In the event of Rangers facing financial Armageddon after the resumption of their HMRC tax hearing a quick – very quick – recovery scenario is available to them. At any point during next month’s hearing they may consider their position is no longer tenable and, unable to meet the tax bill, a new company could be formed which attempts a prepack administration.
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. Without Rangers, the league would have to invalidate all this season’s results involving the club, one team would be without a game each weekend for the rest of the season, current TV contracts and sponsorship deals could be jeopardised, while future contracts would be worth a fraction of their current values.
Every team in the league would have to downsize and some would have to win fresh support from their bankers, which may or may not be forthcoming.
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 take the obligatory 10 point punishment for going into administration and adopt the place of Rangers FC, complete their fixtures and allow every other team in the league to fulfil commercial obligations.
If these events took place before Christmas, Rangers Newco FC could be debt-free and signing players in January to enhance their league challenge.
To force the deal through, Rangers Newco FC would require 10 of the remaining 11 SPL clubs to vote in their favour. If any two 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.
Any natural sympathies towards Rangers aside (which will not exist in all places), money talks and, apart from Celtic, this league is neck-deep in debt. Celtic might be in a position to survive Rangers failing but it would cost our club tens of millions.
Crucially, if the other SPL clubs back Rangers Newco FC, they create a template for a snap recovery from their own troubles. Instead of repaying your debts, simply get yourself into a safe league position, ditch the company, prepack and start again with a clean sheet.
This would create a clear incentive to stiff creditors. While the banks will get wise and not offer unsecured facilities in future, HMRC and small traders are likely to become perennial fall guys. Why would any mid-table team pay millions in tax, rates and policing bills, when they have a sporting incentive to ditch creditors without punitive penalty, freeing income streams to buy football bling in the next transfer window?
This would make a mockery of the Uefa predident Michele Platini’s Financial Fair Play initiative and make our league the poster-boy for Financial Doping.
Scottish football will be mortally wounded if it were to parachute a club straight into the upper echelons of the game while establishing a blueprint for the abandonment of creditors.
It is incumbent on all who care about the game, in Scotland and throughout the world, that we insist Scottish Premier League clubs do not allow a prepack company to phoenix into the shoes of a dead football club.
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, and from those clubs who would avoid relegation if Rangers failed, must insist their club votes against any prepack company parachuting into the league.
The SFA executive must use whatever influence it can to prevent the name of Scottish football being brought into disrepute. Politicians, who either have, or aspire to have, tax raising responsibilities, must register their abhorrence that a self-serving oligopoly should attempt to vote themselves an escape from paying tax.
Fifa and Uefa must explain to the Scottish FA that the days of shady financial deals in football are gone.
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.
Rangers-HMRC tax hearing resumes next month, when there is also a two week international break. The most important element of making a prepack offer succeed is to offer a fait accompli: ‘Here is a solution, you have no time and you have no alternative’.
Should Rangers go into administration, I believe this is a very, likely scenario. If you are a supporter of Celtic or any other club, make your views known.
Read issue 3 of CQN Magazine free online here or buy a print version at Magcloud.
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Paul67
Struggling to understand how all this works.
CW is in for £18mill to pay of the bank borrowings.
He has taken over as the beneficiary of the charge held against the assets.
The club will have quite a lot of cash in the coffers at the moment from the season ticket sales – some paid outright, some staged – plus there are a number of players on the books who could fetch big money in Jan 2012.
If the TFOD go into administration he is first in the queue because of the chage he holds against the assets to the tune of approximately £18mill.
You have to ask what cash the administrator could chisel out of the business as either a going concern or in some form of piecemeal sell off?
The players in Jan would generate £20mill for the top 6 or maybe 8?
AMcG
LW
ME
SD
SN
NJ
With SW, LMcC, KB, NA and SP available to make up the numbers?
Apologies to any of the hammer throwers that I may have missed.
The administrator can cut their wages to get them out the door.
Consequently I think that it will take more than £4mill to get the club.
Looking more like £14mill to me.
