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The Rangers soap opera goes on and on - ***SEE ADMIN NOTE IN POST #1***

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#54301 Footballfirst

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Posted 16 January 2014 - 07:22 PM

I can see one of the hedge funds (Laxley's or Damille) providing some working capital, say £3M (secured on Ibrox & MP) to see them through to the end of the season, at which point the loan will be paid off from ST income with a healthy interest payment of say £1M and maybe a few million more shares issued. Then the whole charade will start again.

#54302 Dannie Boy

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Posted 16 January 2014 - 07:24 PM

This is a salutary to us to keep the heed when we exit admin no daft spending spree, no silly money and only proper people running our club. Spiv free Hearts FC. That's us from now on.

#54303 farin

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Posted 16 January 2014 - 07:25 PM

Newco Rangers IPO raised 20 million+ a year ago, now asking players to take a 15% pay cut in Scotland's third tier. Incredible mis-management

#54304 Big Team

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Posted 16 January 2014 - 07:28 PM

you just couldn't make this up - the sheer arrogance of the folk running the club is unbelievable.

#54305 Footballfirst

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Posted 16 January 2014 - 07:28 PM

cheers,so 3rd points deduction they still will get promoted (most likely) if its a quick admin exit ....jesus


The 1/3 points deduction no longer applies. It will either be 15 points (New club) or 25 points (Same Club). Most likely to be the 25 points based on the SPFL and SFA's desire to see the "club" survive. On current form the 25 points would be manageable, but if an administration event meant that there was a wholesale cull of players then they may not be able to sustain that form through to the end of the season.

It would make a mockery of the SFA's and SPL's involvement in the fabled 5-way agreement, and wouldn't say much for Deloitte's sign off of the last set of accounts just 3 or 4 months ago.

Edited by Footballfirst, 16 January 2014 - 07:31 PM.


#54306 ritchies75

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Posted 16 January 2014 - 07:29 PM

so what would admin 2 really mean to the gers if it happens,point deduction and still win promotion?



According to SPFL rule book it would be a 25 point penalty - http://spfl.co.uk/do..._1388495541.pdf

E5 Where a Club, whether owned and operated by the same or a different Member,
suffers or is subject to an Insolvency Event which results in a deduction of points in
terms of these Rules and within 5 years of the date of such Insolvency Event suffers
or is subject to a further Insolvency Event which is not part of the same Insolvency
Process as the Insolvency Event then suffered, the points deduction applicable in
terms of Rules E1 in respect of that second or further Insolvency Event, shall be 25
points with the 15 points in Rules E2 and E3 being 25 Points.

#54307 blairdin

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Posted 16 January 2014 - 07:36 PM

The subsidiary football club is the loss-making entity here. It owes the money to spivco (RIFC plc).


So probably a blink and you miss it administration, possibly a pre -pack?

Promotion secured, even with a points deduction. An opportunity to shed players and staff through redundancy. And all sorted in time for Sally's summer transfer splurge.

Edited by blairdin, 16 January 2014 - 07:38 PM.


#54308 hearts007

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Posted 16 January 2014 - 07:36 PM


The 1/3 points deduction no longer applies. It will either be 15 points (New club) or 25 points (Same Club). Most likely to be the 25 points based on the SPFL and SFA's desire to see the "club" survive. On current form the 25 points would be manageable, but if an administration event meant that there was a wholesale cull of players then they may not be able to sustain that form through to the end of the season.

It would make a mockery of the SFA's and SPL's involvement in the fabled 5-way agreement, and wouldn't say much for Deloitte's sign off of the last set of accounts just 3 or 4 months ago.

ok, did rangers pay any of the amount due to the spfl/sfa or what ever they call themselves? was it no just short of £900,000 and this was part of the 5 way agreement?

#54309 Dannie Boy

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Posted 16 January 2014 - 07:36 PM


According to SPFL rule book it would be a 25 point penalty - http://spfl.co.uk/do..._1388495541.pdf

E5 Where a Club, whether owned and operated by the same or a different Member,
suffers or is subject to an Insolvency Event which results in a deduction of points in
terms of these Rules and within 5 years of the date of such Insolvency Event suffers
or is subject to a further Insolvency Event which is not part of the same Insolvency
Process as the Insolvency Event then suffered, the points deduction applicable in
terms of Rules E1 in respect of that second or further Insolvency Event, shall be 25
points with the 15 points in Rules E2 and E3 being 25 Points.


When have they ever stuck to the rules, new rules by 5pm tomorrow with the usual at our discretion caveat.

