Administrators for Rangers FC PLC (in administration) yesterday released a statement that had emotions swinging. Subsequent headlines heralded the news:
“Administrators assure supporters that club will continue to exist”
“Rangers ‘will continue as a club’”
“Rangers will survive”
The administrator from Duff and Phelps actually said, “In broad terms, supporters can be reassured that Rangers will continue as a football club”.
“In broad terms”, Clydebank FC survived as a football club, they are away to East Kilbride Thistle on Saturday. This is a completely empty statement. Duff and Phelps have given no assurance that a deal to save the club has been reached or that they can compel such a deal.
Off to the juniors with them.
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I wonder when it came to putting pen to paper, how much SPL clubs would vote against the “newco” being admitted straight back in. I would hazard a guess at not one, i presume we would vote against??
davidopoulos
if they miss one season then the chances of any comeback under whatever guise would be very remote IMO.
Amadeus
Following Rangers FC entering administration today, the SPL confirmed that a number of sporting sanctions have been applied to the club.
An Scottish Premier League spokesperson said: “As Rangers FC is subject to an Insolvency Event, a 10-point deduction has been applied to its total points in the League Championship for the current Season. In addition, Rangers FC is subject to restrictions on the registration of Players with the SPL whilst in administration.
From the SPL site. They have amended the table since 14/2
James Forrest,
I would hope UEFA is keeping up to speed with what’s happening – and how Scotland’s governing bodies deal with t
Craig Whyte and his other directors from Rangers – as far as Rangers PLC – are concerned, are they now officially sacked failures?
The huns have a long record of not paying their taxes, or at least not paying what they should be paying. This has been going on for a long time. They knew it, we knew it, even the Tax office knew it; so much so that they ring-fenced a couple of million but why oh! Why did they allow Rangers to trade on for another nine months not passing on the PAYE and VAT that was due the crown?
What possible reason would HMRC have for not putting the boot in earlier? Was it really to allow illegal practices to be employed? Were they just roping a dope or two?
Nurses across the UK are being made redundant because there is not enough to keep them employed. Most have given their hearts to their vocation and a P45 is their reward and in general they do a fine and thankless job. Sorry they did when they had a job.
Policemen across the UK are being made redundant because there is not enough in the coffers to keep them employed. And in general they do a fine and thankless job. Sorry they did when they had a job.
Teachers across the UK are being made redundant because there is not enough in the coffers to keep them employed. And in general they do a fine and thankless job. Sorry they did when they had a job.
Social workers across the UK are being made redundant because there is not enough in the coffers to keep them employed. And in general they do a fine and thankless job. Sorry they did when they had a job.
Customs Officers across the UK are being made redundant because there is not enough in the coffers to keep them employed. And in general they do a fine and thankless job. Sorry they did when they had a job.
Public Servants across the UK are being made redundant because there is not enough in the coffers to keep them employed. And in general they do a fine and thankless job. Sorry they did when they had a job.
If you reflect and analyse what the huns have been doing for years, it was not in itself amoral, it was not in itself unethical, it was not in itself criminal, no it was repugnantly all three and much more too, it was a disgrace and a contempt to society. Their deeds were educated, they were premeditated and they were embraced and practiced with enthusiasm and the saddest and most nauseating of all…the only apparent motivation for them to whore their much pontificated integrity and dignity was a sinister avarice to maintain a jaundiced facade of supremacy.
People have gone to jail for breach of the peace in Scotland. Yes, it is true, maybe only remand but still… people have gone to jail for breach of the peace in Scotland and had their liberty taken.
BlantyreKev:
Haha. I had to look back there to see what you were talking about. You beat me to it mate.
Oddly, I recalled reading somewhere about the “competitive advantage” bit … but the financial advantage bit is a whole new area of intrigue ….
I wondered at first how bailing out the banks and the car companies had gotten around those rules and then I remembered those were blanket bail outs for the whole industry, not just individual companies.
So there it is … if the government wants to intervene, it can do so AFTER Rangers fold, and prop up the rest of Scottish football with it’s cash … no advantages to any one team.
