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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After reading that rant I think it is safe to assume Vlad will vote No
ASonOfDan on 29 May, 2012 at 12:26 said:
Is the Holy Goalie injured?
========================
No, he heard the great news about the Pie Tax being scrapped and has decided to spend the holidays in Scotland………
Anyone got any thoughts on this from yesterday, subsequently deleted by RTC but still on wyness’s twitter page?
keith wyness @retsub12
@rangerstaxcase i have interesting stuff on ebt situation if you can get in touch by dm
kitalba on 29 May, 2012 at 10:00 said:
>>>
Yes…another brick in the wall.
Well, at least they are giving us plenty of metaphors!
HH!
When does the transfer window open? Is it open?
Is it possible that June’s running costs at Ibrokes will be met by transfer fees coming in to the club?
Mind you with the way transfer deals are now done it may well be impossible for them to get even the sums that they are quoting for Davis, Laughatme, Edu et al
Would you pay £2Mill for Davis next week when you could get him for nowt if they liquidise themselves?
Or would you really offer all the cash up front knowing you are dealing with an outfit desperate to sell?
Could Greens investors just turn out to be the guys he is hoping to sell? Is this where he is hoping to raise money?
I’m bored of Rangers still hanging around like Mustafa from Austin Powers.
Let’s have a poppy debate. (thumbsup)
DBBIA, South of Tunis
The BBC panel on the night of Heysel comprised Terrry Venables and Souness.
Viewers were treated to a 15 minute diatribe from these experts on the need to reintroduce concription as a means to quell unruly fans.
So Duff&Duffer are really confident creditors will accept an offer that has no value to it right now. I love the line that Green has/will put in £8.5 Million. They are the administrators, surely they know what money they are holding.
rangers administrator Paul Clark is “certainly hopeful” of a positive outcome of a Company Voluntary Arrangement (CVA) despite being unable to confirm details of the money on offer.
• CVA offer put to Rangers creditors today
• Administrators unable to clarify details of offer
• Charles Green could pursue a ‘newco’ route if CVA fails
Charles Green’s prospective ownership consortium has pledged £8.5million for creditors with more money due from transfer fees.
However, there are a number of uncertainties including litigation over Craig Whyte’s takeover deal and the outcome of a tax tribunal, which could send the club’s debt above £134million.
Rangers are due to publish their CVA proposal today but a pence-in-the-pound figure is impossible to calculate.
Clark told BBC Radio Scotland: “I can’t give an absolute confirmation of the amount, the structure of the deal is sufficiently complex that we’re not able to give a finite distribution.
“We’ve received, or we will receive an £8.5million contribution from the Green consortium.
“To add to that we will have the proceeds of litigation that are ongoing in various aspects, and also into the same pot we have outstanding player transfer fees.
“There will then be certain deductions for the cost of administering a CVA and then also the final moving piece is the fact that there is still uncertainty over the creditors claim because we still await the final result of the big tax case.
“This won’t prevent the creditors voting on the 14th of June but it does mean that they won’t know for certain what the distribution will be. What we have constructed is the best outcome for creditors.”
Both investment firm Ticketus, who are owed £26.7million, and Her Majesty’s Revenue and Customs, who are due about £14million but possibly many times more, could block the deal.
Clark said: “We’ve been very closely discussing the issues with Ticketus and HMRC throughout the whole of the administration process but particularly over the last few weeks as it became apparent that a CVA was becoming ever closer, so we kept them fully informed and confirmed to them that the CVA represents the best deal for the creditors and it’s for them really to cast their vote on 14th June but we’re certainly hopeful of a positive outcome.”
When questioned on the morality of not paying millions of pounds in tax, Clark said: “I certainly understand the point and of course this problem isn’t just with football clubs, the CVA is a legally-binding deal and it represents the best deal for HMRC and the other creditors and therefore whilst it might mean that some monies are written off by the taxman it really is the best prospect of recovery and therefore we very much hope and believe that HMRC will see the same viewpoint.”
Clark confirmed Green had a dual contract to allow him to push for a ‘newco’ purchase of the club’s assets should the CVA fai
hoopeddreams – Viewers were treated to a 15 minute diatribe from these experts on the need to reintroduce concription as a means to quell unruly fans.
