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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Mort – Re that stockpile of non-fashionable shoes you mentioned earlier. I’m pretty sure The Battered Bunnet would be interested in taking them off your hands.
Blindlemonchitlin at 15.33
seriously?! I knew a Craig in Ulan Bataar in September and he was a St Mirren fan (with a rangers top funnily enough!)
The Irish bar possibly (yes, there is one!)
I can ask folk if this isn’t just a pun on Mongolia and HVns.
Neither the Scottish Government nor the UK Government will actively intervene in the legal process re. Administration/Liquidation.
Sure, politicians from all parties will mumble on in front of microphones about “saving ordinary people’s jobs”, “doing all we can to save a Scottish institution”, etc. but this is nothing more than bluster. They won’t get involved.
It’s the footballing authorities who will have to be watched.
Given the growing criticism of him by the previously ‘succulent lamb and fine wines’ brigade, will Sir Minty be stripped of his title?
RogueLeader says:
15 February, 2012 at 15:46
Class:
http://www.youtube.com/watch?v=RnjzOpdc1x0&feature=youtu.be
————————————-
It’s okay, but my lyrics would’ve been better:
http://www.celticquicknews.co.uk/?p=7646&cpage=3#comment-1269539
LiviBhoy says:
15 February, 2012 at 15:42
I posted a week or so ago that Fergus & Neil must be the ones to jointly raise the league flag. Fergus is now second only to Brother Walfrid in what he did as a custodian of our club. Neil has on a personal note took more than any manager ever in world football had to contend with & won. 2 living Celtic legends. P.S. Wish Tommy was here
Rangers WILL end up in liquidation.
however im not so sure it would be my preferable outcome.
far better to remain alive but handicapped by paying back their debts for the next decade.
a newco,a newstart might be embarrasing but could see them challenging in our poxy league very quickly .
the doors WILL be opened for them to start afresh under the banner of commercial common sense.
dont be foolish to believe otherwise….rangers will be helped every inch of the way .
what do i think?
IF league title wins are stripped along with knighthoods and prison sentances for corrupt directors ..added to that full debt being paid off .i would support rangers being given another chance.
bottom of Div3, at LEAST !
The Pantaloon Duck says:
15 February, 2012 at 15:48
LMFAO
Yep I agree .. it is a real garbage song but I always think of them when I hear it Mmhhhh… I wonder why
HAil Hail
Blindlemonchitlin,
Just re read your post.
You are at the spoff and I am of insufficent brainage to spot it.
HAil! HAil!
Officials from Duff and Phelps spoke to Scottish sports minister Shona Robison a day after being appointed by the club.
The group had already held discussions with Strathclyde Police on Tuesday to ensure the club’s SPL home clash with Kilmarnock would go ahead after the force expressed concern over payments.
Joint administrators Paul Clark and David Whitehouse were appointed after Her Majesty’s Revenue and Customs forced the issue in the Court of Session in a bid to secure payment of £9million in PAYE and VAT, accrued since Craig Whyte took control of the club in May last year.
Robison said: “In a telephone conversation this morning with the administrator, I explained that we want to see an outcome in the best interests of Rangers staff, supporters and the game of football in Scotland as a whole, whilst enabling the club to meet its obligations.
“A key concern for us is the future of those employed by the club and the potential economic impact of administration.
“The Government stands ready to offer assistance to anyone affected by implications for jobs and we will stay in contact with the administrator throughout the process to ensure we are informed of any developments.”
Duff and Phelps are expected to issue a statement this afternoon.
Dick Byrne at 15:50
He can have them at cost but don’t tell hector.
Mort
At the end of this farcical soap opera, there is one thing for sure. There will be a story to be told. Fans of the old rangers will be asking “what happened?” But, the problem that I see is
Who is going to tell them what happened?
Who is going to give them the real accounts?
Who is going to accurately recall the time lines?
Who is going to point the finger?
