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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The Ticketus deal still confuses me.
Why would a company hand over circa £24m pound to a business man (CW) who is a relative novice in corporate management of a football club without robust safeguards in place to protect their investment from going down the toilet under a CVA/ Liquidation process.
Either someone within Ticketus has been extremely lax in their due diligence before handing over the cash, or someone with more influence in Corporate football finance was involved in setting up the deal.
A bit more digging needs to be done on this deal IMO.
Hail! Hail!
TTTT/Lux:
Correct, also…
In May 2008, Souness was named by Observer Sport Monthly as the ‘Worst Football Manager’, citing his failings at Newcastle and Liverpool as the main reasons.[17]
[edit] Stevens inquiry
In the report of the Stevens inquiry into football corruption published in June 2007, Souness was criticised for an apparent lack of consistency:
“
There remains inconsistencies in evidence provided by Graeme Souness – a former manager of the club – and Kenneth Shepherd – apparently acting in an undefined role but not as a club official – as to their respective roles in transfer negotiations.[18]
”
Souness issued a statement denying any wrong-doing:
“
“I cannot understand why my name features in this report. I volunteered full information to Quest as a witness and I have heard nothing further from them.”[19]
”
The Stevens inquiry then issued a clarification:
“
We wish to make it clear that inconsistencies did not exist within the evidence given by Graeme Souness to Quest concerning his role in transfers covered by the Inquiry during his time as manager of Newcastle United FC and neither the Premier League nor do Quest have any concerns in this regard.[20]
”
In July 2007, Newcastle United was raided by the City of London Police, who were investigating transfer deals involving Newcastle, Rangers and Portsmouth. Two Souness transfers, Jean-Alain Boumsong and Amdy Faye, were among a list of 17 transfers that were not cleared by Quest.[21] The Boumsong deal in particular was so odd that it was widely commented upon at the time.[22] Four months after succeeding Sir Bobby Robson as manager, Souness was in his first transfer window as Newcastle manager. At £8.2m, Boumsong was his first big signing and Souness said he would replace Jonathan Woodgate in the Newcastle defence, which had conceded several leads earlier in the season.[23] Newcastle were well aware of Boumsong prior to his move from Auxerre to Rangers on a free transfer.[24] Robson had travelled to France to watch him, but he declined the opportunity to sign Boumsong.[22] Liverpool were also interested in signing Boumsong.[25] Robson’s doubts were confirmed when Boumsong marked Alan Shearer in a pre-season game against Rangers.[22] Shearer came off to speak in dismissive terms about the Frenchman’s lack of physique,[22] and he later mentioned Boumsong’s previous availability on a free transfer on television.[22] When Boumsong was given a torrid time by DJ Campbell during his Newcastle debut against Yeading in the FA Cup, doubts over the wisdom of the transfer mushroomed.[22] The agent in the Boumsong and Faye transfers was Willie McKay. On 7 November 2007, Quest issued the following statement about McKay’s dealings:
“
Further to the key findings from the final Quest report published on 15 June 2007 by the Premier League, Quest would like to emphasise that, in that report, it was clear that no evidence of irregular payments was found in the transfers in the inquiry period which involved the agent Willie McKay. Quest would also like to thank Mr McKay for his cooperation with the inquiry
So Robson could have got him on a free but declined and then Souness less than a year later pays 8 million plus.
Spooky.
Does anyone know yet how much the CVA will offer creditors? I’m sure it will be a derisory amount.
The press this morning is saying the huns will be in trouble if they win the court case – the logic is that the SFA will refuse to accept that the transfer ban is overturned and won’t register any players they then buy.
My view is that they should face sanction for the act of going to court. They have broken SFA and UEFA rules already. Punish them.
There have been several hints that tomorrow’s meeting will either be postponed or take no decisions of note. This is another in the “pass the blame” games. The clubs will hope that someone else forces liquidation before they need to make a decision.
