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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setting free the bears on 29 May, 2012 at 13:59 said:
“Was Bill Ng a childhood fan of the mighty Leeds also?”
My sources tell me he was a fan of the Mighty Wah
Big Swee-Complicit incompetence?
Looks like we will keep Hooper.
Burnley have accepted a £7m bid from Southampton for striker Jay Rodriguez, BBC Sport understands.
The 22-year-old striker scored 21 goals for the Clarets last season and was named in the Championship team of the year by the Professional Footballers’ Association last month.
For any Huns looking for a good result from a Prod name like Lord Glennie (turns out he is neither a deaf transgender percussionist nor a former fitba player for Dundee FC), Wikipedia has bad news.
“In 1981, Lord Glennie married Patricia Jean Phelan, daughter of Andrew Phelan, a circuit judge originally from Clonmel in the Republic of Ireland.”
Hope David Leggate will be picking up on this sinister fact soon and a boycott of Magners Cider can begin.
Dan Maskell
” I do think Sue Barker’s legs are exceptionally wide as she waits for service”
or was that TFPLG
play
So 8.3m that is being put forward for CVA is just a loan and must be repaid by 2020.
Where is an SFL3 club going to find that kind of money.
Sevco taking no personal risks in this process at all.
cadizzy at 14.00
” My life has not been the same since you painted my back passage green”
Genuine complaint to a Glasgow Councillor in 1970s
All things are connected .
” Minute by Minute
Day by Day.
I think it’s over —”
The Mighty Wah ——- The Story of The Blues.
SFTB
That will take some beating
could it be a lose-lose situation for the Huns at the CoS?
Lose the case and the ban stands.
Win and then the SFA have no other sanction except expulsion, as they said themselves at the time. Not to mention FIFA will be on their ass if they don’t.
Another masterstroke from Duff and Duffer?
dbbia,
fair comment,
unlike that of philvis, who pefers to run around luxemburg checking out womens overbite sucking on his thumb
At least Craigy bhoy had a £1, Sevco do not even have that!
Effectively the stupid huns will pay to get theselves out of administration.
Lol!
I would never have thought EBT’s, CVA’s, and an assortment of other legal/accountancy terms could ever become so engrossing. Its the whole Tom Clancy/Le Carre convoluted plot of this Rangers fiasco that makes it so gripping. Despite studying a fair bit of Economics during my student days I found the subject incomparably tedious- it seemed to be imbued with a unique function for eliciting a semi-comatose state akin to rigor mortis ( but that’s another story)- added to a sort of working class prejudice I seem to inherited towards finance and money matters in general. I have always thought there was something effete about men involved in financial affairs: the seemingly non-productive business of dealing with virtual money strikes me bourgeois and decadent, unmanly even. Our whole society has been reduced to the proto-materialism of the third estate- this in turn has turned culture ultra-conservative and overly conventional, into a nihilistic soup of meaningless sameness. Hard cash and cynicism rule supreme. I’m aware that is the irrational prejudices of a proletarian crank- but I’ve never been able to shake the impression that a truly masculine character is alien to a incorrigible preoccupation with money.
Nonetheless this whole hun debacle has managed to keep me intrigued for this long- despite the dull legal/financial terms surrounding the situation- largely no doubt because of its implications for Celtic and that primitive schadenfreude instinct for revenge over such a despised old enemy.
Am away tae dae something manual and virile…something manly…some red blooded work…the wives told me a need tae go and cut the conifer oot the front and cut the gerdin while am there…
tonguefirmlyincheekCSC
philvisreturns on 29 May, 2012 at 13:45 said:
>>>
Don’t abuse a Celtic supporter and a Tim just coz he’s not a fascist like you.
These are sentences actually typed by Medical secretaries in NHS Greater Glasgow.
1. The patient has no previous history of suicides.
2. Patient has left her white blood cells at another hospital.
3. Patient’s medical history has been remarkably insignificant with only a 40 pound weight gain in the past three days.
4. She has no rigors or shaking chills, but her husband states she was very hot in bed last night.
5. Patient has chest pain if she lies on her left side for over a year.
6. On the second day the knee was better and on the third day it disappeared.
7.. The patient is tearful and crying constantly. She also appears to be depressed.
