The Rangers soap opera goes on and on.

[Footballfirst]

That is certainly my understanding. The early season ticket money was spent as soon as it came in to avoid an insolvency event. It delayed the inevitable, but it never left the country.

 

The ST money started coming in from the middle of March last year and was most likely used to pay off the debts accrued last season, including any oiutstanding tax bills, bonus payments to players as well as starting to pay off agreed interest to Ukio and UBIG.

 

On the basis that BDO collected ?815K (?1M including VAT) for 3,500 STs, then the previous regime had double that available from 7,000 STs. You can also add in the proceeds of the league cup final and the last installment of the SPL's financial distribution all within the same time frame. It shows how bad our position was that BDO inherited control of the club in mid June with a bank balance of just ?7,000

Edited February 18, 2014 by Footballfirst

[Franco Fascione]

To The Rangers Media forum visitors looking in. Get it up you. Your club is dead and now you are Zombies. A lower division title is the only thing you have won, the rest is a fraud.

[Mikey1874]

Sad to read of the death of Paul McConville.

 

Anyway needs sorted before fixtures come out. Shambles due to greed and myopia. Shame it has been allowed to happen. Spivs.

[Footballfirst]

If green taking over S5088 is correct.

Looks like whytes been paid off nullifying any "asset claims". Leaves the way clear for either a quick admin or another share issue between the Spivs. Interesting times ahead on planet sevco ...

 

And the merry-go-round continues

 

https://twitter.com/iBartin/status/436082982781071361/photo/1

 

Bartin Main ?@iBartin 16m

Sevco 5088 have filed their return at Co. House, but document not ready for inspection yet. pic.twitter.com/MlUkEiNtKm

Bartin Main ?@iBartin 2m

I have downloaded the free appointments report from Co. House. An application to strike off Sevco 5088 was made yesterday.

Bartin Main ?@iBartin 4m

For the avoidance of doubt, Green is now listed as the ONLY director. Only HE could have filed the return on the 17th February.

[The Merse]

Don't have the time to trawl through this, it's some mess that's going on.

 

Can someone please give the briefest of summaries as to what is currently going on?!

[Munch]

Don't have the time to trawl through this, it's some mess that's going on.

 

Can someone please give the briefest of summaries as to what is currently going on?!

 

25 point deduction and admin 2 is about to happen they can afford the 25 point deduction this season as so far ahead.

[ERJEAN51]

Sevco apparently do not have the cash to see them out the rest of the season.

 

Their accounts need to be in by the end of the month, or face the possibility of being wound up by hector as it seems they have been withholding tax to pay wages etc, although this cannot be confirmed at this stage.

 

They have been selling valentines bricks to try and brick up the gap.

 

The are selling half half season season tickets to raise funds.

 

It's unclear who owns Rangers assets, because there are a couple of parties disputing this, they can not get any secured loans.

 

Court cases pending, HMRC Big Tax Case appeal must be nearing..

 

Probably a few other things i've missed out.

[ERJEAN51]

No news is bad news apparently.

 

 

http://www.philmacgiollabhain.ie/when-no-news-is-bad-news/#more-4388

[Samster]

25 point deduction and admin 2 is about to happen they can afford the 25 point deduction this season as so far ahead.

 

I agree to an extent as they are currently almost 25 points ahead.

 

However, admin2 should mean this time they have to shed all the big wage earners thus reducing there sqaud to one similar to Dunfermline. They will no longer walk every match they play and it could be very close from admin2 until the end of the season

 

Or am I reading this wrong?

[Footballfirst]

I agree to an extent as they are currently almost 25 points ahead.

 

However, admin2 should mean this time they have to shed all the big wage earners thus reducing there sqaud to one similar to Dunfermline. They will no longer walk every match they play and it could be very close from admin2 until the end of the season

 

Or am I reading this wrong?

 

They only need another 14 points to guarantee the title with 12 games left, or less if Dunfermline don't take maximum points in any game. i.e. the title should be wrapped up in the next three or four weeks.

 

The cynics would suggest that as soon as the title is wrapped up, then they will accept their fate of an insolvency event in the knowledge that their promotion is secured regardless of the penalty.

 

What is not clear is what RIFC wants out of an administration. Is it just control of the assets, or to get rid of the high earners and break any other business contracts?

 

The commonly held view is that RIFC just want the property assets and that the club (TRFC) would be sold to "Rangers men" along with a long term lease on Ibrox. That way, all the risk and the costs associated with running a football club would lie with the buyers, while the RIFC shareholders can take a healthy dividend from the rental income.

[davieholt]

But if it's not admin but another liquidation do they still get promoted?

 

I have totally lost the plot with the new spfl rules ...

