Rangers Newco cause picked up by media

1266

The Daily Record today report: “Record Sport understands Rangers would fight tooth and nail against any move to impose more than the statutory 10-point penalty” in the event “the Ibrox side have to start again under a new name”, presumably if the existing company ceases to exist.

If the Record are, in fact, reporting Rangers’ position accurately, this is the first salvo in their campaign to gain control of the consequences of a corporate failure.

The Record go on to say: “Clubs who can’t exit administration by a CVA must hand over their assets to a new entity and after shares [in the SPL]are transferred to a new company agreement has to be reached with the SPL over a return to the top flight”.

The glaring observations from this aspiration is, of course, that agreement does not have to be reached with the SPL over a return to the top flight, and that clubs who cannot exit administration by a CVA (Creditors Voluntary Agreement) must dispose of their assets to the benefit of the unsecured creditors.

The debate is framed by the newspaper to suggest a range of outcomes of between 10-25 points is possible for Rangers Newco FC to pick-up the SPL shares and league position of the existing Rangers FC, with a 25 point deduction being wholly unpalatable to the new company.

There must be absolutely no presumption that a newly formed company, who happen to own Ibrox, are entitled to parachute into the SPL ahead of the current Scottish Football League members, or ahead of an existing SPL team in a relegation spot.  In the event of a club failure the league can and, if necessary, must complete the season with 11 teams only.

Scottish football cannot establish a system whereby an oligopoly can vote on a system which stiffs creditors and prejudices competitors outside of the oligopoly.  Football across the world is trying to clean up its reputation, we cannot allow Scotland to become a laughing stock.  Let your club know your feelings on how they should vote when the time comes. It’s time for fans of Celtic, Aberdeen, Dundee United, St Mirren, Hibernian, Motherwell, Dunfermline and others to make their voices heard.

Read issue 3 of CQN Magazine free online here or buy a print version at Magcloud.
[calameo code=000390171bb1634f4d942 lang=en page=1 hidelinks=1 width=100% height=500]

Click Here for Comments >
Share.

About Author

1,266 Comments

  1. celtic40forme

     

     

    Each and every club owner will do what is best for them.

     

    Deals will be struck,and the fans opinion’s will not matter one jot.

     

     

    Yes there will be posturing and brinkmanship where possible,but the Darnel will come out of this smelling of roses.

     

     

    TT

  2. Lennon n Mc....Mjallby on

    Emsh

     

     

    The huns visit each club twice a season,its not that great a loss and when you factor I’m damage and policing,match day costs I’m sure that goes further to reduce the shortfall,a wee bit of innovation is all that’s required,bring back the Tennents Sixes for eg.

     

     

    On Sky.

     

     

    Think about this,would it be a good move for the discredited Murdochs to be seen to be penalizing Scotland and Scottish football for acting and playing to the laws of the game?

     

     

    It would be bad PR and the relegation of the huns eod be a Scottish decision,Sky would be mad to penalize the country considering.

  3. Tiny Tim

     

     

    So it’s everyone sacked is it ? Who do you propose we replace them with? Pahetic.

  4. I haven’t been able to post nor follow the discussion on CQN since Paul67’s article yesterday so apologies if I’m lagging in understanding what’s going on.

     

     

    What I have been doing is reflect on what I would do in the event that Celtic contrived in any way, shape or form to have new Rangers admitted to the SPL.

     

     

    The conclusion I have come to is that whilst it would break my heart I would be unable to attend Celtic Park for as long as those responsible held privileged positions of power at the Club.

     

     

    I sincerely hope they do not put me in that position.

     

     

    SwanseaBhoy

  5. soal

     

     

    No genie, just a Oz shiraz .

     

     

    They haven’t got long, the stock exchange closed at half four.

     

    No anouncement they lose the 2.8 mill I think.

  6. TT

     

     

    I like you have never believed they will cease to exist and always thought the establishment would help them survive. Always lived in hope that this would not be the case but…

     

     

    I also think most have been living in hope knowing deep down this would happen.

     

     

    Believe me. It’s happening right now.