8. The patient has been depressed since she began seeing me in 1993.
9. Discharge status:- Alive, but without my permission.
10. Healthy appearing decrepit 69-year old male, mentally alert, but forgetful.
11. Patient had waffles for breakfast and anorexia for lunch.
12. She is numb from her toes down.
13. While in ER, she was examined, x-rated and sent home.
14. The skin was moist and dry.
15. Occasional, constant infrequent headaches.
16. Patient was alert and unresponsive.
17. Rectal examination revealed a normal size thyroid.
18. She stated that she had been constipated for most of her life until she got a divorce.
19. I saw your patient today, who is still under our care for physical therapy.
20. Both breasts are equal and reactive to light and accommodation.
21 Examination of genitalia reveals that he is circus sized.
22. The lab test indicated abnormal lover function.
23. Skin: somewhat pale, but present.
24. The pelvic exam will be done later on the floor.
25. Large brown stool ambulating in the hall.
26. Patient has two teenage children, but no other abnormalities
.
27. When she fainted, her eyes rolled around the room.
28. The patient was in his usual state of good health until his airplane ran out of fuel and crashed.
29. Between you and me, we ought to be able to get this lady pregnant.
30. She slipped on the ice and apparently her legs went in separate directions in early December.
31. Patient was seen in consultation by Dr. Smith, who felt we should sit on the abdomen and I agree.
32. The patient was to have a bowel resection. However, he took a job as a stock broker instead.
33. By the time he was admitted, his rapid heart had stopped, and he was feeling better.
TopCorner – There’s nothing wrong with cardigans, they’re now retro-hip thanks to “Mad Men”. I like to wear mine while sporting horn-rimmed specs and a pipe. (thumbsup)
hamiltontim – 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’.
The costs of Trident are a drop in the ocean compared with what we spend on the NHS, housing, education, etc. The law of diminishing returns kicked in on social spending in the UK a long time ago. New Labour doubled NHS spending during its time in office and spent billions on new schools but we didn’t see a corresponding increase in quality of healthcare or educational attainment.
If aliens or the Russians invade or the zombie calypso happens we’ll feel pretty silly if we don’t have The Bomb. (thumbsup)
Half Time Tombola – Actually we don’t need the Americans’ permission to fire our missiles. Even if we did, America and Britain are BFF’s so it’s no big deal. If we can’t trust Obama whom can we trust? (thumbsup)
Neil canamalar Lennon hunskelper extrordinaire – unlike that of philvis, who pefers to run around luxemburg checking out womens overbite sucking on his thumb
I’m sure there’s a website for that sort of thing. (thumbsup)
Further reading suggest administrators say creditors won’t be paid in CVA until conclusion of court action and the big tax case result.
Also Rangers must remain in SPL/SFA or deal is a busted flush.
” Not one of the Arsenal players surrounded the Referee ”
Alan Shearer .
“” Correct me if I’m not mistaken ”
Mark Lawrenson
Not sure if this has been posted already but as I couldn’t find the link i would diubt it.
This is from todays Scottish Daily Mail:
ADMINISTRATORS IN A STATE OF CONFUSION
The Rangers administrators admitted at the weekend they were ‘unaware’ that taking their case against the SFA to the Court of Session was against FIFA regulations and could incur further penalties.
Having already set in motion their bid to have the SFA’s 12-month transfer embargo overturned, joint-administrator Paul Clark of Duff & Phelps then made the surprising admission that they hadn’t realised the implications of such a move.
FIFA insist that such disputes should be resolved only by the Court of Arbitration for Sport and could come down heavily on SFA should they not take further action against the Ibrox club for their latest transgression.
It seems incredible that no one at Rangers was aware of the potential pitfalls of their legal challenge and despite Swiss side Sion, who Celtic replaced in the Europa League, having fought and lost a similar high-profile case last season.
Clark confessed: ‘I don’t know any of my team or lawyers were specifically aware of that.
‘I wasn’t aware of specifics. I do know that FIFA have a position where they look at the activities of individual associations.
‘We are exploring all points on the transfer ban.’
Blind leading the blind springs to mind.
What a bunch of clowns!
HH
/Bishop B
Surely RFC(ia) owe us a more than the £40,337.00 mentioned in the CVA document?
What about the damage they done on their last “visit”?
GordonJ – I believe it’s quite normal for any company propping up another group company to provide funds by way of a loan. Bear in mind that the sale price of rangers fc was one pound, not 8.5m. if you were simply pumping another 8.5m into another company for no return you’d expect to increase your equity, and in the case of rangers, what’s the point of that?
This item from the CVA is interesting –
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.
