For three months a charade took place, where Craig Whyte – who is and will remain owner of Rangers until they are finally ‘flushed away’, Duff and Phelps, The Blue Knight(s), Bill Miller, Charles Green, several members of the accountancy profession who should have known better, and some of the Fourth Estate, who clearly didn’t know better, all told you Rangers were likely to achieve a CVA.
As we (and several others) told you, a CVA was never, ever, going to be accepted by HMRC. A cursory glance at the HMRC web site would confirm that. Once Alex Salmond had his wings clipped, that debate was over.
The charade was a distraction. There are many other distractions available today and they will multiply in the days to come, but I reckon if you’re looking for the critical path on this one you should keep an eye on Lord Carloway. The chair of the SFA Appellate Panel is worth listening out for. Say his name in hushed tones, better still, abbreviate. Even the mention of LC will cause anxiety and distress, for some.
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I’d personally like to thank the following people for sending Rangers to oblivion…
David Murray and his board of directors
Craig Whyte and his board of directors
Keith Jackson
Jim Traynor
Chic Young
Anyone called King
Ken Gallacher
Bill Leckie
Anyone called Darryl
Colin Duncan
Anyone called Jardine
Alastair Lamont
Mark Hateley
Calamity McCoist
The Huns fans for allowing numpties that don’t even attend matches to speak on their behalf in the media.
To allow a newclub access to the SPL would said club require to show that all funds were in place to allow them to fulfil all fixtures for the forthcoming season?..
Newspapers clamber today to distance themselves from previous idiotic reporting…
Is it no about time that Emerald Green walked away all the time blaming everybody else to cover the fact that he is just another skint chancer sniff round the haws maws of a dead rangers..
Next…
I think the main issue now is BDO’s ability to put the assets (Murray Park and Ibokes) back on the table for other bidders. £5.5m for these is a joke and is clearly a sweetheart deal, including Duff & Phelps, Green and Whytey (possibly, allegedly). This stinks. I’m sure a Finance Co would come in and pay a whack in return for a 20yr lease to Zombie FC. But where is Whytey’s floating charge – is it valid? If it’s valid, he’ll get the lions share of any proceeds surely.
Tribute band?
It’s got to be …
The Animals
Celtic midfielder Victor Wanyama would consider an offer to leave Celtic Park should one come from a big named overseas club.
The 20-year-old joined the Scottish Premier League champions last summer from Belgian side Beerschot, and scored four goals last season as Celtic romped to the title ahead of arch rivals Rangers.
It has taken just 12 months for Wanyama’s talent to be noticed, with the likes of Liverpool, Newcastle United, Stoke City, Queens Park Rangers and West Ham United all reportedly interested in his signature.
Celtic paid just £1 million for Wanyama last summer, however are understood to be demanding as much as six-times that amount for the defensive midfielder.
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Wanyama has been capped 16 times by Kenya’s national team, but has spent most of his professional career in Belgium with Beerschot.
The Kenyan has built a reputation for being a tireless, tough tackling midfielder in his first 12 months north of the border.
The player’s business manager Rob Moore says that while Wanyama is happy in Scotland, he would consider a move abroad should an offer come his way.
“That has been a lot of talk which is not necessarily true,” Moore told Sky Sports.
“But he is like any other young talented footballer in that he wants to play at the highest level.
“He has made the club aware that if they receive an offer from one of the big leagues he would like them to consider it.
“He is not unhappy at Celtic, far from it – he loves the club and everything has been great for him since he moved but should something come in he feels they should listen.”
We seem to have a new version of the Holy Trinity but with only 2 parts instead of three. That is the company which runs Rangers and er, Rangers.
Doctor, you say I’m dying but surely it’s just the life force that runs my body that’s departing and I can still live?
http://newgtlds.icann.org/en/program-status/application-results/strings-1200utc-13jun12-en
Paul67
I was looking for a CQN one – but was disappointed
Embdy know if TFPLG will be managing in the 3rd division some time soon … ?
Jandy[no paycut for me thanks] Sardine distraught at losing his £85 k per annum “ambassadorial” role at greyskull.
[mind you I would be a wee bit annoyed myself at losing that wee earner..HH]
Victor Wanyama.
Wonderful Prospect, who knows how great this youngster will Be in a Few Years?
Only,the Shadow knows..and He’s No Tellin’!
Seriously, though. Folks..