You have to ask what cadre of players you could get for £5K per week in Jan?
Given the state of the SPL there would be no shortage of candidates with short contracts and low price tags.
The administrator would have a number of levers –
He would be selling a large, ready made stadium.
He would be selling 10-12 home games.
He would be selling the good will of the SC organisers.
He would be selling a deluded, partially house trained but large fan base.
He would be selling a history of dignity, brown brogues and goat appreciation.
He would be selling the goodwill of the SFA, the MIB and ludges everywhere.
Looking at the way things are shaping up –
He guts the squad to get CW’s stake money – £18mill.
He halves the wage bill and brings in journeymen who pray towards Govan.
He sells tickets on a game by game basis.
He brings in £2mill per month till the end of the season.
He covers his costs going forward and provides a foundation for next season.
Consequently how much are the TFOD worth on that basis?
Player wages down to £10mill pa and no debt or HMRC hassle.
Get all that sorted and I think we would be looking at £20mill+.
However I fear HMRC would be spitting tacks and looking to get the situation reviewed.
From here it would look like a naked ploy to stiff the taxman.
Not my area of expertise so I defer to others if they have chapter and verse on this.
philvisreturns
I am not sure if you have just arrived back on the Starship Enterprise, but here on Planet Earth the free market does exactly that through the form of the Limited Company, the PLC and the Corporation. In the USA they have even gone as far as deeming the Corporation as a “person” bestowing upon them the same rights as human beings, but as the Occupy Wall Street protesters have pointed out, they haven’t executed one. Yet.
Paul67: “Whatever part of my club is dependent on Rangers I am willing to lose.”
Exactly, Paul. And if that includes our board, so be it.
If Celtic were to be party to such fraud, I would imagine a catastrophic drop in season ticket renewals next summer.
And how much would regular European football be worth to Hearts, Aberdeen, Motherwell, Dundee United, etc?
The fact is that Rangers are in this position because they have CHEATED for more than a decade.
How would Barack Obama react if he was told the KKK had gone bust?
I’ve got champagne on ice.
Never mind all the hun stuff.
I put my date of birth into that Beeb website and it came out as –
2,502,956,906.
:0(
Surprised to read that Jan Vennegoor of Hesselink is only 32 – i thought he was a lot older. You are right – we could do worse than take a look at him. He was struggling badly with injuries by the time he left us though.
This debate would be less painful for us if we had a decent side, capable of defeating them on the park capable of winning the league,
Important as the Huns situation is its less important than fixing our team.
Enjoyable as the second half was yesterday we must not forget the poor first half.
Fix the Celtic team and then worry about the Huns manoeuvres IN THAT ORDER.
We must not let them win the league existing Co or New Co
Paul,
I appreciate that we probably should oppose. I probably agree, but as I’ve said many times before, I’m not too fussed about the blood lust of being an Old Firm fan – I could live in a world without Rangers or the SPL as long as Celtic are healthy. However, the other side of that coin is that I can’t see how our league works minus Rangers and if our league doesn’t work how can Celtic stay healthy. I doubt we will create any major obstacles, assuming those events are forced upon us… perhaps we should be pre-emptive.
Meanwhile, I’m almost astonished to read comments saying that this would be the end for them as Celtic fans, or at least end their days attending or spending money on the club. This has no more to do with Celtic than it does to do with any other club. There are broad principles at stake, sure, but Celtic don’t make the rules. I just don’t understand why we tie ourselves to Rangers at every turn – if any of the top 6 clubs in Scotland were in this position Celtic would be expected to do what is best for the long term future of the league they are members of. How could it be any other way? We’re kidding ourselves if we think the long term future of a Scottish league doesn’t involve protecting our larger clubs, whoever they are, and protecting the contracts that now underpin each of the clubs.
This is one of those things that we have to do. I think we have to make the best of it, and that might involve public chastisement and some new improved outcomes for Celtic, but we will not put Rangers to the wall if we have nowhere else to go.
