Football debts and non-football debts are often dealt with differently by club administrators. Un-secured creditors generally have to wait in line but a football club has a different mechanism to regain lost income.
Rangers FC PLC (in administration), as the excellent Paul McConville informed us the club should legally now be referred to, owe money to Dundee United for the recent Scottish Cup game, Hearts for the transfer of Lee Wallace and Dunfermline for tickets for last Saturday’s league game. All three clubs have recourse to the SPL and SFA if the administrator hangs them out to dry, but they will not be the most pressing concerns for Rangers FC PLC (in administration).
Inverness Caledonian Thistle are due money for tickets provided to Rangers FC PLC (in administration) for their match at Inverness later this month. Rangers FC PLC (in administration) have sold tickets for this match and will, presumably, continue to do so, however, the administrator will have to decide on a course of action:
Pay Inverness or withhold the money for other purposes and ask the club to admit their fans without payment.
In this instance, other purposes would be: payment of their administration fees, payment of other creditors, payment of footballers to face Inverness.
How Rangers FC PLC (in administration) deal with Inverness will be an early concern, but our old friends Rapid Vienna, who are due the final payment of the Nikica Jelavic transfer, will complicate matters further down the line. Their recourse will be to Fifa, who ensure transfer fees are paid, without reference to administration or even a prepack liquidation.
The concerns Celtic Quick News first raised in October about a prepack fait accompli being offered to the SPL now feels less threatening.
One final push (this week) for the Vanessa Riddle Appeal. We have a Celtic top signed by the first team squad available to auction on eBay. You can bid on the auction and help send Vanessa for the treatment she needs by clicking here. Thanks to Penfold for the donation and to Taggsybhoy for organising (yet again).
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Right, I’m away home to listen to my radios.
Headtheball says:
15 February, 2012 at 17:02
South Of Tunis says:
15 February, 2012 at 16:37
Not the old ‘horse’s head in the bed’ routine surely?
—————————
nope.
Craig Whyte allready has the horses heid on.
is that a new suit and 4 brown shoes
Awe_Naw_No_Annoni_Oan_Anaw_Noo says:
15 February, 2012 at 17:01
I do agree we had let the title slip away at times. Mogga was a mistake. Trying to fix it was a mistake but we all make mistakes.
Celtic have been cutting their wage bill since they stopped competing with Rangers in the transfer market. We matched their spending for a year and have been fixing it ever since. Rangers didn’t stop it and were brought to their knees by one man’s ego. David Murray must be held accountable for dodging tax and Craig Whyte must be held accountable for the same. I can see jail terms for both.
Celtic must now go for the jugular and claim the tainted titles. It’s a long game but we are on the right track.
LB
I luv all the Rangers will be saved by ( insert here ) rumours
SDM had a share issue……no interest
He then spent 3 years trying to flog the place……no interest
Now they are up to there knees in debt and liabilty totalling over 100m with at least 1m shortfall/m running costs suddenly it appears they have investors falling over themselves to get a piece of the action
Hmmmm i think not
NO TO NEWCO
Saint Stivs says:
15 February, 2012 at 17:02
You can’t have everything. Rangers went for 9-in-a-row and a European Cup win and ended up bust!
LB
Are we waiting for the stock exchange or AIM or whatever we’re listed on to close before “the statement” ?
rogue leader
Yip exactly why he needs a full mail box highlighting the ‘real’ situatuation out there beyond the ‘free press’ and self serving media of this country….
Awe_Naw@17:05
Absolute class!
:-)
The sectarian football association and sectarian premier league, seem to be missing their share of the flack.
They both knew of the hun financial problems, they both had responsibilities to ensure compliance of financial regulations, they both failed to administer their duty.
Surely UEFA need to be investigating due diligance
Don’t know if any of those posters who were discussing newco SPL entry rules are around, but is there a general consensus on who decides or is it all up in the air?
My dear,dear,dear,friend..Livibhoy
Pay.. A Second, yer Welcome Sentiments… Regarding the Yeoman
Service, which oor much Maligned Board has delivered, in preventing’
us from gangin doon the sam Stank..as oor Hated Rivals.
Tae those who still maintain the The Celtic Board hiv bin dilatory in
daeing thur .. Thing…
Let me say this..