All this Talk about Victor, getting restless..is ..
True.
Think about it.. Thought about it?
Canny be bothered?
That’s O.K.
Ah wull dae that. fur ye!
Well. Ah think..
Victor, wid like Mair Money.
There is Nae Hope that Celtic wull let him go. at this Stage of his Career.
He is like a Guid French Wine.. He wull only improve Wi Age..
So..
Celtic ,wull keep him in the S.P.L. Cellar.. fur a wee bit longer.
In the Meantime. Victor wants Mair Money.
Don’t we awe?
However, Ah believe that Celtic wull Gie Him Mair Money..jist tae Shut him up..
So. No need tae Believe any of the Newsies’s Hype..
Victor, when he gets a few Bob Mair.. will be quite satisfied,
Noo. Movin oan..
Ki. ??
Yep..He wull go..sooner or Latah.. Ah hiv not the slightest doubt aboot that.
He has Matured.. and Celtic are Ready tae Cash in..oan this
Boattle of Wine..
Seven Million, firm offer.. and Ki wull be Offski..
Diz that mean a Russian Offer?
Whit dae YOU think.. ???
At this Time. Russia , is the only Country where Money is No Tight, fur the importation of Fitba’ Players.
Kojo
Still , Laughin’
ASonOfDan on 13 June, 2012 at 14:31 said:
Have you noticed that Bad Celtic always demand money from players!
So in essence if Barca, Madrid, Juve, Milan or Bayern come in, Vic would be interested..
£5.5m is a lot of money for a Div 3 club?
Has the rancid floatin unwelcome jobby been flushed yet?
SEMICHEM – CHINESE LANTERNS £4.99.
FRIDAY 10PM,
FIREWORKS
Victor is all right but he’s not Ya Ya Toure.
Maks sense tae me, and it maks sense tae Mo.
Can someone explain how in the CVA proposal transfer fees are listed as one of the CVA assets and then a couple of paragraphs later they state transfer fees are to to be held in a bank account for Sevco?
Also Green stated season ticket money would not be used to fund his takeover as there was plenty of money available. The CVA says otherwise…
During this period from 6 June 2012, a number of receipts may be received by the Company, in respect of:
5.14.1 Outstanding Player Transfer Fees;
5.14.2 The sales of season tickets for Ibrox Stadium, in respect of the 2012/13 season;
5.14.3 player transfer fees with respect to players sold after 12 May 2012; and
5.14.4 the proceeds of sums due from the SPL together with any broadcasting monies payable to the Company.
5.15 In accordance with the Offer Letter, any monies received in respect of paragraphs 5.14.2 and 5.14.3 will be paid into a bank account (―the Account‖) held by the Joint Administrators‘ solicitors and it is intended that the monies in the Account will be an Excluded Asset as provided in paragraph 5.11 above. However, in the event that the Company‘s trading revenue is insufficient to meet the CVA Trading Costs, and subject to the appointment of Charles Green being made in accordance with paragraph 4.21, the Joint Administrators may request Sevco to consent (such consent not to be unreasonably withheld) to the use of monies in the Account to meet the CVA Trading Costs, as is anticipated.
starry plough
I know, how dare we make money from transfer fees. :0)
ZooKeepersSon @ 14.29
When Darryl wrote “the word around the corridors at Ibrox” he was just reporting what he had heard from the cleaners.
A summary of the non-preferential creditors is set out below:
Trade & Expense Creditors £5,544,508
Ticketus LLP & Ticketus 2 LLP (―Ticketus‖) (amount of claim to be confirmed) £26,711,857
HM Revenue & Customs – Excluding EBT Case and the Discounted Option Scheme Case £18,324,285.42
HM Revenue & Customs – Discounted Option Scheme Case £3,052,481.67
HM Revenue & Customs – the EBT Case TBC
Supporter Debenture Holders – see paragraph 5.28 TBC
Football Related Creditors £1,063,082
Employees TBC
Total TBC
No wonder Duff&Duffer managed to accumulate fees of £5 Million.
Grade
Hourly Rate (£)
Partners
480 – 545
Managers/Directors
305 – 480
Seniors
190 – 305
Assistants/Support staff
30 – 170
Paul
Well done! My favourite post of yours from a couple of years ago posted below.