     

     

    All we have left is that at a minimum our club do not support such a move. I fear if they do, rather than it being the death of Hun FC it will instead be the death of Celtic FC.

     

     

    So turn your anger into something fruitful. Write to Celtic and make them aware of your anger. Not only at this situation but also everything else that’s went before.

     

     

    IF WE DO NOTHING THEN NOTHING WELL BE DONE TO STOP HUN FC 2012z

     

     

    SERIOUSLY!!! THIS IS HAPPENING NOW.

     

     

    We can all argue over Celtic and the supports complacency later.

     

     

    MWD

  7. bournesouprecipe says:

     

    28 October, 2011 at 15:49

     

    Whereabouts exactly in the pecking order does that latest tweet from twitter come?

     

     

    —————————————

     

     

     

    60 mins ago

     

     

    Phil’s latest Tweet

     

     

    Phil MacGiollaBhain To various: Source for 28th as “historic day for RFC” also gave me Sheriff Officer imminent at Ibrox story. He stands by the info.

     

    ——————————————————–

     

    35 mins ago

     

     

    Pmacgiollabhain Phil MacGiollaBhain

     

    From legal source: Major crisis meeting being held at Ibrox now.

     

     

    ——————————-

     

     

    25 mins ago

     

     

    Phil Tweeting again

     

     

    Pmacgiollabhain Phil MacGiollaBhain

     

    From same legal source (a staunch RFC man and very well connected to old regime there) he said RFC are “unable to trade anymore.”

  8. James Forrest is Lennon on

    In case ANYONE is in doubt as to what we’re up against, Paul Larkin’s Facebook page has a truly amazing photo on it.

     

     

    A Sunday Mail back page from 1994, where they actually HIRED A HEARSE to park outside, driver and all, so they could put up the headline

     

     

    CELTIC R.I.P.

     

     

    They were LOVING IT. Scottish football as a whole would not have missed us, indeed many wanted us DEAD AND GONE.

     

     

    Do not forget that in the days and weeks to come. Do not let ANYONE forget it.

  9. TinyTim says:

     

    28 October, 2011 at 15:48

     

     

    ‘There will be no consolation in saying i told you so.’

     

     

     

    You’ve been vague and inconsistent in what you’ve said.

     

     

    Have you ever considered a career in politics?

  10. In the EPL in the event of liquidation, player registrations revert to the EPL. Not sure this is the case in SPL – at least I cannot immediately see the rules in that regard in the SPL rules. http://www.scotprem.com/content/mediaassets/doc/RULES%20EFFECTIVE%2018%20APRIL%202011%20%28CLEAN%29.pdf

     

     

    The point is…. if Rangers do go into liquidation (as opposed to Administration) the status of the player registrations and the rules in respect of registering players outside the transfer window come into play. This will become the subject of debate in the coming days. Basically, what happens to the player registrations if liquidation happens? Do they go to the ‘pheonix company’? How does that company register them? What can the SPL do in the apparent absence of rules on the subject? UEFA – over to you…. Interesting times

  11. Moonbeams WD. \o/ Supporting Neil Lennon 100%. C’mon the hoops.

     

     

    are you saying the deal has already been done?

  12. johann murdoch on

    From phil 59 mins ago.not sure if it has been on here,apologies if it has.

     

     

     

    Pmacgiollabhain Phil MacGiollaBhain

     

    To various: Source for 28th as “historic day for RFC” also gave me Sheriff Officer imminent at Ibrox story. He stands by the info.

     

    59 minutes ago

  13. TinyTim says:

     

    28 October, 2011 at 15:55

     

     

    Each and every club owner will do what is best for them.

     

     

    Of course they will, as they should. We have to show them that what is best for them is a future without a club that has and would again cheat them out of money, out of league positions and out of cup progress. What is best for them is to avoid creating an environment where it is in everyone’s interest to trade illeaglly, go bust and start again no questions asked.

     

     

    This is our way in. And this is where our board have to prove themselves.

  14. My dear,dear,dear,friend … Tiny Tim # 15.48

     

     

    Attabhoy,kiddo!

     

     

    Like Ah said…

     

     

    well…noo that Ah think aboot it.. Ah didnae Say!