“Whit diz it Profit a Man or a Donkey..if…eethur wan .. eats awe the carrots,in the Hoose…and leaves nane fur the Rabbit?”
Right?
Right.
Kojo.
yer pal. who likes ye aloater.
and..
Aham still.. Laughin’
I’ve just emerged from the mother of all hangovers
tell me its true, its not just a dream
Paul67
Just keep giving the audience what they want.
Your a star -)
Hail hail
Mtt
awe naw
not necessarily going to put you right as it is only my opinion / hunch
but the point i was making is that Mr Whyte is not good for Rangers
his MO is to extract as much CASH as possible out of a DYING BUSINESS and his record shows he is very good at this. However one thing that is attached to his record is that any slim glimour of hope a dying business has is gone forever when Mr Whyte comes along.
His is the killer of a dying business.
Mr Murray has helped to put the club in the mire but in % terms and over a far shorter period of time the damage Mr Whyte has done to Rangers is extraordinary. Long may it continue as newco will be so far behind it will take them 140 years to even come close to catching up.
Kojo – No problem amigo, keep yer enemies close and all that. Most of the stuff over there is pure unadulterated bile; fueled by rampant anti Celtic/Catholic/Irish hatred. Not an molecule of contrition to be found, although i haven’t looked that hard to be honest.
Kindest regards to the fair Gabrielle, you’re a lucky fella!
slainte
tony
new article posted.
I’m sure the Shabby Chapeau will be gettin’ the full floribunda but this is just a gorgeous song for the Happy Couple
Former First Minister Henry McLeish warned lessons must be learned from Rangers’ problems for the sake of the Scottish game as a whole.
McLeish was commissioned by the Scottish Football Association in May 2009 to compile a Review of Scottish Football.
He told Sky Sports News: “We have to see a way forward as part of the administration process.
“We have to think of the fans, who have been long-suffering and invested a lot.
“At the end of the day, the government agencies have got to do their job in their interests and we’ve got to do our job.
“That’s why it I think it’s critical that, apart from the short-term consequences of Rangers’ dilemma being tackled, we’ve got to look to the long term and we’ve got to learn lessons now about this whole issue of financial sustainability.
“I think UEFA have shown the way, they’ve seen all the clubs in Europe, they’ve seen all the countries in Europe.
“Scotland is a football-loving nation but we’ve now got to be assured that everyone involved in the game is going to take finance more seriously, more responsibly, and generate this trust that the game needs.”
awe naw 5.05
that is a song for the Green Brigade :)
So they owe £80k to Dunfermline and owe Dundee Utd(£2.50 probably from size of crowd)
And they expect people to support them.. I think with a string of bad debts people will turn on them ..
As for saviours?
Intelligent business people would see connections with the odious ones as bad for business..
Murray( minty) blows hot air as do most Hun supporting business people.. They all seek the oxygen of publicity .. They believed Whyte and look what happened( brilliant).
The Mc Coll( Weirs ,Clyde Union Pumps) has been out there for ages, probably cos he s the only Rangers fan with money.. He s on record saying he s no interest..
I m more worried that politicians are rallying round such a crooked regime..
HH
LiviBhoy says:
15 February, 2012 at 16:59
Never been one to bash Peter Lawwell but a few people have on here. What are their thoughts now?
———————————–
PL has been negligent in some respects. I agree that he, along with the board, have sought to ensure we have remained on a sound financial footing and have invested within our means. However not procuring the services of Steven Fletcher is an example where haggling over relatively minor amounts of money has cost the club dearly. We could have insured automatic qualification to the CL and denied Rangers of desperately needed income had we signed Steven Fletcher. We were given Willo Flood. How much was Willo’s sell on value compared to the money Fletcher has generated in transfers. How much did that cost Celtic?
I’ve read and I’ve read but I’ll never understand how shysters can deliberately choose a course of actions that bankrupts a company yet they remain unaccountable for the whole debt. It’s my anti-capitalist upbringing I suspect.
Rangers penalty points should simply be equated to the amount of money they default on, say a point for every £1 million, seems fair to me.
The amount of money Rangers failed to pay in tax [£75m plus according to the MBB}] would build the new Hospice in glasgow planned to be relocated to Bellahouston park and meet the running expenses for approximately 10 years or more thereafter.