Finally, here’s a scenario. The newco is formed by Green and his mob. They apply for the share transfer and are told they must accept any and all punishments given to the current club. They say they have legal advice that they are an entirely separate company that just happens to have bought Ibrox and cannot in any way be liable for another company’s actions.
What happens then? Having already argued how much the game apparently needs them, the powers that be are not in a strong bargaining position to call the bluff.
So the nuclear option is about EBT beneficiaries and the amounts they received which goes further than what was revealed in the Daly documentary.
It’s not about banks, referees, match fixing or political interference, but I note that the media have not been excluded, and there remains the question of what would be in it for rankers for instance to continue to pay Peeness 10 years after he ceased to be employed by thems and for much more than the 30k mentioned in the Daly film.
Might it have something to do with transfer of players for inflated amounts of dosh, and if so which other clubs/managers might have been involved?
What would be the involvement of the media in all of this?
aldersyde avenue on 29 May, 2012 at 09:52:
I’m afraid that last paragraph has echoes of the ole ‘generation of domination’ stuff and look what happened to that.
Had Rangers (In Administration) not cheated then there would certainly have been a generation of domination.
Also, don’t forget that the history books may yet say:
2000-01 SPL Champions – Celtic
2001-02 SPL Champions – Celtic
2002-03 SPL Champions – Celtic
2003-04 SPL Champions – Celtic
2004-05 SPL Champions – Celtic
2005-06 SPL Champions – Celtic
2006-07 SPL Champions – Celtic
2007-08 SPL Champions – Celtic
2008-09 SPL Champions – Celtic
2009-10 SPL Champions – Celtic
2010-11 SPL Champions – Celtic
2011-12 SPL Champions – Celtic
Mort
Paul67,
Your last sentence has been true for about ten years. Is it merely aspirational or are you aware of new developments?
England seems to be a no go, but what about other Northern European Leagues? The Premier League would be perfect, but one must never allow the perfect to be the enemy of the good. Have we looked anywhere else?
Gordon_J backing Neil Lennon on 29 May, 2012 at 10:03 said
____________
I don’t think the powers that be would call the huns bluff in any case.
Cause Fat Sally would wan’t to know where they all live ?
The Sneaky One has created anarchy and he knows it! IMO!
Hail Hail
I know that I’m probably wrong but I can’t help but have this gnawing feeling that if we are to leave Scotland to go and play in another league then we lose something of what we are all about.
“Celtic will have a future but it must be beyond Scotland. It’s time to find another league and move.”
Take the opportunity. Emphasise our difference. Leave far behind the nasty, introverted, embittered, bigoted aspects of Scottish football and “culture” that they wallow in, and are now drowning in.
Let’s do it.
“The SFA know nothing, apart, perhaps, from what school their staff went to.”…Classic!
We have not even mentioned Fifa wanting them booted out for taking the SFA to a civil court.
Anyone else hear about the brochure Green has put out to attract investors. Jesus wept, you would think you were investing in Real Madrid when you read it.
HH
THE family of Reamonn Gormley have thanked Celtic for the support offered to them, and also to the wider Celtic family, not only for their support but also for the welcome they gave to the kids from the Good Child Foundation during their visit to Scotland.
Reamonn’s father, Jim, said: “Everyone at Celtic, from Peter Lawwell and Neil Lennon, to all the members of staff working in the various departments at the club have been wonderful to myself, Ann and Kieron, and it really means a lot to us.
“And it was great to see the way in which the Celtic fans took the Thai Tims to their hearts when the kids visited. It was magnificent to see, and just shows what the Celtic family is all about.
“This has helped us through a difficult period in our lives and it’s something that Ann, Kieron and I really appreciate.”
Jim and Ann Gormley presented a special plaque in memory of their son, Reamonn, to Neil Lennon on behalf of the Thai Tims. A similar plaque is on display at the Good Child Foundation School in Thailand.
Celtic Chief Executive Peter Lawwell said: “Reamonn was an inspiration to us all, and in his all-too-short life, he made a lasting impact on everyone he met. That is clear from the voluntary work he did with the Good Child Foundation.
