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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michaelj-The game is sold out,in more ways than one.
That actually sounds good to me as well :P
It is always a bad idea to go to the supermarket when hungry!
Not sure if this link will work,but some good news for a change.
Mckenzie Furniss has completed her second batch of neuroblastoma treatment in Germany.
http://www.pressdisplay.com/staging/timesonline/iphone/homepage.aspx#_articleb9c334b3-44b3-4087-8d64-fbcc0fafdd50
An Tearmann
15:24 on
28 April, 2014
Wonder how max clifford will manipulate his own conviction in the media?
HH
I’m sure he will sell his story to the Sun,when he gets out .
Bada
Souled out!!
DrfaustusCFC
MWD
No need to go to a tanning salon after a few helpings of that gear
A wee heads up on next Supporters Forum on 9th June.
Unless someone else volunteers an alternative we can follow same routine as before where you guys raise your issues and they get fed back before the meeting to get them on the agenda or get an update.
I’ll remind folk nearer the time in last week of May.
Good Afternoon All
Following on from our Supporters Forum which took place on February 19 we plan on holding our next meeting on Monday, June 9.
On the basis that it appeared to work well for those who attended we will maintain the same format as our last meeting and welcome questions in advance from each individual, group or association. We will provide written responses and will discuss each point in more detail on the night.
We will also provide updates on each of the action points from February which are listed below:
Actions arising from the meeting, February 19:
· Celtic to confirm its position publicly relative to the OBTC Act:
· Celtic to discuss Policing at matches with Police Scotland and update supporters:
· Celtic to consult with fans on Coach Park for 2014/15 and update supporters:
· Celtic to consider options with regard to increasing disabled spaces at Celtic Park:
· Celtic to update supporters on UCL qualifying match venue and transport:
· Celtic to consider the possibility of Celtic Phone In and update on decision:
· Celtic to review ticket allocation process and incorporate any changes in time for 2014/15:
· Celtic to continue with Safe Standing application and update supporters on progress:
· Celtic to consider Student prices for 2014/15 Season:
· Celtic to consider loyalty rewards for long standing Season Ticket holders from 2014/15:
· Celtic to make decision on Stadium Catering for 2014/15 and update supporters:
The meeting will once again be attended by the Executive Team and we would ask for any new questions to be submitted no later than Sunday, June 1
In recognition of the distance some attendee’s have to travel we will work to the same timings as before, 7pm – 9pm and look forward to receiving your confirmation of attendance.
JPT SLO.
Auldheid- A definitive statement from CFC ,that the Oldco team from hell died,no more pussyfooting round the issue. HH
Glad I could be of assistance.
I hear it is the favourite meal of both Leigh Griffiths and Alex Salmond. :-))))
MWD says aye
I saw a cookery program a while ago and they were having a pie making competition.
They all looked good but the 1 i thought looked the best had layers of haggis, neeps and tatties.
Still not tried it.
Has anybody had a pie like that?
!!Bada Bing!!
15:48 on 28 April, 2014
Auldheid- A definitive statement from CFC ,that the Oldco team from hell died,no more pussyfooting round the issue. HH
————-
It’s not a lot to ask,
as we are hosting the huns tonight the entrance is cash only thirty silver pieces will suffice……only if there are any returns though
Thunder Road
Poor feckin Haggis! Love them wee creatures. :(
MWD says Aye
Thunder road.
Sounds delicious
Mmmmmmmmmmm….something
Paul67
I remember a black and white movie as a kid. The Incredible Shrinking Man.
Poor guy got exposed to a radioactive cloud and started to shrink over a period of time. Lucky for him he shrank in proportion to his body mass ( otherwise he could have been the basis for the Viz character Buster Gonads – but I digress.)
So are we about to watch The Incredible Shrinking Gers as each season so many “wrtp” chuck it because, well because the realisation dawns that they never were.
The question is are the media and SFA going to cling to the illusion that the shrinking can be reversed or combated by building smaller chairs or wearing high heeled boots whilst the rest of us wonder who the wee fella in the corner shouting “I’m here” is?
I feel very fortunate.
In 1966 my parents left Scotland with their 5 kids
and moved to Canada.
I don’t remember ever being made to feel anything but welcome
here is Canada.
I’ve been back to Scotland on numerous occasions
and I love it! It’s always a thrill; so much to enjoy.
But I’m always glad to come back home to Canada.
I feel Canada is a great country, one of the worlds best!
T
Leigh Griffiths has more total goals and assists for Celtic (16) than Pukki, Balde, Biton and Boerrigter added together (13).
emdae know when Big Yogi’s Book is gonna be sent oot?
Thunder Road
15:49 on 28 April, 2014
Greggs do one around about January/February – fat sally told me.
there is not a person on this earth ,who can truthfully say they havent made racists or bigot comments, .if there is he or she is the only one .
Stadium Catering could do worse than MWDs bespoke spaghetti pies.
This is like the usual MWD spaghetti pie [mega-delish] but the CP version will have spaghetti hoops.
Left Click
We could ask why Celtic do not make a definitive statement.
