The Rangers soap opera goes on and on.

[Don Dan]

Are you drunk Danny?

Sober no excuses other than trying to type whilst cycling at the gym. Oh and not wearing my reading glasses. Loll

[Tasavallan]

Sober no excuses other than trying to type whilst cycling at the gym. Oh and not wearing my reading glasses. Loll

Left handed?

[Neon]

Does anyone know if the League cup tickets get split between the two teams, If so they will have quite a payday from that if they can survive till Feb.

Edited January 5, 2015 by Neon

[269miles]

Interesting consideration.

 

It could be that Easedale can afford this one, safe in the knowledge that Brentford will pay him back.

 

Ashley is right to take a watching brief for the moment. He has his security over the ?3 million and is on Easy Street as far as his commercial interests are concerned. There's no need for him to get any tighter on Rangers - especially now he's been told by the SFA that he's not welcome.

 

Any further loans from Ashley would have to come with additional security - perhaps security over ?1brox is not the board's to give or they're desperate not to give it to Ashley?

This is the question that simply won't go away.

The "assurances" given in the IPO regarding ownership of the stadium was far from convincing.

 

I never bought into the publicity that the Berrz were on the rampage at the thought of their decrepit stadium being used as security. As though it was this that was stopping Sevco from securing finance against the stadium.

 

Sevco , IMO, could get finance from any source if they used the stadium as security but they never have. Why not ? Instead , you have a scenario where Cashley is milking the club of much needed income through his schemes/loans when all of this could have been avoided by simply getting a secured loan. Apparently, HMRC are now on the point of winding Sevco up . So, why won't Sevco do the obvious (and simplest ?) thing in getting desperately needed finance via  a loan secured on ?1brox ?,

 

Not to worry though, there's another billionaire American looking into buying this basket case.

Champs League here they come.

[269miles]

Does anyone know if the League cup tickets get split between the two teams, If so they will have quite a payday from that if they can survive till Feb.

I think that the bad news for Sevco is that the receipts are split 4 ways ie between all semi finalists.

Can someone clarify.

[Don Dan]

This is the question that simply won't go away.

The "assurances" given in the IPO regarding ownership of the stadium was far from convincing.

 

I never bought into the publicity that the Berrz were on the rampage at the thought of their decrepit stadium being used as security. As though it was this that was stopping Sevco from securing finance against the stadium.

 

Sevco , IMO, could get finance from any source if they used the stadium as security but they never have. Why not ? Instead , you have a scenario where Cashley is milking the club of much needed income through his schemes/loans when all of this could have been avoided by simply getting a secured loan. Apparently, HMRC are now on the point of winding Sevco up . So, why won't Sevco do the obvious (and simplest ?) thing in getting desperately needed finance via a loan secured on ?1brox ?,

 

Not to worry though, there's another billionaire American looking into buying this basket case.

Champs League here they come.

I read JK

Edited January 5, 2015 by Dannie Boy

[DETTY29]

I think that the bad news for Sevco is that the receipts are split 4 ways ie between all semi finalists.

Can someone clarify.

Yep and adult tickets are only 20 quid each.

[Drewboy]

Sober no excuses other than trying to type whilst cycling at the gym. Oh and not wearing my reading glasses. Loll

I figured it was the ?4000 pm that Blackie would earn! Surely painting & decorating doesn't pay that well?

 

 

Sent from my iPhone using Tapatalk

Edited January 5, 2015 by Drewboy

[Footballfirst]

I think that the bad news for Sevco is that the receipts are split 4 ways ie between all semi finalists.

Can someone clarify.

 

Yes it is split 4 ways after the host club take their 20% and the SPFL take their levy.

 

8.5. In each tie in the Semi-Final Round of the Competition, after paying match expenses, 5% of the net receipts will be retained by the League and 20% of the remaining balance will be deducted and paid as ground rent to the respective Clubs which provided the neutral venues. The remaining receipts from both ties shall be pooled and divided equally among the four competing Clubs.