I hope you don’t mind but I’ve edited the last line. :-)
Celtic – Rangers finances compared
By
Paul67
on October 3, 2008 10:18 AM | Permalink | Comments (402)
While income and expenditure both turned slightly against Celtic last season, it was bonanza time at Ibrox where Rangers published record turnover as a result of the double bounty; Champions League group stage income followed by a run to the Uefa Cup final in Manchester.
Celtic turnover (t/o) was £75.237m compared to Rangers £64.452m, but Rangers outsource their merchandising operation, including only a licence payment from JJB Sports in the figures, whereas the Celtic figure includes total income from merchandising sales.
Celtic earned £16.092m from merchandising sales, contributing a margin of £4.8m in a financial year without the release of a new home shirt. When Rangers signed the JJB deal in 2006 they revealed they would earn £3m each year, plus £1.45m amortised in the Profit and Loss account (P&L) but paid at the start of the contract in 2006, criteria was in place to provide for bonus payments should unspecified targets be achieved.
It was, therefore, with some astonishment that no bonus payments were earned, despite the unprecedented proliferation of Rangers merchandise walking the streets ahead of the Manchester riot.
I understand that the bonus is dependent on progress to the latter stages of the Champions League, which ironically would have sold a lot less kit for JJB; it appears Rangers had overlooked a clause for Uefa Cup progress.
The big area of interest from a financial statement is the indication of where a company is heading next. Celtic will earn at least £70m this season but if they finish higher than bottom place in the Champions League group stage they should reach £75m.
By contrast, Rangers are looking at financial Armageddon. In 2004-05 they earned £34.48m (from continuing operations), a whopping £30m less than last season, but 2004-05 included four home European games, each with TV rights, compared to only one this season.
£34m will be the upper limit of their income potential this season; it will be less still, unless a good run in the domestic cups includes high-earning home games, a whole £40m less than what I expect from Celtic and still £28m less than the Celtic figure adjusted for comparable merchandise income.
Celtic salary costs were £38.981m, a £2.5m increase on the previous season, compared to £34.339m at Rangers, up a massive £10.1m on 2007. The latter figure will in part reflect incentive payments for European progress, although the clutch of new signings who arrived at the club in 2007 will make up the bulk of the increase.
In a masterstroke of business acumen, Rangers chief executive, Martin Bain, appears to have included the Uefa Cup in bonuses to be paid, but not on bonuses earned.
I was delighted to learn that Rangers pay more for the remarkably unpopular Bain (£668k) than Celtic pay for ‘Self Appointed Football-Integrity Judge and Jury’ (W.Smith), Peter Lawwell (£514k). Although perhaps Bain’s remuneration also reflected Uefa Cup progress. You would think that with such big numbers flowing into his own bank account the whole ‘What will be get if we do well in the Uefa Cup?’ question would be at the front of his mind when he negotiated with JJB.
Football club’s P&L income figures do not include player sales, with are recorded on the balance sheet, so Rangers sale of Cuellar will bring in £7.8m more than the income figure, which itself will be offset in cash terms by the £1.45m banked back in 2006 from JJB.
Before they start to spend on extravagances like footballers, clubs have considerable costs to pay. Rates, electricity, property maintenance, policing, to name only a few, cost Celtic £15.395m. Rangers figure was higher than this, perhaps as a result of exceptional items resulting from the run to the Uefa Cup final, so the previous year’s cost of £16.262m will be a better indicator of costs this year, which is just £18m less than their anticipated income available for football and other operations.
By comparison, Celtic will have in the region of £45m available for football and other operations when adjusted for the merchandise sales difference.
Net bank debt at Celtic was £3.52m compared to Rangers’ £21.559m but while Celtic are set to come out of debt in May (barring an exceptional expense in January), Rangers net year-end debt is likely to rise beyond £30m unless significant steps are taken to sell players in January.
Celtic are in an exceptionally strong financial position. They can survive the vagaries of football fortune, or economic downturn, without the threat of cutback should income dip.
Conversely, Rangers are in dire trouble. This year will not be financially the worst Sir David Murray has bestowed on his club, but it will make for horrendous reading to any prospective buyer of the club and provide further evidence that they are hopelessly adrift of financial security.
Winning the league this season and qualifying for next season’s Champions League will not provide succour from their structural problems, it would only result in a temporary slowdown in decline.
Rangers debt has risen inextricably, and is set to continue to rise, at a time when bank facilities have become more difficult and expensive to acquire.
