long struggle of our people for their existence and their independence has ended in victory over the huns and hun tyranny.
Henceforth the great banner of the freedom of the peoples and peace among peoples will fly over Europe.
Twenty and more years ago Murray declared for all to hear that his aims included the dismemberment of the Celts and the wresting from it of the record number of consecutive titles and European glory. He declared bluntly: “We will destroy Celtic so that she will never be able to rise again. For every fiver they spend we will spend a tenner” This was years ago. However, Murray’s crazy ideas were not fated to come true—the progress of his fraudulently funded war scattered them to the winds. In actual fact the direct opposite of the Murrayites’ ravings has taken place. The huns are utterly defeated. The hun troops are surrendering. Those who believe in the beautiful game are celebrating Victory, although it does not intend either to dismember or to destroy individuals.
Comrades! The Great War has ended in our complete victory. The period of war in Glasgow is over. The period of peaceful development has begun.
I congratulate you upon victory, my dear men and women compatriots!
Glory to our heroic supporters, who upheld the independence of our Club and won victory over the enemy!
Glory to our great people, the people victorious!
Eternal glory to the heroes who fell in the struggle against the enemy and glory to the freedom and happiness of our people!
Paul
So now it is progressing in the direction of liquidation. How does that relate to the setting up of the Newco on the basis of what the HMRC view as being the same company under a different name. Where they are utilising the same location, possibly the same (to an extent) playing and coaching staff, and from reading his realesed statement it seems they will be looking transfer the 26,000 shareholders in the existing company into new one.
On that basis would the HMRC be able persue them for unpaid dues?
HH
ZKS
Philvis
Cant wait for the Homes under the Hammer team to do ipox. Can just see the guy swanning around , saying knock down the trophy room wall and turn it into a kitchen/diner.
I’d rather offer half our gate money to Championship for 3 seasons to buy entry to another league.
Time coming soon for Lawwell and co to reveal their own plan…
Hi Paul,
“Perhaps saving money on the stamps”.
Indeed.
Think tone your leader (like the unrelenting tsunami of others) is spot on.
This is more liquefaction than liquidation.
Hail! Hail!
I take it the hordes are in meltdown. Remember no smiling too broadly if you’re out and about for lunch.
chick young jabba traynor free agents
It (almost) pains me to re-paste this interesting link … but I’m sure you’ll agree the time is now ripe:
http://www.grapheine.com/bombaytv/publicite-en-b391f6191759f066e3e3d761a2523691.html
Flush em out HMRC liquidators….!
“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”
Rangers in crisis: Preferred bidder Charles Green says he’s done a deal with taxman (Daily Record)
CHARLES GREEN claims he has struck a deal with the taxman to take over at Rangers – and in a separate move says he will meet Celtic chief Peter Lawwell on Monday.
Preferred bidder Green says he has reached informal agreement with HMRC over the partial repayment of Rangers’ debts through a Conditional Voluntary Agreement (CVA).
And in what will be seen as a highly significant move, he says he will meet Lawwell ahead of a summit of SPL clubs.
The SPL meeting on Wednesday will discuss what sanctions will be imposed on Rangers if Green fails to get his CVA agreed and the club have to be re-constituted into a new company.
Former Sheffield United chief executive Green said of the planned CVA: “HMRC have given us the nod but we need it in writing.”
That wasn’t a nod, Charlie. It was the thumbs down.
(thumbsup)
Paul67
It gets better by the minute!
Keep up the wonderful work!
Thanks!
Charles Green, what a chancer! HMRC have banned Rangers from Europe, if you believe his narrative.
Rangers FC PLC (IL) were banned from Europe because they entered Administration! Never mind the fact that, to qualify for Europe next year thje club is now way, way late in lodging audited accounts to satisfy the licensing requirements. What athat hasd to do with HMRC remains to be explained.
The CVA was rejected because HMRC, in their gift, are entitled to sniff at a proposal offering them pennies in the pound for monies rightfully theirs and owed by RFC PLC (IA).
More to the point, he seems to think BDO as liquidators have no other option than to sell the assets of the company to SEVCO…I don’t think so! Lets wait and see if BDO can acquire a better deal for creditors than CG’s offer.
And for the poster who asked if CW (or more accurately Rangers FC Group Limited) are now relevant, the answer is yes, hugely so. A prima facie floating charge over the assets of the company in respect of Group’s lending to the company is the first ranking security over all properties. Therefore, after the Liquidators and Administrators are paid, Group is next in line.
