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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reilly1926,
I was told the info was dated, my initial thought was kennedy making sale shark plans.
But like TheOriginalSadiesBhoy said the locals might no be havin a new development spoiling their view.
one never knows though
ASonOfDan on 29 May, 2012 at 15:53 said:
Cheers mate but they can sell the stadium etc but Whytie will still own the shares.
From a poster on KDS;
“How is Souness able to receive £30k from a trust that allegedly started in 2001?
Did he not leave Rangers in 1991?
mighty tim —–
Sardinia ? weather forecast . ?.
I live in south east Sicily .
Suggest —–
You Google —– weather forecast —- where you will be — when you will be there …
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 29 May, 2012 at 15:44 said:
>>>>
Ohhhh. I don’t think I insult Philvis…just his belief system,and I don’t deny him his absolute right to hold it. And I believe he enjoys the back and forth banter…it also gives me an excuse to let off some steam.
Philvis is a Tim,after all is said and done,and last time I looked we were an inclusive lot. There’s even room for old unreconstructed Trotskyites like me.
But I do offer my sincere apologies if you feel I went over the top.
Humns have lost the court case, SFA breathe sigh of relief as they don’t have to expel the huns for taking them to court in contravention of UEFA rules, and passes the buck to someone else to take the responsibility for killing them off
RobertTressell on 29 May, 2012 at 15:54 said:
>>>
Y’know? I widnae bee surprised if that was true!
: )))
Can’t wait for Sally’s reaction to losing the appeal. Next stop European Courts for abusing hun human rights.
brucecassavetes on 29 May, 2012 at 15:57 said:
From a poster on KDS;
“How is Souness able to receive £30k from a trust that allegedly started in 2001?
Did he not leave Rangers in 1991?
————————————————————————————————-
He received it 10 years after leaving, 2001?
Har de feckin har har!
RobertTressell on 29 May, 2012 at 15:54 said:
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.
============================
But who will take the lie detector test !!
Is it official as cannot find any announcements about it.
Not sure if I have this right but the CVA amounts to next to nada for the creditors and could be even less if and when the BTC hits? Sounds like a deal, lol Now just for the purposes of humour Let’s just say the CVA goes through? As far as Whyte is concerned he’ll still hold the keys to Ibrox and Murray Park so will be entitled to rent. However we all know a CVA has no chance which means Liquidation and £5.5 mill in his hip pocket.
Whatever picture the mainstream media want to paint of Whyte the club was finished long before he turned up. £5.5 mil from a stinking rotting corpse is some going. Well done to him, I wonder if he’ll leave enough to put a head stone up.
Ron Bacardi on 29 May, 2012 at 15:59 said:
>>>
“Previously on 24…….”
Ta furra nooz!
HH!
PoliticalCeltictweet @edwardrice1
RFC(IA) have announced Far East tour this summer, they will be playing Newtongrange Star/Tayport/Arniston/Rangers from East Premier League
I know I shouldn’t laugh at the huns but mwhahahahhahahahahahha…
Knocked back in court, mwhahahahhahhahhahhahhahhahhah
TOSB I also live near the huns training ground and I agree that there is no chance of them taking over the west rugby club. my friend works with the rugby and told me they are trying to build the club up and upgrade the bar etc. You also have the archery club and others who complained at the time to EDC about them getting the ground. EDC also have an agreement with them about the ground and the use of it as they helped with a grant of around £1.2 million and would have a say in any movement.
also the land that it is on as you know is constantly flooded and would make no sense for the rugby to move there.
HH
reilly1926 on 29 May, 2012 at 15:47 said:
Me thinks that reason Minty Park is not already houses is because no chance of planning permission
Steinreignedsupreme on 29 May, 2012 at 15:52 said:
Where is it confirmed….?
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. ”
Same linesmen as usual then…
HH
……………………………………………………………
Did you not see the latest Scottish Government legislation? The SNP have introduced a new law “that if you beat Glasgow Rangers then it’s only a draw.”
nothing from @carasulieman yet who went back into CoS 45mins ago
nothing official yet bhoys, premature speculators on twitter it seems!
1/2: @Pmacgiollabhain: RT @The_Fake_Robert: It’s not often you get to play against one of the world’s greatest football clubs – so I can see why Real Madrid agreed to this friendly.
is Minty park not built on a flood plain for the nearby river Kelvin ?
I want them to win it so it brings Fifa and Uefa into play. No hiding place for Ogilvie and the others then.
Re: Admins and floating charge.
“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.”
RFC group no longer hold the floating charge. Was this not recently transferred to MBB’s BVI company ?
Huns win
H*ns win appeal
Gordon_J
Is it not the case that Green has to make an offer for the assets if Liquidation or NewCo route?
I think it was mentioned however that D&P do not have to accept it if a better offer is tabled.
Kick them oot!!
NewMartin @mdkster
Court’s decision = Sanction quashed and case sent back to SFA Appellate Panel for reconsideration of what lawful sanction to apply
Cara Sulieman@carasulieman
#rangers have won – the decision has been referred back to appeal tribunal.
rangers win at high court
So once all the TBCs are C’ed it amounts to a 0p in the pound CVA offer to unsecured creditors……HMRC are likely to do that deal.
Cara Sulieman @carasulieman
#rangers have won – the decision has been referred back to appeal tribunal.
What’s that coming over the hill is it FIFA? Is it FIFAAAAAAAAAAAAAAAAAAA?
and did they not get lottery money towards minty park providing they allowed local community access, so would have to pay back the lottery fund if sold
@carasulieman: Judge decided the registration ban was not a sanction which was available to SFA disciplinary tribunal for bringing game into disrepute.
Well hopefully this will be a wee life lesson on ‘be careful what you wish for’
So now we see if Regan and co have the baws to kick them out.