sjc Posted July 17, 2012 Share Posted July 17, 2012 Rangers: Sevco threatens administrator with legal action By Chris McLaughlinSenior Football Reporter, BBC ScotlandThe consortium in charge of the new Rangers is threatening legal action against the administrator who sold them the old club's assets. Sevco Ltd claims that Duff and Phelps renaged on a deal to pay back around £500,000 put up by the consortium to help fund working capital when it agreed to buy the club back in June. But Duff and Phelps has denied that the money should already be paid back. It says it has a legally binding agreement that it has adhered to. The Sevco consortium led by former Sheffield United chief executive Charles Green bought Rangers assets for £5.5m after failing to prevent the club heading for liquidation. Rangers crisis explained Rangers went into administration owing up to £134m to unsecured creditors and will eventually be liquidated As a result its registrations with the Scottish FA and Scottish Premier League were terminated Charles Green led a consortium which bought Rangers' assets for £5.5m The former Sheffield United chief executive is reforming Rangers as a new company But the 'newco' did not get the required votes for re-admittance to the SPL Instead, the new Rangers will start life in Division Three Sevco were denied a place in the Scottish Premier League and the fresh dispute comes in the middle of negotiations with the Scottish Football Association for a membership that would allow the new club to start life in Division Three. A consortium source told BBC Scotland that an agreement was in place whereby it provided the £500,000 to the administrator with the promise of most of it being returned by mid-June. But the consortium has yet to see any of the cash and says it is still awaiting an explanation from Duff and Phelps despite numerous calls and emails. "Shortly before the takeover, Duff and Phelps asked us to make an additional payment of £500,000 to pay for operating costs from 1 June to 14 June," said the consortium source. "This was on top of the original £250,000 and £5.5m. "D&P said they expected to spend only around half of the money, that they'd give a breakdown of all that was spent and that the remainder would be returned a couple of days after the 14 June. "All we have is an indication that most of the money has been spent, with no breakdown." Duff and Phelps, who remain in charge of the old Rangers until it goes into liquidation, refuted the allegations. "It was made clear to the consortium that the balance of running costs from the end of May to June the 14th would be repaid at the earliest opportunity," the adminstrator stated. "These costs and liabilities are being finalised before the balance is being returned. "This is happening within a perfectly normal time frame and there is absolutely nothing untoward here. "There will be full transparancy on all the costs." and the shit just keeps on coming............ 0 Quote Link to comment Share on other sites More sharing options...
The/Republic Posted July 17, 2012 Share Posted July 17, 2012 They're for The Olympics, don't know what exactly. The teams playing at Hampden are staying in those hotels. Can't remember which one the women are in though. The training ground for all teams is Strathclyde Uni parks in Stepps. (MI5 will probably kill me now.) Aye , nae wonder G4s don't huv enough gaurds . There was at least 20 eh them in wan eh they gazebo's across fae huggy loch the other day ! gaurdin whit? 0 Quote Link to comment Share on other sites More sharing options...
kiddy Posted July 17, 2012 Share Posted July 17, 2012 Rangers: Sevco threatens administrator with legal action By Chris McLaughlinSenior Football Reporter, BBC ScotlandThe consortium in charge of the new Rangers is threatening legal action against the administrator who sold them the old club's assets. Sevco Ltd claims that Duff and Phelps renaged on a deal to pay back around £500,000 put up by the consortium to help fund working capital when it agreed to buy the club back in June. But Duff and Phelps has denied that the money should already be paid back. It says it has a legally binding agreement that it has adhered to. The Sevco consortium led by former Sheffield United chief executive Charles Green bought Rangers assets for £5.5m after failing to prevent the club heading for liquidation. Rangers crisis explained Rangers went into administration owing up to £134m to unsecured creditors and will eventually be liquidated As a result its registrations with the Scottish FA and Scottish Premier League were terminated Charles Green led a consortium which bought Rangers' assets for £5.5m The former Sheffield United chief executive is reforming Rangers as a new company But the 'newco' did not get the required votes for re-admittance to the SPL Instead, the new Rangers will start life in Division Three Sevco were denied a place in the Scottish Premier League and the fresh dispute comes in the middle of negotiations with the Scottish Football Association for a membership that would allow the new club to start life in Division Three. A consortium source told BBC Scotland that an agreement was in place whereby it provided the £500,000 to the administrator with the promise of most of it being returned by mid-June. But the consortium has yet to see any of the cash and says it is still awaiting an explanation from Duff and Phelps despite numerous calls and emails. "Shortly before the takeover, Duff and Phelps asked us to make an additional payment of £500,000 to pay for operating costs from 1 June to 14 June," said the consortium source. "This was on top of the original £250,000 and £5.5m. "D&P said they expected to spend only around half of the money, that they'd give a breakdown of all that was spent and that the remainder would be returned a couple of days after the 14 June. "All we have is an indication that most of the money has been spent, with no breakdown." Duff and Phelps, who remain in charge of the old Rangers until it goes into liquidation, refuted the allegations. "It was made clear to the consortium that the balance of running costs from the end of May to June the 14th would be repaid at the earliest opportunity," the adminstrator stated. "These costs and liabilities are being finalised before the balance is being returned. "This is happening within a perfectly normal time frame and there is absolutely nothing untoward here. "There will be full transparancy on all the costs." and the shit just keeps on coming............ I take it the Olympiakos game has fallen through then? Either that, or the ticket price will double. 0 Quote Link to comment Share on other sites More sharing options...
