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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At this point no one seems to be making public the full details of the Ticketus deal but it seems they paid out 24 Million for something ‘worth’ 40 Million. To get a deal as sweet as that there might be some risk to Ticketus involved in it.
IBROKE
Plod must have been on CQN!
South of Tunis. You are indeed correct Octopus have lent Rangers or Whyte 24 million and they will want a return of much much more than the 24 million once they have there interest added.Now I said this last week and nothing has happened to change my mind Octopus will have some form of security not the season tickets for the next four seasons as the monies from the season tickets is the way Rangers or Whyte prepose to pay them back. So at the moment the administrators are dealing with 9 million unpaid tax and 24 million missing from ticket us by the time interest is added it will be over 40 million I would guess and that is before the court ruleing on the big tax case is decided.H.H.
Vogue, Ar ar ar!!!
jock steins celtic
The plan as I see it was to run through to the outcome of the big tax case.
If Rangers win, he gets a £40M business for a £1.
If Rangers lose, he gets his money back plus the interest he’s been charging on the funding provided, and runs away pretty pleased with his work.
He expected the tax case to conclude in November. In my view, it looks like the continuation through to January has presented a cash funding problem from him.
By hitting Adminstration now, he can cut cost out of the operation while awaiting the decision in March/April.
That seems to tie in with what we know currently.
Re the vile singing at Ibroke’s on Saturday – surely the match commander and SPL rep will be writing to the appropriate bodies
won’t hold my breath
Sir Paul
Straight frum the Get Go…and even afore ..That!
Baith You and Ah .. saw.. that Whytey wiz an Opportunist.. no
a Redeemer!
Especially, as he also brought oan board, wi ‘ him.. his Partner in
Thievery.. the Slimy Eel-like ..Ellis!
This Ellis, is No a Jist a Bad Apple.. He is a Rotten Wan!
And..
Everything, which we Suspected and Mair..has Unfolded, Exactly… as Those Two
Connivers wud hiv Planned.
Noo, whit the Eventual Denouement of This Nefarious Plan, which wiz
hatched and carried oot..by the Evil Twins…
Ah canny .. Foretell..or even attempt tae Vizualize.
Fur..
Basically, Ah am Faur too Honest a Guy, tae.be able tae fathom..
Jist Whit.. Whytey and Ellis are Aimin’ at.
Howevahhhhh..
Ye kin bet ye boattum Dollah.. that whitever the Eventual Ootcome of this
Farrago o’ Broken Dreams and Promises,which hiz bin Visited oan the Ibrox Club,by these Two Snakes…
Wull… Somehow ..
BE…tae the Financial Advange of These Two Evil Doers.
Kojo
Yes, Planned…
RalphWaldoEllison-is Neil Lennon Season 2011-12 says:
20 February, 2012 at 15:26
Neil Lennon says NO to BESNA!! says:
20 February, 2012 at 15:05
Cheers for that.
I must have missed it in my haste to try and catch up on the backlog blog.
(From the last thread) a post spoke of how if they go bust the RFC fans who sing their filth will also wash up at other clubs, especially when we’re playing them.
The campaign and violence against NL last year uncovered a groundswell of complicity from across Scottish society for the anti-Lennon festival.
More and more, it seems that there are many Scotlands. The tourist’s Scotland, the Scotland Scots export to England, the Scotland that a small number want and hope it can be, and then there is the small minded, inward looking, hegemonic Scotland that revels in high doses of cognitive dissonance. They celebrate hypocrisy and discrimination and paint it up as culture.
Salmond, we have a problem.
No probs…
Im guilty myself of missing the odd page or 2 to catch up.
No doubt der hun fans would follow us around to sing secterian abuse, im pretty sure they do it just now.
“we don’t do walking away – we pay our dues”
Irrespective of whether the Govan Glee Club get time to pay, they will still continue to attract debt.
The sanctimonious rubbish coming from ‘Blue Knights’, politicians and the LL is exactly that!!
As a company they’re bust, the brand is toxic, years of living on other people’s money is taking its’ toll.
Couldn’t happen to a nicer bunch!
There must be a lot of engineers amongst us – also many busy hands- if we have the will( i know we have) then we could construct a gigantic blender and liquidize whats left of them? We could then petition to place the remaining detritus in a rocket & dropkick them into space.
Am i being overly idealistic?
VOGUE
What a post sir….I doff my cap to you…..one of the best I’ve read…….I’ve e-mailed that to thousands….and don’t worry….I’ve stuck your name on it so people don’t think its mine….(not that they would)
Paul67et al
The campaign currently under way, led by Roddy Forsyth from Ayebroke at the weekend is based on a remark from one of the Administrators (Paul Clark?) that if the HMRC had wanted to close down Rangers they would have applied for a winding up order. The logic being that that they did not, so therefore they must want Rangers to continue to exist. Except that interpretation ignores the fact that the HMRC is also awaiting publication of the Tribunal decision re Rangers’ appeal against the £49 million liability for misuse of EBTs. HMRC does not want Rangers to disappear before that ruling is published. An average family in Scotland which receives working tax credit will lose up to £4000 pa as from April. The reason being that Government expenditure exceeds current revenue receipts. Rangers are part of the problem but not part of the solution. If unable to meet liabilities to the HMRC they will be liquidated. Let us make sure we get that message across!