#54310 wibble

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Posted 16 January 2014 - 07:38 PM

I can see one of the hedge funds (Laxley's or Damille) providing some working capital, say £3M (secured on Ibrox & MP) to see them through to the end of the season, at which point the loan will be paid off from ST income with a healthy interest payment of say £1M and maybe a few million more shares issued. Then the whole charade will start again.


The spivs won't dilute their holding in the assets. They'll let the club die again and let the fans start the the raingurs, then rent the assets back to them at a ridiculous price which will keep going up each year. :jjyay:

#54311 hearts007

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Posted 16 January 2014 - 07:41 PM

When have they ever stuck to the rules, new rules by 5pm tomorrow with the usual at our discretion caveat.

yep and 2 leagues of 21

#54312 The Great Khali

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Posted 16 January 2014 - 07:45 PM

Oaft

:jjyay:

Edited by The Great Khali, 16 January 2014 - 07:48 PM.


#54313 Jabba

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Posted 16 January 2014 - 07:45 PM

:verysmug:
:av-1001:




#54314 Mysterion

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Posted 16 January 2014 - 07:53 PM

WHAT'S IN YOUR HEAD.....



#54315 Rents

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Posted 16 January 2014 - 07:53 PM

Not want to look on others people misfortune but I can only see this benefiting us next season

#54316 Jammy T

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Posted 16 January 2014 - 08:10 PM

Sevco would have to be hammered if they went into admin again surely.

The points deduction is just one part of it. The fact they took on the players they did at the wages they did in the leagues they did which has been a direct factor in the finances would surely mean a heavy signing embargo type punishment also....

Surely

;-)

Edited by Jammy T, 16 January 2014 - 08:10 PM.


#54317 hearts007

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Posted 16 January 2014 - 08:11 PM

Sevco would have to be hammered if they went into admin again surely.

The points deduction is just one part of it. The fact they took on the players they did at the wages they did in the leagues they did which has been a direct factor in the finances would surely mean a heavy signing embargo type punishment also....

Surely

;-)

well id certainly hope so

#54318 Geoff Kilpatrick

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Posted 16 January 2014 - 08:12 PM

So probably a blink and you miss it administration, possibly a pre -pack?

Promotion secured, even with a points deduction. An opportunity to shed players and staff through redundancy. And all sorted in time for Sally's summer transfer splurge.

Except without a capital injection from new owners, there will be no splurge. They will be paying rent on the assets.

#54319 Deevers

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Posted 16 January 2014 - 08:13 PM


Sevco would have to be hammered if they went into admin again surely.

The points deduction is just one part of it. The fact they took on the players they did at the wages they did in the leagues they did which has been a direct factor in the finances would surely mean a heavy signing embargo type punishment also....

Surely


Don't bank on it - the SFA/SPFL will probably blame us and find some other for us.
;-)



#54320 jack D and coke

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Posted 16 January 2014 - 08:17 PM

Sevco would have to be hammered if they went into admin again surely.

The points deduction is just one part of it. The fact they took on the players they did at the wages they did in the leagues they did which has been a direct factor in the finances would surely mean a heavy signing embargo type punishment also....

Surely

;-)

You mean like the last transfer embargo where they managed to sign a total of 22 players? Like that one lol? Sorry mate I'm not having a go at you I just don't think the powers that be will do anything that we would consider punishment. They'll be in and out of admin and in the championship next season with a stronger squad that anything we can put together.

I won't be getting too excited myself.

#54321 Martin_T

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Posted 16 January 2014 - 08:20 PM

Remember folks that Administration comes with a transfer ban as part of the sanction. It feasible they will have to make significant cuts to the playing staff but be unable to replace them until January at the earliest.

#54322 Petrocelli

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Posted 16 January 2014 - 08:23 PM

Well this a pleasing turn of events , who could have foreseen this coming for triggers broom fc :davebp: , where are we at now 3rd brushhead or 2nd broom handle ?

#54323 hearts007

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Posted 16 January 2014 - 08:27 PM

Remember folks that Administration comes with a transfer ban as part of the sanction. It feasible they will have to make significant cuts to the playing staff but be unable to replace them until January at the earliest.

that's what they want,they want Templeton and c/o redundant .They cant afford to keep paying these kinda guys for doing nowt and cant afford to pay them off either

#54324 jamboinglasgow

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Posted 16 January 2014 - 08:32 PM

Except without a capital injection from new owners, there will be no splurge. They will be paying rent on the assets.


So, the spivs can come out of this owning Rangers property as assets and holding Rangers over a barrel to pay what rent they want. The players are offered 15% reduction for a year and half rather then selling some (who would surely go to other clubs on the similar wage.) Sounds like a measure designed to fail. Also with having so many financial men at the club, to then get in another finance consultant, so still throwing money around. I dont think even Rangers fans will try much in a second admin, its just not the club they thought it would be.

