I’ve been trying to think if there are circumstances where a company has appointed an administrator when they have been paying all debts when due. Newco Rangers are, to the best of our knowledge, paying creditors when due and have enough cash to continue to do so until the anticipated arrival of cash receipts from new season ticket sales. They are, therefore, also able to fulfil obligations to current season ticket holders to stage football games.
It may be advantageous to the club to call in the administrators, because we all know how this story ends, but before you ask an administrator to ‘do his thing’, you need to give him a job to do. Right now a Newco Rangers administrator would be able to pay all creditors when due – and would have money left over.
Under these circumstances, an admin would have difficulty breaking the contracts necessary to reduce costs for next season. Before a court would agree to appoint an administrator appropriate justification would need to be found, and I don’t see it, yet. There may be as-yet unpublicised justification, but I suspect it would require a thoroughly creative, creative accountant, to produce it.
Season ticket sales for next season imposes an obligation to stage games all the way through to May 2015. If the club have little or no chance of meeting obligations between now and then, the directors must recognise this fact when it formally becomes apparent, stop accepting season ticket money, and appoint an administrator to protect creditors’ interests, before they start to consume this cash to pay for day-to-day expenses.
This is the point administration would normally be considered.
There has also been a great deal of hot air about trading insolently and illegally. Companies are allowed to trade while insolvent if they have a reasonable belief that they will be able to generate enough cash to pay creditors when due. Right now, for Newco, this means they can continue to trade while season tickets are on sale. Doing so beyond the renewal deadline, even in the face of terrible sales, is legally justifiable.
The same goes for claims of foul play over Graham Wallace’ pronouncements in December that his club had enough money to get to the end of the season. It was simply wrong that Newco had enough money to get to the end of the season, but projections – any projections – are so caveat-dependent there is no way the police will do anything more than take a cursory look at the issue. Whoever reported Wallace either doesn’t know the mechanics of projections or is simply trying to pee in the Bovril. If you’re visiting Ibrox soon, avoid the Bovril.
Flying a kite, in the form of a proposed share issue in the autumn, will legally allow the directors to gobble up season ticket money between now and then. If/when investigated following an insolvency event, directors can point to the £22m share issue in 2012 as an example of what they planned to do once the season ticket cash was gone. In short, they can trade throughout the summer, until whatever money they bring in is spent, without fear of personal rebuke or liability.
I was reminded in an article in The Herald this morning of the critical move, made back in 2012, which brought the club to its knees today. “The Rangers Supporters Trust urges fans not to renew season tickets”.
This stance was adopted in an attempt to force Charles Green to sell out to the Blue Knights group. Green was forced to ditch his sustainable business plan, promise to spend big, reward his manager with a contract worth circa four times as much as the one on offer and slash season ticket prices. The original plan was to pay players no more than £50k p.a., retain the manager on £200k p.a. and ask fans to back the future by buying tickets at full price.
Notwithstanding the limitations of the manager, Newco should have reached the Premiership with money in the bank from the IPO, while the original investors in the club, including Green, could have taken the long view, and avoided the unseemly haste to get their cash out.
They would have been a significant force to be reckoned with, Celtic’s guaranteed ticket to the Champions League qualifiers would have been competed for, for at least a season. If you see Paul Murray, any other Blue Knights, or their performing puppets, thank them for all their work.
Big Picture: Find the lady
Keep an eye on the property assets. The Rangers FC Ltd’s major creditor is also their only shareholder, Rangers International PLC. After an insolvency event RIFC would be entitled to acquire property assets to compensate for their satisfied debt. Once this happens they can jettison TRFC Ltd to its fate. They can sit as landlords for as long as TRFC can pay rent, or use their assets for a mixture of landfill (Ibrox) and housing (Murray Park).
Big Picture: Fundamentals
While considering all these fast-moving events, don’t lose sight of the overarching fundamentals. It costs circa £17m to operate Ibrox and Murray Park as football venues, before you employ a footballer or coach. No one has suggested how any club in Scotland, with this level of infrastructure to support, is viable without regular Champions League income.
There is a working assumption in some places that a Rangers brand can phoenix indefinitely. This is clearly not the case, a newco takes tens of millions of pounds and tens of thousands of people. One of which will almost certainly not be available next time around, the other of which is in some doubt. My money is on Sandy Easdale’s hunch, that this toxic bird will rise from the ashes only once.
Congratulations to Kris Commons on his enormously deserved Player of the Year award. He and the magnificent Lisa Hague are a credit to the club, and to the values demonstrate so often. As a player, Kris has been peerless; so valuable, so in tune with his surroundings, he could have been born wearing green and white hoops.
We have a few tickets available for the Supporters’ Association 70th Anniversary Dinner Dance this Friday at Celtic Park. It’s always a great event, let me know if you would like to be there, celticquicknews@gmail.com
Signed copies of Yogo Bare available below:
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TSD,
Thought so. Just like George Galloway, I find myself listening to Levin from time to time.
