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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Trident cost in the region of £97 billion and it costs close to £16.8m just to replace each missile. It is an obscene and immoral waste of money.
Leo -it’s just awful when other less talented people steal your ideas.
Your hair for instance looks much better on you than it does on Anita Dobson.
Bourne
KK talkin aboot Elvis ?
” This is Gregoriava from Bulgaria ——- I saw her snatch this morning —-it was amazing ”
John Glenn -weightlifting commentator.
CVA Assets
5.9 If the Conditions are satisfied and the Sevco loan is drawn down, the CVA Assets available to creditors will comprise:
5.9.1 £8,300,000;
5.9.2 The Player Transfer Fees;
5.9.3 Any sums awarded and paid (less applicable costs) to the Company in respect of the High Court Proceedings
less costs and expenses of the Administration, or of the Joint Administrators, and CVA Trading Costs;
5.10 The Excluded Assets will be excluded from the CVA, as they are required to be utilised by the Company for the purpose of continued trading of the Company.
5.11 For the avoidance of doubt, the proceeds of all sums due from the SPL together with any broadcasting monies payable to the Company will be payable to the Company but for the benefit of Sevco (in the event that this Proposal is approved and the Loan drawn down) and shall be Excluded Assets.
So any cash we get from winnings, tv etc. you as creditors cannot have as we have taken out an 8.3 million loan to give you pennies and pay ourselves as admin, cva costs etc.
hamiltontim
Chinese have already annexed the Savoy Centre, I reckon if it was not for Trident they would have made further inroads…
Auld Neil Lennon Heid.
I hear you!
A complete shower of vultures and if the supporters of RFC IA fall for this and the creditors accept it then they deserve each other.
ASonOfDan on 29 May, 2012 at 13:42 said:
“hamiltontim
Chinese have already annexed the Savoy Centre,….”
and are about to rename it the Soy Centre.
PeteTheBeat on 29 May, 2012 at 12:20 said:
I mayb be in Munich at the end of August.
Pete
I can put you in touch with some Munchen fans who can broker tickets if you want. Get my e-mail from Paul and I’ll be happy to give you contacts.
HH
Big Swee walks on with Neil Lennon
A creditor would have to be nuts not to accept such a mouth watering proposal to get their money back.
Green starting to make Craigy Bhoy actually look like a billionaire now…
hamiltontim – Trident cost in the region of £97 billion and it costs close to £16.8m just to replace each missile. It is an obscene and immoral waste of money.
Nonsense.
Trident is awesome and great value for money. It only costs about £2bn a year, by the way. That’s a small price to pay for having the biggest chib on the planet.
You’re just a big jobby-face who hates awesomeness and win. You probably like wearing hand-knitted jumpers and going to Daniel O’Donnell concerts. (thumbsup)
The Soy Centre Chinese don’t do woking away. (thumbsup)
Duff and Phelps, the Administrators of Rangers Football Club, will today publish their proposal for a Company Voluntary Arrangement.
A formal notice of the CVA meetings is being sent to all creditors and shareholders of the Club providing further details of the CVA process.
Paul Clark, Joint Administrator, said: “This proposal offers the best return for all stakeholders given the position the Club is in. If approved by the creditors, the CVA proposal will rescue the Club and finally enable the Company to exit Administration.
“Since our appointment, it has been our principal objective to propose a CVA, which is the preferred solution to what has been a catastrophic period for the Club. That view is shared by everyone with Rangers’ interests, and those of Scottish football, at heart.
“For some time, the prospect of presenting a CVA proposal with a realistic chance of success appeared remote however, we are delighted now to put forward a solution which we think will take things forward as originally envisaged.
“We should remember there are many stakeholders who have suffered financial losses as a result of Rangers being placed into Administration. Regrettably, there is no solution available that allows these parties to recover their losses in full.
“However, after a very intensive bidding process for the Club we can now say that the offer being put forward as part of the CVA is the best solution available to creditors and we hope they will approve the proposal.
“Having issued the proposal, it is now a matter for the creditors to consider what is on offer and it is their decision entirely as to whether the terms of the CVA are acceptable.”
Charles Green, who is leading a consortium to purchase Rangers, said: “Today is an extremely important milestone for Rangers to begin the journey back to where the Club belongs – as a leading sporting institution that can hold its head high both on the field and off it.
“I have great sympathy with creditors, particularly small local businesses in the community around Ibrox, who have suffered in the lead up to Administration. However, I fervently hope that creditors will form the view that the best interests of everyone will be served by Rangers continuing as the successful Club it is and recovering as a business in the forthcoming seasons.
“The consortium I am leading can only do so much to heal the wounds of the past, but we can do something about the future and that is where our main focus must lie. I hope creditors will approve this proposal and we can begin the task of rebuilding Rangers in earnest.”
The CVA proposal will be published on the club’s website today with notification of the statutory meetings of creditors and shareholders being sent to approximately 400 trade creditors, over 6,000 fans holding debentures and all shareholders within the Club.
