Big Rangers Administration/Liquidation Thread - All chat here!

[DuntoiRab]

Hope the Gregory the Greek is right about this, although it contradicts every other commentator and authority:

My link

What you have to remember with him is he provides an analysis with reference to civil, contract law, football regulations of FIFA, UEFA and so forth.

It's not advice as he would give to a client in any specific situation.

He points out items and makes a comment on it. He is not predicting an outcome.

His tweets saying regulation a couple of weeks ago in relation to the CoS case was commenting what had happened in other European Leagues.

It's all valid comment, but the politics do have a major impact. e.g, UEFA are rather occupied just now with their major event so aren't going to be concerned much at this juncture.

[itzdrk]

i dont know why but....

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[Buckshee Fizz]

Hud the front page...

Pie and Bovril ‏@pieandbov SPL deem that Rangers have a case to answer regarding dual contracts payments.

Pie and Bovril ‏@pieandbov Disciplinary charges to be brought against the club once their future status has been clarified and prior to start of season 2012-2013

Pie and Bovril ‏@pieandbovSPL also confirm that meeting to decide on Newco transfer will be at 10am on Weds 4th July.

Pie and Bovril ‏@pieandbovOn EBT's;The investigation has now been completed and, in the view of the SPL, there is a prima facie case to answer in respect of its Rules

DEATH BY A THOUSAND CUTS! I told you so, many pages ago.

Seems to me, stripping the main issue of all the legal claptrap, it's a simple either ... or.

Either Sevco2012 (FTP, God Save the Queen, WATP) are a continuation of Rangers FC - who didn't pay tax, signed players they couldn't pay for, prima facie ran a slush fund for over a decade enabling them to cheat their way to umpteen titles, fielded ineligible players, brought the game into disrepute many times over, and yet reacted with arrogance, bluster, and downright aggression, with nary a whiff of humility when the truth started to come out, and are still convinced that they have a God-given right to rule the roost, and that the rest of Scottish football owes them, not just a living, but actual subservience.

And with that record they expect to get voted back into the top tier and to carry on as per?

Or, on the other hand, Sevco2012 (pure as the driven slush) have no connection with disgraced former Rangers FC, and are an entirely new entity.

In that case, I reckon my pub team has as much right as them to apply for membership of SPL, SFL, or whatever. GTF!

[hellbhoy]

I was returning home yesterday when by chance I seen a gers fan walking up the road with his club top with the 5 stars from last year and pissed myself laffing,when cars were passing him and mostly Celtic fans at that but a Thistle fan got in on the act shouting abuse at him.Insults such as chewing the fat type "Ya bunch a cheating fannies" and "NEWCO NEWCO" and "did ya pay yer taxes on that top" and some fan was playing the liquidator very loud indeed.

[ayrmad]

Hope the Gregory the Greek is right about this, although it contradicts every other commentator and authority:

My link

Will that make a difference voting wise?

What are the voting thresholds?

66.667% or 63.636% won't seem like much unless 65% is the threshold.

[Forever Diamond]

Maybe it has already sunk in,the newco are now realising they are not getting back in.The only way back is a club takeover,and have started targeting Livingston Joking of course.

Livi Fire

[welshbairn]

Will that make a difference voting wise?

What are the voting thresholds?

66.667% or 63.636% won't seem like much unless 65% is the threshold.

I thought this was a simple 8 votes required to let them in, in which case their vote could be crucial. I could well be wrong though..

[somner`s love child]

1015 on 4th July.....how many users on the site? What is the record anyway?

[AFC1973]

I was returning home yesterday when by chance I seen a gers fan walking up the road with his club top with the 5 stars from last year and pissed myself laffing,when cars were passing him and mostly Celtic fans at that but a Thistle fan got in on the act shouting abuse at him.Insults such as chewing the fat type "Ya bunch a cheating fannies" and "NEWCO NEWCO" and "did ya pay yer taxes on that top" and some fan was playing the liquidator very loud indeed.

Lmao... was that going up Maryhill road today... if not another one was abused by Grannies at a bus stop.

[itzdrk]

who votes for rangers duff & phelps?

[welshbairn]

who votes for rangers duff & phelps?

So they say..

[Broccoli Dog]

[ayrmad]

I thought this was a simple 8 votes required to let them in, in which case their vote could be crucial. I could well be wrong though..

I was looking at it that they might not be allowed to vote, so is it them + 7 others out of 12, or 7 others out of 11, if it were 65% it would be 8 others out of 11.

[Sergeant Wilson]

Might The SPL Chairmen come up with something like this, since it looks like Oldco have been Buster Keaton.

