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:
1,099 Comments- Pages:
- «
- 1
- ...
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- »
GCT
Thanks for that nice remark. I just support Celtic for all the right reasons, if others have differing beliefs for not supporting my team, that is their prerogative. Celtic is either in the blood or not. It’s in mine. I must bid you a good night now. :-))
Weefra HH supporting and praying for Wee Oscar.
kitalba –
Did you ask Phil the same question a few months back?
I know the answer so save your breath.
Morrissey –
The serious fraud squad should be knocking on your door and looking at your Celtic credentials.
I texted my son earlier and asked about his information that Graham Wallace would resign yesterday.
His response: He’ll be gone by the end of the week.
We shall see.
Gold Coast Tom:
Sorry don’t understand “Did you ask Phil the same question a few months back?”
You advised the blog yesterday, that you’d been advised, that Wallace was walking yesterday; now, I’m only asking – did he or whit – and you’re response is somewhat puzzling, I’m none the wiser.
The Sevco board are surely finished.
Morally bankrupt and financially insolvent.
Scotland’s dead establishment club.
They are suing each other to oblivion and don’t seem to have a clue…
Paul’s last three headlines (apart from 6-0)
Hail Mary, Full of Grace
Century of Vanity hid Truth
Insolvency, how they got there, what next.
We are in the throes of the GOD folks…
HH & Night Night
kitalba –
I apologise.
I thought you were having a dig.
See my earlier comment re my son’s response.
For anyone who has not yet seen the report of tonight’s win
From the official site @ http://www.celticfc.net/news/5780
City of Glasgow Cup Final
Celtic Park, Glasgow
April 28, 2014
CELTIC U17s…1
Nesbitt 73
RANGERS U17s… 0
AIDAN Nesbitt’s second-half strike saw Celtic Under-17s overcome their Rangers counterparts in Paradise and lift the Glasgow Cup for the first time in three years.
The young midfielder found the net with 17 minutes remaining on the clock, slotting home into the far corner after the ball had rebounded back into his path.
It was well deserved triumph for the youths after they bossed the match from the off, and there were memorable scenes following the final whistle as captain Joe Thomson held the famous old trophy aloft.
The game began at a typically frenetic pace as both teams fought for supremacy, with the first sight of goal falling to Rangers’ Ryan Hardie, but Sam Wardrop was well placed to block the striker’s shot.
Tommy McIntyre’s side replied with a succession of corners without profit. Kieran Tierney was also becoming more prominent down the left flank, sending in a series of inviting crosses without any takers.
Clear-cut chances were at a premium but a moment of magic from Regan Hendry almost conjured up the opening goal.
After positive play from Thomson, the winger picked up possession just outside the box and unleashed a ferocious shot which beat goalkeeper Robby McCroie but cannoned off the inside of the post and to safety.
The Bhoys were now growing in ascendancy. Thomson embarked on a purposeful run through the middle and slipped in Ciaran Lafferty, who flashed a shot across goal.
With his well-timed runs from midfield, Thomson was proving a thorn in the Rangers rearguard, and when Tierney’s cross was only partially cleared, he pounced on the loose ball. However, David Brownlie made a vital block.
The Ibrox side looked most menacing on the break though the pace of Junior Ogen and Hardie, but Jack Breslin and Jamie McCart were marshalling the Celtic defence well, and Colin McCabe wasn’t called into serious action in the first half.
Dominating possession, the young Celts were moving the ball around with pace and purpose and they continued to make the running after the interval.
A corner from Mark Hill dropped for Hendry but the attacker was unable to react quickly enough to capitalise.
And after some excellent interplay down the left between Tierney and Nesbitt, McCrorie was forced into a superb stop.
It was one-way traffic. Substitute Calvin Miller’s powerful drive took a slight deflection and McCrorie couldn’t hold it. Lafferty reached the rebound but could only find the side-netting.
Thomson also planted a header on target as the young Hoops continued to apply the pressure. Finally, the breakthrough arrived. After the Ibrox side failed to clear their lines, the ball fell for Nesbitt and he made no mistake, finding the far corner from 16 yards.