“His loss remains very painful for his parents, Jim and Ann, and his brother, Kieron, and the support offered by the Celtic family continues to be very important to them.”
hamiltontim 10.09
“I know that I’m probably wrong but I can’t help but have this gnawing feeling that if we are to leave Scotland to go and play in another league then we lose something of what we are all about.”
Or we take the essentials of what we are about and enhance another league.
Whither the cash strapped scrofulous Hillbillies the day?
Maybe FIFA can have their Lawyer take a look at our friends activities across the city?
Top war crimes lawyer joins Fifa in ethics and corruption drive
Fifa is set to appoint top human rights lawyer Luis Moreno Ocampo as the first head of the new ethics committee’s investigations arm.
Ocampo, 66, has experience of leading war crimes investigations at the International Criminal Court.
The Argentine is expected to be confirmed next month, and will investigate allegations of corruption or ethics rules breaches.
Ocampo’s chamber will bring charges, while a separate arm will judge cases.
Analysis
David Bond
BBC sports editor
“[This is] an important step on Blatter’s road map to reform. But the sport’s ruling body still has a very long way to travel.”
Read David Bond’s blog on Fifa’s ethics drive here
In March, football’s governing body announced a wide-ranging overhaul of its governance, in light of a series of corruption allegations that have rocked the organisation over the last 18 months, concerning both World Cup bidding and the presidential election.
Fifa’s single-chamber ethics committee failed to gather enough evidence to prosecute allegations of vote-rigging during the 2018 and 2022 World Cup bidding contests.
A report by Fifa’s anti-corruption adviser, Swiss professor Mark Pieth, called Fifa’s past investigation of corruption allegations “unsatisfactory”, with sanctions imposed both “insufficient and clearly unconvincing.”
WE DONT NEED NO STINKIN RANGERS!
The Eagles will announce Tuesday that Real Madrid returns to take on Scottish Premier League champion Celtic on Aug. 11 as part of the World Football Challenge. The match, scheduled for a 1:30 p.m. start, marks the third consecutive year an international soccer friendly has been hosted in Philadelphia and the 18th soccer match held at the Linc since it opened its gates with the epic match between Manchester United and Barcelona. Tickets go on sale to the general public via the Eagles and Ticketmaster on Monday, June 4.
Paul has laid out a route for Newco back into the SPL if the CVA fails.
However, I don’t think it’s as simple as that.
There is provision in the articles of association of the SPL for transferring shares, namely article 9. This article explicitly states that transfer may only be done by 2 directors of the company or one director and the company secretary. It says nothing about administrators carrying out this task. I am unsure whether or not a director or secretary can perform this task while an administration is ongoing, or if D & P can do so on their behalf.
Let us assume that it is at least possible for this transfer to be carried out by someone on the company’s behalf. The next obstacle is article 13. Firstly, the transferree must operate a club. Mere ownership of a stadium does not, in my opinion, suffice to allow an individual to take the share of the prior company. The consent of the SPL Board is also required, so there would have to be a meeting and a decision taken on the merits of the transfer before it could be regarded as valid. Article 13(iv) also indicates that the transferor and transferree must produce evidence to suggest that they are entitled to transfer and receive the share. This raises the prospect of a transfer being subject in advance to some scrutiny of the transferree for the purposes of the fit and proper test.
As we have a representative on the SPL Board, it occurs to me that this whole process could take a considerable period of time to be completed. It is possible that an attempt will be made to wave this through. All I am suggesting is that it is not as straightforward as Paul’s article makes out.
It could also be much, much more problematic than even my summary suggests.
We’ll see.
Good summary- was asking yesterday who is funding them at the moment so that puts that question to bed… there were rumours they were running out of cash before their penultimate home match so seeing them manage to struggle on till now was a strange one.
Ernie- took the words out of my keyboard there. Why would the huns going bust make it any more likely that we are allowed to join another league? Forgetting everything that the huns stand for for one moment, UEFA still don’t care about Scotland and if one of our bigger clubs goes to the wall and it reduces competition in the league or has a negative effect on the coefficient, it makes no difference to them.