Should new HBOS owners, Lloyds TBS, take fright at the property-to-football conglomerate, Murray International Holdings, which includes Rangers, frankly, the consequences are so dramatic, I don’t think we should discuss them, as I have trouble sleeping when I get too excited.
We live in a time when things which simply cannot happen, happen. When some of last year’s most credit-worthy companies in the world have gone into receivership; when one of the centuries-old pillars of the Scottish business community crumbled in days.
No company dependent on a significant increase in its debt is safe.
Rangers Football Club, 1873 – 2012
Saint Stivs on 13 June, 2012 at 14:39 said:
SEMICHEM – CHINESE LANTERNS £4.99.
FRIDAY 10PM,
FIREWORKS
St Stivs – I like this idea..
We should all “launch” a chinese lantern in unison at 10pm on Friday evening.
Would be a great sight to see pleny of lanterns light up the west of Scotland and beyond.
Not sure if Semi-Chem will have ample stock though !!
RP
Next, Young Fellow Me Lad…makin’ his Way tae the Departure Lounge….
Forster..
Yep..Like Ah said a Few Days Ago..
He is jist Pining fur an English . Fitba’ Cap..
By the way.. dae they still Haun oot?
Real. Bunnets.. that hiv wae a Wee Golden Tassel.. hingin Fae the Crown. ?
They used tae..in Fact. Ah saw a Scottish Wan, many years ago. so Ah know that they used tae Haund them oot,when a Player wiz selected fur . Scotland..
Moving oan..
Forster. feels that he could dae a Joab fur his Country.
And he wul be ignored ,if he steys up in Scotland.
That is Reason Number Wan.. fur his Reluctance tae Pit Pen tae Paper…so he says… anyway..
]
Reason Number Two… Two? Aye Two..
Is
Forster, wants Mair Money.
and Celtic, ur Nearly. Awe Tapped oot..
Dawh!!
So…
Adding those Two Reasons . The Gether..
The Product .must be..
Forster, wull be Offski. ..
But… Haud the Phone!
Chinge that . tae…
.. Cheerio.. Pip! Pip!.. Old Bean!
Kojo
Still , Laughin’
hoopeddreams on 13 June, 2012 at 14:50
Seriously!! What he actually has contacts?? and doesn’t just source/ copy from blogs online or make things up as he goes along. Well now I am stunned, who would’ve thought that!!
HH
ZKS
Kayal33, 14:13
That’s not fair at all. Why inflict them on the Italian lower leagues when they have enough to worry about already?
Jussi Jaskelien (?) has signed for West Ham.
Where now for FF.
Hopefully for us, cmon FF you know it makes sense.
Just had to take apart an industrial sized multi-gym (although not quite finished) then move it, rebuild it, so I can put a pool table in largest room…stressed, tired but redoubtable from the awareness the huns are a Dodo burger. Anybody watching the Portugal game at 5? Think I’ll give it a miss. Expecting it to be an epic bore fest. Could be wrong though, it does happen sometimes. Roll on 8 o’clock & the Germany Holland battle. Defo need a cold cider.
Celtic Mac — Apricale
I am not convinced at all by the ” Phantom Punch” theory. I never have been.
Everyone knows that Liston was in with what can be loosely termed “The Mob”. Sadly, as was later proven, Sonny Liston had his own demons and problems.
Like many others, once the air of invincibility was gone from Sunny he was just never the same fighter….. in his head or in anyone else’s. He lived high on the hog, I also think he had debts… probably to the wrong people…. and so I think the fight took plaice in Lewiston so that the powers behind Liston could collect on the betting scam where they piled in on him losing in the first.
I think Liston was told.. or persuaded to go down…. in that first round and stay down.
If you have seen footage of Liston, he was a fearsome fighter. A bull of a man with very fast hands, enormous power and real menace. Think a bigger badder Marvin Hagler!!! Floyd Petterson was terrified of him… absolutely petrified. So much so that he came to the arena already having packed a false beard, glasses and nose as a disguise to wear when leaving the building in the event of losing.
Liston won in the first round with what was at the time the 3rd fastest knockout in Boxing history!!! Yet various well known commentators had all taken Patterson to win… Marciano, Walcott, Ezzard Charles, Jim Braddock and Ingemar Johannson among them.