The overall amount of money being made available for the CVA pot from the Green consortium is £8.5million. The Administrators intend to make a distribution to creditors as soon as they can should the CVA proposal be approved.
The overall costs of the administration process will be deducted from the funds available. All costs and charges incurred in the administration and the CVA are proper expenses at levels which are in keeping with best practice guidelines set by insolvency practitioners’ regulatory bodies. All of the Administrators’ own costs are subject to approval by creditors.
The final amount available to creditors could be in excess of £25 million, depending on the outcome of litigation. The precise amount will not be known for some months.
At this stage, there are two outstanding issues that will have an affect on the quantum of funds which can be distributed to creditors.
The first matter is litigation brought by the Administrators against the former lawyers for Rangers, Collyer Bristow. Should that be successful, further funds will be made available to creditors.
The second is the outcome of the HMRC first tier tax tribunal. Should the tribunal find against Rangers that will increase the quantum of HMRC’s claim on funds available to creditors, thus diluting the settlement available for all other creditors.
The proposal will be considered at a meeting of creditors to be held at Ibrox on June 14.
The Administrators will, immediately after that creditors’ meeting, convene a meeting of shareholders who will be asked to formally endorse the outcome of the creditors’ meeting.
The shareholder meeting is a formality under insolvency legislation and will deal only with a single resolution on whether the shareholders endorse the outcome of the creditors’ meeting. Charles Green’s consortium, which should by then have an 85% shareholding in the Club, will vote in favour should the CVA proposal be approved by creditors.
Ibrox debenture holders can only attend and vote as creditors at the creditors’ meeting on June 14 if they surrender their debenture. Should they wish to do so, they will be able to apply to attend the creditors’ meeting and further details will be provided to all debenture holders.
Should the CVA proposal be approved, there then follows a 28-day period during which certain interested parties can make application to the Court for the CVA decision to be reviewed. Once that period has elapsed the Administrators will make immediate plans to conclude their involvement and the Club will exit Administration.
Duff & Phelps will continue to fulfil a role as the Supervisors of the CVA in attempting to maximise the level of return to creditors from the on-going litigation against Collyer Bristow.
Big Swee,
Is that from the CVA proposal?
I see it talks about “the Sevco loan”. Does this imply that Green’s mob are only loaning RFC PLC (ia) the cash to pay the creditors – and will therefore want paid back at some stage??
Celtic40me
“Sftb
I’d be very surprised if that was part of their thinking. ”
I am assuming then that you mean Neil And Peter would not have considered fan reaction in agreeing to a loan deal with a pre-agreed £2m fee. Why then would we not have completed the signing when FF finally won the fans over in late 2011? Why wait until FF could see what a shambles the SPL was becoming before attempting to conclude the deal?
Do you think FF never had any intention of completing the signing?
aye and when the ice age comes, after the global warming is done, the trident subs will get stuck and it’ll be just another white elephant.
stupid bombs
ASoD
I hear they’re even thinking of opening their own restaurants!!
Paul67 et al
Let me reword that for you Paul. A future for an SPL including Rangers FC, in any form, under any guise is untenable. Being corrupt is one thing, voting to remain corrupt an entirely different matter. We know now, that the Bank of Scotland sponsored SPL was rigged to favour the Bank of Scotland sponsored club, Rangers FC. This happened under the watch of both the SPL and the SFA. Every trophy Rangers “won” during this period is tainted by corruption. I suspect that the decade preceding the SPL followed a similar pattern.
There is a pernicious mantra in vogue these days, invoked usually after some disaster, but often in the context of individual wrong doing, corporate calamity or institutional corruption. It is called “moving on”. Let us make it clear to all and sundry in Scotland, we are not moving anywhere! Not only will we not move, we will not budge, until all of the corruption has been laid out for all to see, and until the transgressors have been punished, their cheerleaders disgraced and their apologists removed from any position of influence in Scottish football. Anything less is unacceptable. I have said it before, I would rather watch Celtic play Shettleson Juniors than play Rangers FC, ever again.
Neil canamalar Lennon hunskelper extrordinaire – Writing frightening verse to a buck-toothed girl in Luxembourg. (thumbsup)
Bill Tennant on Fanny Craddock’s doughnuts.
” I hope all your doughnuts end up like Fanny’s”
Gordon_J
CVA Proposal
This is on the rangers IA web site
philvisreturns
re your jumper comment…
i resemble that remark !
until the age of 14, white arran jumpers were the fashion of (no) choice around about my v-neck of the woods
cardigans were also unfrowned upon !
the heavy wool material doubled-up
as quality goal-post fabric *-*
ClothesShowCSC
Evening Times
Rangers could be booted out game
By CHRIS JACK
RANGERS have been warned they face being kicked out of Scottish football – on the day they continue their court battle with the SFA.
The Ibrox club this morning returned to the Court of Session in Edinburgh aiming to overturn a 12-month player registration ban handed down by the governing body over a number of rule breaches during the disastrous Craig Whyte era.
