AberdeenBud Posted March 27, 2014 Share Posted March 27, 2014 It looks like the new rules have (perhaps unsurprisingly) been written with this kind of scenario in mind. The "owned and operated" section makes it pretty clear to me it would be interpreted as same club/25 point deduction for an insolvency event. 0 Quote Link to comment Share on other sites More sharing options...
Billy Jean King Posted March 27, 2014 Share Posted March 27, 2014 Yes and it depends on how they interpret things. New club = 15 points Same club = 10+15 points Dunno what happens if they enter and exit admin during the close season to shed some debts. Im sure one of the lower league English clubs tried and "end of season" admin a few years back once they were officially safe from relelgation after any points deduction and I think the English FA then legislated to prevent that happening with any points deduction being carried forward to the next season. How that would work in a promotion situation rather than a relegation scenario I'm not sure also just because it's legislated against down south doesn't mean it will be up here. Very clever work by the board here as it's now a case of the ball being in the Sevco fans court. Buy your season ticket and save the club or follow King and it's another insolvency event. Cunning !!! 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted March 27, 2014 Share Posted March 27, 2014 Im sure one of the lower league English clubs tried and "end of season" admin a few years back once they were officially safe from relelgation after any points deduction and I think the English FA then legislated to prevent that happening with any points deduction being carried forward to the next season. How that would work in a promotion situation rather than a relegation scenario I'm not sure also just because it's legislated against down south doesn't mean it will be up here. Very clever work by the board here as it's now a case of the ball being in the Sevco fans court. Buy your season ticket and save the club or follow King and it's another insolvency event. Cunning !!! Pretty sure Southampton tried it. 0 Quote Link to comment Share on other sites More sharing options...
weirdcal Posted March 27, 2014 Share Posted March 27, 2014 (edited) Shite results. Operating costs have actually risen, despite a significant drop in playing wages. No detail at all on the Sports direct deal. Cash has reduced by £18M. Still losing around half a million per month. in the past 12 months they have spent £4M on assets that are not yet generating incremental revenue. Delivered with a thinly veiled threat, buy ST`s bears or you are fucked, but do not ask any questions or the Easdales will sue you. Tedi, its good to see you back and openly questioning the running of your team / club / company (delete as you wish to read) its good to see the discussion on the BRALT actually focussing on news and not tit for tat speculation for a change. edit: add in the BRALT part so it doesnt read incorrectly as a pot shot at tedi Edited March 27, 2014 by weirdcal 0 Quote Link to comment Share on other sites More sharing options...
BigBadSaint Posted March 27, 2014 Share Posted March 27, 2014 Operating expenses of £16.8m (£16.6m for the 7 months ended 31 December 2012) So it's cost more to run over last 6 months than it did the previous 7 Reduced loss before tax, excluding non-recurring items of £3.5m (£7.2m for the 7 months ended 31 December 2012) £3.5m loss doesn't include any tax due or any of these multitude of one off payment and legal costs just regular running cost added to £7.2m for the seven month period.......................................... that's about £10million loss on a 12 month period? Cash reserves of £3.5m, down from £21.2m the previous year.............that's £17.7 million What did they spend the other near £8 million on ? They really are tonking through startling amounts of money for 2 seasons in the lower leagues. The majority of the money raised from the IPO in December 2012 had been spent by June 2013 on IPO related fees and commissions, severance payments, the purchases of the Albion car park and Edmiston House and to fund ongoing operating losses £20 odd million in 6 months for stock market launch payoffs and getting your own stuff back to then remortage? In addition, operating costs had been running at a rate that could not be sustained by the revenue being generated by the Club. For example, in the period under review, nine players were signed at a time when the Club already had the second highest wage bill in Scottish football whilst playing in the third tier. Winning stuff with a team that the club simply can't afford...again I am delighted to be able to report that Rangers has been confirmed as Champions of SPFL League One for Season 2013/14 Alistair McCoist, his staff and players should be congratulated on their performances and achievement throughout the period. But having admitted running at a rate that could not be sustained by the revenue being generated by the Club lets celebrate it anyway. What's going on at Ibrox is absolutely mind numbing ! 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted March 27, 2014 Share Posted March 27, 2014 Tedi, given the board have essentially said that a Season Ticket boycott will lead to administration, do you think it's wise to try them and find out? Or has it got to the stage where really you have no choice but to find out? 0 Quote Link to comment Share on other sites More sharing options...
~~~ Posted March 27, 2014 Share Posted March 27, 2014 If buying a ST could guarantee survival for another year then perhaps but even with the 25% increase in prices that I am hearing a rumor of it would not generate enough cash for the club to last the season, costs need drastically cut now, especially at board room and management level £9M is utterly ludicrous, it should be £1-£2M. These guys are only in it for the short term, if we all renewed the club would still run out of money around xmas next year and would then sell of its remaining assets to raise capital, for me this is crossing the line and I will not blindly walk into it, better off we find out what their end game is now rather than later. Between a rock and a hard place I believe is the expression 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted March 27, 2014 Share Posted March 27, 2014 If buying a ST could guarantee survival for another year then perhaps but even with the 25% increase in prices that I am hearing a rumor of it would not generate enough cash for the club to last the season, costs need drastically cut now, especially at board room and management level £9M is utterly ludicrous, it should be £1-£2M. These guys are only in it for the short term, if we all renewed the club would still run out of money around xmas next year and would then sell of its remaining assets to raise capital, for me this is crossing the line and I will not blindly walk into it, better off we find out what their end game is now rather than later. I think that you are correct in thinking that if you continue to pay up it will continue to be the same, but I can't really see any other scenario now that will be that much better for the club. The folk with influence are in it for the money and they will get their money one way or another. I also think that they are there for as long as they can continue to make something, and I don't think they see it as a short term money making enterprise. The 120 day review should be interesting from that point of view. One thing I am certain about mind you is that when the alternative to what you have is Dave King and the approach he is saying he will take, you are pretty much fucked either way. 0 Quote Link to comment Share on other sites More sharing options...