Oldco finished with 73 points as punishment for EBT/dual contracts. That league share/oldco is penalised 73 points, thus making them bottom of the league and relegated. They could then go in to the 1st without having to push through the amalgamation. Dunfermline stay up as they weren't last. Dundee don't get in 'cos they're nearly as bad as Oldco.

[ayrmad]

Might The SPL Chairmen come up with something like this, since it looks like Oldco have been Buster Keaton.

Oldco finished with 73 points as punishment for EBT/dual contracts. That league share/oldco is penalised 73 points, thus making them bottom of the league and relegated. They could then go in to the 1st without having to push through the amalgamation. Dunfermline stay up as they weren't last. Dundee don't get in 'cos they're nearly as bad as Oldco.

They can do what they like to oldco, newco still need to apply for a NEW membership to SPL and/or SFL.

Oldco doesn't exist in the new scenario.

[wunfellaff]

The Board at Motherwell FC today released the following statement in light of today's 'Newco' application to the SPL by Rangers FC.

"Confirmation has now been received from the SPL that an all club vote on the proposal to transfer Rangers share is scheduled to take place on 4th July. Motherwell FC are in the process of arranging a forum to discuss the issue with supporters of the club. Following that meeting, the board will meet and agree the club's position and ultimately how we will vote if the meeting takes place as planned.

"The decision will be taken by the Director's as a group, as the majority shareholding in the club is currently held under a Power of Attorney by Board members, pending the planned staged transfer to the 'Well Society. No decision has yet been made by the club on the SPL share transfer, as we will only now see the full details of the proposal and be provided with the full information required. Considerable uncertainty on the implications for revenues and costs complicates our decision considerably.

"The Directors would also like to clarify that the comments made by Director Andrew Lapping in a letter to a national newspaper are entirely personal and are not in any way attributable to the club. Mr Lapping has played no active role in the running of the club for many years and is not part of the decision making group.

"The 'Newco' issue is often portrayed as a straight choice between preserving sporting integrity and clubs accepting a reduction in gate money together with potentially a significant amount of commercial revenue. In reality it is far more complex than that. We are fully aware that an overwhelming majority of our fans and most others, who have so far expressed an opinion, are totally opposed to 'Newco' being allowed immediately back into the SPL.

"The club has been flooded with correspondence from supporters of many clubs which ranges from fully reasoned arguments to direct threats concerning the consequences of a vote either way. Our Board of Directors is predominately made up of lifelong Motherwell supporters and we fully understand that fans are the single most important group within the club. History shows that any business which ignores the wishes of its customer base rarely prospers in the long term.

"In any event it would appear a yes vote may not even guarantee that 'Newco' will play in the SPL next season as the club is still subject to SFA sanctions and there is an ongoing investigation into the use of EBTs to make payments to players.

"The consequences of five or more clubs voting no to 'Newco' do also need to be understood and fully taken into account. In addition to lower gate receipts, we are likely to lose an as yet un-quantified amount of commercial revenue with a specific risk around TV payments. The clubs' income from SPL distribution of commercial revenue was approximately 36% of the total amount generated last season, although this does vary year on year. A significant proportion of SPL income is obtained from TV and other broadcasting rights. The lack of clarity on what the actual impact of 'Newco' not playing in the SPL will have on these revenues is a major problem for the Board.

"Despite some reports, it is our understanding that Sky/ESPN have made no official statement on how they will react to a no vote and we believe that a number of other contracts could be re-negotiated if 'Newco' was refused entry to the SPL. We very much hope that sponsors and partners will continue to provide their backing whatever the outcome of the various ongoing processes.

"The common response to the potential loss of revenue is that clubs need to cut their cloth accordingly. Of course this could be achieved over a period of time, by reducing both on and off the field costs, but it cannot be done overnight. It is vital that we honour player and employee contracts and meet all our other obligations.

"We are in the healthy position of having no debt but have set our cost base in the expectation that income will be at a certain minimum level. In the event of a shortfall we do not have a bank or benefactor able to fund the gap. We clearly do not wish anyone associated with Motherwell, or any other club, to suffer as a result of events in which they played no part. Having been though a painful Administration process many years ago, we are also better placed than most to have sympathy with both the employees and ordinary fans of Rangers who are in no way responsible for the uncertainty they are facing.

