TheTodd Posted March 7, 2012 Share Posted March 7, 2012 We keep banging on about losing the TV money. Who cares about the TV money? I mean, really where and what has it got us? What is the benefit of getting a bit of TV money if the net result is still a maximum top finish of 3rd place and no real impact in Europe anyway? Sod the TV money. Besides, if the Blue Square Premier and the Welsh Premier League can get TV deals, no matter how small, then an SPL minus Rangers can get a TV deal. 0 Quote Link to comment Share on other sites More sharing options...
eindhovendee Posted March 7, 2012 Share Posted March 7, 2012 Well, surely this is the earliest a Scottish club has ever been knocked out of Europe? Before the clocks have gone forward and the hot cross buns put away. .......and for the third time in a season. Surely another record for them. 3rd August v Malmo. Champions League. 25th August v Maribor. Europa League. 7th March v HMRC. Admin League. 0 Quote Link to comment Share on other sites More sharing options...
~~~ Posted March 7, 2012 Share Posted March 7, 2012 just popped up on twitter from Rangers PROSPECTIVE new owners of Rangers will meet with administrators Duff and Phelps tonight and tomorrow with a tight deadline of Friday set for the way forward for the club.In an exclusive interview with RangersTV, joint administrator David Whitehouse has revealed that a CVA - a company voluntary agreement - can still be used to take Rangers out of administration but says there is a more difficult scenario of the business becoming a "newco" which would heavy sanctions both domestically and in Europe. However, he has accelerated the search for prospective purchasers after failing to reach an agreement with the players on cost-cutting. YOU CAN WATCH INTERVIEW FOR FREE NOW ON RANGERSTV He said: "Ultimately the aim is to find new, strong owners to take the club forward with a financial base so we are now looking at other strategies. "In the next 48 hours or so we are approaching and meeting with those parties who have already expressed an interest in acquiring the club to understand their timetable and to try to accelerate what would be a normal timetable for this sort of transaction. "We have a meeting this evening and we have a series of meetings tomorrow and we will have to conclude our strategy in that regard during the course of Friday. "In light of the outcome of those discussions we can then form a view as to whether we can continue to operate the club within its existing cost base. "If we do form that view that would have to be over a very short period of time because the company is burning cash at a significant rate. "Alternatively, if we can't envisage completing a transaction within that time frame then we will have to either secure cost-cuts with the consent of the players or make some quite serious and deep redundancies. "That is something we will try to avoid because value in those redundancies will centre around the playing staff and that affects the underlying value of the business. "So it's a case of striking the balance of keeping the resource on the playing side which keeps the club active and competitive and attractive to a purchaser against what's needed off the field which is a sustainable and viable business. "The playing squad is at the heart of what any potential purchaser is looking to acquire so therefore it is critical that we have an infrastructure that is sustainable on the pitch. "We met with the players today and they know the constraints within which we are working. "They are working together to see if they re-address some of the barriers that were put in place yesterday to achieve the cost-cuts which would have enabled us to complete the season's fixtures and enable us to complete a sale or more orderly transition for the business." Mr Whitehouse says that the merits of the business will be open for any potential buyer to look and reiterated that Duff and Phelps are still in litigation over the recovery of funds they believe belong to the football club. He said: "We have detailed financial forecasts and inventories of assets that potential purchasers can look at as well as full details of the playing squad in terms of salary packages and length of period of contracts. "So they are the things they will be weighing up and one of the things they will want to understand as well is the strategy in terms of the playing staff through the management so Ally McCoist is feeding the information in that area. "This will enable them to find out what kind of investment is required in the years ahead. "A CVA is still very possible and the more likely route to achieve the greater value for creditors. "We have to look at the time constraint and if it is possible to conclude a transaction within a very short timetable simply because we can't deliver the cost-cuts necessary to keep the fabric of the business in place then we would also have to look at selling into a newco scenario. "That brings with it risks in terms of the level of European activity in the coming years and also sanctions from domestic football which would need to be subject to negotiation. "If we were to look to a very early sale of the business that is probably a more likely scenario. "What we don't want to do is mix the terminology here and start to portray liquidation as a process which creates the cessation of the business. "The liquidation will wind up a business following the sale of the business activities into a newco. "So in any scenario we would still envisage that Rangers Football Club could play football and operate as a football team. "We have always said that liquidation is a possible scenario. The preferred scenario from our perspective both in terms of the return to creditors and a platform for retaining an on-going continuous business is through a CVA. "That would take time to deliver and in the event that we can't bridge this funding gap which we have at the moment then we would have to look at alternative strategies. "There are still some disputes over the levels of liability and certain elements of that are under litigations so we can't go into the detail of that. "It is in the public domain that we have opened proceedings in a number of matters. "In any scenario either through a CVA or through a distribution through an administration cycle the general body of creditors are pooled as one pot. "The agreement of creditors' claims with impact quantum of the pot but it won't impact on the level of assets that fall into it for distribution. "We are aware of undertakings which were provided at the time of the acquisition of the business last May and these funds do not appear to have been invested in the business in the manner in which it was envisaged at the time of the transaction. "The current status of those funds is subject to the litigation that we have already opened." 0 Quote Link to comment Share on other sites More sharing options...
