Rangers FC lodge papers to go into administration

Jelle1880 · 09-03-2012 5:18pm

There's supposedly other groups interested too, but that's speculation so far.

Dempsey · 09-03-2012 5:41pm

http://www.bbc.co.uk/sport/0/football/17316966

Caley Thistle chairman Kenny Cameron has confirmed Rangers have paid £25,000 of the £40,000 owed for Ibrox club's visit last month.

As a famous Irish Politician once said, "You've turned a corner!" :pac:

Dunno what you are going to do about the Lee Wallace & Alejandro Bedoya payments, they dwarf the fees that you are struggling to pay now.

Jelle1880 · 09-03-2012 5:42pm

The last installments of Wallace's fee are due this summer and next year I think, so no need to get worried about that just yet imo.

http://www.dailyrecord.co.uk/football/spl/2012/01/19/worried-hearts-bosses-knock-100k-off-lee-wallace-fee-in-bid-to-get-crisis-hit-rangers-to-settle-bill-86908-23706756/

Dempsey · 09-03-2012 5:57pm

I know that but your financial problems will not be fully sorted come the end of season even if the you get a takeover

the realpigiron · 10-03-2012 2:34pm

Was watching SSN yesterday there was a positive spin being put on events at Ibrox that may be masking the reality behind what may happen there. With what people like Alex Salmond said a while back as well, there does certainly appear to be an effort to pressure Hector into going easy on Rangers.

I don't think Hector gives a fluck about Rangers though. Hector just wants his money I reckon.

Dempsey · 12-03-2012 3:35pm

From hijacking charity matches to robbing pension funds, is there a low that Dignity FC wont stoop to?

Jelle1880 · 13-03-2012 11:25am

What are you on about now ? :rolleyes:

Dempsey · 13-03-2012 1:46pm

Ah here, I'll spoon feed you the information then

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17340834

Trustees for a pension fund which was considering loaning Rangers almost £3m have claimed the cash may have been released to the club without consent.

Another court date for ye.

Jelle1880 · 13-03-2012 1:53pm

This is all part of the money from Collyer Bristow until Duff and Phelps had it released.
Part of the remaining Ticketus money that Rangers have never seen.

Aye, those pesky thieves within Ibrox.

Dempsey · 13-03-2012 1:59pm

Jelle1880 wrote: »

This is all part of the money from Collyer Bristow until Duff and Phelps had it released.
Part of the remaining Ticketus money that Rangers have never seen.

Aye, those pesky thieves within Ibrox.

Illegally :rolleyes:

The law of the land seems to be shades of grey for Dignity FC and Craig Whyte cohorts

As said, enjoy the day out in Court!

Jelle1880 · 13-03-2012 2:40pm

So wait, Duff and Phelps had money released illegally ?

I'd call the court if I were you, a new development surely.

Dempsey · 13-03-2012 2:46pm

Jelle1880 wrote: »

So wait, Duff and Phelps had money released illegally ?
I'd call the court if I were you, a new development surely.

It is going to court, March 30, enjoy the day out! :rolleyes:

A Dub in Glasgo · 13-03-2012 3:08pm

My understanding is that the trustees from the pension fund (Jerome Group) said the nearly £3m may have been released to Rangers without consent. Craig Whyte has a connection to this company. This happened just before Rangers went into administration. The implication, if true, is that somebody connected to Whyte 'stole' the money from the pension fund to give to Rangers therefore the Jerome Group are claiming the money (£3m) in the account of Collyer Bristow is theirs and does not belong to Rangers.

Jelle1880 · 13-03-2012 3:12pm

Yes, but Rangers say the money was stuck with Collyer Bristow and Rangers never saw a penny of it.

Which is why they released it because Collyer Bristow had no rights to this.

Now it's up to the court to decide who owes the money (I assume it'll be the pension fund who will simply get it back).

Hardly the 'stealing from a pension fund' that some would like to make of it.

Whyte did this, not Rangers.

A Dub in Glasgo · 13-03-2012 3:20pm

Jelle1880 wrote: »

Yes, but Rangers say the money was stuck with Collyer Bristow and Rangers never saw a penny of it.

Which is why they released it because Collyer Bristow had no rights to this.

Now it's up to the court to decide who owes the money (I assume it'll be the pension fund who will simply get it back).

Hardly the 'stealing from a pension fund' that some would like to make of it.

Whyte did this, not Rangers.

