There have been many questions about the unusual circumstance in football of Rangers going into administration but not making any players redundant. It is possible, and not totally uncommon, for directors of a company in administration to arbitrarily choose to provide funds from their own resources to pay any chosen creditor, including staff. In football, players’ contracts of employment need to be with the club, but the source of payment can come from anywhere.
In this instance, Rangers Group, the club’s holding company, or any other body or person, could be in sufficient funds to provide the administrators with enough money to not only pay players, but to continue operating in a relatively normal state. Rangers’ administrators have already suggested Craig Whyte has guaranteed to make-good wages due to be paid this week, although it was not made clear which entity would be paying, or the source of such funds.
Administrators will only be forced into player redundancies if they do not have sufficient funds available to see them through to the timely conclusion of negotiations with creditors, or if they are unable to receive binding undertakings from another source that they will step forward to pay players next month.
Various sources over the weekend suggested HM Revenue and Customs were prepared to extend generous time to pay terms to Rangers. This club is owned by Craig Whyte. While we all know what a stand-up guy Craig is, how likely to you think HMRC are to believe he will stick to a plan stretching out years into the future? It’s just not going to happen.
I hear a ‘We’ll take a few years to pay too’ campaign is set to trickle through the SPL if HMRC agree to this one. Better using the tax man as a bank than using an actual bank.
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Fassreifen – “it” is the story. Standing it up is a journalistic term for getting it passed by legal to the stage it can be printed. Once this comes out we won’t need to worry about voting NewCo into the SPL as they will likely be relegated. The rules are clear on fielding ineligible players and boy are we going to need more jelly
Fassreifen, I would assume the line “they can’t make it stand up” is referring to the media.
The “it” again I would assume refers to the rumours that 3 of their players who recently signed big extensions are now in a 3rd party ownership deal.
SffS
Lost another masterpiece to cyberspace,were did it go?
Vinny ,armchair full of fuel and rarin to go to paradise
for the next part of the Celtic adventure.
This Hun players registration story – why would they (the Huns, Whyte) do this ? So they could sell the players and pocket the money without it going to the club itself ?
RogueLeader
I think the ice cream and jelly might have to go on hold because if the “The Tale of a Suave Bullionaire” is true Craig might just be coming over the hill to rescue the Rangers with a few bars of gold bullion.
Seven Fishes Four Steaks – the rumours are more than that. The rumour goes not only is the player contract being held by the Group. Which is bad enough. The wages are also being paid by the group and not the club. They could have tried to talk themselves out of one or other with a compliant SFA. With both of those…..their goose is cooked. The rules are very clear, and these are FIFA rules. Those players, if true, are ineligible. If you field an ineligible player in a game you forfeit the match with a 3-0 loss. I believe one of the fun boy 3 have played in every single game they have played this year…..they could be on minus 10 points very soon. Allegedly of course
Ah, now it’s clear. Many thanks guys. And it’s a dynamite story, by the sound of it. We live in remarkable times. A remarkable time to be a Celt.
HH
Ron Bacardi says:
21 February, 2012 at 09:18
Hope we will soon be singing ‘The Huns are oot the League’
…………
The Celts were singing, no Huns in Scotland on Sunday, fair tickled me that TAL.
V
A dim, dour, dismal and dreich morning here in North Ayrshire.
jock steins celtic – who knows why Whyte will have done this if it has been done. If the players are being paid for by group and group is registered offshore it is likely some sort of tax wheeze again….this story didn’t break on the Celtic internet for once. This came from FollowFollow.
Good morning my myopic friends
Headline from the bleacher report
“Shortsighted Celtic Fans Gloat as Rangers Edge Closer to Going out of Business”
Just reading through it. Article tries to give readers unfamiliar with the rivalry between Celtic and Rankers an insight into the origins of problems that exist between the support “While they are a great many rivalries in the world of sport it is hard to imagine another so entrenched in venomous bile towards the other” The article goes on to give a brief history lesson on the Plantation of Ulster however it mentions this “In the late 1600s Scotland suffered a famine whereby thousands of people fled to Ulster. This mass migration lasted for over 25 years and by 1720 the Catholic population of Ulster was in the minority”
Now i consider myself well versed in Irish History and the Plantation however i was unaware that famine in Scotland lead to mass migration into Ireland from Scotland and was a major contributing factor in the removal of the Indigenous population from Ulster by Scots. Can anyone verify this?
