Rangers go into administration

[+DoofersDad]

Going on a preseason tour to Germany apparently. Can we be this skint please lol?

Let's hope they stay over there.

[ICTRoughi]

NO GREEN AND WHYTE AT IBROX

I have continued to observe the lack of progress in the attempts to resolve the crisis at Ibrox. I hoped that a “supportable” proposal would emerge from an individual or grouping that would meet the needs of the club. I see those needs comprising of four main components;

1.Any offer should demonstrate the capacity to not only acquire the club but to invest in the club going forward.

2.Any offer should be supported by the requisite business skills to ensure that the recent crisis is not repeated.

3.Any offer should recognise that the club cannot be run on purely business principles. The club has a “soul”, a history, and a tradition going back 140 years. Our children and grandchildren are entitled to the same legacy that our father’s and grandfather’s bequeathed to us.

4.Any offer should recognise that the fans are key stakeholders in the club, whether they are shareholders or not.

In my view the CVA proposal that is being put forward for consideration by Duff & Phelps fails to demonstrate compliance with any of the above criteria. I accept the possibility that Duff and Phelps may know more than is contained in the CVA proposal, but if that is the case, why the lack of transparency? Duff & Phelps have earned enormous sums as administrators and have had sufficient time to ensure that full disclosure is made with any offer.

One practical difficulty that Duff and Phelps has is that their prime responsibility is to those stakeholders that have a legal claim on the company. This excludes the many fans who are important stakeholders but not shareholders. This leads me to some specific concerns about the CVA proposal;

1.It is clear from the CVA proposal that Mr Green intends to repeat Mr Whyte’s strategy of using season ticket sales to fund the club. This would put fans back in the position of funding the club without owning it.

2.I made it clear to Duff and Phelps that I regard the Whyte acquisition of the shares from the Murray Group as being fraudulent and that myself and every other minority shareholder (all fan shareholders) have been prejudiced by this. The CVA gives no recognition to this difficulty and to what reparation will be made to those shareholders who have been abused by the terms of the sale to Mr Whyte.

3.I also advised Duff & Phelps that I was making a claim against the club for the full amount of my investment based on the deliberate non-disclosure by David Murray of transactions that he had committed to on behalf of the club that were both risky and to the sole advantage of the Murray Group. I have made that claim but Duff & Phelps have at this stage ignored my representations.

4.If it becomes necessary for me to prove my claim I intend to enlist the support of the other fans, like me, who are shareholders in order to ensure that we are all considered and represented. I further advised Duff & Phelps that any proceeds received in respect of my claim will be reinvested, in full, back into the club. I am sure that all other aggrieved investors (that are fans) will do likewise. This will ensure that a substantial portion of the funds used to acquire the club will still be available to invest in its future.

5.Mr Whyte gave me first right of refusal on his shares on the 29th September 2011. Andrew Ellis subsequently advised me that Mr Whyte had personally advised him about my first right of refusal but that Mr Ellis had a prior right to 24,9% of the shareholding from Mr Whyte. Based on my own history of dealings with Mr Whyte I have no reason to doubt Mr Ellis’s version. Either way, Mr Green cannot acquire the shares.

It is not my intention, and I know Mr Ellis feels the same, to get in the way of a properly structured and a properly funded transaction that meets the needs of all stakeholders, including the fans.

In my view, based on previous discussions with Mr Whyte, it is unlikely in the extreme that he would sell “his” shares to Mr Green for a nominal sum (even if he hadn’t committed them to me) unless he was obtaining some benefit or retaining some control behind the scenes. Duff & Phelps non-communicative approach to stakeholders causes me further concern in that regard.

I am opposing the CVA and urge all loyal fans to do the same. We don’t want to be back in a similar situation next season. I also believe that all true Rangers fans should not buy any season tickets until full and frank disclosure has been provided by Duff & Phelps, Mr Green, and Mr Whyte, as to what is truly going on behind the scenes.

Dave King

Johannesburg

7th June 2012

[ICTRoughi]

WHYTE THREATENS DEFAMATION CASE AGAINST SFA

By Ronnie Esplin, Press Association Sport

Rangers' controversial owner Craig Whyte has turned the tables on the Scottish

Football Association by threatening to take them to court for defamation.

Whyte had already been deemed unfit to hold an official position in the game by

the SFA when he was handed fines totalling #200,000 by the ruling body in April

for bringing the game into disrepute.

At the same time the administration-hit Ibrox club were handed a 12-month

transfer embargo - which was successfully appealed - and fined #160,000 after

being found guilty of five charges relating to their financial affairs and the

appointment of Whyte as chairman.

The Motherwell-born businessman has refused to pay the fine, which he initially

described as "a joke" and it was reported this week that the SFA's legal team

were ready to pursue him through the courts for the money.