And he almost doubled the advantage moments later, the midfielder only denied by a last-gasp intervention of a Rangers defender.
It had been all Celtic but McCabe had to be sharply off his line to deny the onrushing Hardie from a long ball over the top. The ball broke to Sam Jamieson but Wardrop was on hand to block his drive.
Celtic appeared to be coasting to victory but they had to survive a late scare as Jamieson’s effort cracked off the bar and to safety.
However, they held firm to claim a well-deserved victory and bring the trophy back to Paradise for the first time in three years.
CELTIC (4-2-3-1) McCabe; Wardrop, McCart, Breslin, McIlduff; Hill, Nesbitt (Caird 88); Hendry, Thomson, Tierney (Miller 64); Lafferty (Boyd 76)
Not Used:, Doohan, McLaren, McIntosh, Comrie
From the Scotsman. Some contradictions
http://www.scotsman.com/sport/football/spfl/celtic-u17-1-0-rangers-u17-fan-tension-clouds-win-1-3391799?
AFTER the City of Glasgow Cup final which was won 1-0 by Celtic at their home ground against Rangers if was confirmed that damage had been caused to the ground in the area where Ibrox fans had been situated.
Scorers: Celtic U17 – Nesbitt (67)
A crowd of over 8,000 had taken in the game which was played in a hostile atmosphere with a heavy police presence required to calm things as they threatened to get out of hand just before half-time.
After the game tens of seats were damaged as Rangers fans exited the stadium.
Ibrox youth coach Billy Kirkwood said afterwards: “What happens in the stands is nothing to do with us. Unfortunately that’s society at the moment. That’s the bigger picture and it’s not just Rangers and Celtic. I wish I had a magic wand to know how to combat it.
“There’s going to be a time when Rangers are going to play Celtic at first-team level and all I can say to that is, oh dear.”
Celtic won the competition for the first time in three years thanks to Aidan Nesbitt’s second-half goal.
The contest had started off just like old times on a smaller scale as both sets of fans, who were situated in the main stand, got noisily reacquainted with each other ahead of kick-off.
Rangers had a glimpse of goal early on and Ryan Hardie’s shot looked netbound until Celtic full-back Sam Wardrop popped up on the line to boot clear. Celtic’s first opening came in 16 minutes when Regan Hendry let fly from 25 yards, but he was denied by a post with Robby McCrorie in the Rangers goal well beaten.
As the atmosphere became uglier, police moved in to form a barrier between the fans, while the youngsters tried to play football despite fire-crackers and smoke bombs being let off.
The players seemed unable to settle and the game reached half-time with little threat made to either goal.
At the start of the second half, Rangers’ Jamie Brandon sliced a 20-yard effort well wide. Celtic responded through Ciaran Lafferty, whose effort was scooped into the arms of McCrorie.
The Ibrox shot-stopper excelled when Nesbitt’s driven cross was flicked goalward by Lafferty and McCrorie dived full length to push the ball away.
The goal that Celtic had been threatening came on 67 minutes when Nesbitt stayed calm after his first effort from 18 yards had been blocked and picked his spot in the Rangers net.
Two minutes later, Nesbitt slipped the ball past McCrorie, but David Brownlie popped up to clear.
As a game of football broke out, substitute Sam Jamieson almost drilled home a leveller from 25 yards but Wardrop slid in behind his goalkeeper Colin McCabe to clear.
Jamieson was again inches away with an injury-time effort from 20 yards that smacked back off the bar.
Celtic U17: McCabe, Wardrop, McIlduff, Hill, Breslin, McCart, Nesbitt (Caird 87), Thomson, Lafferty (Boyd 69), Hendry, Tierney (Miller 59)
Subs not used: Doohan, McLaren, McIntosh, Comrie.
Rangers U17: Robby McCrorie, Mossie, Ross McCrorie, Brownlie, Whiteside (Clark 58), Wilson, Brandon (White 53), Hamill, Hardie, Ogen, Ashmore (Jamieson 67)
Subs not used: McMinn, Burt, Bradley.
Referee: D Dickinson.
Attendance: 8,000
Gold Coast Tom:
Got it thanks.
