Big Rangers Administration/Liquidation Thread - All chat here!

[Hey! Ho! Jambo!]

Can someone clear this up.

The proposed new name is The Rangers Football Club.

They are already listed on Companies House as The Rangers Football Club P.L.C.

Is this okay or is Green THAT useless he can't change the name right???

[Lyle Lanley]

Ninety seven percent of Aberdeen fans in a poll by the Red Army want a Rangers newco to be dumped into Scotland's Third Division. (Record)

Well Done You Dons!

[Pull My Strings]

You seem to know what your talking about.

Could Haudit & Daudit come under any criticism/investigation for how they presented the sale? If there were strong indications that a CVA was never going to be approved, and it seems there are clear guidelines on the HMRC website, can he administrators be guilty of selling the club as a package and discouraging bids for individual aspects, i.e. players, physical assets, etc.

Also there seems to be conflicting reports on their primary responsibility. Is it to save the business or get the best deal for creditors; and at what point in the process does one outweigh the other?

Absolutely. Schedule 16 to the Enterprise Act covers the appointment and conduct of administrators and makes express provision for any creditor to challenge the conduct of the administrators. In particular check out Section 74 of that schedule.

Challenge to administrator's conduct of company

74(1)A creditor or member of a company in administration may apply to the court claiming that—

(a)the administrator is acting or has acted so as unfairly to harm the interests of the applicant (whether alone or in common with some or all other members or creditors), or

(b)the administrator proposes to act in a way which would unfairly harm the interests of the applicant (whether alone or in common with some or all other members or creditors).

(2)A creditor or member of a company in administration may apply to the court claiming that the administrator is not performing his functions as quickly or as efficiently as is reasonably practicable.

...

[snip]

Throughout the process people have been laughing and pointing at the administrators and commenting that they're clearly corrupt and/or incompetent. I'd take all of that with a massive pinch of salt. The fact of the matter is that not one single creditor has challenged their conduct. If D&P were indeed making such a massive arse of it I would expect the creditors to have noticed and to have done something about it by now.

Also there seems to be conflicting reports on their primary responsibility. Is it to save the business or get the best deal for creditors; and at what point in the process does one outweigh the other?

It's to keep business running as a going concern if that will provide a better return for creditors than liquidation. Obviously they thought in the first instance that it would but were proven wrong when nobody came forward with a decent bid.

Edited June 14, 2012 by Pull My Strings

[ayrmad]

Just saw a couple of Rangers Debenture holders leaving the meeting on the news, they were gutted, they really do get it.

Rangers are dead.

Edited June 14, 2012 by ayrmad

[stonedsailor]

That's a little touchy...You should try being a 'The Rangers' supporter on here

Kudos for choosing to follow a new team, I found the transition from totally convincing myself I was still watching the old team to accepting that this new entity was actually not the old team very distressing at first but it gets easier when the first three or four seasons pass. You will finally get to feel what being a diddy fan is all about and I think you will enjoy the journey through the divisions.

[King Kong Bundy]

Keep Rangers away from the Third Division! The easy way out, IMO.

[Chazza1910]

Keevins spouting the usual crap on Talksport, about the TV deal being in danger.

Oops, he's gone now, but you can imagine what he was saying. And the presenters swallow it 100 per cent. 'Ooh money has to talk in Scotland...blah, blah'

BTW, used to work with Hugh, and he's ok. Old school, big Celtic fan

[HibeeJibee]

OK, for all thses pedantic buggers who are insisting on definite 'no' votes when they are obviously going to vote that way...who are the definite 'yes' votes?

Silence.

That says it all

We've had noise from St Johnstone (a while back), Killie and Hearts which some construe as yes-minded. We've had noise from Hibs and Dundee Utd which some construe as no-minded. We've had several clubs making general noises about hearing their fans views or discussing it with fan groups.

I don't think anyone's said anything categorical placing them on either side. Quite unsurprisingly.

Based on what's been said, I don't think Aberdeen are a definite 'No' any more than I think Killie are a definte 'Yes', basically. That's all I've suggested.

[Drooper]

Rather be optimistic than a morose, greetin' faced arse like you. I hope to christ you're more happy in real life than the naysayer that you have constantly and consistently portrayed in this thread.

Awaits usual 'pragmatist' shite response.

In the net!

