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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tart spreading the news, huns dying today
I want to be a part of it – tic Tock, tic Tock
These vagabond brogues, are are longing to stray
Right since the very start of it – tic Tock, tic Tock
I want them to wake up full of pity the Whyte sheep
And find I’m king of the hill – top of the heap
These little town blues, are melting away
I’ll make a brand new start of it – in old tic Tock
If i can make it there, I’ll make it anywhere
It’s up to you – tic Tock, tic Tock
tic Tock, tic Tock
And find I’m a number one, top of the list
King of the hill, A number one
I want them to wake up full of pity the Whyte sheep
These little town blues, are melting away
And I’m gonna make a brand new start of it – in old tic Tock
And if i can make it there, I’m gonna make it anywhere
It’s up to you – tic Tock tic Tock
tic Tock
tart=start but also sounds good
Wondering…
Since, as I understand it, Rangers had no bank credit facility but relied only on CW (aye right!) and regular receipts from some income streams (almost none) AND there was allegedly a £10m ‘black hole’ can anyone explain how Rangers can finance their commitments to run as a business on a day to day basis?
Does an administrator have access to credit while he maneuvers the expenditure/income ratios?
thehuddlehound at 15:19
You will hear many things both rumours from fans and “facts” from journalists. The first casualty of war is the truth.
On monday it was all the fault of the big tax case. Yesterday we found out it was nothing to do with that but a different tax avoidance.
Believe nothing unless from credited sites this Paul, Phil or RTC. These guys have been on the money for 2 years now. At that time the LL denied knowledge of a tax problem, it was then “not a big deal” and then “someone else will sort it”. They either know nothing, or know enough but unwilling to talk. Had they the guts to do so a couple of years ago, Rangers may have had a chance to sort out their problems. not now.
Mort
Hang the Rangers hang them high… so that I may see that “institution” die.
Does anyone know if there are any yak milk bars where my mate Craig can see the Rangers game
in Ulan Bator?
There will be so much hype over this from all regular media it will be impossible to sift through the scheisse, thank God for Paul 67, Phil Mac, Paul McC and RTC, unlike the orcs we have a network of reliable information…
SP
Blindlemonchitlin says:
15 February, 2012 at 15:33
Huns very popular ,over there.
Bhoys,thanks very much for US Vise replies.HH
Paul67 or anyone
Help me out here,
Folk are saying Rangers FC PLC (in administration) have no money and owe a few million here and there……. that’s why they are in administration ( I understand that), so where did the 24m from ticketus and the loan they got from the other ‘bank’ (think it was 5m-6m) go?
Can whyte just move this money out of Rangers FC PLC (in administration) bank account and into another account to be used, if Rangers FC PLC (in administration) come out of administration or form a newco?
neveralone – in my mind they have one option and one option only. Cancel season tickets and make a play for the bears to dig deep and pay twice to support the team. It is what happened at Motherwell.
There is no other way to get cash in to stage SPL matches. They need cash as if they had enough to last until the FTT result we wouldn’t be talking about this. Take it to the bank there are pennies left in the Huns account.
Has the huns local MSP, Nicola Sturgeon, made any public statement so far? I haven’t seen anything
For any Valentine romantics out there,sad news,James Morrison gig in Glasgow tonight has been cancelled.
THH @ 15.21
Stranger things have happened.
Was it 10 years ago that the IR owned half of the Carrow Road / Portman Road car park?
If we have Project Alien Ressurection in full swing then anything is possible.
However it will take a lot of money and political / financial influence to get it off the ground.
CW – On the run / in jail.
SDM – Now plain DM.
£20mill security bond – Would Wee Eck get SE to pony up the money?
£5mill / £10mill pa for 20 years to pay HMRC back?
What would happen if the Tartan Tories finally find a puddle for their two tiddlers?
Money owed to London or Edinburgh?
Perpetual slagging from the rest of the football world?
Please do not underestimate the efforts being put in to stop the TFOD collapsing.
Civil insurrection would only be the start if they go under.
More like a nervous breakdown on a national scale.
