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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James Forrest @ 12 20 .
Bang on !
Scottish fitba has to decide whether it is going to continue to whore itself for the Hun pound .
Scottish fitba has to decide whether it is going to persevere with kow -towing to The Hun Hegemony or move towards equal rights and justice for all .
We’ll see —–
Very pleased about the liquidation – it was only yesterday or the day before that I read on here that the Express was reporting a deal had been done with HMRC. Do you know, I think there are people writing for thenewspapers who make things up!
As for the sharing of gate money – good! The SPL is the league we’re in and it’s in our interests that it’s competitive and less dependent on Sky or ESPN. The move to 100 per cent of gate money at the time of the foundation of the SPL has been an unmitigated disaster.
This blog deserves a lot of credit for patiently explaining the finances of football to its readership, and I applaud Paul for it. I’ve been reading it for many years, and I’ve learned a lot.
However, the following is not the most straightforward remark Paul has published:
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.
There ain’t no opening. There is no prospect whatsoever of our club playing anywhere but in Scotland. The people who run the club now have been excellent in their business and management activities, but their futile and insulting campaign to move the club to England has damaged Celtic and the game in Scotland. It is disappointing that these fantasies are still being promoted.
And the moving target? That’s it right over there, running away as fast as it can go, jinking and sprinting on its way to a deep, reinforced bunker a long, long way away.
With HMRC pursuing individuals for the debt I expect Campbell Olgilvie will be reconsidering his position at the SFA.
The domino effect will now start
The cheating dogs are . . . . . . . . . . . . . . . dead!
Cyrul
But campbell didny dae anythin’ wrang!
He said it himself!
Gie him a brek!
Hahahahhahahahahahahahahhahahahahahahhaa! breath! Hahahahhahahahahahahahahhahahahahahahhaa! breath!
Hahahahhahahahahahahahahhahahahahahahhaa! breath!
Hahahahhahahahahahahahahhahahahahahahhaa! breath!
Hahahahhahahahahahahahahhahahahahahahhaa! breath!
Hahahahhahahahahahahahahhahahahahahahhaa! breath!
Good riddance!
If they are in Liquidation and therefore dead.
Green has the administrators vote but they are gone so can
A) Whyte open a new Rangers
B) Can Jardine and his RFFF open a new Rangers
C) Anybody open a new Rangers
Some of the huns are now saying, well Rangers are over the worst of it. Much like saying Whitney Houston is over her drug problem
new article posted.
Damarcus Dingwallie is now on whatever the opposite of a hunger strike is.
Can I just add my ‘get it right up ye’ to every Rankers fan out there? I hope every one of you is feeling as sick as it possible to feel. This is payback for all your cheating, your bent referees and your bigoted directors, managers, players and fans.
Who fancies a pint?
The Honest Mistake loves being first on 12 June, 2012 at 12:12 said:
Yeehaa,
I’m going to ask HMRC to up my tax code to show my appreciation.
A job well done and the only player with cojones is Hector!!
***
If your tax code is increased you actually pay less tax. (Most boring post of the day I know!)
Why did Charles Green say that HMRC had verbally agreed a CVA?
Stage 1 complete. Next:
– Send them to Divsion 3
– Find them guilty over improper registrations
– Remove tainted titles and cups
– Share RFCIA TV monies amongst the other teams
– Celtic qualify for Champions League proper
– Celtic win 10-in-a-row!!!!!!!!!!!!!
Ha ha ha, to top it all I got a tax rebate today, not only had i paid my taxes, I’d paid too much!!!
Goodbye…..goodbye…..you were the billy boys!
DBBIA @ 11:32,
Thanks for the very kind offer but it’s not all down to me – honest to God, I swear.
As much as we will all (rightly in my opinion) celebrate this moment,
take a wee minute to remember those no longer with us, those who endured the bigotry, bile and cheating as we have, and those who fought for equality and justice as we have.
Today is for us all.
Hail Hail
Wait a minute…didn’t Green say that he only got Whyte’s shares if the CVA was successful?
Ole Dick – not like you to miss a chance! You could have gone through the rest of your life without having to buy a drink in BBs.
Hold on….
Scrub that…it’ll be a new club, d’oh!
So pleased this happened on my day off! :D
Still, work will be fun tomorrow morning!
What a wonderful Jubilee present to the huns from her Majesty! Gawd bless you Marm!
What will happen to the blue room and oldclub’s silverware?
No use to newclub.
E-bay?
bye bye Rankers.
Get in there I’ve said from day one this would happen.lol
Bye Bye Huns.
