In October last year, with Rangers riding high in the league and with Craig Whyte enjoying messianic worship at Ibrox, Celtic Quick News published an article with a few predictions:
“In the event of Rangers facing financial Armageddon…. a prepack offer from a new company, for example, Rangers Newco FC Ltd, would offer an administrator a deal for all assets of the club, including stadium and offer to meet outstanding player wages. Deals like this seldom offer unsecured creditors much but even a small percentage might realise more cash than the administrator would gamble on raising in an unstructured sale.
“In such circumstances, the administrator could accept as little as £4m for the unsecured creditors.
“In normal business Rangers Newco FC Ltd would begin trading and this would be the end of the story but football is not normal business. Rangers Newco FC would own a stadium and would employ some footballers but they would not be part of any league structure. They would need to apply for membership to the Scottish Football League or Scottish Premier League.
“In this scenario, the death of Rangers Football Club would leave a vacancy in the SPL, presenting several financial, logistical and sporting challenges…. current TV contracts and sponsorship deals could be jeopardised, while future contracts would be worth a fraction of their current values.
“There is, of course, a resolution to this problem.
“Rangers Newco FC Ltd could present an offer to the SPL. The new company, with its stadium and thousands of potential supporters, could. … adopt the place of Rangers FC, complete their fixtures and allow every other team in the league to fulfil commercial obligations.
“ If [enough]clubs stand against them, they would have to apply for membership of the Scottish Football League, but, having researched this story for several days, I expect Rangers Newco FC Ltd would get enough support to pick-up the place of the defunct Rangers FC.
“Celtic fans, as well as those from Aberdeen, Hibernian, Dundee United and St Johnstone, together with fans from Motherwell, who could become genuine championship contenders [they were pushing us hard at the time], and from those clubs who would avoid relegation if Rangers failed, must insist their club votes against any prepack company parachuting into the league.
“Watch the media coverage of these events carefully. If and when the decision time comes, the case to acquiesce to Rangers Newco’s demands will be overwhelming. Sincere ‘impartial’ observers will do their upmost to convince us all we must do whatever necessary to save Rangers for the good of the Scottish game. Some voices will even tell you Celtic need Rangers Newco. Whatever part of my club is dependent on Rangers I am willing to lose.”
Pretty much all of the above came to pass but the position of the SPL clubs is noteworthy. As recently as last month Celtic were the only club prepared to vote No to Newco. In the months since Rangers went into administration in February the crescendo of fans voices slowly became impossible to ignore. Clubs which were set to vote yes, were left with no choice but to observe their ultimate paymasters.
It was a phenomenal grassroots campaign.
Kelvinbhoy asked me to pass on his thanks for the fantastic response to his appeal for kids bikes for underprivileged children. Well done to all who helped!
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Árd Macha on 26 June, 2012 at 20:16 said:
Not having that – have ruffled up a few friends – making our way over there now
So, more people up a mountain with a tricolour than outside Ibrox trying to save the fabric of scottish society.
Steve Interesting Davis about to Walk Away
ibleedgreenandwhite1
Traynor, Keevins etc…drowning in their own tears..
Paul67 is just a wee keyboard clatterer…?
canamalar
No doubt some won`t like that but it made me laugh!
Cheerio all. May tomorrow be yet another Good News Day.
JJ
Ard Macha,
I was thinking, they missed their queen to go look at a tricolour, ha ha ha stupid huns
Duff and Phelps – administrators to the stars, is there five left?
Alasdair Lamont@BBCAlLamont
McGregor, Davis, Lafferty and Ness all object
Steve leaveus
Wot, ‘Davisy’ gone as well?????
The scene is set for the return of ‘Handsome’ Flecky, surely.
‘like a cornered insane elephant we will dust down our brogues we will come fighting back as we march’
Possibly posted by Davie Dodds.
Lee Wallace transferring to Newco according to SSN. I suspect he will have taken advice that due to monies owed on his own contract he is not in such a clear cut position as his chums.
It is a scandal that old or new rangers would claim him as their own. Hearts will not be best pleased.
Lithybhoy
We’ll probably get back to the football when we sign our first new player – and the calibre will tell us the height and breadth of our ambition moving forward. And then raising a league flag well won and Champions League qualifiers and a new season. I am so deadly serious, I can live without them. Ding dong the witch is dead, and I don’t want to kiss her back to life and I won’t miss her. Europe assumes more importance maybe, and there’ll be pressure to win a treble, but here’s the rub. No Rangers. Say it soft and there’s music playing, it’s fantastic. I’m delirious with joy just now and that will multiply throughout the season, as I look down the tables for newco fc, or if at all. I hope they never re-appear as anything. Joy.
Seven Fishes Four Steaks on 26 June, 2012 at 20:25 said:
There are dozens boltin’ up the mountain now,a few hundred already there.
Goain, Bocanegra + Edu will follow in the next 24hrs is what i’m hearing
Brendan-Behan
Totally agree. Never a better time or case ti up sticks. Just wish sometimes we made more of an issue of moving on ourselves than the constant grave pi££ing .
Meanwhile, on FF, Brain of Britain candidate speaks…
“Something is happening here,dont know what”
You think?
Can an implosion have an imposion?
Lurcy
I hope the tea ladies and cleaners are thanking them for the wonderful sacrifices they made in February.
‘like a cornered insane elephant we will dust down our brogues we will come fighting back as we march’
How many elephants, insane or not, actually wear brown brogues then?. And how on earth do they tie the laces?
Welease Bwoadfoot!
Who’s left?
TFPLG will have to get that huge jersey they pass around in the stands and get out there when they get into the Sunday league.
:oD
HH
/Bishop B
The huns are in meltdown…like the witch melting scene at the end of the Wizard of Oz! Except she was green…there is always limitations to metaphor.
Do these guys not realise that by leaving the club they are jeopardising the job of poor Jimmy, the kit man
My old maw used to say when you done something bad
God will punish you
you are feeling his wrath now Jimmy
Happy Holidays
Jobo Baldie on 26 June, 2012 at 20:44 said:
They keep their brogues in their trunks
Jobo
insane elephants wear them but they aren’t allowed laces incase they harm themselves
They are all
seek as peegs
Dumbo FC.
Jobo Baldie on 26 June, 2012 at 20:44 said:
Does this lead on to the inevitable jokes – “how many 1000 lb gorillas in the room does it take to tie the brogue wearing elephant’s brogues?”
Yurcl
Fat Ally
player Manager
So it’s the Powerleague
Alexander
Broadfoot McCulloch Wallace
McCoist
I bet the Kano Bhoys could take them.
McGregor joins the list.
….so, thinking about the derfunct klub’s currant midfield –
McCulloch (L) – Jardine (S) – Bell (J)
:)
Bloke 109.
It was in the local paper down hear and on the local news.
meant here sorry .
Aye wait till they get a few injuries :-)
great to see the Scottish football boot going into the hun for decades of cheating