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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Kayal33
11:37 on
29 April, 2014
Neil Lennon has begun his search for fresh blood to add to his Celtic squad. Lennon flew to Germany to watch Kaiserslautern’s Finnish midfielder Alexander Ring. Celtic are also interested in Ring’s team-mates Simon Zoller and Ruben Yttergard.
If he is looking for a midfielder then save on the air tickets and drive up to Dundee. Sign Stuart Armstrong.
He was sensational against “Well” at the weekend.A terrific player.
Kids under 13 get in for £1 on Saturday.Official opening of the new”Walkway”,and the Dons as opponents.Could be a good crowd.
Celts do new walkwaying away.
Turkeybhoy
Hope it is near a sell out. Due the Sheep a pasting!
LB
Mr and MrsSimon now duetting on The Sound of Violence
Samstag, 26.04.2014 – 11:42 Uhr
Trainer Uwe Neuhaus muss Union Berlin nach sieben Jahren zum Saisonende verlassen. Der Club gab nach den enttäuschenden vergangenen Monaten die Trennung von seinem Rekordtrainer bekannt. Gemeinsam mit Sven Köhler vom Halleschen FC ist Neuhaus dienstältester Trainer im deutschen Profifußball.
“Nach gründlicher Analyse der sportlichen Situation sind wir zu der Überzeugung gekommen, dass für eine erfolgreiche Arbeit in der kommenden Saison ein mentaler und emotionaler Neustart im sportlichen Bereich notwendig ist”, sagte Union-Präsident Dirk Zingler: “Ein personeller Wechsel auf der Cheftrainerposition bietet die Chance für einen solchen Neustart.”
Der 54-jährige Neuhaus hatte seinen Vertrag erst im November vorzeitig um zwei Jahre bis zum 30. Juni 2016 verlängert. “Die nach dem hervorragenden Start in die Saison, aber einer auch für mich enttäuschenden Rückrunde getroffene Entscheidung des Vereins bedauere, aber respektiere ich”, sagte Neuhaus: “Zusammen mit der Mannschaft werde ich alles daran setzen, die Saison so erfolgreich wie möglich zu Ende zu bringen.”
Neuhaus hatte am 1. Juli 2007 seine Arbeit in Berlin aufgenommen und war seit Januar 2014 der am längsten amtierende Trainer seit der Clubgründung im Januar 1966. In der Saison 2007/2008 hatte Neuhaus das Team zunächst in die neu geschaffene 3. Liga geführt, ein Jahr später gelang Union als erstem Drittliga-Meister der Aufstieg in die 2. Bundesliga.
Nach stetiger Weiterentwicklung in den Folgejahren galt das Team in der laufenden Saison als Aufstiegsanwärter, konnte aufgrund einer schwachen Rückrunde jedoch nicht mehr in den Kampf um die ersten drei Plätze eingreifen. Zuletzt stürzte Union ins Mittelfeld der Tabelle ab.
Loved Up
Like a bridge over troubled waters, I will lay you out.
awe_naw_no_annoni_oan_anaw_noo
11:56 on 29 April, 2014
Samstag, 26.04.2014 – 11:42 Uhr
Trainer Uwe Neuhaus muss Union Berlin nach sieben Jahren zum Saisonende verlassen. Der Club gab nach den enttäuschenden vergangenen Monaten die Trennung von seinem Rekordtrainer bekannt. Gemeinsam mit Sven Köhler vom Halleschen FC ist Neuhaus dienstältester Trainer im deutschen Profifußball.
“Nach gründlicher Analyse der sportlichen Situation sind wir zu der Überzeugung gekommen, dass für eine erfolgreiche Arbeit in der kommenden Saison ein mentaler und emotionaler Neustart im sportlichen Bereich notwendig ist”, sagte Union-Präsident Dirk Zingler: “Ein personeller Wechsel auf der Cheftrainerposition bietet die Chance für einen solchen Neustart.”