[blanco]

Did anybody see the orc with the fastest tongue in the world on SSN.

[Claymores]

Hahahahaha - SSN reporting aboots the shareholder meeting - Orc told their shares were worth 0 so the shareholders meeting was as lengthy as the Creditors one

[pozbaird]

Regarding the 8-10 weeks, thats for the old company. The New Rangers can start today effectively, I think they are referring to the old company, so Rangers will get on with their application etc. entirely separately.

I would expect that to be true - in respect of some fancy lawyers getting the correct paperwork stamped, and signed. A Rangers Newco could technically exist in jig time. However, in the real world beyond some documents being signed and lodged to create the paper existence of a Rangers Newco.... we have the outstanding issues of a Newco club with no manager, who knows what sort of playing staff, what seems to be a complete shyster behind the Newco, no idea if his backers exist, who they are, and if they're fit and proper. Add in the fact no-one knows the result of the EBT investigation yet, any UEFA or FIFA involvement, or the result of any SPL / SFA vote on this 'Newco' - then by jolly, it does seem that seeing a 'The Rangers Newco' simply popping back in time for the coming season kick-off is going to be some magic trick. Rangers fans are seemingly holding off buying STs, there's the Ticketus issue, there's H&D probably being due over 5.5million, there's surely a thousand other things I've forgotten.

[DensDerry80]

Why should Scottish football be put on hold for a year to welcome a NewCo in?

Fair enough but if a Spartans or another current non-league, Junior side are ready an able to take up the space left then tough luck on ra'Bears. The loss of 4 games a year to the budgets of the SFL3 sides would be fairly sizeable I'd have thought, in relative terms, why should they suffer to accommodate this new band?

very good point but i just cannot see how the SFA are going to get around this one without suspending them. the whole thing is a seriously sorry mess and someone needs to take control now. the man green is making even more of a mockery of our game!

[The Wee Scot]

Do we know what Tesco's offer is for shitbrox? Green might not like the comp but he'll struggel to out bid them at auction!

Edited June 14, 2012 by The Wee Scot

[WhiteRoseKillie]

Nope. What D&P are doing is entirely legit (despite what most people in this thread seem to think).

Rangers/Rangers' Assets have been on sale for months and the best offer came from Green. All this nonsense about the assets being undervalued is plainly wrong. The assets are worth what someone is prepared to pay from them which is £5.5M. What Whyte did was transfer assets out from the company and beyond the reach of creditors in order to commit a fraud against the company and ultimately against the creditors.

Sorry, but that is complete bollox. D&P, as administrators, had a primary duty to bring costs under control in order to enable rangers to carry on trading. Can you give me ONE example of them cutting costs? (and please don't parrot that wage "cut" which wasn't)

Maybe they booked the hotels in Perth and Edinburgh through Travelocity? Slashed Sally's pie allowance?

NO staff losses.

If they couldn't save the company, their duty is to maximise return for creditors. So what did rangers get?

MASSIVE administrator fees guaranteed to cripple whatever arises from the ashes.

NO attempt to encourage bidding on ibrokes, MP, carpark, etc.

STILL no redundancies - late in the day, but how many Div 3 clubs can afford a Goalkeeping coach? A first-team coach? A club ambassador, FFS?

I'm not saying that D&P have broken the law - as we've seen (yesterday's Eye story being a prime example), these financial sharks can f**k around with figures so fast that three-card monte looks like a fair game, while staying within the rules.

What I AM saying is that their actions have been so extraordinary since Agent Whyte pushed for their appointment that it would be incredible if they were not subject to investigation by their professional body - indeed, I reckon Insp. Knacker might get involved.

If I were a rangers fan (God forbid), I would be frothing at the mouth at D&P, not the SPL, SFA, or HMRC.

I'm not, so I'm laughing like a fucking drain. Bye bye, currants.

[superbigal]

The Rangers Football club (Shell) could remain in Administration for many more months yet. Who knows what new possible "preferential" claims for the 5.5million could arise.

I expect when the Administrators finally shuts the door that they will have taken every penny of Greens 5.5million. (Bar some holiday pay to Players).

I expect their fees will eventually exceed this total and the taxpayer will end up paying them the balance. Even more galling.

Nothing criminal. Seems to happen in so many Admins where liquidation/newco is the end scenario.

