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.
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philvisreturns on 29 May, 2012 at 14:58 said:
>>>
outdated,outmoded,redundant keech….just like trident.
Sir Paul.
As you Know.. My Financial Advisor, is None other,
Than..
Dr. Zeztick.
So .. Ah Pit YOUR Suggestion, tae Him.
And He, said.
“It is an Excellent Idea.”
and Ah , Said..
“Ah, Agree.”
And He, Said…
” I am Glad that You Do.”
And Ah, said..
” So, How does Celtic go about the Implimentation?”
And He, said..
“Of What?”
And Ah said..
“Of Sir Paul’s Suggestion.”
And he said..
“Oh! That?”
And Ah ,said.
“Yes.. THAT!”
And He, said..
“Buy.. Carlisle United.”
And Ah .. said..
“Capital Idea!”
Kojo
Still, Laughin’.
Philbhoy – It’s just the beginning! – It would be unpardonable folly to deny our grandchildren the possibility of living in an awesome “Mad Max” type world. (thumbsup)
Kojo – buying Carlisle United is not acceptable.
It maks nae sense tae me, and it maks nae sense tae Mo.
There a point on scotslawthoughts.
What did happens at the creditors vote on 20th of April?
Duff&Duffer happy to have a bidder who values ibrox & Murray park at only £4.5 million. That mob should be jailed!
ernie lynch – You’d think people would be slightly embarrassed to bring up Marxian economic theories by now.
It worked out slightly less well than phrenology and Lysenkoism. (thumbsup)
Bit off topic but I need to let off a bit of steam:
Why do people who are stuffing fliers etc through your letter box- that you don’t want may I add- cut right across your window rather than use the paths/pavements normal people use? One of these b*****d’s has just upset the whole feng shui of my living room…the dog nearly ran through the fecking window…these bozo’s should be beaten to within an inch of their life by a very big stick…this chucklenut refused to look in my direction as I glared at him in a red faced rage…I contemplated chasing him down the road but thought better of it…slowly calming down- with all these slack-jawed lackey’s annoying us all with unwanted junk/old people suffering from door to door con-artists…why don’t we just ban them altogether from going to peoples doors?
Philvis
I think the huns employed Keynes version of economics.
Gotta go, meeting to attend.
Philbhoy
Amen to that!!!
aye and the capitalist point if equilibrium supply meets demand fairy tale ha ha ha ha ha
OK. I should be working, but instead I scan read the CVA proposal. When I stopped laughing I did some analysis and here are the results. The assumption is that the BTC will cost £55M in addition to the £55M of unsecured creditors already stated, but it looks like 8.95p in the £ if the FTT finds in favour of RFC(IA) and 4.50p in the £ if the FTT finds against. And I think I am being generous.
Call the vet.
Dear creditors of Rangers FC PLC (in administration),
Sorry for not being in touch for a while, things have been rather busy here. It’s tough work earning hundreds of pounds an hour, you know.
Now I know we have owed you money for ages now – but there is good news at last. We would now like to offer you some money, as that nice Mr Green has agreed to loan us a little. We thought he would just give it to us, but hey what can you do? He is the only one interested after all of the others walked away.
Anyway we are not sure yet exactly how much we can offer you. It’s complicated. And there are court cases and everything going on. But we might, maybe, have as much as £5M to split between you all, subject to lots and lots of conditions. And that’s after we get paid in full of course. Yes, that’s £5M split between absolutely everyone we owe money to.
Now I know this is vague,but really you should vote to accept it. If not you probably won’t get anything at all.
Looking forward to hearing from you.
Love,
Duff and Phelps
Ole Green gets the club for a quid, no debt, no incubator, no sanctions.
CirenBhoy @ 12:01,
”Ok here’s is my master plan for world domination:
1. A new UK Super league is formed say comprising of the top 20 teams in England.
2. The winner and runner up of the top league in England ( lets call it the Championship) gets promoted to the UK Super League.
3. The teams 3-6 in the Championship play off to get one winner
4. This playoff winner then plays a two leg playoff with the winner of the SPL. The winner then gets promoted to UK Super League.
