Scottish Premier League chief executive, Neil Doncaster, yesterday told the BBC that no provision existed for a liquidated SPL club to reconvene as a Newco FC at the bottom of the Scottish Football League (reported at 1821 on their crisis timeline).
This is being grossly misreported to suggest that the only opportunity for a Rangers Newco to phoenix is to slip straight back into the SPL – completely and utterly untrue.
There is also no provision for a Newco FC to slip into the SPL. Newco FC would be able to apply for membership to the Scottish Football League (where they would unquestionably be accepted) or the Scottish Premier League.
The default position when a club goes out of business in the Scottish Premier League is that the club that finishes bottom of the league at the end of the season escapes relegation. As things stand, Dunfermline would remain an SPL club and Ross County would be promoted.
No moral, legal or football administrative argument has been made to suggest that Dunfermline will be relegated to allow a new club entry into the league. None whatsoever. Dunfermline Athletic will remain a SPL club if Rangers are liquidated.
The various parties seeking to phoenix Rangers would get the lawyers onto securing a stadium, scouting some part-timers, buying a ticketing system, applying for entry into the Scottish Football League and finding cash to employ stadium stewarding. This could take weeks but is more likely to take months or even years.
Football needs to get used to this idea.
Neil Doncaster did not suggest a Newco FC applying for entry into the SPL had any primacy over an application to the SFL. In fact, an application to the SFL would not have to overcome the unfortunate objections of Dunfermline Athletic – who pay their BBC licence fee and are worthy of due respect.
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wish i was buddy and i have no shame stealing his tweet from last night :)
new article posted.
jock steins celtic on 8 March, 2012 at 09:37 said:
ernie
‘Lehman Bros operated at the very sharp end it didn’t save them. It is possible Ticketus just didn’t foresee the liquidation of Rangers.’
Lehman brothers had boiling frog syndrome.
Ticketus don’t.
Look at the way the Ticketus deal was done.
The money was handed over to Whyte’s solicitors before he had completed the purchase. Ticketus would have known he was using the money to finance the deal. They knew therefore that as they owned the best part of the ticket sales for the next three years Whyte had no intention of the club continuing. How could it? What cash flow projection was there when the season book sales were already spent? They knew the intention was liquidation.
Ticketus are part of Whte’s plan.
dirtymac
im your boss “get back to work”
I don’t think that any company, bank, financial institution or sane individuals would be willing in this financial climate would be willing to enter into any type of take over without:
a) Due diligence taking place, and
b) A profitable business plan.
How do you successfully carry out due diligence on a company that owes millions in taxes and doesn’t do accounts?
And where is the potential profit?
You should fail the “fit and proper” test for just thinking about it.
Forsyth – HMRC will do a deal if Whyte is out of the picture
There’s two ways to read this.
1. If Whyte is out of Rangers, HMRC will definitely come to a deal on taxes owed, even if it means Rangers paying nothing.
2. As long as Whyte is still at Rangers, HMRC will not even bother negotiating and no deal will be possible.
up over goal
think you are right. Also find it hard to believe that Murray has met anyone of any relevance in HMRC involved in the case, certainly not since he left Ipox.
For all the rumours nothing has changed.
They still have an unsubstainable business model. Their funds are greatly reduced with no access to Europe. They need to cut costs irrespective of the current position. The players that they “enjoy” for now will not be for the long term.
They still have the big tax case hanging over them. If the Administrators can force the club into liquidations before then this could actually strengthen their negotiations with HMRC as as yet the £49M is only potential creditor and not actual.
Duffers et al floating the idea of selling the assets including the rights to play in SPL are not within their control. This would mean that they sell their assets for as much cash as possible. Say £30M (don’t think they would get a lot more). Whyte/Ticketus get paid off and their fees are covered. Creditors and Hector twist in the wind. Clearly, HMRC will not allow this to happen.
They would all all over Newco like a rash and would have a huge body of evidence to prove their case.
So any pre-pack would have to pay for assets and then assume a portion of the debts. Already the new investors would have invested £30M, take on board somewhere in the region of the same again (if a deal can be done) with creditors and have a lesser squad and potential revenues than before.
Morning Bhoys,
Glad to see that the embers of lingering doubt have been extinguished. JF’s post of last night caused me, and others it appears, a certain amount of consternation. I didn’t believe that James’s doomsday scenario was feasible but it did allow my own personal ‘doubt genie’ to plant subliminal messages – ‘They are going to get away with it’. James you owe me a good night’s sleep.
LackofsleepCSC
test –
http://willievass.photoshelter.com/gallery-image/030312-Rangers-v-Hearts/G0000JuWPWZPTjBM/I0000jgaZoJujHi8
Test