I think they should reintroduce Inception as a means of quelling unruly fans. They won’t know if it’s all a dream or what. (thumbsup)
Kiss my ass, Powers!
Can someone please enlighten me here,how can dumb and dumber
propose a CVA without including an actual pence in the £ figure
in the proposal,if i owed 100 of you £100 each and told you i had some money to pay you but wasnt telling you how much until you voted to accept it
i would be slaughtered.
Also if i listened correctly he suggests that they will have money coming
from litigation thats going on,what is he referring to there
Seriously, what are the options available to Celtic leaving and joining another league? They are close to zero no matter which avenue you choose to explore.
I do agree that we need to get out of Scotland if we can. There is nothing doing in Scotland after this RFC(IA) carnage. But where?
EPL/Championship don’t want us. No other national league is big enough and close enough geographically to make an attractive proposition for any party, with the exception perhaps of the lower English leagues as a potential gateway into the Championship.
What’s left? The Atlantic League? This would be my favoured option, though I doubt if it’s even possible.
Even if the Atlantic league became the favoured option to Celtic, it would still be very hard to get off the ground. Clubs are tied into their own leagues, and their respective TV contracts. The tenure of these will vary but (I’m guessing) notice periods to get out of the contracts and/or resign from the leagues would be 2-5 years. Coordinating 10+ teams to leave 5+ national leagues and create a single European league would be a massive challenge.
And that’s before UEFA is even considered in the mix.
Much as I would love to see Celtic to play in a fair and unbiased league of their peers outside Scotland, options are thin on the ground, so realistically the chances of it happening anytime soon are slim.
DBBIA
The England-South Africa tests could be pretty interesting this summer. I think SA will give England a game. I take it you’re there for the 3rd day – should be good.
Pete Waterman’s a big railways enthusiast and when we last spoke he agreed with me that the Carlisle-Leeds line is one of the most enjoyable in the Country, especially if you like dry stane dykes.
Big Country? Pah!
Who sent you?!!? (thumbsup)
Dr Evil
Dontbrattbakkinanger on 29 May, 2012 at 10:14 said:
>>>
Whither? Why…the road to perdition!
: )
That was easy. (thumbsup)
can anyone remember the partners hugh dallas had in his window company that he ran in the late 1990 till 2002 in whitefield road ibrox i am sure that a reporter was 1 but there was someone else that i cant remember ??
WATSON DALLAS DOORS & WINDOW SYSTEMS
I wonder…
Leeds have confirmed they are in talks with an unnamed group of potential investors.
Speculation has been mounting since the weekend that the Elland Road club could be the subject of a possible takeover, while it is understood discussions took place in Leeds last week.
A club statement read: “Further to media reports on Tuesday morning, the club can confirm that talks are taking place regarding investment for the long-term future.”
Mr Johnny Clash – yes, we’re going to Leeds on the Carlisle- Settle line, hoping for a sunny day to enjoy the splendours of the journey.
I think the teams are pretty matched and should be able to put on some real Test cricket.
traditionalist @ 12:26,
Apologies for picking you up wrong, but Dublin is a great sporting City, I would imagine given a platform they could produce a great Football Club.
Agree totally, Celtic must look to be as competitive as we can (given SPL constraints) in the Champions League – the biggest League by far in world Football – events will ensure we are playing on the right platform as long as we keep doing the right thing.
Hail! Hail!
Hamiltontim @ 10.09,
You’re absolutely right – but Celtic may have no real choice.
Paul 100% spot on, we need to go because this has been going on for years in the country and it won’t change.
Farry, Peat, Dallas, McDonald, McCurry, Ogilvie.
The list goes on and on and if the SFA wanted to clean up the game in this country then they would’ve got shot of Ogilvie.
Why does our club need to put up with the shi**e in this country, i for 1 would love nothing more than our club to tell the world that we will be leaving because of this corrupt set up.
The Huns will be back in the SPL and that’s a guarantee.
oglach
Any European Super League would have to include Celtic, Ajax, Porto, PSV, Feynoord, Benfica & Sporting alongside clubs from Spain, England, France Germany, Italy and Russia.
2, 20 team leagues with a 4up 4 down promotion relegation rule would be a great money spinner.