Der 54-jährige Neuhaus hatte seinen Vertrag erst im November vorzeitig um zwei Jahre bis zum 30. Juni 2016 verlängert. “Die nach dem hervorragenden Start in die Saison, aber einer auch für mich enttäuschenden Rückrunde getroffene Entscheidung des Vereins bedauere, aber respektiere ich”, sagte Neuhaus: “Zusammen mit der Mannschaft werde ich alles daran setzen, die Saison so erfolgreich wie möglich zu Ende zu bringen.”
Neuhaus hatte am 1. Juli 2007 seine Arbeit in Berlin aufgenommen und war seit Januar 2014 der am längsten amtierende Trainer seit der Clubgründung im Januar 1966. In der Saison 2007/2008 hatte Neuhaus das Team zunächst in die neu geschaffene 3. Liga geführt, ein Jahr später gelang Union als erstem Drittliga-Meister der Aufstieg in die 2. Bundesliga.
Nach stetiger Weiterentwicklung in den Folgejahren galt das Team in der laufenden Saison als Aufstiegsanwärter, konnte aufgrund einer schwachen Rückrunde jedoch nicht mehr in den Kampf um die ersten drei Plätze eingreifen. Zuletzt stürzte Union ins Mittelfeld der Tabelle
Great post totally agree,more positive ness like this is needed.
By the way the article in this mornings Daily Telegraph sports a quote from a Hampden source which states that the SFA cannot refuse The Rangers a licence to play next year because they have no bank debt.
I have written elsewhere that this is complete and utter nonsense as the licensing rules make it quite plain what should be considered, must be considered and what may be considered when granting any club a licence whether Gold, Silver or Bronze.
The absence of bank debt is not a criteria which automatically gets anyone a licence in any category– never has been– and so the source is talking complete and utter bollox.
The licensing criteria sets out things very clearly in many respects and qualified accounts, accounts which cast doubts about being a going concern, dubiety about fulfilling all of the obligations and fixtures for the coming season and so on are all grounds for refusal of a licence whether the club has bank debt or not.
Obviously you cannot have bank debt if the bank just plain refuse to lend you any money.
Accordingly the quote concerned is so bad, so uninformed, so lacking in knowledge and intelligence that it i astonishing that it was in fact quoted.
Ewing Graham would have been better asking a two year old staying in Kathmandu about whether or not The Rangers would qualify for a football licence for next season from the SFA as any such two year old would be better informed and would make more sense that the complete and utter idiot he spoke to.
CELTIC have laid the blame for last Friday night’s crowd disorder at Fir Park firmly at the door of the Green Brigade section of their support by effectively banning their collective presence at Parkhead.
As they await disciplinary proceedings from the SPFL, whose chief executive Neil Doncaster yesterday condemned the scenes in Motherwell as “shameful”, Celtic announced firm action of their own against those involved.
The club have issued suspensions from home and away games, subject to further inquiries, to 128 people identified as being allegedly involved in the setting off and throwing of flares and smoke bombs before and during the Premiership game at Motherwell, as well as the significant vandalism of seats in the South Stand at Fir Park.
All of the 128 provisionally banned have been invited to interviews at Celtic Park this week which will be conducted by the club’s head of security Ronnie Hawthorn.
In addition, Celtic are to relocate around 250 season ticket holders from section 111 at Celtic Park, the area which houses the Green Brigade. Those who decline will be refunded the remaining value of their season ticket. The club intend to distribute free tickets to charitable causes for the section 111 seats at this Saturday’s game against Hibs.
It is a significant statement of intent by the Celtic board, whose relationship with the Green Brigade has now completely broken down. Chief executive Peter Lawwell and his fellow directors were incensed by the controversial banner held aloft in section 111 just before kick-off at the Champions League match against AC Milan two weeks ago, depicting William Wallace and Bobby Sands.
