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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The Ghood will prevail says:
16 February, 2012 at 11:15
My mind is as boggled as yours on the first one.
Regarding Ticketus, you’ve got to remember that it was only ‘internet bampottery’ that had them ceasing to exist until this week. To me it seems clear that Craig Whyte has made a career of hoodwinking people. It’s possible that they took an attractive deal and gambled on it, and simply forgot the old adage “if it looks too good to be true, it probably is”. Either that, or they have some security, which would be interesting.
Mort says:
16 February, 2012 at 11:13
————————————
Yeah that was the point I was getting at – but obviously not expressing myself well enough. Rangers will be booted out of the league system in that situation.
On the other point about assets, thank you for the clarification. I was just wondering if there was any mechanism where Whyte would be unable to have the assets transfered to NewCo by Administrators. But you seem clear that that is irrelevant.
James Forrest
Whyte has avoided 414 new teachers since May.
The £49M EBT scam has cost 2,285 new teachers.
Has anyone noticed the high number of debt advice ads that are on tv these days?
Ok it is probably just because this is about the only growth industry we have left, but every time I see one it feels like someone is taking the mickey!
With some exceptions mentioned (& even then it is not so black and white) other Scottish Clubs have a healthy disdain for both the major clubs.
I say healthy as the ‘little’ clubs have a tough shift: always also rans, living from hand to mouth, big clubs having all the attention, all the money, pinch their good players when they discover any etc. etc. It is an entirely natural, whether justified or not or through jelousy or not that they hold the attitudes they do.
In my experience this disdain is spread throughout the supporters of all the other clubs. I know supporters of most. These are ordinary gounded people just like us.
However…while they might be bitter in equal part about the financial and other advantages the big two have the cheating of the hun has taken things well beyond the normal grievences.
In checking fan forums and talking to my non tic friends they are absolutely beelin at the suggestion Rangers get a hand out or special treatment.
Their views may not as yet be shared by their Boards but the managements of these clubs will know by now there are on very very shaky ground with their lifeblood support if they do the wrong thing.
Just my own observation derived from my own circle of friends
£49,000,000= 2,450 nHS nurse
£49,000,000= 2,450 teachers
£49,000,000= 2274 police officers
£49,000,000 = 1,800 tax inspectors!
£49,000,000 = 33 Manchester riots
£49,000,000- 5 bankers’ bonuses.
£49 million – four -Tor Andre Flo
£49,000,000 = 3 and a bit front loaded warchests
£49,000,000 = 2 Deals with Ticketbus
£49,000,000 = 1 dead football team.
Yorkbhoy Shared, excellent stats
Malarkey Shared. Seen it on RTC and thought it deserved a wider audience
Paul67 Sterling work as per
Aw Naw excellent posts mate
I battered the First Minister on twitter last night don’t know how much good it will have done but I had my say. Also sent Uefa and Fifa a wee message about Government Intervention. Last act was to send the London Evening Standard article to Salmond and Regan
I also noticed now that difficult questions are being asked Mr Regan is blocking loads of tweeters. Not very transparent!
Anyway really looking forward to Wednesday night for the #jellyandicecream party at Paradise
HAIL HAIL
Stephen with a “ph”
ps Rab if your looking down (and I know you are) we’re nearly there mate its almost the final curtain
tell my Dad it won’t be long. Wish you were both hear to share the joy
Very sneaky statement by Salmond. I can’t do anything so let me put it onto Celtic.
Celtic should release a statement that says we do not discuss the financial issues of other football clubs. Where is the dignity?
LB
Macjay my point is that we talk about £49m without thinking that they de-frauded all of us of that money, it’s just a figure which could buy a lot of jelly and ice cream. We have a lot of people in this country unemployed, if you employ 2000 people you have 2000 folk paying tax, spending money in pubs shops and restaurants instead of receiving benefits. So it sticks in my throat that politicians will casually say that they should get help, or journalists thinking that wiping out the debt and Huns FC start again and everything is fine and dandy…. Rant over.
Good morning everyone, posted under a diffrent name years ago,just wanted to say abig thank you to all at cqn for keepping my spirits up during the hard times at the start of the season,and look where we are now!Funny old game (for some). Pesonally im taking great pleasure telling all huns that i told you so.To use aquick anaolgy big daft buuly standing in the middle of the road and you tell him theres a bus behind you and its getting closer you better watch.Buuly stands still tells you hes wan ae the peepul and starts going on about the queen 1690 yadyadda.You tell him again in plenty of time before it hits him but will he listen? SPLAT.What a lovely mess.They have only their stupid attitude to blame wanting ten in a row AND a european cup has all but killed them.Jock steins legacy is still hurting them after all these years. Great isnt it.