Is this what got Coneybhoy’s twickers nisted at 1:36? I see nothing wrong with the statements from the POTY. Personally, anything that improves a Celtic player’s form is a plus and should be encouraged.
http://www.bbc.com/sport/0/football/27187296
Kris Commons puts ‘best’ season down to Scotland retirement
Celtic’s Kris Commons thinks retiring from international football was a key factor in the form that won him PFA Scotland player of the year.
Playing for Scotland was an “unbelievable experience” for the forward, but the 30-year-old is not planning on adding to his 12 caps.
“I’d rather play another four or five years at the top level of club football than try to balance both,” he said.
“It’s hard to blend internationals and stay as fit as you can.”
Commons, who scored two goals for Scotland, announced his decision to step away from Gordon Strachan’s squad at the end of last season.
And he has followed that with the highest goals tally of his career, with 27 strikes, as Celtic cantered to a third successive title.
“There’s nothing better for me than playing football and spending time with my family,” he added.
“And I’ve had the luxury of getting the best of both.
“I’ve been able to get away during international breaks and that family time is one of the most important things for me.
“When things are going well off the park, you tend to perform more freely on it.
Play mediaCeltic’s Kris Commons
Kris Commons goals montage
“As it stands, I think I’ve played my best football for Celtic because of the mini breaks that you get throughout the season.
“It was an unbelievable experience being part of it, but I didn’t think I was fit and healthy coming back to Celtic from the international set-up and giving my best for the club.”
Commons, who has scored 23 league goals this term, was nominated for the player of the year award along with team-mates Fraser Forster, Virgil van Dijk and Kilmarnock’s Kris Boyd
“It’s a bit overwhelming really,” he said of receiving the most votes from his fellow players.
“It was just great to be nominated and I was truly gobsmacked when I got the shout. I thought Virgil or Fraser would win.
“Our league form has been outstanding, with just the one defeat. Big Fraser and the back four have been excellent all season.”
Commons spent the first half of the season playing behind a central striker but has moved deeper recently to allow manager Neil Lennon to partner strikers Anthony Stokes and Leigh Griffiths.
“If you are scoring on a regular basis you will always be in the limelight and I’ve been given the opportunity to play a little more advanced and get a lot more goals this season,” he explained.
“I feel like I’m going to score in every game, which is weird because I’m used to setting up the goals. I’ve been the in-between man for the midfield and strikers.
“But this season I’ve been going into games thinking I’ll get at least two or three chances.
“I’ve never scored this many in a season. It’s been abnormal for me but certainly something I will try to replicate next season.”
Regards the damage done at Parkhead, I wonder how the FoCUS unit is going to manage all the arrests all by themselves. It is not hard to identify trouble makers in the South Stand.
I thought there was CCTV in the South Stand.
I’ll also be curious as to how some of the msm report the damage and how they conduct their respective zombie-hunts.
I was never one to advocate a Carthaginian peace with regards The Rangers, but to see how they have not evolved – in any respect – only compounds the decision by the powers that be to parole them without any sentence, of any kind, having been served.
They should have been banished to the juniors when they went into liquidation; no other punishment was appropriate.
And if The Rangers can’t afford to pay for the damage done to Parkhead, I hope either the SFA (assuming that The Glasgow Football Association are accountable to them) – and/or – the sponsors, make good the costs.
I wonder if Willie Haughey rues his generosity with regards the competition. I wonder if he was at the game last night.
The Rangers Football Club is accountable for its fans and as such should be treated accordingly.
But it won’t.
A taste of what is to come maybe. Maybe.
There were 8,000 fans at CP tonight, reportedly.
Assuming a 60 40 split, Celtic will want to hold back the first 20% for hosting and policing costs, leaving the proceeds from just over 3,000 fans to cover the costs of repairing the damage.
Will it be enough? Or will the bill push them into administration?
In case you’re interested…
Sectarian hatred, flares and smoke bombs mar Glasgow
John Dingwall, Daily Record
SMOKE bombs, flares and sectarian hatred shamed Scotland and once again marred the Glasgow Cup Final between Celtic and Rangers’ youth teams.