GordieBoy80 Posted March 7, 2012 Share Posted March 7, 2012 He who laughs last, laughs longest Lets hope the comments are still open. This should be shown to all the SPL board members expected to rubber stamp this mobs application when they are liquidated. They're still on 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted March 7, 2012 Share Posted March 7, 2012 How can't his happen to a great club with unsurpassed dignity? 0 Quote Link to comment Share on other sites More sharing options...
Jimmy Shaker Posted March 7, 2012 Share Posted March 7, 2012 Just as an aside on the whole Rangers thing, I was asking some questions today about the new SKY deal and what exactly is contractually in there with regard the old firm. Firstly there is NO clause mandating that there is four old firm games every season. There is no mention at all of number of games. I am pretty sure Doncaster has previously said there was a requirement from Sky that there be four old firm games a season and that was why any league reconstruction plan had to factor this in, and we are also widely led to believe that any newco Rangers would have to stay in the SPL to fulfil this requirement. Bollocks on both scores as far as that goes I guess that just another question which could have been asked of Doncaster, yet hasn't been. Was weird listening to the wireless while working all day. Every hour or so, the Rangers liquidation position would change. It's the only option. No it isn't. It's on the cards. It's unlikely. It's the only way forward. Etc. Worst. Administration. Ever. 0 Quote Link to comment Share on other sites More sharing options...
Highland Dogma Posted March 7, 2012 Share Posted March 7, 2012 ive just come home to a letter from hmrc saying im due a 2nd tax rebate in 3 months...what a fine organisation they are seems the meeja are now catching onto fact that the admins are doing feck all and careering to liquidiation. any talk of a buyer currently is so much pie in sky eg paul murray...hell i could say im a potential buyer..is just meaningless rhetoric. no one in their right mind will invest money to cover current tax liability of £9 million or is it £14 million by now, admin costs,the ticketus money and the possibilty of a big tax case goin against them with no chance of bank credit and no ticket money for the next 4 seasons. there is nae chance of a cva, not least cos hmrc wont agree to it. if they are liquidated...and a newco tries for sfl 3 they wont be able to afford ibrox for a min of 3 years ( making it unlikely a newco could be seen as viable by any non retarded business people ) and if they ditch ibrox (assuming a newco even had rights to it 'anyway ) to buy a current sfl team....how would a small capacity stadium allow them to pay for the players capable of thriving in the spl...and how could they afford to make it spl compatible assuming they managed to get promoted 3 times. frankly unless a newco gets into spl berwick will become the big rangers....nice. 0 Quote Link to comment Share on other sites More sharing options...
uni Posted March 7, 2012 Share Posted March 7, 2012 Friday apparently. 0 Quote Link to comment Share on other sites More sharing options...
HibeeJibee Posted March 7, 2012 Share Posted March 7, 2012 However, what IS in the contract is a termination clause should either Rangers or Celtic or both cease to be in the SPL. This is not an automatic trigger but it would allow Sky to wiggle out of the current deal if "Rangers" were to be in the third division. It is a certainty that they would leverage that clause to re-negotiate any TV deal or pull out altogether in the absence of Rangers. The reason the clause was inserted was in case either or both of them got a better offer to play elsewhere in an Atlantic league or (chuckle) in England. It wasn't, as far as I am led to believe, put in place to react to an insolvency event ending in one of the clubs being liquidated. Would SKy still be interested in broadcasting an SPL containing "only" Celtic and 11 other clubs ? Perhaps yes, maybe no. Only time would tell. If they didn't though then I guess SPL TV or some sort of online subscription model might be the way forward. I've said for ages that "there must be 4 OF games" would just be shorthand, and it would be some kind of renegotiation clause... so your conversation appears to confirm that. Sky-ESPN are paying for what they regard as valuable, and what is valuable is 4 OF derbies (1st), 34 OF away games and 3/4 Edinburgh derbies (2nd), ~18 schedule-fillers (3rd). Clearly they want protection for that. However, even that isn't really the important thing in terms of what clubs will do. The important thing is what if anything Sky-ESPN are prepared to offer for a Rangers-less SPL. That will then inform the attitude chairmen adopt if or when the nuclear bomb goes off. 0 Quote Link to comment Share on other sites More sharing options...
wunfellaff Posted March 7, 2012 Share Posted March 7, 2012 I thought they were Administrators????? So why are they giving it 'what will happen' if liquidation and Newco happens? Surely that would be the remit of a Liquidator if appointed? (feel free for Legal whizzs to clarify) 0 Quote Link to comment Share on other sites More sharing options...
forkboy Posted March 7, 2012 Share Posted March 7, 2012 I think the end of the Shellac song Prayer To God comes to mind, albeit change "him" to "them" Fucking kill him. Kill him already, kill him. Fucking kill him, fucking kill him, Kill him already, kill him, Just fucking kill him! 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted March 7, 2012 Share Posted March 7, 2012 (edited) Bit more clarity from Duffman here.. http://www.rangerstv.tv/ Edited March 7, 2012 by welshbairn 0 Quote Link to comment Share on other sites More sharing options...