Also if they are still in admin by the beginning of next season (if they were to go into admin this season) would they get a another points reduction?

#54325 vegas-voss

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Posted 16 January 2014 - 08:44 PM

that's what they want,they want Templeton and c/o redundant .They cant afford to keep paying these kinda guys for doing nowt and cant afford to pay them off either

Of course Rangers will get a 1 in 1 out nice and simple.They will get rid of the high end shit that are doing very little and bring in better players for slightly cheaper wages.A carve up as usual to suit the Old Firm.

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#54326 hearts007

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Posted 16 January 2014 - 08:55 PM

Of course Rangers will get a 1 in 1 out nice and simple.They will get rid of the high end shit that are doing very little and bring in better players for slightly cheaper wages.A carve up as usual to suit the Old Firm.

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yep 1 in 1 out but not with players that are made redundant(it better not be)

#54327 vegas-voss

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Posted 16 January 2014 - 09:10 PM

yep 1 in 1 out but not with players that are made redundant(it better not be)

Case by case basis remember.I have no doubts they will come out of this smelling of roses a nice streamlined squad for next season with a squad of about 30 instead of the 56 they have but with better quality and cheaper wages.You just know it everything in the beaks power will be there to help them.

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#54328 hotcurrie

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Posted 16 January 2014 - 09:39 PM

http://www.football3...heir-pay-by-15-


The players have rejected it apparently... scary ending music, dum dum duuuuuum....!

#54329 skinnybob72

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Posted 16 January 2014 - 09:56 PM

If this is true and they are asking for players to reduce wages because they have serious cashflow issue then you have to ask WTF the SFA / SPFL have been doing since the previous guise of RFC was liquidated?

What happened to the 'fit and proper persons' criteria? There has been an endless procession of charlatans / fly-by-nights / spivs in and out of Ibrox since David Murray sold the club. No-one seems to know who owns what, for example Ibrox itself.

The fact that a club who had been in administration so recently were all of a sudden able to sign the best players from clubs 3 leagues above them must have had alarm bells ringing somewhere down Hampden way?

#54330 dicksojo

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Posted 16 January 2014 - 10:05 PM

I fear the worst for rangers. Penny shares, ipo already spent, major shareholders hitting the eject button and wage cuts all round required.

This is the beginning of a slow and horrible death a la portsmouth. If they go into admin then I think it would be the death of rangers. The best investors know when to cut their losses (or in this case accept the 22p for each 1p share they have bought). These guys have fleeced rangers and it is a lesson to all clubs including ourselves that we have no right to exist.

Once we are out of admin let's build a club on youth, let's live within our means and let's build a long term base for the club so that we don't have to flirt with admin again.

#54331 i wish jj was my dad

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Posted 16 January 2014 - 10:14 PM

Of course Rangers will get a 1 in 1 out nice and simple.They will get rid of the high end shit that are doing very little and bring in better players for slightly cheaper wages.A carve up as usual to suit the Old Firm.

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This.

I would not be surprised if the mutant and chums didn't agree automatic promotion the premier league with guarantees in place that they will finish in the top two and any potential challengers will be deducted 20 points at Xmas.

Looking the other way while the hooks crooks and comic singers p88ssed away millions doesn't exactly suggest the guardians of our game are serious about tackling corruption

#54332 ritchies75

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Posted 16 January 2014 - 10:24 PM

Scott Burns @ScottBurns75

#Rangers due sell-on from Nikica Jelavic's 5.5mill move to Hull City. Some much needed money coming there way Half of Jelavic sell-on will go into the creditor's pot


#54333 Homme

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Posted 16 January 2014 - 10:27 PM

Why only half? Do the admins get the other half?

#54334 Longshanks

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Posted 16 January 2014 - 10:30 PM

Scott Burns @ScottBurns75

#Rangers due sell-on from Nikica Jelavic's 5.5mill move to Hull City. Some much needed money coming there way Half of Jelavic sell-on will go into the creditor's pot


:lol:

Did rangers eventually pay for Jelavic in the first place?

#54335 Walter Bishop

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Posted 16 January 2014 - 10:31 PM

http://m.youtube.com...h?v=i7zw92lSNus

#54336 ritchies75

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Posted 16 January 2014 - 10:31 PM

Why only half? Do the admins get the other half?


I was confused by that too. Jelavic was sold by Oldco wasnt he? So surely all of the sell on fee should go to creditors.

Edited by ritchies75, 16 January 2014 - 10:32 PM.