We live in very interesting times.
neveralone
This is my thinking. I don’t see how they can continue.
neveralone at 15:31
Does an administrator have access to credit while he maneuvers the expenditure/income ratios?
An administrator does have the power to take out a loan. Whether he will find a bank willing to lend is completely different. A loan secured against this seasons SPL TV money is a possibility but unlikely to raise anymore than £3m. How long will that last?
Cutting costs is the best thing he can do but as you say, without an income stream, even paying out minimal amounts could be difficult.
Mort
Thanks for the replies, lads and lassies. I thought it sounded a bit iffy
gerry – that would be called putting money out of the reach of creditors and it is what he was banned for before. However as Whyte owns the company there is nothing stopping him saying I am giving myself a £24m bonus for being such a top chap. He wasn’t paying PAYE anyway…..
It’s our wedding anniversary today.
23 years since me and The Shabby Chapeau got married.
I had planned a meal at a rather nice restaurant. You know the form: champagne, candles, canapes and so on.
Just spoke to her to let her know to be home sharp from work to get ready to go out.
She said…
… She’d rather stay in this evening and listen to the phone ins.
A fine romance.
Surely no political party would be stupid enough to be seen as supportive to Rangers in there current plight, Rangers are in the position they find themselves because they did not pay taxes due to HMRC which as I understand it is a criminal act ? every political party relies on taxation to run the country and if tax was not paid the country would grind to a halt.So to be seen supporting Rangers in anyway would surely be seen to aid and abet tax fraud.H.H.
For those suggesting a deal is being done for HMRC to obtain Ibrox Park then for your info the deal has been done financially and the stumbling block is the naming rights
HMRC would like to call it the Inland Revenue Arena but Rangers officials do not want it to be known as IRA Park
Has anybody here seen my old friend Craigy?
Can you tell me where he’s gone?
You know he’s screwed a lot of people
but it seems the huns are stung
Can anybody tell me where he’s gone?
thehuddlehound says:
15 February, 2012 at 15:19
Any truth to something I heard from a Rangers fan that Rangers FC PLC (in administration) have been offered a deal from HMRC? Give HMRC ownership of Ibrox Stadium and they’ll call the big bill quits.
Anyone heard anything similar?
=================
Yep, they’re going for naming rights on the stadium, it will be called the <B<Inland Revenue Arena
was the James Morrison gig scheduled for Ibrox !?
My dear,dear,dear,friend.. Southbhoy
Pal. Ah appreciate yer kind Remarks..
On the Broonie.. Situation..may Ah bring ye up tae Speed..
Ah hiv.. by Ma Ain Admission.. which, means.. That…Ah Paid fur it, awe By Ma Sel!… informed, awe and sundry..
That..
Ah hiv fairly recently , Propounded….
That..
Ah, now, look with Unexpected, but.. nevertheless… Expectant Hope..
That Broonie, has, Finally.. After awe these Years..
FOUR , tae be Nearly.. Exact!
Finally, crossed the Rubicon…
and is Oan his Way..
Tae Being Worthy o’ being considered for Membership o’ Kojo’s Doon Toon Marching Band !
Yep..
He is Nearly there, let me mak masel Perfectly clear,oan that
….as
He has Still ONE mair, Acceptable Performance tae Gie Us.. afore
Ah wull completely Induct him intae that August Body o’ Fair Haired Bhoys..
Yep,
Three Ootstanding and Acceptable Performances… in a Row..is the Criterion,before
A total.. Wan Hundred an Eighty Degree shift…In Kojo’s Opinion, of any
Player. wull tak place..
So Far..
Broonie, has Turned in TWO.. of those…in A Row..
Guid Fur Him..
Ah wull watch His Next Performance for us.. with A Gimlet and Critical Eye.
or..
a Critical and Gimlet Wan.. whichever, taks ma Fancy.
Nice chattin’, pally.
Kojo
yer pal..who likes ye aloater..
and who is still
Laughin’
RL
i can`t imagine most of the memebers of the ICF have any dealings with HMRC
not unless benefits are now subject to tax
It must be a great feeling of satisfaction to the players today. Out on the training ground kicking a ball around knowing that in a month or so they will be champions.