5. The 3 bottom teams in the UK Super League get relegated back to their home league.
6. The SFA allocate european places based on the highest placed Scottish teams whether in SPL or UK Super League.”
The format is good and quite equitable and if you started from a blank page this could be a good way forward, also as some have mentioned it is not a UK wide league.
I posted a couple months ago on a reorganization of British Football but based on the existing FA models – any thoughts….
BTW: It was posted before Chelsea won the European Cup (and didn’t look likely too…
————————————————————————
There is a general lacklustre feel about English Premier Football at the moment, the ascendancy of La Liga, the traditional powers in Germany and Italy are resurgent, this doesn’t help. With EBTs, FFP amongst other things ready to hit this is a great time to start a British league run by the FA, the premier League (the FAPL) is sometimes incorrectly refer erred to as the English Premier League, and sometimes correctly referred to by the sponsor’s name.
STEP #1
It could start by the FAPL format remaining the same but changing it’s name to the Barclays’ PL 1
The Welsh teams playing in England, a few select Scottish clubs and the top teams in the Championship would combine to make the Barclays’ PL 2.
The FA would run the British National team leading to a competitive National team for top Scottish talent to play in.
STEP #2
There could be promotion and obviously it follows demotion, it may work like this…
From Barclays’ PL2 to Barclays’ PL1 it would remain the current English set-up (same a s Championship to Barclay’ PL) i.e. The two top teams promoted then the play-offs for the other place. Relegation would be slightly different, although it would remain the same for teams relegated from Barclays’ PL 1, teams relegated from Barclays’ PL2 would return to their original Home Countries Division.
I don’t think it should be the bottom English, Scottish & Welsh teams that are demoted per se, but the bottom teams to ensure a true meritocracy, to that end maybe more teams should get relegated, say the bottom six allowing for in-form clubs throughout Britain a chance to play at the top.
So basically an exciting reorganisation of Football in Britain, the FA will run British Football at the top level but the EFL, the SFL and the FAW would carry on.
————————————————————————-
My dear,dear,dear,friend.. Don’tBrak..etc
@ 15.03
Hiya,pally?
But..
Why No?
Kojo
yer pal.. who likes ye aloater
Still, Laughin
CVA proposal – really?
2.10 The Administrators believe that this CVA will, if approved:
2.10.1 Provide a better return to creditors than would otherwise be achieved on a sale of the business and assets of the Company or liquidation of the Company;
2.10.2 Ensure the continuation of Rangers Football Club in its current corporate entity providing the maximum opportunity to avoid additional football regulatory sanctions;
2.10.3 Allow an enhanced prospect of a successful application for a UEFA licence, which is required to compete in UEFA competitions (subject to satisfying the necessary UEFA regulations), thereby enhancing the business‘ value;
2.10.4 Permit the achievement of the primary statutory objective of the Administration in accordance with Paragraph 3 of Schedule B1 to the Act, being rescuing the Company as a going concern; and
2.10.5 Satisfy the strong preference of the supporters that the football club continues to trade within its current corporate entity.
I think there are somewhat dubious assertions in the above.
2.10.1 – Can’t see where it is stated how much the creditors will get in terms of p/£. But with a number of “TBC” in the creditors listing I don’t know how D&P can say conclusively one way or the other.
2.10.2 – This statement is of no interest to the creditors in determining whether to accept the CVA
2.10.3 – This statement is of no interest to the creditors in determining whether to accept the CVA
2.10.4 – This statement is of no interest to the creditors in determining whether to accept the CVA
2.10.5 – This statement is of no interest to the creditors in determining whether to accept the CVA
Peter Lawwell has just been on SSN.
I quote his response to the proposed CVA.
“Hahahahahahahaahahahahhahahahahahahahahhahahaha
hahahahhahahahahahhahahahahahahahahhaahhahahahaha”
Kojo -because it goes against the grain; if Celtic wish to apply to join the English leagues then fine, but not just to ‘disenfranchise’ a long established team with a loyal support, simply for geographic reasons.