Before administration, Whyte was Rangers and Collyer Bristow were their lawyers

Dempsey · 13-03-2012 3:49pm

A Dub in Glasgo wrote: »

Before administration, Whyte was Rangers and Collyer Bristow were their lawyers

Wait, he'll spin it another way :rolleyes:

http://www.bbc.co.uk/sport/0/football/17348313

Rangers bidder Paul Murray may fail Scottish FA 'fitness test'

Paul Murray has made public some of the details of his consortium's proposed takeover of Rangers, but he may be unable to join the club's new board.

Businessman Douglas Park and London-based pair Scott Murdoch, a property expert, and fund manager John Bennett are some of Murray's Blue Knights.

But Murray's former directorship at Ibrox prior to administration may fall foul of "fit and proper person" rules.

The Scottish Football Association board could block the Scot's involvement.

Although Murray was ousted from the board by Craig Whyte shortly after he bought the club from Sir David Murray, the club's insolvency nine months later raises doubts over him playing an official role in any Scottish club.

Fair funny if the next saviour fails the test aswell

Jelle1880 · 13-03-2012 4:44pm

Good to see the BBC up to their usual.

First of all: It's the SFA that allowed Whyte to take control of Rangers.
After all, they set up this 'fit and proper' thing.

Secondly:

However, it is understood the SFA's legal team are unsure whether the specific rule would be enforceable given Murray had already left.

Seriously ? They're 'unsure' because he wasn't even there anymore when it happened ?

bobmalooka · 13-03-2012 8:32pm

Jelle1880 wrote: »

Good to see the BBC up to their usual.

First of all: It's the SFA that allowed Whyte to take control of Rangers.
After all, they set up this 'fit and proper' thing.

Secondly:

Seriously ? They're 'unsure' because he wasn't even there anymore when it happened ?

Financial irregularities seem to have occurred while he was there.

Remember these problems didn't occur the day ye went into administration, its an accumulation of over ten years of illegal practices and financial mismanagement and Murray was sitting at the top table during this.

I'm amazed any Rangers fan would object to any future involvement of his being scrutinised.

bobbysands81 · 14-03-2012 3:04pm

I've seen a lot written over the last few weeks about how Craig Whyte won't profit from the sale of Rangers. Given that he owns 85% of the shares in Rangers surely any takeover deal will need his approval and these shares will need to be bought off him? If he holds the aces then he ain't going to sell them for less than what he paid for them (£1). Surely he's going to make a killing on this?

PauloMN · 14-03-2012 3:09pm

bobbysands81 wrote: »

I've seen a lot written over the last few weeks about how Craig Whyte won't profit from the sale of Rangers. Given that he owns 85% of the shares in Rangers surely any takeover deal will need his approval and these shares will need to be bought off him? If he holds the aces then he ain't going to sell them for less than what he paid for them (£1). Surely he's going to make a killing on this?

I guess if he was found to be an "unfit person to be director", all bets are off. He says he won't take a penny from the sale anyway.

Dempsey · 14-03-2012 3:45pm

Anyone with half a brain wouldnt have bought Rangers from Murray, especially after the due diligence. Basic business acumen would have shown that this club was going to hit the rocks sooner rather than later bar a massive cash injection, which Murray was looking to avoid and which Whyte wasnt going to provide either. Also did nobody explain to him the public scrutiny that comes with being involved with football? He may make no profit from his stint owning Rangers but he'll never be able to shake the stigma that is attached to his name and how he does business. It begs the question, why the fúck did he bother buying the club?

bobbysands81 · 14-03-2012 4:23pm

PauloMN wrote: »

I guess if he was found to be an "unfit person to be director", all bets are off. He says he won't take a penny from the sale anyway.

Maybe so... but he STILL owns 85% of the company and I'm sure he ain't going to relinquish that share unless he's paid handsomely to do so.

bobbysands81 · 14-03-2012 4:24pm

Dempsey wrote: »

Anyone with half a brain wouldnt have bought Rangers from Murray, especially after the due diligence. Basic business acumen would have shown that this club was going to hit the rocks sooner rather than later bar a massive cash injection, which Murray was looking to avoid and which Whyte wasnt going to provide either. Also did nobody explain to him the public scrutiny that comes with being involved with football? He may make no profit from his stint owning Rangers but he'll never be able to shake the stigma that is attached to his name and how he does business. It begs the question, why the fúck did he bother buying the club?