They also know that they have a cup final to look forward to and also a good chance at the Scottish cup.
The person who is in my thoughts today though is Neil Lennon. After all he went through last year. His personal life must have been uncomfortable to say the least and the press who made things even tougher with the ‘He brings it on himself’ lies. Neil had a real clear the air moment earlier in the season (training ground) and showed great character and bravery to bounce back from 3-0 down at Killie when it looked doomed.
Neil Lennon is now on the cusp of being a Champion as a manager and the cheats, liars, conspirators & bomb makers couldn’t put the man down or break his spirit.
Let’s ensure his moment isn’t taken from him.
Neil Lennon deserves this moment more than any other manager in our proud history. Nobody has had to endure worse treatment in this country.
God Bless NL
LB
gerry at 15:37
Folk are saying Rangers FC PLC (in administration) have no money and owe a few million here and there……. that’s why they are in administration ( I understand that), so where did the 24m from ticketus and the loan they got from the other ‘bank’ (think it was 5m-6m) go?
Plain and simple. It went on running costs, mostly players wages (but not tax). With no overdraft facility they needed cash to pay for stuff. it has now run out, hence administration.
Mort
TBB -many, many congrats to your goodselves.
Gordon J She was on the news last night saying she was concerned about the loss of jobs apperantly 230 people work at Ibrokes and I think she said she would hold talks with the administrators about job losses.H.H.
The marchin’ band came down along Main Street
The soldier-blues fell in behind
I looked across and there I saw Billy
Waiting to go and join the line
And with her head upon his shoulder
His young and lovely fiancee
From where I stood, I saw she was cryin’
And through her tears I heard her say
“Billy, don’t be a hero, don’t be a fool with your life”
“Billy, don’t be a hero, come back and make me your wife”
And as he started to go she said “Billy, keep your head lo-o-ow”
“Billy, don’t be a hero, come back to me”
The soldier-blues were trapped on a hillside
The battle raging all around
The sergeant cried “We’ve got to hang on, boys”
“We got to hold this piece a’ground”
“I need a volunteer to ride up”
“And bring us back some extra men”
And Billy’s hand was up in a moment
Forgettin’ all the words she said
She said
“Billy, don’t be a hero, don’t be a fool with your life”
“Billy, don’t be a hero, come back and make me your wife”
And as he started to go she said “Billy, keep your head lo-o-ow”
“Billy, don’t be a hero, come back to me”
I heard his fiancee got a letter
That told how Billy died that day
The letter said that he was a hero
She should be proud he died that way
I heard she threw that letter away
RogueLeader 15 February, 2012 at 15:38
gerry – that would be called putting money out of the reach of creditors and it is what he was banned for before. However as Whyte owns the company there is nothing stopping him saying I am giving myself a £24m bonus for being such a top chap.
Nothing apart from accusations of wrongful trading, but if the police don’t want to get involved then why not!
tonybhoy says:
15 February, 2012 at 15:39
For those suggesting a deal is being done for HMRC to obtain Ibrox Park then for your info the deal has been done financially and the stumbling block is the naming rights
HMRC would like to call it the Inland Revenue Arena but Rangers officials do not want it to be known as IRA Park
————————–
PMSL although i hear the name change is PROVISIONAL
Class:
http://www.youtube.com/watch?v=RnjzOpdc1x0&feature=youtu.be
TBB – congratulations and all that!
Apologies if the link to the Rangers Pay Your Taxes e-petition has already been posted.
http://epetitions.direct.gov.uk/petitions/21438
Hospitals before hate ! Sign up and pass this on .
Awe_Naw_No_Annoni_Oan_Anaw_Noo says:
15 February, 2012 at 15:44
Gee, thanks. I had forgotten that song and would have been very happy if it had stayed forgotten…
My grand daughter, five, received a very large stuffed dog yesterday.
She wants to call it Valentine.
Instead we have named it HECTOR
‘GG