Someone posted HMRC guidelines on CVAs yesterday, they preclude acceptance of offers where assets are removed beyond the reach of creditors.
philvis
Agreed that finances spent on social and economic improvement are often wasted in beaurocracy yad yada yada.
It still doesn’t excuse £97bn being used to establish trident, £2bn a year to maintain it and an additional £16.8m
does this rangers cva proposal remind anyone of this?
http://www.youtube.com/watch?v=CcG8z2OTAWs
This from The Duffers in their ‘presentation’ to the court of session.
And we thought Minty only did moonbeams.
Carlsberg would be proud of this :
“2.9 Once approved, the CVA binds all creditors who were entitled to vote whether or not they were present or represented at that meeting and so voted, whether or not they chose to vote and whether or not they actually received notice of the meeting.
2.10 The Administrators believe that this CVA will, if approved:
2.10.1 Provide a better return to creditors than would otherwise be achieved on a sale of the business and assets of the Company or liquidation of the Company;
2.10.2 Ensure the continuation of Rangers Football Club in its current corporate entity providing the maximum opportunity to avoid additional football regulatory sanctions;
2.10.3 Allow an enhanced prospect of a successful application for a UEFA licence, which is required to compete in UEFA competitions (subject to satisfying the necessary UEFA regulations), thereby enhancing the business‘ value;
2.10.4 Permit the achievement of the primary statutory objective of the Administration in accordance with Paragraph 3 of Schedule B1 to the Act, being rescuing the Company as a going concern; and
2.10.5 Satisfy the strong preference of the supporters that the football club continues to trade within its current corporate entity.”
…..every time a missile is fired.
I’m sorry but respectfully I don’t think that it’s ‘awesome’ as you choose to describe it in the same way that I don’t agree with eating ‘peanut butter and jelly sandwiches’ or saing ‘have a nice day’ to every passer by.
It is immoral and obscene.
ASonOfDan on 29 May, 2012 at 14:16 said
Thanks for the post, best laugh I’ve had in ages!
So D&P are still ignoring their prime function, wonder how long the investigation into them will take.
Why have they not been removed by the court
ORCS ON RM TRYING TO GET HEADS ROUND WHAT WILL HAPPEN IF BAN LIFTED.
1 ban lifted @ 15.30
suggestoin :))) sign guttuso at 15.31
2 we cant were still in administration
reply :))))))Sign him on amateur forms or something?
SonsOfErin 14:23
That is an interesting point regarding HMRC as the CVA proposal was delayed due to a redraft of the terms yesterday.
SOMEONE WANTS THEM TO DIE!!
If the Court decision goes against them this afternoon, and the transfer embargo remains, does Greeny do walking away? Will the CVA last the day?
Brendan Rodgers as short as 4/11 for Liverpool job,change of heart there possibly.
Read the CVA thing – well I skimmed through it.
Can’t see any reference to Jam today or Jam tomorrow. And 100% sure there’s nothing in regards to Jam today AND Jam tomorrow.
Surely them wee souls are not going to be Jamless?
But then they have neither a pot to put it in nor a window to fling it out of…
Spare a thought for the Jamless…
U
The good frauen and frauleinen of Luxembourg have no wish to be dragged into the ole CQN Trident missile debate.
hamiltontim – Is it the cost you think is immoral and obscene, or the principle of defending ourselves with atomic weapons?
I guess you could say all weapons are immoral and obscene, they can all kill people. One of the most lethal weapons of the 20th century was the AK-47. We can no more uninvent guns than we can uninvent nukes though, so it’s better that the good guys have the capability to wield the big stick.
It was a Labour government that gave Britain the Bomb, and rightly so. (thumbsup)
Just thinking this through, we on here now know HMRC can never accept the CVA proposed and yet Duff&Duffer on £600.00 an hour are charging for drafting this up, KNOWING it is not worth the paper it is written on.
They have the cheek to say they have nothing to fear from an investigation.
Swindon say Di Canio did racially abuse one of his own players,class act.
philvisreturns on 29 May, 2012 at 14:16 said:
>>>
Aye…there’s a website for you an’ all….an’ it’s no this wan.
So they reckon that the best possible case for creditors is a CVA and sharing up to £5M between them. The club would then have no debts apart from the £8.3M it owes to Sevco.
Not a hope in hell that HMRC will accept this.
If liquidated most creditors would get nothing. And Sevco would get all of the assets for an agreed £5.5M. No one else would even be allowed to make a bid.
Is this legal? Is a liquidator not supposed to get the maximum value from sale of the assets?