As I sat through a recording of last nights angry mob outside Ibrox, a familiar thought came to mind.
I was reminded that this truly was the WATP brigade. A motley bunch of venom filled orcs with faces
distorted by rage, aimed at a guy they had triumphally paraded through the same door only 9 months
previous. It was as if their corrupt supremacist attitude which had been hard-wired into their psyche over
the last century, had been short circuited somewhere, as their decadent empire finally began to crumble
before their very eyes.
I honestly think that many huns still feel betrayed. They have been spoonfed and protected by compliant Governments,
Football Governing bodies and media alike. A feeling of indestructability was bred into them. It was ‘their’
country and they supported ‘the establishment’ club, Scotlands second largest institution. The huns’ arrogance,
ignorance and superiority complex was one thing but their sheer hatred was another. I’d say this came when an ‘Irish
lot’, just passing through, threatened their power and in fact managed to the one prize they craved. We know the rest.
Yesterday was the lowest point in their history, lower than Barcelona and Manchester. In fact when you reflect on the ammount
of times RFC have appeared on the National News for wrong reasons, its staggering. I catalogued their role of horror in previous posts
but just to say, they really have no comparison in Western Europe. All the while, we have been consistently dragged into the mire as
a ‘ones as bad as the other’ process. Id never say we are squeeky clean but standing next to them, we look positively snow white.
One of the main reasons our club and support act and behave far better is that we realise that the slightest misdemeanor is jumped on by the Laptop Loyal (part of the evening up process). We only have to recall the Dougiegate and Dallas affairs. In both instances we were victims and yet were looked upon by the SFA, Refs and Media as the troublemakers. The poppy demonstration was one controversy were
we were wide open to criticism, and boy did they hammer us. Today however, this pales into insignificance with events happening in Govan. Its the biggest story to hit Scottish Football, well apart from Lisbon 67.
The great irony in all this is the LL’s part in RFC’s downfall. The orcs spewing venom last night were told fairy tales by the suc.culent lamb boys,(and they have my sincere thanks for that) not knowing that the Big Hoose was falling down around them.
Celtic Football Club have always had a reputation which the huns envied. As of last night, RFC can add the word Fraud to its role of Shame. It sits well with Sectarianism, Apartheid, Racism, Cheating and Corruption.
‘We are a great Scottish institution with the best fans in the world’…..(Ally McCoist. SSN. 15-2-2012)
A desperate line from the manager of a club in desperation.
HH
hh
WWTP
Reply from M Curran.
Dear Mr Mc
Thank you for taking the time to contact me following the decision that has placed Rangers Football Club into administration.
Football is Scotland’s national game and for one of its biggest clubs to be in such difficulty has an impact right across our city and indeed, the rest of the country. Without doubt, there are serious questions to be asked about how Rangers have found themselves in this position in the first place.
However, I am absolutely clear that Rangers Football Club is not above the law and the HMRC has a duty to ensure that the club meet their tax obligations just like every other football club, business or individual.
I have called for the HMRC to ensure that they focus on the best outcome for both the club and taxpayer. The HMRC should consider all options to keep the club functioning, purely on the basis that the best way for the club to pay back all the money that they owe is probably through continuing to operate. We should keep in mind that there are a number of other clubs – including Dundee United and Hearts – that are also owed money, as are a number of other businesses based in Glasgow. If there is no income coming in to Rangers Football Club, it is less likely that the tax payer and other creditors will be able to reclaim all of their money back.
In the coming weeks, the corporate governance at Rangers Football Club will continue to be the focus of much debate. This crisis did not occur in the last year, but appears to have been the cumulative effect of poor management of the club’s finances over quite some time. These individuals responsible will have to account first and foremost to the fans of the club, many of whom will be deeply concerned about the dramatic developments in the last week.
Best wishes,
Margaret Curran MP
I take it that minty had a feast last night? Traynor and Young take the blame away from the ex-knight of the realm!! More lamb, James?
Oglach. If Peter lawell had concetrated a bit more in 1st matters instead of maintaining his large salary, then the tanks would have got both murray and rangers
Lack of foresight from our board 4 years ago now makes Murray once again look like some sort of guru
Ps saw rod Stewart in concert last night
He did mention ice cream a few times
St
BEYOND SCHADENFREUDE
Is everyone settled? Is the blog now stable?
