Big Rangers Administration/Liquidation Thread - All chat here!

[drs]

I'm more shocked that they only sold £20k worth of programmes in Feb and March - what happened to supporting ra peeple?

And how do they owe Arsenal £136k and Chelsea £238k?

[Florentine_Pogen]

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.

You mean The DeciSION of The Court of SesSION ?

[GirondistNYC]

Still catching up on thread and CVA but seems like the COS process went poorly for the SFA side based on twitter. Bench seemed to Discount discretionary clause and implicit ability to appeal to sports tribunal. That's just presentation, decision may not reflect.

Apologies if someone posted, but wanted to lower expectations a bit so we can be pleasantly surprised rather than shocked and appalled.

[stonedsailor]

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

Nah, Green has that earmarked as a tattie field.

[Ranaldo Bairn]

Bartley loan fee, probably is the Arsenal one.

[Baxter Parp]

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?

Or the council could use it after HMRC take posession in lieu of back taxes.

[welshbairn]

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.

Hoping for a few learned comments from the Judge, like "frivolous", "chancers", "spivs" and "lucky for you the SFA are so soft, I would have destroyed you" kind of thing..

[Spain]

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.

Exactly, this will be the Nationel Centre that they have already budgeted £25m for the cost of making a brand new one, only they haven't decided where yet. Perfect opportunity to save the pennies, pick up a bargain and invest the rest elsewhere.

[drs]

Feck me - they owe us near £400.

....and £338k to Man City

[chico]

@carasulieman: Just going back into Court of Session for the 3.30pm decision. Not allowed to tweet from court room so will update when back out.

Oooh!

[archie guevara]

If the Green plan works, can any Rangers fan take any pride in their club ever again? Shaft the creditors, loan the club money to "save it" and ride off into the sunset with a wedge of cash post 2020. Shoddy, embarrassing and just downright cheek.

[HibeeJibee]

In a way the Court decision isn't a big deal I'd suggest.

If Rangers lose then it's as you were, but they've p*ssed-off the SFA and some clubs.

If Rangers win then they've really p*ssed-off the SFA and some clubs, and there's the potential of UEFA/FIFA getting involved.

Neither scenario is going to help Rangers strategically-speaking, frankly.

[forkboy]

Exactly, this will be the Nationel Centre that they have already budgeted £25m for the cost of making a brand new one, only they haven't decided where yet. Perfect opportunity to save the pennies, pick up a bargain and invest the rest elsewhere.

Damn my shortage of greenies. This is a spiffing idea.

[Pull My Strings]

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}

That's surely not right.

Green's group loans £8.3m to Rangers and recoups £8.3m plus (let's say) £5m in interest payments over the next 8 years. That certainly requires Rangers to continue trading long enough to repay the debt but there's nothing to stop Rangers running at a loss over that period (reluctant lenders notwithstanding).

[Jim McLean's Ghost]

Still catching up on thread and CVA but seems like the COS process went poorly for the SFA side based on twitter. Bench seemed to Discount discretionary clause and implicit ability to appeal to sports tribunal. That's just presentation, decision may not reflect.

Apologies if someone posted, but wanted to lower expectations a bit so we can be pleasantly surprised rather than shocked and appalled.

Well this could get very interesting then. The discretionary clause was the lynch pin of the SFA's punishment. Transfer embargos aren't mentioned for the breaches committed by Rangers but the appeal tribunal held that the first tribunal had shown that this was an extraordinary case and extraordinary and discretionary powers were justified in providing sanctions that weren't explicitly applicable.

That opinion was written by a very senior legal figure so I guess we will have to see. If the SFA lose I would hope they appeal to CAS.

[xbl]

If the SFA lose, it all gets a bit tasty...

[rustyarabnuts]

If the SFA lose then prepare for the wrath of Uefa/FIFA

[Homer Thompson]

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

Open to interpretation, I would say, rather than speculation.

er, goodwill is included under the newco option. I have been refering to the property valuation under the liquidation scenario.

But there will be no liquidation.

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.

I understand what you are saying. But the proposal says

5.9 If the Conditions are satisfied and the Sevco loan is drawn down, the CVA Assets available to creditors will comprise:

5.9.1 £8,300,000;

5.9.2 The Player Transfer Fees;

5.9.3 Any sums awarded and paid (less applicable costs) to the Company in respect of the High Court Proceedings

less costs and expenses of the Administration, or of the Joint Administrators, and CVA Trading Costs;

My reading of that would be that the CVA pot is used to pay the CVA trading costs and if that runs out then Green can agree to use player sales and season ticket money to continue to run the club, but that money will never end up in the CVA pot. My point was, why would he do that while there was still money in the CVA pot?

[Jim McLean's Ghost]

That's surely not right.

Green's group loans £8.3m to Rangers and recoups £8.3m plus (let's say) £5m in interest payments over the next 8 years. That certainly requires Rangers to continue trading long enough to repay the debt but there's nothing to stop Rangers running at a loss over that period (reluctant lenders notwithstanding).

But then the Green Group own 85% of a loss making company and I don't think too many banks will be offering Rangers credit in the current climate so the money will have to come from directors.

[Dundee Hibernian]

You mean The DeciSION of The Court of SesSION ?

AlluSion