STV News
@STVNews
David Cameron will be meeting with Alex Salmond today. What do you think should be on the agenda? fb.me/1gbz5OT51
The Ghood will prevail@ 11.15
I read some Government expert was saying that non payment of the 9 million PAYE
wasn’t a criminal offence because it has been logged and still outstanding.
He went on to say it was like not paying your electricity bill,
it just meant your electricity would be cut off.
Surely this cant be true,
Alex Salmond: ‘The most diehard Celtic supporter understands that Celtic can’t prosper unless Rangers are there’.
Well, that means that either I don’t know a single one of the most diehard Celtic supporters, or that Alex Salmond is talking crap.
Which is more likely?
Apologies if this point has been made before.
Many rangers (in administration) “fans” have made it clear they intend to regale us with the full range of their vile anthems on Saturday.
When this happens,Alex salmond should be asked if he supports his offensive behaviour legislation or his rangers must survive campaign.
As far as I can see the two positions are mutually exclusive.
Thoughts?
Posted this on the cusp of the last article closing.
Lot of talk about cushy relationship between administrators and Whyte and that they might not be doing all they can in the best interests of all creditors.
There may be some merit in this but as an insolvency pratitioner, Duff and Phelps and bound by certain legal rules, most of which are found in the Insolvency Act 1986. The administrators have a duty of care to all creditors and there have been cases where courts have tore up CVAs because of deals favouring one creditor over another.
If a creditor feels the administrator has acted beyond his powers, the creditor can take a case against them and administrator can be held personally liable. Doesn’t happen often but the threat is there.
Mort
Text from guy who works in town for HMRC in Cochrane St.
Hightened security alert here. Not to wear pass in public. banner put up out side building by inter city firm.(icf). Casuals I believe.
I hope the Celtic shops in town are getting extra protection from these halfwits.
“fit and proper” test
Surely this must be looked at again. Not in respect of the administration per se but rather the failure to pay taxes when there was clearly revenue generated which allowed this to be paid. The £9million outstanding is different from the ‘big tax case’. The latter liability will result as a consequence of what was considered to be a legitimate method of avoiding tax. The bill racked up in the last 9 months is simply a failure to pay. Undoubtedly this must bring the reputation of Scottish football into disrepute.
Oh and another thing –
£49million could pay for 3 new Catholic schools
Alex Salmond building his own scaffold by the sounds of things, why does Richard Nixons name keep popping into my head..
If Agnew the Nix knew!!
Follow the money..
The First Minister Alex Salmond stated last year–
“Let us be rid of those bigots and fools .Who will not let Scotalnd , live and let live.
We will not tolerate sectarianism as a parasite in our national game of footblall
or anywhere else in this society ”
This was after the summit held after the Shame Game ‘ of 2 march 2011
So why do you want the cheating tax dodgers to survive?
Hope salmond is invited to poundland on saturday to witness the peepil singing
in an act of defiance and no surrender and listen to the 140 years of bigotry and bile songsheet that will take place. A national institution…..aye right
Shut them down………You know it makes sense
hi paul . fellow celts . I dont know about you bhoys but i am feeling a bit uneasy with regards the support for them from government ministers . I think our best plan would be to take our concerns out of this country , and let the rest of the uk know that the scottish government and some english based scottish mp,s have sympathy with tax dodgers ,and want to offer them a helping hand . We should also let our sitting mp,s and msp,s know of our utter disgust at this stance . I for one will never again do anymore canvassing for my party and in brian donahoe thats his last with me as well , other elections are heading his way in the future we shall remember . My attention also heads towards scottish footballs HQ , OH HOW I WISH WEE FERGUS WAS HERE. one things for certain, his voice would have been heard by now . the scottish media we all know what to expect from them , but its a bit worrying when the people running the country stick the helping hand in their direction . A bit of a rant i know ,but i dont ever want this jelly and ice cream period to end .
Allgreen admin heaven says:
16 February, 2012 at 10:45
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?
share
hope you get a reply mate i asked this weeks ago .
hail hail
jimtim.
Paul67
Whatever happened to this £51,000,000?, did it just disappear with Murray Holdings into a government owned bank?. Would that not take ragers total debt to the tax payer to a cool £100,000,000? Now that’s an awful lot of nurses.