As for your second point, I must have misunderstood you.
All the best.
By the way,
Petec, get writing man. It ain’t the same without you.
Night all.
3 – The board has conceded that it does not plan to effectively compete with Celtic in our first season back in the Premier League.
4 – This is a great review for Celtic fans. It is stated that the board might only raise £20million over the next three years. This paltry amount will guarantee that Celtic will be in a league of its own for the next few years – and possibly permanently thereafter. Celtic will continue to enjoy exclusive access to the Champions League windfalls and will go from financial strength to strength. The gap could become financially irreversible.
Well seems King is playing to the fears of the gullibles again.Celtic will do this and that.Seems every spiv has their measure.Either come out with the WATP crap,or frighten them with Celtic.With all this going on,which way does a poor Zombie turn?.
On the songs the hun sang tonight.I honestly do not even acknowledge them now.50 years of listening to the same old bile has made me immune.I am not offended,or outraged.They are scum and we should expect them to behave like scum
Not a new thing,is it?.A song never hurt anyone.Its their afters that do.
HYW
Trythis
http://www.bbc.co.uk/news/uk-northern-ireland-27189536
RWE
illness and humour are good bedfellows
just off to set the alarm for early physio
my love again
http://www.youtube.com/watch?v=xQ3zjhW7czw
jamesgang
My experience with the website has sometimes led to something close to industrial language. But thanks for trying.
My very best for your own challenges.
whitedoghunch
Thanks and you are right. Funny will do it.
HH
kitalba
11:49 on 28 April, 2014
Son to Father…
“Is it true you can get lifted and jailed for singing a song in Scotland?”
Father to son…
“Son it depends on the direction in which you are walking, can’t have fairer than that now can we?”
—
Son to Father…
“Dad, is it true, in Scotland, they’re hanging men and women for the wearing of the green?”
Father to son…
“Not quite yet son, but there are a few, and a few quislings too, trying to make it so”
—
Son to Father…
“Dad,can a British Politician get arrested in the street…
For reading passages from a book written by Winston Churchill…
In an Election Campaign Speech..?”
Father to son
“Don’t be daft….!”
http://www.dailymail.co.uk/news/article-2614834/Arrested-quoting-Winston-Churchill-European-election-candidate-accused-religious-racial-harassment-repeats-wartime-prime-ministers-words-Islam-campaign-speech.html
@St_Sixtus 8h
I hope those going to Celtic Park tonight aren’t gonnay come on here later and moan about sectarian songs. .
Donny Toadily is mental bore.
bournesouprecipe @ 21:39
‘Jobo Balde
Interesting exchange with Celtic regarding your season ticket renewal.
Tonights announcer at Celtic Park called thems, The Rangers so there is
hope in our hearts.
Hope this helps
BSR’
Are you sure? On Twitter Celtic referred to The Old Firm and Rangers. It was also reported on Twitter… “jake the snake @celticservant 3h
Celtic DJ needs sacked. Introduced Sevco team as “Rangers” tonight. Season ticket not getting renewed @CelticFCTickets Ram it!”
Morrissey the 23rd
Conundrum indeed…support young bhoys but use earplugs or just don’t go.
Mind, even Pat Nevin would have heard the choons down in Duns.
But maybe he wouldn’t moan so much about them.
Undeadnotmissed CSC
For Sevconians,
Whether to re-new. Whether not to re new.
Graham Wallace ? or Dave King ?
Pay at the door for each game ?
So many questions.
Today it would appear to me that the present Board represent the old spiv Board and that’s why the “real rangers men” (except for Sally) walked away.
Spivery must be fumigated and destroyed and because the only thing spivs are interested in is money and the only way to exterminate them is deprive them of money. This would mean obviously another administration and a transfer of ownership from spivs to hopefully non-spivs.
Of course this process will take longer than most sevconians are willing to accept but it really is the only way to get rid of the disease.
So keep your money in your pocket and tell the real rangers men to be prepared to step in quickly and take advantage of bargain basement prices.
I just cannot see giving either King or Wallace any money because it just prolongs the agony. Its like flesh eating disease. Radical surgery is required.
Oh, I forgot to add, this may mean the loss of “the big hoose” .
You’ll get used to it. Honest.
Watched the young bhoys tonight on Celtic TV. We have good cause to be optimistic for the future since the lhads put on a good display of patient, modern passing football.
Talking of previous Glasgow Cups, did we not win it in 1966/67 with three 4-0 wins against Queens Park, Oldco and Partick Thistle? We used several of the QS kids in the game v Oldco.
RWE @ 00:21
I know nobody ever goes to U17 games other than the odd person and family member. The simple sad truth is many of the Celtic support love there being a Rangers. They love the hate more than a fair and equal competition. Sold out.