Poincare Posted July 17, 2012 Share Posted July 17, 2012 This would be unbelieveable if true as would jeopordise the transfer of SFA membership between Oldco and Newco. The timing is also incredibly suspicious with SFA asking for further ownership details of Newco. It is almost as though Newco is trying to sabotage it's own SFA membership application. 0 Quote Link to comment Share on other sites More sharing options...
TheLip69 Posted July 17, 2012 Share Posted July 17, 2012 GDS looks like every sleazy foreigner who ever cropped up in all those 1970's thriller series, The Saint, Man in a Suitcase, The Champions, the Persuaders, The Avengers, Randall and Hopkirk (Deceased), the list is endless. 0 Quote Link to comment Share on other sites More sharing options...
Highland Dogma Posted July 17, 2012 Share Posted July 17, 2012 This would be unbelieveable if true as would jeopordise the transfer of SFA membership between Oldco and Newco. The timing is also incredibly suspicious with SFA asking for further ownership details of Newco. It is almost as though Newco is trying to sabotage it's own SFA membership application. Either that or sfa have asked to see a bank statement and hughie doesn't want to admit they're skinto! I'm fairly confident they wont make start of season 0 Quote Link to comment Share on other sites More sharing options...
Gaz FFC Posted July 17, 2012 Share Posted July 17, 2012 Can't link cos I'm on phone but according to BBC newco are threatening to Sue duff n phelps for half a million. It really never stops giving does this story. I guess hughie is running out of cash even quicker than we all thought.! I'm amazed they still have money left. Wages due in 10 days, where is this coming from? Can we assume that every player there has transferred over? 0 Quote Link to comment Share on other sites More sharing options...
WBR Posted July 17, 2012 Share Posted July 17, 2012 Hope y'all have your popcorn to hand. I sense a diversion. How many threats of legal action are we up to now? I've lost count. 0 Quote Link to comment Share on other sites More sharing options...
itzdrk Posted July 17, 2012 Share Posted July 17, 2012 dont move this thread to third division forum because where will it go when they arent in the third division either 0 Quote Link to comment Share on other sites More sharing options...
sjc Posted July 17, 2012 Share Posted July 17, 2012 what's John "Bomber" Brown been saying lately ?Any closer to buying Green out yet ? what's the chances that when he takes over he make Leggo their Press Officer ?! 0 Quote Link to comment Share on other sites More sharing options...
GLOBAL football community Posted July 17, 2012 Share Posted July 17, 2012 I'm still watching yous! Giovanni do your worst. 0 Quote Link to comment Share on other sites More sharing options...
FinnesTON Posted July 17, 2012 Share Posted July 17, 2012 Rangers: Sevco threatens administrator with legal action By Chris McLaughlinSenior Football Reporter, BBC ScotlandThe consortium in charge of the new Rangers is threatening legal action against the administrator who sold them the old club's assets. Sevco Ltd claims that Duff and Phelps renaged on a deal to pay back around £500,000 put up by the consortium to help fund working capital when it agreed to buy the club back in June. But Duff and Phelps has denied that the money should already be paid back. It says it has a legally binding agreement that it has adhered to. The Sevco consortium led by former Sheffield United chief executive Charles Green bought Rangers assets for £5.5m after failing to prevent the club heading for liquidation. Rangers crisis explained Rangers went into administration owing up to £134m to unsecured creditors and will eventually be liquidated As a result its registrations with the Scottish FA and Scottish Premier League were terminated Charles Green led a consortium which bought Rangers' assets for £5.5m The former Sheffield United chief executive is reforming Rangers as a new company But the 'newco' did not get the required votes for re-admittance to the SPL Instead, the new Rangers will start life in Division Three Sevco were denied a place in the Scottish Premier League and the fresh dispute comes in the middle of negotiations with the Scottish Football Association for a membership that would allow the new club to start life in Division Three. A consortium source told BBC Scotland that an agreement was in place whereby it provided the £500,000 to the administrator with the promise of most of it being returned by mid-June. But the consortium has yet to see any of the cash and says it is still awaiting an explanation from Duff and Phelps despite numerous calls and emails. "Shortly before the takeover, Duff and Phelps asked us to make an additional payment of £500,000 to pay for operating costs from 1 June to 14 June," said the consortium source. "This was on top of the original £250,000 and £5.5m. "D&P said they expected to spend only around half of the money, that they'd give a breakdown of all that was spent and that the remainder would be returned a couple of days after the 14 June. "All we have is an indication that most of the money has been spent, with no breakdown." Duff and Phelps, who remain in charge of the old Rangers until it goes into liquidation, refuted the allegations. "It was made clear to the consortium that the balance of running costs from the end of May to June the 14th would be repaid at the earliest opportunity," the adminstrator stated. "These costs and liabilities are being finalised before the balance is being returned. "This is happening within a perfectly normal time frame and there is absolutely nothing untoward here. "There will be full transparancy on all the costs." and the shit just keeps on coming............ Charlie ready to bail out 0 Quote Link to comment Share on other sites More sharing options...