Gordon_J backing Neil Lennon says:
16 February, 2012 at 11:31
Alex Salmond: ‘The most diehard Celtic supporter understands that Celtic can’t prosper unless Rangers are there’.
Mr Salmond ask the most diehard Celtic supporter the following:
What was it like watching your club almost die and have nobody do anything to help and have the press rub it in?
What was it like to watch your greatest rivals equal your 9-in-a-row league record wins while our club were in financial problems?
Who made the calls for a strong Celtic in the 90’s and where are they now?
How do you feel about finding out that from 1999 or maybe before that your club haven’t been playing on a level playing field?
Will you miss the fun of the Rangers support?
The last one is a joke but then aren’t they all?
Salmond is a fool and the UK is watching. Labour will walk the next election in Scotland the way he is going on. I can appreciate Rangers supporters may be upset at their clubs demise but….
How many people in a 5 million population are Rangers fans? How many vote?
How many are old enough to vote?
Dangerous game for wee Eck to be playing.
LB
Rangers : Let them eat cake..
Starry Antoinette..
YorkBhoy, Can you please re-post the stats everyone has been congratulating you on. I have scrolled back and forward but have missed so far.
Davidopoulos at 11:21
On the other point about assets, thank you for the clarification. I was just wondering if there was any mechanism where Whyte would be unable to have the assets transfered to NewCo by Administrators. But you seem clear that that is irrelevant.
Off course this can be done and is still the most likely outcome whether liquidated or not. The point is any “I can’t believe its not the huns” entity will have to pay for the assets and the administrator is duty bound to maximise the sales. he could in theory sell all assets to “I can’t believe its not the huns” for a nominal fee of £1m say but then creditors will get little or nothing back and in this case they could sue the administrators for breach of duty if it could be found that assets were deliberately removed from creditors.
Mort
Merrydhol
Welcome. You big Hun ;)
Starry plough,
That would be sponge cake I take it.
Very grateful for all the updates and info.
And sniggering at the HM in HMRC.
Afternoon bhoys, the sun is out on the hun free mountain.
I personally think the government getting involved is a really good thing.
With any luck fifa will kick the sfa out and leave fifa with a decision to make, they can’t not help the other scottish clubs.
A Brit league is looking hopefull here.
Whatever, the havoc that sectarian scum have subjected us to may well be their downfall.
NorthAntrimBhoy says:
16 February, 2012 at 11:42
Served with jelly and ice cream..
The Battered Bunnet @ 11 10 .
Perceptive .
I imagine the Ticketus money will be able to float to wherever Craig wants it to be .
Here today , there tomorrow . Look -there it is .
The Vital scam used the ” look at all the money we are owed ” lie to assure people that everything was kosher. That ” money ” floated to wherever it was most needed before it floated away for ever.
It seems highly likely that Whyte ringfenced the Ticketus money.. I imagine Rangers provided the security for Ticketus. I don’t see Whyte doing it.
I know that Ibrox is valued at a silly level in their accounts (£100M or so) – or at least it was back in the days when they actually produced accounts.
But if the administrators were to sell the stadium, what would be a reasonable price? I know it’s an inexact question but what is the going rate for a football stadium these days? Assuming that the new owner could then lease it to a Newco and get a return on their investment?
Morning all…
Not long up, making all that jelly fair takes it oot ye!!
Did someone mention that its brines at ibrokes on saturday.If so that explains it as I was going to say it will take a strong ref to give a big decision against the bigots on saturday.
So put in the worst ref we have, hes totally spineless.
Can the Celtic support as a paying customer take the SPL/SFA to court for not ensuring that theiur competitions were fair and transparent?
Effectively we have been paying for a product which was not a level playing field.
Any legal guru know if this is a possibility?
LB
Call me Dave Cameron should be the target to ensure clarity that he will not risk losing anything by taking on Salmond re his irresponsibility over saving rangers……
direct coms to his office should let him know that all scotland is not terrified of life without rangers…..
Paul67 et al
Is Alex Salmond prepared to accept an immediate cut of £84 million (and counting) in Scotland’s block grant from London in order to bail out Rangers? Yes or no?
what happens if you were buy the stadium then find there’s no football team to play in it ?
Even if like I, you have been tinkering with the thought of independence, let the public utterances from Scottish Government ministers remind you – with them in total control, God only knows what would happen in this, ahem, best wee country