The charge may/may not be valid, but proving one way or another involves lenghty litigation. Even if you win, you would be chasing Group Limited, and CW, for your legal fees, which might be more than the cost of paying him off. If I were advising an interested purchaser of Rangers Fc PLC (IL) assets, particularly one who wanted to acquire the stadium, intellectual property, league share, training facility, and arrange a playing squad in time for an application to the SPL to be made prior to the season starting, I would advise them to hold their nose and pay Group something to “walk away” now.
CW is the only show in town now Hector has dropped the L bomb. ‘Twas ever thus.
tomthelennytim on 12 June, 2012 at 11:48
Brilliant, smiling wryly!
L
Has there ever been a club anywhere in world football so far ahead of their city/main rivals…that they kill them.
No doubt about it.
Glasgow Celtic and our support played as much in the death of the huns as minty, CW, the myth, CO, etc.
DIE DIE DIE DIE YA HUN!!
ProphetOfRegret
dont=don’t do not
12/6/12
An easy date to remember.
A day never to forget – yeee haaa
Can I Have Raspberry On That –
I bet the liquidation sale will interest a lot of TV shows:
Huns Under The Hammer
Bargain Hun
Sash In The Attic
Cowboy Trap
etc.
(thumbsup)
Paul67 – Has anybody ask Chico Green and his band of brothers how they plan to put together a competitive side for the SPL next year when their entire squad are now able to walk away?
Paul67
I do trust the Celtic board to look after our interests as much as possible- being outnumbered is a big concern though but there has to be a compromise that suits everyone. I also hope we aren’t going to use the resignation card as no more than a ploy to get the others on board- still though, this moment is to be enjoyed, for us and the generations of Celtic fans before us- Just because you’re paranoid…
HH
HMRC has taken view that the public interest will be better served with the liquidation of The Rangers Football Club plc
Dundee United chairman Stephen Thompson has issued a warning to potential Rangers owner Charles Green that if he takes the club down a “newco” route then he will have to negotiate.
New SPL rules mean that other club chairmen, including Thompson, would vote on he application and the Dundee United boss said the process would not be straightforward.
“They would need eight votes and they’d have to work helluva hard to get them,” Thompson said.
“It won’t just be a case of saying ‘let us back in boys’. They’re going to have to negotiate with all the clubs.”
“Other clubs have got to decide what they want to see. I’m trying to listen to the fans but I also have a responsibility to Dundee United as a company so it’s not easy,” he explained.
“But a lot of people are fed up with the whole thing and none more so than the fans.
“I get cornered by it with people shouting at me ‘no to newco’.”
Hibs Chairman Petrie said: “That’s fundamental to us at our club, to make sure the integrity of the game is not called into question and that the sporting integrity of the competition we take part in is maintained at the highest standards.
“It’s not a question of any sum of money in return for that integrity – integrity is beyond purchase.
“It’s important that all clubs can have a place within football, provided they have earned it in a sporting sense and also have abided by the rules.”
Finally the fans…
Dons Supporters Together issued the following statement earlier last month with regards to the ongoing situation with Rangers FC.
DST views with increasing concern the possibility that SPL clubs will vote to allow direct entry of a newco to the SPL with minimal penalties. The overwhelming opinion of supporters in Scotland is that a newco should enter senior football by applying for admission to the SFL 3rd division and working their way up again in a sustainable and honest way. Rangers like all other member clubs must be seen to comply with the rules and honour their debts, otherwise why should fans ever bother to turn up again, knowing for sure that the league is permanently rigged in their favour.
The mantra being repeated by most pundits and the officials of the SPL is that it is in the member clubs’ financial interest that a Rangers newco is immediately admitted to the SPL. The purported grounds are that Rangers along with Celtic bring about £700,000 a year to the other clubs by their fans attendance at matches and the TV deal. The message now being put about is that integrity and fair play is trumped by the financial imperative to survive since Scottish football will supposedly cease to be viable if Rangers are not in the top league. How can this stance be squared with Rangers and Celtic’s insistence in recent years that their departure to England/an Atlantic League would not be detrimental to Scottish football?
These assertions must be strongly challenged by the SPL club chairmen. Firstly, who are making the assertions? Many of the proponents of the “status quo” being essential have a vested interest. Media pundits and the press pack know that there will be far less appetite for their blanket coverage of the Old Firm if there is a transfer embargo and Rangers are facing East Stirlingingshire twice a season rather than Celtic. Their jobs hang in the balance. Clearly Rangers officials and supporters want their club at the top table winning trophies every season with guaranteed European football. They also have a vested interest for either financial or emotional reasons.