Edited January 5, 2015 by Footballfirst

[CavySlaveJambo]

I think that the bad news for Sevco is that the receipts are split 4 ways ie between all semi finalists.

Can someone clarify.

That is the same as I heard. 4 way split between the teams.

[Jambo-Jimbo]

Surely Hector would be the first person they would pay, given their previous with him which means if Hector hasn't been paid then what else hasn't been paid either.

 

I really just can't see them being so stupid as to pay other bills first and mess Hector about, surely not, unless of course there is a few final demands needing to be taken care of and need paying in order of importance, in otherwords pay them just before they get taken to court, well we all know that sooner or later how that one ends up, it's only a matter of time before you can't pay one.

[269miles]

I read JK

in the dark , and edit my posts really badly ?

[Tommy Brown]

Reported last week, the McLeod fee was 50% up front (?425k) with 3 equal 6-monthly payments (?142k) add ons could take it up to ?1m.

Fee was ?850k

[Don Dan]

in the dark , and edit my posts really badly ?

I'm having a mare this AM I'll quit while I'm behind.

[The Mighty Thor]

 

Guess who's back? Back again!

 

[Unknown user]

Maybe someone can help me with this- how can a publicly traded company be allowed to have it's shares traded while under threat of being wound up and not m make an announcement?

We were in the news within seconds it seemed when it happened with us!

[269miles]

I'm having a mare this AM I'll quit while I'm behind.

LOL.

[Unknown user]

Remember when Livi were given a 5 point penalty & fined ?10k by the Spfl for defaulting on payments to Hmrc.

http://m.scotsman.com/sport/football/spfl-lower-divisions/livingston-rocked-by-five-point-deduction-1-3614516

We have to assume at least this will apply to Rangers, possibly more for not declaring it?

 

As Doncaster says in that link ?The tax default and reporting rules are an integral part of maintaining a fair league competition.?

[GBJambo]

Looking forward to Rangers receiving this 5 point penalty then

[Unknown user]

That's my point, they have to declare the default. Maybe they already have (on the quiet).?

Perhaps their points deduction and fine is also on the quiet

[I P Knightley]

According to Sky Sports News the American chap has been given a date of Feb as a deadline - talks have been going on since before Christmas.    What''s the deal with the Feb date?  never caught the whole story.

 

It's part of the takeover code. You can't declare an interest at one point and shilly-shally around leaving shareholders in suspense. It's a sort of "put up or shut up" clause.

 

 

Remember when Livi were given a 5 point penalty & fined ?10k by the Spfl for defaulting on payments to Hmrc.

http://m.scotsman.com/sport/football/spfl-lower-divisions/livingston-rocked-by-five-point-deduction-1-3614516

Is there evidence that Rangers defaulted or is this letter a reminder that the payment is due soon and that Hector will put up with no nonsense?

[269miles]

So, without being too sceptical, would this HMRC wind-up order be a coincedence so soon after Doncaster's ramblings the other day?

If there was a wind up order in existence then I'm sure we'd all know about it by now - doesn't HMRC have to formally apply to the courts for this ?

 

More likely the tax bill is about to be overdue and Sevco have simply got to pay it.

[Hagar the Horrible]

Where does the line get drawn with this? Sevco received a 7 day notification to pay NIC/PAYE, they needed an emergency loan to pay it? At what point triggers action by the SFA/SPFL on either a transfer ban, or points deduction? Livi got hammered because they disclosed a discrepancy over a payment made to a director, they corrected that received a ban and 5 points deduction? It does not look like Rangers have reported late payment nor receiving the warning letter? OK its paid for December, by a directors loan, but sooner or later somebody will take them to court and issue a winding up order for late payment? Hector now aggressively goes after everybody.

[Hagar the Horrible]

It's part of the takeover code. You can't declare an interest at one point and shilly-shally around leaving shareholders in suspense. It's a sort of "put up or shut up" clause.

 

 

Is there evidence that Rangers defaulted or is this letter a reminder that the payment is due soon and that Hector will put up with no nonsense?