The main point I believe is to justify the timescales they must have expected to sell the club with NO BAGGAGE for well over 20million.

Dream on.

Edited June 14, 2012 by superbigal

[No8.]

I think you will enjoy the journey through the divisions.

I fully intend to drink my way through the divisions..The local publicans will see a sharp rise in their profits i would think.

[pozbaird]

Throughout the process people have been laughing and pointing at the administrators and commenting that they're clearly corrupt and/or incompetent. I'd take all of that with a massive pinch of salt. The fact of the matter is that not one single creditor has challenged their conduct. If D&P were indeed making such a massive arse of it I would expect the creditors to have noticed and to have done something about it by now.

Maybe not initiated by a disgruntled creditor, but I thought H&Ds conduct and handling of this administration WAS under investigation.

[meanmistermustard]

No idea if this has been mentioned elsewhere.

Sky regarding their purchase of the EPL rights

"In what was a very competitive tender process, we are pleased to have secured the combination of rights that we wanted, providing certainty for us and our customers," said BSkyB chief executive Jeremy Darroch.

"Whilst the cost is higher, we have capacity for this increase through the combination of excellent work on cost efficiency across the business and choices over other future spending.

"As a result, we remain confident of delivering our financial plans, in line with our expectations, unchanged, in each year of the new deal."

Surely the SPL must be one of the areas which will be reviewed and more than likely be seen as nonessential and a way of saving £110m when sky are looking to cut spending, especially when there is no OF selling point.

Im not that bothered about Sky at all, all the clubs have to get their finances into order, something that when done would only improve the game in the long term. Our game would continue and it wouldnt be any less competitive than it is at the moment.

ESPN have lost the rights to show the EPL so may see Scottish Football as a way of keeping some subscribers as its still live football, tho at a far lower price than they are currently paying.

[groaninjock]

I grew up a Rangers fan but I stopped going to Rangers games regularly when the SPL was formed and it became glaringly obvious that TV money and the influx of rubbish foreigners had ruined it as a sport. Up until then, there was a faint belief that other clubs could challenge for titles – in the nine-in-a-row years, Celtic only finished second twice. But when it descended into “who can beat Dunfermline by the biggest margin?”, I rapidly lost interest. (That period also coincided with me starting university, so I had the women, gigs and pubs of Edinburgh to think about instead.) I’ve heard others say that they just got sick of all the FTP/IRA crap, and didn’t want to take their kids into that kind of atmosphere. It’s something I’d be thinking seriously about over the next few years as well. £50 plus travel, food, programmes and all that gubbins to take my daughter to Ibrox, then have to explain who Bobby Sands was? Or take her to Montrose on a free season ticket from her school and explain that while I don’t advocate her using the term “Smokey b*****ds” we do indeed hate Arbroath and she’s never to spend any time with boys from that tinky wee fishing village?

There will be some who have already turned their back on Rangers as this shitstorm has escalated, and while I don’t want to see Rangers die, it would do Scottish football good if some of the busloads of folk from all over Scotland just walked down the road to their local ground.

Right now I’m hoping that:

Rangers are demoted to Division Three. Celtic fans can bleat on about it not being the same club, that the titles are revoked, whatever. It’ll always be the same club to me, and the titles I saw them win when I was a boy were won legally (so far as anyone knows). Rangers spent far more than the other clubs, but that’s no different to what Chelsea, Man City and PSG are doing elsewhere.

If the SFA wants punishments to carry over to the new club, so be it. Take everything that is coming. If it’s 30-point deductions, transfer bans, whatever. Suck it up. You cheat, you run the risk of getting caught, you pay the price. Suck it up, do the time, come back with a clear conscience and build a good reputation.

Rangers fans stop worrying about what Celtic are doing. They’ll win the league for the next 10 or 20 years. Bully for them. Their fans can whoop it up all they like, but surely they’ll all realise how hollow the victories are.

The TV deal collapses. Good. Scottish football existed before TV, before live football on TV, before Sky. It’ll still exist if Sky walks away. If it means 11 young Scots booting f**k out of each other on the park because they want to play for the jersey, I’m all for it. I’ve got a Sky subscription, and I hardly ever watch Scottish football on it, because the quality is so poor and there’s clearly no real passion.

The SFA/SPL/SFL has been handed a once in a generation chance to fix Scottish football. The onus now is on them not to f**k it up.