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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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. Three months later they’re worth less than £5m…?
D R headlines.
GREENS 4M BONUS. This guys no mug ill give him that!!
SSN V CQN,who breaks the rankers result first,
i know who my money is on
What happened to Craig Whyte’s charge?
Has it been ignored?
South of Tunis-Sky reporting Italian Prime Minister suggesting all football be suspended pending match fixing scandal.
““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. ”
Same linesmen as usual then…
HH
Italian Premier Mario Monti has suggested that football in the country should be suspended for two to three years after another match-fixing scandal. On Tuesday Monti said he thinks it would be a good idea if Italian football was stopped for “two to three years” although he adds that “it is not a proposal by the government but a question I am asking.”
SUMDAE MENTION FLEETWOOD??
http://www.youtube.com/watch?v=8scHKFwr0og
Surely Rosshallbhoy will be on duty at the Court steps,as he will be dragging his heels til transfer window opens.
Miki67
Philvis is beyond reproach. His opinions might be different from many on here,but he doesn’t deserve insults like that.
He’s a Tory-voting git who stands by his beliefs,but he makes me laugh.
Frustrates the life out of me,mind……..
traditionalist88 15:43
lol!
Jude, Wee Oscar on plane at this minute heading back to Belfast.
You should get on twitter and follow him!
SffS
C. Green
” we were 4-0 down with 10 minutes to go and now it’s 0-0!?!?!?”
Didnae take the new guy long to learn how results work for thems
From Green:
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.”
================================================
Ok, lets follow the logic.
I am contacting the History channel. It’s time to draw a line under all those events that happened many years ago. The negative publicity that Hitler has been receiving must end. It is holding Germany back from being the economic powerhouse of europe.
And as for the endless shows about the titanic – it sunk. we must not refer to it again.
we must learn no lessons from the past.
Move on, nothing to see here. let me get on with the latest charade. History is meaningless.
Levenson inquiry? We need to move on.
Violence in Syria? draw a line under it. the bad publicity is damaging the economy.
shall I go on???????????????????????
Neil canamalar Lennon hunskelper extrordinaire on 29 May, 2012 at 15:33 said:
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.
…………………………………………………………………
I live not too far away from Murray Park and West of Scotland Rugby Club which is closeby it. I honestly can’t see this proposal taking place. It’s difficult enough for crowds to get into West’s ground from busy Strathblane Road but for a Rugby crowd to get into Murray Park off Auchenhowie Road would cause great difficulty. West also have a social club in their grounds. I don’t know if there would be room in Murray Park’s grounds for such a development.
What would Green develop West’s ground for – housing? There would be two chances of that, slim and none and slim rode out of town 5 minutes ago. There is already a housing development just along the road that is being bitterly contested and the very active local residents associations have benn battling with Tesco and Planning regarding a proposed redevelopment of the current Tesco store and grounds.
I don’t see this happening but you never know.
Jude, just had another tweet. Oscar delayed at airport!
SffS
Fixed Charge Holders:
The Rangers FC Group Limited TBC
Close Leasing Limited (1,560,000)
The Scottish Sports Council (505,000)
There’s Whyte’s fixed charge – TBC. (Confirmed as in a future court case?)
South of Tunis quick question do you know what the weather is like in Sardinia for this weekend. Heading over for three days this weekend.
Thanks
HH
Neil canamalar Lennon hunskelper extrordinaire on 29 May, 2012 at 15:33 said:
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.
==============
I heard something very similar a few months ago. Wouldn’t surprise me if Green sees a killing in this after they liquidate. The creditors wont get a look in.
SuperSutton on 29 May, 2012 at 15:17 said:
>>>
Aye….my thoughts exactly!
HH!
traditionalist88 on 29 May, 2012 at 15:43 said:
““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. ”
=====================================
Surely that should read:
‘We were 4-0 up with 90 minutes gone against 8 men. In the EBT era we’d have lost that game 3-0’
Are we sure Healy has signed for Fleetwood? After leaving Driftwood FC?
“@Fourth_Official: Hearing the Rangers transfer embargo stands #rfc” @fritzagrandold @Pmacgiollabhain
More chance of seeing some decent football if a rugby team starts playing there.
ernie lynch on 29 May, 2012 at 15:01 said:
Permanent Arms Economy, anyone?
It’s already here Ernie. The UK is the fifth biggest arms exporter in the planet. We hardly make anything else. Recently the New York Subway system enquired about an upgrade of their subway cars in whole network. Its preferred option was a US company. There were none. Instead they had to settle for Bombardier. And yet the US makes up nearly half the economic activity of the worlds arms industry. It purchased more than the other top nine nations together. We are being pressurised to move closer to the American model: the military-industrial complex will become the main economic driver of our economy. In fact even with the massive contraction in our manufacturing base BAE Systems is the world largest arms producer. As the Romans realised “War is Profit”- you have the manufacturing of war and the spoils of war, ie access to Iraqi oil fields/building/private security contracts etc. The arms industry makes up just under 3% of the global GDP. This is down from the high in 1990 of 4%. There is great incentive- just like the Roman system of perpetual war- to initiate conflict, particularly if the risks/damages are comparatively low. War will always be here as long as it yields such vast gains for self-interested arms corporations where profit is the bottom line. If you want your kids to make real hard cash get them into the arms industry or the drugs trade: the illegal drugs trade is bigger than the oil/gas industry combined. the global money system is so propped up and dependent upon crime proceeds that any major international crack down on organised crime could destabilise the whole system. In fact insiders within the banking fraternity are in agreement that over-regulation of laundered drug money circulating in rogue banks- particularly those based in the “neutral” Swiss states- would result in a complete collapse in the global banking system.
If embargo stands then Green will do walking away. His whole plan was bringing in players they owned and sell them on for a huge profit.
Huns to take their case to Judge Judy
Huns lose court case – transfer ban stays
14th of June a busy day for skint clubs…
Kettering Town’s George Rolls says he is confident that creditors will accept a company voluntary arrangement (CVA) at a meeting on 14 June.
So if the CVA is not excepted. Green gets the stadium etc for 5.5 million the creditors share that.
BTC goes against them they would still be hit with that bill is that correct.
Did green not state his deal with CW only stood if a CVA was passed.
The Spirit of Arthur Lee 15:51
lol!
Right offski for a bit.
Rangers: Pay your bills or go away.
Mr Green: Keep the comedy gold coming.
Duff and Duffer: You too.
Huns decision upheld.
Tough luck…
lennon’s passion
Duff&Duffer confirmed the shares would only transfer on a successful CVA
Goldie/Gordon_j,
please be right,mon the judge
The Spirit of Arthur Lee on 29 May, 2012 at 15:51 said:
Huns to take their case to Judge Judy
======================================
I’m hearing it’s Jeremy Kyle. More white underclass.
Gordon_J backing Neil Lennon,
the table you quoted from is from the 14 February position (p43). There is a more up to date list of the current position re. Secured Creditors on p45, I think. And the key bit in relation to Craig “Green and” Whyte’s floating charge in respect of The Rangers FC Group Limited is the footnote:
“1 The Joint Administrators understand that, in respect of this security: (1) Group has confirmed that no debt is secured; and (2) Group has agreed to release the security concurrently with the approval of this Proposal.”
That would seem to suggest that his floating charge is now out of the equation, at least if a CVA is agreed.
Steinreignedsupreme on 29 May, 2012 at 15:33 said:
David Healy signs for Fleetwood.
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Fleetwood Paints? Everyone has their niche in life.