THE only Old Firm game of the season was played in a cauldron of sectarian hatred last night.
The match involving Rangers and Celtic youth teams prompted an outpouring of bile to shame Scotland – and violence was only contained by a strong police presence.
The Glasgow Cup final at Celtic Park should have been a showcase of young talent on both sides, but thugs spoiled the occasion and police feared it would turn into a full-scale riot.
As the match kicked off, a group of Rangers casuals with scarves over their faces and a number of Celtic fans tried to break through segregated areas after goading each other with sectarian songs.
None of these so-called supporters paid any attention to the game, preferring to stand with their backs to the action to spew their venom at their rivals.
A smoke bomb was set off by Celtic fans while Rangers fans threw flares and firecrackers.
Sections of the crowd on both sides spent the first 25 minutes taunting each other and chanting vile messages.
Before the half-hour mark, the media were escorted to safety along with neutrals sandwiched between the opposing fans.
A smoke bomb is set off in the middle of a group of Celtic supporters
Police and stewards also faced a torrent of hate from sections of the 8000-strong crowd.
Witnesses described the atmosphere as “shocking and disgusting”.
One fan said: “Things turned brutal almost from the off.
“If this is an example of what happens at an Old Firm match involving under-17s, God help us when the clubs meet for real.”
The Record’s Gordon Parks added: “I’ve covered games for over a decade and have never been so revolted. It’s a kids’ game and should have been the highlight of their footballing careers but the headlines again will be the behaviour of the fans.”
Before the match had even begun, it was clear the police expected trouble and were desperate to keep the rival fans apart.
Visiting Rangers supporters were “kettled” along London Road to prevent any pre-match clashes.
Police action also ensured the trouble was quelled before the final whistle – but Celtic were left counting the cost last night after dozens of seats were ripped up inside the stadium during the game.
Both clubs are now likely to face severe disciplinary action after the game, which Celtic won 1-0.
The disgraceful scenes were a carbon copy of those witnessed in the same fixture a year ago at Partick Thistle’s Firhill ground.
Thugs let off flares and ripped up seats, rival supporters taunted each other during the match and smoke bombs were thrown on the pitch. Seven fans were arrested.
——————————————————————————
Although they had a photographer at the game they neglected to show even a teensie-weensie photo of the damage done.
Of course this was done so as to not prejudice any upcoming arrests, convictions, and trials.
Pictures are available if you search the net.
The previous DR report tries to do the usual.
Paint us into the same unruly picture as the spiv led undead.
GG there are pictures in the Daily Mail but none in the Record. Maybe their print edition will highlight the vandalism like they did with their multi-picture coverage of the Motherwell game.
rearrange these words – your hold though breath don’t.
DR with its usual “one’s as bad as the other” nonsense.
http://www.dailymail.co.uk/sport/football/article-2615347/Celtic-Under-17s-defeat-Rangers-Glasgow-Cup-Final-match-marred-flares-broken-seats-crowd-trouble.html
When will our board grow a set and tackle the media for their slanted reporting?
As kitalba said earlier “Don’t hold your breath.”
It’s time PL summoned editors to CP and let them know we are the only show in town.
No interviews by players.
No inside stories.
Access only to Celtic press releases.
And a threat of legal action if they continue to fail to accurately report on our club and fans.
No point in asking PL to encourage us to boycott these rags. If any Celtic supporter is buying them then I would be surprised.
Some of the pictures in the Mail were got from the SNS Group, likewise so in the Record.
The Record was selective in what they chose to put up.
SNS Group – Pictures Celtic U17’s Cup Win
Morning Celts, que pasa amigos?
001bhoy and any other Bellshill Celts out there?
There’s a cracking Bellshill celtic flag on the end of this link…. Enjoy!
https://twitter.com/begleybhoy/status/459795879105679360
V
Morning and g’day Kitalba, hope your well sir.
Just looked at the seat damage, was it those pesky chelski fans wot did it?
Scum Sevco 2012 huns
Good night and God bless CQN nightshirt
And
Good morning day shift
Night shift
Although nightshirt could be handy
.