"The Directors of any business have a duty to act in the best interests of the company or, in this case, the club. In normal circumstances, decisions are fairly straightforward but in this situation a decision either way is likely to have a significant impact on at least one of our key income streams. It is inevitable that there will be consequences if a business suffers a sudden drop in income. Instead of the usual process of deciding what is best for the club, we are currently faced with trying to decide on which is the least worst option. The stakes here are high.

"There are a number of other knock on impacts to this lack of certainty. Firstly we have temporarily delayed giving the club any access to the 'Well Society funds. When we launched the Society we made it clear that we would not put the funds raised at risk and that they would be used only to assist with short term funding requirements at the club, when there was a clear source of repayment. In the current circumstances we believe that we can only fully protect the money raised by keeping it entirely ring fenced from the club until the outcome of the 'Newco' debate is known and the financial impact understood.

"In addition we will need to adopt a cautious approach to investing in the playing squad. To date we have not changed our previously agreed plans but this could change dramatically in the current weeks. The inability to accurately forecast future income could also impact on the production of our financial accounts.

"By any measure the events at Rangers are having and will continue to have a huge impact on Scottish football. It is our hope that the tax authorities and liquidator will investigate these events fully and are able to take appropriate action against those responsible for causing lasting damage to our national game.

"Whilst we fully understand that the 'Newco' issue is one which many people feel strongly about, we hope that our fans now have a better idea of the extremely difficult position the club is in and that you continue to offer support by buying season tickets and, if you have not already done so, joining the Well Society which remains very much part of the club's plans for the future.

"We can assure you that any funds raised by the Society will remain separate from the club, until the position is clearer, but we remain totally committed to the fan ownership model. Whatever the outcome of the vote on 'Newco' it will be more important than ever that our fans stay loyal to the club, as we look forward to our debut in the Champions League, and that our efforts to grow the fanbase continue to be successful.

"On the pitch, these are very good times at Motherwell FC and it is vital that we continue to work together as a club to enable us to emerge from the current SPL difficulties with our integrity and optimism intact."

[stonedsailor]

Reporting Scotland reporting that the footballing charges over ebts will be brought against the old company. Looks like the SPL are waiting for the legal status to be confirmed, Disciplinary charges will be brought when the future of status of Rangers FC is clarified, then talking about the newco facing sanctions if they can be convinced to accept the actions of the oldco.

[Fife Saint]

At least Well have actually said something.

[THE KING]

The Board at Motherwell FC today released the following statement in light of today's 'Newco' application to the SPL by Rangers FC.

"Confirmation has now been received from the SPL that an all club vote on the proposal to transfer Rangers share is scheduled to take place on 4th July. Motherwell FC are in the process of arranging a forum to discuss the issue with supporters of the club. Following that meeting, the board will meet and agree the club's position and ultimately how we will vote if the meeting takes place as planned.

"The decision will be taken by the Director's as a group, as the majority shareholding in the club is currently held under a Power of Attorney by Board members, pending the planned staged transfer to the 'Well Society. No decision has yet been made by the club on the SPL share transfer, as we will only now see the full details of the proposal and be provided with the full information required. Considerable uncertainty on the implications for revenues and costs complicates our decision considerably.

"The Directors would also like to clarify that the comments made by Director Andrew Lapping in a letter to a national newspaper are entirely personal and are not in any way attributable to the club. Mr Lapping has played no active role in the running of the club for many years and is not part of the decision making group.

"The 'Newco' issue is often portrayed as a straight choice between preserving sporting integrity and clubs accepting a reduction in gate money together with potentially a significant amount of commercial revenue. In reality it is far more complex than that. We are fully aware that an overwhelming majority of our fans and most others, who have so far expressed an opinion, are totally opposed to 'Newco' being allowed immediately back into the SPL.

"The club has been flooded with correspondence from supporters of many clubs which ranges from fully reasoned arguments to direct threats concerning the consequences of a vote either way. Our Board of Directors is predominately made up of lifelong Motherwell supporters and we fully understand that fans are the single most important group within the club. History shows that any business which ignores the wishes of its customer base rarely prospers in the long term.

"In any event it would appear a yes vote may not even guarantee that 'Newco' will play in the SPL next season as the club is still subject to SFA sanctions and there is an ongoing investigation into the use of EBTs to make payments to players.

"The consequences of five or more clubs voting no to 'Newco' do also need to be understood and fully taken into account. In addition to lower gate receipts, we are likely to lose an as yet un-quantified amount of commercial revenue with a specific risk around TV payments. The clubs' income from SPL distribution of commercial revenue was approximately 36% of the total amount generated last season, although this does vary year on year. A significant proportion of SPL income is obtained from TV and other broadcasting rights. The lack of clarity on what the actual impact of 'Newco' not playing in the SPL will have on these revenues is a major problem for the Board.