[Deevers]

They only need another 14 points to guarantee the title with 12 games left, or less if Dunfermline don't take maximum points in any game. i.e. the title should be wrapped up in the next three or four weeks.

 

The cynics would suggest that as soon as the title is wrapped up, then they will accept their fate of an insolvency event in the knowledge that their promotion is secured regardless of the penalty.

 

What is not clear is what RIFC wants out of an administration. Is it just control of the assets, or to get rid of the high earners and break any other business contracts?

 

The commonly held view is that RIFC just want the property assets and that the club (TRFC) would be sold to "Rangers men" along with a long term lease on Ibrox. That way, all the risk and the costs associated with running a football club would lie with the buyers, while the RIFC shareholders can take a healthy dividend from the rental income.

Pretty well how I see things with them at present. The only fly in the ointment for them may come as a result of Whytes claim on Ibrox and Murray Park. If he does follow through with any sort of legal case looking to recover these assets - that could make their administration a long drawn out affair until the rightful owner is decided. Edited February 19, 2014 by Deevers

[maroonlegions]

They only need another 14 points to guarantee the title with 12 games left, or less if Dunfermline don't take maximum points in any game. i.e. the title should be wrapped up in the next three or four weeks.

 

The cynics would suggest that as soon as the title is wrapped up, then they will accept their fate of an insolvency event in the knowledge that their promotion is secured regardless of the penalty.

 

What is not clear is what RIFC wants out of an administration. Is it just control of the assets, or to get rid of the high earners and break any other business contracts?

 

The commonly held view is that RIFC just want the property assets and that the club (TRFC) would be sold to "Rangers men" along with a long term lease on Ibrox. That way, all the risk and the costs associated with running a football club would lie with the buyers, while the RIFC shareholders can take a healthy dividend from the rental income.

 

 

are these 14 points they need to win the league achievable with a depleted squad?? due to admin 2???? their big players will most likely be off loaded due to financial constraints of entering admin 2... they could very well struggle...

Edited February 19, 2014 by maroonlegions

[jack D and coke]

But if it's not admin but another liquidation do they still get promoted?

 

I have totally lost the plot with the new spfl rules ...

I'm sure admin meant immiediate relegation but they changed the rules just recently funnily enough. Make of that what you will.

[alwaysthereinspirit]

I'm sure admin meant immiediate relegation but they changed the rules just recently funnily enough. Make of that what you will.

Sure we're all on the same page on here with regards to that rule change.

Pre-emtive if you like. Scottish Football at its best.

[Glamorgan Jambo]

They only need another 14 points to guarantee the title with 12 games left, or less if Dunfermline don't take maximum points in any game. i.e. the title should be wrapped up in the next three or four weeks.

 

The cynics would suggest that as soon as the title is wrapped up, then they will accept their fate of an insolvency event in the knowledge that their promotion is secured regardless of the penalty.

 

What is not clear is what RIFC wants out of an administration. Is it just control of the assets, or to get rid of the high earners and break any other business contracts?

 

The commonly held view is that RIFC just want the property assets and that the club (TRFC) would be sold to "Rangers men" along with a long term lease on Ibrox. That way, all the risk and the costs associated with running a football club would lie with the buyers, while the RIFC shareholders can take a healthy dividend from the rental income.

 

Can they really get away from the contracts of their higher earners (on the footballing side) if these are classed as footballing debt?

 

I can't really see admin solving too many of their problems.

 

The most likely scenario to me is a split in the spiv faction which opens the door for Dave King.

[Jambof3tornado]

They can get rid of plenty high earners while keeping a better squad than everyone else. Plenty squad players on a fortune that they can punt.

[jamboinglasgow]

They only need another 14 points to guarantee the title with 12 games left, or less if Dunfermline don't take maximum points in any game. i.e. the title should be wrapped up in the next three or four weeks.

 

The cynics would suggest that as soon as the title is wrapped up, then they will accept their fate of an insolvency event in the knowledge that their promotion is secured regardless of the penalty.

 

What is not clear is what RIFC wants out of an administration. Is it just control of the assets, or to get rid of the high earners and break any other business contracts?

 

The commonly held view is that RIFC just want the property assets and that the club (TRFC) would be sold to "Rangers men" along with a long term lease on Ibrox. That way, all the risk and the costs associated with running a football club would lie with the buyers, while the RIFC shareholders can take a healthy dividend from the rental income.

 

To me it seems messy. In a way their previous adminstration was more straight forward, their creditors were owed money that Rangers couldn't pay, their biggest creditor HMRC rejected a CVA and so they were liquidated.