It would make their singing of the ‘famine song’ very somewhat incongruous; wouldn’t it?
Tom McLaughlin @ 08:43,
“If Rangers lose the Big Tax Case, HMRC will immediately go to the courts and lodge a winding-up order. All this media and administrator talk about HMRC not wanting to liquidate the club is kind of true.”
There is another factor at play also – the HMRC are using RFC as a test case in establishing the illegality ofthe use of EBTs.
I read that some 300 cases are pending with >£2Billion @ stake, the last thing HMRC wants is R@ngers to be liquidated before the Big Tax Case result is in, RFC were paricularly slapdash & profligate in their use of EBTs so are the revenues best chance to establish a precedent.
My guess is they will be equally keen to apply vigorous enforcment – as a declaration of intent.
bmcd48
Planning a summit so they can say its an “Old Firm” problem?
HH
Rogue Leader, well if that’s the case, in the words of Roy Scheider, we’re gonna need a bigger bowl!
SffS
RogueLeader at 09:47
The wages are also being paid by the group and not the club.
If Rangers have been stupid enough to have done something so dodgy as registering and paying players through the group (Rangers FC Limited, formerly Wavetower) rather than the club (The Rangers Football Club Plc) then and if guilty will be found to have played illegible players and therefore in all likliehood be relegated then it really will be party time as there will be no chance of a newco getting access to SPL.
However, one thing that strikes me as strange in this, is if the players were paid from the group, was PAYE and NI contributions paid for them? If not, then HMRC could also put the group into administration.
Mort
Partizan @07:08
I think the proper term is “hun”
:-)
Gordon_J backing Neil Lennon says:
21 February, 2012 at 09:36
‘So the Daily Mail’s Whyte story turns out to be the old one about the Ticketus money being used to pay off the bank debt. How long ago did we know that?’
Well the story is confirmation of what was suspected and it means we have another piece of the jigsaw.
I think some huns had hopes that the Ticketus money was ring fenced somewhere away from creditors to be used as a warchest to see them through administration. Those hopes have now been dashed.
At worst this shows that Whyte’s intention all along has been administration then liquidation. He clearly had no intention of the huns continuing beyond this season. How could they when the bulk of their income was already accounted for? What were they going to pay the players with?
At best it also puts to bed any notion that if they lose the big tax case they can cut some kind of time to pay deal with HMRC. With the bulk of their income for the next four years already spent they are just not in a position to do it.
He’s a shyster. Ultimately though the blame lies with Murray. If he hadn’t brought the club to its knees it wouldn’t have been such an easy target.
So plaudits in equal measure for Murray and Whyte who between them have down more damage to the huns than Celtic ever did.
jock steins celtic,
If, hypothetically, someone was looking to liquidate a football club and then set up a Newco themselves, might it not be useful if they already employed a few players? And those players could not be part of any redundancies by administrators.
Just a thought.
ernie lynch,
Another missing warchest? They seem to go missing a lot don’t they?
RogueLeader says at 09:41
“… Once this comes out we won’t need to worry about voting NewCo into the SPL as they will likely be relegated. The rules are clear on fielding ineligible players and boy are we going to need more jelly.”
This is seriously bad news: have you any idea how hard it is becoming to get hold of jelly these days?
Can anyone either lend me some jelly or suggest a suitable substitute … ?
FF
Re Scots fleeing to Ireland due to famine – It’s true. So kindly inform all the Huns you may know and perhaps enquire why their cousins from across the water don’t go home now as the famine is over – do it in a tounge in cheek manner as they do when singing their little ditty. According to the media they shouldn’t be offended by it at all.