#54337 brownkg

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Posted 16 January 2014 - 10:38 PM

Scott Burns @ScottBurns75

#Rangers due sell-on from Nikica Jelavic's 5.5mill move to Hull City. Some much needed money coming there way Half of Jelavic sell-on will go into the creditor's pot


except that goes to OLD CO does it not.? Can't believe this has been going on for almost 2 years and still they act with impunity

#54338 jamboblair17

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Posted 16 January 2014 - 10:45 PM

Just in from work and folk are saying rangers are in the shit again.

Cliffs please?

#54339 Footballfirst

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Posted 16 January 2014 - 10:51 PM

Scott Burns @ScottBurns75

#Rangers due sell-on from Nikica Jelavic's 5.5mill move to Hull City. Some much needed money coming there way Half of Jelavic sell-on will go into the creditor's pot


I think that BDO will get the lot. From their Liquidators report in November.

Book Debts
Since our last report, a further £995k has been received in respect of book debts, principally the penultimate instalment of £975k in relation to the transfer of Nikita Jelavic. The Joint Liquidators anticipate a further £1.058m being received from this source by 31 May 2014.

Edited by Footballfirst, 16 January 2014 - 10:52 PM.


#54340 farin

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Posted 16 January 2014 - 11:09 PM



#54341 glastonbury jambo

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Posted 16 January 2014 - 11:13 PM

Posted Image

Can we have a caption competition? :rofl:

'WHAT DE YE MEAN THE PIES HUV WENT UP 10p'!!!

#54342 NineteenZeroFiveTwelve

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Posted 17 January 2014 - 12:07 AM

The problem for them now is that no-one else in Scotland could afford to pay the kind of wages the players have been on at Ibrox(apart from Celtic), and no-one outside of Scotland will want them.

As for Neil Patey on that news item saying administration is unlikely... if he thinks it's unlikely, get your money on it happening!

#54343 farin

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Posted 17 January 2014 - 12:11 AM

The players answer to the 15% pay cut, We Don't do "docking our pay"

Attached File  the-big-house-.jpg   99.48KB   88 downloads

#54344 brownkg

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Posted 17 January 2014 - 12:24 AM

Stewart Weir sports journalist :rolleyes5: :rolleyes4:

As one Rangers captain said :-This is like Deja Vue all over again



#54345 jack D and coke

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Posted 17 January 2014 - 05:55 AM

Stewart Weir sports journalist :rolleyes5: :rolleyes4:

That made me chuckle I must admit. The standard of Scottish sports journalism is appalling.

#54346 salecc

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Posted 17 January 2014 - 06:09 AM

The problem for them now is that no-one else in Scotland could afford to pay the kind of wages the players have been on at Ibrox(apart from Celtic), and no-one outside of Scotland will want them.

As for Neil Patey on that news item saying administration is unlikely... if he thinks it's unlikely, get your money on it happening!


This..How does this tube get invited onto TV.

#54347 salecc

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Posted 17 January 2014 - 06:15 AM

Posted Image

Can we have a caption competition? :rofl:


"The Big Hoose must stay open!" ..... Do I win?

What do you mean, no? the fat guy actually did say that, 'kin hell..surely no.

#54348 The Mighty Thor

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Posted 17 January 2014 - 07:08 AM

The problem for them now is that no-one else in Scotland could afford to pay the kind of wages the players have been on at Ibrox(apart from Celtic), and no-one outside of Scotland will want them.

As for Neil Patey on that news item saying administration is unlikely... if he thinks it's unlikely, get your money on it happening!

Neil Patey 'thinks they'll make it through to the next ST sales and that they'll get fresh investment in?' That's bold thinking right there.

Perhaps in a more traditionally structured business that may well happen, but The The Rangers is not a traditionally run business, it's effectively a pack of money hungry hyenas chomping on the carcass of 'big hoose' asset.

Now for the fire sale :smug:

#54349 johnmitchell

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Posted 17 January 2014 - 07:44 AM

Remember folks that Administration comes with a transfer ban as part of the sanction. It feasible they will have to make significant cuts to the playing staff but be unable to replace them until January at the earliest.


Surely the transfer ban would have to be extended to February 1st, just like ours. I guess this is when we find out if the rules really ARE the same :)

#54350 Dannie Boy

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Posted 17 January 2014 - 07:59 AM


Neil Patey 'thinks they'll make it through to the next ST sales and that they'll get fresh investment in?' That's bold thinking right there.

Perhaps in a more traditionally structured business that may well happen, but The The Rangers is not a traditionally run business, it's effectively a pack of money hungry hyenas chomping on the carcass of 'big hoose' asset.

Now for the fire sale :smug:


More Spivs for next seasons money. Easy , Easy, Easy Money, I can hear the chant from here.