The DA

The speculation has to be that Ashley is the main creditor - £3M worth of loans and climbing. He's also the holder of the last remaining onerous contract so I'm not sure why he'd accept a CVA. It's more to his advantage to have the company liquidate. He'd take ownership of the properties that his current loans are secured against and then the company could 're-form' and he'd be able to rent those properties back to them. Not sure it matters though - neither old nor new Rangers has been able to live within its means so I'm not sure that a third incarnation would change the pattern. Basically, they're good at spending more than they earn. Third time round, they'd have those same outgoings PLUS the new rent to pay to Ashley.

Was there any interest for Arabs, Sheep or Buddies in watching Celtic and Rangers fighting it out season after season? Instead of fighting for third, we're all fighting for second.

You planning a Rangers takeover?

The way I read this, Newco has accepted this debt as part of the 5-way agreement but, with the authorities not seeing any sign of the money, they informed Newco (last month, I believe) that they'd withhold payments (prize money and telly?) to cover it. Seemed plausible at first but the timeline does seem a bit... extended. Maybe they know something about the state of Rangers' finances that we don't. [Edit to fix grammar before Bennett points it out - couldn't have that.]

It's like somebody at HQ has grown a pair. I thought the original complaint against Ashley was a bit weak - all it needed was for him to face up and there was a good chance the authorities would back down.But throwing this Oldco fine into the mix is maybe just enough to make him say 'feck it' and walk away.

Exactly. The (ex)Old Firm will argue the trickle-down effect - higher TV fees for all, for example - but, as you say, Rangers and Celtic just hoovered it up.

It's all so confusing... wiz it the club? Or the company? Or the team? I can't wait to see the grounds of any Rangers appeal.

Imagine a signing ban coming into force just as the administrators tell them to release the whole of their first team squad. Ouch.

Imagine if a fine for Ashley's involvement was what finally pushed the company over the edge. Or is that part of his plan?

I'm no QC but I'd have thought the SFA would be on reasonably safe ground. Ashley can either argue that he has not increased his influence - Llambias is widely seen as his man-on-the-inside but is there paper-work to prove this the level required legally - and therefore hasn't breached their rules or he can argue that the rules are intrinsically unfair.

It's a necessary lie if they're to maintain the delusion.

That's assuming it is just admin and not liquidation.

Two words, Bennett, just the two. And, still...

But the points penalty would only be the start of it. I'd assume they'd have to release a number of their top players, possibly a significant chunk of their first team squad. If that happens in mid-season, will they still be challenging for a play-off position?

Hey, I'm in there, too. I'm a member. As I've been told a number of times before.

BBC Scotland news this morning saying that more redundancies are expected. Worrying news for those impacted, especially at this time of the year. However, you've got to assume these folk were actually doing something for their pay and that these 'somethings' will no longer be done. Does that mean that the toilets will only be cleaned once a week instead of every 2 weeks, that the publicity department will be issuing fewer updates (when was their last one, anyone remember?) or that tax returns will only be completed every second year?

According to these unaudited accounts (http://scotslawthoughts.files.wordpress.com/2012/03/unaudited-accounts-to-june-2011-rangers-football-club-plc.docx), Rangers showed a pre-tax profit of £76,000 to June 2011 (top of page 2). I suppose it is a profit. But then there's this pesky little thing called... tax. I love the way the Taxation entry at the bottom of page 1 is blank for both 2010 and 2011. Any accountancy experts know why that might be?

So, the club was so deep in debt that only a shyster was willing to bid for it. And, if said shyster hadn't offered that pound, the club would have gone bust a year earlier than it did? Is that a fair summary?

You don't work for the design department of a certain high street men's fashion chain, do you?

He's already saved Rangers from administration to the tune of £3M. That seems to meet the main 'saviour' criterion. I was wrong to say you 'hoped' he would be your saviour but, if not him, whom? If he doesn't keep pumping in a million or two a month, how are you going to make it to the end of the season?

"A Rangers spokeswoman said: "The club has instructed its lawyers to investigate this matter and take whatever action is appropriate to protect the club's rights." The club? The company? The holder of the image rights? In any case, wonder how much that investigation is gong to cost them?

And this http://www.bbc.co.uk/news/uk-30066568 is the man Rangers fans hope will be their saviour. Ashley is a champion of the zero-zero society but, nae worries, Rangers and their fans will be just fine.

And you'll still fail to get promoted.

I'm wondering about some of those penny shares - they sound a bit dodgy to me. Could any of the heroes be in danger?

Club or company? The club doesn't seem to have a separate legal identity, so it can't 'own' anything. If it's the company that does the owning, then which one? The one that's in liquidation at the moment?