I only care about Celtic and all the drama and fun aside, I can’t see how we can look to the future if our league collapses around us. Make no mistake if Rangers are gutted and left to work their way back up the leagues Celtic will be close to the floor too. Our league will be destroyed.
Why would we want that?
PFayr: you could be my brother, in some ways we are.
merseycelt dumps sadsally:
“egalitarian do-gooders”? I don’t care whether they are or are not… I do care if they bring shame on those who pay their wages and don’t kid you… Despot Dermot is the clubs biggest shareholder, no more no less, he is a man of affluence but that in itself makes him not a single iota richer in the morals and ethics department than the man or women, who occupies any given seat in the stadium and who struggles every week to be at every game they can. On reflection, those who struggle the most are way above Desmond Dermot in the Celtic Supporting credentials than he is and he knows it, as does every office holder at Parkhead.
They can do what they want in their best interests but it my prerogative whether I endorse and supplement their best interests with my hard earned, neither you, they, nor anybody else can force me to do otherwise.
I ultimate very simply, you want to deal with the devil, don’t expect my support. Is that so hard to get your nut around?
Nobody is calling for a new Celtic, what I am calling for is a civil but unequivocal end to the auld firm and the guilt by association and for us to continue free from bigoted shackles.
merseycelt dumps sadsally – You’re (wrongly) crediting capitalism for the advances made by humankind as a natural consequence of evolution.
Forgive me if I sound a little condescending here, my friend in Celtic, but I do find it tiresome at times trying to explain very simple and basic economic concepts to people who are blatantly ignorant of the subject and – worse – refuse to learn.
There is no poverty like ignorance. However, I hate poverty and shall continue to spread the light of knowledge, reason, and understanding in my own small way.
So to answer your first question, no I am doing nothing of the sort. Evolution and the biological survival of the fittest has got flip all to do with markets. We didn’t invent computers and mobile telephones and digital watches and whatnot because we are genetically predisposed to do so.
We did so because of incentives created by human co-operation via something we call the market. We’ve tried all sorts of forms of social organisation over the centuries and found that peaceful co-operation via markets is the least worst.
Your inability or unwillingness to grasp this fact does not render the fact itself incorrect, nor do the bizarre non sequiturs you trot out below, including:
Or are you a creationist like many of the free marketeers in the capital of capitalism?
What the talking, tapdancing, jobby does that have to do with anything?
Fact: Of the 9 candidates currently competing for the position as leader of the republican party, only one said he believed in science (when asked)?
What the Craig Whyte’s bulging eyeballs are you on about?
(thumbsup)
There is that word ‘FACT’ again, I hope he doesn’t think Pol Pot was a good guy too.
Ibrox may have a paltry value as it’s limited to either being a football stadium, or flattened. The same is not true of the Auchenhowie training complex.
As I’ve stated before Milne/Cala homes are in need to a sports complex. Even as a commercial football complex plus gym it might be viable. It’s a decent catchment area with the closest complex being over the hills at Clydebank.
Points to bear in mind.
1. Wavetower picked up the debt from Lloyds circa £18m
2. Wavetower will have added interest charges, management fees, arrangement fees, acquisition costs etc
3. This could bring the Wavetower debt to around £35m.
4. MBB will take the club in full setllement of this debt.
5. At these figures an Administrator would be hard pushed (bearing in mind his remit is to see the business survive) to decline such an offer.
6. HMRC and everyone else gets hee haw.
Are we going to stand by and let this happen ?
LET THE PUNISHMENT FIT THE CRIME
I think finally having a non rigged competition on and off the park will save our game. It’s been dying for years because of exactly that.
The costs would diminish and commercial sponsors could return.
HH
Bontybhoy
If you have been reading back since Paul67 posted the latest article you will have noted that very few facts are in fact being discussed about the potential post hun era.
We are all supposing, guessing, imagining, got a feeling, assuming, hoping etc.
We really don’t know what impact and how severe that impact would be on the surviving honest SPL clubs.
Me, I hope they crash and burn.
And I hope it’s soon.
Bring on the consequences!
C’MON THE CELTS!!!!!!!!