Liston, like Frazier, Foreman,Tyson and others was “The Beast”— Physically Strong and dominating and in Sonny’s case he really was a badass. But a badass is a coward once he is whipped, and no matter what Liston could not cope with Clay as he then was. Of course there had to be a rematch– it was in the contract— but Sonny didn’t fancy it. He didn’t fancy humiliation, loss of reputation, nor to be honest the taste of someone sticking the leather in his face repeatedly.
So, what was the choice? The chance of a beating in the ring or square off the debts and maybe make a few bucks by taking the dive?
I think Sonny went for the latter. Mentally he was beat and beaten badly. he would never really recover from Clay 1 and would never be the big bad beast as far as anyone is concerned again as his record shows. There were plenty in the division that he could have knocked about for fun if he had wanted, but once Ali had knocked him off the top perch the hoods didn’t really want to know anymore and Sonny Liston didn’t have the heart to do the hours in the gym or on the road, nor keep himself on the straight and narrow physically.
My favourite Liston story is how at a dinner he kept going on about how tough and mean he was and how he was afraid of nothing and didn’t feel pain. Reg Gutteridge, the boxing commentator, was sitting at the same table and got fed up with the Champs boasting. Gutteridge suddenly offered Liston a bet, saying that he ( Gutteridge ) could withstand far more pain than Liston. Liston accepted the bet, at which point Gutteridge grabbed a steak knife and rammed it straight into his thigh until it just stuck there.
Liston was appalled and quickly shut up and left….. without ever knowing that Reg Gutteridge had a wooden leg.
As for Norton— he is an odd character. I don’t think Ali ever really beat Norton over 15 rounds and the third fight– the only title fight— is one of the most controversial decisions in history. Norton was just awkward for Ali– I don’t know why– maybe it was because he had that odd cross wing style of holding his hands? That made it difficult for Ali to hit him. He could not jab and move with him as in his early days, and Ali did not have that one big hit that could disimilate that kind of awkward defence.
Norton was a tough guy, an ex marine, but when he came across really big hitters he crumbled– Big George and later Shavers both dispatched Norton with ease within a round.
Norton went toe to toe with Larry Holme for 15 rounds with the last round being declared one of the most brutal in boxing history, and at the end Holmes was champion — Norton effectively having won a version of the title due to an almost administrative process. He was no easy guy to fight unless you had a huge bomb to undo his defence… which Ali didn’t.
Interestingly, he is another that Joe Frazier wanted no part of. Joe Sparred with Norton but never fought him.
Interestingly, Norton did knock out Duane Bobick who was ranked as a contender, and Bobick was flattened in the Olymics by Teofilo Stevenson which is how we started this discussion in the first place.
ZooKeepersSon
Well, I wouldn’t call them sources exactly. More like voices he overheard when he went to use the facilities at the Blue Room.
Agent Green has promised Duff&Duffer a loan of £8.5 million for rangers. So far he has raised £4 Million.
The fighting fund is kaput due to stupid, pointless court cases.
There is no season ticket money.
The players are back on full contracts.
They are well and truly gubbed!!
Oh! anyone know why on the CVA proposal it has 3 financial outcomes under the headings CVA, New Company and Liquidation. What is difference between the second two?
A useful little piece from the Guardian for bloggers and tweeters:
Dealing with trolls: a guide
Off to Madrid on Friday to the The Boss at the Bernabau on Sunday night.
Will be taking my Tic top and giving at laldy when (hopefully) he does this number.
http://www.youtube.com/watch?v=64ejl3a0wxU&feature=youtube_gdata_player
Hail! Hail!
RP McMurphy on 13 June, 2012 at 14:59 said:
I am just trying to promote a little togetherness, compassion and empathy.
In this jubilee year, old queenie deserves to know that us loyal taxpayers can light up the night sky and remember those that passed away.
a moment of quite reflection if you will, as the lanterns drift up to the sky.
and then we let off fhe fireworks.
HEHEHEHEHHHAHAHAHAHAHAHEHHEHEHHEHEHEHEHAHAHAHAHA
TAL.
Bur seriously would love it if it happened. A timed event.
Pass it on
Chinese Laterns ?
Last time I was in thge pound Shop in EK they were as suggested in the name
a pound.
Right thats it the wee mans going on way home from school tomorrow.
So were the Lanterns
ASSETS: Freehold Property Including Ibrox Stadium and Murray Park £110,9613,870
Albion Road Car park £2,931,968
Green gets it all for £5.5 Million and Duff&Duffer say they welcome an investigation…