Big Rangers Administration/Liquidation Thread - All chat here!

[yummy fur]

Shaping up nicely now.

NO to Rangers: Celtic, Aberdeen, Hibs, Arabs.

One more? St Mirren?

Not 100% certain that we'll need a vote now.

Surely a newco Rangers in any division next year depends on a deal being done quickly with D&P or BDO, basicallly Green completing his 5.5m Sevco deal. Any legal challenges or counter offers would delay the deal and force a year out for Rangers (not even the SPL could vote them back in after a year out).

Am I being overly cynical to conclude that Ally's very public resignation is the start of a TBK challenge to the Green deal?

[rustyarabnuts]

I can only speak for myself...I cant and wouldn't want to speak for the rest of the support. I will support Rangers for the rest of my days. I will continue to pay the money for my season ticket if it is the only way to keep the club going in. Obviously i am not going to be happy about it but at the end of the day i spent as much at Inverness for an overnighter as i do on my season ticket. I'll just miss a couple of away days to compensate for the expense if i have to. At this momnet in time nothing is more important than keeping the club going. They could always give us a wee thank you when we get back to the SPL by keeping the ticket price the same for those who continued to support the club through the darker days.

I have absolutely no doubt that we will lose 20,000+ supporters on a weekly basis..f**k them. Many claim this but i really did follow the club everywhere in the pre Souness days. I know better than most exactly what our support are like and how fickle they can be. To be perfectly honest there are 1 or 2 who sit next to me at Ibrox i will be happy to see the back off. We can maybe go back to the old 'Rover Season Ticket' which meant you could have any seat in the Copland or Govan stand..Those were the days before the ground was filled by glory hunters.

As long as there is a Rangers Football Club of some description in the league set up then i'll be there every week to cheer them on. If there isn't... Well it will break my heart but i am sure i'll survive.

well said that man, a true "supporter"

[Broccoli Dog]

I still don't understand how the assets can be sold for £5.5m when D&P themselves listed the value of MP and Ipox as over £100m between them.

That was an insurance valuation, neither have any real resale value as land.

[The Old Northerner]

I can't see how the history and the debt can be separated now,

That's my gut feeling as well - but it has happened elsewhere. Admittedly as part of an *agreed* CVA and also requiring the blessing of the relevant authority

[Jambo'ness]

Martin Williams ‏@Martin1WilliamsCharles Green saying Sevco to change name to The Rangers Football Club & that it is "time for unity"

So it is the end of Glasgow Rangers then?

They've never been "Glasgow" Rangers, just like there is no "Glasgow" Celtic. Always just a vain attempt at pinning their support to one city.

[Doink]

Is McCoist another rat deserting the sinking ship

[Chazza1910]

I can only speak for myself...I cant and wouldn't want to speak for the rest of the support. I will support Rangers for the rest of my days. I will continue to pay the money for my season ticket if it is the only way to keep the club going in. Obviously i am not going to be happy about it but at the end of the day i spent as much at Inverness for an overnighter as i do on my season ticket. I'll just miss a couple of away days to compensate for the expense if i have to. At this momnet in time nothing is more important than keeping the club going. They could always give us a wee thank you when we get back to the SPL by keeping the ticket price the same for those who continued to support the club through the darker days.

I have absolutely no doubt that we will lose 20,000+ supporters on a weekly basis..f**k them. Many claim this but i really did follow the club everywhere in the pre Souness days. I know better than most exactly what our support are like and how fickle they can be. To be perfectly honest there are 1 or 2 who sit next to me at Ibrox i will be happy to see the back off. We can maybe go back to the old 'Rover Season Ticket' which meant you could have any seat in the Copland or Govan stand..Those were the days before the ground was filled by glory hunters.

As long as there is a Rangers Football Club of some description in the league set up then i'll be there every week to cheer them on. If there isn't... Well it will break my heart but i am sure i'll survive.

Expect Rangers to survive. Don't want any club to expire, even you lot.

But relishing a new start for Scottish football.

Rangers have got to get rid of all the 'traditional' baggage. This 'Dambusters' stuff is a joke, though I suspect it's a reaction to the Irish stuff on the other side of the city.

[ayrmad]

Possibly the greatest first post in the history of Pie and Bovril.

Got to be an alias.

The sort of post and username our Monster would choose.

Edited June 14, 2012 by ayrmad

[Florentine_Pogen]

Right then, I'm a wee bit puzzled here.

What is the procedure for transferring a SPL licence and SFA membership to a NewCo following liquidation?

There seems to be a presumption, and I appreciate it's in the Rangers-biased media, that Charles Green FC will take this up automatically. Is that the case?

Don't know if this may go some way to answering your question. Taken from RTC blog comments.

HirsutePursuit says:

13/06/2012 at 10:28 pm

The SPL Articles of Association

http://www.scotprem.com/content/mediaassets/doc/ARTICLES%20AS%20AT%2030%20MAY%202012%20(CLEAN).pdf

14. If:-

(i) a Member shall cease to be entitled to hold a Share; or

(ii) a trustee in sequestration, manager, receiver or administrative receiver shall be appointed in respect of a Member or any property of a Member, or an administration order shall be made in respect of a Member or any property of a Member or an order shall be made or an effective resolution passed for the winding up of a Member otherwise than for the purpose of reconstruction or amalgamation;

then that Member or its manager, receiver, administrative receiver, administrator or liquidator or any other person entitled to the Share shall, on receiving notice in writing from the Board following the Company in General Meeting passing a Qualified Resolution that such notice should be issued by the Board and confirming the identity of the proposed transferee, transfer its Share to such other person as the Board shall direct at the price of £1 and the Club owned and operated by such Member shall forthwith cease to be a member of the League and the Club owned and operated by the transferee shall become a member of the League in its place.