AyrshireTon Posted March 27, 2014 Share Posted March 27, 2014 Technically incorrect on 2 counts. If it was straight liquidation then it would be a newco entering at the bottom again. Would it?Last time the SPL rejected them and the SFL stuck two fingers up to them and voted the new lot into the bottom tier, instead of the second tier. Now it's one big family in the SPFL - the big b'st'rds can use their muscle and vote Newco2 into whatever tier they want. 0 Quote Link to comment Share on other sites More sharing options...
BigBadSaint Posted March 27, 2014 Share Posted March 27, 2014 I think the £7.2M was for the same period for the previous year, not the previous 6 months. Ahh right....agree with your non playing staff costs comments....the majority of SPL clubs are paying their players at least 60-70% of their revenue and some of them are far from debt free and yet they aren't talking about potential not being a going concern and yet The Rangers are paying their players 30-40% odds and still there doesn't seem to be enough money to cover the amounts of money those in charge want to pay themselves for making dam all difefrence....maybe those club ties are really expensive. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted March 27, 2014 Share Posted March 27, 2014 (edited) Technically incorrect on 2 counts. If it was straight liquidation then it would be a newco entering at the bottom again. If they are a new club then penalty for admin is 15 points not 25, 25 points is for clubs having another insolvency event within 5 years. Are you sure? Do the rules not refer to an "insolvency event"? Edited March 27, 2014 by Mr X 0 Quote Link to comment Share on other sites More sharing options...
bennett Posted March 27, 2014 Share Posted March 27, 2014 Shite results. Operating costs have actually risen, despite a significant drop in playing wages. No detail at all on the Sports direct deal. Cash has reduced by £18M. Still losing around half a million per month. in the past 12 months they have spent £4M on assets that are not yet generating incremental revenue. Delivered with a thinly veiled threat, buy ST`s bears or you are fucked, but do not ask any questions or the Easdales will sue you. Does operating costs include the 101 pay offs to the assorted croo... businessmen? Rumours have always been that Rangers recieve very little from the sports direct deal, i doubt they'll reveal it anytime soon.. 0 Quote Link to comment Share on other sites More sharing options...
aDONisSheep Posted March 27, 2014 Share Posted March 27, 2014 Just to clarify, administration would be deemed as an insolvency event. Yours aDONisSheep 0 Quote Link to comment Share on other sites More sharing options...
Mark Connolly Posted March 27, 2014 Share Posted March 27, 2014 Are you sure? Do the rules not refer to an "insolvency event"? Insolvency rules E5 - http://spfl.co.uk/docs/067_324__therulesofthespfl_1375800603.pdf Where a Club, whether owned and operated by the same or a different Member, suffers or is subject to an Insolvency Event which results in a deduction of points in terms of these Rules and within 5 yearsof the date of such Insolvency Event suffers or is subject to a further Insolvency Event which is not part of the same Insolvency Process as the Insolvency Event then suffered, the points deduction applicable in terms of Rules E1 in respect of that second or further Insolvency Event, shall be 25 points with the 15 points in Rules E2 and E3 being 25 Points. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted March 27, 2014 Share Posted March 27, 2014 They do but the OP had originally referred to a straight liquidation, I thought the precedent had already been set for this by the Scottish FA. Liquidation is an insolvency event What precedent? 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted March 27, 2014 Share Posted March 27, 2014 Insolvency rules E5 - http://spfl.co.uk/docs/067_324__therulesofthespfl_1375800603.pdf 25 points it is then 0 Quote Link to comment Share on other sites More sharing options...
Double Jack D Posted March 27, 2014 Share Posted March 27, 2014 Would it? Last time the SPL rejected them and the SFL stuck two fingers up to them and voted the new lot into the bottom tier, instead of the second tier. Now it's one big family in the SPFL - the big b'st'rds can use their muscle and vote Newco2 into whatever tier they want. Why they would want them at any tier is amazing! These results are hardly a surprise, there has been no indication of cost cutting or increase in revenue so why would the results change drastically. The fact that they have lost £3.5m in the 6 months which would contain the vast majority of their income (ST sales etc) you can only imagine what their full year results will be. Without major funding they are not going to complete a season in the Championship. 0 Quote Link to comment Share on other sites More sharing options...
Homer Thompson Posted March 27, 2014 Share Posted March 27, 2014 Of course but are you suggesting that a newco would receive that 25 points and carry on in the same division? Depends on whether Ranger accept that the newco is a new club this time or not Not totally impossible that a newco would be demoted to the 3rd again with a 25 point deduction. 0 Quote Link to comment Share on other sites More sharing options...
AberdeenBud Posted March 27, 2014 Share Posted March 27, 2014 This whole Rangers Retail scheme just sounds like another clusterfuck. Looks like Mike Ashley and Sports Direct are profiting more from any retail sales than TRFC. 0 Quote Link to comment Share on other sites More sharing options...
Mark Connolly Posted March 27, 2014 Share Posted March 27, 2014 They are but Ahmed thinks this was a brilliant deal and is demanding lots of money for it. To be fair, all the other current and former directors are being paid for making awful deals, why should he be left out? 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.