MK Dons did this to AFC Wimbledon a few years ago, and they are very disliked by supporters of every other club as a result.
The idea of Celtic moving to England is going to be hard enough to be accepted without aggravating the locals unnecessarily.
kojo,
do you no know nothing
dbbia is leaders aff ay the carlisle casuals
Sevco 5088 is the full company name of Green’s bid vehicle
5088 = SOBB
how apt.
Gordon_J backing Neil Lennon
When you see the CVA proposal and then refer to Green’s brochure for investors it puts it all into context.
He is making out rangers are a world brand that is going to dominate football from China to Alaska bringing in hundreds of millions and what is he willing to commit to get his hands on this treasure trove?
A £1!!!
Oh! in the brochure he states rangers have a property portfolio valued at £113 Million, he has valued the property at £4.5 Million in his offer and Duff&Duffer have accepted this.
Stupid huns…
That SFA appeal decision not due right now? Anyone on the court steps?
Does it mention anywhere in the CVA proposal what the interest rate on Green’s £8.3m loan is? I should imagine the interest on that loan alone will likely more than cover the £200,001 (or is it £200,002?!) that it would effectively have cost him to buy der Hun (if the CVA were to be accepted). Can’t but admire the fella’s chutzpah!
heard an interesting one yesterday that, they will be doing a deal with the local rugby club, moving them to murray park and developing the existing rugby clubs grounds.
Might be a better price for murray park for the credtors, if the rugby club take this idea on and go after it themselves, after the liquidiser treatment and asstes broken up and auctioned.
David Healy signs for Fleetwood.
He’s found his level…
How can dumb and dumber value the properties at £5 million,
yet Green in his farepak rankers catalogue claims that its value
is over £100 million?
Lets just forget about the years of cheating, for the best…
Green
“This is where we wanted to get to and we have said consistently the CVA was our preferred route.
“From now on in, we lose control and it’s up to creditors to decide whether they feel the offer Duff and Phelps has made is appropriate.
“It’s definitely the right way for Rangers to try to move forward, even though creditors are going to take losses.
“That is disappointing but to save the club, and in terms of being able to do business with them in the future, I hope we will be able to repay their loyalty.
“We do believe in reciprocity and people who have supported Rangers in its difficult days will find we will support them when we come out of this difficult situation.
“Duff and Phelps have been liaising closely with creditors and if they believed there was no chance of this going through, it’s very unlikely they’d have sent this document out.
“We believe it is the best offer that is on the table for creditors and for shareholders and we would like everyone to consider that and the future benefits.
Green and his advisors have been working hard behind the scenes to pave the way for Gers to emerge out of administration before the 2012/13 campaign begins.
While obstacles remain, he added: “As each day passes, we see the clouds moving away and the dark days at Rangers are disappearing.
“There has to be a point where we draw a line under the Craig Whyte issues, the (Sir David) Murray issues and all the programmes we’ve seen about the club.
“There is so much negative energy dealing with those issues and I think the important thing now is to draw a line in the sand and start moving forward.
“There are many hurdles still to overcome so I don’t want fans to think we’ve played 90 minutes and we’re 5-0 up.
“We’re at 0-0 now whereas I think a few weeks ago, we were trailing 4-0 and there were only 10 minutes to play.
My dear,dear,dear,friend.. Philvis.
Hiya,palomine?
Good tae Greet ye..
Keynes, was Brilliant.
Na.. Ah am no talkin aboot his Financial Acumen..
He wiz Brilliant , because He said…..THIS..
“In the Long Run..Anyway…, We Will All be Dead.”
Brilliant.. Yep.. Stone Cold… Brilliant!
For What He said.. Encapsulates My Philosophy…
Brilliantly!
Yep.. Why Worry… Aboot Whit we dae, the Noo, Monetarily Speakin’..
and How That…will Affect
the Future.. and Burden oor Descendants wi’ Enormous
Monetary Difficulties???
Fur, we wull, Eventually..
Awe be Deid!
Right?
Kojo
yer pal..who likes ye mair and mairer.
Still , Laughin’
Hi All,
Famous cricket slip of the tongue.