Who is going to apportion blame
Everyone in this country who has access to a PC and hasPro- Celtic Leanings has been kept up to date with the soap opera going ons with astonishing regularity and even more astonishing accuracy. Darren King only last week accused the timternet of having “a lucky punt” here and there. Oh dear, it lucks like Phil and RTC are still getting it lucky
Last night large swathes of folks were astounded of forehead to learn that the huns hadn’t paid vat and income tax for months. Timternetters knew better and we knew it months ago.
So it seems that when the book is to be wrote about the huns “troubles” it will need to be a Celtic Man who writes it, for the rest of them don’t know or wont accept the truth.
Ironically rangers fans didnt “know all about their troubles”
McNair is the greatest says:
15 February, 2012 at 15:51
LiviBhoy says:
You got in one.
LiviBhoy says:
15 February, 2012 at 15:42
Couldnt agree more, For all they done to Neil Lennon they deserve everything, karma Is alive. My only concern though Is that there going through the 5 stages and when they get to anger, Neil Lennon and anyone associated with our club will have to watch out, we’ve seen how nasty and vicious they are all our lives so this could be something even more evil. They’ll start blaming us eventually. On a nicer note, someone says on RTC that Phil Mac has tweeted there Is also dodgy dealings being investigated In transfers before the EBT scheme, he mentioned Thern and Trevor Stevens, If there was one club I feel would go down the bung or dodgy transfer route then there it. Any one heard anything???
RogueLeader says:
15 February, 2012 at 15:46
Class:
http://www.youtube.com/watch?v=RnjzOpdc1x0&feature=youtu.be
==========================
Class right enough!
It’s hard keeping up with the log these days.
Haven’t seen Estadio posting recently (might just have missed it) Is he on his travels?
Unfortunately
15 February 2012 Last updated at 14:38
Jobs lost as Glasgow construction firm folds
A total of 175 staff have been laid off following the collapse of a Glasgow construction company.
Provisional liquidators KPMG announced the job losses at Donaghy Limited, which folded after suffering severe cash flow problems.
A total of 10 staff have been kept on to help safeguard the company’s assets, which include plant and hire equipment.
KPMG are working with Donaghy customers so remaining contracts can be completed or transferred to third parties.
Donaghy was established in 1999 and worked on construction and civil engineering contracts, primarily for the housebuilding sector.
At its peak, the business operated with an annual turnover of around £18m.
‘Strong reputation’
Blair Nimmo, from KPMG, said: “Despite Donaghy’s strong reputation in the Scottish construction sector, the business has unfortunately experienced an extremely challenging trading period in recent months and throughout last year, largely due to the well-publicised downturn in the construction sector.
“The business was experiencing declining margins as tenders became increasingly competitive, ultimately leading to severe cashflow pressures.”
Mr Nimmo added: “Regrettably, we had no option but to close the business and to make most of the employees redundant. We will now be working with the relevant government authorities to ensure staff can claim outstanding sums due to them.”
I expect the SNP to step in.
p
neveralone says:
15 February, 2012 at 15:31
With Whyte potentially having the dissappeared £50m we can’t rule out him drip feeding them just enough to keep them going as long as suits his purposes. I can see the point of spending money now to make it to the transfer window and realise the player assets. If the money can’t come from from Whyte I would imagine the administrator could take on more debt now to reduce it in the long run. They are bound by very strict rules and any action might have to be justified in court.
I hear that Scottish referees have threatened to boycott this weekends fixtures unless they get an assurance from R@ngers that they will be getting paid.
Anyone heard anything about todays Development game with Huddersfield?
for those who missed it
http://rangerstv.tv/viewfree.php?it=10189&c=archive&r=236678734985
Anyone remember Shona Robison or indeed any SNP politician campaigning for the saving of jobs when D2 Jeans went into administration recently. 200 employees dismissed immediatly following their administration.