However, when Whyte was asked by Press Association Sport for his reaction to

the prospect of legal action being against him, he replied: "I will be going

after them. I will be looking at legal options against the SFA.

"They have a lot to answer for with their defamatory statements about me which

formed the basis of their so-called investigation.

"Scottish football's regulators are inept and have showed themselves up. But

they have no jurisdiction over me."

The SFA declined to comment.

Whyte has agreed to sell his 85% shareholding in Rangers for #2 to Charles

Green, who is leading the consortium in place to take control of the club.

The former Sheffield United chief executive's group has pledged #8.5million for

creditors who will be able to vote on a Company Voluntary Arrangement (CVA) next

week.

Should creditors reject the CVA, then Green would form a newco.

Whyte is giving the CVA his full backing and is ready to walk into the sunset

following his traumatic period as owner of Rangers, which began when he bought

the club from Sir David Murray last year for #1.

"I am 100% behind the CVA, I am very much in favour of it," he said.

"I hope it goes through because it is the best way forward for the club and it

will leave Rangers in an excellent situation.

"My shares will form part of the consortium's shareholding and after that I

will focus on other activities.

"It has certainly been eventful year but I did what needed to be done,

unpopular as it was. There was no alternative. It had to be done.

"If it wasn't me it would have been someone else.

"People will look back in a year or two with a different view.

"People have conveniently forgotten the state Rangers were in at that time.

"I should have taken the club into administration on completion of the deal.

"But there was no way the situation would have been avoided unless someone

came in and put in #100million and we have seen in recent weeks how difficult it

is to get anyone to put money into a football club."

[+Feb82000]

and on top of this the portland club has now shut down and may reopen under a new name

[Heilandee]

She's no singing yet, but if the CVA fails, she's certainly warming up....

http://news.stv.tv/scotland/105193-hmrc-arrange-for-liquidators-at-rangers-if-administrators-fail-to-save-club/

[CaleyD]

Classic Frying Pan > Fire > Frying Pan > Fire scenario....and with people starting to stick the knife in on the Green deal/situation (and rightly so it would seem) it's gone beyond farcical. At this rate we're going to be playing SPL with 11 teams next season.

[Heilandee]

At this rate we're going to be playing SPL with 11 teams next season.

That's how I see it D!

[CaleyD]

Oopsy.......http://www.bbc.co.uk/sport/0/football/18407309

CVA rejected by HMRC

[KingBeastie]

This still gonna go on and on and on I feel.

Let's see who bends over to let the huns (and OF) shaft them and go straight back into the SPL in their new guise.

Tread very, very carefully chairmen...

[ICTRoughi]

With Rangers being liquidated, we should try and use Andrew Shinnie to get some of the younger players up north, like Kyle Hutton and Jamie Ness.

[CaleyD]

Full Statement from Duff and Duffer - http://local.stv.tv/glasgow/105851-in-full-duff-and-phelps-statement-on-rangers-cva-failure/

Also, comments on HMRC twitter feed hinting that "Liquidation allows them to go after those responsible for companies recent finances"....Whyte and/or D&P???

[CaleyD]

This still gonna go on and on and on I feel.

Let's see who bends over to let the huns (and OF) shaft them and go straight back into the SPL in their new guise.

Tread very, very carefully chairmen...

There seems to have been a declining motivation among SPL Chairmen to usher in a NewCo SPL. What's more, I don't think it's any coincidence that Weatherseal have just become and SPL Partner.....especially as they are owned by Brian Kennedy!!!! I wonder why he may have been motivated to ease financial pressures on the SPL right now!!!

[CaleyD]

At this rate we're going to be playing SPL with 11 teams next season.

That's how I see it D!

Well, as of now, we have an 11 team SPL....as predicted.

To my knowledge, the SPL only have two valid applications for the spare space which were submitted prior to the March 31st Deadline. Those are Dundee and Falkirk (Ross County having already been accepted). I hope both those teams are now on the blower pushing the SPL for a decision on which one of them will be accepted!!!

[Alex MacLeod]

Five clubs now need to vote NO to Newco acceptance. The only one that has spoken out with an emphatic NO so far is Dundee United.

[Heilandee]

Five clubs now need to vote NO to Newco acceptance. The only one that has spoken out with an emphatic NO so far is Dundee United.

Yenited have not emphatically said no, Thompson said they would need a lot of convincing, blah blah,as he was twitching about season ticket sales but left it open to u turn.Time will tell after several seasons listening to moralising from all and sundry as to where their own morality lies when situations affect their clubs financially.

[ICTRoughi]

Just out of a matter of interest, when do the SPL clubs vote on this?