The decision by an independent SFA panel incensed the Gers, with boss Ally McCoist claiming his side could face relegation from the Scottish Premier League and that the penalty could kill the stricken club.
Rangers’ court battle is unlikely to go down well with Fifa or Uefa, with the European powerbrokers keen for football disputes to be settled away from the courtroom.
The Euro beaks waded into FC Sion’s battle with the Swiss FA this season after they flouted a transfer ban, with Celtic’s former Europa League foes handed a 36-point league penalty as punishment.
Rangers are determined to fight the SFA in a bid to overturn the player ban but the Ibrox club have been warned their plan could backfire.
Sports lawyer Dan Chapman of Full Contact Law said: “If the courts were to say that they wished to overturn the transfer ban, the SFA will have to say they don’t recognise the decision of the court.
“And, if Rangers want to impose the decision upon them, the SFA will have no choice but to expel them.
“Otherwise, the game is in utter disarray and anarchy, with no-one paying any attention to a decision by the governing body.
“If the Court of Session find in favour of Rangers, the SFA certainly don’t have to accept.
“They will say, ‘If you want us to accept that, you are further breaching the rules – which means we’ll expel you. In that case, your legal remedy is pretty pointless because you’re no longer a club allowed to play in our leagues’.
“It would be a futile victory. It seems to be that, for want of a better expression, it has been a bit of a cock-up.”
SFA chief executive Stewart Regan has today defended the Hampden hierarchy and said: “If you take the Rangers case recently, only 18 months ago the accusation was that it was old-fashioned committees who were making decisions.
“Everyone talked about needing independence, transparency and speed. We have delivered but are now being challenged because sometimes decisions that independent committees make are not to everyone’s liking.”
I remember there was a stall selling stuff for pets @ The Savoy .
Has it been taken over by a Chinese person .?
If so -is it called -Wok The Dog ?
D&P looking for at least a cool 3 million for carrying out probably the most inept admin in the history of football from a creditors perspective (IMHO)
Canalamar- white woolly mammoth?
Rumour in Leeds is that Bill Ng (late of the huns parish) may be behind the LUFC takeover bid.
Anyone point me to where he was taken apart on here so I can forewarn my mates.
So all creditors can expect would be around 1 million shared around……….
A judge will issue a decision on Rangers’ court bid to quash a transfer embargo at 3.30pm on Tuesday.
Lord Glennie is considering competing arguments made on behalf of the club and the Scottish Football Association following a three-hour hearing at the Court of Session in Edinburgh.
Rangers argue the decision was unlawful as it was not available to the SFA panel that imposed it, but the governing body disputes this and also called into question whether the court had jurisdiction over the matter.
philvisreturns on 29 May, 2012 at 13:45 said:
hamiltontim – Trident cost in the region of £97 billion and it costs close to £16.8m just to replace each missile. It is an obscene and immoral waste of money.
Nonsense.
Trident is awesome and great value for money. It only costs about £2bn a year, by the way. That’s a small price to pay for having the biggest chib on the planet.
You’re just a big jobby-face who hates awesomeness and win. You probably like wearing hand-knitted jumpers and going to Daniel O’Donnell concerts. (thumbsup)
—————————————–
I didn’t say it costs £97billion, I said that was what the cost of it was initially. Despite that you seem to think that £2bn/year to run it is acceptable.
Call me old fashioned, in my Val D pullovers, but I’d rather that the money was spent on feeding the poor or improving housing or building better hospitals or improving resources in schools or pretty much anything apart from a big ‘chib’.
BowsandarrowsCSC
TTLT -the fact he wanted to have anything to do with them at all is a bit suspicious.
Green Lantern (((((0))))) on 29 May, 2012 at 13:51 said:
“Bill Tennant on Fanny Craddock’s doughnuts.
” I hope all your doughnuts end up like Fanny’s” ”
…and then, realising his mistake, said. “No, I mean I hope that they don’t turn out like Fanny’s”
Celtic Mac on 29 May, 2012 at 13:49 said:
Fantastic post ……says it all, in a nutshell ……well done, that mhan ….!!!!!!
Was Bill Ng a childhood fan of the mighty Leeds also?
What a football slut that boy was.
Latest rumblings from court suggesting interesting discussion around Art 95, Art 5 & Rule 1 of the JPP. Possible that the SFA may have charged under wrong rule.
@mdkster
CelticMac
Well said !
The prospect of a new league is a sop to those who will walk away if the old firm is continued.
The huns would already be expelled by now if Newclub wasn’t going to happen.
If Rangers are not expelled by the SFA then we have nothing to fear about taking them to court for a multitude of matters.
I personally would go for UEFA and the ECA over FFP interfering with business.
HH
“There have been certain allegations made about me and when I find out who the alligator is, there will be trouble”
Minor 70’s union official
Hamiltontim – re trident, we can’t even use the missiles if we don’t have permission from the US to use their satellites to target them – or so I’m led to believe….
Philvis might come along, call me a jobby face and blow my ill-informed argument out of the water ;)
Tombola