We are three days away from Rangers creditors’ vote on the proposed CVA and my best sources remain strongly of the view that HMRC will vote against. As a result, on Thursday, the process to liquidate Rangers will commence and Charles Green’s company, Sevco 5088, will attempt to purchase the assets of the business.
One of the first acts of Sevco 5088 will be to apply for membership to the Scottish Premier League. They will offer the league an opportunity to retain considerable revenue streams which would be lost to the league following the liquidation of the former football club, Rangers.
Attitudes hardened towards a Newco proposition since Mr Green came onto the scene, specifically since Rangers raised an action against the Scottish FA at the Court of Session, but sentiment in football is fickle. We should ignore all public comments on the subject of Newco and concentrate our minds on the SPL vote, which will take place next week.
Two months ago the Gang of 10 clubs thought they were in an ‘Arab Spring’ moment when they met to discuss how they would use Rangers demise as an opportunity to re-engineer the league. Charles Green is aware of their feelings on this matter and is likely to use this knowledge to inform his offer to the league.
Expect Green to offer to support a change in voting rights if the SPL allow Servco a franchise in the SPL. This offer would allow the Gang of 10 to not only retain much of their existing income streams, they would actually be able to bring in additional income. Servco FC would benefit from being the first company to be able to buy a place in the top division of Scottish football. The only loser from this scenario would be Celtic.
The existing voting rights protect Celtic from several hazards. The most important two are the rights of home teams to retain match ticket revenue and a limit to the number of home games shown live on TV for any club.
You will hear lots of comment from the Gang of 10 that they are not interested in splitting home gate money but none of them have agreed to exclude this matter from the change in voting rights. More Celtic home games on TV would be welcomed by armchair fans that live abroad but would see season ticket holders suffer as kick off times are moved to accommodate TV scheduling. Neither of these matters will be addressed at this month’s SPL meeting but, if the voting rights change, you can expect to read about them soon.
If the application from Sevco is rejected, we enter a new world, where SPL voting rights will inevitably change and Scottish clubs will have to learn to cooperate with each other on a constructive basis. As Celtic fans, we will embrace that challenge, but you can be sure that a slice of your season ticket money is being offered right now by people who have nothing whatsoever to do with Celtic.
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HA! HA! HA! BOOM BOOM!!!!
BasilBrushCSC
Oh, my God ………. Cometh the hour, cometh the HMRC……. !!
Aaaawwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww
Thanks for the heads up Johnny!
I shall save my groats for the ole ‘Old Grey Whistle Test live ‘ box set.
Follow follow in meltdown….however one bear has a plan….I’m with you on this.
I want to buy The Rangers but cannot do it on my own. Together we can.
A vehicle for us to climb on board is there. The RangersUnite has to be the way forward for us.
It’s a disgrace that we pledged £10M and was ignored.
All you bhoys that pledged money please post cheque to the big hoose asap !
Been off the drink for a while!
Is tonight the night?
Please God and BDO!
Her Majesty’s Revenue and Customs will reject the company voluntary arrangement proposal made by Rangers’ prospective owner Charles Green.
Green’s consortium hopes to have its CVA approved by creditors when they meet at Ibrox on Thursday so that the club can exit administration.
But the club needs dominant creditors HMRC and Ticketus to vote in favour to avoid the assets being sold off.
The CVA terms suggest a maximum payout of nine pence for every pound owed.
That, however, is a best-case scenario for those waiting on payment.
could
WHAT IS A CVA?
A CVA enables companies to reach an agreement with creditors about how debts be repaid and provides for partial or full repayment depending on what the company can reasonably afford to pay.
Rangers entered administration on 14 February and await the outcome of a First Tier Tax tribunal at the Court of Session in Edinburgh over unpaid taxes – the so-called “Big Tax Case”.
If that decision goes against the club, it would mean a further bill of anything from £35m to £70m, thereby reducing the pence-in-the-pound deal to close to zero.
The club’s total debts to unsecured creditors listed in the CVA was £55m, with HMRC accounting for £21.5m of that sum.
BBC Scotland has learned that administrators Duff & Phelps held a meeting with HMRC on Monday and were told of their decision.
RANGERS CVA KEY FACTS
Rangers administrators’ CVA offers 8-9p in the pound (best case scenario)
Administrators fees: £5.5m
Football debts: £3.5m
HMRC owed: £21.5m
Ticketus owed: £26.7m
Total owed to unsecured creditors: £55m
The CVA requires the approval of 75% or more in value of the creditors, and more than 50% in value of the members, voting on the resolution.
Under the terms of the deal struck by Green’s consortium to buy Rangers, it will now proceed to purchase the business and assets of Rangers for £5.5m.
By doing so, Green will try to form Rangers as a “newco” that will have to seek the approval of the 11 other Scottish Premier League clubs to play in Scotland’s top tier.
And Rangers, as a new club, are likely to be precluded from European competition for three years.
pheersy
I forgot about that, I pledged about £300,000 before I ran out of names. lol!
new article posted.
Charles Green says ” the fans deserve butter ”
Plus ca change CSC
Long day ahead methinks……:D
above post lifted from e-Shortbread
More Weatherseal:
If you’ve ever been subjected to their call centre bombardment, I pity you.
hailhailplc on 12 June, 2012 at 11:08 said:
Boom boom boom, let me hear you say wayo, wayo!!!!!!!
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What ,exactly does ‘WAYO’ mean?
Thank you Duff and Phelps, it truly has been emotional.
HH
Quintessentially British were always heading for liquidation . It was always a case of when .
The big issue relates to the treatment afforded a Hun Newclub / Newco..
Decision time looms for Scottish fitba —
i was listening to the 5live on the way in and they were interviewing a rangers fan in the ukraine (yes, you read that right). nicky campbell asked him why he had a mixed rangers/chelsea/england shirt on. he said that rangers and england had always gone together because we hate celtic more than anything and that all goes together. thats it in one for me.
round ye.
timbhoy2:
I thought McEwans offered us the same deal as they offered Rangers. For whatever reason we turned it down. I think I am right in saying that but if I am wrong….
Timbhoy2
I worked for the Sunday Express in Albion Street in Glasgow when I was a boy.
One Thursday morning (We had played at home on the Wednesday night) the sports editor took a phone call from Jock Stein who said he could not get a copy of the Sunday Express that morning at his newsagents.
The editor informs Jock that it is Thursday, not Sunday.
Jock say’s three of your reporters were in the Press Box last night so I thought there must be an edition out today.
The ground rules were laid right there and then.
Do not stand at Ibrox and weep,
I am not there, I do not sleep.
I am the stench that fills the air,
the rancid smell of disrepair,
I am the pish that stains your brogues,
when the pub urinal overflows,
I am the mood of dread and fear,
which you instilled when full of beer,
I am the darkest time of night,
the haunting hour, a time of plight,
do not stand at Ibrox and cry,
for Timmy’s watching – and his smile is wry.
GIRUY.
hamiltontim on 12 June, 2012 at 10:21 said:
VP
Left my Agnew’s bag sitting in the kitchen. Gutted!!
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Confiscate more off the weans!
Asked how quickly the existing company would be liquidated, Clark continued: “I would suspect it would take six to ten weeks. It will be in the foreseeable future as opposed to months or years ahead.”
Whenever it happens, it will be the death of the company formed in 1899.
Sweet dreams!