LinkinFighter Posted March 7, 2012 Share Posted March 7, 2012 0 Quote Link to comment Share on other sites More sharing options...
Forest_Fifer Posted March 7, 2012 Share Posted March 7, 2012 Do we even have a list of creditors yet ? If hmrc have more than 25% then a cva is never going to happen. 0 Quote Link to comment Share on other sites More sharing options...
Drooper Posted March 7, 2012 Share Posted March 7, 2012 From the procrastinators statement.... "That brings with it risks in terms of the level of European activity in the coming years and also sanctions from domestic football which would need to be subject to negotiation. Negotiation between whom? FFS, these guys genuinely seem to believe that the regulatory bodies should negotiate with Rangers as to what sanctions might be imposed. The fact that the spineless bastards will do just that doesn't detract from the brazen audacity of suggesting it in a public statement 0 Quote Link to comment Share on other sites More sharing options...
MacWatt Posted March 7, 2012 Share Posted March 7, 2012 (edited) I thought they were Administrators????? So why are they giving it 'what will happen' if liquidation and Newco happens? Surely that would be the remit of a Liquidator if appointed? (feel free for Legal whizzs to clarify) D&P could liquidate the assets prior to liquidating the company. Rangers Newco 2012 (Paul Murray, Dave King or whoever) could buy the assets (Murray Park and Ibrox, players' registrations) without the debts. Paul Murray's group could get a new company set up.... Glasgow Rangers Football Club 2012 PLC? The Newco can apply for Associate Membership of the SFA. Not a problem. They will also have to apply to the SFA for licence. Despite the SFA rules say that 3 years accounts are required they would just say 'Not trading'..... Licence issued. The Newco then applies to the SPL to have the SPL share transferred to the Newco. Requires approval of SPL Board following consideration by the clubs. Money talks and very nervous Chairmen give it the nod...... Share transferred. All of this needs to be carried out before Rangers Football Club PLC is necessarily liquidated. It may be that if the Newco plays at Ibrox they could still get involved in Ticketus litigation. So they may decide to play at Hampden until season 2015-2016 What could emerge is a profitable and substantially debt free Rangers with same ground, strip and history. Simple? Edited March 7, 2012 by MacWatt 0 Quote Link to comment Share on other sites More sharing options...
Owsley Posted March 7, 2012 Share Posted March 7, 2012 I think the end of the Shellac song Prayer To God comes to mind, albeit change "him" to "them" Fucking kill him. Kill him already, kill him. Fucking kill him, fucking kill him, Kill him already, kill him, Just fucking kill him! Wasn't that a Cliff Richard number? 0 Quote Link to comment Share on other sites More sharing options...
Drooper Posted March 7, 2012 Share Posted March 7, 2012 http://www.rangerstv.tv/ I got to 48 seconds then severed one of my main arteries. Blood. Everywhere. 0 Quote Link to comment Share on other sites More sharing options...
Drooper Posted March 7, 2012 Share Posted March 7, 2012 Wasn't that a Cliff Richard number? The B-side to Mistletoe and Wine I believe 0 Quote Link to comment Share on other sites More sharing options...
Swello Posted March 7, 2012 Share Posted March 7, 2012 D&P could liquidate the assets prior to liquidating the company. Rangers Newco 2012 (Paul Murray, Dave King or whoever) could buy the assets (Murray Park and Ibrox, players' registrations) without the debts. Paul Murray's group could get a new company set up.... Glasgow Rangers Football Club 2012 PLC? The Newco can apply for Associate Membership of the SFA. Not a problem. They will also have to apply to the SFA for licence. Despite the SFA rules say that 3 years accounts are required they would just say 'Not trading'..... Licence issued. The Newco then applies to the SPL to have the SPL share transferred to the Newco. Requires approval of SPL Board following consideration by the clubs. Money talks and very nervous Chairmen give it the nod...... Share transferred. All of this needs to be carried out before Rangers Football Club PLC is necessarily liquidated. It may be that if the Newco plays at Ibrox they could still get involved in Ticketus litigation. So they may decide to play at Hampden until season 2015-2016 What could emerge is a profitable and substantially debt free Rangers with same ground, strip and history. Simple? Playing at Hampden isn't simple as SFL & SPL clubs can't share a grun - so that part is maybe a step too far. They could share Parkhead though 0 Quote Link to comment Share on other sites More sharing options...
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