     

     

    But ,as it is Wan of Ma Favourite Sayings…

     

     

    Ah wull say it… noo..

     

     

    Concerning, awe this stuff aboot how badly the G.A. will be Farin’

     

     

    Ah say this..

     

     

    “While the Celtic Supporters are speculating aboot the Grim Fate that wull be the G.A. Lot..

     

    We are Swatting at Flies… While the Buzzards… Like , the possibility of Four in a Row.. are Ripping OOR Tail’s aff!”

     

     

    Kojo

     

    yer pal.. who llikes ye the Best of the Lot.

  15. Dick Byrne says:

     

    28 October, 2011 at 15:25

     

     

    I did, I put “far” in there, that narrows it to only a few on here, albeit a few “hunner” ;-)

     

     

    hh

  16. James Forrest

     

     

    Spend your time pishing in the wind if you want.

     

     

    Money talks,not emails.

     

     

    We haven’t half been fed some mince on this blog.

     

     

    GOD,Hun demise,SFA demise.

     

     

    Yet they rack up titles.

     

     

    The Dallasgate and the Death threats to Neil Lennon were a godsend to our board.

     

     

    They took away the focus from how badly they have been performing.

     

     

    Your socialist ideals have blinkered you to the truth’s of human nature for the majority of people.

     

     

    First and foremost.

     

     

    Me and mine must survive.

     

     

    Martyrs are very much in the minority.

     

     

    TT

  17. TinyTim says:

     

    28 October, 2011 at 15:55

     

     

    maybe so, but it wont be because of any help from celtic.

  18. Hi Paul

     

     

    Long time no post, hope you are well. I posted this last night but thought I would throw it in today.

     

     

    I felt compelled to point out one major flaw for Whyte in the ‘pre pack’ route.

     

     

    The administrator who would have to agree to the pre pack sale, although not requiring the consent of the unsecured creditors (HMRC), still requires to realise the most he can for the assets. In simple terms that means the key test is – would the administrator be able to get a better deal elsewhere in the circumstances? If he cannot answer this with a ‘yes’ he will not sanction the pre pack at that price.

     

     

    Yes it is true pre packs can leave unsecured creditors angry and dismayed but that tends to eminate from the fact they are not consulted before the sale. It is a myth to say that pre packs offer the opportunity to rebuy the assets at a ‘song’ and leave the creditors behind. You can leave the creditors behind all right, but only at value (in the circumstances).

     

     

    The BIG difference in any potential RFC pre pack case is the potential value and potential marketability of the assets (squad, stadium, property). Pre packaged sale to the same directors are most commonly used where the assets are not substantial and not much use to anyone else (be objective lol); in service companies for instance that hold unmarketable assets (cigarette machines for example – in a famous case before the rules were tightened), where the administrator could not get a better deal elsewhere in the circumstances and is unlikely to be able to realise more.

     

     

    If RFC is pre packed and the unsecured creditors get £4m (which I assume incoporates the £18m Whtye will receive first – meaning the pheniox pays £22m) the administrator would be utterly negligent in the circumstances, it cannot happen in my view.

     

     

    Also, it is a ‘pre’ pack, i.e. cash has to be put up first by Whyte to buy the pre packed assets (has he got it?) before he recoups his £18million from the money he has just pumped in. I’m not sure he could use his £18 million to buy the pre packed assets as he will not have it until after the old company receives the cash.

     

     

    Following any pre pack there must be full disclsoure of the rational why that course of action was undertaken by the administrator, there must be good reasons. No insolvency practitioner would be able to justify such a small return on an entire company who value their assets at over £100m. There would need to be an independent valuation and Wyhte and the new pheniox would have to pay value for the assets (back to square one for him).

     

     

    The administrator will only agree to the pre pack if he thinks (reasonably) that he could not realise more than what the pheniox was offering.

     

     

    Alternatives – Ibrox as a venture capitalist project to rent back to them? marketable. (That course would incidently leave Wyhte without the £18m he would recoup on the prepack due to his secured debt, as he could not use that asset as further security he would have to repay it – see ya!!!). Players in January – Jelavic, Naismith, Davies – we are sailing over the pheniox offer.

