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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Anagram solving time.
SEY
MWD says YES
TD.
Nope, immigrant does not equate with a f@&king refugee.
Hoopy-do
that sounds like a special treat for my funeral or something :-)
John O’Neil – never tried em biscuits – gonna have a pop.
MWD says YES
Moonbeams WD @ 12:55
I’ve just had a slice of toast with a thick slice of butter from a grass fed cow.
Yummmyyyy.
MWD says YES
**************************************************
I’m left with a mental/mentol image of you receiving table service from a moo moo!
Drops your order all over you….”excuse me Sir I’m all thumbs and hooves today…..”
HH jamesgang
Canada’s loss out frustration!
MWD says YES
kitalba
12:57 on
28 April, 2014
Turkeybhoy:
Without proof, are you implying by your post that he might not have sung it?
No.If you read all my posts,what I am saying is that the guy is innocent until proven guilty.I will hold no truck with the people condemning a man without a fair trial.I do not know if he sang the song or not.The evidence weighs heavily on the fact that no one can say for sure if he did or not,therefore,there is reasonable doubt to dismiss the charges.
I am sorry if the law gets in the way of some peoples agendas.
The Honest Mistake loves being first
13:15 on
28 April, 2014
Turkeybhoy.
Lol. I’m not embarrassed, are you?
Thats your prerogative.Am I embarrassed by your comments?.Why should I be?.You made them.
Turkeybhoy
What is Griffiths doing then?
What every one of us has done.Been up belting out songs.Is that a problem.You still have not answered me.When the offensive song started he sat down.Did you actually see or hear him singing the song?.Do you think on the evidence,he is guilty?.
I’ve not answered because you are wrong, have you seen the video in relation to your opinions ? Seriously go and watch the video.
Here’s the facts:
The chant starts and Griffiths starts bouncing, punching the air in tune to the racist song. He doesn’t sit down he does it for at leats 7 seconds before the camera pans off him.
I’ll ask you again:
What was the media’s reaction (remember your wee newsnow comment) ?
Are you calling me a liar ?
PS “What every one of us has done”……….my oh my ………wrapping up Tims singing a song with racist antics……….
If I was Leigh Griffiths and I hadn’t sung that song I would have said so publicly by now.
If I had sung the song I’d be saying nothing and hoping there was no further evidence proving conclusively that I had sung the song.
My hunch is he sung the song but that there’s no conclusive proof. That leaves him in a bad place so far as a section of the support is concerned. In a way it would be better if he was convicted so that he could apologise and show contrition. Just my hunch.
the honest mistake loves being first
13:17 on 28 April, 2014
TD.
Nope, immigrant does not equate with a f@&king refugee.
__________________
Whhhhhhh, lol believe it or not I got that many times too, but I was asked earlier to tone down the language, so I took it easy, but yes that was said many many times, but it was in fun, never aggressive, so no harm was done, and normally the ones that said it where Canadians, and I used to say to them, oh so your family ties go back to Eskimos or native Indians , and that that would shut them up.
tonydonnelly67
13:15 on 28 April, 2014
You were an immigrant in Canada, not a refugee.
Despite you’re best efforts to pretend otherwise you’re not a stupid man.
Don’t let your enjoyment of a bit of argy bargy get in the way of your humanity and common decency.
Earnie lynch
I find it strange that your hunch puts LG in a bad place?
Judge an jury?
Hamiltontim is praying for Oscar
12:56 on
28 April, 2014
Turkeybhoy
It’s ridiculous simply because I have shown that you lied about my reply?!
I’ve said my piece, you’ve said your’s, time to move on methinks.
Hail Hail
How easily offended some people can be on a blog.Calling people “Liars”over different interpretations of a post.Deary me.
I have no problem with you HT.Dont get so precious.
Do snooker players ever sleep?
Ernie
Leigh just has to learn, I’m sure he will. He just seems like a daft wee guy.
