I’m out most of today and anticipate any number of events, so here’s a synopsis to help keep the various balls in play to mind. Apologies for the enormous number of ‘ifs’ but there are so many imponderables:
It is still possible that the Green consortium will propose a CVA. If they do, creditors will vote on it in mid-June and Rangers will be included in the SPL fixtures for next season, which will be issued before a creditors’ vote. Green will need to come up with some cash to keep the CVA alive long enough to get to the creditor’s vote, this is likely to be his most immediate problem.
If he finds the money to last until mid-June and the CVA is accepted (it won’t be) Rangers will emerge from administration and take their place in the SPL next season.
If Green cannot find a backer to pay player wages and other costs until a CVA verdict is reached, Rangers will be liquidated this week.
Pop!
Once the decision has been taken not to pursue a CVA, whoever has control of the stadium can apply to the SPL to acquire the league share previously held by Rangers for entry into the league next season.
The SPL have asked Rangers to produce information relating to the alleged double contract issue in advance of the SPL general meeting tomorrow, hereafter known as Prima Facie Day. League and member clubs will officially know if Rangers have rigged the system for over a decade, or not, or if they have refused to comply with SPL instructions.
Right now there is at least a 50% chance that Duff and Phelps will not attend the meeting on Wednesday and ask the SPL to reconvene next week to give them more time to conduct an asset sale. Before the meeting, be it tomorrow or next week, Green, the Blue Knights, or an as-yet unnamed bidder, will make the best offer for the stadium and apply to the SPL to enter a Newco.
Neil Doncaster’s proposal will be discussed, as will any other suggested way forward and a vote will be taken.
While the alleged cheating may influence how some members vote, the disciplinary and Newco vote matters will take different paths. Any disciplinary action will go through due process (you know how litigious they are).
Celtic will vote against Newco. My best source reckons we are still outnumbered and that more lobbying is needed, but in all honesty, no one really knows how the vote will go. We’ll come back to the consequences of this point.
If the SPL vote against Newco the story is likely to go quiet for a number of months. At some point in the future someone is likely to apply to the Scottish Football League for a Newco, based at Ibrox, to enter the league. Alternatively, an existing SFL club may buy or rent Ibrox, change name and move there.
If the SPL vote to allow a Newco access to the league next season, it will be subject to sanctions already imposed on Rangers, like the ban on player registrations (assuming the entire project is not killed by the club being thrown out of football as a result of the Court of Session case). It will also be subject to any sanctions imposed due to the alleged cheating for over a decade.
Rangers currently have around 40 players registered. If the company goes into liquidation all players can leave as free agents. A Newco would be able to retain any players who didn’t want to leave, however, any player able to attract a competitive offer is likely to leave. TUPE laws require the new employer (Newco) to maintain pay and conditions of any staff transferring from Rangers who choose to join Newco.
If a Judicial Panel find Rangers subverted Scottish football for over a decade, any Newco awarded Rangers SPL share would be liable for Rangers punishment. This may well be expulsion from the SFA. There is no set timescale for such hearings although the SFA have a new and faster process.
To summarise the (known) unknowns:
Charles Green doesn’t know if creditors will accept a CVA and will need to pay to find out. He doesn’t know how the SPL will vote or what punishment a Judicial Panel would impose if Rangers are found to have cheated.
The SPL still don’t know if they will have an application to consider, and if they do, who it will come from. They also don’t know how a Judicial Panel will punish Rangers or a Newco.
The SFA know nothing, apart, perhaps, from what school their staff went to.
Craig Whyte, Charles Green and his investors, the Blue Knights, Rangers management, players, staff and fans don’t know if there will be any football team playing at Ibrox again.
None of them know the most intriguing question of all, what is the next thing to arrive from left field (unknown, unknowns)? No one believes the story is at an end.
So what about Celtic?
A future within Scotland is no longer tenable, no matter what happens. Rangers are a busted flush. They are either dead, fatally wounded or completely trashed. The SPL is, to put it mildly, flawed. We have outgrown the game here socially, morally and economically. Scottish football holds nothing for us apart from straightforward access to the Champions League. The possible vote and on-going inquiries will change nothing in this respect.
