Today the Scottish Premier League will vote on proposals to allow a Newco to parachute straight into the top league in the country if an existing SPL club goes into liquidation. Fans from 11 of the 12 clubs have overwhelmingly opposed the idea. Rangers fans are split, some would prefer a Newco to apply to the Scottish Football League, others think a Newco should be allowed into the SPL without penalty.
Long before this vote was a glint in the eye of the SPL, it was first discussed on Celtic Quick News. Last October we raised the alarm that Rangers were undertaking an enormous charade. They were preparing to liquidate in order to avoid the consequences of failing to pay their taxes for over a decade.
We also predicted they would present the SPL with a fait accompli – vote us ‘back’ or suffer our scorched earth policy, as we take the rest of you down. For what it’s worth, I also predicted the league would capitulate and Celtic would stand alone in opposition.
10 of the 12 SPL clubs bank with Lloyds Banking Group (Celtic and Hearts excluded). For months I have suggested that LBG could threaten to withdraw overdraft facilities if clubs voted against the revenue Rangers bring but this is not the case. Clubs have a free vote, there is no banking overlord conspiring against democratic wishes, LBG, like the SFA Judicial Panel, have played this with a straight bat.
Right now, I have no idea how the vote will go. The proposal to establish procedures to allow a phoenix club straight into the league could be passed or rejected. If they are rejected, it may be because a majority would rather Newco was back without penalties, or it may be because clubs have listened to their fans and taken a stand.
If the vote goes against Rangers I expect we will see a rapid move to liquidate. If it goes in their favour (and by that I mean a parachute, with penalties, is invented for them), liquidation becomes a more attractive prospect, if not, actually, attractive.
They would still have to overcome potential challenges from creditors, security of Craig Whyte over Ibrox, and, of course, the many penalties that Newco would inherit along with the gift of Rangers SPL share. For now, this means last week’s SFA ban on signing players, but the alleged improper registration of players matter is coming over the hill soon, and the penalties for that… wow!
As I said, I have no idea which way the vote will go. Rangers are finished and it would genuinely be best for them if someone put them out of their misery and allowed them to start the recovery process, but in the light of the intimidation of Raith Rovers last week, it remains to be seen if the other SPL clubs are up to the task.
Most of us called last week’s SFA punishment wrong, what do you think will happen today?
Huge day. Huge, huge, day.
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What does delaying the vote do to Miller’s bid? I guess the will move the deadline again. Wouldn’t be the first time and I suspect it wont be the last time.
A meeting over new financial fair play rules for the Scottish Premier League has been adjourned, with clubs requiring further “clarity” over the proposals.
Representatives from the league’s 12 member clubs met at Hampden on Monday morning, with eight resolutions to amend SPL regulations on the table.
The most significant proposals involved changes to the rules for clubs going into administration, and clarifying the process for any team which wished to form a new company and apply for the oldco’s member share to be transferred.
Clubs will meet again on Monday, May 7, although SPL chief executive Neil Doncaster has said there is no indiciation whether a vote will be held on that date.
Doncaster, who addressed the media shortly after 12pm, said it was important “not to do anything today which might have long-standing consequences”.
Most notable among the proposed new rules are plans to set out penalties for “insolvency transfer events”, where an insolvent club creates a new company and transfers its SPL share and membership to the new entity.
It is also proposed the SPL rules will be changed to increase the penalty for a club that enters administration.
Rangers were deducted 10 points after appointing Duff and Phelps in February but under the proposed changes a club would be deducted 15 points or one third of their total points from the previous season at the point of going into administration
Ma speeling is keech today….too much Stella consumption yesterday.
Time for some Walls Softscoop Vanilla ice cream and Strawberry jelly for lunch.
Andrew Young @Hullbhoy
The unnecessary adjournment of today’s SPL meeting shows quite clearly that the agenda is not about Financial Fair Play but all about newco.
Gregory Ioannidis @LawTop20
Rangers would be part of the SPL with current or new status and there is nothing much anyone can do to stop it. Company law v Sports Law
????
miki67 on 30 April, 2012 at 11:22
Indeed, an abomination for the abominations.
Made in Thailand – from Girders
Another week no-one will be able to purchase rangers, another £200,000 bled away to Duff&Duffer…
Guess…
SonsOfErin on 30 April, 2012 at 12:15 said:
I’m guessing that the administrators can sell assets but not the company. Whyte would be left holding a company with no assets. It doesn’t seem to tie in with him being a creditor holding Ibrox as security though. It also doesn’t seem to reflect doing the best thing by the creditors which the administators are obliged to do.
timbhoy in spain
You should have my email addy now.
After last weeks events regarding the panel which was shameful. I don’t blame any of these guys for adjourning todays meeting.
Why should they put themselves at risk from a backlash from the hordes?
They will also want to limit the damage to their stadiums in the coming weeks.
Sensible decision for me.
LB
Gregory Ioannidis @LawTop20
I am told that the HMRC won’t do a deal with administrators, but liquidation is dangerous as creditors may end up getting nothing
LiviBhoy – Yup.