Other than that, it’s pure bluster.
Just a thought regarding the orcs game this Saturday.
Apparently a packed ibrokes will be a hotbed of defiance, so I’m assuming that cameras from all major media outlets will be there to witness it.
Good!
It doesn’t take a rocket scientist to predict what songs they will be belting out. We’ll get the whole loyalist songbook; billy boys, famine song etc.
Let’s hear the media’s defence of the bigoted club when they are revealed for what they are.
SPF
Administrators for Rangers are meeting players and staff at the club’s Murray Park training complex.
They are outlining a timetable to explain that job cuts are inevitable but it will be next week at the earliest before anyone is told.
Players were addressed on Thursday morning by Paul Clark of Duff and Phelps
(BBC)
“Roger HMRC Mellie @RogerMellie67
There were bigger protests at Ibrox when Rangers signed a Catholic than there are now at the death of their club. #apathy”
Incredibly perceptive comment on twitter
James
All I seem to do all day is think of chinks of light the huns might see and go about filling in those gaps with landslides!
I just knew he would appear one day……
the life model for this painting photographed outside Ibrox yesterday
http://www.museumsyndicate.com/item.php?item=4998
If the Huns come back as NewHuns FC would any of the directors who where at the club pass the fit and proper test?
Was Campbell Ogilvie at Ibrox during the ETB period?
£49 million would make a big difference to another Govan institution – the new build Southern General Hospital.
Saddens and worries me to say it, but I expect a rise in anti Catholic/Irish behaviour as the the raging hordes lash out in grief
Davidopoulos at 10:29
As the story unfolds, one thought in my head is becoming more and more prominent; having a Newco set up to apply for membership to SPL (or SFL) in time for Season 2012/13 will be very challenging. With all the accusations about substantial non-payment of taxes, missing Ticketus money and general Boardrom shadines (past and present) still to fully come out in the wash, there can be little doubt that investigations and legal wrangling will lead to a lengthy delay in any Newco getting it’s hands on any of Rangers’ assets. And the Newco needs these assets to justify reapplication. I think Newco will be Rangers 2013.
If they are still in administration at the beginning of next season they will be deducted another 10 points which will mean winning the league even more unlikely. Added to that, if still in administration a lot of players will have to be let go and expenditure reduced dramatically.
It’s possible they could try to keep going but the longer they do, the more they lose and less assets they have to sell to a newco so if someone does come to save them, they will still have to buy the stadium and whatever else is still there but won’t really have much of a squad to play with.
If a newco is going to happen, I reckon they need to do it sooner rather than later. Your points are all very valid and its not going to be as plain sailing as many in the media might like to protray.
Mort
£49,000,000= 2,450 teachers
There are wider issues than Rangers going into adminstration at play here it was allways known that the establishment would do all they could to save then.The very basic facts are Rangers football club have been dishonest in not paying taxes which were due thus giving them an unfair advantage over every club they played in Scotland.Now if this not investigated by the police and denounced by business leaders and politicians and the FSA then its protectionism of the highest order and it points at politicians,the police,and the SFA aiding and abetting tax fraud.As a tax payer I am for ever moaning about the tax I pay however,I do pay and would expect to have serious problems if I didnt.Alex Salmond should understand there are many Scottish voters watching and listening to him and his colleagues on the Rangers issue if he helps them in anyway to beat the punishment due to them he will find many voters deserting the SNP.H.H.
£49,000,000 = 1,800 tax inspectors!
Jobo
£49,000,000 = 4 Tore Andre Flo’s (wages not incl.)
£49,000,000- 5 bankers’ bonuses.
£49 million – four -Tor Andre Flo!
HAIL HAIL
As previously posted, I have a vested interest in Dunfermline Ath. FC.
About a year ago I said on here that the DA fans forum ran a couple of surveys asking who they wanted to win the league.
It was more or less 50-50 between us and them. They also ran one asking who they thought had the biggest fans base.
Celtic came out on top with about 75%. The general impression I gather from this typical Scottish provincial club is
that they hate/dislike/tolerate the Glasgow 2 equally.