The club had received assurances from the Green Brigade beforehand that any banner display would be wholly related to Celtic and have no political content. The breach of that agreement now leaves Celtic facing another fine from Uefa, whose control and disciplinary body will hear the case in Nyon tomorrow.
Celtic have been fined six times in the last seven years by Uefa for incidents involving their supporters. The club also face SPFL action over a banner relating to the H block hunger strikers at the Maze Prison in Northern Ireland which was displayed by the Green Brigade before last month’s game against Aberdeen.
The Green Brigade have denied their members were involved in the disturbances at Fir Park but admitted they lacked control of those who were in the area of the stand which they occupied.
Celtic’s patience has snapped, however, with the club believing the image of the Green Brigade is now so negative that they cannot continue to facilitate them as they have been doing at home matches. The group have been credited by some for bringing a more vibrant atmosphere to Celtic Park, but the board have reached the firm conclusion that is now outweighed by the damage suffered to the club’s reputation.
The official statement released by Celtic yesterday afternoon made it plain they are determined to diminish the Green Brigade’s presence and influence among their support.
“Following events on Friday evening at Fir Park Stadium, Celtic Football Club today announced that it has issued precautionary suspensions against 128 individuals preventing them attending matches involving Celtic, pending further investigation,” it read. “These suspensions will cover matches at Celtic Park and away matches.
“In addition, the club will be relocating around 250 season book holders in Section 111 to other areas within the stadium, or offering refunds covering the remainder of the season to those who do not wish to be relocated.
“Events such as those on Friday night do not represent the Celtic support or the club. These events were an embarrassment to our great football club and are absolutely indefensible.
“It is clear that there is an element which has no hesitation in bringing Celtic’s name into disrepute. This is something the club will not tolerate and we therefore have no other option but to take this action. We will not allow the great name of
Celtic to be damaged in this way any more – our supporters deserve more than this.
“While recent events are very regrettable, we would like to thank our many thousands of fans for the wonderful, positive backing which they continue to give to Celtic. We are sure these supporters will understand the position which the club is in and we are also sure they will unite with the club as we move forward.
“Celtic Football Club is in excellent shape on and off the field. The club is in a very safe and strong position and we have a young, exciting team working hard to deliver quality football and success for our supporters, as they did on Friday evening with a magnificent performance. This is what we want to be talking about and this is what we want to celebrate.
“Celtic has a proud 125-year history and fundamental to that history have been our fans. Our supporters enjoy a wonderful reputation earned across many years, many families and many generations. This is something we must protect vigorously.”
The SPFL are expected to decide within the next week whether to take disciplinary action against Celtic. They are awaiting the report from Alan Dick, their match delegate at Fir Park on Friday night, who inspected the damage at the end of the game alongside Celtic security chief Hawthorn.
Under SPFL rules, Celtic are already liable to pay Motherwell the full cost of repairing and replacing the seats in the south stand. SPFL chief executive Doncaster was unequivocal in his criticism of the conduct of those Celtic fans responsible.
“We absolutely condemn this type of behaviour,” said Doncaster. “It has no place in the game. We are confident that the police and both clubs will play a full part in helping to identify those involved in what were shameful scenes.
“We have already been in touch with both clubs and the police following the disturbances during Friday night’s fixture at Fir Park.
“We expect the SPFL match delegate report to be with us within the next 24 to 48 hours. The SPFL will work closely with our colleagues at both clubs and with the police as part of a thorough investigation into Friday night’s events.”
Given the ructions recently, ole Simon and Garfunkel are needed on the blog singing Celtic Walkway Over Troubled Water
Did any from the Green Brigade ever get charged for any of the damage done at Motherwell?
Celtic, accuser, jury, judge, and executioner.
And oops! we made a mistake.
Silence like a cancer grows
Kitalba
Let it goooooooooooooooooooooo, move onnnnnnnnnnnnnnnnn,take a deep breath, it’s all been said, that ship has sailed, conversation on it has been exhausted, but if you must, go right ahead.