VMhan..
The Fleg..The Fleg..
Viva La Sheena Easton Brigada..
On a More Serious Note Re; The Broken seats last Night..
Just got a email for a Source Who is a Director and on The Board..
Here is a Direct Quote form the email..
” Many of the Broken seats will need to be Replaced as they are beyond Repair..As for the Writing on back of them We have the Names of the Culprits as the Seats were allocated to them..also we found Substances on chairs that is Not permitted in these Grounds”
So there You have it.. 11 Broken chairs..
Summa
Ps.. Need to Run as I need to email the Principal of my Wee Ghirls Primary School with my suggestions of How to Fix and clean off the Felt tip pen marks and Bunnlegum from the Preppies Class.. Bloody 5 Year Olds Ehhh..?
I blame Catholic Schools..【ツ】
mighty tim
I am sorry for not responding to your post sooner.
My normally reliable wee netbook decided to be very awkward last night and i have just got it sorted out(i hope)
I guess i could continue to do without it……the football that is!
Haven’t played for 3 years now so i am already in that position really.
Life is short though and being able to play again is something i would love to do.
It is sore all the time…..bearable, but just constantly letting me know it has a problem and it is a thought to even run across a road.
It is a dilemma whether to go ahead with it, get tthe ligament removed and then be pain free or would I actually encounter other problems and still be sore anyway?!
Thanks for your advice and for taking the trouble to ask your son.
I am sorry that injury has cut his competitive career short.
He has still managed to reach levels that he should be very proud of and it is brilliant that he is still so involved and perhaps making a difference to those kids lives.
Such a shame though and a bit similar in some ways to John Kennedy.
PS I must confess that i had to google MMA…….mental note made……always be nice to mighty tim!
Scottish MSM continue to smear celtic fans and hide the truth. Celtic remain silent. No change there then.
Is there a better start to the day than dispatchin’ ole slugs to hell?
Vmhan – YNWA Wee Oscar :
G’day to you too, I’m good and I hope you are too.
Regards photos – I’m positive that every time there has been any damage, howsoever bad or petty, in an area occupied by Celtic Supporters, then the record has been most considerate in giving ample space in their paper to multiple photos.
A lot of thought goes into their product; the consumer should reciprocate in thought and see them and their product, for what they, and it, are, and spend accordingly.
To put a wee smile on your face………..
Have you seen the shocking pictures of the Hun zombies being escorted to last nights game :>)
https://twitter.com/davybhoy7/status/460918006328340480
Enjoy_CSC
rwe…
Just caught the ‘Don’t Shrink’ blog…wonderful and wonderfully inspiring.
My own issues (not health related) now to be faced up to not run away from.
Inspired.
HH and God Bless
Kitalba
Too right, the record never comes into our house anymore, CFC need to respond IMO
V
Is there anyone on here who works in the Passport office in Glasgow? Flying out to Portugal tomorrow, but have lost my passport, and would like to know what my chances are of getting an emergency replacement today. I understand my chances are very low, but, I’m getting ready to go and sit about the office for a few hours in the vain hope of success!
Thanks in advance for any advice/info.
HH
Morning CQNers,
how I love deluded zombie logic, and the fondness for wonky analogies which brought us the same chicken/different egg beauty.
This from the torygraph comments:
“a kit kat is still a kit kat no matter who makes it so re-arRANGERS are the same club.”
That’s us told!
HH
Vmhan – YNWA Wee Oscar
It certainly did!
Brilliant :)
Good morning friends from a particularly dry, bright and sunny East Kilbride. Breakfast, work, golf and a Champions League semi final. Doesn’t get any better than that, Ted. ;-)
Neganon –
There are Celtic supporters earlier in this thread actually attacking Celtic supporters for going to the game last night and I am the only one to have taken them to task.
How does that sit with your agenda?
Celtic supporters being told they shouldn’t have attended a Celtic game because of who the opposition were, and nobody except me bats an eyelid.
Were there none of the GB at the game last night? Are you going to defend their right to follow Celtic without being told by a bunch of Green fascists that they should have stayed away?
The stench of hypocrisy on here is nauseating.