 

I dont also understand how RIFC are able to grab the stadium, Murray Park and Albion Car Park through adminstration. Also doesn't Ibrox required a lot of work done to it, so would require RIFC to spend a bit of money to get it up to standard;

 

But does seem there is two scenarios from adminstration, worst case could be that Rangers football club dont own their own stadium any more so have a rent that needs to be paid every season which could hamper them, still be in the hands of Spivs, losing the high earners but reducing the playing squad, still in administration at the start of 2014/15 season with a transfer embargo and -25 points. The best case scenario is again they no longer owners of Ibrox so again have to pay rent, but they are in the hands of Rangers men, they are out of admin by the start of the following season so still get promoted and have no points deduction, they can sign who they want, and can build a team that is more affordable. Am I correct?

[Feeno]

What happens if the tax man is owed the most dough through the 2nd admin?

[Don Dan]

What happens if the tax man is owed the most dough through the 2nd admin?

 

Tax man doesn't do administration he always seems to go for liquidation, in our case he voted against the CVA fortunately his vote didn't make a difference.

Edited February 19, 2014 by Dannie Boy

[Norfolk and Chance]

 

 

I'm sure admin meant immiediate relegation but they changed the rules just recently funnily enough. Make of that what you will.

 

Is it not the case that this was a new rule that was going to be implemented but is not now? I.e. Not a rule change? Still stinks to high heaven but isn't a rule change per se? Maybe one of the more enlightened posters could correct or confirm

[jack D and coke]

 

 

Is it not the case that this was a new rule that was going to be implemented but is not now? I.e. Not a rule change? Still stinks to high heaven but isn't a rule change per se? Maybe one of the more enlightened posters could correct or confirm

Yeah I think your right. Knew it was something like that.

[Norfolk and Chance]

 

 

Yeah I think your right. Knew it was something like that.

 

I think it's pretty embarrassing that there is so little journalistic scrutiny applied to such an about turn. Would never ever happen in England for example. Scottish media have had ample opportunities to pose questions about topics such as these during the whole rangers fiasco and have let us down time and again.

[Feeno]

Tax man doesn't do administration he always seems to go for liquidation, in our case he voted against the CVA fortunately his vote didn't make a difference.

 

Aye thats kinda what I was meaning, when it goes tits up, and the tax man was due the most money, they'd vote liquidation.

 

Anyone know if that could be a reality?

[B.S.]

I think the reality is that the biggest amount is owed to their own holding company. Therefore the tax man will have no power in rejecting a cva. As others before have said. The debt will be written off then the 'club' will rent the ground from the holding company. As for the rule changes. I posted the other day that there is a full description on the latest blog on fields of green. Basically rules have been changed in that a club that gets liquidated can be reinstated into whatever league the spfl board see fit. In otherwords rangers will be promoted irrespective of the fact they are guilty of yet another massive bout of cheating. The rest of the diddy clubs will once again bend over and take it because the boardrooms of the majority of the other clubs are full of wimps. Its only the fans that can stop it. But it wont happen as there is not enough drive in the media to encourage people to stand up against it

[Norfolk and Chance]

 

Basically rules have been changed in that a club that gets liquidated can be reinstated into whatever league the spfl board see fit.

 

Are you referring to the decision not to change the rules for clubs entering admin? I.e. The proposed rule change to automatically relegate clubs that enter admin which has apparently been rejected after consultation or has there been another change of stated policy?

[Skivingatwork]

The spivs aren't daft. They'll be getting advice on how to protect their 'assets' whilst screwing everyone else.

 

Holding company will retain the property assets, football club landed with debts with holding company writing off amounts due to them. HMRC will be screwed over (once again) and 'The Rangers' minded men riding to the rescue.

 

All of the above will be agreed in advance with the authorities to ensure large broom is employed to sweep under carpet. Media lapdogs will be handed script containing words and phrases such as warchest, championship assault, one year from redemption etc etc. bears will lap it up.

 

Have I missed anything?

 

 

[B.S.]

Two separate issues

1 they decided not to change the rule for admin.

2 they decded the spfl board could do whatever they want regarding liquidated clubs.

I.e. Rangers will get promoted if they get liquidated.

Any other club will be punted out of the scottish proffesional league

( the i.e part is pure conjecture on my behalf but i think you know where im coming from)

[Norfolk and Chance]

 

Two separate issues

1 they decided not to change the rule for admin.

2 they decded the spfl board could do whatever they want regarding liquidated clubs.

I.e. Rangers will get promoted if they get liquidated.

Any other club will be punted out of the scottish proffesional league

( the i.e part is pure conjecture on my behalf but i think you know where im coming from)

 

Absolutely, thanks. That is a further disgrace. I couldn't agree more re your comments on the media too

[tartofmidlothian]

With hindsight, what happened with us was a godsend for those who run the game in Scotland. Abject shiteing it at every turn during the Rangers saga and roundly ridiculed for it, then they get to enforce every 'rule' as firmly as possible against us and the implication is of course they're not scared of making decisions, look at how decisive they're being with the country's third biggest club.