     

     

    The scenario for Wyhte of £18m into RFC – pre pack administration and £18 million out – then use that £18 with another £4m to buy all the assets for a newco is just not going to happen.

     

     

    In any event there is no indication has the xtra £4m, or the extra £18 million he may need upfront.

     

     

    In my opinion it will be administration with players sold, stadium sold – or even liquidation (less likely).

     

     

    Good times ahead……..

     

     

     

    share

  19. Paul67,

     

     

    “THEM” must be very close to pulling the plug if the DR is starting to spout on their behalf, The only question is will it be a three day campaign? or a week long campaign?.

     

     

    I personally think the pound will drop on Monday morning. Feeling like a kid at Christmas right now :) can’t wait.

     

     

    gsu

  20. Ernie Lynch 16.01

     

     

    Thats post is a joke.

     

     

    I posted many times that the Darnel will come out of this OK and will survive and be our mortal enemies forever.

     

     

    Have to go to an appointment.

     

     

    TT

  21. James Forrest is Lennon on

    TinyTim:

     

     

    Cowards like you are why that is the prevailing mindset of many, many people.

     

     

    But, for the record, let’s look at your statement.

     

     

    All of what has been predicted here and elsewhere about Rangers financial position has now come to pass, all but the final judgement. Everything many on this site and elsewhere have been saying for YEARS has been VINDICATED and in spades.

     

     

    All along the road WE have pushed the agenda, got it into the public domain, forced Rangers to react to every disclosure.

     

     

    And now we hold the chance to decide their fate.

     

     

    The spineless need not apply. This is a job for those with some backbone, so trot on and let us get on with it.

  22. The Ghood will prevail on

    Tiny Tim,

     

    What a lot of bull.

     

    So the civil rights marchers in the deep south campaigned for nothing, yet we have a person of colour in the White House?

     

    So the trade union movement was all in vain, even though we have a minimum wage, workers rights and employment law?

     

    So the efforts of the suffragettes were in vain, even though women have had the vote for almost a century?

     

    Your view smacks of the reactionary, which encourages us to do nothing because there’s no point. The fact is that human society does progress, and that does not happen by accident, or by the whim of the ruling elites: it’s precisely because of the activism of ordinary people that it does.

     

    If the ways of the powers that be had always prevailed there would still be slaves working the fields and children being sent up chimneys.

  23. im pretty sad to read alot of this stuff on here today.

     

    get real.

     

    we play in a 2 horse race and some of you seriously want in dissolved into a 1 horse race.

     

    much though i have healthy angst against our great rivals i would not want them out existance.

     

    i would like them to be punished [i.e stripping of previous league titles] but i dont even want the 10 pt deduction .

     

    we are losing the league to a piss poor rangers team and we need to close the gap and win the title without any points deduction help.

     

    to vote rangers out of scotlands top flight would be cutting off the toes to spite the feet.

     

    scottish football needs THEM and US.

     

    we need to concentrate on our own problems instead of a totall obsession with theirs.

  24. I wish I had a packet of e-Lites with built in weather station for every time I’ve read on here that their demise was ‘imminent’.

     

     

    This is reminiscent of the ‘G.O.D.’ thinking that seems to have been conveniently airbrushed out of history.

     

     

    We can all post or tweet or type or e-mail until our fingers bleed but it won’t make a thin dime’s worth of difference to the outcome.

     

     

    In the meantime , while waiting for the tumblers, or the tumbrils, to click into place it would be dandy to think we’d play some decent football.

     

     

    Put a team on the park to win every game 5-0.

  25. johann murdoch on

    ET or MRS ET? :)..its only 16.11 here in the real world..still 19 mins to go for stock exchange..regards

  26. jmccormick says:

     

    28 October, 2011 at 16:14

     

    TinyTim says:

     

    28 October, 2011 at 16:11

     

    “Have to go to an appointment”

     

     

    are you getting a pair fitted ?

     

    HH

     

    =================

     

     

    Now that was funny :-)

  27. Anyone else think we`re having our chain tugged?? I am coming over all crestfallen now…shame,was looking forward to a bevvy after training tonight.