Am I the only person that thinks that Whyte is going to make millions out of the sale of his shares?

PauloMN · 14-03-2012 4:32pm

bobbysands81 wrote: »

Am I the only person that thinks that Whyte is going to make millions out of the sale of his shares?

I don't think he'll make anything. He's spent nothing, and put the club in administration. His reputation is in tatters.

Maybe I'm wrong, but I think he'll sell it for £1 and run away.

Dempsey · 14-03-2012 4:42pm

bobbysands81 wrote: »

Am I the only person that thinks that Whyte is going to make millions out of the sale of his shares?

Is he really prepared to fight for them?

He failed the fit and proper persons test. Surely he has to sell the club for what he paid for it?

Eirebear · 14-03-2012 5:41pm

More amateurish behaviour it seems.
(From the Beeb)

Rangers Football Club may not, after all, be in administration, because of a legal technicality. A hearing is to be held at the Court of Session on Monday to settle the issue. It appears when Paul Clark and David Whitehouse of the accountants Duff and Phelps were appointed joint interim managers of the club last month the Financial Services Authority wasn't notified. Next week's hearing seeks to rectify the situation and in the meantime Mr. Clark and Mr. Whitehouse will act as joint interim managers of the company. An expert in insolvency told BBC Scotland although this was a technicality, it could offer interested parties such as HM Revenue and Customs a chance to challenge the way in which the club's affairs are being handled.

Dempsey · 14-03-2012 6:45pm

Leaving Rangers open to legal action from HMRC is the last thing ye need. Sloppy work.

http://www.bbc.co.uk/sport/0/football/17373437

Scottish FA president Campbell Ogilvie has issued a statement in response to "ongoing speculation" over his role and his previous employment at Rangers.

"In light of comments by Sir David Murray, and the ongoing speculation surrounding my role as president of the Scottish FA and my previous employment as a director of Rangers FC, I would like to take this opportunity to clarify the following points," said Ogilvie.

"I was aware of the EBT scheme in operation at Rangers during my time at the club and, indeed, was a member. The existence of the scheme was published in Rangers' annual accounts.

"My role at Rangers, until the mid-90s, included finalising the paperwork for player registrations.

"As confirmed by Sir David Murray , it was never my role to negotiate contracts during my time at Rangers. It is also worth noting that, since the mid-90s, I was not responsible for the drafting or administering of player contracts.

"I ceased being company secretary in 2002 and became general secretary responsible for football strategy, in effect becoming the main point of contact between the club and the respective league and governing bodies."

"In the interests of good governance it was absolutely right that this was the case," he added.

"I am proud and privileged to be president of the Scottish FA during an exciting period in its history. I have an excellent relationship with our chief executive, Stewart Regan, and the board of directors.

"I would like to thank them for their support throughout this process and look forward to new and exciting challenges ahead at the Scottish FA."

Should this guy be involved at the highest level of Scottish Football? I wasnt too happy to see him get the job and its now confirmed that he's happy to turn a blind eye to things when it suits him. Scottish Football needs better people running it.

bobbysands81 · 14-03-2012 9:17pm

Dempsey wrote: »

Leaving Rangers open to legal action from HMRC is the last thing ye need. Sloppy work.

http://www.bbc.co.uk/sport/0/football/17373437

Scottish FA president Campbell Ogilvie has issued a statement in response to "ongoing speculation" over his role and his previous employment at Rangers.

Should this guy be involved at the highest level of Scottish Football? I wasnt too happy to see him get the job and its now confirmed that he's happy to turn a blind eye to things when it suits him. Scottish Football needs better people running it.

I missed the bit where he denies knowing anything about dual contracts. Can someone point it out to me?

bobbysands81 · 14-03-2012 9:21pm

Dempsey wrote: »

Is he really prepared to fight for them?

He failed the fit and proper persons test. Surely he has to sell the club for what he paid for it?

Why do you think that? He owns 85% of Rangers, no law states he has to sell the club. He can appoint a director to take over from him.

bobbysands81 · 14-03-2012 9:23pm

PauloMN wrote: »

I don't think he'll make anything. He's spent nothing, and put the club in administration. His reputation is in tatters.

Maybe I'm wrong, but I think he'll sell it for £1 and run away.

His intention all along was always to do this to the club. He is exactly where he wanted to be. He will sell his shares for millions, he is a gangster.

Rangers FC lodge papers to go into administration

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