A very good morning
Wit a night. Spent the last 3 hours in the byre trying to lamb a first time ewe. Sadly the lamb was still born, but the ewe should make it. It is devastating when this happens, but such is nature. We are still wiping tears as I post this.
craigellachie10
If I could allow CS and his menagerie space here I would do it in a heartbeat. Unfortunately, I don’t own the farm, but we live in hope. :-)) brilliant result for our wee bhoys tonight, I only hope my seat is ok for saturday. :-))
Weefra HH supporting and praying for Wee Oscar.
For big Bada n Weet
Into the fire
https://www.youtube.com/watch?v=PKuRGt7LnzU
Morrissey the 23rd
I wasn’t there, second hand info, I’m afraid.
Anyway it doesn’t matter what the stadium announcer calls them when Celtic refer to them as Rangers, yet the support maintain they’re Simply Dead.
I found it very disappointing the official Twitter account was selling the game as Old Firm. Just as I was last week when NL used that antiquated term. More sad was the rush to attend a game that normally very few people would attend.
.
Father to Son..
Why have You went to ‘That’ team..?
Son to Father..
Because they were the Best team for Me..and are Open to All..
Father to Son..
You are Never welcome in My House again don’t come back..
..
So Glad My Love for Celtic FC is Unconditional..
Summa
Right guys, off to ma cot after a very heavy night. Shattered. So I will wish you all a very Night Night Timland.
Weefra HH supporting and praying for Wee Oscar.
http://www.footballcourier.com/news/story/3136014/nesbitt-glasgow-cup-triumph-means-everything/full_story.html
http://instagram.com/p/nWTJbVODG0/
Dear oh dear.
Celtic supporters getting slaughtered for . . . er . . . going to a Celtic game.
Have we really come to this?
I wonder how the young Celtic players who have just won the Glasgow Cup will feel coming onto sites like CQN to read about Celtic supporters threatening not to renew season tickets because the stadium announcer called the opposition “Rangers” or the official website referred to them as “Rangers”, and supporters complaining about other supporters attending the game.
Oh and all those tweets we are being showered with.
Unbelievabe.
I’ll tell you what.
I don’t have a season ticket because I live in Australia, but up until I left for these shores, I had a season ticket, and I would never, ever have given it up because of THEM.
Never in a million years.
If you are threatening to give up your season ticket for something as trivial as how the Celtic website, or a match programme or a stadium announcer refers to THEM, then you are simply searching for an excuse to give it up.
Just give it up.
We don’t need to be bombarded daily with your screeds of email correspondance with people in the ticket office.
Seriously, when I think of all the big and important problems there are in today’s world, and some of you are getting hysterical over semantics, I really do despair.
WTF is going on?
macanbheatha Oscar Abú
Go raibh maith agat
GCT
Just before I retire, I have renewed my ST and nothing the negas on here will put me off. I support Celtic and will die supporting Celtic as I have for 50+ years. These modern guys can do what they wish, it’s their money. Everyone around my seat are all renewing, if the “modern” supporters don’t like that, tough. Hope you are well.
Weefra HH supporting and praying for Wee Oscar.
“nothing to do with us.” Billy Kirkwood Always someone else’s fault.
http://www.scotsman.com/sport/football/spfl/celtic-u17-1-0-rangers-u17-fan-tension-clouds-win-1-3391799?
WeefratheTim –
A REAL Celtic supporter.
Happily, you are one of many on here.
It just seems that the fearties are more vocal at times.
But isn’t that always the way?
Hail Hail.
Is it just me who has blood boiling after just getting in from work having updated a pack for the board for the 10th time and hear that not playing for your not really country is too much effort and you want to see your family more?
Kris, you are in laa laa land son.
You are guilty for dropping Scotland and now we look decent you are trying to save face.
You finish training about 3pm.
How can you not see your family?
I work regularly to 12am , I see my family at weekends. You earn more than me . Feck off and feck off you child
Rant over
Morrissey the 23rd @ 1.04
Prepare for future disappointment, we played Rangers *trading as* last year at that level.
The good news is the newco is fecked and the market has lost faith in making money at Ibrox.
The return of Hector is also nice.
Morrissey said:
More sad was the rush to attend a game that normally very few people would attend.
I tell you what Morrissey. If there is ever a Celtic v THEM game in the SPFL or any of the cups, my two sons will be there, and the likes of you with your sanctimonious claptrap will not stop them.
Celtic supporter my arse.
The serious fraud squad chapping doors could also be interesting.
Gold Coast Tom @ 01:43
There are many fans of the Old Firm. They love to hate more than to take part in a fair and equal competition. They’ll complain about the sectarian chants from THEM tonight and will complain when they are cheated by whatever form of Rangers props up the Old Firm..
Gold Coast Tom
Did Graham Wallace resign or whit?
Tipping them over the edge with the stadium damage bill before we ever get to play them would be funny, mind you.
Must be a million in that if the seats cost the same as Motherwell’s.
Morrissey the 23rd:
I used to attend the boys games quite regularly years ago. I’d maybe catch six or seven games a season. There was always a big gate for games against the huns but never any trouble that I ever saw.