Its clear that they received a 7 day payup or else letter? had they not paid it today then Hector would have via the courts issues a winding up letter, but does this trigger punishment or not by the SFA/SPFL? Livi might have something to say on this, Clarity required and all that??????

[I P Knightley]

Its clear that they received a 7 day payup or else letter? had they not paid it today then Hector would have via the courts issues a winding up letter, but does this trigger punishment or not by the SFA/SPFL? Livi might have something to say on this, Clarity required and all that??????

Livingston admitted to defaulting on their payments.

 

Rangers have come very close to defaulting on their payments but, it seems, haven't actually done so. Yet.

 

Give it time.

[Strachsuit]

Yes it is split 4 ways after the host club take their 20% and the SPFL take their levy.

 

8.5. In each tie in the Semi-Final Round of the Competition, after paying match expenses, 5% of the net receipts will be retained by the League and 20% of the remaining balance will be deducted and paid as ground rent to the respective Clubs which provided the neutral venues. The remaining receipts from both ties shall be pooled and divided equally among the four competing Clubs.

 

So at ?20 per ticket if there are 95,000 tickets sold between both semi finals (that's a high estimate and doesn't take into account there will be a lot of debentures/freebies etc let alone concessions) then that would be roughly ?1.9m. Less 25% as above leaves ?1.52m so ?380k per club. Not going to keep the lights on for too long is it?

[I P Knightley]

It says here they received the 7 day notice at the end of December. That must mean they've defaulted on Decembers NI triggering it.

 

http://m.bbc.co.uk/sport/football/30678270

I'll be the first to admit that there are intricacies and definitions here that I don't fully appreciate. My guess is that Livi would have received a similar notice but failed to get the cash together in time.

 

Easedale's loan has just saved their skin (or "provided general working capital" if you read the press release).

 

It explains why they did a deal on Macleod before the window opened rather than do more touting and hope for a higher fee towards the end of January when there's often some club acting in desperation to buy in a player for show.

[I P Knightley]

So at ?20 per ticket if there are 95,000 tickets sold between both semi finals (that's a high estimate and doesn't take into account there will be a lot of debentures/freebies etc let alone concessions) then that would be roughly ?1.9m. Less 25% as above leaves ?1.52m so ?380k per club. Not going to keep the lights on for too long is it?

Take away the VAT.

[jambovambo]

Take away the VAT.

I'll bet they will ...

[Unknown user]

Spend the VAT.

[XB52]

It says here they received the 7 day notice at the end of December. That must mean they've defaulted on Decembers NI payment triggering it.

 

http://m.bbc.co.uk/sport/football/30678270

they haven't defaulted. They would have without the emergency loan from Easdale

[Phage]

Its heating up chaps. MA has clearly done his Dragons Den "im out" routine.

 

Question is, why Easdale fronting the cash?

 

3Bears and King just bought shares for millions that would be worth ?0 within a week if wound up over this.

[Hagar the Horrible]

I'll be the first to admit that there are intricacies and definitions here that I don't fully appreciate. My guess is that Livi would have received a similar notice but failed to get the cash together in time.

 

Easedale's loan has just saved their skin (or "provided general working capital" if you read the press release).

 

It explains why they did a deal on Macleod before the window opened rather than do more touting and hope for a higher fee towards the end of January when there's often some club acting in desperation to buy in a player for show.

Livi paid their players bonuses but failed to inform the tax man, once they noticed their error, they made arrangements to pay it and informed the football authorities of their admin error. They volunteered all this info (there was no intent to deceive) they were hit with 5 points and 10k fine and a ban until the tax was paid, which has all been done? Rangers never paid their December tax, got a warning letter giving 7 days notice to pay up or else. Now how will the SFA/SPFL react to this breach?

[hhjambo]

surely today's events just make the decision to restrict our allocation for next week's game look even more ridiculous?

[Phage]

Livi paid their players bonuses but failed to inform the tax man, once they noticed their error, they made arrangements to pay it and informed the football authorities of their admin error. They volunteered all this info (there was no intent to deceive) they were hit with 5 points and 10k fine and a ban until the tax was paid, which has all been done? Rangers never paid their December tax, got a warning letter giving 7 days notice to pay up or else. Now how will the SFA/SPFL react to this breach?