I think we have to realise that the supports of other SPL clubs are not necessarily pro Hun. Yes, the majority will be protestant
but such is Rangers reputation and all they stand for, that over the years many have grown to dislike them.
Any Dons fan I meet on holiday swears that they hate them more than we do. I suppose Hearts say the same thing the other way.
If you take out Hearts, Kilmarnock, Falkirk and maybe Motherwell, who are all hun cousins, its pretty much evenly balanced.
In fact another club I would say is more pro Celtic is Dundee Utd. Having said all that I still have to admit its a bit a spurious
debate.
Here’s a flavour of how some pars fans see the RFC situation.(from their fans forum)
Topic Originator: Stanza
Date: Tue 14 Feb 22:37
Politicians will follow the votes, and make no mistake the media will fan the flames of support for the idea that a New Rangers club is parachuted straight into the SPL.
It’s important that all football supporters who believe in sporting integrity make their voices heard, by their local MP/MSP and by the chairmen of the other SPL clubs, to stop this happening.
Topic Originator: SanguinePar
Date: Tue 14 Feb 22:01
If Rangers go properly bust and then Rangers 2012 get straight back into the SPL it’ll be an absolute outrage.
I would hope that the Pars would be no part of such a move, but who knows?
Topic Originator: Peter
Date: Wed 15 Feb 08:45
We didn’t do the same, we never went into bankruptcy. We stayed out of bankruptcy and are still suffering because of that.
If the huns are fast tracked back into the SPL I for one wont set foot in another ground.
JOBO
Beat me to it
HH
While we are all quite rightly revelling in this situation Rangers find themselves in (has any commentator said that “they brought it all on themselves” or is that sentiment reserved for Celtic managers, anyway i digress) what would we prefer to see happen?
1.) Liquidation and no more Rangers at all in any form? (I’d vote for that)
2.) Liquidation and some sort of “I can’t believe its not the huns” type of club emerge from the ashes and ply their trade somewhere? or
3.) For them to emerge from administration severley weakened to the point that they are no more than an also-ran for the forseeable future, maybe even a relegation in a year or 2?
Mort
£49,000,000 = 3 and a bit front loaded warchests
Apologies for the repost but caught out by the new article!
Apologies to any SNP supporters but my disdain and distrust for Salmond and his party grows with every move he makes. Ever since his wooing of David Murray, he has been pandering to the west of Scotland orange / bluenose vote. With great success going by the last elections and the swing of votes from Labour to the SNP. I will admit Salmond is an excellent politician, an intelligent man and no fool. I believe his actions are deliberate and tactical. We are the minority, our votes have been written off.
Fortunately HMRC vs football is bigger than Scotland.
It is widely reported that this is a test case. I think HMRC may have already accepted that it is high unlikely they will recover what they are due from Rangers and will be lucky to get a fraction of it. They have bigger fish to fry in the EPL, by unmercifully banjaxing the quintessential british institution that is Rangers it sends a stark warning out. Gives them a greater leverage when the real scrap begins. Well this is my theory anyway and I have to admit it didn´t go to well with my hun mates that they are essentially a pawn in a much bigger fight.
Oglach, you have mail.
yorkbhoy, you’ve been shared.
Suggestion for everyone:
Yourkbhoy’s profound statistics are worth sharing on your Twitter or Facebook feeds.
Chairbhoy, their statements have been very unclear.
Barcabhoy, links !*!*
jock steins celtic says:
16 February, 2012 at 10:39
davidopoulos
if they miss one season then the chances of any comeback under whatever guise would be very remote IMO.
———————————————
I agree. League restructuring would be requried to shoe horn them back into the league system, however that would have to be at the bottom rung. This will get messier and messier.
Sorry for this long post but I just wanted it to be more readable
Article 49 – No overdue payables towards football clubs
Italics = Hun contravened FIFA financial directives
1 The licence applicant must prove that as at 31 March preceding the licence
season it has no overdue payables (as defined in Annex VIII) that refer to
transfer activities that occurred prior to the previous 31 December.