Celtic will have a future but it must be beyond Scotland. It’s time to find another league and move.
574 Comments- Pages:
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ASonOfDan on 29 May, 2012 at 14:16 said:
>>>
Hilarious! Streamin’ tears…..
: ))))))))))))))))))
Kayal33
As pointed out earlier, the court can say what it wants but the SFA are not obliged to accept the ruling and can just pump rangers in administration out the door.
The stupid huns forget they only still have a license due to good grace. No audited accounts, No membership!
Don’t know if I’m reading this right or not,
Does the CVA depend on Rangers still being in the SPL, playing in Europe and all penalties dropped??
Also, no football debt will be paid in full??
In other words, let us off with everything.
miki67
Aye, 21. is my favourite. :0)
Bada Bing
Sorry *This will not impress you* but,
The classic Juantorena ‘colemanballs’ you quoted gave rise to all ‘colemanballs’s’
But ironically it was actually uttered, by his colleague Ron Pickering.
Not a lot of people know that CSC
bournesouprecipe-You are right mate,Coleman got the blame of everything in those days,as did Murray Walker.
see what i did there.
If HMRC was to accept this ludicrous proposal, every business the in the country would be thinking:
“Hm, do I pay 100% of my tax now, or hang about for a year or so then pay a very small fraction of it?”
Whither Whyie’s floater in the CVA proposal?
BB
“I imagine the conditions in those cars today are totally unimaginable.”
Murray Walker
DBBIA
As Tom says Headingley itself has plenty of entertainment,its the big university area and there are some fine establishments particularly the Original Oak,if your looking for a bit of Celtica,jump in a Joe to the Harp in Sheepscar,home of wimthetimcsc which is next to Headingley,in the city centre itself there’s an abundance and I’m sure Tom will show you round,I might even pop into Leeds myself and share a few with you Bhoys when the time comes.
Burnley accept £7m Southampton bid for striker Jay Rodriguez
Hopefully this is the £7m they were using for Hooper – he must be staying! Would be good if Hoops is fit for the qualifiers, if I remember correctly he wasn’t signed for Braga first leg, scored in the second leg, was injured for both Utrecht games, injured for Sion first leg and played Sion second leg
HH
D&P’s Rangers CVA Proposal:
http://www.rangers.co.uk/staticFiles/c9/b3/0,,5~177097,00.pdf
Hail hail
The best bit of that CVA proposal is the bit where it says that the creditors don’t get anything until the EBT and the case against Our Hero (including any appeals) are settled.
So: “you’re getting nothing and you won’t get it for another ten years!”
Creditors wanted an offer they couldn’t refuse. Duff and Phelps gave them an offer they couldn’t understand.
@viewfromthejungle
ernie lynch,
It appears to have disappeared.
Either they are just ignoring it and Whyte will go to court, or Whyte has given it up. But then why would he give it up?
philvisreturns on 29 May, 2012 at 14:33 said:
>>>
That was in the days of Tony Benn and “…the white heat of technology” guff that so many were enamoured of. Times have changed.
And Fukushima isn’t finished yet. And THAT was nuclear power for peaceful reasons.
Your arguments are redundant as are your political beliefs and morals.
Get a grip.
Jesus Wept!! There your £8.5 million right away.
Administrators Duff & Phelps have accured operating charges and legal fees of over £5.5m and hold secure creditor status.
Glasgow club also owes football debts totalling £3,539,585.59 to 12 different clubs including Manchester City, Chelsea, Celtic, Dundee United, Orebro and Rapid Vienna.
Fees are also due the Scottish Premier League, the Scottish Football League and the SFA amounting to £3,7448
‘Southampton have ditched their interest in Celtic striker Gary Hooper’ – tomorrow’s stories from the Scottish media today.
ASonOfDan on 29 May, 2012 at 14:02 said:
>>>
That is good news.
HH!
