Big Rangers Administration/Liquidation Thread - All chat here!

[Jim McLean's Ghost]

Not sure I follow - the bit I highlighted seems to say that (along with season ticket sales, outstanding transfer fees due to them, and any prize money), the deal means that the creditors will NOT get the proceeds of any subsequent transfer fees as they are excluded assets. The only money going to the CVA is the 8.5 million from Sevco (minus 3 million running costs and D&P's costs) plus the proceeds if they get anything off of Collyer Bristow in court.

You are mostly correct. Sevco give £8.5M plus Jelavic Money. The D&P take £5.5M for running the club until now leaving the creditors with around £5M plus whatever is gotten from Collyer Bristow.

However the administrators have to run the club for a month before Rangers officially come out of admin and the reckon it will cost £3M. No income and back to paying full wages. That money isn't going to be deducted from the CVA pot but raised from player sales, SPL money and season tickets.

[chico]

Are the administration now bound to selling to Green at that price mentioned or is it open to speculation?

Subject to Rangers retaining SFA membership and still being in SPL.

So, basically, no.

[Cobardon]

Surely Murray Park would be worth a fair amount if sold for the purpose it is currently being used? Of course, there would need to be a large sporting organisation of some sort with reasonably good finance levels in the West of Scotland for this to happen. Not sure I can think of any though, can you?

[Claymores]

Building plots for what?

You would need planning permission first of all surely?

The land at Ibrox is probably less than worthless after you take demolition costs into account. The land at Murray Park is worthless without planning permission.

The valuation in that document appears to be wildly optimistic!

Last figures I heard were from H&D themselves who put £4-6m on Murray Park in a disposal with a potential for use as a Sports Academy or so. Ibrox as having no notional value.

So the figures seem in keeping with their party line rather than optimistic.

I have to admit that the thought of Murray Park as a School for Tennis Excellence and Ibrox as a withering unused shell would fit my wildest dreams even tho it's not gonna play-oot that way!

[Araminta Moonbeam QC]

Tom English on Twitter:

Charles Green's consortium gets club for a quid, stiffs creditors and then makes a lovely profit on the loan to Rangers. Result.

Well, at least one journo gets it.

[HibeeJibee]

This was covered earlier in the thread - many of the internal rooms and fittings of Ibrox's main stand are also listed.

There's no way, IMO, that it's got any real value in terms of housing. It's not zoned for housing?, it'd cost a lot to demolish, there are empty plots in the (area which hardly has high-value or high-desirability), it'd cost loads to do an Arsenal to the Main stand, and the company which decided to build houses on Ibrox would be surely be the recipients of mass protests and intimidation from Rangers fans.

In short, it makes no sense why anyone wanting to build houses would choose Ibrox Stadium, I'd suggest.

[Fife Saint]

Leaving aside it's a shitehole and you can't sell for love nor money.

[Jim McLean's Ghost]

Almost certainly not.

Thats not how the CVA reads. It says Sevco are "... contractually obliged to purchase ..."

I would agree with your interpretation. The transfer fees and season tickets being used to pay the running costs, is at the discretion of Green. I think its highly unlikely he would do so out of the goodness of his heart, so that the creditors get more. He wont use that money until he has no choice, at which point there will be nothing left for the creditors anyway

While the administrators can't compel Green to pay this money it is likely structured this way so that season tickets and player sales can begin immediately rathrer than having to wait until the end of admin. It seems clear that the £3M running costs will be paid by Green although he is not legally responsible to pay them. This means their doesn't need to be a firesale by administrators since no money raised goes to creditors and they do not incur further costs which reduce the CVA pot.

[Colin M]

You are mostly correct. Sevco give £8.5M plus Jelavic Money. The D&P take £5.5M for running the club until now leaving the creditors with around £5M plus whatever is gotten from Collyer Bristow.

However the administrators have to run the club for a month before Rangers officially come out of admin and the reckon it will cost £3M. No income and back to paying full wages. That money isn't going to be deducted from the CVA pot but raised from player sales, SPL money and season tickets.

Gotcha. I think though that section 5.9 suggests the £3M trading costs will come out of the £8.3 etc?