The huns are no Real Madrid or AC Milan.
However, I don’t think Paul67 would be commenting about finding another league unless he knew something was afoot…anyone can have that opinion of course, but the urgent request for information last week on teams who play outwith their own jurisdiction was interesting….
HH
Heard Admiral Fallow on shortbread last night; a pop combo held in much regard by ole Mr Johnny Clash, CQNs own Pete Waterman.
Clearly they grew up listenin’ to their ole dad’s Big Country records.
All happening this morning.
Rangers administrators are still unable to say what pence in the pound deal they are going to offer creditors worth up to £134m.
The insolvency firm running the Ibrox club was finally due to put forward proposals for a company voluntary arrangement (CVA) on Tuesday morning.
However, joint administrator Paul Clark revealed in an interview with BBC Scotland that they are still not in a position to confirm what percentage of payment they are offering creditors, and will not likely know until they are scheduled to vote on it on June 14. He still claimed it represented the “best deal for creditors”.
Apparently during The Mark Daly Show last week, some Rangers fans went on the rampage because their screens DIDN’T break down
Hallelujah.
That one! no, that one!
Oh the choices…
Remember PL said that there will always be a Celtic in Scottish football, even if its our Reserves or we run it “a la Spain” and have a Celtic B
I think we’d be able to make a lot of money having double the home games in a season but over 2 league structures through our main team and our reserves.
Would also be a guarantee to players that they WILL get games by coming here.
Paul67: Would that set-up be possible?
What are your thoughts on where we will go, if that is a discussion for a later date I’m sure I can sit here, pout and wait.
If there are any major flaws in that plan could someone more knowledgeable please point them out to me.
Green Jedi: I may be wrong but I’m pretty sure that any cash flow injection cant be set on just the players wages, and that Duff & Duffer would have to spread the costs accordingly. So the cost of keeping the club running would be a higher amount than just the wages.
Also the potential investor would almost definitely be looking for some sort of return on money he put in, there is zero guarantee of getting any due to all the aforementioned “what if” scenarios in the article
August 11 in the City of Brotherly Love? When does the SPL start?
I assume Duff&Duffer cannot give details because Green cannot confirm how much money he has actually managed to scrape together.
Reports of him collecting empty ginger bottles around Glasgow may be true…
Green Lantern (((((0))))) on 29 May, 2012 at 10:06 said:
‘So the nuclear option is about EBT beneficiaries and the amounts they received which goes further than what was revealed in the Daly documentary.’
No.
The nuclear option is that the EBT scheme was used in some instances to pay, not wages, but financial inducements, corrupt payments, bribes if you will, to a person or persons in exchange for them buying players for grossly excessive transfer fees.
Is it paranoid to mention the word conspiracy?
And could all this be the reason why the tribunal sat in private? Because if it is I don’t see the judgement being published, even heavily redacted, until any criminal trial(s) have been concluded.
patmcgrathtakesapenalty on 29 May, 2012 at 10:13 said:
Yep I know what you’re saying and the very idea of playing teams from England or Europe on a regular basis in competetive competition fills me with excitement.
However, I just can’t help having a feeling of real sadness if this were to happen. Probably just being daft!!
ASonOfDan
I have a feeling that they are going to offer less than 3p in the pound.
patmcgrathtakesapenalty on 29 May, 2012 at 10:10 said:
___________________________
It would be great to get out of the sectarian cess-pitt that is Scottish Football.
But, you know what…..I could envisage Celtic fans buses leaving for away games or, even home games being attacked by gangs of hate filled huns seeking their ultimate revenge.
I have watched these animals rioting-wrecking-befouling almost every place they have visited and, you know what…the animals, after carrying out their pain for the best part of five decades, have ‘walked away’ from all of it with nothing more than a few slaps on the wrist for sectarian singing ????
In Manchester 2008….the animals were one kick to a policemans head away from ending Scottish football there and then! IMO!
To cut a long story short….I fear for our fans safety IF, we get out of here.