Can’t see any need to rush things.
The only club that needs a quick decision is Rangers (In Administration). (thumbsup)
SPL decision as forecast earlier at 11:31 a.m. – I wish I was that good at the horses – although they are sadly less predictable…
The SPL meeting, like the bids for the huns, is all just stuff and nonsense to keep the media and their consumers occupied until the end of the season, wherupon the huns will be liquidated.
Thereafter God knows what will happen, but it’s going to take an organisational genius to get any kind of newco up and running to play in any division by the start of next season.
Asonofdan. I agree with you
No agreement is bad news for
any co huns.
Tick tick tick
Silver City Neil Lennon on 30 April, 2012 at 12:20 said:
I think you are forgetting that Craig Whyte is a creditor and a preferred one at that.
Hail Hail
Silver City Neil Lennon on 30 April, 2012 at 12:20 said:
SonsOfErin on 30 April, 2012 at 12:15 said:
”I’m guessing that the administrators can sell assets but not the company. Whyte would be left holding a company with no assets.”
That’s not how it works.
Assets can’t be sold without the consent of the holder of the floating charge.
Craigy Whyte’s floater could sink the huns.
Hail hail good afternoon from a sunny and tense Manchester.
The nerves are palpable here today. It is almost Luke the build up to a Glasgow Derby.
Not for me,.I could not care less.
I am on cloud nine and grinning.
“Are you a Red or Blue?”
“Me? Glasgow’s Green and White.”
Ernie…,
You can pretty much bank on the paperwork already completed by the sfa, likely just awaiting the. Final decision and rubber stamp process
Good move by the SPL, next Monday rangers are in Belfast along with their most bitter of followers.
Means everyone can get to their car after the meeting without an escort.
This is like watching a “slow bicycle race” like when I was a kid.
No-one wants to win it. No one wants to be the one who pulls the plug. They’re all waiting for HMRC to kill them because they’re the only ones in the game who don’t give a Tom Kite for the consequences.
So the SPL have bottled it , big surprise there – not .
The bully boys ( as opposed to billy boys) threats and intimidation have worked , Neil Doncaster should be asked straight out if the threats emminating from the tax dodgers had a bearing on this decision .
I think the adjournment is maybe a good thing in practical terms – that is, so long as the player registration issue is resolved and out in the open before any punsihment is meted out.
Otherwise, I suspect that we would all be looking at a decision that would be expedient that we wouldn’t like. If the extent of cheating is as much as we think it is, there should be no sweeping under the carpet….
Fritz A. Grandold @fritzagrandold
Are the SFA on the brink of stepping in? The message on 16th April was clear, sort it out or we’ll do it for you. http://www.bbc.co.uk/sport/0/football/17733762
DId it not say in the cheats charter that without a European Licence then a Newco couldn’t compete in the SPL ?
The only way this would be changed if they set up a new league ?
Neil canamalar Lennon hunskelper extrordinaire on 30 April, 2012 at 12:25 said
It’s not the SFA or the SPL that will delay matters.
It’s Whyte, Ticketus and anyone else who will play hard ball until they get what they want.
I’m not so much forgetting as not really knowing the concequences.
Faceless friends – better to type or talk face to face?
BTW – Check out Paddy McGuinness’s wife in the links in the page – one lucky man
Paul67
When today’s meeting and content was first announced,I suggested Celtic’s objective would be to prevent a “yes” vote through philibustering tactics.
Whether this was done by Celtic or others,I consider today’s outcome as Mission Accomplished….so far.
We and others should just keep spinning this out until the patient finally flatlines and existing rules get applied.
Thoughts?
Afternoon bhoys, cooler on the hun free mountain.
End of the season is only 2 more weeks away, the whole thing has been geared for that date.
No chance of huns playing in scotland next season.
no one wants to be seen to be holding the smoking gun….what needs clarified?- the proposals hav been public for weeks..
ernie lynch – Thereafter God knows what will happen, but it’s going to take an organisational genius to get any kind of newco up and running to play in any division by the start of next season.
Maybe Rangers could be reformed as a Harlem Globetrotters type outfit, playing exhibition matches in such glamorous locations as Larkhall, Airdrie, and the wilder parts of Northern Ireland. (thumbsup)
It seems to me that the SFA, the SPL, the Administrators and the FTT are all too afraid to make the move that kills Rangers and are just waiting for a natural death to occur first.
In the meantime, we’ll have more postponements, extended deadlines and delays.
After you Claude….no, after YOU, I insist!
Green tide on 30 April, 2012 at 12:31 said:
Smoking gun,can I hold it?
When Charlie M. scored with his header yesterday the ENTIRE Rankers team were in the box. Unstoppable!
Just sayin’. HH!
Re: Brian Kennedy and the Blue Knights.
Does anybody know if they play weddings? (thumbsup)
Headtheball on 30 April, 2012 at 12:32 said:
Exactly. No one willing to be the ones who switch the life support to off.