Edit: From your response to Mr X, it's just structured that way so that they can get on with selling tickets etc? I guess that makes sense.

Edited May 29, 2012 by Colin M

[Fife Saint]

Makes you wonder why Bill Miller did a runner when this sort of legalised fraud is made to look so easy.

[ballymoneyyin]

So the fact they've used that particular date to exit the CVA - the 12th of July - doesn't in the slightest suggest to you a little too much of "playing to the audience" and that they are simply telling you, yet again, what you all want to hear?

Gee, really thought you cuntwaffles might have learned something by now!

sorry, but you've failed to grasp the context of my post, the reason I used the emotion was because I don't believe it myself. When I said, ' That would be ironic,' I meant it in a hypothetical sense.

[ayrmad]

The land at Ibrox comes with a main stand that is a listed building and cant be demolished which will greatly increase the costs of building housing on it.

The land at Murray Park is not in a residential zone and they would have to appeal to the council to change it before they could build any houses.

At the moment they have two big areas of land that are essentially worthless for anything other than industrial estates.

Renting Ibrox back to a newco will cover all £5.5m, someone can then take a punt on Murray Park or simply use as is.

A newco will be paying 7 figures a year to rent it.

Do the maths

Rangers will be renting at the end of this, the only party that won't be renting it back are the BK's.

The only model to guarantee a profit out of Scottish football.

Edited May 29, 2012 by ayrmad

[Ross.]

Surely Murray Park would be worth a fair amount if sold for the purpose it is currently being used? Of course, there would need to be a large sporting organisation of some sort with reasonably good finance levels in the West of Scotland for this to happen. Not sure I can think of any though, can you?

If the price for Ibrox and Murray Park is £5.5m, I think the SFA should be offering a few million for Murray Park on its own. One National Centre for Footballing Excellence bought on the cheap.

[Dundee Hibernian]

Rangers are waiting for the CoS decision at 3.30, as many of us are. That word, decision, it's got 'Sion' at the end of it: perhaps it's a sign.

[chico]

@STV_Andy: Charles Green on May 13: Rangers "will never have debts again" Now proposal is a loan from Sevco to be repaid with interest.

[Jim McLean's Ghost]

Tom English on Twitter:

Charles Green's consortium gets club for a quid, stiffs creditors and then makes a lovely profit on the loan to Rangers. Result.

Well, at least one journo gets it.

Come on that is disingenuous. That is like saying Vladimir Romanov is making a lovely profit on Hearts because they owe him so much in loans. The Green group own 85% of Rangers. It doesn't matter if profits generated are paid out as a loan repayment or dividend.

Green's group only make money if Rangers are profitable.

_{Although you could argue once out of admin they would be worth more than the £8.5M paid, but that is a paper profit}

[Ivo den Bieman]

Building plots for what?

You would need planning permission first of all surely?

The land at Ibrox is probably less than worthless after you take demolition costs into account. The land at Murray Park is worthless without planning permission.

The valuation in that document appears to be wildly optimistic!

someone already pointed out that it is greenbelt land, on a floodplain, and has no propsect whatever of being granted planning permission.

Land value is on paper only I'm afraid- no hooses to be built there. Perhaps the SFA could take it over and use it as the core of their "Centre of Excellence" in the event that rangers go under?

[Baxter Parp]

This was covered earlier in the thread - many of the internal rooms and fittings of Ibrox's main stand are also listed.

Nah, facade and nice marble staircase. Sounds lovely.

[kildog]

C'mon the HMRC!

You know it makes sense.

First single I ever bought

[sjc]

This was covered earlier in the thread - many of the internal rooms and fittings of Ibrox's main stand are also listed.

There's no way, IMO, that it's got any real value in terms of housing. It's not zoned for housing?, it'd cost a lot to demolish, there are empty plots in the (area which hardly has high-value or high-desirability), it'd cost loads to do an Arsenal to the Main stand, and the company which decided to build houses on Ibrox would be surely be the recipients of mass protests and intimidation from Rangers fans.

In short, it makes no sense why anyone wanting to build houses would choose Ibrox Stadium, I'd suggest.

I don't know about that........you could have a lovely big garden !