Philvis, well if we’re BFFs with the ole US of Uncle Sam (the country with the largest number of nuclear weapons on the planet) why do we need Trident? Can we not just go running to them if we need to obliterate an entire country and keep our £2bn a year running costs (not to mention the initial upgrade costs and decommissioning costs when obsolete)?
We could then use that £2bn each year to, say, reduce the top rate of tax even further or even waste it on luxuries such as free healthcare or education.
Tombola
philvis
Mostly it’s the financial aspect of Trident that I take issue with especially with the state the world’s economics are currently in.
I don’t see it as an issue to batter any particular government, a succession of them have been culpable but only in my opinion obviously.
There are peope on the bru that vote tory
whats that all about
Dan
But that total is £9077033!!!!!!
bournesouprecipe – Creditors wanted an offer they couldn’t refuse. Duff and Phelps gave them an offer they couldn’t understand.
I love those guys. The quality of people involved with Rangers never ceases to astound my forehead. (thumbsup)
Half Time Tombola – Because we’re the United Kingdom, not the 51st state. Do you refuse to buy a car because your best friend owns one?
Besides, we need our own nukes because the French have them.
We already have “free” healthcare and education. According to the unions, the NHS is the envy of the world and our kids have never been smarter or better educated. So what would they do with more money? (thumbsup)
Lennon’n’mcmjallby -cheers for that, the WimtheTimCSC sounds the very ticket.
Quick thoughts on the CVA. I can’t tell who is having more of a laugh – Duff and Duffer or Mr Green!
http://scotslawthoughts.wordpress.com/2012/05/29/quick-thoughts-on-rangers-cva-proposal-have-we-heard-this-before-rangers-being-sold-for-1/
Douglas Fraser@BBCDouglsFraser
If #Rangers has its CVA approved on June 14, it’s on schedule to exit administration on July 12
has this been the plan all along!!!
greenjedi
I know, they do not even have enough to cover Duff&Duffer and football debt. Pretty sure they will be barred from Europe until all football debt is settled.
So we should sell them to rich arabs, recoup some of our losses
Daft & dafetrs CVA getting tore to shreds on RTC & CQN
then noticed this
.Company Secretary Gary Withey
I didnt know he was still Company Secretary.
Argument for the CVA being accepted and them saddled with debt, may be better than a New Club?
Charles Green knows full well that this is not an option and it’s a “shame” for the creditors.
hamiltontim – Well, if Keynes was right all that spending on nukes boosts the economy via the multiplier.
Exactly what we need in these straitened times. (thumbsup)
Sadly, the human race are not able or willing to trust each other sufficiently to live without nuclear weapons.
Imagine the global cost of maintaining, servicing and replacing these deterrants.
It adds up to a whole lot of money that could be spent solving most of the world’s problems.
All we really need to do is love each other the way God meant us to.
And our children and their children’s futures would be blessed.
ibleedgreenandwhite1 on 29 May, 2012 at 14:45 said:
‘D&P’s Rangers CVA Proposal:’
There’s an awful lot of TBCs in that proposal.
Though I see that Ibrox and Murray Park are valued at £109,613,870.
I can’t help feeling that £870 might make all the difference.
Re. the obsession of successive British PM’s with retaining Trident.
It’s all about penis envy ( Maggie Batshit included).
Simples!
greenjedi on 29 May, 2012 at 14:54 said:
>>>
Ah,but bein’ what & who they [allegedly] are,there’s always the wrapped bundles of notes in the wee shed out by the pool. (see The Sopranos)
; )
ASonofDan – D&P have agreed a deal (while in administration) where cash assets which should be available to creditors have been set aside for payment to the buyer. I can’t comment on the legality of this.
That is, the buyer offers a cash loan to pay off creditors, but in return demands an instant cash return on the loan from money which would otherwise be in the creditors pot. Exchanging cash for cash, makes no sense at all, unless it’s a poor attempt to make the creditor’s pot appear larger than it is.
philvisreturns on 29 May, 2012 at 14:58 said:
‘hamiltontim – Well, if Keynes was right all that spending on nukes boosts the economy via the multiplier.’
Permanent Arms Economy, anyone?