2 Payables are those amounts due to football clubs as a result of transfer
activities, including training compensation and solidarity contributions as defined
in the FIFA Regulations on the Status and Transfer of Players, as well as any
amount due upon fulfilment of certain conditions.
3 The licence applicant must prepare and submit to the licensor a transfer
payables table, unless the information has already been disclosed to the licensor
under existing national transfer requirements (e.g. national clearing house
system). It must be prepared even if there have been no transfers/loans during
the relevant period.
4 The licence applicant must disclose all transfer activities (including loans)
undertaken up to 31 December, irrespective of whether there is an amount
outstanding to be paid at 31 December. In addition, the licence applicant must
disclose all transfers subject to a claim pending before the competent authority
under national law or proceedings pending before a national or international
football authority or relevant arbitration tribunal.
5 The transfer payables table must contain the following information as a minimum
(in respect of each player transfer, including loans):
a) Player (identification by name or number);
b) Date of the transfer/loan agreement;
c) The name of the football club that formerly held the registration;
d) Transfer (or loan) fee paid and/or payable (including training compensation
and solidarity contribution);
e) Other direct costs of acquiring the registration paid and/or payable;
f) Amount settled and payment date;
g) The balance payable at 31 December in respect of each player transfer
including the due date for each unpaid element;
h) Any payable as at 31 March (rolled forward from 31 December) including the
due date for each unpaid element, together with explanatory comment; and
i) Conditional amounts (contingent liabilities) not yet recognised in the balance
sheet as of 31 December.
6 The licence applicant must reconcile the total liability as per the transfer
payables table to the figure in the financial statements balance sheet for
‘Accounts payable relating to player transfers’ (if applicable) or to the underlying
accounting records. The licence applicant is required to report in this table all
payables even if payment has not been requested by the creditor.
7 The transfer payables table must be approved by management and this must be
evidenced by way of a brief statement and signature on behalf of the executive
body of the licence applicant.
Article 50 – No overdue payables towards employees and social/tax authorities
1 The licence applicant must prove that as at 31 March preceding the licence
season it has no overdue payables (as defined in Annex VIII) towards its
employees or social and tax authorities as a result of contractual and legal
obligations towards its employees that arose prior to the previous 31 December.
2 Payables are those amounts due to employees or social and tax authorities as a
result of contractual or legal obligations towards employees. Amounts payable to
people who, for various reasons, are no longer employed by the applicant fall
within the scope of this criterion and must be settled within the period stipulated
in the contract and/or defined by law, regardless of how such payables are
accounted for in the financial statements.
3 The term “employees” includes the following persons:
a) All professional players according to the applicable FIFA Regulations on the
Status and Transfer of Players; and
b) The administrative, technical, medical and security staff specified in Articles
28 to 33 and 35 to 39.
4 The licence applicant must prepare a schedule showing all employees who were
employed at any time during the year up to the 31 December preceding the
licence season; i.e. not just those who remain at year end. This schedule must
be submitted to the licensor.
5 The following information must be given, as a minimum, in respect of each
employee:
a) Name of the employee;
b) Position/function of the employee;
c) Start date;
d) End date (if applicable);
e) The balance payable as at 31 December, including the due date for each
unpaid element; and
f) Any payable as at 31 March (rolled forward from 31 December), including the
due date for each unpaid element, together with explanatory comment.
6 The employees schedule must be approved by management and this must be
evidenced by way of a brief statement and signature on behalf of the executive
body of the licence applicant.
7 The licence applicant must reconcile the total liability as per the employee
schedule to the figure in the financial statements balance sheet for ‘Accounts
payable towards employees’ (if applicable) or to the underlying accounting
records.
8 The licence applicant must submit to the auditor and/or the licensor the
necessary documentary evidence showing the amount payable (if any), as at 31
December of the year preceding the licence season as well as any payable as at
31 March (rolled forward from 31 December), to the competent social/tax
authorities as a result of contractual and legal obligations towards its employees.
Article 51 – Written representations prior to the licensing decision
1 Within the seven days prior to the start of the period in which the licensing
decision is to be made by the First Instance Body, the licence applicant must
make written representations to the licensor.