‘Scott then goes through the odyssey of navigating his own basement, which for him at his current size is a cavernous, inhospitable world. Most of his time is spent battling a voracious spider, his own hunger, and the fear that he may eventually shrink down to nothing. When the water heater bursts, his brother, Charlie, and his wife, Louise, come down to investigate; by now, however, Scott is too small, Charlie and Louise cannot hear his screams for help. Scott ultimately kills the spider and collapses in exhaustion. Awakening, he finds he is now so small he can escape the basement by walking between the wires of a window screen. Scott accepts his fate and is resigned to the adventure of seeing what awaits him in even smaller realms. He knows he will eventually shrink to atomic size; but, no matter how small he becomes, he concludes he will still matter in the universe because, to God, “there is no zero.” This thought gives him comfort and ends his fears of the future.’
-lifted from theIncredibleShrinkingWiki/EWLM/EWTB.
Auldheid
I 100% agree we could & should.
Again thank you for all your efforts sir
Moonbeams wd
Please no more of these ‘money tight’ recipes from your youth.. It’s opening up psychological scars I had hoped were healed…
I never eat:
Gingernut biscuits
Dairy lea
Macaroni cheese
All associated with my own childhood periods of deprivation/ end of the month diet….
My son Tony has a blogsite called http://www.dontshrink.com
This is his window into the world as he has late stage ALS, is confined to a wheelchair at home. He cannot use his hands and controls his computer solely by use of his eyes.
His Mum and I, his brother & sister-in-law, his niece & nephew and a bunch of friends walked for charity on Saturday in Charlotte to help raise funds for the ALS Association, which supports people like Tony. Our team was called Tony’s Huddle.
There’s a picture and a few words on his blog from our walk on Saturday.
Please visit it if you have time. He would welcome any visits.
http://www.dontshrink.com
Thanks in advance.
RWE
HH
DBBIA
That Sir is Genius. nae wonder you are a doctor. ::Thumbsup::
MWD says Aye Aye
Auldheid
16:08 on 28 April, 2014
‘Left Click
We could ask why Celtic do not make a definitive statement.’
###
There would need to be a suitable hook to hang the statement on. A reason for issuing it. Otherwise it might be seen as gratuitous trouble making and, dare I say it, an act of epicaricacy.
I’m sure some suitable pretext could be devised.
But only if the board wanted to do it. Which they don’t.
Rwe
Your son is bhoy to be proud of. Visited his site – left a wee comment…
Inspirational!
If Leigh Griffiths wasnt in the Roseburn that afternoon,you can bet your bottom dollar ,there would have been nothing said. the real enemy for celtic is the THE SUN ,THE DAILY RECORD , THE HERALD, THE EXPRESS. AND THE BIGGEST TOSSERS OF THEM ALL RADIO SHORTBREAD. AS FOR SHORT BREAD IVE NEVER SEEN A MOB THAT IS OVERRUN WITH EMPLOYEES. ALL ON GOOD WAGES AS WELL. TIME THE PEOPLE GOT WISE TO THAT MOB ,AND TELL THE BBC TO GET RID OF 95 PERCENT OF THEM. BUNCH OF CHANCERS
leftclicktic We are all Neil Lennon
Why should Celtic make a statement on the status of a club in liquidation??
Is there a business reason, a football reason??
Hmmmm!! How would that statement read??
We at Celtic say the huns are died, get it up ye’s??
Okay needs a bit of work!
Yer pal..
SFTB
3 goalkeepers?
Thought I would try and fit in a football post amid the Salem Witch (LG) Trials and the tedious Yes/No interludes.
Could be Sanchez Broto – he was brought in when Douglas and Hedman were both injured in January 2003 (might have been during the Winter Shutdown).
H!H!
There’s a group, no association of Celtic Football Club, who bombed, maimed, shot, punished and beat hundreds of people – a lot of them innocent people
There’s a guy , a player for Celtic Football Club who by all accounts isn’t too bright, had a couple of bevvies with his mates, so no billy big time , and maybe just maybe sang an inappropriate song (nobody on here ever did that)
The GB praise and compose anthems to elevate one and stick it to the other
I’ve said it before who do they think they are – they don’t represent me nor do they represent Celtic Football Club.
Shower a eejits
RWE-good luck to you and your family. HH
Charliemac
The GB have always said they only speak for themselves (as Celtic supporters) and no one else.
Paul, you ask what next for THEM.
A wee prediction.
Before the start of next season, the Easdale’s etc. will be gone.
Fronted by Sir Walter and Bomber, despite serious, and as yet unfounded allegations made here yesterday concerning SA tax authorities renewed interest in him, DK will effectively be in charge.
Eighteen months further on and no sign of winning the Champions League or much else, the Union of Fans will be hollering for more blood.
RWE
16:10 on 28 April, 2014
Bookmarked.
Respect to you and your son. Puts things in perspective.
If your circulating this on other Celtic sites (and I hope you are) it might help to know that the term MND is more likely to be recognised over here.
A friend of mine was in the no.7 lounge yesterday, Tom Boyd & Joe Miller where doing the “meeting and greeting”
TB, when asked, why he didn’t have a slot on the phone in shows, responded by saying he’s not allowed, because he would say it as it is…..Sevco / deidco / zombies etc.
Wee Joe was asked similar, but jokingly along the lines of “are u enjoying the soup?”
He responded by saying that they had to sign disclaimers, not to be mentioning thems as being a “tribute act” so to speak!!!!!
Well done Tommy Boyd.
Shame on you Joe & Macca.