“The bowler’s Holding, the batsman’s Willy”
True story.
Swiss
ihatecricketbutnotasmuchasbaseballCSC
Afternoon fellow Tims
Anyone fancy going to Philadelphia for the Celtic v Real Madrid game on Aug 11th?
This Irish Bhoy is well up for going but needs accomplices, be they Irish or Scottish or from wherever.
If interested, E Mail me at rocarrol@revenue.ie
Hail Hail
Roccobhoy
David Healy signs for Fleetwood.
Fleetwood Mac? Jings,I thought wee Stevie Nicks was off the coke.
Philvis
I would by a car if I needed one (without reference to my friend’s preferred mode of transport) and would choose one that was appropriate to my needs and financial situation.
The arguments for ‘needing’ Trident in terms of deterrent and economic benefit of bases etc. are far from convincing, they are not an appropriate deterrent to the security issues Britain faces and the money would be best spent elsewhere.
The French? They’ll be on the US watchlist now they have a Socialist president.
The NHS and education in this country definitely do have have their flaws – if only there was some way we could improve them by investing more money in them…….wherever could we get that from?
Tombola
Tombola
Rangers bidder Charles Green has offered a £8.5m loan to buy the crisis-hit club.
The administrators Duff and Phelps said that the proposed company voluntary arrangement (CVA) would result in £4.9m being made available to pay unsecured creditors.
According to the report released on Tuesday, administrators claim the alternative newco route for Rangers would result in creditors received around £950,000.
Mr Green’s Sevco consortium has agreed to pay the £8.5m loan to cover administration costs of around £3m, as well as all creditors, which will be repaid by the club by 2020.
The deal is secured against all of the club’s assets, including Ibrox stadium and Murray Park.
Hi all. Any news on wee Oscar today? I think he’s getting home 2 morro!!
Corrrection – I would BUY a car…
Tombola
Just been on Ryanair for on line booking and i see Asda has
an advert for “succulent and tender leg of lamb”,
take it minty has sold the private jet then :-)))))
Philvis Says:
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?
==============================================
It’s been a while since we have sparred Philvis, but today I am in the mood.
First of all as a Union man myself I am pretty sure the argument we are using is that we HAD not Have a health care system that is the envy of the world.
We have a government which has made public it’s intention to open it up to private providers and make it ‘attractive to private bidders’ – in other words we won’t have it for long if we don’t resist the changes.
It would be hard to argue against the claim that our children have never been better educated. My children are getting a better education than I did. They are in classes of 20, they have access to state of the art technology as do their teachers. BUT the cuts implemented of late are putting those advances under pressure. Class sizes are rising, buildings are not being maintained or repaired, teacher numbers are being cut. Support for special needs students is being diminished, and in fact the tory-libs are planning to make it harder for children with SEN to access help.
Of course the free 3rd level education that we used to be entitled to and which served many of the current government and quite possibly yourself so well has gone completely. This is ‘progress’?
NHS waiting lists are getting longer, frontline staff and services are being cut with proposals for more ‘rationalisation’ (that’s hospital closures, clinics being shut, services being removed in plain english) well under way. One example near where I am just now is the proposed closure of an A&E department which will see journey times for some people in the area to A&E increased from 45 minutes to an hour and 45 minutes (with a clear run). Maternity services are in much the same shape.
Mr cameron would I am sure like us all to have to take out private health insurance. As would you. Splendid idea at a time when most ordinary citizens are having their spending power reduced by pay cuts, job losses, increasing prices and so on. It will certainly reduce waiting times at the hospitals. It will however have a pretty adverse effect on our average life expectancy.
So what would they do with more money? I guess they’d reverse the damage being done to Health and Education. There are minimum standards expected in a ‘civilised society’ – free health and education of a high standard are among them.
Now if you’ll permit me I want to get back to laughing at Rangers.
Per page 43 of the proposal, as recently as 14 February 2012 D&P were content to attribute a book value of £113m (or £11m after fixed charge holders) to the fixed assets.
Is anyone aware of a link to the Green brochure in PDF format ?
HH