2 The written representations must state whether or not any events or conditions
of major economic importance have occurred that may have an adverse impact
on the licence applicant’s financial position since the balance sheet date of the
preceding audited annual financial statements or reviewed interim financial
statements (if applicable).
3 If any events or conditions of major economic importance have occurred, the
management representations letter must include a description of the nature of
the event or condition and an estimate of its financial effect, or a statement that
such an estimate cannot be made.
4 Approval by management must be evidenced by way of a signature on behalf of
the executive body of the licence applicant.
Article 52 – Future financial information
1 The licence applicant must prepare and submit future financial information in
order to demonstrate to the licensor its ability to continue as a going concern
until the end of the licence season if it has breached any of the indicators
defined in paragraph 2 below.
2 If a licence applicant exhibits any of the conditions described by indicator 1 or 2,
it is considered in breach of the indicator:
a) Indicator 1: Going concern
The auditor’s report in respect of the annual or interim financial statements
submitted in accordance with Articles 47 and 48 includes an emphasis of
matter or a qualified opinion/conclusion in respect of going concern.
b) Indicator 2: Negative equity
The annual financial statements (including, where required, the
supplementary information) submitted in accordance with Article 47 disclose
a net liabilities position that has deteriorated relative to the comparative
figure contained in the previous year’s annual financial statements, or the
interim financial statements submitted in accordance with Article 48
(including, where required, the supplementary information) disclose a net
liabilities position that has deteriorated relative to the comparative figure at
the preceding statutory closing date.
3 Future financial information must cover the period commencing immediately
after the later of the statutory closing date of the annual financial statements or,
if applicable, the balance sheet date of the interim financial statements, and it
must cover at least the entire licence season.
4 Future financial information consists of:
a) a budgeted profit and loss account, with comparative figures for the
immediately preceding financial year and interim period (if applicable);
b) a budgeted cash flow, with comparative figures for the immediately preceding
financial year and interim period (if applicable);
c) explanatory notes, including a brief description of each of the significant
assumptions (with reference to the relevant aspects of historic financial and
other information) that have been used to prepare the budgeted profit and
loss account and cash flow statement, as well as of the key risks that may
affect the future financial results.
5 Future financial information must be prepared, as a minimum, on a quarterly
basis.
6 Future financial information must be prepared on a consistent basis with the
audited annual financial statements and follow the same accounting policies as
those applied for the preparation of the annual financial statements, except for
accounting policy changes made after the date of the most recent annual
financial statements that are to be reflected in the next annual financial
statements – in which case details must be disclosed.
7 Future financial information must meet the minimum disclosure requirements as
set out in Annex VI. Additional line items or notes must be included if they
provide clarification or if their omission would make the future financial
information misleading.
8 Future financial information with the assumptions upon which they are based
must be approved by management and this must be evidenced by way of a brief
statement and signature on behalf of the executive body of the reporting entity.
HAil HAil
Awe_Naw
As I said before great work.
Surely there is a snowballs chance in hell that they can sort all that out before licence renewall time.
James Forrest is The Emperor of Ice Cream: 16 February, 2012 at 10:24
“If government DID intervene to save Rangers financially”
But it will not happen. No Government will aid any company that has cheated the tax man to this level.
This is the perfect storm, as Rangers have gone into administration at a time when austerity is kicking in all over. It really could not be a worse time to hit the buffers.
Either they pay or they fold..
James F @ 9.53 / 10.24
Grow up please.
Stop the student level politics.
Government help comes in many different forms.
Wee Eck’s statements have gone well beyond the usual political ‘Lets do something / terrible news on the jobs’ stuff.
He has been long and loud regarding what he wants to see being done.
He wants the HMRC to go easy on the penalties.
And he wants them to accept an extended payment schedule.
He is begging London / Westminster for help on this.
Dave the Rave can’t believe his luck.
Wee Eck is scared fartless about the TFOD’s implosion.
He wanted a couple of months with his little Independence jamboree in the headlines.