"Despite some reports, it is our understanding that Sky/ESPN have made no official statement on how they will react to a no vote and we believe that a number of other contracts could be re-negotiated if 'Newco' was refused entry to the SPL. We very much hope that sponsors and partners will continue to provide their backing whatever the outcome of the various ongoing processes.

"The common response to the potential loss of revenue is that clubs need to cut their cloth accordingly. Of course this could be achieved over a period of time, by reducing both on and off the field costs, but it cannot be done overnight. It is vital that we honour player and employee contracts and meet all our other obligations.

"We are in the healthy position of having no debt but have set our cost base in the expectation that income will be at a certain minimum level. In the event of a shortfall we do not have a bank or benefactor able to fund the gap. We clearly do not wish anyone associated with Motherwell, or any other club, to suffer as a result of events in which they played no part. Having been though a painful Administration process many years ago, we are also better placed than most to have sympathy with both the employees and ordinary fans of Rangers who are in no way responsible for the uncertainty they are facing.

"The Directors of any business have a duty to act in the best interests of the company or, in this case, the club. In normal circumstances, decisions are fairly straightforward but in this situation a decision either way is likely to have a significant impact on at least one of our key income streams. It is inevitable that there will be consequences if a business suffers a sudden drop in income. Instead of the usual process of deciding what is best for the club, we are currently faced with trying to decide on which is the least worst option. The stakes here are high.

"There are a number of other knock on impacts to this lack of certainty. Firstly we have temporarily delayed giving the club any access to the 'Well Society funds. When we launched the Society we made it clear that we would not put the funds raised at risk and that they would be used only to assist with short term funding requirements at the club, when there was a clear source of repayment. In the current circumstances we believe that we can only fully protect the money raised by keeping it entirely ring fenced from the club until the outcome of the 'Newco' debate is known and the financial impact understood.

"In addition we will need to adopt a cautious approach to investing in the playing squad. To date we have not changed our previously agreed plans but this could change dramatically in the current weeks. The inability to accurately forecast future income could also impact on the production of our financial accounts.

"By any measure the events at Rangers are having and will continue to have a huge impact on Scottish football. It is our hope that the tax authorities and liquidator will investigate these events fully and are able to take appropriate action against those responsible for causing lasting damage to our national game.

"Whilst we fully understand that the 'Newco' issue is one which many people feel strongly about, we hope that our fans now have a better idea of the extremely difficult position the club is in and that you continue to offer support by buying season tickets and, if you have not already done so, joining the Well Society which remains very much part of the club's plans for the future.

"We can assure you that any funds raised by the Society will remain separate from the club, until the position is clearer, but we remain totally committed to the fan ownership model. Whatever the outcome of the vote on 'Newco' it will be more important than ever that our fans stay loyal to the club, as we look forward to our debut in the Champions League, and that our efforts to grow the fanbase continue to be successful.

"On the pitch, these are very good times at Motherwell FC and it is vital that we continue to work together as a club to enable us to emerge from the current SPL difficulties with our integrity and optimism intact."

Seen it on the Steelmen site ,well fans raging and rightly so , how can these directors types ignore the wishes of thier fans and expect it to turn out ok?

[AFC1973]

Might The SPL Chairmen come up with something like this, since it looks like Oldco have been Buster Keaton.

Oldco finished with 73 points as punishment for EBT/dual contracts. That league share/oldco is penalised 73 points, thus making them bottom of the league and relegated. They could then go in to the 1st without having to push through the amalgamation. Dunfermline stay up as they weren't last. Dundee don't get in 'cos they're nearly as bad as Oldco.

No, because you then say, its alright you have cheated for the last 20 years with EBT schemes and dual contracts which were illegal under SPL rules full stop.

Butt ends with Kicked out with no votes. The very fact this is now highlighted...

http://www.bbc.co.uk/sport/0/football/18496571

And Boumsong admitting EBT's were given to players then they should be branded cheats and kicked end off.

http://www.dailyrecord.co.uk/football/spl/rangers/2012/06/18/rangers-in-crisis-former-ibrox-star-jean-alain-boumsong-lifts-lid-on-ebt-scheme-86908-23897491/

This sums up the whole EBT scheme

“When I discovered it I first refused to sign the contract and said, ‘What is this?’

“I didn’t want to sign because it seemed strange, we don’t have that kind of payment in France and I didn’t know anything about it. When I left Rangers, for example, to sign for Newcastle, it was for a normal contract with normal payment.