Mort
Awe_Naw_No_Annoni_Oan_Anaw_Noo says:
15 February, 2012 at 15:54
“Duff and Phelps are expected to issue a statement this afternoon.”
My bottle of Schadenfreude 2012 is chilling in anticipation.
…and it’s not even as if TBB’s Jimmy Choos were the highlight of the ole Quiz.
That honour has to go to the meeting of ole Dick Byrne [highest chart position #81] , and Andrew Castle, highest WTP rating #80].
Gerry @ 15.37
Number of things don’t add up.
Why three big pay deals in July / Aug?
Surely these were not a cover to increase the PAYE tax syphon – just saying like?
CW mentioned that the TFOD had running costs of £3.5mill per month.
Given the hollowing out of the playing squad since 2009/10 this seems high to me.
The wage bill has been attacked with a hatchet and they weren’t paying out any CL / EuL / SLC / SC bonuses.
No work done to the stadium, high earners off the field sacked or chased?
What would be the cost of the £18mill used to sort out the bank?
Any thoughts on the interest rate that could be charged to the ootball club – 12% / 18%?
Looking at £180K / £270K being taken out the football club per month into CW’s takeover vehicle?
Any thoughts on management fees – £250K per month?
CW needed £18mill to sort out the bank – quickly – 1 / 3 months grace.
CW does the provy cheque financing thing with Ticketus.
Looking like £24mill in / £9.5mill – £11mill out pa for 3 years.
First payment is £9.5mill in June / July 2011 which he does not meet.
Ticketus get £3mill and a 4 year deal.
Ticketus must the ultimate beneficiaries of the floating charge.
They are too big to be in on a scam, surely?
As always any better info?
JaseBhoy
just the warm-up photo
but haven’t heard any scores yet
http://ow.ly/i/sFco
TopCorner
Cheers mate keep us posted if you hear anything! The team looked particularly strong!
Instead of “simply the bust” on Saturday???
http://m.youtube.com/#/watch?desktop_uri=%2Fwatch%3Fv%3DYFood_bTOX4&v=YFood_bTOX4&gl=GB
re Donaghy
would do better in hunland of their name was Ferguson, Williamson, Findlayson or Knox
bad news tho !
Rogue Leader Jock Stein’s Celtic & Mort – thanks.
Mort: “A loan secured against this seasons SPL TV money is a possibility”
Taking that thought – does the TV money go to the SPL first for onward distribution to clubs? If so would they be obliged to hand it over? If Rangers owe ICT;Dunfermline;Killie etc (who now expect Rangers IA NOT to pay them) why would the SPL send good money after bad. Or at least could they negotiate with administrator on an “you pay these clubs & we’ll send you the TV cash?
Leo sent me through a wee note just then to thank me for my unwavering support to all that is Leo and has said he would like to make a wee contribution to CQN on such an important week in history.
So, he has revisited his greatest ever hit and amended it ever so slightly.
Awe Naw – Leo also send his regards to you.
——————————————————————————————————————–
Minty
although you chose this cheating life it seems it’s strangling ME now
all those timaloys with big cigars, theyr’e all laughing at us now
Oh I’ve been used, sooooo used
Taken for a fool, oh what a fool
You broke all the rules, ooooh yeah
Now they won’t let the show go on
Minty
there’s an enormous crowd of people
and theyr’e all after my blood
I think they might tear down the walls of this theatre
and drag me out, oh drag me oooouuut
Oh I’ve been caught, oh yeah
Hiding cash, hiding hiding so much cash
Now I really must daaash – muuuust dash
Cos they won’t let this show go oooon.
Minty
I wish you’d help me escape
and help me get away
leave me outside an address
far away from this masquerade
Ive been so used, so used
cos youve broke all the rules, broken broken all the rules
Now everyones screwed, so screwed
And they wont let this show go on.
SSN: Strathclyde Police confirm that Saturday’s Ranjurz game will go ahead, Ally seen greetin’ intae his chips!