Then he wanted 2 years of a quiet life siting back as Westminster generated all the political heat.
Then a 2-3 month sprint to finally get himself a puddle all of his own.
Unfortunately the TFOD have upset all his plans.
It has riled up a large part of the electorate that he wants to send to sleep.
He managed to get his landslide based on a 45% share of a 50% turnout.
GB got 150K more votes in 2010 – 41-42% share of a 63% turnout than Wee Eck got in 2010.
Near 1.1mill votes against 900K+ if my memory serves me correct.
And please don’t bring TB and 1997 into the discussion.
Consequently he is in a very weak situation relying very heavily on Dave the Rave to scare votes his way.
The TFOD going down owing £65mill to the taxman gets Englandshire involved.
Just look at the articles in the ES in London, it makes us look like a backward bunch of yahoos.
FG at RBS and AC at HBOS cost the UK a huge amount of money and he knows it only too well.
Wee Eck has yet to get over his ‘Arc’ boosterism so another Scottish debacle will hurt him.
Consequently it is this context that Political / Civic / Corporate Scotland will get involved.
Government involvement does not need a 1976 NEB style cash injection, things can be quite subtle if required.
Wee Eck is up to his neck in this.
He needs a result, civic strife organised by the VB / UB mentalists is the last thing he needs.
He might not get a majority of their votes but he wants their passive acceptance and not their active hostility.
Please note the kind words put out by SDM to support the Tartan Tories over the past couple of years.
He knew that the left of centre / social democratic rhetoric was only window dressing.
That was a result for Wee Eck and that is one of the reasons he will get involved.
Consequently a lifeboat is being built as we speak – it might not float but it will be launched.
Gordon_J backing Neil Lennon
A good summary of the situation on your blog there.
There is a long list of (dis)honour in the Rangers saga. But arrogance, ignorance and denial have been taken to new levels by those who actually care about that club.
Wait until the real fun starts…
Amongst all the articles, opinions and statements relating to rangers £75M tax bill, with all the moral, ethical, financial and sporting ramifications, I think it can all be condensed into seven words;
“Pay your taxes, or get tae f**k!”.
Marrakesh Express says:
16 February, 2012 at 10:53
Good post mate however in trying to measure the support of other clubs, you commented “and maybe Motherwell”
Are you serious in Motherwell being a maybe,
Did you see their fans pre cup final party on you tube
Did you read of Celtic Boys club being asked to stop their collection in Motherwell Asda
There is no maybe about Motherwell, they will be the first to man the barricades at Ibrox
HAil hail bhoys
All this political bluster is just for the press .They will all be sitting back
Looking at the same train wreck as us.just so they can say we tried but
It was out of our hands.
Liquidation is my preferred result for them…. Burn Hun burn
Liquidation= no history / nada /financially crippled if newco
Newco = living within their budget With ther shame
The administrators etc will get there pay day and HMRC will not accept
A pence in the pound as they have got £50 million debt to stop any CVA
All the while back in the east end or leaders are watching every more
Any extra help from the SFA or SPL will not go down well at eufa or FIFA
So sit back and enjoy, as the only way to save them is a sugar daddy
With a £100 million pound or another mbb
Havingapartywhenthehunsdiex csc
So the poster with all the exclusives Amadeus tells us to trust him that Rangers are still 9 days away from going into administration! unless anyone has a better explanation I think he’s about 14 was out playing with his mates and missed the hulabaloo splattered all over the media,
Mort says:
16 February, 2012 at 10:47
——————————————-
You are right about sooner rather than later being preferable for Rangers. But I think we will both agree it is about what is possible.
I take your point about consecutive seasons in administration, however what I have in my mind is a situation where Rangers cease to trade due to the fact that they are not a viable business, but the owner of the assets being unable to move the assets into a NewCo due to numerous investigations and court cases.
I realise that my hypothesis might not have any legal basis but can anything be done with the assets while legal cases regarding wrongful trading etc are ongoing? Especially if we assume that Whyte is the floating charge holder?
MM (Mad Mitch)
no offence old chap but you strike me as a bit of a CT (conspiracy theorist).