Another wave of Scottish immigration to Ulster took place in the 1690s, when tens of thousands of Scots fled a famine (1696–1698) in the border region of Scotland. It was at this point that Scottish Presbyterians became the majority community in the province. Whereas in the 1660s, they made up some 20% of Ulster’s population (though 60% of its British population) by 1720 they were an absolute majority in Ulster.[51]
Also: RogueLeader said at 09:39
“Paddy Power have ICT at 5/1 to beat Rangers*. I would advise to get your boots filled now before Duff & Phelps do their stuff……”
How about the HT/FT double result: currently can get 8/1 for ICT/ICT or 11/1 for Draw/ICT … ?
FF
bmcd48 says:
If only Eddie Smith was at Poundland on Saturday?
Maybe not so dreich after all.
For me, one of the most delicious ironies of the whole ironically-toothsome saga, is that it was the Rangers supporters’ own beligerent, chest-puffing sense of entitlement that spooked Lloyds into insisting that the club be offloaded matteradamn. What a brilliantly-effective campaign from, “Ra Peepuwl”!
I’ve noticed that some commentators have changed their message from ‘Scottish football needs Ranjurs’ to ‘Scottish football needs a STRONG Ranjurs’.
Surely they only need to remain in the league and possibly be good enough for a top six place. Why do they need to be strong? Hmmm.
My bet for ICT V Ratners
Ratners Half Time, they will score first they are due a goal
ICT Full time, they well smell blood and have a go.
Odds????
wait for it 50/1 worth a £1 of anyone’s money
The focus must turn soon to the SFA,with registration issues and awarding Euro licences through the cheating years.Dawwell Broadfoot will be sweating like Dennis Bergkamp in a Departure Lounge,trying to save his favourite clubs’ ar$£.
Gordon_J 09.59
Another thought back – I don’t see how Group setting up a Newco football club would help clear the existing debts. There would be a clear link between new & old.
MORT 0932
An ad for DUFF & PHELPS.
Excellent site choice,a bit like a poster for TULIP Bacon beside a mosque.
Which I’ve also seen…..
Folly Folly
We are thinking along the same lines, ICT are a strong second half team, only doubt is Butchers motivation!!
Celtic now 1/1000 to win SPL at Hills.
Relegation market suspended!
HEHEHE…..stupid huns.
I emailed Paddy Power earlier this morning to ask for the odds on the huns finishing bottom of the league after reading about “those” rumours yesterday.
They haven’t got back to me yet. It’s cos of you lot isn’t it??
Everyone trying to win next season’s book money off the back of the huns. Shame on you all.
Before I go, can I just commend a cracking piece of research posted last night by dirtymac \o/ @ at 23:43.
Great stuff.
I hope it didn’t take too long to compile, since it may need to be re-done in the fairly near future!
Parcel =====>
All hope of Ranjurs winning the league has now gone so there’s no point in them having any assistance from anyone. See the recent Ibrox refereeing display for evidence.
Surely if they can’t make the story ‘stand up’ there is no story. Let’s hope they can complete the investigation successfully.
aldersyde avenue – just because they cannot get a story to the point where they cannot be sued for it does not mean there is no story or it is not true….
Ernie
If the rumour about the player contracts is true, the Adminstrators will be up at Court in jig time to reverse the transaction. It has all the hallmarks a classic gratuitous alienation of assets.
Such a move would precipitate the downstream consequences on the football side of things.
Further upstream though, it would present a boon to anyone who was considering aspects of wrongful or fraudulent trading with regards to the sales of future season tickets and the appropriation of PAYE and VAT for busiess funding.
I have a feeling though that daft as he might appear, he surely isn’t THAT stupid.
Surely?
TBB
Craig Whyte —–
FLOATS LIKE A BUTTERFLY -STINGS LIKE A BEE
Fiddling money from Joe Public is crude immorality —- Fiddling money from Hunland – Style !