 

No

[Strachsuit]

Its heating up chaps. MA has clearly done his Dragons Den "im out" routine.

 

Question is, why Easdale fronting the cash?

 

3Bears and King just bought shares for millions that would be worth ?0 within a week if wound up over this.

 

Has he? I wouldn't be surprised one little bit if this new American fellow was a front man for Ashley to protect his contracts! We still don't know what Ashley's plans are for Sevco. As it has been for months now, the next few weeks will get really interesting. They are teetering over the edge, can they find a branch to grab hold of to avoid the abyss?!

[steve444]

Rangers' latest crisis loan was taken to avoid being wound up by HM Revenue and Customs, BBC Scotland has learned.

 

It is understood the Scottish Championship club received a seven-day notice letter at the end of December for the payment of national insurance.

 

Rangers announced on Monday that Sandy Easdale had given a loan of ?500,000.

 

http://www.bbc.co.uk/sport/0/football/30678270

[steve444]

Talk about getting a late Christmas present, they are the gift that don't stop giving...

[DETTY29]

Unless there has been a significant change in the rules since November 2012 (or May 2013), I'm not going to get overly concerned about Rangers being punished for being late with tax payments.

 

We had notices served regulalry giving us 7 days to pay and so on without points deduction.

 

As long as Rangers are acting within the rules of the SFA and SPFL, and the authorities don't circumvent the rules under 'board discretion' to benefit them (Rangers) then nothing to complain about.  (without becoming a bit contradictory anyway)

[The Comedian]

Hand to mouth now. You feel a dead end is fast approaching.

[Biffa Bacon]

they haven't defaulted. They would have without the emergency loan from Easdale

They have defaulted, that is broken the agreement to pay on the agreed date. Otherwise the 7 Days Notice (and threat of court action) would not have been required/issued. It looks like they have taken steps to resolve the issue (Easdale loan, secured against the Macleod transfer cash)

[Unknown user]

Unless there has been a significant change in the rules since November 2012 (or May 2013), I'm not going to get overly concerned about Rangers being punished for being late with tax payments.

 

We had notices served regulalry giving us 7 days to pay and so on without points deduction.

 

As long as Rangers are acting within the rules of the SFA and SPFL, and the authorities don't circumvent the rules under 'board discretion' to benefit them (Rangers) then nothing to complain about. (without becoming a bit contradictory anyway)

The SPL took over the SFL and rewrote the rule book last summer.

I remember reading that one if the things they were concentrating on was exactly this type of thing, which is how Livi got fined and points deducted

[Hearts007]

They have defaulted, that is broken the agreement to pay on the agreed date. Otherwise the 7 Days Notice (and threat of court action) would not have been required/issued. It looks like they have taken steps to resolve the issue (Easdale loan, secured against the Macleod transfer cash)

sounds like it to me, but did they inform the sfa is the big question

[Unknown user]

They have defaulted, that is broken the agreement to pay on the agreed date. Otherwise the 7 Days Notice (and threat of court action) would not have been required/issued. It looks like they have taken steps to resolve the issue (Easdale loan, secured against the Macleod transfer cash)

I worked in the Inland Revenue as it was years ago.

 

I'd be incredibly surprised if they sent out a 7 day letter without a default - there would be all sorts of accusations of harassment if they weren't at least waiting for a missed payment first

[Paolo]

They have defaulted, that is broken the agreement to pay on the agreed date. Otherwise the 7 Days Notice (and threat of court action) would not have been required/issued. It looks like they have taken steps to resolve the issue (Easdale loan, secured against the Macleod transfer cash)

Correct. If they had not defaulted, there would be no threats from HMRC.