Highland Dogma Posted July 17, 2012 Share Posted July 17, 2012 I'm amazed they still have money left. Wages due in 10 days, where is this coming from? Can we assume that every player there has transferred over? Not just that but any suppliers who haven't pro forma invoices will be expecting payments for goods and services since hughie took over not to mention utility payments tax ni vat etc...rather looks like hughie has gone all in whilst holding the two of clubs and a panini sticker!! 0 Quote Link to comment Share on other sites More sharing options...
ayrmad Posted July 17, 2012 Share Posted July 17, 2012 Although i want this too, i can't help feeling i want to see sevco play 3rd division football infront of a few thousand at a deserted Ibrox purely so i can ask..... Didn't you say you don't do walking away? If you're an auld fart like myself you don't need to see it, they did walk away. 0 Quote Link to comment Share on other sites More sharing options...
sjc Posted July 17, 2012 Share Posted July 17, 2012 Charlie ready to bail out 0 Quote Link to comment Share on other sites More sharing options...
Dundee Hibernian Posted July 17, 2012 Share Posted July 17, 2012 Here, I've just remembered Nithsdale Loyal. Normally, I may come across as a level minded person, but Nithsdale Loyal, girfuy GIRFUY 0 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted July 17, 2012 Share Posted July 17, 2012 rather looks like hughie has gone all in whilst holding the two of clubs and a panini sticker!! You assume he gives a toss about the club. Green hived off the assets - the only stuff of any value in the club - to another company a month back, no? Rather like a certain Whyte knight before him, it seems certain that he will lose absolutely nothing from this mess. 0 Quote Link to comment Share on other sites More sharing options...
hellbhoy Posted July 17, 2012 Share Posted July 17, 2012 You got to wonder what planet these ragers media fans live on or come from at times . The real cost of hospitality. #1 Quiet Jim Derek Johnstone Group: Loyal Bluenose Topics: 7 Posts: 23 Rep: 13 Joined: 05-June 12 Gender:Male Location:Caledonia Posted Today, 09:53 PM The reformation ensured that our proud country would no longer be dictated by the papists in Rome. Actually the reformation was instigated by a fascist dictator "Henry the 8th" who didn't get his perverse way and was initially called the catholic protestant reformation movement. For centuries, our country was united and our forefathers sacrificed their lives for freedom, against dictatorships. He has been at the blue glue me thinks Our country fought the Nazi’s when others stood idle and subsequently took the war criminals in. He is still on the blue glue there However, during the famine; we as a compassionate nation, showed compassion. Aye cheap labour probably and willing to work just to get food In 2012, our club was ripped apart illegally by a Mr Craig Whyte. No mention of the real culprit Minty moonbeams We have been hung drawn and quartered. Nevertheless, this has been deemed insufficient by the powers above. Damn lucky to have a team to support IMO Our dignity demands that we do not support terrorism, illegal punishment or dictatorships. Dignity ! now he's really sniffing the blue glue there,sending parcel bombs is not considered terrorism in his book and wasn't long ago he and his kind were acting like a dictatorship "punish us and suffer the consequences" we will crush all who stand against our meteoric rise and blah blah. We as The Rangers Football Club have always remained loyal to our people, country and values. More sniffs of the blue glue as the Rangers football club is just about dead and what's loyal about crushing every team and supporter in their country ? The hatred that has been evident, through jealousy and bigotry will never be forgotten. Is he quoting from us there ? because that is just about our sentiments on here. I do not differentiate between the bigots and the envious; they are all the same to me. Only thing he's said that is sane. I for one, regret the day that we showed hospitality. Aye the naebody likes us so go and take a fcuk to yerselves and we will crush you all in our wake !. Our club will begin to prosper as soon as the bigots in the SFA are exposed. OOPS he's found the bag of blue glue he dropped again. I like ragers media because it's funny and full of mental patients . 0 Quote Link to comment Share on other sites More sharing options...
Jim Leighton Posted July 17, 2012 Share Posted July 17, 2012 what's John "Bomber" Brown been saying lately ?Any closer to buying Green out yet ? what's the chances that when he takes over he make Leggo their Press Officer ?! You rang? http://www.bbc.co.uk/sport/0/football/18880822 0 Quote Link to comment Share on other sites More sharing options...
Jim Leighton Posted July 17, 2012 Share Posted July 17, 2012 I'm still watching yous! Giovanni do your worst. http://www.youtube.com/user/devilsadvokat Take your pick - a few 'worsts' there... 0 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.