swedishsale
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The Pars Supporters Trust has issued the following press statement
and requesting support from all media outlets to encourage Supporters to attend
Dunfermline Athletic home games till the end of the season.
Press
Release: Pars Supporters Trust Reaction to latest DAFC Salaries
announcement:
Following the announcement by DAFC that only 20% of
employee salaries have been paid for February, the Pars Supporters’ Trust is
concerned for the future of our club and is asking all fans to unite and get
behind the team over the final few home games of the season.
As Pars
fans, we have all enjoyed the good times, signing the Kozmas, the Crawfords and
Brewsters, getting to 4 Cup finals, 2 European Trips and challenging at the top
of the Premier League, but this has come at a price. Now is the most important
time ever for Pars Fans to attend East End Park.
We need you to dust off
your cup final scarf, grab your Pars shirt and come and support the team this
Saturday and for the remaining home games of the season.
If you can’t
make it, please make a donation at this difficult time. To help you do this the
Pars Supporters Trust has established a Hardship fund to which fans can make a
donation - see www.parssupporterstrust.co.uk or the article in this week’s
Dunfermline Press. Monies will be passed directly to players and staff in this
time of need.
So this Saturday now is the time more than ever, we need
Pars Supporters to unite by ‘walking down the Halbeath Road’ to support the
players and staff of DAFC
good luck. hope there is a way of turning this around while removing the current owner at the same time
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Out of interest, what does his daughter do for the club?
Takes a wage!
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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.
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I'm right in saying that the statement on the club website early november regarding the purvis gorup coming on board as directors was, as many on here called it out to be, a crock of shite?
Companies House certainly does not list Mr Purvis as a Director so i think your analysis is correct.
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Remember, its not ParsAlive making the call, its the fans. Just because the last twice PA have handed over money, it doesn't mean it will continue to do so. Clearly, from the more transparency given by the BoD, it was decided to pay the Electric Bill - no Electric = bye bye instantly as no games and no money. All info still isn't clear, and should be provided ASAP, but its more info than we've had about the clubs finances than the 6 weeks previous since PA was set up. Furthermore, the £10k already donated is being converted into shares which is going towards the fans getting a bigger say in the club.
I'm not trying to defend PA, or the decision to hand over all the money. Merely just trying to clarify things and, in a way, playing devils advocate by trying to give a balanced view of proceedings.
Personally, I'm all for PA helping the club in return for something which is worthwhile. But, I also understand and agree with the new group, set to officially be launched tomorrow I believe, called Dunfermline Athletic Fans (4) Future. This group is the back up, I understand, and what PA was originally perceived to be their original aims.
Sorry if a lot of this doesn't make sense
lol. I'm tired!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?
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I can understand why you're thinking that, but any creditor who puts us into Admin would just be throwing good money after bad. In Admin, GM would be by far and away the largest creditor, way past the 75% mark, so it would all be done and dusted on his terms.
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
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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!
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Really? You would call being summoned into a room and told you are being made redundant a "negotiation", because that's what will happen. I don't know anyone else who would call it that.
Indeed, no-one has said otherwise. However, once made redundant they can put the liability on the back burner and mitigate the loss by the players finding other jobs elsewhere (on lesser pay most likely) or compromise agreements. So long as a player remains on payroll he needs paid in accordance with his contract. Once made redundant he becomes a creditor to be settled in the long term, most likely the better part of a year down the line.
Indeed however fottballers now have a special status in the Creditor chain which changes it a bit for them.
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That is a ridiculous notion. Ticketus do not own Ibrox (at least not yet). They made it quite clear they purchased tickets for Rangers home league matches for the next four years to the tune of £24M. Those tickets were sold by Craig Whyte, which he is perfectly entitled to do. However the tickets will only be valid for Rangers games. If you want to say they will be valid for a phoenix/continuation club then who knows? I would probably say yes since I don't think Whyte is that devious... maybe.
How big a sting will ticketus be to the future.
Let's say they have £30M worth of tickets (probably an over-estimate) for the £24M bulk buy to sell equally over 4 years, that is £7.5M a year. A Rangers ticket costs £25 so to cover that is 300,000 tickets which works out at approximately 17,000 per game. That still leaves 34,000 available seats for Rangers to sell to as long as they are still pulling in crowds over 40,000 then they will still be the second biggest team just further behind Celtic.
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
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Correct.