Good lookin’ wimmin and Paul’s new articles – so many, so little time; to read/ahem…
18 years ago TODAY you, sir – dear reader and fellow Tim, were lost in a wilderness of pain.
Celtic were being piloted over the edge of the horizon to oblivion the lame Captain Kelly and his failship crew. The Huns were managing their peculiarily Hunnic emotional hybrid of merry and bitter at the same time.
We were pilloried, beaten, beyond even clutching at straws until the wee bloke in the bunnet hauled the scuttled vessel back
from the drop and chartered a course for new fantastical shores. We arrived there in Seville ’03, tasting the impossible via a
decade of recovery.
BUT, when we were on the canvas the despicable Huns mocked and spat and their straw man of a chairman even helped count us out, casting his immortal lines to the lapdog hordes of vacuous media trolls.
And here we are today. Every time I go round to the main doors of paradise, like Saturday just past, the strongest memories are of being stood in the steady drizzle of a Saturday afternoon sometime February ’94, mood as grim as the leaden skies while the Celts For Change staged a peaceful protest.
I’d like to think everyone there that day, and everyone else whose sentiments were with the desire for epoch-making renewal of Celtic is marvelling as I do at the fall of the evil empire across the city. The flagship for loyalist bigotry in this country has run aground, its pirated riches finally busting the hull and scattering the rats who gnawed it rotten running for cover.
Schadenfreude is too light a term for what I have experienced theses past two days. I am MARINATING in their misery. My face aches from the rictus smile which has afflicted me (I’m considering calling ‘Injury Lawyers For You’ and staking a claim agianst the Hun). A lifetime of questioning their mentality, their illogical will to power , their sheer HATE for anything not them – has come to fruition.
My television screen is full of glazed, wandering, blubbering (and blubbery – Dingwall) and defeated orcs. Nowhere to take their ‘famulies’ as Peter Stringfellow’s hun replicant choked into camera yesterday; remember – the family that hates together, mates together as generations of orcs prove…
My radio stations are full of plaintive orcs, both pundits and punters, indulging in pop-reverse psychology not out of place in Take a Break magazine or Loose Women; ergo apparently we NEED the huns or else, etc, etc; note the agressive manner in which many of these dire maxims are delivered – the classic Hun methodology of plea by intimidation. They have not the wit nor wherewithall – CERTAINLY not the humility – to engage in debate or even ask politely for mercy. That mythical ‘protestant superiority’ ideology still hanging its stink around their embattled psyches; it will, with luck, strangle the life from their broken body politic.
My streets are full of grim-set head-shaking Huns, beady eyes cast for smirking Tims to growl at; for today is the hour of Hun apocalypse, and they never mentioned anyone chortling around the wasteland of shattered dreams wearing big sh*t-eating grins a mile wide in the protestant reformation bible…
And so, we are in a land beyond Schadenfreude, where the dark side of the force is almost never more and definitely no longer a force no matter how their nightmare plays out.
To both ground all my fellow Tims AND reinforce this existential sense of awe you surely must share with me, I offer the following as both once-upon-a-time rueful fantasy AND current matter of FACT:
Today, right now there is a fantastical truth upon us; 18 years ago who would have believed that, under the bleak shadow of Hun domination, of Murray’s bile and the orcs vilification, the time they invented the derisory term ‘beggars’, that one day – THIS DAY – every single one of us – EVERY SINGLE ONE – no matter how ‘skint’ you are, no matter your employment status, no matter your age nor wealth nor poverty: Every single Tim walking this earth is INDIVIDUALLY richer than that great bloated carcas of a dinosaur that is Glasgow Rangers Fc.
The universe does do irony after all.
Sandman, class
Sandman, I was at Uni then straight to my job after to allow me to better myself than any MBB on that cold feb day but thanks to you and all else helping the hoops evolve to something I am so proud of
HH
BBC Scotland have still not updated the SPL table.
I have complained but no response.
googybhoy ♥ Celtic and Integrity says:
16 February, 2012 at 09:40
Table has been updated ages ago!
http://www.bbc.co.uk/sport/football/tables
I saw the bouncy castle outside Ayebroke yeserday and thought to myself it was a little premature.
Surely, the Gallows first?