[Hagar the Horrible]

I am surprised Hibs are not all over this as a 5 point deduction puts them in a strong position, They were late in paying their NIC/PAYE that's for sure, but did they tell the SFA/SPFL? Now this payment is monthly and already Hector is all over them like a cheap suit? the VAT bill is quarterly, I wonder if that is due soon? Still the only people to put money into the club are the Easedales and MASH, the bad guys???

[Jammy T]

Basically they paid players last month and didn't pay their tax on the due date.

 

That's a payment default.

 

They did that to avoid sporting sanctions ie transfer ban, and therefore increase their chances of sporting success.

 

If this wasn't the basis for such a rule then I don't know what would be.

Edited January 5, 2015 by Jammy T

[Paolo]

I am surprised Hibs are not all over this as a 5 point deduction puts them in a strong position, They were late in paying their NIC/PAYE that's for sure, but did they tell the SFA/SPFL? Now this payment is monthly and already Hector is all over them like a cheap suit? the VAT bill is quarterly, I wonder if that is due soon? Still the only people to put money into the club are the Easedales and MASH, the bad guys???

It has probably passed them by, without them noticing, as they are too obsessed with Gary Oliver.

 

Also, even though it would benefit them, it would also benefit us, so going by their mentality, they would rather nothing comes of it.

Edited January 5, 2015 by Claudia

[Clark Griswold]

Grant Russell ?@STVGrant  1m1 minute ago

STV understands the SPFL has sought clarity from Rangers over possible rule breach over claims of an overdue tax bill http://bit.ly/1BpW5j4 

[hmfcalum]

Grant Russell ?@STVGrant 1m1 minute ago

STV understands the SPFL has sought clarity from Rangers over possible rule breach over claims of an overdue tax bill http://bit.ly/1BpW5j4

The Scottish Professional Football League has sought clarity from Rangers over claims they have fallen behind on National Insurance payments.

 

STV understands the league were unaware of a potential winding-up order being issued by HM Revenue and Customs to the club.

 

SPFL rules require clubs to declare if they are more than 28 days behind on paying tax, within two days of a default occurring.

 

Known as a "default event" by the league, Rangers would be subject to an immediate registration embargo if it can be established the club have failed to pay on time.

 

Should it also be proven that Rangers failed to declare the event within two days, the club would also stand accused of a breach of SPFL rules.

 

Livingston were recently docked five points and fined ?10,000 by the league after failing to disclose bonus payments made to players which were not subject to taxation.

 

HM Revenue and Customs declined to comment on the matter. Rangers were unavailable for comment at the time of publication.

 

A seven day warning letter is typically sent by HM Revenue and Customs prior to a winding-up order being issued.

 

STV estimates Rangers pay ?140,000 per month in National Insurance, raised both from employee and employer contributions, based on salary information detailed in the latest company accounts.

 

The news comes on a day where Rangers were loaned ?500,000 by Sandy Easdale, chairman of the club's football board, to meet emergency working costs due "over the next few days".

 

With the club struggling for cash and still seeking ?8m of investment to cover bills for the next 12 months, various parties are vying for control.

 

On Monday morning Rangers confirmed a takeover approach has been received by Robert Sarver, the American owner of NBA team Phoenix Suns.

 

In a statement to the Stock Exchange, the company said Sarver has until 5pm on February 2 to formalise any offer.

 

Shortly after a stormy reception for the current board at the AGM of Rangers International Football Club plc in December, a consortium of businessmen moved to purchase 19% the company's shares.

 

George Letham, Douglas Park and George Taylor were then joined by South African-based Dave King in snapping up shares, with the former director of the Rangers oldco becoming Rangers' biggest single shareholder with 15%.

 

The balance of power on the board at Rangers currently resides with Mike Ashley, the owner of Newcastle United Football Club.

 

He owns just under nine per cent of the shares in Rangers International Football Club plc and was blocked on Christmas Eve by the Scottish FA from receiving approval to increase his shareholding to 29.9%.

 

Nevertheless, the club's chief executive Derek Llambias is an appointee of the Sports Direct owner and Rangers chairman David Somers, together with non-executive director James Easdale, are sympathetic to Ashley's manoeuvrings.