A less ambitious/more likely prepack scenario:
– December 2011 – Rangers appoint administrator
– January 2011 – Rangers NewCo buy Ibrox and take over youth team contracts from Rangers
– January 2011 – Rangers sell 1st team players on open market and make remainder redundant
– January to February 2011 – Rangers sell Murray Park (not sure if they even own this)
– February 2011 – Rangers liquidated
– February to May 2011 – SPL continues minus Rangers
– May to July 2011 – Rangers NewCo apply for place in SPL and build new 1st team squad on open market based on their available funds
What is apparent in the above scenario is that either the newly promoted side or the team relegated in the current season must vote to give up their place in the SPL to let Rangers NewCo. Not going to happen. So there is at least 1 vote in the “against” column.
Paul67 – I am not an accountant – my knowledge is limited
However this situation has been around a while – I believe Southampton and one or two other clubs were deducted points and allowed to carry on
My fear is not that they will be allowed to carry on – they will be – evry effort by every non Celtic individual will see to that
My fear is that they get a 10 point deduction, they carry on and then have the cash to invest in players in January (and they will invest) and heaven forbid THEY go on and win the league
Celtic must succeed on on our own merits – not because they have fu–ed up
67ECW
If Ranger NewCo appears, does that mean a new logo?
Instead of ‘Ready’, would it be ‘Sneaky’?
There is of course an alternative……
We cut a deal with Eufa, SFA, and Epl.
Rangers remain defunct, we move to the EPL.
This would leave everybody happy.
We get to play in a league that is of a standard(not the best, perhaps second, in the world)
that a club the size of Celtic deserves.
We get to play in a league that referees decisions are not based on the perceived religious beliefs of the Fan base.
Scottish football gains by having a league where in all the remaining teams will start the season with a genuine chance of winning silverware each year, thereby improving the fan base of each club.
But most of all the whole world gains by ridding itself of the most sectarian, racist, evil football club that the rest of us ever had the misfortune to be in the same stadium as.
If the SPL & SFA allow Rangers to carry on in the SPL under those circumstances their will be a huge fallout from it.
Every club can run up debts and to hell with the consequences.
The Police, stewarding companies, catering companies, utility companies etc would rightly demand cash in advance for any services. Celtic could cope, nobody else could.
Celtic Mac – I am not sure if you have just arrived back on the Starship Enterprise, but here on Planet Earth the free market does exactly that through the form of the Limited Company, the PLC and the Corporation. In the USA they have even gone as far as deeming the Corporation as a “person” bestowing upon them the same rights as human beings, but as the Occupy Wall Street protesters have pointed out, they haven’t executed one. Yet.
How clever of you to have discovered the concept of corporate personhood.
Hurr hurr hurr.
I can see you also need me to hit you up with some knowledge:
1) The limited company as a legal person exists in the UK, and most countries, as it does in the US
2) This is not some massive conspiracy to defraud people, it’s simply a means of organising business activities that would be less convenient and therefore more expensive and difficult if every business was forced to operate as a partnership
3) Occupy Wall Street is a farce enacted by deluded young hipsters who have suddenly found out that their arts degrees from second-rate State universities don’t qualify them to waltz straight into a $70,000 a year job. It is a parade of inadequacy and confusion. They can’t even get the one point you quote right, i.e.:
4) “They haven’t executed one yet” – the US deliberately destroys businesses every day. Companies are “executed” for failing to pay taxes or obey laws all the time. (thumbsup)
67ECW
They have been allowed to cheat. Celtic chose not too. I don’t see that as a Celtic problem.
HH
Paul
Magnificent article which, as I said last night needed to happen, establishes this website as one of, if not, the leading voices against the madness which is about to descend on the Scottish game.
The route you’ve outlined is precisely the one Whyte intends to take, it’s known to Celtic that this is the case – as evidenced by Lawwell’s statement at the AGM about Scottish football dying – and it is incumbent on all of us that we take whatever steps we can, whether this is through lobbying the club or other clubs, or the media, whatever we can do, to prevent it.