So, once the liquidators have been appointed, a General Meeting of the SPL is called and a Qualified Resolution must be passed agreeing the identity of the new SPL shareholder.

A Qualified Resolution must be passed with a 90% majority.

That means 10 out of the 12 clubs must agree.

Qualified Resolutions (90%)

(a) the expulsion of a Club from the League;

(b) the passing of a resolution to wind-up the Company or to approve the presentation by the Company and/or its Directors to the Court of a Petition to wind-up the Company;

© any alteration to the authorised or issued share capital of the Company (other than as a result of the transfer of any share in the Company made in accordance with these Articles and/or the Rules);

(d) any alteration, variation or modification of these Articles or Section C of the Rules and/or any other part of the Rules the alteration, variation or modification of which would have the effect of altering, varying or modifying a provision or provisions in Section C of the Rules and/or of these Articles and/or or the adoption of a new, substitute or different Section C of the Rules and/or of these Articles;

To change the Articles a 90% majority is required.

So, to be clear. Once the administrator is appointed, the SPL share currently held by RFC(IA) will be passed to another club that must be agreed by 10 of the 12 clubs.

Edited June 14, 2012 by Florentine_Pogen

[DeeGeeOneHamer]

140 years gone in 9 minutes - brilliant :lol:

I still don't get how Servco can buy anything for £5.5m?

[Granny Danger]

Does anyone have an e-mail address for this guys. I'm going to tell him that he has to rewrite the lyrics to "We are The Rangers Football Club, We are the Rangers Football Club, and our press office is not prepared to confirm wether or not we do walking away".

Not so fucking catchy now is it?

http://www.youtube.com/watch?v=1pDk75Y1SZ4&feature=player_embedded

[Doink]

Think it would be nice to hear from Billy Dodds

[ayrmad]

That's my gut feeling as well - but it has happened elsewhere. Admittedly as part of an *agreed* CVA and also requiring the blessing of the relevant authority

I'm in no way qualified, but, I'd assume that it would have to be done as part of a pre-arranged package, Green & Co can't just say we want to split it now.

Still think their could be a whiff of the Orient around Ibrox.

Edited June 14, 2012 by ayrmad

[Happy Buddie]

As far as I understand it - membership of the SFA requires you to be playing somewhere in its league structure. The SPL chairmen as a body will vote on NewCo being accepted into the SPL. If that succeeds then SFA membership should be a rubber-stamp job. If not they will no doubt apply to the SFL - but there may not be a vacancy, or they may not meet the criteria, or a host of other issues. If NewCo can't manage the SPL or SFL then they'll have to go non-league to attain SFA membership - and that may take a bit of time

Non-league? Juniors? Or even better, Paisley and District Saturday morning amateur league. Better get ready for some really tough tackles. Christ, I might make a comeback, I could fancy a wee away game at Ibrox. I based my left-back career on a kind of "Tam Forsyth with ninja overtones".

Edited June 14, 2012 by Happy Buddie

[Hedgecutter]

A feeling I'm getting is that Rangers fans, despite most saying that 3rd would be best morally, aren't quite getting the big picture here. Most are thinking they can work their way up the leagues and then carry on as they were like not much will have changed. What will have changed is that the entire prize-money split will be more distributed and that the ridiculous chunk they were getting will be vastly reduced even if they do happen to finish second or as champions (very unlikely anyway).

In the time it takes them to get back, Motherwell / Hearts / Dundee Utd will probably have had a far better budget, hence Rangers would be returning to what may be an improved league with a much poorer side than when they left in order to win less money than before. Some will say that they won't without the TV money but if Rangers return with the return of better TV deal, the other teams will get a chunk of that too... a far better chunk than Rangers if they finish above them. Oh how the tides can change.

or... will the diddy's refuse them entry and then Motherwell or Dundee Utd vote against new prize-money cuts on the sly alongside Celtic as they both seize the opportunity to grab a massive cut from second and pull away from the other 10

Edited June 14, 2012 by Hedgecutter

[audioslave]

This might have already been covered but my question is;

If Charles Green is purchasing Rangers assets today, before the liquidation process begins and BDO come in to do their thing - what happens to the assets he now owns when they do get the ball rolling? Isn't their job to sell said assets to claw back some of the debt?

I don't quite understand the point in him having these assets? Surely he can't have immunity from the liquidation processes? The assets he own must be fair game for auction?

[Mark Connolly]

That was an insurance valuation, neither have any real resale value as land.

I am aware of this, but I still find it hard to believe that the entire company is worth 5% of the insurance value of its two properties.

[Guest]

This might have already been covered but my question is;

If Charles Green is purchasing Rangers assets today, before the liquidation process begins and BDO come in to do their thing - what happens to the assets he now owns when they do get the ball rolling? Isn't their job to sell said assets to claw back some of the debt?

I don't quite understand the point in him having these assets? Surely he can't have immunity from the liquidation processes? The assets he own must be fair game for auction?

If the tax man was after you and I bought your couch for £50 to raise some funds would the tax man go after me as well? No.

[Desert Nomad]

Been waiting 6 months to post this

http://www.youtube.com/watch?v=Hs8sJ9oo7RA&feature=related

[Broccoli Dog]

Div needs to put in a word filter to alter all instances of 'Rangers' to 'The Rangers'