swedishsale

going to be approx £50K worth of bother any minute now.

good luck. hope there is a way of turning this around while removing the current owner at the same time

Takes a wage!

it was JJ who pursuaded the players not to go to the SFL last week presumably on the back of reassurances from the Purvis guys that the wage short fall would not happen again. Now that it has the Purvis guy has probably lost all credibility of knowing what is going on and I suspect JJ will take the gloves off in terms of complains to the LMA and the SFL.

Companies House certainly does not list Mr Purvis as a Director so i think your analysis is correct.

Not sure about this promise to exchange for equity. unless it has actually happened at the point of the money being handed over or there is a contract in place then the existing board cannot bind any future board to hand over any shares at all. hope you have your paperwork sorted?

No it would not. The Club would go into admin because the Group that owns it that GM owns would also likely go the same way and it is the Bank and Brian Souter who have Fixed and Floating charges on the parent company

Fans should support the Club they support when it is in trouble, that is what Fans do, but it should be with the transparent knowledge of what (in this case) the financial support is going to and what the long term plan is to mean no more is required. Neither of those criteria appear to be being given by the Clubs board and/ or Majority Shareholder. Buyer beware!

Indeed however fottballers now have a special status in the Creditor chain which changes it a bit for them.

You have forgotten ticketUS profit margin of say 30% and I suspect it is tied to any events by any organisation at Ibrox and not just OLD or New rangers

You are correct in that you cannot make them keep you as an employee but you can make them pay you either by Compromise Agreement, or Trubuneral (if you win)

Which is what I would call a negotiation.....I will do X of you do Y etc etc

A great Gesture. But if it is correct and RFC are £10m per year over budget and with a wage bill of £1.3m per month on players only..it will be an unfortunantly empty one

It is a negotiation....and he does have choices which balance the potential risk of gettng nothing (because of Liquidation) getting a new club quickly, or just sitting there picking up wages....both sides have choices it is a matter of whether they can agree a way forward or end up going legal now or in the future

Indeed, thought i think Naismith has a year or two left on his contract so he wont go unless he is advised to just take a payoff and then get a free start somewhere down south next season. Lafferty, if he is out of contract at the end of this seaosn and currently injured would be near the top of the list for a compromise deal IMHO

Decent analysis there. The TicketUS issue seems to be wrapped up in the OLD or New Rangers needing to use Ibrox. Therefore meaning that TicketUS can resell the tickets to the fans and get there 24m back while meaning that Rangers New or Old have no revenue from Ibrox ticket sales for years...............best option...would be for Newco Rangers to play somewhere else........Ground share anyone? Now where else in Glasgow could you hold 50+ thousand every other Sat..........mmmmmmmmmm

It makes most sense (although the actual financial situation will dictate) for the Admin guys to do a Compromise deal with the highest paid players that are the least liely to play or that the manager feels can be replaced from the youth ranks. This reduces the overall costs the quickest because of the tax breaks avaliable for Compromise deals. So for RFC I would expect to see the highest wage earners, with the least game time and the shortest contracts go first. No idea who that is though. All though i also supect the finances are so bad that these guidline will almost certainly go comletelty out the window.

TV revenue is split on finishing position in League only. The only thing that favours the OF is that they always finsih 1st and 2nd....normally!

If they had fixed term contracts then if they were "sacked" they could go to a tribuneral, as the club having no money or beng in Admin is not grounds for Sacking. There contracts would have to be paid up, either in full or more likely via a compromise agreement which save both the club and the player money as tax is not payable on the first £30K (i think).

The Administrator themselves are responsible for these debts. An administation process is expensive and they will only accept the job if they think there is enough money to pay their fees also. If they think that their bill and the bills of those trading after the administration event is even getting close to the amount of cash avaliable they will pull the plug and go into Liquidation ASAP It would be interesting to know what the Admin bill is going to be

TicketUS are not daft....they will have a security somewhere just not a Standard one e.g Fixed or Floating charge that would be in the public domain, the Admin guys will be trying to find and assess if it is enforcable. My guess is tey have the right to ticket sales tied to the premises of Ibrox so that no matter what company ends up playing there they can sell the tickets, and so get their money back. If they were daft enough tohave taken an unsecured position when a simple google search would have sent the alarm bells ringing then frankly it is their own fault.

Players are not normal unsecured creditors, due to SPL and SFA rules. If you have a contract then in administration the contract is still valid, it is up to the Adminstrator / the holder of the contract to either negotiate or stand by their contract.

I am only telling you what the facts are...that if you make redundant in an Admin situation the company is liable...in a liquidation senario they are not. Motherwell was a more controlled administration that RFC so the money men their would have assessed the pros and cons on cash flow on a case by case basis, i would think.

Issue is that if you make redundant anyone while in administation you are still liable for the redundancy costs, or the payout on the rest of the contract if it is a fixed term like a Player (so only saving on just keeping for the rest of the season would be a bit of NI and Tax as you can make a lump sum payment ex of Tax as a payoff.......However if you are in Liquidation that Company does NOT have the Liability for the redundancy...The Government does!!

It is not. If it was a registered security it would ...well...have to be registered and so the information would be in the public domain. It could however be secured on the shares....with a shareholder agreement...which could be kept secret and could survive an adminstarion and possibly a liquidation event if put together properly....and that could give TicketUS the right to sell tickets to any event ever held at Ibrox into the future no matter who...Rangers Now, Rangers in Admin...or Ranger 2012 post liquidation....issue would be that if that is the case then any new owner who wants to use Ibrox will have very little in the way of season ticket money to play with for a large number of years