The work should not wait until this does happen. It should begin now. And in some ways it has.
If anyone has not filled in Moonbeams survey, do it now please. More than that, distribute it far and wide to every football you know who supports a club in Scotland. Make sure they fill it in. Their voices are more important than ours in this regard.
Does anyone know Andy Muirhead at Scotzine? I think his website, which reaches out to fans all over the nation, needs to be next to run with a major story on this possibility, and start the canvassing of opinions for and against it.
Above all else, our OWN club needs to be pressured. Let other fans worry about moving the direction of their own side. I can’t believe Aberdeen fans are in favour of this kind of thing, or Dundee Utd, or Hibs. I find it hard to believe any club facing the prospect of relegation really wants to bet the house on it when there is an alternative open to them. We have to worry about Celtic, that we do NOTHING to help them.
No-one came to our aid but Fergus. Remember that above all. No-one cared.
Watch out for every trick in the book. Intimidation of other clubs by the militant wing of the hun support will be part of the agenda, of course, and there will be much, much more pressure in the media than we’ve ever seen, or might ever see again.
And one last thing … make sure people realise there ARE alternatives to allowing this. Rangers FC CAN survive this without going bust. It would require them to sell the first team squad and the stadium to be sold on a lease-back basis … there ARE ways it can be done which allow sporting integrity and the repayment of debts.
Do not let ANYONE convince you different. it would hamper them, perhaps cripple them as a footballing force, for years, maybe a decade or more, but it would mean the creditors get every penny and life goes on as before for all but them.
Nothing, no moment, in our clubs history has EVER been more important, with so much at stake, as this one.
Awe_Naw_No_Annoni_Oan_Anaw_Noo says:
I totally agree, this could be the best thing to happen to Scottish football in years, and get away from the madness of one club trying to “buy” everything.
PricewaterhouseCoopers just picked up over £400 million trying to tidy up Leham Brothers mess and none of the creditors have received a dime. Not even the wee fresh water man. They reckon it’ll take another 10 years and a few more millions to PwC to sort it out!!
So this could drag on and on and on. Maybe its best if thems drop down to the SFL 3rd division for a few years.
MWD’s suggestion earlier that it would good for Scottish football to have Rangers newco in the 3rd division as this would provide additional funds to every almost every team outwith the SPL has merits but if this were to happen, I would also propose that at the same time, Celtic apply to have a reserve or U19 team also compete in the 3rd division with promotion available up to the 1st division.
This would not only help with our players development as they will be getting regular football but will also bring some more additional finance to those other clubs while serving to meet the need of those who want “Glasgow Derbies”.
Mort
mwd.
survey done. Thanks again for the advice a couple of weeks ago re posting from previous threads. By george i think i`ve got it.—-at last. Someone somewhere has got a load of my posts i practiced on because they certainly never appeared where they should have.
hh lbb
67 European Cup Winners says:
27 October, 2011 at 14:56
Those other clubs you mention did not undergo pre-pack administration to become new companies, they underwent cost-cutting etc but essentially stayed as they were.
I’m flabbergasted by some of this stuff. I hope Rangers go off into oblivion and we can just concentrate on the football. Celtic need Rangers? Rangers need Celtci? Nonsense
Forgetting all the admin stuff, just supposing R**gers were just a rotten team and were relegated from the Premier league? Would the league do something? Would Celtic vote in a change say in League numbers which would cause them to stay? I think and hope not
lubo1977 says:
27 October, 2011 at 14:39
Imatim and so is Neil Lennon
My gut instinct is that Whyte is a useful idiot / front man for someone in the background who will pick the huns up on the cheap after he takes them into admin. Suspect it might be Dodgy Dave King rather than Dodgy Dave Murray, though.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
2010 Never Again
You very well may be right.
I wasn’t definitely saying it was Murray. What I was suggesting was Murray has played his part in the deal. A big part. And so has Lloyds.
Remembering King has been strangely quiet over all of this and he already owns a significant number of shares at Rangers (or his mother does) so you would think he too is in on the scam somewhere along the line.
