Big Rangers Administration/Liquidation Thread - All chat here!

[qpsnapper]

Can someone explain, how can they sell assets valued at £111,000,000 for £5,500,000 without offering them for sale on the open market?

Because they were never worth £111,000,000.

The values were hopelessly over-inflated to make Rangers appear solvent when they up to their eyeballs in debt.

[Cardinal Richelieu]

Scotland has the SECC for concerts etc, put a roof on it fix it up bobs your uncle a supersize venue.

I think it would take more than a bob's yer uncle to fire a roof on Ibrox.

I was at Cliftonhill the other day, and one of their stands is condemned because it would cost £1m to put a new roof on it. ( mind you that was told to me by a jubilant Rovers fan so it might well have been a wind-up).

[Dundee Hibernian]

You mean The DeciSION of The Court of SesSION ?

And delusion

[HibeeJibee]

If the SFA lose then prepare for the wrath of Uefa/FIFA

Even in this scenario, it depends slightly on what happens next <> why it happened.

If the court overturns it, says the SFA were being idiots, the SFA slink off, and UEFA/FIFA agree they were being idiots... then Rangers may not end-up in that much trouble.

[Pull My Strings]

But then the Green Group own 85% of a loss making company and I don't think too many banks will be offering Rangers credit in the current climate so the money will have to come from directors.

Meh, it only cost him two quid.

[drs]

I think it would take more than a bob's yer uncle to fire a roof on Ibrox.

I was at Cliftonhill the other day, and one of their stands is condemned because it would cost £1m to put a new roof on it. ( mind you that was told to me by a jubilant Rovers fan so it might well have been a wind-up).

I think they were at it - Cliftonhill only has one stand and you were in it

[GirondistNYC]

Here is the twitter link from which comes the gloom and doom: https://mobile.twitter.com/#!/mdkster

The SFA may have screwed the pooch by not explicitly Allowing appeal to the CAS sporting tribunal.

Take with grain of salt - its twitter, it's live blogging from court, etc.

[chico]

@guardian_sport: AP: Italian PM Mario Monti suggests football in the country should be suspended 2-3 years over fixing scandal …

A tough call there.

[ayrmad]

3rd division forum for this pish.

[Jim McLean's Ghost]

Open to interpretation, I would say, rather than speculation.

But there will be no liquidation.

I understand what you are saying. But the proposal says

My reading of that would be that the CVA pot is used to pay the CVA trading costs and if that runs out then Green can agree to use player sales and season ticket money to continue to run the club, but that money will never end up in the CVA pot. My point was, why would he do that while there was still money in the CVA pot?

Legally the CVA money has to cover the trading costs that enable Rangers to continue to trade. Green will have an account set up that will offset this amount so the creditors pot is unaffected. If Rangers don't raise the £3M costs from season tickets, player sales and SPL money then the shortfall will come from the CVA cash.

Essentially this is just moving money around but Green gets any profit in the CVA trading period which means fans can buy season tickets, players can be sold and not sold at Green's discretion. £3M isn't going to be that hard to raise with player contracts having low get out clauses, tens of thousand season tickets to be renewed and SPL cash to be paid.

If this arrangement wasn't in place the administrator would probably be obliged to sell all the valuable players as soon as the transfer window opens to get a maximum return for creditors, this diminishes Rangers value as a football club and that is something Green wants to avoid.

Edited because I missed your point completely.

Edited May 29, 2012 by Jim McLean's Ghost

[dave.j]

I'm more shocked that they only sold £20k worth of programmes in Feb and March - what happened to supporting ra peeple?

And how do they owe Chelsea £238k?

Final T.A.Flo payment?

[MarreZ]

Tom English ‏@TomEnglishSportNothing against Charles Green looking for profit, but I don't recall Nanny McPhee walking into the sunset with her pockets full of readies.

[ayrmad]

Final T.A.Flo payment?

FFS, he used to clean Sir Stanley's boots for him.

[Jim McLean's Ghost]

Here is the twitter link from which comes the gloom and doom: https://mobile.twitt....com/#!/mdkster

The SFA may have screwed the pooch by not explicitly Allowing appeal to the CAS sporting tribunal.

Take with grain of salt - its twitter, it's live blogging from court, etc.

That shouldn't make the punishment invalid, it should mean that the CoS rules that Rangers can appeal to CAS. If it was the case that Rangers were barred from appealing to CAS then they were quite right to take the SFA to court.

[Jagsman411971]

If the court says that the SFA cant punish them with a transfer embargo, then surely it just goes back to the SFA to hit them with a punishment that they are allowed to give. If the SFA lose this, it doesnt mean that Rangers cant be punished.

[Homer Thompson]

Legally the CVA money has to cover the trading costs that enable Rangers to continue to trade. Green will have an account set up that will offset this amount so the creditors pot is unaffected. If Rangers don't raise the £3M costs from season tickets, player sales and SPL money then the shortfall will come from the CVA cash.

Essentially this is just moving money around but Green gets any profit in the CVA trading period which means fans can buy season tickets, players can be sold and not sold at Green's discretion. £3M isn't going to be that hard to raise with player contracts having low get out clauses, tens of thousand season tickets to be renewed and SPL cash to be paid.

I get that, but the question still remains ... why would he? If he isnt legally obliged to, then why would he leave money in the CVA pot when he doesnt have to?

The SPL cash, and tv money are separate. They have been listed as Excluded Assets.

[Enzo Francescoli]

Final T.A.Flo payment?

Share Gate receipts from last years friendly?

[Florentine_Pogen]

That shouldn't make the punishment invalid, it should mean that the CoS rules that Rangers can appeal to CAS. If it was the case that Rangers were barred from appealing to CAS then they were quite right to take the SFA to court.

UEFA Statute / Article 64 states that clubs who are in dispute with their National Associations SHOULD go to CAS and NOT to an Ordinary Court of Law.

[dave.j]

Share Gate receipts from last years friendly?

i wasn't being serious!

[Spain]

417 members reading at present... I take it I'm not the only one hitting F5 waiting to hear the outcome.