Rangers FC lodge papers to go into administration

Jelle1880 wrote: »

The majority of Americans don't have a passport, it's nothing weird.

Eirebear wrote: »

And he's right.

Personally, if the SPL decide to relegate Rangers i will have absolutely no issue with it (Provided it's dow to a "Newco Situation"").

However the Draconian laws which were proposed by the SPL a few weeks ago, are out of order imo and simply aimed at keeping the Rangers fanbase in the SPL while also crippling the club.
The only people being punished by that is the ordinary fan, the SPL have ****ed up (And by SPL i also include the Chairmen of the clubs, including that **** at DUFC) who sanctioned TV deals which revolve around the "Old Firm" and basically live hand to mouth hoping that Rangers and Celtic coming to town will keep them afloat.

The vast majority of Rangers fans i have spoken to are (for want of a better word) happy to take the relegation punishment. We wouldnt be the first club in Europe to have recieved such a punishment. However the SPL are backing themselves into a corner because the likes of John "We Don't Need Rangers" Yorkston and Stephen "Charge Them Twice" Thomson have realised that they stand to lose a hell of a lot if Rangers (Or hypothetically Celtic) arent around for them.

Broxi_Bear_Eire wrote: »

One wee point our club is not in Germany so therefore your point is well...pointless

Lars1916 wrote: »

Guess what...I know, Ran**** are not playing in Germany

And my so pointless point is to highlight, how lucky your club might be in the end, not getting the same relentless punishment, a German club would get.

patmac wrote: »

Rangers FC 2013 Line up - Naismith, Naifuture, Naiclass, Naimoney, Naistadium, Naihope, Naitrophies, Naiprospects, Naifans, Naimanager, Naiplayers

"This season we got £1.4m from the SPL. If we only get £200,000 to £300,000, then how do we fill the £1m?"

Pompey Magnus wrote: »

Bill Miller: "After hearing message from Rangers fans loud & clear ("Yank go home!"), I notified admins today I have withdrawn my bid"

Never let it be said that people power never works...

In a statement, Miller said: “As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our
due diligence. Until then, information had been limited to what was made available in the internet data
room and questions addressed to the administrators and their staff. In addition, I had preliminary
discussions with the Scottish Footballing Authorities and limited discussions with Ally McCoist. Upon
being named preferred bidder, discussions with Rangers staff started and discussions with all interested
parties intensified.
We continued to work through the holiday weekend in order to meet a very compressed schedule. By late
Monday night, it became clear to me that preliminary information, discussions and analysis were,
unfortunately, more optimistic than reality. Having no intention of negatively affecting the potential
outcome of the club's future and after hearing the message from Rangers supporters and fans loud and
clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and
will not be moving forward.
I am deeply disappointed as I had considered the opportunity to bid for one of the most historic football
clubs in the world, an honor and a privilege. I wish Rangers fans, supporters and employees my very
best. I hope all your dreams and wishes come true. You certainly deserve it. I am most disappointed that I
won't have the opportunity to walk into Ibrox Stadium on the day of an Old Firm match as my friends tell
me the hair on my arm will stand up and I will never witness such passion and spirit at any sporting event.
God Speed, Rangers"

Pompey Magnus wrote: »

So now there are 4 bids on the table according to the Administrators, including the Blue Knights. I don't know where the other 3 have appeared from!

BILL MILLER has announced that he has withdrawn his offer for Rangers and administrators Duff & Phelps have announced that three other bidders are in play.

David Whitehouse, joint administrator, said: "We can confirm that Mr Bill Miller has decided not to complete his purchase of Rangers Football Club.

"Since Mr Miller was announced as preferred bidder on Thursday of last week, it is regrettable that more progress could not be made to further the sale of the Club.

"We have been informed by his advisors that there were a number of issues with which he felt uncomfortable including legacy contracts, the limitation of potential revenue streams and the expectation of required investment.

"As in any company takeover, the selection of a preferred bidder does not guarantee the completion of the sale. In this case, with time and money for Rangers running out quickly, it was essential to move the process forward with urgency. Mr Miller's bid was deliverable to creditors and was the only deliverable bid on the table at that time. We had no other unconditional bid.

"Given the fact that Mr Miller did not enter into an exclusivity agreement, we informed all other known potential bidders at the time the door was not closed.

"As a consequence of Mr Miller's bid being accepted, three other bidders have come forward to express their interest in buying the Club and these offers are being evaluated with the utmost urgency.

"There is every opportunity for these bidders to now complete the purchase of the Club prior to the end of the season."

PauloMN wrote: »

1 less season in admin I suppose, less sanctions.

TBH I think yiz dodged a bullet with Miller. I did get a laugh at the banner reference though! Next time try not racially offend your potential saviour
!

Pompey Magnus wrote: »

So does the 10 point deduction for next season come into play as soon as this season finishes if the club are still in administration?

A6.8

Where a Club takes, suffers or is subject to an Insolvency Event that Club shall be deducted 10 points. Where the Insolvency Event occurs during the Season, the points deduction shall apply immediately. Where the Insolvency Event occurs during the Close Season the points deduction shall apply in respect of the immediately following Season, such that the Club starts that immediately following Season on minus 10points.

A6.9

Where an Insolvency Event or in the event that such Insolvency Event is part of an Insolvency Process that process, continues and/or is subsisting for more than one Season then, for each such Season, during the whole or part of which such Insolvency Event or Insolvency Process is continuing and/or subsisting, the Club concerned shall be deducted 10 points or, as the case may be, shall start each such Season on minus 10 points.

A6.10

In the event that a Club shall take, suffer or be subject to more than one Insolvency Event during any one Season and the immediately preceding Close Season, which, in the opinion of the Board, are not part of the same Insolvency Process, then that Club shall be deducted 10 points in respect of each such Insolvency Event or, as the case may be minus such number of points, as reflects the number of Insolvency Events which that Club takes, suffers or is subject to during that Season and the immediately preceding Close Season.

Pompey Magnus wrote: »

What is the advantage to Rangers in having a takeover complete before the end of the season?