There’s a story here. A big one!
Re voting for ragers newco.
If our board are thinking of a yes vote then I will personally hand back my season ticket , let them know the reason why and where they can shove it .
If we need them in any way in 2011 then we should really just put the lights out and shut the doors .
hail hail
Dave King owns less than 10%, given that he is under house arrest and has had his passport taken from him due to a massive Tax fraud, struggling to see what he can do ?
You know that when even the ‘board apologists’ are stating that this could be the end for them, that it’s crucial for the club to really take note of the fans’ opinions. The hit on our and the other clubs incomes by such a drop in attendance could be dramatic.
If the SPL clubs come to a vote on admitting Newco Rangers into the SPL, it seems as though Newco Rangers will already have succeeded in obtaining membership of the SFA. According to the SPL Rules:
A2.5 The Membership Criteria are:-.
A2.5.1 A Club participating in the League must be a member of the SFA.
But then they go and spoil it all by saying:
A2.7 The Board may in its absolute discretion waive, relax or grant a period of grace in respect of any Club’s or Candidate Club’s requirement to comply with any part of the Membership Criteria and/or Rules A2.6 and H6.1.
Which seems to suggest that it is not a requirement that a club must be a member of the SFA…
Should it come to a vote though, there are a couple of ‘wild cards’ amongst the SPL forum.
Firstly, and obviously, Romanov. The chap is totally unpredictable. He is on record with rant after rant about ‘Scottish Football Mafia’ and all sorts. Does he have any attachment to Rangers beyond the mere commercial? Let’s face it, he’s not George Peat. Or Campbell Ogilvie. Or Gordon Smith. or….
Next up is Celtic. The Board have consistently demonstrated that when it comes to the financial welfare of the club, nothing takes priority. Is there a positive financial angle that Celtic can benefit from? Certainly it’s unlikely that we would be chased hard for the Championship by the other clubs in the SPL, notwithstanding the current season’s performances, which gives predictable access to Europe. Is there perhaps a stronger argument for the reorganisation of European domestic football, away from National boundaries to European Regions? In any event, the Board I’m sure will take note of supporter and shareholder views on the matter….
Then we must consider the position of a number of the other clubs, those who fear or are in danger of being relegated this season. Right now, only 4 points separate the bottom 7 clubs, Aberdeen, Dundee Utd and Hibernian amongst them. Relegation for one of these clubs is assured this season, with all of its corollary consequences, unless… they vote against admitting Newco Arraignedgers.
That single vote will keep them safe from the drop this year, perhaps allowing them to make changes in their own financing at the same time.
Then there is the vote itself, which will be managed within the rules as follows:
37 A Qualified Resolution (90%), shall be required for the passing of a resolution in respect of the following Reserved Matters:-
(i) the expulsion of a Club from the League ;
(ii) the passing of a resolution to wind-up the Company or to approve the presentation by the Company and/or its Directors to the Court of a Petition to wind-up the Company;
(iii) any alteration to the authorised or issued share capital of the Company (other than as a result of the transfer of any share in the Company made in accordance with these Articles and/or the Rules); and,
(iv) any alteration, variation or modification of these Articles or Section C of the Rules and/or any other part of the Rules the alteration, variation or modification of which would have the effect of altering, varying or modifying a provision or provisions in Section C of the Rules and/or of these Articles and/or or the adoption of a new, substitute or different Section C of the Rules and/or of these Articles;
Because the Transfer of a share in the SPL, in the circumstances Rangers might find themselves, requires a Qualified Resolution, it would require 10 (ten) of the 11 clubs to vote in favour (more than 90%)
But there is an intriguing question: Would Old Rangers be permitted to vote? Until they are wound up and dissolved or relegated or otherwise expelled from the SPL, the Old Rangers are technically still a member, and might very well be entitled to a vote in the matter. As it turns out, it’s a moot point because it would still take 10 of the other clubs to support the motion.