Joe Fillipi’s Haircut – @15 47.
Ticketus sell tickets at a profit .
I imagine they allowed for what they might be selling —-?
Rangers – Barca
Rangers — Real Madrid
Rangers – Celtic
Rangers -ICT
Rangers -Ross County
Rangers Cowdenbeath
Rangers — East Stirling .
If they aren’t making money from ticket sales — Ticketus/ Octopus will want to be able to make money from something they can sell or rent out.
Awe Naw
Good to see from your post that you will be over in May, have you contacted JC ,as the last time i was up we were talking about meeting you and going for a meal,game the next time you were over
The Battered Bunnet @ 15:48,
That’s pretty much my take too: Whyte expected European income to last until the Big Tax Case reported.
But they got put out twice and the result was delayed, so he now has to put in some cash to keep things going.
Gordon
Bummer, eh ;¬)
South Of Tunis 20 February, 2012 at 16:02:
I think I read somewhere that Octopus had insurance against certain scenarios.
No doubt a tax payer owned financial institute will take a hit down the line.
Voguepunter
outstanding!
Hope you’re well, my friend ;-)
hh
bjmac
31003 says:
20 February, 2012 at 15:58
Thank you very much Sir,but I did not write it .
Will take the credit for being able to cut and paste.:O(
pheersy says: 20 February, 2012 at 15:40 follow follow thread on the rangers fan lifted for sectarian singing… most replies giving advice of “deny everything and it wil be hard to prove..one classic reply as per below : not if ten of his mates who were with him all stick to their stories and say that he was singing Celtic Blood because they know to sing fenian blood is wrong then 10 > 2 not guilty or NP at worse Last edited by Russell_Nash; Today at 15:29
the halfwit Gordon Waddell wrote an article a few months ago saying “up to their knees in Celtic blood” was perfectly acceptable.Should have been sacked.
You lot are at it now .
Are the hunministrators having a presser this afternoon?
hh
bjmac
The Battered Bunnet says:
20 February, 2012 at 15:48
I agree with your comments, CW will be extracting pots of money out of Dignity through various interest charges , fees etc, why go to the bother of stealing illegally , when he can just rip them off legally.
One point that is nagging me is that if the Holding company is set up with the whole purpose of ‘managing’ the club, I am not sure how keeping a pile of cash in the holding company works when putting the operating company into administration.
Where is an accountant or lawyer when you need one?
Did Southampton not get done in the opposite circumstances when the holding company went belly-up, they argued that the club was separate, only to be told , no?
Crystalballcfc
Gee whizz, Wigan report losses of £7.2m for the year, and net debts of £72m. Turnover only £50m (an increase of 16% since last year) and wages, wait for it, now 78% of turnover
Their Chief Exec is making positive noises, but if they are relegated, surely they are in the grubber?
Could be worse, at least they appear to be paying their taxes
See BBC Sport report
Russell Nash was Connor MacLeods name in late 20th Centuary New York!!!
voguepunter…
Absolutely stupendous cut ‘n pastin’ mate!
HH
BJMAC
Great photographs yesterday, what fast train were you on to get there?
Techy question,got email from Sky saying broadband limit exceeded for last month.If you have your laptop on “sleep” mode, with sites still open, does it still use up your allowance?thanks in advance.
Vogue
ya rascal, trying to take the credit for something ye simply cut and paste :-))) now if that was Auldheid I could understand him getting the praise – for managing to cut & paste ;-)))
Still hope you’re well :-)
hh
bjmac
BJMAC
Would you repost your photies please,did not work earlier.
bunburybhoy says:
20 February, 2012 at 15:44
Plod must have been on CQN!
———————
I admit to being amazed by this. I honestly believed that there was no way they would countenance this scenario. We live in strange times indeed.
As voguepunter has stated already, he was merely copying the article for us to view. This is the original article.
http://www.europeanexaminer.eu/
BromleyBhoy can’t see that lot abandoning their “proud” history- its all part of their “dignified” heritage- under any circumstances short of the full 24 carat apocalpyse now scenario…they’ll take their cups down with the Lusitania…
The Battered Bunnet,
The best laid plans …
Don’t know if this has been posted already or for that matter what credance it has, but was told this at the game yesterday.
The reason that the administrators are so keen to get the coosack deal through is because his agent had negotiated the fee up front, so in effect they have already parted with the cash for him. has anybody else heard this?
PC67
Paul67 says:
20 February, 2012 at 15:29
I know what you mean now Paul,wont happen again!!
Hail hail