Hail Hail
SoG
Cheers, I was just wondering what would happen in that scenario
We’ve all been saying it for years, we have to get out of Scotland to succeed
Really hope its in the next 5 years
ASonOfDan,
How can they make an offer without actually naming a figure? On what basis can creditors decide to vote when they don’t know what they would be voting on?
OK, 2p or 3p in the £ probably makes little difference, but surely making an offer means setting a figure?
Scottish football is dead as we speak. No matter what happens with the RIA. The scale of the cheating and the intention of officialdom to let them off scot free means its dead now no matter what. Please get us out of here celtic so we can just enjoy a simple game of honest football.
Son of Gabriel
From a legal standpoint both Celtic and Celtic “B” (or Celtic Lions as I would have them called) will have to be seperate football clubs and players would have to be registered for one or the other and transfers could only take place during official transfer windows.
That would mean that players registered with the reserves could only play for them and if having a great season wouldn’t be able to make their big team debut.
Uefa also have rules about ownership of teams and what would happen if Celtic played Celtic Lions in Europe or something like that.
Ideally this setup would be my preference but we need to make sure all obstacles can be overcome.
Mort
Mort on 29 May, 2012 at 10:26 said:
____________________
Celtic Lions :)))
Ghreat Stuff m8.
Hail Hail
Rangers in crisis: Charles Green’s brochure presents glorious future for stricken club
May 29 2012 By James Traynor Daily Record
IN Charles Green’s world Rangers have a five million global fanbase and potential TV audience of 530m.
Rangers are barred from Europe and can’t sign a player for a whole year yet they’ll dominate home and abroad.
The Green party, who are sending out their CVA to creditors today, does sound pretty wonderful.
But back in the real world this stricken club’s potential new owner will be lucky to sell even 10,000 season tickets if supporters don’t like the look of their club under any new ownership.
Green is trying to entice foreign money men to buy into Rangers’ revival and his brochure is impressive in the optimistic way it presents a club which is broken almost beyond repair. Innocents abroad might just be tempted.
They’ll read about a club cleansed of all its toxic debt and sitting with a property portfolio of just more than £113m. The way Green’s blue booklet tells it you’d be mad not to invest. Then again…
After all, you have to assume that since the people being targeted have serious wealth they must be smarter then your average bear. They don’t have a love of Rangers, just a love of money and they never hand any of it over easily.
They’ll look at the brochure and have their people look behind the neatly-packaged presentation. And they’ll see right away the benefits are only of the potential variety.
● £6m media value to club sponsor.
● Cumulative domestic audience of more than 10m.
● Worldwide soccer schools in 14 countries with 1.5m attendees per season.
● Rangers games broadcast in more than 100 countries by 50 channels.
The former Sheffield United chief executive also lays out the strategy which includes capitalising on ‘Rangers’ position as Scotland’s greatest club’ and develop Ibrox into a world-class destination. One or two over at Celtic Park might have something to say about that.
His pamphlet states it is the intention to have Rangers dominate all competitions, at home and abroad. The Spanish, Germans, English and Italians might have something to say about that.
His strategy is also to focus on “regions with significant existing brand presence” – North America and Oceania – and new regions with “high growth potential” which are Asia, Middle East and Far East.
It highlights other opportunities such as exclusive access to world-class facilities (bring your own mops, buckets and paint brushes because Ibrox is in need of some TLC), award-winning hospitality and guaranteed European exposure.
Green must be planning a travel discount scheme for investors as they won’t be travelling into Europe with the team in the new season.
And if he doesn’t get his CVA accepted Rangers will have to be reformed as a newco, which will carry a three-year UEFA ban as punishment for liquidation.
But let’s not allow reality to get in the way of the big sell, although you have to wonder why Green is still searching for investors.
I recall him saying he had about 20 investors lined up the day he was presented as exclusive bidder but here he is, still open to offers even though it’s been suggested there could be as much as £20m in some account or other. Rangers fans have heard that one before.