JaseBhoy
heard latest on Paul George ?
not seen him around for while
will drop Gregor a line and ask
foto shows Callum and maybe wee Rabiu
but is blurry so cant see for sure who else is their
couldnt see Dylan – thought i would as he is one
of the smallest, altho best !
i see we drew St Mirren for the SFA semi in March
– as good as a bye to the final –
they were dire recently
wish we’d done better in the nextgen
Twists
Has Leo been allowed out ?
Hail HAil
Joint administrators Paul Clark and David Whitehouse have issued a statement:
Mr Clark said, “We received a telephone call this afternoon from a Mr Guardiola asking if John Fleck was still a Rangers player. After a little difficulty when we tried to explain that he was on loan to a club called Blackpool, we managed to satisfy him that Fleck is still indeed a Rangers player. We have therefore entered into negotiations with Barcelona FC to sell Fleck at a yet to be agreed price. But I should make it clear that we have told Mr Guardiola that we could not accept less that one hundred million pounds for the club’s primary asset. Unfortunately we were cut off at that point, telephone lines from Spain being rather temperamental. I did try to call Mr Guardliola back but he was by then in a meeting. I’m sure he will return my call shortly and we can resume negotiations.”
just checked that nextgen
man !
Barca 0 Ajax 3 !!! in the quarters
amazing !
semis now…
inter v marseille
liverpool v ajax
By Tom English
THE ramifications of Rangers’ entry into administration will be felt far beyond the marble staircase inside Ibrox. While those most immediately at threat are the players and employees of the club, there is likely to be a price paid by many others within Scottish football.
Hearts, currently struggling to manage their own severe cash flow problems, will have major concerns over the outstanding balance due to them from the sale of Scotland international Lee Wallace to Rangers at the start of this season.
Of the £1.5 million fee agreed for Wallace, it is believed that Rangers paid an initial sum of £700,000 up front. Subsequent instalments of £500,000 and £300,000 are due to be paid in July this year and July 2013 respectively.
Hearts are now among a number of creditors who face an anxious wait to find out if they will receive any of the money owed to them by the Scottish champions.
Dundee United are another club monitoring the situation at Ibrox closely. They are due around £100,000 as their share of proceeds from the recent William Hill Scottish Cup tie against Rangers in Govan, won 2-0 by the Tannadice men in front of a crowd of just over 17,000. It is understood that United were due to receive their payment today but now may never see a penny of it.
Rangers also control ticket sales to their own supporters for away matches, with the money subsequently passed on to the host club. Dunfermline Athletic are due such a payment, in the region of £80,000, from last Saturday’s SPL match between the clubs at East End Park.
Clubs outwith Scotland are also be affected by Rangers’ crisis. Among them are Italian side Palermo and French outfit St Etienne, who sold defenders Dorin Goian and Carlos Bocanegra for £800,000 and £400,000 respectively to Rangers last summer.
Swedish club GAIS contend they are due a compensation payment of £240,000 for Mervan Celik, who joined Rangers last month. They too could be left short-changed by events at Ibrox. The SFA were unavailable for comment.
The loss of Kyle Bartley is also a possibility for Rangers but will be no great loss. The defender is on a season-long loan from Arsenal but that could be cut short by the English Premier League club if Rangers are no longer able to meet their financial part of the deal.
neveralone at 16:07
Taking that thought – does the TV money go to the SPL first for onward distribution to clubs? If so would they be obliged to hand it over? If Rangers owe ICT;Dunfermline;Killie etc (who now expect Rangers IA NOT to pay them) why would the SPL send good money after bad. Or at least could they negotiate with administrator on an “you pay these clubs & we’ll send you the TV cash?
Usually yes the money is given to the clubs. For Gretna, they got an advance which had to be used to pay players.
Portsmouth in England were also given an advance, it was given to administrators who had to pay football creditors from it.
A clever lender would know that football creditors have to be paid first and so using this as leverage would be very unlikely.
Mort