Now for the financial reality. In the case of our own club, in a season when AFC is in the top six, Rangers will normally add about 8000 over 2 games to the overall attendances for the season. Including programmes, food and other ancillary sales, the annual revenue is therefore about £200,000. Ranger’s fans represent about 4% of Aberdeen’s gate revenue in an average season, and if we have a good run in Europe, such as 4 seasons ago their effect is reduced to 2% of gate revenue.
Should Dundee (probably the best supported club in the SFL 1st division) be promoted into Rangers place, they have historically brought at least 2000 fans to Aberdeen matches, so the Rangers effect is reduced to £150000. If only 300 AFC fans fail to renew their season tickets and walk away from the club next season as a result of a misguided vote to allow a Rangers newco direct entry to the SPL, the effect of any Rangers support attending Pittodrie will be cancelled out. This is an entirely plausible scenario, which may well be repeated across all the SPL clubs given the strength of feeling being demonstrated across Scotland on this issue. SPL club chairmen will only finally count the cost of their decision when season ticket sales fail to materialise, by which time it will be too late to persuade the fans that the SPL is not permanently rigged in favour of the “too big to fail” clubs. The SPL chairmen should indeed “be careful what they wish for” if they vote for finance over integrity.
The TV deal melt-down scenario must also be challenged. If imaginative thought is applied, an alternative TV deal could be put together which would replace the current tired format. Rugby Super League in England has a £90m 5 year deal with Sky despite having lower attendances than the SPL. That is a better deal than the SPL had, so why can a minority sport with lower support do it and the SPL can’t? Probably because we are competing with the EPL and UEFA games, and therefore get less money and the lunch-time, Friday and Monday evening kick-offs to fill in the TV schedule gaps. If we go for summer football, we would be the only show in town for several weeks of the year and our product would be much more valuable. We could increase the league size as the customers want, have bigger play offs to keep the end of the season alive, and if OF games are actually essential to the deal, re-introduce the old League Cup qualifying groups at the start of the season with Rangers and Celtic in the same 4 team group to start the season with 2 OF games before the league starts. Overall, a revised programme for the season could easily generate the same cash as before from a TV deal, whether Rangers are in the SPL or not.
Finally let us address the potential absence of £500,000 a year income from TV. This could be replaced by increasing the average home gate by attracting only 1000 extra fans to every home game. The latent support for a successful Aberdeen FC is there to be had. 18,000 made the long trip to Glasgow for a 1215 kick-off only last month. If the AFC product on the pitch was more attractive and marketed as enthusiastically as a certain well known North-East house building company’s product, a target of 1000 extra season ticket fans to replace the TV income could easily be reached.
In summary, AFC like all the other SPL clubs does not need Rangers in the SPL to survive and thrive, and must vote for integrity in our national game
Zoo,
No danger of share transfer. Mr Green has expressed his desire to see them be able to ‘buy’ into the new club thus robbing them of even more of their pennies.
As others have said. I like this guy and the longer he stays involved the better.
Their LIQUIDATION is more than just fitba, as we all know.
It’s the DEATH of the We Arra Peepil culture…..
A massive part of Establishment Scotland is now, well….DEAD.
At this moment, I do not care 2 hoots about how they will return, when they will return, nor where they will return to…..
They will NEVER be the same.
They have, ironically….SURRENDERED.
For every person, not with us and with us, over the last 100 years ago in Scotland, including many of today’s CQN’ers fathers, grandfathers and great grandfathers, who have been asked this question at a job interview, then failed to get the job:
“What school did you go to?”
God bless you all – I am thinking of you and will raise a glass tonight.
tully
Cheers for the heads up Paul67.
Papers shouldn’t be interesting tomorrow.
ASonOfDan on 12 June, 2012 at 11:57 said:
great post
philvis
My hat is duly doff’ed.
Lets see what spin we hear now, who will the liquidators be? and will they decide to honour D&P’s stupid £5.5M price for three prime pieces of west of scotland building land? I think not
The minute they go into liquidation they are dead, not living, they are an ex-parrot, they have no more right to ask for a place in the SPL than Garscadden Boys under 12’s
Paul67
Fantastic news, well done to HMRC a great day to be tim,can skip of to work now
Hail Hail.