Like the rest of us who have been following this saga they became wary of deadlines and targets. So many have been set and missed.
The number of bidders. Specific dates for them to make their plays. The price of exclusive bidder status which varied from £500,000 to £250,000 before it was dropped altogether.
The American, Bill Miller, was eventually given a free run at the club before he was scared off by other costs and a bunch of misguided Rangers fans who fired electronic warning shots across the Atlantic.
It was getting to the point that when Duff and Phelps made a claim or insisted something be done at a certain time no one held breath. You suspected it would all change.
Green must have known that too, which might explain why it took until last night to reach the stage where the CVA proposal was just about out the door.
He was supposed to come up with some cash, believed to be in the region of £2.7m, at the beginning of last week but this was extended to the week’s end.
The money still hadn’t changed hands by close of play on Friday so Green was told to deliver on Monday. Still nothing, although it’s believed the administrators were offered only £1m.
But Duff and Phelps got their money late yesterday afternoon and it looks as though Green is all but there and Rangers have edged away from liquidation. For the time being.
Although Green and theadministrators have been encouraged by the maincreditors, HMRC and Ticketus, they need formal acceptance. But even if the CVA door is slammed shut Green would still be in pole position.
His document reveals that if a CVA can’t be squeezed through he could then buy the club and assets for £5.5m.
However, surely that could spark another round of bidding because others would see the value of owning Ibrox, Murray Park and the Albion car park at that price. And you’d get the new Rangers thrown in as well.
All of that and no debt? It does seem like good value for money but the creditors are entitled to the best deal too, and that would mean them accepting a higher bid than Green’s should one be submitted.
They have a duty to those who are owed money but they also have an obligation to be as sure as they can that the business is not going to be broken up or further abused.
Rangers fans deserve a decent break after a black year of Whyte, not that I’m suggesting they’d remain off colour under Green. But if he does end up owning the lot after liquidation he will have to alter his strategy.
For a start European dominance would take a little bit longer as a newco would be barred from UEFA competitions for three years.
There could also be sanctions imposed by the SPL whose members meet tomorrow to discuss what to do with clubs dragged into liquidation and although there has been a lot of hot air we can all be fairly certain the licence to play in the top flight will be granted to a new Rangers.
Last night, however, it looked as though Green was just about there with the CVA process getting under way. But time is still short because after the CVA terms are put to creditors they are required to wait 16 days before voting on approval or rejection. A 28-day cooling-off period then follows.
Still more time and uncertainty for Rangers’ fans. But that’s just the way it is in the real world.
Paul67
Celtic will have a future but it must be beyond Scotland. It’s time to find another league and move.”
I wonder how deeply and passionately the Celtic Board share this vision
Do we have innovators, to take us beyond the morass of a now partially but not yet wholly exposed cheating Ragers, complete with complicit SFA/SPL and MSM?.
We are not privy to the thoughts, let alone a planned policy at Celtic, although we know through instinctiveness, how the Celtic Board in the midst of this scandal ( I don’t use the word lightly) share our monumental, feeling of injustice.
I’d like think we are looking beyond, taking the pitch with them ever again, but if that was in the immediacy we’d surely know by now, and notice to quit, requires two years.
I’m confident Celtic Football Club have no plan to continue in the SPL indefinitely, should the Celtic ‘no’ vote or an abstain in abstencia, fail to prevent Ragers continued presence.
If the Board do not recognise that Celtic Football Club and or support past and present, have been swindled, and need indemnification and reparation, then they are not fit for the purpose.
In which I look at what Sir David Murray thought was needed to give a CVA a reasonable chance of success and what this might mean for Mr Green’s efforts to make a profit out of his proposed investment.
http://scotslawthoughts.wordpress.com/2012/05/29/how-much-money-chance-of-success-in-rangers-cva-how-does-mr-green-make-a-profit/
Gordon_J backing Neil Lennon
I have maintianed from day one it was an adminsitration instructed to fail.
Right now Craigy Bhoy only has his £1 back. He needs liquidation and the assets to be sold to make any decent money.