Then there is this:
14. If:-
(i) a Member shall cease to be entitled to hold a Share; or
(ii) a trustee in sequestration, manager, receiver or administrative receiver shall be appointed in respect of a Member or any property of a Member, or an administration order shall be made in respect of a Member or any property of a Member or an order shall be made or an effective resolution passed for the winding up of a Member otherwise than for the purpose of reconstruction or amalgamation;
then that Member or its manager, receiver, administrative receiver, administrator or liquidator or any other person entitled to the Share shall, on receiving notice in writing from the Board following the Company in General Meeting passing a Qualified Resolution that such notice should be issued by the Board and confirming the identity of the proposed transferee, transfer its Share to such other person as the Board shall direct at the price of £1 and the Club owned and operated by such Member shall forthwith cease to be a member of the League and the Club owned and operated by the transferee shall become a member of the League in its place.
In short, what this seems to say is that 90% of the members can instruct an Adminstrator or Receiver of a member club to transfer that club’s share to a new member, which in this case might be new Rangers, or might be a team promoted from the SFL.
It also seems to say that this might not apply if the Adminstrator is appointed for the purpose of reconstructing the member club part (ii).
So Newco Rangers will need to have SFA membership before the SPL can accept them as members. Or Not.
And Newco Rangers will need 10 out of the 11 remaining clubs to vote to invite them back in. Or not.
Clear as mud eh!
Philbhoy,
I could live with that. I mean it would be fun, and I can think of a few faces I’d like to see on that day… however, I really can only think of Celtic when it get’s right down to it and I worry for our future. I’ve seen it written a few times – for every retrograde step they’ve taken we’ve taken one too. Like you say the details are muddled, but as a broad observation this is undeniably the case.
I always like to keep my broad goals simple. I want Celtic back at the very top of the game. It’s that story that I fell in love with, and the players and coaches and characters that created our history that inspire my affection for Celtic. Honestly Rangers are just a player in the Celtic Story for me, not an integral part of it (in so far as we have a rival, need a rival, and it’s them). The league structure is integral to our chances of reaching our goal – a return to the top. I dread the future if things carry on this way. I don’t care about Rangers, I care about Celtic, which means we must be careful that we don’t let the banter get out of hand. Demand fairness, demand change, but don’t cut off our nose to spite our face.
I guess we’ll see. As a said earlier, though, some of these characters are a positive menace to Scottish football, and in Whytes case society. I’ll be delighted if a charlatan like Whyte has his business ’empire’ exposed as a fraud and the man is never allowed to run a business again. Football aside, people lives and savings are ruined by people like him.
fergus slayed the blues
Relax man, relax!
Paul67
he could always take us to court for the £18m or we could just go into administartion with newconewco the company that owes him.
play
Awe_Naw_No_Annoni_Oan_Anaw_Noo says:
27 October, 2011 at 15:01
I dont see it as a Celtic problem either – I want them to suffer in hell – BUT – I dont want us to stop making progress because we think they are done for
We must look after our own interests – I am enjoying the side show and hope they get hammered at every turn
But we are not exactley putting them under pressure
67ECW
kitalba
I agree with you except to say that this is not a battle of minds as DD effectively owns Celtic (we cant vote him out). In what ways does he not?
So, except through (ultimately futile) protest (that will punsh the club and, by extension, the supporters) what can we do?
Can I refer to my earlier post?
How do you replace Celtic in your life? You cant!
philvis
Again, human evolution led to the development of markets as common purpose led to empathy. Hence, why we care for each other.
Uncaring free market capitalism fed the unfettered, uncontrolled pursuit of greed that led to the bankruptcy of the (banking) markets that have caused the current crisis. This means that me and the millions of other poor saps who toil away each day to earn a meagre crust have had to bail out the ‘free’ market through increased taxes, wage cuts and poorer pensions in order to maintain the staus quo for the 1%.
You don’t get the link between candidates for the republican leadership and denial of science. I’ll explain: the next potential leader of the free world is one or a combo of ignorant, regressive or a liar. Whichever way you look at it not a good advert for the free market.
Now get back to the jokes and stop trying to belittle me. You’re bigger than that!
HH