Kit,
Do you have any Simon and garfunkle lp’s?
kitalba
12:05 on 29 April, 2014
Did any from the Green Brigade ever get charged for any of the damage done at Motherwell?
Celtic, accuser, jury, judge, and executioner.
_________________________________________
I think they came away with a statement some where along the lines of, it was our watch, we won’t let it happen again, some thing like that, and that was the downfall of the GB who now no longer support Celtic, as the took there money back, and walked away.
Slip Slidin’ a walk way CSC
Reply from two year old staying in Kathmandu about whether or not The Rangers would qualify for a football licence for next season from the SFA:
‘Eh, is that a rhetorical question?”
tonydonnelly67:
I’m only just wakening up mate, and I’ve got lots of stamina, trust me, lots.
When asked if rangers would qualify for a football licence the youngster replied,
“Of course they will. We are the Nepal!”
http://www.bbc.co.uk/sport/0/football/25293305
td67
Tony, I know it and you know it. We’ve kept our heads down for too long. I’ve stated before that Kelly Stein McCann and even MON would not have allowed the msm to walk all over CFC the way they do.
So just to stay safe, we must accept the constant garbage thrown our way, and the more they get away with, the worse it gets. Is that the way forward? Just wait a while longer while they pull in more rope?
I cannot fathom why no one at the club has approached UEFA for a definitive answer as to the official name of the Ibrox club. That would do for a start.
Thanks for your endorsement Tony, I’m glad as commander in chief of CQN comments you give me leave to post whatever I chose.
I’m ever so grateful.
I think they came away with a statement some where along the lines of, it was our watch, we won’t let it happen again, some thing like that, and that was the downfall of the GB who now no longer support Celtic, as the took there money back, and walked away.
take it you were not at game on sunday.
they were there ,VERY LOUD, VERY PROUD AND GREAT ENTETAINMENT.
Reply from two year old staying in Kathmandu
‘what is the sound of one credit card swiping’
♫ ♫ .Hello darkside my old friend ♫ . ♫ .
Kitalba
The most important thing in life is not knowing everything, it’s having the phone number of somebody who does!
Favouret uncle
There was a radicle part of the crowd there on Sunday with a PC banner, are they the GB.
I would like the peas and beans I’ve planted to produce a few radicles.
Still, early days.
New Radicle
Marrakesh Express
12:17 on 29 April, 2014
I don’t think UEFA can provide a definitive answer. They’d just refer to the SFA. Then a conflict of interest arises and it all gets terribly embarrassing.
The only way to resolve it is by court action.
Whether they are a new club or not is a legal matter.
The problem is finding a way to get it into court.
It could have been resolved if Charles had done what he promised to do and sued the players who walked away from the old club.
He didn’t sue because he knew he would lose.
I’m sure if the board wanted to they could find some way to sort out the confusion. But they don’t want to. The confusion and obfuscation suits their agenda.
tonydonnelly67
the most important thing in life is breathing fresh air.
Surely any trouble at last nights game is Celtics fault you bhoys are in denial the ground was not properly policed and there were not enough stewards.Celtic also failed to carry out proper searches outside the ground and thus allowed fans to bring in flares.The broken seats are of course down to lack of proper maintenance we all know how tight Celtic are of course they like to put the blame on the fans.Celtic will given time put out a statement absolving fans of the Rangers from causing any problems.Celtic have admitted that they got caught out by the weather as it was a dry night they were expecting rain which would have made the flares and the matches damp and the fans would havebeen unable to light them.A spokesman for the Celtic fans Tony Donnelly 67 these things will happen if you let students and teachers attend games. H.H.
without the stench of corruption.
tonydonnelly67 12:22 on 29 April, 2014
There was a radicle part of the crowd there on Sunday with a PC banner, are they the GB.
———–
“A man must be a Celt on and off the field otherwise he is of no value to the club.”
Is it not a quote from Willie Maley?
How does one daftie use up so much oxygen.