Turkeybhoy:
My problem is, without proof of anything, I can’t see the difference between ‘might have’ and ‘might not have’. Maybe he didn’t but instead of going out the front and mugging a couple of old ladies after a good sing song, he instead refrained from the chanting but went out he back and molested a goat. It was you who introduced hypothetical, but unrelated, hypothesis, so I did too. It adds the sum total of hee-haw to the point, I know.
I’m the last one to hang a man because of an accusation but I think HT was hedging his bets a wee bit when he said “he might have”. Just like you’re advocating “he might not have”.
Having not seen the videos in question I’ve no idea whether he did or he didn’t which me none the wiser, nor more ignorant, than the man who has seen the videos. (by all accounts) and that is definitely my last word on an issue I know nought about.
Ernie-agree with your summary.
Turkeybhoy.
Ha. Ludicrous indeed.
Ps. This isn’t a court of law, it isn’t even a tribunal, what it is?
A celtic forum where a video shot on a mobile phone is evidence enough to accuse someone of behaviour that is inappropriate.
You can continue with legal jargon, call up witnesses or even appeal to the judge but guess what?
You’re wasting your time.
There is enough evidence to accuse lg of inappropriate behaviour.
Imran Ahmad can he not tip the scales in May with regards his pay off ?
And is probably still in cahoots with Green ?
HH
Ernie lynch
I don’t need you to tell me what I was I know I was an emigrant, but the point is stupid, Canadians called us reffugees, I was there, so your telling people my post was wrong, and you know better, away yi go ya chancer.you aff yer nut,
Only months ago, Wallace was the real deal. Every pundit and fans group declared that at at last here was a guy who would sort out everyone and everything.
And now, he is useless !
Mind you, there was widespread acclaim for Craig Mather, too. Even Cardigan and Salary went on record to praise him.
Of course, Green was a great guy , as well.
Planet Zombie is a funny old planet.
I know someone at work who was in the pub with Leigh Griffiths.
I know exactly what happened. Leigh was applauded by all Hibs fans for his light hearted behaviour and the time he took out all day to sign autographs and pose for photo’s. He also spent a lot of time with young kids speaking to them and signing all manner of strips and other things.
The guy I spoke to is no big fan of LG but said he was outstanding on the day and did get a bit carried away appeasing the Hibs support and taking part in a few songs.
He said he did not start the singing of the Rudi Skacel song and he didn’t sing it either. He did sit down rather embarrassed almost knowing this would come back to haunt him.
If you read Neil Lennon’s interview from yesterday LG is a big part of the plans going forward and looking at his performance he is in possession of a Celtic jersey.
My take on the GB banner is that it was a timely reminder to all players what is expected at Celtic. It didn’t affect LG’s performance and the matter should now be closed until the investigation is complete.
Even if the lad has made a mistake I think he should stay at the club and get educated and guided. We all make mistakes. maybe the company LG keeps needs changed. He deserves a 2nd chance to prove he has what it takes to be a Celtic player because he looks like one on the pitch. His mothers family are Celtic daft and will help him and educate him on what being a Celtic player means and so will the club.
There are enough people out to get our players without turning on them ourselves. The GB banner was a timely reminder and I doubt Griffiths will take it badly. He knows he was stupid.
I think LG if he screws the nut off the pitch will be a great Celtic player. We knew we were buying a rough diamond. We knew the lad had issues off the pitch. This is no shock to us. Let’s be honest here if LG didn’t have his previous misdemeaners he would be well out of our price range. Stokes and Griffiths between them will score at least 60 goals next season. I have a full belief in that. In my opion Griffiths is a better player than Hooper. A very bold statement but I fully believe that. If LG can produce the goods in Europe then we have a top player on our hands. There are plenty so called world class players who have done things far worse than Griffiths. The English player of the year is a prime example. Leigh needs support and guidance and most of all education. If he can concentrate on his game he will be a great Celtic player and this incident will go down to daft bhoyness which I believe it is. I don;t think he goes out to cause trouble he is just a bit daft and doesn’t engage the brain before doing things.