The 7 clubs mentioned with 5 from each of the Big 6 countries and one more club from another league I’m sure to have forgotten about would be sensational and the TV ratings and sponsorship would blow everything else away! 38 league games alongside a club competition, a mid season break would be perfect!
Craig Whyte, the Motherwell born billionaire, has always been a Leeds United fan. Pin him down for 5 minutes, no easy task for someone with his schedule! and he’ll gladly bend your ear about his childhood spent filling his scrapbook with pictures of Charlton, Best, Law and Stiles.
starry plough on 29 May, 2012 at 09:53 said:
The Gold, the Silver and the Bronze…..
Keep an eye in the bookstores, it will be in there one day!
Poundland FC are rotten to the core and the sooner they are put out of their misery (and they will be) the better, in my opinion.
Chairbhoy
Absolutely, a great sporting city, but when it comes to ‘soccer’, an exporter of fans.
You’re right about the potential of Ireland and Dublin though, 80,000 at Croke Park for Dublin games is testament to that. But therein lies another problem- a competitor for supporters- the GAA. Of course, support for GAA and football is not mutually exclusive but when it comes down to it most people won’t be able to afford to actively support both.
Onwards and upwards for the Bhoys anyway, hopefully:)
HH
Patrick27 on 29 May, 2012 at 11:23 said:
>>>
Brilliant!
HH!
I think I’ll re-post that for the night shift!
Does the CVA mean that when the Blue Knights inevitably turn up again, to save Ragers, can they pay a penny instead of a quid?
Sounds good to me.
miki67
Haha! Whenever I hear the name Chick I’m always reminded of that sketch!
Celtic Underground are currently listing their top 10 players of the year with a new nomination being counted down each day.
Last year they failed to include Fraser Forster in the 10, perhaps reflecting a majority of Celtic fan opinion who seemed to judge him on his transfer fee/status rather than performances. Despite an even better second year they have just managed to squeeze him in at No.8, just ahead of Stokes (9) and Matthews (10).
I am assuming that Mulgrew, Ledley, Forrest, Hooper, Samaras(38appearances to FF’s 47), Wanyama and Brown (32 league appearances) are going to be rated ahead of him.
The CU pundit, Lachiemor, reckons that “At the same time I could not – still cannot – understand why Forster was apparently happy to accept a loan deal while the two clubs had agreed a potential transfer fee at the same time.
My reading of it is that any uncertainty over his permanent acquisition to the colours lies on his side and not on Neil Lennon’s. I suspect he still thinks that the big, big time lies south of the border and is encouraged in this by his agent.”
Now, my take was that Neil Lennon and Peter Lawwell chose not to make the outlay of the pre-agreed £2m a permanent deal because they felt there would be fan uproar over spending that much on a player who was not rated by the fans. The loan deal gave us a safety net, except we did not tie up the loose ends back in October/ November when Fraser was performing brilliantly in Europe because we were still in turmoil over our league placing. By the time we were well ahead in February, Fraser could see the uncertainty over the future of the game up here and began to waver over committing to his side of the deal.
Any views out there as to whether FF never intended to sign but used us to further his career, as Lachiemor suggests, or whether PL and Neil felt hampered by fan’s reaction to the potential fee, as I have suggested?
oglach on 29 May, 2012 at 12:22 said:
A European Super League would truly be the level playing field. We would surely then realize our fabled “full potential”: tapping into the Irish-Scots diaspora in North America and elsewhere. We would be a truly global “brand” able to compete against the very biggest.
We are a giant always on the verge of waking up.
dreamsarethepoetryoflifeCSC.
A little light relief posted by longtimelurker onRTC
http://news.ninemsn.com.au/article.aspx?id=665847
ps who do you think will be sold first to cover the first two weeks in june over at the HATE FACTORY
HAIL HAIL
ASonofDan
No Artur’s just not picked, think he had a fall out with the boss, he’s obviously still better than all the ‘keepers their bringing though1
Stiggers1888 on 29 May, 2012 at 12:55 said:
if the tweet earlier today from MartinWilliams of the Herald is to be believed, then they should be renamed “OnePenceInThePoundland FC”. Though I wonder what is source is and whether or not it’s crossed wires over the talk of “a pence in the pound offer”?
Tonight’s Italy -Luxembourg game [ in Parma] has been cancelled .
Area has been hit by a second earthquake in 10 days . 12 dead.