Looking forward to some very strong leadership from our Board over the next few weeks. We must fight our corner as loudly and vigorously as those who are attempting to use our fans cash to bribe their way into the SPL. Peter et al, time to stand up and be counted.
Paul 67 – I’m hoping that you expect a robust defence of Celtic’s position from our custodians?
Even by that mobs standards, the gall and brass knackery involved in this is staggering.
No to NewCo.
Hail hail, HB
The Club=the company=the club. One cannot be separated from the other.
FC United of Manchester is not Man Utd. AFC Wimbledon is not Wimbledon FC. Airdrie United is not Airdrieonians. Sevco is not Rangers Football Club plc.
It’s so self evident as to hardly require explanation. A supporter interacts with the club by purchasing tickets from the company, entering its property (and remaining there at the gift of the company), buying mercandise form the company, watching matches on televison, revenue from the broadcasting and advertising associated with that broadcast flowing to the company. The company owns the players, intellectual property, stadium and other fixed assetrs. The company is the club. Otherwise the property of the company, including the share in the league and the SFA membership, would never require to “transfer” to another company. If Newclub is to be awarded the entitlement to lay claim to RFC PLC (IL) honours over the years, it will take an adminsitrative process of the SPL and SFA (and possibly UEFA and FIFA) that will not border on sophistry, it will be outright, laughable sophistry. An Emporor parading about in the scud. How did RFC PLC win all those trophies? By bborrowing money and entering into transactions that they could not afford. The principle factor in all of their success has been borrowing beyond their means. They spent too long chasing the dragon. The company’s deid. That means the club’s deid.
Sevco is not RFC PLC (IL) revived. Sevco would not be “re-entering the league”. Servco needs the acquiescence of the league to play there next season (unlike RFC PLC (IL), which has the right to do, so but cahnnae play there next season cos it’s deid). RFC PLC (IL) wouldn’t need a specially convened meeting of the SFA/SPL/UEFA to be awarded their honours. They can keep them. I’ll console myself with the fact that they’re deid.
Otherwise, if I’m wrong on all of the above, and buying a stadium, a training ground and a car park, a bike a rowing boat, numerous pairs of brown brogues and other miscellaneous property allows you to lay claim to a century and more of trophies which were competed before prior to your existence, let me be the first to congratulate the current owner of Bobby Murdoch’s Curled up Winkle Pickers on winning the European Cup in 1967
When asked “do you accept our CVA?”
HMRC was heard to say, “No. Surrender your club to our administrators so that we can get our money back.”
http://www.youtube.com/watch?v=tPqPB3Qnaes
ZooKeepersSon on 12 June, 2012 at 11:50 said:
They are not going to encapsulate the 26000 shareholders into the new company. They are going to give these same shareholders THE OPPORTUNITY to buy shares in the new company. In other words Charlie and his Boys are going to ask these suckers to hand over their hard earned cash to them. Turkeys – Christmas etc. Would you give your money to a man who has given assurances that he will not be here at this time next year?
Hun bro in law text me oops after hearts semi just text him
OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOPS HAIL HAIL
Just back from Glasgow Green. George Parsonage coming out of retirement and is sitting in his new boat all geared up for the expected activity.
Stupid ex huns
brimmer
Sorry Paul :(((((
Surely if any parasites tried to angle for gate sharing we would stand firm.
Or start a special offer. “£5,000 for your Celtic season ticket, or if you buy our home strip from the official store for just £500 we’ll give you a season ticket for just £45. That’s right £45. You’d be barking not to”
The Glorious 12th June, I feel a song coming on ;)
Che @ 12:35 – well said. That’s been on my mind a lot lately.
We should all be careful when the backlash comes because no matter who is to blame, Timmy will get it !
Paul – MSM talking about league reconstruction yet?! :-)
Enjoy the moment.
T4
Che on 12 June, 2012 at 12:35 said:
Fabulous sentiment……..what else can I say……….
I need a sedative …… Bleeding’ Norrie……….I’ll start with a couple of paracetamol …..what a wonderful headache I’ve got……..
YYYYYYYYYYYYEEEEEEEEEEESSSSSSSSSSSS
ARE YOU WATCHING, CUURENT BHUNS………
Are we back :>)
Yes to Newco, enter at the bottom of the SFL.
I can’t make up my mind which beer to celebrate with. Will it be Cobra or will it be Kingfisher? One thing is for sure I am going to enjoy one of those Liquid Asians ;-)
I’ll leave now.
Hail! Hail! PMTYH