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)
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No it isn't (unless the administrators want to negotiate of course). The employer always has the right to dispense with an employee if he so wishes. Employment rights notwithstanding, you can't make them keep you. You can sue for breach of contract, involve unions, tribunals, etc, but you can't make them keep you on. If the administrators decide to pay him or anyone else off in the meantime then they will be gone.
Which is what I would call a negotiation.....I will do X of you do Y etc etc
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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
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You're implying he has some kind of choice in this? He doesn't. He'll go if the administrators believe his wages are money down the drain, which considering he won't play for nigh on a year is a given.
He'll be entitled to have his contract paid up of course as a secured "football creditor" but sacking him will enable them to put the liability on the back burner. He doesn't get a choice in it just as the Dundee players didn't.
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
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Agree entirely. Just pointing out that doesn't necessarily mean the biggest stars at Ibrox will be first out the door. McGregor is a very sellable asset and unlikely to be binned unless the whole club is folding for instance. Lafferty, injured and out of contract soon is more likely to be first out the door along with the likes of Naismith who has no chance of featuring any time soon.
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
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It looks increasingly like Whyte has pals within Ticketus/Octopus and there is no way they weren't aware of his track record for liquidating companies.
Whatever his plan for Rangers, they will be aware of it and through a proxy network of parent companies/subsiduaries will be fully active in the asset grab after the big tax case.
Whyte buys Rangers with 24m of Ticketus money. 18 to Lloyds and 6 to Wavetower (either for the purpose of newco Gers or maybe his back pocket)
Keeps the club on life support by using Champions League cash until tax case in November.
Loses the case and liquidates them.
Ticketus/Octopus end up operating Ibrox through clauses and securities triggered by the asset grab - as far as the public are aware the 24m was an unsuccesful attempt to cope with the tax case.
Newco start up with no debt, a rented stadium and Whyte sells for a profit/sails off with his 6m.
The problem is Ally fucked up Europe and the tribunal was pushed back, forcing Whyte to use the players tax to operate the club. This brought in HMRC and everything comes out in the wash. He fucks off to Monaco with his fingers crossed.
Sorry for long post, had to write it down to get me head round it.
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
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Yes, I'm not disputing the departure of the management staff, that wasn't in debate. On checking the dates, they went into admin almost exactly the same number of days before the next window opened. Dundee went into administration on 14th September, three and a half months before the window opened. Rangers have gone in three and a half months before a window opens.
The players who departed Dundee were McMenamin, Paton, Kerr, Kuqi, Shimmin, Fox, Antoine-Curier, McHale, Grant. Of those, only Brian Kerr started the game before they were released and McMenamin had been a sub (as had Fox and Kuqi though unused). Paton had last been involved three weeks earlier. Charlie Grant hadn't played in over a month. Paul McHale hadn't kickd a ball since the second day of the season. Antoine-Curier hadn't kicked a ball in the league at all and Shimmin never kicked a ball for them.
Whilst I'm not disputing that first team squad members lost their jobs, the implication that the highest earners are always first out the door was not true in that case. None of them had been automatic picks at all and most were fringe at best.
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.
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With Geoff Broon whining now, does anybody actually know how the TV revenue is split? I imagine the OF take the lions share. So if we lose Rangers (fingers crossed), the TV revenue will be reduced but it surely can be spread more evenly making up for most of the shortfall no?
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!
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...they sacked both manager and first team coach and released a good number of players who had featured in the first team. Plus, it was the other side of a transfer window.
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).
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What is the scenario regarding debts accrued after they have entered administration?
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
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For those now totally baffled by all of this, can someone please advise if this latest twist is good or bad for Rangers and why?
I'm thinking along the lines that if Ticketus have been ripped off it's been by Whyte and not RFC as the deal was done before his takeover, and if it's not secured (as I've seen suggested) then Rangers can sell season tickets for their own benefit.
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.
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Didn't Strong and co become creditors along with everyone else when released? Forced to accept 2p in the pound?
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.
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Why then did Motherwell ditch big earners like Greg Strong when they went into admin?
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.
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First teamers with no resale value should certainly be getting released.
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!!
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Please, please, please let the £24M be secured against Ibrox! That would just be too perfect!
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
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lol. I'm tired!
Walking Down The Halbeath Road
in Scottish Championship General Chatter
Posted
going to be approx £50K worth of bother any minute now.