[Back to 2005]

Sorry if I'm missing something but do rule changes not have to be voted through by the member clubs?

[Deso1972]

Why is no one in the media questioning the 2nd point mentioned re: liquidation???.... The football association and it's subsidiaries are rotten to the ******* core!

[B.S.]

Sorry if I'm missing something but do rule changes not have to be voted through by the member clubs?

Yes i think so.... So what does that tell you?

[Munch]

Cue when in admin 2 a braveheart. Speech by John Brown outside the big house

[The Mighty Thor]

Cue when in admin 2 a braveheart. Speech by John Brown outside the big house

'whaurs ra deeds' the sequel

[269miles]

Two separate issues

1 they decided not to change the rule for admin.

2 they decded the spfl board could do whatever they want regarding liquidated clubs.

I.e. Rangers will get promoted if they get liquidated.

Any other club will be punted out of the scottish proffesional league

( the i.e part is pure conjecture on my behalf but i think you know where im coming from)

Then that's the only rule that matters. Simples. Another total exclusion zone around Rangers II so that the authorities can do whatever is expedient.

 

Ether you have rules or you don't. We don't. We have a get out of jail card for Rangers.

[Gregory House M.D.]

 

'whaurs ra deeds' the sequel

 

WHAURS RA MUNNY

[Guest Bilel Mohsni]

Newco Rangers to get 1.5 million loan from the Easdales & Laxey partners that will prob help them see out the season.

 

Was always going to happen. They will probably be fine in my opinion... We need to concentrate on being a challenger for the league next season, with or without Sevco.

[hughesie27]

Admin next season then? Even better

[LeylandJambo]

 

 

Wallace must have had every door in london slammed in his face looking for working capital. In desperation the eadalses & laxey have bailed them out with a soft loan. What happens when this 1.5 is gone though ?.. admin next season would be a godsend to hearts fight to win the league too.. win win for us..

This ?1.5M will be gone in a month. What happens then? Another loan? They'd be as well taking the hit now go into administration and jump on the merry go round again and wait for admin mark 3.

[Footballfirst]

Same story in the Daily Tory Mail.

 

[Geoff Kilpatrick]

So they've got a Vlad parcel then?

 

How many parcels can/will they come up with?

[Guest oldcastlerock2012]

Signing ban for not paying wages remember...

[LeylandJambo]

So they've got a Vlad parcel then?

 

How many parcels can/will they come up with?

Until the Easdales realise that their money is being thrown down the pan. It won't take long.

[Ron Swanson]

But but I thought they were going to invest ?30 million....

[Tommy Brown]

Considering Newco's cash burn rate 1.5 million will be blown quickly, agreed.. Is this just to get them till the S.tkt cash rolls in ?..

The players & super salary turned down a 15% wage cut, this is the result. A 1.5 million bailout by the shareholders prob to avert going into admin too.. They don't do austerity in govan.

 

A very similar situation to us at this time last year. Stumbling along scraping up enough cash trying to keep the wolves from the door, ST sales will not be as good as they hope (like us). I much prefer this scenario for the moment and let it fall apart in the close season.

Enforced player sales at fire damaged prices.

[jamie1874]

Would this 'loan' not up the Easdales in a stronger position when they go into Admin?

 

I have little knowledge on this but from reading the more informed posts on this thread...

 

Is it not thought rangers have little debt it's more cash flow.

However any debt the may have would be to HMRC

As we know the don't do CVA's

However if the Easdales ?1.5m load was secured against an asset (Ibrox depending who has the deeds)

Then they could have all the power in a CVA vote? (A bit like our situation but without the complexity of Lithuania etc)

This could allow them to go into admin then exit quite quickly as they control the vote

 

As I said not knowledgable in this subject just an interested reader of this thread but was wondering if some of the more informed posters think this could be 'the plan'

[The Mighty Thor]

That'll be the bus fares up then!

 

I hope fat salary is en route to Reggie and Ronnie's office to find out where his war chest is?

[Deevers]

Short term fix to allow them to win their league and secure promotion despite any points penalty they would get for going into administration. If things are as bad as being reported I would see this happening as soon as these objectives are secured. They will obviously be looking for a quick resolution to Administrstion to allow them into the Championship without any points deduction at the start of the season. No doubt the SFA and SPFL will bend over backwards to help them in any way they can. The fly in the ointment in all of this might well be If Craig Whyte pursues his cLaim on the fixed assets.

[Mysterion]

Wondering if this cash boost is a strategic move to guarantee a level of control should they go under. Are they increasing debts to various shareholders in order to have a majority vote and prevent HMRC being able to dictate to them if/when they go bust.