[CaleyD]

IMO, it is impossible for the SPL to usher a Rangers NewCo into place......and they can take all the votes they like on it. Here's why......

Before the SPL can look to having a vote on the NewCo they have to dismiss the valid applications they already have from Falkirk and Dundee....both of whom had their applications in before the 31st March deadline. To do anything else would open a whole new can of worms if Falkirk and/or Dundee decided to challenge it. There's a chance Dunfermline could also have a case if they've not yet handed over their SPL share.

All this talk of Rangers NewCo "negotiating their place in the SPL" is bollocks (again, IMO). Like it or not, the NewCo can not be punished/prohibited from entering the SPL and/or have additional sanctions applied due to the actions and indiscretions of the OldCo....legally they, the NewCo, are a separate entity and not liable in any way, shape or form for the OldCo. They cannot say "Rangers NewCo, meet these conditions and you can get in" whilst ignoring the fact that Dundee and Falkirk both have valid applications on the table....or applying the same entry criteria/sanctions to Dundee/Falkirk and any other clubs applying in future.

There's NO legal grounds upon which the SPL can accept Rangers NewCo into the SPL with sanctions attached...it would be considered nothing more than blackmail by the courts (be that civil or CAS). They have to decide on whether they accept any application on the same grounds as any other application, or to reject the application on the basis that Membership/Application criteria have not been met.

Same goes for the SFL. If Rangers NewCo are rejected by the SPL and an SFL team is promoted then the SFL have a process to go through whereby they announce a vacancy and invite applications. Unlike the SPL, a Club License IS needed to play there, and Rangers (NewCo) would be hard pressed to qualify.

This whole sorry mess is far from over.

[CaleyD]

Just out of a matter of interest, when do the SPL clubs vote on this?

I'd imagine that since the news is only a couple of hours old (and not ratified until the meeting tomorrow) then no date/time will have been set yet. NewCo also have to submit an application, which I also imagine has not been done as they don't really exist yet.

[Heilandee]

Correct D, at the time of application i felt it was a very speculative but is now looking quite prudent.That said, it gives no time to build a remotely competitive squad but would give a season of welcome extra income and may to some small degree pay back some of the dues from the Zurab Khisanisvilla episode! (Bitter? no me!)

Edited June 12, 2012 by Heilandee

[Yngwie]

Am I right in saying that so far, the only winners from this Rangers saga have been Duff & Phelps, and the various lawyers involved?

Rangers deserve every possible misfortune, but it's still a shame that so much money has been sucked out of Scottish football by the leeches employed to cure them.

[Yngwie]

The only one that has spoken out with an emphatic NO so far is Dundee United.

They would of course benefit from the return of Dundee derbies......

[Alex MacLeod]

I understand that a Newco cannot be sanctioned as they are effectively a new business. I would be very disappointed if they were given entry into the SPL. They should have the same criterea as applies to any other team outside the SPL/SFL. Apply for entry at the bottom and come up on merit. Anything else and Scottish football will be seen by the world as having no balls.

[KingBeastie]

There seems to have been a declining motivation among SPL Chairmen to usher in a NewCo SPL. What's more, I don't think it's any coincidence that Weatherseal have just become and SPL Partner.....especially as they are owned by Brian Kennedy!!!! I wonder why he may have been motivated to ease financial pressures on the SPL right now!!!

Eh?!

I don't get it, are you saying Kennedy is helping a league when his team are likely to NOT be allowed in (if I am reading your post correctly)?

[Alex MacLeod]

There seems to have been a declining motivation among SPL Chairmen to usher in a NewCo SPL. What's more, I don't think it's any coincidence that Weatherseal have just become and SPL Partner.....especially as they are owned by Brian Kennedy!!!! I wonder why he may have been motivated to ease financial pressures on the SPL right now!!!

Eh?!

I don't get it, are you saying Kennedy is helping a league when his team are likely to NOT be allowed in (if I am reading your post correctly)?

Or helping a league with the hope of swaying votes his way

[CaleyD]

There seems to have been a declining motivation among SPL Chairmen to usher in a NewCo SPL. What's more, I don't think it's any coincidence that Weatherseal have just become and SPL Partner.....especially as they are owned by Brian Kennedy!!!! I wonder why he may have been motivated to ease financial pressures on the SPL right now!!!

Eh?!

I don't get it, are you saying Kennedy is helping a league when his team are likely to NOT be allowed in (if I am reading your post correctly)?

http://ictfc.com/new...artnership-deal

Rangers are not Brian Kennedys team (He's a Hibs fan).

Was probably a win/win for him.....if TBK offer was accepted then it might buy some brownie points when dealing with SPL in sorting through things. As it is, it now serves as two fingers to those who rejected their offer and don't shut up about "Scotland needing Rangers".