Remember this is a lad who may have 3 children to different women but who looks after them all financially and spends a lot of time with them. He engineered an agreement at Woves to visit his children regularly during the week and once a month he trained with Hibernian to spend the full week with his children. That doesn’t strike me as a bad person. The boy has been stupid and perhaps a little naive. No way is he a monster and no way should Celtic ditch him. Everyone deserves a 2nd chance. I hope Leigh takes his and stops making silly errors of judgement off the pitch.
LB
Must have been depooration!
MWd says YES
TD.
Roberto Carlos Ate a banana that was thrown at him. It doesn’t take away from the intent of the throwing of the banana.
Does no one remember a MON bench with two keepers listed?
When is the Imran Ahmad case due to commence again. I seem to remember mid May.
Can anyone confirm ?
HH
tonydonnelly67
13:32 on 28 April, 2014
What was your legal status in Canada?
Did you have a right to be there?
What were your options if you had to leave? What lay ahead of you? Did you have somewhere safe to go to?
Did you feel vulnerable?
Did you have a right to work?
Would you equate the circumstance that caused you to move to Canada with the circumstances that caused those refugees living in Glasgow to move there?
Livibhoy
Good post but the knee jerk reaction from the PC and the GB and the CT, and JF, has already set it’s course, they want him hanged, simple as that, but we all know it’s just a stick to batter the Celtic board, and that’s a fact, they can say all they wany, but that the way they operate, cowards with hidden agendas, feck me there’s even a guy on here telling people on here what happened to me in Canada, and I don’t even know the clown, gimmi a break.
paul67, is this a typo or, are you being truthfull? “There has also been a great deal of hot air about trading insolently and illegally”. …….insolently or insolvently
LiviBhoy – God bless wee Oscar
13:34 on 28 April, 2014
Why doesn’t LG say publicly that he didn’t sing the song?
Greate article, Paul, so good I read it twice.
Disn’t realize that Sandy Easdale had a hunch.
Maybe he’s had too much Ibrox bovril.
https://www.youtube.com/watch?v=-1Wautjgon8
I have always been convinced that the SFA and the Huns are one in the same. The Hun pension plan is the SFA. Check their history and their anti Celtic decisions and mibbery. You all know no point in elaborating. So what are the SFA doing right now? I believe the SFA’s days are numbered when the Hun that plays dead finally stays dead. Soon. Survival instincts can turn brutal.
Surely Rangers need to pull the plug before it gets to the stage that points are deducted from next season’s Championship – they’ll have a tough enough time with some decent teams down there, even without the austerity measures they have to implement at some point.
If they collect all season ticket money that money goes into the admin pot right? ANd then what? They lose their tickets? Or the new club starts a season with no money but a commitment to 30,000 non-paying fans? Or they go back to the guys that stumped up in the first place with a demand for another season ticket? That’s ain’t going to fly…
OK, paranoid question time – did they deliberately make it hard to buy season tix to put barriers in place in order to buy time for a pre-pack-admin this season? Mayvbe that’s a reason to call the early renewal call? We asked, pss-poor response, pulled pug to phoenix 2014/15?
Johnny Clash 12:26
I did note Eva’s response to the chap in question…
http://www.gotceleb.com/wp-content/uploads/celebrities/eve-muirhead/british-olympic-curler/Eve-Muirhead:-British-Olympic-curler–15.jpg
When the truth comes out
I hope Celtic are clean
Ernie lynch
Your not serious asking me questions on why I was in Canada, and did I have a right to be there?
I have seen it all now, CQN customs and emigration, my god .
Back in the day
SFTB
I do seem to have a vague recollection of that but can’t furnish you with details I’m afraid.
Turkeybhoy
I don’t think that for a second mate, I’m just a bit weary of constantly arguing on here.
Yes, I know that may be hard to believe :-)